Intrinsic value of Huttig Building Products - HBP

Previous Close

$5.36

  Intrinsic Value

$26.26

stock screener

  Rating & Target

str. buy

+390%

  Value-price divergence*

+267%

Previous close

$5.36

 
Intrinsic value

$26.26

 
Up/down potential

+390%

 
Rating

str. buy

 
Value-price divergence*

+267%

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

We calculate the intrinsic value of HBP 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 0.1

 

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, %
  8.18
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  714
  790
  870
  954
  1,042
  1,133
  1,227
  1,326
  1,428
  1,535
  1,645
  1,760
  1,880
  2,004
  2,133
  2,268
  2,408
  2,554
  2,706
  2,864
  3,029
  3,202
  3,382
  3,570
  3,766
  3,972
  4,187
  4,411
  4,647
  4,893
  5,151
Variable operating expenses, $m
 
  673
  741
  813
  887
  964
  1,045
  1,129
  1,216
  1,306
  1,401
  1,497
  1,599
  1,705
  1,815
  1,929
  2,048
  2,172
  2,301
  2,436
  2,577
  2,723
  2,877
  3,037
  3,204
  3,378
  3,561
  3,752
  3,952
  4,162
  4,381
Fixed operating expenses, $m
 
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  146
  150
  154
  158
  162
  166
  170
  174
  178
Total operating expenses, $m
  691
  760
  830
  905
  981
  1,060
  1,144
  1,230
  1,320
  1,412
  1,510
  1,609
  1,713
  1,822
  1,935
  2,052
  2,174
  2,301
  2,434
  2,572
  2,716
  2,866
  3,023
  3,187
  3,358
  3,536
  3,723
  3,918
  4,122
  4,336
  4,559
Operating income, $m
  23
  30
  40
  50
  61
  72
  84
  96
  109
  122
  136
  151
  167
  182
  199
  216
  234
  252
  272
  292
  313
  336
  359
  383
  409
  436
  464
  494
  525
  557
  591
EBITDA, $m
  27
  33
  43
  54
  65
  76
  88
  101
  114
  128
  142
  157
  172
  188
  205
  222
  241
  260
  279
  300
  322
  345
  369
  394
  420
  447
  476
  506
  538
  571
  606
Interest expense (income), $m
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
Earnings before tax, $m
  21
  28
  37
  47
  57
  68
  79
  90
  102
  115
  128
  143
  157
  172
  187
  204
  221
  238
  257
  276
  296
  317
  339
  363
  387
  412
  439
  467
  497
  527
  560
Tax expense, $m
  8
  8
  10
  13
  15
  18
  21
  24
  28
  31
  35
  39
  42
  46
  51
  55
  60
  64
  69
  75
  80
  86
  92
  98
  104
  111
  119
  126
  134
  142
  151
Net income, $m
  16
  20
  27
  34
  42
  49
  57
  66
  75
  84
  94
  104
  115
  126
  137
  149
  161
  174
  187
  201
  216
  232
  248
  265
  282
  301
  321
  341
  363
  385
  409

