Intrinsic value of Freshpet - FRPT

Previous Close

$16.50

  Intrinsic Value

$0.79

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-47%

Previous close

$16.50

 
Intrinsic value

$0.79

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-47%

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

We calculate the intrinsic value of FRPT 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 0.6

 

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, %
  14.66
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
Revenue, $m
  133
  161
  193
  228
  266
  308
  352
  400
  451
  505
  562
  622
  685
  751
  819
  890
  964
  1,042
  1,122
  1,205
  1,292
  1,382
  1,476
  1,573
  1,674
  1,779
  1,889
  2,003
  2,122
  2,246
  2,376
Variable operating expenses, $m
 
  142
  170
  200
  234
  271
  310
  352
  397
  445
  495
  548
  603
  660
  721
  783
  849
  917
  987
  1,061
  1,137
  1,216
  1,298
  1,384
  1,473
  1,566
  1,662
  1,763
  1,868
  1,977
  2,091
Fixed operating expenses, $m
 
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  24
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  33
  33
  34
  35
  36
  37
  38
Total operating expenses, $m
  135
  160
  189
  219
  254
  291
  331
  373
  419
  467
  518
  572
  627
  685
  746
  809
  876
  944
  1,015
  1,090
  1,166
  1,246
  1,329
  1,416
  1,506
  1,599
  1,696
  1,798
  1,904
  2,014
  2,129
Operating income, $m
  -2
  1
  4
  8
  12
  17
  21
  27
  32
  38
  44
  51
  58
  65
  73
  81
  89
  98
  107
  116
  126
  136
  146
  157
  168
  180
  192
  205
  219
  233
  247
EBITDA, $m
  8
  13
  19
  25
  32
  40
  48
  57
  66
  76
  87
  98
  110
  122
  134
  148
  162
  176
  191
  207
  223
  240
  257
  275
  294
  314
  335
  356
  378
  402
  426
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
Earnings before tax, $m
  -3
  1
  4
  8
  12
  16
  21
  26
  31
  37
  43
  49
  56
  63
  70
  78
  86
  94
  103
  112
  121
  131
  141
  152
  163
  174
  186
  199
  212
  225
  239
Tax expense, $m
  0
  0
  1
  2
  3
  4
  6
  7
  8
  10
  12
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
Net income, $m
  -3
  1
  3
  6
  8
  12
  15
  19
  23
  27
  31
  36
  41
  46
  51
  57
  63
  69
  75
  82
  89
  96
  103
  111
  119
  127
  136
  145
  155
  164
  175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  126
  148
  177
  209
  244
  282
  323
  367
  414
  464
  516
  571
  628
  689
  751
  817
  885
  956
  1,029
  1,106
  1,185
  1,268
  1,354
  1,443
  1,536
  1,632
  1,733
  1,838
  1,947
  2,061
  2,180
Adjusted assets (=assets-cash), $m
  122
  148
  177
  209
  244
  282
  323
  367
  414
  464
  516
  571
  628
  689
  751
  817
  885
  956
  1,029
  1,106
  1,185
  1,268
  1,354
  1,443
  1,536
  1,632
  1,733
  1,838
  1,947
  2,061
  2,180
Revenue / Adjusted assets
  1.090
  1.088
  1.090
  1.091
  1.090
  1.092
  1.090
  1.090
  1.089
  1.088
  1.089
  1.089
  1.091
  1.090
  1.091
  1.089
  1.089
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
  1.090
Average production assets, $m
  92
  112
  133
  158
  184
  213
  244
  277
  312
  350
  389
  431
  474
  519
  567
  616
  667
  721
  776
  834
  894
  956
  1,021
  1,088
  1,158
  1,231
  1,307
  1,386
  1,469
  1,555
  1,644
Working capital, $m
  0
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  52
  55
Total debt, $m
  7
  6
  9
  13
  17
  21
  26
  31
  37
  42
  48
  55
  61
  68
  75
  83
  91
  99
  107
  116
  125
  135
  145
  155
  166
  177
  188
  200
  213
  226
  240
Total liabilities, $m
  19
  17
  20
  24
  28
  32
  37
  42
  48
  53
  59
  66
  72
  79
  86
  94
  102
  110
  118
  127
  136
  146
  156
  166
  177
  188
  199
  211
  224
  237
  251
Total equity, $m
  108
  131
  157
  185
  216
  250
  286
  325
  366
  410
  457
  505
  556
  609
  665
  723
  783
  846
  911
  979
  1,049
  1,122
  1,198
  1,277
  1,359
  1,445
  1,534
  1,627
  1,723
  1,824
  1,929
Total liabilities and equity, $m
  127
  148
  177
  209
  244
  282
  323
  367
  414
  463
  516
  571
  628
  688
  751
  817
  885
  956
  1,029
  1,106
  1,185
  1,268
  1,354
  1,443
  1,536
  1,633
  1,733
  1,838
  1,947
  2,061
  2,180
Debt-to-equity ratio
  0.065
  0.050
  0.060
  0.070
  0.080
  0.090
  0.090
  0.100
  0.100
  0.100
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Adjusted equity ratio
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885
  0.885

