Intrinsic value of Celestica Inc. Subordinate Voting Shares - CLS

Previous Close

$19.27

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$19.27

 
Intrinsic value

$40.08

 
Up/down potential

+108%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of CLS 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 2.7

 

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, %
  6.69
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  8,129
  8,714
  9,323
  9,955
  10,612
  11,296
  12,008
  12,748
  13,520
  14,324
  15,162
  16,037
  16,949
  17,902
  18,897
  19,937
  21,024
  22,161
  23,350
  24,595
  25,898
  27,262
  28,691
  30,188
  31,756
  33,399
  35,122
  36,928
  38,822
  40,808
  42,890
Variable operating expenses, $m
 
  7,755
  8,297
  8,859
  9,444
  10,052
  10,685
  11,344
  12,031
  12,746
  13,492
  14,266
  15,078
  15,926
  16,811
  17,736
  18,704
  19,715
  20,773
  21,880
  23,039
  24,253
  25,524
  26,855
  28,251
  29,713
  31,245
  32,852
  34,537
  36,303
  38,156
Fixed operating expenses, $m
 
  715
  733
  752
  770
  790
  809
  830
  850
  872
  893
  916
  939
  962
  986
  1,011
  1,036
  1,062
  1,089
  1,116
  1,144
  1,172
  1,202
  1,232
  1,262
  1,294
  1,326
  1,360
  1,394
  1,428
  1,464
Total operating expenses, $m
  7,917
  8,470
  9,030
  9,611
  10,214
  10,842
  11,494
  12,174
  12,881
  13,618
  14,385
  15,182
  16,017
  16,888
  17,797
  18,747
  19,740
  20,777
  21,862
  22,996
  24,183
  25,425
  26,726
  28,087
  29,513
  31,007
  32,571
  34,212
  35,931
  37,731
  39,620
Operating income, $m
  212
  243
  293
  344
  398
  454
  513
  574
  639
  706
  777
  854
  932
  1,014
  1,100
  1,190
  1,284
  1,384
  1,489
  1,599
  1,715
  1,837
  1,965
  2,100
  2,243
  2,393
  2,550
  2,717
  2,892
  3,076
  3,270
EBITDA, $m
  314
  348
  404
  463
  524
  588
  655
  725
  799
  876
  956
  1,040
  1,129
  1,221
  1,319
  1,421
  1,528
  1,641
  1,760
  1,884
  2,015
  2,153
  2,298
  2,451
  2,611
  2,780
  2,958
  3,145
  3,342
  3,549
  3,768
Interest expense (income), $m
  13
  9
  15
  21
  27
  33
  39
  46
  53
  60
  68
  75
  84
  92
  101
  110
  120
  130
  141
  152
  164
  176
  189
  202
  216
  231
  247
  263
  280
  297
  316
Earnings before tax, $m
  218
  234
  278
  323
  371
  421
  474
  529
  586
  646
  709
  779
  849
  922
  999
  1,079
  1,164
  1,254
  1,348
  1,447
  1,551
  1,661
  1,776
  1,898
  2,026
  2,161
  2,304
  2,454
  2,612
  2,779
  2,954
Tax expense, $m
  34
  63
  75
  87
  100
  114
  128
  143
  158
  174
  192
  210
  229
  249
  270
  291
  314
  338
  364
  391
  419
  448
  480
  512
  547
  584
  622
  663
  705
  750
  798
Net income, $m
  184
  171
  203
  236
  271
  308
  346
  386
  428
  472
  518
  569
  619
  673
  729
  788
  850
  915
  984
  1,056
  1,132
  1,212
  1,297
  1,386
  1,479
  1,578
  1,682
  1,791
  1,907
  2,028
  2,156

