Intrinsic value of Digimarc - DMRC

Previous Close

$36.25

  Intrinsic Value

$1.60

stock screener

  Rating & Target

str. sell

-96%

Previous close

$36.25

 
Intrinsic value

$1.60

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of DMRC 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 0.4

 

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, %
  0.00
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
Revenue, $m
  22
  26
  31
  37
  42
  49
  56
  63
  70
  78
  87
  96
  105
  115
  125
  136
  146
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  318
  336
  355
Variable operating expenses, $m
 
  48
  57
  67
  77
  89
  101
  114
  128
  142
  158
  174
  191
  208
  227
  246
  266
  286
  308
  330
  353
  377
  402
  429
  456
  484
  513
  544
  576
  609
  644
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
  44
  48
  57
  67
  77
  89
  101
  114
  128
  142
  158
  174
  191
  208
  227
  246
  266
  286
  308
  330
  353
  377
  402
  429
  456
  484
  513
  544
  576
  609
  644
Operating income, $m
  -22
  -22
  -26
  -30
  -35
  -40
  -45
  -51
  -57
  -64
  -71
  -78
  -86
  -93
  -102
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -181
  -192
  -204
  -217
  -230
  -244
  -258
  -273
  -289
EBITDA, $m
  -20
  -19
  -23
  -27
  -31
  -36
  -41
  -46
  -51
  -57
  -64
  -70
  -77
  -84
  -91
  -99
  -107
  -115
  -124
  -133
  -142
  -152
  -162
  -173
  -184
  -195
  -207
  -219
  -232
  -245
  -259
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Earnings before tax, $m
  -22
  -22
  -26
  -30
  -35
  -40
  -46
  -51
  -58
  -64
  -71
  -79
  -86
  -94
  -103
  -111
  -120
  -130
  -139
  -149
  -160
  -171
  -182
  -194
  -206
  -219
  -233
  -246
  -261
  -276
  -292
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
  -22
  -22
  -26
  -30
  -35
  -40
  -46
  -51
  -58
  -64
  -71
  -79
  -86
  -94
  -103
  -111
  -120
  -130
  -139
  -149
  -160
  -171
  -182
  -194
  -206
  -219
  -233
  -246
  -261
  -276
  -292

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  79
  28
  33
  38
  44
  51
  58
  66
  74
  82
  91
  100
  110
  120
  131
  142
  153
  165
  177
  190
  204
  217
  232
  247
  263
  279
  296
  313
  332
  351
  371
Adjusted assets (=assets-cash), $m
  23
  28
  33
  38
  44
  51
  58
  66
  74
  82
  91
  100
  110
  120
  131
  142
  153
  165
  177
  190
  204
  217
  232
  247
  263
  279
  296
  313
  332
  351
  371
Revenue / Adjusted assets
  0.957
  0.929
  0.939
  0.974
  0.955
  0.961
  0.966
  0.955
  0.946
  0.951
  0.956
  0.960
  0.955
  0.958
  0.954
  0.958
  0.954
  0.958
  0.960
  0.958
  0.956
  0.959
  0.957
  0.955
  0.954
  0.957
  0.956
  0.958
  0.958
  0.957
  0.957
Average production assets, $m
  10
  12
  14
  17
  19
  22
  25
  29
  32
  36
  40
  44
  48
  52
  57
  62
  67
  72
  77
  83
  89
  95
  101
  108
  114
  121
  129
  136
  144
  153
  162
Working capital, $m
  59
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  48
Total debt, $m
  0
  1
  3
  4
  6
  7
  9
  11
  13
  15
  18
  20
  23
  25
  28
  31
  34
  37
  40
  44
  47
  51
  55
  58
  63
  67
  71
  76
  81
  86
  91
Total liabilities, $m
  5
  7
  9
  10
  12
  13
  15
  17
  19
  21
  24
  26
  29
  31
  34
  37
  40
  43
  46
  50
  53
  57
  61
  64
  69
  73
  77
  82
  87
  92
  97
Total equity, $m
  73
  20
  24
  28
  33
  38
  43
  48
  54
  61
  67
  74
  81
  89
  97
  105
  113
  122
  131
  141
  150
  161
  171
  182
  194
  206
  219
  232
  245
  259
  274
Total liabilities and equity, $m
  78
  27
  33
  38
  45
  51
  58
  65
  73
  82
  91
  100
  110
  120
  131
  142
  153
  165
  177
  191
  203
  218
  232
  246
  263
  279
  296
  314
  332
  351
  371
Debt-to-equity ratio
  0.000
  0.060
  0.100
  0.140
  0.170
  0.190
  0.210
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.320
  0.330
  0.330
  0.330
  0.330
  0.330
Adjusted equity ratio
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739
  0.739

