Intrinsic value of Cooper-Standard Holdings - CPS

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$110.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$110.25

 
Intrinsic value

$242.61

 
Up/down potential

+120%

 
Rating

str. buy

 
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*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 2.0

 

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, %
  3.89
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  3,473
  3,560
  3,658
  3,767
  3,886
  4,017
  4,158
  4,311
  4,475
  4,651
  4,838
  5,038
  5,250
  5,476
  5,715
  5,968
  6,235
  6,518
  6,817
  7,132
  7,465
  7,815
  8,185
  8,574
  8,983
  9,415
  9,869
  10,346
  10,848
  11,376
  11,932
Variable operating expenses, $m
 
  1,833
  1,883
  1,938
  1,999
  2,066
  2,138
  2,216
  2,300
  2,389
  2,485
  2,570
  2,679
  2,794
  2,916
  3,045
  3,181
  3,326
  3,478
  3,639
  3,808
  3,987
  4,176
  4,374
  4,583
  4,803
  5,035
  5,278
  5,535
  5,804
  6,088
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
  3,350
  3,438
  3,532
  3,633
  3,740
  3,854
  3,975
  4,103
  4,237
  4,380
  4,512
  4,669
  4,834
  5,007
  5,188
  5,378
  5,578
  5,786
  6,005
  6,233
  6,473
  6,724
  6,986
  7,260
  7,547
  7,847
  8,161
  8,490
  8,833
  9,192
Operating income, $m
  239
  210
  220
  234
  253
  276
  304
  336
  372
  413
  459
  526
  581
  642
  708
  780
  857
  941
  1,031
  1,127
  1,231
  1,342
  1,461
  1,588
  1,723
  1,868
  2,021
  2,185
  2,359
  2,544
  2,740
EBITDA, $m
  362
  333
  346
  364
  386
  413
  445
  482
  523
  569
  620
  677
  739
  806
  879
  959
  1,044
  1,136
  1,235
  1,341
  1,455
  1,577
  1,707
  1,845
  1,993
  2,150
  2,317
  2,495
  2,684
  2,885
  3,098
Interest expense (income), $m
  0
  26
  27
  29
  31
  33
  35
  38
  40
  43
  46
  50
  53
  57
  61
  65
  70
  75
  80
  85
  91
  96
  103
  109
  116
  123
  131
  139
  148
  157
  166
Earnings before tax, $m
  195
  184
  193
  206
  222
  243
  269
  298
  331
  370
  412
  476
  528
  585
  647
  714
  787
  866
  951
  1,042
  1,141
  1,246
  1,358
  1,479
  1,607
  1,744
  1,890
  2,046
  2,211
  2,387
  2,574
Tax expense, $m
  55
  50
  52
  55
  60
  66
  72
  80
  90
  100
  111
  128
  142
  158
  175
  193
  213
  234
  257
  281
  308
  336
  367
  399
  434
  471
  510
  552
  597
  644
  695
Net income, $m
  139
  135
  141
  150
  162
  178
  196
  217
  242
  270
  301
  347
  385
  427
  472
  521
  575
  632
  694
  761
  833
  909
  992
  1,079
  1,173
  1,273
  1,380
  1,493
  1,614
  1,743
  1,879

