Intrinsic value of Compass Diversified Holdings - CODI

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$17.15

  Intrinsic Value

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  Value-price divergence*

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

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

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

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 1.0

 

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
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  978
  1,096
  1,459
  1,901
  2,428
  3,047
  3,760
  4,572
  5,483
  6,493
  7,603
  8,810
  10,113
  11,510
  12,998
  14,575
  16,241
  17,991
  19,827
  21,747
  23,751
  25,839
  28,014
  30,275
  32,626
  35,069
  37,608
  40,247
  42,989
  45,840
  48,806
Variable operating expenses, $m
 
  622
  815
  1,049
  1,330
  1,658
  2,037
  2,469
  2,953
  3,490
  4,079
  4,682
  5,374
  6,117
  6,907
  7,746
  8,631
  9,561
  10,537
  11,557
  12,622
  13,732
  14,887
  16,089
  17,338
  18,637
  19,986
  21,388
  22,846
  24,361
  25,937
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
  622
  815
  1,049
  1,330
  1,658
  2,037
  2,469
  2,953
  3,490
  4,079
  4,682
  5,374
  6,117
  6,907
  7,746
  8,631
  9,561
  10,537
  11,557
  12,622
  13,732
  14,887
  16,089
  17,338
  18,637
  19,986
  21,388
  22,846
  24,361
  25,937
Operating income, $m
  19
  475
  645
  852
  1,099
  1,388
  1,723
  2,103
  2,530
  3,003
  3,523
  4,128
  4,739
  5,393
  6,090
  6,830
  7,610
  8,430
  9,290
  10,190
  11,129
  12,108
  13,126
  14,186
  15,288
  16,432
  17,622
  18,858
  20,143
  21,480
  22,869
EBITDA, $m
  105
  555
  739
  963
  1,230
  1,543
  1,905
  2,316
  2,777
  3,289
  3,851
  4,462
  5,122
  5,830
  6,584
  7,383
  8,226
  9,113
  10,043
  11,016
  12,031
  13,088
  14,190
  15,335
  16,526
  17,764
  19,050
  20,386
  21,775
  23,220
  24,722
Interest expense (income), $m
  23
  16
  27
  41
  58
  78
  102
  129
  160
  195
  233
  276
  322
  372
  425
  482
  542
  606
  673
  743
  816
  893
  972
  1,055
  1,142
  1,232
  1,325
  1,422
  1,523
  1,628
  1,736
Earnings before tax, $m
  63
  459
  617
  811
  1,041
  1,310
  1,621
  1,974
  2,370
  2,809
  3,290
  3,852
  4,417
  5,021
  5,665
  6,348
  7,068
  7,825
  8,618
  9,447
  10,313
  11,215
  12,154
  13,130
  14,146
  15,201
  16,297
  17,436
  18,621
  19,852
  21,133
Tax expense, $m
  9
  124
  167
  219
  281
  354
  438
  533
  640
  758
  888
  1,040
  1,193
  1,356
  1,530
  1,714
  1,908
  2,113
  2,327
  2,551
  2,784
  3,028
  3,282
  3,545
  3,819
  4,104
  4,400
  4,708
  5,028
  5,360
  5,706
Net income, $m
  55
  335
  451
  592
  760
  957
  1,183
  1,441
  1,730
  2,050
  2,402
  2,812
  3,224
  3,666
  4,136
  4,634
  5,159
  5,712
  6,291
  6,897
  7,528
  8,187
  8,872
  9,585
  10,326
  11,097
  11,897
  12,729
  13,593
  14,492
  15,427

