Intrinsic value of Clorox - CLX

Previous Close

$129.43

  Intrinsic Value

$77.10

stock screener

  Rating & Target

sell

-40%

Previous close

$129.43

 
Intrinsic value

$77.10

 
Up/down potential

-40%

 
Rating

sell

We calculate the intrinsic value of CLX 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.68
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  5,973
  6,212
  6,467
  6,738
  7,025
  7,330
  7,654
  7,996
  8,357
  8,739
  9,142
  9,568
  10,016
  10,488
  10,986
  11,510
  12,062
  12,643
  13,254
  13,897
  14,573
  15,284
  16,031
  16,817
  17,643
  18,511
  19,423
  20,382
  21,389
  22,447
  23,559
Variable operating expenses, $m
 
  4,741
  4,931
  5,132
  5,346
  5,573
  5,814
  6,068
  6,337
  6,621
  6,921
  7,118
  7,452
  7,803
  8,173
  8,563
  8,974
  9,406
  9,861
  10,339
  10,842
  11,371
  11,927
  12,511
  13,126
  13,772
  14,450
  15,164
  15,913
  16,700
  17,527
Fixed operating expenses, $m
 
  395
  404
  415
  425
  436
  446
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  600
  615
  631
  647
  663
  679
  696
  714
  732
  750
  769
  788
  808
Total operating expenses, $m
  4,940
  5,136
  5,335
  5,547
  5,771
  6,009
  6,260
  6,526
  6,806
  7,102
  7,414
  7,623
  7,970
  8,334
  8,717
  9,121
  9,546
  9,992
  10,461
  10,954
  11,473
  12,018
  12,590
  13,190
  13,822
  14,486
  15,182
  15,914
  16,682
  17,488
  18,335
Operating income, $m
  1,033
  1,076
  1,132
  1,191
  1,254
  1,322
  1,393
  1,470
  1,551
  1,637
  1,728
  1,944
  2,047
  2,155
  2,269
  2,389
  2,517
  2,651
  2,793
  2,942
  3,100
  3,266
  3,442
  3,626
  3,821
  4,025
  4,241
  4,468
  4,707
  4,959
  5,224
EBITDA, $m
  1,196
  1,294
  1,354
  1,417
  1,485
  1,557
  1,634
  1,716
  1,803
  1,895
  1,993
  2,096
  2,205
  2,321
  2,443
  2,572
  2,708
  2,852
  3,003
  3,163
  3,331
  3,509
  3,696
  3,893
  4,100
  4,319
  4,549
  4,792
  5,047
  5,315
  5,598
Interest expense (income), $m
  78
  62
  67
  73
  78
  85
  91
  98
  105
  113
  121
  129
  138
  148
  158
  168
  179
  191
  203
  216
  230
  244
  259
  275
  292
  309
  328
  347
  367
  389
  411
Earnings before tax, $m
  1,033
  1,014
  1,064
  1,118
  1,176
  1,237
  1,302
  1,372
  1,446
  1,524
  1,607
  1,815
  1,908
  2,007
  2,111
  2,221
  2,337
  2,460
  2,589
  2,726
  2,870
  3,022
  3,182
  3,351
  3,529
  3,716
  3,913
  4,121
  4,340
  4,571
  4,813
Tax expense, $m
  330
  274
  287
  302
  317
  334
  352
  370
  390
  412
  434
  490
  515
  542
  570
  600
  631
  664
  699
  736
  775
  816
  859
  905
  953
  1,003
  1,057
  1,113
  1,172
  1,234
  1,300
Net income, $m
  701
  740
  777
  816
  858
  903
  951
  1,002
  1,056
  1,113
  1,173
  1,325
  1,393
  1,465
  1,541
  1,621
  1,706
  1,796
  1,890
  1,990
  2,095
  2,206
  2,323
  2,446
  2,576
  2,713
  2,857
  3,009
  3,168
  3,336
  3,514

