Intrinsic value of H&E Equipment Services - HEES

Previous Close

$20.86

  Intrinsic Value

$8.71

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

-51%

Previous close

$20.86

 
Intrinsic value

$8.71

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

-51%

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

We calculate the intrinsic value of HEES 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 0.7

 

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, %
  -5.96
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  978
  998
  1,021
  1,047
  1,076
  1,109
  1,145
  1,184
  1,226
  1,271
  1,320
  1,372
  1,428
  1,487
  1,550
  1,617
  1,688
  1,763
  1,842
  1,926
  2,015
  2,108
  2,206
  2,310
  2,420
  2,535
  2,656
  2,784
  2,918
  3,059
  3,208
Variable operating expenses, $m
 
  724
  741
  760
  781
  805
  830
  859
  889
  922
  957
  992
  1,032
  1,075
  1,121
  1,169
  1,220
  1,274
  1,332
  1,392
  1,456
  1,524
  1,595
  1,670
  1,749
  1,832
  1,920
  2,012
  2,109
  2,211
  2,319
Fixed operating expenses, $m
 
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  217
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  314
  321
  329
  338
Total operating expenses, $m
  867
  889
  910
  933
  959
  987
  1,017
  1,050
  1,085
  1,123
  1,163
  1,203
  1,249
  1,297
  1,348
  1,402
  1,459
  1,519
  1,583
  1,649
  1,720
  1,794
  1,872
  1,954
  2,040
  2,130
  2,226
  2,326
  2,430
  2,540
  2,657
Operating income, $m
  111
  108
  111
  114
  117
  122
  127
  134
  140
  148
  157
  169
  179
  190
  202
  215
  229
  244
  260
  276
  295
  314
  334
  356
  379
  404
  430
  458
  487
  519
  551
EBITDA, $m
  301
  214
  218
  224
  231
  239
  248
  258
  269
  282
  295
  310
  326
  343
  361
  381
  402
  424
  448
  474
  501
  530
  561
  593
  627
  664
  703
  743
  786
  832
  880
Interest expense (income), $m
  52
  51
  53
  55
  57
  59
  61
  64
  67
  70
  73
  77
  80
  84
  89
  93
  98
  103
  109
  115
  121
  127
  134
  141
  149
  157
  165
  174
  184
  193
  204
Earnings before tax, $m
  59
  57
  58
  59
  61
  63
  66
  70
  74
  79
  84
  93
  99
  106
  113
  122
  131
  140
  151
  162
  174
  187
  200
  215
  231
  247
  265
  284
  304
  325
  348
Tax expense, $m
  22
  15
  16
  16
  16
  17
  18
  19
  20
  21
  23
  25
  27
  29
  31
  33
  35
  38
  41
  44
  47
  50
  54
  58
  62
  67
  72
  77
  82
  88
  94
Net income, $m
  37
  42
  42
  43
  44
  46
  48
  51
  54
  57
  61
  68
  72
  77
  83
  89
  95
  102
  110
  118
  127
  136
  146
  157
  168
  180
  193
  207
  222
  237
  254

