Intrinsic value of Check Point Software Technologies - CHKP

Previous Close

$118.07

  Intrinsic Value

$96.20

stock screener

  Rating & Target

hold

-19%

  Value-price divergence*

-23%

Previous close

$118.07

 
Intrinsic value

$96.20

 
Up/down potential

-19%

 
Rating

hold

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of CHKP 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 19.5

 

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, %
  6.81
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  1,741
  1,889
  2,043
  2,203
  2,369
  2,542
  2,722
  2,909
  3,103
  3,305
  3,515
  3,733
  3,961
  4,198
  4,445
  4,703
  4,972
  5,253
  5,547
  5,853
  6,173
  6,508
  6,859
  7,225
  7,609
  8,010
  8,431
  8,872
  9,333
  9,817
  10,324
Variable operating expenses, $m
 
  909
  977
  1,047
  1,120
  1,196
  1,274
  1,356
  1,441
  1,530
  1,622
  1,637
  1,736
  1,840
  1,949
  2,062
  2,180
  2,303
  2,431
  2,566
  2,706
  2,853
  3,007
  3,167
  3,335
  3,511
  3,696
  3,889
  4,091
  4,303
  4,526
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
  889
  909
  977
  1,047
  1,120
  1,196
  1,274
  1,356
  1,441
  1,530
  1,622
  1,637
  1,736
  1,840
  1,949
  2,062
  2,180
  2,303
  2,431
  2,566
  2,706
  2,853
  3,007
  3,167
  3,335
  3,511
  3,696
  3,889
  4,091
  4,303
  4,526
Operating income, $m
  852
  980
  1,066
  1,156
  1,250
  1,347
  1,448
  1,552
  1,661
  1,775
  1,893
  2,097
  2,225
  2,358
  2,497
  2,642
  2,793
  2,950
  3,115
  3,287
  3,467
  3,655
  3,852
  4,058
  4,273
  4,499
  4,735
  4,983
  5,242
  5,514
  5,798
EBITDA, $m
  867
  1,064
  1,150
  1,241
  1,334
  1,432
  1,533
  1,638
  1,747
  1,861
  1,979
  2,102
  2,231
  2,364
  2,503
  2,649
  2,800
  2,958
  3,123
  3,296
  3,476
  3,665
  3,862
  4,069
  4,285
  4,511
  4,748
  4,996
  5,256
  5,528
  5,814
Interest expense (income), $m
  0
  0
  5
  10
  16
  22
  28
  34
  40
  47
  54
  61
  69
  77
  85
  94
  103
  112
  122
  132
  143
  154
  165
  177
  190
  204
  217
  232
  247
  263
  280
Earnings before tax, $m
  897
  980
  1,061
  1,146
  1,234
  1,325
  1,420
  1,518
  1,621
  1,728
  1,839
  2,035
  2,156
  2,281
  2,412
  2,548
  2,690
  2,838
  2,993
  3,155
  3,325
  3,502
  3,687
  3,880
  4,083
  4,296
  4,518
  4,751
  4,995
  5,250
  5,518
Tax expense, $m
  172
  265
  286
  309
  333
  358
  383
  410
  438
  466
  496
  550
  582
  616
  651
  688
  726
  766
  808
  852
  898
  945
  995
  1,048
  1,102
  1,160
  1,220
  1,283
  1,349
  1,418
  1,490
Net income, $m
  725
  715
  775
  836
  900
  967
  1,036
  1,108
  1,183
  1,261
  1,342
  1,486
  1,574
  1,665
  1,760
  1,860
  1,964
  2,072
  2,185
  2,303
  2,427
  2,556
  2,691
  2,833
  2,981
  3,136
  3,298
  3,468
  3,646
  3,833
  4,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,373
  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
  5,218
  4,170
  4,510
  4,863
  5,230
  5,612
  6,009
  6,421
  6,849
  7,295
  7,759
  8,241
  8,744
  9,267
  9,813
  10,383
  10,976
  11,596
  12,244
  12,920
  13,628
  14,367
  15,140
  15,950
  16,797
  17,683
  18,612
  19,584
  20,604
  21,671
  22,791
Adjusted assets (=assets-cash), $m
  3,845
  4,170
  4,510
  4,863
  5,230
  5,612
  6,009
  6,421
  6,849
  7,295
  7,759
  8,241
  8,744
  9,267
  9,813
  10,383
  10,976
  11,596
  12,244
  12,920
  13,628
  14,367
  15,140
  15,950
  16,797
  17,683
  18,612
  19,584
  20,604
  21,671
  22,791
Revenue / Adjusted assets
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
Average production assets, $m
  79
  85
  92
  99
  107
  114
  122
  131
  140
  149
  158
  168
  178
  189
  200
  212
  224
  236
  250
  263
  278
  293
  309
  325
  342
  360
  379
  399
  420
  442
  465
Working capital, $m
  726
  -703
  -760
  -820
  -881
  -946
  -1,013
  -1,082
  -1,154
  -1,229
  -1,307
  -1,389
  -1,473
  -1,562
  -1,654
  -1,750
  -1,850
  -1,954
  -2,063
  -2,177
  -2,296
  -2,421
  -2,551
  -2,688
  -2,830
  -2,980
  -3,136
  -3,300
  -3,472
  -3,652
  -3,841
Total debt, $m
  0
  145
  298
  457
  621
  793
  971
  1,156
  1,348
  1,548
  1,757
  1,973
  2,199
  2,434
  2,679
  2,935
  3,201
  3,480
  3,771
  4,074
  4,392
  4,724
  5,071
  5,434
  5,815
  6,213
  6,630
  7,066
  7,524
  8,003
  8,506
Total liabilities, $m
  1,727
  1,872
  2,025
  2,184
  2,348
  2,520
  2,698
  2,883
  3,075
  3,275
  3,484
  3,700
  3,926
  4,161
  4,406
  4,662
  4,928
  5,207
  5,498
  5,801
  6,119
  6,451
  6,798
  7,161
  7,542
  7,940
  8,357
  8,793
  9,251
  9,730
  10,233
Total equity, $m
  3,491
  2,298
  2,485
  2,680
  2,882
  3,092
  3,311
  3,538
  3,774
  4,020
  4,275
  4,541
  4,818
  5,106
  5,407
  5,721
  6,048
  6,390
  6,746
  7,119
  7,509
  7,916
  8,342
  8,788
  9,255
  9,743
  10,255
  10,791
  11,353
  11,941
  12,558
Total liabilities and equity, $m
  5,218
  4,170
  4,510
  4,864
  5,230
  5,612
  6,009
  6,421
  6,849
  7,295
  7,759
  8,241
  8,744
  9,267
  9,813
  10,383
  10,976
  11,597
  12,244
  12,920
  13,628
  14,367
  15,140
  15,949
  16,797
  17,683
  18,612
  19,584
  20,604
  21,671
  22,791
Debt-to-equity ratio
  0.000
  0.060
  0.120
  0.170
  0.220
  0.260
  0.290
  0.330
  0.360
  0.390
  0.410
  0.430
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.680
Adjusted equity ratio
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551
  0.551

