Intrinsic value of WestJet Airlines Ltd. variable voting an - WJA

Previous Close

$22.50

  Intrinsic Value

$76.62

stock screener

  Rating & Target

str. buy

+241%

  Value-price divergence*

+89%

Previous close

$22.50

 
Intrinsic value

$76.62

 
Up/down potential

+241%

 
Rating

str. buy

 
Value-price divergence*

+89%

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

We calculate the intrinsic value of WJA 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 2.6

 

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, %
  2.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  4,123
  4,379
  4,645
  4,922
  5,211
  5,513
  5,828
  6,156
  6,499
  6,858
  7,233
  7,625
  8,035
  8,464
  8,913
  9,383
  9,875
  10,391
  10,931
  11,497
  12,091
  12,713
  13,365
  14,049
  14,767
  15,519
  16,309
  17,137
  18,005
  18,917
  19,873
Variable operating expenses, $m
 
  3,761
  3,990
  4,228
  4,477
  4,736
  5,006
  5,288
  5,583
  5,891
  6,213
  6,550
  6,902
  7,270
  7,656
  8,060
  8,483
  8,926
  9,390
  9,876
  10,386
  10,920
  11,481
  12,068
  12,685
  13,331
  14,009
  14,720
  15,467
  16,250
  17,071
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
  3,683
  3,761
  3,990
  4,228
  4,477
  4,736
  5,006
  5,288
  5,583
  5,891
  6,213
  6,550
  6,902
  7,270
  7,656
  8,060
  8,483
  8,926
  9,390
  9,876
  10,386
  10,920
  11,481
  12,068
  12,685
  13,331
  14,009
  14,720
  15,467
  16,250
  17,071
Operating income, $m
  440
  617
  655
  694
  735
  777
  822
  868
  916
  967
  1,020
  1,075
  1,133
  1,193
  1,257
  1,323
  1,392
  1,465
  1,541
  1,621
  1,705
  1,793
  1,884
  1,981
  2,082
  2,188
  2,299
  2,416
  2,539
  2,667
  2,802
EBITDA, $m
  790
  990
  1,050
  1,113
  1,178
  1,246
  1,317
  1,392
  1,469
  1,550
  1,635
  1,724
  1,816
  1,913
  2,015
  2,121
  2,232
  2,349
  2,471
  2,599
  2,733
  2,874
  3,021
  3,176
  3,338
  3,508
  3,686
  3,874
  4,070
  4,276
  4,492
Interest expense (income), $m
  56
  67
  75
  84
  93
  103
  113
  124
  135
  146
  158
  171
  184
  198
  212
  227
  243
  260
  277
  295
  314
  334
  355
  377
  400
  424
  449
  476
  504
  533
  564
Earnings before tax, $m
  416
  551
  580
  610
  641
  674
  708
  744
  782
  821
  861
  904
  949
  995
  1,044
  1,096
  1,149
  1,205
  1,264
  1,326
  1,391
  1,458
  1,529
  1,604
  1,682
  1,764
  1,850
  1,940
  2,035
  2,134
  2,239
Tax expense, $m
  121
  149
  157
  165
  173
  182
  191
  201
  211
  222
  233
  244
  256
  269
  282
  296
  310
  325
  341
  358
  375
  394
  413
  433
  454
  476
  500
  524
  549
  576
  604
Net income, $m
  295
  402
  423
  445
  468
  492
  517
  543
  571
  599
  629
  660
  693
  727
  762
  800
  839
  880
  923
  968
  1,015
  1,065
  1,116
  1,171
  1,228
  1,288
  1,351
  1,416
  1,486
  1,558
  1,634

