Intrinsic value of Hudson Technologies - HDSN

Previous Close

$5.91

  Intrinsic Value

$47.88

stock screener

  Rating & Target

str. buy

+710%

Previous close

$5.91

 
Intrinsic value

$47.88

 
Up/down potential

+710%

 
Rating

str. buy

We calculate the intrinsic value of HDSN 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 0.2

 

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, %
  31.25
  48.60
  44.24
  40.32
  36.78
  33.61
  30.75
  28.17
  25.85
  23.77
  21.89
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
Revenue, $m
  105
  156
  225
  316
  432
  577
  755
  967
  1,217
  1,506
  1,836
  2,207
  2,620
  3,073
  3,567
  4,102
  4,675
  5,286
  5,935
  6,620
  7,341
  8,097
  8,888
  9,714
  10,575
  11,472
  12,405
  13,374
  14,382
  15,429
  16,518
Variable operating expenses, $m
 
  94
  135
  189
  259
  346
  452
  579
  729
  903
  1,100
  1,322
  1,569
  1,841
  2,137
  2,457
  2,800
  3,167
  3,555
  3,966
  4,398
  4,851
  5,324
  5,819
  6,335
  6,872
  7,431
  8,012
  8,616
  9,243
  9,895
Fixed operating expenses, $m
 
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
Total operating expenses, $m
  87
  120
  161
  216
  287
  374
  481
  609
  759
  934
  1,132
  1,355
  1,603
  1,875
  2,172
  2,493
  2,837
  3,205
  3,594
  4,006
  4,439
  4,893
  5,367
  5,863
  6,380
  6,918
  7,479
  8,061
  8,666
  9,294
  9,947
Operating income, $m
  19
  37
  64
  100
  145
  203
  273
  358
  457
  573
  704
  852
  1,017
  1,198
  1,395
  1,608
  1,837
  2,081
  2,341
  2,614
  2,902
  3,205
  3,521
  3,851
  4,195
  4,553
  4,926
  5,314
  5,717
  6,135
  6,570
EBITDA, $m
  21
  40
  68
  105
  153
  213
  287
  375
  479
  599
  736
  891
  1,063
  1,251
  1,457
  1,680
  1,919
  2,174
  2,444
  2,730
  3,031
  3,346
  3,676
  4,021
  4,380
  4,754
  5,143
  5,548
  5,968
  6,405
  6,859
Interest expense (income), $m
  1
  0
  0
  1
  2
  3
  4
  5
  7
  9
  11
  13
  16
  19
  23
  26
  31
  35
  40
  45
  50
  55
  61
  67
  73
  80
  87
  94
  101
  109
  117
Earnings before tax, $m
  17
  37
  63
  99
  144
  201
  270
  353
  451
  564
  693
  839
  1,001
  1,178
  1,372
  1,582
  1,807
  2,047
  2,301
  2,570
  2,853
  3,149
  3,460
  3,784
  4,122
  4,473
  4,839
  5,220
  5,615
  6,026
  6,453
Tax expense, $m
  6
  10
  17
  27
  39
  54
  73
  95
  122
  152
  187
  227
  270
  318
  371
  427
  488
  553
  621
  694
  770
  850
  934
  1,022
  1,113
  1,208
  1,307
  1,409
  1,516
  1,627
  1,742
Net income, $m
  11
  27
  46
  72
  105
  146
  197
  258
  329
  412
  506
  612
  730
  860
  1,002
  1,155
  1,319
  1,494
  1,680
  1,876
  2,082
  2,299
  2,526
  2,762
  3,009
  3,266
  3,533
  3,810
  4,099
  4,399
  4,711

