Intrinsic value of Farmland Partners - FPI

Previous Close

$8.63

  Intrinsic Value

$5.67

stock screener

  Rating & Target

sell

-34%

  Value-price divergence*

0%

Previous close

$8.63

 
Intrinsic value

$5.67

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of FPI 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 0.3

 

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, %
  121.43
  40.00
  36.50
  33.35
  30.52
  27.96
  25.67
  23.60
  21.74
  20.07
  18.56
  17.20
  15.98
  14.89
  13.90
  13.01
  12.21
  11.49
  10.84
  10.25
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
Revenue, $m
  31
  43
  59
  79
  103
  132
  166
  205
  249
  300
  355
  416
  483
  555
  632
  714
  801
  893
  990
  1,091
  1,197
  1,308
  1,424
  1,544
  1,669
  1,799
  1,934
  2,075
  2,221
  2,372
  2,530
Variable operating expenses, $m
 
  18
  25
  33
  43
  55
  69
  86
  105
  126
  149
  174
  202
  232
  265
  299
  336
  374
  415
  457
  502
  548
  597
  647
  699
  754
  810
  869
  930
  994
  1,060
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  15
  20
  27
  35
  45
  57
  71
  88
  107
  128
  152
  177
  205
  235
  268
  302
  339
  377
  418
  460
  505
  551
  600
  651
  703
  758
  814
  873
  934
  998
  1,064
Operating income, $m
  16
  23
  32
  44
  58
  74
  94
  117
  143
  172
  204
  239
  278
  319
  364
  412
  462
  516
  572
  631
  692
  757
  824
  894
  966
  1,042
  1,120
  1,202
  1,286
  1,374
  1,466
EBITDA, $m
  18
  44
  61
  82
  108
  139
  175
  217
  265
  318
  378
  443
  514
  591
  673
  761
  854
  953
  1,056
  1,165
  1,278
  1,397
  1,520
  1,649
  1,783
  1,922
  2,066
  2,217
  2,373
  2,535
  2,704
Interest expense (income), $m
  9
  11
  18
  27
  39
  52
  69
  88
  111
  136
  165
  197
  232
  270
  311
  355
  402
  452
  505
  560
  618
  679
  742
  808
  877
  949
  1,023
  1,101
  1,181
  1,265
  1,351
Earnings before tax, $m
  6
  12
  14
  16
  19
  22
  25
  28
  32
  35
  39
  43
  46
  50
  53
  57
  60
  64
  67
  71
  74
  78
  81
  85
  89
  93
  97
  101
  105
  110
  114
Tax expense, $m
  0
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
Net income, $m
  4
  9
  10
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  36
  39
  42
  44
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  80
  83

