Intrinsic value of Horace Mann Educators - HMN

Previous Close

$37.65

  Intrinsic Value

$131.87

stock screener

  Rating & Target

str. buy

+250%

  Value-price divergence*

-58%

Previous close

$37.65

 
Intrinsic value

$131.87

 
Up/down potential

+250%

 
Rating

str. buy

 
Value-price divergence*

-58%

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

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

We calculate the intrinsic value of HMN 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 1.5

 

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, %
  3.64
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  0
  1,176
  1,216
  1,259
  1,306
  1,356
  1,409
  1,466
  1,527
  1,591
  1,660
  1,732
  1,809
  1,890
  1,976
  2,067
  2,162
  2,263
  2,370
  2,482
  2,600
  2,724
  2,855
  2,993
  3,138
  3,290
  3,450
  3,619
  3,796
  3,982
  4,178
Variable operating expenses, $m
 
  1,023
  1,058
  1,095
  1,135
  1,179
  1,225
  1,274
  1,327
  1,382
  1,442
  1,500
  1,566
  1,637
  1,711
  1,790
  1,872
  1,960
  2,052
  2,149
  2,251
  2,359
  2,472
  2,591
  2,717
  2,849
  2,987
  3,133
  3,287
  3,448
  3,617
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
  1,014
  1,023
  1,058
  1,095
  1,135
  1,179
  1,225
  1,274
  1,327
  1,382
  1,442
  1,500
  1,566
  1,637
  1,711
  1,790
  1,872
  1,960
  2,052
  2,149
  2,251
  2,359
  2,472
  2,591
  2,717
  2,849
  2,987
  3,133
  3,287
  3,448
  3,617
Operating income, $m
  126
  153
  158
  164
  170
  177
  184
  192
  200
  209
  218
  232
  243
  254
  265
  277
  290
  304
  318
  333
  349
  365
  383
  401
  421
  441
  463
  485
  509
  534
  560
EBITDA, $m
  126
  161
  166
  172
  178
  185
  193
  200
  209
  217
  227
  237
  247
  258
  270
  282
  295
  309
  324
  339
  355
  372
  390
  409
  429
  449
  471
  494
  519
  544
  571
Interest expense (income), $m
  -12
  9
  18
  30
  42
  55
  69
  85
  101
  118
  136
  156
  177
  198
  222
  246
  272
  299
  328
  358
  390
  424
  459
  496
  535
  577
  620
  665
  713
  764
  817
Earnings before tax, $m
  114
  144
  140
  134
  128
  122
  115
  107
  99
  91
  81
  76
  66
  55
  43
  31
  18
  5
  -10
  -25
  -41
  -58
  -76
  -95
  -114
  -135
  -157
  -180
  -204
  -230
  -256
Tax expense, $m
  30
  39
  38
  36
  35
  33
  31
  29
  27
  24
  22
  21
  18
  15
  12
  8
  5
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  84
  105
  102
  98
  94
  89
  84
  78
  72
  66
  59
  56
  48
  40
  32
  23
  13
  3
  -10
  -25
  -41
  -58
  -76
  -95
  -114
  -135
  -157
  -180
  -204
  -230
  -256

