Intrinsic value of Diplomat Pharmacy - DPLO

Previous Close

$15.51

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$15.51

 
Intrinsic value

$7.07

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of DPLO 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 1.0

 

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, %
  30.98
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  4,410
  5,116
  5,878
  6,695
  7,567
  8,492
  9,468
  10,495
  11,571
  12,698
  13,874
  15,100
  16,376
  17,704
  19,084
  20,518
  22,009
  23,558
  25,168
  26,842
  28,583
  30,394
  32,280
  34,243
  36,289
  38,422
  40,647
  42,968
  45,391
  47,922
  50,567
Variable operating expenses, $m
 
  5,039
  5,785
  6,585
  7,438
  8,343
  9,299
  10,304
  11,358
  12,461
  13,612
  14,780
  16,029
  17,329
  18,679
  20,083
  21,543
  23,059
  24,635
  26,273
  27,977
  29,750
  31,596
  33,518
  35,521
  37,608
  39,786
  42,058
  44,430
  46,907
  49,495
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
  4,363
  5,039
  5,785
  6,585
  7,438
  8,343
  9,299
  10,304
  11,358
  12,461
  13,612
  14,780
  16,029
  17,329
  18,679
  20,083
  21,543
  23,059
  24,635
  26,273
  27,977
  29,750
  31,596
  33,518
  35,521
  37,608
  39,786
  42,058
  44,430
  46,907
  49,495
Operating income, $m
  47
  77
  93
  110
  129
  148
  169
  191
  213
  237
  262
  320
  347
  375
  404
  435
  466
  499
  533
  569
  606
  644
  684
  726
  769
  814
  861
  910
  962
  1,015
  1,071
EBITDA, $m
  97
  136
  156
  178
  201
  226
  252
  279
  308
  338
  369
  402
  435
  471
  508
  546
  585
  626
  669
  714
  760
  808
  858
  911
  965
  1,022
  1,081
  1,143
  1,207
  1,274
  1,345
Interest expense (income), $m
  5
  5
  8
  11
  15
  19
  22
  27
  31
  35
  40
  45
  50
  56
  61
  67
  73
  79
  86
  92
  99
  107
  114
  122
  131
  139
  148
  157
  167
  177
  188
Earnings before tax, $m
  36
  71
  85
  99
  114
  130
  146
  164
  183
  202
  222
  275
  297
  320
  343
  368
  393
  420
  448
  476
  506
  537
  570
  603
  638
  675
  713
  753
  795
  838
  883
Tax expense, $m
  11
  19
  23
  27
  31
  35
  40
  44
  49
  55
  60
  74
  80
  86
  93
  99
  106
  113
  121
  129
  137
  145
  154
  163
  172
  182
  193
  203
  215
  226
  239
Net income, $m
  28
  52
  62
  72
  83
  95
  107
  120
  133
  147
  162
  201
  217
  233
  251
  269
  287
  307
  327
  348
  369
  392
  416
  440
  466
  493
  521
  550
  580
  612
  645

