Intrinsic value of Alacer Gold Corp. - ASR

Previous Close

$2.19

  Intrinsic Value

$7.42

stock screener

  Rating & Target

str. buy

+239%

Previous close

$2.19

 
Intrinsic value

$7.42

 
Up/down potential

+239%

 
Rating

str. buy

We calculate the intrinsic value of ASR 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 0.6

 

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, %
  -40.19
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  192
  307
  475
  710
  1,030
  1,453
  1,998
  2,681
  3,521
  4,530
  5,722
  7,106
  8,687
  10,471
  12,459
  14,649
  17,040
  19,629
  22,411
  25,382
  28,537
  31,872
  35,383
  39,069
  42,927
  46,956
  51,158
  55,534
  60,087
  64,821
  69,741
Variable operating expenses, $m
 
  69
  106
  159
  231
  325
  447
  601
  789
  1,015
  1,282
  1,592
  1,946
  2,346
  2,791
  3,281
  3,817
  4,397
  5,020
  5,686
  6,392
  7,139
  7,926
  8,751
  9,616
  10,518
  11,459
  12,440
  13,459
  14,520
  15,622
Fixed operating expenses, $m
 
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
Total operating expenses, $m
  195
  229
  270
  327
  403
  501
  628
  786
  979
  1,210
  1,482
  1,797
  2,156
  2,561
  3,011
  3,507
  4,049
  4,634
  5,263
  5,935
  6,648
  7,401
  8,195
  9,026
  9,898
  10,807
  11,755
  12,744
  13,770
  14,839
  15,949
Operating income, $m
  -4
  78
  204
  383
  627
  951
  1,369
  1,895
  2,542
  3,321
  4,241
  5,309
  6,532
  7,911
  9,447
  11,142
  12,992
  14,995
  17,148
  19,447
  21,889
  24,470
  27,189
  30,042
  33,029
  36,149
  39,402
  42,791
  46,316
  49,982
  53,792
EBITDA, $m
  49
  78
  204
  383
  627
  951
  1,369
  1,895
  2,542
  3,321
  4,241
  5,309
  6,532
  7,911
  9,447
  11,142
  12,992
  14,995
  17,148
  19,447
  21,889
  24,470
  27,189
  30,042
  33,029
  36,149
  39,402
  42,791
  46,316
  49,982
  53,792
Interest expense (income), $m
  0
  0
  6
  15
  28
  46
  69
  98
  136
  181
  236
  301
  376
  462
  559
  668
  787
  917
  1,058
  1,209
  1,371
  1,543
  1,724
  1,915
  2,116
  2,326
  2,545
  2,774
  3,012
  3,260
  3,518
Earnings before tax, $m
  -3
  78
  198
  367
  599
  905
  1,301
  1,797
  2,407
  3,140
  4,005
  5,008
  6,155
  7,448
  8,888
  10,474
  12,205
  14,078
  16,090
  18,238
  20,518
  22,928
  25,465
  28,127
  30,913
  33,823
  36,857
  40,017
  43,304
  46,722
  50,274
Tax expense, $m
  -24
  21
  53
  99
  162
  244
  351
  485
  650
  848
  1,081
  1,352
  1,662
  2,011
  2,400
  2,828
  3,295
  3,801
  4,344
  4,924
  5,540
  6,190
  6,875
  7,594
  8,347
  9,132
  9,951
  10,804
  11,692
  12,615
  13,574
Net income, $m
  8
  57
  145
  268
  437
  661
  949
  1,312
  1,757
  2,292
  2,923
  3,656
  4,493
  5,437
  6,488
  7,646
  8,910
  10,277
  11,746
  13,313
  14,978
  16,737
  18,589
  20,533
  22,567
  24,691
  26,906
  29,212
  31,612
  34,107
  36,700

