Intrinsic value of Emcore - EMKR

Previous Close

$6.30

  Intrinsic Value

$167.61

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.30

 
Intrinsic value

$167.61

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of EMKR 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 0.2

 

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, %
  12.20
  40.90
  37.31
  34.08
  31.17
  28.55
  26.20
  24.08
  22.17
  20.45
  18.91
  17.52
  16.27
  15.14
  14.13
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.54
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
Revenue, $m
  92
  130
  178
  239
  313
  402
  508
  630
  770
  927
  1,103
  1,296
  1,507
  1,735
  1,980
  2,241
  2,519
  2,813
  3,122
  3,446
  3,785
  4,140
  4,509
  4,894
  5,295
  5,711
  6,144
  6,593
  7,061
  7,546
  8,051
Variable operating expenses, $m
 
  39
  54
  73
  95
  122
  154
  192
  234
  282
  335
  394
  458
  527
  602
  681
  766
  855
  949
  1,048
  1,151
  1,258
  1,371
  1,488
  1,610
  1,736
  1,868
  2,004
  2,146
  2,294
  2,448
Fixed operating expenses, $m
 
  65
  66
  68
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
Total operating expenses, $m
  89
  104
  120
  141
  165
  193
  227
  267
  311
  361
  416
  477
  543
  614
  691
  772
  860
  951
  1,047
  1,149
  1,254
  1,364
  1,479
  1,599
  1,724
  1,853
  1,988
  2,127
  2,272
  2,423
  2,580
Operating income, $m
  3
  26
  58
  98
  148
  209
  280
  364
  459
  567
  687
  819
  964
  1,120
  1,289
  1,469
  1,660
  1,862
  2,074
  2,298
  2,531
  2,775
  3,030
  3,295
  3,571
  3,858
  4,156
  4,466
  4,788
  5,123
  5,472
EBITDA, $m
  6
  26
  58
  98
  148
  209
  280
  364
  459
  567
  687
  819
  964
  1,120
  1,289
  1,469
  1,660
  1,862
  2,074
  2,298
  2,531
  2,775
  3,030
  3,295
  3,571
  3,858
  4,156
  4,466
  4,788
  5,123
  5,472
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  12
  14
  16
  18
  21
  23
  25
  28
  31
  34
  36
  40
  43
  46
  49
  53
  57
Earnings before tax, $m
  3
  26
  57
  98
  147
  207
  278
  361
  455
  562
  680
  812
  955
  1,110
  1,276
  1,454
  1,643
  1,843
  2,054
  2,275
  2,506
  2,747
  2,999
  3,262
  3,535
  3,818
  4,114
  4,420
  4,739
  5,070
  5,415
Tax expense, $m
  0
  7
  16
  26
  40
  56
  75
  97
  123
  152
  184
  219
  258
  300
  345
  393
  444
  498
  554
  614
  677
  742
  810
  881
  954
  1,031
  1,111
  1,193
  1,280
  1,369
  1,462
Net income, $m
  8
  19
  42
  71
  107
  151
  203
  263
  332
  410
  497
  592
  697
  810
  932
  1,062
  1,200
  1,346
  1,499
  1,660
  1,829
  2,006
  2,189
  2,381
  2,580
  2,787
  3,003
  3,227
  3,459
  3,701
  3,953

