Intrinsic value of AeroCentury - ACY

Previous Close

$10.80

  Intrinsic Value

$11.17

stock screener

  Rating & Target

hold

+3%

  Value-price divergence*

-19%

Previous close

$10.80

 
Intrinsic value

$11.17

 
Up/down potential

+3%

 
Rating

hold

 
Value-price divergence*

-19%

Our model is not good at valuating stocks of financial companies, such as ACY.

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

We calculate the intrinsic value of ACY 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 0.0

 

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, %
  -7.41
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  25
  33
  43
  56
  70
  86
  105
  126
  150
  175
  203
  233
  266
  300
  337
  376
  416
  459
  504
  550
  599
  649
  702
  756
  813
  872
  934
  997
  1,064
  1,132
  1,204
Variable operating expenses, $m
 
  21
  28
  36
  45
  55
  67
  81
  96
  112
  130
  149
  170
  192
  216
  240
  266
  294
  322
  352
  383
  415
  449
  484
  520
  558
  597
  638
  681
  725
  771
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
  23
  21
  28
  36
  45
  55
  67
  81
  96
  112
  130
  149
  170
  192
  216
  240
  266
  294
  322
  352
  383
  415
  449
  484
  520
  558
  597
  638
  681
  725
  771
Operating income, $m
  2
  12
  16
  20
  25
  31
  38
  45
  54
  63
  73
  84
  96
  108
  121
  135
  150
  165
  181
  198
  216
  234
  253
  272
  293
  314
  336
  359
  383
  408
  434
EBITDA, $m
  11
  24
  31
  40
  50
  62
  76
  91
  108
  126
  146
  168
  191
  216
  242
  270
  300
  330
  362
  396
  431
  467
  505
  544
  585
  628
  672
  718
  765
  815
  867
Interest expense (income), $m
  5
  5
  8
  11
  14
  19
  24
  29
  35
  42
  50
  58
  67
  77
  87
  98
  109
  121
  134
  147
  161
  175
  190
  206
  222
  239
  256
  274
  293
  313
  333
Earnings before tax, $m
  2
  7
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  29
  31
  34
  37
  41
  44
  47
  51
  55
  58
  62
  66
  71
  75
  80
  85
  90
  95
  100
Tax expense, $m
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
Net income, $m
  1
  5
  6
  7
  8
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  219
  290
  378
  484
  608
  751
  914
  1,097
  1,300
  1,524
  1,767
  2,030
  2,311
  2,612
  2,930
  3,266
  3,620
  3,991
  4,379
  4,784
  5,206
  5,645
  6,102
  6,577
  7,071
  7,584
  8,118
  8,672
  9,248
  9,848
  10,471
Adjusted assets (=assets-cash), $m
  217
  290
  378
  484
  608
  751
  914
  1,097
  1,300
  1,524
  1,767
  2,030
  2,311
  2,612
  2,930
  3,266
  3,620
  3,991
  4,379
  4,784
  5,206
  5,645
  6,102
  6,577
  7,071
  7,584
  8,118
  8,672
  9,248
  9,848
  10,471
Revenue / Adjusted assets
  0.115
  0.114
  0.114
  0.116
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
Average production assets, $m
  174
  231
  302
  386
  485
  599
  729
  875
  1,038
  1,216
  1,410
  1,620
  1,845
  2,084
  2,339
  2,607
  2,889
  3,185
  3,495
  3,818
  4,155
  4,505
  4,870
  5,249
  5,643
  6,053
  6,479
  6,921
  7,381
  7,859
  8,357
Working capital, $m
  0
  -3
  -3
  -4
  -6
  -7
  -8
  -10
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
Total debt, $m
  128
  187
  259
  344
  445
  561
  693
  842
  1,007
  1,188
  1,385
  1,598
  1,827
  2,070
  2,328
  2,601
  2,888
  3,189
  3,503
  3,832
  4,174
  4,530
  4,901
  5,286
  5,687
  6,103
  6,535
  6,985
  7,452
  7,938
  8,444
Total liabilities, $m
  176
  235
  307
  392
  493
  609
  741
  890
  1,055
  1,236
  1,433
  1,646
  1,875
  2,118
  2,376
  2,649
  2,936
  3,237
  3,551
  3,880
  4,222
  4,578
  4,949
  5,334
