Intrinsic value of Hydro One Limited - H

Previous Close

$22.65

  Intrinsic Value

$4.07

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

0%

Previous close

$22.65

 
Intrinsic value

$4.07

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of H 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 13.5

 

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, %
  0.21
  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
  6,499
  6,683
  6,837
  7,012
  7,210
  7,428
  7,668
  7,929
  8,212
  8,517
  8,843
  9,193
  9,566
  9,963
  10,386
  10,834
  11,308
  11,811
  12,342
  12,904
  13,497
  14,122
  14,782
  15,478
  16,210
  16,982
  17,795
  18,650
  19,550
  20,497
  21,492
Variable operating expenses, $m
 
  5,459
  5,584
  5,727
  5,887
  6,065
  6,259
  6,471
  6,701
  6,948
  7,214
  7,465
  7,768
  8,090
  8,433
  8,797
  9,182
  9,591
  10,022
  10,478
  10,959
  11,467
  12,003
  12,568
  13,163
  13,790
  14,449
  15,144
  15,875
  16,643
  17,452
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
  5,274
  5,459
  5,584
  5,727
  5,887
  6,065
  6,259
  6,471
  6,701
  6,948
  7,214
  7,465
  7,768
  8,090
  8,433
  8,797
  9,182
  9,591
  10,022
  10,478
  10,959
  11,467
  12,003
  12,568
  13,163
  13,790
  14,449
  15,144
  15,875
  16,643
  17,452
Operating income, $m
  1,278
  1,224
  1,253
  1,286
  1,323
  1,364
  1,409
  1,458
  1,511
  1,568
  1,630
  1,728
  1,798
  1,873
  1,952
  2,037
  2,126
  2,220
  2,320
  2,426
  2,537
  2,655
  2,779
  2,910
  3,047
  3,192
  3,345
  3,506
  3,675
  3,853
  4,040
EBITDA, $m
  1,966
  1,950
  1,994
  2,046
  2,103
  2,167
  2,237
  2,313
  2,396
  2,485
  2,580
  2,682
  2,791
  2,907
  3,030
  3,160
  3,299
  3,446
  3,601
  3,764
  3,937
  4,120
  4,312
  4,515
  4,729
  4,954
  5,191
  5,441
  5,703
  5,979
  6,270
Interest expense (income), $m
  418
  433
  445
  459
  475
  493
  512
  534
  558
  584
  611
  641
  673
  707
  743
  781
  822
  865
  911
  959
  1,010
  1,064
  1,121
  1,181
  1,244
  1,311
  1,381
  1,455
  1,533
  1,615
  1,701
Earnings before tax, $m
  885
  791
  808
  827
  848
  871
  896
  924
  953
  985
  1,018
  1,087
  1,125
  1,166
  1,209
  1,255
  1,304
  1,355
  1,409
  1,466
  1,527
  1,591
  1,658
  1,728
  1,803
  1,881
  1,964
  2,051
  2,142
  2,238
  2,339
Tax expense, $m
  139
  214
  218
  223
  229
  235
  242
  249
  257
  266
  275
  294
  304
  315
  327
  339
  352
  366
  381
  396
  412
  429
  448
  467
  487
  508
  530
  554
  578
  604
  632
Net income, $m
  740
  577
  590
  604
  619
  636
  654
  674
  696
  719
  743
  794
  822
  851
  883
  916
  952
  989
  1,029
  1,071
  1,115
  1,161
  1,210
  1,262
  1,316
  1,373
  1,434
  1,497
  1,564
  1,634
  1,708

