Intrinsic value of Shaw Communications Inc. Class B Non-vot - SJR-B

Previous Close

$25.16

  Intrinsic Value

$11.31

stock screener

  Rating & Target

str. sell

-55%

Previous close

$25.16

 
Intrinsic value

$11.31

 
Up/down potential

-55%

 
Rating

str. sell

We calculate the intrinsic value of SJR-B 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  8.06
  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
  4,882
  4,980
  5,094
  5,225
  5,372
  5,535
  5,714
  5,908
  6,119
  6,346
  6,589
  6,850
  7,128
  7,424
  7,738
  8,072
  8,426
  8,800
  9,196
  9,615
  10,057
  10,523
  11,014
  11,533
  12,079
  12,654
  13,259
  13,896
  14,567
  15,272
  16,014
Variable operating expenses, $m
 
  3,774
  3,860
  3,959
  4,069
  4,192
  4,326
  4,473
  4,631
  4,802
  4,985
  5,153
  5,362
  5,585
  5,821
  6,072
  6,339
  6,620
  6,918
  7,233
  7,565
  7,916
  8,286
  8,676
  9,086
  9,519
  9,974
  10,454
  10,958
  11,489
  12,047
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
  3,883
  3,774
  3,860
  3,959
  4,069
  4,192
  4,326
  4,473
  4,631
  4,802
  4,985
  5,153
  5,362
  5,585
  5,821
  6,072
  6,339
  6,620
  6,918
  7,233
  7,565
  7,916
  8,286
  8,676
  9,086
  9,519
  9,974
  10,454
  10,958
  11,489
  12,047
Operating income, $m
  999
  1,206
  1,234
  1,266
  1,303
  1,343
  1,387
  1,436
  1,488
  1,544
  1,604
  1,697
  1,766
  1,839
  1,917
  2,000
  2,087
  2,180
  2,278
  2,382
  2,491
  2,607
  2,729
  2,857
  2,992
  3,135
  3,285
  3,443
  3,609
  3,783
  3,967
EBITDA, $m
  1,945
  2,141
  2,190
  2,246
  2,309
  2,379
  2,456
  2,540
  2,630
  2,728
  2,833
  2,945
  3,064
  3,192
  3,327
  3,470
  3,622
  3,783
  3,954
  4,133
  4,323
  4,524
  4,735
  4,958
  5,193
  5,440
  5,700
  5,974
  6,262
  6,566
  6,885
Interest expense (income), $m
  271
  236
  246
  256
  269
  282
  297
  314
  332
  351
  372
  395
  419
  445
  472
  501
  532
  565
  600
  637
  675
  716
  759
  805
  853
  904
  957
  1,013
  1,072
  1,134
  1,199
Earnings before tax, $m
  747
  969
  988
  1,010
  1,034
  1,061
  1,090
  1,122
  1,156
  1,193
  1,232
  1,302
  1,347
  1,394
  1,445
  1,498
  1,555
  1,615
  1,678
  1,745
  1,816
  1,891
  1,969
  2,052
  2,139
  2,231
  2,328
  2,430
  2,537
  2,649
  2,768
Tax expense, $m
  190
  262
  267
  273
  279
  286
  294
  303
  312
  322
  333
  352
  364
  376
  390
  405
  420
  436
  453
  471
  490
  510
  532
  554
  578
  602
  629
  656
  685
  715
  747
Net income, $m
  851
  708
  721
  737
  755
  775
  796
  819
  844
  871
  899
  950
  983
  1,018
  1,055
  1,094
  1,135
  1,179
  1,225
  1,274
  1,326
  1,380
  1,438
  1,498
  1,562
  1,629
  1,699
  1,774
  1,852
  1,934
  2,021

