Intrinsic value of Agree Realty - ADC

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$48.48

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$48.48

 
Intrinsic value

$6.50

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

We calculate the intrinsic value of ADC 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 1.3

 

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, %
  31.43
  31.60
  28.94
  26.55
  24.39
  22.45
  20.71
  19.14
  17.72
  16.45
  15.31
  14.27
  13.35
  12.51
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
Revenue, $m
  92
  121
  156
  198
  246
  301
  363
  433
  509
  593
  684
  782
  886
  997
  1,114
  1,238
  1,367
  1,503
  1,645
  1,793
  1,947
  2,107
  2,274
  2,447
  2,627
  2,814
  3,009
  3,211
  3,421
  3,640
  3,867
Variable operating expenses, $m
 
  51
  66
  84
  104
  128
  154
  183
  216
  252
  290
  331
  376
  423
  472
  525
  580
  637
  697
  760
  825
  893
  964
  1,038
  1,114
  1,193
  1,276
  1,361
  1,450
  1,543
  1,640
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
  40
  51
  66
  84
  104
  128
  154
  183
  216
  252
  290
  331
  376
  423
  472
  525
  580
  637
  697
  760
  825
  893
  964
  1,038
  1,114
  1,193
  1,276
  1,361
  1,450
  1,543
  1,640
Operating income, $m
  51
  70
  90
  114
  142
  173
  209
  249
  293
  342
  394
  450
  510
  574
  642
  713
  788
  866
  947
  1,033
  1,121
  1,214
  1,310
  1,409
  1,513
  1,621
  1,733
  1,849
  1,970
  2,096
  2,228
EBITDA, $m
  74
  110
  142
  179
  223
  273
  329
  392
  462
  538
  620
  709
  803
  904
  1,010
  1,122
  1,240
  1,363
  1,492
  1,626
  1,765
  1,911
  2,062
  2,219
  2,382
  2,552
  2,728
  2,911
  3,102
  3,300
  3,507
Interest expense (income), $m
  14
  16
  21
  27
  35
  44
  54
  65
  78
  92
  107
  124
  142
  161
  181
  202
  225
  249
  273
  299
  326
  354
  384
  414
  446
  479
  513
  548
  585
  624
  664
Earnings before tax, $m
  46
  54
  69
  86
  107
  130
  155
  184
  215
  250
  287
  326
  369
  413
  461
  510
  563
  617
  674
  733
  795
  859
  926
  995
  1,067
  1,142
  1,220
  1,301
  1,385
  1,473
  1,564
Tax expense, $m
  0
  15
  19
  23
  29
  35
  42
  50
  58
  67
  77
  88
  100
  112
  124
  138
  152
  167
  182
  198
  215
  232
  250
  269
  288
  308
  329
  351
  374
  398
  422
Net income, $m
  45
  39
  50
  63
  78
  95
  113
  134
  157
  182
  209
  238
  269
  302
  336
  373
  411
  451
  492
  535
  580
  627
  676
  727
  779
  834
  891
  950
  1,011
  1,075
  1,142

