Intrinsic value of Eastern - EML

Previous Close

$28.95

  Intrinsic Value

$42.87

stock screener

  Rating & Target

buy

+48%

Previous close

$28.95

 
Intrinsic value

$42.87

 
Up/down potential

+48%

 
Rating

buy

We calculate the intrinsic value of EML 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
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, %
  -4.83
  48.40
  44.06
  40.15
  36.64
  33.47
  30.63
  28.06
  25.76
  23.68
  21.81
  20.13
  18.62
  17.26
  16.03
  14.93
  13.94
  13.04
  12.24
  11.51
  10.86
  10.28
  9.75
  9.27
  8.85
  8.46
  8.12
  7.80
  7.52
  7.27
  7.04
Revenue, $m
  138
  303
  436
  611
  835
  1,115
  1,456
  1,865
  2,345
  2,901
  3,533
  4,245
  5,035
  5,904
  6,851
  7,873
  8,970
  10,140
  11,381
  12,692
  14,070
  15,516
  17,029
  18,608
  20,254
  21,968
  23,751
  25,605
  27,531
  29,533
  31,613
Variable operating expenses, $m
 
  276
  396
  553
  754
  1,005
  1,312
  1,679
  2,110
  2,609
  3,177
  3,812
  4,521
  5,301
  6,151
  7,070
  8,055
  9,105
  10,220
  11,396
  12,634
  13,933
  15,291
  16,709
  18,187
  19,726
  21,327
  22,992
  24,721
  26,519
  28,387
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
  126
  276
  396
  553
  754
  1,005
  1,312
  1,679
  2,110
  2,609
  3,177
  3,812
  4,521
  5,301
  6,151
  7,070
  8,055
  9,105
  10,220
  11,396
  12,634
  13,933
  15,291
  16,709
  18,187
  19,726
  21,327
  22,992
  24,721
  26,519
  28,387
Operating income, $m
  11
  26
  40
  58
  81
  109
  144
  186
  235
  292
  356
  433
  514
  603
  699
  804
  916
  1,035
  1,162
  1,295
  1,436
  1,584
  1,738
  1,899
  2,067
  2,242
  2,424
  2,613
  2,810
  3,014
  3,226
EBITDA, $m
  15
  40
  57
  80
  109
  146
  190
  244
  307
  379
  462
  555
  658
  772
  896
  1,029
  1,173
  1,326
  1,488
  1,660
  1,840
  2,029
  2,227
  2,433
  2,648
  2,873
  3,106
  3,348
  3,600
  3,862
  4,134
Interest expense (income), $m
  0
  2
  4
  7
  12
  17
  23
  32
  41
  53
  66
  81
  98
  116
  137
  159
  183
  209
  237
  266
  297
  330
  364
  400
  437
  476
  517
  559
  603
  649
  696
Earnings before tax, $m
  11
  24
  36
  50
  69
  92
  121
  154
  194
  239
  290
  353
  416
  486
  562
  644
  732
  826
  925
  1,029
  1,139
  1,254
  1,374
  1,499
  1,630
  1,766
  1,907
  2,054
  2,207
  2,366
  2,531
Tax expense, $m
  3
  7
  10
  14
  19
  25
  33
  42
  52
  65
  78
  95
  112
  131
  152
  174
  198
  223
  250
  278
  307
  338
  371
  405
  440
  477
  515
  555
  596
  639
  683
Net income, $m
  8
  18
  26
  37
  51
  67
  88
  113
  141
  174
  212
  257
  304
  355
  411
  470
  534
  603
  675
  751
  831
  915
  1,003
  1,094
  1,190
  1,289
  1,392
  1,499
  1,611
  1,727
  1,847