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
  2,062
  2,119
  2,182
  2,252
  2,327
  2,409
  2,498
  2,593
  2,694
  2,803
  2,919
  3,042
  3,172
  3,311
  3,458
  3,613
  3,776
  3,950
  4,132
  4,325
  4,528
  4,742
  4,967
  5,205
  5,455
  5,718
  5,994
  6,285
  6,591
  6,913
Adjusted assets (=assets-cash), $m
  2,012
  2,062
  2,119
  2,182
  2,252
  2,327
  2,409
  2,498
  2,593
  2,694
  2,803
  2,919
  3,042
  3,172
  3,311
  3,458
  3,613
  3,776
  3,950
  4,132
  4,325
  4,528
  4,742
  4,967
  5,205
  5,455
  5,718
  5,994
  6,285
  6,591
  6,913
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
  897
  922
  949
  979
  1,012
  1,048
  1,086
  1,128
  1,172
  1,219
  1,270
  1,323
  1,380
  1,440
  1,504
  1,571
  1,643
  1,718
  1,797
  1,881
  1,969
  2,063
  2,161
  2,264
  2,372
  2,487
  2,607
  2,734
  2,867
  3,007
Working capital, $m
  537
  93
  95
  98
  101
  104
  108
  112
  116
  121
  126
  131
  137
  142
  149
  155
  162
  169
  177
  185
  194
  203
  213
  223
  234
  245
  257
  269
  282
  296
  310
Total debt, $m
  763
  775
  824
  880
  940
  1,007
  1,078
  1,156
  1,239
  1,328
  1,423
  1,525
  1,633
  1,747
  1,868
  1,997
  2,133
  2,276
  2,428
  2,588
  2,757
  2,934
  3,122
  3,319
  3,527
  3,746
  3,977
  4,219
  4,474
  4,742
  5,024
Total liabilities, $m
  1,794
  1,807
  1,856
  1,912
  1,972
  2,039
  2,110
  2,188
  2,271
  2,360
  2,455
  2,557
  2,665
  2,779
  2,900
  3,029
  3,165
  3,308
  3,460
  3,620
  3,789
  3,966
  4,154
  4,351
  4,559
  4,778
  5,009
  5,251
  5,506
  5,774
  6,056
Total equity, $m
  697
  256
  263
  271
  279
  289
  299
  310
  321
  334
  348
  362
  377
  393
  411
  429
  448
  468
  490
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
  817
  857
Total liabilities and equity, $m
  2,491
  2,063
  2,119
  2,183
  2,251
  2,328
  2,409
  2,498
  2,592
  2,694
  2,803
  2,919
  3,042
  3,172
  3,311
  3,458
  3,613
  3,776
  3,950
  4,132
  4,325
  4,527
  4,742
  4,967
  5,204
  5,454
  5,718
  5,994
  6,285
  6,591
  6,913
Debt-to-equity ratio
  1.095
  3.030
  3.140
  3.250
  3.370
  3.490
  3.610
  3.730
  3.850
  3.980
  4.100
  4.210
  4.330
  4.440
  4.550
  4.660
  4.760
  4.860
  4.960
  5.050
  5.140
  5.230
  5.310
  5.390
  5.470
  5.540
  5.610
  5.680
  5.740
  5.800
  5.860
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
  135
  141
  150
  162
  178
  196
  217
  242
  270
  301
  347
  385
  427
  472
  521
  575
  632
  694
  761
  833
  909
  992
  1,079
  1,173
  1,273
  1,380
  1,493
  1,614
  1,743
  1,879
Depreciation, amort., depletion, $m
  123
  123
  126
  130
  133
  137
  141
  146
  151
  156
  162
  151
  158
  164
  171
  179
  187
  196
  205
  214
  224
  234
  246
  257
  270
  282
  296
  310
  325
  341
  358
Funds from operations, $m
  428
  258
  267
  280
  296
  315
  337
  363
  393
  426
  463
  499
  543
  591
  644
  700
  762
  828
  899
  975
  1,057
  1,144
  1,237
  1,337
  1,443
  1,556
  1,676
  1,804
  1,940
  2,084
  2,237
Change in working capital, $m
  64
  2
  3
  3
  3
  3
  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
Cash from operations, $m
  364
  295
  265
  277
  293
  311
  334
  359
  389
  421
  458
  493
  537
  585
  637
  694
  755
  820
  891
  967
  1,048
  1,135
  1,227
  1,326
  1,432
  1,544
  1,664
  1,791
  1,926
  2,070
  2,223
Maintenance CAPEX, $m
  0
  -104
  -107
  -110
  -113
  -117
  -121
  -125
  -129
  -134
  -140
  -145
  -151
  -158
  -164
  -171
  -179
  -187
  -196
  -205
  -214
  -224
  -234
  -246
  -257
  -270
  -282
  -296
  -310
  -325
  -341
New CAPEX, $m
  -164
  -22
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
Cash from investing activities, $m
  -198
  -126
  -132
  -137
  -143
  -150
  -157
  -163
  -170
  -178
  -187
  -195
  -205
  -215
  -224
  -235
  -246
  -258
  -271
  -284
  -298
  -312
  -327
  -344
  -360
  -379
  -396
  -416
  -437
  -458
  -481
Free cash flow, $m
  166
  169
  133
  140
  149
  162
  178
  196
  218
  243
  271
  298
  333
  371
  413
  459
  508
  562
  620
  683
  750
  822
  900
  983
  1,072
  1,166
  1,267
  1,375
  1,490
  1,612
  1,741
Issuance/(repayment) of debt, $m
  -27
  45
  50
  55
  61
  66
  72
  77
  83
  89
  95
  101
  108
  114
  121
  128
  136
  144
  152
  160
  169
  178
  187
  197
  208
  219
  230
  242
  255
  268
  282
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
  45
  50
  55
  61
  66
  72
  77
  83
  89
  95
  101
  108
  114
  121
  128
  136
  144
  152
  160
  169
  178
  187
  197
  208
  219
  230
  242
  255
  268
  282
Total cash flow (excl. dividends), $m
  102
  213
  183
  195
  210
  228
  249
  274
  301
  332
  366
  399
  440
  485
  534
  587
  644
  706
  772
  843
  919
  1,000
  1,087
  1,180
  1,279
  1,385
  1,498
  1,617
  1,744
  1,880
  2,023
Retained Cash Flow (-), $m
  -94
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
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
 