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  202
  224
  246
  270
  295
  320
  347
  375
  404
  434
  465
  498
  532
  567
  603
  642
  681
  722
  765
  810
  857
  906
  957
  1,010
  1,065
  1,124
  1,184
  1,248
  1,314
  1,384
  1,457
Adjusted assets (=assets-cash), $m
  202
  224
  246
  270
  295
  320
  347
  375
  404
  434
  465
  498
  532
  567
  603
  642
  681
  722
  765
  810
  857
  906
  957
  1,010
  1,065
  1,124
  1,184
  1,248
  1,314
  1,384
  1,457
Revenue / Adjusted assets
  3.535
  3.527
  3.537
  3.533
  3.532
  3.541
  3.536
  3.536
  3.535
  3.537
  3.538
  3.534
  3.534
  3.534
  3.537
  3.533
  3.536
  3.537
  3.537
  3.536
  3.534
  3.534
  3.534
  3.535
  3.536
  3.534
  3.536
  3.534
  3.537
  3.535
  3.535
Average production assets, $m
  21
  23
  25
  28
  30
  33
  36
  38
  41
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
Working capital, $m
  80
  89
  98
  108
  118
  128
  139
  150
  161
  173
  186
  199
  212
  226
  241
  256
  272
  289
  306
  324
  342
  362
  382
  403
  426
  449
  473
  498
  525
  553
  582
Total debt, $m
  56
  70
  85
  100
  116
  133
  150
  168
  187
  207
  227
  248
  270
  293
  317
  341
  367
  394
  422
  451
  481
  513
  546
  580
  616
  654
  694
  735
  778
  823
  871
Total liabilities, $m
  132
  145
  160
  175
  191
  208
  225
  243
  262
  282
  302
  323
  345
  368
  392
  416
  442
  469
  497
  526
  556
  588
  621
  655
  691
  729
  769
  810
  853
  898
  946
Total equity, $m
  71
  78
  86
  95
  103
  112
  122
  132
  142
  152
  163
  175
  187
  199
  212
  225
  239
  254
  269
  284
  301
  318
  336
  354
  374
  394
  416
  438
  461
  486
  511
Total liabilities and equity, $m
  203
  223
  246
  270
  294
  320
  347
  375
  404
  434
  465
  498
  532
  567
  604
  641
  681
  723
  766
  810
  857
  906
  957
  1,009
  1,065
  1,123
  1,185
  1,248
  1,314
  1,384
  1,457
Debt-to-equity ratio
  0.789
  0.890
  0.980
  1.060
  1.120
  1.180
  1.230
  1.280
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.490
  1.520
  1.540
  1.550
  1.570
  1.590
  1.600
  1.610
  1.630
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.690
  1.700
Adjusted equity ratio
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351
  0.351

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  16
  20
  27
  34
  42
  49
  57
  66
  75
  84
  94
  104
  115
  126
  137
  149
  161
  174
  187
  201
  216
  232
  248
  265
  282
  301
  321
  341
  363
  385
  409
Depreciation, amort., depletion, $m
  4
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
Funds from operations, $m
  3
  24
  31
  38
  46
  54
  62
  71
  80
  89
  99
  109
  120
  131
  143
  155
  168
  181
  195
  210
  225
  241
  258
  275
  293
  313
  333
  354
  376
  399
  424
Change in working capital, $m
  -14
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
Cash from operations, $m
  17
  15
  22
  28
  36
  43
  51
  60
  68
  77
  87
  96
  107
  117
  128
  140
  152
  165
  178
  192
  206
  221
  237
  254
  271
  289
  308
  328
  349
  371
  395
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
New CAPEX, $m
  -4
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
Cash from investing activities, $m
  -21
  -4
  -4
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -11
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
Free cash flow, $m
  -4
  11
  17
  24
  30
  38
  45
  53
  62
  70
  79
  88
  98
  108
  119
  130
  142
  154
  166
  179
  193
  208
  223
  239
  255
  272
  291
  310
  330
  351
  373
Issuance/(repayment) of debt, $m
  5
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  4
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
Total cash flow (excl. dividends), $m
  0
  25
  32
  39
  46
  54
  63
  71
  80
  90
  99
  109
  120
  131
  143
  155
  167
  180
  194
  209
  224
  239
  256
  273
  291
  310
  330
  351
  373
  396
  420
Retained Cash Flow (-), $m
  -18
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
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
 
  18
  24
  31
  38
  45
  53
  62
  70
  79
  88
  98
  108
  119
  130
  141
  153
  166
  179
  193
  207
  222
  238
  254
  272
  290
  309
  329
  350
  372
  395
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  17
  21
  26
  30
  33
  36
  38
  39
  40
  40
  39
  38
  36
  34
  32
  29
  26
  23
  20
  17
  14
  11
  9
  7
  6
  4
  3
  2
  2
  1
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

Huttig Building Products, Inc., together with its subsidiaries, distributes millwork, building materials, and wood products for new residential construction, home improvement, remodeling, and repair work in the United States. It offers various millwork products, such as exterior and interior doors, pre-hung door units, windows, patio doors, mouldings, frames, stair parts, and columns under the Therma-Tru, Masonite, Woodgrain Doors HB&G, Simpson Door, Windsor Windows, and Rogue Valley Door brand names. The company also provides general building products, including roofing, siding, insulation, flashing, housewrap, connectors and fasteners, decking, railings, drywall, kitchen cabinets, and other miscellaneous building products under the Louisiana Pacific, Simpson Strong-Tie, Timbertech, AZEK, BP Roofing, Grace, Fiberon, RDI, Owens Corning, Typar, Atlas Roofing, Alpha Protech, and Maibec brand names; and wood products comprise engineered wood products, such as floor systems, as well as other wood products comprising lumber and wood panels. It markets and sells its products to building materials dealers; national buying groups; home centers; and industrial users, including makers of manufactured homes through 26 wholesale distribution centers serving 41 states. Huttig Building Products, Inc. was founded in 1885 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Huttig Building Products (HBP)

