Intrinsic value of Cytosorbents - CTSO

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$4.20

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$4.20

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CTSO 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 0.1

 

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, %
  100.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
Revenue, $m
  10
  15
  22
  31
  43
  57
  75
  97
  123
  153
  187
  226
  269
  316
  369
  425
  485
  550
  619
  692
  768
  849
  933
  1,021
  1,113
  1,209
  1,308
  1,411
  1,519
  1,631
  1,747
Variable operating expenses, $m
 
  21
  31
  43
  60
  80
  105
  136
  172
  214
  262
  316
  376
  443
  516
  595
  680
  770
  867
  969
  1,076
  1,188
  1,306
  1,430
  1,558
  1,692
  1,831
  1,976
  2,127
  2,283
  2,446
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  21
  28
  38
  51
  68
  88
  113
  144
  181
  223
  271
  325
  385
  453
  526
  605
  690
  781
  878
  980
  1,087
  1,200
  1,318
  1,442
  1,571
  1,705
  1,844
  1,990
  2,141
  2,297
  2,461
Operating income, $m
  -11
  -13
  -16
  -20
  -25
  -31
  -38
  -47
  -58
  -70
  -84
  -99
  -117
  -136
  -157
  -180
  -205
  -231
  -259
  -288
  -319
  -351
  -385
  -421
  -458
  -496
  -537
  -578
  -622
  -667
  -713
EBITDA, $m
  -11
  -13
  -16
  -20
  -24
  -30
  -37
  -46
  -56
  -68
  -82
  -97
  -114
  -133
  -154
  -176
  -200
  -225
  -252
  -281
  -311
  -343
  -376
  -411
  -447
  -484
  -523
  -564
  -606
  -650
  -696
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  4
  5
  6
  7
  7
  8
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  26
Earnings before tax, $m
  -12
  -13
  -16
  -20
  -25
  -31
  -39
  -48
  -59
  -72
  -86
  -102
  -120
  -140
  -162
  -186
  -211
  -238
  -267
  -297
  -330
  -363
  -399
  -435
  -474
  -514
  -555
  -599
  -644
  -690
  -739
Tax expense, $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
  0
Net income, $m
  -12
  -13
  -16
  -20
  -25
  -31
  -39
  -48
  -59
  -72
  -86
  -102
  -120
  -140
  -162
  -186
  -211
  -238
  -267
  -297
  -330
  -363
  -399
  -435
  -474
  -514
  -555
  -599
  -644
  -690
  -739

