Intrinsic value of Saputo Inc. - SAP

Previous Close

$43.97

  Intrinsic Value

$36.70

stock screener

  Rating & Target

hold

-17%

Previous close

$43.97

 
Intrinsic value

$36.70

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of SAP 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 17.0

 

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, %
  1.56
  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
  11,163
  11,386
  11,648
  11,948
  12,284
  12,656
  13,065
  13,510
  13,991
  14,510
  15,067
  15,663
  16,298
  16,975
  17,694
  18,458
  19,267
  20,123
  21,028
  21,985
  22,995
  24,061
  25,185
  26,370
  27,618
  28,933
  30,318
  31,775
  33,308
  34,921
  36,618
Variable operating expenses, $m
 
  2,091
  2,134
  2,183
  2,238
  2,299
  2,366
  2,439
  2,518
  2,603
  2,694
  2,567
  2,672
  2,783
  2,901
  3,026
  3,158
  3,299
  3,447
  3,604
  3,769
  3,944
  4,128
  4,323
  4,527
  4,743
  4,970
  5,209
  5,460
  5,724
  6,003
Fixed operating expenses, $m
 
  8,506
  8,719
  8,937
  9,161
  9,390
  9,624
  9,865
  10,112
  10,364
  10,623
  10,889
  11,161
  11,440
  11,726
  12,019
  12,320
  12,628
  12,944
  13,267
  13,599
  13,939
  14,287
  14,645
  15,011
  15,386
  15,771
  16,165
  16,569
  16,983
  17,408
Total operating expenses, $m
  10,122
  10,597
  10,853
  11,120
  11,399
  11,689
  11,990
  12,304
  12,630
  12,967
  13,317
  13,456
  13,833
  14,223
  14,627
  15,045
  15,478
  15,927
  16,391
  16,871
  17,368
  17,883
  18,415
  18,968
  19,538
  20,129
  20,741
  21,374
  22,029
  22,707
  23,411
Operating income, $m
  1,040
  789
  795
  828
  885
  968
  1,075
  1,206
  1,362
  1,543
  1,750
  2,206
  2,465
  2,752
  3,068
  3,413
  3,788
  4,196
  4,638
  5,114
  5,627
  6,178
  6,769
  7,403
  8,080
  8,804
  9,577
  10,401
  11,279
  12,213
  13,207
EBITDA, $m
  1,247
  1,130
  1,139
  1,174
  1,235
  1,322
  1,433
  1,569
  1,730
  1,916
  2,128
  2,367
  2,632
  2,926
  3,249
  3,602
  3,986
  4,403
  4,853
  5,339
  5,863
  6,425
  7,027
  7,673
  8,364
  9,101
  9,888
  10,727
  11,620
  12,571
  13,583
Interest expense (income), $m
  43
  53
  55
  57
  60
  64
  67
  71
  76
  81
  86
  91
  97
  104
  110
  118
  125
  133
  142
  151
  160
  170
  181
  192
  204
  217
  230
  243
  258
  273
  289
Earnings before tax, $m
  1,040
  737
  741
  770
  825
  904
  1,007
  1,135
  1,286
  1,462
  1,664
  2,115
  2,368
  2,649
  2,957
  3,295
  3,663
  4,063
  4,496
  4,963
  5,466
  6,008
  6,588
  7,210
  7,876
  8,588
  9,348
  10,158
  11,021
  11,940
  12,918
Tax expense, $m
  309
  199
  200
  208
  223
  244
  272
  306
  347
  395
  449
  571
  639
  715
  798
  890
  989
  1,097
  1,214
  1,340
  1,476
  1,622
  1,779
  1,947
  2,127
  2,319
  2,524
  2,743
  2,976
  3,224
  3,488
Net income, $m
  728
  538
  541
  562
  602
  660
  735
  828
  939
  1,068
  1,214
  1,544
  1,729
  1,933
  2,159
  2,405
  2,674
  2,966
  3,282
  3,623
  3,990
  4,386
  4,809
  5,264
  5,750
  6,269
  6,824
  7,415
  8,045
  8,716
  9,430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  251
  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
  7,597
  7,491
  7,663
  7,860
  8,081
  8,326
  8,595
  8,888
  9,205
  9,546
  9,912
  10,304
  10,723
  11,168
  11,641
  12,143
  12,675
  13,239
  13,834
  14,464
  15,128
  15,830
  16,569
  17,349
  18,170
  19,035
  19,946
  20,904
  21,913
  22,974
  24,091
Adjusted assets (=assets-cash), $m
  7,346
  7,491
  7,663
  7,860
  8,081
  8,326
  8,595
  8,888
  9,205
  9,546
  9,912
  10,304
  10,723
  11,168
  11,641
  12,143
  12,675
  13,239
  13,834
  14,464
  15,128
  15,830
  16,569
  17,349
  18,170
  19,035
  19,946
  20,904
  21,913
  22,974
  24,091
Revenue / Adjusted assets
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
  1.520
Average production assets, $m
  2,750
  2,801
  2,865
  2,939
  3,022
  3,113
  3,214
  3,323
  3,442
  3,569
  3,706
  3,853
  4,009
  4,176
  4,353
  4,541
  4,740
  4,950
  5,173
  5,408
  5,657
  5,919
  6,196
  6,487
  6,794
  7,118
  7,458
  7,817
  8,194
  8,591
  9,008
Working capital, $m
  1,188
  1,048
  1,072
  1,099
  1,130
  1,164
  1,202
  1,243
  1,287
  1,335
  1,386
  1,441
  1,499
  1,562
  1,628
  1,698
  1,773
  1,851
  1,935
  2,023
  2,116
  2,214
  2,317
  2,426
  2,541
  2,662
  2,789
  2,923
  3,064
  3,213
