Intrinsic value of ARRIS International - ARRS

Previous Close

$29.13

  Intrinsic Value

$28.57

stock screener

  Rating & Target

hold

-2%

Previous close

$29.13

 
Intrinsic value

$28.57

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of ARRS 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 5.5

 

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, %
  42.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,829
  6,966
  7,126
  7,309
  7,515
  7,742
  7,992
  8,264
  8,559
  8,877
  9,217
  9,582
  9,971
  10,385
  10,825
  11,292
  11,786
  12,310
  12,864
  13,449
  14,067
  14,719
  15,407
  16,132
  16,896
  17,700
  18,547
  19,438
  20,376
  21,363
  22,401
Variable operating expenses, $m
 
  6,655
  6,803
  6,973
  7,164
  7,375
  7,606
  7,858
  8,131
  8,426
  8,741
  8,877
  9,237
  9,621
  10,029
  10,461
  10,920
  11,405
  11,918
  12,461
  13,033
  13,637
  14,274
  14,946
  15,653
  16,399
  17,183
  18,009
  18,878
  19,792
  20,754
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
  6,718
  6,655
  6,803
  6,973
  7,164
  7,375
  7,606
  7,858
  8,131
  8,426
  8,741
  8,877
  9,237
  9,621
  10,029
  10,461
  10,920
  11,405
  11,918
  12,461
  13,033
  13,637
  14,274
  14,946
  15,653
  16,399
  17,183
  18,009
  18,878
  19,792
  20,754
Operating income, $m
  111
  311
  322
  336
  351
  368
  386
  406
  428
  451
  476
  704
  733
  763
  796
  830
  867
  905
  946
  989
  1,034
  1,082
  1,133
  1,186
  1,242
  1,301
  1,364
  1,429
  1,498
  1,571
  1,647
EBITDA, $m
  606
  772
  789
  810
  832
  858
  885
  916
  948
  983
  1,021
  1,061
  1,105
  1,150
  1,199
  1,251
  1,306
  1,364
  1,425
  1,490
  1,558
  1,631
  1,707
  1,787
  1,872
  1,961
  2,055
  2,153
  2,257
  2,367
  2,482
Interest expense (income), $m
  71
  81
  84
  88
  92
  97
  103
  109
  115
  123
  130
  139
  147
  157
  167
  178
  189
  201
  214
  227
  241
  256
  272
  289
  307
  325
  345
  365
  387
  410
  434
Earnings before tax, $m
  24
  230
  238
  248
  259
  270
  283
  297
  312
  328
  346
  566
  586
  607
  629
  653
  678
  704
  732
  762
  793
  826
  860
  897
  936
  976
  1,019
  1,064
  1,111
  1,161
  1,213
Tax expense, $m
  15
  62
  64
  67
  70
  73
  76
  80
  84
  89
  93
  153
  158
  164
  170
  176
  183
  190
  198
  206
  214
  223
  232
  242
  253
  264
  275
  287
  300
  313
  328
Net income, $m
  18
  168
  174
  181
  189
  197
  207
  217
  228
  240
  252
  413
  427
  443
  459
  476
  495
  514
  534
  556
  579
  603
  628
  655
  683
  713
  744
  777
  811
  847
  886

