Intrinsic value of AgroFresh Solutions - AGFS

Previous Close

$7.15

  Intrinsic Value

$1.75

stock screener

  Rating & Target

str. sell

-75%

  Value-price divergence*

0%

Previous close

$7.15

 
Intrinsic value

$1.75

 
Up/down potential

-75%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of AGFS 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 0.3

 

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, %
  -2.44
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
Revenue, $m
  160
  189
  220
  254
  291
  330
  371
  415
  462
  510
  561
  615
  670
  728
  789
  851
  916
  984
  1,055
  1,128
  1,204
  1,283
  1,365
  1,451
  1,540
  1,633
  1,729
  1,830
  1,935
  2,045
  2,160
Variable operating expenses, $m
 
  204
  238
  275
  314
  356
  401
  449
  499
  552
  607
  664
  725
  787
  852
  920
  991
  1,064
  1,140
  1,219
  1,301
  1,387
  1,476
  1,568
  1,664
  1,765
  1,869
  1,978
  2,092
  2,211
  2,335
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
  197
  204
  238
  275
  314
  356
  401
  449
  499
  552
  607
  664
  725
  787
  852
  920
  991
  1,064
  1,140
  1,219
  1,301
  1,387
  1,476
  1,568
  1,664
  1,765
  1,869
  1,978
  2,092
  2,211
  2,335
Operating income, $m
  -37
  -15
  -18
  -21
  -24
  -27
  -30
  -34
  -37
  -41
  -45
  -50
  -54
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -132
  -140
  -148
  -157
  -166
  -175
EBITDA, $m
  6
  34
  39
  45
  52
  59
  67
  74
  83
  91
  101
  110
  120
  130
  141
  153
  164
  176
  189
  202
  216
  230
  245
  260
  276
  292
  310
  328
  347
  366
  387
Interest expense (income), $m
  0
  14
  18
  22
  26
  31
  37
  42
  48
  54
  61
  68
  75
  83
  90
  98
  107
  116
  125
  134
  144
  154
  165
  176
  188
  200
  212
  225
  239
  253
  268
Earnings before tax, $m
  -99
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -86
  -96
  -106
  -118
  -129
  -142
  -154
  -167
  -181
  -195
  -210
  -226
  -242
  -258
  -276
  -294
  -312
  -332
  -352
  -373
  -396
  -419
  -443
Tax expense, $m
  13
  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
  -112
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -86
  -96
  -106
  -118
  -129
  -142
  -154
  -167
  -181
  -195
  -210
  -226
  -242
  -258
  -276
  -294
  -312
  -332
  -352
  -373
  -396
  -419
  -443

