Intrinsic value of Atlantica Yield - ABY

Previous Close

$21.33

  Intrinsic Value

$4.58

stock screener

  Rating & Target

str. sell

-79%

  Value-price divergence*

-10%

Previous close

$21.33

 
Intrinsic value

$4.58

 
Up/down potential

-79%

 
Rating

str. sell

 
Value-price divergence*

-10%

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

We calculate the intrinsic value of ABY 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 2.1

 

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, %
  22.88
  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
  972
  991
  1,014
  1,040
  1,070
  1,102
  1,138
  1,176
  1,218
  1,263
  1,312
  1,364
  1,419
  1,478
  1,541
  1,607
  1,678
  1,752
  1,831
  1,914
  2,002
  2,095
  2,193
  2,296
  2,405
  2,519
  2,640
  2,767
  2,900
  3,041
  3,188
Variable operating expenses, $m
 
  559
  572
  587
  603
  622
  642
  663
  687
  713
  740
  769
  800
  834
  869
  906
  946
  988
  1,033
  1,080
  1,129
  1,182
  1,237
  1,295
  1,356
  1,421
  1,489
  1,560
  1,636
  1,715
  1,798
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
  569
  559
  572
  587
  603
  622
  642
  663
  687
  713
  740
  769
  800
  834
  869
  906
  946
  988
  1,033
  1,080
  1,129
  1,182
  1,237
  1,295
  1,356
  1,421
  1,489
  1,560
  1,636
  1,715
  1,798
Operating income, $m
  402
  432
  442
  454
  466
  480
  496
  513
  531
  551
  572
  595
  619
  644
  672
  701
  731
  764
  798
  835
  873
  913
  956
  1,001
  1,049
  1,098
  1,151
  1,206
  1,265
  1,326
  1,390
EBITDA, $m
  735
  772
  789
  810
  832
  858
  885
  915
  948
  983
  1,021
  1,061
  1,104
  1,150
  1,199
  1,251
  1,305
  1,364
  1,425
  1,490
  1,558
  1,630
  1,707
  1,787
  1,871
  1,961
  2,054
  2,153
  2,257
  2,366
  2,481
Interest expense (income), $m
  335
  312
  318
  329
  341
  354
  369
  385
  403
  422
  443
  465
  489
  514
  541
  570
  600
  633
  667
  703
  741
  781
  824
  869
  916
  966
  1,018
  1,073
  1,131
  1,193
  1,257
Earnings before tax, $m
  3
  121
  124
  125
  126
  126
  127
  128
  128
  129
  129
  129
  130
  130
  130
  131
  131
  131
  132
  132
  132
  132
  132
  132
  133
  133
  133
  133
  133
  133
  133
Tax expense, $m
  1
  33
  33
  34
  34
  34
  34
  34
  35
  35
  35
  35
  35
  35
  35
  35
  35
  35
  36
  36
  36
  36
  36
  36
  36
  36
  36
  36
  36
  36
  36
Net income, $m
  -5
  88
  90
  91
  92
  92
  93
  93
  94
  94
  94
  94
  95
  95
  95
  95
  96
  96
  96
  96
  96
  96
  97
  97
  97
  97
  97
  97
  97
  97
  97

