Intrinsic value of Canadian Tire Corporation Limited Class - CTC-A

Previous Close

$152.04

  Intrinsic Value

$95.89

stock screener

  Rating & Target

sell

-37%

Previous close

$152.04

 
Intrinsic value

$95.89

 
Up/down potential

-37%

 
Rating

sell

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

We calculate the intrinsic value of CTC-A 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 10.7

 

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, %
  3.27
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  12,681
  12,935
  13,232
  13,572
  13,954
  14,377
  14,841
  15,347
  15,894
  16,483
  17,116
  17,793
  18,515
  19,283
  20,101
  20,968
  21,887
  22,859
  23,888
  24,975
  26,122
  27,333
  28,610
  29,956
  31,374
  32,868
  34,440
  36,096
  37,837
  39,670
  41,597
Variable operating expenses, $m
 
  11,783
  12,053
  12,361
  12,708
  13,092
  13,513
  13,971
  14,468
  15,003
  15,577
  16,147
  16,802
  17,500
  18,241
  19,028
  19,862
  20,745
  21,678
  22,664
  23,706
  24,804
  25,963
  27,185
  28,472
  29,827
  31,254
  32,756
  34,337
  36,000
  37,749
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
  11,576
  11,783
  12,053
  12,361
  12,708
  13,092
  13,513
  13,971
  14,468
  15,003
  15,577
  16,147
  16,802
  17,500
  18,241
  19,028
  19,862
  20,745
  21,678
  22,664
  23,706
  24,804
  25,963
  27,185
  28,472
  29,827
  31,254
  32,756
  34,337
  36,000
  37,749
Operating income, $m
  1,105
  1,152
  1,180
  1,211
  1,246
  1,286
  1,328
  1,375
  1,426
  1,480
  1,539
  1,646
  1,713
  1,784
  1,859
  1,940
  2,025
  2,115
  2,210
  2,310
  2,417
  2,529
  2,647
  2,771
  2,902
  3,041
  3,186
  3,339
  3,500
  3,670
  3,848
EBITDA, $m
  1,562
  1,624
  1,661
  1,704
  1,752
  1,805
  1,863
  1,926
  1,995
  2,069
  2,148
  2,233
  2,324
  2,421
  2,523
  2,632
  2,747
  2,869
  2,999
  3,135
  3,279
  3,431
  3,591
  3,760
  3,938
  4,126
  4,323
  4,531
  4,750
  4,980
  5,222
Interest expense (income), $m
  114
  133
  140
  147
  156
  166
  177
  189
  202
  217
  232
  248
  266
  285
  305
  326
  348
  372
  398
  424
  453
  483
  514
  547
  582
  619
  658
  699
  742
  787
  835
Earnings before tax, $m
  1,011
  1,019
  1,040
  1,064
  1,090
  1,119
  1,151
  1,186
  1,224
  1,264
  1,307
  1,398
  1,447
  1,499
  1,555
  1,614
  1,676
  1,742
  1,812
  1,886
  1,964
  2,046
  2,133
  2,224
  2,320
  2,422
  2,528
  2,640
  2,758
  2,883
  3,013
Tax expense, $m
  263
  275
  281
  287
  294
  302
  311
  320
  330
  341
  353
  377
  391
  405
  420
  436
  453
  470
  489
  509
  530
  552
  576
  600
  626
  654
  683
  713
  745
  778
  814
Net income, $m
  669
  744
  759
  777
  796
  817
  840
  866
  893
  923
  954
  1,020
  1,056
  1,094
  1,135
  1,178
  1,224
  1,272
  1,323
  1,377
  1,434
  1,494
  1,557
  1,624
  1,694
  1,768
  1,846
  1,927
  2,014
  2,104
  2,200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  936
  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
  15,303
  14,648
  14,985
  15,371
  15,803
  16,282
  16,808
  17,380
  18,000
  18,667
  19,384
  20,150
  20,968
  21,839
  22,764
  23,746
  24,787
  25,888
  27,053
  28,284
  29,583
  30,955
  32,401
  33,925
  35,531
  37,223
  39,004
  40,878
  42,851
  44,926
  47,109
Adjusted assets (=assets-cash), $m
  14,367
  14,648
  14,985
  15,371
  15,803
  16,282
  16,808
  17,380
  18,000
  18,667
  19,384
  20,150
  20,968
  21,839
  22,764
  23,746
  24,787
  25,888
  27,053
  28,284
  29,583
  30,955
  32,401
  33,925
  35,531
  37,223
  39,004
  40,878
  42,851
  44,926
  47,109
Revenue / Adjusted assets
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
  0.883
Average production assets, $m
  4,861
  4,954
  5,068
  5,198
  5,344
  5,506
  5,684
  5,878
  6,087
  6,313
  6,555
  6,815
  7,091
  7,386
  7,699
  8,031
  8,383
  8,755
  9,149
  9,565
  10,005
  10,469
  10,958
  11,473
  12,016
  12,588
  13,191
  13,825
  14,492
  15,194
  15,932
Working capital, $m
  3,957
  4,669
  4,777
  4,900
  5,037
  5,190
  5,358
  5,540
  5,738
  5,950
  6,179
  6,423
  6,684
  6,961
  7,256
  7,569
  7,901
  8,252
  8,624
  9,016
  9,430
  9,867
  10,328
  10,814
  11,326
  11,865
  12,433
  13,030
  13,659
  14,321
  15,017
Total debt, $m
  4,743
  3,988
  4,209
  4,462
  4,746
  5,060
  5,405
  5,780
  6,187
  6,625
  7,095
  7,597
  8,134
  8,705
  9,312
  9,956
  10,639
  11,362
  12,126
  12,933
  13,786
  14,685
  15,634
  16,634
  17,687
  18,797
  19,965
  21,195
  22,489
  23,851
  25,282
Total liabilities, $m
  10,364
  9,609
  9,830
  10,083
  10,367
  10,681
  11,026
  11,401
  11,808
  12,246
  12,716
  13,218
  13,755
  14,326
  14,933
  15,577
  16,260
  16,983
  17,747
  18,554
  19,407
  20,306
  21,255
  22,255
  23,308
  24,418
  25,586
  26,816
  28,110
  29,472
  30,903
Total equity, $m
  4,939
  5,039
  5,155
  5,287
  5,436
  5,601
  5,782
  5,979
  6,192
  6,422
  6,668
  6,932
  7,213
  7,512
  7,831
  8,169
  8,527
  8,906
  9,306
  9,730
  10,177
  10,648
  11,146
  11,670
  12,223
  12,805
  13,417
  14,062
  14,741
  15,455
  16,205
Total liabilities and equity, $m
  15,303
  14,648
  14,985
  15,370
  15,803
  16,282
  16,808
  17,380
  18,000
  18,668
  19,384
  20,150
  20,968
  21,838
  22,764
  23,746
  24,787
  25,889
  27,053
  28,284
  29,584
  30,954
  32,401
  33,925
  35,531
  37,223
  39,003
  40,878
  42,851
  44,927
  47,108
Debt-to-equity ratio
  0.960
  0.790
  0.820
  0.840
  0.870
  0.900
  0.930
  0.970
  1.000
  1.030
  1.060
  1.100
  1.130
  1.160
  1.190
  1.220
  1.250
  1.280
  1.300
  1.330
  1.350
  1.380
  1.400
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.540
  1.560
Adjusted equity ratio
  0.342
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344
  0.344

