Intrinsic value of FirstService Corporation Subordinate Vot - FSV

Previous Close

$84.55

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$84.55

 
Intrinsic value

$129.23

 
Up/down potential

+53%

 
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 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
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
Revenue, $m
  2,004
  2,417
  2,877
  3,384
  3,938
  4,539
  5,184
  5,872
  6,604
  7,378
  8,193
  9,048
  9,943
  10,879
  11,854
  12,870
  13,926
  15,025
  16,168
  17,354
  18,588
  19,870
  21,202
  22,588
  24,030
  25,531
  27,093
  28,721
  30,417
  32,186
  34,032
Variable operating expenses, $m
 
  2,189
  2,599
  3,052
  3,545
  4,080
  4,655
  5,269
  5,921
  6,610
  7,336
  8,062
  8,860
  9,693
  10,562
  11,467
  12,409
  13,388
  14,406
  15,463
  16,562
  17,705
  18,892
  20,127
  21,412
  22,749
  24,141
  25,591
  27,103
  28,679
  30,324
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
  2,253
  2,664
  3,119
  3,613
  4,150
  4,727
  5,343
  5,997
  6,687
  7,415
  8,143
  8,943
  9,778
  10,650
  11,557
  12,501
  13,482
  14,503
  15,562
  16,664
  17,809
  18,999
  20,236
  21,524
  22,864
  24,259
  25,712
  27,227
  28,806
  30,454
Operating income, $m
  122
  164
  212
  266
  325
  388
  457
  530
  608
  690
  777
  905
  1,000
  1,100
  1,204
  1,313
  1,425
  1,543
  1,665
  1,792
  1,924
  2,061
  2,204
  2,352
  2,506
  2,667
  2,834
  3,009
  3,191
  3,380
  3,578
EBITDA, $m
  172
  224
  277
  336
  400
  470
  545
  625
  711
  801
  896
  996
  1,100
  1,210
  1,324
  1,442
  1,566
  1,694
  1,828
  1,967
  2,111
  2,261
  2,418
  2,580
  2,749
  2,925
  3,108
  3,299
  3,498
  3,705
  3,922
Interest expense (income), $m
  12
  14
  20
  27
  35
  44
  53
  63
  74
  85
  97
  109
  123
  137
  151
  166
  182
  198
  215
  233
  251
  271
  290
  311
  332
  355
  378
  402
  427
  454
  481
Earnings before tax, $m
  110
  150
  192
  239
  290
  345
  404
  467
  535
  606
  681
  795
  877
  963
  1,053
  1,146
  1,244
  1,345
  1,450
  1,559
  1,672
  1,790
  1,913
  2,041
  2,174
  2,312
  2,456
  2,606
  2,763
  2,927
  3,097
Tax expense, $m
  37
  41
  52
  65
  78
  93
  109
  126
  144
  164
  184
  215
  237
  260
  284
  310
  336
  363
  391
  421
  452
  483
  517
  551
  587
  624
  663
  704
  746
  790
  836
Net income, $m
  45
  110
  140
  174
  212
  252
  295
  341
  390
  442
  497
  580
  640
  703
  769
  837
  908
  982
  1,058
  1,138
  1,221
  1,307
  1,397
  1,490
  1,587
  1,688
  1,793
  1,903
  2,017
  2,136
  2,261

