Intrinsic value of Constellation Software Inc. - CSU

Previous Close

$674.33

  Intrinsic Value

$678.61

stock screener

  Rating & Target

hold

+1%

  Value-price divergence*

0%

Previous close

$674.33

 
Intrinsic value

$678.61

 
Up/down potential

+1%

 
Rating

hold

 
Value-price divergence*

0%

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

We calculate the intrinsic value of CSU 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 14.3

 

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, %
  15.58
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  2,871
  3,261
  3,677
  4,117
  4,581
  5,068
  5,579
  6,113
  6,670
  7,251
  7,855
  8,483
  9,136
  9,815
  10,520
  11,253
  12,015
  12,807
  13,631
  14,489
  15,382
  16,312
  17,281
  18,291
  19,345
  20,445
  21,594
  22,793
  24,047
  25,358
  26,728
Variable operating expenses, $m
 
  2,416
  2,720
  3,041
  3,381
  3,737
  4,111
  4,501
  4,909
  5,333
  5,775
  6,204
  6,682
  7,178
  7,694
  8,230
  8,787
  9,367
  9,969
  10,596
  11,249
  11,929
  12,638
  13,377
  14,148
  14,952
  15,792
  16,670
  17,587
  18,545
  19,547
Fixed operating expenses, $m
 
  298
  306
  313
  321
  329
  337
  346
  355
  363
  373
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
  501
  514
  526
  539
  553
  567
  581
  596
  610
Total operating expenses, $m
  2,413
  2,714
  3,026
  3,354
  3,702
  4,066
  4,448
  4,847
  5,264
  5,696
  6,148
  6,586
  7,073
  7,579
  8,105
  8,651
  9,219
  9,810
  10,423
  11,061
  11,726
  12,418
  13,139
  13,891
  14,674
  15,491
  16,345
  17,237
  18,168
  19,141
  20,157
Operating income, $m
  459
  547
  652
  762
  879
  1,002
  1,131
  1,266
  1,407
  1,554
  1,707
  1,897
  2,063
  2,236
  2,415
  2,602
  2,796
  2,998
  3,208
  3,427
  3,656
  3,894
  4,142
  4,401
  4,671
  4,953
  5,248
  5,557
  5,879
  6,217
  6,570
EBITDA, $m
  746
  823
  958
  1,101
  1,253
  1,413
  1,580
  1,755
  1,938
  2,128
  2,327
  2,533
  2,748
  2,972
  3,204
  3,446
  3,697
  3,959
  4,231
  4,514
  4,809
  5,117
  5,438
  5,772
  6,122
  6,487
  6,868
  7,266
  7,683
  8,119
  8,575
Interest expense (income), $m
  31
  30
  42
  60
  78
  98
  118
  140
  162
  185
  210
  235
  262
  289
  318
  347
  378
  410
  443
  478
  514
  552
  591
  631
  674
  718
  764
  813
  863
  916
  971
Earnings before tax, $m
  387
  518
  609
  702
  801
  904
  1,013
  1,126
  1,245
  1,368
  1,497
  1,662
  1,801
  1,947
  2,098
  2,255
  2,418
  2,588
  2,765
  2,949
  3,142
  3,342
  3,551
  3,769
  3,997
  4,235
  4,484
  4,744
  5,016
  5,301
  5,599
Tax expense, $m
  108
  140
  165
  190
  216
  244
  273
  304
  336
  369
  404
  449
  486
  526
  566
  609
  653
  699
  747
  796
  848
  902
  959
  1,018
  1,079
  1,143
  1,211
  1,281
  1,354
  1,431
  1,512
Net income, $m
  279
  378
  445
  513
  585
  660
  739
  822
  909
  999
  1,093
  1,213
  1,315
  1,421
  1,531
  1,646
  1,765
  1,889
  2,018
  2,153
  2,293
  2,440
  2,592
  2,751
  2,918
  3,092
  3,273
  3,463
  3,662
  3,870
  4,088