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  669
  744
  759
  777
  796
  817
  840
  866
  893
  923
  954
  1,020
  1,056
  1,094
  1,135
  1,178
  1,224
  1,272
  1,323
  1,377
  1,434
  1,494
  1,557
  1,624
  1,694
  1,768
  1,846
  1,927
  2,014
  2,104
  2,200
Depreciation, amort., depletion, $m
  457
  472
  481
  493
  505
  519
  535
  551
  569
  589
  610
  587
  611
  637
  664
  692
  723
  755
  789
  825
  862
  902
  945
  989
  1,036
  1,085
  1,137
  1,192
  1,249
  1,310
  1,373
Funds from operations, $m
  436
  1,215
  1,241
  1,269
  1,301
  1,336
  1,375
  1,417
  1,462
  1,511
  1,564
  1,608
  1,668
  1,731
  1,799
  1,870
  1,946
  2,027
  2,112
  2,201
  2,296
  2,396
  2,501
  2,613
  2,730
  2,853
  2,983
  3,119
  3,263
  3,414
  3,573
Change in working capital, $m
  -550
  92
  107
  123
  138
  153
  168
  182
  198
  213
  228
  244
  261
  278
  295
  313
  332
  351
  371
  392
  414
  437
  461
  486
  512
  539
  568
  598
  629
  662
  696
Cash from operations, $m
  986
  1,124
  1,133
  1,146
  1,163
  1,184
  1,207
  1,235
  1,265
  1,299
  1,335
  1,363
  1,407
  1,454
  1,504
  1,557
  1,615
  1,676
  1,740
  1,809
  1,882
  1,959
  2,041
  2,127
  2,218
  2,314
  2,415
  2,522
  2,634
  2,753
  2,877
Maintenance CAPEX, $m
  0
  -419
  -427
  -437
  -448
  -461
  -475
  -490
  -507
  -525
  -544
  -565
  -587
  -611
  -637
  -664
  -692
  -723
  -755
  -789
  -825
  -862
  -902
  -945
  -989
  -1,036
  -1,085
  -1,137
  -1,192
  -1,249
  -1,310
New CAPEX, $m
  -781
  -93
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -226
  -242
  -259
  -277
  -294
  -313
  -332
  -352
  -373
  -394
  -416
  -440
  -464
  -489
  -516
  -543
  -572
  -602
  -634
  -667
  -702
  -738
Cash from investing activities, $m
  -783
  -512
  -541
  -567
  -594
  -623
  -653
  -684
  -717
  -751
  -786
  -824
  -864
  -905
  -950
  -996
  -1,044
  -1,096
  -1,149
  -1,205
  -1,265
  -1,326
  -1,391
  -1,461
  -1,532
  -1,608
  -1,687
  -1,771
  -1,859
  -1,951
  -2,048
Free cash flow, $m
  203
  611
  592
  579
  569
  561
  555
  551
  549
  548
  549
  539
  543
  548
  554
  562
  570
  580
  592
  604
  618
  633
  649
  667
  685
  706
  727
  751
  775
  802
  829
Issuance/(repayment) of debt, $m
  481
  181
  221
  253
  284
  314
  345
  376
  406
  438
  470
  503
  536
  571
  607
  644
  683
  723
  764
  807
  853
  900
  949
  1,000
  1,054
  1,110
  1,168
  1,230
  1,294
  1,361
  1,432
Issuance/(repurchase) of shares, $m
  -449
  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  
  -122
  181
  221
  253
  284
  314
  345
  376
  406
  438
  470
  503
  536
  571
  607
  644
  683
  723
  764
  807
  853
  900
  949
  1,000
  1,054
  1,110
  1,168
  1,230
  1,294
  1,361
  1,432
Total cash flow (excl. dividends), $m
  81
  793
  813
  832
  853
  875
  900
  926
  955
  986
  1,019
  1,042
  1,079
  1,119
  1,161
  1,206
  1,253
  1,303
  1,356
  1,411
  1,470
  1,532
  1,598
  1,667
  1,739
  1,815
  1,896
  1,980
  2,069
  2,163
  2,261
Retained Cash Flow (-), $m
  55
  -100
  -116
  -132
  -149
  -165
  -181
  -197
  -213
  -230
  -246
  -264
  -281
  -300
  -318
  -338
  -358
  -379
  -401
  -423
  -447
  -472
  -497
  -524
  -552
  -582
  -613
  -645
  -679
  -714
  -751
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
 
