Intrinsic value of DST Systems - DST

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$61.78

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of DST 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 2.0

 

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, %
  5.63
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,557
  1,588
  1,625
  1,666
  1,713
  1,765
  1,822
  1,884
  1,951
  2,024
  2,102
  2,185
  2,273
  2,368
  2,468
  2,574
  2,687
  2,807
  2,933
  3,066
  3,207
  3,356
  3,513
  3,678
  3,852
  4,036
  4,229
  4,432
  4,646
  4,871
  5,107
Variable operating expenses, $m
 
  1,416
  1,447
  1,483
  1,523
  1,568
  1,617
  1,670
  1,728
  1,790
  1,857
  1,876
  1,952
  2,033
  2,120
  2,211
  2,308
  2,411
  2,519
  2,634
  2,755
  2,882
  3,017
  3,159
  3,308
  3,466
  3,632
  3,806
  3,990
  4,183
  4,387
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
  1,304
  1,416
  1,447
  1,483
  1,523
  1,568
  1,617
  1,670
  1,728
  1,790
  1,857
  1,876
  1,952
  2,033
  2,120
  2,211
  2,308
  2,411
  2,519
  2,634
  2,755
  2,882
  3,017
  3,159
  3,308
  3,466
  3,632
  3,806
  3,990
  4,183
  4,387
Operating income, $m
  253
  173
  178
  184
  190
  198
  206
  214
  224
  234
  245
  308
  321
  334
  348
  363
  379
  396
  414
  433
  453
  474
  496
  519
  544
  570
  597
  626
  656
  687
  721
EBITDA, $m
  349
  252
  258
  265
  272
  280
  289
  299
  310
  321
  334
  347
  361
  376
  392
  409
  427
  446
  466
  487
  509
  533
  558
  584
  612
  641
  671
  704
  738
  773
  811
Interest expense (income), $m
  23
  14
  15
  17
  19
  21
  23
  25
  28
  31
  34
  37
  41
  44
  48
  53
  57
  62
  67
  72
  78
  84
  90
  97
  104
  111
  119
  127
  136
  145
  154
Earnings before tax, $m
  279
  159
  162
  167
  172
  177
  183
  189
  196
  203
  211
  271
  280
  290
  300
  311
  322
  334
  347
  360
  375
  390
  406
  422
  440
  458
  478
  498
  520
  543
  566
Tax expense, $m
  101
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  73
  76
  78
  81
  84
  87
  90
  94
  97
  101
  105
  109
  114
  119
  124
  129
  135
  140
  146
  153
Net income, $m
  427
  116
  119
  122
  125
  129
  133
  138
  143
  148
  154
  198
  205
  212
  219
  227
  235
  244
  253
  263
  274
  284
  296
  308
  321
  335
  349
  364
  379
  396
  413