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  1,242
  1,268
  1,297
  1,330
  1,367
  1,409
  1,454
  1,504
  1,558
  1,615
  1,677
  1,744
  1,814
  1,890
  1,970
  2,055
  2,145
  2,240
  2,341
  2,447
  2,560
  2,679
  2,804
  2,936
  3,075
  3,221
  3,375
  3,537
  3,708
  3,888
  4,076
Adjusted assets (=assets-cash), $m
  1,234
  1,268
  1,297
  1,330
  1,367
  1,409
  1,454
  1,504
  1,558
  1,615
  1,677
  1,744
  1,814
  1,890
  1,970
  2,055
  2,145
  2,240
  2,341
  2,447
  2,560
  2,679
  2,804
  2,936
  3,075
  3,221
  3,375
  3,537
  3,708
  3,888
  4,076
Revenue / Adjusted assets
  0.793
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
Average production assets, $m
  1,003
  1,022
  1,046
  1,073
  1,103
  1,137
  1,173
  1,213
  1,256
  1,303
  1,353
  1,407
  1,464
  1,524
  1,589
  1,658
  1,730
  1,807
  1,888
  1,974
  2,065
  2,161
  2,262
  2,368
  2,480
  2,598
  2,723
  2,853
  2,991
  3,136
  3,288
Working capital, $m
  0
  158
  161
  165
  170
  175
  181
  187
  194
  201
  209
  217
  226
  235
  245
  256
  267
  279
  291
  304
  318
  333
  349
  365
  382
  401
  420
  440
  461
  483
  507
Total debt, $m
  792
  815
  841
  870
  903
  940
  980
  1,024
  1,071
  1,123
  1,177
  1,236
  1,299
  1,365
  1,436
  1,511
  1,591
  1,676
  1,765
  1,859
  1,958
  2,064
  2,174
  2,291
  2,414
  2,544
  2,680
  2,823
  2,975
  3,133
  3,301
Total liabilities, $m
  1,099
  1,122
  1,148
  1,177
  1,210
  1,247
  1,287
  1,331
  1,378
  1,430
  1,484
  1,543
  1,606
  1,672
  1,743
  1,818
  1,898
  1,983
  2,072
  2,166
  2,265
  2,371
  2,481
  2,598
  2,721
  2,851
  2,987
  3,130
  3,282
  3,440
  3,608
Total equity, $m
  143
  146
  149
  153
  157
  162
  167
  173
  179
  186
  193
  201
  209
  217
  227
  236
  247
  258
  269
  281
  294
  308
  322
  338
  354
  370
  388
  407
  426
  447
  469
Total liabilities and equity, $m
  1,242
  1,268
  1,297
  1,330
  1,367
  1,409
  1,454
  1,504
  1,557
  1,616
  1,677
  1,744
  1,815
  1,889
  1,970
  2,054
  2,145
  2,241
  2,341
  2,447
  2,559
  2,679
  2,803
  2,936
  3,075
  3,221
  3,375
  3,537
  3,708
  3,887
  4,077
Debt-to-equity ratio
  5.538
  5.590
  5.640
  5.690
  5.740
  5.800
  5.860
  5.920
  5.980
  6.040
  6.100
  6.160
  6.220
  6.280
  6.340
  6.400
  6.450
  6.500
  6.560
  6.600
  6.650
  6.700
  6.740
  6.790
  6.830
  6.870
  6.900
  6.940
  6.980
  7.010
  7.040
Adjusted equity ratio
  0.116
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  42
  42
  43
  44
  46
  48
  51
  54
  57
  61
  68
  72
  77
  83
  89
  95
  102
  110
  118
  127
  136
  146
  157
  168
  180
  193
  207
  222
  237
  254
Depreciation, amort., depletion, $m
  190
  105
  108
  110
  113
  117
  120
  124
  129
  133
  138
  141
  146
  152
  159
  166
  173
  181
  189
  197
  206
  216
  226
  237
  248
  260
  272
  285
  299
  314
  329
Funds from operations, $m
  130
  147
  150
  153
  158
  163
  169
  175
  183
  191
  200
  208
  219
  230
  242
  255
  268
  283
  299
  316
  333
  352
  372
  394
  416
  440
  466
  493
  521
  551
  583
Change in working capital, $m
  -47
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  177
  144
  146
  149
  153
  158
  163
  169
  176
  184
  192
  200
  210
  220
  232
  244
  257
  271
  286
  302
  319
  338
  357
  377
  399
  422
  446
  472
  500
  529
  559
Maintenance CAPEX, $m
  0
  -100
  -102
  -105
  -107
  -110
  -114
  -117
  -121
  -126
  -130
  -135
  -141
  -146
  -152
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
  -314
New CAPEX, $m
  -203
  -20
  -24
  -27
  -30
  -33
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -152
Cash from investing activities, $m
  -114
  -120
  -126
  -132
  -137
  -143
  -151
  -157
  -164
  -173
  -180
  -188
  -198
  -207
  -217
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -349
  -366
  -384
  -403
  -423
  -444
  -466
Free cash flow, $m
  63
  24
  20
  18
  16
  14
  13
  12
  11
  11
  11
  11
  12
  13
  15
  17
  19
  21
  24
  28
  31
  35
  40
  45
  50
  56
  62
  69
  77
  85
  93
Issuance/(repayment) of debt, $m
  -22
  23
  26
  29
  33
  37
  40
  44
  47
  51
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
  167
Issuance/(repurchase) of shares, $m
  -1
  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  
  -23
  23
  26
  29
  33
  37
  40
  44
  47
  51
  55
  59
  63
  67
  71
  75
  80
  84
  89
  94
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
  167
Total cash flow (excl. dividends), $m
  40
  46
  46
  47
  49
  51
  53
  56
  59
  62
  66
  70
  75
  80
  86
  92
  98
  106
  113
  122
  131
  140
  151
  161
  173
  186
  199
  213
  228
  244
  260
Retained Cash Flow (-), $m
  0
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
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
 
