Intrinsic value of Hudson's Bay Company - HBC

Previous Close

$10.15

  Intrinsic Value

$21.31

stock screener

  Rating & Target

str. buy

+110%

  Value-price divergence*

-58%

Previous close

$10.15

 
Intrinsic value

$21.31

 
Up/down potential

+110%

 
Rating

str. buy

 
Value-price divergence*

-58%

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

We calculate the intrinsic value of HBC 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 2017), $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 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.50
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  14,455
  14,816
  15,224
  15,677
  16,175
  16,718
  17,307
  17,943
  18,625
  19,356
  20,137
  20,968
  21,852
  22,790
  23,785
  24,838
  25,952
  27,129
  28,373
  29,685
  31,069
  32,528
  34,065
  35,685
  37,390
  39,185
  41,074
  43,061
  45,152
  47,350
  49,662
Variable operating expenses, $m
 
  13,912
  14,294
  14,719
  15,186
  15,695
  16,248
  16,843
  17,483
  18,168
  18,900
  19,659
  20,487
  21,367
  22,300
  23,287
  24,332
  25,435
  26,601
  27,831
  29,129
  30,497
  31,938
  33,457
  35,055
  36,738
  38,509
  40,372
  42,332
  44,394
  46,561
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
  14,823
  13,912
  14,294
  14,719
  15,186
  15,695
  16,248
  16,843
  17,483
  18,168
  18,900
  19,659
  20,487
  21,367
  22,300
  23,287
  24,332
  25,435
  26,601
  27,831
  29,129
  30,497
  31,938
  33,457
  35,055
  36,738
  38,509
  40,372
  42,332
  44,394
  46,561
Operating income, $m
  -368
  904
  930
  958
  989
  1,023
  1,060
  1,100
  1,142
  1,188
  1,237
  1,309
  1,364
  1,423
  1,485
  1,551
  1,620
  1,694
  1,772
  1,853
  1,940
  2,031
  2,127
  2,228
  2,335
  2,447
  2,565
  2,689
  2,819
  2,956
  3,101
EBITDA, $m
  327
  1,611
  1,655
  1,705
  1,759
  1,818
  1,882
  1,951
  2,025
  2,105
  2,190
  2,280
  2,376
  2,478
  2,586
  2,701
  2,822
  2,950
  3,085
  3,228
  3,379
  3,537
  3,704
  3,880
  4,066
  4,261
  4,467
  4,683
  4,910
  5,149
  5,400
Interest expense (income), $m
  173
  168
  180
  193
  207
  223
  240
  258
  278
  300
  323
  347
  374
  402
  431
  462
  496
  531
  568
  607
  649
  692
  738
  787
  838
  891
  948
  1,008
  1,070
  1,136
  1,206
Earnings before tax, $m
  -694
  736
  750
  765
  782
  801
  820
  841
  864
  888
  914
  962
  991
  1,021
  1,054
  1,088
  1,125
  1,163
  1,204
  1,246
  1,291
  1,339
  1,389
  1,441
  1,497
  1,555
  1,617
  1,681
  1,749
  1,820
  1,895
Tax expense, $m
  -178
  199
  203
  207
  211
  216
  221
  227
  233
  240
  247
  260
  267
  276
  285
  294
  304
  314
  325
  337
  349
  361
  375
  389
  404
  420
  436
  454
  472
  491
  512
Net income, $m
  -516
  537
  548
  559
  571
  584
  599
  614
  631
  648
  667
  702
  723
  746
  769
  795
  821
  849
  879
  910
  943
  977
  1,014
  1,052
  1,093
  1,135
  1,180
  1,227
  1,277
  1,329
  1,384

