Intrinsic value of Emclaire Financial - EMCF

Previous Close

$36.00

  Intrinsic Value

$19.09

stock screener

  Rating & Target

sell

-47%

Previous close

$36.00

 
Intrinsic value

$19.09

 
Up/down potential

-47%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as EMCF.

We calculate the intrinsic value of EMCF 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
(a)
   1
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -100.00
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  0
  30
  34
  38
  43
  48
  53
  59
  64
  70
  76
  83
  89
  96
  104
  111
  119
  127
  135
  144
  153
  163
  173
  183
  194
  205
  217
  229
  241
  255
  269
Variable operating expenses, $m
 
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  83
  88
  94
  100
  106
  113
  119
  126
  134
  141
  149
  158
  166
  175
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Total operating expenses, $m
  0
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  57
  61
  66
  71
  76
  81
  86
  91
  97
  103
  109
  116
  122
  129
  137
  145
  153
  162
  170
  179
Operating income, $m
  0
  8
  10
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
EBITDA, $m
  0
  91
  104
  117
  132
  147
  163
  180
  198
  216
  235
  255
  276
  298
  320
  343
  368
  393
  419
  446
  475
  504
  535
  567
  600
  635
  672
  710
  749
  791
  834
Interest expense (income), $m
  0
  37
  38
  43
  48
  54
  60
  66
  73
  80
  87
  94
  102
  110
  119
  127
  137
  146
  156
  166
  177
  188
  199
  211
  224
  237
  250
  265
  279
  295
  311
Earnings before tax, $m
  0
  -29
  -28
  -32
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -74
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -127
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -222
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
  0
  -29
  -28
  -32
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -74
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -127
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -222

