Intrinsic value of Compass Diversified Holdings - CODI

Previous Close

$16.55

  Intrinsic Value

$9.22

stock screener

  Rating & Target

sell

-44%

Previous close

$16.55

 
Intrinsic value

$9.22

 
Up/down potential

-44%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as CODI.

We calculate the intrinsic value of CODI 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, %
  34.34
  28.60
  26.24
  24.12
  22.20
  20.48
  18.94
  17.54
  16.29
  15.16
  14.14
  13.23
  12.41
  11.67
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.24
  6.11
Revenue, $m
  978
  1,258
  1,588
  1,971
  2,408
  2,901
  3,451
  4,056
  4,717
  5,432
  6,200
  7,020
  7,891
  8,812
  9,781
  10,798
  11,863
  12,975
  14,134
  15,342
  16,598
  17,904
  19,261
  20,672
  22,138
  23,662
  25,246
  26,893
  28,607
  30,390
  32,248
Variable operating expenses, $m
 
  1,157
  1,448
  1,785
  2,170
  2,605
  3,088
  3,622
  4,203
  4,833
  5,510
  6,183
  6,950
  7,761
  8,614
  9,510
  10,448
  11,427
  12,448
  13,511
  14,618
  15,768
  16,963
  18,206
  19,497
  20,839
  22,234
  23,684
  25,194
  26,765
  28,400
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
  959
  1,157
  1,448
  1,785
  2,170
  2,605
  3,088
  3,622
  4,203
  4,833
  5,510
  6,183
  6,950
  7,761
  8,614
  9,510
  10,448
  11,427
  12,448
  13,511
  14,618
  15,768
  16,963
  18,206
  19,497
  20,839
  22,234
  23,684
  25,194
  26,765
  28,400
Operating income, $m
  19
  101
  140
  186
  238
  297
  363
  435
  514
  599
  691
  838
  941
  1,051
  1,167
  1,288
  1,415
  1,548
  1,686
  1,830
  1,980
  2,136
  2,298
  2,466
  2,641
  2,823
  3,012
  3,209
  3,413
  3,626
  3,847
EBITDA, $m
  105
  213
  268
  333
  407
  491
  583
  686
  797
  918
  1,048
  1,187
  1,334
  1,490
  1,654
  1,825
  2,005
  2,193
  2,389
  2,594
  2,806
  3,027
  3,256
  3,495
  3,743
  4,000
  4,268
  4,546
  4,836
  5,138
  5,452
Interest expense (income), $m
  23
  29
  43
  59
  78
  100
  125
  152
  182
  215
  250
  288
  329
  372
  418
  466
  516
  569
  624
  682
  742
  804
  869
  936
  1,006
  1,079
  1,155
  1,233
  1,315
  1,400
  1,488
Earnings before tax, $m
  63
  72
  97
  126
  160
  197
  238
  283
  332
  384
  440
  549
  612
  679
  749
  822
  899
  979
  1,062
  1,148
  1,238
  1,332
  1,429
  1,530
  1,635
  1,744
  1,857
  1,975
  2,098
  2,226
  2,359
Tax expense, $m
  9
  19
  26
  34
  43
  53
  64
  76
  90
  104
  119
  148
  165
  183
  202
  222
  243
  264
  287
  310
  334
  360
  386
  413
  441
  471
  501
  533
  566
  601
  637
Net income, $m
  55
  52
  71
  92
  117
  144
  174
  206
  242
  280
  321
  401
  447
  496
  547
  600
  656
  714
  775
  838
  904
  972
  1,043
  1,117
  1,194
  1,273
  1,356
  1,442
  1,532
  1,625
  1,722