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  418
  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
  4,573
  4,320
  4,497
  4,685
  4,885
  5,098
  5,322
  5,560
  5,812
  6,077
  6,358
  6,653
  6,965
  7,294
  7,640
  8,004
  8,388
  8,792
  9,217
  9,664
  10,134
  10,628
  11,148
  11,695
  12,269
  12,873
  13,507
  14,174
  14,874
  15,610
  16,383
Adjusted assets (=assets-cash), $m
  4,155
  4,320
  4,497
  4,685
  4,885
  5,098
  5,322
  5,560
  5,812
  6,077
  6,358
  6,653
  6,965
  7,294
  7,640
  8,004
  8,388
  8,792
  9,217
  9,664
  10,134
  10,628
  11,148
  11,695
  12,269
  12,873
  13,507
  14,174
  14,874
  15,610
  16,383
Revenue / Adjusted assets
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
Average production assets, $m
  1,647
  1,714
  1,785
  1,860
  1,939
  2,023
  2,112
  2,207
  2,307
  2,412
  2,523
  2,641
  2,764
  2,895
  3,032
  3,177
  3,329
  3,489
  3,658
  3,835
  4,022
  4,218
  4,425
  4,641
  4,869
  5,109
  5,361
  5,625
  5,903
  6,195
  6,502
Working capital, $m
  -295
  93
  97
  101
  105
  110
  115
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  208
  219
  229
  240
  252
  265
  278
  291
  306
  321
  337
  353
Total debt, $m
  2,195
  1,922
  2,076
  2,240
  2,414
  2,599
  2,795
  3,001
  3,220
  3,451
  3,695
  3,952
  4,224
  4,510
  4,811
  5,128
  5,462
  5,813
  6,183
  6,572
  6,981
  7,411
  7,863
  8,338
  8,838
  9,363
  9,915
  10,495
  11,105
  11,745
  12,417
Total liabilities, $m
  4,031
  3,758
  3,912
  4,076
  4,250
  4,435
  4,631
  4,837
  5,056
  5,287
  5,531
  5,788
  6,060
  6,346
  6,647
  6,964
  7,298
  7,649
  8,019
  8,408
  8,817
  9,247
  9,699
  10,174
  10,674
  11,199
  11,751
  12,331
  12,941
  13,581
  14,253
Total equity, $m
  542
  562
  585
  609
  635
  663
  692
  723
  756
  790
  826
  865
  905
  948
  993
  1,041
  1,090
  1,143
  1,198
  1,256
  1,317
  1,382
  1,449
  1,520
  1,595
  1,673
  1,756
  1,843
  1,934
  2,029
  2,130
Total liabilities and equity, $m
  4,573
  4,320
  4,497
  4,685
  4,885
  5,098
  5,323
  5,560
  5,812
  6,077
  6,357
  6,653
  6,965
  7,294
  7,640
  8,005
  8,388
  8,792
  9,217
  9,664
  10,134
  10,629
  11,148
  11,694
  12,269
  12,872
  13,507
  14,174
  14,875
  15,610
  16,383
Debt-to-equity ratio
  4.050
  3.420
  3.550
  3.680
  3.800
  3.920
  4.040
  4.150
  4.260
  4.370
  4.470
  4.570
  4.660
  4.760
  4.840
  4.930
  5.010
  5.090
  5.160
  5.230
  5.300
  5.360
  5.430
  5.480
  5.540
  5.600
  5.650
  5.700
  5.740
  5.790
  5.830
Adjusted equity ratio
  0.127
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  701
  740
  777
  816
  858
  903
  951
  1,002
  1,056
  1,113
  1,173
  1,325
  1,393
  1,465
  1,541
  1,621
  1,706
  1,796
  1,890
  1,990
  2,095
  2,206
  2,323
  2,446
  2,576
  2,713
  2,857
  3,009
  3,168
  3,336
  3,514
Depreciation, amort., depletion, $m
  163
  218
  222
  226
  231
  236
  241
  246
  252
  258
  265
  152
  159
  166
  174
  183
  191
  201
  210
  220
  231
  242
  254
  267
  280
  294
  308
  323
  339
  356
  374
Funds from operations, $m
  821
  958
  999
  1,043
  1,089
  1,139
  1,192
  1,248
  1,308
  1,371
  1,438
  1,477
  1,552
  1,631
  1,715
  1,804
  1,897
  1,996
  2,100
  2,210
  2,326
  2,449
  2,577
  2,713
  2,856
  3,006
  3,165
  3,332
  3,508
  3,693
  3,887
Change in working capital, $m
  -47
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
Cash from operations, $m
  868
  955
  995
  1,039
  1,085
  1,134
  1,187
  1,243
  1,302
  1,365
  1,432
  1,470
  1,545
  1,624
  1,708
  1,796
  1,889
  1,988
  2,091
  2,201
  2,316
  2,438
  2,566
  2,701
  2,843
  2,993
  3,151
  3,317
  3,492
  3,677
  3,871
Maintenance CAPEX, $m
  0
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -183
  -191
  -201
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -294
  -308
  -323
  -339
  -356
New CAPEX, $m
  -231
  -67
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -152
  -160
  -169
  -177
  -187
  -196
  -206
  -217
  -228
  -240
  -252
  -265
  -278
  -292
  -307
Cash from investing activities, $m
  -205
  -162
  -169
  -178
  -186
  -195
  -205
  -215
  -227
  -238
  -250
  -262
  -276
  -289
  -303
  -319
  -335
  -351
  -370
  -387
  -407
  -427
  -448
  -471
  -495
  -520
  -546
  -573
  -601
  -631
  -663
Free cash flow, $m
  663
  793
  826
  861
  899
  939
  981
  1,027
  1,076
  1,127
  1,182
  1,208
  1,270
  1,335
  1,404
  1,477
  1,554
  1,636
  1,722
  1,813
  1,909
  2,010
  2,117
  2,230
  2,349
  2,474
  2,606
  2,745
  2,891
  3,045
  3,208
Issuance/(repayment) of debt, $m
  -125
  145
  154
  164
  174
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  351
  370
  389
  409
  430
  452
  475
  500
  525
  552
  580
  609
  640
  673
Issuance/(repurchase) of shares, $m
  -108
  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  
  -233
  145
  154
  164
  174
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  351
  370
  389
  409
  430
  452
  475
  500
  525
  552
  580
  609
  640
  673
Total cash flow (excl. dividends), $m
  429
  938
  981
  1,025
  1,073
  1,123
  1,177
  1,234
  1,294
  1,358
  1,426
  1,465
  1,541
  1,621
  1,705
  1,794
  1,888
  1,987
  2,092
  2,202
  2,318
  2,441
  2,570
  2,705
  2,848
  2,999
  3,158
  3,325
  3,501
  3,686
  3,880
Retained Cash Flow (-), $m
  -245
  -20
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -87
  -91
  -96
  -101
Prev. year cash balance distribution, $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 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
 
