Intrinsic value of Bojangles' - BOJA

Previous Close

$12.40

  Intrinsic Value

$14.10

stock screener

  Rating & Target

hold

+14%

  Value-price divergence*

+22%

Previous close

$12.40

 
Intrinsic value

$14.10

 
Up/down potential

+14%

 
Rating

hold

 
Value-price divergence*

+22%

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

We calculate the intrinsic value of BOJA 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 0.5

 

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, %
  9.02
  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
  532
  543
  555
  569
  585
  603
  623
  644
  667
  692
  718
  746
  777
  809
  843
  880
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,200
  1,257
  1,316
  1,379
  1,445
  1,514
  1,587
  1,664
  1,745
Variable operating expenses, $m
 
  358
  366
  375
  385
  396
  408
  422
  436
  452
  468
  470
  489
  509
  531
  554
  578
  604
  631
  660
  690
  722
  756
  791
  829
  868
  910
  954
  1,000
  1,048
  1,099
Fixed operating expenses, $m
 
  121
  124
  127
  130
  134
  137
  140
  144
  147
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  193
  198
  203
  208
  213
  219
  224
  230
  236
  241
  248
Total operating expenses, $m
  466
  479
  490
  502
  515
  530
  545
  562
  580
  599
  619
  625
  648
  672
  698
  725
  753
  784
  815
  849
  883
  920
  959
  999
  1,042
  1,087
  1,134
  1,184
  1,236
  1,289
  1,347
Operating income, $m
  66
  64
  65
  68
  70
  74
  78
  82
  87
  93
  99
  122
  129
  137
  146
  155
  165
  176
  187
  199
  212
  226
  241
  257
  274
  292
  311
  331
  352
  375
  399
EBITDA, $m
  82
  92
  94
  97
  100
  104
  108
  113
  118
  125
  131
  139
  147
  156
  165
  175
  186
  198
  210
  223
  238
  253
  269
  286
  304
  324
  344
  366
  389
  413
  439
Interest expense (income), $m
  8
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
Earnings before tax, $m
  57
  57
  58
  60
  63
  65
  69
  73
  77
  82
  88
  110
  117
  124
  132
  140
  149
  159
  169
  181
  193
  205
  219
  234
  249
  265
  283
  301
  321
  341
  363
Tax expense, $m
  19
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  30
  31
  33
  36
  38
  40
  43
  46
  49
  52
  55
  59
  63
  67
  72
  76
  81
  87
  92
  98
Net income, $m
  38
  42
  43
  44
  46
  48
  50
  53
  56
  60
  64
  80
  85
  90
  96
  102
  109
  116
  124
  132
  141
  150
  160
  170
  182
  194
  206
  220
  234
  249
  265

