Intrinsic value of Caesarstone - CSTE

Previous Close

$29.30

  Intrinsic Value

$29.25

stock screener

  Rating & Target

hold

-0%

  Value-price divergence*

+13%

Previous close

$29.30

 
Intrinsic value

$29.25

 
Up/down potential

-0%

 
Rating

hold

 
Value-price divergence*

+13%

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

We calculate the intrinsic value of CSTE 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 1.0

 

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, %
  7.80
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  539
  581
  625
  670
  717
  766
  817
  870
  926
  983
  1,043
  1,105
  1,170
  1,238
  1,309
  1,382
  1,459
  1,540
  1,624
  1,712
  1,804
  1,901
  2,002
  2,107
  2,218
  2,334
  2,455
  2,582
  2,715
  2,855
  3,002
Variable operating expenses, $m
 
  467
  502
  539
  576
  615
  656
  698
  743
  788
  836
  882
  934
  988
  1,045
  1,104
  1,165
  1,229
  1,297
  1,367
  1,440
  1,517
  1,598
  1,682
  1,770
  1,863
  1,960
  2,061
  2,168
  2,279
  2,396
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
  446
  467
  502
  539
  576
  615
  656
  698
  743
  788
  836
  882
  934
  988
  1,045
  1,104
  1,165
  1,229
  1,297
  1,367
  1,440
  1,517
  1,598
  1,682
  1,770
  1,863
  1,960
  2,061
  2,168
  2,279
  2,396
Operating income, $m
  93
  114
  122
  132
  141
  151
  161
  172
  183
  195
  207
  223
  236
  250
  264
  279
  294
  311
  328
  345
  364
  383
  404
  425
  447
  471
  495
  521
  548
  576
  605
EBITDA, $m
  121
  143
  154
  165
  177
  189
  202
  215
  228
  243
  257
  273
  289
  305
  323
  341
  360
  380
  401
  422
  445
  469
  494
  520
  547
  576
  606
  637
  670
  704
  741
Interest expense (income), $m
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  19
  20
  21
Earnings before tax, $m
  89
  113
  122
  131
  140
  149
  159
  169
  180
  191
  202
  218
  231
  244
  257
  272
  287
  302
  318
  335
  353
  372
  391
  412
  433
  455
  479
  503
  529
  556
  584
Tax expense, $m
  13
  31
  33
  35
  38
  40
  43
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
  136
  143
  150
  158
Net income, $m
  75
  83
  89
  95
  102
  109
  116
  123
  131
  139
  148
  159
  168
  178
  188
  198
  209
  221
  232
  245
  258
  271
  286
  300
  316
  332
  349
  367
  386
  406
  427

