Intrinsic value of Choice Hotels International - CHH

Previous Close

$82.15

  Intrinsic Value

$11.02

stock screener

  Rating & Target

str. sell

-87%

Previous close

$82.15

 
Intrinsic value

$11.02

 
Up/down potential

-87%

 
Rating

str. sell

We calculate the intrinsic value of CHH 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, %
  7.56
  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
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  925
  1,018
  1,116
  1,218
  1,324
  1,435
  1,550
  1,669
  1,793
  1,922
  2,056
  2,196
  2,341
  2,492
  2,648
  2,812
  2,982
  3,159
  3,344
  3,537
  3,738
  3,948
  4,167
  4,397
  4,636
  4,887
  5,149
  5,424
  5,711
  6,012
  6,327
Variable operating expenses, $m
 
  751
  822
  896
  974
  1,054
  1,138
  1,225
  1,316
  1,410
  1,508
  1,602
  1,707
  1,817
  1,932
  2,051
  2,175
  2,304
  2,439
  2,580
  2,727
  2,880
  3,040
  3,207
  3,382
  3,565
  3,756
  3,956
  4,166
  4,385
  4,615
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
  686
  751
  822
  896
  974
  1,054
  1,138
  1,225
  1,316
  1,410
  1,508
  1,602
  1,707
  1,817
  1,932
  2,051
  2,175
  2,304
  2,439
  2,580
  2,727
  2,880
  3,040
  3,207
  3,382
  3,565
  3,756
  3,956
  4,166
  4,385
  4,615
Operating income, $m
  239
  268
  294
  322
  350
  380
  411
  444
  477
  512
  548
  594
  633
  674
  716
  761
  807
  855
  905
  957
  1,011
  1,068
  1,127
  1,189
  1,254
  1,322
  1,393
  1,467
  1,545
  1,626
  1,712
EBITDA, $m
  251
  283
  310
  338
  368
  399
  431
  464
  498
  534
  571
  610
  650
  692
  736
  781
  828
  878
  929
  983
  1,038
  1,097
  1,158
  1,221
  1,288
  1,358
  1,431
  1,507
  1,587
  1,670
  1,758
Interest expense (income), $m
  42
  43
  16
  20
  23
  26
  30
  34
  37
  41
  46
  50
  54
  59
  64
  69
  74
  80
  85
  91
  98
  104
  111
  118
  125
  133
  141
  150
  159
  168
  177
Earnings before tax, $m
  200
  225
  278
  302
  327
  354
  381
  410
  440
  471
  503
  544
  579
  615
  653
  692
  732
  775
  819
  865
  914
  964
  1,017
  1,071
  1,129
  1,189
  1,252
  1,318
  1,387
  1,459
  1,534
Tax expense, $m
  61
  61
  75
  82
  88
  96
  103
  111
  119
  127
  136
  147
  156
  166
  176
  187
  198
  209
  221
  234
  247
  260
  274
  289
  305
  321
  338
  356
  374
  394
  414
Net income, $m
  139
  164
  203
  220
  239
  258
  278
  299
  321
  344
  367
  397
  423
  449
  476
  505
  535
  566
  598
  632
  667
  704
  742
  782
  824
  868
  914
  962
  1,012
  1,065
  1,120