  3,369
Total debt, $m
  1,594
  1,564
  1,638
  1,723
  1,819
  1,925
  2,042
  2,168
  2,306
  2,453
  2,612
  2,782
  2,963
  3,156
  3,361
  3,578
  3,808
  4,052
  4,310
  4,583
  4,871
  5,174
  5,494
  5,832
  6,188
  6,562
  6,957
  7,372
  7,808
  8,268
  8,751
Total liabilities, $m
  3,274
  3,244
  3,318
  3,403
  3,499
  3,605
  3,722
  3,848
  3,986
  4,133
  4,292
  4,462
  4,643
  4,836
  5,041
  5,258
  5,488
  5,732
  5,990
  6,263
  6,551
  6,854
  7,174
  7,512
  7,868
  8,242
  8,637
  9,052
  9,488
  9,948
  10,431
Total equity, $m
  4,323
  4,247
  4,345
  4,457
  4,582
  4,721
  4,873
  5,039
  5,219
  5,413
  5,620
  5,843
  6,080
  6,332
  6,600
  6,885
  7,187
  7,506
  7,844
  8,201
  8,578
  8,975
  9,395
  9,837
  10,302
  10,793
  11,309
  11,853
  12,425
  13,026
  13,659
Total liabilities and equity, $m
  7,597
  7,491
  7,663
  7,860
  8,081
  8,326
  8,595
  8,887
  9,205
  9,546
  9,912
  10,305
  10,723
  11,168
  11,641
  12,143
  12,675
  13,238
  13,834
  14,464
  15,129
  15,829
  16,569
  17,349
  18,170
  19,035
  19,946
  20,905
  21,913
  22,974
  24,090
Debt-to-equity ratio
  0.369
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  728
  538
  541
  562
  602
  660
  735
  828
  939
  1,068
  1,214
  1,544
  1,729
  1,933
  2,159
  2,405
  2,674
  2,966
  3,282
  3,623
  3,990
  4,386
  4,809
  5,264
  5,750
  6,269
  6,824
  7,415
  8,045
  8,716
  9,430
Depreciation, amort., depletion, $m
  207
  341
  343
  347
  350
  354
  358
  363
  368
  373
  379
  161
  167
  174
  181
  189
  197
  206
  216
  225
  236
  247
  258
  270
  283
  297
  311
  326
  341
  358
  375
Funds from operations, $m
  824
  879
  884
  909
  952
  1,014
  1,093
  1,191
  1,306
  1,440
  1,593
  1,704
  1,896
  2,107
  2,340
  2,595
  2,872
  3,172
  3,497
  3,848
  4,226
  4,632
  5,068
  5,534
  6,033
  6,566
  7,134
  7,741
  8,387
  9,074
  9,806
Change in working capital, $m
  -250
  21
  24
  28
  31
  34
  38
  41
  44
  48
  51
  55
  58
  62
  66
  70
  74
  79
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
Cash from operations, $m
  1,074
  858
  860
  881
  921
  980
  1,056
  1,150
  1,262
  1,393
  1,542
  1,649
  1,837
  2,045
  2,274
  2,524
  2,797
  3,093
  3,414
  3,760
  4,133
  4,534
  4,964
  5,425
  5,918
  6,445
  7,007
  7,607
  8,246
  8,926
  9,649
Maintenance CAPEX, $m
  0
  -115
  -117
  -119
  -122
  -126
  -130
  -134
  -138
  -143
  -149
  -154
  -161
  -167
  -174
  -181
  -189
  -197
  -206
  -216
  -225
  -236
  -247
  -258
  -270
  -283
  -297
  -311
  -326
  -341
  -358
New CAPEX, $m
  -321
  -51
  -64
  -74
  -83
  -92
  -101
  -109
  -118
  -128
  -137
  -147
  -156
  -166
  -177
  -188
  -199
  -211
  -223
  -235
  -248
  -262
  -277
  -291
  -307
  -323
  -341
  -358
  -377
  -397
  -417
Cash from investing activities, $m
  -318
  -166
  -181
  -193
  -205
  -218
  -231
  -243
  -256
  -271
  -286
  -301
  -317
  -333
  -351
  -369
  -388
  -408
  -429
  -451
  -473
  -498
  -524
  -549
  -577
  -606
  -638
  -669
  -703
  -738
  -775
Free cash flow, $m
  756
  692
  679
  688
  716
  762
  825
  906
  1,005
  1,122
  1,256
  1,348
  1,520
  1,712
  1,923
  2,155
  2,409
  2,685
  2,985
  3,309
  3,659
  4,036
  4,441
  4,875
  5,341
  5,838
  6,370
  6,938
  7,543
  8,188
  8,874
Issuance/(repayment) of debt, $m
  -34
  64
  75
  85
  96
  106
  116
  127
  137
  148
  159
  170
  181
  193
  205
  217
  230
  244
  258
  273
  288
  304
  320
  338
  356
  375
  394
  415
  437
  460
  483
Issuance/(repurchase) of shares, $m
  -347
  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  
  -452
  64
  75
  85
  96
  106
  116
  127
  137
  148
  159
  170
  181
  193
  205
  217
  230
  244
  258
  273
  288
  304
  320
  338
  356
  375
  394
  415
  437
  460
  483
Total cash flow (excl. dividends), $m
  314
  756
  754
  774
  812
  868
  942
  1,033
  1,142
  1,269
  1,415
  1,518
  1,701
  1,904
  2,128
  2,373
  2,639
  2,929
  3,243
  3,582
  3,947
  4,340
  4,761
  5,213
  5,696
  6,213
  6,764
  7,353
  7,980
  8,647
  9,357
Retained Cash Flow (-), $m
  -321
  -81
  -98
  -112
  -125
  -139
  -152
  -166
  -180
  -194
  -208
  -222
  -237
  -252
  -268
  -285
  -302
  -319
  -338
  -357
  -377
  -398
  -419
  -442
  -466
  -490
  -516
  -544
  -572
  -602
  -633
Prev. year cash balance distribution, $m
 