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  106
  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
  585
  516
  555
  596
  638
  681
  727
  774
  823
  874
  927
  982
  1,040
  1,100
  1,163
  1,229
  1,297
  1,369
  1,444
  1,522
  1,604
  1,690
  1,779
  1,873
  1,971
  2,074
  2,182
  2,295
  2,414
  2,538
  2,668
Adjusted assets (=assets-cash), $m
  479
  516
  555
  596
  638
  681
  727
  774
  823
  874
  927
  982
  1,040
  1,100
  1,163
  1,229
  1,297
  1,369
  1,444
  1,522
  1,604
  1,690
  1,779
  1,873
  1,971
  2,074
  2,182
  2,295
  2,414
  2,538
  2,668
Revenue / Adjusted assets
  1.125
  1.126
  1.126
  1.124
  1.124
  1.125
  1.124
  1.124
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.126
  1.124
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
  1.125
Average production assets, $m
  231
  249
  267
  287
  307
  328
  350
  373
  396
  421
  446
  473
  501
  530
  560
  592
  625
  659
  695
  733
  772
  813
  857
  902
  949
  999
  1,051
  1,105
  1,162
  1,222
  1,285
Working capital, $m
  217
  130
  139
  149
  160
  171
  182
  194
  206
  219
  233
  246
  261
  276
  292
  308
  325
  343
  362
  382
  402
  424
  446
  470
  495
  520
  547
  576
  606
  637
  669
Total debt, $m
  17
  19
  30
  42
  54
  66
  79
  93
  107
  122
  137
  153
  170
  187
  205
  224
  244
  264
  286
  308
  332
  357
  382
  409
  438
  467
  498
  531
  565
  601
  638
Total liabilities, $m
  147
  149
  160
  172
  184
  196
  209
  223
  237
  252
  267
  283
  300
  317
  335
  354
  374
  394
  416
  438
  462
  487
  512
  539
  568
  597
  628
  661
  695
  731
  768
Total equity, $m
  438
  368
  395
  424
  454
  485
  517
  551
  586
  622
  660
  699
  741
  783
  828
  875
  924
  975
  1,028
  1,084
  1,142
  1,203
  1,267
  1,334
  1,404
  1,477
  1,554
  1,634
  1,719
  1,807
  1,900
Total liabilities and equity, $m
  585
  517
  555
  596
  638
  681
  726
  774
  823
  874
  927
  982
  1,041
  1,100
  1,163
  1,229
  1,298
  1,369
  1,444
  1,522
  1,604
  1,690
  1,779
  1,873
  1,972
  2,074
  2,182
  2,295
  2,414
  2,538
  2,668
Debt-to-equity ratio
  0.039
  0.050
  0.080
  0.100
  0.120
  0.140
  0.150
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.320
  0.330
  0.330
  0.340
Adjusted equity ratio
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  83
  89
  95
  102
  109
  116
  123
  131
  139
  148
  159
  168
  178
  188
  198
  209
  221
  232
  245
  258
  271
  286
  300
  316
  332
  349
  367
  386
  406
  427
Depreciation, amort., depletion, $m
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  116
  122
  129
  135
Funds from operations, $m
  91
  112
  121
  129
  138
  147
  156
  166
  177
  187
  198
  209
  221
  234
  247
  261
  275
  290
  306
  322
  339
  357
  376
  395
  416
  438
  460
  484
  509
  535
  562
Change in working capital, $m
  -11
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  102
  103
  111
  119
  127
  136
  145
  154
  164
  174
  185
  195
  207
  219
  231
  244
  258
  272
  287
  302
  319
  335
  353
  372
  391
  412
  433
  455
  479
  503
  529
Maintenance CAPEX, $m
  0
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -129
New CAPEX, $m
  -23
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -23
  -42
  -45
  -47
  -50
  -53
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -192
Free cash flow, $m
  79
  61
  66
  71
  77
  83
  89
  95
  101
  108
  115
  121
  129
  137
  145
  154
  162
  172
  181
  191
  202
  213
  224
  236
  249
  262
  276
  290
  305
  321
  338
Issuance/(repayment) of debt, $m
  4
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
Issuance/(repurchase) of shares, $m
  -39
  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  
  -36
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
Total cash flow (excl. dividends), $m
  44
  71
  77
  83
  89
  95
  102
  109
  116
  123
  130
  137
  146
  154
  163
  172
  182
  192
  203
  214
  226
  238
  250
  264
  277
  292
  307
  323
  340
  357
  375
Retained Cash Flow (-), $m
  -38
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
Prev. year cash balance distribution, $m
 
  97
  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
 
  142
  50
  54
  59
  64
  70
  75
  81
  87
  93
  98
  105
  111
  118
  126
  133
  141
  150
  158
  167
  177
  186
  197
  207
  219
  230
  242
  255
  269
  283
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
 
  136
  45
  47
  49
  50
  50
  51
  50
  50
  49
  47
  45
  42
  40
  37
  34
  31
  28
  24
  21
  18
  15
  13
  11
  9
  7
  5
  4
  3
  2
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

Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company's products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets. The other applications of its products include vanity tops, wall panels, back splashes, floor tiles, stairs, and other interior surfaces that are used in a range of residential and non-residential applications. Its product offerings include over four collections, such as Classico, Concetto, Motivo and Supernatural, which are marketed as specialty product collections. It sells its products under the Caesarstone brand. Its designs range from fine-grained patterns to coarse-grained color blends with a variegated visual texture. It offers over 70 different colors, with four textures and three thicknesses available for each of the collection's colors.