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  1,108
  1,276
  1,466
  1,670
  1,888
  2,118
  2,362
  2,618
  2,886
  3,167
  3,461
  3,766
  4,085
  4,416
  4,760
  5,118
  5,490
  5,876
  6,278
  6,695
  7,130
  7,581
  8,052
  8,542
  9,052
  9,584
  10,139
  10,718
  11,322
  11,954
  12,613
Adjusted assets (=assets-cash), $m
  1,100
  1,276
  1,466
  1,670
  1,888
  2,118
  2,362
  2,618
  2,886
  3,167
  3,461
  3,766
  4,085
  4,416
  4,760
  5,118
  5,490
  5,876
  6,278
  6,695
  7,130
  7,581
  8,052
  8,542
  9,052
  9,584
  10,139
  10,718
  11,322
  11,954
  12,613
Revenue / Adjusted assets
  4.009
  4.009
  4.010
  4.009
  4.008
  4.009
  4.008
  4.009
  4.009
  4.009
  4.009
  4.010
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
  4.009
Average production assets, $m
  267
  307
  353
  402
  454
  509
  568
  630
  694
  762
  832
  906
  983
  1,062
  1,145
  1,231
  1,321
  1,413
  1,510
  1,611
  1,715
  1,824
  1,937
  2,055
  2,177
  2,305
  2,439
  2,578
  2,723
  2,875
  3,034
Working capital, $m
  135
  200
  229
  261
  295
  331
  369
  409
  451
  495
  541
  589
  639
  690
  744
  800
  858
  919
  982
  1,047
  1,115
  1,185
  1,259
  1,335
  1,415
  1,498
  1,585
  1,676
  1,770
  1,869
  1,972
Total debt, $m
  147
  217
  302
  392
  488
  590
  698
  812
  931
  1,055
  1,185
  1,321
  1,462
  1,608
  1,761
  1,919
  2,084
  2,255
  2,433
  2,618
  2,810
  3,011
  3,219
  3,436
  3,662
  3,898
  4,144
  4,400
  4,668
  4,947
  5,240
Total liabilities, $m
  495
  565
  650
  740
  836
  938
  1,046
  1,160
  1,279
  1,403
  1,533
  1,669
  1,810
  1,956
  2,109
  2,267
  2,432
  2,603
  2,781
  2,966
  3,158
  3,359
  3,567
  3,784
  4,010
  4,246
  4,492
  4,748
  5,016
  5,295
  5,588
Total equity, $m
  613
  711
  817
  930
  1,051
  1,180
  1,315
  1,458
  1,608
  1,764
  1,928
  2,098
  2,275
  2,460
  2,651
  2,851
  3,058
  3,273
  3,497
  3,729
  3,971
  4,223
  4,485
  4,758
  5,042
  5,338
  5,647
  5,970
  6,307
  6,658
  7,026
Total liabilities and equity, $m
  1,108
  1,276
  1,467
  1,670
  1,887
  2,118
  2,361
  2,618
  2,887
  3,167
  3,461
  3,767
  4,085
  4,416
  4,760
  5,118
  5,490
  5,876
  6,278
  6,695
  7,129
  7,582
  8,052
  8,542
  9,052
  9,584
  10,139
  10,718
  11,323
  11,953
  12,614
Debt-to-equity ratio
  0.240
  0.310
  0.370
  0.420
  0.460
  0.500
  0.530
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.750
Adjusted equity ratio
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  28
  52
  62
  72
  83
  95
  107
  120
  133
  147
  162
  201
  217
  233
  251
  269
  287
  307
  327
  348
  369
  392
  416
  440
  466
  493
  521
  550
  580
  612
  645
Depreciation, amort., depletion, $m
  50
  59
  63
  68
  73
  78
  83
  88
  94
  100
  107
  82
  89
  96
  103
  111
  119
  127
  136
  145
  155
  164
  174
  185
  196
  208
  220
  232
  245
  259
  273
Funds from operations, $m
  -34
  111
  125
  140
  156
  172
  190
  208
  228
  248
  269
  282
  305
  329
  354
  379
  406
  434
  463
  493
  524
  556
  590
  625
  662
  700
  740
  782
  825
  871
  918
Change in working capital, $m
  -65
  28
  30
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
Cash from operations, $m
  31
  88
  95
  108
  122
  136
  152
  168
  186
  204
  223
  234
  255
  277
  300
  323
  348
  373
  400
  427
  456
  486
  517
  549
  582
  617
  654
  691
  731
  772
  815
Maintenance CAPEX, $m
  0
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -57
  -63
  -69
  -75
  -82
  -89
  -96
  -103
  -111
  -119
  -127
  -136
  -145
  -155
  -164
  -174
  -185
  -196
  -208
  -220
  -232
  -245
  -259
New CAPEX, $m
  -19
  -40
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -159
Cash from investing activities, $m
  -86
  -64
  -74
  -81
  -88
  -96
  -105
  -113
  -122
  -131
  -140
  -149
  -159
  -169
  -179
  -189
  -200
  -212
  -224
  -236
  -249
  -264
  -277
  -292
  -308
  -324
  -341
  -359
  -377
  -397
  -418
Free cash flow, $m
  -55
  24
  22
  27
  33
  40
  47
  55
  64
  74
  84
  86
  97
  109
  121
  134
  148
  162
  176
  191
  207
  223
  239
  257
  274
  293
  312
  332
  353
  375
  397
Issuance/(repayment) of debt, $m
  33
  78
  84
  90
  96
  102
  108
  113
  119
  124
  130
  135
  141
  147
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  236
  246
  256
  268
  280
  292
Issuance/(repurchase) of shares, $m
  4
  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  
  35
  78
  84
  90
  96
  102
  108
  113
  119
  124
  130
  135
  141
  147
  153
  159
  165
  171
  178
  185
  192
  200
  208
  217
  226
  236
  246
  256
  268
  280
  292
Total cash flow (excl. dividends), $m
  -20
  102
  106
  118
  129
  142
  155
  169
  183
  198
  214
  221
  238
  256
  274
  293
  312
  333
  354
  376
  399
  423
  448
  474
  501
  529
  558
  589
  621
  655
  690
Retained Cash Flow (-), $m
  -101
  -98
  -106
  -114
  -121
  -128
  -136
  -143
  -150
  -157
  -163
  -170
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -262
  -273
  -284
  -296
  -309
  -323
  -337
  -352
  -367
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
 