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  64
  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
  127
  89
  122
  163
  214
  276
  348
  432
  527
  635
  755
  888
  1,032
  1,188
  1,356
  1,535
  1,725
  1,926
  2,138
  2,360
  2,593
  2,835
  3,089
  3,352
  3,626
  3,912
  4,208
  4,516
  4,836
  5,169
  5,515
Adjusted assets (=assets-cash), $m
  63
  89
  122
  163
  214
  276
  348
  432
  527
  635
  755
  888
  1,032
  1,188
  1,356
  1,535
  1,725
  1,926
  2,138
  2,360
  2,593
  2,835
  3,089
  3,352
  3,626
  3,912
  4,208
  4,516
  4,836
  5,169
  5,515
Revenue / Adjusted assets
  1.460
  1.461
  1.459
  1.466
  1.463
  1.457
  1.460
  1.458
  1.461
  1.460
  1.461
  1.459
  1.460
  1.460
  1.460
  1.460
  1.460
  1.461
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
Average production assets, $m
  -23
  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
Working capital, $m
  93
  41
  56
  75
  99
  127
  160
  198
  243
  292
  347
  408
  475
  546
  624
  706
  793
  886
  983
  1,085
  1,192
  1,304
  1,420
  1,542
  1,668
  1,799
  1,935
  2,077
  2,224
  2,377
  2,536
Total debt, $m
  0
  8
  19
  32
  48
  67
  90
  117
  147
  181
  219
  261
  307
  357
  410
  467
  527
  591
  658
  728
  802
  879
  959
  1,043
  1,130
  1,220
  1,314
  1,412
  1,513
  1,618
  1,728
Total liabilities, $m
  20
  28
  39
  52
  68
  87
  110
  137
  167
  201
  239
  281
  327
  377
  430
  487
  547
  611
  678
  748
  822
  899
  979
  1,063
  1,150
  1,240
  1,334
  1,432
  1,533
  1,638
  1,748
Total equity, $m
  107
  61
  83
  112
  146
  188
  238
  295
  360
  434
  516
  606
  705
  811
  926
  1,048
  1,178
  1,316
  1,460
  1,612
  1,771
  1,937
  2,109
  2,290
  2,477
  2,672
  2,874
  3,084
  3,303
  3,530
  3,766
Total liabilities and equity, $m
  127
  89
  122
  164
  214
  275
  348
  432
  527
  635
  755
  887
  1,032
  1,188
  1,356
  1,535
  1,725
  1,927
  2,138
  2,360
  2,593
  2,836
  3,088
  3,353
  3,627
  3,912
  4,208
  4,516
  4,836
  5,168
  5,514
Debt-to-equity ratio
  0.000
  0.130
  0.220
  0.280
  0.330
  0.360
  0.380
  0.400
  0.410
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Adjusted equity ratio
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683
  0.683

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  19
  42
  71
  107
  151
  203
  263
  332
  410
  497
  592
  697
  810
  932
  1,062
  1,200
  1,346
  1,499
  1,660
  1,829
  2,006
  2,189
  2,381
  2,580
  2,787
  3,003
  3,227
  3,459
  3,701
  3,953
Depreciation, amort., depletion, $m
  3
  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
Funds from operations, $m
  -20
  19
  42
  71
  107
  151
  203
  263
  332
  410
  497
  592
  697
  810
  932
  1,062
  1,200
  1,346
  1,499
  1,660
  1,829
  2,006
  2,189
  2,381
  2,580
  2,787
  3,003
  3,227
  3,459
  3,701
  3,953
Change in working capital, $m
  -14
  12
  15
  19
  23
  28
  33
  39
  44
  50
  55
  61
  66
  72
  77
  82
  87
  92
  97
  102
  107
  112
  116
  121
  126
  131
  136
  142
  147
  153
  159
Cash from operations, $m
  -6
  7
  27
  52
  84
  123
  170
  225
  288
  360
  441
  532
  631
  738
  855
  979
  1,112
  1,253
  1,402
  1,558
  1,722
  1,894
  2,073
  2,260
  2,454
  2,656
  2,867
  3,085
  3,312
  3,548
  3,794
Maintenance CAPEX, $m
  0
  5
  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
New CAPEX, $m
  -6
  -23
  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 investing activities, $m
  -4
  -18
  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
Free cash flow, $m
  -10
  -12
  27
  52
  84
  123
  170
  225
  288
  360
  441
  532
  631
  738
  855
  979
  1,112
  1,253
  1,402
  1,558
  1,722
  1,894
  2,073
  2,260
  2,454
  2,656
  2,867
  3,085
  3,312
  3,548
  3,794
Issuance/(repayment) of debt, $m
  0
  8
  11
  13
  16
  19
  23
  27
  30
  34
  38
  42
  46
  50
  53
  57
  60
  64
  67
  70
  74
  77
  80
  84
  87
  90
  94
  98
  101
  105
  110
Issuance/(repurchase) of shares, $m
  1
  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  
  1
  8
  11
  13
  16
  19
  23
  27
  30
  34
  38
  42
  46
  50
  53
  57
  60
  64
  67
  70
  74
  77
  80
  84
  87
  90
  94
  98
  101
  105
  110
Total cash flow (excl. dividends), $m
  -9
  -3
  37
  65
  100
  142
  193
  251
  318
  395
  480
  574
  676
  788
  908
  1,036
  1,172
  1,317
  1,469
  1,629
  1,796
  1,971
  2,153
  2,343
  2,541
  2,747
  2,961
  3,183
  3,414
  3,654
  3,903
Retained Cash Flow (-), $m
  28
  -18
  -23
  -28
  -35
  -42
  -49
  -57
  -65
  -74
  -82
  -90
  -99
  -107
  -115
  -122
  -130
  -137
  -145
  -152
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -236
Prev. year cash balance distribution, $m
 
