Intrinsic value of Align Technology - ALGN

Previous Close

$253.89

  Intrinsic Value

$192.84

stock screener

  Rating & Target

sell

-24%

Previous close

$253.89

 
Intrinsic value

$192.84

 
Up/down potential

-24%

 
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

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 20.3

 

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, %
  27.81
  32.30
  29.57
  27.11
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.25
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
Revenue, $m
  1,080
  1,429
  1,851
  2,353
  2,939
  3,613
  4,376
  5,229
  6,174
  7,208
  8,331
  9,540
  10,835
  12,212
  13,670
  15,207
  16,822
  18,514
  20,283
  22,128
  24,050
  26,051
  28,132
  30,295
  32,542
  34,878
  37,306
  39,829
  42,453
  45,182
  48,022
Variable operating expenses, $m
 
  1,057
  1,367
  1,737
  2,168
  2,663
  3,224
  3,852
  4,546
  5,306
  6,132
  7,015
  7,967
  8,980
  10,052
  11,182
  12,370
  13,614
  14,915
  16,272
  17,685
  19,157
  20,687
  22,277
  23,930
  25,648
  27,433
  29,288
  31,218
  33,225
  35,313
Fixed operating expenses, $m
 
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  65
  67
Total operating expenses, $m
  831
  1,090
  1,401
  1,771
  2,203
  2,699
  3,261
  3,890
  4,585
  5,346
  6,173
  7,057
  8,010
  9,024
  10,097
  11,228
  12,418
  13,663
  14,965
  16,323
  17,737
  19,211
  20,742
  22,333
  23,988
  25,707
  27,494
  29,350
  31,282
  33,290
  35,380
Operating income, $m
  249
  339
  450
  582
  736
  914
  1,115
  1,340
  1,589
  1,862
  2,158
  2,483
  2,824
  3,188
  3,572
  3,978
  4,404
  4,851
  5,318
  5,805
  6,312
  6,841
  7,390
  7,961
  8,554
  9,171
  9,812
  10,478
  11,171
  11,892
  12,642
EBITDA, $m
  273
  369
  487
  627
  791
  979
  1,193
  1,432
  1,697
  1,986
  2,301
  2,640
  3,003
  3,389
  3,797
  4,228
  4,681
  5,156
  5,652
  6,169
  6,708
  7,270
  7,853
  8,460
  9,090
  9,745
  10,426
  11,134
  11,870
  12,636
  13,432
Interest expense (income), $m
  0
  0
  5
  10
  17
  24
  33
  43
  54
  66
  80
  94
  110
  127
  144
  163
  183
  204
  226
  249
  273
  298
  324
  351
  379
  408
  439
  470
  503
  537
  572
Earnings before tax, $m
  243
  339
  446
  572
  720
  890
  1,082
  1,297
  1,535
  1,795
  2,078
  2,389
  2,714
  3,061
  3,428
  3,815
  4,221
  4,647
  5,092
  5,556
  6,039
  6,542
  7,066
  7,610
  8,175
  8,763
  9,373
  10,008
  10,668
  11,355
  12,069
Tax expense, $m
  52
  92
  120
  155
  194
  240
  292
  350
  414
  485
  561
  645
  733
  826
  926
  1,030
  1,140
  1,255
  1,375
  1,500
  1,631
  1,766
  1,908
  2,055
  2,207
  2,366
  2,531
  2,702
  2,880
  3,066
  3,259
Net income, $m
  190
  248
  325
  418
  526
  649
  790
  947
  1,120
  1,311
  1,517
  1,744
  1,982
  2,235
  2,502
  2,785
  3,081
  3,392
  3,717
  4,056
  4,409
  4,776
  5,158
  5,555
  5,968
  6,397
  6,843
  7,306
  7,788
  8,289
  8,811

