Intrinsic value of Cooper-Standard Holdings - CPS

Previous Close

$106.56

  Intrinsic Value

$292.57

stock screener

  Rating & Target

str. buy

+175%

  Value-price divergence*

+6%

Previous close

$106.56

 
Intrinsic value

$292.57

 
Up/down potential

+175%

 
Rating

str. buy

 
Value-price divergence*

+6%

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

We calculate the intrinsic value of CPS 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 1.9

 

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, %
  3.89
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  3,473
  3,591
  3,719
  3,857
  4,005
  4,163
  4,332
  4,511
  4,702
  4,905
  5,120
  5,347
  5,588
  5,842
  6,110
  6,393
  6,692
  7,007
  7,338
  7,688
  8,056
  8,443
  8,850
  9,279
  9,729
  10,203
  10,702
  11,226
  11,777
  12,356
  12,964
Variable operating expenses, $m
 
  1,849
  1,914
  1,984
  2,060
  2,140
  2,227
  2,318
  2,416
  2,519
  2,629
  2,728
  2,851
  2,981
  3,117
  3,262
  3,414
  3,575
  3,744
  3,922
  4,110
  4,307
  4,515
  4,734
  4,964
  5,206
  5,460
  5,727
  6,008
  6,304
  6,614
Fixed operating expenses, $m
 