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  25,351
  25,803
  26,397
  27,075
  27,837
  28,681
  29,607
  30,615
  31,706
  32,882
  34,144
  35,494
  36,935
  38,469
  40,099
  41,828
  43,661
  45,602
  47,654
  49,822
  52,111
  54,527
  57,074
  59,759
  62,588
  65,568
  68,705
  72,007
  75,482
  79,137
  82,982
Adjusted assets (=assets-cash), $m
  25,301
  25,803
  26,397
  27,075
  27,837
  28,681
  29,607
  30,615
  31,706
  32,882
  34,144
  35,494
  36,935
  38,469
  40,099
  41,828
  43,661
  45,602
  47,654
  49,822
  52,111
  54,527
  57,074
  59,759
  62,588
  65,568
  68,705
  72,007
  75,482
  79,137
  82,982
Revenue / Adjusted assets
  0.257
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
Average production assets, $m
  18,897
  19,274
  19,717
  20,224
  20,793
  21,423
  22,115
  22,868
  23,683
  24,562
  25,504
  26,513
  27,589
  28,734
  29,952
  31,244
  32,613
  34,063
  35,595
  37,215
  38,925
  40,729
  42,632
  44,637
  46,750
  48,976
  51,319
  53,786
  56,381
  59,112
  61,984
Working capital, $m
  -1,015
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  20
  21
Total debt, $m
  11,149
  11,400
  11,759
  12,168
  12,628
  13,138
  13,697
  14,306
  14,966
  15,676
  16,438
  17,254
  18,124
  19,050
  20,035
  21,079
  22,187
  23,358
  24,598
  25,907
  27,290
  28,749
  30,288
  31,909
  33,618
  35,418
  37,313
  39,307
  41,406
  43,614
  45,936
Total liabilities, $m
  15,334
  15,585
  15,944
  16,353
  16,813
  17,323
  17,882
  18,491
  19,151
  19,861
  20,623
  21,439
  22,309
  23,235
  24,220
  25,264
  26,372
  27,543
  28,783
  30,092
  31,475
  32,934
  34,473
  36,094
  37,803
  39,603
  41,498
  43,492
  45,591
  47,799
  50,121
Total equity, $m
  10,017
  10,218
  10,453
  10,722
  11,023
  11,358
  11,724
  12,124
  12,556
  13,021
  13,521
  14,056
  14,626
  15,234
  15,879
  16,564
  17,290
  18,058
  18,871
  19,729
  20,636
  21,593
  22,601
  23,665
  24,785
  25,965
  27,207
  28,515
  29,891
  31,338
  32,861
Total liabilities and equity, $m
  25,351
  25,803
  26,397
  27,075
  27,836
  28,681
  29,606
  30,615
  31,707
  32,882
  34,144
  35,495
  36,935
  38,469
  40,099
  41,828
  43,662
  45,601
  47,654
  49,821
  52,111
  54,527
  57,074
  59,759
  62,588
  65,568
  68,705
  72,007
  75,482
  79,137
  82,982
Debt-to-equity ratio
  1.113
  1.120
  1.120
  1.130
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.360
  1.360
  1.370
  1.380
  1.390
  1.390
  1.400
Adjusted equity ratio
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396
  0.396

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  740
  577
  590
  604
  619
  636
  654
  674
  696
  719
  743
  794
  822
  851
  883
  916
  952
  989
  1,029
  1,071
  1,115
  1,161
  1,210
  1,262
  1,316
  1,373
  1,434
  1,497
  1,564
  1,634
  1,708
Depreciation, amort., depletion, $m
  688
  726
  742
  760
  781
  803
  828
  855
  885
  916
  950
  954
  992
  1,034
  1,077
  1,124
  1,173
  1,225
  1,280
  1,339
  1,400
  1,465
  1,534
  1,606
  1,682
  1,762
  1,846
  1,935
  2,028
  2,126
  2,230
Funds from operations, $m
  1,712
  1,303
  1,332
  1,364
  1,400
  1,439
  1,483
  1,530
  1,580
  1,635
  1,694
  1,747
  1,814
  1,885
  1,960
  2,040
  2,125
  2,214
  2,309
  2,409
  2,515
  2,626
  2,744
  2,867
  2,998
  3,135
  3,280
  3,432
  3,592
  3,760
  3,937
Change in working capital, $m
  56
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  1,656
  1,303
  1,332
  1,364
  1,400
  1,439
  1,482
  1,529
  1,580
  1,635
  1,693
  1,747
  1,814
  1,885
  1,960
  2,040
  2,124
  2,214
  2,309
  2,409
  2,514
  2,626
  2,743
  2,867
  2,997
  3,134
  3,279
  3,431
  3,591
  3,759
  3,936
Maintenance CAPEX, $m
  0
  -680
  -693
  -709
  -727
  -748
  -771
  -795
  -823
  -852
  -884
  -917
  -954
  -992
  -1,034
  -1,077
  -1,124
  -1,173
  -1,225
  -1,280
  -1,339
  -1,400
  -1,465
  -1,534
  -1,606
  -1,682
  -1,762
  -1,846
  -1,935
  -2,028
  -2,126
New CAPEX, $m
  -1,661
  -377
  -443
  -507
  -569
  -630
  -692
  -753
  -815
  -878
  -943
  -1,008
  -1,076
  -1,146
  -1,218
  -1,292
  -1,369
  -1,449
  -1,533
  -1,619
  -1,710
  -1,804
  -1,903
  -2,006
  -2,113
  -2,226
  -2,343
  -2,467
  -2,595
  -2,731
  -2,872
Cash from investing activities, $m
  -1,861
  -1,057
  -1,136
  -1,216
  -1,296
  -1,378
  -1,463
  -1,548
  -1,638
  -1,730
  -1,827
  -1,925
  -2,030
  -2,138
  -2,252
  -2,369
  -2,493
  -2,622
  -2,758
  -2,899
  -3,049
  -3,204
  -3,368
  -3,540
  -3,719
  -3,908
  -4,105
  -4,313
  -4,530
  -4,759
  -4,998
Free cash flow, $m
  -205
  246
  195
  148
  103
  61
  20
  -19
  -58
  -96
  -133
  -179
  -216
  -254
  -291
  -330
  -369
  -409
  -449
  -491
  -534
  -579
  -625
  -672
  -722
  -773
  -826
  -882
  -939
  -999
  -1,062
Issuance/(repayment) of debt, $m
  776
  301
  358
  410
  460
  510
  559
  609
  659
  710
  762
  815
  870
  926
  985
  1,045
  1,107
  1,172
  1,239
  1,310
  1,383
  1,459
  1,539
  1,622
  1,709
  1,800
  1,895
  1,994
  2,099
  2,208
  2,322
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  
  757
  301
  358
  410
  460
  510
  559
  609
  659
  710
  762
  815
  870
  926
  985
  1,045
  1,107
  1,172
  1,239
  1,310
  1,383
  1,459
  1,539
  1,622
  1,709
  1,800
  1,895
  1,994
  2,099
  2,208
  2,322
Total cash flow (excl. dividends), $m
  552
  547
  553
  557
  563
  571
  579
  590
  601
  615
  629
  637
  654
  673
  693
  715
  738
  763
  790
  818
  848
  880
  914
  949
  987
  1,027
  1,069
  1,113
  1,160
  1,209
  1,260
Retained Cash Flow (-), $m
  -168
  -201
  -235
  -269
  -302
  -334
  -367
  -399
  -432
  -466
  -500
  -535
  -570
  -607
  -646
  -685
  -726
  -768
  -813
  -859
  -907
  -957
  -1,009
  -1,063
  -1,120
  -1,180
  -1,242
  -1,308
  -1,376
  -1,448
  -1,523
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
 