  918
  957
  1,001
  1,047
  1,096
  1,148
  1,203
  1,262
  1,324
  1,390
  1,427
  1,500
  1,578
  1,660
  1,747
  1,838
  1,935
  2,037
  2,144
  2,257
  2,376
  2,502
  2,634
  2,774
  2,921
  3,075
  3,238
  3,409
  3,590
  3,780
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  861
  836
  808
  776
  741
  702
  659
  614
  566
  517
  457
  408
  360
  314
  270
  228
  190
  156
  125
  99
  76
  58
  43
  31
  22
  15
  10
  7
  4
  3
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

The Clorox Company is a manufacturer and marketer of consumer and professional products. The Company sells its products primarily through mass retail outlets, e-commerce channels, wholesale distributors and medical supply distributors. The Company operates through four segments: Cleaning, Household, Lifestyle and International. Its Cleaning segment consists of laundry, home care and professional products marketed and sold in the United States. Its Household segment consists of charcoal, cat litter and plastic bags, wraps and container products marketed and sold in the United States. Its Lifestyle segment consists of food products, water-filtration systems and filters, and natural personal care products marketed and sold in the United States. Its International segment consists of products sold outside the United States. It markets some of the consumer brand names, such as namesake bleach and cleaning products, Pine-Sol cleaners, Liquid-Plumr clog removers and Kingsford charcoal.

FINANCIAL RATIOS  of  Clorox (CLX)

Valuation Ratios
P/E Ratio 23.8
Price to Sales 2.8
Price to Book 30.8
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.3%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 256.6%
Total Debt to Equity 405%
Interest Coverage 14
Management Effectiveness
Return On Assets 16.6%
Ret/ On Assets - 3 Yr. Avg. 16%
Return On Total Capital 26.2%
Ret/ On T. Cap. - 3 Yr. Avg. 25.6%
Return On Equity 167.1%
Return On Equity - 3 Yr. Avg. 302%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 44.7%
Gross Margin - 3 Yr. Avg. 44.5%
EBITDA Margin 21.3%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 17.3%
Pre-Tax Margin - 3 Yr. Avg. 16.9%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 58.8%

CLX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLX stock intrinsic value calculation we used $5973 million for the last fiscal year's total revenue generated by Clorox. The default revenue input number comes from 2017 income statement of Clorox. 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 CLX stock valuation model: a) initial revenue growth rate of 4% 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 6.7%, whose default value for CLX is calculated based on our internal credit rating of Clorox, 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 Clorox.
    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 CLX stock the variable cost ratio is equal to 76.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $385 million in the base year in the intrinsic value calculation for CLX 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 Clorox.

Corporate tax rate of 27% is the nominal tax rate for Clorox. 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 CLX 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 CLX are equal to 27.6%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Clorox 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 CLX is equal to 1.5%. 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 - $542 million for Clorox - 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 129.152 million for Clorox 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 Clorox at the current share price and the inputted number of shares is $16.7 billion.

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▶ Amazon in talks with P&G, Clorox for Alexa ads: Sources   [Jan-02-18 11:47AM  CNBC Videos]
▶ Why Cloroxs Top Line Could Continue to Impress in 2018   [Dec-29-17 10:31AM  Market Realist]
▶ [$$] Clorox CEO Made a Maker of Cleaning Products Exciting on Wall Street   [Dec-15-17 11:43PM  The Wall Street Journal]
▶ [$$] Former Clorox CEO Craig Sullivan Dies at 77   [10:00AM  The Wall Street Journal]
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▶ Clorox Disappoints on Outlook   [Nov-30-17 09:02AM  Market Realist]
▶ Burt's Bees confirms management shuffle in Durham   [Nov-29-17 10:15AM  American City Business Journals]
▶ Clorox Expands Manufacturing Operations in Atlanta Area   [Nov-28-17 04:35PM  PR Newswire]
▶ ETFs with exposure to The Clorox Co. : November 20, 2017   [Nov-20-17 12:01PM  Capital Cube]
Financial statements of CLX
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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