Intrinsic value of Avista - AVA

Previous Close

$52.53

  Intrinsic Value

$28.08

stock screener

  Rating & Target

sell

-47%

  Value-price divergence*

-38%

Previous close

$52.53

 
Intrinsic value

$28.08

 
Up/down potential

-47%

 
Rating

sell

 
Value-price divergence*

-38%

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

We calculate the intrinsic value of AVA 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 3.4

 

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, %
  -2.90
  4.30
  4.37
  4.43
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.89
  4.91
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
Revenue, $m
  1,419
  1,504
  1,570
  1,639
  1,713
  1,791
  1,873
  1,960
  2,051
  2,147
  2,249
  2,356
  2,468
  2,587
  2,712
  2,843
  2,981
  3,126
  3,279
  3,439
  3,608
  3,785
  3,972
  4,168
  4,373
  4,590
  4,817
  5,055
  5,306
  5,569
  5,846
Variable operating expenses, $m
 
  1,247
  1,301
  1,358
  1,419
  1,483
  1,551
  1,622
  1,698
  1,777
  1,861
  1,943
  2,036
  2,134
  2,237
  2,345
  2,459
  2,579
  2,705
  2,837
  2,977
  3,123
  3,277
  3,438
  3,608
  3,786
  3,974
  4,171
  4,377
  4,595
  4,823
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
  1,153
  1,247
  1,301
  1,358
  1,419
  1,483
  1,551
  1,622
  1,698
  1,777
  1,861
  1,943
  2,036
  2,134
  2,237
  2,345
  2,459
  2,579
  2,705
  2,837
  2,977
  3,123
  3,277
  3,438
  3,608
  3,786
  3,974
  4,171
  4,377
  4,595
  4,823
Operating income, $m
  290
  257
  269
  281
  294
  308
  322
  337
  353
  370
  388
  412
  432
  453
  475
  498
  522
  547
  574
  602
  631
  663
  695
  729
  765
  803
  843
  885
  929
  975
  1,023
EBITDA, $m
  455
  282
  294
  307
  321
  335
  351
  367
  384
  402
  421
  441
  462
  484
  508
  532
  558
  585
  614
  644
  676
  709
  744
  780
  819
  859
  902
  946
  993
  1,043
  1,095
Interest expense (income), $m
  86
  89
  96
  104
  113
  122
  131
  141
  152
  163
  174
  187
  200
  213
  228
  243
  259
  276
  293
  312
  331
  352
  374
  396
  420
  445
  471
  499
  528
  558
  590
Earnings before tax, $m
  215
  169
  173
  177
  181
  186
  191
  196
  202
  207
  213
  226
  232
  239
  247
  255
  263
  271
  280
  290
  300
  311
  322
  333
  345
  358
  372
  386
  401
  416
  433
Tax expense, $m
  78
  46
  47
  48
  49
  50
  52
  53
  54
  56
  58
  61
  63
  65
  67
  69
  71
  73
  76
  78
  81
  84
  87
  90
  93
  97
  100
  104
  108
  112
  117
Net income, $m
  137
  123
  126
  129
  132
  136
  139
  143
  147
  151
  156
  165
  170
  175
  180
  186
  192
  198
  205
  212
  219
  227
  235
  243
  252
  262
  271
  282
  293
  304
  316

