Intrinsic value of Cutera - CUTR

Previous Close

$26.70

  Intrinsic Value

$124.21

stock screener

  Rating & Target

str. buy

+365%

  Value-price divergence*

+867%

Previous close

$26.70

 
Intrinsic value

$124.21

 
Up/down potential

+365%

 
Rating

str. buy

 
Value-price divergence*

+867%

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

We calculate the intrinsic value of CUTR 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 0.3

 

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, %
  24.21
  31.80
  29.12
  26.71
  24.54
  22.58
  20.83
  19.24
  17.82
  16.54
  15.38
  14.34
  13.41
  12.57
  11.81
  11.13
  10.52
  9.97
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.38
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
Revenue, $m
  118
  156
  201
  254
  317
  388
  469
  560
  659
  768
  887
  1,014
  1,150
  1,294
  1,447
  1,608
  1,777
  1,954
  2,140
  2,333
  2,534
  2,743
  2,961
  3,187
  3,422
  3,666
  3,920
  4,184
  4,458
  4,743
  5,040
Variable operating expenses, $m
 
  115
  148
  187
  233
  286
  346
  412
  485
  566
  653
  746
  846
  953
  1,065
  1,184
  1,308
  1,439
  1,575
  1,717
  1,865
  2,019
  2,179
  2,346
  2,519
  2,699
  2,886
  3,080
  3,282
  3,492
  3,711
Fixed operating expenses, $m
 
  31
  32
  32
  33
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
Total operating expenses, $m
  116
  146
  180
  219
  266
  320
  381
  448
  522
  603
  691
  785
  886
  994
  1,107
  1,227
  1,353
  1,485
  1,622
  1,765
  1,914
  2,069
  2,231
  2,399
  2,573
  2,755
  2,943
  3,138
  3,342
  3,553
  3,774
Operating income, $m
  2
  10
  21
  35
  50
  68
  89
  112
  137
  165
  195
  228
  263
  300
  339
  381
  424
  470
  518
  567
  619
  673
  729
  788
  849
  912
  977
  1,045
  1,116
  1,190
  1,267
EBITDA, $m
  3
  10
  22
  35
  51
  69
  90
  113
  138
  166
  197
  229
  265
  302
  341
  383
  427
  473
  521
  571
  623
  677
  733
  792
  853
  916
  982
  1,051
  1,122
  1,196
  1,274
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  33
  35
  37
  40
  43
Earnings before tax, $m
  3
  10
  21
  34
  49
  67
  86
  109
  133
  160
  189
  221
  255
  291
  329
  369
  411
  455
  501
  549
  599
  651
  705
  762
  820
  881
  945
  1,010
  1,079
  1,150
  1,224
Tax expense, $m
  0
  3
  6
  9
  13
  18
  23
  29
  36
  43
  51
  60
  69
  78
  89
  100
  111
  123
  135
  148
  162
  176
  190
  206
  221
  238
  255
  273
  291
  311
  331
Net income, $m
  3
  7
  15
  25
  36
  49
  63
  79
  97
  117
  138
  161
  186
  212
  240
  269
  300
  332
  366
  401
  437
  475
  515
  556
  599
  643
  690
  738
  788
  840
  894

