Intrinsic value of Cedar Fair Dep Rec - FUN

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$70.54

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of FUN 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 4.0

 

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, %
  4.29
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  1,289
  1,482
  1,690
  1,911
  2,146
  2,394
  2,655
  2,929
  3,216
  3,515
  3,827
  4,152
  4,490
  4,841
  5,206
  5,585
  5,980
  6,389
  6,815
  7,259
  7,720
  8,199
  8,699
  9,220
  9,762
  10,328
  10,919
  11,535
  12,179
  12,852
  13,555
Variable operating expenses, $m
 
  893
  1,015
  1,146
  1,284
  1,431
  1,585
  1,746
  1,915
  2,092
  2,276
  2,450
  2,649
  2,856
  3,072
  3,296
  3,528
  3,770
  4,021
  4,283
  4,555
  4,838
  5,133
  5,440
  5,760
  6,094
  6,443
  6,806
  7,186
  7,583
  7,998
Fixed operating expenses, $m
 
  204
  209
  214
  220
  225
  231
  237
  242
  249
  255
  261
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  343
  351
  360
  369
  378
  388
  397
  407
  417
Total operating expenses, $m
  972
  1,097
  1,224
  1,360
  1,504
  1,656
  1,816
  1,983
  2,157
  2,341
  2,531
  2,711
  2,917
  3,130
  3,353
  3,584
  3,823
  4,073
  4,331
  4,601
  4,881
  5,172
  5,476
  5,791
  6,120
  6,463
  6,821
  7,194
  7,583
  7,990
  8,415
Operating income, $m
  317
  386
  466
  551
  642
  738
  840
  946
  1,058
  1,175
  1,296
  1,441
  1,573
  1,710
  1,853
  2,002
  2,156
  2,317
  2,484
  2,658
  2,839
  3,027
  3,224
  3,429
  3,642
  3,865
  4,098
  4,341
  4,596
  4,862
  5,140
EBITDA, $m
  449
  539
  638
  744
  856
  975
  1,100
  1,231
  1,369
  1,513
  1,663
  1,820
  1,982
  2,152
  2,328
  2,511
  2,701
  2,899
  3,105
  3,320
  3,543
  3,775
  4,017
  4,269
  4,533
  4,807
  5,094
  5,394
  5,707
  6,034
  6,376
Interest expense (income), $m
  82
  81
  82
  96
  111
  127
  144
  162
  181
  200
  221
  242
  264
  287
  311
  336
  362
  389
  417
  447
  477
  508
  541
  575
  611
  648
  687
  727
  770
  814
  860
Earnings before tax, $m
  249
  304
  384
  455
  531
  611
  696
  784
  877
  974
  1,075
  1,199
  1,309
  1,423
  1,542
  1,665
  1,794
  1,927
  2,066
  2,211
  2,362
  2,519
  2,682
  2,853
  3,031
  3,217
  3,411
  3,614
  3,826
  4,048
  4,280
Tax expense, $m
  71
  82
  104
  123
  143
  165
  188
  212
  237
  263
  290
  324
  353
  384
  416
  450
  484
  520
  558
  597
  638
  680
  724
  770
  818
  869
  921
  976
  1,033
  1,093
  1,156
Net income, $m
  178
  222
  280
  332
  388
  446
  508
  573
  640
  711
  785
  875
  955
  1,039
  1,125
  1,216
  1,309
  1,407
  1,508
  1,614
  1,724
  1,839
  1,958
  2,083
  2,213
  2,348
  2,490
  2,638
  2,793
  2,955
  3,124

