Intrinsic value of Central Pacific Financial - CPF

Previous Close

$29.08

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$29.08

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of CPF 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, %
  -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
  211
  216
  222
  228
  235
  242
  251
  259
  269
  279
  290
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  537
  562
  589
  618
  648
  679
Variable operating expenses, $m
 
  137
  140
  144
  148
  152
  157
  162
  168
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  303
  317
  332
  348
  364
  382
  400
  420
  440
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
  137
  140
  144
  148
  152
  157
  162
  168
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  303
  317
  332
  348
  364
  382
  400
  420
  440
Operating income, $m
  0
  74
  76
  78
  80
  83
  85
  88
  91
  95
  98
  102
  106
  111
  115
  120
  126
  131
  137
  144
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
  239
EBITDA, $m
  14
  636
  651
  667
  686
  707
  730
  755
  782
  811
  842
  875
  910
  948
  988
  1,031
  1,076
  1,124
  1,175
  1,228
  1,285
  1,344
  1,407
  1,473
  1,543
  1,616
  1,694
  1,775
  1,861
  1,951
  2,046
Interest expense (income), $m
  9
  283
  254
  260
  266
  273
  281
  290
  299
  309
  320
  332
  344
  357
  372
  387
  403
  420
  438
  456
  477
  498
  520
  544
  568
  595
  622
  651
  682
  714
  748
Earnings before tax, $m
  72
  -209
  -178
  -182
  -186
  -191
  -196
  -201
  -208
  -214
  -222
  -229
  -238
  -247
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -341
  -356
  -371
  -388
  -406
  -424
  -444
  -464
  -486
  -509
Tax expense, $m
  25
  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
Net income, $m
  47
  -209
  -178
  -182
  -186
  -191
  -196
  -201
  -208
  -214
  -222
  -229
  -238
  -247
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -341
  -356
  -371
  -388
  -406
  -424
  -444
  -464
  -486
  -509