  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
 
  5
  0
  4
  8
  14
  20
  26
  34
  42
  50
  51
  61
  71
  82
  93
  105
  118
  130
  143
  157
  171
  186
  201
  216
  232
  249
  266
  284
  303
  322
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
 
  4
  0
  3
  7
  10
  14
  18
  21
  24
  26
  24
  26
  27
  28
  27
  27
  26
  24
  22
  20
  18
  15
  13
  11
  9
  7
  6
  4
  3
  2
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

Diplomat Pharmacy, Inc. operates as an independent specialty pharmacy in the United States. The company stocks, dispenses, and distributes prescriptions for various biotechnology and specialty pharmaceutical manufacturers. It also provides specialty infusion pharmacy, patient care coordination, clinical, compliance and persistency program, patient financial assistance, specialty pharmacy training/consulting, benefits investigation, prior authorization, risk evaluation and medication strategy, retail specialty, and hub services, as well as clinical and administrative support services to hospitals and health systems. The company’s primary focus is on medication management programs for individuals with complex chronic diseases, including oncology, immunology, hepatitis, multiple sclerosis, specialized infusion therapy, and various other serious or long-term conditions. Diplomat Pharmacy, Inc. has 16 pharmacy locations in Arizona, California, Connecticut, Florida, Illinois, Iowa, Maryland, Massachusetts, Michigan, Minnesota, North Carolina, Ohio, and Pennsylvania. The company was founded in 1975 and is headquartered in Flint, Michigan.

FINANCIAL RATIOS  of  Diplomat Pharmacy (DPLO)

Valuation Ratios
P/E Ratio 37
Price to Sales 0.2
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 33.4
Price to Free Cash Flow 86.3
Growth Rates
Sales Growth Rate 31%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 16.3%
Total Debt to Equity 24%
Interest Coverage 8
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 4.2
Profitability Ratios
Gross Margin 7.4%
Gross Margin - 3 Yr. Avg. 7.2%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 1.7%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 0.8%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

DPLO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DPLO stock intrinsic value calculation we used $4410 million for the last fiscal year's total revenue generated by Diplomat Pharmacy. The default revenue input number comes from 2016 income statement of Diplomat Pharmacy. 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 DPLO stock valuation model: a) initial revenue growth rate of 16% 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 DPLO is calculated based on our internal credit rating of Diplomat Pharmacy, 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 Diplomat Pharmacy.
    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 DPLO stock the variable cost ratio is equal to 98.6%.

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 DPLO 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 3.8% for Diplomat Pharmacy.

Corporate tax rate of 27% is the nominal tax rate for Diplomat Pharmacy. 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 DPLO 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 DPLO are equal to 6%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Diplomat Pharmacy 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 DPLO is equal to 3.9%. 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 - $613 million for Diplomat Pharmacy - 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 67.085 million for Diplomat Pharmacy 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 Diplomat Pharmacy at the current share price and the inputted number of shares is $1.0 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
ABC AmerisourceBer 81.26 139.21  str.buy
LCI Lannett 24.25 176.41  str.buy
MCK McKesson 135.92 421.48  str.buy
CAH Cardinal Healt 72.50 171.25  str.buy
CVS CVS Health 79.28 249.22  str.buy
PINC Premier 33.01 15.34  str.sell

COMPANY NEWS

▶ Diplomat Promotes Executive Jennifer Cretu   [Apr-13-17 05:10PM  PR Newswire]
▶ Diplomat Appoints New Chief Financial Officer   [Apr-11-17 08:00AM  PR Newswire]
▶ 3 Top Specialty Pharma Stocks to Buy in 2017   [Apr-02-17 02:01PM  Motley Fool]
▶ Diplomat Pharmacy's Shares Are Soaring Today -- But Why?   [Mar-01-17 04:00PM  Motley Fool]
▶ Diplomat Pharmacy, Inc. Q4 Earnings Hurt by Hep-C Headwinds   [Feb-28-17 07:02PM  at Motley Fool]
▶ Diplomat Completes Acquisition of Affinity Biotech   [Feb-01-17 04:30PM  PR Newswire]
▶ Diplomat Publishes Report on Specialty Drug Approvals   [Jan-24-17 04:30PM  PR Newswire]
▶ 3 Worst Performing Stocks in November   [Dec-04-16 04:36PM  at Motley Fool]
Stock chart of DPLO Financial statements of DPLO
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.