Intrinsic value of Barnwell Industries - BRN

Previous Close

$2.33

  Intrinsic Value

$0.63

stock screener

  Rating & Target

str. sell

-73%

Previous close

$2.33

 
Intrinsic value

$0.63

 
Up/down potential

-73%

 
Rating

str. sell

We calculate the intrinsic value of BRN 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -7.14
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  13
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,517
  1,719
  1,932
  2,158
  2,396
  2,645
  2,906
  3,179
  3,464
  3,760
  4,068
  4,389
  4,722
Variable operating expenses, $m
 
  30
  47
  70
  102
  144
  198
  265
  349
  448
  566
  703
  860
  1,037
  1,233
  1,450
  1,687
  1,943
  2,218
  2,513
  2,825
  3,155
  3,503
  3,867
  4,249
  4,648
  5,064
  5,497
  5,948
  6,417
  6,904
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
  15
  30
  47
  70
  102
  144
  198
  265
  349
  448
  566
  703
  860
  1,037
  1,233
  1,450
  1,687
  1,943
  2,218
  2,513
  2,825
  3,155
  3,503
  3,867
  4,249
  4,648
  5,064
  5,497
  5,948
  6,417
  6,904
Operating income, $m
  -2
  -10
  -15
  -22
  -32
  -45
  -62
  -84
  -110
  -142
  -179
  -222
  -272
  -328
  -390
  -458
  -533
  -614
  -701
  -794
  -893
  -997
  -1,107
  -1,222
  -1,343
  -1,469
  -1,600
  -1,737
  -1,880
  -2,028
  -2,182
EBITDA, $m
  -1
  -9
  -14
  -20
  -30
  -42
  -57
  -77
  -101
  -130
  -164
  -204
  -249
  -300
  -357
  -420
  -489
  -563
  -643
  -728
  -818
  -914
  -1,015
  -1,121
  -1,231
  -1,347
  -1,467
  -1,593
  -1,723
  -1,859
  -2,000
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  2
  3
  5
  6
  8
  11
  13
  17
  20
  24
  28
  33
  38
  44
  49
  56
  62
  69
  76
  84
  92
  100
  109
  118
  127
Earnings before tax, $m
  1
  -10
  -15
  -23
  -33
  -47
  -65
  -87
  -115
  -148
  -187
  -233
  -285
  -344
  -410
  -482
  -561
  -647
  -739
  -838
  -942
  -1,053
  -1,169
  -1,291
  -1,419
  -1,553
  -1,692
  -1,837
  -1,988
  -2,145
  -2,309
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
  1
  -10
  -15
  -23
  -33
  -47
  -65
  -87
  -115
  -148
  -187
  -233
  -285
  -344
  -410
  -482
  -561
  -647
  -739
  -838
  -942
  -1,053
  -1,169
  -1,291
  -1,419
  -1,553
  -1,692
  -1,837
  -1,988
  -2,145
  -2,309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  33
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  655
  779
  916
  1,065
  1,227
  1,401
  1,587
  1,784
  1,993
  2,212
  2,443
  2,684
  2,936
  3,198
  3,472
  3,757
  4,053
  4,360
Adjusted assets (=assets-cash), $m
  12
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  655
  779
  916
  1,065
  1,227
  1,401
  1,587
  1,784
  1,993
  2,212
  2,443
  2,684
  2,936
  3,198
  3,472
  3,757
  4,053
  4,360
Revenue / Adjusted assets
  1.083
  1.105
  1.067
  1.091
  1.094
  1.077
  1.080
  1.083
  1.082
  1.085
  1.081
  1.083
  1.083
  1.082
  1.083
  1.083
  1.084
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
Average production assets, $m
  3
  4
  6
  9
  13
  19
  26
  35
  46
  59
  74
  92
  113
  136
  162
  190
  222
  255
  291
  330
  371
  414
  460
  508
  558
  610
  665
  722
  781
  843
  907
Working capital, $m
  20
  -2
  -2
  -4
  -5
  -8
  -10
  -14
  -18
  -24
  -30
  -37
  -45
  -55
  -65
  -76
  -89
  -102
  -117
  -132
  -149
  -166
  -184
  -204
  -224
  -245
  -267
  -290
  -313
  -338
  -364
Total debt, $m
  0
  1
  11
  24
  42
  66
  96
  135
  182
  239
  306
  384
  473
  573
  685
  808
  943
  1,088
  1,245
  1,412
  1,590
  1,777
  1,975
  2,182
  2,399
  2,626
  2,863
  3,109
  3,365
  3,631
  3,908
Total liabilities, $m
  16
  17
  27
  40
  58
  82
  112
  151
  198
  255
  322
  400
  489
  589
  701
  824
  959
  1,104
  1,261
  1,428
  1,606
