Intrinsic value of Huntington Ingalls Industries - HII

Previous Close

$236.88

  Intrinsic Value

$341.33

stock screener

  Rating & Target

buy

+44%

Previous close

$236.88

 
Intrinsic value

$341.33

 
Up/down potential

+44%

 
Rating

buy

We calculate the intrinsic value of HII 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  0.68
  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
  7,068
  7,824
  8,617
  9,446
  10,310
  11,211
  12,149
  13,125
  14,139
  15,193
  16,288
  17,426
  18,609
  19,839
  21,118
  22,450
  23,836
  25,279
  26,784
  28,352
  29,988
  31,695
  33,477
  35,339
  37,285
  39,318
  41,445
  43,670
  45,998
  48,435
  50,987
Variable operating expenses, $m
 
  6,950
  7,642
  8,365
  9,120
  9,906
  10,724
  11,575
  12,460
  13,380
  14,335
  15,205
  16,237
  17,310
  18,427
  19,588
  20,798
  22,057
  23,370
  24,738
  26,166
  27,655
  29,210
  30,835
  32,532
  34,307
  36,163
  38,104
  40,135
  42,262
  44,489
Fixed operating expenses, $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
Total operating expenses, $m
  6,210
  6,950
  7,642
  8,365
  9,120
  9,906
  10,724
  11,575
  12,460
  13,380
  14,335
  15,205
  16,237
  17,310
  18,427
  19,588
  20,798
  22,057
  23,370
  24,738
  26,166
  27,655
  29,210
  30,835
  32,532
  34,307
  36,163
  38,104
  40,135
  42,262
  44,489
Operating income, $m
  858
  874
  975
  1,081
  1,191
  1,306
  1,425
  1,549
  1,679
  1,813
  1,953
  2,221
  2,372
  2,529
  2,692
  2,861
  3,038
  3,222
  3,414
  3,614
  3,822
  4,040
  4,267
  4,504
  4,752
  5,011
  5,283
  5,566
  5,863
  6,174
  6,499
EBITDA, $m
  1,044
  1,140
  1,255
  1,376
  1,502
  1,633
  1,770
  1,912
  2,059
  2,213
  2,372
  2,538
  2,711
  2,890
  3,076
  3,270
  3,472
  3,682
  3,901
  4,130
  4,368
  4,617
  4,876
  5,148
  5,431
  5,727
  6,037
  6,361
  6,700
  7,055
  7,427
Interest expense (income), $m
  71
  72
  100
  129
  160
  192
  226
  261
  297
  335
  374
  415
  457
  501
  547
  594
  644
  695
  749
  805
  864
  924
  988
  1,054
  1,124
  1,196
  1,272
  1,351
  1,434
  1,520
  1,611
Earnings before tax, $m
  784
  802
  875
  951
  1,031
  1,113
  1,199
  1,289
  1,382
  1,478
  1,579
  1,807
  1,915
  2,028
  2,145
  2,267
  2,394
  2,527
  2,665
  2,809
  2,959
  3,115
  3,279
  3,450
  3,629
  3,816
  4,011
  4,215
  4,429
  4,653
  4,888
Tax expense, $m
  211
  217
  236
  257
  278
  301
  324
  348
  373
  399
  426
  488
  517
  547
  579
  612
  646
  682
  719
  758
  799
  841
  885
  932
  980
  1,030
  1,083
  1,138
  1,196
  1,256
  1,320
Net income, $m
  573
  586
  639
  695
  752
  813
  876
  941
  1,009
  1,079
  1,153
  1,319
  1,398
  1,480
  1,566
  1,655
  1,748
  1,844
  1,945
  2,050
  2,160
  2,274
  2,394
  2,519
  2,649
  2,785
  2,928
  3,077
  3,233
  3,397
  3,568

