Intrinsic value of Covanta Holding - CVA

Previous Close

$16.30

  Intrinsic Value

$2.63

stock screener

  Rating & Target

str. sell

-84%

Previous close

$16.30

 
Intrinsic value

$2.63

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of CVA 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, %
  3.28
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  1,699
  1,806
  1,866
  1,930
  2,000
  2,075
  2,156
  2,242
  2,333
  2,431
  2,535
  2,645
  2,761
  2,884
  3,015
  3,152
  3,297
  3,451
  3,612
  3,783
  3,962
  4,151
  4,350
  4,559
  4,780
  5,011
  5,255
  5,511
  5,781
  6,064
  6,362
Variable operating expenses, $m
 
  1,689
  1,742
  1,801
  1,864
  1,931
  2,004
  2,081
  2,164
  2,252
  2,346
  2,385
  2,490
  2,601
  2,718
  2,842
  2,973
  3,112
  3,257
  3,411
  3,573
  3,743
  3,923
  4,111
  4,310
  4,519
  4,739
  4,970
  5,213
  5,468
  5,737
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
  1,590
  1,689
  1,742
  1,801
  1,864
  1,931
  2,004
  2,081
  2,164
  2,252
  2,346
  2,385
  2,490
  2,601
  2,718
  2,842
  2,973
  3,112
  3,257
  3,411
  3,573
  3,743
  3,923
  4,111
  4,310
  4,519
  4,739
  4,970
  5,213
  5,468
  5,737
Operating income, $m
  109
  117
  123
  130
  137
  144
  152
  160
  169
  179
  189
  260
  271
  283
  296
  310
  324
  339
  355
  372
  389
  408
  427
  448
  470
  492
  516
  541
  568
  596
  625
EBITDA, $m
  316
  530
  547
  566
  586
  608
  632
  657
  684
  713
  743
  775
  809
  846
  884
  924
  967
  1,012
  1,059
  1,109
  1,161
  1,217
  1,275
  1,337
  1,401
  1,469
  1,540
  1,616
  1,695
  1,778
  1,865
Interest expense (income), $m
  150
  144
  150
  157
  166
  175
  185
  195
  206
  218
  231
  244
  258
  274
  290
  307
  324
  343
  363
  384
  406
  430
  454
  480
  507
  536
  566
  597
  631
  666
  703
Earnings before tax, $m
  14
  -26
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  16
  13
  10
  7
  3
  0
  -4
  -8
  -13
  -17
  -22
  -27
  -32
  -38
  -43
  -50
  -56
  -63
  -70
  -78
Tax expense, $m
  22
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  3
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -4
  -26
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  11
  9
  7
  5
  2
  0
  -4
  -8
  -13
  -17
  -22
  -27
  -32
  -38
  -43
  -50
  -56
  -63
  -70
  -78