  157
  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
 
  832
  656
  662
  687
  729
  789
  867
  963
  1,076
  1,207
  1,296
  1,464
  1,652
  1,860
  2,088
  2,338
  2,610
  2,905
  3,225
  3,570
  3,942
  4,342
  4,771
  5,230
  5,722
  6,248
  6,809
  7,408
  8,045
  8,725
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  797
  600
  576
  565
  565
  573
  586
  602
  618
  633
  615
  625
  628
  624
  613
  594
  568
  535
  497
  454
  408
  360
  313
  266
  223
  182
  146
  115
  88
  66
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

Saputo Inc. produces, markets and distributes dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products and dairy ingredients. The Company has three geographic sectors. The Canada Sector consists of Dairy Division (Canada). The USA Sector aggregates the Cheese Division (USA) and the Dairy Foods Division (USA). The International Sector combines the Dairy Division (Argentina), the Dairy Ingredients Division and the Dairy Division (Australia). The Dairy Ingredients Division includes national and export ingredients sales from the North American divisions, as well as cheese exports from these same divisions. The Company's products are sold under brand names, such as Saputo, Alexis de Portneuf, Armstrong, COON, Cracker Barrel, Dairyland, DairyStar, Friendship Dairies, Frigo Cheese Heads, La Paulina, Milk2Go/Lait's Go, Neilson, Nutrilait, Scotsburn, Stella, Sungold, Treasure Cave and Woolwich Dairy.

FINANCIAL RATIOS  of  Saputo Inc. (SAP)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 1.5
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.4%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 34.7%
Total Debt to Equity 36.9%
Interest Coverage 25
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 12.6%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 17.5%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 31.3%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 11.6%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 5.9%
Effective Tax Rate 29.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 31.3%

SAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAP stock intrinsic value calculation we used $11163 million for the last fiscal year's total revenue generated by Saputo Inc.. The default revenue input number comes from 2017 income statement of Saputo 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 SAP 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 4.3%, whose default value for SAP is calculated based on our internal credit rating of Saputo 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 Saputo 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 SAP stock the variable cost ratio is equal to 18.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8299 million in the base year in the intrinsic value calculation for SAP 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 Saputo Inc..

Corporate tax rate of 27% is the nominal tax rate for Saputo 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 SAP 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 SAP are equal to 24.6%.

Life of production assets of 24 years is the average useful life of capital assets used in Saputo 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 SAP is equal to 9.2%. 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 - $4323 million for Saputo 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 386.444 million for Saputo 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 Saputo Inc. at the current share price and the inputted number of shares is $17.0 billion.

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Financial statements of SAP
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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