  346
  318
  289
  262
  236
  213
  190
  169
  149
  130
  102
  84
  65
  48
  30
  13
  -5
  -23
  -40
  -58
  -76
  -95
  -114
  -133
  -153
  -174
  -195
  -216
  -239
  -262
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  318
  267
  219
  178
  143
  113
  88
  67
  50
  37
  24
  16
  10
  6
  3
  1
  0
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
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

Hydro One Limited is an electricity transmission and distribution company. The Company operates through three segments: Transmission, Distribution and Other. Its transmission segment owns, operates and maintains its transmission system. Its distribution segment consists of distribution system operated by its subsidiaries, Hydro One Networks Inc. and Hydro One Remote Communities Inc. Its other segment consists of its telecommunications business and certain corporate activities. The telecommunications business provide telecommunications support for its transmission and distribution businesses, and offers communications and information technology solutions to organizations with broadband network requirements utilizing Hydro One Telecom Inc.'s fiber optic network to provide broadband connectivity. The Company, through its subsidiary, Hydro One Inc., owns and operates all of Ontario's electricity transmission network, and a 123,000 circuit kilometer low-voltage distribution network.

FINANCIAL RATIOS  of  Hydro One Limited (H)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 2.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow -2695.4
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 100.6%
Total Debt to Equity 111.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 30.4%
EBITDA Margin - 3 Yr. Avg. 29.4%
Operating Margin 19.5%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 13.5%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 13.1%
Payout Ratio 80.5%

H stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the H stock intrinsic value calculation we used $6552 million for the last fiscal year's total revenue generated by Hydro One Limited. The default revenue input number comes from 2016 income statement of Hydro One Limited. 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 H 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 8.7%, whose default value for H is calculated based on our internal credit rating of Hydro One Limited, 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 Hydro One Limited.
    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 H stock the variable cost ratio is equal to 81.7%.

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 H 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 Hydro One Limited.

Corporate tax rate of 27% is the nominal tax rate for Hydro One Limited. 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 H 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 H are equal to 288.4%.

Life of production assets of 27.8 years is the average useful life of capital assets used in Hydro One Limited 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 H 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 - $10017 million for Hydro One Limited - 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 595.363 million for Hydro One Limited 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 Hydro One Limited at the current share price and the inputted number of shares is $13.5 billion.

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Financial statements of H
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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