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  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
  4,284
  4,573
  4,723
  4,887
  5,064
  5,254
  5,457
  5,675
  5,907
  6,154
  6,417
  6,695
  6,990
  7,302
  7,632
  7,980
  8,348
  8,736
  9,145
  9,576
  10,030
  10,509
  11,012
  11,542
  12,100
  12,687
  13,304
  13,953
  14,635
  15,352
  16,106
Adjusted assets (=assets-cash), $m
  4,200
  4,573
  4,723
  4,887
  5,064
  5,254
  5,457
  5,675
  5,907
  6,154
  6,417
  6,695
  6,990
  7,302
  7,632
  7,980
  8,348
  8,736
  9,145
  9,576
  10,030
  10,509
  11,012
  11,542
  12,100
  12,687
  13,304
  13,953
  14,635
  15,352
  16,106
Revenue / Adjusted assets
  0.405
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
Average production assets, $m
  3,167
  3,521
  3,636
  3,762
  3,898
  4,044
  4,201
  4,369
  4,548
  4,738
  4,940
  5,154
  5,381
  5,621
  5,875
  6,144
  6,427
  6,725
  7,040
  7,372
  7,722
  8,090
  8,478
  8,886
  9,315
  9,767
  10,242
  10,741
  11,267
  11,819
  12,399
Working capital, $m
  126
  -155
  -160
  -166
  -172
  -178
  -185
  -193
  -201
  -209
  -218
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -325
  -341
  -357
  -374
  -392
  -411
  -431
  -452
  -474
  -497
  -522
  -547
Total debt, $m
  2,635
  2,625
  2,760
  2,907
  3,066
  3,237
  3,421
  3,617
  3,826
  4,048
  4,284
  4,535
  4,800
  5,081
  5,378
  5,691
  6,022
  6,371
  6,740
  7,128
  7,536
  7,967
  8,420
  8,897
  9,399
  9,927
  10,482
  11,066
  11,680
  12,326
  13,004
Total liabilities, $m
  3,815
  4,116
  4,251
  4,398
  4,557
  4,728
  4,912
  5,108
  5,317
  5,539
  5,775
  6,026
  6,291
  6,572
  6,869
  7,182
  7,513
  7,862
  8,231
  8,619
  9,027
  9,458
  9,911
  10,388
  10,890
  11,418
  11,973
  12,557
  13,171
  13,817
  14,495
Total equity, $m
  469
  457
  472
  489
  506
  525
  546
  568
  591
  615
  642
  670
  699
  730
  763
  798
  835
  874
  915
  958
  1,003
  1,051
  1,101
  1,154
  1,210
  1,269
  1,330
  1,395
  1,463
  1,535
  1,611
Total liabilities and equity, $m
  4,284
  4,573
  4,723
  4,887
  5,063
  5,253
  5,458
  5,676
  5,908
  6,154
  6,417
  6,696
  6,990
  7,302
  7,632
  7,980
  8,348
  8,736
  9,146
  9,577
  10,030
  10,509
  11,012
  11,542
  12,100
  12,687
  13,303
  13,952
  14,634
  15,352
  16,106
Debt-to-equity ratio
  5.618
  5.740
  5.840
  5.950
  6.060
  6.160
  6.270
  6.370
  6.480
  6.580
  6.680
  6.770
  6.870
  6.960
  7.050
  7.130
  7.210
  7.290
  7.370
  7.440
  7.510
  7.580
  7.650
  7.710
  7.770
  7.820
  7.880
  7.930
  7.980
  8.030
  8.070
Adjusted equity ratio
  0.092
  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
  -4
  -26
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  11
  9
  7
  5
  2
  0
  -4
  -8
  -13
  -17
  -22
  -27
  -32
  -38
  -43
  -50
  -56
  -63
  -70
  -78
Depreciation, amort., depletion, $m
  207
  412
  424
  436
  450
  464
  480
  497
  515
  534
  554
  515
  538
  562
  588
  614
  643
  673
  704
  737
  772
  809
  848
  889
  932
  977
  1,024
  1,074
  1,127
  1,182
  1,240
Funds from operations, $m
  327
  386
  397
  409
  421
  434
  447
  462
  478
  495
  512
  527
  547
  569
  592
  617
  642
  668
  696
  725
  755
  787
  821
  857
  894
  933
  975
  1,018
  1,064
  1,112
  1,162
Change in working capital, $m
  45
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
Cash from operations, $m
  282
  390
  402
  414
  427
  440
  454
  470
  486
  503
  521
  536
  557
  580
  604
  629
  655
  681
  710
  739
  771
  804
  838
  875
  913
  953
  996
  1,040
  1,087
  1,136
  1,188
Maintenance CAPEX, $m
  0
  -341
  -352
  -364
  -376
  -390
  -404
  -420
  -437
  -455
  -474
  -494
  -515
  -538
  -562
  -588
  -614
  -643
  -673
  -704
  -737
  -772
  -809
  -848
  -889
  -932
  -977
  -1,024
  -1,074
  -1,127
  -1,182
New CAPEX, $m
  -359
  -106
  -116
  -126
  -136
  -146
  -157
  -168
  -179
  -190
  -202
  -214
  -227
  -240
  -254
  -268
  -283
  -299
  -315
  -332
  -350
  -368
  -388
  -408
  -429
  -452
  -475
  -500
  -525
  -552
  -580
Cash from investing activities, $m
  -254
  -447
  -468
  -490
  -512
  -536
  -561
  -588
  -616
  -645
  -676
  -708
  -742
  -778
  -816
  -856
  -897
  -942
  -988
  -1,036
  -1,087
  -1,140
  -1,197
  -1,256
  -1,318
  -1,384
  -1,452
  -1,524
  -1,599
  -1,679
  -1,762
Free cash flow, $m
  28
  -57
  -65
  -75
  -86
  -96
  -107
  -118
  -130
  -142
  -155
  -172
  -185
  -198
  -213
  -227
  -243
  -260
  -278
  -297
  -316
  -337
  -359
  -381
  -405
  -430
  -456
  -484
  -512
  -543
  -574
Issuance/(repayment) of debt, $m
  -60
  102
  135
  147
  159
  171
  183
  196
  209
  222
  236
  250
  265
  281
  297
  314
  331
  349
  368
  388
  409
  431
  453
  477
  502
  528
  555
  584
  614
  645
  678
Issuance/(repurchase) of shares, $m
  139
  57
  41
  44
  47
  50
  53
  57
  60
  64
  68
  16
  20
  24
  28
  33
  37
  43
  49
  56
  62
  70
  77
  85
  93
  102
  111
  121
  131
  142
  153
Cash from financing (excl. dividends), $m  
  91
  159
  176
  191
  206
  221
  236
  253
  269
  286
  304
  266
  285
  305
  325
  347
  368
  392
  417
  444
  471
  501
  530
  562
  595
  630
  666
  705
  745
  787
  831
Total cash flow (excl. dividends), $m
  119
  101
  111
  116
  120
  125
  129
  134
  139
  144
  150
  95
  101
  106
  113
  119
  125
  132
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
  233
  245
  257
Retained Cash Flow (-), $m
  169
  -57
  -41
  -44
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -28
  -29
  -31
  -33
  -35
  -37
  -43
  -49
  -56
  -62
  -70
  -77
  -85
  -93
  -102
  -111
  -121
  -131
  -142
  -153
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
 
