Intrinsic value of Asure Software - ASUR

Previous Close

$12.38

  Intrinsic Value

$251.46

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+204%

Previous close

$12.38

 
Intrinsic value

$251.46

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+204%

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

We calculate the intrinsic value of ASUR 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 0.1

 

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, %
  33.33
  57.10
  51.89
  47.20
  42.98
  39.18
  35.76
  32.69
  29.92
  27.43
  25.18
  23.17
  21.35
  19.71
  18.24
  16.92
  15.73
  14.65
  13.69
  12.82
  12.04
  11.33
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
Revenue, $m
  36
  57
  86
  126
  181
  252
  342
  453
  589
  750
  939
  1,157
  1,404
  1,681
  1,988
  2,324
  2,689
  3,084
  3,506
  3,955
  4,431
  4,933
  5,461
  6,015
  6,593
  7,197
  7,826
  8,480
  9,161
  9,869
  10,605
Variable operating expenses, $m
 
  43
  63
  92
  130
  180
  244
  323
  418
  532
  666
  817
  991
  1,186
  1,403
  1,640
  1,898
  2,176
  2,474
  2,791
  3,127
  3,482
  3,854
  4,245
  4,653
  5,079
  5,523
  5,985
  6,466
  6,965
  7,485
Fixed operating expenses, $m
 
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
Total operating expenses, $m
  34
  49
  69
  98
  137
  187
  251
  330
  425
  539
  674
  825
  999
  1,194
  1,411
  1,649
  1,907
  2,185
  2,483
  2,801
  3,137
  3,492
  3,864
  4,256
  4,664
  5,090
  5,534
  5,997
  6,478
  6,977
  7,498
Operating income, $m
  1
  8
  16
  28
  44
  65
  91
  124
  163
  211
  266
  333
  405
  486
  576
  675
  782
  898
  1,022
  1,154
  1,294
  1,441
  1,597
  1,759
  1,929
  2,106
  2,291
  2,483
  2,683
  2,891
  3,108
EBITDA, $m
  5
  12
  22
  35
  52
  75
  104
  141
  185
  237
  299
  369
  450
  540
  640
  749
  868
  996
  1,134
  1,280
  1,435
  1,599
  1,771
  1,951
  2,139
  2,336
  2,541
  2,754
  2,976
  3,206
  3,446
Interest expense (income), $m
  1
  1
  3
  5
  9
  13
  19
  26
  35
  47
  60
  75
  93
  114
  136
  162
  189
  219
  252
  286
  323
  362
  404
  447
  492
  540
  590
  641
  695
  751
  809
Earnings before tax, $m
  -1
  7
  14
  23
  35
  52
  72
  97
  128
  164
  206
  257
  312
  373
  440
  514
  593
  679
  770
  868
  971
  1,079
  1,193
  1,312
  1,436
  1,566
  1,701
  1,842
  1,988
  2,140
  2,298
Tax expense, $m
  0
  2
  4
  6
  10
  14
  19
  26
  35
  44
  56
  69
  84
  101
  119
  139
  160
  183
  208
  234
  262
  291
  322
  354
  388
  423
  459
  497
  537
  578
  621
Net income, $m
  -1
  5
  10
  17
  26
  38
  53
  71
  93
  120
  151
  188
  228
  272
  321
  375
  433
  496
  562
  633
  709
  788
  871
  958
  1,049
  1,143
  1,242
  1,345
  1,452
  1,562
  1,678