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  47
  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
  656
  851
  1,162
  1,549
  2,022
  2,587
  3,251
  4,018
  4,892
  5,873
  6,963
  8,161
  9,466
  10,875
  12,386
  13,997
  15,706
  17,510
  19,407
  21,397
  23,479
  25,652
  27,917
  30,275
  32,727
  35,277
  37,928
  40,682
  43,544
  46,519
  49,611
Adjusted assets (=assets-cash), $m
  609
  851
  1,162
  1,549
  2,022
  2,587
  3,251
  4,018
  4,892
  5,873
  6,963
  8,161
  9,466
  10,875
  12,386
  13,997
  15,706
  17,510
  19,407
  21,397
  23,479
  25,652
  27,917
  30,275
  32,727
  35,277
  37,928
  40,682
  43,544
  46,519
  49,611
Revenue / Adjusted assets
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
  0.051
Average production assets, $m
  455
  637
  869
  1,159
  1,513
  1,936
  2,433
  3,008
  3,662
  4,396
  5,212
  6,109
  7,086
  8,140
  9,271
  10,477
  11,756
  13,106
  14,527
  16,016
  17,574
  19,201
  20,896
  22,661
  24,497
  26,406
  28,390
  30,451
  32,594
  34,820
  37,136
Working capital, $m
  0
  -4
  -6
  -8
  -10
  -13
  -17
  -20
  -25
  -30
  -36
  -42
  -48
  -55
  -63
  -71
  -80
  -89
  -99
  -109
  -120
  -131
  -142
  -154
  -167
  -180
  -193
  -207
  -222
  -237
  -253
Total debt, $m
  309
  505
  757
  1,071
  1,455
  1,913
  2,452
  3,074
  3,782
  4,578
  5,462
  6,434
  7,492
  8,635
  9,860
  11,167
  12,552
  14,015
  15,554
  17,168
  18,856
  20,618
  22,455
  24,368
  26,357
  28,425
  30,574
  32,808
  35,129
  37,542
  40,050
Total liabilities, $m
  494
  690
  942
  1,256
  1,640
  2,098
  2,637
  3,259
  3,967
  4,763
  5,647
  6,619
  7,677
  8,820
  10,045
  11,352
  12,737
  14,200
  15,739
  17,353
  19,041
  20,803
  22,640
  24,553
  26,542
  28,610
  30,759
  32,993
  35,314
  37,727
  40,235
Total equity, $m
  162
  161
  220
  293
  382
  489
  614
  759
  925
  1,110
  1,316
  1,543
  1,789
  2,055
  2,341
  2,645
  2,968
  3,309
  3,668
  4,044
  4,437
  4,848
  5,276
  5,722
  6,185
  6,667
  7,168
  7,689
  8,230
  8,792
  9,377
Total liabilities and equity, $m
  656
  851
  1,162
  1,549
  2,022
  2,587
  3,251
  4,018
  4,892
  5,873
  6,963
  8,162
  9,466
  10,875
  12,386
  13,997
  15,705
  17,509
  19,407
  21,397
  23,478
  25,651
  27,916
  30,275
  32,727
  35,277
  37,927
  40,682
  43,544
  46,519
  49,612
Debt-to-equity ratio
  1.907
  3.140
  3.450
  3.660
  3.810
  3.910
  3.990
  4.050
  4.090
  4.120
  4.150
  4.170
  4.190
  4.200
  4.210
  4.220
  4.230
  4.240
  4.240
  4.250
  4.250
  4.250
  4.260
  4.260
  4.260
  4.260
  4.270
  4.270
  4.270
  4.270
  4.270
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4
  9
  10
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  36
  39
  42
  44
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  80
  83
Depreciation, amort., depletion, $m
  2
  21
  29
  39
  50
  65
  81
  100
  122
  147
  174
  204
  236
  271
  309
  349
  392
  437
  484
  534
  586
  640
  697
  755
  817
  880
  946
  1,015
  1,086
  1,161
  1,238
Funds from operations, $m
  1
  30
  39
  51
  64
  81
  99
  121
  145
  172
  202
  235
  270
  308
  348
  391
  436
  484
  533
  586
  640
  697
  756
  818
  881
  948
  1,017
  1,089
  1,163
  1,241
  1,321
Change in working capital, $m
  -4
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
Cash from operations, $m
  5
  31
  41
  53
  67
  84
  103
  125
  150
  177
  208
  241
  277
  315
  356
  399
  445
  493
  543
  596
  651
  708
  768
  830
  894
  961
  1,030
  1,103
  1,178
  1,256
  1,337
Maintenance CAPEX, $m
  0
  -15
  -21
  -29
  -39
  -50
  -65
  -81
  -100
  -122
  -147
  -174
  -204
  -236
  -271
  -309
  -349
  -392
  -437
  -484
  -534
  -586
  -640
  -697
  -755
  -817
  -880
  -946
  -1,015
  -1,086
  -1,161
New CAPEX, $m
  -137
  -182
  -232
  -290
  -354
  -423
  -497
  -574
  -654
  -735
  -816
  -897
  -976
  -1,055
  -1,131
  -1,206
  -1,279
  -1,350
  -1,420
  -1,489
  -1,558
  -1,627
  -1,695
  -1,765
  -1,836
  -1,909
  -1,984
  -2,062
  -2,142
  -2,227
  -2,315
Cash from investing activities, $m
  -137
  -197
  -253
  -319
  -393
  -473
  -562
  -655
  -754
  -857
  -963
  -1,071
  -1,180
  -1,291
  -1,402
  -1,515
  -1,628
  -1,742
  -1,857
  -1,973
  -2,092
  -2,213
  -2,335
  -2,462
  -2,591
  -2,726
  -2,864
  -3,008
  -3,157
  -3,313
  -3,476
Free cash flow, $m
  -132
  -166
  -213
  -266
  -326
  -390
  -459
  -530
  -604
  -679
  -755
  -830
  -904
  -976
  -1,047
  -1,116
  -1,183
  -1,249
  -1,314
  -1,378
  -1,441
  -1,504
  -1,568
  -1,632
  -1,697
  -1,764
  -1,834
  -1,905
  -1,980
  -2,057
  -2,139
Issuance/(repayment) of debt, $m
  123
  196
  252
  314
  383
  458
  539
  622
  708
  796
  884
  972
  1,058
  1,143
  1,226
  1,307
  1,386
  1,463
  1,539
  1,614
  1,688
  1,762
  1,837
  1,912
  1,989
  2,068
  2,149
  2,234
  2,321
  2,413
  2,508
Issuance/(repurchase) of shares, $m
  0
  37
  48
  61
  75
  91
  107
  124
  142
  160
  178
  195
  213
  230
  247
  263
  279
  294
  309
  324
  339
  354
  369
  384
  399
  414
  430
  447
  464
  482
  501
Cash from financing (excl. dividends), $m  
  163
  233
  300
  375
  458
  549
  646
  746
  850
  956
  1,062
  1,167
  1,271
  1,373
  1,473
  1,570
  1,665
  1,757
  1,848
  1,938
  2,027
  2,116
  2,206
  2,296
  2,388
  2,482
  2,579
  2,681
  2,785
  2,895
  3,009
Total cash flow (excl. dividends), $m
  31
  67
  87
  109
  133
  159
  187
  216
  246
  276
  307
  337
  367
  397
  425
  454
  481
  508
  534
  560
  586
  612
  638
  664
  691
  718
  746
  775
  806
  837
  871
Retained Cash Flow (-), $m
  -54
  -46
  -59
  -73
  -89
  -107
  -125
  -145
  -165
  -186
  -206
  -226
  -247
  -266
  -286
  -304
  -323
  -341
  -359
  -376
  -393
  -411
  -428
  -446
  -464
  -482
  -501
  -521
  -541
  -562
  -585
Prev. year cash balance distribution, $m
 