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  483
  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
  2,545
  2,343
  2,641
  2,958
  3,291
  3,641
  4,008
  4,392
  4,792
  5,209
  5,643
  6,094
  6,563
  7,051
  7,558
  8,084
  8,632
  9,201
  9,793
  10,409
  11,050
  11,718
  12,414
  13,140
  13,897
  14,688
  15,513
  16,374
  17,275
  18,217
  19,201
Adjusted assets (=assets-cash), $m
  2,062
  2,343
  2,641
  2,958
  3,291
  3,641
  4,008
  4,392
  4,792
  5,209
  5,643
  6,094
  6,563
  7,051
  7,558
  8,084
  8,632
  9,201
  9,793
  10,409
  11,050
  11,718
  12,414
  13,140
  13,897
  14,688
  15,513
  16,374
  17,275
  18,217
  19,201
Revenue / Adjusted assets
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
  1.392
Average production assets, $m
  1,076
  1,223
  1,379
  1,544
  1,718
  1,901
  2,092
  2,292
  2,501
  2,719
  2,946
  3,181
  3,426
  3,681
  3,945
  4,220
  4,506
  4,803
  5,112
  5,433
  5,768
  6,117
  6,480
  6,859
  7,254
  7,667
  8,098
  8,547
  9,018
  9,509
  10,023
Working capital, $m
  -135
  -691
  -780
  -873
  -971
  -1,075
  -1,183
  -1,296
  -1,414
  -1,537
  -1,665
  -1,798
  -1,937
  -2,081
  -2,230
  -2,386
  -2,547
  -2,715
  -2,890
  -3,072
  -3,261
  -3,458
  -3,664
  -3,878
  -4,101
  -4,334
  -4,578
  -4,832
  -5,098
  -5,376
  -5,666
Total debt, $m
  468
  650
  918
  1,203
  1,503
  1,818
  2,148
  2,493
  2,854
  3,229
  3,620
  4,026
  4,448
  4,887
  5,343
  5,817
  6,309
  6,822
  7,354
  7,909
  8,486
  9,087
  9,714
  10,367
  11,049
  11,760
  12,502
  13,278
  14,089
  14,936
  15,822
Total liabilities, $m
  1,927
  2,109
  2,377
  2,662
  2,962
  3,277
  3,607
  3,952
  4,313
  4,688
  5,079
  5,485
  5,907
  6,346
  6,802
  7,276
  7,768
  8,281
  8,813
  9,368
  9,945
  10,546
  11,173
  11,826
  12,508
  13,219
  13,961
  14,737
  15,548
  16,395
  17,281
Total equity, $m
  618
  234
  264
  296
  329
  364
  401
  439
  479
  521
  564
  609
  656
  705
  756
  808
  863
  920
  979
  1,041
  1,105
  1,172
  1,241
  1,314
  1,390
  1,469
  1,551
  1,637
  1,728
  1,822
  1,920
Total liabilities and equity, $m
  2,545
  2,343
  2,641
  2,958
  3,291
  3,641
  4,008
  4,391
  4,792
  5,209
  5,643
  6,094
  6,563
  7,051
  7,558
  8,084
  8,631
  9,201
  9,792
  10,409
  11,050
  11,718
  12,414
  13,140
  13,898
  14,688
  15,512
  16,374
  17,276
  18,217
  19,201
Debt-to-equity ratio
  0.757
  2.770
  3.480
  4.070
  4.570
  4.990
  5.360
  5.680
  5.960
  6.200
  6.410
  6.610
  6.780
  6.930
  7.070
  7.200
  7.310
  7.410
  7.510
  7.600
  7.680
  7.750
  7.820
  7.890
  7.950
  8.010
  8.060
  8.110
  8.160
  8.200
  8.240
Adjusted equity ratio
  0.070
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  279
  378
  445
  513
  585
  660
  739
  822
  909
  999
  1,093
  1,213
  1,315
  1,421
  1,531
  1,646
  1,765
  1,889
  2,018
  2,153
  2,293
  2,440
  2,592
  2,751
  2,918
  3,092
  3,273
  3,463
  3,662
  3,870
  4,088
Depreciation, amort., depletion, $m
  287
  275
  306
  339
  374
  411
  449
  489
  531
  574
  620
  636
  685
  736
  789
  844
  901
  961
  1,022
  1,087
  1,154
  1,223
  1,296
  1,372
  1,451
  1,533
  1,620
  1,709
  1,804
  1,902
  2,005
Funds from operations, $m
  580
  653
  751
  852
  959
  1,071
  1,188
  1,311
  1,440
  1,573
  1,713
  1,849
  2,000
  2,157
  2,320
  2,490
  2,666
  2,850
  3,041
  3,240
  3,447
  3,663
  3,888
  4,123
  4,369
  4,625
  4,893
  5,173
  5,465
  5,772
  6,092
Change in working capital, $m
  -83
  -83
  -88
  -93
  -98
  -103
  -108
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -155
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -233
  -243
  -254
  -266
  -278
  -291
Cash from operations, $m
  663
  736
  839
  945
  1,057
  1,174
  1,297
  1,424
  1,558
  1,696
  1,841
  1,983
  2,139
  2,301
  2,470
  2,645
  2,828
  3,018
  3,215
  3,421
  3,636
  3,860
  4,094
  4,338
  4,592
  4,858
  5,136
  5,427
  5,731
  6,050
  6,383
Maintenance CAPEX, $m
  0
  -215
  -245
  -276
  -309
  -344
  -380
  -418
  -458
  -500
  -544
  -589
  -636
  -685
  -736
  -789
  -844
  -901
  -961
  -1,022
  -1,087
  -1,154
  -1,223
  -1,296
  -1,372
  -1,451
  -1,533
  -1,620
  -1,709
  -1,804
  -1,902
New CAPEX, $m
  -26
  -148
  -156
  -165
  -174
  -183
  -192
  -200
  -209
  -218
  -227
  -236
  -245
  -255
  -264
  -275
  -286
  -297
  -309
  -322
  -335
  -349
  -363
  -379
  -395
  -412
  -431
  -450
  -470
  -491
  -514
Cash from investing activities, $m
  -263
  -363
  -401
  -441
  -483
  -527
  -572
  -618
  -667
  -718
  -771
  -825
  -881
  -940
  -1,000
  -1,064
  -1,130
  -1,198
  -1,270
  -1,344
  -1,422
  -1,503
  -1,586
  -1,675
  -1,767
  -1,863
  -1,964
  -2,070
  -2,179
  -2,295
  -2,416
Free cash flow, $m
  400
  373
  439
  505
  574
  648
  725
  806
  890
  979
  1,070
  1,158
  1,258
  1,361
  1,469
  1,581
  1,698
  1,819
  1,946
  2,078
  2,215
  2,358
  2,507
  2,663
  2,825
  2,995
  3,172
  3,358
  3,552
  3,755
  3,967
Issuance/(repayment) of debt, $m
  -12
  192
  269
  284
  300
  315
  330
  345
  360
  375
  391
  406
  422
  439
  456
  474
  493
  512
  533
  554
  577
  601
  627
  653
  681
  711
  743
  776
  811
  847
  886
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  -44
  192
  269
  284
  300
  315
  330
  345
  360
  375
  391
  406
  422
  439
  456
  474
  493
  512
  533
  554
  577
  601
  627
  653
  681
  711
  743
  776
  811
  847
  886
Total cash flow (excl. dividends), $m
  351
  565
  707
  789
  874
  963
  1,055
  1,151
  1,250
  1,354
  1,461
  1,564
  1,680
  1,800
  1,925
  2,055
  2,191
  2,332
  2,479
  2,632
  2,792
  2,959
  3,133
  3,316
  3,507
  3,706
  3,915
  4,133
  4,362
  4,602
  4,853
Retained Cash Flow (-), $m
  -162
  -89
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
Prev. year cash balance distribution, $m
 
