Intrinsic value of Align Technology - ALGN

Previous Close

$368.66

  Intrinsic Value

$242.71

stock screener

  Rating & Target

sell

-34%

Previous close

$368.66

 
Intrinsic value

$242.71

 
Up/down potential

-34%

 
Rating

sell

We calculate the intrinsic value of ALGN 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  27.81
  36.40
  33.26
  30.43
  27.89
  25.60
  23.54
  21.69
  20.02
  18.52
  17.17
  15.95
  14.85
  13.87
  12.98
  12.18
  11.46
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.50
  7.25
  7.03
  6.83
  6.64
  6.48
Revenue, $m
  1,080
  2,009
  2,677
  3,492
  4,466
  5,610
  6,930
  8,433
  10,122
  11,996
  14,055
  16,296
  18,717
  21,313
  24,079
  27,013
  30,110
  33,367
  36,783
  40,356
  44,085
  47,973
  52,020
  56,229
  60,605
  65,154
  69,880
  74,792
  79,897
  85,205
  90,725
Variable operating expenses, $m
 
  1,471
  1,958
  2,551
  3,260
  4,093
  5,054
  6,148
  7,377
  8,741
  10,240
  11,863
  13,625
  15,515
  17,529
  19,664
  21,919
  24,290
  26,777
  29,377
  32,092
  34,922
  37,868
  40,932
  44,118
  47,429
  50,870
  54,445
  58,162
  62,025
  66,044
Fixed operating expenses, $m
 
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  831
  1,511
  1,999
  2,593
  3,303
  4,136
  5,098
  6,193
  7,423
  8,788
  10,288
  11,913
  13,676
  15,567
  17,582
  19,718
  21,974
  24,346
  26,835
  29,436
  32,152
  34,984
  37,931
  40,996
  44,184
  47,496
  50,939
  54,515
  58,234
  62,098
  66,119
Operating income, $m
  249
  498
  679
  900
  1,164
  1,474
  1,832
  2,240
  2,698
  3,207
  3,766
  4,384
  5,041
  5,746
  6,498
  7,295
  8,136
  9,021
  9,949
  10,920
  11,933
  12,989
  14,089
  15,232
  16,421
  17,657
  18,942
  20,276
  21,664
  23,106
  24,606
EBITDA, $m
  273
  554
  751
  991
  1,278
  1,615
  2,004
  2,448
  2,946
  3,499
  4,107
  4,768
  5,483
  6,249
  7,066
  7,932
  8,847
  9,808
  10,817
  11,872
  12,973
  14,121
  15,316
  16,559
  17,852
  19,195
  20,591
  22,041
  23,549
  25,117
  26,747
Interest expense (income), $m
  0
  0
  12
  28
  46
  69
  95
  126
  160
  199
  242
  290
  341
  397
  457
  520
  588
  659
  734
  813
  895
  981
  1,070
  1,163
  1,260
  1,361
  1,465
  1,574
  1,687
  1,805
  1,927
Earnings before tax, $m
  243
  498
  666
  872
  1,117
  1,405
  1,737
  2,114
  2,538
  3,008
  3,524
  4,094
  4,700
  5,349
  6,041
  6,774
  7,548
  8,362
  9,215
  10,107
  11,038
  12,008
  13,018
  14,069
  15,161
  16,297
  17,476
  18,702
  19,976
  21,301
  22,679
Tax expense, $m
  52
  134
  180
  235
  302
  379
  469
  571
  685
  812
  951
  1,105
  1,269
  1,444
  1,631
  1,829
  2,038
  2,258
  2,488
  2,729
  2,980
  3,242
  3,515
  3,799
  4,094
  4,400
  4,719
  5,050
  5,394
  5,751
  6,123
Net income, $m
  190
  363
  486
  636
  815
  1,026
  1,268
  1,543
  1,853
  2,196
  2,572
  2,989
  3,431
  3,905
  4,410
  4,945
  5,510
  6,104
  6,727
  7,378
  8,058
  8,766
  9,503
  10,270
  11,068
  11,896
  12,758
  13,653
  14,583
  15,550
  16,556

