Intrinsic value of Trupanion - TRUP

Previous Close

$24.29

  Intrinsic Value

$21.04

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  Rating & Target

hold

-13%

Previous close

$24.29

 
Intrinsic value

$21.04

 
Up/down potential

-13%

 
Rating

hold

We calculate the intrinsic value of TRUP 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 0001), $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 0.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
Revenue, $m
  306
  378
  461
  555
  658
  772
  897
  1,031
  1,176
  1,330
  1,493
  1,666
  1,847
  2,038
  2,237
  2,445
  2,662
  2,888
  3,123
  3,368
  3,621
  3,885
  4,160
  4,445
  4,741
  5,049
  5,370
  5,703
  6,051
  6,413
Variable operating expenses, $m
  282
  348
  425
  511
  606
  711
  826
  949
  1,082
  1,224
  1,374
  1,532
  1,699
  1,875
  2,058
  2,250
  2,449
  2,657
  2,873
  3,098
  3,332
  3,574
  3,827
  4,089
  4,361
  4,645
  4,940
  5,247
  5,567
  5,900
Fixed operating expenses, $m
  22
  23
  23
  24
  25
  25
  26
  26
  27
  27
  28
  29
  29
  30
  30
  31
  32
  33
  33
  34
  35
  36
  36
  37
  38
  39
  40
  40
  41
  42
Total operating expenses, $m
  304
  371
  448
  535
  631
  736
  852
  975
  1,109
  1,251
  1,402
  1,561
  1,728
  1,905
  2,088
  2,281
  2,481
  2,690
  2,906
  3,132
  3,367
  3,610
  3,863
  4,126
  4,399
  4,684
  4,980
  5,287
  5,608
  5,942
Operating income, $m
  1
  7
  13
  20
  28
  36
  46
  56
  67
  79
  92
  105
  119
  133
  149
  165
  181
  199
  217
  236
  255
  276
  297
  319
  342
  365
  390
  416
  443
  471
EBITDA, $m
  5
  11
  17
  25
  34
  44
  54
  65
  78
  91
  105
  119
  135
  151
  168
  186
  205
  224
  244
  265
  287
  310
  333
  358
  383
  410
  438
  466
  496
  528
Interest expense (income), $m
  0
  1
  2
  3
  5
  6
  8
  10
  12
  15
  17
  20
  23
  26
  30
  33
  37
  40
  44
  48
  52
  57
  61
  66
  71
  76
  82
  87
  93
  99
  105
Earnings before tax, $m
  1
  5
  10
  15
  21
  28
  35
  43
  52
  61
  71
  82
  92
  104
  116
  128
  141
  154
  169
  183
  198
  214
  231
  248
  265
  284
  303
  323
  344
  366
Tax expense, $m
  0
  1
  3
  4
  6
  8
  10
  12
  14
  17
  19
  22
  25
  28
  31
  35
  38
  42
  45
  49
  54
  58
  62
  67
  72
  77
  82
  87
  93
  99
Net income, $m
  1
  4
  7
  11
  16
  21
  26
  32
  38
  45
  52
  60
  67
  76
  84
  93
  103
  113
  123
  134
  145
  156
  168
  181
  194
  207
  221
  236
  251
  267