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,558
  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
  6,164
  4,892
  5,190
  5,500
  5,823
  6,160
  6,511
  6,879
  7,262
  7,663
  8,081
  8,519
  8,977
  9,456
  9,958
  10,483
  11,033
  11,610
  12,213
  12,846
  13,509
  14,204
  14,933
  15,698
  16,499
  17,340
  18,222
  19,147
  20,118
  21,136
  22,205
Adjusted assets (=assets-cash), $m
  4,606
  4,892
  5,190
  5,500
  5,823
  6,160
  6,511
  6,879
  7,262
  7,663
  8,081
  8,519
  8,977
  9,456
  9,958
  10,483
  11,033
  11,610
  12,213
  12,846
  13,509
  14,204
  14,933
  15,698
  16,499
  17,340
  18,222
  19,147
  20,118
  21,136
  22,205
Revenue / Adjusted assets
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
Average production assets, $m
  3,820
  4,059
  4,306
  4,563
  4,831
  5,111
  5,402
  5,707
  6,025
  6,357
  6,705
  7,068
  7,448
  7,846
  8,262
  8,698
  9,154
  9,632
  10,133
  10,658
  11,208
  11,785
  12,390
  13,024
  13,689
  14,386
  15,118
  15,886
  16,691
  17,536
  18,423
Working capital, $m
  345
  -1,134
  -1,203
  -1,275
  -1,350
  -1,428
  -1,509
  -1,594
  -1,683
  -1,776
  -1,873
  -1,975
  -2,081
  -2,192
  -2,308
  -2,430
  -2,558
  -2,691
  -2,831
  -2,978
  -3,131
  -3,293
  -3,462
  -3,639
  -3,825
  -4,019
  -4,224
  -4,438
  -4,663
  -4,899
  -5,147
Total debt, $m
  2,047
  2,147
  2,402
  2,668
  2,946
  3,235
  3,537
  3,853
  4,182
  4,526
  4,886
  5,262
  5,655
  6,067
  6,498
  6,949
  7,422
  7,917
  8,435
  8,979
  9,548
  10,146
  10,772
  11,428
  12,117
  12,839
  13,597
  14,391
  15,225
  16,100
  17,018
Total liabilities, $m
  4,104
  4,203
  4,458
  4,724
  5,002
  5,291
  5,593
  5,909
  6,238
  6,582
  6,942
  7,318
  7,711
  8,123
  8,554
  9,005
  9,478
  9,973
  10,491
  11,035
  11,604
  12,202
  12,828
  13,484
  14,173
  14,895
  15,653
  16,447
  17,281
  18,156
  19,074
Total equity, $m
  2,061
  690
  732
  775
  821
  869
  918
  970
  1,024
  1,080
  1,139
  1,201
  1,266
  1,333
  1,404
  1,478
  1,556
  1,637
  1,722
  1,811
  1,905
  2,003
  2,106
  2,213
  2,326
  2,445
  2,569
  2,700
  2,837
  2,980
  3,131
Total liabilities and equity, $m
  6,165
  4,893
  5,190
  5,499
  5,823
  6,160
  6,511
  6,879
  7,262
  7,662
  8,081
  8,519
  8,977
  9,456
  9,958
  10,483
  11,034
  11,610
  12,213
  12,846
  13,509
  14,205
  14,934
  15,697
  16,499
  17,340
  18,222
  19,147
  20,118
  21,136
  22,205
Debt-to-equity ratio
  0.993
  3.110
  3.280
  3.440
  3.590
  3.720
  3.850
  3.970
  4.080
  4.190
  4.290
  4.380
  4.470
  4.550
  4.630
  4.700
  4.770
  4.840
  4.900
  4.960
  5.010
  5.070
  5.120
  5.160
  5.210
  5.250
  5.290
  5.330
  5.370
  5.400
  5.440
Adjusted equity ratio
  0.109
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  295
  402
  423
  445
  468
  492
  517
  543
  571
  599
  629
  660
  693
  727
  762
  800
  839
  880
  923
  968
  1,015
  1,065
  1,116
  1,171
  1,228
  1,288
  1,351
  1,416
  1,486
  1,558
  1,634
Depreciation, amort., depletion, $m
  350
  372
  395
  419
  443
  469
  496
  524
  553
  583
  615
  648
  683
  720
  758
  798
  840
  884
  930
  978
  1,028
  1,081
  1,137
  1,195
  1,256
  1,320
  1,387
  1,457
  1,531
  1,609
  1,690
Funds from operations, $m
  680
  774
  818
  864
  911
  961
  1,013
  1,067
  1,123
  1,182
  1,244
  1,308
  1,376
  1,446
  1,520
  1,598
  1,679
  1,764
  1,852
  1,946
  2,043
  2,146
  2,253
  2,366
  2,484
  2,608
  2,738
  2,874
  3,017
  3,167
  3,324
Change in working capital, $m
  -25
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -248
Cash from operations, $m
  705
  1,124
  887
  936
  986
  1,039
  1,094
  1,152
  1,212
  1,275
  1,341
  1,410
  1,482
  1,558
  1,637
  1,719
  1,806
  1,897
  1,992
  2,092
  2,197
  2,307
  2,422
  2,543
  2,670
  2,803
  2,942
  3,088
  3,242
  3,403
  3,572
Maintenance CAPEX, $m
  0
  -350
  -372
  -395
  -419
  -443
  -469
  -496
  -524
  -553
  -583
  -615
  -648
  -683
  -720
  -758
  -798
  -840
  -884
  -930
  -978
  -1,028
  -1,081
  -1,137
  -1,195
  -1,256
  -1,320
  -1,387
  -1,457
  -1,531
  -1,609
New CAPEX, $m
  -925
  -239
  -247
  -257
  -268
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -380
  -398
  -416
  -436
  -456
  -478
  -501
  -525
  -550
  -577
  -605
  -634
  -665
  -698
  -732
  -768
  -805
  -845
  -887
Cash from investing activities, $m
  -942
  -589
  -619
  -652
  -687
  -723
  -761
  -801
  -842
  -885
  -930
  -978
  -1,028
  -1,081
  -1,136
  -1,194
  -1,254
  -1,318
  -1,385
  -1,455
  -1,528
  -1,605
  -1,686
  -1,771
  -1,860
  -1,954
  -2,052
  -2,155
  -2,262
  -2,376
  -2,496
Free cash flow, $m
  -237
  534
  268
  284
  300
  316
  334
  352
  371
  390
  410
  432
  454
  477
  501
  526
  552
  579
  608
  638
  669
  702
  736
  772
  810
  849
  890
  934
  979
  1,027
  1,077
Issuance/(repayment) of debt, $m
  842
  245
  256
  266
  278
  289
  302
  315
  329
  344
  360
  376
  393
  412
  431
  451
  473
  495
  519
  543
  570
  597
  626
  657
  689
  722
  758
  795
  834
  875
  918
Issuance/(repurchase) of shares, $m
  -126
  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  
  645
  245
  256
  266
  278
  289
  302
  315
  329
  344
  360
  376
  393
  412
  431
  451
  473
  495
  519
  543
  570
  597
  626
  657
  689
  722
  758
  795
  834
  875
  918
Total cash flow (excl. dividends), $m
  404
  779
  524
  550
  577
  606
  636
  667
  700
  734
  770
  808
  847
  888
  932
  977
  1,024
  1,074
  1,126
  1,181
  1,239
  1,299
  1,362
  1,429
  1,498
  1,571
  1,648
  1,729
  1,813
  1,902
  1,995
Retained Cash Flow (-), $m
  -101
  -42
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -144
  -151
Prev. year cash balance distribution, $m
 