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  100
  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
  12,211
  12,409
  12,750
  13,130
  13,547
  14,002
  14,495
  15,028
  15,599
  16,211
  16,865
  17,561
  18,301
  19,087
  19,920
  20,802
  21,735
  22,721
  23,763
  24,862
  26,021
  27,243
  28,530
  29,887
  31,315
  32,818
  34,400
  36,065
  37,815
  39,657
  41,593
Adjusted assets (=assets-cash), $m
  12,111
  12,409
  12,750
  13,130
  13,547
  14,002
  14,495
  15,028
  15,599
  16,211
  16,865
  17,561
  18,301
  19,087
  19,920
  20,802
  21,735
  22,721
  23,763
  24,862
  26,021
  27,243
  28,530
  29,887
  31,315
  32,818
  34,400
  36,065
  37,815
  39,657
  41,593
Revenue / Adjusted assets
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
Average production assets, $m
  6,160
  6,312
  6,485
  6,678
  6,890
  7,122
  7,373
  7,644
  7,934
  8,246
  8,578
  8,932
  9,309
  9,709
  10,132
  10,581
  11,056
  11,557
  12,087
  12,646
  13,235
  13,857
  14,512
  15,202
  15,928
  16,693
  17,497
  18,344
  19,235
  20,171
  21,156
Working capital, $m
  539
  904
  929
  956
  987
  1,020
  1,056
  1,095
  1,136
  1,181
  1,228
  1,279
  1,333
  1,390
  1,451
  1,515
  1,583
  1,655
  1,731
  1,811
  1,895
  1,984
  2,078
  2,177
  2,281
  2,390
  2,506
  2,627
  2,754
  2,888
  3,029
Total debt, $m
  3,685
  3,824
  4,097
  4,401
  4,735
  5,100
  5,495
  5,921
  6,379
  6,869
  7,393
  7,950
  8,543
  9,173
  9,840
  10,547
  11,294
  12,084
  12,918
  13,798
  14,727
  15,706
  16,737
  17,823
  18,967
  20,171
  21,439
  22,772
  24,174
  25,649
  27,200
Total liabilities, $m
  9,801
  9,940
  10,213
  10,517
  10,851
  11,216
  11,611
  12,037
  12,495
  12,985
  13,509
  14,066
  14,659
  15,289
  15,956
  16,663
  17,410
  18,200
  19,034
  19,914
  20,843
  21,822
  22,853
  23,939
  25,083
  26,287
  27,555
  28,888
  30,290
  31,765
  33,316
Total equity, $m
  2,410
  2,469
  2,537
  2,613
  2,696
  2,786
  2,885
  2,990
  3,104
  3,226
  3,356
  3,495
  3,642
  3,798
  3,964
  4,140
  4,325
  4,522
  4,729
  4,947
  5,178
  5,421
  5,678
  5,947
  6,232
  6,531
  6,846
  7,177
  7,525
  7,892
  8,277
Total liabilities and equity, $m
  12,211
  12,409
  12,750
  13,130
  13,547
  14,002
  14,496
  15,027
  15,599
  16,211
  16,865
  17,561
  18,301
  19,087
  19,920
  20,803
  21,735
  22,722
  23,763
  24,861
  26,021
  27,243
  28,531
  29,886
  31,315
  32,818
  34,401
  36,065
  37,815
  39,657
  41,593
Debt-to-equity ratio
  1.529
  1.550
  1.610
  1.680
  1.760
  1.830
  1.900
  1.980
  2.050
  2.130
  2.200
  2.280
  2.350
  2.410
  2.480
  2.550
  2.610
  2.670
  2.730
  2.790
  2.840
  2.900
  2.950
  3.000
  3.040
  3.090
  3.130
  3.170
  3.210
  3.250
  3.290
Adjusted equity ratio
  0.191
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -516
  537
  548
  559
  571
  584
  599
  614
  631
  648
  667
  702
  723
  746
  769
  795
  821
  849
  879
  910
  943
  977
  1,014
  1,052
  1,093
  1,135
  1,180
  1,227
  1,277
  1,329
  1,384
Depreciation, amort., depletion, $m
  695
  707
  726
  747
  770
  795
  822
  852
  883
  917
  953
  971
  1,012
  1,055
  1,101
  1,150
  1,202
  1,256
  1,314
  1,375
  1,439
  1,506
  1,577
  1,652
  1,731
  1,814
  1,902
  1,994
  2,091
  2,193
  2,300
Funds from operations, $m
  483
  1,244
  1,273
  1,306
  1,341
  1,379
  1,421
  1,466
  1,514
  1,565
  1,620
  1,673
  1,735
  1,801
  1,871
  1,945
  2,023
  2,105
  2,192
  2,284
  2,381
  2,484
  2,591
  2,705
  2,824
  2,950
  3,082
  3,221
  3,367
  3,521
  3,683
Change in working capital, $m
  171
  22
  25
  28
  30
  33
  36
  39
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  128
  134
  141
Cash from operations, $m
  312
  1,222
  1,248
  1,278
  1,310
  1,346
  1,385
  1,427
  1,472
  1,521
  1,573
  1,622
  1,681
  1,744
  1,810
  1,880
  1,955
  2,033
  2,117
  2,204
  2,297
  2,395
  2,497
  2,606
  2,720
  2,840
  2,967
  3,100
  3,240
  3,387
  3,542
Maintenance CAPEX, $m
  0
  -670
  -686
  -705
  -726
  -749
  -774
  -801
  -831
  -862
  -896
  -932
  -971
  -1,012
  -1,055
  -1,101
  -1,150
  -1,202
  -1,256
  -1,314
  -1,375
  -1,439
  -1,506
  -1,577
  -1,652
  -1,731
  -1,814
  -1,902
  -1,994
  -2,091
  -2,193
New CAPEX, $m
  -1,085
  -152
  -174
  -193
  -212
  -232
  -251
  -271
  -291
  -311
  -332
  -354
  -377
  -400
  -424
  -449
  -475
  -502
  -530
  -559
  -590
  -622
  -655
  -690
  -726
  -765
  -805
  -847
  -891
  -937
  -985
Cash from investing activities, $m
  -793
  -822
  -860
  -898
  -938
  -981
  -1,025
  -1,072
  -1,122
  -1,173
  -1,228
  -1,286
  -1,348
  -1,412
  -1,479
  -1,550
  -1,625
  -1,704
  -1,786
  -1,873
  -1,965
  -2,061
  -2,161
  -2,267
  -2,378
  -2,496
  -2,619
  -2,749
  -2,885
  -3,028
  -3,178
Free cash flow, $m
  -481
  400
  389
  380
  372
  366
  360
  355
  351
  347
  344
  336
  334
  332
  331
  330
  330
  330
  331
  332
  333
  334
  336
  339
  341
  344
  348
  351
  355
  360
  365
Issuance/(repayment) of debt, $m
  160
  239
  273
  304
  334
  365
  395
  426
  458
  490
  523
  558
  593
  629
  667
  707
  747
  790
  834
  880
  928
  979
  1,031
  1,086
  1,144
  1,204
  1,267
  1,333
  1,402
  1,475
  1,551
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  
  125
  239
  273
  304
  334
  365
  395
  426
  458
  490
  523
  558
  593
  629
  667
  707
  747
  790
  834
  880
  928
  979
  1,031
  1,086
  1,144
  1,204
  1,267
  1,333
  1,402
  1,475
  1,551
Total cash flow (excl. dividends), $m
  -349
  639
  662
  684
  707
  730
  755
  781
  809
  837
  867
  893
  927
  962
  998
  1,037
  1,077
  1,120
  1,165
  1,212
  1,261
  1,313
  1,368
  1,425
  1,485
  1,548
  1,615
  1,685
  1,758
  1,835
  1,916
Retained Cash Flow (-), $m
  689
  -59
  -68
  -75
  -83
  -91
  -98
  -106
  -114
  -122
  -130
  -139
  -147
  -156
  -166
  -176
  -186
  -196
  -207
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -348
  -366
  -385
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
 
