Intrinsic value of FBL Financial Group - FFG

Previous Close

$83.65

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$83.65

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of FFG 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, %
  1.38
  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
  0
  750
  767
  787
  809
  833
  860
  890
  921
  955
  992
  1,031
  1,073
  1,118
  1,165
  1,215
  1,269
  1,325
  1,385
  1,448
  1,514
  1,584
  1,658
  1,736
  1,818
  1,905
  1,996
  2,092
  2,193
  2,299
  2,411
Variable operating expenses, $m
 
  598
  612
  628
  645
  665
  686
  710
  735
  762
  792
  823
  856
  892
  930
  970
  1,012
  1,057
  1,105
  1,155
  1,208
  1,264
  1,323
  1,385
  1,451
  1,520
  1,593
  1,669
  1,750
  1,835
  1,924
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
  587
  598
  612
  628
  645
  665
  686
  710
  735
  762
  792
  823
  856
  892
  930
  970
  1,012
  1,057
  1,105
  1,155
  1,208
  1,264
  1,323
  1,385
  1,451
  1,520
  1,593
  1,669
  1,750
  1,835
  1,924
Operating income, $m
  147
  151
  155
  159
  163
  168
  174
  180
  186
  193
  200
  208
  217
  226
  235
  246
  256
  268
  280
  293
  306
  320
  335
  351
  368
  385
  404
  423
  443
  465
  487
EBITDA, $m
  178
  1,152
  1,179
  1,209
  1,243
  1,281
  1,322
  1,367
  1,416
  1,468
  1,525
  1,585
  1,649
  1,718
  1,791
  1,868
  1,950
  2,036
  2,128
  2,225
  2,327
  2,435
  2,549
  2,669
  2,795
  2,928
  3,068
  3,215
  3,371
  3,534
  3,706
Interest expense (income), $m
  5
  473
  471
  472
  472
  472
  473
  473
  474
  474
  475
  476
  476
  477
  478
  479
  480
  480
  481
  483
  484
  485
  486
  487
  489
  490
  492
  493
  495
  497
  499
Earnings before tax, $m
  142
  -321
  -316
  -313
  -309
  -304
  -299
  -294
  -288
  -281
  -275
  -267
  -259
  -251
  -242
  -233
  -223
  -213
  -202
  -190
  -178
  -165
  -151
  -136
  -121
  -105
  -88
  -70
  -52
  -32
  -11
Tax expense, $m
  46
  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
  107
  -321
  -316
  -313
  -309
  -304
  -299
  -294
  -288
  -281
  -275
  -267
  -259
  -251
  -242
  -233
  -223
  -213
  -202
  -190
  -178
  -165
  -151
  -136
  -121
  -105
  -88
  -70
  -52
  -32
  -11