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  5,310
  5,529
  5,771
  6,027
  6,297
  6,583
  6,885
  7,204
  7,540
  7,894
  8,268
  8,661
  9,075
  9,511
  9,969
  10,452
  10,959
  11,493
  12,054
  12,644
  13,265
  13,917
  14,602
  15,322
  16,078
  16,873
  17,709
  18,586
  19,508
  20,476
  21,493
Adjusted assets (=assets-cash), $m
  5,301
  5,529
  5,771
  6,027
  6,297
  6,583
  6,885
  7,204
  7,540
  7,894
  8,268
  8,661
  9,075
  9,511
  9,969
  10,452
  10,959
  11,493
  12,054
  12,644
  13,265
  13,917
  14,602
  15,322
  16,078
  16,873
  17,709
  18,586
  19,508
  20,476
  21,493
Revenue / Adjusted assets
  0.268
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
Average production assets, $m
  177
  183
  192
  200
  209
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
  347
  364
  381
  400
  420
  440
  462
  485
  508
  534
  560
  588
  617
  647
  679
  713
Working capital, $m
  -57
  60
  63
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
  184
  193
  202
  212
  223
  234
Total debt, $m
  1,854
  2,003
  2,169
  2,346
  2,532
  2,729
  2,937
  3,157
  3,388
  3,632
  3,889
  4,160
  4,446
  4,746
  5,062
  5,394
  5,744
  6,112
  6,499
  6,905
  7,332
  7,782
  8,254
  8,750
  9,271
  9,819
  10,394
  10,999
  11,634
  12,301
  13,002
Total liabilities, $m
  3,661
  3,810
  3,976
  4,153
  4,339
  4,536
  4,744
  4,964
  5,195
  5,439
  5,696
  5,967
  6,253
  6,553
  6,869
  7,201
  7,551
  7,919
  8,306
  8,712
  9,139
  9,589
  10,061
  10,557
  11,078
  11,626
  12,201
  12,806
  13,441
  14,108
  14,809
Total equity, $m
  1,649
  1,720
  1,795
  1,874
  1,959
  2,047
  2,141
  2,240
  2,345
  2,455
  2,571
  2,694
  2,822
  2,958
  3,100
  3,251
  3,408
  3,574
  3,749
  3,932
  4,125
  4,328
  4,541
  4,765
  5,000
  5,248
  5,507
  5,780
  6,067
  6,368
  6,684
Total liabilities and equity, $m
  5,310
  5,530
  5,771
  6,027
  6,298
  6,583
  6,885
  7,204
  7,540
  7,894
  8,267
  8,661
  9,075
  9,511
  9,969
  10,452
  10,959
  11,493
  12,055
  12,644
  13,264
  13,917
  14,602
  15,322
  16,078
  16,874
  17,708
  18,586
  19,508
  20,476
  21,493
Debt-to-equity ratio
  1.124
  1.160
  1.210
  1.250
  1.290
  1.330
  1.370
  1.410
  1.440
  1.480
  1.510
  1.540
  1.580
  1.600
  1.630
  1.660
  1.690
  1.710
  1.730
  1.760
  1.780
  1.800
  1.820
  1.840
  1.850
  1.870
  1.890
  1.900
  1.920
  1.930
  1.950
Adjusted equity ratio
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  137
  123
  126
  129
  132
  136
  139
  143
  147
  151
  156
  165
  170
  175
  180
  186
  192
  198
  205
  212
  219
  227
  235
  243
  252
  262
  271
  282
  293
  304
  316
Depreciation, amort., depletion, $m
  165
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  71
Funds from operations, $m
  330
  147
  151
  155
  159
  163
  168
  173
  178
  183
  189
  193
  200
  206
  213
  221
  228
  236
  245
  254
  263
  273
  283
  294
  306
  318
  330
  343
  357
  372
  387
Change in working capital, $m
  -28
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  358
  145
  148
  152
  156
  160
  165
  169
  174
  180
  185
  189
  195
  202
  208
  215
  223
  230
  239
  247
  256
  266
  276
  286
  297
  309
  321
  334
  347
  361
  376
Maintenance CAPEX, $m
  0
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
New CAPEX, $m
  -407
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Cash from investing activities, $m
  -432
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -43
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -84
  -88
  -93
  -97
  -102
Free cash flow, $m
  -74
  120
  122
  125
  127
  130
  133
  136
  139
  143
  146
  149
  153
  157
  161
  166
  171
  176
  182
  188
  194
  200
  207
  214
  221
  229
  237
  246
  255
  264
  274
Issuance/(repayment) of debt, $m
  97
  158
  166
  176
  186
  197
  208
  220
  232
  244
  257
  271
  285
  300
  316
  332
  350
  368
  387
  407
  427
  449
  472
  496
  521
  548
  575
  605
  635
  667
  701
Issuance/(repurchase) of shares, $m
  67
  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  
  159
  158
  166
  176
  186
  197
  208
  220
  232
  244
  257
  271
  285
  300
  316
  332
  350
  368
  387
  407
  427
  449
  472
  496
  521
  548
  575
  605
  635
  667
  701
Total cash flow (excl. dividends), $m
  85
  278
  289
  301
  314
  327
  341
  356
  371
  387
  404
  420
  438
  457
  477
  499
  521
  544
  569
  594
  621
  649
  679
  710
  743
  777
  813
  850
  890
  932
  976
Retained Cash Flow (-), $m
  -120
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -301
  -316
Prev. year cash balance distribution, $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 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
 