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  753
  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
  3,813
  3,280
  3,509
  3,747
  3,994
  4,251
  4,519
  4,798
  5,088
  5,391
  5,706
  6,036
  6,379
  6,738
  7,112
  7,504
  7,913
  8,341
  8,788
  9,257
  9,747
  10,260
  10,798
  11,362
  11,952
  12,570
  13,219
  13,898
  14,611
  15,358
  16,142
Adjusted assets (=assets-cash), $m
  3,060
  3,280
  3,509
  3,747
  3,994
  4,251
  4,519
  4,798
  5,088
  5,391
  5,706
  6,036
  6,379
  6,738
  7,112
  7,504
  7,913
  8,341
  8,788
  9,257
  9,747
  10,260
  10,798
  11,362
  11,952
  12,570
  13,219
  13,898
  14,611
  15,358
  16,142
Revenue / Adjusted assets
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
  2.657
Average production assets, $m
  470
  505
  541
  577
  616
  655
  696
  739
  784
  831
  879
  930
  983
  1,038
  1,096
  1,156
  1,219
  1,285
  1,354
  1,427
  1,502
  1,581
  1,664
  1,751
  1,842
  1,937
  2,037
  2,142
  2,252
  2,367
  2,488
Working capital, $m
  1,487
  871
  932
  995
  1,061
  1,130
  1,201
  1,275
  1,352
  1,432
  1,516
  1,604
  1,695
  1,790
  1,890
  1,994
  2,102
  2,216
  2,335
  2,460
  2,590
  2,726
  2,869
  3,019
  3,176
  3,340
  3,512
  3,693
  3,882
  4,081
  4,289
Total debt, $m
  331
  403
  557
  717
  884
  1,057
  1,238
  1,426
  1,622
  1,826
  2,038
  2,260
  2,491
  2,733
  2,986
  3,249
  3,525
  3,814
  4,115
  4,431
  4,762
  5,108
  5,470
  5,850
  6,247
  6,664
  7,101
  7,560
  8,040
  8,544
  9,072
Total liabilities, $m
  2,139
  2,211
  2,365
  2,525
  2,692
  2,865
  3,046
  3,234
  3,430
  3,634
  3,846
  4,068
  4,299
  4,541
  4,794
  5,057
  5,333
  5,622
  5,923
  6,239
  6,570
  6,916
  7,278
  7,658
  8,055
  8,472
  8,909
  9,368
  9,848
  10,352
  10,880
Total equity, $m
  1,674
  1,069
  1,144
  1,221
  1,302
  1,386
  1,473
  1,564
  1,659
  1,757
  1,860
  1,968
  2,080
  2,196
  2,319
  2,446
  2,580
  2,719
  2,865
  3,018
  3,178
  3,345
  3,520
  3,704
  3,896
  4,098
  4,309
  4,531
  4,763
  5,007
  5,262
Total liabilities and equity, $m
  3,813
  3,280
  3,509
  3,746
  3,994
  4,251
  4,519
  4,798
  5,089
  5,391
  5,706
  6,036
  6,379
  6,737
  7,113
  7,503
  7,913
  8,341
  8,788
  9,257
  9,748
  10,261
  10,798
  11,362
  11,951
  12,570
  13,218
  13,899
  14,611
  15,359
  16,142
Debt-to-equity ratio
  0.198
  0.380
  0.490
  0.590
  0.680
  0.760
  0.840
  0.910
  0.980
  1.040
  1.100
  1.150
  1.200
  1.240
  1.290
  1.330
  1.370
  1.400
  1.440
  1.470
  1.500
  1.530
  1.550
  1.580
  1.600
  1.630
  1.650
  1.670
  1.690
  1.710
  1.720
Adjusted equity ratio
  0.301
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  184
  171
  203
  236
  271
  308
  346
  386
  428
  472
  518
  569
  619
  673
  729
  788
  850
  915
  984
  1,056
  1,132
  1,212
  1,297
  1,386
  1,479
  1,578
  1,682
  1,791
  1,907
  2,028
  2,156
Depreciation, amort., depletion, $m
  102
  104
  111
  119
  126
  134
  142
  151
  160
  169
  179
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
  316
  333
  350
  368
  387
  407
  428
  450
  473
  498
Funds from operations, $m
  83
  275
  314
  355
  397
  442
  488
  537
  588
  641
  697
  755
  816
  880
  948
  1,019
  1,094
  1,172
  1,255
  1,341
  1,433
  1,529
  1,630
  1,736
  1,848
  1,965
  2,089
  2,220
  2,357
  2,502
  2,654
Change in working capital, $m
  -151
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  124
  130
  136
  143
  150
  157
  164
  172
  181
  189
  199
  208
Cash from operations, $m
  234
  205
  253
  291
  332
  373
  417
  463
  511
  561
  613
  667
  725
  785
  849
  915
  985
  1,059
  1,136
  1,217
  1,302
  1,392
  1,487
  1,586
  1,691
  1,801
  1,917
  2,039
  2,168
  2,303
  2,446
Maintenance CAPEX, $m
  0
  -94
  -101
  -108
  -115
  -123
  -131
  -139
  -148
  -157
  -166
  -176
  -186
  -197
  -208
  -219
  -231
  -244
  -257
  -271
  -285
  -300
  -316
  -333
  -350
  -368
  -387
  -407
  -428
  -450
  -473
New CAPEX, $m
  -87
  -36
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
Cash from investing activities, $m
  -86
  -130
  -136
  -145
  -153
  -163
  -172
  -182
  -193
  -204
  -215
  -227
  -239
  -252
  -266
  -279
  -294
  -310
  -326
  -343
  -361
  -379
  -399
  -420
  -441
  -463
  -487
  -512
  -538
  -565
  -594
Free cash flow, $m
  148
  75
  117
  147
  178
  211
  245
  281
  318
  357
  398
  441
  486
  533
  583
  636
  691
  749
  810
  874
  941
  1,013
  1,088
  1,166
  1,250
  1,337
  1,430
  1,527
  1,629
  1,738
  1,852
Issuance/(repayment) of debt, $m
  -53
  148
  154
  160
  167
  173
  180
  188
  196
  204
  213
  222
  231
  242
  252
  264
  276
  288
  302
  316
  330
  346
  362
  380
  398
  417
  437
  458
  480
  504
  528
Issuance/(repurchase) of shares, $m
  -65
  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  
  -132
  148
  154
  160
  167
  173
  180
  188
  196
  204
  213
  222
  231
  242
  252
  264
  276
  288
  302
  316
  330
  346
  362
  380
  398
  417
  437
  458
  480
  504
  528
Total cash flow (excl. dividends), $m
  16
  223
  271
  307
  345
  384
  425
  468
  514
  561
  611
  662
  717
  775
  836
  899
  967
  1,037
  1,111
  1,190
  1,272
  1,359
  1,450
  1,546
  1,647
  1,754
  1,867
  1,985
  2,110
  2,241
  2,380
Retained Cash Flow (-), $m
  -200
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -128
  -133
  -139
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -202
  -211
  -222
  -232
  -244
  -256
Prev. year cash balance distribution, $m
 