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  720
  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
  6,352
  6,234
  6,866
  7,526
  8,215
  8,933
  9,681
  10,458
  11,266
  12,106
  12,978
  13,885
  14,828
  15,808
  16,827
  17,888
  18,993
  20,143
  21,341
  22,591
  23,895
  25,255
  26,675
  28,159
  29,709
  31,329
  33,024
  34,797
  36,652
  38,594
  40,627
Adjusted assets (=assets-cash), $m
  5,632
  6,234
  6,866
  7,526
  8,215
  8,933
  9,681
  10,458
  11,266
  12,106
  12,978
  13,885
  14,828
  15,808
  16,827
  17,888
  18,993
  20,143
  21,341
  22,591
  23,895
  25,255
  26,675
  28,159
  29,709
  31,329
  33,024
  34,797
  36,652
  38,594
  40,627
Revenue / Adjusted assets
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
Average production assets, $m
  2,428
  2,692
  2,964
  3,249
  3,547
  3,857
  4,179
  4,515
  4,864
  5,226
  5,603
  5,995
  6,402
  6,825
  7,265
  7,723
  8,199
  8,696
  9,214
  9,753
  10,316
  10,903
  11,516
  12,157
  12,826
  13,526
  14,257
  15,023
  15,823
  16,662
  17,540
Working capital, $m
  799
  86
  95
  104
  113
  123
  134
  144
  156
  167
  179
  192
  205
  218
  232
  247
  262
  278
  295
  312
  330
  349
  368
  389
  410
  433
  456
  480
  506
  533
  561
Total debt, $m
  1,278
  1,779
  2,305
  2,856
  3,431
  4,029
  4,653
  5,301
  5,975
  6,675
  7,403
  8,159
  8,945
  9,763
  10,613
  11,498
  12,419
  13,378
  14,378
  15,420
  16,507
  17,642
  18,826
  20,063
  21,356
  22,708
  24,121
  25,600
  27,147
  28,766
  30,462
Total liabilities, $m
  4,699
  5,200
  5,726
  6,277
  6,852
  7,450
  8,074
  8,722
  9,396
  10,096
  10,824
  11,580
  12,366
  13,184
  14,034
  14,919
  15,840
  16,799
  17,799
  18,841
  19,928
  21,063
  22,247
  23,484
  24,777
  26,129
  27,542
  29,021
  30,568
  32,187
  33,883
Total equity, $m
  1,653
  1,035
  1,140
  1,249
  1,364
  1,483
  1,607
  1,736
  1,870
  2,010
  2,154
  2,305
  2,461
  2,624
  2,793
  2,969
  3,153
  3,344
  3,543
  3,750
  3,967
  4,192
  4,428
  4,674
  4,932
  5,201
  5,482
  5,776
  6,084
  6,407
  6,744
Total liabilities and equity, $m
  6,352
  6,235
  6,866
  7,526
  8,216
  8,933
  9,681
  10,458
  11,266
  12,106
  12,978
  13,885
  14,827
  15,808
  16,827
  17,888
  18,993
  20,143
  21,342
  22,591
  23,895
  25,255
  26,675
  28,158
  29,709
  31,330
  33,024
  34,797
  36,652
  38,594
  40,627
Debt-to-equity ratio
  0.773
  1.720
  2.020
  2.290
  2.520
  2.720
  2.900
  3.050
  3.190
  3.320
  3.440
  3.540
  3.630
  3.720
  3.800
  3.870
  3.940
  4.000
  4.060
  4.110
  4.160
  4.210
  4.250
  4.290
  4.330
  4.370
  4.400
  4.430
  4.460
  4.490
  4.520
Adjusted equity ratio
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  573
  586
  639
  695
  752
  813
  876
  941
  1,009
  1,079
  1,153
  1,319
  1,398
  1,480
  1,566
  1,655
  1,748
  1,844
  1,945
  2,050
  2,160
  2,274
  2,394
  2,519
  2,649
  2,785
  2,928
  3,077
  3,233
  3,397
  3,568
Depreciation, amort., depletion, $m
  186
  266
  280
  295
  311
  327
  345
  362
  381
  400
  420
  317
  339
  361
  384
  409
  434
  460
  487
  516
  546
  577
  609
  643
  679
  716
  754
  795
  837
  882
  928
Funds from operations, $m
  759
  851
  919
  990
  1,064
  1,140
  1,220
  1,303
  1,390
  1,479
  1,572
  1,636
  1,737
  1,841
  1,950
  2,064
  2,182
  2,305
  2,433
  2,566
  2,706
  2,851
  3,003
  3,162
  3,328
  3,501
  3,682
  3,872
  4,071
  4,278
  4,496
Change in working capital, $m
  -63
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
Cash from operations, $m
  822
  843
  910
  981
  1,054
  1,130
  1,210
  1,292
  1,378
  1,468
  1,560
  1,623
  1,724
  1,828
  1,936
  2,049
  2,166
  2,289
  2,416
  2,549
  2,688
  2,832
  2,983
  3,141
  3,306
  3,479
  3,659
  3,848
  4,045
  4,252
  4,468
Maintenance CAPEX, $m
  0
  -128
  -142
  -157
  -172
  -188
  -204
  -221
  -239
  -257
  -277
  -296
  -317
  -339
  -361
  -384
  -409
  -434
  -460
  -487
  -516
  -546
  -577
  -609
  -643
  -679
  -716
  -754
  -795
  -837
  -882
New CAPEX, $m
  -285
  -264
  -273
  -285
  -297
  -310
  -323
  -336
  -349
  -363
  -377
  -392
  -407
  -423
  -440
  -458
  -477
  -497
  -517
  -540
  -563
  -587
  -613
  -640
  -669
  -700
  -732
  -765
  -801
  -838
  -878
Cash from investing activities, $m
  -653
  -392
  -415
  -442
  -469
  -498
  -527
  -557
  -588
  -620
  -654
  -688
  -724
  -762
  -801
  -842
  -886
  -931
  -977
  -1,027
  -1,079
  -1,133
  -1,190
  -1,249
  -1,312
  -1,379
  -1,448
  -1,519
  -1,596
  -1,675
  -1,760
Free cash flow, $m
  169
  451
  495
  539
  585
  633
  683
  736
  791
  848
  907
  935
  999
  1,066
  1,135
  1,207
  1,281
  1,358
  1,439
  1,522
  1,609
  1,699
  1,793
  1,891
  1,994
  2,100
  2,212
  2,328
  2,449
  2,576
  2,709
Issuance/(repayment) of debt, $m
  0
  501
  527
  551
  575
  599
  623
  648
  674
  700
  728
  756
  786
  817
  850
  885
  921
  959
  1,000
  1,042
  1,087
  1,135
  1,184
  1,237
  1,293
  1,352
  1,413
  1,479
  1,547
  1,620
  1,696
Issuance/(repurchase) of shares, $m
  -194
  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  
  -245
  501
  527
  551
  575
  599
  623
  648
  674
  700
  728
  756
  786
  817
  850
  885
  921
  959
  1,000
  1,042
  1,087
  1,135
  1,184
  1,237
  1,293
  1,352
  1,413
  1,479
  1,547
  1,620
  1,696
Total cash flow (excl. dividends), $m
  -76
  952
  1,022
  1,090
  1,159
  1,232
  1,306
  1,384
  1,465
  1,548
  1,635
  1,692
  1,786
  1,883
  1,985
  2,091
  2,202
  2,318
  2,438
  2,564
  2,696
  2,834
  2,978
  3,129
  3,287
  3,452
  3,625
  3,806
  3,996
  4,196
  4,404
Retained Cash Flow (-), $m
  -163
  -102
  -105
  -110
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -156
  -163
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -246
  -257
  -269
  -281
  -294
  -308
  -322
  -338
Prev. year cash balance distribution, $m
 
