Intrinsic value of Cooper Tire&Rubber - CTB

Previous Close

$25.65

  Intrinsic Value

$61.42

stock screener

  Rating & Target

str. buy

+139%

Previous close

$25.65

 
Intrinsic value

$61.42

 
Up/down potential

+139%

 
Rating

str. buy

We calculate the intrinsic value of CTB 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, %
  -1.61
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,925
  2,912
  2,979
  3,056
  3,142
  3,237
  3,341
  3,455
  3,578
  3,711
  3,853
  4,006
  4,168
  4,341
  4,525
  4,721
  4,928
  5,147
  5,378
  5,623
  5,881
  6,154
  6,441
  6,744
  7,064
  7,400
  7,754
  8,127
  8,519
  8,931
  9,365
Variable operating expenses, $m
 
  2,530
  2,588
  2,654
  2,728
  2,810
  2,900
  2,999
  3,105
  3,219
  3,342
  3,455
  3,595
  3,744
  3,903
  4,071
  4,250
  4,438
  4,638
  4,849
  5,072
  5,307
  5,555
  5,816
  6,092
  6,382
  6,687
  7,008
  7,347
  7,702
  8,077
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
  2,540
  2,530
  2,588
  2,654
  2,728
  2,810
  2,900
  2,999
  3,105
  3,219
  3,342
  3,455
  3,595
  3,744
  3,903
  4,071
  4,250
  4,438
  4,638
  4,849
  5,072
  5,307
  5,555
  5,816
  6,092
  6,382
  6,687
  7,008
  7,347
  7,702
  8,077
Operating income, $m
  384
  382
  391
  402
  413
  427
  441
  457
  474
  492
  511
  551
  574
  597
  623
  649
  678
  708
  740
  774
  809
  847
  886
  928
  972
  1,018
  1,067
  1,118
  1,172
  1,229
  1,289
EBITDA, $m
  514
  513
  525
  539
  554
  571
  589
  609
  631
  654
  679
  706
  735
  765
  798
  832
  869
  907
  948
  991
  1,037
  1,085
  1,135
  1,189
  1,245
  1,304
  1,367
  1,433
  1,502
  1,574
  1,651
Interest expense (income), $m
  29
  33
  36
  39
  43
  47
  52
  57
  63
  69
  76
  83
  91
  99
  107
  117
  127
  137
  148
  160
  172
  185
  199
  213
  228
  244
  261
  279
  298
  318
  338
Earnings before tax, $m
  367
  349
  356
  363
  371
  379
  389
  399
  411
  423
  436
  468
  483
  499
  515
  533
  551
  571
  592
  614
  637
  662
  688
  715
  743
  774
  805
  839
  874
  911
  950
Tax expense, $m
  116
  94
  96
  98
  100
  102
  105
  108
  111
  114
  118
  126
  130
  135
  139
  144
  149
  154
  160
  166
  172
  179
  186
  193
  201
  209
  217
  227
  236
  246
  257
Net income, $m
  248
  255
  260
  265
  271
  277
  284
  292
  300
  309
  318
  342
  353
  364
  376
  389
  403
  417
  432
  448
  465
  483
  502
  522
  543
  565
  588
  612
  638
  665
  694

