Intrinsic value of Aegion - AEGN

Previous Close

$20.71

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$20.71

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of AEGN 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 0.7

 

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, %
  -8.40
  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
  1,222
  1,361
  1,392
  1,428
  1,468
  1,512
  1,561
  1,614
  1,672
  1,734
  1,801
  1,872
  1,948
  2,029
  2,115
  2,206
  2,302
  2,405
  2,513
  2,627
  2,748
  2,875
  3,010
  3,151
  3,300
  3,458
  3,623
  3,797
  3,980
  4,173
  4,376
Variable operating expenses, $m
 
  1,381
  1,412
  1,447
  1,487
  1,532
  1,580
  1,633
  1,691
  1,753
  1,819
  1,865
  1,941
  2,021
  2,107
  2,198
  2,294
  2,396
  2,504
  2,618
  2,738
  2,865
  2,999
  3,140
  3,288
  3,445
  3,610
  3,783
  3,966
  4,158
  4,360
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
  1,171
  1,381
  1,412
  1,447
  1,487
  1,532
  1,580
  1,633
  1,691
  1,753
  1,819
  1,865
  1,941
  2,021
  2,107
  2,198
  2,294
  2,396
  2,504
  2,618
  2,738
  2,865
  2,999
  3,140
  3,288
  3,445
  3,610
  3,783
  3,966
  4,158
  4,360
Operating income, $m
  51
  -20
  -20
  -20
  -20
  -19
  -19
  -19
  -19
  -19
  -18
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
EBITDA, $m
  98
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  79
  83
  87
Interest expense (income), $m
  11
  12
  12
  13
  13
  14
  15
  16
  17
  17
  19
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
  51
  54
  57
  61
Earnings before tax, $m
  35
  -32
  -32
  -32
  -33
  -33
  -34
  -35
  -35
  -36
  -37
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
Tax expense, $m
  6
  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
Net income, $m
  29
  -32
  -32
  -32
  -33
  -33
  -34
  -35
  -35
  -36
  -37
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  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
  1,194
  1,066
  1,090
  1,118
  1,150
  1,184
  1,223
  1,264
  1,309
  1,358
  1,410
  1,466
  1,525
  1,589
  1,656
  1,727
  1,803
  1,883
  1,968
  2,057
  2,152
  2,252
  2,357
  2,468
  2,585
  2,708
  2,837
  2,973
  3,117
  3,268
  3,427
Adjusted assets (=assets-cash), $m
  1,064
  1,066
  1,090
  1,118
  1,150
  1,184
  1,223
  1,264
  1,309
  1,358
  1,410
  1,466
  1,525
  1,589
  1,656
  1,727
  1,803
  1,883
  1,968
  2,057
  2,152
  2,252
  2,357
  2,468
  2,585
  2,708
  2,837
  2,973
  3,117
  3,268
  3,427
Revenue / Adjusted assets
  1.148
  1.277
  1.277
  1.277
  1.277
  1.277
  1.276
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
Average production assets, $m
  263
  267
  273
  280
  288
  296
  306
  316
  328
  340
  353
  367
  382
  398
  414
  432
  451
  471
  493
  515
  539
  564
  590
  618
  647
  678
  710
  744
  780
  818
  858
Working capital, $m
  301
  193
  198
  203
  208
  215
  222
  229
  237
  246
  256
  266
  277
  288
  300
  313
  327
  341
  357
  373
  390
  408
  427
  447
  469
  491
  514
  539
  565
  593
  621
Total debt, $m
  371
  346
  362
  379
  399
  421
  445
  471
  500
  530
  563
  598
  636
  676
  718
  763
  811
  861
  915
  971
  1,031
  1,094
  1,160
  1,230
  1,303
  1,381
  1,462
  1,548
  1,639
  1,734
  1,834
Total liabilities, $m
  625
  671
  687
  704
  724
  746
  770
  796
  825
  855
  888
  923
  961
  1,001
  1,043
  1,088
  1,136
  1,186
  1,240
  1,296
  1,356
  1,419
  1,485
  1,555
  1,628
  1,706
  1,787
  1,873
  1,964
  2,059
  2,159
Total equity, $m
  569
  394
  403
  414
  425
  438
  452
  468
  484
  502
  522
  542
  564
  588
  613
  639
  667
  697
  728
  761
  796
  833
  872
  913
  956
  1,002
  1,050
  1,100
  1,153
  1,209
  1,268
Total liabilities and equity, $m
  1,194
  1,065
  1,090
  1,118
  1,149
  1,184
  1,222
  1,264
  1,309
  1,357
  1,410
  1,465
  1,525
  1,589
  1,656
  1,727
  1,803
  1,883
  1,968
  2,057
  2,152
  2,252
  2,357
  2,468
  2,584
  2,708
  2,837
  2,973
  3,117
  3,268
  3,427
Debt-to-equity ratio
  0.652
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.010
  1.030
  1.060
  1.080
  1.100
  1.130
  1.150
  1.170
  1.190
  1.220
  1.240
  1.260
  1.280
  1.290
  1.310
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
  1.420
  1.430
  1.450
Adjusted equity ratio
  0.413
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  29
  -32
  -32
  -32
  -33
  -33
  -34
  -35
  -35
  -36
  -37
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
Depreciation, amort., depletion, $m
  47
  47
  47
  48
  49
  49
  50
  51
  52
  53
  54
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  62
  64
  68
  71
Funds from operations, $m
  64
  15
  16
  16
  16
  16
  16
  16
  17
  17
  17
  17
  18
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
Change in working capital, $m
  -9
  4
  4
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
Cash from operations, $m
  73
  -76
  11
  11
  10
  10
  9
  9
  9
  8
  8
  7
  7
  7
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  0
  0
  -1
  -2
  -3
Maintenance CAPEX, $m
  0
  -22
  -22
  -23
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -64
  -68
New CAPEX, $m
  -40
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
Cash from investing activities, $m
  -127
  -27
  -28
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -98
  -102
  -108
Free cash flow, $m
  -54
  -103
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -75
  -79
  -84
  -88
  -93
  -99
  -104
  -110
Issuance/(repayment) of debt, $m
  19
  13
  15
  18
  20
  22
  24
  26
  28
  31
  33
  35
  37
  40
  42
  45
  48
  50
  53
  56
  60
  63
  66
  70
  74
  78
  82
  86
  90
  95
  100
Issuance/(repurchase) of shares, $m
  -43
  0
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  69
Cash from financing (excl. dividends), $m  
  -26
  13
  26
  30
  33
  36
  39
  42
  45
  49
  53
  56
  60
  64
  68
  73
  78
  82
  87
  92
  98
  104
  109
  116
  123
  130
  137
  144
  151
  160
  169
Total cash flow (excl. dividends), $m
  -82
  -89
  -2
  -1
  -1
  -1
  -1
  -1
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
Retained Cash Flow (-), $m
  9
  -7
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
Prev. year cash balance distribution, $m
 