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  725
  715
  775
  836
  900
  967
  1,036
  1,108
  1,183
  1,261
  1,342
  1,486
  1,574
  1,665
  1,760
  1,860
  1,964
  2,072
  2,185
  2,303
  2,427
  2,556
  2,691
  2,833
  2,981
  3,136
  3,298
  3,468
  3,646
  3,833
  4,028
Depreciation, amort., depletion, $m
  15
  84
  84
  85
  85
  85
  85
  86
  86
  86
  86
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
Funds from operations, $m
  940
  799
  859
  921
  985
  1,052
  1,122
  1,194
  1,269
  1,347
  1,429
  1,491
  1,580
  1,671
  1,767
  1,867
  1,971
  2,080
  2,193
  2,312
  2,436
  2,566
  2,702
  2,844
  2,992
  3,148
  3,311
  3,481
  3,660
  3,848
  4,044
Change in working capital, $m
  -6
  -55
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
  -164
  -172
  -180
  -189
Cash from operations, $m
  946
  854
  916
  980
  1,047
  1,116
  1,189
  1,263
  1,341
  1,422
  1,507
  1,573
  1,664
  1,760
  1,859
  1,963
  2,071
  2,184
  2,303
  2,426
  2,555
  2,691
  2,832
  2,980
  3,135
  3,297
  3,467
  3,645
  3,832
  4,027
  4,233
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
New CAPEX, $m
  -24
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Cash from investing activities, $m
  -110
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
Free cash flow, $m
  836
  846
  906
  970
  1,036
  1,105
  1,177
  1,251
  1,328
  1,409
  1,492
  1,558
  1,648
  1,743
  1,842
  1,945
  2,052
  2,164
  2,282
  2,404
  2,532
  2,666
  2,806
  2,953
  3,107
  3,268
  3,436
  3,613
  3,798
  3,992
  4,195
Issuance/(repayment) of debt, $m
  0
  145
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  235
  245
  256
  267
  278
  291
  304
  317
  332
  347
  363
  380
  398
  417
  437
  458
  479
  503
Issuance/(repurchase) of shares, $m
  -859
  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  
  -841
  145
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  235
  245
  256
  267
  278
  291
  304
  317
  332
  347
  363
  380
  398
  417
  437
  458
  479
  503
Total cash flow (excl. dividends), $m
  -5
  991
  1,059
  1,129
  1,201
  1,276
  1,355
  1,436
  1,521
  1,609
  1,701
  1,774
  1,874
  1,978
  2,087
  2,200
  2,319
  2,443
  2,572
  2,708
  2,850
  2,998
  3,154
  3,316
  3,487
  3,666
  3,853
  4,049
  4,255
  4,471
  4,698
Retained Cash Flow (-), $m
  41
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -236
  -246
  -255
  -266
  -277
  -289
  -301
  -314
  -327
  -342
  -357
  -373
  -390
  -407
  -426
  -446
  -467
  -489
  -512
  -536
  -562
  -588
  -617
Prev. year cash balance distribution, $m
 
