Intrinsic value of WSP Global Inc. - WSP

Previous Close

$50.53

  Intrinsic Value

$73.81

stock screener

  Rating & Target

buy

+46%

  Value-price divergence*

-96%

Previous close

$50.53

 
Intrinsic value

$73.81

 
Up/down potential

+46%

 
Rating

buy

 
Value-price divergence*

-96%

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

We calculate the intrinsic value of WSP 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 5.3

 

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, %
  5.21
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
Revenue, $m
  6,380
  7,031
  7,711
  8,422
  9,162
  9,933
  10,734
  11,568
  12,434
  13,334
  14,269
  15,241
  16,252
  17,303
  18,397
  19,536
  20,722
  21,958
  23,246
  24,590
  25,992
  27,456
  28,985
  30,583
  32,253
  33,999
  35,826
  37,738
  39,739
  41,834
  44,028
Variable operating expenses, $m
 
  6,665
  7,283
  7,928
  8,601
  9,301
  10,029
  10,786
  11,573
  12,390
  13,240
  13,845
  14,763
  15,718
  16,711
  17,746
  18,823
  19,946
  21,116
  22,336
  23,610
  24,940
  26,329
  27,780
  29,297
  30,883
  32,543
  34,279
  36,097
  38,000
  39,993
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
  6,077
  6,665
  7,283
  7,928
  8,601
  9,301
  10,029
  10,786
  11,573
  12,390
  13,240
  13,845
  14,763
  15,718
  16,711
  17,746
  18,823
  19,946
  21,116
  22,336
  23,610
  24,940
  26,329
  27,780
  29,297
  30,883
  32,543
  34,279
  36,097
  38,000
  39,993
Operating income, $m
  303
  366
  428
  493
  561
  632
  705
  782
  861
  943
  1,029
  1,397
  1,489
  1,586
  1,686
  1,790
  1,899
  2,012
  2,130
  2,253
  2,382
  2,516
  2,656
  2,802
  2,956
  3,116
  3,283
  3,458
  3,641
  3,833
  4,035
EBITDA, $m
  463
  678
  744
  813
  884
  958
  1,036
  1,116
  1,200
  1,287
  1,377
  1,471
  1,568
  1,670
  1,775
  1,885
  2,000
  2,119
  2,243
  2,373
  2,508
  2,649
  2,797
  2,951
  3,112
  3,281
  3,457
  3,642
  3,835
  4,037
  4,249
Interest expense (income), $m
  36
  32
  44
  55
  67
  80
  93
  107
  121
  136
  151
  167
  184
  201
  219
  238
  257
  277
  298
  320
  343
  367
  392
  419
  446
  474
  504
  535
  568
  602
  638
Earnings before tax, $m
  266
  333
  385
  438
  494
  552
  612
  675
  740
  808
  878
  1,229
  1,306
  1,385
  1,467
  1,553
  1,642
  1,735
  1,832
  1,933
  2,038
  2,149
  2,264
  2,384
  2,510
  2,641
  2,779
  2,923
  3,074
  3,231
  3,397
Tax expense, $m
  67
  90
  104
  118
  133
  149
  165
  182
  200
  218
  237
  332
  352
  374
  396
  419
  443
  468
  495
  522
  550
  580
  611
  644
  678
  713
  750
  789
  830
  872
  917
Net income, $m
  199
  243
  281
  320
  361
  403
  447
  493
  540
  590
  641
  898
  953
  1,011
  1,071
  1,133
  1,198
  1,266
  1,337
  1,411
  1,488
  1,568
  1,652
  1,740
  1,832
  1,928
  2,029
  2,134
  2,244
  2,359
  2,480

