Intrinsic value of Charles River Laboratories International - CRL

Previous Close

$107.89

  Intrinsic Value

$60.27

stock screener

  Rating & Target

sell

-44%

Previous close

$107.89

 
Intrinsic value

$60.27

 
Up/down potential

-44%

 
Rating

sell

We calculate the intrinsic value of CRL 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, %
  23.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  1,681
  1,831
  1,986
  2,148
  2,317
  2,492
  2,674
  2,863
  3,060
  3,264
  3,477
  3,698
  3,928
  4,168
  4,417
  4,678
  4,949
  5,232
  5,528
  5,837
  6,159
  6,496
  6,849
  7,218
  7,603
  8,007
  8,430
  8,873
  9,337
  9,823
  10,332
Variable operating expenses, $m
 
  1,547
  1,672
  1,802
  1,937
  2,078
  2,224
  2,375
  2,533
  2,697
  2,868
  2,966
  3,151
  3,343
  3,543
  3,752
  3,970
  4,197
  4,434
  4,682
  4,940
  5,211
  5,494
  5,789
  6,099
  6,423
  6,762
  7,117
  7,489
  7,879
  8,287
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
  1,444
  1,547
  1,672
  1,802
  1,937
  2,078
  2,224
  2,375
  2,533
  2,697
  2,868
  2,966
  3,151
  3,343
  3,543
  3,752
  3,970
  4,197
  4,434
  4,682
  4,940
  5,211
  5,494
  5,789
  6,099
  6,423
  6,762
  7,117
  7,489
  7,879
  8,287
Operating income, $m
  237
  283
  314
  346
  380
  414
  450
  488
  527
  567
  609
  732
  777
  825
  874
  926
  979
  1,035
  1,094
  1,155
  1,219
  1,285
  1,355
  1,428
  1,505
  1,584
  1,668
  1,756
  1,848
  1,944
  2,044
EBITDA, $m
  364
  450
  488
  528
  569
  612
  657
  704
  752
  802
  854
  909
  965
  1,024
  1,086
  1,149
  1,216
  1,286
  1,358
  1,434
  1,514
  1,596
  1,683
  1,774
  1,868
  1,968
  2,072
  2,180
  2,294
  2,414
  2,539
Interest expense (income), $m
  23
  42
  48
  54
  60
  67
  73
  80
  88
  95
  103
  111
  120
  129
  138
  147
  157
  168
  179
  190
  202
  214
  227
  241
  255
  270
  285
  302
  319
  337
  355
Earnings before tax, $m
  223
  241
  266
  292
  319
  348
  377
  407
  439
  472
  506
  620
  657
  696
  736
  778
  822
  867
  915
  965
  1,017
  1,071
  1,128
  1,187
  1,249
  1,314
  1,383
  1,454
  1,529
  1,607
  1,689
Tax expense, $m
  67
  65
  72
  79
  86
  94
  102
  110
  119
  127
  137
  168
  178
  188
  199
  210
  222
  234
  247
  260
  275
  289
  305
  321
  337
  355
  373
  393
  413
  434
  456
Net income, $m
  155
  176
  194
  213
  233
  254
  275
  297
  320
  344
  369
  453
  480
  508
  537
  568
  600
  633
  668
  704
  742
  782
  823
  867
  912
  960
  1,009
  1,061
  1,116
  1,173
  1,233