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
  9,566
  272
  278
  286
  294
  303
  312
  323
  334
  347
  360
  374
  390
  406
  423
  441
  461
  481
  503
  526
  550
  575
  602
  630
  660
  692
  725
  760
  796
  835
  875
Adjusted assets (=assets-cash), $m
  9,566
  272
  278
  286
  294
  303
  312
  323
  334
  347
  360
  374
  390
  406
  423
  441
  461
  481
  503
  526
  550
  575
  602
  630
  660
  692
  725
  760
  796
  835
  875
Revenue / Adjusted assets
  0.000
  2.757
  2.759
  2.752
  2.752
  2.749
  2.756
  2.755
  2.757
  2.752
  2.756
  2.757
  2.751
  2.754
  2.754
  2.755
  2.753
  2.755
  2.753
  2.753
  2.753
  2.755
  2.754
  2.756
  2.755
  2.753
  2.753
  2.753
  2.755
  2.753
  2.755
Average production assets, $m
  0
  10,007
  10,237
  10,500
  10,796
  11,123
  11,482
  11,873
  12,296
  12,752
  13,242
  13,765
  14,324
  14,919
  15,551
  16,222
  16,933
  17,685
  18,481
  19,322
  20,210
  21,146
  22,134
  23,176
  24,273
  25,428
  26,645
  27,926
  29,273
  30,691
  32,182
Working capital, $m
  0
  -8,846
  -9,049
  -9,282
  -9,543
  -9,832
  -10,150
  -10,495
  -10,869
  -11,272
  -11,705
  -12,168
  -12,662
  -13,188
  -13,746
  -14,339
  -14,968
  -15,633
  -16,336
  -17,080
  -17,864
  -18,692
  -19,566
  -20,486
  -21,456
  -22,478
  -23,553
  -24,685
  -25,876
  -27,129
  -28,447
Total debt, $m
  97
  8,728
  8,734
  8,741
  8,748
  8,756
  8,765
  8,774
  8,785
  8,796
  8,808
  8,820
  8,834
  8,849
  8,864
  8,881
  8,898
  8,916
  8,936
  8,957
  8,978
  9,001
  9,025
  9,051
  9,078
  9,106
  9,136
  9,167
  9,200
  9,235
  9,271
Total liabilities, $m
  8,378
  245
  251
  257
  264
  272
  281
  291
  301
  312
  324
  337
  351
  365
  381
  397
  415
  433
  452
  473
  495
  518
  542
  567
  594
  623
  652
  684
  717
  751
  788
Total equity, $m
  1,188
  27
  28
  29
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  80
  83
  88
Total liabilities and equity, $m
  9,566
  272
  279
  286
  293
  302
  312
  323
  334
  347
  360
  374
  390
  406
  423
  441
  461
  481
  502
  526
  550
  576
  602
  630
  660
  692
  724
  760
  797
  834
  876
Debt-to-equity ratio
  0.082
  320.640
  313.630
  306.000
  297.870
  289.370
  280.600
  271.660
  262.620
  253.550
  244.510
  235.550
  226.710
  218.030
  209.540
  201.240
  193.170
  185.340
  177.740
  170.400
  163.310
  156.470
  149.890
  143.560
  137.480
  131.640
  126.040
  120.670
  115.530
  110.610
  105.900
Adjusted equity ratio
  0.124
  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
  107
  -321
  -316
  -313
  -309
  -304
  -299
  -294
  -288
  -281
  -275
  -267
  -259
  -251
  -242
  -233
  -223
  -213
  -202
  -190
  -178
  -165
  -151
  -136
  -121
  -105
  -88
  -70
  -52
  -32
  -11
Depreciation, amort., depletion, $m
  31
  1,001
  1,024
  1,050
  1,080
  1,112
  1,148
  1,187
  1,230
  1,275
  1,324
  1,377
  1,432
  1,492
  1,555
  1,622
  1,693
  1,769
  1,848
  1,932
  2,021
  2,115
  2,213
  2,318
  2,427
  2,543
  2,665
  2,793
  2,927
  3,069
  3,218
Funds from operations, $m
  289
  680
  707
  737
  771
  808
  849
  894
  942
  994
  1,050
  1,109
  1,173
  1,241
  1,313
  1,389
  1,470
  1,556
  1,646
  1,742
  1,843
  1,950
  2,063
  2,181
  2,306
  2,438
  2,576
  2,722
  2,876
  3,037
  3,207
Change in working capital, $m
  49
  -173
  -203
  -233
  -261
  -289
  -317
  -346
  -374
  -403
  -433
  -463
  -494
  -526
  -559
  -593
  -628
  -665
  -703
  -743
  -785
  -828
  -873
  -920
  -970
  -1,021
  -1,075
  -1,132
  -1,191
  -1,253
  -1,318
Cash from operations, $m
  240
  853
  911
  970
  1,032
  1,098
  1,167
  1,239
  1,316
  1,397
  1,482
  1,572
  1,667
  1,767
  1,872
  1,982
  2,099
  2,221
  2,350
  2,486
  2,628
  2,778
  2,936
  3,102
  3,276
  3,459
  3,652
  3,854
  4,067
  4,290
  4,525
Maintenance CAPEX, $m
  0
  -982
  -1,001
  -1,024
  -1,050
  -1,080
  -1,112
  -1,148
  -1,187
  -1,230
  -1,275
  -1,324
  -1,377
  -1,432
  -1,492
  -1,555
  -1,622
  -1,693
  -1,769
  -1,848
  -1,932
  -2,021
  -2,115
  -2,213
  -2,318
  -2,427
  -2,543
  -2,665
  -2,793
  -2,927
  -3,069
New CAPEX, $m
  -12
  -190
  -230
  -263
  -295
  -327
  -359
  -391
  -423
  -456
  -489
  -524
  -559
  -595
  -632
  -671
  -711
  -753
  -796
  -841
  -888
  -937
  -988
  -1,041
  -1,097
  -1,156
  -1,217
  -1,281
  -1,348
  -1,418
  -1,491
Cash from investing activities, $m
  -388
  -1,172
  -1,231
  -1,287
  -1,345
  -1,407
  -1,471
  -1,539
  -1,610
  -1,686
  -1,764
  -1,848
  -1,936
  -2,027
  -2,124
  -2,226
  -2,333
  -2,446
  -2,565
  -2,689
  -2,820
  -2,958
  -3,103
  -3,254
  -3,415
  -3,583
  -3,760
  -3,946
  -4,141
  -4,345
  -4,560
Free cash flow, $m
  -148
  -318
  -320
  -317
  -313
  -309
  -305
  -300
  -294
  -289
  -282
  -276
  -268
  -261
  -252
  -244
  -235
  -225
  -214
  -203
  -192
  -180
  -167
  -153
  -139
  -124
  -108
  -91
  -73
  -55
  -35
Issuance/(repayment) of debt, $m
  -15
  -22
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
Issuance/(repurchase) of shares, $m
  2
  348
  317
  313
  309
  305
  300
  295
  289
  283
  276
  269
  261
  253
  244
  235
  225
  215
  204
  192
  180
  167
  154
  139
  124
  108
  92
  74
  55
  36
  15
Cash from financing (excl. dividends), $m  
  244
  326
  323
  319
  316
  313
  309
  305
  299
  294
  288
  282
  275
  268
  259
  251
  242
  233
  223
  213
  202
  190
  178
  164
  151
  136
  122
  105
  88
  71
  52
Total cash flow (excl. dividends), $m
  96
  8
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
Retained Cash Flow (-), $m
  -54
  -348
  -317
  -313
  -309
  -305
  -300
  -295
  -289
  -283
  -276
  -269
  -261
  -253
  -244
  -235
  -225
  -215
  -204
  -192
  -180
  -167
  -154
  -139
  -124
  -108
  -92
  -74
  -55
  -36
  -15
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
 
