Intrinsic value of Handy&Harman - HNH

Previous Close

$33.10

  Intrinsic Value

$183.78

stock screener

  Rating & Target

str. buy

+455%

  Value-price divergence*

-59%

Previous close

$33.10

 
Intrinsic value

$183.78

 
Up/down potential

+455%

 
Rating

str. buy

 
Value-price divergence*

-59%

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

We calculate the intrinsic value of HNH 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 0.4

 

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, %
  27.58
  27.40
  25.16
  23.14
  21.33
  19.70
  18.23
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.33
  10.69
  10.12
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
Revenue, $m
  828
  1,055
  1,320
  1,626
  1,973
  2,361
  2,792
  3,263
  3,776
  4,329
  4,921
  5,552
  6,220
  6,924
  7,665
  8,441
  9,252
  10,098
  10,981
  11,899
  12,854
  13,847
  14,878
  15,950
  17,064
  18,223
  19,427
  20,679
  21,983
  23,339
  24,753
Variable operating expenses, $m
 
  977
  1,218
  1,496
  1,811
  2,165
  2,556
  2,985
  3,451
  3,954
  4,492
  5,047
  5,654
  6,294
  6,967
  7,673
  8,410
  9,180
  9,982
  10,816
  11,684
  12,587
  13,525
  14,499
  15,512
  16,565
  17,659
  18,798
  19,983
  21,216
  22,501
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
  813
  977
  1,218
  1,496
  1,811
  2,165
  2,556
  2,985
  3,451
  3,954
  4,492
  5,047
  5,654
  6,294
  6,967
  7,673
  8,410
  9,180
  9,982
  10,816
  11,684
  12,587
  13,525
  14,499
  15,512
  16,565
  17,659
  18,798
  19,983
  21,216
  22,501
Operating income, $m
  15
  78
  102
  130
  161
  197
  236
  279
  325
  376
  430
  505
  566
  630
  697
  768
  842
  919
  999
  1,083
  1,169
  1,260
  1,354
  1,451
  1,553
  1,658
  1,767
  1,881
  2,000
  2,123
  2,252
EBITDA, $m
  55
  126
  158
  194
  235
  282
  333
  389
  451
  517
  587
  663
  742
  826
  915
  1,007
  1,104
  1,205
  1,311
  1,420
  1,534
  1,653
  1,776
  1,904
  2,037
  2,175
  2,319
  2,468
  2,624
  2,786
  2,954
Interest expense (income), $m
  6
  9
  16
  23
  32
  42
  53
  65
  78
  92
  108
  125
  142
  161
  181
  202
  224
  246
  270
  295
  321
  348
  376
  405
  435
  466
  499
  533
  568
  605
  643
Earnings before tax, $m
  8
  68
  86
  106
  129
  155
  183
  214
  247
  283
  322
  380
  423
  469
  516
  566
  618
  672
  729
  787
  848
  912
  978
  1,046
  1,118
  1,192
  1,269
  1,349
  1,432
  1,519
  1,609
Tax expense, $m
  14
  18
  23
  29
  35
  42
  49
  58
  67
  76
  87
  103
  114
  127
  139
  153
  167
  182
  197
  213
  229
  246
  264
  283
  302
  322
  343
  364
  387
  410
  434
Net income, $m
  -11
  50
  63
  78
  94
  113
  134
  156
  181
  207
  235
  278
  309
  342
  377
  413
  451
  491
  532
  575
  619
  666
  714
  764
  816
  870
  926
  985
  1,045
  1,109
  1,175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  837
  1,029
  1,288
  1,586
  1,925
  2,304
  2,723
  3,184
  3,684
  4,224
  4,801
  5,416
  6,068
  6,755
  7,478
  8,235
  9,026
  9,852
  10,713
  11,609
  12,540
  13,509
  14,515
  15,561
  16,648
  17,778
  18,953
  20,175
  21,446
  22,770
  24,149
Adjusted assets (=assets-cash), $m
  808
  1,029
  1,288
  1,586
  1,925
  2,304
  2,723
  3,184
  3,684
  4,224
  4,801
  5,416
  6,068
  6,755
  7,478
  8,235
  9,026
  9,852
  10,713
  11,609
  12,540
  13,509
  14,515
  15,561
  16,648
  17,778
  18,953
  20,175
  21,446
  22,770
  24,149
Revenue / Adjusted assets
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
  1.025
Average production assets, $m
  217
  275
  345
  424
  515
  616
  729
  852
  986
  1,130
  1,284
  1,449
  1,623
  1,807
  2,000
  2,203
  2,415
  2,636
  2,866
  3,106
  3,355
  3,614
  3,883
  4,163
  4,454
  4,756
  5,070
  5,397
  5,737
  6,092
  6,460
Working capital, $m
  137
  142
  178
  219
  266
  319
  377
  441
  510
  584
  664
  749
  840
  935
  1,035
  1,139
  1,249
  1,363
  1,482
  1,606
  1,735
  1,869
  2,009
  2,153
  2,304
  2,460
  2,623
  2,792
  2,968
  3,151
  3,342
Total debt, $m
  275
  453
  666
  912
  1,191
  1,503
  1,849
  2,228
  2,641
  3,085
  3,561
  4,068
  4,605
  5,171
  5,767
  6,390
  7,043
  7,723