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  1
  3
  6
  8
  12
  15
  19
  23
  27
  31
  36
  41
  46
  51
  57
  63
  69
  75
  82
  89
  96
  103
  111
  119
  127
  136
  145
  155
  164
  175
Depreciation, amort., depletion, $m
  10
  12
  14
  17
  20
  23
  27
  30
  34
  38
  42
  47
  52
  56
  62
  67
  73
  78
  84
  91
  97
  104
  111
  118
  126
  134
  142
  151
  160
  169
  179
Funds from operations, $m
  15
  13
  17
  23
  28
  35
  42
  49
  57
  65
  74
  83
  92
  103
  113
  124
  135
  147
  160
  172
  186
  200
  214
  229
  245
  261
  278
  296
  314
  333
  353
Change in working capital, $m
  2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Cash from operations, $m
  13
  12
  17
  22
  28
  34
  41
  48
  55
  64
  72
  81
  91
  101
  111
  122
  134
  146
  158
  171
  184
  198
  212
  227
  243
  259
  276
  293
  311
  331
  351
Maintenance CAPEX, $m
  0
  -10
  -12
  -14
  -17
  -20
  -23
  -27
  -30
  -34
  -38
  -42
  -47
  -52
  -56
  -62
  -67
  -73
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -151
  -160
  -169
New CAPEX, $m
  -30
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
Cash from investing activities, $m
  -27
  -30
  -34
  -38
  -43
  -49
  -54
  -60
  -65
  -71
  -77
  -83
  -90
  -97
  -103
  -111
  -118
  -126
  -134
  -142
  -151
  -159
  -169
  -178
  -188
  -199
  -210
  -221
  -233
  -246
  -259
Free cash flow, $m
  -14
  -17
  -17
  -17
  -16
  -15
  -14
  -12
  -10
  -8
  -5
  -2
  1
  4
  8
  11
  15
  20
  24
  28
  33
  38
  43
  49
  54
  60
  66
  72
  78
  85
  92
Issuance/(repayment) of debt, $m
  7
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Issuance/(repurchase) of shares, $m
  3
  22
  23
  23
  23
  22
  21
  20
  19
  17
  15
  13
  10
  7
  4
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  10
  25
  26
  27
  27
  26
  26
  25
  24
  23
  21
  19
  17
  14
  11
  9
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Total cash flow (excl. dividends), $m
  -4
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  23
  28
  32
  37
  42
  48
  53
  59
  65
  71
  77
  84
  91
  98
  106
Retained Cash Flow (-), $m
  -4
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
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
 
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -37
  -35
  -33
  -30
  -28
  -25
  -23
  -20
  -17
  -15
  -12
  -9
  -6
  -3
  1
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
 
  -14
  -15
  -16
  -17
  -17
  -17
  -17
  -17
  -17
  -16
  -15
  -14
  -13
  -12
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.2
  93.1
  90.6
  88.5
  86.8
  85.4
  84.3
  83.3
  82.6
  82.0
  81.6
  81.3
  81.1
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0
  81.0

Freshpet, Inc. is a manufacturer of fresh, refrigerated pet food distributed across North America. The Company operates in the segment of manufacturing, marketing and distribution of pet food and pet treats for dogs and cats. The Company's products consist of dog food, cat food, and dog and cat treats. Its recipes include real, fresh meat and varying combinations of vegetables, leafy greens and anti-oxidant rich fruits, without the use of preservatives, additives or artificial ingredients. All of its products are sold under the Freshpet brand name, with ingredients, packaging and labeling customized by class of retail. It also offers fresh treats across all classes of retail under the Dognation and Dog Joy labels. The Company's products are available in various forms, including slice and serve rolls, bagged meals and tubs. All of the Company's products are manufactured in the United States.

