Intrinsic value of Brink's - BCO

Previous Close

$85.35

  Intrinsic Value

$29.01

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

+4151%

Previous close

$85.35

 
Intrinsic value

$29.01

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

+4151%

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

We calculate the intrinsic value of BCO 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 4.3

 

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, %
  -1.31
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  3,021
  3,290
  3,570
  3,861
  4,164
  4,479
  4,806
  5,146
  5,499
  5,866
  6,248
  6,645
  7,059
  7,490
  7,939
  8,406
  8,894
  9,403
  9,934
  10,489
  11,069
  11,675
  12,308
  12,971
  13,665
  14,390
  15,150
  15,946
  16,779
  17,652
  18,568
Variable operating expenses, $m
 
  3,229
  3,502
  3,786
  4,082
  4,389
  4,708
  5,040
  5,385
  5,743
  6,116
  6,485
  6,889
  7,309
  7,747
  8,203
  8,679
  9,176
  9,694
  10,236
  10,802
  11,393
  12,011
  12,658
  13,334
  14,043
  14,784
  15,561
  16,374
  17,226
  18,119
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
  2,879
  3,229
  3,502
  3,786
  4,082
  4,389
  4,708
  5,040
  5,385
  5,743
  6,116
  6,485
  6,889
  7,309
  7,747
  8,203
  8,679
  9,176
  9,694
  10,236
  10,802
  11,393
  12,011
  12,658
  13,334
  14,043
  14,784
  15,561
  16,374
  17,226
  18,119
Operating income, $m
  142
  61
  68
  75
  82
  90
  97
  106
  114
  123
  132
  161
  171
  181
  192
  203
  215
  227
  240
  253
  267
  282
  297
  313
  330
  348
  366
  385
  405
  426
  449
EBITDA, $m
  274
  187
  203
  220
  237
  255
  274
  293
  313
  334
  356
  379
  402
  427
  452
  479
  507
  536
  566
  598
  631
  665
  701
  739
  778
  820
  863
  908
  956
  1,006
  1,058
Interest expense (income), $m
  20
  10
  15
  21
  26
  32
  38
  44
  51
  57
  64
  72
  79
  87
  95
  104
  113
  122
  132
  142
  152
  163
  175
  187
  199
  213
  226
  241
  256
  272
  289
Earnings before tax, $m
  125
  51
  52
  54
  56
  58
  60
  62
  64
  66
  68
  89
  91
  94
  97
  99
  102
  105
  108
  112
  115
  119
  123
  126
  131
  135
  139
  144
  149
  154
  160
Tax expense, $m
  78
  14
  14
  15
  15
  16
  16
  17
  17
  18
  18
  24
  25
  25
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  40
  42
  43
Net income, $m
  35
  37
  38
  40
  41
  42
  44
  45
  46
  48
  50
  65
  67
  69
  71
  73
  75
  77
  79
  82
  84
  87
  89
  92
  95
  99
  102
  105
  109
  113
  117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  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
  1,995
  1,972
  2,140
  2,315
  2,496
  2,685
  2,881
  3,085
  3,297
  3,517
  3,746
  3,984
  4,232
  4,490
  4,759
  5,040
  5,332
  5,637
  5,956
  6,289
  6,636
  6,999
  7,379
  7,776
  8,192
  8,627
  9,083
  9,560
  10,060
  10,583
  11,132
Adjusted assets (=assets-cash), $m
  1,811
  1,972
  2,140
  2,315
  2,496
  2,685
  2,881
  3,085
  3,297
  3,517
  3,746
  3,984
  4,232
  4,490
  4,759
  5,040
  5,332
  5,637
  5,956
  6,289
  6,636
  6,999
  7,379
  7,776
  8,192
  8,627
  9,083
  9,560
  10,060
  10,583
  11,132
Revenue / Adjusted assets
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
  1.668
Average production assets, $m
  564
  615
  668
  722
  779
  838
  899
  962
  1,028
  1,097
  1,168
  1,243
  1,320
  1,401
  1,485
  1,572
  1,663
  1,758
  1,858
  1,961
  2,070
  2,183
  2,302
  2,426
  2,555
  2,691
  2,833
  2,982
  3,138
  3,301
  3,472
Working capital, $m
  90
  112
  121
  131
  142
  152
  163
  175
  187
  199
  212
  226
  240
  255
  270
  286
  302
  320
  338
  357
  376
  397
  418
  441
  465
  489
  515
  542
  570
  600
  631
Total debt, $m
  443
  390
  527
  669
  817
  971
  1,130
  1,296
  1,469
  1,648
  1,834
  2,028