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  823
  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
  10,298
  10,117
  10,349
  10,615
  10,914
  11,245
  11,608
  12,003
  12,431
  12,892
  13,387
  13,916
  14,481
  15,082
  15,722
  16,400
  17,118
  17,879
  18,684
  19,534
  20,431
  21,378
  22,377
  23,430
  24,539
  25,707
  26,937
  28,232
  29,594
  31,027
  32,535
Adjusted assets (=assets-cash), $m
  9,475
  10,117
  10,349
  10,615
  10,914
  11,245
  11,608
  12,003
  12,431
  12,892
  13,387
  13,916
  14,481
  15,082
  15,722
  16,400
  17,118
  17,879
  18,684
  19,534
  20,431
  21,378
  22,377
  23,430
  24,539
  25,707
  26,937
  28,232
  29,594
  31,027
  32,535
Revenue / Adjusted assets
  0.103
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
  0.098
Average production assets, $m
  9,113
  9,296
  9,510
  9,754
  10,028
  10,332
  10,666
  11,029
  11,422
  11,846
  12,301
  12,787
  13,306
  13,858
  14,446
  15,069
  15,729
  16,428
  17,167
  17,949
  18,773
  19,643
  20,561
  21,528
  22,548
  23,621
  24,751
  25,941
  27,193
  28,510
  29,895
Working capital, $m
  -129
  42
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  60
  62
  65
  68
  70
  74
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
Total debt, $m
  5,999
  5,789
  5,979
  6,196
  6,440
  6,710
  7,006
  7,329
  7,678
  8,054
  8,458
  8,890
  9,351
  9,841
  10,363
  10,916
  11,503
  12,123
  12,780
  13,474
  14,206
  14,979
  15,794
  16,653
  17,558
  18,511
  19,515
  20,571
  21,683
  22,852
  24,083
Total liabilities, $m
  8,465
  8,255
  8,445
  8,662
  8,906
  9,176
  9,472
  9,795
  10,144
  10,520
  10,924
  11,356
  11,817
  12,307
  12,829
  13,382
  13,969
  14,589
  15,246
  15,940
  16,672
  17,445
  18,260
  19,119
  20,024
  20,977
  21,981
  23,037
  24,149
  25,318
  26,549
Total equity, $m
  1,833
  1,861
  1,904
  1,953
  2,008
  2,069
  2,136
  2,209
  2,287
  2,372
  2,463
  2,561
  2,665
  2,775
  2,893
  3,018
  3,150
  3,290
  3,438
  3,594
  3,759
  3,934
  4,117
  4,311
  4,515
  4,730
  4,956
  5,195
  5,445
  5,709
  5,986
Total liabilities and equity, $m
  10,298
  10,116
  10,349
  10,615
  10,914
  11,245
  11,608
  12,004
  12,431
  12,892
  13,387
  13,917
  14,482
  15,082
  15,722
  16,400
  17,119
  17,879
  18,684
  19,534
  20,431
  21,379
  22,377
  23,430
  24,539
  25,707
  26,937
  28,232
  29,594
  31,027
  32,535
Debt-to-equity ratio
  3.273
  3.110
  3.140
  3.170
  3.210
  3.240
  3.280
  3.320
  3.360
  3.400
  3.430
  3.470
  3.510
  3.550
  3.580
  3.620
  3.650
  3.690
  3.720
  3.750
  3.780
  3.810
  3.840
  3.860
  3.890
  3.910
  3.940
  3.960
  3.980
  4.000
  4.020
Adjusted equity ratio
  0.137
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  88
  90
  91
  92
  92
  93
  93
  94
  94
  94
  94
  95
  95
  95
  95
  96
  96
  96
  96
  96
  96
  97
  97
  97
  97
  97
  97
  97
  97
  97
Depreciation, amort., depletion, $m
  333
  339
  347
  356
  366
  377
  389
  403
  417
  432
  449
  467
  486
  506
  527
  550
  574
  600
  627
  655
  685
  717
  750
  786
  823
  862
  903
  947
  992
  1,040
  1,091
Funds from operations, $m
  2
  427
  437
  447
  458
  469
  482
  496
  510
  526
  543
  561
  580
  601
  622
  645
  670
  695
  723
  751
  781
  813
  847
  882
  920
  959
  1,000
  1,044
  1,090
  1,138
  1,188
Change in working capital, $m
  -332
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Cash from operations, $m
  334
  427
  436
  446
  456
  468
  480
  494
  509
  524
  541
  559
  578
  598
  620
  643
  667
  692
  719
  748
  778
  809
  843
  878
  915
  954
  995
  1,038
  1,084
  1,132
  1,182
Maintenance CAPEX, $m
  0
  -333
  -339
  -347
  -356
  -366
  -377
  -389
  -403
  -417
  -432
  -449
  -467
  -486
  -506
  -527
  -550
  -574
  -600
  -627
  -655
  -685
  -717
  -750
  -786
  -823
  -862
  -903
  -947
  -992
  -1,040
New CAPEX, $m
  -6
  -183
  -214
  -244
  -274
  -304
  -334
  -363
  -393
  -424
  -455
  -486
  -519
  -553
  -587
  -623
  -660
  -699
  -739
  -781
  -825
  -870
  -918
  -967
  -1,019
  -1,073
  -1,130
  -1,190
  -1,252
  -1,317
  -1,385
Cash from investing activities, $m
  -26
  -516
  -553
  -591
  -630
  -670
  -711
  -752
  -796
  -841
  -887
  -935
  -986
  -1,039
  -1,093
  -1,150
  -1,210
  -1,273
  -1,339
  -1,408
  -1,480
  -1,555
  -1,635
  -1,717
  -1,805
  -1,896
  -1,992
  -2,093
  -2,199
  -2,309
  -2,425
Free cash flow, $m
  308
  -89
  -117
  -146
  -174
  -202
  -230
  -259
  -287
  -316
  -346
  -376
  -408
  -440
  -473
  -508
  -544
  -581
  -620
  -660
  -702
  -746
  -792
  -840
  -890
  -942
  -997
  -1,054
  -1,115
  -1,178
  -1,244
Issuance/(repayment) of debt, $m
  -172
  124
  190
  217
  244
  270
  296
  323
  349
  376
  404
  432
  461
  491
  522
  553
  586
  621
  656
  694
  732
  773
  815
  859
  905
  953
  1,004
  1,056
  1,112
  1,170
  1,230
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  3
  9
  16
  22
  29
  37
  44
  52
  60
  69
  78
  87
  97
  107
  118
  129
  141
  154
  166
  180
Cash from financing (excl. dividends), $m  
  -190
  124
  190
  217
  244
  270
  296
  323
  349
  376
  404
  435
  470
  507
  544
  582
  623
  665
  708
  754
  801
  851
  902
  956
  1,012
  1,071
  1,133
  1,197
  1,266
  1,336
  1,410
Total cash flow (excl. dividends), $m
  116
  35
  73
  72
  70
  68
  66
  64
  62
  60
  58
  59
  62
  66
  71
  75
  79
  84
  89
  94
  99
  105
  110
  116
  123
  129
  136
  143
  151
  158
  167
Retained Cash Flow (-), $m
  50
  -28
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -85
  -91
  -97
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
  -174
  -184
  -194
  -204
  -215
  -226
  -238
  -251
  -264
  -277
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
 
