Intrinsic value of Federated Investors - FII

Previous Close

$26.74

  Intrinsic Value

$46.53

stock screener

  Rating & Target

str. buy

+74%

  Value-price divergence*

+109%

Previous close

$26.74

 
Intrinsic value

$46.53

 
Up/down potential

+74%

 
Rating

str. buy

 
Value-price divergence*

+109%

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

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

We calculate the intrinsic value of FII 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 2.7

 

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, %
  23.30
  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
  1,143
  1,166
  1,193
  1,223
  1,258
  1,296
  1,338
  1,383
  1,433
  1,486
  1,543
  1,604
  1,669
  1,738
  1,812
  1,890
  1,973
  2,060
  2,153
  2,251
  2,355
  2,464
  2,579
  2,700
  2,828
  2,963
  3,104
  3,253
  3,410
  3,576
  3,749
Variable operating expenses, $m
 
  812
  830
  849
  871
  896
  922
  952
  983
  1,017
  1,054
  1,027
  1,069
  1,113
  1,160
  1,210
  1,263
  1,319
  1,379
  1,441
  1,508
  1,578
  1,651
  1,729
  1,811
  1,897
  1,988
  2,083
  2,184
  2,290
  2,401
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
  808
  812
  830
  849
  871
  896
  922
  952
  983
  1,017
  1,054
  1,027
  1,069
  1,113
  1,160
  1,210
  1,263
  1,319
  1,379
  1,441
  1,508
  1,578
  1,651
  1,729
  1,811
  1,897
  1,988
  2,083
  2,184
  2,290
  2,401
Operating income, $m
  336
  353
  363
  374
  386
  400
  415
  432
  449
  468
  489
  577
  600
  625
  652
  680
  710
  741
  774
  810
  847
  886
  927
  971
  1,017
  1,065
  1,116
  1,170
  1,227
  1,286
  1,348
EBITDA, $m
  346
  423
  433
  444
  456
  470
  485
  502
  520
  539
  560
  582
  606
  631
  658
  686
  716
  748
  781
  817
  855
  894
  936
  980
  1,026
  1,075
  1,127
  1,181
  1,238
  1,298
  1,361
Interest expense (income), $m
  3
  6
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  16
  17
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  36
  38
  40
  43
  46
Earnings before tax, $m
  341
  348
  357
  367
  379
  393
  407
  423
  440
  458
  478
  564
  587
  611
  636
  663
  692
  722
  754
  787
  823
  860
  900
  942
  986
  1,032
  1,081
  1,132
  1,186
  1,243
  1,303
Tax expense, $m
  119
  94
  96
  99
  102
  106
  110
  114
  119
  124
  129
  152
  158
  165
  172
  179
  187
  195
  203
  213
  222
  232
  243
  254
  266
  279
  292
  306
  320
  336
  352
Net income, $m
  209
  254
  261
  268
  277
  287
  297
  309
  321
  334
  349
  412
  428
  446
  464
  484
  505
  527
  550
  575
  601
  628
  657
  688
  720
  753
  789
  827
  866
  908
  951