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  86
  119
  180
  265
  379
  528
  716
  950
  1,235
  1,573
  1,970
  2,426
  2,944
  3,524
  4,167
  4,872
  5,638
  6,464
  7,349
  8,292
  9,290
  10,343
  11,449
  12,609
  13,822
  15,087
  16,406
  17,779
  19,206
  20,690
  22,232
Adjusted assets (=assets-cash), $m
  73
  119
  180
  265
  379
  528
  716
  950
  1,235
  1,573
  1,970
  2,426
  2,944
  3,524
  4,167
  4,872
  5,638
  6,464
  7,349
  8,292
  9,290
  10,343
  11,449
  12,609
  13,822
  15,087
  16,406
  17,779
  19,206
  20,690
  22,232
Revenue / Adjusted assets
  0.493
  0.479
  0.478
  0.475
  0.478
  0.477
  0.478
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
Average production assets, $m
  12
  18
  27
  40
  58
  80
  109
  145
  188
  239
  300
  369
  448
  536
  634
  741
  858
  984
  1,118
  1,262
  1,414
  1,574
  1,742
  1,919
  2,103
  2,296
  2,496
  2,705
  2,922
  3,148
  3,383
Working capital, $m
  5
  -5
  -7
  -10
  -15
  -21
  -28
  -38
  -49
  -62
  -78
  -96
  -117
  -140
  -165
  -193
  -223
  -256
  -291
  -328
  -368
  -409
  -453
  -499
  -547
  -597
  -650
  -704
  -760
  -819
  -880
Total debt, $m
  30
  61
  112
  183
  278
  402
  559
  755
  992
  1,274
  1,605
  1,985
  2,417
  2,901
  3,437
  4,025
  4,664
  5,353
  6,091
  6,877
  7,710
  8,588
  9,511
  10,478
  11,489
  12,545
  13,645
  14,789
  15,980
  17,218
  18,504
Total liabilities, $m
  68
  99
  150
  221
  316
  440
  597
  793
  1,030
  1,312
  1,643
  2,023
  2,455
  2,939
  3,475
  4,063
  4,702
  5,391
  6,129
  6,915
  7,748
  8,626
  9,549
  10,516
  11,527
  12,583
  13,683
  14,827
  16,018
  17,256
  18,542
Total equity, $m
  18
  20
  30
  44
  63
  88
  119
  158
  205
  261
  327
  403
  489
  585
  692
  809
  936
  1,073
  1,220
  1,376
  1,542
  1,717
  1,901
  2,093
  2,294
  2,505
  2,723
  2,951
  3,188
  3,435
  3,691
Total liabilities and equity, $m
  86
  119
  180
  265
  379
  528
  716
  951
  1,235
  1,573
  1,970
  2,426
  2,944
  3,524
  4,167
  4,872
  5,638
  6,464
  7,349
  8,291
  9,290
  10,343
  11,450
  12,609
  13,821
  15,088
  16,406
  17,778
  19,206
  20,691
  22,233
Debt-to-equity ratio
  1.667
  3.090
  3.750
  4.160
  4.420
  4.590
  4.700
  4.780
  4.840
  4.880
  4.910
  4.930
  4.950
  4.960
  4.970
  4.980
  4.980
  4.990
  4.990
  5.000
  5.000
  5.000
  5.000
  5.010
  5.010
  5.010
  5.010
  5.010
  5.010
  5.010
  5.010
Adjusted equity ratio
  0.068
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  5
  10
  17
  26
  38
  53
  71
  93
  120
  151
  188
  228
  272
  321
  375
  433
  496
  562
  633
  709
  788
  871
  958
  1,049
  1,143
  1,242
  1,345
  1,452
  1,562
  1,678
Depreciation, amort., depletion, $m
  4
  4
  5
  7
  8
  11
  13
  17
  21
  27
  33
  37
  45
  54
  63
  74
  86
  98
  112
  126
  141
  157
  174
  192
  210
  230
  250
  271
  292
  315
  338
Funds from operations, $m
  -7
  9
  15
  23
  34
  48
  66
  88
  115
  146
  183
  225
  272
  326
  385
  449
  519
  594
  674
  760
  850
  945
  1,045
  1,150
  1,259
  1,373
  1,492
  1,615
  1,744
  1,877
  2,016
Change in working capital, $m
  -5
  -2
  -2
  -3
  -5
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -23
  -25
  -28
  -30
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -61
Cash from operations, $m
  -2
  11
  18
  27
  39
  54
  74
  97
  126
  160
  199
  243
  293
  349
  410
  477
  549
  627
  709
  797
  889
  987
  1,089
  1,196
  1,307
  1,423
  1,544
  1,670
  1,800
  1,936
  2,077
Maintenance CAPEX, $m
  0
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -19
  -24
  -30
  -37
  -45
  -54
  -63
  -74
  -86
  -98
  -112
  -126
  -141
  -157
  -174
  -192
  -210
  -230
  -250
  -271
  -292
  -315
New CAPEX, $m
  0
  -7
  -9
  -13
  -17
  -23
  -29
  -36
  -43
  -52
  -60
  -69
  -79
  -88
  -98
  -107
  -117
  -126
  -135
  -143
  -152
  -160
  -168
  -176
  -185
  -193
  -201
  -209
  -217
  -226
  -235
Cash from investing activities, $m
  -19
  -8
  -11
  -16
  -21
  -29
  -37
  -47
  -57
  -71
  -84
  -99
  -116
  -133
  -152
  -170
  -191
  -212
  -233
  -255
  -278
  -301
  -325
  -350
  -377
  -403
  -431
  -459
  -488
  -518
  -550
Free cash flow, $m
  -21
  3
  6
  11
  17
  26
  37
  51
  68
  89
  115
  143
  177
  216
  259
  306
  358
  415
  476
  542
  611
  685
  763
  845
  931
  1,020
  1,114
  1,211
  1,313
  1,418
  1,528
Issuance/(repayment) of debt, $m
  11
  36
  51
  71
  95
  124
  157
  195
  237
  282
  330
  381
  432
  484
  536
  588
  639
  689
  738
  786
  832
  878
  923
  967
  1,011
  1,055
  1,100
  1,145
  1,191
  1,238
  1,286
Issuance/(repurchase) of shares, $m
  15
  2
  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  
  32
  38
  51
  71
  95
  124
  157
  195
  237
  282
  330
  381
  432
  484
  536
  588
  639
  689
  738
  786
  832
  878
  923
  967
  1,011
  1,055
  1,100
  1,145
  1,191
  1,238
  1,286
Total cash flow (excl. dividends), $m
  12
  42
  58
  82
  112
  150
  194
  246
  305
  372
  445
  524
  609
  700
  795
  894
  997
  1,104
  1,214
  1,328
  1,444
  1,563
  1,686
  1,812
  1,942
  2,076
  2,213
  2,356
  2,503
  2,656
  2,814
Retained Cash Flow (-), $m
  -14
  -7
  -10
  -14
  -19
  -25
  -31
  -39
  -47
  -56
  -66
  -76
  -86
  -96
  -107
  -117
  -127
  -137
  -147
  -156
  -166
  -175
  -184
  -193
  -201
  -210
  -219
  -228
  -237
  -246
  -256
Prev. year cash balance distribution, $m
 