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  1,112
  1,424
  1,837
  2,324
  2,891
  3,540
  4,273
  5,091
  5,993
  6,979
  8,047
  9,196
  10,423
  11,728
  13,107
  14,560
  16,085
  17,682
  19,351
  21,091
  22,903
  24,789
  26,750
  28,788
  30,907
  33,108
  35,395
  37,773
  40,246
  42,819
  45,496
Adjusted assets (=assets-cash), $m
  1,079
  1,424
  1,837
  2,324
  2,891
  3,540
  4,273
  5,091
  5,993
  6,979
  8,047
  9,196
  10,423
  11,728
  13,107
  14,560
  16,085
  17,682
  19,351
  21,091
  22,903
  24,789
  26,750
  28,788
  30,907
  33,108
  35,395
  37,773
  40,246
  42,819
  45,496
Revenue / Adjusted assets
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
  0.085
Average production assets, $m
  913
  1,202
  1,549
  1,960
  2,439
  2,986
  3,605
  4,294
  5,055
  5,887
  6,788
  7,757
  8,793
  9,893
  11,056
  12,282
  13,569
  14,916
  16,323
  17,791
  19,320
  20,911
  22,565
  24,284
  26,071
  27,928
  29,857
  31,863
  33,949
  36,119
  38,378
Working capital, $m
  0
  -43
  -56
  -71
  -88
  -108
  -130
  -155
  -183
  -213
  -246
  -281
  -318
  -358
  -400
  -444
  -491
  -540
  -590
  -644
  -699
  -756
  -816
  -878
  -943
  -1,010
  -1,080
  -1,153
  -1,228
  -1,307
  -1,388
Total debt, $m
  401
  539
  703
  897
  1,123
  1,381
  1,673
  1,998
  2,357
  2,750
  3,175
  3,632
  4,120
  4,640
  5,189
  5,767
  6,374
  7,010
  7,674
  8,366
  9,088
  9,838
  10,619
  11,430
  12,273
  13,149
  14,059
  15,006
  15,990
  17,014
  18,080
Total liabilities, $m
  429
  567
  731
  925
  1,151
  1,409
  1,701
  2,026
  2,385
  2,778
  3,203
  3,660
  4,148
  4,668
  5,217
  5,795
  6,402
  7,038
  7,702
  8,394
  9,116
  9,866
  10,647
  11,458
  12,301
  13,177
  14,087
  15,034
  16,018
  17,042
  18,108
Total equity, $m
  683
  857
  1,106
  1,399
  1,740
  2,131
  2,572
  3,065
  3,608
  4,201
  4,844
  5,536
  6,275
  7,060
  7,890
  8,765
  9,683
  10,645
  11,649
  12,697
  13,788
  14,923
  16,104
  17,331
  18,606
  19,931
  21,308
  22,740
  24,228
  25,777
  27,389
Total liabilities and equity, $m
  1,112
  1,424
  1,837
  2,324
  2,891
  3,540
  4,273
  5,091
  5,993
  6,979
  8,047
  9,196
  10,423
  11,728
  13,107
  14,560
  16,085
  17,683
  19,351
  21,091
  22,904
  24,789
  26,751
  28,789
  30,907
  33,108
  35,395
  37,774
  40,246
  42,819
  45,497
Debt-to-equity ratio
  0.587
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  39
  50
  63
  78
  95
  113
  134
  157
  182
  209
  238
  269
  302
  336
  373
  411
  451
  492
  535
  580
  627
  676
  727
  779
  834
  891
  950
  1,011
  1,075
  1,142
Depreciation, amort., depletion, $m
  23
  40
  52
  65
  81
  100
  120
  143
  169
  196
  226
  259
  293
  330
  369
  409
  452
  497
  544
  593
  644
  697
  752
  809
  869
  931
  995
  1,062
  1,132
  1,204
  1,279
Funds from operations, $m
  61
  80
  102
  128
  159
  194
  234
  277
  326
  379
  436
  497
  562
  632
  705
  782
  863
  948
  1,036
  1,128
  1,224
  1,324
  1,428
  1,536
  1,648
  1,765
  1,886
  2,012
  2,143
  2,279
  2,421
Change in working capital, $m
  -1
  -10
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -79
  -82
Cash from operations, $m
  62
  230
  115
  143
  176
  214
  256
  302
  353
  409
  468
  532
  600
  671
  747
  826
  910
  996
  1,087
  1,181
  1,280
  1,382
  1,488
  1,598
  1,713
  1,832
  1,956
  2,084
  2,218
  2,358
  2,503
Maintenance CAPEX, $m
  0
  -30
  -40
  -52
  -65
  -81
  -100
  -120
  -143
  -169
  -196
  -226
  -259
  -293
  -330
  -369
  -409
  -452
  -497
  -544
  -593
  -644
  -697
  -752
  -809
  -869
  -931
  -995
  -1,062
  -1,132
  -1,204
New CAPEX, $m
  -326
  -289
  -348
  -411
  -478
  -548
  -618
  -690
  -761
  -832
  -901
  -969
  -1,035
  -1,100
  -1,164
  -1,226
  -1,287
  -1,347
  -1,407
  -1,468
  -1,529
  -1,591
  -1,654
  -1,719
  -1,787
  -1,857
  -1,930
  -2,006
  -2,086
  -2,170
  -2,259
Cash from investing activities, $m
  -298
  -319
  -388
  -463
  -543
  -629
  -718
  -810
  -904
  -1,001
  -1,097
  -1,195
  -1,294
  -1,393
  -1,494
  -1,595
  -1,696
  -1,799
  -1,904
  -2,012
  -2,122
  -2,235
  -2,351
  -2,471
  -2,596
  -2,726
  -2,861
  -3,001
  -3,148
  -3,302
  -3,463
Free cash flow, $m
  -236
  -89
  -273
  -320
  -367
  -415
  -462
  -508
  -551
  -592
  -629
  -663
  -694
  -722
  -746
  -768
  -787
  -803
  -818
  -831
  -842
  -853
  -863
  -873
  -883
  -894
  -905
  -917
  -930
  -944
  -960
Issuance/(repayment) of debt, $m
  84
  138
  164
  194
  226
  258
  292
  325
  359
  392
  425
  457
  489
  519
  549
  578
  607
  636
  664
  693
  721
  751
  780
  811
  843
  876
  910
  946
  984
  1,024
  1,066
Issuance/(repurchase) of shares, $m
  227
  126
  357
  419
  483
  547
  612
  674
  735
  793
  847
  898
  945
  988
  1,028
  1,064
  1,098
  1,129
  1,158
  1,185
  1,212
  1,238
  1,263
  1,289
  1,315
  1,343
  1,372
  1,402
  1,434
  1,469
  1,506
Cash from financing (excl. dividends), $m  
  310
  264
  521
  613
  709
  805
  904
  999
  1,094
  1,185
  1,272
  1,355
  1,434
  1,507
  1,577
  1,642
  1,705
  1,765
  1,822
  1,878
  1,933
  1,989
  2,043
  2,100
  2,158
  2,219
  2,282
  2,348
  2,418
  2,493
  2,572
Total cash flow (excl. dividends), $m
  74
  49
  -109
  -126
  -142
  -157
  -170
  -182
  -192
  -199
  -204
  -206
  -206
  -203
  -197
  -189
  -179
  -167
  -154
  -138
  -121
  -102
  -83
  -62
  -40
  -18
  6
  30
  54
  80
  106
Retained Cash Flow (-), $m
  -232
  -207
  -248
  -293
  -341
  -391
  -441
  -492
  -543
  -594
  -643
  -692
  -739
  -785
  -830
  -875
  -918
  -961
  -1,004
  -1,048
  -1,091
  -1,135
  -1,181
  -1,227
  -1,275
  -1,325
  -1,377
  -1,432
  -1,489
  -1,549
  -1,612
Prev. year cash balance distribution, $m
 