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  110
  137
  167
  200
  238
  279
  324
  373
  425
  481
  540
  602
  668
  736
  809
  884
  962
  1,044
  1,129
  1,217
  1,309
  1,404
  1,503
  1,606
  1,713
  1,825
  1,941
  2,061
  2,187
  2,318
Adjusted assets (=assets-cash), $m
  110
  137
  167
  200
  238
  279
  324
  373
  425
  481
  540
  602
  668
  736
  809
  884
  962
  1,044
  1,129
  1,217
  1,309
  1,404
  1,503
  1,606
  1,713
  1,825
  1,941
  2,061
  2,187
  2,318
Revenue / Adjusted assets
  2.782
  2.759
  2.760
  2.775
  2.765
  2.767
  2.769
  2.764
  2.767
  2.765
  2.765
  2.767
  2.765
  2.769
  2.765
  2.766
  2.767
  2.766
  2.766
  2.767
  2.766
  2.767
  2.768
  2.768
  2.768
  2.767
  2.767
  2.767
  2.767
  2.767
Average production assets, $m
  13
  17
  20
  24
  29
  34
  39
  45
  52
  59
  66
  73
  81
  90
  98
  108
  117
  127
  137
  148
  159
  171
  183
  196
  209
  222
  236
  251
  266
  282
Working capital, $m
  -29
  -36
  -44
  -53
  -63
  -73
  -85
  -98
  -112
  -126
  -142
  -158
  -175
  -194
  -213
  -232
  -253
  -274
  -297
  -320
  -344
  -369
  -395
  -422
  -450
  -480
  -510
  -542
  -575
  -609
Total debt, $m
  24
  41
  61
  83
  107
  134
  164
  196
  230
  266
  305
  346
  389
  434
  481
  530
  581
  635
  690
  748
  808
  870
  935
  1,002
  1,072
  1,145
  1,221
  1,300
  1,382
  1,468
Total liabilities, $m
  72
  89
  109
  131
  156
  183
  212
  244
  278
  314
  353
  394
  437
  482
  529
  578
  629
  683
  738
  796
  856
  918
  983
  1,051
  1,121
  1,193
  1,269
  1,348
  1,430
  1,516
Total equity, $m
  38
  47
  58
  69
  82
  97
  112
  129
  147
  166
  187
  208
  231
  255
  280
  306
  333
  361
  391
  421
  453
  486
  520
  556
  593
  631
  671
  713
  757
  802
Total liabilities and equity, $m
  110
  136
  167
  200
  238
  280
  324
  373
  425
  480
  540
  602
  668
  737
  809
  884
  962
  1,044
  1,129
  1,217
  1,309
  1,404
  1,503
  1,607
  1,714
  1,824
  1,940
  2,061
  2,187
  2,318
Debt-to-equity ratio
  0.630
  0.870
  1.060
  1.200
  1.310
  1.390
  1.460
  1.520
  1.560
  1.600
  1.630
  1.660
  1.680
  1.700
  1.720
  1.730
  1.750
  1.760
  1.770
  1.780
  1.780
  1.790
  1.800
  1.800
  1.810
  1.810
  1.820
  1.820
  1.830
  1.830
Adjusted equity ratio
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  4
  7
  11
  16
  21
  26
  32
  38
  45
  52
  60
  67
  76
  84
  93
  103
  113
  123
  134
  145
  156
  168
  181
  194
  207
  221
  236
  251
  267
Depreciation, amort., depletion, $m
  3
  4
  5
  5
  6
  7
  8
  10
  11
  12
  13
  15
  16
  18
  20
  22
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
Funds from operations, $m
  4
  7
  12
  17
  22
  28
  34
  41
  49
  57
  65
  74
  84
  94
  104
  115
  126
  138
  151
  163
  177
  190
  205
  220
  235
  252
  269
  286
  305
  324
Change in working capital, $m
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
Cash from operations, $m
  10
  14
  20
  25
  32
  39
  46
  54
  63
  71
  81
  91
  101
  112
  123
  135
  147
  160
  173
  187
  201
  216
  231
  247
  264
  281
  299
  318
  338
  358
Maintenance CAPEX, $m
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
New CAPEX, $m
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
Cash from investing activities, $m
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -24
  -27
  -29
  -32
  -33
  -35
  -38
  -41
  -44
  -46
  -50
  -52
  -56
  -58
  -62
  -65
  -69
Free cash flow, $m
  5
  8
  13
  17
  22
  28
  34
  40
  47
  54
  62
  70
  78
  87
  96
  106
  116
  126
  137
  148
  160
  172
  185
  198
  211
  226
  241
  256
  272
  289
Issuance/(repayment) of debt, $m
  15
  17
  20
  22
  25
  27
  29
  32
  34
  36
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
Issuance/(repurchase) of shares, $m
  7
  5
  3
  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
Cash from financing (excl. dividends), $m  
  22
  22
  23
  23
  25
  27
  29
  32
  34
  36
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
Total cash flow (excl. dividends), $m
  27
  31
  35
  40
  47
  55
  63
  72
  81
  91
  100
  111
  121
  132
  143
  155
  167
  180
  193
  206
  220
  234
  250
  265
  282
  299
  316
  335
  354
  374
Retained Cash Flow (-), $m
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
Prev. year cash balance distribution, $m
  18
  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
  37
  22
  25
  28
  34
  41
  48
  55
  63
  71
  80
  89
  99
  108
  119
  129
  140
  151
  163
  175
  188
  201
  215
  230
  244
  260
  276
  293
  311
  329
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
  36
  20
  22
  23
  26
  29
  32
  35
  36
  37
  38
  38
  37
  36
  35
  33
  30
  28
  25
  22
  19
  17
  14
  12
  10
  8
  6
  5
  3
  2
Current shareholders' claim on cash, %
  97.7
  96.3
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6
  95.6

Trupanion, Inc. provides medical insurance plans for cats and dogs throughout the United States, Canada and Puerto Rico. The Company operates in two business segments: subscription business and other business. The subscription business segment includes monthly subscriptions for its medical plan, which are marketed to consumers. The other business segment includes other operations that are not directly marketed to consumers. The Company offers a software solution, Trupanion Express, which is designed to facilitate the direct payment of invoices to veterinary practices. Trupanion Express integrates with veterinarians' practice management software, which allows the Company to access data. The Company's subsidiaries include American Pet Insurance Company, Trupanion Managers USA, Inc., Trupanion Brokers Ontario, Inc. and Wyndham Insurance Company (SAC), Ltd.

