Intrinsic value of Houlihan Lokey Cl A - HLI

Previous Close

$41.35

  Intrinsic Value

$138.63

stock screener

  Rating & Target

str. buy

+235%

  Value-price divergence*

+65%

Previous close

$41.35

 
Intrinsic value

$138.63

 
Up/down potential

+235%

 
Rating

str. buy

 
Value-price divergence*

+65%

Our model is not good at valuating stocks of financial companies, such as HLI.

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

We calculate the intrinsic value of HLI 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 2017), $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 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.65
  19.90
  18.41
  17.07
  15.86
  14.78
  13.80
  12.92
  12.13
  11.41
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
Revenue, $m
  872
  1,046
  1,238
  1,449
  1,679
  1,927
  2,193
  2,477
  2,777
  3,094
  3,427
  3,777
  4,142
  4,523
  4,921
  5,335
  5,765
  6,213
  6,678
  7,161
  7,663
  8,185
  8,728
  9,292
  9,879
  10,491
  11,127
  11,791
  12,483
  13,204
  13,957
Variable operating expenses, $m
 
  713
  835
  969
  1,114
  1,271
  1,439
  1,618
  1,808
  2,009
  2,220
  2,389
  2,620
  2,861
  3,112
  3,374
  3,646
  3,929
  4,223
  4,529
  4,847
  5,177
  5,520
  5,877
  6,248
  6,635
  7,038
  7,458
  7,895
  8,351
  8,828
Fixed operating expenses, $m
 
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
Total operating expenses, $m
  690
  804
  929
  1,065
  1,212
  1,372
  1,542
  1,724
  1,916
  2,120
  2,334
  2,506
  2,740
  2,984
  3,238
  3,503
  3,778
  4,064
  4,362
  4,671
  4,993
  5,326
  5,673
  6,034
  6,409
  6,800
  7,207
  7,631
  8,073
  8,533
  9,015
Operating income, $m
  182
  241
  310
  385
  467
  556
  651
  753
  860
  974
  1,094
  1,271
  1,403
  1,540
  1,683
  1,832
  1,987
  2,148
  2,315
  2,489
  2,670
  2,859
  3,054
  3,258
  3,470
  3,691
  3,920
  4,160
  4,410
  4,671
  4,943
EBITDA, $m
  191
  302
  372
  449
  533
  624
  722
  826
  936
  1,052
  1,175
  1,304
  1,438
  1,579
  1,725
  1,877
  2,036
  2,201
  2,373
  2,551
  2,736
  2,929
  3,129
  3,338
  3,554
  3,780
  4,016
  4,261
  4,517
  4,784
  5,062
Interest expense (income), $m
  2
  1
  6
  11
  17
  23
  30
  37
  45
  53
  62
  71
  80
  90
  101
  111
  123
  134
  147
  159
  172
  186
  200
  215
  230
  246
  263
  280
  298
  317
  337
Earnings before tax, $m
  178
  240
  304
  374
  450
  533
  621
  715
  815
  921
  1,032
  1,200
  1,322
  1,450
  1,582
  1,720
  1,864
  2,013
  2,169
  2,330
  2,498
  2,673
  2,854
  3,043
  3,240
  3,444
  3,657
  3,880
  4,112
  4,353
  4,606
Tax expense, $m
  70
  65
  82
  101
  122
  144
  168
  193
  220
  249
  279
  324
  357
  391
  427
  464
  503
  544
  586
  629
  674
  722
  771
  822
  875
  930
  988
  1,048
  1,110
  1,175
  1,244
Net income, $m
  108
  175
  222
  273
  329
  389
  453
  522
  595
  672
  753
  876
  965
  1,058
  1,155
  1,256
  1,361
  1,470
  1,583
  1,701
  1,824
  1,951
  2,084
  2,221
  2,365
  2,514
  2,670
  2,832
  3,001
  3,178
  3,362

