Intrinsic value of Clean Harbors - CLH

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$57.13

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$57.13

 
Intrinsic value

$8.90

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CLH 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 3.3

 

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, %
  -15.88
  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
  2,755
  2,810
  2,875
  2,949
  3,032
  3,123
  3,224
  3,334
  3,453
  3,581
  3,718
  3,865
  4,022
  4,189
  4,367
  4,555
  4,755
  4,966
  5,190
  5,426
  5,675
  5,938
  6,216
  6,508
  6,816
  7,141
  7,482
  7,842
  8,220
  8,618
  9,037
Variable operating expenses, $m
 
  2,264
  2,315
  2,373
  2,439
  2,511
  2,591
  2,678
  2,771
  2,872
  2,981
  3,050
  3,174
  3,306
  3,446
  3,595
  3,752
  3,919
  4,095
  4,282
  4,478
  4,686
  4,905
  5,136
  5,379
  5,635
  5,904
  6,188
  6,487
  6,801
  7,131
Fixed operating expenses, $m
 
  472
  483
  495
  508
  520
  533
  547
  560
  574
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
  832
  853
  874
  896
  918
  941
  965
Total operating expenses, $m
  2,669
  2,736
  2,798
  2,868
  2,947
  3,031
  3,124
  3,225
  3,331
  3,446
  3,570
  3,654
  3,793
  3,940
  4,096
  4,261
  4,435
  4,619
  4,812
  5,017
  5,232
  5,459
  5,697
  5,948
  6,211
  6,488
  6,778
  7,084
  7,405
  7,742
  8,096
Operating income, $m
  86
  75
  76
  80
  85
  92
  100
  110
  121
  134
  149
  212
  230
  249
  271
  294
  320
  347
  377
  409
  443
  480
  519
  561
  605
  653
  704
  758
  815
  876
  941
EBITDA, $m
  373
  362
  369
  379
  391
  405
  422
  442
  463
  487
  513
  542
  574
  608
  645
  684
  727
  772
  821
  873
  929
  988
  1,051
  1,118
  1,189
  1,264
  1,344
  1,429
  1,518
  1,614
  1,714
Interest expense (income), $m
  89
  96
  100
  103
  107
  112
  117
  123
  129
  135
  142
  150
  158
  167
  176
  186
  197
  208
  220
  232
  245
  259
  274
  289
  305
  323
  341
  360
  380
  401
  423
Earnings before tax, $m
  9
  -22
  -23
  -23
  -22
  -20
  -17
  -13
  -7
  -1
  6
  62
  71
  82
  95
  108
  123
  140
  157
  177
  198
  221
  245
  272
  300
  330
  363
  398
  435
  475
  518
Tax expense, $m
  49
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  17
  19
  22
  26
  29
  33
  38
  42
  48
  53
  60
  66
  73
  81
  89
  98
  107
  118
  128
  140
Net income, $m
  -40
  -22
  -23
  -23
  -22
  -20
  -17
  -13
  -7
  -1
  5
  45
  52
  60
  69
  79
  90
  102
  115
  129
  144
  161
  179
  198
  219
  241
  265
  291
  318
  347
  378

