Intrinsic value of Altra Industrial Motion - AIMC

Previous Close

$44.35

  Intrinsic Value

$132.12

stock screener

  Rating & Target

str. buy

+198%

  Value-price divergence*

-84%

Previous close

$44.35

 
Intrinsic value

$132.12

 
Up/down potential

+198%

 
Rating

str. buy

 
Value-price divergence*

-84%

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

We calculate the intrinsic value of AIMC 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 1.1

 

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, %
  -5.09
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  709
  847
  999
  1,165
  1,346
  1,540
  1,748
  1,969
  2,203
  2,450
  2,709
  2,980
  3,264
  3,560
  3,868
  4,189
  4,523
  4,870
  5,230
  5,605
  5,994
  6,399
  6,819
  7,257
  7,713
  8,187
  8,681
  9,196
  9,732
  10,292
  10,877
Variable operating expenses, $m
 
  420
  493
  572
  657
  749
  848
  953
  1,064
  1,181
  1,304
  1,414
  1,548
  1,689
  1,835
  1,987
  2,145
  2,310
  2,481
  2,659
  2,843
  3,035
  3,235
  3,442
  3,658
  3,883
  4,118
  4,362
  4,616
  4,882
  5,159
Fixed operating expenses, $m
 
  324
  332
  340
  349
  358
  366
  376
  385
  395
  405
  415
  425
  436
  446
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  600
  616
  631
  647
  663
Total operating expenses, $m
  663
  744
  825
  912
  1,006
  1,107
  1,214
  1,329
  1,449
  1,576
  1,709
  1,829
  1,973
  2,125
  2,281
  2,445
  2,614
  2,791
  2,974
  3,164
  3,361
  3,566
  3,779
  4,000
  4,230
  4,469
  4,718
  4,978
  5,247
  5,529
  5,822
Operating income, $m
  46
  102
  174
  253
  340
  433
  533
  641
  754
  874
  1,001
  1,152
  1,291
  1,436
  1,587
  1,744
  1,908
  2,079
  2,256
  2,441
  2,633
  2,833
  3,041
  3,257
  3,483
  3,718
  3,963
  4,218
  4,485
  4,764
  5,055
EBITDA, $m
  76
  145
  221
  305
  396
  495
  602
  715
  835
  962
  1,096
  1,236
  1,383
  1,536
  1,696
  1,863
  2,036
  2,217
  2,404
  2,599
  2,802
  3,014
  3,233
  3,462
  3,701
  3,949
  4,208
  4,478
  4,760
  5,054
  5,362
Interest expense (income), $m
  7
  11
  15
  19
  24
  28
  34
  39
  45
  51
  58
  65
  72
  80
  88
  96
  105
  114
  123
  133
  143
  153
  164
  175
  187
  199
  212
  225
  239
  253
  268
Earnings before tax, $m
  34
  91
  159
  234
  316
  405
  500
  601
  709
  823
  942
  1,087
  1,219
  1,356
  1,499
  1,648
  1,804
  1,965
  2,133
  2,308
  2,490
  2,680
  2,877
  3,082
  3,296
  3,518
  3,751
  3,993
  4,246
  4,510
  4,786
Tax expense, $m
  9
  25
  43
  63
  85
  109
  135
  162
  191
  222
  254
  293
  329
  366
  405
  445
  487
  531
  576
  623
  672
  724
  777
  832
  890
  950
  1,013
  1,078
  1,146
  1,218
  1,292
Net income, $m
  25
  66
  116
  171
  231
  295
  365
  439
  518
  601
  688
  794
  890
  990
  1,094
  1,203
  1,317
  1,435
  1,557
  1,685
  1,818
  1,956
  2,100
  2,250
  2,406
  2,568
  2,738
  2,915
  3,100
  3,292
  3,494

