Intrinsic value of Green Brick Partners - GRBK

Previous Close

$9.45

  Intrinsic Value

$13.18

stock screener

  Rating & Target

buy

+40%

  Value-price divergence*

-133%

Previous close

$9.45

 
Intrinsic value

$13.18

 
Up/down potential

+40%

 
Rating

buy

 
Value-price divergence*

-133%

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

We calculate the intrinsic value of GRBK 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 0.4

 

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, %
  30.58
  41.40
  37.76
  34.48
  31.54
  28.88
  26.49
  24.34
  22.41
  20.67
  19.10
  17.69
  16.42
  15.28
  14.25
  13.33
  12.49
  11.74
  11.07
  10.46
  9.92
  9.43
  8.98
  8.58
  8.23
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
Revenue, $m
  380
  537
  740
  995
  1,309
  1,688
  2,135
  2,654
  3,249
  3,921
  4,670
  5,496
  6,398
  7,376
  8,427
  9,551
  10,744
  12,006
  13,335
  14,730
  16,191
  17,717
  19,308
  20,966
  22,691
  24,484
  26,348
  28,285
  30,298
  32,390
  34,565
Variable operating expenses, $m
 
  447
  616
  828
  1,089
  1,404
  1,776
  2,208
  2,703
  3,262
  3,885
  4,573
  5,324
  6,137
  7,012
  7,946
  8,939
  9,989
  11,095
  12,255
  13,471
  14,741
  16,065
  17,444
  18,879
  20,371
  21,922
  23,533
  25,208
  26,949
  28,758
Fixed operating expenses, $m
 
  17
  18
  18
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
Total operating expenses, $m
  333
  464
  634
  846
  1,108
  1,423
  1,796
  2,228
  2,724
  3,283
  3,907
  4,595
  5,347
  6,160
  7,036
  7,971
  8,964
  10,015
  11,122
  12,282
  13,499
  14,770
  16,094
  17,474
  18,910
  20,403
  21,954
  23,566
  25,242
  26,984
  28,794
Operating income, $m
  48
  73
  106
  149
  201
  264
  339
  426
  525
  637
  763
  901
  1,052
  1,216
  1,392
  1,580
  1,780
  1,991
  2,214
  2,447
  2,692
  2,948
  3,215
  3,492
  3,781
  4,082
  4,394
  4,719
  5,056
  5,407
  5,771
EBITDA, $m
  48
  73
  107
  149
  201
  264
  339
  426
  525
  638
  763
  902
  1,053
  1,216
  1,393
  1,581
  1,781
  1,992
  2,215
  2,449
  2,694
  2,950
  3,216
  3,494
  3,784
  4,084
  4,397
  4,722
  5,059
  5,410
  5,775
Interest expense (income), $m
  0
  2
  4
  6
  9
  12
  16
  21
  27
  34
  41
  50
  59
  69
  80
  91
  104
  117
  131
  146
  162
  178
  195
  213
  231
  250
  270
  291
  313
  335
  358
Earnings before tax, $m
  51
  71
  103
  143
  193
  252
  323
  404
  498
  604
  722
  851
  993
  1,147
  1,312
  1,488
  1,676
  1,874
  2,082
  2,301
  2,531
  2,770
  3,020
  3,280
  3,550
  3,832
  4,124
  4,428
  4,744
  5,072
  5,413
Tax expense, $m
  16
  19
  28
  39
  52
  68
  87
  109
  134
  163
  195
  230
  268
  310
  354
  402
  452
  506
  562
  621
  683
  748
  815
  886
  959
  1,035
  1,113
  1,195
  1,281
  1,369
  1,461
Net income, $m
  24
  52
  75
  104
  141
  184
  235
  295
  364
  441
  527
  622
  725
  837
  958
  1,087
  1,223
  1,368
  1,520
  1,680
  1,847
  2,022
  2,204
  2,394
  2,592
  2,797
  3,010
  3,232
  3,463
  3,702
  3,951