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  507
  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
  14,373
  14,147
  14,472
  14,844
  15,262
  15,724
  16,232
  16,785
  17,383
  18,028
  18,720
  19,460
  20,250
  21,091
  21,984
  22,933
  23,938
  25,001
  26,126
  27,315
  28,570
  29,894
  31,291
  32,763
  34,314
  35,948
  37,668
  39,478
  41,383
  43,387
  45,495
Adjusted assets (=assets-cash), $m
  13,866
  14,147
  14,472
  14,844
  15,262
  15,724
  16,232
  16,785
  17,383
  18,028
  18,720
  19,460
  20,250
  21,091
  21,984
  22,933
  23,938
  25,001
  26,126
  27,315
  28,570
  29,894
  31,291
  32,763
  34,314
  35,948
  37,668
  39,478
  41,383
  43,387
  45,495
Revenue / Adjusted assets
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
Average production assets, $m
  11,918
  12,155
  12,435
  12,754
  13,113
  13,511
  13,947
  14,422
  14,936
  15,490
  16,085
  16,720
  17,399
  18,122
  18,890
  19,704
  20,568
  21,482
  22,449
  23,470
  24,548
  25,686
  26,886
  28,151
  29,484
  30,887
  32,365
  33,921
  35,558
  37,280
  39,091
Working capital, $m
  -274
  -797
  -815
  -836
  -860
  -886
  -914
  -945
  -979
  -1,015
  -1,054
  -1,096
  -1,140
  -1,188
  -1,238
  -1,292
  -1,348
  -1,408
  -1,471
  -1,538
  -1,609
  -1,684
  -1,762
  -1,845
  -1,933
  -2,025
  -2,121
  -2,223
  -2,331
  -2,444
  -2,562
Total debt, $m
  4,300
  4,469
  4,662
  4,882
  5,130
  5,404
  5,706
  6,033
  6,388
  6,770
  7,181
  7,620
  8,088
  8,587
  9,117
  9,679
  10,275
  10,906
  11,573
  12,278
  13,022
  13,807
  14,636
  15,508
  16,428
  17,397
  18,417
  19,490
  20,620
  21,809
  23,059
Total liabilities, $m
  8,220
  8,389
  8,582
  8,802
  9,050
  9,324
  9,626
  9,953
  10,308
  10,690
  11,101
  11,540
  12,008
  12,507
  13,037
  13,599
  14,195
  14,826
  15,493
  16,198
  16,942
  17,727
  18,556
  19,428
  20,348
  21,317
  22,337
  23,410
  24,540
  25,729
  26,979
Total equity, $m
  6,153
  5,758
  5,890
  6,042
  6,211
  6,400
  6,606
  6,831
  7,075
  7,337
  7,619
  7,920
  8,242
  8,584
  8,948
  9,334
  9,743
  10,176
  10,633
  11,117
  11,628
  12,167
  12,735
  13,335
  13,966
  14,631
  15,331
  16,068
  16,843
  17,659
  18,517
Total liabilities and equity, $m
  14,373
  14,147
  14,472
  14,844
  15,261
  15,724
  16,232
  16,784
  17,383
  18,027
  18,720
  19,460
  20,250
  21,091
  21,985
  22,933
  23,938
  25,002
  26,126
  27,315
  28,570
  29,894
  31,291
  32,763
  34,314
  35,948
  37,668
  39,478
  41,383
  43,388
  45,496
Debt-to-equity ratio
  0.699
  0.780
  0.790
  0.810
  0.830
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.040
  1.050
  1.070
  1.090
  1.100
  1.120
  1.130
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.240
  1.250
Adjusted equity ratio
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  851
  708
  721
  737
  755
  775
  796
  819
  844
  871
  899
  950
  983
  1,018
  1,055
  1,094
  1,135
  1,179
  1,225
  1,274
  1,326
  1,380
  1,438
  1,498
  1,562
  1,629
  1,699
  1,774
  1,852
  1,934
  2,021
Depreciation, amort., depletion, $m
  946
  935
  956
  980
  1,007
  1,036
  1,069
  1,104
  1,143
  1,184
  1,228
  1,248
  1,298
  1,352
  1,410
  1,470
  1,535
  1,603
  1,675
  1,751
  1,832
  1,917
  2,006
  2,101
  2,200
  2,305
  2,415
  2,531
  2,654
  2,782
  2,917
Funds from operations, $m
  1,392
  1,643
  1,677
  1,717
  1,762
  1,811
  1,865
  1,923
  1,987
  2,055
  2,128
  2,198
  2,282
  2,370
  2,464
  2,564
  2,670
  2,782
  2,901
  3,026
  3,158
  3,297
  3,444
  3,599
  3,762
  3,934
  4,115
  4,305
  4,505
  4,716
  4,938
Change in working capital, $m
  -110
  -16
  -18
  -21
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
Cash from operations, $m
  1,502
  1,658
  1,696
  1,738
  1,785
  1,837
  1,893
  1,954
  2,020
  2,091
  2,167
  2,240
  2,326
  2,418
  2,515
  2,618
  2,727
  2,842
  2,964
  3,093
  3,228
  3,372
  3,523
  3,682
  3,849
  4,026
  4,212
  4,407
  4,613
  4,829
  5,056
Maintenance CAPEX, $m
  0
  -889
  -907
  -928
  -952
  -979
  -1,008
  -1,041
  -1,076
  -1,115
  -1,156
  -1,200
  -1,248
  -1,298
  -1,352
  -1,410
  -1,470
  -1,535
  -1,603
  -1,675
  -1,751
  -1,832
  -1,917
  -2,006
  -2,101
  -2,200
  -2,305
  -2,415
  -2,531
  -2,654
  -2,782
New CAPEX, $m
  -1,613
  -237
  -280
  -320
  -359
  -398
  -436
  -475
  -514
  -554
  -594
  -636
  -679
  -723
  -768
  -815
  -864
  -914
  -967
  -1,021
  -1,078
  -1,138
  -1,200
  -1,265
  -1,333
  -1,404
  -1,478
  -1,556
  -1,637
  -1,722
  -1,811
Cash from investing activities, $m
  49
  -1,126
  -1,187
  -1,248
  -1,311
  -1,377
  -1,444
  -1,516
  -1,590
  -1,669
  -1,750
  -1,836
  -1,927
  -2,021
  -2,120
  -2,225
  -2,334
  -2,449
  -2,570
  -2,696
  -2,829
  -2,970
  -3,117
  -3,271
  -3,434
  -3,604
  -3,783
  -3,971
  -4,168
  -4,376
  -4,593
Free cash flow, $m
  1,551
  532
  509
  491
  475
  461
  449
  439
  430
  422
  416
  404
  400
  397
  394
  393
  393
  393
  394
  396
  399
  402
  406
  410
  416
  422
  429
  436
  444
  453
  463
Issuance/(repayment) of debt, $m
  -577
  171
  193
  221
  248
  274
  301
  328
  355
  382
  410
  439
  468
  499
  530
  562
  596
  631
  667
  705
  744
  785
  828
  873
  920
  969
  1,020
  1,074
  1,130
  1,188
  1,250
Issuance/(repurchase) of shares, $m
  77
  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  
  -1,055
  171
  193
  221
  248
  274
  301
  328
  355
  382
  410
  439
  468
  499
  530
  562
  596
  631
  667
  705
  744
  785
  828
  873
  920
  969
  1,020
  1,074
  1,130
  1,188
  1,250
Total cash flow (excl. dividends), $m
  495
  703
  702
  711
  722
  735
  750
  766
  785
  805
  827
  843
  868
  895
  924
  956
  989
  1,024
  1,061
  1,101
  1,143
  1,187
  1,234
  1,283
  1,336
  1,391
  1,449
  1,510
  1,574
  1,642
  1,713
Retained Cash Flow (-), $m
  -456
  -110
  -132
  -151
  -170
  -188
  -207
  -225
  -244
  -262
  -282
  -301
  -321
  -342
  -364
  -386
  -409
  -433
  -458
  -484
  -511
  -539
  -568
  -599
  -631
  -665
  -700
  -737
  -775
  -816
  -858
Prev. year cash balance distribution, $m
 
