Intrinsic value of Chase - CCF

Previous Close

$116.95

  Intrinsic Value

$40.56

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-25%

Previous close

$116.95

 
Intrinsic value

$40.56

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-25%

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

We calculate the intrinsic value of CCF 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, %
  0.00
  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
  238
  243
  248
  255
  262
  270
  279
  288
  298
  309
  321
  334
  347
  362
  377
  394
  411
  429
  448
  469
  490
  513
  537
  562
  589
  617
  646
  677
  710
  745
  781
Variable operating expenses, $m
 
  200
  204
  210
  215
  222
  229
  236
  245
  254
  263
  269
  280
  292
  304
  317
  331
  346
  361
  378
  395
  413
  433
  453
  474
  497
  521
  546
  572
  600
  629
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
  189
  200
  204
  210
  215
  222
  229
  236
  245
  254
  263
  269
  280
  292
  304
  317
  331
  346
  361
  378
  395
  413
  433
  453
  474
  497
  521
  546
  572
  600
  629
Operating income, $m
  49
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  65
  68
  70
  73
  77
  80
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  138
  145
  152
EBITDA, $m
  63
  56
  58
  59
  61
  63
  65
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
Interest expense (income), $m
  18
  0
  0
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
Earnings before tax, $m
  50
  43
  44
  44
  45
  46
  47
  49
  50
  51
  53
  59
  61
  62
  64
  66
  69
  71
  73
  76
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
Tax expense, $m
  17
  12
  12
  12
  12
  13
  13
  13
  13
  14
  14
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  25
  26
  28
  29
  30
  31
Net income, $m
  33
  31
  32
  32
  33
  34
  35
  36
  36
  37
  39
  43
  44
  46
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  66
  69
  72
  74
  77
  80
  84

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  73
  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
  263
  194
  198
  203
  209
  215
  222
  230
  238
  247
  256
  267
  277
  289
  301
  314
  328
  342
  358
  374
  391
  409
  429
  449
  470
  492
  516
  541
  567
  594
  623
Adjusted assets (=assets-cash), $m
  190
  194
  198
  203
  209
  215
  222
  230
  238
  247
  256
  267
  277
  289
  301
  314
  328
  342
  358
  374
  391
  409
  429
  449
  470
  492
  516
  541
  567
  594
  623
Revenue / Adjusted assets
  1.253
  1.253
  1.253
  1.256
  1.254
  1.256
  1.257
  1.252
  1.252
  1.251
  1.254
  1.251
  1.253
  1.253
  1.252
  1.255
  1.253
  1.254
  1.251
  1.254
  1.253
  1.254
  1.252
  1.252
  1.253
  1.254
  1.252
  1.251
  1.252
  1.254
  1.254
Average production assets, $m
  80
  82
  83
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  165
  172
  180
  189
  198
  207
  217
  228
  239
  250
  262
Working capital, $m
  70
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
Total debt, $m
  43
  1
  2
  3
  5
  6
  8
  10
  12
  14
  16
  18
  21
  24
  27
  30
  33
  37
  41
  45
  49
  53
  58
  63
  68
  73
  79
  85
  91
  98
  105
Total liabilities, $m
  89
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Total equity, $m
  174
  147
  150
  154
  158
  163
  169
  174
  180
  187
  194
  202
  210
  219
  228
  238
  248
  260
  271
  284
  297
  310
  325
  340
  356
  373
  391
  410
  430
  450
  472
Total liabilities and equity, $m
  263
  194
  198
  203
  209
  215
  223
  230
  238
  247
  256
  266
  277
  289
  301
  314
  327
  343
  358
  375
  392
  409
  429
  449
  470
  492
  516
  541
  567
  594
  623
Debt-to-equity ratio
  0.247
  0.010
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
Adjusted equity ratio
  0.532
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  31
  32
  32
  33
  34
  35
  36
  36
  37
  39
  43
  44
  46
  47
  48
  50
  52
  53
  55
  57
  59
  62
  64
  66
  69
  72
  74
  77
  80
  84
Depreciation, amort., depletion, $m
  14
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
Funds from operations, $m
  55
  45
  46
  46
  47
  48
  50
  51
  52
  54
  55
  56
  57
  59
  61
  63
  66
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  109
  113
Change in working capital, $m
  6
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Cash from operations, $m
  49
  44
  45
  45
  46
  47
  48
  49
  50
  52
  53
  53
  55
  57
  59
  61
  63
  65
  67
  70
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
Maintenance CAPEX, $m
  0
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
New CAPEX, $m
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
Cash from investing activities, $m
  -1
  -11
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -19
  -21
  -22
  -22
  -24
  -25
  -27
  -27
  -28
  -30
  -31
  -33
  -34
  -37
  -39
  -40
Free cash flow, $m
  48
  33
  34
  34
  34
  35
  35
  36
  36
  37
  37
  37
  38
  39
  40
  41
  42
  43
  44
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  64
  67
Issuance/(repayment) of debt, $m
  -8
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -9
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
Total cash flow (excl. dividends), $m
  36
  34
  35
  35
  36
  36
  37
  37
  38
  39
  40
  40
  41
  42
  43
  44
  45
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  66
  68
  71
  74
Retained Cash Flow (-), $m
  -20
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
Prev. year cash balance distribution, $m
 
  30
  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
 
  61
  31
  31
  31
  31
  31
  32
  32
  32
  33
  32
  32
  33
  33
  34
  35
  36
  37
  37
  38
  39
  41
  42
  43
  44
  46
  47
  49
  50
  52
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
 