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  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
  1,386
  1,302
  1,542
  1,805
  2,091
  2,400
  2,731
  3,084
  3,458
  3,853
  4,268
  4,703
  5,158
  5,633
  6,128
  6,643
  7,179
  7,737
  8,316
  8,917
  9,543
  10,193
  10,869
  11,572
  12,303
  13,064
  13,857
  14,684
  15,545
  16,443
  17,381
Adjusted assets (=assets-cash), $m
  1,086
  1,302
  1,542
  1,805
  2,091
  2,400
  2,731
  3,084
  3,458
  3,853
  4,268
  4,703
  5,158
  5,633
  6,128
  6,643
  7,179
  7,737
  8,316
  8,917
  9,543
  10,193
  10,869
  11,572
  12,303
  13,064
  13,857
  14,684
  15,545
  16,443
  17,381
Revenue / Adjusted assets
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
Average production assets, $m
  224
  269
  318
  372
  432
  495
  564
  636
  714
  795
  881
  971
  1,065
  1,163
  1,265
  1,371
  1,482
  1,597
  1,716
  1,840
  1,969
  2,104
  2,243
  2,388
  2,539
  2,696
  2,860
  3,030
  3,208
  3,393
  3,587
Working capital, $m
  0
  -360
  -426
  -499
  -578
  -663
  -754
  -852
  -955
  -1,064
  -1,179
  -1,299
  -1,425
  -1,556
  -1,693
  -1,835
  -1,983
  -2,137
  -2,297
  -2,463
  -2,636
  -2,816
  -3,002
  -3,196
  -3,398
  -3,609
  -3,828
  -4,056
  -4,294
  -4,542
  -4,801
Total debt, $m
  33
  164
  310
  470
  643
  831
  1,032
  1,246
  1,473
  1,713
  1,965
  2,229
  2,505
  2,793
  3,094
  3,407
  3,732
  4,070
  4,422
  4,787
  5,167
  5,561
  5,971
  6,398
  6,842
  7,304
  7,785
  8,287
  8,810
  9,355
  9,924
Total liabilities, $m
  659
  790
  936
  1,096
  1,269
  1,457
  1,658
  1,872
  2,099
  2,339
  2,591
  2,855
  3,131
  3,419
  3,720
  4,033
  4,358
  4,696
  5,048
  5,413
  5,793
  6,187
  6,597
  7,024
  7,468
  7,930
  8,411
  8,913
  9,436
  9,981
  10,550
Total equity, $m
  727
  512
  606
  709
  822
  943
  1,073
  1,212
  1,359
  1,514
  1,677
  1,848
  2,027
  2,214
  2,408
  2,611
  2,822
  3,041
  3,268
  3,505
  3,750
  4,006
  4,271
  4,548
  4,835
  5,134
  5,446
  5,771
  6,109
  6,462
  6,831
Total liabilities and equity, $m
  1,386
  1,302
  1,542
  1,805
  2,091
  2,400
  2,731
  3,084
  3,458
  3,853
  4,268
  4,703
  5,158
  5,633
  6,128
  6,644
  7,180
  7,737
  8,316
  8,918
  9,543
  10,193
  10,868
  11,572
  12,303
  13,064
  13,857
  14,684
  15,545
  16,443
  17,381
Debt-to-equity ratio
  0.045
  0.320
  0.510
  0.660
  0.780
  0.880
  0.960
  1.030
  1.080
  1.130
  1.170
  1.210
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.440
  1.440
  1.450
  1.450
Adjusted equity ratio
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  175
  222
  273
  329
  389
  453
  522
  595
  672
  753
  876
  965
  1,058
  1,155
  1,256
  1,361
  1,470
  1,583
  1,701
  1,824
  1,951
  2,084
  2,221
  2,365
  2,514
  2,670
  2,832
  3,001
  3,178
  3,362
Depreciation, amort., depletion, $m
  9
  61
  63
  64
  66
  68
  71
  73
  76
  78
  81
  32
  35
  39
  42
  46
  49
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  101
  107
  113
  120
Funds from operations, $m
  304
  236
  284
  337
  395
  457
  524
  595
  671
  751
  835
  909
  1,001
  1,097
  1,197
  1,302
  1,410
  1,523
  1,640
  1,762
  1,889
  2,021
  2,158
  2,301
  2,449
  2,604
  2,765
  2,933
  3,108
  3,291
  3,482
Change in working capital, $m
  75
  -60
  -66
  -73
  -79
  -85
  -91
  -97
  -103
  -109
  -115
  -120
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -219
  -228
  -238
  -248
  -259
Cash from operations, $m
  229
  296
  350
  410
  474
  543
  616
  693
  774
  860
  949
  1,029
  1,126
  1,228
  1,334
  1,444
  1,558
  1,677
  1,800
  1,929
  2,062
  2,201
  2,345
  2,495
  2,652
  2,814
  2,984
  3,161
  3,346
  3,539
  3,741
Maintenance CAPEX, $m
  0
  -7
  -9
  -11
  -12
  -14
  -17
  -19
  -21
  -24
  -27
  -29
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
New CAPEX, $m
  -14
  -45
  -49
  -54
  -59
  -64
  -68
  -73
  -77
  -81
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -185
  -193
Cash from investing activities, $m
  -2
  -52
  -58
  -65
  -71
  -78
  -85
  -92
  -98
  -105
  -113
  -119
  -126
  -133
  -141
  -148
  -157
  -164
  -173
  -181
  -190
  -200
  -209
  -220
  -231
  -242
  -254
  -266
  -279
  -292
  -306
Free cash flow, $m
  227
  244
  292
  345
  402
  464
  531
  601
  676
  755
  837
  910
  1,000
  1,095
  1,193
  1,295
  1,402
  1,513
  1,628
  1,747
  1,872
  2,001
  2,135
  2,275
  2,421
  2,573
  2,731
  2,896
  3,068
  3,247
  3,434
Issuance/(repayment) of debt, $m
  -41
  131
  145
  160
  174
  188
  201
  214
  227
  240
  252
  264
  276
  288
  300
  313
  325
  338
  352
  365
  380
  395
  410
  427
  444
  462
  481
  502
  523
  545
  569
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  
  158
  131
  145
  160
  174
  188
  201
  214
  227
  240
  252
  264
  276
  288
  300
  313
  325
  338
  352
  365
  380
  395
  410
  427
  444
  462
  481
  502
  523
  545
  569
Total cash flow (excl. dividends), $m
  382
  375
  437
  505
  576
  652
  732
  815
  903
  994
  1,089
  1,174
  1,276
  1,383
  1,493
  1,608
  1,727
  1,851
  1,979
  2,113
  2,251
  2,395
  2,546
  2,702
  2,865
  3,035
  3,212
  3,397
  3,590
  3,792
  4,003
Retained Cash Flow (-), $m
  -76
  -85
  -94
  -103
  -113
  -121
  -130
  -139
  -147
  -155
  -163
  -171
  -179
  -187
  -195
  -203
  -211
  -219
  -228
  -236
  -246
  -255
  -266
  -276
  -287
  -299
  -312
  -325
  -339
  -353
  -368
Prev. year cash balance distribution, $m
 
