Intrinsic value of ACCO Brands - ACCO

Previous Close

$12.45

  Intrinsic Value

$15.68

stock screener

  Rating & Target

buy

+26%

Previous close

$12.45

 
Intrinsic value

$15.68

 
Up/down potential

+26%

 
Rating

buy

We calculate the intrinsic value of ACCO 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 1.4

 

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, %
  3.11
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  1,557
  1,861
  2,196
  2,564
  2,964
  3,394
  3,854
  4,344
  4,862
  5,409
  5,983
  6,584
  7,213
  7,869
  8,553
  9,264
  10,004
  10,773
  11,572
  12,403
  13,266
  14,163
  15,096
  16,066
  17,076
  18,127
  19,222
  20,363
  21,553
  22,794
  24,090
Variable operating expenses, $m
 
  1,648
  1,935
  2,249
  2,590
  2,958
  3,351
  3,769
  4,212
  4,679
  5,170
  5,625
  6,162
  6,723
  7,307
  7,914
  8,546
  9,203
  9,886
  10,595
  11,333
  12,099
  12,896
  13,725
  14,588
  15,486
  16,421
  17,396
  18,413
  19,473
  20,580
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
  1,390
  1,648
  1,935
  2,249
  2,590
  2,958
  3,351
  3,769
  4,212
  4,679
  5,170
  5,625
  6,162
  6,723
  7,307
  7,914
  8,546
  9,203
  9,886
  10,595
  11,333
  12,099
  12,896
  13,725
  14,588
  15,486
  16,421
  17,396
  18,413
  19,473
  20,580
Operating income, $m
  167
  212
  261
  315
  373
  436
  503
  574
  650
  729
  813
  959
  1,051
  1,147
  1,246
  1,350
  1,458
  1,570
  1,686
  1,807
  1,933
  2,064
  2,199
  2,341
  2,488
  2,641
  2,801
  2,967
  3,140
  3,321
  3,510
EBITDA, $m
  219
  307
  363
  423
  489
  560
  636
  717
  802
  893
  987
  1,087
  1,191
  1,299
  1,412
  1,529
  1,651
  1,778
  1,910
  2,047
  2,190
  2,338
  2,492
  2,652
  2,818
  2,992
  3,173
  3,361
  3,557
  3,762
  3,976
Interest expense (income), $m
  50
  46
  64
  85
  107
  130
  156
  184
  213
  244
  277
  311
  347
  385
  424
  465
  508
  552
  598
  646
  695
  747
  801
  857
  915
  975
  1,038
  1,103
  1,172
  1,243
  1,317
Earnings before tax, $m
  125
  166
  197
  230
  266
  305
  347
  390
  437
  485
  536
  648
  704
  762
  822
  885
  950
  1,018
  1,088
  1,161
  1,237
  1,317
  1,399
  1,484
  1,573
  1,666
  1,763
  1,863
  1,969
  2,078
  2,193
Tax expense, $m
  29
  45
  53
  62
  72
  82
  94
  105
  118
  131
  145
  175
  190
  206
  222
  239
  257
  275
  294
  314
  334
  355
  378
  401
  425
  450
  476
  503
  532
  561
  592
Net income, $m
  96
  121
  144
  168
  195
  223
  253
  285
  319
  354
  391
  473
  514
  556
  600
  646
  694
  743
  794
  848
  903
  961
  1,021
  1,084
  1,149
  1,216
  1,287
  1,360
  1,437
  1,517
  1,601