  64
  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
 
  43
  15
  37
  65
  101
  143
  194
  253
  321
  398
  483
  578
  681
  793
  914
  1,043
  1,179
  1,324
  1,477
  1,637
  1,805
  1,980
  2,163
  2,354
  2,552
  2,758
  2,972
  3,195
  3,427
  3,667
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
 
  41
  13
  32
  54
  78
  104
  131
  158
  184
  208
  229
  247
  259
  266
  268
  265
  257
  244
  227
  208
  187
  164
  142
  120
  99
  80
  64
  49
  37
  28
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

EMCORE Corporation is engaged in designing and manufacturing indium phosphide (InP) optical chips, components, subsystems and systems for the broadband and specialty fiber optics market. The Company focuses on linear fiber optic transmission technology. The Company operates through Fiber Optics segment. The Company provides optical components, and also end-to-end solutions for high-speed communications network infrastructures. The Company's optical technologies are designed for cable television (CATV) and fiber-to-the-premise (FTTP) networks, telecommunications and data centers, satellite communications, aerospace and defense, wireless networks, and broadcast and professional audio/video systems. The Company's fiber optics products enable information that is modulated on light signals to be transmitted, routed (switched) and received in communication systems and networks.

FINANCIAL RATIOS  of  Emcore (EMKR)

Valuation Ratios
P/E Ratio 20.7
Price to Sales 1.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -27.6
Price to Free Cash Flow -13.8
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -3%
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 5.6%
Ret/ On Assets - 3 Yr. Avg. 14.7%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.8%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 20.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 33.7%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. -4.8%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. -12.4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. -12.4%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 31.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 56.7%
Payout Ratio 487.5%

EMKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMKR stock intrinsic value calculation we used $92 million for the last fiscal year's total revenue generated by Emcore. The default revenue input number comes from 2016 income statement of Emcore. 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 EMKR stock valuation model: a) initial revenue growth rate of 40.9% 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 EMKR is calculated based on our internal credit rating of Emcore, 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 Emcore.
    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 EMKR stock the variable cost ratio is equal to 30.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $63 million in the base year in the intrinsic value calculation for EMKR 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 Emcore.

Corporate tax rate of 27% is the nominal tax rate for Emcore. 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 EMKR 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 EMKR are equal to 0%.

Life of production assets of -7.7 years is the average useful life of capital assets used in Emcore 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 EMKR is equal to 31.5%. 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 - $107 million for Emcore - 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 26.879 million for Emcore 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 Emcore at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to EMCORE Corp. : December 8, 2017   [Dec-08-17 12:45PM  Capital Cube]
▶ Emcore posts 4Q profit   [06:27AM  Associated Press]
▶ ETFs with exposure to EMCORE Corp. : November 27, 2017   [Nov-27-17 01:20PM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : November 10, 2017   [Nov-10-17 12:19PM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : October 30, 2017   [Oct-30-17 11:44AM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : October 2, 2017   [Oct-02-17 10:49AM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : September 7, 2017   [Sep-07-17 01:02PM  Capital Cube]
▶ Emcore meets 3Q profit forecasts   [Aug-04-17 01:49AM  Associated Press]
▶ ETFs with exposure to EMCORE Corp. : June 13, 2017   [Jun-13-17 12:27PM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : June 1, 2017   [Jun-01-17 01:47PM  Capital Cube]
▶ ETFs with exposure to EMCORE Corp. : May 19, 2017   [May-19-17 01:51PM  Capital Cube]
▶ EMCORE Corp.: Strong price momentum but will it sustain?   [May-05-17 02:32PM  Capital Cube]
▶ Emcore beats Street 2Q forecasts   [06:08AM  Associated Press]
▶ ETFs with exposure to EMCORE Corp. : April 5, 2017   [Apr-05-17 04:41PM  Capital Cube]
▶ Harry Boxer: These four momentum stocks are breaking out   [Feb-15-17 05:41PM  MarketWatch]
▶ Emcore tops Street 1Q forecasts   [Feb-07-17 06:43PM  Associated Press]
▶ Emcore misses Street 3Q forecasts   [Aug-05-16 06:51AM  AP]
Financial statements of EMKR
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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