Intrinsic value of First American Financial - FAF

Previous Close

$54.46

  Intrinsic Value

$89.47

stock screener

  Rating & Target

str. buy

+64%

Previous close

$54.46

 
Intrinsic value

$89.47

 
Up/down potential

+64%

 
Rating

str. buy

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

We calculate the intrinsic value of FAF 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 6.0

 

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, %
  7.75
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  0
  5,955
  6,349
  6,759
  7,186
  7,630
  8,093
  8,575
  9,078
  9,602
  10,149
  10,720
  11,316
  11,940
  12,591
  13,273
  13,986
  14,732
  15,512
  16,330
  17,186
  18,083
  19,023
  20,008
  21,040
  22,122
  23,257
  24,447
  25,695
  27,004
  28,377
Variable operating expenses, $m
 
  5,222
  5,561
  5,913
  6,280
  6,662
  7,060
  7,474
  7,906
  8,357
  8,827
  9,217
  9,729
  10,265
  10,826
  11,412
  12,024
  12,666
  13,337
  14,040
  14,776
  15,547
  16,355
  17,202
  18,089
  19,020
  19,995
  21,018
  22,091
  23,217
  24,397
Fixed operating expenses, $m
 
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
  247
  253
  260
  266
  273
  280
  287
  294
  301
  309
  317
  324
  333
  341
  349
  358
  367
Total operating expenses, $m
  5,066
  5,401
  5,745
  6,101
  6,473
  6,860
  7,263
  7,682
  8,119
  8,576
  9,051
  9,447
  9,964
  10,506
  11,073
  11,665
  12,284
  12,932
  13,610
  14,320
  15,063
  15,841
  16,656
  17,511
  18,406
  19,344
  20,328
  21,359
  22,440
  23,575
  24,764
Operating income, $m
  510
  554
  605
  658
  713
  770
  830
  893
  958
  1,026
  1,098
  1,274
  1,352
  1,433
  1,519
  1,608
  1,702
  1,800
  1,903
  2,010
  2,123
  2,242
  2,366
  2,497
  2,634
  2,778
  2,929
  3,088
  3,254
  3,429
  3,612
EBITDA, $m
  609
  691
  744
  799
  857
  917
  979
  1,045
  1,113
  1,184
  1,258
  1,336
  1,418
  1,503
  1,592
  1,685
  1,783
  1,886
  1,993
  2,106
  2,224
  2,348
  2,478
  2,614
  2,757
  2,907
  3,065
  3,230
  3,404
  3,587
  3,778
Interest expense (income), $m
  30
  34
  52
  71
  91
  111
  133
  155
  178
  202
  227
  254
  281
  310
  340
  371
  404
  438
  474
  511
  551
  592
  635
  680
  727
  777
  829
  883
  940
  1,000
  1,063
Earnings before tax, $m
  478
  520
  553
  587
  622
  659
  698
  738
  780
  824
  870
  1,020
  1,071
  1,124
  1,179
  1,237
  1,298
  1,362
  1,429
  1,499
  1,573
  1,650
  1,732
  1,817
  1,907
  2,001
  2,100
  2,204
  2,314
  2,428
  2,549
Tax expense, $m
  135
  140
  149
  158
  168
  178
  188
  199
  211
  223
  235
  275
  289
  303
  318
  334
  350
  368
  386
  405
  425
  446
  468
  491
  515
  540
  567
  595
  625
  656
  688
Net income, $m
  343
  380
  404
  428
  454
  481
  509
  539
  570
  602
  635
  745
  782
  820
  861
  903
  947
  994
  1,043
  1,094
  1,148
  1,205
  1,264
  1,327
  1,392
  1,461
  1,533
  1,609
  1,689
  1,773
  1,861