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  3,682
  3,444
  3,523
  3,613
  3,715
  3,828
  3,951
  4,086
  4,232
  4,389
  4,557
  4,737
  4,929
  5,134
  5,352
  5,582
  5,827
  6,086
  6,360
  6,649
  6,955
  7,277
  7,617
  7,976
  8,353
  8,751
  9,169
  9,610
  10,074
  10,562
  11,075
Adjusted assets (=assets-cash), $m
  3,375
  3,444
  3,523
  3,613
  3,715
  3,828
  3,951
  4,086
  4,232
  4,389
  4,557
  4,737
  4,929
  5,134
  5,352
  5,582
  5,827
  6,086
  6,360
  6,649
  6,955
  7,277
  7,617
  7,976
  8,353
  8,751
  9,169
  9,610
  10,074
  10,562
  11,075
Revenue / Adjusted assets
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
Average production assets, $m
  2,076
  2,116
  2,165
  2,220
  2,283
  2,352
  2,428
  2,511
  2,600
  2,697
  2,800
  2,911
  3,029
  3,155
  3,288
  3,430
  3,580
  3,740
  3,908
  4,086
  4,273
  4,471
  4,680
  4,901
  5,133
  5,377
  5,634
  5,905
  6,190
  6,490
  6,805
Working capital, $m
  588
  287
  293
  301
  309
  319
  329
  340
  352
  365
  379
  394
  410
  427
  445
  465
  485
  507
  529
  553
  579
  606
  634
  664
  695
  728
  763
  800
  838
  879
  922
Total debt, $m
  1,633
  1,687
  1,748
  1,817
  1,896
  1,982
  2,078
  2,181
  2,293
  2,414
  2,544
  2,683
  2,831
  2,988
  3,156
  3,334
  3,522
  3,721
  3,932
  4,155
  4,390
  4,638
  4,900
  5,176
  5,467
  5,773
  6,095
  6,435
  6,792
  7,168
  7,563
Total liabilities, $m
  2,598
  2,652
  2,713
  2,782
  2,861
  2,947
  3,043
  3,146
  3,258
  3,379
  3,509
  3,648
  3,796
  3,953
  4,121
  4,299
  4,487
  4,686
  4,897
  5,120
  5,355
  5,603
  5,865
  6,141
  6,432
  6,738
  7,060
  7,400
  7,757
  8,133
  8,528
Total equity, $m
  1,084
  792
  810
  831
  854
  880
  909
  940
  973
  1,009
  1,048
  1,090
  1,134
  1,181
  1,231
  1,284
  1,340
  1,400
  1,463
  1,529
  1,600
  1,674
  1,752
  1,834
  1,921
  2,013
  2,109
  2,210
  2,317
  2,429
  2,547
Total liabilities and equity, $m
  3,682
  3,444
  3,523
  3,613
  3,715
  3,827
  3,952
  4,086
  4,231
  4,388
  4,557
  4,738
  4,930
  5,134
  5,352
  5,583
  5,827
  6,086
  6,360
  6,649
  6,955
  7,277
  7,617
  7,975
  8,353
  8,751
  9,169
  9,610
  10,074
  10,562
  11,075
Debt-to-equity ratio
  1.506
  2.130
  2.160
  2.190
  2.220
  2.250
  2.290
  2.320
  2.360
  2.390
  2.430
  2.460
  2.500
  2.530
  2.560
  2.600
  2.630
  2.660
  2.690
  2.720
  2.740
  2.770
  2.800
  2.820
  2.850
  2.870
  2.890
  2.910
  2.930
  2.950
  2.970
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -22
  -23
  -23
  -22
  -20
  -17
  -13
  -7
  -1
  5
  45
  52
  60
  69
  79
  90
  102
  115
  129
  144
  161
  179
  198
  219
  241
  265
  291
  318
  347
  378
Depreciation, amort., depletion, $m
  287
  287
  292
  299
  306
  314
  322
  332
  342
  353
  365
  331
  344
  358
  374
  390
  407
  425
  444
  464
  486
  508
  532
  557
  583
  611
  640
  671
  703
  737
  773
Funds from operations, $m
  231
  265
  269
  276
  284
  294
  305
  319
  334
  352
  369
  376
  396
  419
  443
  469
  497
  527
  559
  593
  630
  669
  711
  755
  802
  852
  905
  962
  1,021
  1,084
  1,151
Change in working capital, $m
  -29
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
Cash from operations, $m
  260
  295
  263
  268
  275
  284
  295
  308
  322
  339
  355
  361
  380
  402
  425
  450
  476
  505
  536
  569
  605
  642
  683
  725
  771
  819
  870
  925
  983
  1,044
  1,109
Maintenance CAPEX, $m
  0
  -236
  -240
  -246
  -252
  -259
  -267
  -276
  -285
  -295
  -306
  -318
  -331
  -344
  -358
  -374
  -390
  -407
  -425
  -444
  -464
  -486
  -508
  -532
  -557
  -583
  -611
  -640
  -671
  -703
  -737
New CAPEX, $m
  -222
  -41
  -49
  -56
  -62
  -69
  -76
  -83
  -90
  -96
  -103
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -244
  -257
  -271
  -285
  -300
  -315
Cash from investing activities, $m
  -362
  -277
  -289
  -302
  -314
  -328
  -343
  -359
  -375
  -391
  -409
  -429
  -449
  -470
  -492
  -516
  -540
  -566
  -593
  -622
  -652
  -684
  -717
  -752
  -789
  -827
  -868
  -911
  -956
  -1,003
  -1,052
Free cash flow, $m
  -102
  19
  -26
  -34
  -40
  -44
  -48
  -51
  -52
  -53
  -55
  -68
  -69
  -68
  -68
  -66
  -64
  -61
  -57
  -53
  -47
  -41
  -34
  -27
  -18
  -8
  2
  14
  27
  41
  56
Issuance/(repayment) of debt, $m
  251
  54
  61
  70
  78
  87
  95
  104
  112
  121
  130
  139
  148
  158
  168
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  306
  322
  339
  357
  376
  395
Issuance/(repurchase) of shares, $m
  -24
  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  
  220
  54
  61
  70
  78
  87
  95
  104
  112
  121
  130
  139
  148
  158
  168
  178
  188
  199
  211
  223
  235
  248
  262
  276
  291
  306
  322
  339
  357
  376
  395
Total cash flow (excl. dividends), $m
  122
  72
  35
  36
  39
  42
  47
  53
  60
  68
  75
  71
  79
  89
  100
  112
  125
  139
  154
  170
  188
  207
  227
  249
  273
  298
  325
  353
  384
  416
  451
Retained Cash Flow (-), $m
  12
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
Prev. year cash balance distribution, $m
 