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  2,065
  2,416
  2,853
  3,330
  3,849
  4,407
  5,005
  5,641
  6,314
  7,024
  7,770
  8,551
  9,368
  10,220
  11,108
  12,031
  12,992
  13,991
  15,029
  16,107
  17,228
  18,393
  19,605
  20,865
  22,176
  23,541
  24,964
  26,446
  27,991
  29,603
  31,285
Adjusted assets (=assets-cash), $m
  2,022
  2,416
  2,853
  3,330
  3,849
  4,407
  5,005
  5,641
  6,314
  7,024
  7,770
  8,551
  9,368
  10,220
  11,108
  12,031
  12,992
  13,991
  15,029
  16,107
  17,228
  18,393
  19,605
  20,865
  22,176
  23,541
  24,964
  26,446
  27,991
  29,603
  31,285
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  747
  893
  1,054
  1,231
  1,422
  1,629
  1,850
  2,085
  2,334
  2,596
  2,872
  3,161
  3,462
  3,777
  4,105
  4,447
  4,802
  5,171
  5,555
  5,953
  6,367
  6,798
  7,246
  7,712
  8,196
  8,701
  9,227
  9,774
  10,345
  10,941
  11,563
Working capital, $m
  265
  348
  411
  480
  554
  635
  721
  812
  909
  1,011
  1,119
  1,231
  1,349
  1,472
  1,599
  1,732
  1,871
  2,015
  2,164
  2,319
  2,481
  2,648
  2,823
  3,004
  3,193
  3,390
  3,595
  3,808
  4,030
  4,263
  4,505
Total debt, $m
  696
  908
  1,191
  1,501
  1,838
  2,200
  2,588
  3,001
  3,438
  3,899
  4,383
  4,890
  5,420
  5,973
  6,549
  7,148
  7,772
  8,420
  9,094
  9,794
  10,521
  11,277
  12,063
  12,881
  13,732
  14,618
  15,541
  16,503
  17,506
  18,552
  19,644
Total liabilities, $m
  1,356
  1,568
  1,851
  2,161
  2,498
  2,860
  3,248
  3,661
  4,098
  4,559
  5,043
  5,550
  6,080
  6,633
  7,209
  7,808
  8,432
  9,080
  9,754
  10,454
  11,181
  11,937
  12,723
  13,541
  14,392
  15,278
  16,201
  17,163
  18,166
  19,212
  20,304
Total equity, $m
  709
  848
  1,001
  1,169
  1,351
  1,547
  1,757
  1,980
  2,216
  2,465
  2,727
  3,001
  3,288
  3,587
  3,899
  4,223
  4,560
  4,911
  5,275
  5,654
  6,047
  6,456
  6,881
  7,324
  7,784
  8,263
  8,762
  9,282
  9,825
  10,391
  10,981
Total liabilities and equity, $m
  2,065
  2,416
  2,852
  3,330
  3,849
  4,407
  5,005
  5,641
  6,314
  7,024
  7,770
  8,551
  9,368
  10,220
  11,108
  12,031
  12,992
  13,991
  15,029
  16,108
  17,228
  18,393
  19,604
  20,865
  22,176
  23,541
  24,963
  26,445
  27,991
  29,603
  31,285
Debt-to-equity ratio
  0.982
  1.070
  1.190
  1.280
  1.360
  1.420
  1.470
  1.520
  1.550
  1.580
  1.610
  1.630
  1.650
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  96
  121
  144
  168
  195
  223
  253
  285
  319
  354
  391
  473
  514
  556
  600
  646
  694
  743
  794
  848
  903
  961
  1,021
  1,084
  1,149
  1,216
  1,287
  1,360
  1,437
  1,517
  1,601
Depreciation, amort., depletion, $m
  52
  95
  101
  108
  116
  124
  133
  143
  153
  163
  174
  127
  140
  152
  166
  179
  194
  209
  224
  240
  257
  274
  292
  311
  330
  351
  372
  394
  417
  441
  466
Funds from operations, $m
  156
  216
  245
  276
  311
  347
  386
  428
  472
  518
  566
  601
  653
  708
  766
  825
  887
  952
  1,018
  1,088
  1,160
  1,235
  1,313
  1,394
  1,479
  1,567
  1,659
  1,754
  1,854
  1,958
  2,067
Change in working capital, $m
  -10
  57
  63
  69
  75
  80
  86
  92
  97
  102
  107
  113
  118
  123
  128
  133
  138
  144
  149
  155
  161
  168
  174
  181
  189
  197
  205
  213
  223
  232
  242
Cash from operations, $m
  166
  159
  182
  208
  236
  267
  300
  336
  375
  415
  459
  488
  536
  586
  638
  692
  749
  808
  869
  933
  999
  1,067
  1,139
  1,213
  1,290
  1,371
  1,454
  1,541
  1,632
  1,726
  1,825
Maintenance CAPEX, $m
  0
  -30
  -36
  -43
  -50
  -57
  -66
  -75
  -84
  -94
  -105
  -116
  -127
  -140
  -152
  -166
  -179
  -194
  -209
  -224
  -240
  -257
  -274
  -292
  -311
  -330
  -351
  -372
  -394
  -417
  -441
New CAPEX, $m
  -19
  -146
  -161
  -177
  -192
  -206
  -221
  -235
  -249
  -262
  -276
  -289
  -302
  -315
  -328
  -341
  -355
  -369
  -384
  -399
  -414
  -431
  -448
  -466
  -485
  -505
  -526
  -548
  -571
  -596
  -622
Cash from investing activities, $m
  -106
  -176
  -197
  -220
  -242
  -263
  -287
  -310
  -333
  -356
  -381
  -405
  -429
  -455
  -480
  -507
  -534
  -563
  -593
  -623
  -654
  -688
  -722
  -758
  -796
  -835
  -877
  -920
  -965
  -1,013
  -1,063
Free cash flow, $m
  60
  -17
  -15
  -11
  -5
  3
  14
  27
  42
  59
  78
  84
  107
  131
  157
  185
  214
  245
  277
  310
  344
  380
  417
  455
  495
  535
  578
  621
  666
  713
  762
Issuance/(repayment) of debt, $m
  -46
  255
  283
  310
  337
  363
  388
  413
  437
  461
  484
  507
  530
  553
  576
  600
  624
  648
  674
  700
  727
  756
  786
  818
  851
  886
  923
  962
  1,003
  1,046
  1,092
Issuance/(repurchase) of shares, $m
  7
  18
  9
  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  
  -75
  273
  292
  310
  337
  363
  388
  413
  437
  461
  484
  507
  530
  553
  576
  600
  624
  648
  674
  700
  727
  756
  786
  818
  851
  886
  923
  962
  1,003
  1,046
  1,092
Total cash flow (excl. dividends), $m
  -13
  256
  277
  299
  331
  366
  402
  439
  479
  520
  562
  591
  637
  684
  734
  785
  838
  893
  950
  1,010
  1,072
  1,136
  1,203
  1,273
  1,346
  1,421
  1,501
  1,583
  1,669
  1,759
  1,854
Retained Cash Flow (-), $m
  -128
  -139
  -153
  -168
  -182
  -196
  -210
  -223
  -236
  -249
  -262
  -274
  -287
  -299
  -312
  -324
  -337
  -351
  -364
  -379
  -393
  -409
  -425
  -442
  -460
  -479
  -499
  -520
  -542
  -566
  -590
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
 