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  1,777
  2,234
  2,820
  3,500
  4,277
  5,154
  6,129
  7,205
  8,378
  9,648
  11,013
  12,470
  14,017
  15,652
  17,373
  19,180
  21,071
  23,046
  25,105
  27,250
  29,481
  31,801
  34,212
  36,718
  39,322
  42,028
  44,842
  47,767
  50,811
  53,979
  57,278
Adjusted assets (=assets-cash), $m
  1,737
  2,234
  2,820
  3,500
  4,277
  5,154
  6,129
  7,205
  8,378
  9,648
  11,013
  12,470
  14,017
  15,652
  17,373
  19,180
  21,071
  23,046
  25,105
  27,250
  29,481
  31,801
  34,212
  36,718
  39,322
  42,028
  44,842
  47,767
  50,811
  53,979
  57,278
Revenue / Adjusted assets
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
Average production assets, $m
  574
  738
  932
  1,157
  1,414
  1,703
  2,026
  2,381
  2,769
  3,189
  3,640
  4,121
  4,632
  5,173
  5,742
  6,339
  6,964
  7,616
  8,297
  9,006
  9,743
  10,510
  11,306
  12,135
  12,995
  13,889
  14,819
  15,786
  16,792
  17,839
  18,929
Working capital, $m
  250
  278
  351
  436
  532
  641
  763
  896
  1,042
  1,200
  1,370
  1,552
  1,744
  1,947
  2,162
  2,386
  2,622
  2,867
  3,124
  3,390
  3,668
  3,957
  4,257
  4,569
  4,893
  5,229
  5,579
  5,943
  6,322
  6,716
  7,127
Total debt, $m
  557
  813
  1,122
  1,481
  1,890
  2,352
  2,866
  3,433
  4,051
  4,721
  5,440
  6,208
  7,023
  7,884
  8,792
  9,744
  10,740
  11,781
  12,866
  13,997
  15,172
  16,395
  17,666
  18,986
  20,359
  21,785
  23,267
  24,809
  26,414
  28,083
  29,822
Total liabilities, $m
  921
  1,177
  1,486
  1,845
  2,254
  2,716
  3,230
  3,797
  4,415
  5,085
  5,804
  6,572
  7,387
  8,248
  9,156
  10,108
  11,104
  12,145
  13,230
  14,361
  15,536
  16,759
  18,030
  19,350
  20,723
  22,149
  23,631
  25,173
  26,778
  28,447
  30,186
Total equity, $m
  856
  1,057
  1,334
  1,656
  2,023
  2,438
  2,899
  3,408
  3,963
  4,564
  5,209
  5,898
  6,630
  7,403
  8,218
  9,072
  9,967
  10,901
  11,875
  12,889
  13,944
  15,042
  16,182
  17,368
  18,599
  19,879
  21,210
  22,594
  24,034
  25,532
  27,093
Total liabilities and equity, $m
  1,777
  2,234
  2,820
  3,501
  4,277
  5,154
  6,129
  7,205
  8,378
  9,649
  11,013
  12,470
  14,017
  15,651
  17,374
  19,180
  21,071
  23,046
  25,105
  27,250
  29,480
  31,801
  34,212
  36,718
  39,322
  42,028
  44,841
  47,767
  50,812
  53,979
  57,279
Debt-to-equity ratio
  0.651
  0.770
  0.840
  0.890
  0.930
  0.960
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.100
  1.100
  1.100
Adjusted equity ratio
  0.470
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  52
  71
  92
  117
  144
  174
  206
  242
  280
  321
  401
  447
  496
  547
  600
  656
  714
  775
  838
  904
  972
  1,043
  1,117
  1,194
  1,273
  1,356
  1,442
  1,532
  1,625
  1,722
Depreciation, amort., depletion, $m
  86
  112
  128
  147
  169
  194
  221
  251
  284
  319
  358
  349
  393
  438
  487
  537
  590
  645
  703
  763
  826
  891
  958
  1,028
  1,101
  1,177
  1,256