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  1,973
  2,127
  2,425
  2,742
  3,079
  3,435
  3,810
  4,203
  4,614
  5,043
  5,491
  5,957
  6,441
  6,945
  7,469
  8,013
  8,579
  9,167
  9,778
  10,414
  11,075
  11,764
  12,481
  13,228
  14,006
  14,818
  15,666
  16,550
  17,474
  18,439
  19,448
Adjusted assets (=assets-cash), $m
  1,850
  2,127
  2,425
  2,742
  3,079
  3,435
  3,810
  4,203
  4,614
  5,043
  5,491
  5,957
  6,441
  6,945
  7,469
  8,013
  8,579
  9,167
  9,778
  10,414
  11,075
  11,764
  12,481
  13,228
  14,006
  14,818
  15,666
  16,550
  17,474
  18,439
  19,448
Revenue / Adjusted assets
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
Average production assets, $m
  1,564
  1,798
  2,050
  2,318
  2,603
  2,904
  3,221
  3,553
  3,901
  4,264
  4,642
  5,036
  5,446
  5,872
  6,315
  6,775
  7,253
  7,750
  8,267
  8,805
  9,364
  9,946
  10,552
  11,183
  11,842
  12,528
  13,245
  13,992
  14,773
  15,589
  16,442
Working capital, $m
  -47
  -193
  -220
  -248
  -279
  -311
  -345
  -381
  -418
  -457
  -498
  -540
  -584
  -629
  -677
  -726
  -777
  -831
  -886
  -944
  -1,004
  -1,066
  -1,131
  -1,199
  -1,269
  -1,343
  -1,419
  -1,500
  -1,583
  -1,671
  -1,762
Total debt, $m
  1,537
  1,539
  1,807
  2,093
  2,396
  2,717
  3,054
  3,407
  3,777
  4,164
  4,567
  4,986
  5,422
  5,876
  6,347
  6,837
  7,346
  7,875
  8,425
  8,998
  9,593
  10,212
  10,858
  11,530
  12,231
  12,961
  13,724
  14,520
  15,351
  16,220
  17,128
Total liabilities, $m
  1,913
  1,914
  2,182
  2,468
  2,771
  3,092
  3,429
  3,782
  4,152
  4,539
  4,942
  5,361
  5,797
  6,251
  6,722
  7,212
  7,721
  8,250
  8,800
  9,373
  9,968
  10,587
  11,233
  11,905
  12,606
  13,336
  14,099
  14,895
  15,726
  16,595
  17,503
Total equity, $m
  61
  213
  242
  274
  308
  344
  381
  420
  461
  504
  549
  596
  644
  695
  747
  801
  858
  917
  978
  1,041
  1,108
  1,176
  1,248
  1,323
  1,401
  1,482
  1,567
  1,655
  1,747
  1,844
  1,945
Total liabilities and equity, $m
  1,974
  2,127
  2,424
  2,742
  3,079
  3,436
  3,810
  4,202
  4,613
  5,043
  5,491
  5,957
  6,441
  6,946
  7,469
  8,013
  8,579
  9,167
  9,778
  10,414
  11,076
  11,763
  12,481
  13,228
  14,007
  14,818
  15,666
  16,550
  17,473
  18,439
  19,448
Debt-to-equity ratio
  25.197
  7.240
  7.450
  7.630
  7.780
  7.910
  8.020
  8.110
  8.190
  8.260
  8.320
  8.370
  8.420
  8.460
  8.500
  8.530
  8.560
  8.590
  8.620
  8.640
  8.660
  8.680
  8.700
  8.720
  8.730
  8.750
  8.760
  8.770
  8.790
  8.800
  8.810
Adjusted equity ratio
  -0.034
  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
  178
  222
  280
  332
  388
  446
  508
  573
  640
  711
  785
  875
  955
  1,039
  1,125
  1,216
  1,309
  1,407
  1,508
  1,614
  1,724
  1,839
  1,958
  2,083
  2,213
  2,348
  2,490
  2,638
  2,793
  2,955
  3,124
Depreciation, amort., depletion, $m
  132
  153
  172
  192
  214
  236
  260
  285
  311
  339
  367
  379
  409
  442
  475
  509
  545
  583
  622
  662
  704
  748
  793
  841
  890
  942
  996
  1,052
  1,111
  1,172
  1,236
Funds from operations, $m
  382
  375
  453
  525
  602
  683
  768
  858
  952
  1,050
  1,152
  1,254
  1,365
  1,480
  1,600
  1,725
  1,855
  1,990
  2,130
  2,276
  2,428
  2,587
  2,752
  2,924
  3,103
  3,290
  3,486
  3,690
  3,904
  4,127
  4,361
Change in working capital, $m
  25
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
Cash from operations, $m
  357
  414
  480
  554
  632
  715
  802
  893
  989
  1,089
  1,193
  1,296
  1,409
  1,526
  1,648
  1,774
  1,906
  2,043
  2,185
  2,334
  2,488
  2,649
  2,817
  2,991
  3,174
  3,364
  3,563
  3,771
  3,988
  4,215
  4,452
Maintenance CAPEX, $m
  0
  -118
  -135
  -154
  -174
  -196
  -218
  -242
  -267
  -293
  -321
  -349
  -379
  -409
  -442
  -475
  -509
  -545
  -583
  -622
  -662
  -704
  -748
  -793
  -841
  -890
  -942
  -996
  -1,052
  -1,111
  -1,172
New CAPEX, $m
  -161
  -234
  -252
  -269
  -285
  -301
  -317
  -332
  -348
  -363
  -378
  -394
  -410
  -426
  -443
  -460
  -478
  -497
  -517
  -537
  -559
  -582
  -606
  -632
  -658
  -687
  -716
  -748
  -781
  -816
  -853
Cash from investing activities, $m
  -161
  -352
  -387
  -423
  -459
  -497
  -535
  -574
  -615
  -656
  -699
  -743
  -789
  -835
  -885
  -935
  -987
  -1,042
  -1,100
  -1,159
  -1,221
  -1,286
  -1,354
  -1,425
  -1,499
  -1,577
  -1,658
  -1,744
  -1,833
  -1,927
  -2,025
Free cash flow, $m
  196
  62
  93
  131
  173
  218
  267
  319
  374
  432
  494
  553
  620
  690
  763
  839
  918
  1,000
  1,086
  1,175
  1,267
  1,363
  1,463
  1,566
  1,675
  1,787
  1,904
  2,027
  2,155
  2,288
  2,427
Issuance/(repayment) of debt, $m
  0
  5
  268
  286
  303
  320
  337
  354
  370
  386
  403
  419
  436
  454
  471
  490
  509
  529
  550
  572
  595
  620
  645
  672
  701
  731
  763
  796
  831
  869
  908
Issuance/(repurchase) of shares, $m
  0
  85
  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  
  -7
  90
  268
  286
  303
  320
  337
  354
  370
  386
  403
  419
  436
  454
  471
  490
  509
  529
  550
  572
  595
  620
  645
  672
  701
  731
  763
  796
  831
  869
  908
Total cash flow (excl. dividends), $m
  190
  67
  361
  417
  476
  539
  604
  673
  744
  819
  897
  972
  1,057
  1,144
  1,235
  1,329
  1,427
  1,530
  1,636
  1,747
  1,862
  1,982
  2,108
  2,239
  2,375
  2,518
  2,667
  2,823
  2,986
  3,156
  3,335
Retained Cash Flow (-), $m
  -4
  -272
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -97
  -101
Prev. year cash balance distribution, $m
 