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  196
  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
  2,772
  2,651
  2,712
  2,782
  2,860
  2,947
  3,042
  3,146
  3,258
  3,379
  3,508
  3,647
  3,795
  3,953
  4,120
  4,298
  4,486
  4,686
  4,896
  5,119
  5,354
  5,603
  5,864
  6,140
  6,431
  6,737
  7,060
  7,399
  7,756
  8,131
  8,527
Adjusted assets (=assets-cash), $m
  2,576
  2,651
  2,712
  2,782
  2,860
  2,947
  3,042
  3,146
  3,258
  3,379
  3,508
  3,647
  3,795
  3,953
  4,120
  4,298
  4,486
  4,686
  4,896
  5,119
  5,354
  5,603
  5,864
  6,140
  6,431
  6,737
  7,060
  7,399
  7,756
  8,131
  8,527
Revenue / Adjusted assets
  0.604
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
  0.599
Average production assets, $m
  258
  143
  146
  150
  154
  159
  164
  170
  176
  182
  189
  197
  205
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  363
  381
  399
  418
  438
  460
Working capital, $m
  27
  59
  60
  62
  63
  65
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  104
  109
  113
  119
  124
  130
  136
  143
  149
  156
  164
  172
  180
  189
Total debt, $m
  508
  341
  376
  415
  459
  508
  562
  620
  683
  752
  825
  903
  986
  1,075
  1,170
  1,270
  1,376
  1,489
  1,608
  1,733
  1,866
  2,006
  2,154
  2,309
  2,473
  2,646
  2,828
  3,019
  3,220
  3,432
  3,655
Total liabilities, $m
  1,657
  1,495
  1,530
  1,569
  1,613
  1,662
  1,716
  1,774
  1,837
  1,906
  1,979
  2,057
  2,140
  2,229
  2,324
  2,424
  2,530
  2,643
  2,762
  2,887
  3,020
  3,160
  3,308
  3,463
  3,627
  3,800
  3,982
  4,173
  4,374
  4,586
  4,809
Total equity, $m
  1,115
  1,156
  1,183
  1,213
  1,247
  1,285
  1,326
  1,372
  1,420
  1,473
  1,530
  1,590
  1,655
  1,723
  1,796
  1,874
  1,956
  2,043
  2,135
  2,232
  2,335
  2,443
  2,557
  2,677
  2,804
  2,937
  3,078
  3,226
  3,382
  3,545
  3,718
Total liabilities and equity, $m
  2,772
  2,651
  2,713
  2,782
  2,860
  2,947
  3,042
  3,146
  3,257
  3,379
  3,509
  3,647
  3,795
  3,952
  4,120
  4,298
  4,486
  4,686
  4,897
  5,119
  5,355
  5,603
  5,865
  6,140
  6,431
  6,737
  7,060
  7,399
  7,756
  8,131
  8,527
Debt-to-equity ratio
  0.456
  0.300
  0.320
  0.340
  0.370
  0.400
  0.420
  0.450
  0.480
  0.510
  0.540
  0.570
  0.600
  0.620
  0.650
  0.680
  0.700
  0.730
  0.750
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.950
  0.970
  0.980
Adjusted equity ratio
  0.357
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  427
  116
  119
  122
  125
  129
  133
  138
  143
  148
  154
  198
  205
  212
  219
  227
  235
  244
  253
  263
  274
  284
  296
  308
  321
  335
  349
  364
  379
  396
  413
Depreciation, amort., depletion, $m
  96
  80
  80
  81
  82
  83
  84
  85
  86
  87
  89
  39
  40
  42
  44
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
Funds from operations, $m
  83
  195
  199
  203
  207
  212
  217
  223
  229
  236
  243
  237
  245
  253
  263
  272
  283
  294
  305
  317
  330
  344
  358
  373
  389
  406
  423
  442
  461
  482
  504
Change in working capital, $m
  -106
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  189
  198
  197
  201
  205
  210
  215
  221
  227
  233
  240
  233
  241
  250
  259
  268
  278
  289
  300
  312
  325
  338
  352
  367
  383
  399
  416
  434
  454
  474
  495
Maintenance CAPEX, $m
  0
  -27
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
New CAPEX, $m
  -60
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  296
  -30
  -31
  -33
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -47
  -48
  -51
  -54
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -88
  -93
  -97
  -102
  -107
Free cash flow, $m
  485
  167
  166
  169
  172
  175
  179
  183
  187
  192
  197
  189
  195
  201
  208
  215
  223
  231
  239
  249
  258
  268
  279
  290
  302
  314
  328
  342
  356
  371
  388
Issuance/(repayment) of debt, $m
  -53
  29
  34
  39
  44
  49
  54
  58
  63
  68
  73
  78
  83
  89
  94
  100
  106
  112
  119
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
  212
  223
Issuance/(repurchase) of shares, $m
  -311
  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  
  -332
  29
  34
  39
  44
  49
  54
  58
  63
  68
  73
  78
  83
  89
  94
  100
  106
  112
  119
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
  212
  223
Total cash flow (excl. dividends), $m
  153
  196
  201
  208
  216
  224
  232
  241
  251
  260
  270
  267
  278
  290
  302
  315
  329
  343
  358
  374
  391
  408
  427
  446
  466
  487
  509
  533
  557
  583
  610
Retained Cash Flow (-), $m
  -69
  -24
  -27
  -30
  -34
  -38
  -41
  -45
  -49
  -53
  -57
  -60
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -141
  -148
  -156
  -164
  -172
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
 
  172
  174
  178
  182
  186
  191
  196
  202
  208
  214
  207
  214
  221
  229
  238
  247
  256
  266
  277
  288
  300
  312
  325
  339
  354
  369
  385
  402
  420
  438
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
 
  165
  159
  155
  150
  144
  139
  132
  126
  119
  112
  98
  91
  84
  77
  70
  63
  56
  49
  43
  37
  31
  26
  21
  17
  14
  11
  8
  6
  5
  3
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