FINANCIAL RATIOS  of  Caesarstone (CSTE)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 1.9
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -70.1%
Cap. Spend. - 3 Yr. Gr. Rate -3.2%
Financial Strength
Quick Ratio 12
Current Ratio 0.2
LT Debt to Equity 1.8%
Total Debt to Equity 3.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.5%
Ret/ On Assets - 3 Yr. Avg. 16.2%
Return On Total Capital 17.3%
Ret/ On T. Cap. - 3 Yr. Avg. 21.2%
Return On Equity 17.9%
Return On Equity - 3 Yr. Avg. 22%
Asset Turnover 1
Profitability Ratios
Gross Margin 39.3%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 23.2%
Operating Margin 17.3%
Oper. Margin - 3 Yr. Avg. 19.3%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 18.7%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 15.7%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. 14.9%
Payout Ratio 0%

CSTE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSTE stock intrinsic value calculation we used $539 million for the last fiscal year's total revenue generated by Caesarstone. The default revenue input number comes from 2016 income statement of Caesarstone. 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 CSTE stock valuation model: a) initial revenue growth rate of 7.8% 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 4.3%, whose default value for CSTE is calculated based on our internal credit rating of Caesarstone, 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 Caesarstone.
    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 CSTE stock the variable cost ratio is equal to 80.5%.

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 CSTE 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 Caesarstone.

Corporate tax rate of 27% is the nominal tax rate for Caesarstone. 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 CSTE 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 CSTE are equal to 42.8%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Caesarstone 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 CSTE is equal to 22.3%. 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 - $438 million for Caesarstone - 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 34.722 million for Caesarstone 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 Caesarstone at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Caesarstone Announces Date for Third Quarter 2017 Results   [Oct-18-17 08:30AM  Business Wire]
▶ ETFs with exposure to Caesarstone Ltd. : October 11, 2017   [Oct-11-17 11:21AM  Capital Cube]
▶ Ron Baron Cuts Stake in Company With Declining Earnings   [Aug-10-17 07:19PM  GuruFocus.com]
▶ CaesarStone posts 2Q profit   [Aug-02-17 09:21PM  Associated Press]
▶ Caesarstone Reports Second Quarter Results   [06:30AM  Business Wire]
▶ Caesarstone Announces Date for Second Quarter 2017 Results   [Jul-19-17 08:30AM  Business Wire]
▶ 3 Stocks Wall Street Hasn't Noticed   [Jun-17-17 07:32AM  Motley Fool]
▶ ETFs with exposure to Caesarstone Ltd. : June 8, 2017   [Jun-08-17 01:31PM  Capital Cube]
▶ New Strong Sell Stocks for June 2nd   [Jun-02-17 08:06AM  Zacks]
▶ Caesarstone Returns to Growth in the U.S. Market   [May-10-17 09:09PM  Motley Fool]
▶ CaesarStone posts 1Q profit   [06:38AM  Associated Press]
▶ Caesarstone Announces Date for First Quarter 2017 Results   [Apr-19-17 08:30AM  Business Wire]
▶ 3 Stocks We Like More Than Kinder Morgan Inc.   [Feb-18-17 01:30PM  Motley Fool]
▶ 3 Stocks We Like More Than Kinder Morgan Inc.   [01:30PM  at Motley Fool]
▶ Why Caesarstone Ltd.'s Shares Popped 15.5% on Wednesday   [Feb-08-17 01:11PM  Motley Fool]
▶ CaesarStone posts 4Q profit   [06:52AM  Associated Press]
▶ 3 Bargain Stocks You Can Buy Today   [Jan-25-17 07:17PM  at Motley Fool]
▶ Is Caesarstone Ltd (CSTE) Poised for a Rebound?   [Dec-10-16 10:05PM  at Insider Monkey]
▶ Why Caesarstone Sdot-Yam Ltd's Shares Plunged 21% Today   [Nov-02-16 01:31PM  at Motley Fool]
▶ Caesarstone Reports Third Quarter Results   [06:30AM  Business Wire]
▶ What Happened in the Stock Market Today   [Sep-12-16 05:06PM  at Motley Fool]
▶ [$$] Sharing the Wealth   [Sep-10-16 12:01AM  at Barrons.com]
▶ Caesarstone Reports Record Quarter Results   [06:30AM  Business Wire]
Financial statements of CSTE
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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