  579
  594
  608
  624
  640
  657
  675
  695
  715
  737
  755
  779
  805
  833
  861
  892
  924
  958
  993
  1,031
  1,070
  1,111
  1,155
  1,201
  1,249
  1,300
  1,353
  1,409
  1,468
  1,530
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  525
  484
  441
  397
  355
  313
  273
  235
  200
  167
  137
  111
  89
  69
  53
  40
  29
  21
  15
  10
  7
  4
  3
  2
  1
  1
  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

Hudson's Bay Company owns and operates department stores in Canada, the United States, and Europe. The company’s stores offer fashion apparel, accessories, cosmetics, and home products. As of September 22, 2016, it operated approximately 470 stores under the Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, Saks Fifth Avenue OFF 5TH, Find @ Lord & Taylor, Home Outfitters, Kaufhof Banners, GALERIA Kaufhof, Galeria Inno, and Sportarena banners. The company also operates four e-commerce sites, such as thebay.com, lordandtaylor.com, saks.com, and saksoff5th.com. The company was founded in 1670 and is based in Toronto, Canada. Hudson's Bay Company is a subsidiary of Hudson's Bay Company (Luxembourg) S. à r. l.

FINANCIAL RATIOS  of  Hudson's Bay Company (HBC)

Valuation Ratios
P/E Ratio -3.6
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow -2.4
Growth Rates
Sales Growth Rate 29.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 77.9%
Cap. Spend. - 3 Yr. Gr. Rate 30%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 134.6%
Total Debt to Equity 152.9%
Interest Coverage -3
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital -8%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity -18.7%
Return On Equity - 3 Yr. Avg. 1.8%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 41.3%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 1.2%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin -2.5%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin -4.8%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin -3.6%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 25.6%
Eff/ Tax Rate - 3 Yr. Avg. 13.6%
Payout Ratio -7%

HBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HBC stock intrinsic value calculation we used $14455 million for the last fiscal year's total revenue generated by Hudson's Bay Company. The default revenue input number comes from 2017 income statement of Hudson's Bay Company. 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 HBC stock valuation model: a) initial revenue growth rate of 2.5% 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 10.3%, whose default value for HBC is calculated based on our internal credit rating of Hudson's Bay Company, 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 Hudson's Bay Company.
    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 HBC stock the variable cost ratio is equal to 93.9%.

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 HBC 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 4.7% for Hudson's Bay Company.

Corporate tax rate of 27% is the nominal tax rate for Hudson's Bay Company. 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 HBC 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 HBC are equal to 42.6%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Hudson's Bay Company 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 HBC is equal to 6.1%. 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 - $2410 million for Hudson's Bay Company - 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 186.879 million for Hudson's Bay Company 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 Hudson's Bay Company at the current share price and the inputted number of shares is $1.9 billion.

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Stock chart of HBC Financial statements of HBC
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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