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,096
  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
  7,758
  6,796
  6,952
  7,131
  7,331
  7,554
  7,797
  8,063
  8,350
  8,660
  8,992
  9,348
  9,727
  10,131
  10,561
  11,016
  11,499
  12,010
  12,550
  13,121
  13,724
  14,360
  15,031
  15,738
  16,484
  17,268
  18,094
  18,964
  19,879
  20,842
  21,855
Adjusted assets (=assets-cash), $m
  6,662
  6,796
  6,952
  7,131
  7,331
  7,554
  7,797
  8,063
  8,350
  8,660
  8,992
  9,348
  9,727
  10,131
  10,561
  11,016
  11,499
  12,010
  12,550
  13,121
  13,724
  14,360
  15,031
  15,738
  16,484
  17,268
  18,094
  18,964
  19,879
  20,842
  21,855
Revenue / Adjusted assets
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
Average production assets, $m
  1,577
  1,609
  1,646
  1,688
  1,736
  1,788
  1,846
  1,909
  1,977
  2,050
  2,129
  2,213
  2,303
  2,399
  2,500
  2,608
  2,723
  2,844
  2,972
  3,107
  3,250
  3,400
  3,559
  3,726
  3,903
  4,089
  4,284
  4,490
  4,707
  4,935
  5,175
Working capital, $m
  1,446
  439
  449
  460
  473
  488
  504
  521
  539
  559
  581
  604
  628
  654
  682
  711
  743
  776
  810
  847
  886
  927
  971
  1,016
  1,064
  1,115
  1,168
  1,225
  1,284
  1,346
  1,411
Total debt, $m
  2,263
  2,267
  2,373
  2,493
  2,628
  2,778
  2,942
  3,120
  3,314
  3,522
  3,746
  3,985
  4,241
  4,512
  4,801
  5,108
  5,433
  5,777
  6,140
  6,525
  6,930
  7,359
  7,810
  8,286
  8,787
  9,316
  9,872
  10,457
  11,073
  11,721
  12,402
Total liabilities, $m
  4,570
  4,573
  4,679
  4,799
  4,934
  5,084
  5,248
  5,426
  5,620
  5,828
  6,052
  6,291
  6,547
  6,818
  7,107
  7,414
  7,739
  8,083
  8,446
  8,831
  9,236
  9,665
  10,116
  10,592
  11,093
  11,622
  12,178
  12,763
  13,379
  14,027
  14,708
Total equity, $m
  3,189
  2,222
  2,273
  2,332
  2,397
  2,470
  2,550
  2,637
  2,731
  2,832
  2,941
  3,057
  3,181
  3,313
  3,453
  3,602
  3,760
  3,927
  4,104
  4,291
  4,488
  4,696
  4,915
  5,146
  5,390
  5,647
  5,917
  6,201
  6,501
  6,815
  7,146
Total liabilities and equity, $m
  7,759
  6,795
  6,952
  7,131
  7,331
  7,554
  7,798
  8,063
  8,351
  8,660
  8,993
  9,348
  9,728
  10,131
  10,560
  11,016
  11,499
  12,010
  12,550
  13,122
  13,724
  14,361
  15,031
  15,738
  16,483
  17,269
  18,095
  18,964
  19,880
  20,842
  21,854
Debt-to-equity ratio
  0.710
  1.020
  1.040
  1.070
  1.100
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.440
  1.470
  1.500
  1.520
  1.540
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
  1.690
  1.700
  1.720
  1.740
Adjusted equity ratio
  0.314
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  168
  174
  181
  189
  197
  207
  217
  228
  240
  252
  413
  427
  443
  459
  476
  495
  514
  534
  556
  579
  603
  628
  655
  683
  713
  744
  777
  811
  847
  886
Depreciation, amort., depletion, $m
  495
  461
  467
  474
  482
  490
  499
  510
  520
  532
  545
  357
  371
  387
  403
  421
  439
  459
  479
  501
  524
  548
  574
  601
  629
  659
  691
  724
  759
  796
  835
Funds from operations, $m
  275
  629
  641
  655
  670
  687
  706
  726
  748
  772
  797
  770
  799
  830
  862
  897
  934
  973
  1,014
  1,057
  1,103
  1,151
  1,202
  1,256
  1,312
  1,372
  1,435
  1,501
  1,570
  1,643
  1,720
Change in working capital, $m
  -88
  9
  10
  12
  13
  14
  16
  17
  19
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  65
Cash from operations, $m
  363
  620
  631
  643
  657
  673
  690
  709
  730
  752
  776
  747
  774
  804
  835
  868
  903
  940
  979
  1,020
  1,064
  1,110
  1,159
  1,210
  1,264
  1,321
  1,381
  1,445
  1,511
  1,581
  1,655
Maintenance CAPEX, $m
  0
  -254
  -260
  -265
  -272
  -280
  -288
  -298
  -308
  -319
  -331
  -343
  -357
  -371
  -387
  -403
  -421
  -439
  -459
  -479
  -501
  -524
  -548
  -574
  -601
  -629
  -659
  -691
  -724
  -759
  -796
New CAPEX, $m
  -72
  -33
  -37
  -42
  -47
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -186
  -196
  -206
  -217
  -228
  -240
Cash from investing activities, $m
  -525
  -287
  -297
  -307
  -319
  -333
  -346
  -361
  -376
  -392
  -410
  -427
  -447
  -467
  -489
  -511
  -535
  -560
  -587
  -614
  -644
  -675
  -707
  -741
  -777
  -815
  -855
  -897
  -941
  -987
  -1,036
Free cash flow, $m
  -162
  333
  334
  336
  338
  340
  344
  349
  354
  360
  367
  320
  328
  337
  346
  356
  368
  379
  392
  406
  420
  435
  452
  469
  487
  506
  526
  548
  570
  594
  619
Issuance/(repayment) of debt, $m
  479
  87
  105
  120
  135
  150
  164
  179
  193
  208
  224
  239
  255
  272
  289
  307
  325
  344
  364
  384
  406
  428
  452
  476
  501
  528
  556
  585
  616
  648
  682
Issuance/(repurchase) of shares, $m
  -183
  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  
  291
  87
  105
  120
  135
  150
  164
  179
  193
  208
  224
  239
  255
  272
  289
  307
  325
  344
  364
  384
  406
  428
  452
  476
  501
  528
  556
  585
  616
  648
  682
Total cash flow (excl. dividends), $m
  117
  421
  440
  456
  473
  490
  508
  527
  547
  568
  590
  559
  583
  608
  635
  663
  692
  723
  756
  790
  826
  864
  903
  945
  988
  1,034
  1,082
  1,133
  1,186
  1,242
  1,301
Retained Cash Flow (-), $m
  -1,395
  -46
  -51
  -58
  -66
  -73
  -80
  -87
  -94
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -244
  -257
  -270
  -284
  -299
  -315
  -331
Prev. year cash balance distribution, $m
 