  473
  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
 
  949
  678
  757
  841
  928
  1,018
  1,113
  1,210
  1,312
  1,418
  1,519
  1,633
  1,751
  1,874
  2,003
  2,136
  2,275
  2,419
  2,570
  2,728
  2,892
  3,064
  3,243
  3,431
  3,627
  3,832
  4,047
  4,272
  4,508
  4,755
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
 
  909
  620
  659
  692
  719
  739
  752
  757
  754
  743
  721
  697
  666
  629
  588
  543
  495
  446
  396
  347
  299
  254
  213
  175
  141
  112
  87
  66
  49
  36
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

Constellation Software Inc. is engaged in the development, installation and customization of software. The Company acquires, manages and builds vertical market software (VMS) businesses. The Company's segments include public sector and private sector. The public sector segment develops and distributes software solutions primarily to government and government-related customers. Its public sector segment includes Volaris Operating Group, Harris Operating Group and Total Specific Solutions Operating Group. The private sector segment develops and distributes software solutions primarily to commercial customers. Its private sector segment includes Jonas Operating Group, Perseus Operating Group and Vela Operating Group. Its geographical segments include Canada, USA and UK/Europe. It serves various markets, such as communications, credit unions, drink distribution, tour operators, auto clubs, textiles and apparel, hospitality, notaries, home and community care, and long-term care.

FINANCIAL RATIOS  of  Constellation Software Inc. (CSU)

Valuation Ratios
P/E Ratio 51.2
Price to Sales 5
Price to Book 23.1
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate 15.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.9%
Cap. Spend. - 3 Yr. Gr. Rate 11.6%
Financial Strength
Quick Ratio 48
Current Ratio 0
LT Debt to Equity 74.1%
Total Debt to Equity 75.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 12.7%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 27.6%
Ret/ On T. Cap. - 3 Yr. Avg. 23.9%
Return On Equity 52%
Return On Equity - 3 Yr. Avg. 50.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 96.1%
Gross Margin - 3 Yr. Avg. 95.5%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 23.6%
Operating Margin 16%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 27.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 41.2%

CSU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSU stock intrinsic value calculation we used $2871 million for the last fiscal year's total revenue generated by Constellation Software Inc.. The default revenue input number comes from 2016 income statement of Constellation Software Inc.. 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 CSU stock valuation model: a) initial revenue growth rate of 13.6% 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 CSU is calculated based on our internal credit rating of Constellation Software Inc., 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 Constellation Software Inc..
    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 CSU stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $291 million in the base year in the intrinsic value calculation for CSU 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 6.5% for Constellation Software Inc..

Corporate tax rate of 27% is the nominal tax rate for Constellation Software Inc.. 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 CSU 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 CSU are equal to 37.5%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Constellation Software Inc. 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 CSU is equal to -21.2%. 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 - $618 million for Constellation Software Inc. - 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 21.188 million for Constellation Software Inc. 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 Constellation Software Inc. at the current share price and the inputted number of shares is $14.3 billion.

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Financial statements of CSU
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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