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  121
  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
  2,712
  2,821
  3,061
  3,310
  3,570
  3,840
  4,120
  4,412
  4,715
  5,030
  5,357
  5,698
  6,052
  6,422
  6,806
  7,207
  7,626
  8,062
  8,518
  8,993
  9,490
  10,010
  10,553
  11,121
  11,716
  12,338
  12,989
  13,672
  14,386
  15,135
  15,919
Adjusted assets (=assets-cash), $m
  2,591
  2,821
  3,061
  3,310
  3,570
  3,840
  4,120
  4,412
  4,715
  5,030
  5,357
  5,698
  6,052
  6,422
  6,806
  7,207
  7,626
  8,062
  8,518
  8,993
  9,490
  10,010
  10,553
  11,121
  11,716
  12,338
  12,989
  13,672
  14,386
  15,135
  15,919
Revenue / Adjusted assets
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
Average production assets, $m
  1,055
  1,148
  1,245
  1,347
  1,453
  1,563
  1,677
  1,795
  1,918
  2,047
  2,180
  2,319
  2,463
  2,613
  2,770
  2,933
  3,103
  3,281
  3,466
  3,660
  3,862
  4,073
  4,294
  4,525
  4,767
  5,021
  5,286
  5,563
  5,854
  6,159
  6,478
Working capital, $m
  227
  145
  157
  170
  183
  197
  211
  226
  242
  258
  275
  292
  310
  329
  349
  370
  391
  413
  437
  461
  487
  513
  541
  570
  601
  633
  666
  701
  738
  776
  816
Total debt, $m
  1,235
  1,371
  1,542
  1,720
  1,905
  2,098
  2,298
  2,506
  2,722
  2,946
  3,180
  3,422
  3,675
  3,939
  4,213
  4,499
  4,797
  5,108
  5,433
  5,772
  6,127
  6,497
  6,884
  7,289
  7,713
  8,157
  8,621
  9,108
  9,617
  10,151
  10,711
Total liabilities, $m
  1,875
  2,011
  2,182
  2,360
  2,545
  2,738
  2,938
  3,146
  3,362
  3,586
  3,820
  4,062
  4,315
  4,579
  4,853
  5,139
  5,437
  5,748
  6,073
  6,412
  6,767
  7,137
  7,524
  7,929
  8,353
  8,797
  9,261
  9,748
  10,257
  10,791
  11,351
Total equity, $m
  837
  810
  878
  950
  1,025
  1,102
  1,183
  1,266
  1,353
  1,443
  1,537
  1,635
  1,737
  1,843
  1,953
  2,069
  2,189
  2,314
  2,445
  2,581
  2,724
  2,873
  3,029
  3,192
  3,362
  3,541
  3,728
  3,924
  4,129
  4,344
  4,569
Total liabilities and equity, $m
  2,712
  2,821
  3,060
  3,310
  3,570
  3,840
  4,121
  4,412
  4,715
  5,029
  5,357
  5,697
  6,052
  6,422
  6,806
  7,208
  7,626
  8,062
  8,518
  8,993
  9,491
  10,010
  10,553
  11,121
  11,715
  12,338
  12,989
  13,672
  14,386
  15,135
  15,920
Debt-to-equity ratio
  1.476
  1.690
  1.760
  1.810
  1.860
  1.900
  1.940
  1.980
  2.010
  2.040
  2.070
  2.090
  2.120
  2.140
  2.160
  2.170
  2.190
  2.210
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.300
  2.310
  2.320
  2.330
  2.340
  2.340
Adjusted equity ratio
  0.276
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  176
  194
  213
  233
  254
  275
  297
  320
  344
  369
  453
  480
  508
  537
  568
  600
  633
  668
  704
  742
  782
  823
  867
  912
  960
  1,009
  1,061
  1,116
  1,173
  1,233
Depreciation, amort., depletion, $m
  127
  166
  174
  182
  190
  198
  207
  216
  225
  235
  245
  177
  188
  199
  211
  224
  237
  250
  265
  279
  295
  311
  328
  345
  364
  383
  403
  425
  447
  470
  495
Funds from operations, $m
  268
  342
  368
  395
  423
  452
  482
  513
  546
  579
  615
  630
  668
  708
  749
  792
  837
  884
  933
  984
  1,037
  1,093
  1,151
  1,212
  1,276
  1,343
  1,413
  1,486
  1,563
  1,643
  1,728
Change in working capital, $m
  -30
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
Cash from operations, $m
  298
  331
  356
  382
  410
  438
  468
  498
  530
  563
  598
  612
  650
  689
  729
  771
  815
  861
  909
  959
  1,012
  1,066
  1,123
  1,183
  1,246
  1,311
  1,379
  1,451
  1,526
  1,605
  1,687
Maintenance CAPEX, $m
  0
  -80
  -88
  -95
  -103
  -111
  -119
  -128
  -137
  -146
  -156
  -166
  -177
  -188
  -199
  -211
  -224
  -237
  -250
  -265
  -279
  -295
  -311
  -328
  -345
  -364
  -383
  -403
  -425
  -447
  -470
New CAPEX, $m
  -55
  -93
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -157
  -163
  -170
  -178
  -185
  -194
  -202
  -211
  -221
  -231
  -242
  -253
  -265
  -278
  -291
  -305
  -319
Cash from investing activities, $m
  -686
  -173
  -186
  -197
  -209
  -221
  -233
  -247
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -374
  -394
  -415
  -435
  -459
  -481
  -506
  -532
  -559
  -587
  -617
  -648
  -681
  -716
  -752
  -789
Free cash flow, $m
  -388
  157
  171
  186
  201
  217
  234
  252
  270
  289
  308
  307
  328
  350
  373
  397
  421
  447
  473
  501
  530
  560
  591
  624
  658
  694
  731
  770
  811
  853
  898
Issuance/(repayment) of debt, $m
  388
  163
  171
  178
  185
  192
  200
  208
  216
  225
  233
  243
  253
  263
  274
  286
  298
  311
  325
  339
  354
  370
  387
  405
  424
  444
  464
  486
  509
  534
  559
Issuance/(repurchase) of shares, $m
  11
  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  
  391
  163
  171
  178
  185
  192
  200
  208
  216
  225
  233
  243
  253
  263
  274
  286
  298
  311
  325
  339
  354
  370
  387
  405
  424
  444
  464
  486
  509
  534
  559
Total cash flow (excl. dividends), $m
  0
  320
  342
  364
  386
  410
  434
  459
  486
  513
  542
  550
  581
  614
  647
  683
  720
  758
  798
  840
  884
  930
  979
  1,029
  1,082
  1,137
  1,196
  1,256
  1,320
  1,387
  1,457
Retained Cash Flow (-), $m
  -104
  -67
  -69
  -72
  -75
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -205
  -215
  -225
Prev. year cash balance distribution, $m
 