DST Systems, Inc. provides technology-based information processing and servicing solutions in the United States, the United Kingdom, Canada, Australia, and internationally. The company’s Financial Services segment provides investor, investment, advisor/intermediary, and asset distribution services to companies in the financial services industry. This segment provides customers information processing solutions, such as tracking of purchases, redemptions, and exchanges and transfers of shares; maintaining investor identification and ownership records; reconciling cash and share activity; processing dividends; reporting sales; performing tax and other compliance functions; and providing information for printing of investor trade confirmations, statements, and year-end tax forms. The company’s Healthcare Services segment offers healthcare organizations a range of medical and pharmacy solutions for information processing, quality of care, cost management, and payment integrity needs; and healthcare solutions, including claims adjudication, benefit management, care management, business intelligence, and other ancillary services. Its Customer Communications segment provides a range of integrated print, mail, and electronic solutions to companies. The company’s Investments and Other segment owns and operates real estate properties for lease; and has investments in equity securities, private equity investments, and other financial interests. DST Systems, Inc. was founded in 1968 and is headquartered in Kansas City, Missouri.

FINANCIAL RATIOS  of  DST Systems (DST)

Valuation Ratios
P/E Ratio 4.6
Price to Sales 1.3
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 15.3
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -32.6%
Cap. Spend. - 3 Yr. Gr. Rate -10.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.6
LT Debt to Equity 26.8%
Total Debt to Equity 45.6%
Interest Coverage 13
Management Effectiveness
Return On Assets 15.8%
Ret/ On Assets - 3 Yr. Avg. 16.4%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 26.6%
Return On Equity 39.5%
Return On Equity - 3 Yr. Avg. 40%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 22%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 40.6%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 32.9%
Net Profit Margin 27.4%
Net Profit Margin - 3 Yr. Avg. 30.4%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 10.1%

DST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DST stock intrinsic value calculation we used $1557 million for the last fiscal year's total revenue generated by DST Systems. The default revenue input number comes from 2016 income statement of DST Systems. 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 DST stock valuation model: a) initial revenue growth rate of 2% 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 DST is calculated based on our internal credit rating of DST Systems, 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 DST Systems.
    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 DST stock the variable cost ratio is equal to 89.2%.

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 DST 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 4.5% for DST Systems.

Corporate tax rate of 27% is the nominal tax rate for DST Systems. 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 DST 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 DST are equal to 9%.

Life of production assets of 5.1 years is the average useful life of capital assets used in DST Systems 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 DST is equal to 3.7%. 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 - $1132 million for DST Systems - 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 31.909 million for DST Systems 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 DST Systems at the current share price and the inputted number of shares is $2.0 billion.


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COMPANY NEWS

▶ ETFs with exposure to DST Systems, Inc. : June 26, 2017   [Jun-26-17 03:49PM  Capital Cube]
▶ ETFs with exposure to DST Systems, Inc. : June 15, 2017   [Jun-15-17 01:44PM  Capital Cube]
▶ Two DST Systems units will add 415 jobs in KC   [May-30-17 08:00AM  American City Business Journals]
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▶ Top Ranked Momentum Stocks to Buy for May 3rd   [May-03-17 11:00AM  Zacks]
▶ DST Systems beats 1Q profit forecasts   [07:44AM  Associated Press]
▶ Five Stocks for the Small Cap Breakout to Highs   [Apr-20-17 08:05PM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for April 7th   [Apr-07-17 11:05AM  Zacks]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
▶ Which KC-area stocks had the best, worst March? Take a look   [04:50PM  American City Business Journals]
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▶ State Street makes $333M deal with firm run by Jay Hooleys brother   [Mar-27-17 02:25PM  at bizjournals.com]
▶ State Street makes $333M deal with firm run by Jay Hooleys brother   [02:25PM  American City Business Journals]
▶ Billionaire Ken Fishers Monster Q4 Moves   [Feb-14-17 12:38PM  at Insider Monkey]
▶ ALPS Adds Momentum to Its ETF Factor Lineup   [Jan-10-17 09:00AM  Business Wire]
▶ What Smart Money Thinks about Flowers Foods, Inc. (FLO)?   [Dec-02-16 04:23PM  at Insider Monkey]
▶ ALPS Proposes Reorganization Of An Exchange-Traded Fund   [Nov-18-16 04:15PM  PR Newswire]
▶ Today's Top 5 Stock Picks: Cash Gushers   [Nov-02-16 07:29AM  at Barrons.com]
▶ DST Systems, Inc. Declares Cash Dividend   [Oct-28-16 04:15PM  PR Newswire]
▶ DST Systems (DST) Stock Tumbles on Q3 Revenue Miss   [Oct-20-16 02:52PM  at TheStreet]
Stock chart of DST Financial statements of DST Annual reports of DST
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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