Intrinsic value of MobileIron - MOBL

Previous Close

$3.90

  Intrinsic Value

$0.10

stock screener

  Rating & Target

str. sell

-98%

Previous close

$3.90

 
Intrinsic value

$0.10

 
Up/down potential

-98%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MOBL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.07
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
Revenue, $m
  164
  181
  199
  217
  236
  256
  277
  299
  321
  345
  369
  394
  421
  448
  476
  506
  537
  569
  602
  637
  674
  712
  751
  793
  836
  882
  929
  979
  1,031
  1,085
  1,142
Variable operating expenses, $m
 
  282
  310
  339
  369
  400
  432
  466
  501
  538
  575
  614
  655
  698
  742
  788
  836
  886
  938
  993
  1,049
  1,109
  1,171
  1,235
  1,303
  1,373
  1,447
  1,525
  1,605
  1,690
  1,779
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  230
  282
  310
  339
  369
  400
  432
  466
  501
  538
  575
  614
  655
  698
  742
  788
  836
  886
  938
  993
  1,049
  1,109
  1,171
  1,235
  1,303
  1,373
  1,447
  1,525
  1,605
  1,690
  1,779
Operating income, $m
  -66
  -101
  -111
  -122
  -132
  -143
  -155
  -167
  -180
  -193
  -206
  -220
  -235
  -250
  -266
  -282
  -299
  -317
  -336
  -356
  -376
  -397
  -419
  -442
  -467
  -492
  -518
  -546
  -575
  -605
  -637
EBITDA, $m
  -62
  -99
  -109
  -119
  -130
  -141
  -152
  -164
  -177
  -189
  -203
  -217
  -231
  -246
  -262
  -278
  -295
  -312
  -331
  -350
  -370
  -391
  -413
  -436
  -459
  -484
  -510
  -538
  -566
  -596
  -627
Interest expense (income), $m
  0
  0
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
Earnings before tax, $m
  -66
  -101
  -110
  -120
  -131
  -142
  -154
  -167
  -179
  -193
  -207
  -221
  -235
  -251
  -267
  -284
  -302
  -320
  -339
  -359
  -380
  -401
  -424
  -448
  -472
  -498
  -525
  -553
  -583
  -614
  -646
Tax expense, $m
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -67
  -101
  -110
  -120
  -131
  -142
  -154
  -167
  -179
  -193
  -207
  -221
  -235
  -251
  -267
  -284
  -302
  -320
  -339
  -359
  -380
  -401
  -424
  -448
  -472
  -498
  -525
  -553
  -583
  -614
  -646

