Intrinsic value of Briggs&Stratton - BGG

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$24.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$24.99

 
Intrinsic value

$11.83

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of BGG 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 1.1

 

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, %
  -4.54
  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
  1,809
  1,845
  1,888
  1,936
  1,991
  2,051
  2,117
  2,189
  2,267
  2,351
  2,442
  2,538
  2,641
  2,751
  2,867
  2,991
  3,122
  3,261
  3,408
  3,563
  3,726
  3,899
  4,081
  4,273
  4,476
  4,689
  4,913
  5,149
  5,398
  5,659
  5,934
Variable operating expenses, $m
 
  1,395
  1,426
  1,463
  1,503
  1,548
  1,598
  1,652
  1,710
  1,773
  1,840
  1,896
  1,973
  2,055
  2,142
  2,235
  2,332
  2,436
  2,546
  2,662
  2,784
  2,913
  3,049
  3,192
  3,344
  3,503
  3,670
  3,847
  4,032
  4,228
  4,433
Fixed operating expenses, $m
 
  417
  428
  438
  449
  460
  472
  484
  496
  508
  521
  534
  547
  561
  575
  589
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  773
  793
  813
  833
  854
Total operating expenses, $m
  1,764
  1,812
  1,854
  1,901
  1,952
  2,008
  2,070
  2,136
  2,206
  2,281
  2,361
  2,430
  2,520
  2,616
  2,717
  2,824
  2,936
  3,055
  3,181
  3,313
  3,451
  3,597
  3,750
  3,910
  4,080
  4,258
  4,443
  4,640
  4,845
  5,061
  5,287
Operating income, $m
  45
  33
  34
  35
  38
  42
  47
  54
  61
  70
  80
  108
  121
  135
  150
  167
  186
  206
  227
  251
  276
  303
  332
  363
  396
  431
  469
  510
  553
  599
  647
EBITDA, $m
  99
  89
  91
  93
  97
  103
  109
  117
  126
  137
  149
  163
  178
  194
  212
  232
  253
  276
  301
  327
  356
  387
  420
  455
  492
  533
  575
  621
  669
  721
  775
Interest expense (income), $m
  19
  19
  21
  22
  25
  27
  30
  33
  36
  40
  44
  48
  52
  57
  62
  67
  73
  79
  85
  92
  99
  107
  115
  123
  132
  141
  151
  161
  172
  183
  195
Earnings before tax, $m
  35
  14
  13
  13
  13
  15
  17
  21
  25
  30
  37
  60
  68
  78
  88
  100
  113
  127
  142
  159
  177
  196
  217
  240
  264
  291
  319
  349
  381
  415
  452
Tax expense, $m
  8
  4
  4
  3
  4
  4
  5
  6
  7
  8
  10
  16
  18
  21
  24
  27
  30
  34
  38
  43
  48
  53
  59
  65
  71
  78
  86
  94
  103
  112
  122
Net income, $m
  27
  11
  10
  9
  10
  11
  13
  15
  18
  22
  27
  44
  50
  57
  64
  73
  82
  92
  104
  116
  129
  143
  159
  175
  193
  212
  233
  255
  278
  303
  330

