Intrinsic value of CEVA - CEVA

Previous Close

$35.45

  Intrinsic Value

$99.67

stock screener

  Rating & Target

str. buy

+181%

Previous close

$35.45

 
Intrinsic value

$99.67

 
Up/down potential

+181%

 
Rating

str. buy

We calculate the intrinsic value of CEVA 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
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, %
  21.67
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  73
  97
  127
  162
  204
  252
  307
  368
  437
  512
  593
  682
  776
  877
  984
  1,097
  1,216
  1,340
  1,470
  1,606
  1,748
  1,896
  2,049
  2,209
  2,374
  2,547
  2,726
  2,912
  3,106
  3,307
  3,516
Variable operating expenses, $m
 
  36
  45
  57
  70
  85
  103
  122
  144
  168
  194
  218
  248
  280
  314
  351
  389
  428
  470
  513
  559
  606
  655
  706
  759
  814
  871
  931
  993
  1,057
  1,124
Fixed operating expenses, $m
 
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
Total operating expenses, $m
  58
  68
  78
  90
  104
  120
  139
  159
  182
  207
  234
  259
  290
  323
  358
  396
  435
  475
  518
  563
  610
  658
  708
  761
  815
  871
  930
  991
  1,055
  1,120
  1,189
Operating income, $m
  14
  30
  49
  72
  100
  132
  168
  209
  255
  305
  359
  423
  486
  554
  626
  701
  781
  865
  952
  1,043
  1,139
  1,238
  1,341
  1,448
  1,559
  1,675
  1,796
  1,921
  2,051
  2,186
  2,327
EBITDA, $m
  16
  35
  54
  78
  105
  137
  174
  215
  261
  311
  366
  426
  489
  557
  630
  706
  786
  870
  958
  1,050
  1,146
  1,245
  1,349
  1,457
  1,569
  1,686
  1,807
  1,933
  2,064
  2,200
  2,341
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  3
  4
  5
  7
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  39
  42
  45
  48
Earnings before tax, $m
  16
  30
  49
  72
  99
  130
  165
  206
  250
  299
  353
  415
  477
  544
  614
  688
  766
  848
  933
  1,023
  1,116
  1,213
  1,314
  1,419
  1,528
  1,641
  1,759
  1,882
  2,009
  2,141
  2,279
Tax expense, $m
  3
  8
  13
  19
  27
  35
  45
  56
  68
  81
  95
  112
  129
  147
  166
  186
  207
  229
  252
  276
  301
  327
  355
  383
  412
  443
  475
  508
  542
  578
  615
Net income, $m
  13
  22
  36
  52
  72
  95
  121
  150
  183
  218
  258
  303
  348
  397
  448
  502
  559
  619
  681
  747
  815
  885
  959
  1,036
  1,115
  1,198
  1,284
  1,374
  1,466
  1,563
  1,664

