Intrinsic value of Del Frisco's Restaurant Group - DFRG

Previous Close

$12.40

  Intrinsic Value

$10.56

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

+5%

Previous close

$12.40

 
Intrinsic value

$10.56

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

+5%

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

We calculate the intrinsic value of DFRG 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, %
  6.02
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  352
  361
  371
  382
  394
  407
  421
  437
  454
  471
  490
  511
  532
  555
  579
  605
  632
  661
  691
  723
  757
  792
  830
  869
  910
  954
  1,000
  1,049
  1,100
  1,153
  1,209
Variable operating expenses, $m
 
  325
  334
  343
  354
  366
  378
  392
  406
  422
  439
  449
  468
  488
  510
  532
  556
  581
  608
  636
  666
  697
  730
  764
  801
  839
  880
  922
  967
  1,014
  1,064
Fixed operating expenses, $m
 
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  18
  19
Total operating expenses, $m
  326
  334
  343
  353
  364
  376
  388
  403
  417
  433
  451
  461
  480
  500
  523
  545
  569
  595
  622
  650
  681
  712
  745
  780
  817
  856
  897
  940
  985
  1,032
  1,083
Operating income, $m
  26
  27
  28
  29
  30
  31
  33
  34
  36
  38
  40
  50
  52
  54
  57
  60
  63
  66
  69
  73
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  127
EBITDA, $m
  45
  49
  50
  52
  53
  55
  57
  60
  62
  65
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
  176
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
Earnings before tax, $m
  25
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
Tax expense, $m
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  31
Net income, $m
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  35
  36
  38
  40
  42
  43
  45
  48
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  81
  85

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  371
  365
  375
  386
  398
  412
  426
  442
  459
  477
  496
  516
  538
  561
  586
  612
  639
  668
  699
  731
  765
  801
  839
  879
  921
  965
  1,011
  1,060
  1,112
  1,166
  1,223
Adjusted assets (=assets-cash), $m
  356
  365
  375
  386
  398
  412
  426
  442
  459
  477
  496
  516
  538
  561
  586
  612
  639
  668
  699
  731
  765
  801
  839
  879
  921
  965
  1,011
  1,060
  1,112
  1,166
  1,223
Revenue / Adjusted assets
  0.989
  0.989
  0.989
  0.990
  0.990
  0.988
  0.988
  0.989
  0.989
  0.987
  0.988
  0.990
  0.989
  0.989
  0.988
  0.989
  0.989
  0.990
  0.989
  0.989
  0.990
  0.989
  0.989
  0.989
  0.988
  0.989
  0.989
  0.990
  0.989
  0.989
  0.989
Average production assets, $m
  227
  232
  238
  245
  253
  262
  271
  281
  292
  303
  315
  328
  342
  357
  372
  389
  406
  425
  444
  465
  486
  509
  533
  559
  585
  614
  643
  674
  707
  741
  778
Working capital, $m
  -4
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
Total debt, $m
  0
  3
  7
  10
  15
  19
  25
  30
  36
  42
  49
  56
  64
  72
  81
  90
  99
  109
  120
  132
  144
  156
  169
  183
  198
  214
  230
  247
  265
  284
  304
Total liabilities, $m
  124
  128
  132
  135
  140
  144
  150
  155
  161
  167
  174
  181
  189
  197
  206
  215
  224
  234
  245
  257
  269
  281
  294
  308
  323
  339
  355
  372
  390
  409
  429
Total equity, $m
  246
  237
  243
  251
  258
  267
  277
  287
  298
  309
  322
  335
  349
  364
  380
  397
  415
  434
  453
  474
  496
  520
  544
  570
  597
  626
  656
  688
  722
  757
  794
Total liabilities and equity, $m
  370
  365
  375
  386
  398
  411
  427
  442
  459
  476
  496
  516
  538
  561
  586
  612
  639
  668
  698
  731
  765
  801
  838
  878
  920
  965
  1,011
  1,060
  1,112
  1,166
  1,223
Debt-to-equity ratio
  0.000
  0.010
  0.030
  0.040
  0.060
  0.070
  0.090
  0.100
  0.120
  0.140
  0.150
  0.170
  0.180
  0.200
  0.210
  0.230
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  19
  20
  21
  22
  22
  23
  24
  26
  27
  28
  35
  36
  38
  40
  42
  43
  45
  48
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  81
  85
Depreciation, amort., depletion, $m
  19
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  21
  22
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
  42
  44
  47
  49
Funds from operations, $m
  59
  42
  43
  44
  45
  46
  48
  50
  51
  53
  55
  56
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
  122
  128
  134
Change in working capital, $m
  9
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
Cash from operations, $m
  50
  42
  43
  44
  46
  47
  49
  50
  52
  54
  56
  57
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  102
  108
  113
  118
  124
  131
  137
Maintenance CAPEX, $m
  0
  -14
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
New CAPEX, $m
  -37
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
Cash from investing activities, $m
  -34
  -19
  -21
  -22
  -23
  -25
  -25
  -27
  -29
  -29
  -31
  -33
  -35
  -37
  -38
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -71
  -75
  -78
  -83
Free cash flow, $m
  16
  22
  22
  22
  22
  23
  23
  23
  24
  25
  25
  24
  25
  26
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
Issuance/(repayment) of debt, $m
  0
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Issuance/(repurchase) of shares, $m
  -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
Cash from financing (excl. dividends), $m  
  -6
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Total cash flow (excl. dividends), $m
  9
  25
  26
  26
  27
  27
  28
  29
  30
  31
  32
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
Retained Cash Flow (-), $m
  -18
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
Prev. year cash balance distribution, $m
 