  6
  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
 
  40
  48
  68
  93
  125
  163
  207
  258
  316
  379
  448
  523
  603
  688
  777
  870
  967
  1,067
  1,171
  1,278
  1,389
  1,502
  1,620
  1,741
  1,866
  1,995
  2,128
  2,266
  2,409
  2,558
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  37
  42
  54
  68
  83
  97
  111
  122
  130
  135
  137
  135
  129
  121
  111
  99
  86
  73
  61
  49
  39
  30
  22
  16
  11
  8
  5
  3
  2
  1
Current shareholders' claim on cash, %
  100
  96.7
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4
  96.4

Asure Software, Inc. provides cloud-based software-as-a-service (SaaS) time and labor management, and workspace management solutions worldwide. The company offers a suite of solutions to help clients optimize and manage their mobile workforces and their global workspaces. Its SaaS-based offerings include asset management, mobile room scheduling, mobile time tracking, scheduling software, space utilization solutions, tablet-based time clocks, time and labor management software, traditional time clocks, touch panels for room scheduling, and workplace business intelligence analytics. The company’s AsureSpace product line offers workplace management solutions that enable organizations to manage their office environments and optimize real estate utilization. It also provides AsureForce time and labor management solutions to help organizations optimize labor and labor administration costs and activities. Asure Software serves Fortune 500 clients to small and mid-sized businesses. The company sells its products directly, as well as through reseller and referral partners. Asure Software, Inc. was founded in 1985 and is headquartered in Austin, Texas with additional offices in Dedham, Massachusetts; Traverse City, Michigan; and London, United Kingdom.

FINANCIAL RATIOS  of  Asure Software (ASUR)

Valuation Ratios
P/E Ratio -105.5
Price to Sales 2.9
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow -52.7
Price to Free Cash Flow -52.7
Growth Rates
Sales Growth Rate 33.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0.6
LT Debt to Equity 138.9%
Total Debt to Equity 166.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -3.1%
Ret/ On T. Cap. - 3 Yr. Avg. -4.7%
Return On Equity -9.1%
Return On Equity - 3 Yr. Avg. -19.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 75%
Gross Margin - 3 Yr. Avg. 75.6%
EBITDA Margin 11.1%
EBITDA Margin - 3 Yr. Avg. 11.1%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin -2.8%
Pre-Tax Margin - 3 Yr. Avg. -3.4%
Net Profit Margin -2.8%
Net Profit Margin - 3 Yr. Avg. -3.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ASUR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ASUR stock intrinsic value calculation we used $36 million for the last fiscal year's total revenue generated by Asure Software. The default revenue input number comes from 2016 income statement of Asure Software. 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 ASUR stock valuation model: a) initial revenue growth rate of 57.1% 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%, whose default value for ASUR is calculated based on our internal credit rating of Asure Software, 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 Asure Software.
    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 ASUR stock the variable cost ratio is equal to 77.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for ASUR 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 4.7% for Asure Software.

Corporate tax rate of 27% is the nominal tax rate for Asure Software. 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 ASUR 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 ASUR are equal to 31.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Asure Software 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 ASUR is equal to -8.3%. 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 - $18 million for Asure Software - 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 7.748 million for Asure Software 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 Asure Software at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Asure Software to Exhibit at ILTACON 2017   [Aug-08-17 08:45AM  GlobeNewswire]
▶ Austin software company begins search for new CFO   [Jul-19-17 01:17PM  American City Business Journals]
▶ Is Asure Software (ASUR) a Great Growth Stock?   [Jun-30-17 08:48AM  Zacks]
▶ Asure Software Appoints Dan Gill to Board of Directors   [Jun-08-17 04:15PM  GlobeNewswire]
▶ [$$] Silver Oak Services Exits iSystems   [May-31-17 01:29PM  The Wall Street Journal]
▶ Asure Software Acquires Compass HRM, Inc.   [May-26-17 08:55AM  GlobeNewswire]
▶ Asure Software Acquires iSystems, LLC   [08:45AM  GlobeNewswire]
▶ Asure Software Sponsors Quora Smartworking Summit   [Mar-09-17 12:53PM  GlobeNewswire]
▶ Asure Software Appoints Director of Sales   [Mar-01-17 08:45AM  GlobeNewswire]
▶ Austin software maker starts 2017 by spending millions   [Jan-04-17 08:45AM  at bizjournals.com]
Stock chart of ASUR Financial statements of ASUR
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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