Intrinsic value of Blue Buffalo Pet Products - BUFF

Previous Close

$24.66

  Intrinsic Value

$24.38

stock screener

  Rating & Target

hold

-1%

  Value-price divergence*

+21%

Previous close

$24.66

 
Intrinsic value

$24.38

 
Up/down potential

-1%

 
Rating

hold

 
Value-price divergence*

+21%

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

We calculate the intrinsic value of BUFF 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 4.8

 

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, %
  11.98
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,150
  1,241
  1,335
  1,433
  1,535
  1,641
  1,752
  1,866
  1,985
  2,109
  2,239
  2,373
  2,513
  2,660
  2,812
  2,971
  3,138
  3,311
  3,493
  3,683
  3,882
  4,089
  4,307
  4,534
  4,773
  5,022
  5,284
  5,558
  5,845
  6,146
  6,462
Variable operating expenses, $m
 
  625
  673
  722
  774
  827
  883
  941
  1,001
  1,063
  1,128
  1,196
  1,267
  1,340
  1,417
  1,498
  1,581
  1,669
  1,761
  1,856
  1,956
  2,061
  2,171
  2,285
  2,405
  2,531
  2,663
  2,801
  2,946
  3,098
  3,257
Fixed operating expenses, $m
 
  367
  376
  386
  395
  405
  415
  426
  436
  447
  458
  470
  481
  494
  506
  518
  531
  545
  558
  572
  587
  601
  616
  632
  648
  664
  680
  697
  715
  733
  751
Total operating expenses, $m
  929
  992
  1,049
  1,108
  1,169
  1,232
  1,298
  1,367
  1,437
  1,510
  1,586
  1,666
  1,748
  1,834
  1,923
  2,016
  2,112
  2,214
  2,319
  2,428
  2,543
  2,662
  2,787
  2,917
  3,053
  3,195
  3,343
  3,498
  3,661
  3,831
  4,008
Operating income, $m
  221
  249
  286
  325
  366
  409
  454
  500
  549
  599
  652
  707
  765
  826
  889
  955
  1,025
  1,098
  1,174
  1,254
  1,339
  1,427
  1,520
  1,617
  1,720
  1,827
  1,941
  2,059
  2,185
  2,316
  2,454
EBITDA, $m
  230
  258
  297
  337
  378
  422
  467
  515
  564
  616
  669
  726
  785
  846
  911
  978
  1,049
  1,124
  1,201
  1,283
  1,369
  1,459
  1,553
  1,653
  1,757
  1,867
  1,982
  2,103
  2,230
  2,364
  2,505
Interest expense (income), $m
  0
  13
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  85
  89
Earnings before tax, $m
  207
  235
  272
  309
  349
  390
  433
  478
  524
  573
  624
  677
  733
  792
  853
  917
  984
  1,054
  1,128
  1,205
  1,287
  1,372
  1,462
  1,556
  1,655
  1,759
  1,868
  1,983
  2,104
  2,231
  2,365
Tax expense, $m
  77
  64
  73
  84
  94
  105
  117
  129
  142
  155
  169
  183
  198
  214
  230
  248
  266
  285
  305
  325
  347
  370
  395
  420
  447
  475
  504
  535
  568
  602
  639
Net income, $m
  130
  172
  198
  226
  255
  285
  316
  349
  383
  418
  456
  495
  535
  578
  622
  669
  718
  770
  823
  880
  939
  1,002
  1,067
  1,136
  1,208
  1,284
  1,364
  1,448
  1,536
  1,629
  1,726

