Intrinsic value of Cementos Pacasmayo ADR - CPAC

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$11.54

  Intrinsic Value

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  Value-price divergence*

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$11.54

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

We calculate the intrinsic value of CPAC 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 ), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  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
  0
  1,265
  1,294
  1,327
  1,364
  1,406
  1,451
  1,501
  1,554
  1,612
  1,674
  1,740
  1,810
  1,886
  1,966
  2,050
  2,140
  2,235
  2,336
  2,442
  2,554
  2,673
  2,798
  2,929
  3,068
  3,214
  3,368
  3,530
  3,700
  3,879
  4,068
Variable operating expenses, $m
 
  937
  959
  983
  1,011
  1,042
  1,075
  1,112
  1,152
  1,194
  1,240
  1,289
  1,342
  1,397
  1,456
  1,519
  1,586
  1,656
  1,731
  1,810
  1,893
  1,980
  2,073
  2,171
  2,273
  2,382
  2,495
  2,615
  2,742
  2,874
  3,014
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
  0
  937
  959
  983
  1,011
  1,042
  1,075
  1,112
  1,152
  1,194
  1,240
  1,289
  1,342
  1,397
  1,456
  1,519
  1,586
  1,656
  1,731
  1,810
  1,893
  1,980
  2,073
  2,171
  2,273
  2,382
  2,495
  2,615
  2,742
  2,874
  3,014
Operating income, $m
  0
  328
  335
  344
  353
  364
  376
  389
  403
  417
  433
  451
  469
  488
  509
  531
  554
  579
  605
  633
  662
  692
  725
  759
  795
  832
  872
  914
  958
  1,005
  1,053
EBITDA, $m
  0
  441
  451
  463
  476
  490
  506
  523
  542
  562
  584
  607
  631
  657
  685
  715
  746
  779
  814
  852
  891
  932
  975
  1,021
  1,070
  1,121
  1,174
  1,231
  1,290
  1,353
  1,418
Interest expense (income), $m
  0
  48
  49
  51
  53
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
  89
  93
  99
  104
  110
  116
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
Earnings before tax, $m
  0
  280
  286
  293
  301
  309
  319
  329
  340
  352
  365
  378
  393
  408
  425
  442
  461
  480
  501
  523
  546
  570
  596
  623
  652
  682
  713
  747
  782
  818
  857
Tax expense, $m
  0
  76
  77
  79
  81
  83
  86
  89
  92
  95
  98
  102
  106
  110
  115
  119
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
  231
Net income, $m
  0
  204
  209
  214
  219
  226
  233
  240
  248
  257
  266
  276
  287
  298
  310
  323
  336
  351
  366
  382
  399
  416
  435
  455
  476
  498
  521
  545
  571
  597
  626

