Intrinsic value of Chesapeake Utilities - CPK

Previous Close

$84.00

  Intrinsic Value

$7.17

stock screener

  Rating & Target

str. sell

-91%

Previous close

$84.00

 
Intrinsic value

$7.17

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of CPK 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, %
  8.71
  23.80
  21.92
  20.23
  18.71
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
Revenue, $m
  509
  765
  933
  1,121
  1,331
  1,562
  1,814
  2,085
  2,377
  2,688
  3,019
  3,367
  3,734
  4,120
  4,522
  4,943
  5,381
  5,838
  6,313
  6,807
  7,320
  7,853
  8,407
  8,983
  9,582
  10,205
  10,853
  11,528
  12,230
  12,962
  13,725
Variable operating expenses, $m
 
  635
  774
  930
  1,103
  1,294
  1,502
  1,727
  1,968
  2,225
  2,498
  2,784
  3,087
  3,405
  3,738
  4,086
  4,448
  4,826
  5,218
  5,627
  6,051
  6,492
  6,950
  7,426
  7,921
  8,436
  8,971
  9,529
  10,110
  10,715
  11,345
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
  415
  635
  774
  930
  1,103
  1,294
  1,502
  1,727
  1,968
  2,225
  2,498
  2,784
  3,087
  3,405
  3,738
  4,086
  4,448
  4,826
  5,218
  5,627
  6,051
  6,492
  6,950
  7,426
  7,921
  8,436
  8,971
  9,529
  10,110
  10,715
  11,345
Operating income, $m
  84
  130
  159
  192
  228
  268
  312
  359
  409
  463
  521
  584
  647
  714
  784
  857
  933
  1,012
  1,094
  1,180
  1,269
  1,362
  1,458
  1,557
  1,661
  1,769
  1,882
  1,999
  2,120
  2,247
  2,379
EBITDA, $m
  116
  266
  325
  390
  463
  544
  631
  726
  827
  935
  1,050
  1,172
  1,299
  1,433
  1,574
  1,720
  1,873
  2,031
  2,197
  2,369
  2,547
  2,733
  2,926
  3,126
  3,334
  3,551
  3,777
  4,011
  4,256
  4,510
  4,776
Interest expense (income), $m
  10
  25
  37
  50
  66
  83
  102
  122
  144
  168
  193
  220
  248
  278
  310
  342
  377
  412
  449
  488
  528
  570
  613
  659
  705
  754
  805
  858
  912
  970
  1,029
Earnings before tax, $m
  73
  105
  122
  141
  162
  185
  210
  237
  265
  296
  327
  364
  399
  436
  474
  515
  556
  600
  645
  692
  741
  791
  844
  899
  956
  1,015
  1,077
  1,141
  1,208
  1,278
  1,350
Tax expense, $m
  28
  28
  33
  38
  44
  50
  57
  64
  72
  80
  88
  98
  108
  118
  128
  139
  150
  162
  174
  187
  200
  214
  228
  243
  258
  274
  291
  308
  326
  345
  365
Net income, $m
  45
  77
  89
  103
  119
  135
  153
  173
  194
  216
  239
  266
  291
  318
  346
  376
  406
  438
  471
  505
  541
  578
  616
  656
  698
  741
  786
  833
  882
  933
  986