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  153
  69
  76
  83
  91
  98
  106
  115
  123
  132
  142
  151
  162
  172
  183
  194
  206
  219
  231
  245
  259
  273
  289
  305
  321
  339
  357
  376
  396
  417
  439
Adjusted assets (=assets-cash), $m
  63
  69
  76
  83
  91
  98
  106
  115
  123
  132
  142
  151
  162
  172
  183
  194
  206
  219
  231
  245
  259
  273
  289
  305
  321
  339
  357
  376
  396
  417
  439
Revenue / Adjusted assets
  2.603
  2.623
  2.618
  2.614
  2.593
  2.612
  2.613
  2.600
  2.610
  2.614
  2.599
  2.609
  2.599
  2.605
  2.601
  2.608
  2.607
  2.598
  2.606
  2.600
  2.602
  2.608
  2.599
  2.600
  2.604
  2.602
  2.602
  2.604
  2.604
  2.602
  2.601
Average production assets, $m
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
Working capital, $m
  49
  -45
  -50
  -54
  -59
  -64
  -69
  -75
  -80
  -86
  -92
  -99
  -105
  -112
  -119
  -126
  -134
  -142
  -151
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -258
  -271
  -285
Total debt, $m
  0
  -49
  -43
  -37
  -30
  -23
  -16
  -9
  -1
  7
  16
  24
  33
  43
  53
  63
  74
  85
  96
  108
  121
  134
  148
  162
  177
  193
  209
  226
  244
  263
  283
Total liabilities, $m
  112
  63
  69
  75
  82
  89
  96
  103
  111
  119
  128
  136
  145
  155
  165
  175
  186
  197
  208
  220
  233
  246
  260
  274
  289
  305
  321
  338
  356
  375
  395
Total equity, $m
  41
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
Total liabilities and equity, $m
  153
  70
  77
  83
  91
  99
  107
  114
  123
  132
  142
  151
  161
  172
  183
  194
  207
  219
  231
  244
  259
  273
  289
  304
  321
  339
  357
  376
  396
  417
  439
Debt-to-equity ratio
  0.000
  -7.120
  -5.680
  -4.430
  -3.340
  -2.380
  -1.520
  -0.760
  -0.070
  0.540
  1.100
  1.610
  2.070
  2.490
  2.880
  3.240
  3.570
  3.870
  4.160
  4.420
  4.670
  4.900
  5.120
  5.320
  5.510
  5.690
  5.860
  6.020
  6.170
  6.310
  6.450
Adjusted equity ratio
  -0.778
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -67
  -101
  -110
  -120
  -131
  -142
  -154
  -167
  -179
  -193
  -207
  -221
  -235
  -251
  -267
  -284
  -302
  -320
  -339
  -359
  -380
  -401
  -424
  -448
  -472
  -498
  -525
  -553
  -583
  -614
  -646
Depreciation, amort., depletion, $m
  4
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
Funds from operations, $m
  5
  -99
  -107
  -118
  -128
  -140
  -151
  -164
  -176
  -189
  -203
  -217
  -232
  -247
  -263
  -280
  -297
  -315
  -334
  -353
  -374
  -395
  -417
  -441
  -465
  -490
  -517
  -545
  -574
  -605
  -636
Change in working capital, $m
  17
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Cash from operations, $m
  -12
  -95
  -103
  -113
  -124
  -135
  -146
  -158
  -171
  -183
  -197
  -211
  -225
  -240
  -256
  -272
  -289
  -307
  -325
  -345
  -365
  -386
  -407
  -430
  -454
  -479
  -505
  -532
  -561
  -591
  -622
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
New CAPEX, $m
  -3
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  13
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
Free cash flow, $m
  1
  -97
  -105
  -116
  -126
  -138
  -149
  -161
  -174
  -187
  -201
  -215
  -230
  -245
  -261
  -278
  -295
  -313
  -332
  -351
  -372
  -393
  -415
  -439
  -463
  -488
  -515
  -543
  -572
  -602
  -634
Issuance/(repayment) of debt, $m
  0
  -49
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Issuance/(repurchase) of shares, $m
  6
  157
  110
  121
  132
  143
  155
  167
  180
  194
  208
  221
  236
  252
  268
  285
  303
  321
  340
  360
  381
  403
  425
  449
  474
  500
  527
  555
  585
  616
  648
Cash from financing (excl. dividends), $m  
  6
  108
  116
  127
  139
  150
  162
  174
  188
  202
  216
  230
  245
  261
  278
  295
  314
  332
  352
  372
  394
  416
  439
  463
  489
  516
  543
  572
  603
  635
  668
Total cash flow (excl. dividends), $m
  7
  11
  11
  12
  12
  13
  13
  13
  14
  15
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
Retained Cash Flow (-), $m
  27
  -157
  -110
  -121
  -132
  -143
  -155
  -167
  -180
  -194
  -208
  -221
  -236
  -252
  -268
  -285
  -303
  -321
  -340
  -360
  -381
  -403
  -425
  -449
  -474
  -500
  -527
  -555
  -585
  -616
  -648
Prev. year cash balance distribution, $m
 
  90
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -57
  -99
  -109
  -120
  -131
  -142
  -154
  -166
  -179
  -192
  -206
  -221
  -236
  -251
  -267
  -284
  -302
  -320
  -339
  -359
  -380
  -402
  -424
  -448
  -473
  -498
  -525
  -554
  -583
  -614
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -54
  -91
  -95
  -99
  -101
  -103
  -104
  -104
  -103
  -101
  -98
  -94
  -90
  -84
  -79
  -72
  -66
  -59
  -52
  -46
  -39
  -33
  -28
  -23
  -18
  -15
  -11
  -9
  -6
  -5
Current shareholders' claim on cash, %
  100
  50.0
  18.0
  6.5
  2.4
  0.9
  0.3
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

MobileIron, Inc. (MobileIron) provides a mobile information technology (IT) platform for enterprises to manage and secure mobile applications, content and devices. The Company's solution provides enterprise security. The MobileIron Platform combines security and enterprise mobility management (EMM) tools, including mobile device management (MDM), mobile application management (MAM), and mobile content management (MCM) capabilities. The Company offers EMM tools, including EMM platform, cloud security with MobileIron Access, Windows security with MobileIron Bridge and applications. MobileIron offers its customers the flexibility to deploy its solution as a cloud service or as on-premises software. Its applications include Apps@Work, Docs@Work, Web@Work, Help@Work, MobileIron Tunnel, MobileIron Rooms, MobileIron AppConnect and AppConnect Ecosystem. The Company serves a range of industries, such as financial services, government, healthcare and legal.