  6
  30
  23
  15
  7
  -1
  -9
  -17
  -25
  -33
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
Discount rate, %
 
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
 
  6
  25
  16
  9
  4
  0
  -4
  -6
  -7
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.6
  99.1
  98.4
  97.6
  96.6
  95.4
  94.1
  92.7
  91.2
  89.6
  88.0
  86.2
  84.4
  82.6
  80.7
  78.8
  76.8
  74.8
  72.9

Atlantica Yield plc owns a portfolio of contracted renewable energy, power generation, electric transmission, and water assets in North America, South America, and EMEA. As of December 31, 2015, It had 20 stable contracted assets, including 1441 megawatts (MW) of renewable generation assets comprising concentrating solar power and wind plants; 300 MW of conventional power generation assets that produce electricity and steam from natural gas; 1,099 miles of electric transmission lines; and desalination plants. The company was formerly known as Abengoa Yield plc and changed its name to Atlantica Yield plc in May 2016. The company was incorporated in 2013 and is based in Brentford, the United Kingdom.

FINANCIAL RATIOS  of  Atlantica Yield (ABY)

Valuation Ratios
P/E Ratio -427.5
Price to Sales 2.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 6.5
Growth Rates
Sales Growth Rate 22.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -94.3%
Cap. Spend. - 3 Yr. Gr. Rate -56.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 273.1%
Total Debt to Equity 327.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -0.3%
Return On Equity - 3 Yr. Avg. -4.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 92.6%
Gross Margin - 3 Yr. Avg. 91.9%
EBITDA Margin 69%
EBITDA Margin - 3 Yr. Avg. 62.8%
Operating Margin 41.5%
Oper. Margin - 3 Yr. Avg. 44.3%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. -9.5%
Net Profit Margin -0.5%
Net Profit Margin - 3 Yr. Avg. -11.9%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 1.2%
Payout Ratio -720%

ABY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ABY stock intrinsic value calculation we used $972 million for the last fiscal year's total revenue generated by Atlantica Yield. The default revenue input number comes from 2016 income statement of Atlantica Yield. 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 ABY 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 10.2%, whose default value for ABY is calculated based on our internal credit rating of Atlantica Yield, 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 Atlantica Yield.
    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 ABY stock the variable cost ratio is equal to 56.4%.

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 ABY 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 Atlantica Yield.

Corporate tax rate of 27% is the nominal tax rate for Atlantica Yield. 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 ABY 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 ABY are equal to 937.6%.

Life of production assets of 27.4 years is the average useful life of capital assets used in Atlantica Yield 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 ABY is equal to 4.2%. 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 - $1833 million for Atlantica Yield - 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 100.095 million for Atlantica Yield 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 Atlantica Yield at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Abengoa Yield posts 2Q profit   [Aug-05-17 01:05AM  Associated Press]
▶ The World's Top 4 Alternative Energy Companies in 2017   [Jul-12-17 04:23PM  Investopedia]
▶ Top 4 Alternative Energy Stocks for 2017   [04:12PM  Investopedia]
▶ ETFs with exposure to Atlantica Yield Plc : June 26, 2017   [Jun-26-17 03:13PM  Capital Cube]
▶ ETFs with exposure to Atlantica Yield Plc : June 15, 2017   [Jun-15-17 12:52PM  Capital Cube]
▶ Abengoa Yield reports 1Q loss   [May-15-17 06:52PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for March 14th   [Mar-14-17 10:32AM  Zacks]
▶ Top 4 Alternative Energy Stocks for 2017   [Mar-02-17 06:00AM  at Investopedia]
▶ Abengoa Yield reports 4Q loss   [07:49PM  Associated Press]
▶ Do Hedge Funds Love Atlantica Yield PLC (ABY)?   [Dec-15-16 09:00AM  at Insider Monkey]
▶ Billionaire David Tepper Loves These Dividend Stocks Right Now   [Dec-01-16 04:24PM  at Insider Monkey]
Stock chart of ABY Financial statements of ABY
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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