Intrinsic value of Advanced Micro Devices - AMD

Previous Close

$12.59

  Intrinsic Value

$5.01

stock screener

  Rating & Target

str. sell

-60%

Previous close

$12.59

 
Intrinsic value

$5.01

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of AMD 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, %
  7.04
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
Revenue, $m
  4,272
  5,370
  6,639
  8,084
  9,708
  11,512
  13,495
  15,654
  17,986
  20,488
  23,156
  25,985
  28,972
  32,114
  35,410
  38,857
  42,456
  46,208
  50,113
  54,176
  58,399
  62,789
  67,351
  72,091
  77,018
  82,141
  87,469
  93,012
  98,782
  104,791
  111,053
Variable operating expenses, $m
 
  4,578
  5,654
  6,878
  8,254
  9,782
  11,462
  13,291
  15,268
  17,387
  19,647
  22,015
  24,546
  27,208
  30,001
  32,921
  35,970
  39,149
  42,458
  45,900
  49,478
  53,197
  57,062
  61,078
  65,253
  69,593
  74,106
  78,803
  83,692
  88,783
  94,088
Fixed operating expenses, $m
 
  1,117
  1,145
  1,174
  1,203
  1,233
  1,264
  1,296
  1,328
  1,361
  1,395
  1,430
  1,466
  1,503
  1,540
  1,579
  1,618
  1,659
  1,700
  1,743
  1,786
  1,831
  1,877
  1,923
  1,972
  2,021
  2,071
  2,123
  2,176
  2,231
  2,286
Total operating expenses, $m
  4,712
  5,695
  6,799
  8,052
  9,457
  11,015
  12,726
  14,587
  16,596
  18,748
  21,042
  23,445
  26,012
  28,711
  31,541
  34,500
  37,588
  40,808
  44,158
  47,643
  51,264
  55,028
  58,939
  63,001
  67,225
  71,614
  76,177
  80,926
  85,868
  91,014
  96,374
Operating income, $m
  -440
  -326
  -160
  32
  251
  496
  769
  1,067
  1,391
  1,740
  2,113
  2,539
  2,960
  3,403
  3,869
  4,357
  4,868
  5,400
  5,955
  6,534
  7,135
  7,761
  8,412
  9,090
  9,794
  10,527
  11,291
  12,086
  12,914
  13,778
  14,679
EBITDA, $m
  -307
  -200
  -12
  207
  455
  733
  1,040
  1,377
  1,743
  2,137
  2,559
  3,007
  3,481
  3,981
  4,507
  5,057
  5,632
  6,232
  6,858
  7,509
  8,186
  8,891
  9,625
  10,387
  11,181
  12,006
  12,865
  13,760
  14,692
  15,664
  16,678
Interest expense (income), $m
  149
  116
  69
  114
  165
  222
  285
  355
  430
  512
  600
  694
  793
  898
  1,008
  1,124
  1,245
  1,371
  1,503
  1,640
  1,782
  1,931
  2,085
  2,245
  2,411
  2,584
  2,764
  2,951
  3,146
  3,348
  3,559
Earnings before tax, $m
  -448
  -442
  -229
  -82
  86
  275
  484
  712
  960
  1,228
  1,513
  1,846
  2,167
  2,506
  2,861
  3,234
  3,623
  4,029
  4,453
  4,894
  5,353
  5,831
  6,328
  6,845
  7,383
  7,943
  8,527
  9,135
  9,769
  10,430
  11,120
Tax expense, $m
  39
  0
  0
  0
  23
  74
  131
  192
  259
  331
  409
  498
  585
  677
  773
  873
  978
  1,088
  1,202
  1,321
  1,445
  1,574
  1,708
  1,848
  1,993
  2,145
  2,302
  2,466
  2,638
  2,816
  3,002
Net income, $m
  -497
  -442
  -229
  -82
  63
  201
  353
  520
  701
  896
  1,105
  1,347
  1,582
  1,829
  2,089
  2,361
  2,645
  2,941
  3,251
  3,572
  3,908
  4,256
  4,619
  4,997
  5,390
  5,799
  6,225
  6,668
  7,131
  7,614