  1,338
  1,423
  1,512
  1,604
Funds from operations, $m
  128
  164
  199
  240
  286
  337
  395
  457
  526
  600
  679
  750
  840
  934
  1,033
  1,137
  1,246
  1,360
  1,478
  1,602
  1,730
  1,863
  2,001
  2,145
  2,295
  2,450
  2,612
  2,780
  2,955
  3,137
  3,326
Change in working capital, $m
  17
  62
  73
  85
  97
  109
  121
  134
  146
  158
  170
  181
  192
  203
  214
  225
  235
  246
  256
  267
  278
  289
  300
  312
  324
  337
  350
  364
  379
  394
  410
Cash from operations, $m
  111
  102
  126
  155
  189
  228
  273
  324
  380
  442
  509
  569
  647
  731
  819
  913
  1,011
  1,114
  1,222
  1,335
  1,452
  1,574
  1,701
  1,834
  1,971
  2,113
  2,262
  2,416
  2,576
  2,742
  2,916
Maintenance CAPEX, $m
  0
  -49
  -63
  -79
  -98
  -120
  -144
  -172
  -202
  -235
  -270
  -308
  -349
  -393
  -438
  -487
  -537
  -590
  -645
  -703
  -763
  -826
  -891
  -958
  -1,028
  -1,101
  -1,177
  -1,256
  -1,338
  -1,423
  -1,512
New CAPEX, $m
  -24
  -164
  -194
  -225
  -257
  -290
  -323
  -355
  -388
  -420
  -451
  -481
  -511
  -540
  -569
  -597
  -625
  -653
  -681
  -709
  -737
  -767
  -797
  -828
  -861
  -894
  -930
  -967
  -1,006
  -1,047
  -1,090
Cash from investing activities, $m
  -363
  -213
  -257
  -304
  -355
  -410
  -467
  -527
  -590
  -655
  -721
  -789
  -860
  -933
  -1,007
  -1,084
  -1,162
  -1,243
  -1,326
  -1,412
  -1,500
  -1,593
  -1,688
  -1,786
  -1,889
  -1,995
  -2,107
  -2,223
  -2,344
  -2,470
  -2,602
Free cash flow, $m
  -252
  -111
  -130
  -149
  -166
  -181
  -194
  -203
  -210
  -213
  -212
  -221
  -213
  -202
  -188
  -171
  -151
  -129
  -104
  -77
  -48
  -18
  14
  47
  82
  118
  155
  193
  232
  272
  314
Issuance/(repayment) of debt, $m
  248
  262
  309
  358
  410
  462
  514
  567
  618
  669
  719
  768
  815
  862
  907
  952
  997
  1,041
  1,085
  1,130
  1,176
  1,223
  1,271
  1,321
  1,372
  1,426
  1,483
  1,542
  1,604
  1,670
  1,739
Issuance/(repurchase) of shares, $m
  84
  182
  206
  229
  251
  271
  288
  302
  313
  320
  324
  288
  285
  278
  267
  254
  238
  220
  199
  176
  151
  125
  97
  68
  38
  7
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  287
  444
  515
  587
  661
  733
  802
  869
  931
  989
  1,043
  1,056
  1,100
  1,140
  1,174
  1,206
  1,235
  1,261
  1,284
  1,306
  1,327
  1,348
  1,368
  1,389
  1,410
  1,433
  1,483
  1,542
  1,604
  1,670
  1,739
Total cash flow (excl. dividends), $m
  32
  334
  385
  439
  495
  551
  608
  665
  722
  777
  831
  835
  887
  937
  987
  1,035
  1,084
  1,132
  1,180
  1,229
  1,279
  1,330
  1,382
  1,436
  1,492
  1,551
  1,638
  1,735
  1,836
  1,942
  2,052
Retained Cash Flow (-), $m
  -30
  -235
  -277
  -322
  -368
  -414
  -462
  -509
  -555
  -601
  -645
  -689
  -732
  -773
  -814
  -855
  -894
  -934
  -974
  -1,014
  -1,055
  -1,097
  -1,141
  -1,185
  -1,232
  -1,280
  -1,331
  -1,384
  -1,440
  -1,499
  -1,560
Prev. year cash balance distribution, $m
 
