Intrinsic value of Innergex Renewable Energy Inc. - INE

Previous Close

$13.70

  Intrinsic Value

$1.07

stock screener

  Rating & Target

str. sell

-92%

Previous close

$13.70

 
Intrinsic value

$1.07

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of INE 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 1.5

 

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, %
  18.62
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  293
  366
  450
  546
  653
  771
  901
  1,042
  1,193
  1,356
  1,529
  1,712
  1,905
  2,107
  2,320
  2,542
  2,774
  3,015
  3,267
  3,528
  3,800
  4,082
  4,376
  4,681
  4,998
  5,327
  5,670
  6,027
  6,398
  6,785
  7,189
Variable operating expenses, $m
 
  281
  346
  419
  500
  591
  690
  798
  914
  1,038
  1,171
  1,310
  1,458
  1,613
  1,775
  1,945
  2,123
  2,308
  2,500
  2,700
  2,908
  3,124
  3,349
  3,582
  3,825
  4,077
  4,339
  4,612
  4,897
  5,193
  5,501
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
  167
  281
  346
  419
  500
  591
  690
  798
  914
  1,038
  1,171
  1,310
  1,458
  1,613
  1,775
  1,945
  2,123
  2,308
  2,500
  2,700
  2,908
  3,124
  3,349
  3,582
  3,825
  4,077
  4,339
  4,612
  4,897
  5,193
  5,501
Operating income, $m
  126
  85
  105
  127
  152
  180
  211
  244
  279
  317
  358
  402
  447
  495
  545
  597
  651
  708
  767
  828
  892
  958
  1,027
  1,099
  1,173
  1,250
  1,331
  1,415
  1,502
  1,593
  1,687
EBITDA, $m
  217
  209
  257
  311
  372
  439
  513
  594
  680
  773
  871
  975
  1,085
  1,201
  1,322
  1,449
  1,581
  1,718
  1,862
  2,010
  2,165
  2,326
  2,493
  2,667
  2,848
  3,036
  3,231
  3,434
  3,646
  3,866
  4,096
Interest expense (income), $m
  82
  93
  119
  150
  184
  224
  267
  314
  366
  421
  481
  544
  611
  681
  755
  833
  914
  999
  1,087
  1,179
  1,275
  1,374
  1,477
  1,585
  1,696
  1,812
  1,933
  2,058
  2,188
  2,324
  2,466
Earnings before tax, $m
  37
  -7
  -14
  -22
  -32
  -43
  -56
  -71
  -86
  -104
  -123
  -142
  -164
  -187
  -211
  -236
  -263
  -291
  -321
  -351
  -383
  -416
  -450
  -486
  -523
  -562
  -602
  -643
  -686
  -731
  -778
Tax expense, $m
  5
  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
Net income, $m
  36
  -7
  -14
  -22
  -32
  -43
  -56
  -71
  -86
  -104
  -123
  -142
  -164
  -187
  -211
  -236
  -263
  -291
  -321
  -351
  -383
  -416
  -450
  -486
  -523
  -562
  -602
  -643
  -686
  -731
  -778

