Intrinsic value of Empire Company Limited Non-Voting Class - EMP-A

Previous Close

$20.64

  Intrinsic Value

$26.63

stock screener

  Rating & Target

buy

+29%

  Value-price divergence*

-44%

Previous close

$20.64

 
Intrinsic value

$26.63

 
Up/down potential

+29%

 
Rating

buy

 
Value-price divergence*

-44%

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

We calculate the intrinsic value of EMP-A 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 5.6

 

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, %
  2.87
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  24,737
  25,454
  26,246
  27,112
  28,052
  29,069
  30,161
  31,333
  32,585
  33,920
  35,340
  36,848
  38,447
  40,142
  41,934
  43,830
  45,832
  47,945
  50,174
  52,525
  55,002
  57,612
  60,360
  63,253
  66,298
  69,502
  72,872
  76,417
  80,145
  84,064
  88,184
Variable operating expenses, $m
 
  24,662
  25,427
  26,262
  27,170
  28,151
  29,205
  30,336
  31,544
  32,832
  34,203
  35,562
  37,106
  38,741
  40,471
  42,301
  44,233
  46,272
  48,424
  50,692
  53,083
  55,602
  58,254
  61,046
  63,985
  67,077
  70,330
  73,751
  77,348
  81,131
  85,107
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
  27,155
  24,662
  25,427
  26,262
  27,170
  28,151
  29,205
  30,336
  31,544
  32,832
  34,203
  35,562
  37,106
  38,741
  40,471
  42,301
  44,233
  46,272
  48,424
  50,692
  53,083
  55,602
  58,254
  61,046
  63,985
  67,077
  70,330
  73,751
  77,348
  81,131
  85,107
Operating income, $m
  -2,419
  792
  819
  850
  883
  918
  956
  997
  1,041
  1,087
  1,137
  1,286
  1,341
  1,400
  1,463
  1,529
  1,599
  1,673
  1,751
  1,833
  1,919
  2,010
  2,106
  2,207
  2,313
  2,425
  2,542
  2,666
  2,796
  2,933
  3,077
EBITDA, $m
  -1,945
  1,145
  1,181
  1,220
  1,262
  1,308
  1,357
  1,409
  1,466
  1,526
  1,590
  1,658
  1,729
  1,806
  1,886
  1,972
  2,062
  2,157
  2,257
  2,363
  2,474
  2,592
  2,715
  2,845
  2,982
  3,126
  3,278
  3,437
  3,605
  3,781
  3,967
Interest expense (income), $m
  92
  84
  90
  97
  104
  112
  121
  130
  140
  150
  161
  173
  186
  200
  214
  229
  245
  262
  280
  298
  318
  339
  361
  384
  409
  434
  461
  490
  520
  551
  584
Earnings before tax, $m
  -2,556
  708
  729
  753
  778
  806
  836
  867
  901
  937
  975
  1,112
  1,155
  1,201
  1,249
  1,300
  1,354
  1,411
  1,471
  1,534
  1,601
  1,671
  1,745
  1,822
  1,904
  1,990
  2,081
  2,176
  2,276
  2,382
  2,492
Tax expense, $m
  -441
  191
  197
  203
  210
  218
  226
  234
  243
  253
  263
  300
  312
  324
  337
  351
  366
  381
  397
  414
  432
  451
  471
  492
  514
  537
  562
  588
  615
  643
  673
Net income, $m
  -2,131
  517
  532
  550
  568
  588
  610
  633
  658
  684
  712
  812
  843
  877
  912
  949
  988
  1,030
  1,074
  1,120
  1,168
  1,220
  1,274
  1,330
  1,390
  1,453
  1,519
  1,589
  1,662
  1,739
  1,819