  307
  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
 
  364
  16
  15
  15
  16
  19
  22
  26
  32
  36
  29
  35
  42
  50
  59
  68
  79
  91
  104
  118
  133
  149
  167
  186
  206
  228
  252
  277
  304
  333
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  338
  14
  12
  11
  11
  11
  11
  12
  12
  12
  8
  8
  8
  7
  7
  6
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  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

Clean Harbors, Inc. provides environmental, energy, and industrial services in North America and internationally. The company’s Technical Services segment provides a range of hazardous material management services, including the packaging, collection, transportation, treatment, and disposal of hazardous and non-hazardous waste at its incineration, landfill, wastewater, and other treatment facilities. Its Industrial and Field Services segment offers industrial and specialty services, such as high-pressure and chemical cleaning, daylighting, production servicing, decoking, pigging, and material processing services to refineries, chemical plants, oil sands facilities, pulp and paper mills, and other industrial facilities. This segment also provides tank cleaning, decontamination, remediation, and spill cleanup services. The company’s Safety-Kleen segment offers environmental services, such as parts cleaning, containerized waste services, used oil collection, vacuum services, allied products, and other environmental services. This segment also manufactures, formulates, packages, blends, distributes, and markets lubricants. The company’s Oil, Gas and Lodging Services segment provides fluid handling, surface rentals, seismic support services, and directional boring services to the energy sector serving oil and gas exploration, and power generation. This segment also offers lodges and remote workforce accommodation facilities, including client and open lodges, operator camps, and drill camps in Western Canada; and manufactures modular units and wastewater processing plants, operating services, and parts. The company operates through a network of approximately 475 service locations. Clean Harbors, Inc. was founded in 1980 and is based in Norwell, Massachusetts.

FINANCIAL RATIOS  of  Clean Harbors (CLH)

Valuation Ratios
P/E Ratio -81.8
Price to Sales 1.2
Price to Book 3
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 86.1
Growth Rates
Sales Growth Rate -15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.3%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 150.6%
Total Debt to Equity 150.6%
Interest Coverage 1
Management Effectiveness
Return On Assets -12.2%
Ret/ On Assets - 3 Yr. Avg. -4.1%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 29.8%
Gross Margin - 3 Yr. Avg. 28.7%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 544.4%
Eff/ Tax Rate - 3 Yr. Avg. 258.7%
Payout Ratio 0%

CLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLH stock intrinsic value calculation we used $2755 million for the last fiscal year's total revenue generated by Clean Harbors. The default revenue input number comes from 2016 income statement of Clean Harbors. 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 CLH 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 7.7%, whose default value for CLH is calculated based on our internal credit rating of Clean Harbors, 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 Clean Harbors.
    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 CLH stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $460 million in the base year in the intrinsic value calculation for CLH 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 5.9% for Clean Harbors.

Corporate tax rate of 27% is the nominal tax rate for Clean Harbors. 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 CLH 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 CLH are equal to 75.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Clean Harbors 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 CLH is equal to 10.2%. 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 - $1084 million for Clean Harbors - 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 57.893 million for Clean Harbors 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 Clean Harbors at the current share price and the inputted number of shares is $3.3 billion.


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COMPANY NEWS

▶ Clean Harbors reports 4Q loss   [07:49AM  Associated Press]
▶ Here is What Hedge Funds Think About Clean Harbors Inc (CLH)   [Dec-09-16 01:26AM  at Insider Monkey]
▶ Share Repurchases Help Stericycle Inc Clean Up Q3   [Oct-28-16 12:45PM  at Motley Fool]
▶ Clean Harbors Launches User Focused Website   [Oct-26-16 08:30AM  Business Wire]
▶ Smart Money is Betting on These Environmental Services Stocks   [Sep-26-16 09:01AM  at Insider Monkey]
▶ Five Environmental Solutions Stocks Hedge Funds Are Bullish on   [Jun-06-16 11:30AM  at Insider Monkey]
▶ Is Veolia Environnement a Buy?   [May-16-16 10:14AM  at Motley Fool]
Stock chart of CLH Financial statements of CLH
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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