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  650
  647
  697
  748
  801
  856
  914
  973
  1,036
  1,100
  1,168
  1,238
  1,311
  1,387
  1,467
  1,550
  1,637
  1,727
  1,822
  1,921
  2,025
  2,133
  2,247
  2,365
  2,490
  2,620
  2,756
  2,899
  3,049
  3,206
  3,371
Adjusted assets (=assets-cash), $m
  357
  647
  697
  748
  801
  856
  914
  973
  1,036
  1,100
  1,168
  1,238
  1,311
  1,387
  1,467
  1,550
  1,637
  1,727
  1,822
  1,921
  2,025
  2,133
  2,247
  2,365
  2,490
  2,620
  2,756
  2,899
  3,049
  3,206
  3,371
Revenue / Adjusted assets
  3.221
  1.918
  1.915
  1.916
  1.916
  1.917
  1.917
  1.918
  1.916
  1.917
  1.917
  1.917
  1.917
  1.918
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
  1.917
Average production assets, $m
  139
  149
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  302
  319
  337
  357
  377
  397
  419
  442
  466
  491
  517
  544
  573
  603
  634
  667
  701
  738
  775
Working capital, $m
  386
  104
  112
  120
  129
  138
  147
  157
  167
  177
  188
  199
  211
  223
  236
  250
  264
  278
  293
  309
  326
  343
  362
  381
  401
  422
  444
  467
  491
  516
  543
Total debt, $m
  383
  419
  460
  503
  547
  593
  641
  691
  743
  797
  853
  911
  972
  1,036
  1,102
  1,172
  1,244
  1,320
  1,399
  1,481
  1,568
  1,658
  1,753
  1,852
  1,955
  2,064
  2,178
  2,297
  2,422
  2,553
  2,690
Total liabilities, $m
  504
  540
  581
  624
  668
  714
  762
  812
  864
  918
  974
  1,032
  1,093
  1,157
  1,223
  1,293
  1,365
  1,441
  1,520
  1,602
  1,689
  1,779
  1,874
  1,973
  2,076
  2,185
  2,299
  2,418
  2,543
  2,674
  2,811
Total equity, $m
  146
  107
  116
  124
  133
  142
  152
  162
  172
  183
  194
  205
  218
  230
  244
  257
  272
  287
  302
  319
  336
  354
  373
  393
  413
  435
  458
  481
  506
  532
  560
Total liabilities and equity, $m
  650
  647
  697
  748
  801
  856
  914
  974
  1,036
  1,101
  1,168
  1,237
  1,311
  1,387
  1,467
  1,550
  1,637
  1,728
  1,822
  1,921
  2,025
  2,133
  2,247
  2,366
  2,489
  2,620
  2,757
  2,899
  3,049
  3,206
  3,371
Debt-to-equity ratio
  2.623
  3.900
  3.980
  4.050
  4.110
  4.170
  4.230
  4.280
  4.320
  4.360
  4.400
  4.440
  4.470
  4.500
  4.530
  4.550
  4.580
  4.600
  4.620
  4.640
  4.660
  4.680
  4.700
  4.720
  4.730
  4.750
  4.760
  4.770
  4.790
  4.800
  4.810
Adjusted equity ratio
  -0.412
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  130
  172
  198
  226
  255
  285
  316
  349
  383
  418
  456
  495
  535
  578
  622
  669
  718
  770
  823
  880
  939
  1,002
  1,067
  1,136
  1,208
  1,284
  1,364
  1,448
  1,536
  1,629
  1,726
Depreciation, amort., depletion, $m
  9
  10
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  46
  48
  50
Funds from operations, $m
  130
  181
  209
  237
  267
  297
  330
  363
  398
  435
  473
  513
  555
  599
  644
  692
  743
  795
  851
  909
  970
  1,034
  1,101
  1,171
  1,245
  1,323
  1,405
  1,491
  1,582
  1,677
  1,777
Change in working capital, $m
  3
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Cash from operations, $m
  127
  174
  201
  229
  258
  289
  320
  354
  388
  424
  462
  502
  543
  586
  632
  679
  729
  781
  835
  893
  953
  1,016
  1,082
  1,152
  1,225
  1,302
  1,383
  1,468
  1,557
  1,651
  1,750
Maintenance CAPEX, $m
  0
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
New CAPEX, $m
  -56
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
Cash from investing activities, $m
  -57
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -35
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -82
  -86
Free cash flow, $m
  70
  154
  180
  207
  235
  264
  294
  326
  359
  394
  430
  468
  508
  549
  593
  638
  686
  735
  788
  843
  900
  961
  1,024
  1,091
  1,161
  1,235
  1,313
  1,394
  1,480
  1,570
  1,664
Issuance/(repayment) of debt, $m
  -4
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  137
Issuance/(repurchase) of shares, $m
  2
  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  
  -2
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
  137
Total cash flow (excl. dividends), $m
  68
  194
  221
  249
  279
  310
  342
  376
  411
  448
  486
  527
  569
  613
  659
  707
  758
  811
  867
  925
  987
  1,051
  1,119
  1,190
  1,265
  1,344
  1,426
  1,513
  1,605
  1,701
  1,802
Retained Cash Flow (-), $m
  -137
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Prev. year cash balance distribution, $m
 
  46
  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
 
  233
  213
  241
  270
  301
  333
  366
  401
  437
  475
  515
  557
  600
  646
  693
  744
  796
  851
  909
  970
  1,033
  1,100
  1,171
  1,244
  1,322
  1,404
  1,490
  1,580
  1,675
  1,774
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
 