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  640
  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
  1,396
  2,119
  2,824
  3,684
  4,711
  5,917
  7,310
  8,896
  10,677
  12,654
  14,826
  17,190
  19,744
  22,482
  25,400
  28,495
  31,762
  35,198
  38,801
  42,570
  46,504
  50,604
  54,873
  59,313
  63,930
  68,727
  73,713
  78,894
  84,279
  89,878
  95,702
Adjusted assets (=assets-cash), $m
  756
  2,119
  2,824
  3,684
  4,711
  5,917
  7,310
  8,896
  10,677
  12,654
  14,826
  17,190
  19,744
  22,482
  25,400
  28,495
  31,762
  35,198
  38,801
  42,570
  46,504
  50,604
  54,873
  59,313
  63,930
  68,727
  73,713
  78,894
  84,279
  89,878
  95,702
Revenue / Adjusted assets
  1.429
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
Average production assets, $m
  176
  474
  632
  824
  1,054
  1,324
  1,636
  1,990
  2,389
  2,831
  3,317
  3,846
  4,417
  5,030
  5,683
  6,375
  7,106
  7,875
  8,681
  9,524
  10,404
  11,322
  12,277
  13,270
  14,303
  15,376
  16,492
  17,651
  18,856
  20,108
  21,411
Working capital, $m
  599
  -6
  -8
  -10
  -13
  -17
  -21
  -25
  -30
  -36
  -42
  -49
  -56
  -64
  -72
  -81
  -90
  -100
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -195
  -210
  -224
  -240
  -256
  -272
Total debt, $m
  0
  228
  513
  860
  1,275
  1,763
  2,326
  2,966
  3,686
  4,484
  5,362
  6,317
  7,349
  8,455
  9,634
  10,884
  12,204
  13,592
  15,048
  16,570
  18,160
  19,816
  21,541
  23,335
  25,200
  27,138
  29,152
  31,245
  33,421
  35,683
  38,036
Total liabilities, $m
  401
  856
  1,141
  1,488
  1,903
  2,391
  2,953
  3,594
  4,313
  5,112
  5,990
  6,945
  7,976
  9,083
  10,262
  11,512
  12,832
  14,220
  15,676
  17,198
  18,787
  20,444
  22,169
  23,963
  25,828
  27,766
  29,780
  31,873
  34,049
  36,311
  38,663
Total equity, $m
  995
  1,263
  1,683
  2,196
  2,808
  3,527
  4,357
  5,302
  6,363
  7,542
  8,836
  10,245
  11,767
  13,399
  15,138
  16,983
  18,930
  20,978
  23,125
  25,371
  27,716
  30,160
  32,704
  35,351
  38,102
  40,962
  43,933
  47,021
  50,231
  53,568
  57,038
Total liabilities and equity, $m
  1,396
  2,119
  2,824
  3,684
  4,711
  5,918
  7,310
  8,896
  10,676
  12,654
  14,826
  17,190
  19,743
  22,482
  25,400
  28,495
  31,762
  35,198
  38,801
  42,569
  46,503
  50,604
  54,873
  59,314
  63,930
  68,728
  73,713
  78,894
  84,280
  89,879
  95,701
Debt-to-equity ratio
  0.000
  0.180
  0.300
  0.390
  0.450
  0.500
  0.530
  0.560
  0.580
  0.590
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
Adjusted equity ratio
  0.470
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596
  0.596

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  363
  486
  636
  815
  1,026
  1,268
  1,543
  1,853
  2,196
  2,572
  2,989
  3,431
  3,905
  4,410
  4,945
  5,510
  6,104
  6,727
  7,378
  8,058
  8,766
  9,503
  10,270
  11,068
  11,896
  12,758
  13,653
  14,583
  15,550
  16,556
Depreciation, amort., depletion, $m
  24
  56
  72
  91
  114
  141
  172
  208
  248
  292
  341
  385
  442
  503
  568
  638
  711
  787
  868
  952
  1,040
  1,132
  1,228
  1,327
  1,430
  1,538
  1,649
  1,765
  1,886
  2,011
  2,141
Funds from operations, $m
  231
  420
  559
  728
  930
  1,167
  1,440
  1,751
  2,101
  2,488
  2,913
  3,373
  3,873
  4,408
  4,978
  5,583
  6,221
  6,892
  7,595
  8,330
  9,098
  9,898
  10,731
  11,597
  12,498
  13,434
  14,407
  15,418
  16,468
  17,561
  18,697
Change in working capital, $m
  -17
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
Cash from operations, $m
  248
  421
  561
  730
  933
  1,170
  1,444
  1,756
  2,106
  2,493
  2,919
  3,380
  3,880
  4,416
  4,987
  5,592
  6,230
  6,901
  7,605
  8,341
  9,109
  9,910
  10,743
  11,610
  12,511
  13,448
  14,421
  15,432
  16,484
  17,577
  18,714
Maintenance CAPEX, $m
  0
  -35
  -47
  -63
  -82
  -105
  -132
  -164
  -199
  -239
  -283
  -332
  -385
  -442
  -503
  -568
  -638
  -711
  -787
  -868
  -952
  -1,040
  -1,132
  -1,228
  -1,327
  -1,430
  -1,538
  -1,649
  -1,765
  -1,886
  -2,011
New CAPEX, $m
  -71
  -127
  -158
  -192
  -230
  -270
  -312
  -355
  -398
  -442
  -486
  -529
  -571
  -613
  -653
  -692
  -731
  -769
  -806
  -843
  -880
  -917
  -955
  -993
  -1,033
  -1,073
  -1,115
  -1,159
  -1,205
  -1,253
  -1,303
Cash from investing activities, $m
  73
  -162
  -205
  -255
  -312
  -375
  -444
  -519
  -597
  -681
  -769
  -861
  -956
  -1,055
  -1,156
  -1,260
  -1,369
  -1,480
  -1,593
  -1,711
  -1,832
  -1,957
  -2,087
  -2,221
  -2,360
  -2,503
  -2,653
  -2,808
  -2,970
  -3,139
  -3,314
Free cash flow, $m
  321
  260
  355
  475
  620
  795
  1,000
  1,238
  1,508
  1,812
  2,150
  2,519
  2,924
  3,361
  3,831
  4,331
  4,862
  5,422
  6,012
  6,630
  7,277
  7,952
  8,656
  9,389
  10,151
  10,944
  11,768
  12,624
  13,514
  14,438
  15,400
Issuance/(repayment) of debt, $m
  0
  228
  285
  347
  415
  487
  563
  641
  719
  799
  877
  955
  1,032
  1,106
  1,179
  1,250
  1,320
  1,388
  1,456
  1,523
  1,589
  1,657
  1,725
  1,794
  1,865
  1,938
  2,014
  2,093
  2,176
  2,262
  2,353
Issuance/(repurchase) of shares, $m
  -82
  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  
  -96
  228
  285
  347
  415
  487
  563
  641
  719
  799
  877
  955
  1,032
  1,106
  1,179
  1,250
  1,320
  1,388
  1,456
  1,523
  1,589
  1,657
  1,725
  1,794
  1,865
  1,938
  2,014
  2,093
  2,176
  2,262
  2,353
Total cash flow (excl. dividends), $m
  222
  488
  640
  822
  1,036
  1,282
  1,563
  1,878
  2,228
  2,611
  3,028
  3,475
  3,956
  4,468
  5,010
  5,581
  6,182
  6,810
  7,467
  8,153
  8,866
  9,609
  10,381
  11,183
  12,016
  12,882
  13,782
  14,717
  15,689
  16,700
  17,752
Retained Cash Flow (-), $m
  -147
  -337
  -420
  -512
  -612
  -719
  -830
  -945
  -1,061
  -1,178
  -1,295
  -1,409
  -1,522
  -1,632
  -1,739
  -1,844
  -1,947
  -2,048
  -2,147
  -2,246
  -2,345
  -2,444
  -2,544
  -2,646
  -2,751
  -2,859
  -2,971
  -3,088
  -3,210
  -3,337
  -3,471
Prev. year cash balance distribution, $m
 