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  3,604
  4,413
  5,428
  6,578
  7,866
  9,292
  10,854
  12,550
  14,378
  16,335
  18,417
  20,622
  22,948
  25,391
  27,952
  30,628
  33,421
  36,330
  39,359
  42,508
  45,782
  49,184
  52,720
  56,394
  60,214
  64,185
  68,316
  72,614
  77,090
  81,751
  86,609
Adjusted assets (=assets-cash), $m
  3,548
  4,413
  5,428
  6,578
  7,866
  9,292
  10,854
  12,550
  14,378
  16,335
  18,417
  20,622
  22,948
  25,391
  27,952
  30,628
  33,421
  36,330
  39,359
  42,508
  45,782
  49,184
  52,720
  56,394
  60,214
  64,185
  68,316
  72,614
  77,090
  81,751
  86,609
Revenue / Adjusted assets
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
  0.083
Average production assets, $m
  2,946
  3,682
  4,529
  5,489
  6,564
  7,753
  9,056
  10,472
  11,997
  13,630
  15,367
  17,207
  19,148
  21,187
  23,323
  25,556
  27,886
  30,314
  32,841
  35,469
  38,201
  41,039
  43,989
  47,055
  50,242
  53,556
  57,003
  60,589
  64,323
  68,213
  72,266
Working capital, $m
  32
  94
  115
  140
  167
  197
  231
  267
  306
  347
  391
  438
  488
  540
  594
  651
  710
  772
  836
  903
  973
  1,045
  1,120
  1,198
  1,279
  1,364
  1,452
  1,543
  1,638
  1,737
  1,840
Total debt, $m
  2,701
  3,394
  4,274
  5,271
  6,388
  7,624
  8,978
  10,449
  12,034
  13,730
  15,536
  17,448
  19,464
  21,582
  23,802
  26,123
  28,544
  31,067
  33,692
  36,423
  39,261
  42,211
  45,276
  48,462
  51,773
  55,216
  58,798
  62,525
  66,405
  70,446
  74,658
Total liabilities, $m
  3,134
  3,826
  4,706
  5,703
  6,820
  8,056
  9,410
  10,881
  12,466
  14,162
  15,968
  17,880
  19,896
  22,014
  24,234
  26,555
  28,976
  31,499
  34,124
  36,855
  39,693
  42,643
  45,708
  48,894
  52,205
  55,648
  59,230
  62,957
  66,837
  70,878
  75,090
Total equity, $m
  471
  587
  722
  875
  1,046
  1,236
  1,444
  1,669
  1,912
  2,173
  2,449
  2,743
  3,052
  3,377
  3,718
  4,074
  4,445
  4,832
  5,235
  5,654
  6,089
  6,542
  7,012
  7,500
  8,008
  8,537
  9,086
  9,658
  10,253
  10,873
  11,519
Total liabilities and equity, $m
  3,605
  4,413
  5,428
  6,578
  7,866
  9,292
  10,854
  12,550
  14,378
  16,335
  18,417
  20,623
  22,948
  25,391
  27,952
  30,629
  33,421
  36,331
  39,359
  42,509
  45,782
  49,185
  52,720
  56,394
  60,213
  64,185
  68,316
  72,615
  77,090
  81,751
  86,609
Debt-to-equity ratio
  5.735
  5.780
  5.920
  6.030
  6.110
  6.170
  6.220
  6.260
  6.290
  6.320
  6.340
  6.360
  6.380
  6.390
  6.400
  6.410
  6.420
  6.430
  6.440
  6.440
  6.450
  6.450
  6.460
  6.460
  6.460
  6.470
  6.470
  6.470
  6.480
  6.480
  6.480
Adjusted equity ratio
  0.117
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  36
  -7
  -14
  -22
  -32
  -43
  -56
  -71
  -86
  -104
  -123
  -142
  -164
  -187
  -211
  -236
  -263
  -291
  -321
  -351
  -383
  -416
  -450
  -486
  -523
  -562
  -602
  -643
  -686
  -731
  -778
Depreciation, amort., depletion, $m
  91
  124
  152
  184
  220
  259
  303
  350
  401
  455
  513
  574
  638
  706
  777
  852
  930
  1,010
  1,095
  1,182
  1,273
  1,368
  1,466
  1,569
  1,675
  1,785
  1,900
  2,020
  2,144
  2,274
  2,409
Funds from operations, $m
  -61
  116
  138
  162
  188
  216
  246
  279
  314
  351
  390
  432
  475
  520
  567
  616
  666
  719
  774
  831
  891
  952
  1,016
  1,083
  1,152
  1,224
  1,298
  1,376
  1,458
  1,542
  1,631
Change in working capital, $m
  -138
  19
  22
  24
  27
  30
  33
  36
  39
  42
  44
  47
  49
  52
  54
  57
  59
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
Cash from operations, $m
  77
  97
  116
  137
  160
  186
  213
  243
  275
  310
  346
  385
  425
  468
  512
  559
  607
  657
  710
  764
  821
  880
  941
  1,004
  1,071
  1,139
  1,211
  1,285
  1,363
  1,443
  1,527
Maintenance CAPEX, $m
  0
  -98
  -123
  -151
  -183
  -219
  -258
  -302
  -349
  -400
  -454
  -512
  -574
  -638
  -706
  -777
  -852
  -930
  -1,010
  -1,095
  -1,182
  -1,273
  -1,368
  -1,466
  -1,569
  -1,675
  -1,785
  -1,900
  -2,020
  -2,144
  -2,274
New CAPEX, $m
  -366
  -736
  -847
  -960
  -1,075
  -1,189
  -1,303
  -1,415
  -1,525
  -1,633
  -1,738
  -1,840
  -1,940
  -2,039
  -2,136
  -2,233
  -2,330
  -2,428
  -2,527
  -2,628
  -2,732
  -2,839
  -2,950
  -3,066
  -3,187
  -3,314
  -3,447
  -3,587
  -3,734
  -3,889
  -4,053
Cash from investing activities, $m
  -255
  -834
  -970
  -1,111
  -1,258
  -1,408
  -1,561
  -1,717
  -1,874
  -2,033
  -2,192
  -2,352
  -2,514
  -2,677
  -2,842
  -3,010
  -3,182
  -3,358
  -3,537
  -3,723
  -3,914
  -4,112
  -4,318
  -4,532
  -4,756
  -4,989
  -5,232
  -5,487
  -5,754
  -6,033
  -6,327
Free cash flow, $m
  -178
  -737
  -853
  -974
  -1,098
  -1,223
  -1,348
  -1,474
  -1,599
  -1,723
  -1,846
  -1,967
  -2,089
  -2,209
  -2,330
  -2,452
  -2,575
  -2,700
  -2,827
  -2,958
  -3,093
  -3,232
  -3,377
  -3,528
  -3,685
  -3,849
  -4,021
  -4,202
  -4,391
  -4,590
  -4,800
Issuance/(repayment) of debt, $m
  215
  749
  880
  998
  1,117
  1,236
  1,354
  1,471
  1,585
  1,696
  1,805
  1,912
  2,016
  2,119
  2,220
  2,321
  2,421
  2,523
  2,626
  2,731
  2,838
  2,950
  3,065
  3,186
  3,311
  3,443
  3,581
  3,727
  3,880
  4,041
  4,212
Issuance/(repurchase) of shares, $m
  51
  123
  149
  175
  203
  233
  264
  296
  330
  364
  400
  435
  473
  512
  551
  592
  635
  678
  723
  770
  818
  868
  920
  975
  1,031
  1,090
  1,151
  1,215
  1,282
  1,351
  1,424
Cash from financing (excl. dividends), $m  
  265
  872
  1,029
  1,173
  1,320
  1,469
  1,618
  1,767
  1,915
  2,060
  2,205
  2,347
  2,489
  2,631
  2,771
  2,913
  3,056
  3,201
  3,349
  3,501
  3,656
  3,818
  3,985
  4,161
  4,342
  4,533
  4,732
  4,942
  5,162
  5,392
  5,636
Total cash flow (excl. dividends), $m
  86
  135
  176
  199
  223
  246
  270
  293
  316
  338
  359
  380
  400
  421
  441
  461
  481
  501
  521
  542
  564
  586
  609
  633
  658
  684
  711
  740
  770
  803
  836
Retained Cash Flow (-), $m
  -21
  -123
  -149
  -175
  -203
  -233
  -264
  -296
  -330
  -364
  -400
  -435
  -473
  -512
  -551
  -592
  -635
  -678
  -723
  -770
  -818
  -868
  -920
  -975
  -1,031
  -1,090
  -1,151
  -1,215
  -1,282
  -1,351
  -1,424
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
 