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  504
  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
  2,619
  2,659
  2,721
  2,791
  2,869
  2,956
  3,051
  3,155
  3,268
  3,389
  3,519
  3,658
  3,807
  3,965
  4,133
  4,311
  4,500
  4,700
  4,912
  5,135
  5,371
  5,620
  5,882
  6,159
  6,451
  6,758
  7,081
  7,422
  7,780
  8,156
  8,553
Adjusted assets (=assets-cash), $m
  2,115
  2,659
  2,721
  2,791
  2,869
  2,956
  3,051
  3,155
  3,268
  3,389
  3,519
  3,658
  3,807
  3,965
  4,133
  4,311
  4,500
  4,700
  4,912
  5,135
  5,371
  5,620
  5,882
  6,159
  6,451
  6,758
  7,081
  7,422
  7,780
  8,156
  8,553
Revenue / Adjusted assets
  1.383
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
  1.095
Average production assets, $m
  967
  1,127
  1,153
  1,183
  1,216
  1,253
  1,293
  1,337
  1,385
  1,436
  1,491
  1,550
  1,613
  1,680
  1,751
  1,827
  1,907
  1,992
  2,081
  2,176
  2,276
  2,382
  2,493
  2,610
  2,734
  2,864
  3,001
  3,145
  3,297
  3,456
  3,624
Working capital, $m
  920
  239
  244
  251
  258
  265
  274
  283
  293
  304
  316
  328
  342
  356
  371
  387
  404
  422
  441
  461
  482
  505
  528
  553
  579
  607
  636
  666
  699
  732
  768
Total debt, $m
  326
  367
  401
  441
  486
  535
  589
  648
  712
  781
  855
  934
  1,018
  1,108
  1,204
  1,305
  1,412
  1,526
  1,646
  1,773
  1,907
  2,048
  2,197
  2,355
  2,520
  2,695
  2,878
  3,072
  3,275
  3,489
  3,714
Total liabilities, $m
  1,543
  1,511
  1,545
  1,585
  1,630
  1,679
  1,733
  1,792
  1,856
  1,925
  1,999
  2,078
  2,162
  2,252
  2,347
  2,449
  2,556
  2,670
  2,790
  2,917
  3,051
  3,192
  3,341
  3,498
  3,664
  3,838
  4,022
  4,215
  4,419
  4,633
  4,858
Total equity, $m
  1,076
  1,149
  1,175
  1,206
  1,239
  1,277
  1,318
  1,363
  1,412
  1,464
  1,520
  1,580
  1,645
  1,713
  1,785
  1,862
  1,944
  2,030
  2,122
  2,218
  2,320
  2,428
  2,541
  2,661
  2,787
  2,919
  3,059
  3,206
  3,361
  3,524
  3,695
Total liabilities and equity, $m
  2,619
  2,660
  2,720
  2,791
  2,869
  2,956
  3,051
  3,155
  3,268
  3,389
  3,519
  3,658
  3,807
  3,965
  4,132
  4,311
  4,500
  4,700
  4,912
  5,135
  5,371
  5,620
  5,882
  6,159
  6,451
  6,757
  7,081
  7,421
  7,780
  8,157
  8,553
Debt-to-equity ratio
  0.303
  0.320
  0.340
  0.370
  0.390
  0.420
  0.450
  0.480
  0.500
  0.530
  0.560
  0.590
  0.620
  0.650
  0.670
  0.700
  0.730
  0.750
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.010
Adjusted equity ratio
  0.283
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  248
  255
  260
  265
  271
  277
  284
  292
  300
  309
  318
  342
  353
  364
  376
  389
  403
  417
  432
  448
  465
  483
  502
  522
  543
  565
  588
  612
  638
  665
  694
Depreciation, amort., depletion, $m
  130
  131
  134
  137
  140
  144
  148
  153
  157
  162
  168
  155
  161
  168
  175
  183
  191
  199
  208
  218
  228
  238
  249
  261
  273
  286
  300
  314
  330
  346
  362
Funds from operations, $m
  170
  386
  394
  402
  411
  421
  432
  444
  457
  471
  486
  497
  514
  532
  551
  572
  593
  616
  640
  666
  693
  721
  751
  783
  816
  851
  888
  927
  968
  1,011
  1,056
Change in working capital, $m
  -140
  5
  5
  6
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
Cash from operations, $m
  310
  382
  388
  396
  404
  413
  424
  435
  447
  460
  474
  484
  501
  518
  536
  556
  576
  598
  621
  646
  672
  699
  728
  758
  790
  824
  859
  896
  936
  977
  1,020
Maintenance CAPEX, $m
  0
  -111
  -113
  -115
  -118
  -122
  -125
  -129
  -134
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -300
  -314
  -330
  -346
New CAPEX, $m
  -175
  -21
  -26
  -30
  -33
  -37
  -40
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -124
  -130
  -137
  -144
  -152
  -160
  -168
Cash from investing activities, $m
  -181
  -132
  -139
  -145
  -151
  -159
  -165
  -173
  -182
  -189
  -199
  -208
  -218
  -228
  -239
  -251
  -263
  -276
  -289
  -303
  -318
  -333
  -349
  -366
  -385
  -403
  -423
  -444
  -466
  -490
  -514
Free cash flow, $m
  129
  250
  250
  251
  252
  255
  258
  261
  266
  270
  276
  276
  283
  289
  297
  305
  313
  323
  332
  343
  354
  366
  378
  391
  405
  420
  436
  452
  469
  488
  507
Issuance/(repayment) of debt, $m
  9
  30
  35
  40
  45
  49
  54
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  114
  120
  127
  134
  141
  149
  157
  166
  174
  184
  193
  203
  214
  225
Issuance/(repurchase) of shares, $m
  -104
  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  
  -95
  30
  35
  40
  45
  49
  54
  59
  64
  69
  74
  79
  84
  90
  95
  101
  107
  114
  120
  127
  134
  141
  149
  157
  166
  174
  184
  193
  203
  214
  225
Total cash flow (excl. dividends), $m
  22
  280
  284
  290
  297
  304
  312
  320
  329
  339
  349
  355
  367
  379
  392
  406
  421
  436
  453
  470
  488
  507
  527
  549
  571
  594
  619
  645
  673
  702
  732
Retained Cash Flow (-), $m
  -97
  -22
  -26
  -30
  -34
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
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
 