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  870
  957
  1,128
  1,316
  1,520
  1,740
  1,975
  2,225
  2,489
  2,768
  3,061
  3,368
  3,688
  4,023
  4,371
  4,734
  5,111
  5,503
  5,910
  6,333
  6,773
  7,230
  7,706
  8,200
  8,715
  9,251
  9,809
  10,390
  10,997
  11,630
  12,290
Adjusted assets (=assets-cash), $m
  801
  957
  1,128
  1,316
  1,520
  1,740
  1,975
  2,225
  2,489
  2,768
  3,061
  3,368
  3,688
  4,023
  4,371
  4,734
  5,111
  5,503
  5,910
  6,333
  6,773
  7,230
  7,706
  8,200
  8,715
  9,251
  9,809
  10,390
  10,997
  11,630
  12,290
Revenue / Adjusted assets
  0.885
  0.885
  0.886
  0.885
  0.886
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
Average production assets, $m
  287
  342
  403
  471
  544
  622
  706
  795
  890
  990
  1,094
  1,204
  1,319
  1,438
  1,563
  1,692
  1,827
  1,967
  2,113
  2,264
  2,422
  2,585
  2,755
  2,932
  3,116
  3,307
  3,507
  3,715
  3,932
  4,158
  4,394
Working capital, $m
  172
  175
  207
  241
  279
  319
  362
  408
  456
  507
  561
  617
  676
  737
  801
  867
  936
  1,008
  1,083
  1,160
  1,241
  1,325
  1,412
  1,502
  1,597
  1,695
  1,797
  1,903
  2,015
  2,131
  2,251
Total debt, $m
  370
  432
  548
  676
  814
  963
  1,122
  1,291
  1,471
  1,660
  1,858
  2,066
  2,284
  2,510
  2,747
  2,992
  3,248
  3,514
  3,790
  4,077
  4,375
  4,685
  5,007
  5,343
  5,692
  6,055
  6,433
  6,828
  7,239
  7,668
  8,116
Total liabilities, $m
  586
  649
  765
  893
  1,031
  1,180
  1,339
  1,508
  1,688
  1,877
  2,075
  2,283
  2,501
  2,727
  2,964
  3,209
  3,465
  3,731
  4,007
  4,294
  4,592
  4,902
  5,224
  5,560
  5,909
  6,272
  6,650
  7,045
  7,456
  7,885
  8,333
Total equity, $m
  283
  308
  363
  424
  490
  560
  636
  716
  802
  891
  986
  1,084
  1,188
  1,295
  1,407
  1,524
  1,646
  1,772
  1,903
  2,039
  2,181
  2,328
  2,481
  2,640
  2,806
  2,979
  3,158
  3,346
  3,541
  3,745
  3,957
Total liabilities and equity, $m
  869
  957
  1,128
  1,317
  1,521
  1,740
  1,975
  2,224
  2,490
  2,768
  3,061
  3,367
  3,689
  4,022
  4,371
  4,733
  5,111
  5,503
  5,910
  6,333
  6,773
  7,230
  7,705
  8,200
  8,715
  9,251
  9,808
  10,391
  10,997
  11,630
  12,290
Debt-to-equity ratio
  1.307
  1.400
  1.510
  1.590
  1.660
  1.720
  1.760
  1.800
  1.830
  1.860
  1.890
  1.910
  1.920
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.010
  2.020
  2.020
  2.030
  2.030
  2.040
  2.040
  2.040
  2.050
  2.050
Adjusted equity ratio
  0.267
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  66
  116
  171
  231
  295
  365
  439
  518
  601
  688
  794
  890
  990
  1,094
  1,203
  1,317
  1,435
  1,557
  1,685
  1,818
  1,956
  2,100
  2,250
  2,406
  2,568
  2,738
  2,915
  3,100
  3,292
  3,494
Depreciation, amort., depletion, $m
  30
  43
  47
  52
  57
  62
  68
  75
  81
  88
  95
  84
  92
  101
  109
  118
  128
  138
  148
  158
  169
  181
  193
  205
  218
  231
  245
  260
  275
  291
  307
Funds from operations, $m
  82
  109
  163
  223
  288
  358
  433
  513
  599
  689
  783
  878
  982
  1,090
  1,204
  1,322
  1,444
  1,572
  1,705
  1,843
  1,987
  2,137
  2,293
  2,455
  2,624
  2,800
  2,983
  3,175
  3,375
  3,583
  3,801
Change in working capital, $m
  5
  28
  31
  34
  37
  40
  43
  46
  48
  51
  54
  56
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  107
  111
  116
  121
Cash from operations, $m
  77
  81
  132
  188
  250
  318
  390
  468
  550
  638
  730
  822
  923
  1,029
  1,140
  1,255
  1,375
  1,500
  1,631
  1,766
  1,907
  2,053
  2,206
  2,364
  2,529
  2,702
  2,881
  3,068
  3,263
  3,467
  3,680
Maintenance CAPEX, $m
  0
  -20
  -24
  -28
  -33
  -38
  -44
  -49
  -56
  -62
  -69
  -77
  -84
  -92
  -101
  -109
  -118
  -128
  -138
  -148
  -158
  -169
  -181
  -193
  -205
  -218
  -231
  -245
  -260
  -275
  -291
New CAPEX, $m
  -19
  -56
  -61
  -67
  -73
  -79
  -84
  -89
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -226
  -236
Cash from investing activities, $m
  -207
  -76
  -85
  -95
  -106
  -117
  -128
  -138
  -151
  -162
  -174
  -187
  -199
  -212
  -226
  -239
  -253
  -268
  -284
  -299
  -315
  -332
  -351
  -370
  -389
  -410
  -431
  -453
  -477
  -501
  -527
Free cash flow, $m
  -130
  5
  46
  93
  144
  201
  263
  329
  400
  476
  556
  635
  724
  817
  915
  1,016
  1,122
  1,233
  1,347
  1,467
  1,591
  1,720
  1,855
  1,995
  2,140
  2,292
  2,450
  2,615
  2,787
  2,966
  3,153
Issuance/(repayment) of debt, $m
  168
  106
  116
  127
  138
  149
  159
  169
  179
  189
  199
  208
  217
  227
  236
  246
  256
  266
  276
  287
  298
  310
  322
  335
  349
  363
  378
  394
  411
  429
  448
Issuance/(repurchase) of shares, $m
  -5
  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  
  162
  106
  116
  127
  138
  149
  159
  169
  179
  189
  199
  208
  217
  227
  236
  246
  256
  266
  276
  287
  298
  310
  322
  335
  349
  363
  378
  394
  411
  429
  448
Total cash flow (excl. dividends), $m
  31
  111
  163
  220
  283
  350
  422
  498
  579
  665
  754
  843
  942
  1,044
  1,151
  1,262
  1,378
  1,498
  1,624
  1,754
  1,889
  2,030
  2,177
  2,330
  2,489
  2,655
  2,829
  3,009
  3,198
  3,395
  3,601
Retained Cash Flow (-), $m
  -40
  -50
  -55
  -61
  -66
  -71
  -76
  -80
  -85
  -90
  -94
  -99
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -187
  -195
  -204
  -213
Prev. year cash balance distribution, $m
 