  655
  176
  187
  201
  219
  239
  263
  289
  319
  353
  385
  425
  469
  517
  569
  625
  685
  750
  820
  895
  975
  1,061
  1,152
  1,250
  1,354
  1,465
  1,583
  1,708
  1,842
  1,983
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
 
  628
  161
  163
  166
  170
  174
  178
  181
  183
  185
  183
  181
  178
  174
  167
  159
  149
  138
  126
  114
  101
  88
  76
  64
  53
  43
  34
  26
  20
  15
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., through its subsidiary, Cooper-Standard Automotive Inc., designs, manufactures, and sells sealing, fuel and brake delivery, fluid transfer, and anti-vibration systems worldwide. The company operates in North America, Europe, the Asia Pacific, and South America segments. Its sealing systems include dynamic and static seals, encapsulated glasses, stainless steel trims, flush glass systems, variable extrusions, and specialty sealing products. The company’s fuel and brake delivery systems comprise chassis and tank fuel lines and bundles, metallic brake lines and bundles, direct injection and port fuel rails, and quick connects. Its fluid transfer systems consist of heater/coolant hoses, DPF and SCR emission lines, degas tanks, air intake and charge products, and transmission oil cooling hoses, as well as turbo charger, secondary air, and brake and clutch hoses. The company also offers anti vibration systems, including powertrain mount systems that comprise multi-state vacuum switchable hydraulic engine, Bi-state electric switchable hydraulic engine, conventional hydraulic, and elastomeric mounts; and suspension mounts, such as conventional and hydraulic bushings, strut mounts, spring seats and bumpers, mass dampers, and dual durometer bushings. Its products are primarily used in passenger vehicles and light trucks that are manufactured by automotive original equipment manufacturers and replacement markets. Cooper-Standard Holdings Inc. was founded in 1960 and is headquartered in Novi, Michigan.

FINANCIAL RATIOS  of  Cooper-Standard Holdings (CPS)

Valuation Ratios
P/E Ratio 14
Price to Sales 0.6
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 9.8
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 2.5% 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 17.759 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 $2.0 billion.


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COMPANY NEWS

▶ /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]
Stock chart of CPS 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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