  33
  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
 
  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
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for 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
Current shareholders' claim on cash, %
  100
  90.6
  74.1
  61.6
  51.9
  44.4
  38.5
  33.8
  29.9
  26.8
  24.2
  22.0
  20.1
  18.6
  17.2
  16.1
  15.0
  14.2
  13.4
  12.7
  12.1
  11.5
  11.0
  10.6
  10.2
  9.8
  9.4
  9.1
  8.8
  8.5
  8.3

Agree Realty Corporation, a real estate investment trust (REIT), engages in the ownership, development, acquisition, and management of retail properties, which are primarily leased to national and regional retail companies in the United States. As of December 31, 2009, its portfolio consisted of 73 properties, including 61 freestanding net leased properties and 12 community shopping centers located in 16 states containing approximately 3.5 million square feet of gross leasable area. The company has elected to be treated as a REIT under the Internal Revenue Code. As a REIT, the company is not subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its stockholders. Agree Realty Corporation was founded in 1971 and is headquartered in Farmington Hills, Michigan.

FINANCIAL RATIOS  of  Agree Realty (ADC)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 13.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow -4.8
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.1%
Cap. Spend. - 3 Yr. Gr. Rate 29.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 58.7%
Total Debt to Equity 58.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 91.3%
Gross Margin - 3 Yr. Avg. 91.2%
EBITDA Margin 90.2%
EBITDA Margin - 3 Yr. Avg. 86.4%
Operating Margin 56.5%
Oper. Margin - 3 Yr. Avg. 55.2%
Pre-Tax Margin 50%
Pre-Tax Margin - 3 Yr. Avg. 47.4%
Net Profit Margin 48.9%
Net Profit Margin - 3 Yr. Avg. 46%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 95.6%

ADC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADC stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Agree Realty. The default revenue input number comes from 2016 income statement of Agree Realty. 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 ADC stock valuation model: a) initial revenue growth rate of 31.6% 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%, whose default value for ADC is calculated based on our internal credit rating of Agree Realty, 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 Agree Realty.
    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 ADC stock the variable cost ratio is equal to 42.4%.

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 ADC 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 3.9% for Agree Realty.

Corporate tax rate of 27% is the nominal tax rate for Agree Realty. 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 ADC 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 ADC are equal to 992.4%.

Life of production assets of 39.7 years is the average useful life of capital assets used in Agree Realty 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 ADC is equal to -35.9%. 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 - $683 million for Agree Realty - 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 26.272 million for Agree Realty 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 Agree Realty at the current share price and the inputted number of shares is $1.3 billion.


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COMPANY NEWS

▶ Agree Realty reports 1Q results   [Apr-24-17 04:26PM  Associated Press]
▶ Agree Realty Declares Quarterly Cash Dividend   [Feb-28-17 04:01PM  PR Newswire]
▶ Agree Realty reports 4Q results   [Feb-23-17 05:07PM  Associated Press]
▶ Is Atkore International Group Inc (ATKR) a Good Stock to Buy?   [Dec-12-16 06:04PM  at Insider Monkey]
▶ Agree Realty Declares Increased Quarterly Cash Dividend   [Dec-06-16 04:01PM  PR Newswire]
▶ Agree Realty Declares Quarterly Cash Dividend   [Sep-08-16 04:05PM  PR Newswire]
▶ Agree Realty Announces Common Stock Offering   [May-04-16 04:02PM  PR Newswire]
▶ Agree Realty Declares Quarterly Cash Dividend   [May-02-16 04:01PM  PR Newswire]
▶ Agree Realty reports 1Q results   [Apr-25-16 04:48PM  AP]
Stock chart of ADC Financial statements of ADC
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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