  2,230
  2,440
  2,659
  2,887
  3,125
  3,374
  3,633
  3,904
  4,187
  4,482
  4,792
  5,115
  5,453
  5,808
  6,178
  6,567
  6,973
  7,400
  7,846
Total liabilities, $m
  1,658
  1,605
  1,742
  1,884
  2,032
  2,186
  2,345
  2,511
  2,684
  2,863
  3,049
  3,243
  3,445
  3,655
  3,874
  4,102
  4,340
  4,589
  4,848
  5,119
  5,402
  5,697
  6,007
  6,330
  6,668
  7,023
  7,393
  7,782
  8,188
  8,615
  9,061
Total equity, $m
  337
  367
  398
  431
  464
  499
  536
  574
  613
  654
  697
  741
  787
  835
  885
  937
  992
  1,049
  1,108
  1,170
  1,234
  1,302
  1,373
  1,446
  1,524
  1,605
  1,689
  1,778
  1,871
  1,968
  2,070
Total liabilities and equity, $m
  1,995
  1,972
  2,140
  2,315
  2,496
  2,685
  2,881
  3,085
  3,297
  3,517
  3,746
  3,984
  4,232
  4,490
  4,759
  5,039
  5,332
  5,638
  5,956
  6,289
  6,636
  6,999
  7,380
  7,776
  8,192
  8,628
  9,082
  9,560
  10,059
  10,583
  11,131
Debt-to-equity ratio
  1.315
  1.060
  1.320
  1.550
  1.760
  1.940
  2.110
  2.260
  2.390
  2.520
  2.630
  2.740
  2.830
  2.920
  3.000
  3.080
  3.150
  3.220
  3.280
  3.340
  3.390
  3.440
  3.490
  3.540
  3.580
  3.620
  3.660
  3.690
  3.730
  3.760
  3.790
Adjusted equity ratio
  0.174
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  37
  38
  40
  41
  42
  44
  45
  46
  48
  50
  65
  67
  69
  71
  73
  75
  77
  79
  82
  84
  87
  89
  92
  95
  99
  102
  105
  109
  113
  117
Depreciation, amort., depletion, $m
  132
  127
  136
  145
  155
  166
  176
  187
  199
  211
  224
  218
  232
  246
  260
  276
  292
  308
  326
  344
  363
  383
  404
  426
  448
  472
  497
  523
  550
  579
  609
Funds from operations, $m
  107
  164
  174
  185
  196
  208
  220
  232
  245
  259
  273
  283
  298
  314
  331
  348
  366
  385
  405
  426
  447
  470
  493
  518
  544
  571
  599
  628
  659
  692
  726
Change in working capital, $m
  -61
  9
  10
  10
  10
  11
  11
  12
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
Cash from operations, $m
  168
  154
  164
  175
  186
  197
  209
  221
  233
  247
  260
  269
  284
  300
  316
  332
  350
  368
  387
  407
  427
  449
  472
  495
  520
  546
  573
  601
  631
  662
  695
Maintenance CAPEX, $m
  0
  -99
  -108
  -117
  -127
  -137
  -147
  -158
  -169
  -180
  -192
  -205
  -218
  -232
  -246
  -260
  -276
  -292
  -308
  -326
  -344
  -363
  -383
  -404
  -426
  -448
  -472
  -497
  -523
  -550
  -579
New CAPEX, $m
  -112
  -51
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
Cash from investing activities, $m
  -109
  -150
  -160
  -171
  -184
  -196
  -208
  -222
  -235
  -249
  -263
  -279
  -295
  -313
  -330
  -347
  -367
  -387
  -407
  -430
  -452
  -476
  -501
  -528
  -556
  -584
  -614
  -646
  -679
  -713
  -750
Free cash flow, $m
  59
  4
  4
  3
  2
  2
  1
  0
  -1
  -2
  -4
  -10
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -48
  -52
  -55
Issuance/(repayment) of debt, $m
  -31
  131
  137
  142
  148
  154
  160
  166
  172
  179
  186
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  296
  309
  323
  338
  354
  371
  388
  407
  426
  447
Issuance/(repurchase) of shares, $m
  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
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -25
  131
  137
  142
  148
  154
  160
  166
  172
  179
  186
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  296
  309
  323
  338
  354
  371
  388
  407
  426
  447
Total cash flow (excl. dividends), $m
  22
  136
  141
  145
  150
  155
  160
  165
  171
  177
  183
  184
  191
  198
  205
  213
  221
  229
  238
  248
  258
  268
  279
  291
  303
  316
  330
  344
  359
  375
  391
Retained Cash Flow (-), $m
  -19
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
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
 