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  0
  3,302
  3,378
  3,465
  3,563
  3,671
  3,789
  3,918
  4,058
  4,208
  4,370
  4,543
  4,727
  4,923
  5,132
  5,353
  5,588
  5,836
  6,099
  6,376
  6,669
  6,978
  7,304
  7,648
  8,010
  8,391
  8,793
  9,216
  9,660
  10,128
  10,620
Adjusted assets (=assets-cash), $m
  0
  3,302
  3,378
  3,465
  3,563
  3,671
  3,789
  3,918
  4,058
  4,208
  4,370
  4,543
  4,727
  4,923
  5,132
  5,353
  5,588
  5,836
  6,099
  6,376
  6,669
  6,978
  7,304
  7,648
  8,010
  8,391
  8,793
  9,216
  9,660
  10,128
  10,620
Revenue / Adjusted assets
  0.000
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
  0.383
Average production assets, $m
  0
  2,461
  2,518
  2,583
  2,655
  2,736
  2,824
  2,920
  3,024
  3,137
  3,257
  3,386
  3,523
  3,669
  3,825
  3,990
  4,165
  4,350
  4,546
  4,752
  4,971
  5,201
  5,444
  5,700
  5,970
  6,254
  6,554
  6,869
  7,200
  7,549
  7,915
Working capital, $m
  0
  632
  647
  664
  682
  703
  726
  750
  777
  806
  837
  870
  905
  943
  983
  1,025
  1,070
  1,118
  1,168
  1,221
  1,277
  1,336
  1,399
  1,465
  1,534
  1,607
  1,684
  1,765
  1,850
  1,940
  2,034
Total debt, $m
  0
  1,027
  1,061
  1,100
  1,144
  1,192
  1,245
  1,303
  1,366
  1,434
  1,506
  1,584
  1,666
  1,755
  1,848
  1,948
  2,053
  2,164
  2,282
  2,407
  2,539
  2,677
  2,824
  2,978
  3,141
  3,312
  3,492
  3,682
  3,881
  4,092
  4,312
Total liabilities, $m
  0
  1,483
  1,517
  1,556
  1,600
  1,648
  1,701
  1,759
  1,822
  1,890
  1,962
  2,040
  2,122
  2,211
  2,304
  2,404
  2,509
  2,620
  2,738
  2,863
  2,995
  3,133
  3,280
  3,434
  3,597
  3,768
  3,948
  4,138
  4,337
  4,548
  4,768
Total equity, $m
  0
  1,820
  1,861
  1,909
  1,963
  2,023
  2,088
  2,159
  2,236
  2,319
  2,408
  2,503
  2,605
  2,713
  2,828
  2,950
  3,079
  3,216
  3,360
  3,513
  3,675
  3,845
  4,025
  4,214
  4,414
  4,624
  4,845
  5,078
  5,323
  5,581
  5,852
Total liabilities and equity, $m
  0
  3,303
  3,378
  3,465
  3,563
  3,671
  3,789
  3,918
  4,058
  4,209
  4,370
  4,543
  4,727
  4,924
  5,132
  5,354
  5,588
  5,836
  6,098
  6,376
  6,670
  6,978
  7,305
  7,648
  8,011
  8,392
  8,793
  9,216
  9,660
  10,129
  10,620
Debt-to-equity ratio
  0.000
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.740
Adjusted equity ratio
  0.000
  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
  0
  204
  209
  214
  219
  226
  233
  240
  248
  257
  266
  276
  287
  298
  310
  323
  336
  351
  366
  382
  399
  416
  435
  455
  476
  498
  521
  545
  571
  597
  626
Depreciation, amort., depletion, $m
  0
  113
  116
  119
  122
  126
  130
  135
  139
  145
  150
  156
  162
  169
  176
  184
  192
  200
  209
  219
  229
  240
  251
  263
  275
  288
  302
  317
  332
  348
  365
Funds from operations, $m
  0
  318
  325
  333
  342
  352
  363
  375
  388
  401
  416
  432
  449
  467
  486
  507
  528
  551
  575
  601
  628
  656
  686
  718
  751
  786
  823
  861
  902
  945
  990
Change in working capital, $m
  0
  12
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  42
  45
  48
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
Cash from operations, $m
  0
  145
  310
  316
  323
  331
  340
  350
  361
  373
  385
  399
  414
  430
  446
  464
  483
  504
  525
  548
  572
  597
  624
  652
  681
  713
  746
  781
  817
  856
  896
Maintenance CAPEX, $m
  0
  -111
  -113
  -116
  -119
  -122
  -126
  -130
  -135
  -139
  -145
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -275
  -288
  -302
  -317
  -332
  -348
New CAPEX, $m
  0
  -49
  -57
  -65
  -73
  -80
  -88
  -96
  -104
  -112
  -120
  -129
  -137
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -218
  -230
  -243
  -256
  -270
  -284
  -299
  -315
  -331
  -349
  -367
Cash from investing activities, $m
  0
  -160
  -170
  -181
  -192
  -202
  -214
  -226
  -239
  -251
  -265
  -279
  -293
  -308
  -324
  -341
  -359
  -377
  -396
  -416
  -437
  -459
  -483
  -507
  -533
  -559
  -587
  -617
  -648
  -681
  -715
Free cash flow, $m
  0
  -15
  140
  135
  131
  128
  126
  124
  122
  121
  120
  120
  120
  121
  122
  123
  125
  127
  129
  131
  134
  137
  141
  145
  149
  153
  158
  164
  169
  175
  182
Issuance/(repayment) of debt, $m
  0
  29
  34
  39
  44
  48
  53
  58
  63
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
  125
  132
  139
  146
  154
  163
  171
  180
  190
  200
  210
  221
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  29
  34
  39
  44
  48
  53
  58
  63
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
  125
  132
  139
  146
  154
  163
  171
  180
  190
  200
  210
  221
Total cash flow (excl. dividends), $m
  0
  13
  174
  174
  175
  177
  179
  182
  185
  189
  193
  198
  203
  209
  216
  223
  230
  238
  247
  256
  266
  276
  287
  299
  312
  325
  339
  353
  369
  385
  403
Retained Cash Flow (-), $m
  0
  -33
  -42
  -48
  -54
  -60
  -65
  -71
  -77
  -83
  -89
  -95
  -102
  -108
  -115
  -122
  -129
  -137
  -145
  -153
  -161
  -170
  -180
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
Prev. year cash balance distribution, $m
 
