Intrinsic value of Hudson's Bay Company - HBC

Previous Close

$10.58

  Intrinsic Value

$21.39

stock screener

  Rating & Target

str. buy

+102%

Previous close

$10.58

 
Intrinsic value

$21.39

 
Up/down potential

+102%

 
Rating

str. buy

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
  2.00
  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
  14,455
  14,744
  15,083
  15,471
  15,906
  16,388
  16,917
  17,494
  18,117
  18,789
  19,510
  20,282
  21,105
  21,981
  22,913
  23,901
  24,948
  26,057
  27,230
  28,468
  29,777
  31,157
  32,612
  34,147
  35,763
  37,466
  39,258
  41,145
  43,131
  45,219
  47,416
Variable operating expenses, $m
 
  13,844
  14,162
  14,526
  14,934
  15,386
  15,882
  16,422
  17,007
  17,637
  18,313
  19,015
  19,787
  20,609
  21,482
  22,409
  23,391
  24,430
  25,529
  26,691
  27,917
  29,211
  30,576
  32,014
  33,530
  35,126
  36,807
  38,576
  40,438
  42,396
  44,456
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
  13,844
  14,162
  14,526
  14,934
  15,386
  15,882
  16,422
  17,007
  17,637
  18,313
  19,015
  19,787
  20,609
  21,482
  22,409
  23,391
  24,430
  25,529
  26,691
  27,917
  29,211
  30,576
  32,014
  33,530
  35,126
  36,807
  38,576
  40,438
  42,396
  44,456
Operating income, $m
  -368
  900
  921
  945
  972
  1,002
  1,036
  1,071
  1,110
  1,152
  1,197
  1,266
  1,318
  1,372
  1,431
  1,492
  1,558
  1,627
  1,700
  1,778
  1,859
  1,945
  2,036
  2,132
  2,233
  2,339
  2,451
  2,569
  2,693
  2,823
  2,961
EBITDA, $m
  327
  1,603
  1,640
  1,682
  1,730
  1,782
  1,840
  1,902
  1,970
  2,043
  2,122
  2,205
  2,295
  2,390
  2,492
  2,599
  2,713
  2,834
  2,961
  3,096
  3,238
  3,388
  3,546
  3,713
  3,889
  4,074
  4,269
  4,474
  4,690
  4,917
  5,156
Interest expense (income), $m
  173
  168
  177
  188
  200
  214
  229
  246
  264
  284
  305
  328
  352
  378
  406
  435
  466
  499
  534
  571
  610
  651
  695
  741
  789
  840
  894
  950
  1,010
  1,072
  1,138
Earnings before tax, $m
  -694
  731
  744
  757
  772
  788
  806
  826
  846
  869
  892
  939
  966
  994
  1,025
  1,057
  1,092
  1,128
  1,166
  1,206
  1,249
  1,294
  1,341
  1,391
  1,444
  1,499
  1,557
  1,619
  1,683
  1,751
  1,822
Tax expense, $m
  -178
  197
  201
  204
  208
  213
  218
  223
  229
  235
  241
  253
  261
  269
  277
  285
  295
  305
  315
  326
  337
  349
  362
  376
  390
  405
  420
  437
  454
  473
  492
Net income, $m
  -516
  534
  543
  553
  564
  576
  589
  603
  618
  634
  651
  685
  705
  726
  748
  772
  797
  823
  851
  881
  912
  945
  979
  1,016
  1,054
  1,094
  1,137
  1,182
  1,229
  1,278
  1,330

