Intrinsic value of TFI International Inc. - TFII

Previous Close

$27.65

  Intrinsic Value

$80.26

stock screener

  Rating & Target

str. buy

+190%

  Value-price divergence*

0%

Previous close

$27.65

 
Intrinsic value

$80.26

 
Up/down potential

+190%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of TFII 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 2.5

 

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, %
  -0.12
  30.50
  27.95
  25.66
  23.59
  21.73
  20.06
  18.55
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.83
  10.25
  9.73
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
Revenue, $m
  4,025
  5,253
  6,721
  8,445
  10,437
  12,705
  15,253
  18,083
  21,193
  24,579
  28,236
  32,158
  36,340
  40,774
  45,455
  50,380
  55,544
  60,945
  66,585
  72,462
  78,581
  84,947
  91,564
  98,442
  105,589
  113,016
  120,736
  128,762
  137,109
  145,794
  154,835
Variable operating expenses, $m
 
  4,845
  6,158
  7,699
  9,481
  11,509
  13,787
  16,317
  19,098
  22,126
  25,396
  28,755
  32,493
  36,458
  40,644
  45,047
  49,665
  54,495
  59,537
  64,793
  70,264
  75,956
  81,873
  88,022
  94,413
  101,054
  107,956
  115,133
  122,597
  130,363
  138,447
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
  3,767
  4,845
  6,158
  7,699
  9,481
  11,509
  13,787
  16,317
  19,098
  22,126
  25,396
  28,755
  32,493
  36,458
  40,644
  45,047
  49,665
  54,495
  59,537
  64,793
  70,264
  75,956
  81,873
  88,022
  94,413
  101,054
  107,956
  115,133
  122,597
  130,363
  138,447
Operating income, $m
  258
  408
  563
  746
  956
  1,196
  1,466
  1,766
  2,095
  2,453
  2,840
  3,404
  3,846
  4,316
  4,811
  5,332
  5,879
  6,451
  7,048
  7,670
  8,317
  8,991
  9,692
  10,420
  11,176
  11,962
  12,779
  13,629
  14,512
  15,432
  16,388
EBITDA, $m
  451
  696
  890
  1,119
  1,383
  1,683
  2,021
  2,395
  2,807
  3,256
  3,740
  4,260
  4,814
  5,401
  6,021
  6,674
  7,358
  8,073
  8,820
  9,599
  10,410
  11,253
  12,129
  13,040
  13,987
  14,971
  15,994
  17,057
  18,163
  19,313
  20,511
Interest expense (income), $m
  43
  55
  83
  116
  155
  201
  252
  310
  374
  444
  521
  604
  693
  788
  888
  994
  1,106
  1,223
  1,345
  1,473
  1,606
  1,745
  1,889
  2,039
  2,195
  2,357
  2,525
  2,700
  2,882
  3,071
  3,268
Earnings before tax, $m
  203
  352
  480
  629
  801
  996
  1,214
  1,456
  1,721
  2,009
  2,319
  2,800
  3,154
  3,528
  3,923
  4,338
  4,773
  5,228
  5,702
  6,197
  6,711
  7,246
  7,803
  8,380
  8,981
  9,605
  10,254
  10,929
  11,630
  12,360
  13,120
Tax expense, $m
  46
  95
  130
  170
  216
  269
  328
  393
  465
  542
  626
  756
  851
  953
  1,059
  1,171
  1,289
  1,412
  1,540
  1,673
  1,812
  1,957
  2,107
  2,263
  2,425
  2,593
  2,769
  2,951
  3,140
  3,337
  3,543
Net income, $m
  640
  257
  350
  459
  585
  727
  886
  1,063
  1,256
  1,467
  1,693
  2,044
  2,302
  2,576
  2,864
  3,167
  3,484
  3,816
  4,163
  4,524
  4,899
  5,290
  5,696
  6,118
  6,556
  7,012
  7,485
  7,978
  8,490
  9,023
  9,578