  693
  697
  699
  704
  710
  719
  730
  742
  756
  772
  778
  798
  819
  843
  868
  895
  924
  955
  988
  1,023
  1,061
  1,100
  1,142
  1,187
  1,234
  1,283
  1,335
  1,391
  1,449
  1,510
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  655
  620
  581
  543
  505
  468
  432
  396
  361
  326
  288
  256
  226
  197
  170
  145
  122
  101
  83
  66
  52
  41
  31
  23
  17
  12
  8
  6
  4
  2
Current shareholders' claim on cash, %
  100
  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

Canadian Tire Corporation, Limited is a Canada-based company, which operates through a range of businesses. The Company's segments include Retail, CT REIT and Financial Services. Its retail segment operates through its retail banners, including Canadian Tire, PartSource, Petroleum, Mark's, and the various FGL Sports banners. CT REIT is engaged in owning, developing and leasing of income-producing commercial properties. It has a portfolio of properties, which consists of over 300 properties located across Canada totaling approximately 24.7 million square feet of gross leasable area. Financial Services markets a range of Canadian Tire-branded credit cards, including the Canadian Tire Options MasterCard, the Cash Advantage MasterCard and the Gas Advantage MasterCard. It also markets insurance and warranty products, processes credit card transactions for purchases made in Canadian Tire stores and Mark's stores as well as at Petroleum outlets, and offers financing options.

FINANCIAL RATIOS  of  Canadian Tire Corporation Limited Class (CTC-A)

Valuation Ratios
P/E Ratio 16.1
Price to Sales 0.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 52.5
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 64.5%
Total Debt to Equity 96%
Interest Coverage 10
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 34.6%
Gross Margin - 3 Yr. Avg. 33.6%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 26.6%
Payout Ratio 23.6%

CTC-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTC-A stock intrinsic value calculation we used $12681 million for the last fiscal year's total revenue generated by Canadian Tire Corporation Limited Class . The default revenue input number comes from 2016 income statement of Canadian Tire Corporation Limited Class . 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 CTC-A stock valuation model: a) initial revenue growth rate of 2% 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 5.8%, whose default value for CTC-A is calculated based on our internal credit rating of Canadian Tire Corporation Limited Class , 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 Canadian Tire Corporation Limited Class .
    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 CTC-A stock the variable cost ratio is equal to 91.1%.

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 CTC-A 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 Canadian Tire Corporation Limited Class .

Corporate tax rate of 27% is the nominal tax rate for Canadian Tire Corporation Limited Class . 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 CTC-A 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 CTC-A are equal to 38.3%.

Life of production assets of 11.6 years is the average useful life of capital assets used in Canadian Tire Corporation Limited Class 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 CTC-A is equal to 36.1%. 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 - $4939 million for Canadian Tire Corporation Limited Class - 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 70.31 million for Canadian Tire Corporation Limited Class 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 Canadian Tire Corporation Limited Class at the current share price and the inputted number of shares is $10.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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Financial statements of CTC-A
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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