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
  1,185
  1,411
  1,660
  1,932
  2,226
  2,542
  2,880
  3,239
  3,618
  4,018
  4,437
  4,877
  5,335
  5,814
  6,312
  6,830
  7,369
  7,929
  8,511
  9,116
  9,745
  10,398
  11,078
  11,785
  12,521
  13,287
  14,086
  14,918
  15,785
  16,691
Adjusted assets (=assets-cash), $m
  983
  1,185
  1,411
  1,660
  1,932
  2,226
  2,542
  2,880
  3,239
  3,618
  4,018
  4,437
  4,877
  5,335
  5,814
  6,312
  6,830
  7,369
  7,929
  8,511
  9,116
  9,745
  10,398
  11,078
  11,785
  12,521
  13,287
  14,086
  14,918
  15,785
  16,691
Revenue / Adjusted assets
  2.039
  2.040
  2.039
  2.039
  2.038
  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
  271
  322
  379
  441
  508
  581
  658
  740
  826
  918
  1,013
  1,114
  1,218
  1,328
  1,441
  1,560
  1,683
  1,811
  1,944
  2,082
  2,225
  2,375
  2,530
  2,691
  2,859
  3,034
  3,217
  3,407
  3,605
  3,812
Working capital, $m
  163
  126
  150
  176
  205
  236
  270
  305
  343
  384
  426
  470
  517
  566
  616
  669
  724
  781
  841
  902
  967
  1,033
  1,103
  1,175
  1,250
  1,328
  1,409
  1,493
  1,582
  1,674
  1,770
Total debt, $m
  349
  512
  695
  896
  1,117
  1,355
  1,611
  1,885
  2,176
  2,483
  2,807
  3,146
  3,502
  3,874
  4,261
  4,664
  5,084
  5,521
  5,975
  6,446
  6,936
  7,445
  7,975
  8,525
  9,098
  9,694
  10,315
  10,961
  11,635
  12,338
  13,071
Total liabilities, $m
  797
  960
  1,143
  1,344
  1,565
  1,803
  2,059
  2,333
  2,624
  2,931
  3,255
  3,594
  3,950
  4,322
  4,709
  5,112
  5,532
  5,969
  6,423
  6,894
  7,384
  7,893
  8,423
  8,973
  9,546
  10,142
  10,763
  11,409
  12,083
  12,786
  13,519
Total equity, $m
  245
  225
  268
  315
  367
  423
  483
  547
  615
  687
  763
  843
  927
  1,014
  1,105
  1,199
  1,298
  1,400
  1,507
  1,617
  1,732
  1,852
  1,976
  2,105
  2,239
  2,379
  2,525
  2,676
  2,834
  2,999
  3,171
Total liabilities and equity, $m
  1,042
  1,185
  1,411
  1,659
  1,932
  2,226
  2,542
  2,880
  3,239
  3,618
  4,018
  4,437
  4,877
  5,336
  5,814
  6,311
  6,830
  7,369
  7,930
  8,511
  9,116
  9,745
  10,399
  11,078
  11,785
  12,521
  13,288
  14,085
  14,917
  15,785
  16,690
Debt-to-equity ratio
  1.424
  2.270
  2.590
  2.840
  3.040
  3.200
  3.340
  3.440
  3.540
  3.610
  3.680
  3.730
  3.780
  3.820
  3.860
  3.890
  3.920
  3.940
  3.970
  3.990
  4.000
  4.020
  4.040
  4.050
  4.060
  4.070
  4.090
  4.100
  4.110
  4.110
  4.120
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
  110
  140
  174
  212
  252
  295
  341
  390
  442
  497
  580
  640
  703
  769
  837
  908
  982
  1,058
  1,138
  1,221
  1,307
  1,397
  1,490
  1,587
  1,688
  1,793
  1,903
  2,017
  2,136
  2,261
Depreciation, amort., depletion, $m
  50
  60
  65
  70
  76
  82
  88
  95
  103
  110
  119
  91
  100
  110
  120
  130
  141
  152
  163
  175
  188
  200
  214
  228
  242
  258
  273
  290
  307
  325
  343
Funds from operations, $m
  168
  170
  205
  245
  287
  334
  383
  436
  493
  553
  615
  672
  741
  813
  888
  967
  1,048
  1,133
  1,221
  1,313
  1,408
  1,508
  1,611
  1,718
  1,829
  1,945
  2,066
  2,193
  2,324
  2,461
  2,604
Change in working capital, $m
  21
  21
  24
  26
  29
  31
  34
  36
  38
  40
  42
  44
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  88
  92
  96
Cash from operations, $m
  147
  188
  182
  218
  258
  302
  350
  401
  455
  512
  573
  627
  694
  764
  838
  914
  993
  1,076
  1,162
  1,251
  1,344
  1,441
  1,541
  1,646
  1,754
  1,867
  1,985
  2,108
  2,236
  2,369
  2,508
Maintenance CAPEX, $m
  0
  -20
  -24
  -29
  -34
  -40
  -46
  -52
  -59
  -67
  -74
  -83
  -91
  -100
  -110
  -120
  -130
  -141
  -152
  -163
  -175
  -188
  -200
  -214
  -228
  -242
  -258
  -273
  -290
  -307
  -325
New CAPEX, $m
  -39
  -47
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -91
  -96
  -100
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
Cash from investing activities, $m
  -177
  -67
  -76
  -86
  -96
  -107
  -118
  -129
  -141
  -154
  -165
  -179
  -191
  -205
  -219
  -234
  -248
  -264
  -280
  -296
  -313
  -332
  -349
  -369
  -389
  -410
  -433
  -455
  -480
  -505
  -532
Free cash flow, $m
  -30
  121
  106
  132
  162
  195
  232
  271
  314
  359
  407
  449
  503
  559
  619
  681
  745
  812
  882
  955
  1,031
  1,110
  1,192
  1,277
  1,365
  1,457
  1,553
  1,652
  1,756
  1,864
  1,977
Issuance/(repayment) of debt, $m
  67
  164
  183
  202
  220
  238
  256
  274
  291
  307
  324
  340
  356
  372
  387
  404
  420
  437
  454
  472
  490
  509
  529
  551
  573
  596
  621
  647
  674
  703
  733
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
  164
  183
  202
  220
  238
  256
  274
  291
  307
  324
  340
  356
  372
  387
  404
  420
  437
  454
  472
  490
  509
  529
  551
  573
  596
  621
  647
  674
  703
  733
Total cash flow (excl. dividends), $m
  18
  285
  288
  334
  382
  434
  488
  545
  604
  666
  731
  789
  858
  931
  1,006
  1,084
  1,165
  1,249
  1,336
  1,427
  1,521
  1,619
  1,721
  1,827
  1,938
  2,053
  2,173
  2,299
  2,430
  2,567
  2,710
Retained Cash Flow (-), $m
  -19
  -38
  -43
  -47
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -83
  -87
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -158
  -165
  -172
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
 
  305
  246
  287
  331
  378
  428
  481
  536
  594
  655
  709
  775
  844
  915
  989
  1,066
  1,147
  1,230
  1,316
  1,406
  1,500
  1,597
  1,698
  1,803
  1,913
  2,028
  2,147
  2,272
  2,402
  2,538
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  287
  216
  235
  251
  263
  271
  275
  275
  270
  262
  246
  231
  214
  195
  174
  153
  133
  112
  94
  77
  61
  48
  37
  27
  20
  14
  10
  7
  4
  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.

FINANCIAL RATIOS  of  FirstService Corporation Subordinate Vot (FSV)

Valuation Ratios
P/E Ratio 67.3
Price to Sales 1.5
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 28.1
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 142%
Total Debt to Equity 142.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
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 20.6% 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 6.2%, 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 34.569 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
TCN Tricon Capital 11.14 prem.  prem.
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.

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.