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  202
  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
  852
  716
  784
  856
  931
  1,008
  1,089
  1,173
  1,260
  1,351
  1,445
  1,543
  1,645
  1,751
  1,861
  1,976
  2,095
  2,220
  2,350
  2,485
  2,627
  2,774
  2,929
  3,090
  3,258
  3,434
  3,619
  3,812
  4,013
  4,225
  4,446
Adjusted assets (=assets-cash), $m
  650
  716
  784
  856
  931
  1,008
  1,089
  1,173
  1,260
  1,351
  1,445
  1,543
  1,645
  1,751
  1,861
  1,976
  2,095
  2,220
  2,350
  2,485
  2,627
  2,774
  2,929
  3,090
  3,258
  3,434
  3,619
  3,812
  4,013
  4,225
  4,446
Revenue / Adjusted assets
  1.423
  1.422
  1.423
  1.423
  1.422
  1.424
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
Average production assets, $m
  101
  111
  122
  133
  144
  156
  169
  182
  195
  210
  224
  239
  255
  272
  289
  306
  325
  344
  364
  386
  407
  430
  454
  479
  505
  533
  561
  591
  623
  655
  690
Working capital, $m
  81
  -132
  -145
  -158
  -172
  -187
  -201
  -217
  -233
  -250
  -267
  -285
  -304
  -324
  -344
  -366
  -388
  -411
  -435
  -460
  -486
  -513
  -542
  -572
  -603
  -635
  -669
  -705
  -742
  -782
  -822
Total debt, $m
  841
  322
  384
  448
  516
  585
  658
  734
  812
  894
  979
  1,067
  1,158
  1,254
  1,353
  1,456
  1,564
  1,676
  1,793
  1,915
  2,042
  2,175
  2,314
  2,459
  2,610
  2,769
  2,935
  3,108
  3,290
  3,480
  3,680
Total liabilities, $m
  1,164
  644
  706
  770
  838
  907
  980
  1,056
  1,134
  1,216
  1,301
  1,389
  1,480
  1,576
  1,675
  1,778
  1,886
  1,998
  2,115
  2,237
  2,364
  2,497
  2,636
  2,781
  2,932
  3,091
  3,257
  3,430
  3,612
  3,802
  4,002
Total equity, $m
  -311
  72
  78
  86
  93
  101
  109
  117
  126
  135
  145
  154
  164
  175
  186
  198
  210
  222
  235
  249
  263
  277
  293
  309
  326
  343
  362
  381
  401
  422
  445
Total liabilities and equity, $m
  853
  716
  784
  856
  931
  1,008
  1,089
  1,173
  1,260
  1,351
  1,446
  1,543
  1,644
  1,751
  1,861
  1,976
  2,096
  2,220
  2,350
  2,486
  2,627
  2,774
  2,929
  3,090
  3,258
  3,434
  3,619
  3,811
  4,013
  4,224
  4,447
Debt-to-equity ratio
  -2.704
  4.500
  4.890
  5.240
  5.540
  5.810
  6.040
  6.250
  6.440
  6.620
  6.770
  6.910
  7.040
  7.160
  7.270
  7.370
  7.460
  7.550
  7.630
  7.700
  7.770
  7.840
  7.900
  7.960
  8.010
  8.060
  8.110
  8.160
  8.200
  8.240
  8.280
Adjusted equity ratio
  -0.789
  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
  139
  164
  203
  220
  239
  258
  278
  299
  321
  344
  367
  397
  423
  449
  476
  505
  535
  566
  598
  632
  667
  704
  742
  782
  824
  868
  914
  962
  1,012
  1,065
  1,120
Depreciation, amort., depletion, $m
  12
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  37
  39
  42
  44
  46
Funds from operations, $m
  144
  179
  219
  237
  257
  277
  298
  319
  342
  366
  390
  413
  440
  467
  496
  525
  556
  589
  622
  657
  694
  732
  772
  814
  858
  904
  951
  1,001
  1,054
  1,109
  1,166
Change in working capital, $m
  -8
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
Cash from operations, $m
  152
  192
  231
  250
  270
  291
  313
  335
  358
  382
  407
  431
  458
  487
  516
  547
  578
  612
  646
  682
  720
  760
  801
  844
  889
  936
  985
  1,037
  1,091
  1,148
  1,207
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -42
  -44
New CAPEX, $m
  -28
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
Cash from investing activities, $m
  -98
  -18
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -65
  -67
  -70
  -75
  -78
Free cash flow, $m
  54
  174
  213
  231
  250
  269
  290
  311
  332
  355
  379
  401
  427
  453
  481
  510
  539
  571
  603
  637
  673
  710
  748
  789
  831
  875
  921
  970
  1,020
  1,073
  1,129
Issuance/(repayment) of debt, $m
  25
  -518
  62
  64
  67
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
Issuance/(repurchase) of shares, $m
  -23
  419
  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
  -99
  62
  64
  67
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
Total cash flow (excl. dividends), $m
  55
  76
  275
  296
  317
  339
  362
  386
  411
  437
  464
  489
  518
  549
  580
  613
  647
  683
  720
  759
  800
  842
  887
  934
  983
  1,034
  1,087
  1,143
  1,202
  1,264
  1,328
Retained Cash Flow (-), $m
  -85
  -584
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
Prev. year cash balance distribution, $m
 
  201
  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
 
  -307
  268
  289
  310
  332
  354
  378
  402
  428
  454
  480
  508
  538
  569
  601
  635
  670
  707
  746
  786
  828
  872
  918
  966
  1,016
  1,069
  1,124
  1,182
  1,242
  1,306
Discount rate, %
 
  12.70
  13.34
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.69
  21.72
  22.81
  23.95
  25.15
  26.40
  27.72
  29.11
  30.56
  32.09
  33.70
  35.38
  37.15
  39.01
  40.96
  43.01
  45.16
  47.41
  49.79
  52.27
PV of cash for distribution, $m
 
  -272
  209
  195
  179
  162
  144
  126
  108
  91
  75
  61
  48
  37
  28
  21
  15
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Choice Hotels International, Inc. is a hotel franchisor. The Company's segments include Hotel Franchising, SkyTouch Technology and Corporate & Other. It franchises lodging properties under brand names, including Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites, Suburban Extended Stay Hotel, Cambria hotels & suites, and Ascend Hotel Collection. The Company had 6,514 hotels open and 775 hotels under construction, awaiting conversion or approved for development, as of December 31, 2016, representing 516,122 rooms open and 62,547 rooms under construction, awaiting conversion or approved for development in 50 states, the District of Columbia and over 40 countries and territories outside the United States. Its domestic franchising operations are conducted through direct franchising relationships, while its international franchise operations are conducted through a combination of direct franchising and master franchising relationships.

