Intrinsic value of FirstService Corporation Subordinate Vot - FSV

Previous Close

$82.40

  Intrinsic Value

$140.85

stock screener

  Rating & Target

str. buy

+71%

  Value-price divergence*

0%

Previous close

$82.40

 
Intrinsic value

$140.85

 
Up/down potential

+71%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of FSV 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 2.9

 

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, %
  17.33
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  2,004
  2,447
  2,946
  3,501
  4,113
  4,780
  5,501
  6,276
  7,103
  7,981
  8,909
  9,886
  10,911
  11,983
  13,103
  14,271
  15,487
  16,752
  18,067
  19,435
  20,855
  22,331
  23,866
  25,461
  27,120
  28,846
  30,642
  32,513
  34,462
  36,493
  38,612
Variable operating expenses, $m
 
  2,216
  2,661
  3,156
  3,700
  4,295
  4,938
  5,628
  6,365
  7,148
  7,974
  8,809
  9,722
  10,677
  11,675
  12,716
  13,799
  14,927
  16,099
  17,317
  18,583
  19,898
  21,265
  22,687
  24,165
  25,703
  27,303
  28,970
  30,707
  32,517
  34,405
Fixed operating expenses, $m
 
  64
  65
  67
  68
  70
  72
  74
  76
  77
  79
  81
  83
  85
  88
  90
  92
  94
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
Total operating expenses, $m
  1,881
  2,280
  2,726
  3,223
  3,768
  4,365
  5,010
  5,702
  6,441
  7,225
  8,053
  8,890
  9,805
  10,762
  11,763
  12,806
  13,891
  15,021
  16,196
  17,416
  18,685
  20,002
  21,372
  22,796
  24,277
  25,818
  27,421
  29,091
  30,831
  32,644
  34,535
Operating income, $m
  122
  167
  220
  279
  344
  415
  492
  574
  662
  756
  855
  996
  1,105
  1,220
  1,340
  1,465
  1,595
  1,731
  1,872
  2,019
  2,171
  2,329
  2,494
  2,665
  2,843
  3,028
  3,221
  3,422
  3,631
  3,850
  4,077
EBITDA, $m
  172
  228
  286
  350
  421
  499
  583
  674
  770
  873
  981
  1,096
  1,216
  1,341
  1,472
  1,609
  1,752
  1,900
  2,054
  2,215
  2,381
  2,555
  2,735
  2,922
  3,117
  3,319
  3,530
  3,750
  3,979
  4,218
  4,467
Interest expense (income), $m
  12
  13
  20
  28
  36
  46
  56
  67
  79
  92
  106
  120
  135
  151
  168
  185
  203
  222
  242
  262
  283
  305
  328
  352
  377
  402
  429
  457
  486
  516
  548
Earnings before tax, $m
  110
  154
  200
  251
  307
  369
  435
  507
  583
  664
  750
  876
  970
  1,069
  1,172
  1,280
  1,392
  1,509
  1,630
  1,756
  1,888
  2,024
  2,166
  2,313
  2,466
  2,626
  2,792
  2,965
  3,145
  3,334
  3,530
Tax expense, $m
  37
  42
  54
  68
  83
  100
  118
  137
  157
  179
  202
  236
  262
  289
  317
  346
  376
  407
  440
  474
  510
  546
  585
  625
  666
  709
  754
  801
  849
  900
  953
Net income, $m
  45
  112
  146
  183
  224
  269
  318
  370
  426
  485
  547
  639
  708
  780
  856
  934
  1,016
  1,102
  1,190
  1,282
  1,378
  1,477
  1,581
  1,689
  1,800
  1,917
  2,038
  2,165
  2,296
  2,433
  2,577