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  0
  746
  849
  959
  1,076
  1,199
  1,328
  1,464
  1,605
  1,753
  1,907
  2,068
  2,235
  2,409
  2,589
  2,777
  2,971
  3,174
  3,385
  3,604
  3,831
  4,069
  4,316
  4,573
  4,842
  5,121
  5,414
  5,719
  6,037
  6,370
  6,718
Adjusted assets (=assets-cash), $m
  0
  746
  849
  959
  1,076
  1,199
  1,328
  1,464
  1,605
  1,753
  1,907
  2,068
  2,235
  2,409
  2,589
  2,777
  2,971
  3,174
  3,385
  3,604
  3,831
  4,069
  4,316
  4,573
  4,842
  5,121
  5,414
  5,719
  6,037
  6,370
  6,718
Revenue / Adjusted assets
  0.000
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
  0.040
Average production assets, $m
  0
  827
  941
  1,063
  1,192
  1,328
  1,472
  1,622
  1,779
  1,943
  2,114
  2,292
  2,477
  2,669
  2,869
  3,077
  3,293
  3,518
  3,751
  3,994
  4,246
  4,509
  4,783
  5,068
  5,366
  5,676
  6,000
  6,338
  6,691
  7,060
  7,445
Working capital, $m
  0
  -780
  -888
  -1,003
  -1,125
  -1,253
  -1,388
  -1,530
  -1,678
  -1,833
  -1,994
  -2,162
  -2,337
  -2,518
  -2,707
  -2,903
  -3,106
  -3,318
  -3,538
  -3,767
  -4,006
  -4,254
  -4,512
  -4,781
  -5,062
  -5,354
  -5,660
  -5,978
  -6,311
  -6,659
  -7,023
Total debt, $m
  0
  701
  793
  892
  997
  1,108
  1,224
  1,346
  1,474
  1,607
  1,746
  1,890
  2,040
  2,197
  2,359
  2,528
  2,703
  2,886
  3,075
  3,272
  3,477
  3,691
  3,913
  4,145
  4,386
  4,638
  4,901
  5,176
  5,462
  5,762
  6,075
Total liabilities, $m
  0
  672
  764
  863
  968
  1,079
  1,195
  1,317
  1,445
  1,578
  1,717
  1,861
  2,012
  2,168
  2,330
  2,499
  2,674
  2,857
  3,046
  3,243
  3,448
  3,662
  3,884
  4,116
  4,357
  4,609
  4,872
  5,147
  5,433
  5,733
  6,046
Total equity, $m
  0
  75
  85
  96
  108
  120
  133
  146
  161
  175
  191
  207
  224
  241
  259
  278
  297
  317
  338
  360
  383
  407
  432
  457
  484
  512
  541
  572
  604
  637
  672
Total liabilities and equity, $m
  0
  747
  849
  959
  1,076
  1,199
  1,328
  1,463
  1,606
  1,753
  1,908
  2,068
  2,236
  2,409
  2,589
  2,777
  2,971
  3,174
  3,384
  3,603
  3,831
  4,069
  4,316
  4,573
  4,841
  5,121
  5,413
  5,719
  6,037
  6,370
  6,718
Debt-to-equity ratio
  0.000
  9.390
  9.340
  9.300
  9.270
  9.240
  9.220
  9.200
  9.180
  9.160
  9.150
  9.140
  9.130
  9.120
  9.110
  9.100
  9.100
  9.090
  9.090
  9.080
  9.080
  9.070
  9.070
  9.060
  9.060
  9.060
  9.050
  9.050
  9.050
  9.050
  9.040
Adjusted equity ratio
  0.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -29
  -28
  -32
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -68
  -74
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -127
  -134
  -143
  -151
  -160
  -169
  -179
  -189
  -199
  -210
  -222
Depreciation, amort., depletion, $m
  0
  83
  94
  106
  119
  133
  147
  162
  178
  194
  211
  229
  248
  267
  287
  308
  329
  352
  375
  399
  425
  451
  478
  507
  537
  568
  600
  634
  669
  706
  745
Funds from operations, $m
  0
  54
  66
  75
  84
  93
  104
  114
  125
  137
  149
  161
  174
  188
  202
  216
  231
  247
  263
  280
  298
  316
  336
  356
  377
  398
  421
  445
  470
  496
  523
Change in working capital, $m
  0
  -101
  -108
  -115
  -122
  -129
  -135
  -142
  -148
  -155
  -161
  -168
  -175
  -182
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -258
  -269
  -281
  -293
  -305
  -319
  -333
  -348
  -364
Cash from operations, $m
  0
  154
  174
  190
  206
  222
  239
  256
  273
  291
  310
  329
  349
  369
  390
  412
  435
  459
  483
  509
  536
  564
  594
  625
  657
  691
  727
  764
  803
  844
  886
Maintenance CAPEX, $m
  0
  -72
  -83
  -94
  -106
  -119
  -133
  -147
  -162
  -178
  -194
  -211
  -229
  -248
  -267
  -287
  -308
  -329
  -352
  -375
  -399
  -425
  -451
  -478
  -507
  -537
  -568
  -600
  -634
  -669
  -706
New CAPEX, $m
  0
  -106
  -114
  -122
  -129
  -136
  -143
  -150
  -157
  -164
  -171
  -178
  -185
  -192
  -200
  -208
  -216
  -224
  -233
  -243
  -253
  -263
  -274
  -285
  -297
  -310
  -324
  -338
  -353
  -369
  -386
Cash from investing activities, $m
  0
  -178
  -197
  -216
  -235
  -255
  -276
  -297
  -319
  -342
  -365
  -389
  -414
  -440
  -467
  -495
  -524
  -553
  -585
  -618
  -652
  -688
  -725
  -763
  -804
  -847
  -892
  -938
  -987
  -1,038
  -1,092
Free cash flow, $m
  0
  -24
  -23
  -26
  -30
  -34
  -37
  -42
  -46
  -51
  -55
  -60
  -66
  -71
  -77
  -83
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -174
  -184
  -194
  -205
Issuance/(repayment) of debt, $m
  0
  11
  93
  99
  105
  111
  116
  122
  128
  133
  139
  144
  150
  156
  162
  169
  175
  182
  190
  197
  205
  214
  222
  232
  242
  252
  263
  274
  287
  300
  313
Issuance/(repurchase) of shares, $m
  0
  109
  38
  43
  47
  52
  57
  62
  67
  72
  78
  84
  90
  97
  103
  110
  118
  125
  133
  141
  149
  158
  167
  177
  187
  197
  208
  219
  231
  244
  257
Cash from financing (excl. dividends), $m  
  0
  120
  131
  142
  152
  163
  173
  184
  195
  205
  217
  228
  240
  253
  265
  279
  293
  307
  323
  338
  354
  372
  389
  409
  429
  449
  471
  493
  518
  544
  570
Total cash flow (excl. dividends), $m
  0
  96
  108
  115
  122
  129
  136
  142
  149
  155
  162
  168
  175
  182
  189
  196
  204
  212
  221
  230
  239
  249
  259
  270
  281
  293
  306
  320
  334
  349
  365
Retained Cash Flow (-), $m
  0
  -109
  -38
  -43
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -84
  -90
  -97
  -103
  -110
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -244
  -257
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
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
Cash available for distribution, $m
 