  1,373
  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
 
  2,184
  872
  934
  999
  1,066
  1,136
  1,209
  1,285
  1,363
  1,445
  1,508
  1,597
  1,690
  1,786
  1,887
  1,991
  2,101
  2,215
  2,335
  2,460
  2,591
  2,728
  2,871
  3,020
  3,177
  3,341
  3,514
  3,694
  3,883
  4,081
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
 
  2,094
  798
  813
  822
  826
  825
  817
  803
  783
  758
  716
  682
  642
  600
  554
  506
  457
  408
  360
  313
  268
  226
  188
  154
  124
  97
  75
  57
  42
  31
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

Check Point Software Technologies Ltd. (Check point) develops, markets and supports a range of products and services for information technology (IT) security. The Company's products and services are sold to enterprises, service providers, small and medium sized businesses and consumers. It offers enterprises a platform to deploy independent, modular and interoperable security applications (Software Blades), such as firewall, virtual private network (VPN), intrusion prevention system (IPS), Application Control, Anti-Bot, antivirus, data loss prevention (DLP), policy management, event analysis or multi-domain management. The Company offers Software Blades grouped into functional packages to address specific security issues. It has product offerings under these packages, which include Next Generation Firewall, Next Generation Threat Prevention, Next Generation Secure Web Gateway and Next Generation Data Protection.

FINANCIAL RATIOS  of  Check Point Software Technologies (CHKP)

Valuation Ratios
P/E Ratio 27
Price to Sales 11.3
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 41.2%
Cap. Spend. - 3 Yr. Gr. Rate 19.1%
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 14.1%
Ret/ On Assets - 3 Yr. Avg. 13.7%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 88.4%
Gross Margin - 3 Yr. Avg. 88.3%
EBITDA Margin 52.4%
EBITDA Margin - 3 Yr. Avg. 54.4%
Operating Margin 48.9%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 51.5%
Pre-Tax Margin - 3 Yr. Avg. 53.5%
Net Profit Margin 41.6%
Net Profit Margin - 3 Yr. Avg. 42.6%
Effective Tax Rate 19.2%
Eff/ Tax Rate - 3 Yr. Avg. 20.4%
Payout Ratio 0%

CHKP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHKP stock intrinsic value calculation we used $1741 million for the last fiscal year's total revenue generated by Check Point Software Technologies. The default revenue input number comes from 2016 income statement of Check Point Software Technologies. 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 CHKP stock valuation model: a) initial revenue growth rate of 8.5% 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 CHKP is calculated based on our internal credit rating of Check Point Software Technologies, 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 Check Point Software Technologies.
    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 CHKP stock the variable cost ratio is equal to 48.5%.

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 CHKP 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 Check Point Software Technologies.

Corporate tax rate of 27% is the nominal tax rate for Check Point Software Technologies. 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 CHKP 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 CHKP are equal to 4.5%.

Life of production assets of 59.4 years is the average useful life of capital assets used in Check Point Software Technologies 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 CHKP is equal to -37.2%. 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 - $3491 million for Check Point Software Technologies - 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 165.302 million for Check Point Software Technologies 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 Check Point Software Technologies at the current share price and the inputted number of shares is $19.5 billion.

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Financial statements of CHKP
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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