Intrinsic value of Deltic Timber - DEL

Previous Close

$72.90

  Intrinsic Value

$5.14

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

+10%

Previous close

$72.90

 
Intrinsic value

$5.14

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

+10%

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

We calculate the intrinsic value of DEL 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 0.9

 

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, %
  12.89
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  219
  228
  237
  246
  257
  268
  279
  292
  305
  319
  333
  348
  365
  382
  400
  419
  439
  460
  482
  505
  530
  556
  583
  611
  641
  673
  706
  741
  777
  816
  856
Variable operating expenses, $m
 
  136
  142
  147
  154
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  275
  288
  302
  317
  332
  348
  366
  383
  402
  422
  443
  465
  488
  512
Fixed operating expenses, $m
 
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
Total operating expenses, $m
  198
  207
  214
  221
  230
  238
  247
  256
  266
  276
  287
  299
  311
  323
  336
  350
  364
  380
  396
  412
  430
  448
  467
  488
  508
  530
  553
  577
  603
  629
  657
Operating income, $m
  22
  21
  23
  25
  27
  30
  32
  35
  38
  42
  46
  50
  54
  58
  63
  68
  74
  80
  86
  93
  100
  107
  115
  124
  133
  143
  153
  163
  175
  187
  199
EBITDA, $m
  45
  45
  48
  51
  54
  58
  62
  66
  70
  75
  81
  86
  92
  98
  105
  112
  120
  128
  137
  146
  156
  166
  177
  188
  200
  213
  227
  241
  256
  272
  289
Interest expense (income), $m
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Earnings before tax, $m
  13
  11
  13
  14
  16
  18
  20
  23
  25
  28
  31
  34
  37
  41
  45
  49
  54
  59
  64
  69
  75
  81
  88
  95
  102
  110
  119
  128
  137
  147
  158
Tax expense, $m
  4
  3
  3
  4
  4
  5
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  37
  40
  43
Net income, $m
  9
  8
  9
  11
  12
  13
  15
  16
  18
  20
  22
  25
  27
  30
  33
  36
  39
  43
  47
  51
  55
  59
  64
  69
  75
  80
  87
  93
  100
  107
  115

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  555
  570
  593
  618
  643
  671
  700
  731
  764
  798
  835
  873
  914
  957
  1,002
  1,050
  1,100
  1,153
  1,208
  1,266
  1,328
  1,393
  1,460
  1,532
  1,607
  1,686
  1,769
  1,856
  1,948
  2,044
  2,145
Adjusted assets (=assets-cash), $m
  549
  570
  593
  618
  643
  671
  700
  731
  764
  798
  835
  873
  914
  957
  1,002
  1,050
  1,100
  1,153
  1,208
  1,266
  1,328
  1,393
  1,460
  1,532
  1,607
  1,686
  1,769
  1,856
  1,948
  2,044
  2,145
Revenue / Adjusted assets
  0.399
  0.400
  0.400
  0.398
  0.400
  0.399
  0.399
  0.399
  0.399
  0.400
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
Average production assets, $m
  456
  473
  492
  512
  534
  557
  581
  607
  634
  663
  693
  725
  759
  794
  832
  871
  913
  957
  1,003
  1,051
  1,102
  1,156
  1,212
  1,271
  1,334
  1,399
  1,468
  1,540
  1,616
  1,696
  1,780
Working capital, $m
  10
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
Total debt, $m
  241
  253
  266
  279
  293
  309
  325
  342
  360
  379
  400
  421
  443
  467
  492
  519
  546
  576
  606
  639
  673
  708
  746
  786
  827
  871
  917
  965
  1,016
  1,069
  1,125
Total liabilities, $m
  304
  316
  329
  342
  356
  372
  388
  405
  423
  442
  463
  484
  506
  530
  555
  582
  609
  639
  669
  702
  736
  771
  809
  849
  890
  934
  980
  1,028
  1,079
  1,132
  1,188
Total equity, $m
  251
  254
  265
  275
  287
  299
  312
  326
  341
  356
  372
  390
  408
  427
  447
  468
  491
  514
  539
  565
  592
  621
  651
  683
  717
  752
  789
  828
  869
  912
  957
Total liabilities and equity, $m
  555
  570
  594
  617
  643
  671
  700
  731
  764
  798
  835
  874
  914
  957
  1,002
  1,050
  1,100
  1,153
  1,208
  1,267
  1,328
  1,392
  1,460
  1,532
  1,607
  1,686
  1,769
  1,856
  1,948
  2,044
  2,145
Debt-to-equity ratio
  0.960
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
Adjusted equity ratio
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  8
  9
  11
  12
  13
  15
  16
  18
  20
  22
  25
  27
  30
  33
  36
  39
  43
  47
  51
  55
  59
  64
  69
  75
  80
  87
  93
  100
  107
  115
Depreciation, amort., depletion, $m
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
Funds from operations, $m
  52
  32
  34
  36
  39
  41
  44
  47
  50
  54
  57
  61
  66
  70
  75
  80
  85
  91
  97
  104
  110
  118
  125
  133
  142
  151
  161
  171
  182
  193
  205
Change in working capital, $m
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  44
  32
  34
  36
  39
  41
  44
  47
  50
  54
  57
  61
  65
  70
  75
  80
  85
  91
  97
  103
  110
  117
  125
  133
  142
  151
  160
  170
  181
  192
  204
Maintenance CAPEX, $m
  0
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
New CAPEX, $m
  -39
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -42
  -44
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
Cash from investing activities, $m
  -41
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -63
  -67
  -71
  -74
  -77
  -81
  -86
  -90
  -94
  -99
  -104
  -110
  -114
  -120
  -126
  -133
  -140
  -146
  -154
  -162
  -170
Free cash flow, $m
  3
  -9
  -9
  -9
  -9
  -9
  -8
  -8
  -8
  -7
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  1
  2
  4
  6
  8
  10
  12
  15
  18
  21
  24
  27
  31
  35
Issuance/(repayment) of debt, $m
  17
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
Issuance/(repurchase) of shares, $m
  -13
  1
  1
  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  
  3
  13
  14
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
Total cash flow (excl. dividends), $m
  5
  4
  5
  5
  6
  7
  8
  9
  10
  12
  14
  16
  17
  20
  22
  24
  27
  30
  33
  36
  40
  44
  48
  52
  57
  61
  67
  72
  78
  84
  91
Retained Cash Flow (-), $m
  3
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  6
  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
 