  1,793
  1,991
  2,198
  2,415
  2,642
  2,879
  3,125
  3,381
  3,647
  3,924
Total equity, $m
  17
  2
  3
  4
  6
  9
  12
  17
  22
  28
  36
  44
  54
  65
  78
  92
  107
  123
  140
  159
  178
  199
  221
  244
  268
  294
  320
  347
  376
  405
  436
Total liabilities and equity, $m
  33
  19
  30
  44
  64
  91
  124
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,066
  1,227
  1,401
  1,587
  1,784
  1,992
  2,212
  2,442
  2,683
  2,936
  3,199
  3,472
  3,757
  4,052
  4,360
Debt-to-equity ratio
  0.000
  0.670
  3.610
  5.390
  6.520
  7.240
  7.720
  8.050
  8.270
  8.440
  8.550
  8.640
  8.710
  8.760
  8.790
  8.830
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.930
  8.940
  8.950
  8.950
  8.950
  8.960
  8.960
  8.960
Adjusted equity ratio
  -0.333
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -10
  -15
  -23
  -33
  -47
  -65
  -87
  -115
  -148
  -187
  -233
  -285
  -344
  -410
  -482
  -561
  -647
  -739
  -838
  -942
  -1,053
  -1,169
  -1,291
  -1,419
  -1,553
  -1,692
  -1,837
  -1,988
  -2,145
  -2,309
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  18
  23
  27
  32
  38
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  144
  156
  169
  181
Funds from operations, $m
  -3
  -9
  -14
  -21
  -30
  -43
  -60
  -80
  -106
  -136
  -172
  -215
  -263
  -317
  -377
  -444
  -517
  -596
  -681
  -772
  -868
  -970
  -1,077
  -1,190
  -1,308
  -1,431
  -1,559
  -1,693
  -1,832
  -1,977
  -2,127
Change in working capital, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  -2
  -8
  -13
  -20
  -29
  -41
  -57
  -77
  -101
  -131
  -166
  -207
  -254
  -308
  -367
  -433
  -505
  -582
  -666
  -756
  -851
  -952
  -1,059
  -1,170
  -1,287
  -1,410
  -1,537
  -1,670
  -1,808
  -1,952
  -2,102
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -23
  -27
  -32
  -38
  -44
  -51
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -122
  -133
  -144
  -156
  -169
New CAPEX, $m
  -1
  -1
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -13
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
Cash from investing activities, $m
  3
  -2
  -3
  -4
  -6
  -9
  -11
  -14
  -18
  -22
  -27
  -33
  -39
  -46
  -53
  -60
  -69
  -78
  -87
  -97
  -107
  -117
  -129
  -140
  -152
  -164
  -177
  -190
  -203
  -218
  -233
Free cash flow, $m
  1
  -10
  -16
  -24
  -35
  -49
  -68
  -91
  -119
  -153
  -194
  -240
  -293
  -353
  -420
  -494
  -574
  -660
  -754
  -853
  -958
  -1,070
  -1,187
  -1,310
  -1,439
  -1,574
  -1,714
  -1,860
  -2,012
  -2,170
  -2,334
Issuance/(repayment) of debt, $m
  0
  1
  9
  13
  18
  24
  31
  38
  47
  57
  67
  78
  89
  100
  112
  123
  135
  146
  157
  167
  178
  188
  198
  207
  217
  227
  236
  246
  256
  266
  277
Issuance/(repurchase) of shares, $m
  0
  16
  16
  24
  35
  50
  68
  92
  120
  154
  195
  242
  295
  355
  422
  496
  576
  663
  757
  856
  962
  1,073
  1,191
  1,314
  1,443
  1,578
  1,718
  1,865
  2,017
  2,175
  2,339
Cash from financing (excl. dividends), $m  
  0
  17
  25
  37
  53
  74
  99
  130
  167
  211
  262
  320
  384
  455
  534
  619
  711
  809
  914
  1,023
  1,140
  1,261
  1,389
  1,521
  1,660
  1,805
  1,954
  2,111
  2,273
  2,441
  2,616
Total cash flow (excl. dividends), $m
  1
  7
  10
  13
  18
  24
  31
  39
  48
  58
  68
  79
  91
  102
  114
  126
  137
  148
  159
  170
  181
  191
  201
  211
  221
  231
  241
  251
  261
  271
  282
Retained Cash Flow (-), $m
  -4
  -16
  -16
  -24
  -35
  -50
  -68
  -92
  -120
  -154
  -195
  -242
  -295
  -355
  -422
  -496
  -576
  -663
  -757
  -856
  -962
  -1,073
  -1,191
  -1,314
  -1,443
  -1,578
  -1,718
  -1,865
  -2,017
  -2,175
  -2,339
Prev. year cash balance distribution, $m
 