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
  12,348
  12,633
  12,957
  13,322
  13,726
  14,169
  14,651
  15,174
  15,736
  16,340
  16,986
  17,676
  18,410
  19,190
  20,018
  20,895
  21,823
  22,805
  23,843
  24,938
  26,094
  27,313
  28,598
  29,952
  31,378
  32,880
  34,460
  36,123
  37,872
  39,712
Adjusted assets (=assets-cash), $m
  12,111
  12,348
  12,633
  12,957
  13,322
  13,726
  14,169
  14,651
  15,174
  15,736
  16,340
  16,986
  17,676
  18,410
  19,190
  20,018
  20,895
  21,823
  22,805
  23,843
  24,938
  26,094
  27,313
  28,598
  29,952
  31,378
  32,880
  34,460
  36,123
  37,872
  39,712
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
  6,281
  6,425
  6,591
  6,776
  6,981
  7,207
  7,452
  7,718
  8,004
  8,311
  8,640
  8,991
  9,364
  9,761
  10,182
  10,628
  11,100
  11,600
  12,128
  12,685
  13,273
  13,893
  14,546
  15,235
  15,960
  16,724
  17,528
  18,374
  19,263
  20,199
Working capital, $m
  539
  899
  920
  944
  970
  1,000
  1,032
  1,067
  1,105
  1,146
  1,190
  1,237
  1,287
  1,341
  1,398
  1,458
  1,522
  1,589
  1,661
  1,737
  1,816
  1,901
  1,989
  2,083
  2,182
  2,285
  2,395
  2,510
  2,631
  2,758
  2,892
Total debt, $m
  3,685
  3,775
  4,003
  4,263
  4,555
  4,878
  5,233
  5,620
  6,038
  6,489
  6,972
  7,490
  8,042
  8,630
  9,255
  9,918
  10,621
  11,365
  12,151
  12,982
  13,860
  14,786
  15,762
  16,791
  17,876
  19,018
  20,221
  21,486
  22,818
  24,220
  25,694
Total liabilities, $m
  9,801
  9,891
  10,119
  10,379
  10,671
  10,994
  11,349
  11,736
  12,154
  12,605
  13,088
  13,606
  14,158
  14,746
  15,371
  16,034
  16,737
  17,481
  18,267
  19,098
  19,976
  20,902
  21,878
  22,907
  23,992
  25,134
  26,337
  27,602
  28,934
  30,336
  31,810
Total equity, $m
  2,410
  2,457
  2,514
  2,578
  2,651
  2,731
  2,820
  2,916
  3,020
  3,132
  3,252
  3,380
  3,517
  3,664
  3,819
  3,983
  4,158
  4,343
  4,538
  4,745
  4,963
  5,193
  5,435
  5,691
  5,961
  6,244
  6,543
  6,858
  7,188
  7,537
  7,903
Total liabilities and equity, $m
  12,211
  12,348
  12,633
  12,957
  13,322
  13,725
  14,169
  14,652
  15,174
  15,737
  16,340
  16,986
  17,675
  18,410
  19,190
  20,017
  20,895
  21,824
  22,805
  23,843
  24,939
  26,095
  27,313
  28,598
  29,953
  31,378
  32,880
  34,460
  36,122
  37,873
  39,713
Debt-to-equity ratio
  1.529
  1.540
  1.590
  1.650
  1.720
  1.790
  1.860
  1.930
  2.000
  2.070
  2.140
  2.220
  2.290
  2.360
  2.420
  2.490
  2.550
  2.620
  2.680
  2.740
  2.790
  2.850
  2.900
  2.950
  3.000
  3.050
  3.090
  3.130
  3.170
  3.210
  3.250
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
  534
  543
  553
  564
  576
  589
  603
  618
  634
  651
  685
  705
  726
  748
  772
  797
  823
  851
  881
  912
  945
  979
  1,016
  1,054
  1,094
  1,137
  1,182
  1,229
  1,278
  1,330
Depreciation, amort., depletion, $m
  695
  704
  719
  737
  757
  780
  804
  831
  860
  891
  924
  939
  977
  1,018
  1,061
  1,107
  1,155
  1,207
  1,261
  1,318
  1,379
  1,443
  1,510
  1,581
  1,656
  1,735
  1,818
  1,905
  1,997
  2,094
  2,196
Funds from operations, $m
  483
  1,237
  1,262
  1,290
  1,321
  1,355
  1,393
  1,433
  1,478
  1,525
  1,576
  1,624
  1,682
  1,744
  1,809
  1,879
  1,952
  2,030
  2,112
  2,199
  2,291
  2,387
  2,489
  2,597
  2,710
  2,829
  2,955
  3,087
  3,226
  3,372
  3,526
Change in working capital, $m
  171
  18
  21
  24
  27
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
Cash from operations, $m
  312
  1,220
  1,241
  1,266
  1,294
  1,326
  1,360
  1,398
  1,439
  1,484
  1,532
  1,577
  1,632
  1,690
  1,752
  1,818
  1,888
  1,962
  2,041
  2,123
  2,211
  2,303
  2,400
  2,503
  2,611
  2,725
  2,845
  2,972
  3,105
  3,245
  3,392
Maintenance CAPEX, $m
  0
  -670
  -683
  -698
  -716
  -737
  -759
  -783
  -810
  -839
  -870
  -903
  -939
  -977
  -1,018
  -1,061
  -1,107
  -1,155
  -1,207
  -1,261
  -1,318
  -1,379
  -1,443
  -1,510
  -1,581
  -1,656
  -1,735
  -1,818
  -1,905
  -1,997
  -2,094
New CAPEX, $m
  -1,085
  -121
  -144
  -165
  -185
  -205
  -225
  -245
  -266
  -286
  -307
  -329
  -351
  -373
  -397
  -421
  -446
  -472
  -499
  -528
  -557
  -588
  -620
  -654
  -689
  -725
  -764
  -804
  -846
  -890
  -936
Cash from investing activities, $m
  -793
  -791
  -827
  -863
  -901
  -942
  -984
  -1,028
  -1,076
  -1,125
  -1,177
  -1,232
  -1,290
  -1,350
  -1,415
  -1,482
  -1,553
  -1,627
  -1,706
  -1,789
  -1,875
  -1,967
  -2,063
  -2,164
  -2,270
  -2,381
  -2,499
  -2,622
  -2,751
  -2,887
  -3,030
Free cash flow, $m
  -481
  429
  414
  403
  393
  384
  376
  370
  364
  359
  354
  345
  342
  340
  338
  336
  335
  335
  335
  335
  335
  336
  338
  339
  342
  344
  347
  350
  354
  358
  362
Issuance/(repayment) of debt, $m
  189
  190
  227
  260
  292
  324
  355
  387
  418
  451
  484
  518
  552
  588
  625
  663
  703
  744
  787
  831
  878
  926
  976
  1,029
  1,084
  1,142
  1,203
  1,266
  1,332
  1,401
  1,474
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
  190
  227
  260
  292
  324
  355
  387
  418
  451
  484
  518
  552
  588
  625
  663
  703
  744
  787
  831
  878
  926
  976
  1,029
  1,084
  1,142
  1,203
  1,266
  1,332
  1,401
  1,474
Total cash flow (excl. dividends), $m
  -349
  619
  642
  663
  685
  707
  731
  756
  782
  810
  838
  863
  894
  928
  963
  999
  1,038
  1,078
  1,121
  1,166
  1,213
  1,262
  1,314
  1,369
  1,426
  1,486
  1,549
  1,616
  1,686
  1,759
  1,836
Retained Cash Flow (-), $m
  689
  -47
  -57
  -65
  -73
  -80
  -88
  -96
  -104
  -112
  -120
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -195
  -206
  -218
  -230
  -243
  -256
  -269
  -284
  -299
  -314
  -331
  -348
  -366
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
 
