Intrinsic value of Dorel Industries Inc. Class B Subordinat - DII-B

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$31.56

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$31.56

 
Intrinsic value

$7.99

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of DII-B 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 1.0

 

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, %
  -2.98
  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
  3,517
  3,587
  3,670
  3,764
  3,870
  3,987
  4,116
  4,256
  4,408
  4,572
  4,747
  4,935
  5,135
  5,348
  5,575
  5,815
  6,070
  6,340
  6,625
  6,927
  7,245
  7,581
  7,935
  8,308
  8,701
  9,116
  9,552
  10,011
  10,494
  11,002
  11,537
Variable operating expenses, $m
 
  1,958
  2,001
  2,051
  2,107
  2,169
  2,237
  2,312
  2,392
  2,478
  2,571
  2,612
  2,718
  2,831
  2,950
  3,078
  3,213
  3,355
  3,506
  3,666
  3,834
  4,012
  4,200
  4,397
  4,605
  4,824
  5,055
  5,298
  5,554
  5,823
  6,106
Fixed operating expenses, $m
 
  1,646
  1,687
  1,729
  1,773
  1,817
  1,862
  1,909
  1,957
  2,006
  2,056
  2,107
  2,160
  2,214
  2,269
  2,326
  2,384
  2,444
  2,505
  2,567
  2,632
  2,697
  2,765
  2,834
  2,905
  2,977
  3,052
  3,128
  3,206
  3,287
  3,369
Total operating expenses, $m
  3,488
  3,604
  3,688
  3,780
  3,880
  3,986
  4,099
  4,221
  4,349
  4,484
  4,627
  4,719
  4,878
  5,045
  5,219
  5,404
  5,597
  5,799
  6,011
  6,233
  6,466
  6,709
  6,965
  7,231
  7,510
  7,801
  8,107
  8,426
  8,760
  9,110
  9,475
Operating income, $m
  29
  -16
  -19
  -16
  -10
  1
  16
  36
  59
  87
  120
  216
  257
  304
  355
  412
  473
  541
  614
  693
  779
  871
  970
  1,077
  1,191
  1,314
  1,445
  1,584
  1,734
  1,893
  2,062
EBITDA, $m
  101
  86
  84
  88
  95
  108
  124
  146
  171
  201
  236
  275
  319
  368
  422
  481
  546
  617
  693
  776
  866
  962
  1,066
  1,177
  1,296
  1,423
  1,559
  1,704
  1,859
  2,025
  2,200
Interest expense (income), $m
  49
  41
  43
  46
  48
  52
  55
  59
  63
  68
  73
  78
  83
  89
  96
  103
  110
  117
  125
  134
  143
  152
  162
  173
  184
  196
  208
  221
  235
  250
  265
Earnings before tax, $m
  -29
  -57
  -62
  -62
  -58
  -50
  -39
  -23
  -4
  20
  47
  138
  174
  214
  259
  309
  364
  423
  489
  559
  636
  719
  808
  904
  1,007
  1,118
  1,236
  1,363
  1,499
  1,643
  1,797
Tax expense, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  5
  13
  37
  47
  58
  70
  83
  98
  114
  132
  151
  172
  194
  218
  244
  272
  302
  334
  368
  405
  444
  485
Net income, $m
  -16
  -57
  -62
  -62
  -58
  -50
  -39
  -23
  -4
  14
  35
  101
  127
  156
  189
  226
  265
  309
  357
  408
  464
  525
  590
  660
  735
  816
  902
  995
  1,094
  1,200
  1,312