  94
  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
 
  347
  273
  292
  312
  332
  354
  376
  399
  423
  448
  453
  480
  508
  537
  568
  599
  633
  667
  704
  742
  781
  823
  866
  911
  959
  1,009
  1,061
  1,115
  1,172
  1,232
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  323
  235
  230
  223
  215
  204
  192
  179
  164
  149
  127
  113
  98
  84
  71
  59
  48
  38
  30
  23
  17
  13
  9
  6
  4
  3
  2
  1
  1
  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

Charles River Laboratories International, Inc. is an early-stage contract research company. The Company is engaged in laboratory animal medicine and science (research model technologies) and develop a portfolio of discovery and safety assessment services, both good laboratory practice (GLP) and non-GLP, which supports its clients from target identification through non-clinical development. The Company operates in three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Support (Manufacturing). The RMS segment includes Research Models and Research Model Services. The DSA segment includes Discovery Services and Safety Assessment. The Manufacturing segment includes Microbial Solutions, Avian, Biologics and Contract Manufacturing. The Company also provides a suite of products and services to support the Company's clients' manufacturing activities.

FINANCIAL RATIOS  of  Charles River Laboratories International (CRL)

Valuation Ratios
P/E Ratio 33
Price to Sales 3
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 144.3%
Total Debt to Equity 147.6%
Interest Coverage 11
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 19.7%
Return On Equity - 3 Yr. Avg. 20.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.5%
Gross Margin - 3 Yr. Avg. 38%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 0%

CRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRL stock intrinsic value calculation we used $1681 million for the last fiscal year's total revenue generated by Charles River Laboratories International. The default revenue input number comes from 2016 income statement of Charles River Laboratories International. 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 CRL stock valuation model: a) initial revenue growth rate of 8.9% 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 7.5%, whose default value for CRL is calculated based on our internal credit rating of Charles River Laboratories International, 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 Charles River Laboratories International.
    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 CRL stock the variable cost ratio is equal to 84.9%.

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 CRL 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 Charles River Laboratories International.

Corporate tax rate of 27% is the nominal tax rate for Charles River Laboratories International. 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 CRL 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 CRL are equal to 62.7%.

Life of production assets of 13.1 years is the average useful life of capital assets used in Charles River Laboratories International 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 CRL is equal to 7.9%. 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 - $837 million for Charles River Laboratories International - 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 47.51 million for Charles River Laboratories International 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 Charles River Laboratories International at the current share price and the inputted number of shares is $5.1 billion.

RELATED COMPANIES Price Int.Val. Rating
LH Laboratory of 174.39 205.26  buy
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MEDP Medpace Holdin 38.40 28.84  sell

COMPANY NEWS

▶ IIROC Trade Resumption - CRL, CRL.WT, CRL.RT   [Jan-17-18 11:01AM  PR Newswire]
▶ IIROC Trading Halt - CRL CRL.WT CRL.RT   [09:14AM  PR Newswire]
▶ Charles River Laboratories Acquires KWS BioTest   [Jan-11-18 07:00AM  Business Wire]
▶ Charles River Labs International Sees IBD RS Rating Rise To 72   [Dec-13-17 03:00AM  Investor's Business Daily]
▶ Charles River tops Street 3Q forecasts   [07:15AM  Associated Press]
▶ Charles River Laboratories Intl. Inc Can Keep the Run Going   [Oct-23-17 02:10PM  InvestorPlace]
▶ Charles River beats Street 2Q forecasts   [Aug-09-17 10:19PM  Associated Press]
▶ Charles River Laboratories Acquires Brains On-Line   [Aug-07-17 07:30AM  Business Wire]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-25-17 11:43AM  Investor's Business Daily]
▶ Opening Bell, May 23, 2017   [May-23-17 09:29AM  CNBC Videos]
▶ Today's Bell Ringer, May 23, 2017   [09:17AM  CNBC Videos]
▶ Charles River shareholders reject PETA proposal on monkey research   [May-12-17 12:35PM  American City Business Journals]
▶ Charles River beats Street 1Q forecasts   [May-10-17 07:10AM  Associated Press]
Financial statements of CRL
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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