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  59
  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
  1,042
  1,200
  1,445
  1,717
  2,017
  2,344
  2,698
  3,078
  3,484
  3,914
  4,369
  4,848
  5,351
  5,877
  6,426
  6,999
  7,595
  8,216
  8,861
  9,531
  10,228
  10,952
  11,705
  12,487
  13,301
  14,147
  15,028
  15,946
  16,901
  17,898
  18,937
Adjusted assets (=assets-cash), $m
  983
  1,200
  1,445
  1,717
  2,017
  2,344
  2,698
  3,078
  3,484
  3,914
  4,369
  4,848
  5,351
  5,877
  6,426
  6,999
  7,595
  8,216
  8,861
  9,531
  10,228
  10,952
  11,705
  12,487
  13,301
  14,147
  15,028
  15,946
  16,901
  17,898
  18,937
Revenue / Adjusted assets
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
  2.039
Average production assets, $m
  224
  274
  330
  392
  461
  535
  616
  703
  796
  894
  998
  1,107
  1,222
  1,342
  1,468
  1,598
  1,735
  1,876
  2,024
  2,177
  2,336
  2,501
  2,673
  2,852
  3,037
  3,231
  3,432
  3,641
  3,860
  4,087
  4,325
Working capital, $m
  163
  127
  153
  182
  214
  249
  286
  326
  369
  415
  463
  514
  567
  623
  681
  742
  805
  871
  940
  1,011
  1,084
  1,161
  1,241
  1,324
  1,410
  1,500
  1,593
  1,691
  1,792
  1,898
  2,008
Total debt, $m
  339
  514
  712
  933
  1,176
  1,441
  1,727
  2,035
  2,364
  2,713
  3,081
  3,469
  3,876
  4,302
  4,747
  5,211
  5,694
  6,197
  6,719
  7,262
  7,827
  8,413
  9,023
  9,657
  10,316
  11,001
  11,715
  12,458
  13,232
  14,039
  14,881
Total liabilities, $m
  797
  972
  1,170
  1,391
  1,634
  1,899
  2,185
  2,493
  2,822
  3,171
  3,539
  3,927
  4,334
  4,760
  5,205
  5,669
  6,152
  6,655
  7,177
  7,720
  8,285
  8,871
  9,481
  10,115
  10,774
  11,459
  12,173
  12,916
  13,690
  14,497
  15,339
Total equity, $m
  245
  228
  274
  326
  383
  445
  513
  585
  662
  744
  830
  921
  1,017
  1,117
  1,221
  1,330
  1,443
  1,561
  1,684
  1,811
  1,943
  2,081
  2,224
  2,373
  2,527
  2,688
  2,855
  3,030
  3,211
  3,401
  3,598
Total liabilities and equity, $m
  1,042
  1,200
  1,444
  1,717
  2,017
  2,344
  2,698
  3,078
  3,484
  3,915
  4,369
  4,848
  5,351
  5,877
  6,426
  6,999
  7,595
  8,216
  8,861
  9,531
  10,228
  10,952
  11,705
  12,488
  13,301
  14,147
  15,028
  15,946
  16,901
  17,898
  18,937
Debt-to-equity ratio
  1.384
  2.250
  2.590
  2.860
  3.070
  3.230
  3.370
  3.480
  3.570
  3.650
  3.710
  3.770
  3.810
  3.850
  3.890
  3.920
  3.950
  3.970
  3.990
  4.010
  4.030
  4.040
  4.060
  4.070
  4.080
  4.090
  4.100
  4.110
  4.120
  4.130
  4.140
Adjusted equity ratio
  0.189
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  112
  146
  183
  224
  269
  318
  370
  426
  485
  547
  639
  708
  780
  856
  934
  1,016
  1,102
  1,190
  1,282
  1,378
  1,477
  1,581
  1,689
  1,800
  1,917
  2,038
  2,165
  2,296
  2,433
  2,577
Depreciation, amort., depletion, $m
  50
  61
  66
  71
  77
  84
  92
  99
  108
  117
  126
  100
  110
  121
  132
  144
  156
  169
  182
  196
  210
  225
  241
  257
  274
  291
  309
  328
  348
  368
  390
Funds from operations, $m
  168
  173
  212
  255
  302
  353
  409
  469
  533
  601
  673
  739
  818
  901
  988
  1,078
  1,173
  1,271
  1,372
  1,478
  1,588
  1,703
  1,822
  1,945
  2,074
  2,208
  2,347
  2,493
  2,644
  2,802
  2,966
Change in working capital, $m
  21
  23
  26
  29
  32
  35
  38
  40
  43
  46
  48
  51
  53
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
Cash from operations, $m
  147
  150
  186
  226
  270
  319
  372
  429
  490
  556
  625
  688
  765
  846
  930
  1,018
  1,109
  1,205
  1,304
  1,407
  1,515
  1,626
  1,742
  1,862
  1,988
  2,118
  2,254
  2,395
  2,543
  2,696
  2,856
Maintenance CAPEX, $m
  0
  -20
  -25
  -30
  -35
  -41
  -48
  -56
  -63
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -196
  -210
  -225
  -241
  -257
  -274
  -291
  -309
  -328
  -348
  -368
New CAPEX, $m
  -39
  -50
  -56
  -62
  -68
  -75
  -81
  -87
  -93
  -98
  -104
  -109
  -115
  -120
  -125
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -193
  -201
  -210
  -218
  -228
  -237
Cash from investing activities, $m
  -177
  -70
  -81
  -92
  -103
  -116
  -129
  -143
  -156
  -170
  -185
  -199
  -215
  -230
  -246
  -263
  -280
  -298
  -316
  -335
  -355
  -375
  -397
  -420
  -443
  -467
  -492
  -519
  -546
  -576
  -605
Free cash flow, $m
  -30
  80
  105
  134
  166
  203
  243
  287
  334
  386
  440
  489
  551
  615
  683
  755
  829
  907
  988
  1,072
  1,159
  1,250
  1,345
  1,443
  1,545
  1,651
  1,762
  1,877
  1,996
  2,121
  2,251
Issuance/(repayment) of debt, $m
  67
  176
  198
  221
  243
  265
  287
  308
  329
  349
  369
  388
  407
  426
  445
  464
  483
  503
  523
  543
  564
  586
  610
  634
  659
  686
  714
  743
  774
  807
  842
Issuance/(repurchase) of shares, $m
  -10
  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  
  47
  176
  198
  221
  243
  265
  287
  308
  329
  349
  369
  388
  407
  426
  445
  464
  483
  503
  523
  543
  564
  586
  610
  634
  659
  686
  714
  743
  774
  807
  842
Total cash flow (excl. dividends), $m
  18
  256
  303
  354
  409
  468
  529
  595
  663
  734
  809
  877
  958
  1,041
  1,128
  1,219
  1,312
  1,409
  1,510
  1,615
  1,724
  1,837
  1,954
  2,077
  2,204
  2,337
  2,475
  2,620
  2,770
  2,928
  3,092
Retained Cash Flow (-), $m
  -19
  -41
  -46
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -91
  -95
  -100
  -104
  -109
  -113
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -182
  -189
  -197
Prev. year cash balance distribution, $m
 