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  301
  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
  1,155
  871
  891
  914
  940
  969
  1,000
  1,034
  1,071
  1,110
  1,153
  1,199
  1,247
  1,299
  1,354
  1,412
  1,474
  1,540
  1,609
  1,682
  1,760
  1,841
  1,927
  2,018
  2,114
  2,214
  2,320
  2,432
  2,549
  2,672
  2,802
Adjusted assets (=assets-cash), $m
  854
  871
  891
  914
  940
  969
  1,000
  1,034
  1,071
  1,110
  1,153
  1,199
  1,247
  1,299
  1,354
  1,412
  1,474
  1,540
  1,609
  1,682
  1,760
  1,841
  1,927
  2,018
  2,114
  2,214
  2,320
  2,432
  2,549
  2,672
  2,802
Revenue / Adjusted assets
  1.338
  1.339
  1.339
  1.338
  1.338
  1.337
  1.338
  1.338
  1.338
  1.339
  1.338
  1.338
  1.338
  1.338
  1.338
  1.339
  1.339
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
  1.338
Average production assets, $m
  112
  114
  117
  120
  123
  127
  131
  136
  140
  146
  151
  157
  164
  170
  178
  185
  193
  202
  211
  221
  231
  241
  253
  265
  277
  290
  304
  319
  334
  350
  367
Working capital, $m
  197
  -79
  -81
  -83
  -86
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -129
  -134
  -140
  -146
  -153
  -160
  -168
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -255
Total debt, $m
  191
  176
  188
  202
  219
  236
  256
  277
  300
  325
  352
  380
  411
  443
  477
  514
  552
  593
  637
  683
  731
  782
  836
  892
  952
  1,015
  1,081
  1,151
  1,224
  1,301
  1,382
Total liabilities, $m
  560
  545
  557
  571
  588
  605
  625
  646
  669
  694
  721
  749
  780
  812
  846
  883
  921
  962
  1,006
  1,052
  1,100
  1,151
  1,205
  1,261
  1,321
  1,384
  1,450
  1,520
  1,593
  1,670
  1,751
Total equity, $m
  595
  327
  334
  343
  353
  363
  375
  388
  402
  416
  432
  449
  468
  487
  508
  530
  553
  577
  603
  631
  660
  690
  723
  757
  793
  830
  870
  912
  956
  1,002
  1,051
Total liabilities and equity, $m
  1,155
  872
  891
  914
  941
  968
  1,000
  1,034
  1,071
  1,110
  1,153
  1,198
  1,248
  1,299
  1,354
  1,413
  1,474
  1,539
  1,609
  1,683
  1,760
  1,841
  1,928
  2,018
  2,114
  2,214
  2,320
  2,432
  2,549
  2,672
  2,802
Debt-to-equity ratio
  0.321
  0.540
  0.560
  0.590
  0.620
  0.650
  0.680
  0.710
  0.750
  0.780
  0.810
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.080
  1.110
  1.130
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
Adjusted equity ratio
  0.344
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  209
  254
  261
  268
  277
  287
  297
  309
  321
  334
  349
  412
  428
  446
  464
  484
  505
  527
  550
  575
  601
  628
  657
  688
  720
  753
  789
  827
  866
  908
  951
Depreciation, amort., depletion, $m
  10
  70
  70
  70
  70
  70
  70
  70
  71
  71
  71
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Funds from operations, $m
  232
  323
  330
  338
  347
  357
  367
  379
  392
  405
  420
  417
  434
  452
  470
  490
  511
  534
  557
  582
  608
  636
  665
  696
  729
  763
  799
  837
  877
  919
  963
Change in working capital, $m
  -21
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from operations, $m
  253
  325
  332
  340
  349
  359
  370
  382
  395
  409
  423
  421
  438
  456
  475
  495
  517
  540
  563
  589
  615
  644
  673
  705
  738
  772
  809
  847
  888
  930
  975
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
New CAPEX, $m
  -13
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
Cash from investing activities, $m
  -8
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -24
  -25
  -26
  -27
  -29
Free cash flow, $m
  245
  319
  326
  333
  342
  351
  362
  373
  386
  399
  413
  410
  427
  444
  462
  482
  503
  524
  548
  572
  598
  625
  654
  684
  716
  750
  785
  823
  862
  903
  946
Issuance/(repayment) of debt, $m
  -26
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
Issuance/(repurchase) of shares, $m
  -82
  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  
  -107
  11
  13
  14
  16
  18
  20
  21
  23
  25
  27
  28
  30
  32
  34
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
Total cash flow (excl. dividends), $m
  137
  330
  338
  348
  358
  369
  381
  394
  409
  424
  440
  439
  457
  476
  497
  518
  541
  565
  591
  618
  646
  676
  708
  741
  776
  813
  852
  892
  935
  980
  1,028
Retained Cash Flow (-), $m
  53
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
Prev. year cash balance distribution, $m
 
  275
  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
 
  598
  331
  339
  348
  359
  370
  382
  395
  409
  424
  422
  439
  457
  476
  497
  518
  541
  565
  590
  617
  646
  676
  707
  740
  775
  812
  850
  891
  934
  979
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
 
  573
  303
  295
  287
  278
  268
  258
  247
  235
  222
  200
  187
  174
  160
  146
  132
  118
  104
  91
  78
  67
  56
  46
  38
  30
  24
  18
  14
  10
  7
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

Federated Investors, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, including high net worth individuals, banking or thrift institutions, investment companies, pension and profit sharing plans, pooled investment vehicles, charitable organizations, state or municipal government entities, and registered investment advisors. Through its subsidiaries, it manages separate client-focused equity, fixed income, balanced and money market mutual funds along with separate client-focused equity, fixed income, money market, and balanced portfolios. Through its subsidiaries, the firm invests in the public equity and fixed income markets across the globe. It invests in growth and value stocks of small-cap, mid-cap, and large-cap companies. The firm makes its fixed income investments in ultra-short, short-term, and intermediate-term mortgage-backed, U.S. Government, U.S. corporate, high yield, and municipal securities. It employs both fundamental and quantitative analysis to make its equity investments. Federated Investors, Inc. was founded in 1955 and is based in Pittsburgh, Pennsylvania with additional offices in New York City and London, United Kingdom.