  1,413
  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
 
  2,150
  482
  506
  532
  558
  586
  615
  646
  678
  711
  746
  782
  821
  861
  903
  947
  993
  1,041
  1,092
  1,145
  1,201
  1,260
  1,321
  1,385
  1,453
  1,524
  1,598
  1,676
  1,758
  1,844
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
 
  2,061
  441
  440
  438
  433
  425
  416
  404
  389
  373
  354
  334
  312
  289
  265
  241
  216
  192
  168
  146
  124
  105
  87
  71
  57
  44
  34
  26
  19
  14
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

WestJet Airlines Ltd. provides scheduled airline services and travel packages. The company offers scheduled flights; operates WestJet Vacations that provides air, hotel, car, and excursion packages, as well as WestJet Encore, a regional airline with a fleet of turboprop aircraft in a network of destinations in Canada, and a destination in the United States; and provides cargo and charter services. As of December 31, 2015, it operated a fleet of 114 Boeing 737 Next Generation aircraft, 24 Bombardier Q400 aircraft, and 2 Boeing 767-300ERW aircraft for approximately 100 destinations in North America, Central America, the Caribbean, and Europe. The company was founded in 1994 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  WestJet Airlines Ltd. variable voting an (WJA)

Valuation Ratios
P/E Ratio 8.9
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow -12
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 92.3%
Total Debt to Equity 99.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.2%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 72%
Gross Margin - 3 Yr. Avg. 69.4%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 19%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 22.7%

WJA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WJA stock intrinsic value calculation we used $4123 million for the last fiscal year's total revenue generated by WestJet Airlines Ltd. variable voting an. The default revenue input number comes from 2016 income statement of WestJet Airlines Ltd. variable voting an. 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 WJA stock valuation model: a) initial revenue growth rate of 6.2% 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 WJA is calculated based on our internal credit rating of WestJet Airlines Ltd. variable voting an, 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 WestJet Airlines Ltd. variable voting an.
    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 WJA stock the variable cost ratio is equal to 85.9%.

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 WJA 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 WestJet Airlines Ltd. variable voting an.

Corporate tax rate of 27% is the nominal tax rate for WestJet Airlines Ltd. variable voting an. 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 WJA 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 WJA are equal to 92.7%.

Life of production assets of 10.9 years is the average useful life of capital assets used in WestJet Airlines Ltd. variable voting an 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 WJA is equal to -25.9%. 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 - $2061 million for WestJet Airlines Ltd. variable voting an - 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 116.74 million for WestJet Airlines Ltd. variable voting an 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 WestJet Airlines Ltd. variable voting an at the current share price and the inputted number of shares is $2.6 billion.

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Stock chart of WJA Financial statements of WJA
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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