  58
  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
 
  273
  257
  303
  352
  405
  462
  522
  586
  653
  723
  786
  862
  941
  1,024
  1,110
  1,199
  1,292
  1,388
  1,488
  1,591
  1,699
  1,811
  1,928
  2,050
  2,176
  2,308
  2,445
  2,589
  2,739
  2,895
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  257
  227
  249
  268
  284
  295
  301
  303
  300
  293
  277
  262
  244
  223
  201
  177
  154
  132
  110
  90
  73
  57
  44
  33
  24
  17
  12
  8
  5
  3
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

FirstService Corporation provides property services to residential and commercial customers in the United States and Canada. The company operates through two segments, FirstService Residential and FirstService Brands. The FirstService Residential segment manages private residential communities, such as condominiums, co-operatives, homeowner associations, master-planned communities, active adult and lifestyle communities, and various other residential developments. It also offers a range of ancillary services, including on-site staffing for building engineering and maintenance, full-service swimming pool and amenity management, security and concierge/front desk, and landscaping; and financial services comprising cash management, other banking transaction-related services, and specialized property insurance brokerage. In addition, this segment provides energy management solutions and advisory services, and resale processing services. The FirstService Brands segment offers property services through 6 franchise networks; and company-owned locations, including 12 California Closets locations and 1 Paul Davis Restoration location. It offers residential and commercial restoration, painting, and floor coverings design and installation services; custom-designed and installed closet, and home storage solutions; home inspection service; exterior residential painting and window cleaning services; and heating, ventilation, and air conditioning services, as well as related services. This segment provides its services primarily under the Paul Davis Restoration, CertaPro Painters, California Closets, Pillar to Post Home Inspectors, Floor Coverings International, College Pro Painters, and Service America brand names. FirstService Corporation was founded in 1988 and is headquartered in Toronto, Canada.


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FINANCIAL RATIOS  of  FirstService Corporation Subordinate Vot (FSV)

Valuation Ratios
P/E Ratio 65.6
Price to Sales 1.5
Price to Book 12.1
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow 27.3
Growth Rates
Sales Growth Rate 17.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio 59
Current Ratio 0.2
LT Debt to Equity 138%
Total Debt to Equity 138.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 19.1%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 29.2%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 5.5%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 33.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 46.7%

FSV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSV stock intrinsic value calculation we used $2004 million for the last fiscal year's total revenue generated by FirstService Corporation Subordinate Vot. The default revenue input number comes from 2016 income statement of FirstService Corporation Subordinate Vot. 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 FSV stock valuation model: a) initial revenue growth rate of 22.1% 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 6.1%, whose default value for FSV is calculated based on our internal credit rating of FirstService Corporation Subordinate Vot, 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 FirstService Corporation Subordinate Vot.
    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 FSV stock the variable cost ratio is equal to 90.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $62 million in the base year in the intrinsic value calculation for FSV 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 3.9% for FirstService Corporation Subordinate Vot.

Corporate tax rate of 27% is the nominal tax rate for FirstService Corporation Subordinate Vot. 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 FSV 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 FSV are equal to 11.2%.

Life of production assets of 11.1 years is the average useful life of capital assets used in FirstService Corporation Subordinate Vot 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 FSV is equal to 5.2%. 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 - $245 million for FirstService Corporation Subordinate Vot - 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 35.009 million for FirstService Corporation Subordinate Vot 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 FirstService Corporation Subordinate Vot at the current share price and the inputted number of shares is $2.9 billion.

RELATED COMPANIES Price Int.Val. Rating
TCN Tricon Capital 10.64 1.84  str.sell
Stock chart of FSV Financial statements of FSV
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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