Intrinsic value of Brookfield Renewable Partners L.P. - BEP-UN

Previous Close

$42.93

  Intrinsic Value

$33.99

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

+984%

Previous close

$42.93

 
Intrinsic value

$33.99

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

+984%

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

We calculate the intrinsic value of BEP-UN 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 7.1

 

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, %
  50.59
  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
  3,313
  3,379
  3,457
  3,546
  3,646
  3,756
  3,877
  4,009
  4,152
  4,306
  4,472
  4,648
  4,837
  5,038
  5,251
  5,478
  5,718
  5,972
  6,241
  6,525
  6,825
  7,141
  7,475
  7,826
  8,197
  8,587
  8,998
  9,430
  9,885
  10,364
  10,868
Variable operating expenses, $m
 
  2,400
  2,453
  2,513
  2,580
  2,654
  2,736
  2,825
  2,922
  3,026
  3,137
  3,135
  3,262
  3,398
  3,542
  3,695
  3,857
  4,028
  4,209
  4,401
  4,603
  4,816
  5,041
  5,278
  5,528
  5,791
  6,069
  6,360
  6,667
  6,990
  7,330
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
  2,506
  2,400
  2,453
  2,513
  2,580
  2,654
  2,736
  2,825
  2,922
  3,026
  3,137
  3,135
  3,262
  3,398
  3,542
  3,695
  3,857
  4,028
  4,209
  4,401
  4,603
  4,816
  5,041
  5,278
  5,528
  5,791
  6,069
  6,360
  6,667
  6,990
  7,330
Operating income, $m
  807
  979
  1,004
  1,033
  1,066
  1,102
  1,141
  1,184
  1,231
  1,281
  1,335
  1,513
  1,575
  1,640
  1,710
  1,783
  1,862
  1,944
  2,032
  2,124
  2,222
  2,325
  2,433
  2,548
  2,668
  2,795
  2,929
  3,070
  3,218
  3,374
  3,538
EBITDA, $m
  1,862
  1,100
  1,125
  1,154
  1,187
  1,223
  1,262
  1,305
  1,352
  1,402
  1,456
  1,513
  1,575
  1,640
  1,710
  1,783
  1,862
  1,944
  2,032
  2,124
  2,222
  2,325
  2,433
  2,548
  2,668
  2,795
  2,929
  3,070
  3,218
  3,374
  3,538
Interest expense (income), $m
  794
  902
  946
  995
  1,050
  1,112
  1,181
  1,257
  1,340
  1,429
  1,525
  1,628
  1,739
  1,856
  1,982
  2,115
  2,257
  2,407
  2,565
  2,733
  2,910
  3,097
  3,295
  3,503
  3,723
  3,954
  4,198
  4,454
  4,724
  5,009
  5,307
Earnings before tax, $m
  -18
  77
  58
  39
  16
  -11
  -40
  -73
  -109
  -148
  -190
  -115
  -164
  -216
  -272
  -332
  -395
  -462
  -533
  -609
  -689
  -773
  -862
  -955
  -1,054
  -1,159
  -1,269
  -1,384
  -1,506
  -1,635
  -1,770
Tax expense, $m
  -72
  21
  16
  10
  4
  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
  5
  56
  42
  28
  11
  -11
  -40
  -73
  -109
  -148
  -190
  -115
  -164
  -216
  -272
  -332
  -395
  -462
  -533
  -609
  -689
  -773
  -862
  -955
  -1,054
  -1,159
  -1,269
  -1,384
  -1,506
  -1,635
  -1,770