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  541
  715
  986
  1,326
  1,744
  2,247
  2,842
  3,534
  4,326
  5,221
  6,218
  7,318
  8,520
  9,822
  11,222
  12,717
  14,306
  15,986
  17,756
  19,614
  21,559
  23,591
  25,710
  27,917
  30,214
  32,602
  35,084
  37,663
  40,344
  43,129
  46,025
Adjusted assets (=assets-cash), $m
  506
  715
  986
  1,326
  1,744
  2,247
  2,842
  3,534
  4,326
  5,221
  6,218
  7,318
  8,520
  9,822
  11,222
  12,717
  14,306
  15,986
  17,756
  19,614
  21,559
  23,591
  25,710
  27,917
  30,214
  32,602
  35,084
  37,663
  40,344
  43,129
  46,025
Revenue / Adjusted assets
  0.751
  0.751
  0.751
  0.750
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
Average production assets, $m
  1
  1
  1
  1
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  10
  11
  12
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  32
  35
Working capital, $m
  0
  56
  78
  105
  137
  177
  224
  279
  341
  412
  490
  577
  672
  774
  885
  1,003
  1,128
  1,261
  1,400
  1,547
  1,700
  1,860
  2,027
  2,201
  2,383
  2,571
  2,767
  2,970
  3,181
  3,401
  3,629
Total debt, $m
  86
  101
  166
  247
  347
  467
  609
  775
  964
  1,178
  1,416
  1,679
  1,966
  2,277
  2,612
  2,969
  3,349
  3,751
  4,174
  4,618
  5,083
  5,568
  6,075
  6,602
  7,151
  7,722
  8,315
  8,932
  9,572
  10,238
  10,930
Total liabilities, $m
  156
  171
  236
  317
  417
  537
  679
  845
  1,034
  1,248
  1,486
  1,749
  2,036
  2,347
  2,682
  3,039
  3,419
  3,821
  4,244
  4,688
  5,153
  5,638
  6,145
  6,672
  7,221
  7,792
  8,385
  9,002
  9,642
  10,308
  11,000
Total equity, $m
  385
  544
  750
  1,009
  1,327
  1,710
  2,163
  2,690
  3,292
  3,973
  4,732
  5,569
  6,484
  7,474
  8,540
  9,678
  10,887
  12,166
  13,512
  14,926
  16,406
  17,953
  19,566
  21,245
  22,993
  24,810
  26,699
  28,662
  30,702
  32,821
  35,025
Total liabilities and equity, $m
  541
  715
  986
  1,326
  1,744
  2,247
  2,842
  3,535
  4,326
  5,221
  6,218
  7,318
  8,520
  9,821
  11,222
  12,717
  14,306
  15,987
  17,756
  19,614
  21,559
  23,591
  25,711
  27,917
  30,214
  32,602
  35,084
  37,664
  40,344
  43,129
  46,025
Debt-to-equity ratio
  0.223
  0.190
  0.220
  0.240
  0.260
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.692
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  52
  75
  104
  141
  184
  235
  295
  364
  441
  527
  622
  725
  837
  958
  1,087
  1,223
  1,368
  1,520
  1,680
  1,847
  2,022
  2,204
  2,394
  2,592
  2,797
  3,010
  3,232
  3,463
  3,702
  3,951
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Funds from operations, $m
  -64
  52
  75
  105
  141
  184
  236
  295
  364
  441
  527
  622
  726
  838
  959
  1,088
  1,224
  1,369
  1,522
  1,681
  1,849
  2,024
  2,206
  2,396
  2,594
  2,799
  3,013
  3,235
  3,466
  3,706
  3,955
Change in working capital, $m
  -57
  17
  21
  27
  33
  40
  47
  55
  62
  71
  79
  87
  95
  103
  110
  118
  125
  132
  140
  147
  153
  160
  167
  174
  181
  188
  196
  203
  211
  220
  228
Cash from operations, $m
  -7
  35
  54
  78
  108
  145
  189
  241
  301
  371
  449
  535
  631
  735
  848
  970
  1,099
  1,237
  1,382
  1,535
  1,696
  1,864
  2,039
  2,222
  2,413
  2,611
  2,817
  3,032
  3,254
  3,486
  3,727
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
New CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Free cash flow, $m
  -7
  35
  54
  77
  107
  144
  188
  240
  301
  370
  447
  534
  630
  734
  846
  968
  1,097
  1,234
  1,379
  1,532
  1,693
  1,860
  2,036
  2,219
  2,409
  2,607
  2,813
  3,027
  3,250
  3,481
  3,721
Issuance/(repayment) of debt, $m
  28
  50
  65
  81
  100
  120
  142
  165
  189
  214
  238
  263
  287
  311
  335
  357
  380
  402
  423
  444
  465
  486
  506
  528
  549
  571
  593
  616
  641
  666
  692
Issuance/(repurchase) of shares, $m
  0
  108
  130
  154
  178
  199
  218
  231
  239
  240
  232
  216
  189
  153
  107
  52
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  21
  158
  195
  235
  278
  319
  360
  396
  428
  454
  470
  479
  476
  464
  442
  409
  380
  402
  423
  444
  465
  486
  506
  528
  549
  571
  593
  616
  641
  666
  692
Total cash flow (excl. dividends), $m
  14
  193
  249
  313
  385
  464
  548
  637
  729
  823
  918
  1,013
  1,106
  1,198
  1,289
  1,377
  1,477
  1,636
  1,802
  1,976
  2,158
  2,346
  2,542
  2,746
  2,958
  3,178
  3,406
  3,644
  3,890
  4,147
  4,413
Retained Cash Flow (-), $m
  -25
  -159
  -206
  -259
  -318
  -383
  -453
  -527
  -603
  -681
  -759
  -837
  -915
  -991
  -1,065
  -1,138
  -1,209
  -1,279
  -1,347
  -1,414
  -1,480
  -1,546
  -1,613
  -1,680
  -1,748
  -1,817
  -1,889
  -1,963
  -2,040
  -2,120
  -2,204
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
 
