Intrinsic value of DMC Global - BOOM

Previous Close

$17.95

  Intrinsic Value

$1.63

stock screener

  Rating & Target

str. sell

-91%

Previous close

$17.95

 
Intrinsic value

$1.63

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of BOOM 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 0.3

 

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, %
  -4.79
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  159
  182
  207
  234
  262
  291
  322
  355
  389
  424
  461
  500
  540
  581
  625
  670
  716
  765
  815
  868
  922
  979
  1,039
  1,100
  1,165
  1,232
  1,302
  1,375
  1,452
  1,531
  1,615
Variable operating expenses, $m
 
  208
  237
  267
  298
  332
  367
  404
  443
  483
  525
  567
  613
  660
  709
  760
  813
  868
  925
  985
  1,047
  1,112
  1,179
  1,249
  1,322
  1,398
  1,478
  1,561
  1,647
  1,738
  1,833
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
  164
  208
  237
  267
  298
  332
  367
  404
  443
  483
  525
  567
  613
  660
  709
  760
  813
  868
  925
  985
  1,047
  1,112
  1,179
  1,249
  1,322
  1,398
  1,478
  1,561
  1,647
  1,738
  1,833
Operating income, $m
  -5
  -26
  -30
  -33
  -37
  -41
  -45
  -49
  -54
  -59
  -64
  -67
  -73
  -78
  -84
  -90
  -97
  -103
  -110
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -176
  -186
  -196
  -207
  -218
EBITDA, $m
  6
  -14
  -16
  -18
  -21
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -120
  -127
Interest expense (income), $m
  1
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
Earnings before tax, $m
  -6
  -27
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -69
  -73
  -79
  -85
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -144
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -239
Tax expense, $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
Net income, $m
  -7
  -27
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -69
  -73
  -79
  -85
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -144
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -239

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  163
  180
  204
  231
  258
  287
  318
  350
  384
  419
  455
  493
  533
  574
  617
  661
  707
  755
  805
  857
  911
  967
  1,025
  1,086
  1,150
  1,216
  1,285
  1,358
  1,433
  1,512
  1,594
Adjusted assets (=assets-cash), $m
  157
  180
  204
  231
  258
  287
  318
  350
  384
  419
  455
  493
  533
  574
  617
  661
  707
  755
  805
  857
  911
  967
  1,025
  1,086
  1,150
  1,216
  1,285
  1,358
  1,433
  1,512
  1,594
Revenue / Adjusted assets
  1.013
  1.011
  1.015
  1.013
  1.016
  1.014
  1.013
  1.014
  1.013
  1.012
  1.013
  1.014
  1.013
  1.012
  1.013
  1.014
  1.013
  1.013
  1.012
  1.013
  1.012
  1.012
  1.014
  1.013
  1.013
  1.013
  1.013
  1.013
  1.013
  1.013
  1.013
Average production assets, $m
  76
  87
  98
  111
  124
  138
  153
  168
  185
  202
  219
  237
  256
  276
  297
  318
  340
  363
  387
  412
  438
  465
  493
  523
  553
  585
  618
  653
  690
  727
  767
Working capital, $m
  42
  41
  47
  53
  59
  66
  73
  80
  88
  96
  104
  113
  122
  131
  141
  151
  162
  173
  184
  196
  208
  221
  235
  249
  263
  278
  294
  311
  328
  346
  365
Total debt, $m
  16
  23
  31
  40
  49
  58
  68
  79
  90
  101
  113
  125
  138
  152
  165
  180
  195
  210
  227
  243
  261
  279
  298
  318
  339
  360
  383
  406
  431
  456
  483
Total liabilities, $m
  50
  58
  66
  75
  84
  93
  103
  114
  125
  136
  148
  160
  173
  187
  200
  215
  230
  245
  262
  278
  296
  314
  333
  353
  374
  395
  418
  441
  466
  491
  518
Total equity, $m
  112
  121
  138
  156
  174
  194
  215
  236
  259
  283
  307
  333
  360
  387
  416
  446
  477
  510
  543
  578
  615
  653
  692
  733
  776
  821
  868
  916
  967
  1,020
  1,076
Total liabilities and equity, $m
  162
  179
  204
  231
  258
  287
  318
  350
  384
  419
  455
  493
  533
  574
  616
  661
  707
  755
  805
  856
  911
  967
  1,025
  1,086
  1,150
  1,216
  1,286
  1,357
  1,433
  1,511
  1,594
Debt-to-equity ratio
  0.143
  0.190
  0.230
  0.260
  0.280
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.380
  0.380
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
Adjusted equity ratio
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675
  0.675