  34
  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
 
  133
  108
  117
  127
  137
  147
  157
  167
  176
  186
  146
  155
  164
  172
  181
  189
  198
  206
  215
  223
  232
  241
  251
  261
  271
  307
  351
  397
  443
  492
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  124
  93
  94
  93
  91
  87
  83
  78
  72
  65
  44
  39
  34
  30
  25
  21
  17
  14
  11
  8
  6
  5
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  84.0
  71.9
  62.7
  55.4
  49.7
  45.1
  41.4
  38.4
  35.9
  33.8
  32.3
  31.0
  29.9
  29.0
  28.3
  27.7
  27.1
  26.7
  26.4
  26.1
  25.9
  25.8
  25.7
  25.6
  25.6
  25.6
  25.6
  25.6
  25.6
  25.6

Compass Diversified Holdings (the Trust) and Compass Group Diversified Holdings, LLC, (the Company), acquires and manages small and middle-market businesses. The Company operates through segments include Acquisition Corp. (5.11 Tactical), The Ergo Baby Carrier, Inc. (Ergobaby), Liberty Safe and Security Products, Inc. (Liberty), Fresh Hemp Foods Ltd. (Manitoba Harvest), Compass AC Holdings, Inc. (ACI), AMT Acquisition Corporation (Arnold), Clean Earth Holdings, Inc. (Clean Earth), and Sterno Products, LLC (Sterno) segments. The Company categorizes the businesses into separate groups of businesses, such as branded consumer businesses and niche industrial businesses. The Company also owns a non-controlling interest in Fox Factory Holding Corp. (FOX). Compass Group Management LLC, (CGM or the Manager), manages the day to day operations of the Company and oversees the management and operations of its businesses pursuant to a management services agreement (MSA).

FINANCIAL RATIOS  of  Compass Diversified Holdings (CODI)

Valuation Ratios
P/E Ratio 18
Price to Sales 1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 34.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 64.4%
Total Debt to Equity 65.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 13.1%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 24%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 33.4%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 17.6%
EBITDA Margin - 3 Yr. Avg. 27.9%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 18.3%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 17.6%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 23.9%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 141.8%

CODI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CODI stock intrinsic value calculation we used $978 million for the last fiscal year's total revenue generated by Compass Diversified Holdings. The default revenue input number comes from 2016 income statement of Compass Diversified Holdings. 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 CODI stock valuation model: a) initial revenue growth rate of 28.6% 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 7.1%, whose default value for CODI is calculated based on our internal credit rating of Compass Diversified Holdings, 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 Compass Diversified Holdings.
    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 CODI stock the variable cost ratio is equal to 93.1%.

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 CODI 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 5.3% for Compass Diversified Holdings.

Corporate tax rate of 27% is the nominal tax rate for Compass Diversified Holdings. 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 CODI 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 CODI are equal to 58.7%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Compass Diversified Holdings 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 CODI is equal to 22.1%. 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 - $856 million for Compass Diversified Holdings - 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 60.177 million for Compass Diversified Holdings 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 Compass Diversified Holdings at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Compass Diversified Holdings Acquires Foam Fabricators   [Jan-18-18 03:10PM  PR Newswire]
▶ NasdaqGS Favorite Financial Dividend Stocks   [12:02PM  Simply Wall St.]
▶ Should You Buy Compass Diversified Holdings LLC (CODI) Now?   [Sep-13-17 01:37PM  Simply Wall St.]
▶ Sterno Products Acquires sevenOKs   [Aug-31-17 01:00PM  GlobeNewswire]
▶ Five Yields Up To 10% With 40% Price Upside, Too   [Apr-09-17 08:17AM  Forbes]
▶ New Strong Sell Stocks for March 6th   [Mar-06-17 10:10AM  Zacks]
▶ 5.11 Tactical® Creates Revolutionary Tactical Jeans   [Jan-17-17 02:26PM  PR Newswire]
▶ Baby Berkshire Stock With An 8.3% Dividend Yield   [Oct-20-16 12:03PM  at Forbes]
Financial statements of CODI
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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