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
  10,577
  10,893
  11,262
  11,660
  12,090
  12,552
  13,046
  13,574
  14,136
  14,733
  15,367
  16,039
  16,750
  17,502
  18,297
  19,137
  20,023
  20,957
  21,942
  22,980
  24,073
  25,224
  26,436
  27,711
  29,052
  30,463
  31,947
  33,507
  35,147
  36,871
  38,684
Adjusted assets (=assets-cash), $m
  10,577
  10,893
  11,262
  11,660
  12,090
  12,552
  13,046
  13,574
  14,136
  14,733
  15,367
  16,039
  16,750
  17,502
  18,297
  19,137
  20,023
  20,957
  21,942
  22,980
  24,073
  25,224
  26,436
  27,711
  29,052
  30,463
  31,947
  33,507
  35,147
  36,871
  38,684
Revenue / Adjusted assets
  0.000
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
Average production assets, $m
  29
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  100
  104
Working capital, $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 debt, $m
  247
  528
  852
  1,202
  1,579
  1,985
  2,419
  2,882
  3,375
  3,900
  4,456
  5,046
  5,671
  6,331
  7,029
  7,766
  8,544
  9,365
  10,229
  11,141
  12,100
  13,111
  14,175
  15,294
  16,472
  17,710
  19,013
  20,383
  21,823
  23,337
  24,928
Total liabilities, $m
  9,283
  9,564
  9,888
  10,238
  10,615
  11,021
  11,455
  11,918
  12,411
  12,936
  13,492
  14,082
  14,707
  15,367
  16,065
  16,802
  17,580
  18,401
  19,265
  20,177
  21,136
  22,147
  23,211
  24,330
  25,508
  26,746
  28,049
  29,419
  30,859
  32,373
  33,964
Total equity, $m
  1,294
  1,329
  1,374
  1,423
  1,475
  1,531
  1,592
  1,656
  1,725
  1,797
  1,875
  1,957
  2,044
  2,135
  2,232
  2,335
  2,443
  2,557
  2,677
  2,804
  2,937
  3,077
  3,225
  3,381
  3,544
  3,716
  3,897
  4,088
  4,288
  4,498
  4,719
Total liabilities and equity, $m
  10,577
  10,893
  11,262
  11,661
  12,090
  12,552
  13,047
  13,574
  14,136
  14,733
  15,367
  16,039
  16,751
  17,502
  18,297
  19,137
  20,023
  20,958
  21,942
  22,981
  24,073
  25,224
  26,436
  27,711
  29,052
  30,462
  31,946
  33,507
  35,147
  36,871
  38,683
Debt-to-equity ratio
  0.191
  0.400
  0.620
  0.840
  1.070
  1.300
  1.520
  1.740
  1.960
  2.170
  2.380
  2.580
  2.770
  2.960
  3.150
  3.330
  3.500
  3.660
  3.820
  3.970
  4.120
  4.260
  4.400
  4.520
  4.650
  4.770
  4.880
  4.990
  5.090
  5.190
  5.280
Adjusted equity ratio
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122
  0.122

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  105
  102
  98
  94
  89
  84
  78
  72
  66
  59
  56
  48
  40
  32
  23
  13
  3
  -10
  -25
  -41
  -58
  -76
  -95
  -114
  -135
  -157
  -180
  -204
  -230
  -256
Depreciation, amort., depletion, $m
  0
  8
  8
  8
  8
  8
  8
  8
  9
  9
  9
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
Funds from operations, $m
  -257
  113
  110
  106
  102
  97
  92
  87
  81
  75
  68
  60
  53
  45
  37
  28
  19
  9
  -4
  -19
  -35
  -51
  -69
  -87
  -107
  -127
  -148
  -171
  -195
  -220
  -246
Change in working capital, $m
  -464
  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 operations, $m
  207
  113
  110
  106
  102
  97
  92
  87
  81
  75
  68
  60
  53
  45
  37
  28
  19
  9
  -4
  -19
  -35
  -51
  -69
  -87
  -107
  -127
  -148
  -171
  -195
  -220
  -246
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
New CAPEX, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from investing activities, $m
  -325
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
Free cash flow, $m
  -118
  110
  106
  102
  97
  93
  87
  82
  76
  69
  63
  54
  46
  38
  30
  21
  11
  1
  -12
  -28
  -44
  -61
  -79
  -98
  -118
  -139
  -161
  -184
  -208
  -234
  -261
Issuance/(repayment) of debt, $m
  11
  281
  323
  350
  378
  405
  434
  463
  493
  524
  557
  590
  625
  661
  698
  737
  778
  820
  865
  911
  960
  1,011
  1,064
  1,119
  1,178
  1,239
  1,303
  1,370
  1,440
  1,514
  1,591
Issuance/(repurchase) of shares, $m
  -18
  0
  0
  0
  0
  0
  0
  0
  0
  7
  18
  26
  39
  52
  65
  80
  95
  111
  130
  152
  175
  199
  224
  250
  278
  307
  338
  370
  404
  440
  478
Cash from financing (excl. dividends), $m  
  163
  281
  323
  350
  378
  405
  434
  463
  493
  531
  575
  616
  664
  713
  763
  817
  873
  931
  995
  1,063
  1,135
  1,210
  1,288
  1,369
  1,456
  1,546
  1,641
  1,740
  1,844
  1,954
  2,069
Total cash flow (excl. dividends), $m
  45
  391
  429
  452
  475
  498
  521
  545
  569
  601
  637
  670
  710
  751
  793
  837
  884
  932
  983
  1,035
  1,090
  1,148
  1,209
  1,272
  1,338
  1,407
  1,480
  1,556
  1,636
  1,720
  1,808
Retained Cash Flow (-), $m
  -29
  -35
  -45
  -49
  -52
  -56
  -60
  -64
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -130
  -152
  -175
  -199
  -224
  -250
  -278
  -307
  -338
  -370
  -404
  -440
  -478
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
 
