Intrinsic value of Celestica Inc. Subordinate Voting Shares - CLS

Previous Close

$18.54

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$18.54

 
Intrinsic value

$45.84

 
Up/down potential

+147%

 
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
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  8,129
  8,828
  9,556
  10,312
  11,098
  11,915
  12,764
  13,647
  14,564
  15,518
  16,510
  17,543
  18,618
  19,739
  20,906
  22,124
  23,394
  24,719
  26,104
  27,550
  29,062
  30,642
  32,295
  34,024
  35,834
  37,728
  39,712
  41,790
  43,967
  46,248
  48,639
Variable operating expenses, $m
 
  7,857
  8,504
  9,177
  9,876
  10,603
  11,358
  12,143
  12,959
  13,808
  14,691
  15,607
  16,563
  17,560
  18,598
  19,682
  20,811
  21,991
  23,222
  24,509
  25,854
  27,260
  28,730
  30,268
  31,878
  33,564
  35,329
  37,177
  39,114
  41,143
  43,270
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
  8,572
  9,237
  9,929
  10,646
  11,393
  12,167
  12,973
  13,809
  14,680
  15,584
  16,523
  17,502
  18,522
  19,584
  20,693
  21,847
  23,053
  24,311
  25,625
  26,998
  28,432
  29,932
  31,500
  33,140
  34,858
  36,655
  38,537
  40,508
  42,571
  44,734
Operating income, $m
  212
  256
  318
  383
  451
  522
  596
  674
  754
  838
  926
  1,021
  1,116
  1,217
  1,321
  1,431
  1,546
  1,666
  1,793
  1,925
  2,064
  2,210
  2,363
  2,524
  2,693
  2,870
  3,057
  3,253
  3,460
  3,677
  3,905
EBITDA, $m
  314
  361
  432
  506
  583
  664
  748
  835
  926
  1,021
  1,120
  1,224
  1,332
  1,446
  1,564
  1,688
  1,817
  1,953
  2,096
  2,245
  2,401
  2,565
  2,738
  2,919
  3,109
  3,308
  3,518
  3,738
  3,970
  4,213
  4,469
Interest expense (income), $m
  13
  9
  16
  23
  30
  37
  45
  53
  61
  70
  79
  88
  98
  108
  118
  129
  141
  153
  165
  178
  192
  206
  221
  236
  252
  269
  287
  306
  325
  346
  367
Earnings before tax, $m
  218
  246
  302
  361
  422
  485
  551
  621
  693
  768
  847
  933
  1,019
  1,109
  1,203
  1,302
  1,405
  1,514
  1,628
  1,747
  1,872
  2,004
  2,142
  2,288
  2,440
  2,601
  2,770
  2,947
  3,134
  3,331
  3,538
Tax expense, $m
  34
  67
  82
  97
  114
  131
  149
  168
  187
  207
  229
  252
  275
  299
  325
  351
  379
  409
  439
  472
  506
  541
  578
  618
  659
  702
  748
  796
  846
  899
  955
Net income, $m
  184
  180
  221
  263
  308
  354
  403
  453
  506
  561
  618
  681
  744
  809
  878
  950
  1,026
  1,105
  1,188
  1,275
  1,367
  1,463
  1,564
  1,670
  1,782
  1,899
  2,022
  2,152
  2,288
  2,431
  2,582