  207
  213
  221
  229
  238
  247
  256
  266
  277
  288
  297
  309
  322
  335
  349
  363
  378
  394
  411
  428
  447
  466
  486
  507
  530
  553
  578
  603
  630
  659
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  192
  181
  171
  160
  149
  137
  125
  112
  100
  88
  76
  65
  55
  46
  37
  30
  24
  18
  14
  10
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
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

Avista Corporation operates as an electric and natural gas utility company. It operates in two segments, Avista Utilities, and Alaska Electric Light and Power Company. The Avista Utilities segment generates, transmits, and distributes electricity, as well as distributes natural gas in eastern Washington, northern Idaho, northeastern and southwestern Oregon, and Montana. This segment also engages in wholesale purchase and sales of electricity and natural gas. It owns hydroelectric, thermal, and wind generation facilities with a total capacity of 1,862 megawatts (MW). As of December 31, 2016, this segment supplied retail electric services to 377,000 customers and retail natural gas services to 340,000 customers. The Alaska Electric Light and Power Company segment owns and operates electric generation, transmission, and distribution facilities located in Juneau, Alaska. As of December 31, 2016, it operated five hydroelectric generation facilities with 102.7 MW of hydroelectric generation capacity; and had 107.5 MW of diesel generating capacity. This segment served approximately 17,000 customers, including city, state, and federal governmental entities located in Juneau, as well as a mine located in the Juneau area. The company also engages in the sheet metal fabrication of electronic enclosures, parts, and systems for the computer, construction, telecom, renewable energy, and medical industries; and investment of commercial and retail office space, as well as emerging technology venture capital funds. Avista Corporation was founded in 1889 and is headquartered in Spokane, Washington.

FINANCIAL RATIOS  of  Avista (AVA)

Valuation Ratios
P/E Ratio 24.6
Price to Sales 2.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow -68.8
Growth Rates
Sales Growth Rate -2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 105%
Total Debt to Equity 112.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 29.2%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 13.5%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 36.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 63.5%

AVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVA stock intrinsic value calculation we used $1442 million for the last fiscal year's total revenue generated by Avista. The default revenue input number comes from 2016 income statement of Avista. 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 AVA stock valuation model: a) initial revenue growth rate of 4.3% 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 8.1%, whose default value for AVA is calculated based on our internal credit rating of Avista, 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 Avista.
    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 AVA stock the variable cost ratio is equal to 82.9%.

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 AVA 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 4.8% for Avista.

Corporate tax rate of 27% is the nominal tax rate for Avista. 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 AVA 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 AVA are equal to 12.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Avista 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 AVA is equal to 4%. 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 - $1649 million for Avista - 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 64.622 million for Avista 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 Avista at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for July 24th   [Jul-24-17 11:16AM  Zacks]
▶ Avista Was the NYSEs Biggest Gainer Last Week   [08:59AM  Market Realist]
▶ Avista Corp.: Strong price momentum but will it sustain?   [Jul-21-17 12:44PM  Capital Cube]
▶ [$$] Canadian Utility Hydro One to Buy Avista   [06:34PM  The Wall Street Journal]
▶ Avista Corp. Value Analysis (NYSE:AVA) : July 5, 2017   [Jul-05-17 01:18PM  Capital Cube]
▶ Top Ranked Income Stocks to Buy for June 29th   [Jun-29-17 09:50AM  Zacks]
▶ Is Avista a Great Stock for Value Investors?   [May-17-17 09:30AM  Zacks]
▶ Avista Corp. Board Declares Common Stock Dividend   [May-11-17 04:05PM  Marketwired]
▶ Avista posts 1Q profit   [06:20AM  Associated Press]
▶ New Strong Sell Stocks for March 24th   [Mar-24-17 08:47AM  Zacks]
▶ Seven Dividend Stocks Rewarding Shareholders With A Raise   [Feb-13-17 12:39PM  at Insider Monkey]
▶ Avista Corp. Board Increases Common Stock Dividend   [Feb-03-17 06:00PM  Marketwired]
▶ Is Nabors Industries Ltd. (NBR) A Good Stock To Buy?   [Dec-01-16 12:43PM  at Insider Monkey]
▶ Is Sinclair Broadcast Group Inc. (SBGI) A Good Stock To Buy?   [Nov-25-16 08:33PM  at Insider Monkey]
▶ Avista Corp. Board Declares Common Stock Dividend   [Nov-04-16 07:05AM  Marketwired]
Stock chart of AVA Financial statements of AVA Annual reports of AVA
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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