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  1,229
  1,755
  2,139
  2,572
  3,053
  3,583
  4,159
  4,783
  5,452
  6,166
  6,923
  7,724
  8,565
  9,448
  10,372
  11,337
  12,343
  13,390
  14,479
  15,612
  16,789
  18,012
  19,283
  20,604
  21,978
  23,406
  24,892
  26,439
  28,050
  29,729
  31,479
Adjusted assets (=assets-cash), $m
  1,225
  1,755
  2,139
  2,572
  3,053
  3,583
  4,159
  4,783
  5,452
  6,166
  6,923
  7,724
  8,565
  9,448
  10,372
  11,337
  12,343
  13,390
  14,479
  15,612
  16,789
  18,012
  19,283
  20,604
  21,978
  23,406
  24,892
  26,439
  28,050
  29,729
  31,479
Revenue / Adjusted assets
  0.416
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
Average production assets, $m
  62
  1,336
  1,629
  1,958
  2,324
  2,727
  3,166
  3,641
  4,151
  4,694
  5,271
  5,880
  6,520
  7,193
  7,896
  8,630
  9,396
  10,193
  11,022
  11,884
  12,781
  13,712
  14,679
  15,685
  16,731
  17,818
  18,949
  20,127
  21,354
  22,631
  23,963
Working capital, $m
  -193
  -67
  -82
  -99
  -117
  -137
  -160
  -184
  -209
  -237
  -266
  -296
  -329
  -363
  -398
  -435
  -474
  -514
  -556
  -599
  -644
  -691
  -740
  -791
  -843
  -898
  -955
  -1,014
  -1,076
  -1,141
  -1,208
Total debt, $m
  359
  679
  932
  1,216
  1,532
  1,880
  2,259
  2,669
  3,108
  3,577
  4,075
  4,601
  5,154
  5,734
  6,341
  6,975
  7,636
  8,323
  9,039
  9,783
  10,557
  11,360
  12,195
  13,063
  13,966
  14,904
  15,881
  16,897
  17,955
  19,058
  20,208
Total liabilities, $m
  783
  1,153
  1,406
  1,690
  2,006
  2,354
  2,733
  3,142
  3,582
  4,051
  4,549
  5,074
  5,627
  6,208
  6,815
  7,448
  8,109
  8,797
  9,513
  10,257
  11,030
  11,834
  12,669
  13,537
  14,439
  15,378
  16,354
  17,371
  18,429
  19,532
  20,681
Total equity, $m
  446
  602
  734
  882
  1,047
  1,229
  1,427
  1,641
  1,870
  2,115
  2,375
  2,649
  2,938
  3,241
  3,558
  3,889
  4,234
  4,593
  4,966
  5,355
  5,759
  6,178
  6,614
  7,067
  7,538
  8,028
  8,538
  9,069
  9,621
  10,197
  10,797
Total liabilities and equity, $m
  1,229
  1,755
  2,140
  2,572
  3,053
  3,583
  4,160
  4,783
  5,452
  6,166
  6,924
  7,723
  8,565
  9,449
  10,373
  11,337
  12,343
  13,390
  14,479
  15,612
  16,789
  18,012
  19,283
  20,604
  21,977
  23,406
  24,892
  26,440
  28,050
  29,729
  31,478
Debt-to-equity ratio
  0.805
  1.130
  1.270
  1.380
  1.460
  1.530
  1.580
  1.630
  1.660
  1.690
  1.720
  1.740
  1.750
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
  1.840
  1.850
  1.850
  1.860
  1.860
  1.860
  1.870
  1.870
  1.870
Adjusted equity ratio
  0.364
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  45
  77
  89
  103
  119
  135
  153
  173
  194
  216
  239
  266
  291
  318
  346
  376
  406
  438
  471
  505
  541
  578
  616
  656
  698
  741
  786
  833
  882
  933
  986
Depreciation, amort., depletion, $m
  32
  136
  166
  199
  235
  275
  319
  367
  418
  472
  530
  588
  652
  719
  790
  863
  940
  1,019
  1,102
  1,188
  1,278
  1,371
  1,468
  1,569
  1,673
  1,782
  1,895
  2,013
  2,135
  2,263
  2,396
Funds from operations, $m
  86
  213
  255
  302
  354
  411
  473
  540
  611
  688
  769
  853
  943
  1,037
  1,136
  1,239
  1,346
  1,457
  1,573
  1,694
  1,819
  1,949
  2,084
  2,225
  2,371
  2,523
  2,681
  2,846
  3,017
  3,196
  3,382
Change in working capital, $m
  -17
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
Cash from operations, $m
  103
  226
  270
  318
  372
  431
  495
  564
  637
  715
  798
  884
  976
  1,071
  1,171
  1,276
  1,384
  1,497
  1,615
  1,737
  1,864
  1,996
  2,133
  2,275
  2,424
  2,578
  2,738
  2,905
  3,079
  3,260
  3,449
Maintenance CAPEX, $m
  0
  -108
  -134
  -163
  -196
  -232
  -273
  -317
  -364
  -415
  -469
  -527
  -588
  -652
  -719
  -790
  -863
  -940
  -1,019
  -1,102
  -1,188
  -1,278
  -1,371
  -1,468
  -1,569
  -1,673
  -1,782
  -1,895
  -2,013
  -2,135
  -2,263
New CAPEX, $m
  -170
  -258
  -293
  -329
  -366
  -403
  -439
  -475
  -509
  -543
  -577
  -609
  -641
  -672
  -703
  -734
  -766
  -797
  -829
  -862
  -896
  -931
  -968
  -1,006
  -1,046
  -1,087
  -1,131
  -1,178
  -1,226
  -1,278
  -1,332
Cash from investing activities, $m
  -170
  -366
  -427
  -492
  -562
  -635
  -712
  -792
  -873
  -958
  -1,046
  -1,136
  -1,229
  -1,324
  -1,422
  -1,524
  -1,629
  -1,737
  -1,848
  -1,964
  -2,084
  -2,209
  -2,339
  -2,474
  -2,615
  -2,760
  -2,913
  -3,073
  -3,239
  -3,413
  -3,595
Free cash flow, $m
  -67
  -139
  -157
  -174
  -190
  -204
  -217
  -228
  -236
  -243
  -248
  -252
  -253
  -253
  -251
  -248
  -244
  -239
  -234
  -227
  -221
  -213
  -206
  -198
  -191
  -183
  -175
  -168
  -160
  -153
  -146
Issuance/(repayment) of debt, $m
  27
  221
  253
  284
  316
  348
  379
  410
  440
  469
  498
  526
  553
  580
  607
  634
  661
  688
  716
  744
  773
  804
  835
  868
  902
  939
  976
  1,016
  1,058
  1,103
  1,150
Issuance/(repurchase) of shares, $m
  58
  39
  43
  45
  46
  46
  44
  41
  36
  29
  21
  9
  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  
  85
  260
  296
  329
  362
  394
  423
  451
  476
  498
  519
  535
  553
  580
  607
  634
  661
  688
  716
  744
  773
  804
  835
  868
  902
  939
  976
  1,016
  1,058
  1,103
  1,150
Total cash flow (excl. dividends), $m
  18
  121
  139
  156
  173
  190
  206
  223
  239
  255
  270
  283
  300
  327
  356
  385
  416
  449
  482
  517
  553
  590
  629
  670
  712
  756
  801
  849
  898
  950
  1,004
Retained Cash Flow (-), $m
  -88
  -116
  -132
  -148
  -165
  -182
  -198
  -214
  -230
  -245
  -260
  -274
  -289
  -303
  -317
  -331
  -345
  -359
  -374
  -388
  -404
  -420
  -436
  -453
  -471
  -490
  -510
  -531
  -553
  -576
  -600
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
 