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
  1,000
  1,296
  1,647
  2,057
  2,528
  3,062
  3,660
  4,320
  5,044
  5,830
  6,676
  7,582
  8,546
  9,566
  10,642
  11,772
  12,956
  14,194
  15,485
  16,830
  18,230
  19,686
  21,200
  22,773
  24,407
  26,106
  27,872
  29,708
  31,618
  33,605
Adjusted assets (=assets-cash), $m
  756
  1,000
  1,296
  1,647
  2,057
  2,528
  3,062
  3,660
  4,320
  5,044
  5,830
  6,676
  7,582
  8,546
  9,566
  10,642
  11,772
  12,956
  14,194
  15,485
  16,830
  18,230
  19,686
  21,200
  22,773
  24,407
  26,106
  27,872
  29,708
  31,618
  33,605
Revenue / Adjusted assets
  1.429
  1.429
  1.428
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
  1.429
Average production assets, $m
  176
  233
  302
  384
  479
  589
  713
  852
  1,006
  1,175
  1,358
  1,555
  1,766
  1,990
  2,228
  2,479
  2,742
  3,018
  3,306
  3,607
  3,920
  4,246
  4,585
  4,938
  5,304
  5,685
  6,081
  6,492
  6,920
  7,365
  7,828
Working capital, $m
  599
  -54
  -70
  -89
  -112
  -137
  -166
  -199
  -235
  -274
  -317
  -363
  -412
  -464
  -519
  -578
  -639
  -704
  -771
  -841
  -914
  -990
  -1,069
  -1,151
  -1,237
  -1,325
  -1,418
  -1,514
  -1,613
  -1,717
  -1,825
Total debt, $m
  0
  129
  286
  472
  689
  939
  1,222
  1,539
  1,889
  2,272
  2,689
  3,137
  3,617
  4,128
  4,669
  5,239
  5,838
  6,466
  7,122
  7,806
  8,519
  9,261
  10,033
  10,835
  11,669
  12,535
  13,435
  14,371
  15,344
  16,356
  17,410
Total liabilities, $m
  401
  530
  687
  873
  1,090
  1,340
  1,623
  1,940
  2,290
  2,673
  3,090
  3,538
  4,018
  4,529
  5,070
  5,640
  6,239
  6,867
  7,523
  8,207
  8,920
  9,662
  10,434
  11,236
  12,070
  12,936
  13,836
  14,772
  15,745
  16,757
  17,811
Total equity, $m
  995
  470
  609
  774
  967
  1,188
  1,439
  1,720
  2,031
  2,371
  2,740
  3,138
  3,563
  4,016
  4,496
  5,002
  5,533
  6,089
  6,671
  7,278
  7,910
  8,568
  9,253
  9,964
  10,703
  11,471
  12,270
  13,100
  13,963
  14,860
  15,794
Total liabilities and equity, $m
  1,396
  1,000
  1,296
  1,647
  2,057
  2,528
  3,062
  3,660
  4,321
  5,044
  5,830
  6,676
  7,581
  8,545
  9,566
  10,642
  11,772
  12,956
  14,194
  15,485
  16,830
  18,230
  19,687
  21,200
  22,773
  24,407
  26,106
  27,872
  29,708
  31,617
  33,605
Debt-to-equity ratio
  0.000
  0.270
  0.470
  0.610
  0.710
  0.790
  0.850
  0.890
  0.930
  0.960
  0.980
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
Adjusted equity ratio
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  190
  248
  325
  418
  526
  649
  790
  947
  1,120
  1,311
  1,517
  1,744
  1,982
  2,235
  2,502
  2,785
  3,081
  3,392
  3,717
  4,056
  4,409
  4,776
  5,158
  5,555
  5,968
  6,397
  6,843
  7,306
  7,788
  8,289
  8,811
Depreciation, amort., depletion, $m
  24
  30
  37
  45
  54
  66
  78
  92
  108
  125
  143
  157
  178
  201
  225
  250
  277
  305
  334
  364
  396
  429
  463
  499
  536
  574
  614
  656
  699
  744
  791
Funds from operations, $m
  231
  277
  362
  463
  580
  715
  868
  1,039
  1,228
  1,435
  1,660
  1,901
  2,160
  2,436
  2,727
  3,035
  3,358
  3,697
  4,051
  4,420
  4,805
  5,205
  5,621
  6,054
  6,504
  6,971
  7,457
  7,962
  8,487
  9,033
  9,601
Change in working capital, $m
  -17
  -13
  -16
  -19
  -22
  -26
  -29
  -32
  -36
  -39
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
Cash from operations, $m
  248
  291
  378
  482
  602
  741
  897
  1,071
  1,264
  1,475
  1,703
  1,947
  2,209
  2,488
  2,783
  3,094
  3,420
  3,761
  4,118
  4,490
  4,878
  5,281
  5,700
  6,136
  6,589
  7,060
  7,549
  8,058
  8,586
  9,137
  9,709
Maintenance CAPEX, $m
  0
  -18
  -24
  -30
  -39
  -48
  -59
  -72
  -86
  -102
  -119
  -137
  -157
  -178
  -201
  -225
  -250
  -277
  -305
  -334
  -364
  -396
  -429
  -463
  -499
  -536
  -574
  -614
  -656
  -699
  -744
New CAPEX, $m
  -71
  -57
  -69
  -82
  -96
  -110
  -124
  -139
  -154
  -169
  -183
  -197
  -211
  -224
  -238
  -251
  -263
  -276
  -288
  -301
  -313
  -326
  -339
  -353
  -366
  -381
  -396
  -411
  -428
  -445
  -463
Cash from investing activities, $m
  73
  -75
  -93
  -112
  -135
  -158
  -183
  -211
  -240
  -271
  -302
  -334
  -368
  -402
  -439
  -476
  -513
  -553
  -593
  -635
  -677
  -722
  -768
  -816
  -865
  -917
  -970
  -1,025
  -1,084
  -1,144
  -1,207
Free cash flow, $m
  321
  215
  286
  369
  468
  582
  713
  860
  1,024
  1,204
  1,401
  1,612
  1,841
  2,085
  2,344
  2,618
  2,906
  3,208
  3,525
  3,855
  4,200
  4,559
  4,932
  5,320
  5,724
  6,143
  6,579
  7,032
  7,503
  7,993
  8,502
Issuance/(repayment) of debt, $m
  0
  129
  157
  186
  217
  250
  283
  317
  350
  384
  416
  449
  480
  511
  541
  570
  599
  628
  656
  684
  713
  742
  772
  802
  834
  866
  900
  936
  973
  1,012
  1,053
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
  129
  157
  186
  217
  250
  283
  317
  350
  384
  416
  449
  480
  511
  541
  570
  599
  628
  656
  684
  713
  742
  772
  802
  834
  866
  900
  936
  973
  1,012
  1,053
Total cash flow (excl. dividends), $m
  222
  344
  442
  556
  685
  832
  996
  1,177
  1,374
  1,588
  1,818
  2,061
  2,321
  2,596
  2,885
  3,188
  3,505
  3,836
  4,181
  4,540
  4,913
  5,301
  5,704
  6,123
  6,558
  7,010
  7,479
  7,968
  8,476
  9,005
  9,556
Retained Cash Flow (-), $m
  -147
  -115
  -139
  -165
  -193
  -221
  -251
  -281
  -311
  -340
  -369
  -398
  -426
  -453
  -480
  -506
  -531
  -557
  -582
  -607
  -632
  -658
  -684
  -711
  -739
  -768
  -798
  -830
  -863
  -898
  -934
Prev. year cash balance distribution, $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
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
 
