Intrinsic value of Advanced Energy Industries - AEIS

Previous Close

$72.40

  Intrinsic Value

$408.15

stock screener

  Rating & Target

str. buy

+464%

  Value-price divergence*

+3411%

Previous close

$72.40

 
Intrinsic value

$408.15

 
Up/down potential

+464%

 
Rating

str. buy

 
Value-price divergence*

+3411%

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

We calculate the intrinsic value of AEIS 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 2.8

 

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, %
  16.63
  44.70
  40.73
  37.16
  33.94
  31.05
  28.44
  26.10
  23.99
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.36
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
Revenue, $m
  484
  700
  986
  1,352
  1,811
  2,373
  3,048
  3,843
  4,765
  5,818
  7,003
  8,323
  9,776
  11,361
  13,075
  14,916
  16,881
  18,967
  21,172
  23,492
  25,926
  28,474
  31,134
  33,908
  36,797
  39,802
  42,926
  46,174
  49,548
  53,055
  56,700
Variable operating expenses, $m
 
  496
  696
  954
  1,276
  1,671
  2,145
  2,703
  3,351
  4,090
  4,923
  5,845
  6,866
  7,979
  9,183
  10,476
  11,856
  13,321
  14,869
  16,499
  18,208
  19,998
  21,866
  23,814
  25,843
  27,954
  30,148
  32,429
  34,799
  37,262
  39,822
Fixed operating expenses, $m
 
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
Total operating expenses, $m
  357
  509
  710
  968
  1,290
  1,686
  2,160
  2,718
  3,367
  4,106
  4,940
  5,862
  6,883
  7,997
  9,201
  10,495
  11,875
  13,341
  14,889
  16,520
  18,229
  20,020
  21,888
  23,837
  25,867
  27,978
  30,173
  32,454
  34,825
  37,289
  39,849
Operating income, $m
  127
  191
  276
  384
  520
  687
  888
  1,124
  1,398
  1,711
  2,064
  2,460
  2,893
  3,364
  3,874
  4,421
  5,006
  5,626
  6,282
  6,972
  7,696
  8,454
  9,246
  10,071
  10,930
  11,824
  12,753
  13,720
  14,723
  15,767
  16,851
EBITDA, $m
  135
  201
  288
  400
  540
  711
  918
  1,161
  1,442
  1,764
  2,126
  2,530
  2,974
  3,458
  3,983
  4,546
  5,146
  5,784
  6,458
  7,168
  7,912
  8,691
  9,505
  10,353
  11,236
  12,155
  13,111
  14,104
  15,136
  16,208
  17,323
Interest expense (income), $m
  0
  0
  3
  7
  11
  17
  25
  33
  44
  56
  69
  85
  102
  121
  142
  164
  188
  214
  241
  270
  300
  331
  365
  399
  435
  473
  512
  553
  595
  639
  685
Earnings before tax, $m
  128
  191
  273
  378
  509
  670
  863
  1,091
  1,355
  1,656
  1,994
  2,376
  2,790
  3,243
  3,732
  4,257
  4,818
  5,413
  6,041
  6,703
  7,397
  8,123
  8,881
  9,671
  10,495
  11,351
  12,241
  13,167
  14,128
  15,128
  16,166
Tax expense, $m
  11
  52
  74
  102
  137
  181
  233
  295
  366
  447
  538
  641
  753
  876
  1,008
  1,149
  1,301
  1,461
  1,631
  1,810
  1,997
  2,193
  2,398
  2,611
  2,834
  3,065
  3,305
  3,555
  3,815
  4,084
  4,365
Net income, $m
  127
  139
  199
  276
  372
  489
  630
  796
  989
  1,209
  1,456
  1,734
  2,037
  2,367
  2,724
  3,108
  3,517
  3,951
  4,410
  4,893
  5,400
  5,930
  6,483
  7,060
  7,661
  8,286
  8,936
  9,612
  10,314
  11,043
  11,801