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  -22
  -26
  -30
  -35
  -40
  -46
  -51
  -58
  -64
  -71
  -79
  -86
  -94
  -103
  -111
  -120
  -130
  -139
  -149
  -160
  -171
  -182
  -194
  -206
  -219
  -233
  -246
  -261
  -276
  -292
Depreciation, amort., depletion, $m
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
Funds from operations, $m
  -14
  -19
  -23
  -27
  -31
  -36
  -41
  -46
  -52
  -58
  -64
  -71
  -78
  -85
  -92
  -100
  -108
  -117
  -125
  -134
  -144
  -154
  -164
  -175
  -186
  -197
  -209
  -222
  -235
  -248
  -262
Change in working capital, $m
  0
  1
  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
  2
  2
  2
  3
Cash from operations, $m
  -14
  -20
  -24
  -28
  -32
  -37
  -42
  -47
  -53
  -59
  -65
  -72
  -79
  -86
  -94
  -101
  -110
  -118
  -127
  -136
  -146
  -156
  -166
  -177
  -188
  -199
  -211
  -224
  -237
  -251
  -265
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -28
New CAPEX, $m
  -3
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
Cash from investing activities, $m
  -15
  -4
  -4
  -5
  -6
  -7
  -7
  -8
  -8
  -10
  -10
  -11
  -12
  -13
  -15
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -37
Free cash flow, $m
  -29
  -24
  -28
  -33
  -38
  -43
  -49
  -55
  -62
  -68
  -76
  -83
  -91
  -99
  -108
  -117
  -126
  -135
  -145
  -156
  -167
  -178
  -189
  -201
  -214
  -227
  -241
  -255
  -270
  -285
  -302
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
Issuance/(repurchase) of shares, $m
  38
  25
  29
  34
  39
  45
  51
  57
  64
  71
  78
  85
  93
  102
  110
  119
  129
  138
  149
  159
  170
  181
  193
  205
  218
  231
  245
  260
  275
  290
  307
Cash from financing (excl. dividends), $m  
  38
  26
  30
  35
  41
  47
  53
  59
  66
  73
  80
  87
  96
  105
  113
  122
  132
  141
  152
  162
  173
  185
  197
  209
  222
  235
  249
  265
  280
  295
  312
Total cash flow (excl. dividends), $m
  8
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
Retained Cash Flow (-), $m
  -22
  -25
  -29
  -34
  -39
  -45
  -51
  -57
  -64
  -71
  -78
  -85
  -93
  -102
  -110
  -119
  -129
  -138
  -149
  -159
  -170
  -181
  -193
  -205
  -218
  -231
  -245
  -260
  -275
  -290
  -307
Prev. year cash balance distribution, $m
 
  56
  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
 
  33
  -27
  -31
  -36
  -41
  -47
  -53
  -59
  -66
  -73
  -81
  -88
  -97
  -105
  -114
  -123
  -132
  -142
  -152
  -163
  -174
  -186
  -198
  -210
  -223
  -236
  -250
  -265
  -280
  -296
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
 
  32
  -24
  -27
  -30
  -32
  -34
  -36
  -37
  -38
  -38
  -38
  -38
  -37
  -35
  -33
  -31
  -29
  -26
  -23
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -5
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  79.2
  63.0
  50.3
  40.3
  32.4
  26.1
  21.1
  17.1
  13.9
  11.3
  9.2
  7.5
  6.1
  5.0
  4.1
  3.4
  2.8
  2.3
  1.9
  1.5
  1.3
  1.0
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

Digimarc Corporation (Digimarc) enables governments and enterprises to give digital identities to media and objects that computers can sense and recognize. The Company's Digimarc Discover, Digimarc Barcode and Intuitive Computing Platform are designed to optimize the identification of consumer brand impressions, facilitating mobile-centric shopping. The Company operates through media management solutions segment. The Company's platform includes means to embed Digimarc Barcodes, invisible and inaudible barcode-like information that is recognizable by smartphones, industrial scanners, and other computer interfaces into various forms of media content, including consumer product packaging. Its Digimarc Barcodes has a range of applications, including facilitating scanning of products at retail checkout, as well as engagement with smartphone-equipped consumers. The Digimarc Barcode allows automatic identification of media without visible computer codes, such as traditional barcodes.