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  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
  1,457
  1,395
  1,427
  1,463
  1,505
  1,550
  1,600
  1,655
  1,714
  1,777
  1,846
  1,919
  1,996
  2,079
  2,167
  2,261
  2,360
  2,465
  2,576
  2,693
  2,817
  2,947
  3,085
  3,230
  3,383
  3,544
  3,714
  3,892
  4,080
  4,277
  4,485
Adjusted assets (=assets-cash), $m
  1,367
  1,395
  1,427
  1,463
  1,505
  1,550
  1,600
  1,655
  1,714
  1,777
  1,846
  1,919
  1,996
  2,079
  2,167
  2,261
  2,360
  2,465
  2,576
  2,693
  2,817
  2,947
  3,085
  3,230
  3,383
  3,544
  3,714
  3,892
  4,080
  4,277
  4,485
Revenue / Adjusted assets
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
  1.323
Average production assets, $m
  428
  437
  447
  459
  472
  486
  502
  519
  537
  557
  579
  602
  626
  652
  680
  709
  740
  773
  808
  844
  883
  924
  967
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
Working capital, $m
  423
  340
  347
  356
  366
  377
  390
  403
  417
  433
  449
  467
  486
  506
  528
  550
  574
  600
  627
  656
  686
  717
  751
  786
  824
  863
  904
  947
  993
  1,041
  1,092
Total debt, $m
  220
  239
  261
  287
  316
  348
  384
  422
  463
  508
  556
  608
  662
  721
  783
  849
  918
  992
  1,070
  1,153
  1,240
  1,332
  1,429
  1,531
  1,639
  1,752
  1,871
  1,997
  2,129
  2,268
  2,415
Total liabilities, $m
  963
  982
  1,004
  1,030
  1,059
  1,091
  1,127
  1,165
  1,206
  1,251
  1,299
  1,351
  1,405
  1,464
  1,526
  1,592
  1,661
  1,735
  1,813
  1,896
  1,983
  2,075
  2,172
  2,274
  2,382
  2,495
  2,614
  2,740
  2,872
  3,011
  3,158
Total equity, $m
  494
  413
  422
  433
  445
  459
  474
  490
  507
  526
  546
  568
  591
  615
  642
  669
  699
  730
  762
  797
  834
  872
  913
  956
  1,001
  1,049
  1,099
  1,152
  1,208
  1,266
  1,328
Total liabilities and equity, $m
  1,457
  1,395
  1,426
  1,463
  1,504
  1,550
  1,601
  1,655
  1,713
  1,777
  1,845
  1,919
  1,996
  2,079
  2,168
  2,261
  2,360
  2,465
  2,575
  2,693
  2,817
  2,947
  3,085
  3,230
  3,383
  3,544
  3,713
  3,892
  4,080
  4,277
  4,486
Debt-to-equity ratio
  0.445
  0.580
  0.620
  0.660
  0.710
  0.760
  0.810
  0.860
  0.910
  0.970
  1.020
  1.070
  1.120
  1.170
  1.220
  1.270
  1.310
  1.360
  1.400
  1.450
  1.490
  1.530
  1.560
  1.600
  1.640
  1.670
  1.700
  1.730
  1.760
  1.790
  1.820
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  11
  10
  9
  10
  11
  13
  15
  18
  22
  27
  44
  50
  57
  64
  73
  82
  92
  104
  116
  129
  143
  159
  175
  193
  212
  233
  255
  278
  303
  330
Depreciation, amort., depletion, $m
  54
  56
  57
  58
  59
  60
  62
  63
  65
  67
  69
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
Funds from operations, $m
  99
  67
  66
  67
  69
  71
  75
  79
  83
  89
  96
  99
  107
  116
  126
  137
  149
  163
  177
  192
  209
  227
  246
  267
  289
  313
  339
  366
  394
  425
  458
Change in working capital, $m
  -13
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  51
Cash from operations, $m
  112
  62
  59
  58
  59
  60
  62
  65
  69
  74
  79
  81
  88
  96
  105
  115
  125
  137
  150
  164
  179
  195
  213
  232
  252
  274
  297
  322
  349
  377
  407
Maintenance CAPEX, $m
  0
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
New CAPEX, $m
  -64
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -86
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -146
  -154
  -162
  -170
  -178
  -187
Free cash flow, $m
  26
  14
  9
  6
  4
  3
  2
  3
  3
  5
  7
  5
  9
  13
  18
  23
  30
  37
  45
  54
  64
  74
  86
  98
  112
  127
  143
  160
  179
  199
  220
Issuance/(repayment) of debt, $m
  -2
  19
  23
  26
  29
  32
  35
  38
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
Issuance/(repurchase) of shares, $m
  -25
  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  
  -27
  19
  23
  26
  29
  32
  35
  38
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
  146
Total cash flow (excl. dividends), $m
  -5
  32
  31
  32
  33
  35
  38
  41
  45
  50
  55
  57
  64
  71
  80
  89
  100
  111
  123
  136
  151
  166
  183
  201
  220
  240
  262
  286
  311
  338
  367
Retained Cash Flow (-), $m
  80
  -9
  -9
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -62
Prev. year cash balance distribution, $m
 
  90
  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
 
  114
  22
  21
  21
  22
  23
  25
  27
  31
  35
  35
  41
  47
  54
  62
  70
  80
  90
  102
  114
  127
  142
  158
  175
  193
  212
  233
  256
  280
  305
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
 
  109
  20
  18
  17
  17
  17
  17
  17
  18
  18
  17
  17
  18
  18
  18
  18
  17
  17
  16
  14
  13
  12
  10
  9
  7
  6
  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