  300
  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
 
  590
  343
  401
  464
  531
  602
  677
  756
  839
  926
  1,003
  1,098
  1,196
  1,299
  1,406
  1,517
  1,632
  1,752
  1,876
  2,005
  2,140
  2,280
  2,426
  2,577
  2,736
  2,900
  3,072
  3,252
  3,439
  3,635
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
 
  566
  314
  349
  382
  411
  437
  457
  472
  482
  485
  476
  468
  455
  436
  413
  385
  355
  323
  289
  255
  221
  189
  159
  131
  106
  85
  66
  50
  38
  27
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

Houlihan Lokey, Inc. is a global independent investment bank that focuses on mergers and acquisitions (M&A), capital markets, financial restructuring, valuation, and strategic consulting. The Company operates through four segments: Corporate Finance, Financial Restructuring, Financial Advisory Services and Strategic Consulting. The Company provides financial professionals with an integrated platform that enables them to deliver advice to its clients. The Corporate Finance activities include two categories: M&A and capital markets advisory. The Financial Advisory Services segment includes financial opinions, and a range of valuation and financial consulting services in the United States. The Financial Restructuring segment provides advice to debtors and creditors. The Strategic Consulting segment thinks beyond traditional business models to help companies compete in new ways and exploit opportunities to achieve profitable growth.

FINANCIAL RATIOS  of  Houlihan Lokey Cl A (HLI)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 3.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 12.7
Growth Rates
Sales Growth Rate 25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.6%
Cap. Spend. - 3 Yr. Gr. Rate 47.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.5%
Total Debt to Equity 4.5%
Interest Coverage 90
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 14.5%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 20.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 20.4%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 39.3%
Eff/ Tax Rate - 3 Yr. Avg. 41.1%
Payout Ratio 50.9%

HLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HLI stock intrinsic value calculation we used $872 million for the last fiscal year's total revenue generated by Houlihan Lokey Cl A. The default revenue input number comes from 2017 income statement of Houlihan Lokey Cl A. 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 HLI stock valuation model: a) initial revenue growth rate of 19.9% 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 HLI is calculated based on our internal credit rating of Houlihan Lokey Cl A, 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 Houlihan Lokey Cl A.
    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 HLI stock the variable cost ratio is equal to 69.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for HLI 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 3.6% for Houlihan Lokey Cl A.

Corporate tax rate of 27% is the nominal tax rate for Houlihan Lokey Cl A. 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 HLI 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 HLI are equal to 25.7%.

Life of production assets of 82.6 years is the average useful life of capital assets used in Houlihan Lokey Cl A 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 HLI is equal to -34.4%. 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 - $727 million for Houlihan Lokey Cl A - 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 67.385 million for Houlihan Lokey Cl A 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 Houlihan Lokey Cl A at the current share price and the inputted number of shares is $2.8 billion.

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▶ White Oak Acquires Capital Business Credit   [Dec-15-16 01:00PM  Business Wire]
▶ Should You Buy Houlihan Lokey Inc (HLI)?   [Dec-09-16 07:37PM  at Insider Monkey]
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Financial statements of HLI
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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