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
  8,832
  9,438
  10,062
  10,712
  11,388
  12,092
  12,826
  13,589
  14,386
  15,217
  16,084
  16,989
  17,934
  18,922
  19,955
  21,035
  22,164
  23,347
  24,584
  25,880
  27,236
  28,658
  30,147
  31,708
  33,344
  35,059
  36,857
  38,743
  40,721
  42,795
  44,971
Adjusted assets (=assets-cash), $m
  8,832
  9,438
  10,062
  10,712
  11,388
  12,092
  12,826
  13,589
  14,386
  15,217
  16,084
  16,989
  17,934
  18,922
  19,955
  21,035
  22,164
  23,347
  24,584
  25,880
  27,236
  28,658
  30,147
  31,708
  33,344
  35,059
  36,857
  38,743
  40,721
  42,795
  44,971
Revenue / Adjusted assets
  0.000
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
  0.631
Average production assets, $m
  486
  518
  552
  588
  625
  664
  704
  746
  790
  835
  883
  933
  985
  1,039
  1,095
  1,155
  1,217
  1,282
  1,350
  1,421
  1,495
  1,573
  1,655
  1,741
  1,830
  1,925
  2,023
  2,127
  2,235
  2,349
  2,469
Working capital, $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 debt, $m
  737
  1,132
  1,544
  1,972
  2,418
  2,882
  3,365
  3,868
  4,393
  4,941
  5,512
  6,109
  6,732
  7,383
  8,063
  8,775
  9,519
  10,298
  11,114
  11,968
  12,862
  13,799
  14,780
  15,809
  16,887
  18,017
  19,202
  20,445
  21,748
  23,115
  24,549
Total liabilities, $m
  5,824
  6,219
  6,631
  7,059
  7,505
  7,969
  8,452
  8,955
  9,480
  10,028
  10,599
  11,196
  11,819
  12,470
  13,150
  13,862
  14,606
  15,385
  16,201
  17,055
  17,949
  18,886
  19,867
  20,896
  21,974
  23,104
  24,289
  25,532
  26,835
  28,202
  29,636
Total equity, $m
  3,008
  3,218
  3,431
  3,653
  3,883
  4,123
  4,374
  4,634
  4,906
  5,189
  5,485
  5,793
  6,116
  6,452
  6,805
  7,173
  7,558
  7,961
  8,383
  8,825
  9,288
  9,772
  10,280
  10,812
  11,370
  11,955
  12,568
  13,211
  13,886
  14,593
  15,335
Total liabilities and equity, $m
  8,832
  9,437
  10,062
  10,712
  11,388
  12,092
  12,826
  13,589
  14,386
  15,217
  16,084
  16,989
  17,935
  18,922
  19,955
  21,035
  22,164
  23,346
  24,584
  25,880
  27,237
  28,658
  30,147
  31,708
  33,344
  35,059
  36,857
  38,743
  40,721
  42,795
  44,971
Debt-to-equity ratio
  0.245
  0.350
  0.450
  0.540
  0.620
  0.700
  0.770
  0.830
  0.900
  0.950
  1.010
  1.050
  1.100
  1.140
  1.180
  1.220
  1.260
  1.290
  1.330
  1.360
  1.380
  1.410
  1.440
  1.460
  1.490
  1.510
  1.530
  1.550
  1.570
  1.580
  1.600
Adjusted equity ratio
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341
  0.341

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  343
  380
  404
  428
  454
  481
  509
  539
  570
  602
  635
  745
  782
  820
  861
  903
  947
  994
  1,043
  1,094
  1,148
  1,205
  1,264
  1,327
  1,392
  1,461
  1,533
  1,609
  1,689
  1,773
  1,861
Depreciation, amort., depletion, $m
  99
  136
  139
  141
  144
  146
  149
  152
  155
  158
  161
  63
  66
  70
  74
  77
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
  136
  143
  150
  158
  166
Funds from operations, $m
  449
  516
  542
  569
  598
  627
  658
  691
  724
  759
  796
  807
  848
  890
  934
  981
  1,029
  1,080
  1,134
  1,190
  1,249
  1,310
  1,375
  1,443
  1,515
  1,590
  1,669
  1,752
  1,839
  1,930
  2,027
Change in working capital, $m
  -40
  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 operations, $m
  489
  516
  542
  569
  598
  627
  658
  691
  724
  759
  796
  807
  848
  890
  934
  981
  1,029
  1,080
  1,134
  1,190
  1,249
  1,310
  1,375
  1,443
  1,515
  1,590
  1,669
  1,752
  1,839
  1,930
  2,027
Maintenance CAPEX, $m
  0
  -33
  -35
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
New CAPEX, $m
  -132
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
Cash from investing activities, $m
  -610
  -66
  -69
  -73
  -76
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -147
  -154
  -162
  -169
  -178
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -264
  -277
Free cash flow, $m
  -121
  451
  473
  497
  521
  547
  573
  601
  630
  661
  693
  698
  733
  770
  808
  848
  890
  934
  980
  1,028
  1,079
  1,132
  1,188
  1,247
  1,308
  1,373
  1,441
  1,513
  1,588
  1,667
  1,749
Issuance/(repayment) of debt, $m
  155
  395
  412
  428
  446
  464
  483
  503
  525
  547
  571
  596
  623
  651
  681
  712
  744
  779
  815
  854
  894
  937
  981
  1,029
  1,078
  1,130
  1,185
  1,243
  1,303
  1,367
  1,434
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  239
  395
  412
  428
  446
  464
  483
  503
  525
  547
  571
  596
  623
  651
  681
  712
  744
  779
  815
  854
  894
  937
  981
  1,029
  1,078
  1,130
  1,185
  1,243
  1,303
  1,367
  1,434
Total cash flow (excl. dividends), $m
  111
  846
  885
  925
  967
  1,011
  1,057
  1,105
  1,155
  1,208
  1,264
  1,295
  1,356
  1,421
  1,488
  1,559
  1,634
  1,713
  1,795
  1,882
  1,973
  2,069
  2,169
  2,275
  2,386
  2,503
  2,626
  2,755
  2,891
  3,034
  3,183
Retained Cash Flow (-), $m
  -258
  -210
  -213
  -222
  -231
  -240
  -250
  -261
  -272
  -283
  -296
  -309
  -322
  -337
  -352
  -368
  -385
  -403
  -422
  -442
  -463
  -485
  -508
  -532
  -558
  -585
  -613
  -643
  -674
  -707
  -742
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
 