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  2,935
  2,943
  3,011
  3,088
  3,175
  3,271
  3,377
  3,492
  3,616
  3,750
  3,894
  4,048
  4,212
  4,387
  4,573
  4,771
  4,980
  5,201
  5,435
  5,682
  5,943
  6,219
  6,509
  6,815
  7,138
  7,478
  7,836
  8,212
  8,609
  9,026
  9,464
Adjusted assets (=assets-cash), $m
  2,886
  2,943
  3,011
  3,088
  3,175
  3,271
  3,377
  3,492
  3,616
  3,750
  3,894
  4,048
  4,212
  4,387
  4,573
  4,771
  4,980
  5,201
  5,435
  5,682
  5,943
  6,219
  6,509
  6,815
  7,138
  7,478
  7,836
  8,212
  8,609
  9,026
  9,464
Revenue / Adjusted assets
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
  1.219
Average production assets, $m
  872
  890
  910
  934
  960
  989
  1,021
  1,056
  1,093
  1,134
  1,177
  1,224
  1,273
  1,326
  1,383
  1,442
  1,505
  1,572
  1,643
  1,718
  1,797
  1,880
  1,968
  2,060
  2,158
  2,261
  2,369
  2,483
  2,603
  2,729
  2,861
Working capital, $m
  597
  700
  716
  734
  755
  778
  803
  830
  860
  891
  926
  962
  1,001
  1,043
  1,087
  1,134
  1,184
  1,236
  1,292
  1,351
  1,413
  1,478
  1,547
  1,620
  1,697
  1,778
  1,863
  1,952
  2,046
  2,145
  2,250
Total debt, $m
  618
  599
  633
  672
  716
  765
  819
  877
  940
  1,008
  1,080
  1,158
  1,241
  1,330
  1,424
  1,524
  1,630
  1,742
  1,860
  1,985
  2,117
  2,257
  2,404
  2,559
  2,722
  2,894
  3,075
  3,265
  3,466
  3,677
  3,899
Total liabilities, $m
  1,509
  1,489
  1,523
  1,562
  1,606
  1,655
  1,709
  1,767
  1,830
  1,898
  1,970
  2,048
  2,131
  2,220
  2,314
  2,414
  2,520
  2,632
  2,750
  2,875
  3,007
  3,147
  3,294
  3,449
  3,612
  3,784
  3,965
  4,155
  4,356
  4,567
  4,789
Total equity, $m
  1,427
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,725
  1,786
  1,853
  1,924
  2,000
  2,081
  2,167
  2,259
  2,357
  2,460
  2,569
  2,685
  2,807
  2,936
  3,072
  3,216
  3,367
  3,526
  3,694
  3,871
  4,057
  4,253
  4,459
  4,675
Total liabilities and equity, $m
  2,936
  2,943
  3,010
  3,087
  3,174
  3,271
  3,377
  3,492
  3,616
  3,751
  3,894
  4,048
  4,212
  4,387
  4,573
  4,771
  4,980
  5,201
  5,435
  5,682
  5,943
  6,219
  6,510
  6,816
  7,138
  7,478
  7,836
  8,212
  8,609
  9,026
  9,464
Debt-to-equity ratio
  0.433
  0.410
  0.430
  0.440
  0.460
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.820
  0.820
  0.830
Adjusted equity ratio
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -57
  -62
  -62
  -58
  -50
  -39
  -23
  -4
  14
  35
  101
  127
  156
  189
  226
  265
  309
  357
  408
  464
  525
  590
  660
  735
  816
  902
  995
  1,094
  1,200
  1,312
Depreciation, amort., depletion, $m
  72
  102
  103
  104
  105
  107
  108
  110
  112
  114
  116
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  100
  104
  109
  114
  120
  126
  132
  138
Funds from operations, $m
  271
  45
  41
  42
  47
  56
  69
  87
  108
  128
  150
  160
  189
  221
  256
  295
  338
  385
  436
  491
  551
  615
  685
  759
  839
  925
  1,017
  1,115
  1,220
  1,331
  1,450
Change in working capital, $m
  39
  14
  16
  18
  21
  23
  25
  27
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  73
  77
  81
  85
  90
  94
  99
  104
Cash from operations, $m
  232
  -5
  25
  24
  26
  33
  44
  59
  78
  96
  116
  123
  149
  179
  212
  248
  288
  332
  380
  433
  489
  550
  616
  687
  763
  844
  932
  1,025
  1,125
  1,232
  1,346
Maintenance CAPEX, $m
  0
  -42
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -126
  -132
New CAPEX, $m
  -49
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
Cash from investing activities, $m
  -31
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -207
  -217
  -228
  -240
  -252
  -265
Free cash flow, $m
  201
  -65
  -38
  -44
  -45
  -42
  -35
  -25
  -10
  3
  18
  20
  41
  65
  92
  122
  156
  193
  234
  278
  327
  380
  437
  499
  566
  637
  714
  797
  886
  980
  1,082
Issuance/(repayment) of debt, $m
  -145
  30
  34
  39
  44
  49
  53
  58
  63
  68
  73
  78
  83
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
  172
  181
  191
  201
  211
  222
Issuance/(repurchase) of shares, $m
  -3
  62
  38
  43
  44
  41
  34
  23
  9
  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  
  -151
  92
  72
  82
  88
  90
  87
  81
  72
  68
  73
  78
  83
  89
  94
  100
  106
  112
  118
  125
  132
  139
  147
  155
  163
  172
  181
  191
  201
  211
  222
Total cash flow (excl. dividends), $m
  50
  -35
  -4
  -5
  -1
  7
  18
  33
  53
  71
  91
  98
  124
  153
  186
  222
  261
  305
  352
  403
  459
  519
  584
  654
  729
  809
  896
  988
  1,086
  1,191
  1,304
Retained Cash Flow (-), $m
  62
  -27
  -33
  -38
  -43
  -48
  -52
  -57
  -61
  -66
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -116
  -122
  -129
  -136
  -144
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  4
  20
  22
  43
  67
  94
  124
  158
  195
  236
  281
  330
  383
  441
  503
  570
  641
  719
  802
  890
  985
  1,087
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  2
  9
  8
  14
  19
  23
  26
  27
  28
  27
  25
  23
  21
  18
  15
  13
  10
  8
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  94.3
  91.0
  87.5
  84.1
  81.1
  78.8
  77.2
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7
  76.7