  -340
  -314
  -310
  -306
  -301
  -296
  -290
  -284
  -277
  -270
  -263
  -255
  -246
  -237
  -227
  -217
  -206
  -195
  -183
  -170
  -157
  -143
  -128
  -112
  -95
  -78
  -60
  -40
  -20
  1
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $m
 
  -296
  -235
  -197
  -162
  -131
  -104
  -81
  -62
  -46
  -34
  -24
  -17
  -11
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  4.0
  0.3
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

FBL Financial Group, Inc. sells individual life insurance and annuity products under the brand name of Farm Bureau Financial Services. The Company's segments are Annuity Segment, which sells a variety of traditional annuity products; Life Insurance Segment, which sells a range of traditional and universal life insurance products, and Corporate and Other segment, which provides various support operations, corporate capital and other product lines. It also offers life and annuity products through its subsidiary, Greenfields Life Insurance Company. Its other subsidiaries support various functional areas and affiliates by providing investment advisory and marketing and distribution services. It manages all aspects of two Farm Bureau affiliated property-casualty insurance companies, Farm Bureau Property & Casualty Insurance Company and Western Agricultural Insurance Company.

FINANCIAL RATIOS  of  FBL Financial Group (FFG)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 2.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate 1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 8.2%
Total Debt to Equity 8.2%
Interest Coverage 29
Management Effectiveness
Return On Assets 1.2%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 24.3%
EBITDA Margin - 3 Yr. Avg. 26.1%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 21.2%
Pre-Tax Margin 19.3%
Pre-Tax Margin - 3 Yr. Avg. 20.5%
Net Profit Margin 14.6%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 86%

FFG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FFG stock intrinsic value calculation we used $735 million for the last fiscal year's total revenue generated by FBL Financial Group. The default revenue input number comes from 2016 income statement of FBL Financial Group. 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 FFG 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 14.9%, whose default value for FFG is calculated based on our internal credit rating of FBL Financial Group, 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 FBL Financial Group.
    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 FFG stock the variable cost ratio is equal to 79.8%.

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 FFG 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 FBL Financial Group.

Corporate tax rate of 27% is the nominal tax rate for FBL Financial Group. 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 FFG 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 FFG are equal to 1334.8%.

Life of production assets of 10 years is the average useful life of capital assets used in FBL Financial Group 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 FFG is equal to -1179.9%. 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 - $0 million for FBL Financial Group - 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 25 million for FBL Financial Group 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 FBL Financial Group at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
PRI Primerica 108.95 66.78  sell

COMPANY NEWS

▶ FBL Financial Group Declares Quarterly Dividend   [May-17-18 04:15PM  Business Wire]
▶ FBL Financial: 1Q Earnings Snapshot   [05:01AM  Associated Press]
▶ FBL Financial Group Reports First Quarter 2018 Results   [May-03-18 04:15PM  Business Wire]
▶ FBL Financial Group Presents 2017 Annual Report   [Mar-29-18 09:00AM  Business Wire]
▶ FBL Financial posts 4Q profit   [Feb-08-18 07:11PM  Associated Press]
▶ FBL Financial posts 3Q profit   [05:38AM  Associated Press]
▶ FBL Financial Group Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  Business Wire]
▶ At $67.9, Is It Time To Buy FBL Financial Group Inc (FFG)?   [Sep-10-17 09:08PM  Simply Wall St.]
▶ FBL Financial Group Declares Quarterly Dividend   [Aug-24-17 04:15PM  Business Wire]
▶ Top Ranked Income Stocks to Buy for August 18th   [Aug-18-17 09:53AM  Zacks]
▶ FBL Financial posts 2Q profit   [03:12AM  Associated Press]
▶ FBL Financial Group Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  Business Wire]
▶ FBL Financial posts 1Q profit   [May-04-17 07:29PM  Associated Press]
▶ FBL Financial Group Presents 2016 Annual Report   [Mar-31-17 09:15AM  Business Wire]
Financial statements of FFG
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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