  356
  384
  403
  422
  442
  461
  481
  500
  528
  560
  588
  623
  659
  696
  735
  776
  818
  852
  884
  916
  950
  985
  1,022
  1,060
  1,100
  1,142
  1,186
  1,232
  1,280
  1,330
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
 
  341
  352
  351
  348
  342
  335
  325
  313
  303
  293
  279
  266
  250
  234
  216
  197
  178
  157
  136
  116
  98
  82
  67
  54
  43
  33
  25
  19
  14
  10
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.7
  98.8
  97.7
  96.1
  94.1
  91.7
  89.0
  86.1
  82.9
  79.5
  75.8
  72.0
  68.1
  64.2
  60.2
  56.3
  52.5
  48.7
  45.1
  41.6
  38.3
  35.1

Horace Mann Educators Corporation (HMEC) is an insurance holding company. Through its subsidiaries, HMEC markets and underwrites personal lines of property and casualty (primarily personal lines automobile and homeowners) insurance, retirement annuities (primarily tax-qualified products) and life insurance in the United States. The Company's operating segments include Property and Casualty segment, comprising primarily personal lines automobile and homeowners products; Retirement segment, comprising primarily tax-qualified fixed and variable annuities; Life segment life insurance, and Corporate and Other. It markets and services its products through a sales force of full-time agents supported by its Customer Contact Center. These agents sell HMEC's products and limited additional third-party vendor products. As of December 31, 2016, its property and casualty subsidiaries and its life insurance subsidiary were licensed to write business in over 48 states and the District of Columbia.

FINANCIAL RATIOS  of  Horace Mann Educators (HMN)

Valuation Ratios
P/E Ratio 18
Price to Sales 1.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 7.3
Price to Free Cash Flow 7.3
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 19.1%
Total Debt to Equity 19.1%
Interest Coverage -9
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 11.1%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 11.8%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 8.5%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 52.4%

HMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HMN stock intrinsic value calculation we used $1140 million for the last fiscal year's total revenue generated by Horace Mann Educators. The default revenue input number comes from 2016 income statement of Horace Mann Educators. 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 HMN stock valuation model: a) initial revenue growth rate of 3.2% 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 4.3%, whose default value for HMN is calculated based on our internal credit rating of Horace Mann Educators, 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 Horace Mann Educators.
    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 HMN stock the variable cost ratio is equal to 87%.

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 HMN 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 3.5% for Horace Mann Educators.

Corporate tax rate of 27% is the nominal tax rate for Horace Mann Educators. 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 HMN 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 HMN are equal to 2.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Horace Mann Educators 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 HMN is equal to 0%. 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 - $1294 million for Horace Mann Educators - 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 40.65 million for Horace Mann Educators 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 Horace Mann Educators at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Horace Mann Reports Quarterly Dividend of $0.275   [Sep-01-17 04:15PM  Marketwired]
▶ Horace Mann misses 2Q profit forecasts   [Jul-24-17 10:42PM  Associated Press]
▶ New Strong Sell Stocks for July 17th   [Jul-17-17 09:17AM  Zacks]
▶ Horace Mann posts 1Q profit   [Apr-24-17 05:14PM  Associated Press]
▶ Horace Mann Increases Quarterly Dividend by 4%   [Mar-08-17 04:15PM  Marketwired]
▶ Horace Mann posts 4Q profit   [Feb-06-17 05:18PM  Associated Press]
▶ Is Horace Mann Educators Corporation (HMN) a Good Stock to Buy?   [Dec-20-16 01:15PM  at Insider Monkey]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [Dec-07-16 04:05PM  Marketwired]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [Sep-02-16 04:05PM  Marketwired]
▶ Horace Mann Reports Quarterly Dividend of $0.265   [May-25-16 04:15PM  Marketwired]
Financial statements of HMN
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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