  2
  3
  4
  4
  5
  6
  7
  8
  10
  11
  12
  13
  15
  16
  18
  20
  22
  23
  25
  27
  29
  31
  34
  36
  38
  41
  43
  46
  49
  52
Cash available for distribution, $m
 
  5
  7
  7
  8
  8
  9
  9
  10
  10
  10
  8
  11
  24
  39
  55
  71
  89
  108
  128
  149
  171
  193
  217
  241
  266
  291
  318
  346
  374
  403
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  5
  6
  6
  6
  5
  5
  5
  5
  4
  4
  2
  3
  5
  7
  8
  8
  8
  7
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  94.7
  92.7
  91.0
  89.5
  88.4
  87.5
  86.8
  86.3
  86.0
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9
  85.9

Chesapeake Utilities Corporation (Chesapeake) is an energy company. The Company operates through two segments: Regulated Energy and Unregulated Energy. The Company provides natural gas distribution and transmission; natural gas supply, gathering, processing and marketing; electric distribution and generation; propane distribution; propane and crude oil wholesale marketing; steam generation, and other energy-related services. The Regulated Energy segment includes the Company's natural gas distribution, natural gas transmission and electric distribution operations. The Unregulated Energy segment includes its propane distribution, propane and crude oil wholesale marketing, natural gas marketing and unregulated natural gas supply, gathering and processing, electricity and steam generation and other unregulated energy-related services to customers.

FINANCIAL RATIOS  of  Chesapeake Utilities (CPK)

Valuation Ratios
P/E Ratio 30.4
Price to Sales 2.7
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow -20.4
Growth Rates
Sales Growth Rate 8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.2%
Cap. Spend. - 3 Yr. Gr. Rate 11.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 30.7%
Total Debt to Equity 80.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23%
EBITDA Margin - 3 Yr. Avg. 21.9%
Operating Margin 16.8%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 14.6%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 38.4%
Eff/ Tax Rate - 3 Yr. Avg. 39.4%
Payout Ratio 37.8%

CPK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPK stock intrinsic value calculation we used $618 million for the last fiscal year's total revenue generated by Chesapeake Utilities. The default revenue input number comes from 2016 income statement of Chesapeake Utilities. 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 CPK stock valuation model: a) initial revenue growth rate of 23.8% 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%, whose default value for CPK is calculated based on our internal credit rating of Chesapeake Utilities, 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 Chesapeake Utilities.
    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 CPK stock the variable cost ratio is equal to 83.1%.

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 CPK 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 Chesapeake Utilities.

Corporate tax rate of 27% is the nominal tax rate for Chesapeake Utilities. 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 CPK stock is equal to 0.4%.

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 CPK are equal to 174.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Chesapeake Utilities 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 CPK is equal to -8.8%. 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 - $486 million for Chesapeake Utilities - 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 16 million for Chesapeake Utilities 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 Chesapeake Utilities at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
NI NiSource 25.95 7.86  str.sell
RGCO RGC Resources 28.78 4.12  str.sell
WGL WGL Holdings 88.74 24.52  str.sell
ATO Atmos Energy 91.44 7.47  str.sell
NJR New Jersey Res 45.60 10.33  str.sell
SJI South Jersey I 33.73 10.35  str.sell
SWX Southwest Gas 78.72 27.39  str.sell
SR Spire 72.20 25.28  str.sell

COMPANY NEWS

▶ Stay Safe as Trade War Escalates: 5 Top Defensive Stocks   [Jul-06-18 12:30PM  InvestorPlace]
▶ Chesapeake Utilities: 1Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Chesapeake Utilities beats 4Q profit forecasts   [05:01AM  Associated Press]
▶ Chesapeake Utilities beats 3Q profit forecasts   [Nov-09-17 06:51AM  Associated Press]
▶ Chesapeake Utilities misses 2Q profit forecasts   [01:55AM  Associated Press]
▶ Chesapeake Utilities misses 1Q profit forecasts   [06:46AM  Associated Press]
▶ My Small-Cap Dividend Growers Are More Miss Than Hit So Far   [Apr-26-17 11:00AM  TheStreet.com]
Financial statements of CPK
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.