  1,517
  1,555
  1,594
  1,634
  1,674
  1,716
  1,759
  1,803
  1,848
  1,895
  1,942
  1,990
  2,040
  2,091
  2,143
  2,197
  2,252
  2,308
  2,366
  2,425
  2,486
  2,548
  2,612
  2,677
  2,744
  2,812
  2,883
  2,955
  3,029
  3,104
Total operating expenses, $m
  3,234
  3,366
  3,469
  3,578
  3,694
  3,814
  3,943
  4,077
  4,219
  4,367
  4,524
  4,670
  4,841
  5,021
  5,208
  5,405
  5,611
  5,827
  6,052
  6,288
  6,535
  6,793
  7,063
  7,346
  7,641
  7,950
  8,272
  8,610
  8,963
  9,333
  9,718
Operating income, $m
  239
  225
  250
  279
  311
  348
  389
  434
  483
  538
  597
  677
  747
  821
  902
  988
  1,081
  1,180
  1,286
  1,400
  1,521
  1,650
  1,787
  1,933
  2,089
  2,254
  2,429
  2,616
  2,814
  3,023
  3,246
EBITDA, $m
  362
  350
  378
  411
  448
  489
  535
  586
  641
  701
  767
  838
  914
  997
  1,085
  1,180
  1,282
  1,390
  1,506
  1,630
  1,762
  1,903
  2,052
  2,211
  2,380
  2,560
  2,750
  2,953
  3,167
  3,394
  3,634
Interest expense (income), $m
  0
  26
  28
  30
  32
  35
  38
  41
  44
  47
  51
  55
  59
  63
  68
  72
  77
  83
  88
  94
  100
  107
  114
  121
  129
  137
  145
  154
  163
  173
  183
Earnings before tax, $m
  195
  200
  222
  249
  279
  313
  351
  393
  439
  490
  546
  622
  688
  758
  834
  916
  1,003
  1,097
  1,198
  1,305
  1,420
  1,543
  1,673
  1,812
  1,960
  2,117
  2,284
  2,462
  2,650
  2,850
  3,062
Tax expense, $m
  55
  54
  60
  67
  75
  84
  95
  106
  119
  132
  147
  168
  186
  205
  225
  247
  271
  296
  323
  352
  383
  416
  452
  489
  529
  572
  617
  665
  716
  770
  827
Net income, $m
  139
  146
  162
  181
  203
  228
  256
  287
  321
  358
  398
  454
  502
  553
  609
  668
  732
  801
  874
  953
  1,037
  1,126
  1,221
  1,323
  1,431
  1,546
  1,668
  1,797
  1,935
  2,081
  2,235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  480
  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
  2,492
  2,081
  2,155
  2,234
  2,320
  2,412
  2,510
  2,614
  2,724
  2,842
  2,966
  3,098
  3,237
  3,385
  3,540
  3,704
  3,877
  4,060
  4,252
  4,454
  4,667
  4,891
  5,127
  5,376
  5,637
  5,912
  6,200
  6,504
  6,823
  7,159
  7,511
Adjusted assets (=assets-cash), $m
  2,012
  2,081
  2,155
  2,234
  2,320
  2,412
  2,510
  2,614
  2,724
  2,842
  2,966
  3,098
  3,237
  3,385
  3,540
  3,704
  3,877
  4,060
  4,252
  4,454
  4,667
  4,891
  5,127
  5,376
  5,637
  5,912
  6,200
  6,504
  6,823
  7,159
  7,511
Revenue / Adjusted assets
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
  1.726
Average production assets, $m
  875
  905
  937
  972
  1,009
  1,049
  1,092
  1,137
  1,185
  1,236
  1,290
  1,348
  1,408
  1,472
  1,540
  1,611
  1,686
  1,766
  1,849
  1,937
  2,030
  2,128
  2,230
  2,338
  2,452
  2,571
  2,697
  2,829
  2,968
  3,114
  3,267
Working capital, $m
  537
  93
  97
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  220
  230
  241
  253
  265
  278
  292
  306
  321
  337
Total debt, $m
  763
  791
  855
  925
  1,000
  1,081
  1,166
  1,258
  1,355
  1,457
  1,567
  1,682
  1,804
  1,933
  2,069
  2,213
  2,364
  2,524
  2,693
  2,870
  3,056
  3,253
  3,460
  3,677
  3,906
  4,147
  4,400
  4,665
  4,945
  5,239
  5,548
Total liabilities, $m
  1,794
  1,823
  1,887
  1,957
  2,032
  2,113
  2,198
  2,290
  2,387
  2,489
  2,599
  2,714
  2,836
  2,965
  3,101
  3,245
  3,396
  3,556
  3,725
  3,902
  4,088
  4,285
  4,492
  4,709
  4,938
  5,179
  5,432
  5,697
  5,977
  6,271
  6,580
Total equity, $m
  697
  258
  267
  277
  288
  299
  311
  324
  338
  352
  368
  384
  401
  420
  439
  459
  481
  503
  527
  552
  579
  607
  636
  667
  699
  733
  769
  806
  846
  888
  931
Total liabilities and equity, $m
  2,491
  2,081
  2,154
  2,234
  2,320
  2,412
  2,509
  2,614
  2,725
  2,841
  2,967
  3,098
  3,237
  3,385
  3,540
  3,704
  3,877
  4,059
  4,252
  4,454
  4,667
  4,892
  5,128
  5,376
  5,637
  5,912
  6,201
  6,503
  6,823
  7,159
  7,511
Debt-to-equity ratio
  1.095
  3.060
  3.200
  3.340
  3.480
  3.610
  3.750
  3.880
  4.010
  4.140
  4.260
  4.380
  4.490
  4.610
  4.710
  4.820
  4.920
  5.010
  5.110
  5.200
  5.280
  5.360
  5.440
  5.520
  5.590
  5.660
  5.720
  5.780
  5.840
  5.900
  5.960
Adjusted equity ratio
  0.108
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  139
  146
  162
  181
  203
  228
  256
  287
  321
  358
  398
  454
  502
  553
  609
  668
  732
  801
  874
  953
  1,037
  1,126
  1,221
  1,323
  1,431
  1,546
  1,668
  1,797
  1,935
  2,081
  2,235
Depreciation, amort., depletion, $m
  123
  124
  128
  132
  137
  142
  147
  152
  158
  164
  170
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  266
  278
  292
  306
  321
  337
  353
  371
  389
Funds from operations, $m
  428
  270
  291
  314
  340
  370
  403
  439
  478
  522
  569
  615
  670
  729
  792
  860
  933
  1,011
  1,095
  1,183
  1,278
  1,379
  1,487
  1,601
  1,723
  1,852
  1,989
  2,134
  2,288
  2,451
  2,624
Change in working capital, $m
  64
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  364
  267
  287
  310
  336
  366
  398
  434
  473
  516
  563
  609
  663
  722
  785
  853
  925
  1,003
  1,086
  1,174
  1,269
  1,369
  1,476
  1,590
  1,711
  1,839
  1,976
  2,120
  2,274
  2,436
  2,609
Maintenance CAPEX, $m
  0
  -104
  -108
  -112
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -160
  -168
  -175
  -183
  -192
  -201
  -210
  -220
  -231
  -242
  -253
  -266
  -278
  -292
  -306
  -321
  -337
  -353
  -371
New CAPEX, $m
  -164
  -30
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -119
  -126
  -132
  -139
  -146
  -153
Cash from investing activities, $m
  -198
  -134
  -140
  -147
  -153
  -160
  -168
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -254
  -267
  -280
  -294
  -308
  -324
  -340
  -356
  -374
  -392
  -411
  -432
  -453
  -476
  -499
  -524
Free cash flow, $m
  166
  133
  147
  164
  183
  206
  231
  259
  290
  324
  362
  398
  442
  490
  542
  598
  658
  723
  792
  866
  945
  1,030
  1,120
  1,216
  1,319
  1,428
  1,544
  1,667
  1,798
  1,937
  2,084
Issuance/(repayment) of debt, $m
  -27
  61
  65
  70
  75
  80
  86
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  160
  168
  177
  187
  196
  207
  218
  229
  241
  253
  266
  280
  294
  309
Issuance/(repurchase) of shares, $m
  -21
  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  
  -63
  61
  65
  70
  75
  80
  86
  91
  97
  103
  109
  115
  122
  129
  136
  144
  152
  160
  168
  177
  187
  196
  207
  218
  229
  241
  253
  266
  280
  294
  309
Total cash flow (excl. dividends), $m
  102
  194
  212
  234
  259
  286
  317
  350
  387
  427
  471
  513
  564
  619
  678
  742
  810
  883
  960
  1,044
  1,132
  1,227
  1,327
  1,434
  1,548
  1,669
  1,797
  1,933
  2,078
  2,231
  2,393
Retained Cash Flow (-), $m
  -94
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Prev. year cash balance distribution, $m
 