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
  5,384
  4,910
  5,023
  5,152
  5,297
  5,458
  5,634
  5,826
  6,034
  6,257
  6,497
  6,754
  7,029
  7,320
  7,631
  7,960
  8,309
  8,678
  9,068
  9,481
  9,916
  10,376
  10,861
  11,372
  11,910
  12,477
  13,074
  13,703
  14,364
  15,059
  15,791
Adjusted assets (=assets-cash), $m
  5,384
  4,910
  5,023
  5,152
  5,297
  5,458
  5,634
  5,826
  6,034
  6,257
  6,497
  6,754
  7,029
  7,320
  7,631
  7,960
  8,309
  8,678
  9,068
  9,481
  9,916
  10,376
  10,861
  11,372
  11,910
  12,477
  13,074
  13,703
  14,364
  15,059
  15,791
Revenue / Adjusted assets
  0.000
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
  0.043
Average production assets, $m
  71
  5,618
  5,747
  5,894
  6,060
  6,244
  6,446
  6,665
  6,903
  7,159
  7,433
  7,727
  8,041
  8,375
  8,730
  9,106
  9,505
  9,928
  10,375
  10,847
  11,345
  11,871
  12,425
  13,010
  13,626
  14,275
  14,958
  15,677
  16,433
  17,229
  18,066
Working capital, $m
  0
  -5,213
  -5,333
  -5,470
  -5,624
  -5,795
  -5,982
  -6,185
  -6,406
  -6,643
  -6,898
  -7,171
  -7,462
  -7,772
  -8,101
  -8,451
  -8,821
  -9,213
  -9,628
  -10,066
  -10,528
  -11,016
  -11,531
  -12,074
  -12,645
  -13,247
  -13,881
  -14,548
  -15,250
  -15,989
  -16,766
Total debt, $m
  93
  4,711
  4,813
  4,929
  5,060
  5,204
  5,363
  5,535
  5,722
  5,924
  6,140
  6,371
  6,618
  6,880
  7,160
  7,456
  7,770
  8,102
  8,454
  8,825
  9,217
  9,631
  10,067
  10,527
  11,011
  11,522
  12,059
  12,624
  13,219
  13,846
  14,504
Total liabilities, $m
  4,880
  4,419
  4,521
  4,637
  4,767
  4,912
  5,071
  5,243
  5,430
  5,632
  5,848
  6,079
  6,326
  6,588
  6,868
  7,164
  7,478
  7,810
  8,161
  8,533
  8,925
  9,339
  9,775
  10,235
  10,719
  11,229
  11,767
  12,332
  12,927
  13,553
  14,212
Total equity, $m
  505
  491
  502
  515
  530
  546
  563
  583
  603
  626
  650
  675
  703
  732
  763
  796
  831
  868
  907
  948
  992
  1,038
  1,086
  1,137
  1,191
  1,248
  1,307
  1,370
  1,436
  1,506
  1,579
Total liabilities and equity, $m
  5,385
  4,910
  5,023
  5,152
  5,297
  5,458
  5,634
  5,826
  6,033
  6,258
  6,498
  6,754
  7,029
  7,320
  7,631
  7,960
  8,309
  8,678
  9,068
  9,481
  9,917
  10,377
  10,861
  11,372
  11,910
  12,477
  13,074
  13,702
  14,363
  15,059
  15,791
Debt-to-equity ratio
  0.184
  9.590
  9.580
  9.570
  9.550
  9.540
  9.520
  9.500
  9.480
  9.470
  9.450
  9.430
  9.420
  9.400
  9.380
  9.370
  9.350
  9.340
  9.320
  9.310
  9.290
  9.280
  9.270
  9.260
  9.250
  9.230
  9.220
  9.210
  9.200
  9.190
  9.180
Adjusted equity ratio
  0.094
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  -209
  -178
  -182
  -186
  -191
  -196
  -201
  -208
  -214
  -222
  -229
  -238
  -247
  -256
  -266
  -277
  -288
  -300
  -313
  -326
  -341
  -356
  -371
  -388
  -406
  -424
  -444
  -464
  -486
  -509
Depreciation, amort., depletion, $m
  14
  562
  575
  589
  606
  624
  645
  667
  690
  716
  743
  773
  804
  837
  873
  911
  951
  993
  1,037
  1,085
  1,135
  1,187
  1,243
  1,301
  1,363
  1,427
  1,496
  1,568
  1,643
  1,723
  1,807
Funds from operations, $m
  60
  353
  396
  408
  420
  434
  449
  465
  483
  502
  522
  543
  566
  591
  617
  645
  674
  705
  737
  772
  808
  846
  887
  930
  974
  1,022
  1,071
  1,124
  1,179
  1,237
  1,298
Change in working capital, $m
  -16
  -102
  -120
  -137
  -154
  -171
  -187
  -204
  -221
  -238
  -255
  -273
  -291
  -310
  -329
  -349
  -370
  -392
  -415
  -438
  -463
  -488
  -515
  -542
  -572
  -602
  -634
  -667
  -702
  -739
  -777
Cash from operations, $m
  76
  455
  516
  545
  574
  604
  636
  669
  703
  739
  777
  816
  857
  901
  946
  994
  1,044
  1,097
  1,152
  1,210
  1,271
  1,334
  1,402
  1,472
  1,546
  1,624
  1,705
  1,791
  1,881
  1,976
  2,075
Maintenance CAPEX, $m
  0
  -550
  -562
  -575
  -589
  -606
  -624
  -645
  -667
  -690
  -716
  -743
  -773
  -804
  -837
  -873
  -911
  -951
  -993
  -1,037
  -1,085
  -1,135
  -1,187
  -1,243
  -1,301
  -1,363
  -1,427
  -1,496
  -1,568
  -1,643
  -1,723
New CAPEX, $m
  -6
  -114
  -129
  -148
  -166
  -184
  -202
  -220
  -238
  -256
  -275
  -294
  -314
  -334
  -355
  -377
  -399
  -422
  -447
  -472
  -498
  -526
  -555
  -585
  -616
  -649
  -683
  -719
  -756
  -796
  -837
Cash from investing activities, $m
  -277
  -664
  -691
  -723
  -755
  -790
  -826
  -865
  -905
  -946
  -991
  -1,037
  -1,087
  -1,138
  -1,192
  -1,250
  -1,310
  -1,373
  -1,440
  -1,509
  -1,583
  -1,661
  -1,742
  -1,828
  -1,917
  -2,012
  -2,110
  -2,215
  -2,324
  -2,439
  -2,560
Free cash flow, $m
  -201
  -209
  -175
  -178
  -181
  -185
  -190
  -195
  -201
  -207
  -214
  -221
  -229
  -237
  -246
  -256
  -266
  -276
  -288
  -300
  -312
  -326
  -340
  -355
  -371
  -388
  -405
  -424
  -443
  -464
  -485
Issuance/(repayment) of debt, $m
  66
  -538
  102
  116
  130
  145
  159
  173
  187
  201
  216
  231
  247
  263
  279
  296
  314
  332
  351
  371
  392
  414
  436
  460
  485
  510
  537
  566
  595
  626
  659
Issuance/(repurchase) of shares, $m
  -17
  790
  190
  195
  200
  207
  213
  221
  228
  237
  246
  255
  265
  276
  287
  299
  312
  325
  339
  354
  370
  387
  404
  423
  442
  462
  484
  507
  530
  555
  582
Cash from financing (excl. dividends), $m  
  224
  252
  292
  311
  330
  352
  372
  394
  415
  438
  462
  486
  512
  539
  566
  595
  626
  657
  690
  725
  762
  801
  840
  883
  927
  972
  1,021
  1,073
  1,125
  1,181
  1,241
Total cash flow (excl. dividends), $m
  23
  43
  117
  133
  150
  166
  182
  198
  214
  231
  248
  265
  283
  301
  320
  340
  360
  381
  403
  426
  450
  474
  500
  527
  556
  585
  616
  649
  682
  718
  755
Retained Cash Flow (-), $m
  -10
  -790
  -190
  -195
  -200
  -207
  -213
  -221
  -228
  -237
  -246
  -255
  -265
  -276
  -287
  -299
  -312
  -325
  -339
  -354
  -370
  -387
  -404
  -423
  -442
  -462
  -484
  -507
  -530
  -555
  -582
Prev. year cash balance distribution, $m
 