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
  1,818
  2,420
  3,152
  4,027
  5,052
  6,236
  7,582
  9,092
  10,768
  12,608
  14,610
  16,771
  19,087
  21,555
  24,172
  26,933
  29,837
  32,881
  36,065
  39,388
  42,851
  46,457
  50,207
  54,106
  58,158
  62,368
  66,744
  71,292
  76,021
  80,939
Adjusted assets (=assets-cash), $m
  1,737
  1,818
  2,420
  3,152
  4,027
  5,052
  6,236
  7,582
  9,092
  10,768
  12,608
  14,610
  16,771
  19,087
  21,555
  24,172
  26,933
  29,837
  32,881
  36,065
  39,388
  42,851
  46,457
  50,207
  54,106
  58,158
  62,368
  66,744
  71,292
  76,021
  80,939
Revenue / Adjusted assets
  0.563
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
  0.603
Average production assets, $m
  574
  612
  814
  1,061
  1,355
  1,700
  2,098
  2,551
  3,059
  3,623
  4,242
  4,916
  5,643
  6,422
  7,253
  8,133
  9,062
  10,039
  11,064
  12,135
  13,253
  14,418
  15,632
  16,893
  18,205
  19,569
  20,985
  22,458
  23,988
  25,579
  27,234
Working capital, $m
  250
  127
  169
  220
  282
  353
  436
  530
  636
  753
  882
  1,022
  1,173
  1,335
  1,508
  1,691
  1,884
  2,087
  2,300
  2,523
  2,755
  2,997
  3,250
  3,512
  3,785
  4,068
  4,363
  4,669
  4,987
  5,317
  5,662
Total debt, $m
  557
  522
  789
  1,113
  1,501
  1,955
  2,480
  3,076
  3,745
  4,487
  5,302
  6,189
  7,146
  8,173
  9,266
  10,425
  11,648
  12,935
  14,283
  15,694
  17,166
  18,700
  20,297
  21,959
  23,686
  25,481
  27,346
  29,285
  31,299
  33,394
  35,573
Total liabilities, $m
  921
  805
  1,072
  1,396
  1,784
  2,238
  2,763
  3,359
  4,028
  4,770
  5,585
  6,472
  7,429
  8,456
  9,549
  10,708
  11,931
  13,218
  14,566
  15,977
  17,449
  18,983
  20,580
  22,242
  23,969
  25,764
  27,629
  29,568
  31,582
  33,677
  35,856
Total equity, $m
  856
  1,013
  1,348
  1,756
  2,243
  2,814
  3,473
  4,223
  5,064
  5,998
  7,023
  8,138
  9,341
  10,632
  12,006
  13,464
  15,002
  16,619
  18,315
  20,088
  21,939
  23,868
  25,877
  27,965
  30,137
  32,394
  34,739
  37,176
  39,710
  42,344
  45,083
Total liabilities and equity, $m
  1,777
  1,818
  2,420
  3,152
  4,027
  5,052
  6,236
  7,582
  9,092
  10,768
  12,608
  14,610
  16,770
  19,088
  21,555
  24,172
  26,933
  29,837
  32,881
  36,065
  39,388
  42,851
  46,457
  50,207
  54,106
  58,158
  62,368
  66,744
  71,292
  76,021
  80,939
Debt-to-equity ratio
  0.651
  0.520
  0.590
  0.630
  0.670
  0.690
  0.710
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.470
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  335
  451
  592
  760
  957
  1,183
  1,441
  1,730
  2,050
  2,402
  2,812
  3,224
  3,666
  4,136
  4,634
  5,159
  5,712
  6,291
  6,897
  7,528
  8,187
  8,872
  9,585
  10,326
  11,097
  11,897
  12,729
  13,593
  14,492
  15,427
Depreciation, amort., depletion, $m
  86
  81
  94
  111
  131
  155
  182
  213
  247
  286
  328
  334
  384
  437
  493
  553
  616
  683
  753
  825
  902
  981
  1,063
  1,149
  1,238
  1,331
  1,428
  1,528
  1,632
  1,740
  1,853
Funds from operations, $m
  128
  415
  545
  703
  891
  1,111
  1,365
  1,654
  1,977
  2,336
  2,729
  3,147
  3,608
  4,103
  4,629
  5,187
  5,776
  6,395
  7,044
  7,722
  8,430
  9,168
  9,936
  10,734
  11,565
  12,428
  13,324
  14,256
  15,225
  16,232
  17,279
Change in working capital, $m
  17
  34
  42
  51
  61
  72
  83
  94
  106
  117
  129
  140
  151
  162
  173
  183
  193
  203
  213
  223
  232
  242
  252
  262
  273
  283
  295
  306
  318
  331
  344
Cash from operations, $m
  111
  400
  503
  652
  830
  1,040
  1,283
  1,560
  1,872
  2,219
  2,601
  3,007
  3,457
  3,941
  4,457
  5,004
  5,583
  6,192
  6,831
  7,499
  8,198
  8,926
  9,684
  10,472
  11,292
  12,144
  13,030
  13,950
  14,907
  15,901
  16,935
Maintenance CAPEX, $m
  0
  -31
  -42
  -55
  -72
  -92
  -116
  -143
  -174
  -208
  -246
  -289
  -334
  -384
  -437
  -493
  -553
  -616
  -683
  -753
  -825
  -902
  -981
  -1,063
  -1,149
  -1,238
  -1,331
  -1,428
  -1,528
  -1,632
  -1,740
New CAPEX, $m
  -24
  -163
  -202
  -246
  -294
  -345
  -398
  -453
  -508
  -564
  -619
  -674
  -727
  -779
  -830
  -880
  -929
  -977
  -1,024
  -1,071
  -1,118
  -1,165
  -1,213
  -1,262
  -1,312
  -1,363
  -1,417
  -1,472
  -1,530
  -1,591
  -1,655
Cash from investing activities, $m
  -363
  -194
  -244
  -301
  -366
  -437
  -514
  -596
  -682
  -772
  -865
  -963
  -1,061
  -1,163
  -1,267
  -1,373
  -1,482
  -1,593
  -1,707
  -1,824
  -1,943
  -2,067
  -2,194
  -2,325
  -2,461
  -2,601
  -2,748
  -2,900
  -3,058
  -3,223
  -3,395
Free cash flow, $m
  -252
  206
  259
  350
  463
  602
  769
  964
  1,190
  1,447
  1,735
  2,044
  2,395
  2,777
  3,189
  3,630
  4,100
  4,598
  5,123
  5,675
  6,254
  6,859
  7,490
  8,147
  8,831
  9,543
  10,282
  11,050
  11,849
  12,678
  13,541
Issuance/(repayment) of debt, $m
  248
  213
  266
  324
  387
  454
  524
  596
  669
  742
  815
  887
  957
  1,026
  1,093
  1,159
  1,223
  1,286
  1,349
  1,410
  1,472
  1,534
  1,597
  1,661
  1,727
  1,795
  1,865
  1,938
  2,015
  2,095
  2,179
Issuance/(repurchase) of shares, $m
  84
  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  
  287
  213
  266
  324
  387
  454
  524
  596
  669
  742
  815
  887
  957
  1,026
  1,093
  1,159
  1,223
  1,286
  1,349
  1,410
  1,472
  1,534
  1,597
  1,661
  1,727
  1,795
  1,865
  1,938
  2,015
  2,095
  2,179
Total cash flow (excl. dividends), $m
  32
  420
  526
  674
  851
  1,057
  1,293
  1,560
  1,859
  2,189
  2,550
  2,931
  3,353
  3,803
  4,283
  4,789
  5,324
  5,885
  6,472
  7,086
  7,726
  8,393
  9,087
  9,808
  10,558
  11,337
  12,147
  12,989
  13,864
  14,773
  15,719
Retained Cash Flow (-), $m
  -30
  -269
  -335
  -408
  -487
  -571
  -659
  -750
  -841
  -933
  -1,025
  -1,115
  -1,204
  -1,290
  -1,375
  -1,457
  -1,538
  -1,617
  -1,696
  -1,773
  -1,851
  -1,929
  -2,008
  -2,089
  -2,172
  -2,257
  -2,345
  -2,437
  -2,533
  -2,634
  -2,739
Prev. year cash balance distribution, $m
 