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  287
  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
  572
  412
  580
  796
  1,066
  1,397
  1,795
  2,263
  2,806
  3,426
  4,124
  4,901
  5,757
  6,691
  7,700
  8,785
  9,942
  11,170
  12,468
  13,835
  15,269
  16,769
  18,336
  19,969
  21,671
  23,440
  25,280
  27,193
  29,180
  31,246
  33,392
Adjusted assets (=assets-cash), $m
  285
  412
  580
  796
  1,066
  1,397
  1,795
  2,263
  2,806
  3,426
  4,124
  4,901
  5,757
  6,691
  7,700
  8,785
  9,942
  11,170
  12,468
  13,835
  15,269
  16,769
  18,336
  19,969
  21,671
  23,440
  25,280
  27,193
  29,180
  31,246
  33,392
Revenue / Adjusted assets
  1.698
  1.699
  1.700
  1.698
  1.699
  1.699
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
  1.698
Average production assets, $m
  43
  62
  88
  120
  161
  211
  271
  342
  424
  518
  623
  741
  870
  1,011
  1,164
  1,328
  1,502
  1,688
  1,884
  2,091
  2,307
  2,534
  2,771
  3,018
  3,275
  3,542
  3,820
  4,109
  4,410
  4,722
  5,046
Working capital, $m
  343
  81
  114
  157
  210
  275
  354
  446
  553
  675
  812
  965
  1,134
  1,318
  1,517
  1,730
  1,958
  2,200
  2,456
  2,725
  3,007
  3,303
  3,612
  3,933
  4,268
  4,617
  4,979
  5,356
  5,748
  6,154
  6,577
Total debt, $m
  0
  81
  187
  323
  494
  703
  954
  1,250
  1,594
  1,985
  2,427
  2,918
  3,459
  4,048
  4,687
  5,372
  6,103
  6,880
  7,700
  8,564
  9,470
  10,418
  11,408
  12,441
  13,516
  14,634
  15,797
  17,006
  18,262
  19,567
  20,924
Total liabilities, $m
  179
  261
  367
  503
  674
  883
  1,134
  1,430
  1,774
  2,165
  2,607
  3,098
  3,639
  4,228
  4,867
  5,552
  6,283
  7,060
  7,880
  8,744
  9,650
  10,598
  11,588
  12,621
  13,696
  14,814
  15,977
  17,186
  18,442
  19,747
  21,104
Total equity, $m
  392
  152
  214
  293
  392
  514
  661
  833
  1,033
  1,261
  1,518
  1,804
  2,119
  2,462
  2,834
  3,233
  3,659
  4,111
  4,588
  5,091
  5,619
  6,171
  6,748
  7,349
  7,975
  8,626
  9,303
  10,007
  10,738
  11,498
  12,288
Total liabilities and equity, $m
  571
  413
  581
  796
  1,066
  1,397
  1,795
  2,263
  2,807
  3,426
  4,125
  4,902
  5,758
  6,690
  7,701
  8,785
  9,942
  11,171
  12,468
  13,835
  15,269
  16,769
  18,336
  19,970
  21,671
  23,440
  25,280
  27,193
  29,180
  31,245
  33,392
Debt-to-equity ratio
  0.000
  0.530
  0.870
  1.100
  1.260
  1.370
  1.440
  1.500
  1.540
  1.570
  1.600
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  127
  139
  199
  276
  372
  489
  630
  796
  989
  1,209
  1,456
  1,734
  2,037
  2,367
  2,724
  3,108
  3,517
  3,951
  4,410
  4,893
  5,400
  5,930
  6,483
  7,060
  7,661
  8,286
  8,936
  9,612
  10,314
  11,043
  11,801
Depreciation, amort., depletion, $m
  8
  10
  12
  15
  19
  24
  30
  36
  44
  53
  62
  69
  81
  94
  109
  124
  140
  158
  176
  195
  216
  237
  259
  282
  306
  331
  357
  384
  412
  441
  472
Funds from operations, $m
  111
  149
  211
  291
  391
  513
  660
  833
  1,033
  1,261
  1,518
  1,803
  2,118
  2,462
  2,833
  3,232
  3,657
  4,109
  4,586
  5,088
  5,615
  6,166
  6,742
  7,342
  7,967
  8,617
  9,293
  9,996
  10,726
  11,484
  12,273
Change in working capital, $m
  -8
  25
  33
  42
  53
  65
  78
  92
  107
  122
  138
  153
  169
  184
  199
  214
  228
  242
  256
  269
  282
  296
  309
  322
  335
  349
  362
  377
  391
  407
  423
Cash from operations, $m
  119
  124
  178
  249
  338
  448
  582
  740
  926
  1,139
  1,381
  1,650
  1,950
  2,278
  2,634
  3,018
  3,430
  3,867
  4,331
  4,819
  5,333
  5,871
  6,433
  7,020
  7,632
  8,269
  8,931
  9,619
  10,334
  11,078
  11,850
Maintenance CAPEX, $m
  0
  -4
  -6
  -8
  -11
  -15
  -20
  -25
  -32
  -40
  -48
  -58
  -69
  -81
  -94
  -109
  -124
  -140
  -158
  -176
  -195
  -216
  -237
  -259
  -282
  -306
  -331
  -357
  -384
  -412
  -441
New CAPEX, $m
  -7
  -19
  -25
  -33
  -41
  -50
  -60
  -71
  -82
  -94
  -106
  -117
  -129
  -141
  -153
  -164
  -175
  -186
  -196
  -206
  -217
  -227
  -237
  -247
  -257
  -267
  -278
  -289
  -300
  -312
  -324
Cash from investing activities, $m
  0
  -23
  -31
  -41
  -52
  -65
  -80
  -96
  -114
  -134
  -154
  -175
  -198
  -222
  -247
  -273
  -299
  -326
  -354
  -382
  -412
  -443
  -474
  -506
  -539
  -573
  -609
  -646
  -684
  -724
  -765
Free cash flow, $m
  119
  101
  147
  208
  286
  383
  502
  644
  812
  1,006
  1,227
  1,475
  1,751
  2,056
  2,387
  2,746
  3,131
  3,541
  3,977
  4,437
  4,921
  5,428
  5,960
  6,515
  7,093
  7,695
  8,322
  8,973
  9,650
  10,353
  11,084
Issuance/(repayment) of debt, $m
  0
  81
  106
  136
  171
  209
  251
  296
  343
  392
  441
  491
  541
  590
  638
  685
  731
  776
  820
  864
  906
  948
  990
  1,032
  1,075
  1,119
  1,163
  1,209
  1,256
  1,305
  1,357
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  2
  81
  106
  136
  171
  209
  251
  296
  343
  392
  441
  491
  541
  590
  638
  685
  731
  776
  820
  864
  906
  948
  990
  1,032
  1,075
  1,119
  1,163
  1,209
  1,256
  1,305
  1,357
Total cash flow (excl. dividends), $m
  120
  182
  253
  344
  456
  592
  753
  940
  1,155
  1,397
  1,668
  1,966
  2,292
  2,645
  3,025
  3,431
  3,862
  4,317
  4,797
  5,300
  5,827
  6,377
  6,950
  7,547
  8,168
  8,814
  9,485
  10,182
  10,906
  11,659
  12,441
Retained Cash Flow (-), $m
  -128
  -47
  -62
  -79
  -99
  -122
  -146
  -172
  -200
  -228
  -257
  -286
  -315
  -343
  -372
  -399
  -426
  -452
  -478
  -503
  -528
  -552
  -577
  -601
  -626
  -651
  -677
  -704
  -731
  -760
  -790
Prev. year cash balance distribution, $m
 