  90
  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
 
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
Cash available for distribution, $m
 
  -657
  -73
  -62
  -51
  -41
  -32
  -23
  -14
  -6
  2
  10
  18
  25
  33
  41
  48
  56
  64
  72
  80
  88
  96
  105
  114
  123
  132
  142
  152
  162
  173
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $m
 
  -572
  -55
  -39
  -27
  -18
  -11
  -6
  -3
  -1
  0
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  36.1
  26.0
  18.7
  13.5
  9.7
  7.0
  5.0
  3.6
  2.6
  1.9
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Central Pacific Financial Corp. is the bank holding company of Central Pacific Bank (the Bank). The Company's segments include Banking Operations, Treasury and All Others. The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, consumer lending, trust services, retail brokerage services and its retail branch offices, which provide a range of deposit and loan products, as well as various other banking services. The Treasury segment is responsible for managing the Company's investment securities portfolio and wholesale funding activities. The All Others segment includes activities, such as electronic banking, data processing and management of Bank-owned properties. The Company also offers wealth management products and services, such as non-deposit investment products, annuities, insurance, investment management, asset custody, and general consultation and planning services.

FINANCIAL RATIOS  of  Central Pacific Financial (CPF)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 0
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 12.8
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 18.4%
Total Debt to Equity 18.4%
Interest Coverage 9
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 1%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 8.2%
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 34.7%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 40.4%

CPF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPF stock intrinsic value calculation we used $207 million for the last fiscal year's total revenue generated by Central Pacific Financial. The default revenue input number comes from 2016 income statement of Central Pacific Financial. 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 CPF 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 14.9%, whose default value for CPF is calculated based on our internal credit rating of Central Pacific Financial, 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 Central Pacific Financial.
    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 CPF stock the variable cost ratio is equal to 64.8%.

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 CPF 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 5.4% for Central Pacific Financial.

Corporate tax rate of 27% is the nominal tax rate for Central Pacific Financial. 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 CPF stock is equal to 1.2%.

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 CPF are equal to 2660.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Central Pacific Financial 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 CPF is equal to -2469.1%. 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 - $0 million for Central Pacific Financial - 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 30 million for Central Pacific Financial 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 Central Pacific Financial at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for May 23rd   [May-23-18 07:36AM  Zacks]
▶ Central Pacific Financial: 1Q Earnings Snapshot   [08:17AM  Associated Press]
▶ Is Central Pacific Financial Corp (NYSE:CPF) Undervalued?   [Mar-26-18 08:28PM  Simply Wall St.]
▶ Central Pacific Financial posts 4Q profit   [Jan-24-18 08:24AM  Associated Press]
▶ Central Pacific Bank reports net income of $11.8M for Q3   [Oct-25-17 06:50PM  American City Business Journals]
▶ Central Pacific Financial posts 3Q profit   [08:19AM  Associated Press]
▶ Central Pacific Financial posts 2Q profit   [Jul-26-17 09:56PM  Associated Press]
▶ Charoen Pokphand: A Bargain Buy?   [Jul-12-17 11:48PM  Barrons.com]
▶ Central Pacific Financial posts 1Q profit   [Apr-26-17 08:12AM  Associated Press]
▶ Central Pacific Financial reports 12% increase in net income for Q4   [06:10PM  American City Business Journals]
▶ Central Pacific Financial posts 4Q profit   [08:34AM  Associated Press]
▶ Is Central Pacific Financial Corp. (CPF) Going to Burn Investors?   [Dec-16-16 12:54AM  at Insider Monkey]
▶ [$$] Thai Food Tycoon Buying U.S.'s Bellisio Parent   [Nov-17-16 01:22PM  at The Wall Street Journal]
▶ [$$] 7 Southeast Asian Stocks That Can't be Trumped   [Nov-11-16 12:01AM  at Barrons.com]
▶ Central Pacific reports dip in earnings   [Oct-27-16 08:22PM  at bizjournals.com]
Financial statements of CPF
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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