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  560
  557
  570
  585
  601
  619
  639
  661
  685
  710
  737
  766
  797
  831
  866
  903
  943
  985
  1,029
  1,076
  1,125
  1,177
  1,232
  1,290
  1,351
  1,416
  1,483
  1,555
  1,630
  1,709
  1,792
Adjusted assets (=assets-cash), $m
  546
  557
  570
  585
  601
  619
  639
  661
  685
  710
  737
  766
  797
  831
  866
  903
  943
  985
  1,029
  1,076
  1,125
  1,177
  1,232
  1,290
  1,351
  1,416
  1,483
  1,555
  1,630
  1,709
  1,792
Revenue / Adjusted assets
  0.974
  0.975
  0.974
  0.973
  0.973
  0.974
  0.975
  0.974
  0.974
  0.975
  0.974
  0.974
  0.975
  0.974
  0.973
  0.975
  0.973
  0.974
  0.974
  0.974
  0.974
  0.975
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
Average production assets, $m
  368
  375
  384
  393
  405
  417
  430
  445
  461
  478
  496
  516
  537
  559
  583
  608
  634
  663
  692
  724
  757
  792
  829
  868
  910
  953
  998
  1,046
  1,097
  1,150
  1,206
Working capital, $m
  -23
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
Total debt, $m
  186
  184
  192
  201
  211
  223
  235
  249
  263
  279
  296
  314
  334
  354
  376
  400
  424
  450
  478
  507
  538
  570
  605
  641
  679
  719
  761
  806
  852
  902
  953
Total liabilities, $m
  349
  347
  355
  364
  374
  386
  398
  412
  426
  442
  459
  477
  497
  517
  539
  563
  587
  613
  641
  670
  701
  733
  768
  804
  842
  882
  924
  969
  1,015
  1,065
  1,116
Total equity, $m
  211
  210
  215
  220
  227
  233
  241
  249
  258
  268
  278
  289
  301
  313
  326
  340
  355
  371
  388
  406
  424
  444
  465
  486
  509
  534
  559
  586
  614
  644
  675
Total liabilities and equity, $m
  560
  557
  570
  584
  601
  619
  639
  661
  684
  710
  737
  766
  798
  830
  865
  903
  942
  984
  1,029
  1,076
  1,125
  1,177
  1,233
  1,290
  1,351
  1,416
  1,483
  1,555
  1,629
  1,709
  1,791
Debt-to-equity ratio
  0.882
  0.880
  0.890
  0.910
  0.930
  0.950
  0.980
  1.000
  1.020
  1.040
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
Adjusted equity ratio
  0.361
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  42
  43
  44
  46
  48
  50
  53
  56
  60
  64
  80
  85
  90
  96
  102
  109
  116
  124
  132
  141
  150
  160
  170
  182
  194
  206
  220
  234
  249
  265
Depreciation, amort., depletion, $m
  16
  29
  29
  29
  30
  30
  30
  31
  31
  32
  33
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
  38
  40
Funds from operations, $m
  55
  70
  71
  73
  75
  78
  81
  84
  88
  92
  97
  97
  103
  109
  116
  123
  130
  138
  147
  156
  166
  176
  188
  199
  212
  225
  240
  255
  271
  288
  306
Change in working capital, $m
  1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  54
  71
  72
  74
  76
  79
  82
  85
  89
  93
  98
  99
  105
  111
  117
  124
  132
  140
  149
  158
  168
  179
  190
  202
  215
  229
  243
  258
  275
  292
  310
Maintenance CAPEX, $m
  0
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
New CAPEX, $m
  -10
  -7
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
Cash from investing activities, $m
  -10
  -19
  -21
  -23
  -24
  -25
  -27
  -29
  -31
  -32
  -34
  -37
  -38
  -40
  -43
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -78
  -81
  -85
  -90
  -94
Free cash flow, $m
  44
  51
  51
  51
  52
  53
  54
  56
  58
  61
  64
  63
  67
  71
  75
  80
  85
  91
  97
  104
  111
  119
  127
  136
  145
  155
  166
  177
  189
  202
  216
Issuance/(repayment) of debt, $m
  -49
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Issuance/(repurchase) of shares, $m
  1
  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  
  -45
  7
  8
  9
  10
  11
  12
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
Total cash flow (excl. dividends), $m
  0
  58
  59
  60
  62
  64
  67
  70
  73
  77
  81
  81
  86
  91
  97
  103
  110
  117
  125
  133
  142
  151
  161
  172
  183
  195
  208
  222
  236
  251
  267
Retained Cash Flow (-), $m
  -44
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Prev. year cash balance distribution, $m
 
  5
  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
 
  59
  54
  55
  56
  57
  59
  62
  64
  67
  71
  70
  74
  79
  84
  89
  95
  101
  108
  115
  123
  132
  140
  150
  160
  171
  182
  195
  208
  221
  236
Discount rate, %
 
  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
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  55
  47
  44
  42
  39
  36
  34
  31
  29
  26
  22
  20
  18
  16
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  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

Bojangles', Inc. is a restaurant operator and franchisor. The Company offers food made from its Southern recipes. The Company's menu includes its made-from-scratch, buttermilk biscuits baked fresh every 20 minutes; its fresh, never-frozen bone-in fried chicken; its fixin's; its Bo-Smart menu featuring items, such as salads, grilled chicken sandwiches, roasted chicken bites and fat-free green beans; its freshly baked and delicious sweets menu, and its Legendary Iced Tea. The Company's food is offered a la carte and in combos. The Company's chicken, fixin's, biscuits and Legendary Iced Tea may also be ordered in boxes or family meals, and larger combinations may be offered as tailgate specials or may be packaged in its Big Bo Box. The Company offers Southern style mac 'n cheese made from two cheeses; fat-free green beans; cole slaw, and mashed potatoes with gravy. Its menu also features salads, sandwiches and its whole meat Roasted Chicken Bites.