Dorel Industries Inc. designs, manufactures, markets, and distributes juvenile products, bicycles, and furniture worldwide. The company operates through three segments: Dorel Juvenile, Dorel Sports, and Dorel Home Furnishings. The Dorel Juvenile segment manufactures and distributes infant car seats, strollers, high chairs, toddler beds, playpens, swings, developmental toys, furniture items, and infant health and safety aids. This segment markets its products under the Safety 1st, Quinny, Maxi-Cosi, Tiny Love, Cosco, Bebe Confort, Infanti, Voyage, Angel and MotherÂ’s, Disney, and Eddie Bauer brands. The Dorel Sports segment offers bicycles, bicycling and running apparel, jogging strollers, bicycle trailers, and childrenÂ’s electric ride-ons, as well as related parts and accessories under the Cannondale, Schwinn, GT, Mongoose, Caloi, Iron Horse, SUGOI, and Roadmaster brands. The Dorel Home Furnishings segment provides ready-to assemble furniture for home and office, as well as metal folding furniture, futons, mattresses, bunk beds, step stools, hand trucks, specialty ladders, and other imported furniture products. This segment markets its products under the Ameriwood, Altra, System Build, Ridgewood, DHP, Dorel Fine Furniture, Dorel Living, Signature Sleep, and Cosco brands. The company sells its products to mass merchant discount chains, specialty stores, department stores, club format outlets, hardware/home centers, independent stores, sporting goods stores, and Internet retailers. It owns and operates 100 retail stores in Chile and Peru, as well as various outlet retail locations in Europe and Australia. The company was formerly known as Dorel Co. Ltd. and changed its name to Dorel Industries Inc. in May 1987. Dorel Industries Inc. was founded in 1962 and is headquartered in Westmount, Canada.

FINANCIAL RATIOS  of  Dorel Industries Inc. Class B Subordinat (DII-B)

Valuation Ratios
P/E Ratio -63.9
Price to Sales 0.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 5.6
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 33.7%
Total Debt to Equity 43.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital -0.7%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity -1.1%
Return On Equity - 3 Yr. Avg. -0.2%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 23.7%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 2.6%
EBITDA Margin - 3 Yr. Avg. 3.1%
Operating Margin 0.8%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin -0.8%
Pre-Tax Margin - 3 Yr. Avg. -0.4%
Net Profit Margin -0.5%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 44.8%
Eff/ Tax Rate - 3 Yr. Avg. 19.8%
Payout Ratio -325%

DII-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DII-B stock intrinsic value calculation we used $3517 million for the last fiscal year's total revenue generated by Dorel Industries Inc. Class B Subordinat. The default revenue input number comes from 2016 income statement of Dorel Industries Inc. Class B Subordinat. 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 DII-B 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 5.6%, whose default value for DII-B is calculated based on our internal credit rating of Dorel Industries Inc. Class B Subordinat, 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 Dorel Industries Inc. Class B Subordinat.
    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 DII-B stock the variable cost ratio is equal to 54.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1606 million in the base year in the intrinsic value calculation for DII-B 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 7.2% for Dorel Industries Inc. Class B Subordinat.

Corporate tax rate of 27% is the nominal tax rate for Dorel Industries Inc. Class B Subordinat. 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 DII-B 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 DII-B are equal to 24.8%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Dorel Industries Inc. Class B Subordinat 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 DII-B is equal to 19.5%. 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 - $1427 million for Dorel Industries Inc. Class B Subordinat - 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 32.237 million for Dorel Industries Inc. Class B Subordinat 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 Dorel Industries Inc. Class B Subordinat at the current share price and the inputted number of shares is $1.0 billion.


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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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