  720
  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
 
  1,570
  917
  980
  1,045
  1,112
  1,182
  1,255
  1,330
  1,409
  1,490
  1,541
  1,629
  1,721
  1,816
  1,915
  2,019
  2,127
  2,239
  2,357
  2,480
  2,608
  2,742
  2,882
  3,029
  3,183
  3,344
  3,512
  3,689
  3,873
  4,067
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
 
  1,505
  840
  853
  860
  862
  858
  848
  832
  809
  781
  732
  695
  654
  610
  562
  513
  463
  412
  363
  315
  270
  228
  189
  154
  124
  98
  75
  57
  42
  31
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

Huntington Ingalls Industries, Inc. is a military shipbuilding company and a provider of professional services to partners in government and industry. The Company's business consists of the design, construction, repair and maintenance of nuclear-powered ships and non-nuclear ships for the United States Navy and coastal defense surface ships for the United States Coast Guard, as well as the refueling and overhaul and inactivation of nuclear-powered ships for the United States Navy. It operates through three segments: Ingalls Shipbuilding (Ingalls), Newport News Shipbuilding (Newport News) and Technical Solutions. Its Ingalls segment includes its non-nuclear ship design, construction, repair and maintenance businesses. Its Newport News includes all of its nuclear ship design, construction, overhaul, refueling, and repair and maintenance businesses. Its Technical Solutions segment provides a range of professional services to the governmental, energy, and oil and gas markets.

FINANCIAL RATIOS  of  Huntington Ingalls Industries (HII)

Valuation Ratios
P/E Ratio 19.1
Price to Sales 1.5
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 20.4
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.6%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 77.3%
Total Debt to Equity 77.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.9%
Return On Equity 36.5%
Return On Equity - 3 Yr. Avg. 29.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 20.8%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 17.1%

HII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HII stock intrinsic value calculation we used $7068 million for the last fiscal year's total revenue generated by Huntington Ingalls Industries. The default revenue input number comes from 2016 income statement of Huntington Ingalls Industries. 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 HII 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 4.3%, whose default value for HII is calculated based on our internal credit rating of Huntington Ingalls Industries, 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 Huntington Ingalls Industries.
    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 HII stock the variable cost ratio is equal to 89%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HII 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 5.6% for Huntington Ingalls Industries.

Corporate tax rate of 27% is the nominal tax rate for Huntington Ingalls Industries. 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 HII 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 HII are equal to 34.4%.

Life of production assets of 18.9 years is the average useful life of capital assets used in Huntington Ingalls Industries 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 HII is equal to 1.1%. 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 - $1653 million for Huntington Ingalls Industries - 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 45.991 million for Huntington Ingalls Industries 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 Huntington Ingalls Industries at the current share price and the inputted number of shares is $10.9 billion.

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COMPANY NEWS

▶ 3 Top Defense Stocks to Consider Buying Now   [Dec-07-17 07:46AM  Motley Fool]
▶ Is Huntington Ingalls Industries a Buy?   [Nov-21-17 08:02AM  Motley Fool]
▶ Huntington Ingalls beats 3Q profit forecasts   [07:29AM  Associated Press]
Financial statements of HII
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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