FINANCIAL RATIOS  of  Bojangles' (BOJA)

Valuation Ratios
P/E Ratio 11.9
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 10.3
Growth Rates
Sales Growth Rate 9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 83.9%
Total Debt to Equity 88.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.8%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 18.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 20.5%
Gross Margin - 3 Yr. Avg. 20.3%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 14.4%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 36.2%
Payout Ratio 0%

BOJA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BOJA stock intrinsic value calculation we used $532 million for the last fiscal year's total revenue generated by Bojangles'. The default revenue input number comes from 2016 income statement of Bojangles'. 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 BOJA 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 6.7%, whose default value for BOJA is calculated based on our internal credit rating of Bojangles', 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 Bojangles'.
    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 BOJA stock the variable cost ratio is equal to 66%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $118 million in the base year in the intrinsic value calculation for BOJA 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 Bojangles'.

Corporate tax rate of 27% is the nominal tax rate for Bojangles'. 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 BOJA 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 BOJA are equal to 69.1%.

Life of production assets of 33 years is the average useful life of capital assets used in Bojangles' 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 BOJA is equal to -5.3%. 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 - $211 million for Bojangles' - 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 37.692 million for Bojangles' 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 Bojangles' at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Bojangles, Inc. : October 3, 2017   [Oct-03-17 10:58AM  Capital Cube]
▶ New Strong Sell Stocks for September 19th   [Sep-19-17 07:41AM  Zacks]
▶ New Strong Sell Stocks for September 14th   [Sep-14-17 09:30AM  Zacks]
▶ ETFs with exposure to Bojangles, Inc. : August 14, 2017   [Aug-14-17 04:14PM  Capital Cube]
▶ New Strong Sell Stocks for August 1st   [Aug-01-17 09:44AM  Zacks]
▶ Why Bojangles', Inc. Stock Dropped Today   [Jul-28-17 10:15PM  Motley Fool]
▶ Bojangles beats 2Q profit forecasts   [Jul-27-17 09:56PM  Associated Press]
▶ ETFs with exposure to Bojangles, Inc. : June 1, 2017   [Jun-01-17 01:40PM  Capital Cube]
▶ EXCLUSIVE: Sneak peek of Bojangles new restaurant prototype (PHOTOS)   [May-30-17 10:15PM  American City Business Journals]
▶ EXCLUSIVE: Sneak peek of Bojangles new restaurant prototype (PHOTOS)   [May-26-17 04:35PM  American City Business Journals]
▶ EXCLUSIVE: Sneak peek of Bojangles new restaurant prototype (PHOTOS)   [May-24-17 03:10PM  American City Business Journals]
▶ ETFs with exposure to Bojangles, Inc. : May 22, 2017   [May-22-17 01:25PM  Capital Cube]
▶ ETFs with exposure to Bojangles, Inc. : May 9, 2017   [May-09-17 04:22PM  Capital Cube]
▶ Why Bojangles', Inc. Stock Is Getting Cut Today   [May-03-17 01:18PM  Motley Fool]
▶ Bojangles tops 1Q profit forecasts   [May-02-17 05:54PM  Associated Press]
▶ ETFs with exposure to Bojangles, Inc. : April 7, 2017   [Apr-07-17 04:00PM  Capital Cube]
▶ Bojangles tops 4Q profit forecasts   [04:36PM  Associated Press]
▶ 3 Dates for Savvy Investors to Circle in March   [Mar-01-17 01:37PM  at Motley Fool]
▶ Bojangles® Introduces One-Of-A-Kind Bo-Tato Breakfast Bowl   [Feb-20-17 04:30PM  Business Wire]
▶ Restaurant Brands Can Do Better Than Popeyes   [Feb-14-17 09:27AM  at Bloomberg]
▶ Bojangles to replace Charlotte restaurant with new design   [Dec-20-16 07:35AM  at bizjournals.com]
▶ Is M/I Homes Inc (MHO) A Good Stock to Buy?   [Dec-12-16 09:05PM  at Insider Monkey]
Financial statements of BOJA
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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