  15
  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
 
  35
  19
  19
  19
  19
  19
  19
  19
  19
  19
  18
  18
  19
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  36
  37
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
 
  33
  18
  16
  15
  15
  14
  13
  12
  11
  10
  8
  8
  7
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  1
  0
  0
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

Del Frisco's Restaurant Group, Inc. develops, owns and operates three contemporary, complementary restaurants: Del Frisco's Double Eagle Steak House (Del Frisco's), Sullivan's Steakhouse (Sullivan's) and Del Frisco's Grille (the Grille). As of December 27, 2016, the Company operated 53 restaurants in 24 states and the District of Columbia in the United States. The Company's segments include Del Frisco's, Sullivan's and the Grille. Del Frisco's is a steakhouse concept in the United States. The Del Frisco's brand's menu includes the United States Department of Agriculture (USDA) Prime grade, wet-aged steaks hand-cut at the time of order and a range of other offerings, including prime lamb, fresh seafood, and signature side dishes and desserts. Each restaurant has a sommelier to guide diners through a wine list. As of December 27, 2016, the Company operated 12 Del Frisco's steakhouses in nine states and the District of Columbia. Sullivan's is a complementary concept to Del Frisco's.

FINANCIAL RATIOS  of  Del Frisco's Restaurant Group (DFRG)

Valuation Ratios
P/E Ratio 16
Price to Sales 0.8
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 22.2
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.7%
Return On Equity 7.6%
Return On Equity - 3 Yr. Avg. 7.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 71.9%
Gross Margin - 3 Yr. Avg. 70.9%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 12.3%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 7.1%
Pre-Tax Margin - 3 Yr. Avg. 7.2%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

DFRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DFRG stock intrinsic value calculation we used $352 million for the last fiscal year's total revenue generated by Del Frisco's Restaurant Group. The default revenue input number comes from 2016 income statement of Del Frisco's Restaurant Group. 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 DFRG stock valuation model: a) initial revenue growth rate of 2.5% 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 DFRG is calculated based on our internal credit rating of Del Frisco's Restaurant Group, 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 Del Frisco's Restaurant Group.
    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 DFRG stock the variable cost ratio is equal to 90.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 million in the base year in the intrinsic value calculation for DFRG 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 Del Frisco's Restaurant Group.