  33
  43
  54
  67
  80
  95
  110
  126
  143
  159
  175
  192
  208
  223
  238
  268
  357
  456
  562
  677
  800
  930
  1,067
  1,210
  1,361
  1,517
  1,681
  1,850
  2,027
  2,209
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
 
  32
  39
  47
  55
  62
  69
  75
  79
  82
  83
  83
  82
  79
  75
  70
  68
  78
  84
  87
  86
  83
  77
  70
  62
  53
  44
  36
  29
  22
  17
Current shareholders' claim on cash, %
  100
  80.6
  66.9
  56.8
  49.4
  43.7
  39.4
  36.1
  33.6
  31.6
  30.1
  28.9
  28.1
  27.6
  27.2
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1
  27.1

Green Brick Partners, Inc. engages in the home building business in the United States. It operates through two segments, Homebuilding Services and Land Development. The company is involved in the land acquisition and development, entitlements, design, construction, marketing, and sale of various residential projects, such as town, single family, and luxury homes in master planned communities; development of lots for public and large private builders; and construction lending business. It owns or controls approximately 4,700 home sites in the Dallas and Atlanta. The company offers land development services under the Green Brick Communities brand name primarily through sales representatives and independent real estate brokers. Green Brick Partners, Inc. is based in Plano, Texas.

FINANCIAL RATIOS  of  Green Brick Partners (GRBK)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 1.2
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow -66.1
Price to Free Cash Flow -66.1
Growth Rates
Sales Growth Rate 30.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 2.9%
Total Debt to Equity 22.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 13.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 22.6%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 13.4%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 6.3%
Net Profit Margin - 3 Yr. Avg. 10.6%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. -4.1%
Payout Ratio 0%

GRBK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GRBK stock intrinsic value calculation we used $380 million for the last fiscal year's total revenue generated by Green Brick Partners. The default revenue input number comes from 2016 income statement of Green Brick 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 GRBK stock valuation model: a) initial revenue growth rate of 41.4% 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 GRBK is calculated based on our internal credit rating of Green Brick 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 Green Brick 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 GRBK stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $17 million in the base year in the intrinsic value calculation for GRBK 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 Green Brick Partners.

Corporate tax rate of 27% is the nominal tax rate for Green Brick 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 GRBK 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 GRBK are equal to 0.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Green Brick 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 GRBK is equal to 10.5%. 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 - $385 million for Green Brick 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 47.432 million for Green Brick 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 Green Brick Partners at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
NVR NVR 2,702.89 3,724.79  buy
KBH KB Home 22.34 65.01  str.buy
HOV Hovnanian Ente 2.05 0.80  str.sell
CHCI Comstock Holdi 1.95 5.74  str.buy
LGIH LGI Homes 45.72 35.36  hold
WLH William Lyon H 22.77 11.88  str.sell
DHI D.R. Horton 35.78 116.35  str.buy
MDC M.D.C. Holding 32.02 185.04  str.buy

COMPANY NEWS

▶ Green Brick Partners Expands into Colorado   [Aug-15-17 12:56PM  Marketwired]
▶ Green Brick Partners posts 2Q profit   [Aug-07-17 11:58PM  Associated Press]
▶ Green Brick Partners posts 1Q profit   [May-08-17 05:42PM  Associated Press]
▶ Green Brick Partners posts 4Q profit   [Mar-13-17 04:47PM  Associated Press]
▶ Public company bets $75 million on metro Atlanta housing market   [Apr-06-16 05:40PM  at bizjournals.com]
▶ Billionaire Dan Loebs Top Long-Term Holdings   [Apr-04-16 12:05PM  at Insider Monkey]
Stock chart of GRBK Financial statements of GRBK
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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