  287
  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
 
  422
  192
  265
  357
  470
  607
  768
  955
  1,169
  1,411
  1,680
  1,977
  2,302
  2,654
  3,032
  3,436
  3,865
  4,319
  4,797
  5,299
  5,825
  6,373
  6,946
  7,542
  8,162
  8,807
  9,478
  10,175
  10,899
  11,651
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
 
  404
  175
  230
  294
  364
  440
  519
  597
  672
  740
  798
  844
  875
  891
  890
  873
  841
  795
  739
  673
  602
  529
  455
  384
  318
  257
  203
  157
  119
  88
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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Advanced Energy Industries, Inc., together with its subsidiaries, designs, manufactures, sells, and supports power conversion products and solutions that transform power into various usable forms. The company offers thin film deposition power conversion systems, including direct current (DC), pulsed DC low frequency, high voltage, and radio frequency (RF) power supplies, as well as matching networks and remote plasma sources for reactive gas applications and RF instrumentation. Its power conversion systems are used by semiconductor, solar panel, and similar thin film manufacturers, including flat panel display, data storage, industrial hard coating and ophthalmic optical coating equipment makers, and architectural glass manufacturers. The company also provides power control modules and thermal instrumentation products for rapid thermal processing, chemical vapor deposition, crystal growing, and other semiconductor and solar applications, as well as in chemical processing, glass manufacturing, and other general industrial power applications. In addition, it offers repair, conversions, upgrades, and refurbishments services. The company markets and sells its products through direct sales force, independent sales representatives, and distributors in North America, Europe, and Asia. Advanced Energy Industries, Inc. was founded in 1981 and is headquartered in Fort Collins, Colorado.

FINANCIAL RATIOS  of  Advanced Energy Industries (AEIS)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 5.9
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 25.7
Growth Rates
Sales Growth Rate 16.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 75%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 24.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 38.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 38.7%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 52.3%
Gross Margin - 3 Yr. Avg. 51.9%
EBITDA Margin 28.1%
EBITDA Margin - 3 Yr. Avg. 27.2%
Operating Margin 26.2%
Oper. Margin - 3 Yr. Avg. 25.2%
Pre-Tax Margin 26.4%
Pre-Tax Margin - 3 Yr. Avg. 25.1%
Net Profit Margin 26.2%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 16.1%
Payout Ratio 0%

AEIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AEIS stock intrinsic value calculation we used $484 million for the last fiscal year's total revenue generated by Advanced Energy Industries. The default revenue input number comes from 2016 income statement of Advanced Energy Industries. 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 AEIS stock valuation model: a) initial revenue growth rate of 44.7% 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 AEIS is calculated based on our internal credit rating of Advanced Energy Industries, 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 Advanced Energy Industries.
    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 AEIS stock the variable cost ratio is equal to 71.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for AEIS 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 Advanced Energy Industries.

Corporate tax rate of 27% is the nominal tax rate for Advanced Energy Industries. 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 AEIS 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 AEIS are equal to 8.9%.

Life of production assets of 10.7 years is the average useful life of capital assets used in Advanced Energy Industries 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 AEIS is equal to 11.6%. 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 - $392 million for Advanced Energy Industries - 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 39.095 million for Advanced Energy Industries 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 Advanced Energy Industries at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

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Financial statements of AEIS
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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