Intrinsic value of Zix - ZIXI

Previous Close

$6.37

  Intrinsic Value

$3.59

stock screener

  Rating & Target

sell

-44%

Previous close

$6.37

 
Intrinsic value

$3.59

 
Up/down potential

-44%

 
Rating

sell

We calculate the intrinsic value of ZIXI 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 0.3

 

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, %
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  70
  75
  80
  85
  90
  96
  101
  107
  114
  120
  127
  134
  142
  149
  157
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  276
  290
  305
  321
  337
Variable operating expenses, $m
  55
  59
  63
  66
  71
  75
  79
  84
  89
  94
  97
  103
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
  182
  192
  201
  212
  223
  234
  246
  259
Fixed operating expenses, $m
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
Total operating expenses, $m
  58
  62
  66
  69
  74
  78
  82
  88
  93
  98
  101
  107
  113
  119
  125
  131
  138
  145
  154
  161
  170
  178
  187
  197
  206
  217
  228
  240
  252
  265
Operating income, $m
  12
  13
  14
  15
  16
  18
  19
  20
  21
  23
  26
  27
  29
  31
  33
  34
  36
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
EBITDA, $m
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  39
  41
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
Earnings before tax, $m
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
  65
Tax expense, $m
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
Net income, $m
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47

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
  86
  92
  98
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  293
  308
  324
  340
  358
  376
  395
  415
Adjusted assets (=assets-cash), $m
  86
  92
  98
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  293
  308
  324
  340
  358
  376
  395
  415
Revenue / Adjusted assets
  0.814
  0.815
  0.816
  0.810
  0.811
  0.814
  0.808
  0.811
  0.814
  0.811
  0.814
  0.812
  0.816
  0.810
  0.809
  0.814
  0.814
  0.811
  0.812
  0.813
  0.814
  0.813
  0.812
  0.812
  0.812
  0.812
  0.810
  0.811
  0.813
  0.812
Average production assets, $m
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
Working capital, $m
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -100
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
Total debt, $m
  2
  5
  8
  11
  14
  17
  20
  24
  27
  31
  35
  39
  43
  48
  52
  57
  62
  68
  73
  79
  85
  92
  98
  105
  113
  120
  129
  137
  146
  155
Total liabilities, $m
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  175
  184
  193
Total equity, $m
  46
  49
  53
  56
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  104
  109
  115
  121
  128
  134
  141
  149
  157
  165
  173
  182
  191
  201
  211
  222
Total liabilities and equity, $m
  86
  92
  99
  105
  111
  118
  125
  133
  140
  148
  157
  165
  174
  184
  194
  204
  215
  226
  239
  251
  264
  278
  293
  308
  323
  340
  357
  376
  395
  415
Debt-to-equity ratio
  0.050
  0.100
  0.150
  0.190
  0.230
  0.270
  0.300
  0.340
  0.360
  0.390
  0.420
  0.440
  0.460
  0.490
  0.500
  0.520
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
Adjusted equity ratio
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535
  0.535

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
Depreciation, amort., depletion, $m
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
Funds from operations, $m
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
Change in working capital, $m
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
Maintenance CAPEX, $m
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
Free cash flow, $m
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
  51
  54
Issuance/(repayment) of debt, $m
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
Total cash flow (excl. dividends), $m
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  51
  54
  57
  60
  63
Retained Cash Flow (-), $m
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Prev. year cash balance distribution, $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 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
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
  47
  50
  52
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
  11
  11
  11
  11
  11
  11
  11
  11
  10
  10
  9
  9
  8
  8
  7
  6
  6
  5
  5
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  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
  100.0

Zix Corporation offers e-mail encryption, data loss prevention and bring-your-own-device (BYOD) security to meet business data protection and compliance needs. The Company operates through e-mail encryption and security solutions. Its Zix Email Encryption enables the secure exchange of e-mails that include sensitive information through a secure messaging service. It offers ZixDirectory, an e-mail encryption community that is designed to share identities of its members; Best Method of Delivery, which is designed to deliver e-mail, and ZixGateway, which automatically encrypts and decrypts messages with sensitive content. ZixCorp delivers over 1.5 million encrypted messages on a typical business day. On an average, 70% of those encrypted messages are exchanged between senders and recipients. It also offers ZixQuarantine, an e-mail-specific solution. Its ZixOne is a mobile e-mail application that solves the information technology (IT) challenge created by the BYOD trend in the workplace.

FINANCIAL RATIOS  of  Zix (ZIXI)

Valuation Ratios
P/E Ratio 56.9
Price to Sales 5.7
Price to Book 7
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow 26.3
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
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 7.1%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 11.3%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 83.3%
Gross Margin - 3 Yr. Avg. 83.1%
EBITDA Margin 20%
EBITDA Margin - 3 Yr. Avg. 18.7%
Operating Margin 15%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 16.7%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 40.1%
Payout Ratio 0%

ZIXI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZIXI stock intrinsic value calculation we used $65.663 million for the last fiscal year's total revenue generated by Zix. The default revenue input number comes from 0001 income statement of Zix. 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 ZIXI stock valuation model: a) initial revenue growth rate of 6.9% 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 ZIXI is calculated based on our internal credit rating of Zix, 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 Zix.
    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 ZIXI stock the variable cost ratio is equal to 78.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for ZIXI 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 5.4% for Zix.

