Intrinsic value of Fibria Celulose ADR - FBR

Previous Close

$12.13

  Intrinsic Value

$16.39

stock screener

  Rating & Target

buy

+35%

  Value-price divergence*

+2632%

Previous close

$12.13

 
Intrinsic value

$16.39

 
Up/down potential

+35%

 
Rating

buy

 
Value-price divergence*

+2632%

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

We calculate the intrinsic value of FBR 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 6.6

 

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, %
  -4.61
  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
  3,040
  3,101
  3,172
  3,254
  3,345
  3,447
  3,558
  3,679
  3,810
  3,951
  4,103
  4,265
  4,438
  4,623
  4,819
  5,027
  5,247
  5,480
  5,727
  5,987
  6,262
  6,553
  6,859
  7,181
  7,521
  7,879
  8,256
  8,653
  9,071
  9,510
  9,972
Variable operating expenses, $m
 
  2,013
  2,056
  2,105
  2,161
  2,222
  2,290
  2,363
  2,443
  2,528
  2,620
  2,585
  2,690
  2,801
  2,920
  3,046
  3,180
  3,321
  3,470
  3,628
  3,795
  3,971
  4,156
  4,352
  4,558
  4,775
  5,003
  5,244
  5,497
  5,763
  6,043
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
  2,589
  2,013
  2,056
  2,105
  2,161
  2,222
  2,290
  2,363
  2,443
  2,528
  2,620
  2,585
  2,690
  2,801
  2,920
  3,046
  3,180
  3,321
  3,470
  3,628
  3,795
  3,971
  4,156
  4,352
  4,558
  4,775
  5,003
  5,244
  5,497
  5,763
  6,043
Operating income, $m
  451
  1,088
  1,116
  1,148
  1,184
  1,224
  1,268
  1,316
  1,367
  1,423
  1,483
  1,681
  1,749
  1,821
  1,899
  1,981
  2,067
  2,159
  2,256
  2,359
  2,467
  2,582
  2,702
  2,830
  2,963
  3,105
  3,253
  3,409
  3,574
  3,747
  3,929
EBITDA, $m
  1,078
  1,727
  1,767
  1,812
  1,863
  1,919
  1,981
  2,049
  2,122
  2,201
  2,285
  2,375
  2,472
  2,574
  2,683
  2,799
  2,922
  3,052
  3,189
  3,334
  3,487
  3,649
  3,819
  3,999
  4,188
  4,388
  4,598
  4,819
  5,051
  5,296
  5,553
Interest expense (income), $m
  34
  166
  171
  176
  182
  188
  196
  204
  213
  222
  232
  243
  255
  267
  281
  295
  310
  325
  342
  360
  379
  399
  420
  442
  465
  489
  515
  542
  571
  601
  633
Earnings before tax, $m
  962
  922
  945
  972
  1,002
  1,036
  1,072
  1,112
  1,155
  1,201
  1,251
  1,438
  1,494
  1,554
  1,618
  1,686
  1,758
  1,834
  1,914
  1,999
  2,089
  2,183
  2,283
  2,388
  2,499
  2,615
  2,738
  2,867
  3,003
  3,146
  3,296
Tax expense, $m
  436
  249
  255
  262
  271
  280
  290
  300
  312
  324
  338
  388
  403
  420
  437
  455
  475
  495
  517
  540
  564
  589
  616
  645
  675
  706
  739
  774
  811
  849
  890
Net income, $m
  523
  673
  690
  710
  732
  756
  783
  812
  843
  877
  913
  1,049
  1,091
  1,135
  1,181
  1,231
  1,283
  1,339
  1,397
  1,459
  1,525
  1,594
  1,666
  1,743
  1,824
  1,909
  1,999
  2,093
  2,192
  2,297
  2,406