  1
  -6
  -6
  -6
  -6
  -5
  -5
  -4
  -3
  -3
  -2
  -1
  1
  2
  3
  5
  7
  8
  10
  13
  15
  17
  20
  23
  26
  30
  33
  37
  41
  46
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  1
  -5
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  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
  99.9
  99.8
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

Deltic Timber Corporation, a natural resources company, engages in the growing and harvesting of timber; and manufacturing and marketing of lumber and medium density fiberboards (MDF) in the United States. The company’s Woodlands segment harvests pine and hardwood pulpwood for sale to third parties for use in the manufacture of paper products; and provides timberland management services, such as harvesting and thinning operations, reforestation, cull timber removal programs, and introducing genetically improved seedlings. This segment also leases oil and gas, hunting land, and other rights on its timberlands; and provides harvest planning, silvicultural improvement, and maintenance works for timberlands. This segment owns approximately 530,000 acres of timberland primarily in Arkansas and north Louisiana. Its Manufacturing segment owns and operates two sawmills that manufacture and sell various softwood lumber products, such as dimension lumber, boards, and timbers primarily to wholesale distributors, large retailers, lumber treaters, industrial accounts, and truss manufacturers, as well as used in residential construction, roof trusses, remanufactured products, and laminated beams. This segment also produces wood chips, shavings, sawdust, and bark as by-products. In addition, the Manufacturing segment manufactures and markets MDF under the Solidium trade name for use in furniture, kitchen cabinets, laminate flooring, store fixtures, door parts, and moldings. This segment sells MDF to wholesalers, retailers, and manufacturers. The company’s Real Estate segment develops and markets residential lots for homebuilders and individuals; and commercial sites for developers and businesses, as well as sells undeveloped acreage. It also leases retail and office space to third parties; resells existing homes; and operates a country club. Deltic Timber Corporation was founded in 1996 and is headquartered in El Dorado, Arkansas.

FINANCIAL RATIOS  of  Deltic Timber (DEL)

Valuation Ratios
P/E Ratio 98.7
Price to Sales 4.1
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 177.7
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 96%
Total Debt to Equity 96%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 55.6%

DEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEL stock intrinsic value calculation we used $219 million for the last fiscal year's total revenue generated by Deltic Timber. The default revenue input number comes from 2016 income statement of Deltic Timber. 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 DEL stock valuation model: a) initial revenue growth rate of 3.9% 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 8.2%, whose default value for DEL is calculated based on our internal credit rating of Deltic Timber, 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 Deltic Timber.
    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 DEL stock the variable cost ratio is equal to 59.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $69 million in the base year in the intrinsic value calculation for DEL 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 3.9% for Deltic Timber.

Corporate tax rate of 27% is the nominal tax rate for Deltic Timber. 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 DEL 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 DEL are equal to 208%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Deltic Timber 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 DEL is equal to 1.8%. 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 - $251 million for Deltic Timber - 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 12.212 million for Deltic Timber 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 Deltic Timber at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Deltic Schedules Second Quarter Conference Call   [Jul-11-17 09:56AM  Business Wire]
▶ ETFs with exposure to Deltic Timber Corp. : June 26, 2017   [Jun-26-17 03:49PM  Capital Cube]
▶ Deltic Timber Declares Quarterly Dividend   [Jun-15-17 04:39PM  Business Wire]
▶ Deltic posts 1Q profit   [05:02AM  Associated Press]
▶ Deltic Announces Preliminary First Quarter 2017 Results   [May-03-17 05:16PM  Business Wire]
▶ Deltic Schedules First Quarter Conference Call   [Apr-17-17 06:15PM  Business Wire]
▶ Deltic posts 4Q profit   [06:45AM  Associated Press]
▶ Deltic Issues Statement   [01:30PM  PR Newswire]
▶ Deltic Schedules Fourth Quarter Conference Call   [Jan-17-17 02:23PM  Business Wire]
▶ Deltic Timber Corporation Announces Executive Transition   [Oct-10-16 04:15PM  PR Newswire]
▶ Deltic Schedules Third Quarter Conference Call   [Oct-03-16 03:16PM  Business Wire]
▶ Deltic Timber Declares Quarterly Dividend   [Sep-22-16 12:32PM  Business Wire]
▶ Deltic Schedules Second Quarter Conference Call   [Jul-12-16 09:31AM  Business Wire]
▶ Deltic Schedules Second Quarter Conference Call   [Jul-06-16 05:18PM  Business Wire]
▶ Deltic Timber Declares Quarterly Dividend   [10:56AM  Business Wire]
▶ Deltic posts 1Q profit   [04:48PM  AP]
▶ Deltic Schedules First Quarter Conference Call   [Mar-31-16 10:52AM  Business Wire]
Stock chart of DEL Financial statements of DEL Annual reports of DEL
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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