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  92
  50
  65
  82
  102
  125
  151
  180
  212
  247
  286
  327
  370
  417
  466
  518
  572
  629
  689
  751
  816
  883
  953
  1,026
  1,102
  1,181
  1,262
  1,347
  1,436
  1,528
  1,623
Adjusted assets (=assets-cash), $m
  38
  50
  65
  82
  102
  125
  151
  180
  212
  247
  286
  327
  370
  417
  466
  518
  572
  629
  689
  751
  816
  883
  953
  1,026
  1,102
  1,181
  1,262
  1,347
  1,436
  1,528
  1,623
Revenue / Adjusted assets
  3.105
  3.120
  3.092
  3.098
  3.108
  3.104
  3.106
  3.111
  3.108
  3.109
  3.101
  3.101
  3.108
  3.103
  3.105
  3.104
  3.107
  3.107
  3.106
  3.107
  3.105
  3.106
  3.107
  3.106
  3.105
  3.104
  3.106
  3.106
  3.104
  3.104
  3.105
Average production assets, $m
  2
  2
  3
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  38
  41
  44
  48
  51
  54
  58
  62
  66
Working capital, $m
  60
  8
  10
  13
  16
  20
  24
  29
  34
  39
  45
  52
  59
  66
  74
  82
  91
  100
  109
  119
  129
  140
  151
  163
  175
  187
  200
  213
  227
  242
  257
Total debt, $m
  0
  10
  22
  36
  52
  71
  92
  116
  142
  171
  202
  235
  271
  309
  349
  392
  436
  483
  531
  582
  635
  690
  747
  806
  868
  932
  999
  1,068
  1,141
  1,216
  1,294
Total liabilities, $m
  31
  41
  53
  67
  83
  102
  123
  147
  173
  202
  233
  266
  302
  340
  380
  423
  467
  514
  562
  613
  666
  721
  778
  837
  899
  963
  1,030
  1,099
  1,172
  1,247
  1,325
Total equity, $m
  61
  9
  12
  15
  19
  23
  28
  33
  39
  46
  53
  60
  68
  77
  86
  95
  105
  116
  127
  138
  150
  163
  175
  189
  203
  217
  232
  248
  264
  281
  299
Total liabilities and equity, $m
  92
  50
  65
  82
  102
  125
  151
  180
  212
  248
  286
  326
  370
  417
  466
  518
  572
  630
  689
  751
  816
  884
  953
  1,026
  1,102
  1,180
  1,262
  1,347
  1,436
  1,528
  1,624
Debt-to-equity ratio
  0.000
  1.070
  1.830
  2.380
  2.780
  3.090
  3.320
  3.500
  3.640
  3.750
  3.840
  3.920
  3.980
  4.030
  4.070
  4.110
  4.140
  4.170
  4.190
  4.210
  4.230
  4.240
  4.260
  4.270
  4.280
  4.290
  4.300
  4.310
  4.320
  4.320
  4.330
Adjusted equity ratio
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  7
  15
  25
  36
  49
  63
  79
  97
  117
  138
  161
  186
  212
  240
  269
  300
  332
  366
  401
  437
  475
  515
  556
  599
  643
  690
  738
  788
  840
  894
Depreciation, amort., depletion, $m
  1
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  7
Funds from operations, $m
  -3
  8
  16
  25
  36
  49
  64
  80
  98
  118
  140
  163
  187
  214
  242
  271
  302
  335
  368
  404
  441
  479
  519
  560
  603
  648
  695
  743
  793
  846
  900
Change in working capital, $m
  -5
  2
  2
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  15
  15
Cash from operations, $m
  2
  6
  13
  22
  33
  46
  60
  76
  93
  112
  134
  156
  181
  206
  234
  263
  294
  325
  359
  394
  430
  468
  508
  549
  591
  636
  682
  730
  779
  831
  885
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
Cash from investing activities, $m
  -3
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
Free cash flow, $m
  -1
  5
  13
  22
  32
  44
  58
  74
  91
  110
  131
  153
  177
  203
  230
  259
  289
  321
  354
  389
  425
  462
  501
  542
  584
  628
  674
  721
  770
  822
  875
Issuance/(repayment) of debt, $m
  0
  10
  12
  14
  16
  19
  21
  24
  26
  29
  31
  33
  36
  38
  40
  42
  44
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  4
  10
  12
  14
  16
  19
  21
  24
  26
  29
  31
  33
  36
  38
  40
  42
  44
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
Total cash flow (excl. dividends), $m
  3
  15
  25
  36
  48
  63
  79
  98
  117
  139
  162
  187
  213
  241
  270
  301
  334
  367
  403
  439
  477
  517
  558
  601
  646
  692
  740
  790
  843
  897
  953
Retained Cash Flow (-), $m
  -11
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
Prev. year cash balance distribution, $m
 
  54
  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
 
  67
  22
  32
  45
  59
  75
  92
  111
  132
  155
  179
  205
  233
  261
  292
  324
  357
  392
  428
  466
  505
  546
  588
  632
  678
  725
  775
  826
  880
  936
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
 
  64
  20
  28
  37
  46
  54
  62
  70
  76
  81
  85
  88
  88
  88
  86
  82
  78
  72
  66
  59
  52
  45
  39
  32
  26
  21
  17
  13
  10
  7
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