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,484
  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
  10,889
  9,600
  9,821
  10,073
  10,357
  10,671
  11,015
  11,390
  11,796
  12,234
  12,703
  13,205
  13,741
  14,312
  14,919
  15,562
  16,244
  16,966
  17,729
  18,536
  19,388
  20,286
  21,234
  22,233
  23,286
  24,394
  25,561
  26,790
  28,083
  29,443
  30,873
Adjusted assets (=assets-cash), $m
  9,405
  9,600
  9,821
  10,073
  10,357
  10,671
  11,015
  11,390
  11,796
  12,234
  12,703
  13,205
  13,741
  14,312
  14,919
  15,562
  16,244
  16,966
  17,729
  18,536
  19,388
  20,286
  21,234
  22,233
  23,286
  24,394
  25,561
  26,790
  28,083
  29,443
  30,873
Revenue / Adjusted assets
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
Average production assets, $m
  5,000
  5,101
  5,218
  5,352
  5,503
  5,670
  5,853
  6,052
  6,268
  6,500
  6,750
  7,017
  7,301
  7,605
  7,927
  8,269
  8,631
  9,015
  9,420
  9,849
  10,301
  10,779
  11,282
  11,813
  12,372
  12,961
  13,582
  14,234
  14,921
  15,644
  16,404
Working capital, $m
  1,105
  -90
  -92
  -94
  -97
  -100
  -103
  -107
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -229
  -239
  -251
  -263
  -276
  -289
Total debt, $m
  5,038
  4,881
  5,028
  5,196
  5,384
  5,593
  5,822
  6,071
  6,342
  6,632
  6,945
  7,279
  7,635
  8,015
  8,418
  8,846
  9,299
  9,779
  10,287
  10,823
  11,390
  11,987
  12,618
  13,282
  13,982
  14,719
  15,495
  16,312
  17,172
  18,076
  19,028
Total liabilities, $m
  6,541
  6,384
  6,531
  6,699
  6,887
  7,096
  7,325
  7,574
  7,845
  8,135
  8,448
  8,782
  9,138
  9,518
  9,921
  10,349
  10,802
  11,282
  11,790
  12,326
  12,893
  13,490
  14,121
  14,785
  15,485
  16,222
  16,998
  17,815
  18,675
  19,579
  20,531
Total equity, $m
  4,348
  3,216
  3,290
  3,375
  3,469
  3,575
  3,690
  3,816
  3,952
  4,098
  4,256
  4,424
  4,603
  4,795
  4,998
  5,213
  5,442
  5,684
  5,939
  6,210
  6,495
  6,796
  7,113
  7,448
  7,801
  8,172
  8,563
  8,975
  9,408
  9,863
  10,343
Total liabilities and equity, $m
  10,889
  9,600
  9,821
  10,074
  10,356
  10,671
  11,015
  11,390
  11,797
  12,233
  12,704
  13,206
  13,741
  14,313
  14,919
  15,562
  16,244
  16,966
  17,729
  18,536
  19,388
  20,286
  21,234
  22,233
  23,286
  24,394
  25,561
  26,790
  28,083
  29,442
  30,874
Debt-to-equity ratio
  1.159
  1.520
  1.530
  1.540
  1.550
  1.560
  1.580
  1.590
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
Adjusted equity ratio
  0.305
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  523
  673
  690
  710
  732
  756
  783
  812
  843
  877
  913
  1,049
  1,091
  1,135
  1,181
  1,231
  1,283
  1,339
  1,397
  1,459
  1,525
  1,594
  1,666
  1,743
  1,824
  1,909
  1,999
  2,093
  2,192
  2,297
  2,406
Depreciation, amort., depletion, $m
  627
  639
  650
  664
  679
  695
  713
  733
  754
  777
  802
  695
  723
  753
  785
  819
  855
  893
  933
  975
  1,020
  1,067
  1,117
  1,170
  1,225
  1,283
  1,345
  1,409
  1,477
  1,549
  1,624
Funds from operations, $m
  1,307
  1,312
  1,340
  1,373
  1,410
  1,451
  1,496
  1,545
  1,597
  1,654
  1,715
  1,744
  1,814
  1,888
  1,966
  2,049
  2,138
  2,231
  2,330
  2,434
  2,545
  2,661
  2,784
  2,913
  3,049
  3,192
  3,343
  3,502
  3,670
  3,846
  4,031
Change in working capital, $m
  66
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
Cash from operations, $m
  1,241
  1,314
  1,343
  1,376
  1,413
  1,454
  1,499
  1,548
  1,601
  1,658
  1,720
  1,749
  1,819
  1,893
  1,972
  2,055
  2,144
  2,238
  2,337
  2,442
  2,553
  2,669
  2,792
  2,922
  3,059
  3,203
  3,354
  3,514
  3,682
  3,858
  4,044
Maintenance CAPEX, $m
  0
  -495
  -505
  -517
  -530
  -545
  -561
  -579
  -599
  -621
  -644
  -668
  -695
  -723
  -753
  -785
  -819
  -855
  -893
  -933
  -975
  -1,020
  -1,067
  -1,117
  -1,170
  -1,225
  -1,283
  -1,345
  -1,409
  -1,477
  -1,549
New CAPEX, $m
  -1,925
  -101
  -117
  -134
  -151
  -167
  -183
  -199
  -216
  -232
  -249
  -267
  -285
  -303
  -322
  -342
  -362
  -384
  -406
  -429
  -453
  -477
  -504
  -531
  -559
  -589
  -620
  -653
  -687
  -723
  -760
Cash from investing activities, $m
  -2,172
  -596
  -622
  -651
  -681
  -712
  -744
  -778
  -815
  -853
  -893
  -935
  -980
  -1,026
  -1,075
  -1,127
  -1,181
  -1,239
  -1,299
  -1,362
  -1,428
  -1,497
  -1,571
  -1,648
  -1,729
  -1,814
  -1,903
  -1,998
  -2,096
  -2,200
  -2,309
Free cash flow, $m
  -931
  718
  720
  725
  733
  743
  755
  769
  786
  805
  826
  814
  839
  867
  897
  929
  963
  1,000
  1,039
  1,081
  1,125
  1,172
  1,222
  1,274
  1,330
  1,389
  1,451
  1,516
  1,585
  1,658
  1,735
Issuance/(repayment) of debt, $m
  1,579
  134
  147
  168
  188
  209
  229
  249
  270
  291
  312
  334
  356
  379
  403
  428
  454
  480
  508
  536
  566
  598
  630
  664
  700
  737
  776
  817
  860
  904
  951
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  1,578
  134
  147
  168
  188
  209
  229
  249
  270
  291
  312
  334
  356
  379
  403
  428
  454
  480
  508
  536
  566
  598
  630
  664
  700
  737
  776
  817
  860
  904
  951
Total cash flow (excl. dividends), $m
  597
  852
  867
  893
  921
  951
  984
  1,019
  1,056
  1,096
  1,139
  1,148
  1,196
  1,246
  1,300
  1,357
  1,417
  1,480
  1,547
  1,617
  1,691
  1,770
  1,852
  1,939
  2,030
  2,126
  2,227
  2,333
  2,445
  2,563
  2,686
Retained Cash Flow (-), $m
  -316
  -61
  -74
  -85
  -95
  -105
  -115
  -126
  -136
  -147
  -157
  -168
  -180
  -191
  -203
  -216
  -228
  -242
  -256
  -270
  -285
  -301
  -317
  -335
  -353
  -371
  -391
  -412
  -433
  -456
  -479
Prev. year cash balance distribution, $m
 