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  122
  131
  189
  265
  362
  484
  632
  811
  1,020
  1,263
  1,539
  1,850
  2,196
  2,576
  2,990
  3,438
  3,919
  4,431
  4,975
  5,549
  6,153
  6,787
  7,450
  8,143
  8,864
  9,616
  10,398
  11,211
  12,055
  12,933
  13,845
Adjusted assets (=assets-cash), $m
  88
  131
  189
  265
  362
  484
  632
  811
  1,020
  1,263
  1,539
  1,850
  2,196
  2,576
  2,990
  3,438
  3,919
  4,431
  4,975
  5,549
  6,153
  6,787
  7,450
  8,143
  8,864
  9,616
  10,398
  11,211
  12,055
  12,933
  13,845
Revenue / Adjusted assets
  1.193
  1.191
  1.190
  1.192
  1.193
  1.192
  1.195
  1.192
  1.193
  1.192
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
  1.193
Average production assets, $m
  11
  16
  24
  33
  45
  61
  79
  102
  128
  158
  193
  232
  275
  323
  375
  431
  491
  555
  623
  695
  771
  850
  933
  1,020
  1,110
  1,205
  1,302
  1,404
  1,510
  1,620
  1,734
Working capital, $m
  98
  78
  113
  158
  216
  289
  377
  484
  609
  753
  918
  1,104
  1,310
  1,537
  1,784
  2,051
  2,337
  2,643
  2,967
  3,310
  3,670
  4,049
  4,444
  4,857
  5,288
  5,736
  6,202
  6,687
  7,191
  7,715
  8,259
Total debt, $m
  0
  5
  12
  20
  31
  45
  62
  82
  106
  134
  165
  201
  240
  284
  331
  382
  437
  495
  557
  623
  691
  764
  839
  918
  1,001
  1,086
  1,175
  1,268
  1,364
  1,464
  1,568
Total liabilities, $m
  10
  15
  22
  30
  41
  55
  72
  92
  116
  144
  175
  211
  250
  294
  341
  392
  447
  505
  567
  633
  701
  774
  849
  928
  1,011
  1,096
  1,185
  1,278
  1,374
  1,474
  1,578
Total equity, $m
  112
  116
  167
  235
  321
  429
  560
  718
  904
  1,119
  1,364
  1,639
  1,945
  2,282
  2,649
  3,046
  3,472
  3,926
  4,408
  4,916
  5,452
  6,013
  6,601
  7,214
  7,854
  8,520
  9,212
  9,933
  10,681
  11,459
  12,267
Total liabilities and equity, $m
  122
  131
  189
  265
  362
  484
  632
  810
  1,020
  1,263
  1,539
  1,850
  2,195
  2,576
  2,990
  3,438
  3,919
  4,431
  4,975
  5,549
  6,153
  6,787
  7,450
  8,142
  8,865
  9,616
  10,397
  11,211
  12,055
  12,933
  13,845
Debt-to-equity ratio
  0.000
  0.040
  0.070
  0.090
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
  0.130
Adjusted equity ratio
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  27
  46
  72
  105
  146
  197
  258
  329
  412
  506
  612
  730
  860
  1,002
  1,155
  1,319
  1,494
  1,680
  1,876
  2,082
  2,299
  2,526
  2,762
  3,009
  3,266
  3,533
  3,810
  4,099
  4,399
  4,711
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  8
  10
  13
  17
  21
  26
  32
  39
  46
  54
  62
  72
  82
  93
  104
  116
  128
  142
  156
  170
  185
  201
  217
  234
  252
  270
  289
Funds from operations, $m
  3
  30
  50
  78
  113
  157
  210
  275
  351
  438
  538
  651
  776
  914
  1,064
  1,227
  1,401
  1,586
  1,784
  1,992
  2,211
  2,441
  2,681
  2,932
  3,194
  3,466
  3,750
  4,044
  4,351
  4,669
  5,000
Change in working capital, $m
  -6
  26
  35
  45
  58
  73
  89
  106
  125
  145
  165
  185
  206
  227
  247
  267
  287
  306
  324
  343
  360
  378
  396
  413
  431
  448
  466
  485
  504
  524
  544
Cash from operations, $m
  9
  4
  16
  32
  55
  84
  122
  168
  226
  294
  374
  466
  570
  687
  817
  959
  1,114
  1,281
  1,459
  1,649
  1,850
  2,063
  2,285
  2,519
  2,763
  3,018
  3,283
  3,560
  3,847
  4,145
  4,456
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -17
  -21
  -26
  -32
  -39
  -46
  -54
  -62
  -72
  -82
  -93
  -104
  -116
  -128
  -142
  -156
  -170
  -185
  -201
  -217
  -234
  -252
  -270
New CAPEX, $m
  -2
  -5
  -7
  -10
  -12
  -15
  -19
  -22
  -26
  -30
  -35
  -39
  -43
  -48
  -52
  -56
  -60
  -64
  -68
  -72
  -76
  -79
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
Cash from investing activities, $m
  -2
  -7
  -10
  -14
  -18
  -23
  -29
  -35
  -43
  -51
  -61
  -71
  -82
  -94
  -106
  -118
  -132
  -146
  -161
  -176
  -192
  -207
  -225
  -243
  -260
  -279
  -299
  -319
  -340
  -362
  -384
Free cash flow, $m
  7
  -3
  6
  19
  37
  61
  93
  133
  182
  242
  313
  394
  488
  594
  711
  841
  982
  1,135
  1,299
  1,473
  1,659
  1,855
  2,061
  2,277
  2,503
  2,739
  2,985
  3,241
  3,507
  3,784
  4,071
Issuance/(repayment) of debt, $m
  -25
  5
  7
  9
  11
  14
  17
  20
  24
  28
  32
  35
  39
  43
  47
  51
  55
  58
  62
  65
  69
  72
  76
  79
  82
  86
  89
  93
  96
  100
  104
Issuance/(repurchase) of shares, $m
  51
  11
  5
  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  
  25
  16
  12
  9
  11
  14
  17
  20
  24
  28
  32
  35
  39
  43
  47
  51
  55
  58
  62
  65
  69
  72
  76
  79
  82
  86
  89
  93
  96
  100
  104
Total cash flow (excl. dividends), $m
  33
  13
  17
  27
  48
  75
  110
  153
  206
  270
  344
  430
  528
  637
  759
  892
  1,037
  1,193
  1,361
  1,539
  1,728
  1,927
  2,136
  2,356
  2,585
  2,824
  3,074
  3,333
  3,603
  3,884
  4,175
Retained Cash Flow (-), $m
  -63
  -38
  -51
  -67
  -86
  -108
  -132
  -158
  -186
  -215
  -245
  -276
  -306
  -337
  -367
  -397
  -426
  -454
  -482
  -509
  -535
  -562
  -588
  -613
  -640
  -666
  -693
  -720
  -748
  -778
  -808
Prev. year cash balance distribution, $m
 