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
Cash available for distribution, $m
 
  258
  258
  260
  263
  267
  271
  276
  281
  287
  293
  295
  303
  311
  320
  329
  339
  350
  361
  373
  386
  400
  414
  429
  445
  462
  480
  498
  518
  539
  561
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
 
  248
  236
  226
  217
  207
  197
  186
  176
  165
  154
  140
  129
  118
  107
  97
  86
  76
  67
  57
  49
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
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 Tire & Rubber Company is a manufacturer and marketer of replacement tires. The Company specializes in the design, manufacture, marketing and sales of passenger car, light truck, medium truck, motorcycle, and racing tires. The Company operates through four segments: North America, Latin America, Europe, and Asia. The North America segment comprises its operations in the United States and Canada. The Americas Tire Operations segment manufactures and markets passenger car and light truck tires, for sale in the United States replacement markets. The Latin America segment comprises its operations in Mexico, Central America, and South America. The European segment has operations in the United Kingdom and the Republic of Serbia. Its the United Kingdom entity manufactures and markets passenger car, light truck, motorcycle and racing tires and tire retread material. As of December 31, 2016, the Company operated nine manufacturing facilities and 20 distribution centers in 10 countries.

FINANCIAL RATIOS  of  Cooper Tire&Rubber (CTB)

Valuation Ratios
P/E Ratio 5.5
Price to Sales 0.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 10.1
Growth Rates
Sales Growth Rate -1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio 18
Current Ratio 0.1
LT Debt to Equity 27.7%
Total Debt to Equity 30.3%
Interest Coverage 14
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 18.4%
Ret/ On T. Cap. - 3 Yr. Avg. 17.4%
Return On Equity 24.1%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 19.9%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 11.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 31.6%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 9.3%

CTB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTB stock intrinsic value calculation we used $2855 million for the last fiscal year's total revenue generated by Cooper Tire&Rubber. The default revenue input number comes from 2016 income statement of Cooper Tire&Rubber. 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 CTB stock valuation model: a) initial revenue growth rate of 2% 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 CTB is calculated based on our internal credit rating of Cooper Tire&Rubber, 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 Tire&Rubber.
    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 CTB stock the variable cost ratio is equal to 86.9%.

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 CTB 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 9.7% for Cooper Tire&Rubber.

Corporate tax rate of 27% is the nominal tax rate for Cooper Tire&Rubber. 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 CTB stock is equal to 0.1%.

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 CTB are equal to 38.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Cooper Tire&Rubber 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 CTB is equal to 8.2%. 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 - $1127 million for Cooper Tire&Rubber - 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 51 million for Cooper Tire&Rubber 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 Tire&Rubber at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Cooper Tire Launches New Starfire Solarus AS   [Jul-12-18 08:30AM  Business Wire]
▶ Cooper Tire Adds New Sizes to Roadmaster RM272 Tire Line   [Jul-02-18 09:30AM  Business Wire]
▶ Gabelli & Companys Annual Automotive Aftermarket Symposium   [May-23-18 07:30AM  Business Wire]
▶ Cooper Zeon RS3-G1 Designated a Consumers Digest Best Buy   [May-07-18 08:00AM  Business Wire]
▶ Cooper Tire shares slide on earnings miss   [07:24AM  MarketWatch]
▶ Cooper Tire: 1Q Earnings Snapshot   [07:24AM  Associated Press]
▶ April Top Undervalued Stocks   [Apr-27-18 10:02AM  Simply Wall St.]
▶ 4 Beaten Down Stocks That Offer Value   [Apr-20-18 11:59AM  TheStreet.com]
▶ Top NYSE Cheap Stocks To Buy   [Mar-14-18 10:02AM  Simply Wall St.]
▶ Cooper Tire reports 4Q loss   [07:59AM  Associated Press]
▶ Cooper Tire to Open New Mississippi Distribution Center   [Feb-07-18 02:30PM  Business Wire]
▶ Cooper Tire Wins Two Global 2017 GOOD DESIGN® Awards   [Dec-20-17 10:00AM  Business Wire]
▶ Tracey I. Joubert Named to Cooper Tire Board of Directors   [Nov-16-17 11:00AM  Business Wire]
▶ Cooper Tires Evolution H/T Earns New Product Award at SEMA   [Oct-31-17 03:30PM  Business Wire]
▶ Merck and Cooper Tire stumble; CalAtlantic leaps   [Oct-30-17 04:33PM  Associated Press]
Financial statements of CTB
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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