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -27
  -31
  -35
  -39
  -43
  -48
  -53
  -58
  -63
  -69
  -73
  -79
  -85
  -91
  -98
  -105
  -112
  -120
  -128
  -136
  -144
  -153
  -162
  -172
  -182
  -193
  -204
  -215
  -227
  -239
Depreciation, amort., depletion, $m
  11
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  28
  31
  33
  35
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  87
  91
Funds from operations, $m
  28
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -89
  -95
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
Change in working capital, $m
  10
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
Cash from operations, $m
  18
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -142
  -150
  -158
  -167
Maintenance CAPEX, $m
  0
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -82
  -87
New CAPEX, $m
  -6
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
Cash from investing activities, $m
  -6
  -20
  -22
  -25
  -26
  -29
  -31
  -33
  -36
  -39
  -42
  -44
  -47
  -51
  -54
  -56
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
Free cash flow, $m
  12
  -40
  -45
  -50
  -55
  -61
  -66
  -72
  -78
  -84
  -91
  -98
  -105
  -112
  -119
  -127
  -135
  -144
  -152
  -162
  -171
  -181
  -191
  -202
  -214
  -225
  -238
  -251
  -264
  -278
  -293
Issuance/(repayment) of debt, $m
  -11
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  25
  26
  27
Issuance/(repurchase) of shares, $m
  0
  42
  47
  52
  57
  63
  69
  74
  80
  87
  93
  98
  105
  113
  120
  128
  136
  145
  154
  163
  172
  182
  193
  204
  215
  227
  239
  252
  266
  280
  295
Cash from financing (excl. dividends), $m  
  -11
  49
  55
  60
  66
  72
  79
  84
  91
  98
  105
  110
  118
  126
  134
  142
  151
  161
  170
  180
  190
  200
  212
  224
  236
  249
  261
  275
  291
  306
  322
Total cash flow (excl. dividends), $m
  1
  9
  10
  11
  11
  12
  12
  13
  13
  14
  14
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Retained Cash Flow (-), $m
  6
  -42
  -47
  -52
  -57
  -63
  -69
  -74
  -80
  -87
  -93
  -98
  -105
  -113
  -120
  -128
  -136
  -145
  -154
  -163
  -172
  -182
  -193
  -204
  -215
  -227
  -239
  -252
  -266
  -280
  -295
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
 
  -27
  -37
  -42
  -46
  -51
  -56
  -62
  -67
  -73
  -79
  -85
  -92
  -98
  -105
  -113
  -120
  -128
  -136
  -145
  -154
  -163
  -172
  -182
  -193
  -204
  -215
  -227
  -240
  -253
  -266
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
 
  -26
  -34
  -36
  -38
  -40
  -41
  -42
  -42
  -42
  -41
  -40
  -39
  -37
  -35
  -33
  -31
  -28
  -25
  -22
  -20
  -17
  -14
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  85.6
  73.5
  63.4
  54.8
  47.6
  41.4
  36.1
  31.6
  27.7
  24.3
  21.4
  18.9
  16.7
  14.7
  13.0
  11.5
  10.2
  9.1
  8.1
  7.2
  6.4
  5.7
  5.0
  4.5
  4.0
  3.5
  3.2
  2.8
  2.5
  2.2

DMC Global Inc., formerly Dynamic Materials Corporation, is a diversified technology company. The Company operates a family of technical product and process businesses serving the energy, industrial and infrastructure markets. The Company's businesses operate through an international network of manufacturing, distribution and sales facilities. The Company's segments are NobelClad and DynaEnergetics. The NobelClad segment is engaged in the production of explosion-welded clad metal plates for use in the construction of corrosion resistant industrial processing equipment and specialized transition joints. The DynaEnergetics segment manufactures, markets and sells oilfield perforating equipment and explosives, including detonating cords, detonators, bi-directional boosters and shaped charges, and seismic related explosives and accessories. It owns explosive metalworking and metallic processes, and registered trademarks, including Detaclad, Detacouple, EFTEK, ETJ 2000 and NOBELCLAD.