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  10
  8
  11
  15
  21
  29
  38
  49
  61
  76
  94
  113
  134
  158
  184
  212
  243
  275
  310
  346
  384
  424
  467
  511
  556
  604
  654
  706
  759
  815
  873
Adjusted assets (=assets-cash), $m
  5
  8
  11
  15
  21
  29
  38
  49
  61
  76
  94
  113
  134
  158
  184
  212
  243
  275
  310
  346
  384
  424
  467
  511
  556
  604
  654
  706
  759
  815
  873
Revenue / Adjusted assets
  2.000
  1.875
  2.000
  2.067
  2.048
  1.966
  1.974
  1.980
  2.016
  2.013
  1.989
  2.000
  2.007
  2.000
  2.005
  2.005
  1.996
  2.000
  1.997
  2.000
  2.000
  2.002
  1.998
  1.998
  2.002
  2.002
  2.000
  1.999
  2.001
  2.001
  2.001
Average production assets, $m
  1
  2
  2
  3
  4
  6
  8
  10
  12
  15
  19
  23
  27
  32
  37
  42
  49
  55
  62
  69
  77
  85
  93
  102
  111
  121
  131
  141
  152
  163
  175
Working capital, $m
  2
  -3
  -4
  -6
  -9
  -11
  -15
  -19
  -25
  -31
  -37
  -45
  -54
  -63
  -74
  -85
  -97
  -110
  -124
  -138
  -154
  -170
  -187
  -204
  -223
  -242
  -262
  -282
  -304
  -326
  -349
Total debt, $m
  5
  2
  5
  9
  14
  21
  29
  39
  50
  64
  79
  97
  116
  137
  161
  186
  213
  243
  274
  306
  341
  377
  415
  455
  496
  539
  584
  630
  679
  729
  781
Total liabilities, $m
  10
  7
  10
  14
  19
  26
  34
  44
  55
  69
  84
  102
  121
  142
  166
  191
  218
  248
  279
  311
  346
  382
  420
  460
  501
  544
  589
  635
  684
  734
  786
Total equity, $m
  0
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  16
  18
  21
  24
  28
  31
  35
  38
  42
  47
  51
  56
  60
  65
  71
  76
  82
  87
Total liabilities and equity, $m
  10
  8
  11
  16
  21
  29
  38
  49
  61
  77
  93
  113
  134
  158
  184
  212
  242
  276
  310
  346
  384
  424
  467
  511
  557
  604
  654
  706
  760
  816
  873
Debt-to-equity ratio
  0.000
  2.330
  4.420
  5.760
  6.650
  7.250
  7.670
  7.970
  8.190
  8.350
  8.470
  8.560
  8.630
  8.680
  8.730
  8.760
  8.790
  8.820
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
Adjusted equity ratio
  -1.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -13
  -16
  -20
  -25
  -31
  -39
  -48
  -59
  -72
  -86
  -102
  -120
  -140
  -162
  -186
  -211
  -238
  -267
  -297
  -330
  -363
  -399
  -435
  -474
  -514
  -555
  -599
  -644
  -690
  -739
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
Funds from operations, $m
  -5
  -13
  -16
  -20
  -25
  -31
  -38
  -47
  -58
  -70
  -84
  -100
  -118
  -137
  -158
  -181
  -206
  -233
  -261
  -291
  -322
  -355
  -389
  -425
  -463
  -502
  -542
  -585
  -628
  -674
  -721
Change in working capital, $m
  2
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
Cash from operations, $m
  -7
  -12
  -15
  -18
  -22
  -28
  -35
  -43
  -53
  -64
  -77
  -92
  -109
  -128
  -148
  -170
  -194
  -220
  -247
  -276
  -307
  -339
  -372
  -408
  -444
  -483
  -522
  -564
  -607
  -652
  -698
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
Cash from investing activities, $m
  2
  -1
  -1
  -1
  -1
  -1
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -8
  -8
  -10
  -10
  -11
  -13
  -13
  -15
  -16
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
Free cash flow, $m
  -5
  -13
  -15
  -19
  -24
  -30
  -37
  -46
  -56
  -68
  -82
  -98
  -116
  -135
  -156
  -180
  -204
  -231
  -259
  -289
  -321
  -354
  -389
  -426
  -464
  -503
  -544
  -587
  -632
  -678
  -726
Issuance/(repayment) of debt, $m
  5
  -2
  3
  4
  5
  7
  8
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  34
  36
  38
  40
  41
  43
  45
  47
  48
  50
  52
Issuance/(repurchase) of shares, $m
  0
  16
  13
  15
  19
  24
  30
  37
  46
  56
  69
  83
  98
  116
  136
  157
  180
  205
  232
  260
  290
  322
  356
  390
  427
  465
  505
  546
  589
  633
  680
Cash from financing (excl. dividends), $m  
  5
  14
  16
  19
  24
  31
  38
  47
  58
  69
  84
  100
  117
  137
  159
  182
  207
  234
  263
  293
  324
  358
  394
  430
  468
  508
  550
  593
  637
  683
  732
Total cash flow (excl. dividends), $m
  0
  -15
  -12
  -15
  -19
  -23
  -29
  -36
  -45
  -55
  -67
  -81
  -96
  -114
  -133
  -154
  -177
  -202
  -228
  -257
  -287
  -318
  -351
  -386
  -422
  -460
  -500
  -541
  -583
  -628
  -674
Retained Cash Flow (-), $m
  8
  -5
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
Prev. year cash balance distribution, $m
 
  4
  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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  50.0
  2.8
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