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  43
  46
  48
  50
  53
  55
  58
  61
Cash available for distribution, $m
 
  45
  70
  72
  73
  75
  76
  78
  79
  80
  82
  67
  71
  75
  80
  84
  88
  89
  90
  91
  92
  94
  95
  96
  97
  98
  99
  100
  102
  103
  104
Discount rate, %
 
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
 
  40
  55
  49
  44
  38
  32
  27
  23
  18
  15
  9
  8
  6
  5
  3
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.4
  95.7
  93.9
  92.1
  90.3
  88.5
  86.7
  84.9
  83.1
  81.3
  80.9
  80.4
  79.8
  79.2
  78.5
  77.8
  77.0
  76.1
  75.2
  74.2
  73.2
  72.1
  71.0
  69.9
  68.7
  67.5
  66.3
  65.1
  63.8
  62.6

Covanta Holding Corporation is a holding company. The Company, through its subsidiaries, owns and operates infrastructure for the conversion of waste to energy, as well as other waste disposal and renewable energy production businesses. The Company operates through North America segment, which consists of waste and energy services operations located primarily in the United States and Canada. Outside of North America, the Company is constructing an energy-from-waste (EfW) facility in Dublin, Ireland. The Company holds interests in an EfW facility in Italy and an infrastructure business in China, which is engaged in EfW operations. These EfW projects generate revenue from three main sources: fees charged for operating projects or processing waste received; the sale of electricity and/or steam, and the sale of ferrous and non-ferrous metals that are recovered from the waste stream as part of the EfW process.