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  124
  262
  377
  528
  722
  964
  1,259
  1,612
  2,027
  2,507
  3,054
  3,669
  4,352
  5,103
  5,921
  6,805
  7,753
  8,764
  9,837
  10,969
  12,161
  13,411
  14,718
  16,083
  17,506
  18,987
  20,528
  22,130
  23,795
  25,525
  27,324
Adjusted assets (=assets-cash), $m
  101
  262
  377
  528
  722
  964
  1,259
  1,612
  2,027
  2,507
  3,054
  3,669
  4,352
  5,103
  5,921
  6,805
  7,753
  8,764
  9,837
  10,969
  12,161
  13,411
  14,718
  16,083
  17,506
  18,987
  20,528
  22,130
  23,795
  25,525
  27,324
Revenue / Adjusted assets
  1.366
  1.156
  1.156
  1.157
  1.157
  1.157
  1.156
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
  1.157
Average production assets, $m
  28
  87
  125
  175
  240
  320
  418
  535
  673
  832
  1,014
  1,218
  1,445
  1,694
  1,966
  2,260
  2,574
  2,910
  3,266
  3,643
  4,038
  4,453
  4,887
  5,341
  5,813
  6,305
  6,817
  7,349
  7,901
  8,476
  9,073
Working capital, $m
  65
  48
  69
  97
  133
  177
  232
  297
  373
  461
  562
  675
  801
  939
  1,089
  1,252
  1,426
  1,612
  1,810
  2,018
  2,237
  2,467
  2,708
  2,959
  3,220
  3,493
  3,776
  4,071
  4,377
  4,696
  5,027
Total debt, $m
  2
  78
  137
  214
  312
  434
  584
  763
  973
  1,217
  1,494
  1,806
  2,152
  2,533
  2,948
  3,396
  3,877
  4,389
  4,933
  5,507
  6,111
  6,745
  7,408
  8,100
  8,821
  9,572
  10,354
  11,166
  12,010
  12,887
  13,799
Total liabilities, $m
  42
  133
  191
  268
  366
  488
  638
  817
  1,028
  1,271
  1,548
  1,860
  2,206
  2,587
  3,002
  3,450
  3,931
  4,443
  4,987
  5,562
  6,166
  6,799
  7,462
  8,154
  8,876
  9,627
  10,408
  11,220
  12,064
  12,941
  13,853
Total equity, $m
  82
  129
  186
  260
  356
  475
  620
  795
  999
  1,236
  1,506
  1,809
  2,145
  2,516
  2,919
  3,355
  3,822
  4,321
  4,850
  5,408
  5,995
  6,612
  7,256
  7,929
  8,630
  9,361
  10,120
  10,910
  11,731
  12,584
  13,471
Total liabilities and equity, $m
  124
  262
  377
  528
  722
  963
  1,258
  1,612
  2,027
  2,507
  3,054
  3,669
  4,351
  5,103
  5,921
  6,805
  7,753
  8,764
  9,837
  10,970
  12,161
  13,411
  14,718
  16,083
  17,506
  18,988
  20,528
  22,130
  23,795
  25,525
  27,324
Debt-to-equity ratio
  0.024
  0.610
  0.740
  0.820
  0.880
  0.910
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
Adjusted equity ratio
  0.584
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  18
  26
  37
  51
  67
  88
  113
  141
  174
  212
  257
  304
  355
  411
  470
  534
  603
  675
  751
  831
  915
  1,003
  1,094
  1,190
  1,289
  1,392
  1,499
  1,611
  1,727
  1,847
Depreciation, amort., depletion, $m
  4
  13
  17
  22
  28
  36
  46
  58
  72
  88
  106
  122
  145
  169
  197
  226
  257
  291
  327
  364
  404
  445
  489
  534
  581
  630
  682
  735
  790
  848
  907
Funds from operations, $m
  12
  31
  43
  59
  79
  104
  134
  171
  213
  262
  318
  379
  448
  524
  607
  696
  792
  894
  1,002
  1,115
  1,235
  1,360
  1,492
  1,628
  1,771
  1,919
  2,074
  2,234
  2,401
  2,574
  2,755
Change in working capital, $m
  0
  16
  21
  28
  36
  44
  54
  65
  76
  88
  101
  113
  126
  138
  150
  163
  174
  186
  197
  208
  219
  230
  241
  251
  262
  273
  283
  295
  306
  318
  331
Cash from operations, $m
  12
  15
  22
  31
  43
  60
  80
  106
  137
  174
  217
  266
  323
  386
  457
  534
  617
  708
  804
  907
  1,016
  1,131
  1,251
  1,377
  1,509
  1,647
  1,790
  1,940
  2,095
  2,256
  2,424
Maintenance CAPEX, $m
  0
  -6
  -9
  -13
  -18
  -24
  -32
  -42
  -54
  -67
  -83
  -101
  -122
  -145
  -169
  -197
  -226
  -257
  -291
  -327
  -364
  -404
  -445
  -489
  -534
  -581
  -630
  -682
  -735
  -790
  -848
New CAPEX, $m
  -3
  -28
  -38
  -50
  -64
  -80
  -98
  -117
  -138
  -159
  -182
  -204
  -227
  -249
  -272
  -294
  -315
  -336
  -356
  -376
  -396
  -415
  -434
  -453
  -472
  -492
  -512
  -532
  -553
  -575
  -597
Cash from investing activities, $m
  -3
  -34
  -47
  -63
  -82
  -104
  -130
  -159
  -192
  -226
  -265
  -305
  -349
  -394
  -441
  -491
  -541
  -593
  -647
  -703
  -760
  -819
  -879
  -942
  -1,006
  -1,073
  -1,142
  -1,214
  -1,288
  -1,365
  -1,445
Free cash flow, $m
  9
  -19
  -25
  -32
  -38
  -45
  -50
  -53
  -55
  -53
  -48
  -40
  -26
  -8
  16
  44
  77
  114
  157
  204
  256
  312
  372
  435
  503
  574
  648
  726
  807
  891
  979
Issuance/(repayment) of debt, $m
  -1
  43
  58
  77
  98
  123
  150
  179
  210
  243
  277
  312
  346
  381
  415
  448
  481
  513
  544
  574
  604
  634
  663
  692
  721
  751
  781
  812
  844
  877
  912
Issuance/(repurchase) of shares, $m
  0
  24
  31
  38
  45
  52
  57
  62
  63
  62
  58
  46
  33
  15
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  67
  89
  115
  143
  175
  207
  241
  273
  305
  335
  358
  379
  396
  415
  448
  481
  513
  544
  574
  604
  634
  663
  692
  721
  751
  781
  812
  844
  877
  912
Total cash flow (excl. dividends), $m
  8
  49
  64
  83
  105
  129
  157
  187
  219
  253
  287
  318
  353
  388
  430
  492
  557
  627
  701
  778
  860
  945
  1,034
  1,127
  1,224
  1,325
  1,429
  1,538
  1,651
  1,769
  1,891
Retained Cash Flow (-), $m
  -3
  -42
  -57
  -75
  -95
  -119
  -145
  -174
  -205
  -237
  -270
  -303
  -337
  -370
  -403
  -436
  -468
  -499
  -529
  -558
  -587
  -616
  -645
  -673
  -701
  -730
  -760
  -790
  -821
  -853
  -886
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
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  10
  12
  14
  16
  18
  20
  23
  25
  28
  31
  34
  37
  41
  44
  48
  51
  55
  59
Cash available for distribution, $m
 