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  265
  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
  9,102
  9,094
  9,377
  9,686
  10,022
  10,385
  10,776
  11,194
  11,642
  12,118
  12,626
  13,165
  13,736
  14,341
  14,982
  15,659
  16,374
  17,129
  17,926
  18,766
  19,651
  20,583
  21,565
  22,598
  23,686
  24,831
  26,035
  27,302
  28,633
  30,033
  31,505
Adjusted assets (=assets-cash), $m
  8,837
  9,094
  9,377
  9,686
  10,022
  10,385
  10,776
  11,194
  11,642
  12,118
  12,626
  13,165
  13,736
  14,341
  14,982
  15,659
  16,374
  17,129
  17,926
  18,766
  19,651
  20,583
  21,565
  22,598
  23,686
  24,831
  26,035
  27,302
  28,633
  30,033
  31,505
Revenue / Adjusted assets
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
  2.799
Average production assets, $m
  2,676
  2,749
  2,835
  2,928
  3,030
  3,139
  3,257
  3,384
  3,519
  3,663
  3,817
  3,980
  4,152
  4,335
  4,529
  4,734
  4,950
  5,178
  5,419
  5,673
  5,940
  6,222
  6,519
  6,831
  7,160
  7,506
  7,870
  8,253
  8,656
  9,079
  9,524
Working capital, $m
  -116
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -76
  -80
  -84
  -88
Total debt, $m
  2,367
  2,252
  2,418
  2,601
  2,799
  3,013
  3,244
  3,491
  3,755
  4,036
  4,335
  4,653
  4,990
  5,347
  5,725
  6,125
  6,547
  6,992
  7,462
  7,958
  8,480
  9,030
  9,609
  10,219
  10,861
  11,536
  12,247
  12,994
  13,780
  14,606
  15,474
Total liabilities, $m
  5,481
  5,366
  5,532
  5,715
  5,913
  6,127
  6,358
  6,605
  6,869
  7,150
  7,449
  7,767
  8,104
  8,461
  8,839
  9,239
  9,661
  10,106
  10,576
  11,072
  11,594
  12,144
  12,723
  13,333
  13,975
  14,650
  15,361
  16,108
  16,894
  17,720
  18,588
Total equity, $m
  3,621
  3,729
  3,845
  3,971
  4,109
  4,258
  4,418
  4,590
  4,773
  4,969
  5,177
  5,397
  5,632
  5,880
  6,143
  6,420
  6,713
  7,023
  7,350
  7,694
  8,057
  8,439
  8,842
  9,265
  9,711
  10,181
  10,674
  11,194
  11,740
  12,314
  12,917
Total liabilities and equity, $m
  9,102
  9,095
  9,377
  9,686
  10,022
  10,385
  10,776
  11,195
  11,642
  12,119
  12,626
  13,164
  13,736
  14,341
  14,982
  15,659
  16,374
  17,129
  17,926
  18,766
  19,651
  20,583
  21,565
  22,598
  23,686
  24,831
  26,035
  27,302
  28,634
  30,034
  31,505
Debt-to-equity ratio
  0.654
  0.600
  0.630
  0.650
  0.680
  0.710
  0.730
  0.760
  0.790
  0.810
  0.840
  0.860
  0.890
  0.910
  0.930
  0.950
  0.980
  1.000
  1.020
  1.030
  1.050
  1.070
  1.090
  1.100
  1.120
  1.130
  1.150
  1.160
  1.170
  1.190
  1.200
Adjusted equity ratio
  0.380
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2,131
  517
  532
  550
  568
  588
  610
  633
  658
  684
  712
  812
  843
  877
  912
  949
  988
  1,030
  1,074
  1,120
  1,168
  1,220
  1,274
  1,330
  1,390
  1,453
  1,519
  1,589
  1,662
  1,739
  1,819
Depreciation, amort., depletion, $m
  474
  353
  361
  370
  379
  390
  401
  412
  425
  439
  453
  372
  388
  405
  423
  442
  463
  484
  506
  530
  555
  582
  609
  638
  669
  702
  736
  771
  809
  848
  890
Funds from operations, $m
  648
  870
  894
  920
  948
  978
  1,011
  1,046
  1,083
  1,123
  1,165
  1,184
  1,231
  1,282
  1,335
  1,392
  1,451
  1,514
  1,580
  1,650
  1,724
  1,801
  1,883
  1,969
  2,059
  2,155
  2,255
  2,360
  2,471
  2,587
  2,710
Change in working capital, $m
  -249
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  897
  871
  894
  920
  949
  979
  1,012
  1,047
  1,084
  1,124
  1,166
  1,185
  1,233
  1,284
  1,337
  1,393
  1,453
  1,516
  1,582
  1,652
  1,726
  1,804
  1,886
  1,972
  2,062
  2,158
  2,258
  2,364
  2,474
  2,591
  2,714
Maintenance CAPEX, $m
  0
  -250
  -257
  -265
  -274
  -283
  -293
  -304
  -316
  -329
  -342
  -357
  -372
  -388
  -405
  -423
  -442
  -463
  -484
  -506
  -530
  -555
  -582
  -609
  -638
  -669
  -702
  -736
  -771
  -809
  -848
New CAPEX, $m
  -672
  -74
  -85
  -94
  -102
  -110
  -118
  -127
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -268
  -282
  -297
  -312
  -329
  -346
  -364
  -383
  -403
  -423
  -445
Cash from investing activities, $m
  -623
  -324
  -342
  -359
  -376
  -393
  -411
  -431
  -451
  -473
  -495
  -520
  -545
  -571
  -599
  -628
  -658
  -691
  -725
  -760
  -798
  -837
  -879
  -921
  -967
  -1,015
  -1,066
  -1,119
  -1,174
  -1,232
  -1,293
Free cash flow, $m
  274
  547
  552
  562
  573
  586
  600
  616
  633
  651
  671
  666
  688
  712
  738
  765
  794
  825
  858
  892
  928
  967
  1,007
  1,050
  1,095
  1,143
  1,193
  1,245
  1,301
  1,359
  1,420
Issuance/(repayment) of debt, $m
  56
  150
  167
  183
  198
  214
  230
  247
  264
  281
  299
  318
  337
  357
  378
  400
  422
  445
  470
  495
  522
  550
  579
  610
  642
  675
  710
  747
  786
  826
  868
Issuance/(repurchase) of shares, $m
  -148
  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  
  -196
  150
  167
  183
  198
  214
  230
  247
  264
  281
  299
  318
  337
  357
  378
  400
  422
  445
  470
  495
  522
  550
  579
  610
  642
  675
  710
  747
  786
  826
  868
Total cash flow (excl. dividends), $m
  78
  696
  719
  744
  772
  800
  831
  863
  897
  932
  970
  984
  1,026
  1,070
  1,116
  1,165
  1,216
  1,271
  1,328
  1,388
  1,451
  1,517
  1,587
  1,660
  1,737
  1,818
  1,903
  1,992
  2,086
  2,185
  2,289
Retained Cash Flow (-), $m
  2,363
  -108
  -116
  -127
  -138
  -149
  -160
  -172
  -183
  -196
  -208
  -221
  -234
  -248
  -263
  -278
  -293
  -310
  -327
  -344
  -363
  -382
  -403
  -424
  -446
  -469
  -494
  -519
  -546
  -574
  -604
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
 