FINANCIAL RATIOS  of  Trupanion (TRUP)

Valuation Ratios
P/E Ratio -102.4
Price to Sales 3.8
Price to Book 15.9
Price to Tangible Book
Price to Cash Flow 143.3
Price to Free Cash Flow 238.9
Growth Rates
Sales Growth Rate 27.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 11.1%
Total Debt to Equity 11.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -9.2%
Ret/ On Assets - 3 Yr. Avg. -18.6%
Return On Total Capital -14.7%
Ret/ On T. Cap. - 3 Yr. Avg. -28.6%
Return On Equity -15.6%
Return On Equity - 3 Yr. Avg. -40.2%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 17.6%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin -1.6%
EBITDA Margin - 3 Yr. Avg. -8.9%
Operating Margin -3.7%
Oper. Margin - 3 Yr. Avg. -9.7%
Pre-Tax Margin -3.7%
Pre-Tax Margin - 3 Yr. Avg. -11.1%
Net Profit Margin -3.7%
Net Profit Margin - 3 Yr. Avg. -11.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

TRUP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRUP stock intrinsic value calculation we used $242.667 million for the last fiscal year's total revenue generated by Trupanion. The default revenue input number comes from 0001 income statement of Trupanion. 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 TRUP stock valuation model: a) initial revenue growth rate of 25.9% 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 TRUP is calculated based on our internal credit rating of Trupanion, 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 Trupanion.
    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 TRUP stock the variable cost ratio is equal to 92.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $22 million in the base year in the intrinsic value calculation for TRUP 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 7.6% for Trupanion.

Corporate tax rate of 27% is the nominal tax rate for Trupanion. 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 TRUP 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 TRUP are equal to 4.4%.

Life of production assets of 3.1 years is the average useful life of capital assets used in Trupanion 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 TRUP is equal to -9.5%. 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 - $48.434 million for Trupanion - 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 32.776 million for Trupanion 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 Trupanion at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Trupanion: 3Q Earnings Snapshot   [07:18PM  Associated Press]
▶ Trupanion Reports Third Quarter 2018 Results   [04:05PM  GlobeNewswire]
▶ [$$] High-Flying Pet Insurer Faces New Risk   [Oct-31-18 07:45PM  The Wall Street Journal]
▶ [$$] High-Flying Pet Insurer Faces New Risk   [05:01PM  The Wall Street Journal]
▶ Trupanion Stock Rebounds After It Rebuts Critics   [Oct-22-18 01:07PM  Barrons.com]
▶ Trupanion Achieves Half Million Pet Milestone   [Oct-20-18 09:00AM  GlobeNewswire]
▶ Shares of Pet Insurer Trupanion Are Overvalued   [Sep-28-18 08:00PM  Barrons.com]
▶ Trupanion Provides Statement On Regulatory Allegations   [Sep-26-18 02:03PM  GlobeNewswire]
▶ Trupanion: 2Q Earnings Snapshot   [06:51PM  Associated Press]
▶ Trupanion, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ High Medical Costs Hurt Accident and Health Insurers   [Jul-26-18 11:32AM  InvestorPlace]
▶ Trupanion to buy its Seattle headquarters building   [Jun-27-18 05:38PM  American City Business Journals]
▶ Trupanion: 1Q Earnings Snapshot   [May-01-18 05:30PM  Associated Press]
▶ Trupanion Reports First Quarter 2018 Results   [04:05PM  GlobeNewswire]
▶ Trupanion Named Top Pick for Best Pet Insurance   [Apr-05-18 11:07AM  GlobeNewswire]
▶ Trupanion reports 4Q loss   [Feb-13-18 06:23PM  Associated Press]
▶ Trupanion, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ ETFs with exposure to Trupanion, Inc. : November 27, 2017   [Nov-27-17 04:05PM  Capital Cube]
▶ ETFs with exposure to Trupanion, Inc. : November 13, 2017   [Nov-13-17 01:26PM  Capital Cube]
▶ Trupanion beats 3Q profit forecasts   [Nov-02-17 07:33PM  Associated Press]
▶ Trupanion Reports Third Quarter 2017 Results   [04:05PM  GlobeNewswire]
▶ Trupanion, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ ETFs with exposure to Trupanion, Inc. : October 6, 2017   [Oct-06-17 11:08AM  Capital Cube]
▶ Trupanion Takes the Shame out of Cone of Shame   [Oct-04-17 06:00AM  GlobeNewswire]
▶ After the storm: keeping your pet safe after a hurricane   [Sep-08-17 06:17PM  GlobeNewswire]
▶ Trupanion beats 2Q profit forecasts   [Aug-01-17 06:57PM  Associated Press]
▶ ETFs with exposure to Trupanion, Inc. : May 30, 2017   [May-30-17 12:48PM  Capital Cube]
▶ ETFs with exposure to Trupanion, Inc. : May 5, 2017   [May-05-17 04:37PM  Capital Cube]
▶ Trupanion reports 1Q loss   [May-02-17 07:23PM  Associated Press]

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