  223
  195
  210
  222
  233
  241
  247
  251
  251
  249
  245
  238
  228
  217
  204
  189
  173
  157
  140
  123
  107
  91
  77
  63
  51
  41
  32
  24
  18
  13
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

Blue Buffalo Pet Products, Inc., through its subsidiary, Blue Buffalo Company, Ltd., operates as a pet food company in the United States, Canada, Japan, and Mexico. The company develops, produces, markets, and sells dog and cat food under the BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom, and BLUE Natural Veterinary Diet lines. It also produces and sells cat litter under the BLUE Naturally Fresh line. The company sells its products to retail partners and distributors in specialty channels, including national pet superstore chains, regional pet store chains, neighborhood pet stores, farm and feed stores, ecommerce retailers, military outlets, hardware stores, and veterinary clinics and hospitals. Blue Buffalo Pet Products, Inc. was founded in 2002 and is headquartered in Wilton, Connecticut.

FINANCIAL RATIOS  of  Blue Buffalo Pet Products (BUFF)

Valuation Ratios
P/E Ratio 37.3
Price to Sales 4.2
Price to Book 33.2
Price to Tangible Book
Price to Cash Flow 38.2
Price to Free Cash Flow 68.3
Growth Rates
Sales Growth Rate 12%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 460%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 73
Current Ratio 0
LT Debt to Equity 259.6%
Total Debt to Equity 262.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 22.4%
Ret/ On Assets - 3 Yr. Avg. 24.6%
Return On Total Capital 28.1%
Ret/ On T. Cap. - 3 Yr. Avg. 31.2%
Return On Equity 167.7%
Return On Equity - 3 Yr. Avg. -44.6%
Asset Turnover 2
Profitability Ratios
Gross Margin 44.9%
Gross Margin - 3 Yr. Avg. 41.9%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 17.4%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 10.4%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

BUFF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BUFF stock intrinsic value calculation we used $1150 million for the last fiscal year's total revenue generated by Blue Buffalo Pet Products. The default revenue input number comes from 2016 income statement of Blue Buffalo Pet Products. 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 BUFF stock valuation model: a) initial revenue growth rate of 7.9% 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 BUFF is calculated based on our internal credit rating of Blue Buffalo Pet Products, 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 Blue Buffalo Pet Products.
    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 BUFF stock the variable cost ratio is equal to 50.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $358 million in the base year in the intrinsic value calculation for BUFF 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 Blue Buffalo Pet Products.

Corporate tax rate of 27% is the nominal tax rate for Blue Buffalo Pet Products. 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 BUFF 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 BUFF are equal to 12%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Blue Buffalo Pet Products 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 BUFF is equal to 8.4%. 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 - $146 million for Blue Buffalo Pet Products - 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 196.197 million for Blue Buffalo Pet Products 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 Blue Buffalo Pet Products at the current share price and the inputted number of shares is $4.8 billion.

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COMPANY NEWS

▶ Blue Buffalo meets 2Q profit forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ 10 High-Quality Stocks That Play Defense   [Jul-19-17 06:00AM  Morningstar]
▶ Strategy Change Not Enough to Make Us Scoop Up Kellogg   [Jul-17-17 07:00AM  Morningstar]
▶ 2 Top Growth Stocks You Can't Afford to Miss   [Jun-08-17 12:54PM  Motley Fool]
▶ Blue Buffalo's a Natural Buy   [Jun-02-17 07:00AM  Morningstar]
▶ Today's Bell Ringer, May 17, 2017   [May-17-17 09:16AM  CNBC Videos]
▶ Blue Buffalo beats Street 1Q forecasts   [May-09-17 06:04PM  Associated Press]
▶ IIROC Trading Resumption - BUFF.P; DVC.H; HVST   [Apr-27-17 04:23PM  CNW Group]
▶ IIROC Trading Halt - BUFF.P   [01:06PM  PR Newswire]
▶ Blue Buffalo meets 4Q profit forecasts   [04:49PM  Associated Press]
▶ Buffalo board tables plan to shift Queen City Landing   [Dec-20-16 06:40AM  at bizjournals.com]
▶ Heavy interest, holidays push Emerson bid back to Feb. 1   [Dec-19-16 01:50PM  at bizjournals.com]
▶ Hedge Funds Keep Buying Veeva Systems Inc (VEEV)   [Nov-30-16 06:20PM  at Insider Monkey]
Stock chart of BUFF Financial statements of BUFF
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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