Corporate tax rate of 27% is the nominal tax rate for Del Frisco's Restaurant Group. 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 DFRG 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 DFRG are equal to 64.3%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Del Frisco's Restaurant Group 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 DFRG is equal to -5.4%. 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 - $246 million for Del Frisco's Restaurant Group - 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 21.278 million for Del Frisco's Restaurant Group 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 Del Frisco's Restaurant Group at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RUTH Ruth's Hos 21.15 28.52  buy
STKS ONE Group Hosp 1.36 0.08  str.sell
FOGO Fogo de Chao 11.95 59.14  str.buy
JAX J. Alexander&# 10.55 1.90  str.sell
DRI Darden Restaur 80.20 113.20  buy
BLMN Bloomin' B 17.51 12.31  sell
KONA Kona Grill 3.75 0.70  str.sell
ARKR ARK Restaurant 24.95 28.64  buy

COMPANY NEWS

▶ Del Frisco's reports 3Q loss   [07:06AM  Associated Press]
▶ Del Frisco's to take over Cheddar's North Texas headquarters at Cypress Waters   [Aug-23-17 02:45PM  American City Business Journals]
▶ New Strong Sell Stocks for August 22nd   [Aug-22-17 09:14AM  Zacks]
▶ New Strong Sell Stocks for August 10th   [Aug-10-17 07:39AM  Zacks]
▶ Weekly CFO Buys Highlights   [Aug-09-17 01:15PM  GuruFocus.com]
▶ Del Friscos Restaurant Group Announces Continued Growth   [Aug-01-17 09:00AM  GlobeNewswire]
▶ Del Friscos adding another upscale steakhouse in Boston   [Jul-27-17 10:55AM  American City Business Journals]
▶ Del Frisco's misses Street 2Q forecasts   [Jul-21-17 08:54PM  Associated Press]
▶ Del Friscos steakhouse in Houston closes for remodeling   [Jun-29-17 09:30PM  American City Business Journals]
▶ Another Galleria-area steakhouse to close after not seeing a Super Bowl bump   [May-11-17 04:10PM  American City Business Journals]
▶ Del Frisco's names Yum! Brands exec to chief financial officer   [May-08-17 05:10PM  American City Business Journals]
▶ Del Frisco's misses Street 1Q forecasts   [Apr-25-17 06:12AM  Associated Press]
▶ Del Frisco's Grille names brand president   [Mar-14-17 05:00PM  at bizjournals.com]
▶ Del Frisco's Grille names brand president   [05:00PM  American City Business Journals]
▶ Del Frisco's tops Street 4Q forecasts   [06:36AM  Associated Press]
▶ Del Frisco's names brand presidents, may be closer to sale   [Jan-24-17 01:15PM  at bizjournals.com]
▶ Here is What Hedge Funds Think About THL Credit, Inc. (TCRD)   [Dec-20-16 04:15PM  at Insider Monkey]
▶ Is Natural Gas Services Group, Inc. (NGS) A Good Stock To Buy?   [Dec-14-16 08:02PM  at Insider Monkey]
▶ Is Primo Water Corporation (PRMW) Worthy of Your Portfolio?   [Dec-11-16 04:57PM  at Insider Monkey]
▶ Is Boingo Wireless Inc (WIFI) A Good Stock To Buy?   [Dec-04-16 03:46PM  at Insider Monkey]
▶ [$$] Trump Presidency Could Chill Happy Meal   [Nov-30-16 11:17AM  at Barrons.com]
▶ Dallas steak staples make list of America's best steakhouses   [Nov-23-16 08:50AM  at bizjournals.com]
▶ [$$] Panera, Whole Foods, Yes; Chipotle, Kroger, No   [Nov-12-16 12:01AM  at Barrons.com]
Financial statements of DFRG
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.