Valuation Ratios
P/E Ratio 8.6
Price to Sales 0.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 10.6
Growth Rates
Sales Growth Rate 8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 77.5%
Total Debt to Equity 78.9%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 14%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 25.8%
Return On Equity - 3 Yr. Avg. 33.3%
Asset Turnover 3.8
Profitability Ratios
Gross Margin 21.1%
Gross Margin - 3 Yr. Avg. 20.3%
EBITDA Margin 3.8%
EBITDA Margin - 3 Yr. Avg. 2.7%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin 2.2%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. -34.5%
Payout Ratio 0%

HBP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HBP stock intrinsic value calculation we used $714 million for the last fiscal year's total revenue generated by Huttig Building Products. The default revenue input number comes from 2016 income statement of Huttig Building Products. 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 HBP stock valuation model: a) initial revenue growth rate of 10.7% 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 5.3%, whose default value for HBP is calculated based on our internal credit rating of Huttig Building Products, 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 Huttig Building Products.
    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 HBP stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $85 million in the base year in the intrinsic value calculation for HBP 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 3.8% for Huttig Building Products.

Corporate tax rate of 27% is the nominal tax rate for Huttig Building Products. 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 HBP 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 HBP are equal to 2.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Huttig Building Products 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 HBP is equal to 11.3%. 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 - $71 million for Huttig Building Products - 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 25.736 million for Huttig Building Products 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 Huttig Building Products at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
BCC Boise Cascade 29.25 17.13  sell
BMCH BMC Stock Hold 19.95 4.40  str.sell
BLDR Builders First 15.82 13.31  hold
TREX Trex 73.76 87.91  buy
DOOR Masonite Inter 60.90 4.36  str.sell
HD Home Depot 149.67 107.85  sell

COMPANY NEWS

▶ Huttig posts 2Q profit   [Aug-01-17 10:48PM  Associated Press]
▶ Huttig Appoints West Region Vice President   [Jul-10-17 04:00PM  GlobeNewswire]
▶ Huttig Announces Strategic Partnership   [May-30-17 04:00PM  GlobeNewswire]
▶ Huttig Announces Made in the USA Fastener Selection   [May-09-17 11:00AM  GlobeNewswire]
▶ Huttig reports 1Q loss   [May-01-17 05:14PM  Associated Press]
▶ Huttig Announces Partnership with Duchesne   [11:00AM  GlobeNewswire]
▶ Huttig Announces National Distribution Agreement   [Apr-28-17 01:00PM  GlobeNewswire]
▶ Huttig reports 4Q loss   [Mar-01-17 06:08PM  Associated Press]
▶ Huttig posts lower profit as sales rise   [04:30PM  at bizjournals.com]
▶ Huttig posts lower profit as sales rise   [04:30PM  American City Business Journals]
▶ Huttig Hires New General Manager for Dallas   [05:30PM  GlobeNewswire]
▶ CFO Moves: Molson Coors Brewing, Visteon, Huttig Building Products   [Mar-31-16 05:37PM  at The Wall Street Journal]
▶ Huttig names new CFO   [08:25AM  at bizjournals.com]
▶ Huttig Appoints Chief Financial Officer   [01:05AM  Marketwired]
▶ Huttig Appoints New Board Member   [03:00PM  Marketwired]
▶ Huttig board shake-up amid conflict with former parent company   [Dec-04  05:50PM  at bizjournals.com]
▶ Huttigs profit, sales rise in Q3   [Oct-29  06:35PM  at bizjournals.com]
▶ 10-Q for Huttig Building Products, Inc.   [Aug-01  08:09PM  at Company Spotlight]
Stock chart of HBP Financial statements of HBP
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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