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  231
  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
  6,129
  6,498
  7,127
  7,783
  8,468
  9,180
  9,921
  10,691
  11,492
  12,323
  13,188
  14,086
  15,020
  15,992
  17,003
  18,055
  19,151
  20,294
  21,484
  22,726
  24,022
  25,375
  26,788
  28,265
  29,808
  31,422
  33,111
  34,878
  36,727
  38,663
  40,691
Adjusted assets (=assets-cash), $m
  5,898
  6,498
  7,127
  7,783
  8,468
  9,180
  9,921
  10,691
  11,492
  12,323
  13,188
  14,086
  15,020
  15,992
  17,003
  18,055
  19,151
  20,294
  21,484
  22,726
  24,022
  25,375
  26,788
  28,265
  29,808
  31,422
  33,111
  34,878
  36,727
  38,663
  40,691
Revenue / Adjusted assets
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
  1.082
Average production assets, $m
  663
  731
  802
  876
  953
  1,033
  1,116
  1,203
  1,293
  1,387
  1,484
  1,585
  1,690
  1,800
  1,913
  2,032
  2,155
  2,284
  2,418
  2,557
  2,703
  2,855
  3,014
  3,181
  3,354
  3,536
  3,726
  3,925
  4,133
  4,351
  4,579
Working capital, $m
  524
  492
  540
  590
  641
  695
  751
  810
  870
  933
  999
  1,067
  1,138
  1,211
  1,288
  1,368
  1,451
  1,537
  1,627
  1,721
  1,819
  1,922
  2,029
  2,141
  2,258
  2,380
  2,508
  2,642
  2,782
  2,928
  3,082
Total debt, $m
  1,082
  1,244
  1,576
  1,923
  2,284
  2,660
  3,051
  3,458
  3,881
  4,320
  4,776
  5,251
  5,744
  6,257
  6,791
  7,346
  7,925
  8,528
  9,157
  9,812
  10,497
  11,211
  11,957
  12,737
  13,552
  14,404
  15,296
  16,228
  17,205
  18,227
  19,298
Total liabilities, $m
  3,269
  3,431
  3,763
  4,110
  4,471
  4,847
  5,238
  5,645
  6,068
  6,507
  6,963
  7,438
  7,931
  8,444
  8,978
  9,533
  10,112
  10,715
  11,344
  11,999
  12,684
  13,398
  14,144
  14,924
  15,739
  16,591
  17,483
  18,415
  19,392
  20,414
  21,485
Total equity, $m
  2,860
  3,067
  3,364
  3,674
  3,997
  4,333
  4,683
  5,046
  5,424
  5,817
  6,225
  6,649
  7,090
  7,548
  8,025
  8,522
  9,040
  9,579
  10,141
  10,727
  11,338
  11,977
  12,644
  13,341
  14,070
  14,831
  15,628
  16,462
  17,335
  18,249
  19,206
Total liabilities and equity, $m
  6,129
  6,498
  7,127
  7,784
  8,468
  9,180
  9,921
  10,691
  11,492
  12,324
  13,188
  14,087
  15,021
  15,992
  17,003
  18,055
  19,152
  20,294
  21,485
  22,726
  24,022
  25,375
  26,788
  28,265
  29,809
  31,422
  33,111
  34,877
  36,727
  38,663
  40,691
Debt-to-equity ratio
  0.378
  0.410
  0.470
  0.520
  0.570
  0.610
  0.650
  0.690
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
  0.980
  0.990
  0.990
  1.000
  1.000
Adjusted equity ratio
  0.446
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472
  0.472

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  199
  243
  281
  320
  361
  403
  447
  493
  540
  590
  641
  898
  953
  1,011
  1,071
  1,133
  1,198
  1,266
  1,337
  1,411
  1,488
  1,568
  1,652
  1,740
  1,832
  1,928
  2,029
  2,134
  2,244
  2,359
  2,480
Depreciation, amort., depletion, $m
  160
  313
  316
  319
  323
  327
  331
  335
  339
  343
  348
  74
  79
  84
  89
  95
  101
  107
  113
  120
  126
  133
  141
  149
  157
  165
  174
  183
  193
  203
  214
Funds from operations, $m
  338
  556
  597
  639
  683
  730
  777
  827
  879
  933
  989
  972
  1,032
  1,095
  1,160
  1,228
  1,299
  1,373
  1,450
  1,530
  1,614
  1,702
  1,793
  1,889
  1,989
  2,093
  2,203
  2,317
  2,437
  2,562
  2,693
Change in working capital, $m
  -49
  46
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
Cash from operations, $m
  387
  510
  549
  589
  632
  676
  721
  769
  818
  870
  923
  904
  961
  1,021
  1,084
  1,149
  1,216
  1,287
  1,360
  1,436
  1,516
  1,599
  1,686
  1,777
  1,872
  1,971
  2,075
  2,183
  2,297
  2,416
  2,540
Maintenance CAPEX, $m
  0
  -31
  -34
  -37
  -41
  -45
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
New CAPEX, $m
  -144
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -228
Cash from investing activities, $m
  -309
  -100
  -105
  -111
  -118
  -125
  -131
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -207
  -218
  -230
  -241
  -253
  -266
  -278
  -292
  -307
  -323
  -339
  -355
  -373
  -391
  -411
  -431
Free cash flow, $m
  78
  411
  444
  478
  514
  551
  590
  630
  672
  716
  761
  733
  782
  833
  886
  941
  998
  1,057
  1,119
  1,184
  1,251
  1,321
  1,394
  1,470
  1,550
  1,633
  1,720
  1,810
  1,905
  2,004
  2,108
Issuance/(repayment) of debt, $m
  81
  316
  332
  347
  361
  376
  391
  407
  423
  439
  456
  474
  493
  513
  534
  556
  579
  603
  629
  656
  684
  714
  746
  780
  815
  852
  891
  933
  976
  1,022
  1,071
Issuance/(repurchase) of shares, $m
  0
  41
  16
  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  
  41
  357
  348
  347
  361
  376
  391
  407
  423
  439
  456
  474
  493
  513
  534
  556
  579
  603
  629
  656
  684
  714
  746
  780
  815
  852
  891
  933
  976
  1,022
  1,071
Total cash flow (excl. dividends), $m
  96
  767
  792
  825
  875
  927
  981
  1,037
  1,095
  1,155
  1,218
  1,208
  1,275
  1,346
  1,420
  1,496
  1,577
  1,660
  1,748
  1,839
  1,935
  2,035
  2,140
  2,250
  2,365
  2,485
  2,611
  2,743
  2,882
  3,027
  3,179
Retained Cash Flow (-), $m
  56
  -284
  -297
  -310
  -323
  -336
  -350
  -364
  -378
  -393
  -408
  -424
  -441
  -459
  -477
  -497
  -517
  -539
  -562
  -586
  -612
  -639
  -667
  -697
  -729
  -762
  -797
  -834
  -873
  -914
  -957
Prev. year cash balance distribution, $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
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
 