  869
  303
  390
  493
  611
  745
  896
  1,064
  1,248
  1,448
  1,663
  1,895
  2,143
  2,405
  2,682
  2,974
  3,279
  3,599
  3,933
  4,281
  4,643
  5,020
  5,411
  5,818
  6,241
  6,681
  7,138
  7,613
  8,107
  8,622
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
 
  834
  278
  340
  406
  473
  541
  605
  665
  717
  759
  790
  809
  815
  808
  788
  756
  714
  663
  606
  544
  480
  416
  355
  296
  243
  195
  153
  118
  88
  65
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 106.3
Price to Sales 18.7
Price to Book 20.3
Price to Tangible Book
Price to Cash Flow 81.4
Price to Free Cash Flow 114.1
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 $1080 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 32.3% 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 74.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $32 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 3.5% 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 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 ALGN are equal to 16.3%.

Life of production assets of 9.9 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 -3.8%. 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 - $995 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 80.147 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 $20.3 billion.

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COMPANY NEWS

▶ What Is Align Technology Incs (ALGN) Share Price Doing?   [Nov-15-17 05:57PM  Simply Wall St.]
▶ Whats Driving Invisalign Demand for Align in North America?   [Nov-13-17 09:01AM  Market Realist]
▶ Gauging Align Technologys Net Profit Margin for Fiscal 2017   [Nov-10-17 03:15PM  Market Realist]
▶ These 3 Stocks Have Doubled in 2017   [08:31AM  Motley Fool]
▶ How to Invest In the Selfie Generation   [Nov-03-17 04:38PM  TheStreet.com]
▶ Why Microsoft, Align Technology, and Intel Jumped Today   [Oct-27-17 04:40PM  Motley Fool]
▶ Big movers in the Friday Blitz   [02:39PM  CNBC Videos]
▶ Align Technology tops Street 3Q forecasts   [Oct-26-17 04:43PM  Associated Press]
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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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