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  301
  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
  37,475
  37,969
  38,843
  39,841
  40,961
  42,203
  43,566
  45,050
  46,656
  48,386
  50,243
  52,229
  54,349
  56,606
  59,005
  61,550
  64,247
  67,103
  70,122
  73,312
  76,681
  80,235
  83,984
  87,935
  92,098
  96,482
  101,098
  105,957
  111,070
  116,450
  122,108
Adjusted assets (=assets-cash), $m
  37,174
  37,969
  38,843
  39,841
  40,961
  42,203
  43,566
  45,050
  46,656
  48,386
  50,243
  52,229
  54,349
  56,606
  59,005
  61,550
  64,247
  67,103
  70,122
  73,312
  76,681
  80,235
  83,984
  87,935
  92,098
  96,482
  101,098
  105,957
  111,070
  116,450
  122,108
Revenue / Adjusted assets
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
  0.089
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
  -1,116
  196
  201
  206
  211
  218
  225
  233
  241
  250
  259
  270
  281
  292
  305
  318
  332
  346
  362
  378
  396
  414
  434
  454
  475
  498
  522
  547
  573
  601
  630
Total debt, $m
  13,967
  14,336
  15,071
  15,912
  16,856
  17,901
  19,048
  20,298
  21,650
  23,107
  24,670
  26,343
  28,128
  30,028
  32,048
  34,191
  36,462
  38,866
  41,409
  44,095
  46,931
  49,924
  53,080
  56,407
  59,912
  63,604
  67,491
  71,582
  75,887
  80,417
  85,181
Total liabilities, $m
  31,600
  31,970
  32,705
  33,546
  34,490
  35,535
  36,682
  37,932
  39,284
  40,741
  42,304
  43,977
  45,762
  47,662
  49,682
  51,825
  54,096
  56,500
  59,043
  61,729
  64,565
  67,558
  70,714
  74,041
  77,546
  81,238
  85,125
  89,216
  93,521
  98,051
  102,815
Total equity, $m
  5,874
  5,999
  6,137
  6,295
  6,472
  6,668
  6,883
  7,118
  7,372
  7,645
  7,938
  8,252
  8,587
  8,944
  9,323
  9,725
  10,151
  10,602
  11,079
  11,583
  12,116
  12,677
  13,269
  13,894
  14,551
  15,244
  15,974
  16,741
  17,549
  18,399
  19,293
Total liabilities and equity, $m
  37,474
  37,969
  38,842
  39,841
  40,962
  42,203
  43,565
  45,050
  46,656
  48,386
  50,242
  52,229
  54,349
  56,606
  59,005
  61,550
  64,247
  67,102
  70,122
  73,312
  76,681
  80,235
  83,983
  87,935
  92,097
  96,482
  101,099
  105,957
  111,070
  116,450
  122,108
Debt-to-equity ratio
  2.378
  2.390
  2.460
  2.530
  2.600
  2.680
  2.770
  2.850
  2.940
  3.020
  3.110
  3.190
  3.280
  3.360
  3.440
  3.520
  3.590
  3.670
  3.740
  3.810
  3.870
  3.940
  4.000
  4.060
  4.120
  4.170
  4.230
  4.280
  4.320
  4.370
  4.420
Adjusted equity ratio
  0.150
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158
  0.158

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  56
  42
  28
  11
  -11
  -40
  -73
  -109
  -148
  -190
  -115
  -164
  -216
  -272
  -332
  -395
  -462
  -533
  -609
  -689
  -773
  -862
  -955
  -1,054
  -1,159
  -1,269
  -1,384
  -1,506
  -1,635
  -1,770
Depreciation, amort., depletion, $m
  1,055
  121
  121
  121
  121
  121
  121
  121
  121
  121
  121
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Funds from operations, $m
  692
  177
  164
  149
  132
  110
  81
  48
  12
  -27
  -69
  -115
  -164
  -216
  -272
  -332
  -395
  -462
  -533
  -609
  -689
  -773
  -862
  -955
  -1,054
  -1,159
  -1,269
  -1,384
  -1,506
  -1,635
  -1,770
Change in working capital, $m
  -162
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
Cash from operations, $m
  854
  174
  159
  144
  127
  104
  74
  40
  4
  -36
  -79
  -125
  -175
  -228
  -285
  -345
  -409
  -477
  -549
  -625
  -706
  -791
  -881
  -976
  -1,076
  -1,181
  -1,292
  -1,409
  -1,533
  -1,662
  -1,799
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
  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
Cash from investing activities, $m
  -4,311
  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
  -3,457
  174
  159
  144
  127
  104
  74
  40
  4
  -36
  -79
  -125
  -175
  -228
  -285
  -345
  -409
  -477
  -549
  -625
  -706
  -791
  -881
  -976
  -1,076
  -1,181
  -1,292
  -1,409
  -1,533
  -1,662
  -1,799
Issuance/(repayment) of debt, $m
  2,029
  670
  735
  841
  944
  1,046
  1,147
  1,249
  1,352
  1,457
  1,564
  1,673
  1,785
  1,900
  2,020
  2,143
  2,271
  2,404
  2,542
  2,686
  2,836
  2,993
  3,156
  3,327
  3,505
  3,692
  3,887
  4,091
  4,305
  4,529
  4,764
Issuance/(repurchase) of shares, $m
  1,086
  69
  96
  130
  166
  207
  256
  307
  363
  421
  484
  429
  499
  573
  651
  734
  821
  913
  1,011
  1,113
  1,221
  1,334
  1,454
  1,580
  1,712
  1,851
  1,998
  2,152
  2,314
  2,484
  2,663
Cash from financing (excl. dividends), $m  
  4,415
  739
  831
  971
  1,110
  1,253
  1,403
  1,556
  1,715
  1,878
  2,048
  2,102
  2,284
  2,473
  2,671
  2,877
  3,092
  3,317
  3,553
  3,799
  4,057
  4,327
  4,610
  4,907
  5,217
  5,543
  5,885
  6,243
  6,619
  7,013
  7,427
Total cash flow (excl. dividends), $m
  971
  912
  990
  1,114
  1,236
  1,357
  1,477
  1,597
  1,719
  1,842
  1,968
  1,976
  2,109
  2,245
  2,386
  2,532
  2,683
  2,840
  3,004
  3,174
  3,351
  3,536
  3,729
  3,931
  4,141
  4,362
  4,592
  4,834
  5,087
  5,351
  5,629
Retained Cash Flow (-), $m
  -1,057
  -125
  -138
  -158
  -177
  -207
  -256
  -307
  -363
  -421
  -484
  -429
  -499
  -573
  -651
  -734
  -821
  -913
  -1,011
  -1,113
  -1,221
  -1,334
  -1,454
  -1,580
  -1,712
  -1,851
  -1,998
  -2,152
  -2,314
  -2,484
  -2,663
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
 