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  4,071
  5,306
  6,789
  8,530
  10,542
  12,833
  15,407
  18,266
  21,407
  24,827
  28,521
  32,483
  36,707
  41,186
  45,914
  50,889
  56,105
  61,561
  67,257
  73,194
  79,375
  85,805
  92,489
  99,436
  106,655
  114,157
  121,955
  130,062
  138,494
  147,267
  156,399
Adjusted assets (=assets-cash), $m
  4,067
  5,306
  6,789
  8,530
  10,542
  12,833
  15,407
  18,266
  21,407
  24,827
  28,521
  32,483
  36,707
  41,186
  45,914
  50,889
  56,105
  61,561
  67,257
  73,194
  79,375
  85,805
  92,489
  99,436
  106,655
  114,157
  121,955
  130,062
  138,494
  147,267
  156,399
Revenue / Adjusted assets
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
  0.990
Average production assets, $m
  1,650
  2,154
  2,756
  3,462
  4,279
  5,209
  6,254
  7,414
  8,689
  10,077
  11,577
  13,185
  14,899
  16,717
  18,637
  20,656
  22,773
  24,988
  27,300
  29,710
  32,218
  34,828
  37,541
  40,361
  43,291
  46,337
  49,502
  52,792
  56,215
  59,776
  63,482
Working capital, $m
  57
  121
  155
  194
  240
  292
  351
  416
  487
  565
  649
  740
  836
  938
  1,045
  1,159
  1,278
  1,402
  1,531
  1,667
  1,807
  1,954
  2,106
  2,264
  2,429
  2,599
  2,777
  2,962
  3,154
  3,353
  3,561
Total debt, $m
  1,585
  2,374
  3,325
  4,441
  5,731
  7,199
  8,849
  10,681
  12,695
  14,887
  17,255
  19,795
  22,502
  25,373
  28,404
  31,593
  34,936
  38,434
  42,085
  45,890
  49,853
  53,974
  58,259
  62,712
  67,339
  72,148
  77,146
  82,343
  87,748
  93,371
  99,225
Total liabilities, $m
  2,613
  3,401
  4,352
  5,468
  6,758
  8,226
  9,876
  11,708
  13,722
  15,914
  18,282
  20,822
  23,529
  26,400
  29,431
  32,620
  35,963
  39,461
  43,112
  46,917
  50,880
  55,001
  59,286
  63,739
  68,366
  73,175
  78,173
  83,370
  88,775
  94,398
  100,252
Total equity, $m
  1,459
  1,905
  2,437
  3,062
  3,785
  4,607
  5,531
  6,557
  7,685
  8,913
  10,239
  11,661
  13,178
  14,786
  16,483
  18,269
  20,142
  22,100
  24,145
  26,277
  28,496
  30,804
  33,204
  35,698
  38,289
  40,983
  43,782
  46,692
  49,719
  52,869
  56,147
Total liabilities and equity, $m
  4,072
  5,306
  6,789
  8,530
  10,543
  12,833
  15,407
  18,265
  21,407
  24,827
  28,521
  32,483
  36,707
  41,186
  45,914
  50,889
  56,105
  61,561
  67,257
  73,194
  79,376
  85,805
  92,490
  99,437
  106,655
  114,158
  121,955
  130,062
  138,494
  147,267
  156,399
Debt-to-equity ratio
  1.086
  1.250
  1.360
  1.450
  1.510
  1.560
  1.600
  1.630
  1.650
  1.670
  1.690
  1.700
  1.710
  1.720
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
  1.770
  1.770
Adjusted equity ratio
  0.358
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  640
  257
  350
  459
  585
  727
  886
  1,063
  1,256
  1,467
  1,693
  2,044
  2,302
  2,576
  2,864
  3,167
  3,484
  3,816
  4,163
  4,524
  4,899
  5,290
  5,696
  6,118
  6,556
  7,012
  7,485
  7,978
  8,490
  9,023
  9,578
Depreciation, amort., depletion, $m
  193
  288
  327
  373
  426
  487
  554
  630
  713
  803
  900
  856
  967
  1,086
  1,210
  1,341
  1,479
  1,623
  1,773
  1,929
  2,092
  2,262
  2,438
  2,621
  2,811
  3,009
  3,214
  3,428
  3,650
  3,882
  4,122
Funds from operations, $m
  230
  545
  678
  832
  1,011
  1,214
  1,441
  1,693
  1,969
  2,269
  2,593
  2,900
  3,270
  3,661
  4,074
  4,508
  4,963
  5,439
  5,935
  6,453
  6,991
  7,551
  8,134
  8,739
  9,367
  10,021
  10,700
  11,406
  12,140
  12,905
  13,700
Change in working capital, $m
  -106
  28
  34
  40
  46
  52
  59
  65
  72
  78
  84
  90
  96
  102
  108
  113
  119
  124
  130
  135
  141
  146
  152
  158
  164
  171
  178
  185
  192
  200
  208
Cash from operations, $m
  336
  770
  644
  793
  965
  1,161
  1,382
  1,628
  1,897
  2,191
  2,509
  2,810
  3,173
  3,559
  3,966
  4,395
  4,844
  5,315
  5,806
  6,318
  6,851
  7,405
  7,981
  8,580
  9,203
  9,850
  10,522
  11,221
  11,948
  12,705
  13,492
Maintenance CAPEX, $m
  0
  -107
  -140
  -179
  -225
  -278
  -338
  -406
  -481
  -564
  -654
  -752
  -856
  -967
  -1,086
  -1,210
  -1,341
  -1,479
  -1,623
  -1,773
  -1,929
  -2,092
  -2,262
  -2,438
  -2,621
  -2,811
  -3,009
  -3,214
  -3,428
  -3,650
  -3,882
New CAPEX, $m
  -112
  -504
  -602
  -707
  -817
  -930
  -1,045
  -1,160
  -1,275
  -1,388
  -1,499
  -1,608
  -1,714
  -1,818
  -1,919
  -2,019
  -2,117
  -2,215
  -2,312
  -2,410
  -2,509
  -2,610
  -2,713
  -2,820
  -2,930
  -3,045
  -3,165
  -3,291
  -3,422
  -3,561
  -3,707
Cash from investing activities, $m
  -95
  -611
  -742
  -886
  -1,042
  -1,208
  -1,383
  -1,566
  -1,756
  -1,952
  -2,153
  -2,360
  -2,570
  -2,785
  -3,005
  -3,229
  -3,458
  -3,694
  -3,935
  -4,183
  -4,438
  -4,702
  -4,975
  -5,258
  -5,551
  -5,856
  -6,174
  -6,505
  -6,850
  -7,211
  -7,589
Free cash flow, $m
  241
  158
  -98
  -93
  -77
  -46
  -1
  61
  141
  239
  355
  450
  603
  774
  961
  1,166
  1,386
  1,621
  1,871
  2,135
  2,413
  2,703
  3,007
  3,323
  3,652
  3,994
  4,348
  4,716
  5,098
  5,494
  5,904
Issuance/(repayment) of debt, $m
  -26
  793
  951
  1,116
  1,290
  1,468
  1,650
  1,832
  2,013
  2,192
  2,368
  2,540
  2,707
  2,871
  3,031
  3,188
  3,344
  3,497
  3,651
  3,806
  3,962
  4,121
  4,285
  4,453
  4,627
  4,809
  4,998
  5,197
  5,405
  5,623
  5,854
Issuance/(repurchase) of shares, $m
  -145
  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  
  -174
  793
  951
  1,116
  1,290
  1,468
  1,650
  1,832
  2,013
  2,192
  2,368
  2,540
  2,707
  2,871
  3,031
  3,188
  3,344
  3,497
  3,651
  3,806
  3,962
  4,121
  4,285
  4,453
  4,627
  4,809
  4,998
  5,197
  5,405
  5,623
  5,854
Total cash flow (excl. dividends), $m
  68
  951
  853
  1,023
  1,213
  1,422
  1,649
  1,893
  2,154
  2,431
  2,723
  2,990
  3,310
  3,645
  3,993
  4,354
  4,730
  5,119
  5,522
  5,941
  6,375
  6,824
  7,291
  7,776
  8,279
  8,803
  9,347
  9,913
  10,503
  11,117
  11,758
Retained Cash Flow (-), $m
  -432
  -446
  -532
  -625
  -722
  -822
  -924
  -1,026
  -1,128
  -1,228
  -1,326
  -1,422
  -1,516
  -1,608
  -1,698
  -1,786
  -1,873
  -1,959
  -2,045
  -2,131
  -2,219
  -2,308
  -2,400
  -2,494
  -2,592
  -2,693
  -2,799
  -2,910
  -3,027
  -3,149
  -3,278
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
 