  117
  124
  131
  149
  169
  192
  216
  242
  270
  300
  316
  350
  385
  422
  461
  501
  543
  586
  631
  678
  727
  778
  831
  885
  942
  1,001
  1,063
  1,127
  1,194
  1,263
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  109
  107
  104
  108
  111
  113
  113
  112
  109
  104
  93
  87
  79
  71
  62
  54
  45
  37
  30
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  98.7
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1
  98.1

ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company's brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones. The Company's ACCO Brands North America and ACCO Brands International design, market, source, manufacture and sell traditional office products, academic supplies and calendar products. ACCO Brands North America consists of the United States and Canada, and ACCO Brands International consists of the rest of the world, primarily Northern Europe, Australia, Brazil and Mexico. Its Computer Products Group designs, sources, distributes, markets and sells accessories for laptop and desktop computers and tablets.

FINANCIAL RATIOS  of  ACCO Brands (ACCO)

Valuation Ratios
P/E Ratio 14
Price to Sales 0.9
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.1%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 88.4%
Total Debt to Equity 98.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 14.9%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 33.1%
Gross Margin - 3 Yr. Avg. 32%
EBITDA Margin 14.6%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 10.6%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 23.2%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 0%

ACCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACCO stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by ACCO Brands. The default revenue input number comes from 2016 income statement of ACCO Brands. 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 ACCO stock valuation model: a) initial revenue growth rate of 19.5% 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 7.2%, whose default value for ACCO is calculated based on our internal credit rating of ACCO Brands, 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 ACCO Brands.
    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 ACCO stock the variable cost ratio is equal to 89.2%.

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 ACCO 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 7.1% for ACCO Brands.

Corporate tax rate of 27% is the nominal tax rate for ACCO Brands. 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 ACCO 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 ACCO are equal to 48%.

Life of production assets of 24.8 years is the average useful life of capital assets used in ACCO Brands 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 ACCO is equal to 18.7%. 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 - $709 million for ACCO Brands - 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 108.949 million for ACCO Brands 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 ACCO Brands at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Top Ranked Value Stocks to Buy for November 3rd   [Nov-03-17 07:27AM  Zacks]
▶ Acco beats Street 3Q forecasts   [Oct-30-17 07:19AM  Associated Press]
▶ Acco beats 2Q profit forecasts   [Aug-01-17 10:56PM  Associated Press]
▶ ETFs with exposure to ACCO Brands Corp. : July 28, 2017   [Jul-28-17 04:21PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : July 18, 2017   [Jul-18-17 01:44PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : July 7, 2017   [Jul-07-17 02:22PM  Capital Cube]
▶ ETFs with exposure to ACCO Brands Corp. : June 26, 2017   [Jun-26-17 03:13PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for May 30th   [May-30-17 10:43AM  Zacks]
▶ Acco tops Street 1Q forecasts   [May-03-17 07:18AM  Associated Press]
▶ 7 Stocks Near 52-Week High to Look Out For   [Apr-24-17 10:48AM  Zacks]
▶ Top Stock Picks for the Week of April 17th   [Apr-17-17 01:32PM  Zacks]
▶ Top Ranked Value Stocks to Buy for March 31st   [Mar-31-17 10:46AM  Zacks]
▶ Bemis Poised for Growth Amid Market & Economic Headwinds   [Mar-30-17 09:26AM  Investopedia]
Financial statements of ACCO
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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