  636
  672
  703
  736
  771
  807
  844
  884
  925
  968
  986
  1,034
  1,084
  1,136
  1,191
  1,249
  1,309
  1,373
  1,440
  1,510
  1,584
  1,662
  1,743
  1,829
  1,918
  2,013
  2,112
  2,217
  2,326
  2,441
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
 
  610
  615
  612
  606
  597
  585
  570
  552
  531
  508
  468
  441
  412
  381
  350
  317
  285
  253
  222
  192
  164
  138
  114
  93
  75
  59
  45
  34
  25
  18
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

First American Financial Corporation, through its subsidiaries, is engaged in the business of providing financial services. The Company operates through the title insurance and services segment, and specialty insurance segment. The title insurance and services segment provides title insurance, closing and/or escrow services and similar or related services domestically and internationally in connection with residential and commercial real estate transactions. The title insurance and services segment also provides products, services and solutions involving the use of property related data, including data derived from its database, which are designed to manage risk or otherwise facilitate real estate transactions. The specialty insurance segment issues property and casualty insurance policies and sells home warranty products to residential homeowners and renters for liability losses and typical hazards, such as fire, theft, vandalism and other types of property damage.

FINANCIAL RATIOS  of  First American Financial (FAF)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 1.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 16.8
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 24.5%
Total Debt to Equity 24.5%
Interest Coverage 17
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 11.9%
Return On Equity - 3 Yr. Avg. 10.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 10.4%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 8.6%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 38.5%

FAF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FAF stock intrinsic value calculation we used $5576 million for the last fiscal year's total revenue generated by First American Financial. The default revenue input number comes from 2016 income statement of First American 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 FAF stock valuation model: a) initial revenue growth rate of 6.8% 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 4.3%, whose default value for FAF is calculated based on our internal credit rating of First American 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 First American 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 FAF stock the variable cost ratio is equal to 87.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $175 million in the base year in the intrinsic value calculation for FAF 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 4.6% for First American Financial.

Corporate tax rate of 27% is the nominal tax rate for First American 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 FAF 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 FAF are equal to 8.7%.

Life of production assets of 14.9 years is the average useful life of capital assets used in First American 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 FAF is equal to 0%. 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 - $3008 million for First American 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 110.803 million for First American 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 First American Financial at the current share price and the inputted number of shares is $6.0 billion.

RELATED COMPANIES Price Int.Val. Rating
STC Stewart Inform 39.11 17.49  str.sell
ITIC Investors Titl 189.44 869.05  str.buy
ORI Old Republic I 20.70 47.03  str.buy
RDN Radian Group 20.87 24.29  hold
AGII Argo Group Int 58.23 282.90  str.buy

COMPANY NEWS

▶ First American Financial posts 3Q profit   [07:09AM  Associated Press]
▶ New Strong Buy Stocks for September 20th   [Sep-20-17 09:51AM  Zacks]
▶ These 3 Stocks Just Raised Their Dividends   [Aug-24-17 06:16AM  Motley Fool]
▶ XL Group (XL) & Subsidiaries Rated by A.M. Best   [Aug-14-17 05:24PM  Zacks]
▶ First American Financial posts 2Q profit   [Jul-28-17 01:39AM  Associated Press]
▶ Spring Housing Strength Boosts First American Financial   [Jul-27-17 12:29PM  Motley Fool]
Financial statements of FAF
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.