FINANCIAL RATIOS  of  Covanta Holding (CVA)

Valuation Ratios
P/E Ratio -529.8
Price to Sales 1.2
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow -27.5
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.5%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 555.2%
Total Debt to Equity 561.8%
Interest Coverage 1
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.7%
Return On Equity -0.7%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 33.1%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 20.2%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 0.8%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin -0.2%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 157.1%
Eff/ Tax Rate - 3 Yr. Avg. 277.4%
Payout Ratio -3275%

CVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CVA stock intrinsic value calculation we used $1752 million for the last fiscal year's total revenue generated by Covanta Holding. The default revenue input number comes from 2016 income statement of Covanta Holding. 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 CVA stock valuation model: a) initial revenue growth rate of 3.1% 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 12%, whose default value for CVA is calculated based on our internal credit rating of Covanta Holding, 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 Covanta Holding.
    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 CVA stock the variable cost ratio is equal to 93.6%.

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 CVA 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 5.7% for Covanta Holding.

Corporate tax rate of 27% is the nominal tax rate for Covanta Holding. 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 CVA stock is equal to 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 CVA are equal to 194.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Covanta Holding 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 CVA is equal to -8.6%. 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 - $427 million for Covanta Holding - 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 130 million for Covanta Holding 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 Covanta Holding at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ 4 Toxic Stocks to Get Rid of or Sell Short for Solid Gains   [Jul-17-18 02:23PM  InvestorPlace]
▶ Video: Jim Cramer's Outlook on Covanta   [May-30-18 01:34PM  TheStreet.com]
▶ 9 Great Income Investments Youve Never Heard Of   [May-08-18 03:11PM  InvestorPlace]
▶ Top 4 Alternative Energy Stocks as of May 2018   [May-03-18 05:22PM  Investopedia]
▶ Covantas green tech is a hit in Europe is the U.S. next?   [Apr-29-18 11:52AM  MarketWatch]
▶ Covanta: 1Q Earnings Snapshot   [Apr-26-18 07:29PM  Associated Press]
▶ Edited Transcript of CVA presentation 8-Mar-17 2:50pm GMT   [Apr-10-18 11:01AM  Thomson Reuters StreetEvents]
▶ Red Bulls Name Covanta Official Energy Partner   [Mar-28-18 10:00AM  PR Newswire]
▶ 3 Dividend Stocks That Are Too Unsafe   [Mar-19-18 04:31PM  Motley Fool]
▶ 3 'Strong Buy' Dividend Stocks for 2018 and Beyond   [Mar-12-18 12:06PM  TheStreet.com]
▶ Covanta Declares Regular Quarterly Cash Dividend   [Mar-01-18 04:15PM  PR Newswire]
▶ Covanta Holding Corporation to Host Earnings Call   [Feb-23-18 06:30AM  ACCESSWIRE]
▶ Investors Could Clean Up With Covanta   [Jan-26-18 07:00AM  Morningstar]
▶ Covanta and LCSWMA Extend Partnership   [Jan-08-18 09:00AM  PR Newswire]
▶ 3 Renewable Energy Stocks I'd Buy Right Now   [Dec-31-17 11:12AM  Motley Fool]
▶ 2 Hated Dividend Stocks You Should Love   [Dec-26-17 07:19AM  Motley Fool]
▶ Stocks Generating Improved Relative Strength: Covanta   [03:00AM  Investor's Business Daily]
▶ 5 Top Alternative Energy Stocks to Consider Buying Now   [Dec-20-17 07:35PM  Motley Fool]
▶ Covanta Holding (CVA) Jumps: Stock Rises 9.7%   [Dec-19-17 08:52AM  Zacks]
▶ Covanta Releases New Global Sustainability Report   [Dec-15-17 10:41AM  PR Newswire]
▶ Covanta Declares Regular Quarterly Cash Dividend   [Dec-07-17 04:15PM  PR Newswire]
▶ Top 4 Alternative Energy Stocks as of November 2017   [Nov-07-17 01:50PM  Investopedia]
▶ Covanta beats Street 3Q forecasts   [Oct-26-17 07:27PM  Associated Press]
Financial statements of CVA
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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