CytoSorbents Corporation, a critical care focused immunotherapy company, engages in the research, development, and commercialization of medical devices with its platform blood purification technology incorporating a proprietary adsorbent polymer technology. Its principal product is CytoSorb device, an extracorporeal cytokine filter designed for the adjunctive therapy in the treatment of sepsis; for the adjunctive therapy in other critical care applications; the prevention of post-operative complications of cardiopulmonary bypass surgery and damage to organs donated by brain-dead donors prior to organ harvest; the treatment of cancer cachexia; the prevention of transfusion reactions caused by contaminants in transfused blood products; and the prevention of contrast induced nephropathy, the treatment of drug overdose, and the treatment of chronic kidney failure. The company is also developing HemoDefend blood purification technology platform to reduce contaminants in the blood supply that can cause transfusion reactions or disease when administering blood and blood products to patients; and ContrastSorb for the removal of IV contrast in blood administered during CT imaging, an angiogram, or during a vascular interventional radiology procedure to reduce the risk of contrast-induced nephropathy. In addition, it is developing BetaSorb device for the prevention and treatment of health complications caused by the accumulation of metabolic toxins in patients with chronic renal failure; and DrugSorb, an extracorporeal hemoperfusion cartridge designed to remove toxic chemicals from the blood. The company was formerly known as MedaSorb Technologies Corporation and changed its name to CytoSorbents Corporation in May 2010. CytoSorbents Corporation was founded in 1997 and is based in Monmouth Junction, New Jersey.

FINANCIAL RATIOS  of  Cytosorbents (CTSO)

Valuation Ratios
P/E Ratio -8.9
Price to Sales 10.7
Price to Book 0
Price to Tangible Book
Price to Cash Flow -15.3
Price to Free Cash Flow -13.4
Growth Rates
Sales Growth Rate 100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -114.3%
Ret/ On Assets - 3 Yr. Avg. -116.2%
Return On Total Capital -184.6%
Ret/ On T. Cap. - 3 Yr. Avg. -191.7%
Return On Equity -300%
Return On Equity - 3 Yr. Avg. -264.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 60%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin -120%
EBITDA Margin - 3 Yr. Avg. -176.7%
Operating Margin -110%
Oper. Margin - 3 Yr. Avg. -155%
Pre-Tax Margin -120%
Pre-Tax Margin - 3 Yr. Avg. -176.7%
Net Profit Margin -120%
Net Profit Margin - 3 Yr. Avg. -168.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 3.3%
Payout Ratio 0%

CTSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTSO stock intrinsic value calculation we used $10 million for the last fiscal year's total revenue generated by Cytosorbents. The default revenue input number comes from 2016 income statement of Cytosorbents. 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 CTSO stock valuation model: a) initial revenue growth rate of 50% 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 CTSO is calculated based on our internal credit rating of Cytosorbents, 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 Cytosorbents.
    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 CTSO stock the variable cost ratio is equal to 140%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for CTSO 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 Cytosorbents.

Corporate tax rate of 27% is the nominal tax rate for Cytosorbents. 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 CTSO 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 CTSO are equal to 10%.

Life of production assets of 10 years is the average useful life of capital assets used in Cytosorbents 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 CTSO is equal to -20%. 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 - $0 million for Cytosorbents - 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 21.098 million for Cytosorbents 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 Cytosorbents at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ ETFs with exposure to CytoSorbents Corp. : May 22, 2017   [May-22-17 01:32PM  Capital Cube]
▶ CTSO: Revenue Acceleration Expected 2H. REFRESH Efficacy Compelling   [May-15-17 04:00PM  Zacks Small Cap Research]
▶ ETFs with exposure to CytoSorbents Corp. : May 9, 2017   [May-09-17 04:30PM  Capital Cube]
▶ CytoSorbents reports 1Q loss   [May-08-17 05:23PM  Associated Press]
▶ CytoSorbents Announces Positive REFRESH I Trial Results   [May-05-17 09:00AM  PR Newswire]
▶ CTSO: Equity Raise, Cancer Applications, REFRESH I Data Upcoming   [Apr-17-17 09:00AM  Zacks Small Cap Research]
▶ ETFs with exposure to CytoSorbents Corp. : April 5, 2017   [Apr-05-17 04:35PM  Capital Cube]
▶ CytoSorbents Announces Pricing of Follow-On Offering   [Mar-31-17 08:00AM  PR Newswire]
▶ CytoSorbents Announces Proposed Offering of Common Stock   [Mar-30-17 04:01PM  PR Newswire]
▶ CTSO: Several Catalysts Will Extend Record Revenue Streak Into 2017   [Mar-08-17 10:00AM  Zacks Small Cap Research]
▶ CytoSorbents Launches VetResQ for U.S. Veterinary Market   [Jan-20-17 09:00AM  PR Newswire]
▶ CytoSorbents to Present at the 2016 BIO Investor Forum   [Oct-14-16 07:00AM  PR Newswire]
Stock chart of CTSO Financial statements of CTSO Annual reports of CTSO
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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