  224
  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
 
  59
  80
  107
  140
  179
  224
  277
  337
  405
  480
  562
  652
  749
  853
  963
  1,081
  1,204
  1,335
  1,471
  1,614
  1,763
  1,919
  2,081
  2,249
  2,424
  2,606
  2,795
  2,992
  3,196
  3,408
Cash available for distribution, $m
 
  375
  220
  310
  423
  563
  733
  933
  1,166
  1,433
  1,733
  2,065
  2,434
  2,836
  3,270
  3,737
  4,234
  4,762
  5,320
  5,906
  6,521
  7,165
  7,836
  8,536
  9,265
  10,023
  10,811
  11,629
  12,480
  13,363
  14,282
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
 
  360
  201
  269
  348
  437
  532
  630
  729
  823
  909
  981
  1,039
  1,078
  1,098
  1,097
  1,076
  1,036
  980
  909
  829
  741
  650
  559
  472
  390
  315
  250
  193
  146
  108
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

Align Technology, Inc. designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment. The Clear Aligner segment consists of its Invisalign System, which includes Invisalign Full, Teen and Assist (Comprehensive Products), Express/Lite (Non-Comprehensive Products) and Vivera Retainers, along with its training and ancillary products for treating malocclusion (Non-Case). The Scanner segment consists of intra-oral scanning systems and other services available with the intra-oral scanners that provide digital alternatives to the traditional cast models. The Scanner segment includes its iTero scanner and OrthoCAD services.

FINANCIAL RATIOS  of  Align Technology (ALGN)

Valuation Ratios
P/E Ratio 154.4
Price to Sales 27.2
Price to Book 29.5
Price to Tangible Book
Price to Cash Flow 118.3
Price to Free Cash Flow 165.7
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34%
Cap. Spend. - 3 Yr. Gr. Rate 30.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.9%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.9%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 75.5%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 23.6%
Pre-Tax Margin 22.5%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 0%

ALGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALGN stock intrinsic value calculation we used $1473 million for the last fiscal year's total revenue generated by Align Technology. The default revenue input number comes from 2016 income statement of Align Technology. 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 ALGN stock valuation model: a) initial revenue growth rate of 36.4% 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 4.3%, whose default value for ALGN is calculated based on our internal credit rating of Align Technology, 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 Align Technology.
    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 ALGN stock the variable cost ratio is equal to 73.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for ALGN 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 5.4% for Align Technology.

Corporate tax rate of 27% is the nominal tax rate for Align Technology. 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 ALGN stock is equal to 4%.

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 ALGN are equal to 23.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Align Technology 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 ALGN is equal to -0.3%. 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 - $1150 million for Align Technology - 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 80 million for Align Technology 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 Align Technology at the current share price and the inputted number of shares is $29.5 billion.

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Financial statements of ALGN
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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