Corporate tax rate of 27% is the nominal tax rate for Zix. 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 ZIXI 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 ZIXI are equal to 12.2%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Zix 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 ZIXI is equal to -46.8%. 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 - $43.52 million for Zix - 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 53.632 million for Zix 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 Zix at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Are Zix Corporations (NASDAQ:ZIXI) Interest Costs Too High?   [Nov-12-18 02:24PM  Simply Wall St.]
▶ Buy These 5 Stocks on New Analyst Coverage   [Nov-01-18 09:53AM  Zacks]
▶ Zix: 3Q Earnings Snapshot   [Oct-23-18 04:59PM  Associated Press]
▶ Zix to Announce Third Quarter 2018 Results on October 23   [Oct-04-18 07:36AM  Business Wire]
▶ Top 4 Technology Penny Stocks to Watch   [Oct-01-18 06:44PM  Investopedia]
▶ Does Zix Corporation (NASDAQ:ZIXI) Go Up With The Market?   [Sep-12-18 12:32PM  Simply Wall St.]
▶ Zix Sets September 2018 Financial Conference Schedule   [Aug-23-18 07:36AM  Business Wire]
▶ Zix: 2Q Earnings Snapshot   [06:32PM  Associated Press]
▶ Zix Corporation to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ Zix to Announce Second Quarter 2018 Results on July 31   [Jul-09-18 07:36AM  Business Wire]
▶ Zix Sets May 2018 Financial Conference Schedule   [May-22-18 07:36AM  Business Wire]
▶ Zix: 1Q Earnings Snapshot   [05:09AM  Associated Press]
▶ Zix Reports First Quarter 2018 Financial Results   [May-02-18 04:05PM  Business Wire]
▶ Zix Strengthens MSP Program   [Apr-10-18 07:36AM  Business Wire]
▶ Zix to Announce First Quarter 2018 Results on May 2   [Apr-09-18 07:36AM  Business Wire]
▶ Zix reports 4Q loss   [Feb-22-18 06:49PM  Associated Press]
▶ Zix Corporation to Host Earnings Call   [01:30PM  ACCESSWIRE]
▶ Top 4 Technology Penny Stocks to Watch   [Dec-04-17 05:10PM  Investopedia]
▶ The 8 Most Undervalued Tech Stocks That Protect Your Data   [Nov-13-17 07:41AM  InvestorPlace]
▶ Zix posts 3Q profit   [Oct-24-17 05:25PM  Associated Press]
▶ Zix Corporation to Host Earnings Call   [11:00AM  ACCESSWIRE]
▶ ETFs with exposure to Zix Corp. : October 23, 2017   [Oct-23-17 11:18AM  Capital Cube]
▶ Zix to Announce Third Quarter 2017 Results on October 24   [Oct-04-17 07:36AM  Business Wire]
▶ ETFs with exposure to Zix Corp. : October 3, 2017   [Oct-03-17 11:44AM  Capital Cube]
▶ ETFs with exposure to Zix Corp. : September 22, 2017   [Sep-22-17 11:21AM  Capital Cube]
▶ Zix and Digital Guardian Announce Strategic Partnership   [Aug-08-17 07:36AM  Business Wire]
▶ Zix Corp. Value Analysis (NASDAQ:ZIXI) : August 4, 2017   [Aug-03-17 11:55PM  Capital Cube]
▶ Zix meets 2Q profit forecasts   [Aug-01-17 06:23PM  Associated Press]
▶ ETFs with exposure to Zix Corp. : July 25, 2017   [Jul-25-17 02:23PM  Capital Cube]
▶ ETFs with exposure to Zix Corp. : July 14, 2017   [Jul-14-17 05:46PM  Capital Cube]
▶ Zix to Announce Second Quarter 2017 Results on August 1   [Jul-06-17 07:36AM  Business Wire]
▶ ETFs with exposure to Zix Corp. : June 27, 2017   [Jun-27-17 04:04PM  Capital Cube]
▶ Zix posts 1Q profit   [Apr-25-17 05:02PM  Associated Press]
▶ Zix Announces Share Repurchase Program   [04:07PM  Business Wire]
▶ ETFs with exposure to Zix Corp. : April 5, 2017   [Apr-05-17 05:48PM  Capital Cube]
▶ Zix tops 4Q profit forecasts   [Feb-09-17 06:19PM  Associated Press]
▶ Zix Corporation Evolves Company Brand   [Feb-07-17 07:35AM  Business Wire]

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