  506
  320
  398
  491
  600
  725
  867
  1,027
  1,203
  1,397
  1,567
  1,794
  2,037
  2,295
  2,568
  2,857
  3,160
  3,477
  3,809
  4,156
  4,516
  4,892
  5,282
  5,688
  6,109
  6,547
  7,003
  7,476
  7,968
  8,479
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  470
  275
  314
  352
  388
  419
  444
  460
  467
  465
  441
  422
  394
  360
  322
  281
  240
  200
  163
  129
  100
  75
  55
  39
  27
  18
  12
  7
  5
  3
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

FINANCIAL RATIOS  of  TFI International Inc. (TFII)

Valuation Ratios
P/E Ratio 4
Price to Sales 0.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 11.3
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 105.8%
Total Debt to Equity 108.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 18.1%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 22.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.5%
Return On Equity 51.5%
Return On Equity - 3 Yr. Avg. 27.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 15.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. 26.3%
Payout Ratio 10%

TFII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TFII stock intrinsic value calculation we used $4025 million for the last fiscal year's total revenue generated by TFI International Inc.. The default revenue input number comes from 2016 income statement of TFI International 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 TFII stock valuation model: a) initial revenue growth rate of 30.5% 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 7.5%, whose default value for TFII is calculated based on our internal credit rating of TFI International 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 TFI International 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 TFII stock the variable cost ratio is equal to 93.1%.

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 TFII 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 TFI International Inc..

Corporate tax rate of 27% is the nominal tax rate for TFI International 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 TFII 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 TFII are equal to 41%.

Life of production assets of 15.4 years is the average useful life of capital assets used in TFI International 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 TFII is equal to 2.3%. 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 - $1459 million for TFI International 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 91.583 million for TFI International 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 TFI International Inc. at the current share price and the inputted number of shares is $2.5 billion.

Stock chart of TFII Financial statements of TFII
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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