  505
  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
 
  1,098
  570
  560
  552
  547
  543
  541
  541
  542
  545
  541
  547
  553
  561
  570
  580
  591
  603
  617
  632
  648
  666
  684
  704
  726
  749
  773
  799
  826
  855
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  1,041
  509
  469
  431
  396
  362
  329
  298
  268
  240
  211
  186
  163
  141
  121
  103
  86
  71
  58
  47
  37
  29
  22
  17
  12
  9
  6
  4
  3
  2
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

Shaw Communications Inc. (Shaw) is a diversified connectivity provider. The Company operates through four divisions: Consumer, Wireless, Business Network Services and Business Infrastructure Services. Under the Consumer division, the Company offers Cable telecommunications and Satellite video services to residential customers. Its Business Network Services division offers data networking, Cable telecommunications, Satellite video and fleet tracking services to businesses and public sector entities. Its Business Infrastructure Services division offers data center colocation, cloud technology and managed information technology (IT) solutions to businesses. The Company offers wireless services for voice and data communications through its Wireless division. Its wireline services offer approximately 120 high definition (HD) channels and over 10,000 on-demand, pay-per-view and subscription movie and television programming titles.

FINANCIAL RATIOS  of  Shaw Communications Inc. Class B Non-vot (SJR-B)

Valuation Ratios
P/E Ratio 14.7
Price to Sales 2.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow -112.6
Growth Rates
Sales Growth Rate 8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.6%
Cap. Spend. - 3 Yr. Gr. Rate 7.6%
Financial Strength
Quick Ratio 254
Current Ratio 0.1
LT Debt to Equity 69.9%
Total Debt to Equity 69.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.9%
Gross Margin - 3 Yr. Avg. 43.4%
EBITDA Margin 40.2%
EBITDA Margin - 3 Yr. Avg. 42.8%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 23.2%
Pre-Tax Margin 15.3%
Pre-Tax Margin - 3 Yr. Avg. 16.6%
Net Profit Margin 17.4%
Net Profit Margin - 3 Yr. Avg. 21.2%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 46.2%

SJR-B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SJR-B stock intrinsic value calculation we used $4882 million for the last fiscal year's total revenue generated by Shaw Communications Inc. Class B Non-vot. The default revenue input number comes from 2017 income statement of Shaw Communications Inc. Class B Non-vot. 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 SJR-B 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 5.5%, whose default value for SJR-B is calculated based on our internal credit rating of Shaw Communications Inc. Class B Non-vot, 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 Shaw Communications Inc. Class B Non-vot.
    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 SJR-B stock the variable cost ratio is equal to 75.8%.

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 SJR-B 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 5.5% for Shaw Communications Inc. Class B Non-vot.

Corporate tax rate of 27% is the nominal tax rate for Shaw Communications Inc. Class B Non-vot. 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 SJR-B 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 SJR-B are equal to 244.1%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Shaw Communications Inc. Class B Non-vot 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 SJR-B is equal to -16%. 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 - $6153 million for Shaw Communications Inc. Class B Non-vot - 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 501.568 million for Shaw Communications Inc. Class B Non-vot 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 Shaw Communications Inc. Class B Non-vot at the current share price and the inputted number of shares is $12.6 billion.

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Financial statements of SJR-B
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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