  8,432
  9,170
  9,938
  10,736
  11,566
  12,428
  13,323
  14,254
  15,222
  16,229
  17,277
  18,368
  19,504
Total liabilities, $m
  670
  848
  1,061
  1,307
  1,586
  1,898
  2,244
  2,623
  3,036
  3,480
  3,956
  4,463
  5,000
  5,566
  6,162
  6,785
  7,438
  8,118
  8,827
  9,565
  10,333
  11,131
  11,961
  12,823
  13,718
  14,649
  15,617
  16,624
  17,672
  18,763
  19,899
Total equity, $m
  167
  181
  227
  279
  339
  405
  479
  560
  648
  743
  845
  953
  1,068
  1,189
  1,316
  1,449
  1,589
  1,734
  1,885
  2,043
  2,207
  2,378
  2,555
  2,739
  2,930
  3,129
  3,336
  3,551
  3,775
  4,008
  4,250
Total liabilities and equity, $m
  837
  1,029
  1,288
  1,586
  1,925
  2,303
  2,723
  3,183
  3,684
  4,223
  4,801
  5,416
  6,068
  6,755
  7,478
  8,234
  9,027
  9,852
  10,712
  11,608
  12,540
  13,509
  14,516
  15,562
  16,648
  17,778
  18,953
  20,175
  21,447
  22,771
  24,149
Debt-to-equity ratio
  1.647
  2.500
  2.940
  3.270
  3.520
  3.710
  3.860
  3.980
  4.070
  4.150
  4.210
  4.270
  4.310
  4.350
  4.380
  4.410
  4.430
  4.450
  4.470
  4.490
  4.500
  4.520
  4.530
  4.540
  4.550
  4.560
  4.560
  4.570
  4.580
  4.580
  4.590
Adjusted equity ratio
  0.172
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -11
  50
  63
  78
  94
  113
  134
  156
  181
  207
  235
  278
  309
  342
  377
  413
  451
  491
  532
  575
  619
  666
  714
  764
  816
  870
  926
  985
  1,045
  1,109
  1,175
Depreciation, amort., depletion, $m
  40
  48
  56
  64
  74
  85
  97
  111
  125
  141
  158
  158
  176
  196
  217
  239
  262
  286
  312
  338
  365
  393
  422
  453
  484
  517
  551
  587
  624
  662
  702
Funds from operations, $m
  87
  98
  118
  142
  169
  198
  231
  267
  306
  348
  393
  435
  486
  539
  594
  653
  714
  777
  843
  912
  984
  1,059
  1,136
  1,216
  1,300
  1,387
  1,477
  1,571
  1,669
  1,771
  1,877
Change in working capital, $m
  4
  31
  36
  41
  47
  52
  58
  64
  69
  75
  80
  85
  90
  95
  100
  105
  110
  114
  119
  124
  129
  134
  139
  145
  150
  156
  163
  169
  176
  183
  191
Cash from operations, $m
  83
  67
  83
  101
  122
  146
  173
  203
  237
  273
  313
  350
  395
  444
  494
  548
  604
  663
  724
  788
  855
  925
  997
  1,072
  1,150
  1,230
  1,315
  1,402
  1,493
  1,588
  1,686
Maintenance CAPEX, $m
  0
  -24
  -30
  -37
  -46
  -56
  -67
  -79
  -93
  -107
  -123
  -140
  -158
  -176
  -196
  -217
  -239
  -262
  -286
  -312
  -338
  -365
  -393
  -422
  -453
  -484
  -517
  -551
  -587
  -624
  -662
New CAPEX, $m
  -26
  -59
  -69
  -80
  -91
  -101
  -112
  -123
  -134
  -144
  -155
  -165
  -174
  -184
  -193
  -203
  -212
  -221
  -230
  -240
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -354
  -369
Cash from investing activities, $m
  -242
  -83
  -99
  -117
  -137
  -157
  -179
  -202
  -227
  -251
  -278
  -305
  -332
  -360
  -389
  -420
  -451
  -483
  -516
  -552
  -587
  -624
  -662
  -702
  -744
  -786
  -831
  -878
  -927
  -978
  -1,031
Free cash flow, $m
  -159
  -15
  -17
  -16
  -15
  -12
  -6
  1
  10
  22
  35
  46
  64
  83
  105
  128
  153
  180
  208
  237
  268
  301
  335
  370
  406
  444
  483
  524
  566
  610
  655
Issuance/(repayment) of debt, $m
  166
  182
  213
  246
  279
  312
  346
  379
  412
  445
  476
  507
  537
  566
  595
  624
  652
  681
  709
  738
  768
  798
  829
  862
  896
  931
  968
  1,007
  1,048
  1,091
  1,136
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  165
  182
  213
  246
  279
  312
  346
  379
  412
  445
  476
  507
  537
  566
  595
  624
  652
  681
  709
  738
  768
  798
  829
  862
  896
  931
  968
  1,007
  1,048
  1,091
  1,136
Total cash flow (excl. dividends), $m
  5
  167
  197
  229
  264
  301
  340
  380
  423
  466
  511
  553
  601
  650
  700
  752
  805
  860
  917
  975
  1,036
  1,099
  1,164
  1,232
  1,302
  1,375
  1,451
  1,531
  1,614
  1,701
  1,791
Retained Cash Flow (-), $m
  18
  -39
  -46
  -52
  -60
  -67
  -74
  -81
  -88
  -95
  -102
  -108
  -115
  -121
  -127
  -133
  -139
  -145
  -151
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -243
Prev. year cash balance distribution, $m
 