  12
  27
  24
  19
  13
  6
  -3
  -14
  -26
  -40
  -56
  -73
  -91
  -111
  -132
  -154
  -177
  -202
  -228
  -255
  -283
  -312
  -342
  -373
  -406
  -440
  -475
  -511
  -549
  -588
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  10
  21
  16
  11
  6
  2
  -1
  -4
  -6
  -7
  -7
  -7
  -6
  -5
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.3
  85.5
  79.4
  73.9
  69.0
  64.7
  60.7
  57.1
  53.9
  50.9
  48.2
  45.7
  43.4
  41.3
  39.3
  37.4
  35.7
  34.1
  32.6
  31.1
  29.8
  28.5
  27.3
  26.2
  25.1
  24.1
  23.1
  22.1
  21.3
  20.4

Innergex Renewable Energy Inc is a Canada-based renewable power producer. The Company is a developer, owner and operator of renewable power-generating facilities with a focus on hydroelectric, wind power and solar photovoltaic (PV) projects. It operates through four segments: hydroelectric generation, wind power generation, solar power generation and site development. Through its hydroelectric, wind power and solar power generation segments, it sells electricity produced by its hydroelectric, wind farm and solar facilities to publicly owned utilities or other creditworthy counterparties. Through its site development segment, it analyzes sites and develops hydroelectric, wind and solar facilities up to the commissioning stage. Its portfolio of assets consists of interests in approximately three groups of power-generating project. It has over 30 facilities with a net installed capacity of over 710 megawatts. The Company owns interests in approximately 30 hydroelectric facilities.

FINANCIAL RATIOS  of  Innergex Renewable Energy Inc. (INE)

Valuation Ratios
P/E Ratio 41.2
Price to Sales 5.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow -5.1
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.2%
Cap. Spend. - 3 Yr. Gr. Rate 27.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 552.4%
Total Debt to Equity 573.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.9%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. -2.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 98.3%
Gross Margin - 3 Yr. Avg. 98.3%
EBITDA Margin 71.7%
EBITDA Margin - 3 Yr. Avg. 40.7%
Operating Margin 43%
Oper. Margin - 3 Yr. Avg. 36.5%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. -19.2%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 13.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.3%
Payout Ratio 194.4%

INE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INE stock intrinsic value calculation we used $293 million for the last fiscal year's total revenue generated by Innergex Renewable Energy Inc.. The default revenue input number comes from 2016 income statement of Innergex Renewable Energy Inc.. 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 INE stock valuation model: a) initial revenue growth rate of 25% 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 12.7%, whose default value for INE is calculated based on our internal credit rating of Innergex Renewable Energy Inc., 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 Innergex Renewable Energy Inc..
    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 INE stock the variable cost ratio is equal to 76.8%.

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 INE 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 3.5% for Innergex Renewable Energy Inc..

Corporate tax rate of 27% is the nominal tax rate for Innergex Renewable Energy Inc.. 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 INE 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 INE are equal to 1005.3%.

Life of production assets of 32.5 years is the average useful life of capital assets used in Innergex Renewable Energy Inc. 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 INE is equal to 25.6%. 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 - $471 million for Innergex Renewable Energy Inc. - 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 108.434 million for Innergex Renewable Energy Inc. 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 Innergex Renewable Energy Inc. at the current share price and the inputted number of shares is $1.5 billion.

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Financial statements of INE
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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