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  290
  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
  1,169
  1,409
  2,177
  3,256
  4,724
  6,665
  9,163
  12,300
  16,150
  20,781
  26,249
  32,595
  39,850
  48,033
  57,150
  67,198
  78,167
  90,042
  102,803
  116,430
  130,902
  146,200
  162,308
  179,215
  196,912
  215,396
  234,670
  254,743
  275,628
  297,343
  319,913
Adjusted assets (=assets-cash), $m
  879
  1,409
  2,177
  3,256
  4,724
  6,665
  9,163
  12,300
  16,150
  20,781
  26,249
  32,595
  39,850
  48,033
  57,150
  67,198
  78,167
  90,042
  102,803
  116,430
  130,902
  146,200
  162,308
  179,215
  196,912
  215,396
  234,670
  254,743
  275,628
  297,343
  319,913
Revenue / Adjusted assets
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
Average production assets, $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
  0
Working capital, $m
  364
  118
  183
  273
  397
  559
  769
  1,032
  1,355
  1,744
  2,203
  2,736
  3,345
  4,031
  4,797
  5,640
  6,561
  7,557
  8,628
  9,772
  10,987
  12,271
  13,623
  15,041
  16,527
  18,078
  19,696
  21,381
  23,133
  24,956
  26,850
Total debt, $m
  0
  180
  440
  806
  1,304
  1,962
  2,808
  3,872
  5,177
  6,747
  8,600
  10,752
  13,211
  15,985
  19,076
  22,482
  26,201
  30,226
  34,552
  39,172
  44,078
  49,264
  54,725
  60,456
  66,455
  72,721
  79,255
  86,060
  93,140
  100,501
  108,152
Total liabilities, $m
  298
  478
  738
  1,104
  1,602
  2,260
  3,106
  4,170
  5,475
  7,045
  8,898
  11,050
  13,509
  16,283
  19,374
  22,780
  26,499
  30,524
  34,850
  39,470
  44,376
  49,562
  55,023
  60,754
  66,753
  73,019
  79,553
  86,358
  93,438
  100,799
  108,450
Total equity, $m
  871
  931
  1,439
  2,152
  3,123
  4,406
  6,057
  8,130
  10,675
  13,736
  17,350
  21,545
  26,341
  31,750
  37,776
  44,418
  51,669
  59,518
  67,953
  76,960
  86,526
  96,638
  107,286
  118,461
  130,159
  142,377
  155,117
  168,385
  182,190
  196,544
  211,462
Total liabilities and equity, $m
  1,169
  1,409
  2,177
  3,256
  4,725
  6,666
  9,163
  12,300
  16,150
  20,781
  26,248
  32,595
  39,850
  48,033
  57,150
  67,198
  78,168
  90,042
  102,803
  116,430
  130,902
  146,200
  162,309
  179,215
  196,912
  215,396
  234,670
  254,743
  275,628
  297,343
  319,912
Debt-to-equity ratio
  0.000
  0.190
  0.310
  0.370
  0.420
  0.450
  0.460
  0.480
  0.480
  0.490
  0.500
  0.500
  0.500
  0.500
  0.500
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
Adjusted equity ratio
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661
  0.661

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  57
  145
  268
  437
  661
  949
  1,312
  1,757
  2,292
  2,923
  3,656
  4,493
  5,437
  6,488
  7,646
  8,910
  10,277
  11,746
  13,313
  14,978
  16,737
  18,589
  20,533
  22,567
  24,691
  26,906
  29,212
  31,612
  34,107
  36,700
Depreciation, amort., depletion, $m
  53
  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
Funds from operations, $m
  54
  57
  145
  268
  437
  661
  949
  1,312
  1,757
  2,292
  2,923
  3,656
  4,493
  5,437
  6,488
  7,646
  8,910
  10,277
  11,746
  13,313
  14,978
  16,737
  18,589
  20,533
  22,567
  24,691
  26,906
  29,212
  31,612
  34,107
  36,700
Change in working capital, $m
  4
  44
  64
  91
  123
  163
  210
  263
  323
  389
  459
  533
  609
  687
  765
  843
  921
  997
  1,071
  1,144
  1,215
  1,284
  1,352
  1,419
  1,485
  1,551
  1,618
  1,685
  1,753
  1,823
  1,894
Cash from operations, $m
  50
  13
  80
  178
  314
  498
  740
  1,049
  1,434
  1,903
  2,464
  3,123
  3,884
  4,750
  5,723
  6,803
  7,989
  9,280
  10,674
  12,170
  13,763
  15,453
  17,237
  19,114
  21,081
  23,139
  25,288
  27,527
  29,859
  32,284
  34,806
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -199
  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 investing activities, $m
  -260
  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
Free cash flow, $m
  -210
  13
  80
  178
  314
  498
  740
  1,049
  1,434
  1,903
  2,464
  3,123
  3,884
  4,750
  5,723
  6,803
  7,989
  9,280
  10,674
  12,170
  13,763
  15,453
  17,237
  19,114
  21,081
  23,139
  25,288
  27,527
  29,859
  32,284
  34,806
Issuance/(repayment) of debt, $m
  0
  180
  260
  366
  498
  658
  847
  1,063
  1,305
  1,570
  1,853
  2,151
  2,460
  2,774
  3,091
  3,406
  3,719
  4,026
  4,326
  4,619
  4,906
  5,186
  5,461
  5,731
  5,999
  6,266
  6,534
  6,805
  7,080
  7,361
  7,651
Issuance/(repurchase) of shares, $m
  0
  293
  363
  445
  533
  622
  702
  761
  788
  769
  690
  539
  303
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  17
  473
  623
  811
  1,031
  1,280
  1,549
  1,824
  2,093
  2,339
  2,543
  2,690
  2,763
  2,774
  3,091
  3,406
  3,719
  4,026
  4,326
  4,619
  4,906
  5,186
  5,461
  5,731
  5,999
  6,266
  6,534
  6,805
  7,080
  7,361
  7,651
Total cash flow (excl. dividends), $m
  -198
  486
  704
  988
  1,345
  1,778
  2,288
  2,873
  3,527
  4,242
  5,008
  5,814
  6,646
  7,524
  8,814
  10,209
  11,708
  13,306
  15,001
  16,789
  18,669
  20,639
  22,698
  24,845
  27,080
  29,406
  31,822
  34,332
  36,939
  39,646
  42,457
Retained Cash Flow (-), $m
  -11
  -350
  -508
  -713
  -971
  -1,283
  -1,651
  -2,073
  -2,545
  -3,061
  -3,614
  -4,195
  -4,796
  -5,409
  -6,026
  -6,642
  -7,251
  -7,849
  -8,435
  -9,007
  -9,566
  -10,112
  -10,648
  -11,175
  -11,698
  -12,218
  -12,740
  -13,268
  -13,805
  -14,354
  -14,919
Prev. year cash balance distribution, $m
 