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  127
  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
  243
  155
  202
  258
  324
  401
  488
  586
  694
  813
  943
  1,084
  1,234
  1,394
  1,564
  1,744
  1,933
  2,131
  2,338
  2,554
  2,779
  3,014
  3,258
  3,511
  3,775
  4,049
  4,334
  4,630
  4,937
  5,257
  5,590
Adjusted assets (=assets-cash), $m
  116
  155
  202
  258
  324
  401
  488
  586
  694
  813
  943
  1,084
  1,234
  1,394
  1,564
  1,744
  1,933
  2,131
  2,338
  2,554
  2,779
  3,014
  3,258
  3,511
  3,775
  4,049
  4,334
  4,630
  4,937
  5,257
  5,590
Revenue / Adjusted assets
  0.629
  0.626
  0.629
  0.628
  0.630
  0.628
  0.629
  0.628
  0.630
  0.630
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
Average production assets, $m
  8
  11
  14
  18
  22
  28
  34
  41
  48
  56
  65
  75
  85
  96
  108
  121
  134
  147
  162
  177
  192
  209
  225
  243
  261
  280
  300
  320
  342
  364
  387
Working capital, $m
  122
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -30
  -35
  -40
  -46
  -53
  -60
  -67
  -75
  -83
  -91
  -100
  -109
  -119
  -129
  -139
  -150
  -161
  -173
  -185
  -198
  -211
  -225
  -239
Total debt, $m
  0
  10
  23
  38
  56
  76
  99
  125
  154
  186
  221
  258
  298
  341
  387
  435
  485
  538
  593
  651
  711
  774
  839
  907
  977
  1,050
  1,126
  1,205
  1,287
  1,373
  1,462
Total liabilities, $m
  31
  41
  54
  69
  87
  107
  130
  156
  185
  217
  252
  289
  329
  372
  418
  466
  516
  569
  624
  682
  742
  805
  870
  938
  1,008
  1,081
  1,157
  1,236
  1,318
  1,404
  1,493
Total equity, $m
  212
  113
  148
  189
  238
  294
  358
  429
  509
  596
  691
  794
  904
  1,022
  1,147
  1,278
  1,417
  1,562
  1,713
  1,872
  2,037
  2,209
  2,388
  2,574
  2,767
  2,968
  3,177
  3,394
  3,619
  3,854
  4,098
Total liabilities and equity, $m
  243
  154
  202
  258
  325
  401
  488
  585
  694
  813
  943
  1,083
  1,233
  1,394
  1,565
  1,744
  1,933
  2,131
  2,337
  2,554
  2,779
  3,014
  3,258
  3,512
  3,775
  4,049
  4,334
  4,630
  4,937
  5,258
  5,591
Debt-to-equity ratio
  0.000
  0.090
  0.150
  0.200
  0.230
  0.260
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
Adjusted equity ratio
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  22
  36
  52
  72
  95
  121
  150
  183
  218
  258
  303
  348
  397
  448
  502
  559
  619
  681
  747
  815
  885
  959
  1,036
  1,115
  1,198
  1,284
  1,374
  1,466
  1,563
  1,664
Depreciation, amort., depletion, $m
  2
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  12
  12
  13
  14
Funds from operations, $m
  6
  27
  41
  58
  77
  100
  127
  156
  189
  225
  265
  306
  352
  400
  452
  507
  564
  624
  687
  753
  822
  893
  967
  1,044
  1,125
  1,208
  1,295
  1,385
  1,479
  1,576
  1,678
Change in working capital, $m
  -8
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
Cash from operations, $m
  14
  28
  43
  60
  80
  104
  130
  160
  194
  230
  270
  312
  358
  407
  459
  514
  572
  633
  696
  762
  831
  903
  978
  1,055
  1,136
  1,220
  1,307
  1,398
  1,492
  1,590
  1,692
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
New CAPEX, $m
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
Cash from investing activities, $m
  -21
  -3
  -3
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -16
  -17
  -19
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Free cash flow, $m
  -7
  25
  39
  56
  75
  98
  123
  152
  185
  220
  259
  300
  345
  393
  444
  498
  555
  614
  676
  741
  809
  880
  953
  1,030
  1,109
  1,191
  1,277
  1,366
  1,459
  1,556
  1,656
Issuance/(repayment) of debt, $m
  0
  10
  13
  15
  18
  20
  23
  26
  29
  32
  35
  37
  40
  43
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
Issuance/(repurchase) of shares, $m
  6
  7
  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  
  6
  17
  13
  15
  18
  20
  23
  26
  29
  32
  35
  37
  40
  43
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
Total cash flow (excl. dividends), $m
  -1
  42
  52
  71
  93
  118
  147
  179
  214
  252
  294
  337
  385
  436
  489
  546
  605
  667
  732
  799
  869
  942
  1,018
  1,097
  1,179
  1,265
  1,353
  1,445
  1,541
  1,641
  1,745
Retained Cash Flow (-), $m
  -26
  -28
  -35
  -41
  -49
  -56
  -64
  -72
  -80
  -87
  -95
  -103
  -110
  -118
  -125
  -132
  -138
  -145
  -152
  -158
  -165
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -244
Prev. year cash balance distribution, $m
 
  127
  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
 
  141
  17
  29
  44
  62
  83
  107
  134
  165
  199
  234
  275
  318
  365
  414
  467
  522
  580
  641
  704
  770
  839
  911
  986
  1,064
  1,145
  1,229
  1,316
  1,406
  1,501
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
 
  135
  16
  26
  36
  48
  60
  72
  84
  95
  104
  111
  117
  121
  122
  122
  119
  114
  107
  99
  89
  80
  70
  60
  50
  41
  33
  26
  20
  15
  11
Current shareholders' claim on cash, %
  100
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

CEVA, Inc. (CEVA) is a licensor of signal processing intellectual property (IP). The Company partners with semiconductor companies and original equipment manufacturers (OEMs) to create connected devices for a range of end markets, including mobile, consumer, automotive, industrial and Internet of things (IoT). The Company operates in the segment of licensing of intellectual property to semiconductor companies and electronic equipment manufacturers. CEVA addresses the requirements of the mobile, consumer, automotive, industrial and IoT markets by designing and licensing a range of application-specific signal processing platforms, which enable the design of solutions for developing a range of applications, including communications and connectivity, audio and voice, imaging and vision, and storage.