  787
  852
  956
  1,059
  1,150
  1,221
  1,290
  1,356
  1,421
  1,485
  1,548
  1,610
  1,672
  1,735
  1,798
  1,862
  1,927
  1,993
  2,061
  2,130
  2,202
  2,275
  2,351
  2,429
  2,510
  2,594
  2,682
  2,773
  2,867
  2,965
Discount rate, %
 
  11.00
  11.55
  12.13
  12.73
  13.37
  14.04
  14.74
  15.48
  16.25
  17.06
  17.92
  18.81
  19.75
  20.74
  21.78
  22.87
  24.01
  25.21
  26.47
  27.80
  29.19
  30.65
  32.18
  33.79
  35.48
  37.25
  39.11
  41.07
  43.12
  45.28
PV of cash for distribution, $m
 
  709
  685
  678
  656
  614
  555
  493
  429
  366
  307
  252
  203
  161
  124
  94
  69
  50
  35
  24
  16
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.0
  97.8
  96.1
  94.0
  91.6
  88.8
  85.7
  82.2
  78.5
  74.6
  71.4
  68.0
  64.5
  60.8
  57.1
  53.4
  49.7
  46.1
  42.6
  39.2
  35.9
  32.8
  29.9
  27.1
  24.6
  22.2
  19.9
  17.9
  16.0
  14.3

Brookfield Renewable Partners L.P. owns a portfolio of renewable power generating facilities. It owns and manages 207 hydroelectric generating stations, 37 wind facilities, 3 biomass facilities, and 2 natural gas-fired plants with 7,284 megawatts of generating capacity in the United States, Canada, Brazil, and Europe. The company sells its generation output primarily to public power authorities, load-serving utilities, and industrial users. Brookfield Renewable Partners Limited operates as the general partner of Brookfield Renewable Partners L.P. The company was formerly known as Brookfield Renewable Energy Partners L.P. and changed its name to Brookfield Renewable Partners L.P. in May 2016. Brookfield Renewable Partners L.P. was founded in 1999 and is based in Toronto, Canada.

FINANCIAL RATIOS  of  Brookfield Renewable Partners L.P. (BEP-UN)

Valuation Ratios
P/E Ratio 1432.5
Price to Sales 2.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 8.4
Growth Rates
Sales Growth Rate 50.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 210.4%
Total Debt to Equity 237.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -7.4%
Ret/ On Assets - 3 Yr. Avg. 0.2%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0.4%
Return On Equity 0.1%
Return On Equity - 3 Yr. Avg. 1.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 57.7%
Gross Margin - 3 Yr. Avg. 64.3%
EBITDA Margin 55.3%
EBITDA Margin - 3 Yr. Avg. 62.8%
Operating Margin 24.4%
Oper. Margin - 3 Yr. Avg. 29.4%
Pre-Tax Margin -0.5%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 0.2%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 400%
Eff/ Tax Rate - 3 Yr. Avg. 84.9%
Payout Ratio 15100%

BEP-UN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BEP-UN stock intrinsic value calculation we used $3313 million for the last fiscal year's total revenue generated by Brookfield Renewable Partners L.P.. The default revenue input number comes from 2016 income statement of Brookfield Renewable Partners L.P.. 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 BEP-UN 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 11%, whose default value for BEP-UN is calculated based on our internal credit rating of Brookfield Renewable Partners L.P., 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 Brookfield Renewable Partners L.P..
    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 BEP-UN stock the variable cost ratio is equal to 71.1%.

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 BEP-UN 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 6.6% for Brookfield Renewable Partners L.P..

Corporate tax rate of 27% is the nominal tax rate for Brookfield Renewable Partners L.P.. 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 BEP-UN 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 BEP-UN are equal to 0%.

Life of production assets of 0.6 years is the average useful life of capital assets used in Brookfield Renewable Partners L.P. 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 BEP-UN is equal to 5.8%. 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 - $5874 million for Brookfield Renewable Partners L.P. - 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 165.968 million for Brookfield Renewable Partners L.P. 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 Brookfield Renewable Partners L.P. at the current share price and the inputted number of shares is $7.1 billion.

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Stock chart of BEP-UN Financial statements of BEP-UN
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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