Briggs & Stratton Corporation designs, manufactures, markets, sells, and services gasoline engines for outdoor power equipment to the original equipment manufacturers in the United States. It operates in two segments, Engines and Products. The Engines segment offers four-cycle aluminum alloy gasoline engines that are used primarily by the lawn and garden equipment industry. Its products are used in various lawn and garden equipment applications, including walk-behind lawn mowers, riding lawn mowers, garden tillers, and snow throwers, as well as products for industrial, construction, agricultural, and other consumer applications that include portable and standby generators, pumps, and pressure washers. This segment also manufactures and sells replacement engines and service parts to sales and service distributors. The Products segment primarily provides a line of portable and standby generators, pressure washers, snow throwers, lawn and garden power equipment, turf care, and job site products. This segment sells its products through various channels of retail distribution, including consumer home centers, warehouse clubs, mass merchants, and independent dealers and distributors under its own brands, such as Briggs & Stratton, Simplicity, Snapper, Snapper Pro, Ferris, PowerBoss, Allmand, Billy Goat, Murray, Branco, and Victa, as well as other brands comprising Craftsman and Troy-Bilt. The company also exports its products to customers in the European Union, Asia, Australia, and Canada. Briggs & Stratton Corporation was founded in 1908 and is headquartered in Wauwatosa, Wisconsin.

FINANCIAL RATIOS  of  Briggs&Stratton (BGG)

Valuation Ratios
P/E Ratio 40
Price to Sales 0.6
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 9.6
Price to Free Cash Flow 22.5
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 44.5%
Total Debt to Equity 44.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 5.1%
Return On Equity - 3 Yr. Avg. 5.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 19.9%
EBITDA Margin 6%
EBITDA Margin - 3 Yr. Avg. 6.1%
Operating Margin 2.5%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 88.9%

BGG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BGG stock intrinsic value calculation we used $1809 million for the last fiscal year's total revenue generated by Briggs&Stratton. The default revenue input number comes from 2016 income statement of Briggs&Stratton. 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 BGG 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 4.3%, whose default value for BGG is calculated based on our internal credit rating of Briggs&Stratton, 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 Briggs&Stratton.
    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 BGG stock the variable cost ratio is equal to 75.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $407 million in the base year in the intrinsic value calculation for BGG 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 8.6% for Briggs&Stratton.

Corporate tax rate of 27% is the nominal tax rate for Briggs&Stratton. 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 BGG 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 BGG are equal to 23.7%.

Life of production assets of 11 years is the average useful life of capital assets used in Briggs&Stratton 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 BGG is equal to 18.4%. 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 - $494 million for Briggs&Stratton - 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 43.563 million for Briggs&Stratton 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 Briggs&Stratton at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ Briggs & Stratton: Cramer's Top Takeaways   [Apr-26-17 06:28AM  TheStreet.com]
▶ Briggs & Stratton's Engine Is Humming   [Apr-24-17 04:12PM  TheStreet.com]
▶ Why Briggs & Stratton Stock Climbed 9% Today   [Apr-21-17 06:34PM  Motley Fool]
▶ Briggs & Stratton tops 3Q profit forecasts   [Apr-20-17 05:12PM  Associated Press]
▶ Briggs & Stratton Declares Dividend   [12:12PM  PR Newswire]
▶ Briggs & Stratton Expands Just Check & Add Technology   [Feb-15-17 06:00AM  PR Newswire]
▶ Teske: New products boosting Briggs & Strattons bottom line   [Jan-26-17 02:55PM  at bizjournals.com]
▶ Briggs & Stratton Declares Dividend   [10:41AM  PR Newswire]
▶ Time To Upgrade Your Lawn Mower   [Jan-19-17 06:00AM  PR Newswire]
▶ 3 Bargain Stocks to Buy Now   [Jan-17-17 09:04AM  at Motley Fool]
▶ Milwaukee Business Journal covers from 2016: Year in Review   [Dec-30-16 07:00AM  at bizjournals.com]
▶ 3 Small-Cap Companies to Buy in January   [Dec-28-16 03:52PM  at Motley Fool]
▶ Is Getty Realty Corp. (GTY) A Good Stock to Buy?   [Dec-14-16 08:25PM  at Insider Monkey]
▶ Snow Blower Tune-Up Tips   [Dec-06-16 07:00AM  PR Newswire]
▶ A Veterans Hunt On The Horicon Marsh   [07:00AM  PR Newswire]
▶ Briggs & Stratton Declares Dividend   [10:09AM  PR Newswire]
▶ Briggs & Stratton Declares Dividend   [01:03PM  PR Newswire]
Stock chart of BGG Financial statements of BGG
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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