  120
  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
 
  0
  331
  385
  442
  503
  567
  633
  703
  776
  852
  926
  1,008
  1,094
  1,182
  1,275
  1,371
  1,471
  1,575
  1,683
  1,796
  1,914
  2,036
  2,164
  2,297
  2,437
  2,582
  2,734
  2,894
  3,060
  3,234
Discount rate, %
 
  11.50
  12.08
  12.68
  13.31
  13.98
  14.68
  15.41
  16.18
  16.99
  17.84
  18.73
  19.67
  20.65
  21.68
  22.77
  23.91
  25.10
  26.36
  27.68
  29.06
  30.51
  32.04
  33.64
  35.32
  37.09
  38.94
  40.89
  42.93
  45.08
  47.34
PV of cash for distribution, $m
 
  0
  263
  269
  268
  262
  249
  232
  212
  189
  165
  140
  117
  95
  76
  59
  44
  33
  23
  16
  11
  7
  5
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Cedar Fair, L.P. owns and operates amusement and water parks, and hotels in the United States and Canada. As of February 17, 2016, the company operated approximately 11 amusement parks, 3 outdoor water parks, 1 indoor water park, and 5 hotels. Its amusement parks include Cedar Point located on Lake Erie between Cleveland and Toledo in Sandusky, Ohio; Kings Island near Cincinnati, Ohio; Canada's Wonderland near Toronto, Canada; Dorney Park & Wildwater Kingdom located near Allentown in South Whitehall Township, Pennsylvania; Valleyfair located near Minneapolis/St. Paul in Shakopee, Minnesota; Michigan's Adventure located near Muskegon, Michigan; Kings Dominion located near Richmond, Virginia; Carowinds in Charlotte, North Carolina; Worlds of Fun located in Kansas City, Missouri; Knott's Berry Farm located near Los Angeles in Buena Park, California; and California's Great America located in Santa Clara, California. The company also manages and operates Gilroy Gardens Family Theme Park in Gilroy, California; and owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio, as well as three gated outdoor water parks. Cedar Fair Management, Inc. serves as the general partner of Cedar Fair, L.P. The company was founded in 1983 and is based in Sandusky, Ohio.

FINANCIAL RATIOS  of  Cedar Fair Dep Rec (FUN)

Valuation Ratios
P/E Ratio 22.3
Price to Sales 3.1
Price to Book 65
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 20.2
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio 41
Current Ratio 0
LT Debt to Equity 2514.8%
Total Debt to Equity 2519.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 301.7%
Return On Equity - 3 Yr. Avg. 178.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 91.7%
Gross Margin - 3 Yr. Avg. 91.6%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 31.1%
Operating Margin 24.6%
Oper. Margin - 3 Yr. Avg. 23.3%
Pre-Tax Margin 19.3%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 13.8%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 17.9%
Payout Ratio 105.1%

FUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FUN stock intrinsic value calculation we used $1289 million for the last fiscal year's total revenue generated by Cedar Fair Dep Rec. The default revenue input number comes from 2016 income statement of Cedar Fair Dep Rec. 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 FUN stock valuation model: a) initial revenue growth rate of 15% 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 11.5%, whose default value for FUN is calculated based on our internal credit rating of Cedar Fair Dep Rec, 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 Cedar Fair Dep Rec.
    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 FUN stock the variable cost ratio is equal to 60.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $199 million in the base year in the intrinsic value calculation for FUN 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 5.3% for Cedar Fair Dep Rec.

Corporate tax rate of 27% is the nominal tax rate for Cedar Fair Dep Rec. 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 FUN 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 FUN are equal to 121.3%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Cedar Fair Dep Rec 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 FUN is equal to -13%. 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 - $61 million for Cedar Fair Dep Rec - 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 56.059 million for Cedar Fair Dep Rec 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 Cedar Fair Dep Rec at the current share price and the inputted number of shares is $4.0 billion.


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Stock chart of FUN Financial statements of FUN Annual reports of FUN
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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