  191
  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
 
  94
  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, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  90
  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
  100.0
  97.8
  95.5
  93.1
  90.7
  88.2
  85.7
  83.2
  80.6
  78.1
  75.5
  73.0
  70.4
  67.9
  65.5
  63.0
  60.7
  58.3
  56.0
  53.8
  51.6
  49.5
  47.4
  45.4
  43.5
  41.6
  39.8
  38.0
  36.3
  34.7

Aegion Corporation engages in the research and development, manufacture, maintenance, construction, installation, coating and insulation, cathodic protection, distribution, and licensing of proprietary technologies and services for the protection and maintenance of infrastructure worldwide. The company operates through three segments: Infrastructure Solutions, Corrosion Protection, and Energy Services. It provides technologies and services to protect against the corrosion of industrial pipelines; rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels, and other commercial and industrial structures; and utilize integrated professional services in engineering, procurement, construction, maintenance, and turnaround services for various energy related industries. The company’s solutions include rehabilitation of water and wastewater pipelines; fusible polyvinyl chloride products for rehabilitation; fiber reinforced polymer systems for rehabilitation and strengthening; cathodic protection for corrosion engineering control and infrastructure rehabilitation; pipe coatings for corrosion control and prevention; high-density polyethylene pipe lining for corrosion control, abrasion protection, and pipeline rehabilitation; and construction and maintenance of oil and gas facilities. It serves municipal, state, and federal governments, as well as corporate customers in various industries, including energy, oil and gas, mining, general and industrial construction, infrastructure, water and wastewater, pipelines, transportation, maritime, and defense. The company was founded in 1980 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Aegion (AEGN)

Valuation Ratios
P/E Ratio 24.3
Price to Sales 0.6
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate -8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio 7
Current Ratio 0.3
LT Debt to Equity 61.7%
Total Debt to Equity 65.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. -0.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 20.8%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 0.1%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 17.1%
Eff/ Tax Rate - 3 Yr. Avg. 309.4%
Payout Ratio 0%

AEGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEGN stock intrinsic value calculation we used $1334 million for the last fiscal year's total revenue generated by Aegion. The default revenue input number comes from 2016 income statement of Aegion. 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 AEGN 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 4.3%, whose default value for AEGN is calculated based on our internal credit rating of Aegion, 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 Aegion.
    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 AEGN stock the variable cost ratio is equal to 101.5%.

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 AEGN 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 Aegion.

Corporate tax rate of 27% is the nominal tax rate for Aegion. 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 AEGN 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 AEGN are equal to 19.6%.

Life of production assets of 12.1 years is the average useful life of capital assets used in Aegion 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 AEGN is equal to 14.2%. 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 - $578 million for Aegion - 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 33.608 million for Aegion 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 Aegion at the current share price and the inputted number of shares is $0.7 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
VVC Vectren 59.81 prem.  prem.
MTZ MasTec 44.40 prem.  prem.
LAYN Layne Christen 8.61 prem.  prem.
TISI Team 23.90 prem.  prem.
PRIM Primoris Servi 24.46 prem.  prem.
MTRX Matrix Service 8.15 prem.  prem.
TTEK Tetra Tech 45.80 prem.  prem.
ACM AECOM 32.27 prem.  prem.

COMPANY NEWS

▶ Aegion Corp. Value Analysis (NASDAQ:AEGN) : June 15, 2017   [Jun-15-17 04:05PM  Capital Cube]
▶ New Strong Sell Stocks for May 8th   [May-08-17 10:36AM  Zacks]
▶ Aegion misses 1Q profit forecasts   [May-02-17 06:26PM  Associated Press]
▶ Aegion beats 4Q profit forecasts   [05:02AM  Associated Press]
▶ Is Aegion Corp (AEGN) A Good Stock To Buy?   [Dec-10-16 03:38PM  at Insider Monkey]
Stock chart of AEGN Financial statements of AEGN Annual reports of AEGN
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.