  8,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,264
  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
  3,321
  2,585
  3,196
  3,892
  4,674
  5,543
  6,497
  7,537
  8,660
  9,864
  11,149
  12,511
  13,949
  15,462
  17,049
  18,708
  20,441
  22,247
  24,128
  26,084
  28,117
  30,231
  32,427
  34,709
  37,082
  39,548
  42,113
  44,782
  47,560
  50,453
  53,468
Adjusted assets (=assets-cash), $m
  2,057
  2,585
  3,196
  3,892
  4,674
  5,543
  6,497
  7,537
  8,660
  9,864
  11,149
  12,511
  13,949
  15,462
  17,049
  18,708
  20,441
  22,247
  24,128
  26,084
  28,117
  30,231
  32,427
  34,709
  37,082
  39,548
  42,113
  44,782
  47,560
  50,453
  53,468
Revenue / Adjusted assets
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
  2.077
Average production assets, $m
  387
  483
  597
  728
  874
  1,036
  1,215
  1,409
  1,619
  1,844
  2,084
  2,339
  2,607
  2,890
  3,187
  3,497
  3,821
  4,159
  4,510
  4,876
  5,256
  5,651
  6,062
  6,488
  6,932
  7,393
  7,872
  8,371
  8,890
  9,431
  9,995
Working capital, $m
  1,184
  -102
  -126
  -154
  -184
  -219
  -256
  -297
  -342
  -389
  -440
  -494
  -550
  -610
  -673
  -738
  -807
  -878
  -952
  -1,029
  -1,110
  -1,193
  -1,280
  -1,370
  -1,463
  -1,561
  -1,662
  -1,767
  -1,877
  -1,991
  -2,110
Total debt, $m
  1,435
  857
  1,407
  2,033
  2,737
  3,518
  4,377
  5,313
  6,324
  7,408
  8,564
  9,790
  11,084
  12,446
  13,874
  15,368
  16,927
  18,553
  20,245
  22,005
  23,835
  25,738
  27,714
  29,768
  31,903
  34,123
  36,432
  38,834
  41,334
  43,938
  46,651
Total liabilities, $m
  2,905
  2,327
  2,877
  3,503
  4,207
  4,988
  5,847
  6,783
  7,794
  8,878
  10,034
  11,260
  12,554
  13,916
  15,344
  16,838
  18,397
  20,023
  21,715
  23,475
  25,305
  27,208
  29,184
  31,238
  33,373
  35,593
  37,902
  40,304
  42,804
  45,408
  48,121
Total equity, $m
  416
  259
  320
  389
  467
  554
  650
  754
  866
  986
  1,115
  1,251
  1,395
  1,546
  1,705
  1,871
  2,044
  2,225
  2,413
  2,608
  2,812
  3,023
  3,243
  3,471
  3,708
  3,955
  4,211
  4,478
  4,756
  5,045
  5,347
Total liabilities and equity, $m
  3,321
  2,586
  3,197
  3,892
  4,674
  5,542
  6,497
  7,537
  8,660
  9,864
  11,149
  12,511
  13,949
  15,462
  17,049
  18,709
  20,441
  22,248
  24,128
  26,083
  28,117
  30,231
  32,427
  34,709
  37,081
  39,548
  42,113
  44,782
  47,560
  50,453
  53,468
Debt-to-equity ratio
  3.450
  3.310
  4.400
  5.220
  5.850
  6.350
  6.740
  7.050
  7.300
  7.510
  7.680
  7.830
  7.950
  8.050
  8.140
  8.210
  8.280
  8.340
  8.390
  8.440
  8.480
  8.510
  8.550
  8.580
  8.600
  8.630
  8.650
  8.670
  8.690
  8.710
  8.730
Adjusted equity ratio
  -0.412
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -497
  -442
  -229
  -82
  63
  201
  353
  520
  701
  896
  1,105
  1,347
  1,582
  1,829
  2,089
  2,361
  2,645
  2,941
  3,251
  3,572
  3,908
  4,256
  4,619
  4,997
  5,390
  5,799
  6,225
  6,668
  7,131
  7,614
  8,117
Depreciation, amort., depletion, $m