FINANCIAL RATIOS  of  DMC Global (BOOM)

Valuation Ratios
P/E Ratio -37.2
Price to Sales 1.6
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 21.7
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate -17.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 14.3%
Total Debt to Equity 14.3%
Interest Coverage -5
Management Effectiveness
Return On Assets -3.4%
Ret/ On Assets - 3 Yr. Avg. -4.5%
Return On Total Capital -5.1%
Ret/ On T. Cap. - 3 Yr. Avg. -6.1%
Return On Equity -6.1%
Return On Equity - 3 Yr. Avg. -7.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 25.4%
EBITDA Margin 3.8%
EBITDA Margin - 3 Yr. Avg. 1.5%
Operating Margin -3.1%
Oper. Margin - 3 Yr. Avg. -4.7%
Pre-Tax Margin -3.8%
Pre-Tax Margin - 3 Yr. Avg. -5.5%
Net Profit Margin -4.4%
Net Profit Margin - 3 Yr. Avg. -5.8%
Effective Tax Rate -16.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio -14.3%

BOOM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BOOM stock intrinsic value calculation we used $159 million for the last fiscal year's total revenue generated by DMC Global. The default revenue input number comes from 2016 income statement of DMC Global. 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 BOOM stock valuation model: a) initial revenue growth rate of 14.6% 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 BOOM is calculated based on our internal credit rating of DMC Global, 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 DMC Global.
    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 BOOM stock the variable cost ratio is equal to 114.5%.

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 BOOM 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 DMC Global.

Corporate tax rate of 27% is the nominal tax rate for DMC Global. 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 BOOM 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 BOOM are equal to 47.5%.

Life of production assets of 8.4 years is the average useful life of capital assets used in DMC Global 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 BOOM is equal to 22.6%. 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 - $112 million for DMC Global - 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 14.77 million for DMC Global 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 DMC Global at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Arnold Van Den Berg: Bullish on Oil and Gas   [Sep-25-17 06:20PM  GuruFocus.com]
▶ DMC Global Declares Quarterly Cash Dividend   [Sep-15-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to DMC Global, Inc. : August 14, 2017   [Aug-14-17 04:15PM  Capital Cube]
▶ Dynamic Materials posts 2Q profit   [Jul-28-17 08:04PM  Associated Press]
▶ DMC Global Reports Second Quarter Financial Results   [Jul-27-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to DMC Global, Inc. : July 5, 2017   [Jul-05-17 12:33PM  Capital Cube]
▶ DMC Global Declares Quarterly Cash Dividend   [Jun-15-17 07:00AM  Marketwired]
▶ ETFs with exposure to DMC Global, Inc. : May 2, 2017   [May-02-17 03:46PM  Capital Cube]
▶ Dynamic Materials reports 1Q loss   [Apr-27-17 05:34PM  Associated Press]
▶ ETFs with exposure to DMC Global, Inc. : April 7, 2017   [Apr-07-17 04:00PM  Capital Cube]
▶ DMC Global Declares Quarterly Cash Dividend   [Mar-16-17 08:00AM  Marketwired]
▶ Dynamic Materials reports 4Q loss   [04:22PM  Associated Press]
▶ DynaEnergetics Announces Price Increases   [Feb-14-17 08:00AM  Marketwired]
▶ DMC Global Declares Quarterly Cash Dividend   [Dec-19-16 03:00PM  Marketwired]
▶ How Does DMC Global Inc (BOOM) Stack Up Against Its Peers?   [Dec-13-16 06:30AM  at Insider Monkey]
▶ Dynamic Materials Declares Quarterly Cash Dividend   [Sep-15-16 08:00AM  Marketwired]
▶ Dynamic Materials Declares Quarterly Cash Dividend   [Jun-16-16 07:00AM  Marketwired]
▶ Dynamic Materials Declares Quarterly Cash Dividend   [Mar-18-16 08:00AM  Marketwired]
Financial statements of BOOM
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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