  -7
  70
  73
  75
  77
  79
  80
  82
  83
  83
  84
  85
  85
  86
  86
  87
  87
  88
  89
  89
  90
  92
  93
  94
  96
  98
  100
  103
  105
  108
Discount rate, %
 
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
 
  -6
  52
  46
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  33.0
  22.0
  14.7
  10.0
  6.8
  4.6
  3.2
  2.2
  1.5
  1.0
  0.7
  0.5
  0.4
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Emclaire Financial Corp. operates as the holding company for The Farmers National Bank of Emlenton that provides retail and commercial financial products and services to individuals and businesses in western Pennsylvania. The company’s deposit products include checking, savings, and term certificate accounts; time deposits; noninterest bearing and interest bearing demand deposit accounts; and money market accounts. Its loan portfolio comprises one-to-four family mortgage loans, home equity loans, and commercial business and commercial real estate loans; and consumer loans, such as loans for automobile purchases, home improvements not secured by real estate, capital, and other personal expenditures, as well as unsecured revolving personal lines of credit and overdraft protection. The company, through its subsidiary, Emclaire Settlement Services, LLC, also provides real estate settlement services. It operates 15 retail branch offices in Venango, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson, and Mercer counties, Pennsylvania. The company was founded in 1900 and is headquartered in Emlenton, Pennsylvania.

FINANCIAL RATIOS  of  Emclaire Financial (EMCF)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EMCF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMCF stock intrinsic value calculation we used $26 million for the last fiscal year's total revenue generated by Emclaire Financial. The default revenue input number comes from income statement of Emclaire Financial. 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 EMCF stock valuation model: a) initial revenue growth rate of 14.8% 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 14.5%, whose default value for EMCF is calculated based on our internal credit rating of Emclaire Financial, 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 Emclaire Financial.
    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 EMCF stock the variable cost ratio is equal to 65.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for EMCF 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 5.4% for Emclaire Financial.

Corporate tax rate of 27% is the nominal tax rate for Emclaire Financial. 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 EMCF stock is equal to 0.9%.

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 EMCF are equal to 2770.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Emclaire Financial 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 EMCF is equal to -2613.6%. 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 - $0 million for Emclaire Financial - 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 2 million for Emclaire Financial 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 Emclaire Financial at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
FCF First Commonwe 16.20 9.28  sell
FNB F.N.B. 13.57 23.74  str.buy
CCNE CNB Financial 31.19 5.30  str.sell
STBA S&T Bancorp 45.56 4.59  str.sell

COMPANY NEWS

▶ Emclaire Financial Corp Announces Quarterly Dividend   [May-23-18 04:30PM  GlobeNewswire]
▶ Is Emclaire Financial Corp (EMCF) A Buy At Its Current Price?   [Sep-11-17 01:21PM  Simply Wall St.]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [Aug-16-17 04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [May-17-17 04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [Nov-16-16 04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [Aug-17-16 04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [May-18-16 04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [Nov-18  04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp Exits SBLF Program   [04:30PM  GlobeNewswire]
▶ Emclaire Financial Corp. Earnings Q2, 2015   [Sep-14  11:59AM  Capital Cube]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [Aug-19  04:30PM  GlobeNewswire]
▶ 10-Q for Emclaire Financial Corp.   [Aug-13  08:10PM  at Company Spotlight]
▶ Emclaire Financial Corp Announces Quarterly Dividend   [May-27  04:30PM  GlobeNewswire]
▶ 10-Q for Emclaire Financial Corp.   [May-14  08:11PM  at Company Spotlight]
▶ 10-K for Emclaire Financial Corp.   [May-02  08:09PM  at Company Spotlight]
▶ Emclaire Financial Corp Reports Quarterly Earnings   [Apr-21  04:35PM  at noodls]
Financial statements of EMCF
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

ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2018. All rigths reserved.