  25
  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
 
  86
  107
  160
  217
  279
  346
  418
  494
  575
  660
  745
  838
  936
  1,039
  1,145
  1,256
  1,372
  1,492
  1,618
  1,748
  1,883
  2,024
  2,171
  2,324
  2,483
  2,649
  2,822
  3,003
  3,191
  3,388
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  80
  93
  126
  156
  181
  201
  216
  224
  226
  223
  213
  201
  185
  167
  147
  127
  108
  89
  72
  57
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
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

Altra Industrial Motion Corp. designs, produces, and markets mechanical power transmission components worldwide. The company operates through three segments: Couplings, Clutches and Brakes; Electromagnetic Clutches and Brakes; and Gearing. It offers coupling products under the Ameridrives, Ameridrives Power Transmission, Bibby, Lamiflex, TB Wood's, Huco Dynatork, and Guardian brands for food processing, oil and gas, power generation, material handling, medical, metals, mining, and mobile off-highway markets; and heavy duty clutches and brakes under the Wichita Clutch, Twiflex, Industrial Clutch, and Svendborg Brakes brands for use in metal forming, oil and gas drilling platforms, mining, material handling, marine, and wind turbine applications. The company also provides overrunning clutches under the Formsprag, Marland, and Stieber brands used in conveyors, gear reducers, hoists and cranes, mining machinery, machine tools, paper machinery, and other specialty machinery, as well as aerospace and defense market; and engineered belted drives under the TB WoodÂ’s brand for aggregate, energy, chemical, and material handling markets. In addition, it offers electromagnetic clutches and brakes under the Warner Electric, Inertia Dynamics, and Matrix brands for material handling, forklift, elevator, medical mobility, mobile off-highway, baggage handling, and plant productivity applications, as well as for walk-behind mowers, residential lawn tractors, and commercial mowers; gears under the Boston Gear, Nuttall Gear, Delroyd, and Bauer Gear Motor brands that are used in industrial, material handling, mixing, transportation, and food processing applications; and engineered bearing assemblies under the Kilian brand name for use in general industrial and automotive markets. The company was formerly known as Altra Holdings, Inc. and changed its name to Altra Industrial Motion Corp. in November 2013. The company was founded in 2004 and is headquartered in Braintree, Massachusetts.

FINANCIAL RATIOS  of  Altra Industrial Motion (AIMC)

Valuation Ratios
P/E Ratio 48.3
Price to Sales 1.7
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 20.8
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 115.2%
Total Debt to Equity 130.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 31.3%
Gross Margin - 3 Yr. Avg. 30.7%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.5%
Payout Ratio 48%

AIMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIMC stock intrinsic value calculation we used $709 million for the last fiscal year's total revenue generated by Altra Industrial Motion. The default revenue input number comes from 2016 income statement of Altra Industrial Motion. 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 AIMC stock valuation model: a) initial revenue growth rate of 19.4% 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 7.4%, whose default value for AIMC is calculated based on our internal credit rating of Altra Industrial Motion, 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 Altra Industrial Motion.
    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 AIMC stock the variable cost ratio is equal to 50.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $316 million in the base year in the intrinsic value calculation for AIMC 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 Altra Industrial Motion.

Corporate tax rate of 27% is the nominal tax rate for Altra Industrial Motion. 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 AIMC 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 AIMC are equal to 40.4%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Altra Industrial Motion 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 AIMC is equal to 20.7%. 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 - $283 million for Altra Industrial Motion - 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 24.527 million for Altra Industrial Motion 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 Altra Industrial Motion at the current share price and the inputted number of shares is $1.1 billion.

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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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