  133
  126
  148
  174
  204
  236
  272
  311
  353
  398
  446
  468
  521
  578
  637
  699
  764
  832
  902
  975
  1,051
  1,130
  1,212
  1,298
  1,386
  1,479
  1,574
  1,674
  1,778
  1,886
  1,999
Funds from operations, $m
  270
  -316
  -81
  93
  267
  437
  625
  831
  1,054
  1,294
  1,550
  1,815
  2,103
  2,407
  2,726
  3,060
  3,409
  3,773
  4,153
  4,548
  4,959
  5,387
  5,831
  6,294
  6,776
  7,277
  7,799
  8,343
  8,909
  9,500
  10,116
Change in working capital, $m
  180
  -21
  -24
  -27
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
Cash from operations, $m
  90
  -296
  -57
  120
  298
  471
  662
  872
  1,098
  1,341
  1,601
  1,869
  2,160
  2,467
  2,789
  3,125
  3,477
  3,844
  4,227
  4,625
  5,039
  5,470
  5,918
  6,384
  6,870
  7,374
  7,900
  8,448
  9,019
  9,614
  10,235
Maintenance CAPEX, $m
  0
  -77
  -97
  -119
  -146
  -175
  -207
  -243
  -282
  -324
  -369
  -417
  -468
  -521
  -578
  -637
  -699
  -764
  -832
  -902
  -975
  -1,051
  -1,130
  -1,212
  -1,298
  -1,386
  -1,479
  -1,574
  -1,674
  -1,778
  -1,886
New CAPEX, $m
  -77
  -97
  -114
  -130
  -146
  -162
  -178
  -194
  -210
  -225
  -240
  -255
  -269
  -283
  -297
  -310
  -324
  -338
  -351
  -366
  -380
  -395
  -411
  -427
  -443
  -461
  -479
  -499
  -519
  -541
  -564
Cash from investing activities, $m
  267
  -174
  -211
  -249
  -292
  -337
  -385
  -437
  -492
  -549
  -609
  -672
  -737
  -804
  -875
  -947
  -1,023
  -1,102
  -1,183
  -1,268
  -1,355
  -1,446
  -1,541
  -1,639
  -1,741
  -1,847
  -1,958
  -2,073
  -2,193
  -2,319
  -2,450
Free cash flow, $m
  357
  -470
  -268
  -129
  6
  134
  277
  434
  606
  792
  992
  1,197
  1,424
  1,663
  1,914
  2,178
  2,454
  2,743
  3,044
  3,357
  3,684
  4,024
  4,377
  4,745
  5,128
  5,527
  5,942
  6,375
  6,825
  7,295
  7,785
Issuance/(repayment) of debt, $m
  -561
  -578
  550
  626
  704
  782
  859
  936
  1,011
  1,084
  1,156
  1,226
  1,294
  1,362
  1,428
  1,494
  1,559
  1,626
  1,692
  1,760
  1,830
  1,902
  1,977
  2,054
  2,135
  2,220
  2,309
  2,402
  2,500
  2,604
  2,713
Issuance/(repurchase) of shares, $m
  667
  1,549
  290
  151
  15
  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  
  122
  971
  840
  777
  719
  782
  859
  936
  1,011
  1,084
  1,156
  1,226
  1,294
  1,362
  1,428
  1,494
  1,559
  1,626
  1,692
  1,760
  1,830
  1,902
  1,977
  2,054
  2,135
  2,220
  2,309
  2,402
  2,500
  2,604
  2,713
Total cash flow (excl. dividends), $m
  479
  501
  573
  648
  725
  916
  1,136
  1,370
  1,617
  1,877
  2,148
  2,423
  2,718
  3,024
  3,342
  3,672
  4,013
  4,368
  4,736
  5,118
  5,514
  5,926
  6,354
  6,800
  7,263
  7,747
  8,251
  8,777
  9,326
  9,899
  10,499
Retained Cash Flow (-), $m
  -828
  -1,549
  -290
  -151
  -78
  -87
  -95
  -104
  -112
  -120
  -128
  -136
  -144
  -151
  -159
  -166
  -173
  -181
  -188
  -196
  -203
  -211
  -220
  -228
  -237
  -247
  -257
  -267
  -278
  -289
  -301
Prev. year cash balance distribution, $m
 