FINANCIAL RATIOS  of  Freshpet (FRPT)

Valuation Ratios
P/E Ratio -186.8
Price to Sales 4.2
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 43.1
Price to Free Cash Flow -33
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 6.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.5%
Ret/ On Assets - 3 Yr. Avg. -14.2%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. -18.8%
Return On Equity -2.8%
Return On Equity - 3 Yr. Avg. -36%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 45.1%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 5.3%
EBITDA Margin - 3 Yr. Avg. -7.1%
Operating Margin -1.5%
Oper. Margin - 3 Yr. Avg. -3.9%
Pre-Tax Margin -2.3%
Pre-Tax Margin - 3 Yr. Avg. -16.1%
Net Profit Margin -2.3%
Net Profit Margin - 3 Yr. Avg. -16.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

FRPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRPT stock intrinsic value calculation we used $133 million for the last fiscal year's total revenue generated by Freshpet. The default revenue input number comes from 2016 income statement of Freshpet. 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 FRPT stock valuation model: a) initial revenue growth rate of 21.2% 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 FRPT is calculated based on our internal credit rating of Freshpet, 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 Freshpet.
    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 FRPT stock the variable cost ratio is equal to 88%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18 million in the base year in the intrinsic value calculation for FRPT 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 Freshpet.

Corporate tax rate of 27% is the nominal tax rate for Freshpet. 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 FRPT 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 FRPT are equal to 69.2%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Freshpet 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 FRPT is equal to 2.3%. 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 - $108 million for Freshpet - 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 34.148 million for Freshpet 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 Freshpet at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ Freshpet, Inc. Amends Credit Facility   [Sep-21-17 04:30PM  GlobeNewswire]
▶ Is It Too Late To Buy Freshpet Inc (FRPT)?   [Sep-19-17 07:39PM  Simply Wall St.]
▶ 3 Stocks That Could Soar More Than Netflix   [Aug-26-17 06:45AM  Motley Fool]
▶ ETFs with exposure to Freshpet Inc. : August 23, 2017   [Aug-23-17 04:21PM  Capital Cube]
▶ Freshpet reports 2Q loss   [Aug-07-17 11:57PM  Associated Press]
▶ Story Stocks from Briefing.com   [Jun-16-17 09:39AM  Briefing.com]
▶ Why Freshpet, Inc. Stock Jumped 29% Last Month   [Jun-14-17 07:42AM  Motley Fool]
▶ ETFs with exposure to Freshpet Inc. : June 12, 2017   [Jun-12-17 02:05PM  Capital Cube]
▶ 3 Stocks That Feel Like Wal-Mart in 1970   [Jun-10-17 08:10PM  Motley Fool]
▶ ETFs with exposure to Freshpet Inc. : May 30, 2017   [May-30-17 12:28PM  Capital Cube]
▶ ETFs with exposure to Freshpet Inc. : May 16, 2017   [May-16-17 12:52PM  Capital Cube]
▶ Freshpet reports 1Q loss   [May-05-17 05:02AM  Associated Press]
▶ Freshpet, Inc. Reports First Quarter 2017 Financial Results   [May-04-17 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Freshpet Inc. : April 27, 2017   [Apr-27-17 04:00PM  Capital Cube]
▶ Premium Pet Food Is the New Norm   [Mar-23-17 12:43PM  TheStreet.com]
▶ Freshpet meets 4Q profit forecasts   [Mar-09-17 04:46PM  Associated Press]
▶ Freshpet, Inc. to Participate in the 2017 ICR Conference   [Jan-03-17 04:05PM  GlobeNewswire]
▶ Is Freshpet Inc (FRPT) A Good Stock To Buy?   [Dec-16-16 11:12PM  at Insider Monkey]
▶ 5 Stocks Hedge Funds Are Betting Against Insiders   [Nov-30-16 10:18PM  at Insider Monkey]
▶ 6 Analyst Stocks Under $10 With Massive Upside Calls   [Aug-07-16 10:45AM  at 24/7 Wall St.]
Financial statements of FRPT
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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