  5,735
  6,151
  6,583
  7,033
  7,500
  7,986
  8,492
Total equity, $m
  43
  55
  71
  91
  115
  142
  173
  207
  246
  288
  334
  384
  437
  494
  554
  617
  684
  754
  828
  904
  984
  1,067
  1,153
  1,243
  1,336
  1,433
  1,534
  1,639
  1,748
  1,861
  1,979
Total liabilities and equity, $m
  219
  290
  378
  483
  608
  751
  914
  1,097
  1,301
  1,524
  1,767
  2,030
  2,312
  2,612
  2,930
  3,266
  3,620
  3,991
  4,379
  4,784
  5,206
  5,645
  6,102
  6,577
  7,071
  7,584
  8,117
  8,672
  9,248
  9,847
  10,471
Debt-to-equity ratio
  2.977
  3.410
  3.620
  3.770
  3.870
  3.950
  4.010
  4.060
  4.100
  4.120
  4.150
  4.170
  4.180
  4.190
  4.200
  4.210
  4.220
  4.230
  4.230
  4.240
  4.240
  4.250
  4.250
  4.250
  4.260
  4.260
  4.260
  4.260
  4.260
  4.270
  4.270
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  5
  6
  7
  8
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  58
  62
  65
  69
  73
Depreciation, amort., depletion, $m
  9
  12
  16
  20
  25
  31
  38
  45
  54
  63
  73
  84
  96
  108
  121
  135
  150
  165
  181
  198
  215
  233
  252
  272
  292
  314
  336
  359
  382
  407
  433
Funds from operations, $m
  13
  17
  21
  27
  33
  40
  48
  57
  67
  78
  90
  103
  116
  131
  146
  162
  179
  197
  216
  235
  255
  276
  298
  321
  344
  368
  394
  420
  448
  476
  506
Change in working capital, $m
  2
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  11
  17
  22
  28
  34
  41
  50
  59
  69
  80
  92
  105
  119
  134
  149
  165
  183
  201
  219
  239
  259
  280
  302
  325
  349
  373
  399
  425
  453
  482
  512
Maintenance CAPEX, $m
  0
  -9
  -12
  -16
  -20
  -25
  -31
  -38
  -45
  -54
  -63
  -73
  -84
  -96
  -108
  -121
  -135
  -150
  -165
  -181
  -198
  -215
  -233
  -252
  -272
  -292
  -314
  -336
  -359
  -382
  -407
New CAPEX, $m
  -54
  -58
  -70
  -84
  -99
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -225
  -240
  -254
  -268
  -282
  -296
  -310
  -323
  -337
  -351
  -365
  -379
  -394
  -410
  -426
  -442
  -460
  -478
  -498
Cash from investing activities, $m
  -29
  -67
  -82
  -100
  -119
  -139
  -161
  -184
  -207
  -232
  -257
  -283
  -309
  -336
  -362
  -389
  -417
  -446
  -475
  -504
  -535
  -566
  -598
  -631
  -666
  -702
  -740
  -778
  -819
  -860
  -905
Free cash flow, $m
  -18
  -49
  -60
  -72
  -85
  -98
  -111
  -125
  -139
  -152
  -165
  -178
  -190
  -202
  -213
  -224
  -235
  -245
  -255
  -266
  -276
  -286
  -296
  -307
  -318
  -329
  -340
  -353
  -365
  -379
  -393
Issuance/(repayment) of debt, $m
  17
  59
  72
  86
  101
  116
  132
  149
  165
  181
  197
  213
  228
  244
  258
  273
  287
  301
  315
  328
  342
  356
  371
  385
  401
  416
  433
  450
  467
  486
  506
Issuance/(repurchase) of shares, $m
  0
  9
  11
  13
  16
  18
  20
  23
  25
  27
  29
  31
  32
  34
  35
  36
  37
  38
  39
  39
  40
  40
  41
  41
  42
  42
  43
  43
  44
  44
  45
Cash from financing (excl. dividends), $m  
  17
  68
  83
  99
  117
  134
  152
  172
  190
  208
  226
  244
  260
  278
  293
  309
  324
  339
  354
  367
  382
  396
  412
  426
  443
  458
  476
  493
  511
  530
  551
Total cash flow (excl. dividends), $m
  -1
  19
  22
  27
  31
  36
  41
  46
  51
  56
  61
  66
  71
  76
  80
  85
  89
  94
  98
  102
  107
  111
  115
  120
  125
  130
  135
  140
  145
  151
  157
Retained Cash Flow (-), $m
  -2
  -14
  -17
  -20
  -23
  -27
  -31
  -35
  -38
  -42
  -46
  -50
  -53
  -57
  -60
  -64
  -67
  -70
  -73
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
Prev. year cash balance distribution, $m
 