  47
  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
 
  68
  29
  36
  44
  52
  61
  71
  81
  91
  101
  111
  121
  130
  140
  149
  158
  167
  176
  184
  193
  201
  210
  218
  227
  236
  245
  255
  265
  275
  286
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  62
  23
  26
  28
  29
  30
  29
  28
  26
  24
  21
  18
  15
  12
  10
  7
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  84.3
  71.8
  61.8
  53.8
  47.3
  42.0
  37.6
  33.9
  30.8
  28.2
  26.0
  24.0
  22.4
  20.9
  19.6
  18.5
  17.5
  16.6
  15.8
  15.1
  14.4
  13.8
  13.2
  12.7
  12.3
  11.8
  11.4
  11.0
  10.7
  10.3

Farmland Partners Inc., a real estate company, owns and seeks to acquire farmland located in agricultural markets in North America. Its farms are used to grow primary crops, such as corn, soybeans, wheat, rice, and cotton. The company’s farms are also used to grow specialty crops, including almond, citrus, blueberries, vegetables, and edible beans. As of December 31, 2016, it owned farms with an aggregate of approximately 142,223 acres in Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, Texas, and Virginia. Farmland Partners Inc. also provides loans to third-party farmers for working capital requirements and operational farming activities, farming infrastructure projects, and for other farming and agricultural real estate related purposes. The company elected and qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes. Farmland Partners Inc. was founded in 2013 and is based in Denver, Colorado.

FINANCIAL RATIOS  of  Farmland Partners (FPI)

Valuation Ratios
P/E Ratio 37.4
Price to Sales 4.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 29.9
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate 121.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.1%
Cap. Spend. - 3 Yr. Gr. Rate 167.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 190.7%
Total Debt to Equity 190.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity 3%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.5%
Gross Margin - 3 Yr. Avg. 95.5%
EBITDA Margin 54.8%
EBITDA Margin - 3 Yr. Avg. 34.9%
Operating Margin 51.6%
Oper. Margin - 3 Yr. Avg. 31.5%
Pre-Tax Margin 19.4%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 12.9%
Net Profit Margin - 3 Yr. Avg. -1.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 175%

FPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FPI stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by Farmland Partners. The default revenue input number comes from 2016 income statement of Farmland Partners. 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 FPI stock valuation model: a) initial revenue growth rate of 40% 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 10.1%, whose default value for FPI is calculated based on our internal credit rating of Farmland Partners, 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 Farmland Partners.
    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 FPI stock the variable cost ratio is equal to 41.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for FPI 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 3.6% for Farmland Partners.

Corporate tax rate of 27% is the nominal tax rate for Farmland Partners. 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 FPI 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 FPI are equal to 1467.7%.

Life of production assets of 227.5 years is the average useful life of capital assets used in Farmland Partners 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 FPI is equal to -10%. 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 - $162 million for Farmland Partners - 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 32.42 million for Farmland Partners 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 Farmland Partners at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
AGRO Adecoagro 10.01 55.36  str.buy
LAND Gladstone Land 13.68 1.90  str.sell
MON Monsanto 117.70 151.09  buy
DD E.I. DuPont de 82.01 45.65  sell
RYN Rayonier 28.46 145.46  str.buy
PCH Potlatch REIT 46.30 17.46  str.sell

COMPANY NEWS

▶ Valuable Earnings Insight on 2 Value Names   [Jul-21-17 12:30PM  TheStreet.com]
▶ Farmland Partners reports 2Q results   [Jul-19-17 10:56PM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 9th   [May-09-17 07:20AM  Zacks]
▶ Farmland Partners reports 1Q loss   [05:02AM  Associated Press]
▶ Top Ranked Income Stocks to Buy for May 5th   [May-05-17 05:56AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 17th   [Apr-17-17 11:37AM  Zacks]
▶ Top Ranked Income Stocks to Buy for April 6th   [Apr-06-17 11:05AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 31st   [Apr-01-17 05:15AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 27th   [Mar-27-17 11:32AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 2nd   [Mar-02-17 10:02AM  Zacks]
▶ New Strong Buy Stocks for February 24th   [Feb-24-17 09:10AM  Zacks]
▶ Why Amazon, Pandora, Bank of America, and 2 More Are Trending   [Sep-12-16 01:18PM  at Insider Monkey]
Stock chart of FPI Financial statements of FPI
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.