Cutera, Inc., a medical device company, designs, develops, manufactures, markets, and services laser and other energy based aesthetics systems worldwide. The company offers enlighten platform, a laser system that is used for tattoo removal, as well as for the treatment of benign pigmented lesions; excel HR platform, a hair removal solution for various skin types; and truSculpt, a high-powered radio frequency platform designed for deep tissue heating. It also provides excel V, a vascular and benign pigmented lesion treatment platform; and xeo platform, a multi-application platform on which a customer purchases hand piece applications for the removal of unwanted hair, treatment of vascular lesions, and skin rejuvenation by treating discoloration, fine lines, and laxity. In addition, the company offers GenesisPlus system, a laser product for use in the temporary increase of clear nails in patients with onychomycosis, as well as for the treatment of fine wrinkles, diffuse redness, and rosacea; solera console platform, including Opus and Titan consoles; and CoolGlide systems, as well as provides myQ, a third-party sourced system for the Japanese market. Further, it provides pulsed light hand pieces for the treatment of discoloration, hair removal, and vascular treatments; Pearl and Pearl Fractional hand pieces; dermal filler products; and post-warranty services through extended service contracts or direct billing, as well as offers Titan hand piece refills and marketing brochures through the Internet. The company markets and sells its products through direct sales force to plastic surgeons, dermatologists, gynecologists, primary care physicians, family practitioners, podiatrists, and other qualified practitioners, as well as for physicians offering aesthetic treatments in non-medical offices. Cutera, Inc. was founded in 1998 and is headquartered in Brisbane, California.

FINANCIAL RATIOS  of  Cutera (CUTR)

Valuation Ratios
P/E Ratio 122.6
Price to Sales 3.1
Price to Book 6
Price to Tangible Book
Price to Cash Flow 183.8
Price to Free Cash Flow 367.7
Growth Rates
Sales Growth Rate 24.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. -3.6%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.7%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. -4.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 57.6%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 3.4%
EBITDA Margin - 3 Yr. Avg. -3.8%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. -4.8%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
Payout Ratio 0%

CUTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUTR stock intrinsic value calculation we used $118 million for the last fiscal year's total revenue generated by Cutera. The default revenue input number comes from 2016 income statement of Cutera. 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 CUTR stock valuation model: a) initial revenue growth rate of 31.8% 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 CUTR is calculated based on our internal credit rating of Cutera, 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 Cutera.
    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 CUTR stock the variable cost ratio is equal to 73.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $30 million in the base year in the intrinsic value calculation for CUTR 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 Cutera.

Corporate tax rate of 27% is the nominal tax rate for Cutera. 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 CUTR 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 CUTR are equal to 1.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Cutera 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 CUTR is equal to 5.1%. 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 - $61 million for Cutera - 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 12.933 million for Cutera 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 Cutera at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ELOS Syneron Medica 11.00 14.51  buy

COMPANY NEWS

▶ Cutera to Host Analyst & Investor Day on June 14, 2017   [Jun-08-17 07:30AM  GlobeNewswire]
▶ ETFs with exposure to Cutera, Inc. : June 2, 2017   [Jun-02-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Cutera, Inc. : May 4, 2017   [May-04-17 03:51PM  Capital Cube]
▶ Cutera reports 1Q loss   [May-01-17 05:06PM  Associated Press]
▶ ETFs with exposure to Cutera, Inc. : April 17, 2017   [Apr-17-17 12:51PM  Capital Cube]
▶ ETFs with exposure to Cutera, Inc. : April 5, 2017   [Apr-05-17 04:36PM  Capital Cube]
▶ Cutera to Present at the 29th Annual ROTH Conference   [Feb-28-17 07:30AM  GlobeNewswire]
▶ Why Cutera (CUTR) Stock Might be a Great Pick   [Feb-17-17 08:48AM  Zacks]
▶ Cutera posts 4Q profit   [Feb-13-17 06:01PM  Associated Press]
▶ Is Cutera, Inc. (CUTR) A Good Stock To Buy?   [Dec-10-16 09:54PM  at Insider Monkey]
▶ Cutera to Present at Two Upcoming Investor Conferences   [Oct-19-16 08:00AM  GlobeNewswire]
▶ Cutera Announces Management Changes   [04:05PM  GlobeNewswire]
▶ Cutera Reports Second Quarter 2016 Results   [04:02PM  GlobeNewswire]
▶ Cutera Reports First Quarter 2016 Results   [04:02PM  GlobeNewswire]
▶ Cutera to Present at the 28th Annual ROTH Conference   [Feb-25-16 04:03PM  GlobeNewswire]
Stock chart of CUTR Financial statements of CUTR Annual reports of CUTR
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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