  2
  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
 
  7
  6
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  6
  4
  5
  5
  5
  5
  4
  4
  3
  3
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  76.3
  59.3
  46.8
  37.6
  30.8
  25.5
  21.5
  18.3
  15.8
  13.9
  12.2
  10.9
  9.8
  8.9
  8.2
  7.5
  7.0
  6.5
  6.1
  5.7
  5.4
  5.1
  4.9
  4.6
  4.4
  4.3
  4.1
  4.0
  3.8
  3.7

AeroCentury Corp., an independent aircraft leasing company, acquires aircraft and aircraft engines for lease to regional airlines and commercial users in the United States and internationally. As of March 2, 2016, its portfolio consisted of 24 aircraft and 5 engines, as well as 4 aircrafts under sales-type finance leases. The company was founded in 1989 and is headquartered in Burlingame, California.

FINANCIAL RATIOS  of  AeroCentury (ACY)

Valuation Ratios
P/E Ratio 17
Price to Sales 0.7
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow -0.4
Growth Rates
Sales Growth Rate -7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5300%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 297.7%
Total Debt to Equity 297.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.1%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. -3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 104%
Gross Margin - 3 Yr. Avg. 98.8%
EBITDA Margin 64%
EBITDA Margin - 3 Yr. Avg. 43.3%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. -6.8%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. -6.8%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. -5.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 41.8%
Payout Ratio 0%

ACY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACY stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by AeroCentury. The default revenue input number comes from 2016 income statement of AeroCentury. 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 ACY stock valuation model: a) initial revenue growth rate of 33.3% 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 11.6%, whose default value for ACY is calculated based on our internal credit rating of AeroCentury, 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 AeroCentury.
    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 ACY stock the variable cost ratio is equal to 64%.

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 ACY 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 4.2% for AeroCentury.

Corporate tax rate of 27% is the nominal tax rate for AeroCentury. 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 ACY 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 ACY are equal to 694%.

Life of production assets of 19.3 years is the average useful life of capital assets used in AeroCentury 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 ACY is equal to -8%. 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 - $43 million for AeroCentury - 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 1.568 million for AeroCentury 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 AeroCentury at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
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AYR Aircastle 22.33 5.79  str.sell
AER AerCap Holding 48.55 25.01  sell
FLY Fly Leasing AD 13.50 4.64  str.sell
FTAI Fortress Trans 17.80 3.14  str.sell
GATX GATX 62.46 31.49  sell
CAI CAI Internatio 28.63 5.71  str.sell

COMPANY NEWS

▶ ETFs with exposure to AeroCentury Corp. : July 11, 2017   [Jul-11-17 01:57PM  Capital Cube]
▶ ETFs with exposure to AeroCentury Corp. : June 30, 2017   [Jun-30-17 02:39PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for June 22nd   [Jun-22-17 10:00AM  Zacks]
▶ Karen Rogge Joins AeroCentury Corp. Board of Directors   [Jun-05-17 04:05PM  GlobeNewswire]
▶ AeroCentury Corp. Completes $37 Million Aircraft Purchase   [Sep-21-16 04:20PM  GlobeNewswire]
▶ AeroCentury Corp. Earnings Q3, 2015   [Dec-02  12:29PM  Capital Cube]
▶ 10-Q for AeroCentury Corp.   [Aug-16  08:12PM  at Company Spotlight]
▶ 10-Q for AeroCentury Corp.   [May-14  08:11PM  at Company Spotlight]
▶ 10-K for AeroCentury Corp.   [May-06  08:12PM  at Company Spotlight]
▶ AeroCentury Corp. Announces Aircraft Purchase   [Dec-16  06:25PM  at noodls]
▶ 10-Q for AeroCentury Corp.   [Nov-17  07:09PM  Company Spotlight]
▶ AEROCENTURY CORP Files SEC form 10-Q, Quarterly Report   [Nov-14  12:39PM  EDGAR Online]
▶ AeroCentury Corp. Reports Third Quarter 2014 Results   [Nov-13  06:00PM  PR Newswire]
▶ AeroCentury Corp. Announces Aircraft Purchase   [Oct-02  06:00PM  PR Newswire]
▶ AEROCENTURY CORP Files SEC form 10-Q, Quarterly Report   [Aug-13  02:39PM  EDGAR Online]
▶ AeroCentury Corp. Reports Second Quarter 2014 Results   [Aug-12  06:00PM  PR Newswire]
▶ AEROCENTURY CORP Files SEC form 10-Q, Quarterly Report   [May-15  12:16PM  EDGAR Online]
▶ Aerocentury reports Q1 EPS 23c, one estimate 19c   [09:03AM  at theflyonthewall.com]
Stock chart of ACY Financial statements of ACY
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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