FINANCIAL RATIOS  of  CEVA (CEVA)

Valuation Ratios
P/E Ratio 58
Price to Sales 10.3
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 53.9
Price to Free Cash Flow 62.8
Growth Rates
Sales Growth Rate 21.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 91.8%
Gross Margin - 3 Yr. Avg. 90.7%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 15.8%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 12%
Pre-Tax Margin 21.9%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 17.8%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 61%
Payout Ratio 0%

CEVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CEVA stock intrinsic value calculation we used $73 million for the last fiscal year's total revenue generated by CEVA. The default revenue input number comes from 2016 income statement of CEVA. 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 CEVA stock valuation model: a) initial revenue growth rate of 33.3% 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 CEVA is calculated based on our internal credit rating of CEVA, 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 CEVA.
    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 CEVA stock the variable cost ratio is equal to 38.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $31 million in the base year in the intrinsic value calculation for CEVA 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 CEVA.

Corporate tax rate of 27% is the nominal tax rate for CEVA. 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 CEVA 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 CEVA are equal to 11%.

Life of production assets of 27.5 years is the average useful life of capital assets used in CEVA 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 CEVA is equal to -6.8%. 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 - $212 million for CEVA - 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 21.885 million for CEVA 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 CEVA at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Ceva posts 4Q profit   [07:33AM  Associated Press]
▶ CEVA, Inc. to Host Earnings Call   [06:45AM  ACCESSWIRE]
▶ ETFs with exposure to CEVA, Inc. : December 25, 2017   [Dec-25-17 11:45AM  Capital Cube]
▶ Is This Apple Inc.'s Secret New Chip Supplier?   [Dec-22-17 08:00AM  Motley Fool]
▶ Top 10 Logistics Companies In The World In 2017   [Dec-13-17 10:20AM  Insider Monkey]
▶ ETFs with exposure to CEVA, Inc. : December 12, 2017   [Dec-12-17 12:56PM  Capital Cube]
▶ These 9 Tech Stocks Could Outshine the FAANGs   [Nov-10-17 12:00PM  Investopedia]
▶ CEVA, Inc. to Present at Upcoming Investor Conferences   [Nov-08-17 07:00AM  PR Newswire]
▶ Ceva tops Street 3Q forecasts   [07:21AM  Associated Press]
▶ CEVA INC to Host Earnings Call   [06:50AM  ACCESSWIRE]
▶ CEVA, Inc. Value Analysis (NASDAQ:CEVA) : October 6, 2017   [Oct-06-17 11:20AM  Capital Cube]
▶ ETFs with exposure to CEVA, Inc. : October 3, 2017   [Oct-03-17 11:02AM  Capital Cube]
▶ ETFs with exposure to CEVA, Inc. : September 6, 2017   [Sep-05-17 08:32PM  Capital Cube]
▶ CEVA, Inc. to Present at Upcoming Investor Conferences   [Aug-23-17 07:00AM  PR Newswire]
▶ CEVA, Inc. Value Analysis (NASDAQ:CEVA) : August 17, 2017   [Aug-16-17 08:10PM  Capital Cube]
▶ Ceva tops Street 2Q forecasts   [02:36AM  Associated Press]
▶ [$$] Imagination: graphic warning   [Jul-04-17 11:50AM  Financial Times]
▶ ETFs with exposure to CEVA, Inc. : May 31, 2017   [May-31-17 12:25PM  Capital Cube]
▶ Who Will Buy Imagination Technologies plc's MIPS Tech?   [May-22-17 11:15AM  Motley Fool]
▶ ETFs with exposure to CEVA, Inc. : May 18, 2017   [May-18-17 01:35PM  Capital Cube]
▶ Composite Rating For Ceva Jumps To 96   [May-09-17 10:51AM  Investor's Business Daily]
▶ Ceva meets 1Q profit forecasts   [09:34AM  Associated Press]
▶ ETFs with exposure to CEVA, Inc. : February 6, 2017   [Feb-06-17 02:00PM  Capital Cube]
Financial statements of CEVA
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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