  82
  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
 
  233
  191
  266
  364
  485
  634
  811
  1,018
  1,256
  1,525
  1,816
  2,149
  2,513
  2,908
  3,332
  3,786
  4,267
  4,776
  5,312
  5,875
  6,464
  7,079
  7,719
  8,387
  9,081
  9,802
  10,552
  11,330
  12,139
  12,980
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  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
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  222
  172
  227
  290
  361
  437
  515
  591
  661
  723
  768
  803
  822
  824
  809
  778
  733
  678
  613
  544
  472
  402
  334
  272
  216
  168
  127
  94
  68
  47
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

Compass Diversified Holdings LLC is a private equity firm specializing in acquisitions, buyouts, and middle market investments. It seeks to invest in manufacturing, distribution, consumer products, and business services sectors. The firm prefers to invest in companies based in North America. It seeks to invest between $100 million and $500 million in transaction size between $75 million and $500 million in companies with cash flows between $10 million and $450 million, enterprise values between $100 million and $500 million, and an EBITDA between $10 million and $50 million. It seeks to acquire controlling ownership interests in its portfolio companies and can also make additional platform acquisitions. The firm invests through its balance sheet and typically holds investments between five to seven years. Compass Diversified Holdings LLC was founded in 2005 and is based in Westport, Connecticut with an additional office in Irvine, California.

FINANCIAL RATIOS  of  Compass Diversified Holdings (CODI)

Valuation Ratios
P/E Ratio 18.7
Price to Sales 1.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 11.8
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 $805 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 36.2% 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 5%, 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 58%.

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 5.2% 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 55.8%.

Life of production assets of 14.7 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 11.6%. 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 - $826 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 60.119 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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