  106
  110
  113
  116
  120
  124
  128
  132
  136
  140
  140
  145
  150
  155
  161
  166
  173
  179
  186
  193
  201
  209
  217
  226
  235
  245
  255
  266
  277
  289
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
 
  102
  100
  98
  96
  93
  90
  86
  82
  78
  74
  66
  62
  57
  52
  47
  42
  38
  33
  29
  25
  21
  17
  14
  12
  9
  7
  5
  4
  3
  2
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

The Brink's Company (Brink's) is a provider of logistics and security solutions. The Company operates through nine segments: U.S., France, Mexico, Brazil, Canada, Latin America, EMEA, Asia and Payment Services. The Company's solutions include cash-in-transit (CIT), automated teller machine (ATM) replenishment and maintenance, cash management services, including vault outsourcing, money processing, and intelligent safe services, international transportation of valuables, and payment services. Its customers include financial institutions, retailers, government agencies (including central banks), mints, jewelers and other commercial operations around the world. As of December 31, 2016, the Company's global network served customers in over 100 countries. Its services offerings include Core Services, High-Value Services and Other Security Services.

FINANCIAL RATIOS  of  Brink's (BCO)

Valuation Ratios
P/E Ratio 121.9
Price to Sales 1.4
Price to Book 12.7
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 76.2
Growth Rates
Sales Growth Rate -1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.9%
Cap. Spend. - 3 Yr. Gr. Rate -8.3%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 73.3%
Total Debt to Equity 131.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 18.7%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 4.1%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 1.2%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate 62.4%
Eff/ Tax Rate - 3 Yr. Avg. 49.3%
Payout Ratio 57.1%

BCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCO stock intrinsic value calculation we used $3021 million for the last fiscal year's total revenue generated by Brink's. The default revenue input number comes from 2016 income statement of Brink's. 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 BCO stock valuation model: a) initial revenue growth rate of 8.9% 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 BCO is calculated based on our internal credit rating of Brink's, 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 Brink's.
    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 BCO stock the variable cost ratio is equal to 98.2%.

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 BCO 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 3.9% for Brink's.

Corporate tax rate of 27% is the nominal tax rate for Brink's. 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 BCO 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 BCO are equal to 18.7%.

Life of production assets of 5.7 years is the average useful life of capital assets used in Brink's 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 BCO is equal to 3.4%. 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 - $337 million for Brink's - 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 49.934 million for Brink's 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 Brink's at the current share price and the inputted number of shares is $4.3 billion.

RELATED COMPANIES Price Int.Val. Rating
MOC Command Securi 2.93 4.13  buy

COMPANY NEWS

▶ Brinks Declares Quarterly Dividend   [Oct-17-17 02:49PM  GlobeNewswire]
▶ Brinks Appoints Ray Shemanski as President of U.S. Business   [Oct-16-17 08:30AM  GlobeNewswire]
▶ Top 3 Growth Stocks for 2017   [Oct-13-17 01:15PM  Investopedia]
▶ Top 4 Small-Cap Stocks for 2017   [Oct-06-17 07:15PM  Investopedia]
▶ Brink's Prices $600 Million Senior Notes Offering   [Oct-05-17 06:08PM  GlobeNewswire]
▶ Anatomy of Success: The Brinks Company (BCO)   [Sep-13-17 02:41PM  Zacks]
▶ Outsourcing Picks: Better Digital Ops, and Fast   [Aug-29-17 03:54PM  Zacks]
▶ Brink's posts 2Q profit   [Jul-26-17 09:54PM  Associated Press]
▶ Brinks in Exclusive Negotiations to Acquire Temis in France   [Jul-25-17 08:01AM  GlobeNewswire]
▶ Ride the Momentum Wave with These 4 Stocks   [Jul-24-17 10:44AM  Zacks]
▶ Brinks Declares Quarterly Dividend   [Jul-13-17 04:51PM  GlobeNewswire]
▶ ETFs with exposure to The Brinks Co. : May 4, 2017   [May-04-17 03:43PM  Capital Cube]
▶ Brink's posts 1Q profit   [Apr-26-17 08:26AM  Associated Press]
▶ Weekly CEO Buys Highlights   [Mar-20-17 01:43PM  GuruFocus.com]
▶ Weekly CFO Buys Highlights   [Mar-16-17 05:03PM  GuruFocus.com]
▶ Weekly CFO Buys Highlight   [Mar-12-17 02:21PM  GuruFocus.com]
▶ Brink's Insider Reduces Position in Company   [Mar-08-17 04:13PM  GuruFocus.com]
▶ Top 3 Growth Stocks for 2017   [Feb-23-17 05:10PM  at Investopedia]
Financial statements of BCO
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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