FINANCIAL RATIOS  of  Choice Hotels International (CHH)

Valuation Ratios
P/E Ratio 33.3
Price to Sales 5
Price to Book -14.9
Price to Tangible Book
Price to Cash Flow 30.4
Price to Free Cash Flow 37.3
Growth Rates
Sales Growth Rate 7.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.4%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio 202
Current Ratio 0
LT Debt to Equity -270.1%
Total Debt to Equity -270.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 21.4%
Ret/ On Assets - 3 Yr. Avg. 23.3%
Return On Total Capital 29.3%
Ret/ On T. Cap. - 3 Yr. Avg. 32.6%
Return On Equity -39.3%
Return On Equity - 3 Yr. Avg. -32.7%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 43.1%
Gross Margin - 3 Yr. Avg. 43.9%
EBITDA Margin 27.5%
EBITDA Margin - 3 Yr. Avg. 28.2%
Operating Margin 25.8%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 21.6%
Pre-Tax Margin - 3 Yr. Avg. 22%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.5%
Payout Ratio 33.1%

CHH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHH stock intrinsic value calculation we used $925 million for the last fiscal year's total revenue generated by Choice Hotels International. The default revenue input number comes from 2016 income statement of Choice Hotels International. 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 CHH stock valuation model: a) initial revenue growth rate of 10.1% 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 12.7%, whose default value for CHH is calculated based on our internal credit rating of Choice Hotels International, 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 Choice Hotels International.
    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 CHH stock the variable cost ratio is equal to 73.8%.

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 CHH 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 5.1% for Choice Hotels International.

Corporate tax rate of 27% is the nominal tax rate for Choice Hotels International. 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 CHH 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 CHH are equal to 10.9%.

Life of production assets of 15 years is the average useful life of capital assets used in Choice Hotels International 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 CHH is equal to -13%. 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 - $-311 million for Choice Hotels International - 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 56.959 million for Choice Hotels International 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 Choice Hotels International at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
LQ La Quinta Hold 20.18 1.89  str.sell
PCLN Priceline Grou 1,910.21 2,324.07  buy
MAR Marriott Inter 144.07 476.36  str.buy
HLT Hilton Worldwi 85.49 175.79  str.buy
IHG InterContinent 68.56 17.87  str.sell
WYN Wyndham Worldw 126.99 73.94  sell
H Hyatt Hotels 79.74 18.09  str.sell
SABR Sabre 20.67 22.46  hold

COMPANY NEWS

▶ Cambria Hotel Opens in "Music City" Nashville, Tenn.   [Jan-16-18 08:00AM  PR Newswire]
▶ Cambria Hotels Celebrates 35th Property Opening   [Dec-26-17 08:30AM  PR Newswire]
▶ Choice Hotels to Develop New Cambria Hotel in Orlando   [Dec-20-17 10:00AM  PR Newswire]
▶ Cambria Hotels Debuts in Downtown Asheville, N.C.   [Dec-18-17 10:00AM  PR Newswire]
▶ Choice Hotels spending millions to overhaul its reservation system   [Nov-06-17 03:50PM  American City Business Journals]
▶ Choice Hotels tops Street 3Q forecasts   [08:11AM  Associated Press]
▶ Ascend Hotel Collection Adds 13 Hotels in October   [Oct-31-17 12:36PM  PR Newswire]
▶ Choice Hotels to Develop New Cambria Hotel in Baltimore   [Oct-26-17 08:00AM  PR Newswire]
▶ Cambria Hotels Breaks Ground in South Boston, Mass.   [Oct-11-17 08:00AM  PR Newswire]
▶ Cambria Hotels Opens in New Orleans   [08:00AM  PR Newswire]
▶ How Airbnb plans to use AI to make travel more personalized for you   [Oct-09-17 10:31AM  Yahoo Finance Video]
▶ New all-suites hotel slated for Fort Mill development   [Sep-27-17 04:45PM  American City Business Journals]
▶ Comfort Hotel Brand Asks America "What's Your Waffle?"   [Aug-24-17 04:00AM  PR Newswire]
▶ Cambria Hotels Breaks Ground in Mount Pleasant, S.C.   [Aug-21-17 08:55AM  PR Newswire]
Financial statements of CHH
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.