  1,013
  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
 
  1,388
  389
  397
  407
  417
  429
  441
  453
  467
  482
  443
  459
  476
  495
  514
  535
  556
  579
  603
  629
  656
  684
  713
  745
  778
  812
  849
  887
  927
  970
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  1,322
  351
  338
  325
  311
  296
  280
  263
  246
  228
  187
  171
  156
  140
  125
  110
  96
  82
  70
  58
  48
  39
  31
  24
  19
  14
  10
  7
  5
  4
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

ARRIS International plc is a media entertainment and data communications solutions provider. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The Company enables service providers, including cable, telephone, and digital broadcast satellite operators, and media programmers to deliver media, voice and Internet Protocol (IP) data services to their subscribers. It is engaged in offering set-tops, digital video and IP television (IPTV) distribution systems, broadband access infrastructure platforms, and associated data and voice CPE, which it also sells directly to consumers through retail channels. Its solutions are complemented by an array of services, including technical support, repair and refurbishment, and system design and integration. The CPE segment consists of CPE Products-Video and CPE Products-Broadband. The N&C segment consists of Infrastructure Products, Cloud Software and Global Services.

FINANCIAL RATIOS  of  ARRIS International (ARRS)

Valuation Ratios
P/E Ratio 238.7
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate 42.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.3%
Financial Strength
Quick Ratio 13
Current Ratio 0.1
LT Debt to Equity 68.4%
Total Debt to Equity 71%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 0.7%
Return On Equity - 3 Yr. Avg. 9.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 25%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 0.4%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 62.5%
Eff/ Tax Rate - 3 Yr. Avg. 15.7%
Payout Ratio 0%

ARRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARRS stock intrinsic value calculation we used $6829 million for the last fiscal year's total revenue generated by ARRIS International. The default revenue input number comes from 2016 income statement of ARRIS International. 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 ARRS stock valuation model: a) initial revenue growth rate of 2% 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 5%, whose default value for ARRS is calculated based on our internal credit rating of ARRIS International, 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 ARRIS International.
    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 ARRS stock the variable cost ratio is equal to 95.6%.

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 ARRS 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 3.7% for ARRIS International.

Corporate tax rate of 27% is the nominal tax rate for ARRIS International. 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 ARRS 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 ARRS are equal to 23.1%.

Life of production assets of 6.2 years is the average useful life of capital assets used in ARRIS International 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 ARRS is equal to 6.3%. 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 - $3189 million for ARRIS International - 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 187.657 million for ARRIS International 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 ARRIS International at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ Arris Group beats 3Q profit forecasts   [Nov-01-17 05:20PM  Associated Press]
▶ 5 Tech Companies Gurus Are Buying   [Sep-25-17 11:47AM  GuruFocus.com]
▶ ARRIS to Present at Drexel Hamilton TMT Conference   [Aug-29-17 02:19PM  PR Newswire]
▶ Arris Group tops 2Q profit forecasts   [Aug-02-17 10:56PM  Associated Press]
▶ Arris Rated A Buy Despite Set-Top Box Decline; Ruckus Deal A Plus   [Jun-15-17 04:22PM  Investor's Business Daily]
▶ ARRIS to Present at NASDAQ's 36th Investor Program   [Jun-01-17 11:00AM  PR Newswire]
▶ Ferrari Leads 5 Stocks Racing Higher On Earnings   [May-04-17 04:02PM  Investor's Business Daily]
▶ Arris Group reports 1Q loss   [May-03-17 05:44PM  Associated Press]
▶ ZoneTV Expands Its Pay-TV Set-Top Box Reach Through Cloud   [Apr-24-17 10:45AM  Business Wire]
▶ [$$] Broadcom-Brocade Deal Gets Better   [Mar-30-17 03:00PM  Barrons.com]
▶ [$$] Broadcom-Brocade Deal Gets Better   [03:00PM  at Barrons.com]
Financial statements of ARRS
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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