  34
  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
 
  9
  -34
  -40
  -38
  -33
  -22
  -5
  21
  55
  99
  154
  221
  300
  392
  495
  611
  739
  879
  1,030
  1,192
  1,365
  1,549
  1,742
  1,946
  2,159
  2,381
  2,613
  2,855
  3,106
  3,367
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
 
  9
  -31
  -35
  -32
  -25
  -16
  -3
  13
  31
  52
  73
  94
  114
  131
  145
  155
  161
  162
  159
  152
  141
  129
  114
  99
  84
  69
  56
  44
  34
  25
Current shareholders' claim on cash, %
  100
  94.0
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2
  92.2

Hudson Technologies, Inc. is a refrigerant services company. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants. In addition, the Company's SmartEnergy OPS service is a Web-based real time continuous monitoring service applicable to a facility's refrigeration systems and other energy systems. The Company's Chiller Chemistry and Chill Smart services are also predictive and diagnostic service offerings. The Company sells reclaimed and virgin (new) refrigerants to a variety of customers in various segments of the air conditioning and refrigeration industry, and sells industrial gases to a variety of industry segments.

FINANCIAL RATIOS  of  Hudson Technologies (HDSN)

Valuation Ratios
P/E Ratio 22.3
Price to Sales 2.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 27.2
Price to Free Cash Flow 35
Growth Rates
Sales Growth Rate 31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 18
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 7.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 29.5%
Gross Margin - 3 Yr. Avg. 20.9%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 16.2%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 40.9%
Payout Ratio 0%

HDSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HDSN stock intrinsic value calculation we used $105 million for the last fiscal year's total revenue generated by Hudson Technologies. The default revenue input number comes from 2016 income statement of Hudson Technologies. 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 HDSN stock valuation model: a) initial revenue growth rate of 48.6% 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 HDSN is calculated based on our internal credit rating of Hudson Technologies, 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 Hudson Technologies.
    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 HDSN stock the variable cost ratio is equal to 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $25 million in the base year in the intrinsic value calculation for HDSN 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 8% for Hudson Technologies.

Corporate tax rate of 27% is the nominal tax rate for Hudson Technologies. 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 HDSN 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 HDSN are equal to 10.5%.

Life of production assets of 6 years is the average useful life of capital assets used in Hudson Technologies 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 HDSN is equal to 50%. 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 - $112 million for Hudson Technologies - 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 41.638 million for Hudson Technologies 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 Hudson Technologies at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Should You Buy Hudson Technologies Inc (undefined:HDSN) Now?   [Dec-12-17 07:44AM  Simply Wall St.]
▶ Best-In-Class Undervalued Stocks   [08:02AM  Simply Wall St.]
▶ November Top Growth Companies   [Nov-10-17 11:02AM  Simply Wall St.]
▶ Hudson Tech tops 3Q profit forecasts   [Nov-08-17 05:30PM  Associated Press]
▶ Wall Street Rallies Ahead of Fed Minutes   [Oct-11-17 04:42PM  GuruFocus.com]
▶ Company News For Oct 11, 2017   [09:46AM  Zacks]
▶ At $7.53, Is It Time To Buy Hudson Technologies Inc (HDSN)?   [Oct-06-17 10:19AM  Simply Wall St.]
▶ Why Shares of Hudson Technologies, Inc. Popped 31% Today   [Aug-10-17 12:02PM  Motley Fool]
▶ Hudson Tech tops Street 2Q forecasts   [Aug-09-17 10:10PM  Associated Press]
▶ Hudson Tech beats 1Q profit forecasts   [May-03-17 05:39PM  Associated Press]
▶ Hudson Tech reports 4Q loss   [Mar-01-17 05:24PM  Associated Press]
▶ The 10 Best Stocks in the Nasdaq in 2016   [Jan-15-17 07:42AM  at Motley Fool]
▶ 4 stocks to watch   [Nov-08-16 12:51PM  at MarketWatch]
Financial statements of HDSN
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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