  7
  7
  8
  9
  10
  12
  13
  15
  16
  18
  15
  17
  18
  27
  56
  90
  129
  172
  220
  273
  329
  390
  454
  523
  594
  670
  748
  830
  916
  1,004
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
 
  6
  7
  7
  8
  8
  8
  9
  9
  9
  9
  7
  7
  7
  9
  16
  23
  28
  32
  34
  35
  34
  32
  30
  27
  23
  20
  16
  13
  10
  8
Current shareholders' claim on cash, %
  100
  87.8
  78.5
  71.2
  65.5
  61.1
  57.6
  54.9
  52.8
  51.2
  50.0
  49.3
  48.8
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7
  48.7

The Eastern Company manufactures and sells industrial hardware, security products and metal products from over six United States operations and seven foreign subsidiaries. The Company maintains over 13 physical locations. It operates through three segments: Industrial Hardware, Security Products and Metal Products. The Industrial Hardware segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Composite Panel Technologies, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C.V. The Security Products segment, made up of Greenwald Industries, Argo Transdata, Illinois Lock Company/CCL Security Products, World Lock Company Ltd., Dongguan Reeworld Security Products Ltd. and World Security Industries Ltd., is a manufacturer of security products. The Metal Products segment, based at the Company's Frazer & Jones facility, is a producer of expansion shells for use in supporting the roofs of underground mines.

FINANCIAL RATIOS  of  Eastern (EML)

Valuation Ratios
P/E Ratio 22.7
Price to Sales 1.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 20.1
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 23
Current Ratio 0.1
LT Debt to Equity 1.2%
Total Debt to Equity 2.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 23.1%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 37.5%

EML stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EML stock intrinsic value calculation we used $204 million for the last fiscal year's total revenue generated by Eastern. The default revenue input number comes from 2016 income statement of Eastern. 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 EML stock valuation model: a) initial revenue growth rate of 48.4% 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 EML is calculated based on our internal credit rating of Eastern, 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 Eastern.
    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 EML stock the variable cost ratio is equal to 92%.

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 EML 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 Eastern.

Corporate tax rate of 27% is the nominal tax rate for Eastern. 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 EML stock is equal to 0.2%.

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 EML are equal to 28.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Eastern 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 EML is equal to 15.9%. 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 - $87 million for Eastern - 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 6 million for Eastern 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 Eastern at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Eastern: 1Q Earnings Snapshot   [01:03PM  Associated Press]
▶ Eastern reports 4Q loss   [Feb-09-18 05:59PM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : December 29, 2017   [Dec-29-17 11:55AM  Capital Cube]
▶ Eastern Company to Host Earnings Call   [Nov-07-17 07:00AM  ACCESSWIRE]
▶ Eastern posts 3Q profit   [Nov-06-17 04:01PM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : October 23, 2017   [Oct-23-17 10:34AM  Capital Cube]
▶ Should You Buy The Eastern Company (EML) At $28.7?   [Oct-02-17 12:37PM  Simply Wall St.]
▶ Eastern posts 2Q profit   [Aug-04-17 02:50AM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : June 22, 2017   [Jun-22-17 03:40PM  Capital Cube]
▶ Eastern posts 1Q profit   [May-02-17 06:35PM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : April 11, 2017   [Apr-11-17 02:17PM  Capital Cube]
▶ Eastern Announces the Acquisition of Velvac   [Apr-04-17 07:00AM  Business Wire]
▶ Is 75 Too Old for the Boardroom? It Depends   [12:43PM  TheStreet.com]
▶ Eastern posts 4Q profit   [Feb-10-17 04:52PM  Associated Press]
▶ [$$] Eastern Union Rewrites the Rules   [Jan-25-16 12:15AM  at The Wall Street Journal]
▶ Should You Avoid Cerulean Pharma Inc (CERU)?   [Nov-29  12:38PM  at Insider Monkey]
▶ This Metric Says To Be Wary Of BRT Realty Trust (BRT)   [Nov-23  02:53PM  at Insider Monkey]
Financial statements of EML
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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