  44
  43
  43
  45
  46
  48
  50
  53
  56
  59
  62
  67
  71
  76
  82
  88
  95
  102
  110
  118
  127
  136
  146
  157
  169
  181
  194
  208
  223
  239
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  39
  35
  31
  28
  25
  23
  20
  18
  15
  13
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

H&E Equipment Services, Inc. operates as an integrated equipment services company. The company rents, sells, and provides parts and service support for hi-lift or aerial work platform equipment, cranes, earthmoving equipment, and industrial lift trucks. It offers heavy construction and industrial equipment for rent on a daily, weekly, and monthly basis. As of December 31, 2016, the company’s rental fleet consisted of 28,753 pieces of equipment. It also sells new and used equipment and parts, as well as provides maintenance and repair services for the customers’ owned equipment. In addition, it provides ancillary equipment support activities, including transportation, hauling, parts shipping, and loss damage waivers. The company provides its services to industrial and commercial companies, construction contractors, manufacturers, public utilities, municipalities, and maintenance contractors, as well as for other industrial accounts. It has a network of 78 full-service facilities serving approximately 38,800 customers across 22 states in the West Coast, Intermountain, Southwest, Gulf Coast, Southeast, and Mid-Atlantic regions of the United States. H&E Equipment Services, Inc. was founded in 1961 and is headquartered in Baton Rouge, Louisiana.

FINANCIAL RATIOS  of  H&E Equipment Services (HEES)

Valuation Ratios
P/E Ratio 20
Price to Sales 0.8
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow -28.5
Growth Rates
Sales Growth Rate -6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.5%
Cap. Spend. - 3 Yr. Gr. Rate -7.3%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 439.9%
Total Debt to Equity 553.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 25.9%
Return On Equity - 3 Yr. Avg. 35.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 34.4%
Gross Margin - 3 Yr. Avg. 33.2%
EBITDA Margin 30.8%
EBITDA Margin - 3 Yr. Avg. 29.9%
Operating Margin 11.3%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 40.1%
Payout Ratio 105.4%

HEES stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HEES stock intrinsic value calculation we used $978 million for the last fiscal year's total revenue generated by H&E Equipment Services. The default revenue input number comes from 2016 income statement of H&E Equipment Services. 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 HEES stock valuation model: a) initial revenue growth rate of 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 10.4%, whose default value for HEES is calculated based on our internal credit rating of H&E Equipment Services, 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 H&E Equipment Services.
    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 HEES stock the variable cost ratio is equal to 72.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $161 million in the base year in the intrinsic value calculation for HEES 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 6.5% for H&E Equipment Services.

Corporate tax rate of 27% is the nominal tax rate for H&E Equipment Services. 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 HEES 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 HEES are equal to 102.5%.

Life of production assets of 10 years is the average useful life of capital assets used in H&E Equipment Services 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 HEES is equal to 15.8%. 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 - $143 million for H&E Equipment Services - 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 34.625 million for H&E Equipment Services 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 H&E Equipment Services at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
NEFF Neff Cl A 24.85 4.81  str.sell
URI United Rentals 111.86 104.52  hold
HRI Herc Holdings 36.73 5.79  str.sell
MIND Mitcham Indust 3.12 1.58  str.sell
MNTX Manitex Intern 8.33 0.18  str.sell

COMPANY NEWS

▶ United Rentals: It Remains to Be Seen   [11:35AM  Barrons.com]
▶ Asian stocks rise after Koreas, US make diplomatic overtures   [Aug-14-17 11:26PM  Associated Press]
▶ Why Neff Corp. Stock Jumped 19% Today   [06:22PM  Motley Fool]
▶ H&E Equipment posts 2Q profit   [Jul-27-17 10:28PM  Associated Press]
▶ H&E Equipment to buy Neff for about $1.2 bln   [Jul-14-17 09:46AM  Reuters]
▶ These 3 Dividend Stocks Could Slash Their Payouts   [Jun-21-17 03:29PM  Motley Fool]
▶ H&E Equipment Services Reports Quarterly Cash Dividend   [May-22-17 08:00AM  Business Wire]
▶ Why H&E Equipment Services Stock Dropped 12%   [Apr-27-17 05:00PM  Motley Fool]
▶ H&E Equipment posts 1Q profit   [08:58AM  Associated Press]
▶ New Strong Sell Stocks for April 25th   [Apr-25-17 10:10AM  Zacks]
▶ H&E Equipment posts 4Q profit   [07:26AM  Associated Press]
▶ Is H&E Equipment Services, Inc. (HEES) A Good Stock To Buy?   [Dec-04-16 09:46PM  at Insider Monkey]
Stock chart of HEES Financial statements of HEES
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.