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  966
  1,048
  1,222
  1,411
  1,614
  1,831
  2,062
  2,307
  2,565
  2,835
  3,119
  3,415
  3,724
  4,046
  4,381
  4,729
  5,091
  5,468
  5,859
  6,265
  6,687
  7,127
  7,584
  8,059
  8,554
  9,070
  9,607
  10,168
  10,752
  11,363
  12,000
Adjusted assets (=assets-cash), $m
  889
  1,048
  1,222
  1,411
  1,614
  1,831
  2,062
  2,307
  2,565
  2,835
  3,119
  3,415
  3,724
  4,046
  4,381
  4,729
  5,091
  5,468
  5,859
  6,265
  6,687
  7,127
  7,584
  8,059
  8,554
  9,070
  9,607
  10,168
  10,752
  11,363
  12,000
Revenue / Adjusted assets
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
Average production assets, $m
  808
  952
  1,110
  1,282
  1,466
  1,664
  1,874
  2,096
  2,330
  2,576
  2,833
  3,102
  3,383
  3,676
  3,980
  4,296
  4,625
  4,967
  5,322
  5,691
  6,075
  6,474
  6,889
  7,321
  7,771
  8,240
  8,728
  9,237
  9,768
  10,323
  10,901
Working capital, $m
  74
  14
  16
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  55
  59
  64
  69
  74
  79
  85
  90
  96
  102
  109
  115
  122
  130
  137
  145
  153
  162
Total debt, $m
  408
  503
  624
  755
  896
  1,046
  1,206
  1,376
  1,554
  1,742
  1,938
  2,144
  2,358
  2,581
  2,813
  3,054
  3,305
  3,566
  3,837
  4,119
  4,411
  4,716
  5,032
  5,362
  5,705
  6,062
  6,435
  6,823
  7,228
  7,651
  8,093
Total liabilities, $m
  631
  726
  847
  978
  1,119
  1,269
  1,429
  1,599
  1,777
  1,965
  2,161
  2,367
  2,581
  2,804
  3,036
  3,277
  3,528
  3,789
  4,060
  4,342
  4,634
  4,939
  5,255
  5,585
  5,928
  6,285
  6,658
  7,046
  7,451
  7,874
  8,316
Total equity, $m
  335
  322
  375
  433
  496
  562
  633
  708
  787
  870
  957
  1,048
  1,143
  1,242
  1,345
  1,452
  1,563
  1,679
  1,799
  1,923
  2,053
  2,188
  2,328
  2,474
  2,626
  2,784
  2,949
  3,122
  3,301
  3,488
  3,684
Total liabilities and equity, $m
  966
  1,048
  1,222
  1,411
  1,615
  1,831
  2,062
  2,307
  2,564
  2,835
  3,118
  3,415
  3,724
  4,046
  4,381
  4,729
  5,091
  5,468
  5,859
  6,265
  6,687
  7,127
  7,583
  8,059
  8,554
  9,069
  9,607
  10,168
  10,752
  11,362
  12,000
Debt-to-equity ratio
  1.218
  1.560
  1.660
  1.740
  1.810
  1.860
  1.910
  1.940
  1.970
  2.000
  2.020
  2.040
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.160
  2.160
  2.170
  2.170
  2.180
  2.180
  2.190
  2.190
  2.190
  2.200
Adjusted equity ratio
  0.290
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -112
  -29
  -35
  -42
  -50
  -58
  -67
  -76
  -86
  -96
  -106
  -118
  -129
  -142
  -154
  -167
  -181
  -195
  -210
  -226
  -242
  -258
  -276
  -294
  -312
  -332
  -352
  -373
  -396
  -419
  -443
Depreciation, amort., depletion, $m
  43
  49
  57
  66
  76
  86
  97
  108
  120
  133
  146
  160
  174
  189
  205
  221
  238
  256
  274
  293
  313
  334
  355
  377
  401
  425
  450
  476
  504
  532
  562
Funds from operations, $m
  28
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  75
  80
  84
  88
  93
  98
  103
  108
  113
  119
Change in working capital, $m
  -2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  30
  18
  19
  21
  23
  25
  27
  29
  31
  33
  36
  38
  41
  44
  46
  49
  52
  56
  59
  62
  66
  69
  73
  77
  82
  86
  90
  95
  100
  105
  111
Maintenance CAPEX, $m
  0
  -42
  -49
  -57
  -66
  -76
  -86
  -97
  -108
  -120
  -133
  -146
  -160
  -174
  -189
  -205
  -221
  -238
  -256
  -274
  -293
  -313
  -334
  -355
  -377
  -401
  -425
  -450
  -476
  -504
  -532
New CAPEX, $m
  -6
  -145
  -158
  -172
  -185
  -197
  -210
  -222
  -234
  -246
  -258
  -269
  -281
  -292
  -304
  -316
  -329
  -342
  -355
  -369
  -384
  -399
  -415
  -432
  -450
  -469
  -488
  -509
  -531
  -554
  -579
Cash from investing activities, $m
  -7
  -187
  -207
  -229
  -251
  -273
  -296
  -319
  -342
  -366
  -391
  -415
  -441
  -466
  -493
  -521
  -550
  -580
  -611
  -643
  -677
  -712
  -749
  -787
  -827
  -870
  -913
  -959
  -1,007
  -1,058
  -1,111
Free cash flow, $m
  23
  -168
  -188
  -208
  -228
  -248
  -269
  -290
  -311
  -333
  -355
  -377
  -400
  -423
  -447
  -472
  -498
  -525
  -552
  -581
  -611
  -643
  -675
  -710
  -746
  -783
  -823
  -864
  -907
  -953
  -1,000
Issuance/(repayment) of debt, $m
  -4
  110
  121
  131
  141
  151
  160
  169
  179
  188
  196
  205
  214
  223
  232
  241
  251
  261
  271
  282
  293
  304
  317
  330
  343
  357
  372
  388
  405
  423
  442
Issuance/(repurchase) of shares, $m
  -1
  78
  89
  100
  112
  125
  138
  151
  165
  179
  193
  209
  224
  240
  257
  274
  292
  311
  330
  350
  371
  393
  416
  440
  464
  490
  517
  546
  575
  606
  638
Cash from financing (excl. dividends), $m  
  -6
  188
  210
  231
  253
  276
  298
  320
  344
  367
  389
  414
  438
  463
  489
  515
  543
  572
  601
  632
  664
  697
  733
  770
  807
  847
  889
  934
  980
  1,029
  1,080
Total cash flow (excl. dividends), $m
  20
  20
  22
  24
  25
  27
  29
  31
  32
  34
  35
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  80
Retained Cash Flow (-), $m
  109
  -78
  -89
  -100
  -112
  -125
  -138
  -151
  -165
  -179
  -193
  -209
  -224
  -240
  -257
  -274
  -292
  -311
  -330
  -350
  -371
  -393
  -416
  -440
  -464
  -490
  -517
  -546
  -575
  -606
  -638
Prev. year cash balance distribution, $m
 