  560
  495
  515
  552
  591
  631
  673
  717
  762
  810
  783
  834
  887
  942
  1,000
  1,059
  1,121
  1,186
  1,253
  1,323
  1,397
  1,473
  1,553
  1,636
  1,723
  1,814
  1,909
  2,009
  2,113
  2,222
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  536
  452
  445
  451
  453
  451
  447
  439
  427
  412
  360
  343
  323
  301
  278
  253
  228
  203
  178
  154
  131
  110
  90
  73
  58
  45
  35
  26
  19
  14
Current shareholders' claim on cash, %
  100
  99.2
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9
  98.9

WSP Global Inc. provides various professional services in the United States, Canada, the United Kingdom, Sweden, Australia, China, South Africa, the United Arab Emirates, Qatar, Singapore, Finland, and internationally. The company offers management and technical consultancy services for the property sector; and structural and mechanical, electrical, and plumbing engineering services, including fire engineering, lighting design, vertical transportation, acoustics, intelligent building systems, AV/IT, facade engineering, and green building design. It also plans, analyzes, designs, and manages projects for rail, transit, aviation, bridges, tunnels, highways, ports, roads, and urban infrastructure; provides a range of services, such as air, land, water, and health, as well as advise and work with clients on a range of environmental matters comprising risk management, permitting authorizations and regulatory compliance to handling and disposal of hazardous materials, and employeesÂ’ health and safety. In addition, the company offers consulting and engineering services to the food and beverages, pharmaceutical, biotechnology, chemical, and power and energy sectors; and resource and reserve modelling, metallurgical testing, geotechnical and mine design, and detailed engineering services for mining infrastructure. Further, it provides operational management support services consisting of feasibility studies and engineering design and energy simulations, as well as project delivery and strategic consulting services. The company was formerly known as GENIVAR Inc. WSP Global Inc. was founded in 1959 and is headquartered in Montreal, Canada.

FINANCIAL RATIOS  of  WSP Global Inc. (WSP)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 0.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 21.1
Growth Rates
Sales Growth Rate 5.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.1%
Cap. Spend. - 3 Yr. Gr. Rate 37.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 32.4%
Total Debt to Equity 37.8%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 6.9%
Return On Equity - 3 Yr. Avg. 6.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 76.7%
Gross Margin - 3 Yr. Avg. 77.2%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 25.2%
Eff/ Tax Rate - 3 Yr. Avg. 27.3%
Payout Ratio 34.2%

WSP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WSP stock intrinsic value calculation we used $6380 million for the last fiscal year's total revenue generated by WSP Global Inc.. The default revenue input number comes from 2016 income statement of WSP Global 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 WSP stock valuation model: a) initial revenue growth rate of 10.2% 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 4.5%, whose default value for WSP is calculated based on our internal credit rating of WSP Global 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 WSP Global 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 WSP stock the variable cost ratio is equal to 95.2%.

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 WSP 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 WSP Global Inc..

Corporate tax rate of 27% is the nominal tax rate for WSP Global 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 WSP 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 WSP are equal to 10.4%.

Life of production assets of 21.4 years is the average useful life of capital assets used in WSP Global 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 WSP is equal to 7%. 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 - $2860 million for WSP Global 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 104.03 million for WSP Global 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 WSP Global Inc. at the current share price and the inputted number of shares is $5.3 billion.

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Stock chart of WSP Financial statements of WSP
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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