FINANCIAL RATIOS  of  Digimarc (DMRC)

Valuation Ratios
P/E Ratio -17.3
Price to Sales 17.3
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow -27.2
Price to Free Cash Flow -22.4
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0.5
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -32.6%
Ret/ On Assets - 3 Yr. Avg. -30.8%
Return On Total Capital -35.5%
Ret/ On T. Cap. - 3 Yr. Avg. -33.8%
Return On Equity -35.5%
Return On Equity - 3 Yr. Avg. -33.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 59.1%
Gross Margin - 3 Yr. Avg. 61.2%
EBITDA Margin -90.9%
EBITDA Margin - 3 Yr. Avg. -71.2%
Operating Margin -100%
Oper. Margin - 3 Yr. Avg. -79.8%
Pre-Tax Margin -100%
Pre-Tax Margin - 3 Yr. Avg. -79.8%
Net Profit Margin -100%
Net Profit Margin - 3 Yr. Avg. -81.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -2.2%
Payout Ratio 0%

DMRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DMRC stock intrinsic value calculation we used $22 million for the last fiscal year's total revenue generated by Digimarc. The default revenue input number comes from 2016 income statement of Digimarc. 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 DMRC stock valuation model: a) initial revenue growth rate of 20% 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 DMRC is calculated based on our internal credit rating of Digimarc, 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 Digimarc.
    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 DMRC stock the variable cost ratio is equal to 181.8%.

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 DMRC 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 Digimarc.

Corporate tax rate of 27% is the nominal tax rate for Digimarc. 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 DMRC 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 DMRC are equal to 45.5%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Digimarc 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 DMRC is equal to 13.6%. 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 - $73 million for Digimarc - 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 11.267 million for Digimarc 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 Digimarc at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ ETFs with exposure to Digimarc Corp. : December 14, 2017   [Dec-14-17 01:13PM  Capital Cube]
▶ ETFs with exposure to Digimarc Corp. : November 21, 2017   [Nov-21-17 11:37AM  Capital Cube]
▶ ETFs with exposure to Digimarc Corp. : November 9, 2017   [Nov-09-17 12:34PM  Capital Cube]
▶ Digimarc reports 3Q loss   [Oct-26-17 06:21PM  Associated Press]
▶ Digimarc CORP to Host Earnings Call   [12:35PM  ACCESSWIRE]
▶ Digimarc reports 2Q loss   [Jul-26-17 11:12PM  Associated Press]
▶ ETFs with exposure to Digimarc Corp. : July 24, 2017   [Jul-24-17 03:24PM  Capital Cube]
▶ ETFs with exposure to Digimarc Corp. : July 14, 2017   [Jul-14-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Digimarc Corp. : June 20, 2017   [Jun-20-17 02:53PM  Capital Cube]
▶ Maker Of Invisible Bar Codes Surges On Amazon-Whole Foods Deal   [Jun-19-17 04:47PM  Investor's Business Daily]
▶ ETFs with exposure to Digimarc Corp. : May 25, 2017   [May-25-17 12:38PM  Capital Cube]
▶ Digimarc Sets Upcoming Financial Conference Schedule   [May-09-17 08:00AM  PR Newswire]
▶ ETFs with exposure to Digimarc Corp. : May 1, 2017   [May-01-17 03:51PM  Capital Cube]
▶ Digimarc reports 1Q loss   [Apr-26-17 05:42PM  Associated Press]
▶ ETFs with exposure to Digimarc Corp. : April 21, 2017   [Apr-21-17 02:52PM  Capital Cube]
▶ ETFs with exposure to Digimarc Corp. : April 5, 2017   [Apr-05-17 04:38PM  Capital Cube]
▶ New Survey Reveals Key Retail Technology Trends   [Mar-02-17 08:30AM  PR Newswire]
▶ Digimarc reports 4Q loss   [Feb-22-17 04:46PM  Associated Press]
▶ How Digimarc Corp (DMRC) Compares To Its Peers   [Dec-16-16 12:32AM  at Insider Monkey]
▶ Former P&G global IT chief to help lead tech firm   [Oct-12-16 11:05AM  at bizjournals.com]
▶ Digimarc Closes Public Offering of Common Stock   [Aug-10-16 04:05PM  PR Newswire]
Financial statements of DMRC
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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