  290
  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
 
  425
  196
  275
  375
  495
  637
  800
  982
  1,181
  1,395
  1,619
  1,851
  2,116
  2,787
  3,567
  4,457
  5,456
  6,565
  7,782
  9,103
  10,527
  12,050
  13,670
  15,383
  17,187
  19,082
  21,064
  23,134
  25,292
  27,538
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
 
  408
  179
  239
  308
  384
  462
  540
  614
  679
  731
  769
  790
  804
  936
  1,047
  1,133
  1,187
  1,209
  1,198
  1,157
  1,089
  1,000
  896
  783
  669
  557
  452
  358
  276
  207
Current shareholders' claim on cash, %
  100
  59.4
  38.8
  27.4
  20.5
  16.1
  13.2
  11.3
  10.0
  9.1
  8.5
  8.2
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0
  8.0

Alacer Gold Corp. is an intermediate gold mining company. The Company is engaged in mining, development and exploration of mineral deposits in Turkey. The Company's segments include Turkish Business Unit and Corporate and other. It is engaged in the acquisition, exploration and production of gold in Turkey. The Company has interest in the Copler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (Anagold). The Copler Gold Mine is an open-pit, heap-leach operation that produces gold from oxide ore. The Copler orebody also contains refractory sulfide ore. The Copler Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey. The Company operates Copler Sulfide Expansion Project. The Company focuses on Cakmaktepe North, Cakmaktepe Central, Cakmaktepe Southeast, Cakmaktepe East and Bayramdere prospects.

FINANCIAL RATIOS  of  Alacer Gold Corp. (ASR)

Valuation Ratios
P/E Ratio 80
Price to Sales 3.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -4.3
Growth Rates
Sales Growth Rate -40.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 126.1%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 0.9%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 13%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 41.4%
Operating Margin -1.6%
Oper. Margin - 3 Yr. Avg. 20%
Pre-Tax Margin -1.6%
Pre-Tax Margin - 3 Yr. Avg. 18.9%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 15.5%
Effective Tax Rate 800%
Eff/ Tax Rate - 3 Yr. Avg. 266.7%
Payout Ratio 0%

ASR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASR stock intrinsic value calculation we used $192 million for the last fiscal year's total revenue generated by Alacer Gold Corp.. The default revenue input number comes from 2016 income statement of Alacer Gold Corp.. 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 ASR stock valuation model: a) initial revenue growth rate of 60% 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 ASR is calculated based on our internal credit rating of Alacer Gold Corp., 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 Alacer Gold Corp..
    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 ASR stock the variable cost ratio is equal to 22.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $156 million in the base year in the intrinsic value calculation for ASR 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 Alacer Gold Corp..

Corporate tax rate of 27% is the nominal tax rate for Alacer Gold Corp.. 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 ASR 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 ASR are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Alacer Gold Corp. 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 ASR is equal to 38.5%. 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 - $871 million for Alacer Gold Corp. - 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 293.089 million for Alacer Gold Corp. 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 Alacer Gold Corp. at the current share price and the inputted number of shares is $0.6 billion.

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Financial statements of ASR
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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