  589
  603
  618
  634
  651
  671
  691
  713
  737
  762
  763
  791
  821
  853
  887
  923
  961
  1,001
  1,043
  1,088
  1,135
  1,184
  1,236
  1,291
  1,349
  1,409
  1,473
  1,540
  1,611
  1,685
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  561
  545
  527
  508
  488
  466
  443
  418
  393
  366
  328
  301
  274
  248
  221
  196
  171
  147
  125
  105
  87
  71
  57
  45
  34
  26
  19
  14
  10
  7
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

Empire Company Limited engages in the food retail, real estate, and investment and other operations in Canada. The company offers its food products through various store formats. As of May 7, 2016, it owned, affiliated, and franchised approximately 1,500 retail stores under various retail banners, including Sobeys, Safeway, IGA, Foodland, FreshCo, Thrifty Foods, and LawtonÂ’s Drug Stores; and approximately 350 retail fuel locations. The company also owns interest in Crombie REIT, an open-ended Canadian real estate investment trust, which has a portfolio of 261 retail and office properties comprising approximately 17.1 million square feet; and various equity accounted interests in real estate partnerships that develop residential real estate properties in Ontario, Western Canada, and the United States. Empire Company Limited was founded in 1907 and is headquartered in Stellarton, Canada.

FINANCIAL RATIOS  of  Empire Company Limited Non-Voting Class (EMP-A)

Valuation Ratios
P/E Ratio -2.6
Price to Sales 0.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 25.1%
Cap. Spend. - 3 Yr. Gr. Rate 4.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 55.7%
Total Debt to Equity 65.4%
Interest Coverage -27
Management Effectiveness
Return On Assets -20%
Ret/ On Assets - 3 Yr. Avg. -4.1%
Return On Total Capital -29.9%
Ret/ On T. Cap. - 3 Yr. Avg. -7.2%
Return On Equity -44.4%
Return On Equity - 3 Yr. Avg. -10.7%
Asset Turnover 2.4
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 24.7%
EBITDA Margin -8%
EBITDA Margin - 3 Yr. Avg. 0.1%
Operating Margin -9.8%
Oper. Margin - 3 Yr. Avg. -1.7%
Pre-Tax Margin -10.3%
Pre-Tax Margin - 3 Yr. Avg. -2.3%
Net Profit Margin -8.6%
Net Profit Margin - 3 Yr. Avg. -1.9%
Effective Tax Rate 17.3%
Eff/ Tax Rate - 3 Yr. Avg. 20.4%
Payout Ratio -5.1%

EMP-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMP-A stock intrinsic value calculation we used $24737 million for the last fiscal year's total revenue generated by Empire Company Limited Non-Voting Class . The default revenue input number comes from 2016 income statement of Empire Company Limited Non-Voting Class . 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 EMP-A stock valuation model: a) initial revenue growth rate of 2.9% 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 4.9%, whose default value for EMP-A is calculated based on our internal credit rating of Empire Company Limited Non-Voting Class , 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 Empire Company Limited Non-Voting Class .
    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 EMP-A stock the variable cost ratio is equal to 96.9%.

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 EMP-A 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 4% for Empire Company Limited Non-Voting Class .

Corporate tax rate of 27% is the nominal tax rate for Empire Company Limited Non-Voting Class . 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 EMP-A 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 EMP-A are equal to 10.8%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Empire Company Limited Non-Voting Class 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 EMP-A is equal to -0.1%. 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 - $3621 million for Empire Company Limited Non-Voting Class - 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 270.934 million for Empire Company Limited Non-Voting Class 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 Empire Company Limited Non-Voting Class at the current share price and the inputted number of shares is $5.6 billion.

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Stock chart of EMP-A Financial statements of EMP-A
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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