  59
  29
  27
  26
  24
  23
  21
  20
  18
  17
  15
  14
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  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

Chase Corporation is engaged in manufacturing of protective materials for reliability applications. The Company's operating segments include industrial materials segment and construction materials segment. The Industrial Materials segment includes specified products that are used in, or integrated into, another company's product, with demand typically dependent upon general economic conditions. The industrial material includes insulating and conducting materials for the manufacture of electrical and telephone wire and cable, electrical splicing, and terminating and repair tapes, which are marketed to wire and cable manufacturers. The Construction Materials segment consists of project-oriented product offerings that are sold and used as Chase branded products. The Company's principal products are specialty tapes, laminates, sealants, coatings and chemical intermediates. Its manufacturing facilities are located at O'Hara Township, Pennsylvania and Blawnox, Pennsylvania facilities.

FINANCIAL RATIOS  of  Chase (CCF)

Valuation Ratios
P/E Ratio 32.9
Price to Sales 4.6
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 23.1
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 24.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 17.2%
Ret/ On Assets - 3 Yr. Avg. 14.1%
Return On Total Capital 15.6%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 39.5%
Gross Margin - 3 Yr. Avg. 37.4%
EBITDA Margin 34.5%
EBITDA Margin - 3 Yr. Avg. 28.5%
Operating Margin 20.6%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 21%
Pre-Tax Margin - 3 Yr. Avg. 18.7%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 12.3%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 18.2%

CCF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCF stock intrinsic value calculation we used $238 million for the last fiscal year's total revenue generated by Chase. The default revenue input number comes from 2016 income statement of Chase. 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 CCF 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 CCF is calculated based on our internal credit rating of Chase, 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 Chase.
    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 CCF stock the variable cost ratio is equal to 82.4%.

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 CCF 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 37.9% for Chase.

Corporate tax rate of 27% is the nominal tax rate for Chase. 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 CCF 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 CCF are equal to 33.6%.

Life of production assets of 8.9 years is the average useful life of capital assets used in Chase 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 CCF is equal to 16.8%. 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 - $174 million for Chase - 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 9.364 million for Chase 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 Chase at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
RPM RPM Internatio 51.79 37.11  sell
KWR Quaker Chemica 149.62 59.57  str.sell
BMS Bemis 46.44 33.35  hold
FUL H.B. Fuller 57.06 23.99  str.sell
FOE Ferro Corp. 23.61 25.75  buy

COMPANY NEWS

▶ ETFs with exposure to Chase Corp. : October 13, 2017   [Oct-13-17 10:36AM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : August 3, 2017   [Aug-03-17 07:55PM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : July 24, 2017   [Jul-24-17 02:41PM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : July 11, 2017   [Jul-11-17 02:14PM  Capital Cube]
▶ Chase posts 3Q profit   [Jul-05-17 09:22PM  Associated Press]
▶ Chase Corp. Value Analysis (NYSE MKT:CCF) : June 29, 2017   [Jun-29-17 03:29PM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : May 12, 2017   [May-12-17 03:46PM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : May 1, 2017   [May-01-17 03:44PM  Capital Cube]
▶ ETFs with exposure to Chase Corp. : April 7, 2017   [Apr-07-17 04:06PM  Capital Cube]
▶ Chase posts 2Q profit   [Apr-05-17 04:48PM  Associated Press]
▶ ETFs with exposure to Chase Corp. : January 19, 2017   [Jan-19-17 12:34PM  Capital Cube]
▶ JPMorgan at 52-Week High After Q4 EPS Soars 30%   [Jan-13-17 03:38PM  at Investopedia]
▶ Video-Investor Presentation for Chase Corp.   [Jan-05-17 09:47AM  at Company Spotlight]
▶ ETFs with exposure to Chase Corp. : December 19, 2016   [Dec-19-16 11:29AM  Capital Cube]
▶ Chase Sapphire Card Perks Costing the Company Millions   [Dec-08-16 04:29PM  at Investopedia]
▶ Should You Buy CBIZ, Inc. (CBZ)?   [Dec-02-16 06:08AM  Insider Monkey]
▶ ETFs with exposure to Chase Corp. : November 30, 2016   [Nov-30-16 12:06PM  Capital Cube]
▶ JPMorgan Chase Is Done with Drugstore ATMs   [Oct-04-16 10:18AM  at Investopedia]
▶ Should Jaime Dimon Tell Clients to Raise Wages? (JPM)   [Aug-25-16 10:00AM  at Investopedia]
▶ Video-Investor Presentation for Chase Corp.   [Aug-23-16 04:25PM  at Company Spotlight]
▶ VTSMX: Top 3 Mutual Fund Holders of JP Morgan Chase (JPM)   [Aug-11-16 05:27PM  at Investopedia]
▶ William Merritt Chase: A Modern Master Review: Between Old and New   [Aug-10-16 10:37PM  at The Wall Street Journal]
▶ Corporate Document-Q2 2016 Earnings Release for Chase Corp.   [Aug-05-16 04:06PM  at Company Spotlight]
▶ JPMorgan Stock to Trade Ex-Dividend (JPM)   [Apr-01-16 08:14AM  at Investopedia]
▶ Top 4 Companies Owned by JPMorgan (JPM)   [Mar-27-16 02:48PM  at Investopedia]
▶ Analyzing Porter's Five Forces on JPMorgan Chase (JPM)   [Feb-09-16 09:21PM  at Investopedia]
Financial statements of CCF
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.