  677
  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
 
  827
  196
  229
  264
  300
  338
  378
  419
  462
  508
  555
  605
  658
  714
  772
  833
  898
  965
  1,037
  1,112
  1,191
  1,275
  1,362
  1,455
  1,553
  1,655
  1,763
  1,878
  1,998
  2,124
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
 
  793
  180
  200
  217
  233
  245
  255
  262
  266
  266
  264
  258
  250
  240
  227
  212
  195
  178
  160
  141
  123
  106
  89
  74
  60
  48
  38
  29
  22
  16
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

Celestica Inc. provides supply chain solutions to customers in the communications, consumer, aerospace and defense, industrial, healthcare, energy, semiconductor equipment, servers, and storage end markets in the Americas, Asia, and Europe. It offers a range of services, including design and development, engineering services, supply chain management, new product introduction, component sourcing, electronics manufacturing, assembly and test, complex mechanical assembly, systems integration, precision machining, order fulfillment, logistics, and after-market repair and return services. The company’s products and services are used in various applications, such as servers; networking, wireless, and telecommunications equipment; storage systems; optical equipment; aerospace and defense electronics comprising in-flight entertainment and guidance systems; audiovisual equipment; set top boxes; printer supplies; semiconductor equipment; and a range of industrial and alternative energy products, including solar panels and inverters. Celestica Inc. was incorporated in 1996 and is headquartered in Toronto, Canada.

FINANCIAL RATIOS  of  Celestica Inc. Subordinate Voting Shares (CLS)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.6
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 10
Current Ratio 0.1
LT Debt to Equity 15.2%
Total Debt to Equity 19.8%
Interest Coverage 18
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.4%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 7.1%
Gross Margin - 3 Yr. Avg. 7.1%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.7%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 15.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.5%
Payout Ratio 0%

CLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLS stock intrinsic value calculation we used $8129 million for the last fiscal year's total revenue generated by Celestica Inc. Subordinate Voting Shares. The default revenue input number comes from 2016 income statement of Celestica Inc. Subordinate Voting Shares. 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 CLS stock valuation model: a) initial revenue growth rate of 7.2% 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 4.3%, whose default value for CLS is calculated based on our internal credit rating of Celestica Inc. Subordinate Voting Shares, 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 Celestica Inc. Subordinate Voting Shares.
    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 CLS stock the variable cost ratio is equal to 89%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $698 million in the base year in the intrinsic value calculation for CLS 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 3.7% for Celestica Inc. Subordinate Voting Shares.

Corporate tax rate of 27% is the nominal tax rate for Celestica Inc. Subordinate Voting Shares. 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 CLS 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 CLS are equal to 5.8%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Celestica Inc. Subordinate Voting Shares 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 CLS is equal to 10%. 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 - $1674 million for Celestica Inc. Subordinate Voting Shares - 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 141.74 million for Celestica Inc. Subordinate Voting Shares 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 Celestica Inc. Subordinate Voting Shares at the current share price and the inputted number of shares is $2.7 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
ATA ATS Automation 12.73 17.77  buy
POW Power Corporat 31.05 75.90  str.buy
Stock chart of CLS Financial statements of CLS
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.