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
  3,323
  3,596
  3,881
  4,177
  4,484
  4,804
  5,136
  5,481
  5,840
  6,214
  6,603
  7,007
  7,429
  7,868
  8,327
  8,805
  9,304
  9,825
  10,369
  10,938
  11,532
  12,155
  12,805
  13,486
  14,200
  14,946
  15,728
  16,548
  17,406
  18,306
Adjusted assets (=assets-cash), $m
  3,060
  3,323
  3,596
  3,881
  4,177
  4,484
  4,804
  5,136
  5,481
  5,840
  6,214
  6,603
  7,007
  7,429
  7,868
  8,327
  8,805
  9,304
  9,825
  10,369
  10,938
  11,532
  12,155
  12,805
  13,486
  14,200
  14,946
  15,728
  16,548
  17,406
  18,306
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
  512
  554
  598
  644
  691
  740
  792
  845
  900
  958
  1,017
  1,080
  1,145
  1,213
  1,283
  1,357
  1,434
  1,514
  1,598
  1,686
  1,777
  1,873
  1,973
  2,078
  2,188
  2,303
  2,424
  2,550
  2,682
  2,821
Working capital, $m
  1,487
  883
  956
  1,031
  1,110
  1,192
  1,276
  1,365
  1,456
  1,552
  1,651
  1,754
  1,862
  1,974
  2,091
  2,212
  2,339
  2,472
  2,610
  2,755
  2,906
  3,064
  3,229
  3,402
  3,583
  3,773
  3,971
  4,179
  4,397
  4,625
  4,864
Total debt, $m
  331
  431
  616
  808
  1,007
  1,215
  1,430
  1,654
  1,886
  2,128
  2,380
  2,642
  2,915
  3,199
  3,495
  3,804
  4,126
  4,463
  4,814
  5,181
  5,564
  5,965
  6,384
  6,823
  7,282
  7,762
  8,266
  8,793
  9,345
  9,924
  10,530
Total liabilities, $m
  2,139
  2,239
  2,424
  2,616
  2,815
  3,023
  3,238
  3,462
  3,694
  3,936
  4,188
  4,450
  4,723
  5,007
  5,303
  5,612
  5,934
  6,271
  6,622
  6,989
  7,372
  7,773
  8,192
  8,631
  9,090
  9,570
  10,074
  10,601
  11,153
  11,732
  12,338
Total equity, $m
  1,674
  1,083
  1,172
  1,265
  1,362
  1,462
  1,566
  1,674
  1,787
  1,904
  2,026
  2,152
  2,284
  2,422
  2,565
  2,714
  2,870
  3,033
  3,203
  3,380
  3,566
  3,760
  3,962
  4,175
  4,397
  4,629
  4,872
  5,127
  5,395
  5,674
  5,968
Total liabilities and equity, $m
  3,813
  3,322
  3,596
  3,881
  4,177
  4,485
  4,804
  5,136
  5,481
  5,840
  6,214
  6,602
  7,007
  7,429
  7,868
  8,326
  8,804
  9,304
  9,825
  10,369
  10,938
  11,533
  12,154
  12,806
  13,487
  14,199
  14,946
  15,728
  16,548
  17,406
  18,306
Debt-to-equity ratio
  0.198
  0.400
  0.530
  0.640
  0.740
  0.830
  0.910
  0.990
  1.060
  1.120
  1.170
  1.230
  1.280
  1.320
  1.360
  1.400
  1.440
  1.470
  1.500
  1.530
  1.560
  1.590
  1.610
  1.630
  1.660
  1.680
  1.700
  1.710
  1.730
  1.750
  1.760
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
  180
  221
  263
  308
  354
  403
  453
  506
  561
  618
  681
  744
  809
  878
  950
  1,026
  1,105
  1,188
  1,275
  1,367
  1,463
  1,564
  1,670
  1,782
  1,899
  2,022
  2,152
  2,288
  2,431
  2,582
Depreciation, amort., depletion, $m
  102
  106
  114
  123
  132
  141
  151
  161
  172
  183
  195
  203
  216
  229
  243
  257
  271
  287
  303
  320
  337
  355
  375
  395
  416
  438
  461
  485
  510
  536
  564
Funds from operations, $m
  83
  285
  335
  386
  440
  495
  554
  614
  678
  744
  813
  884
  960
  1,038
  1,121
  1,207
  1,297
  1,392
  1,491
  1,595
  1,704
  1,818
  1,939
  2,065
  2,197
  2,336
  2,483
  2,636
  2,798
  2,968
  3,147
Change in working capital, $m
  -151
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  108
  112
  117
  122
  127
  133
  138
  145
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
Cash from operations, $m
  234
  204
  262
  310
  361
  414
  469
  526
  586
  649
  714
  781
  852
  926
  1,004
  1,085
  1,170
  1,259
  1,353
  1,450
  1,553
  1,660
  1,773
  1,892
  2,016
  2,147
  2,284
  2,429
  2,580
  2,740
  2,908
Maintenance CAPEX, $m
  0
  -94
  -102
  -111
  -120
  -129
  -138
  -148
  -158
  -169
  -180
  -192
  -203
  -216
  -229
  -243
  -257
  -271
  -287
  -303
  -320
  -337
  -355
  -375
  -395
  -416
  -438
  -461
  -485
  -510
  -536
New CAPEX, $m
  -87
  -43
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
Cash from investing activities, $m
  -86
  -137
  -144
  -155
  -166
  -176
  -187
  -199
  -211
  -224
  -238
  -252
  -265
  -281
  -297
  -314
  -331
  -348
  -367
  -387
  -408
  -429
  -451
  -475
  -500
  -526
  -553
  -582
  -611
  -642
  -675
Free cash flow, $m
  148
  68
  117
  156
  196
  238
  281
  327
  375
  424
  476
  530
  586
  645
  707
  772
  840
  911
  985
  1,064
  1,146
  1,232
  1,322
  1,417
  1,517
  1,621
  1,732
  1,847
  1,969
  2,098
  2,232
Issuance/(repayment) of debt, $m
  -53
  176
  185
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  401
  419
  439
  459
  481
  503
  527
  552
  579
  606
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
  176
  185
  192
  199
  207
  215
  224
  233
  242
  252
  262
  273
  284
  296
  309
  322
  336
  351
  367
  383
  401
  419
  439
  459
  481
  503
  527
  552
  579
  606
Total cash flow (excl. dividends), $m
  16
  244
  302
  348
  395
  445
  497
  551
  607
  666
  728
  792
  859
  930
  1,003
  1,081
  1,162
  1,247
  1,337
  1,430
  1,529
  1,632
  1,741
  1,856
  1,976
  2,102
  2,235
  2,375
  2,522
  2,676
  2,839
Retained Cash Flow (-), $m
  -200
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -163
  -170
  -177
  -185
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -293
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
 
  835
  213
  255
  299
  345
  393
  443
  495
  549
  606
  665
  727
  792
  860
  932
  1,006
  1,085
  1,167
  1,253
  1,344
  1,439
  1,538
  1,643
  1,754
  1,870
  1,991
  2,120
  2,254
  2,396
  2,546
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
 
  800
  195
  222
  246
  267
  285
  299
  309
  316
  318
  316
  310
  301
  289
  273
  256
  236
  215
  193
  171
  149
  128
  108
  89
  73
  58
  45
  35
  26
  19
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 14.2
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 17.8
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 8.6% 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 143.7 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 13.06 prem.  prem.
POW Power Corporat 28.90 prem.  prem.
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.