  1,193
  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
 
  1,984
  793
  808
  826
  846
  869
  893
  920
  950
  981
  979
  1,016
  1,055
  1,097
  1,141
  1,188
  1,238
  1,291
  1,347
  1,406
  1,468
  1,534
  1,604
  1,677
  1,755
  1,836
  1,922
  2,012
  2,107
  2,207
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  1,868
  699
  663
  626
  588
  550
  511
  471
  432
  392
  340
  303
  267
  233
  201
  171
  143
  118
  96
  77
  60
  46
  35
  26
  18
  13
  9
  6
  4
  2
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

Fibria Celulose S.A. produces, sells, and exports short fiber pulp in Brazil and internationally. It primarily offers bleached eucalyptus kraft pulp. The company has approximately 969 thousand hectares of forest base in the states of São Paulo, Minas Gerais, Rio de Janeiro, Espírito Santo, Mato Grosso do Sul, and Bahia. It has strategic alliance with Ensyn Corporation. The company was formerly known as Votorantim Celulose e Papel S.A. and changed its name to Fibria Celulose S.A. in November 2009. Fibria Celulose S.A. was founded in 1988 and is headquartered in São Paulo, Brazil.

FINANCIAL RATIOS  of  Fibria Celulose ADR (FBR)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 2.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow -9.8
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 158.4%
Cap. Spend. - 3 Yr. Gr. Rate 38.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 109.2%
Total Debt to Equity 115.9%
Interest Coverage 29
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 26.1%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 53.4%
EBITDA Margin - 3 Yr. Avg. 34.6%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 24.4%
Pre-Tax Margin 31.6%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 45.3%
Eff/ Tax Rate - 3 Yr. Avg. -87.2%
Payout Ratio 18.5%

FBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FBR stock intrinsic value calculation we used $3040 million for the last fiscal year's total revenue generated by Fibria Celulose ADR. The default revenue input number comes from 2016 income statement of Fibria Celulose ADR. 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 FBR 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 6.2%, whose default value for FBR is calculated based on our internal credit rating of Fibria Celulose ADR, 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 Fibria Celulose ADR.
    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 FBR stock the variable cost ratio is equal to 65%.

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 FBR 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 Fibria Celulose ADR.

Corporate tax rate of 27% is the nominal tax rate for Fibria Celulose ADR. 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 FBR 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 FBR are equal to 164.5%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Fibria Celulose ADR 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 FBR is equal to -2.9%. 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 - $4348 million for Fibria Celulose ADR - 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 547.506 million for Fibria Celulose ADR 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 Fibria Celulose ADR at the current share price and the inputted number of shares is $6.6 billion.

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COMPANY NEWS

▶ Disney's Challenge to Building a Future Without Netflix   [Aug-09-17 12:19PM  Bloomberg Video]
▶ ETFs with exposure to Fibria Celulose SA : August 8, 2017   [Aug-08-17 04:26PM  Capital Cube]
▶ "Fast Money' final trades: OLN, TGT & more   [May-18-17 05:59PM  CNBC Videos]
▶ ETFs with exposure to Fibria Celulose SA : May 3, 2017   [May-03-17 03:56PM  Capital Cube]
▶ Fibria Celulose posts 1Q profit   [08:14AM  Associated Press]
▶ ETFs with exposure to Fibria Celulose SA : April 5, 2017   [Apr-05-17 04:45PM  Capital Cube]
▶ B. Riley Expands in IPO Market With FBR   [Feb-21-17 12:55PM  The Deal Pipeline]
▶ Do Hedge Funds Love Bright Horizons Family Solutions Inc (BFAM)?   [Dec-09-16 04:34AM  at Insider Monkey]
▶ What Hedge Funds Think about RSP Permian Inc (RSPP)?   [Dec-07-16 11:44AM  at Insider Monkey]
▶ Downtrending Stocks Still Presenting Short Trades   [Oct-12-16 01:00PM  at Investopedia]
Stock chart of FBR Financial statements of FBR
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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