FINANCIAL RATIOS  of  Federated Investors (FII)

Valuation Ratios
P/E Ratio 13.1
Price to Sales 2.4
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 116.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 27.7%
Total Debt to Equity 32.1%
Interest Coverage 115
Management Effectiveness
Return On Assets 18%
Ret/ On Assets - 3 Yr. Avg. 15.5%
Return On Total Capital 25.3%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 33.6%
Return On Equity - 3 Yr. Avg. 28.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 97.6%
Gross Margin - 3 Yr. Avg. 97%
EBITDA Margin 31%
EBITDA Margin - 3 Yr. Avg. 30.8%
Operating Margin 29.3%
Oper. Margin - 3 Yr. Avg. 29.1%
Pre-Tax Margin 29.8%
Pre-Tax Margin - 3 Yr. Avg. 29.1%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 18%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 98.1%

FII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FII stock intrinsic value calculation we used $1143 million for the last fiscal year's total revenue generated by Federated Investors. The default revenue input number comes from 2016 income statement of Federated Investors. 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 FII 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 4.3%, whose default value for FII is calculated based on our internal credit rating of Federated Investors, 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 Federated Investors.
    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 FII stock the variable cost ratio is equal to 69.8%.

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 FII 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 Federated Investors.

Corporate tax rate of 27% is the nominal tax rate for Federated Investors. 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 FII 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 FII are equal to 9.8%.

Life of production assets of 77.1 years is the average useful life of capital assets used in Federated Investors 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 FII is equal to -6.8%. 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 - $595 million for Federated Investors - 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 100.594 million for Federated Investors 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 Federated Investors at the current share price and the inputted number of shares is $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 1.33 0.40  str.sell
SEIC SEI Investment 55.82 33.24  sell
DHIL Diamond Hill I 192.34 561.42  str.buy
TROW T. Rowe Price 82.30 132.48  str.buy
BEN Franklin Resou 41.83 61.32  buy
WDR Waddell&Reed F 18.09 43.49  str.buy
EV Eaton Vance 46.76 100.30  str.buy
LM Legg Mason 37.27 17.96  str.sell
BLK BlackRock 416.55 1,367.78  str.buy

COMPANY NEWS

▶ Boivin, Auth on Coming Inflation Data and the Fed   [Aug-10-17 10:22AM  Bloomberg Video]
▶ Federated Investors beats 2Q profit forecasts   [Jul-27-17 10:16PM  Associated Press]
▶ Federated's Auth Warns of a Market Correction   [Jul-26-17 11:09AM  Bloomberg Video]
▶ [$$] A Key Borrowing Spigot Opens for Ford   [Jul-11-17 12:28AM  The Wall Street Journal]
▶ Ford Might Have Just Broken a Curse   [Jul-10-17 04:23PM  TheStreet.com]
▶ [$$] A Key Borrowing Spigot Opens for Ford   [08:00AM  The Wall Street Journal]
▶ [$$] Federated Investors Co-Founder John F. Donahue Dies at 92   [May-12-17 03:30PM  The Wall Street Journal]
▶ Federated Investors founder dies at 92   [02:30PM  American City Business Journals]
▶ Gates' Investment Chief to Federated: Stop Wasting My Time   [May-11-17 12:52PM  The Wall Street Journal]
▶ Federated Investors Earnings Rise 9%: Thank the Fed   [May-02-17 12:00PM  Motley Fool]
▶ Federated Investors beats 1Q profit forecasts   [Apr-27-17 04:30PM  Associated Press]
▶ Ronald Muhlenkamp Gains 4 New Holdings, Sells 2 Others   [Feb-10-17 12:23PM  GuruFocus.com]
▶ In 2017, Active To Passive Migration Picks Up Speed   [Jan-10-17 02:01PM  at Barrons.com]
Stock chart of FII Financial statements of FII
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.