  21
  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
 
  12
  -6
  -11
  -17
  -25
  -37
  -52
  -72
  -97
  -126
  -162
  -204
  -253
  -308
  -370
  -439
  -515
  -597
  -686
  -781
  -882
  -990
  -1,103
  -1,222
  -1,347
  -1,478
  -1,614
  -1,756
  -1,904
  -2,057
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
 
  12
  -6
  -9
  -14
  -20
  -27
  -35
  -45
  -55
  -66
  -77
  -87
  -96
  -103
  -109
  -112
  -112
  -110
  -106
  -99
  -91
  -82
  -72
  -62
  -52
  -43
  -35
  -27
  -21
  -15
Current shareholders' claim on cash, %
  100
  50.0
  6.1
  0.8
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Barnwell Industries, Inc. is engaged in various lines of business, such as acquiring, developing, producing and selling oil and natural gas in Canada; investing in land interests in Hawaii; drilling wells, and installing and repairing water pumping systems in Hawaii, and developing homes for sale in Hawaii. The Company's segments include Oil and Natural Gas Segment; Land Investment Segment; Contract Drilling Segment, and Residential Real Estate Segment. The Company's investments in oil and natural gas properties are located in Canada, principally in the province of Alberta, with other non-producing holdings in the provinces of Saskatchewan and British Columbia. It holds interests in Kaupulehu Developments, a Hawaii general partnership. Its subsidiary, Water Resources International, Inc., drills water and water monitoring wells of varying depths in Hawaii, installs and repairs water-pumping systems, and is the distributor for Floway pumps and equipment in the state of Hawaii.

FINANCIAL RATIOS  of  Barnwell Industries (BRN)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 1.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -9.6
Price to Free Cash Flow -6.4
Growth Rates
Sales Growth Rate -7.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -24.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.4
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. -1.9%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4.1%
Return On Equity 6.7%
Return On Equity - 3 Yr. Avg. -4.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 53.8%
Gross Margin - 3 Yr. Avg. 38.1%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 11.5%
Operating Margin -15.4%
Oper. Margin - 3 Yr. Avg. -26.8%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. -1.4%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. -5.1%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. -13.9%
Payout Ratio 0%

BRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRN stock intrinsic value calculation we used $13 million for the last fiscal year's total revenue generated by Barnwell Industries. The default revenue input number comes from 2017 income statement of Barnwell Industries. 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 BRN stock valuation model: a) initial revenue growth rate of 60% 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 BRN is calculated based on our internal credit rating of Barnwell Industries, 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 Barnwell Industries.
    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 BRN stock the variable cost ratio is equal to 146.2%.

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 BRN 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 3.5% for Barnwell Industries.

Corporate tax rate of 27% is the nominal tax rate for Barnwell Industries. 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 BRN 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 BRN are equal to 19.2%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Barnwell Industries 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 BRN is equal to -7.7%. 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 - $17 million for Barnwell Industries - 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 8.438 million for Barnwell Industries 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 Barnwell Industries at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
DNR Denbury Resour 2.44 0.30  str.sell
CRZO Carrizo Oil&Ga 22.62 0.07  str.sell

COMPANY NEWS

▶ Who Are The Top Investors In Barnwell Industries Inc (BRN)?   [Dec-08-17 03:03PM  Simply Wall St.]
▶ A Brown Co., Inc. : Neutral assessment   [Aug-29-17 04:28PM  Capital Cube]
▶ Honolulu-based Barnwell Industries reports net earnings of $1.6M   [Feb-09-17 05:25PM  at bizjournals.com]
▶ Honolulu-based Barnwell Industries reports net earnings of $1.6M   [05:25PM  American City Business Journals]
▶ Barnwell Industries, Inc. Reports Receipt of Distributions   [Jan-05-17 08:30PM  GlobeNewswire]
▶ Buffalo planners approve new Residence Inn on Delaware Avenue   [Nov-22-16 08:20AM  at bizjournals.com]
▶ A Brown Co., Inc. : Neutral assessment   [May-05-16 04:02PM  Capital Cube]
▶ 10-Q for Barnwell Industries, Inc.   [Aug-14  08:10PM  at Company Spotlight]
▶ 10-Q for Barnwell Industries, Inc.   [May-15  08:09PM  at Company Spotlight]
▶ 10-Q for Barnwell Industries, Inc.   [Feb-15  07:07PM  at Company Spotlight]
▶ 10-K for Barnwell Industries, Inc.   [Dec-20  07:07PM  Company Spotlight]
Financial statements of BRN
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.