FINANCIAL RATIOS  of  MobileIron (MOBL)

Valuation Ratios
P/E Ratio -5.2
Price to Sales 2.1
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow -28.9
Price to Free Cash Flow -23.2
Growth Rates
Sales Growth Rate 10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -42.7%
Ret/ On Assets - 3 Yr. Avg. -43.7%
Return On Total Capital -122.9%
Ret/ On T. Cap. - 3 Yr. Avg. -96%
Return On Equity -122.9%
Return On Equity - 3 Yr. Avg. -96.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 81.7%
Gross Margin - 3 Yr. Avg. 81.6%
EBITDA Margin -37.8%
EBITDA Margin - 3 Yr. Avg. -45.1%
Operating Margin -40.2%
Oper. Margin - 3 Yr. Avg. -47.6%
Pre-Tax Margin -40.2%
Pre-Tax Margin - 3 Yr. Avg. -47.6%
Net Profit Margin -40.9%
Net Profit Margin - 3 Yr. Avg. -48.1%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. -1.1%
Payout Ratio 0%

MOBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOBL stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by MobileIron. The default revenue input number comes from 2016 income statement of MobileIron. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MOBL stock valuation model: a) initial revenue growth rate of 10.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MOBL is calculated based on our internal credit rating of MobileIron, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MobileIron.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MOBL stock the variable cost ratio is equal to 156.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MOBL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for MobileIron.

Corporate tax rate of 27% is the nominal tax rate for MobileIron. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MOBL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MOBL are equal to 4.3%.

Life of production assets of 3 years is the average useful life of capital assets used in MobileIron operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MOBL is equal to -25%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $41 million for MobileIron - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 94.136 million for MobileIron is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MobileIron at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to MobileIron, Inc. : November 9, 2017   [Nov-09-17 12:56PM  Capital Cube]
▶ ShoCard Announces Bob Tinker as Board Member   [Nov-01-17 09:06AM  Marketwired]
▶ MobileIron reports 3Q loss   [Oct-31-17 04:47PM  Associated Press]
▶ MobileIron, Inc. to Host Earnings Call   [09:25AM  ACCESSWIRE]
▶ [$$] MobileIron Loses Its Head   [Oct-19-17 01:57PM  Barrons.com]
▶ Why MobileIron, Inc. Stock Dropped Today   [03:46PM  Motley Fool]
▶ MobileIron shares fall on CEO leaving, revenue forecast   [Oct-17-17 04:43PM  MarketWatch]
▶ Why MobileIron, Inc. Stock Popped Today   [Oct-05-17 04:52PM  Motley Fool]
▶ Why MobileIron Inc. Stock Is Dropping Today   [Jul-28-17 12:33PM  Motley Fool]
▶ MobileIron reports 2Q loss   [Jul-27-17 11:56PM  Associated Press]
▶ MobileIron Launches GDPR Mobile Readiness Service   [Jun-01-17 01:30AM  PR Newswire]
▶ ETFs with exposure to MobileIron, Inc. : May 30, 2017   [May-30-17 12:34PM  Capital Cube]
▶ ETFs with exposure to MobileIron, Inc. : May 16, 2017   [May-16-17 12:55PM  Capital Cube]
▶ ETFs with exposure to MobileIron, Inc. : May 5, 2017   [May-05-17 04:19PM  Capital Cube]
▶ MobileIron reports 1Q loss   [Apr-27-17 05:58PM  Associated Press]
▶ Penny Stocks to Watch for April 2017 (ATRS, WRN)   [Mar-31-17 12:00PM  at Investopedia]
▶ Penny Stocks to Watch for March 2017 (MOBL)   [Mar-02-17 05:21PM  Investopedia]
▶ MobileIron Creates New Internet of Things Division   [Feb-22-17 11:00AM  PR Newswire]
Financial statements of MOBL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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