  25
  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
 
  153
  151
  177
  204
  234
  266
  299
  334
  371
  410
  445
  486
  529
  573
  619
  666
  715
  765
  818
  872
  928
  987
  1,047
  1,111
  1,176
  1,245
  1,316
  1,390
  1,468
  1,549
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  142
  130
  139
  146
  151
  154
  153
  150
  144
  136
  125
  114
  102
  90
  78
  66
  54
  44
  35
  27
  21
  15
  11
  8
  5
  3
  2
  1
  1
  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

Handy & Harman Ltd. is a holding company. The Company, through its subsidiaries, is a diversified manufacturer of engineered industrial products. The Company's segments include Joining Materials, Tubing, Building Materials, Performance Materials, Electrical Products, and Kasco Blades and Route Repair Services (Kasco). Joining Materials fabricates precious metals and their alloys into brazing alloys. Tubing manufactures a range of steel tubing products. Building Materials manufactures and supplies products to the commercial construction and building industries. Performance Materials manufactures sheet and mechanically formed glass manufactures sheet and mechanically formed glass, quartz, carbon and aramid materials. Electrical Products segment designs, manufactures and markets power electronics and power protection, among others. Kasco provides meat-room blade products, repair services and resale products for the meat and deli departments of supermarkets and restaurants, among others.

FINANCIAL RATIOS  of  Handy&Harman (HNH)

Valuation Ratios
P/E Ratio -36.8
Price to Sales 0.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 4.9
Price to Free Cash Flow 7.1
Growth Rates
Sales Growth Rate 27.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 73.3%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 162.3%
Total Debt to Equity 164.7%
Interest Coverage 2
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital -3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. 37.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 27.5%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin -1.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 175%
Eff/ Tax Rate - 3 Yr. Avg. 87.1%
Payout Ratio 0%

HNH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HNH stock intrinsic value calculation we used $828 million for the last fiscal year's total revenue generated by Handy&Harman. The default revenue input number comes from 2016 income statement of Handy&Harman. 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 HNH stock valuation model: a) initial revenue growth rate of 27.4% 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 7.5%, whose default value for HNH is calculated based on our internal credit rating of Handy&Harman, 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 Handy&Harman.
    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 HNH stock the variable cost ratio is equal to 93.1%.

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 HNH 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 Handy&Harman.

Corporate tax rate of 27% is the nominal tax rate for Handy&Harman. 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 HNH 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 HNH are equal to 26.1%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Handy&Harman 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 HNH is equal to 13.5%. 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 - $167 million for Handy&Harman - 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 12.241 million for Handy&Harman 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 Handy&Harman at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Handy & Harman posts 2Q profit   [Aug-09-17 12:00AM  Associated Press]
▶ ETFs with exposure to Handy & Harman Ltd. : May 8, 2017   [May-08-17 04:41PM  Capital Cube]
▶ Handy & Harman posts 1Q profit   [May-02-17 07:09PM  Associated Press]
▶ Handy & Harman reports 4Q loss   [06:23PM  Associated Press]
▶ Handy & Harman Ltd. Acquires ElectroMagnetic Enterprise   [Oct-03-16 09:00AM  Business Wire]
▶ [$$] Bruce Geller Finds Beauty In Microcap Stocks   [Jun-25-16 12:01AM  at Barrons.com]
▶ What You Need to Know About These Hot Stocks   [Apr-07-16 12:53PM  at Insider Monkey]
▶ [$$] Handy & Harman to Buy SL Industries   [09:06AM  at The Wall Street Journal]
▶ SL Industries Spikes On Buyout Offer   [Feb-09-16 01:50PM  Benzinga]
▶ Is Nanometrics Incorporated (NANO) A Good Stock To Buy?   [Nov-27  09:59AM  at Insider Monkey]
Financial statements of HNH
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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