  62
  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
 
  4
  -67
  -77
  -87
  -98
  -109
  -120
  -132
  -145
  -158
  -172
  -186
  -200
  -215
  -231
  -247
  -264
  -281
  -300
  -319
  -338
  -359
  -380
  -403
  -426
  -450
  -476
  -502
  -530
  -559
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  4
  -57
  -59
  -60
  -60
  -59
  -57
  -54
  -51
  -46
  -42
  -37
  -32
  -27
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.2
  61.5
  48.7
  38.9
  31.2
  25.1
  20.4
  16.6
  13.6
  11.1
  9.2
  7.6
  6.3
  5.2
  4.4
  3.6
  3.0
  2.6
  2.1
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3

AgroFresh Solutions, Inc. provides data-driven specialty solutions worldwide. Its solutions enable growers and packers of fresh produce to preserve and enhance the freshness, quality, and value of fresh produce, including apples, pears, kiwifruit, avocados, and bananas, as well as flowers. The company’s principal product includes SmartFresh Quality System that regulates the post-harvest ripening effects of ethylene to preserve the texture, firmness, taste, and appearance of produce during storage, transportation, and retail display. It also offers Harvista technology for pre-harvest management of pome fruit, such as apples and pears. In addition, the company is developing AdvanStore technology to monitor fresh fruit while in storage; and RipeLock Quality System that extends the shelf life of bananas. Further, it provides advisory services on the use of 1-Methylcyclopropene, an ethylene action inhibitor used to maintain freshness, as well as extend the shelf life of various fresh produce. The company was formerly known as Boulevard Acquisition Corp. and changed its name to AgroFresh Solutions, Inc. in July 2015. AgroFresh Solutions, Inc. is headquartered in Philadelphia, Pennsylvania.

FINANCIAL RATIOS  of  AgroFresh Solutions (AGFS)

Valuation Ratios
P/E Ratio -3.2
Price to Sales 2.2
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 14.9
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 500%
Cap. Spend. - 3 Yr. Gr. Rate 43.1%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 117.3%
Total Debt to Equity 121.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -10.9%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital -14%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -28.8%
Return On Equity - 3 Yr. Avg. -4.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 62.5%
Gross Margin - 3 Yr. Avg. 60.9%
EBITDA Margin -35%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin -23.1%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin -61.9%
Pre-Tax Margin - 3 Yr. Avg. -15.4%
Net Profit Margin -70%
Net Profit Margin - 3 Yr. Avg. -23.9%
Effective Tax Rate -13.1%
Eff/ Tax Rate - 3 Yr. Avg. 23.5%
Payout Ratio 0%

AGFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGFS stock intrinsic value calculation we used $160 million for the last fiscal year's total revenue generated by AgroFresh Solutions. The default revenue input number comes from 2016 income statement of AgroFresh Solutions. 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 AGFS stock valuation model: a) initial revenue growth rate of 17.9% 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 8.4%, whose default value for AGFS is calculated based on our internal credit rating of AgroFresh Solutions, 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 AgroFresh Solutions.
    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 AGFS stock the variable cost ratio is equal to 108.1%.

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 AGFS 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 AgroFresh Solutions.

Corporate tax rate of 27% is the nominal tax rate for AgroFresh Solutions. 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 AGFS 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 AGFS are equal to 504.7%.

Life of production assets of 19.4 years is the average useful life of capital assets used in AgroFresh Solutions 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 AGFS is equal to 7.5%. 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 - $335 million for AgroFresh Solutions - 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 47.807 million for AgroFresh Solutions 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 AgroFresh Solutions at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ AgroFreshs Receives Favorable Ruling in MirTech Lawsuit   [Jul-06-17 08:00AM  Business Wire]
▶ These 3 Stocks Could Have Doubled Your Money This Year   [Jun-15-17 04:05PM  Motley Fool]
▶ AgroFresh Solutions Outlines a Growth Strategy   [Mar-10-17 11:44AM  Motley Fool]
▶ Is AgroFresh Solutions Inc (AGFS) A Good Stock To Buy?   [Dec-12-16 01:45AM  Insider Monkey]
▶ AgroFresh Introduces Novel Sensor Technology   [Sep-07-16 04:15PM  PR Newswire]
▶ AgroFresh Solutions Inc.'s Stress-Free Quarter   [Aug-11-16 10:36AM  at Motley Fool]
▶ AgroFresh Names New Chief Executive Officer   [Jul-14-16 06:00AM  PR Newswire]
▶ Five ways to ignite your banana sales   [Jun-20-16 07:00AM  PR Newswire]
▶ AgroFresh Solutions Inc. Earnings Will Still Rely on Weather   [May-16-16 01:48PM  at Motley Fool]
▶ AgroFresh Suffers From Bad Apples-to-Apples Comparison   [Mar-11-16 02:20PM  at Motley Fool]
Stock chart of AGFS Financial statements of AGFS
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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