  447
  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
 
  633
  203
  224
  248
  275
  304
  337
  373
  413
  455
  497
  547
  601
  659
  722
  788
  860
  937
  1,018
  1,106
  1,199
  1,298
  1,403
  1,515
  1,634
  1,761
  1,895
  2,038
  2,189
  2,350
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  607
  186
  195
  204
  213
  221
  228
  233
  237
  239
  236
  233
  229
  221
  212
  200
  187
  172
  157
  140
  124
  108
  92
  77
  64
  51
  41
  32
  24
  18
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

Cooper-Standard Holdings Inc. is a holding company. The Company designs, manufactures and sells sealing, fuel and brake delivery, fluid transfer and anti-vibration systems for use in passenger vehicles and light trucks manufactured by global original equipment manufacturers (OEMs). The Company operates through four segments: North America, Europe, Asia Pacific and South America. The Company's products are used in passenger vehicles and light trucks. As of December 31, 2016, the Company's operations were conducted through 123 leased and joint venture facilities in 20 countries (North America: Canada, Mexico and the United States; Asia Pacific: China, India, Japan, South Korea and Thailand; Europe: Czech Republic, France, Germany, Italy, the Netherlands, Poland, Romania, Serbia, Spain, Sweden and the United Kingdom, and South America: Brazil), of which 90 are manufacturing facilities and 33 have design, engineering, administrative or logistics designations.

FINANCIAL RATIOS  of  Cooper-Standard Holdings (CPS)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 0.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio 15
Current Ratio 0.1
LT Debt to Equity 104.7%
Total Debt to Equity 109.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 21.4%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.1%
Gross Margin - 3 Yr. Avg. 17.5%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 6.9%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 5.6%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.6%
Payout Ratio 0%

CPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPS stock intrinsic value calculation we used $3473 million for the last fiscal year's total revenue generated by Cooper-Standard Holdings. The default revenue input number comes from 2016 income statement of Cooper-Standard 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 CPS stock valuation model: a) initial revenue growth rate of 3.4% 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 4.3%, whose default value for CPS is calculated based on our internal credit rating of Cooper-Standard 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 Cooper-Standard 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 CPS stock the variable cost ratio is equal to 51.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1480 million in the base year in the intrinsic value calculation for CPS 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 3.5% for Cooper-Standard Holdings.

Corporate tax rate of 27% is the nominal tax rate for Cooper-Standard 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 CPS 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 CPS are equal to 25.2%.

Life of production assets of 8.4 years is the average useful life of capital assets used in Cooper-Standard 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 CPS is equal to 2.6%. 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 - $697 million for Cooper-Standard 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 17.838 million for Cooper-Standard 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 Cooper-Standard Holdings at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Cooper-Standard beats Street 2Q forecasts   [02:36AM  Associated Press]
▶ Cooper-Standard tops Street 1Q forecasts   [May-02-17 07:41PM  Associated Press]
▶ /C O R R E C T I O N -- Cooper-Standard Holdings Inc./   [Feb-16-17 10:34PM  PR Newswire]
▶ Cooper-Standard tops Street 4Q forecasts   [06:04PM  Associated Press]
▶ [$$] User's Manual for a Mixed-Up Market   [Jan-21-17 12:01AM  at Barrons.com]
▶ SVP Pumphrey Sells Cooper Standard Shares (CPS)   [Dec-08-16 02:13PM  at Investopedia]
▶ 17 undervalued small-cap stocks to consider as markets rally   [Nov-30-16 05:30PM  at MarketWatch]
▶ 3 Earnings Surprises In The Heartland   [Oct-19-16 06:30AM  at Forbes]
Financial statements of CPS
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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