  572
  585
  598
  612
  627
  643
  660
  678
  698
  718
  734
  757
  782
  807
  835
  863
  894
  926
  959
  995
  1,032
  1,072
  1,113
  1,157
  1,202
  1,251
  1,301
  1,355
  1,411
  1,470
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
 
  518
  476
  433
  390
  348
  306
  267
  230
  195
  163
  133
  108
  86
  67
  52
  39
  28
  20
  14
  10
  6
  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 (HBC) is a Canada-based department store retailer. The Company is an operator and a consolidator, as well as a real estate developer. The Company's retail portfolio includes approximately 10 banners, in formats ranging from luxury to better department stores to off price fashion shopping destinations, with over 460 stores. The Company operates through four segments: the Department Stores Group (DSG) which includes Hudson's Bay, Lord & Taylor, Find @ Lord & Taylor and Home Outfitters; Saks Fifth Avenue; OFF 5TH, and the Kaufhof Banners. In North America, HBC's banners include Hudson's Bay, Lord & Taylor, Saks Fifth Avenue, Gilt, and Saks Fifth Avenue OFF 5TH (OFF 5TH), along with Find @ Lord & Taylor and Home Outfitters. In Europe, the Company's banners include GALERIA Kaufhof, a department store group in Germany, Belgium's department store group Galeria INNO, as well as Sportarena, a banner specializing in athletic wear, and Gilt, an e-commerce fashion retailer.

FINANCIAL RATIOS  of  Hudson's Bay Company (HBC)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow -2.5
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% 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 182.348 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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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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