  1,264
  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
 
  216
  282
  497
  647
  829
  1,040
  1,266
  1,505
  1,756
  2,020
  2,287
  2,574
  2,873
  3,183
  3,506
  3,840
  4,187
  4,548
  4,922
  5,311
  5,714
  6,134
  6,571
  7,026
  7,500
  7,994
  8,510
  9,048
  9,610
  10,197
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  203
  247
  404
  484
  567
  645
  706
  747
  769
  773
  756
  727
  684
  631
  570
  505
  439
  373
  311
  254
  202
  158
  120
  89
  64
  45
  31
  21
  13
  8
Current shareholders' claim on cash, %
  100
  50.0
  45.0
  42.9
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8
  42.8

Advanced Micro Devices, Inc. is a global semiconductor company. The Company is engaged in offering x86 microprocessors, as standalone devices or as incorporated into an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs) and professional graphics, and server and embedded processors and semi-custom System-on-Chip (SoC) products and technology for game consoles. The Company's segments include the Computing and Graphics segment, and the Enterprise, Embedded and Semi-Custom segment. The Computing and Graphics segment primarily includes desktop and notebook processors and chipsets, discrete GPUs and professional graphics. The Enterprise, Embedded and Semi-Custom segment primarily includes server and embedded processors, semi-custom SoC products, development services, technology for game consoles and licensing portions of its intellectual property portfolio.

FINANCIAL RATIOS  of  Advanced Micro Devices (AMD)

Valuation Ratios
P/E Ratio -23.7
Price to Sales 2.8
Price to Book 28.3
Price to Tangible Book
Price to Cash Flow 130.8
Price to Free Cash Flow 905.5
Growth Rates
Sales Growth Rate 7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.8%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 345%
Total Debt to Equity 345%
Interest Coverage -2
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -10.6%
Return On Total Capital -27%
Ret/ On T. Cap. - 3 Yr. Avg. -24.8%
Return On Equity -24850%
Return On Equity - 3 Yr. Avg. -8124.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 27.9%
EBITDA Margin -3.9%
EBITDA Margin - 3 Yr. Avg. -4.4%
Operating Margin -10.3%
Oper. Margin - 3 Yr. Avg. -8.8%
Pre-Tax Margin -10.5%
Pre-Tax Margin - 3 Yr. Avg. -11.3%
Net Profit Margin -11.6%
Net Profit Margin - 3 Yr. Avg. -11.8%
Effective Tax Rate -8.7%
Eff/ Tax Rate - 3 Yr. Avg. -4%
Payout Ratio 0%

AMD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMD stock intrinsic value calculation we used $4272 million for the last fiscal year's total revenue generated by Advanced Micro Devices. The default revenue input number comes from 2016 income statement of Advanced Micro Devices. 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 AMD stock valuation model: a) initial revenue growth rate of 25.7% 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 6.5%, whose default value for AMD is calculated based on our internal credit rating of Advanced Micro Devices, 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 Micro Devices.
    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 AMD stock the variable cost ratio is equal to 85.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1090 million in the base year in the intrinsic value calculation for AMD 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 8.1% for Advanced Micro Devices.

Corporate tax rate of 27% is the nominal tax rate for Advanced Micro Devices. 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 AMD 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 AMD are equal to 9%.

Life of production assets of 5 years is the average useful life of capital assets used in Advanced Micro Devices 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 AMD is equal to -1.9%. 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 - $416 million for Advanced Micro Devices - 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 990.272 million for Advanced Micro Devices 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 Micro Devices at the current share price and the inputted number of shares is $12.5 billion.

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Financial statements of AMD
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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