  80
  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
 
  61
  132
  127
  122
  117
  114
  110
  108
  106
  104
  103
  102
  101
  101
  101
  101
  101
  102
  103
  104
  106
  108
  110
  112
  115
  117
  120
  124
  127
  131
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  58
  118
  106
  95
  85
  76
  67
  59
  52
  46
  40
  35
  30
  25
  21
  18
  15
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
  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

Cementos Pacasmayo S.A.A., a cement company, produces, distributes, and sells cement and cement-related materials in the northern region of Peru. It operates in three segments: Cement, Concrete and Blocks; Quicklime; and Sales of Construction Supplies. The company’s products include concrete blocks, cement bricks, and ready-mix concrete, which are primarily used in construction; and quicklime for use in mining operations. It also distributes and sells other construction materials manufactured by third parties, such as steel rebars, plastic pipes, plastic pipes and electrical wires, and others that are used in construction. The company was incorporated in 1949 and is headquartered in Lima, Peru. Cementos Pacasmayo S.A.A. is a subsidiary of Inversiones ASPI S.A.

FINANCIAL RATIOS  of  Cementos Pacasmayo ADR (CPAC)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

CPAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPAC stock intrinsic value calculation we used $1240 million for the last fiscal year's total revenue generated by Cementos Pacasmayo ADR. The default revenue input number comes from income statement of Cementos Pacasmayo ADR. 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 CPAC 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 5.5%, whose default value for CPAC is calculated based on our internal credit rating of Cementos Pacasmayo ADR, 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 Cementos Pacasmayo ADR.
    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 CPAC stock the variable cost ratio is equal to 74.1%.

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 CPAC 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 4.8% for Cementos Pacasmayo ADR.

Corporate tax rate of 27% is the nominal tax rate for Cementos Pacasmayo ADR. 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 CPAC 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 CPAC are equal to 194.6%.

Life of production assets of 21.7 years is the average useful life of capital assets used in Cementos Pacasmayo ADR 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 CPAC is equal to 50%. 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 - $1867 million for Cementos Pacasmayo ADR - 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 113.519 million for Cementos Pacasmayo ADR 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 Cementos Pacasmayo ADR at the current share price and the inputted number of shares is $1.3 billion.


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COMPANY NEWS

▶ Pacasmayo posts 1Q profit   [Apr-26-17 10:40AM  Associated Press]
▶ Procesos MC Peru to Start Accepting JCB Cards in Peru   [Jan-05-17 09:00PM  ACN Newswire]
▶ Cementos Pacasmayo S.A.A. Announces Annual Dividend   [Aug-23-16 05:56PM  Business Wire]
▶ CEMENTOS PACASMAYO SAA Financials   [01:04PM  EDGAR Online Financials]
▶ Cementos Pacasmayo S.A.A. Files Annual Report on Form 20-F   [May-02-16 02:02PM  Business Wire]
▶ Cemex & Cementos: Cost Cutting Masks Weakness?   [Jul-24  09:38AM  at Barrons.com]
▶ Cementos Pacasmayo downgraded by Barclays   [Oct-28  02:47PM  Briefing.com]
▶ Middle class is key to any investment in Peru   [Jul-21  03:04PM  at MarketWatch]
▶ CEMENTOS PACASMAYO SAA Financials   [May-07  01:04PM  EDGAR Online Financials]
▶ Facebook's hypocritical approach to transparency   [Mar-27  09:33AM  at Fortune]
▶ Vulcan Announces Leadership Changes   [Dec-17  12:40PM  Zacks]
▶ RSI Alert: CPAC Now Oversold   [Dec-04  04:24PM  at Forbes]
▶ Ex-Dividend Reminder: CPAC, BNV and TROX   [Nov-12  10:51AM  at Forbes]
▶ Strong Buy on Vulcan Material   [Nov-07  04:55PM  Zacks]
▶ Cementos Pacasmayo: 25%-50% Upside For This Small-Cap Stock   [Nov-05  01:51AM  at Seeking Alpha]
▶ Vulcan Beats Q3 Earnings, Revs   [Nov-04  01:10PM  Zacks]
Stock chart of CPAC Financial statements of CPAC Annual reports of CPAC
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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