Intrinsic value of Hovnanian Enterprises Cl A - HOV

Previous Close

$2.02

  Intrinsic Value

$0.80

stock screener

  Rating & Target

str. sell

-60%

  Value-price divergence*

+654%

Previous close

$2.02

 
Intrinsic value

$0.80

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence*

+654%

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

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

We calculate the intrinsic value of HOV 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 0.3

 

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, %
  28.12
  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
  2,752
  2,807
  2,872
  2,945
  3,028
  3,120
  3,221
  3,330
  3,449
  3,577
  3,714
  3,861
  4,018
  4,185
  4,362
  4,550
  4,750
  4,961
  5,184
  5,420
  5,669
  5,932
  6,209
  6,501
  6,809
  7,133
  7,474
  7,833
  8,211
  8,609
  9,027
Variable operating expenses, $m
 
  2,630
  2,691
  2,760
  2,837
  2,923
  3,018
  3,121
  3,232
  3,352
  3,480
  3,618
  3,765
  3,921
  4,087
  4,264
  4,451
  4,648
  4,857
  5,078
  5,312
  5,558
  5,818
  6,091
  6,380
  6,683
  7,003
  7,340
  7,694
  8,067
  8,459
Fixed operating expenses, $m
 
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
Total operating expenses, $m
  2,617
  2,670
  2,732
  2,802
  2,880
  2,967
  3,063
  3,167
  3,280
  3,401
  3,530
  3,669
  3,817
  3,975
  4,142
  4,320
  4,509
  4,707
  4,918
  5,140
  5,376
  5,624
  5,885
  6,160
  6,451
  6,755
  7,077
  7,416
  7,772
  8,147
  8,541
Operating income, $m
  135
  137
  140
  144
  148
  152
  158
  163
  170
  177
  184
  192
  201
  210
  220
  230
  241
  253
  266
  279
  293
  308
  324
  341
  358
  377
  397
  418
  439
  463
  487
EBITDA, $m
  139
  137
  140
  144
  148
  152
  158
  163
  170
  177
  184
  192
  201
  210
  220
  230
  241
  253
  266
  279
  293
  308
  324
  341
  358
  377
  397
  418
  439
  463
  487
Interest expense (income), $m
  102
  91
  74
  77
  80
  83
  87
  91
  95
  100
  105
  111
  117
  123
  130
  137
  144
  152
  161
  170
  179
  189
  200
  211
  222
  235
  248
  261
  276
  291
  307
Earnings before tax, $m
  2
  46
  66
  67
  68
  69
  71
  72
  74
  77
  79
  81
  84
  87
  90
  94
  97
  101
  105
  110
  114
  119
  125
  130
  136
  142
  149
  156
  164
  172
  180
Tax expense, $m
  5
  12
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  49
Net income, $m
  -3
  33
  48
  49
  49
  50
  52
  53
  54
  56
  58
  59
  61
  64
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  132

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  340
  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
  2,355
  2,401
  2,456
  2,520
  2,590
  2,669
  2,755
  2,849
  2,951
  3,060
  3,177
  3,303
  3,437
  3,580
  3,732
  3,893
  4,063
  4,244
  4,435
  4,636
  4,849
  5,074
  5,311
  5,561
  5,824
  6,102
  6,394
  6,701
  7,024
  7,364
  7,722
Adjusted assets (=assets-cash), $m
  2,015
  2,401
  2,456
  2,520
  2,590
  2,669
  2,755
  2,849
  2,951
  3,060
  3,177
  3,303
  3,437
  3,580
  3,732
  3,893
  4,063
  4,244
  4,435
  4,636
  4,849
  5,074
  5,311
  5,561
  5,824
  6,102
  6,394
  6,701
  7,024
  7,364
  7,722
Revenue / Adjusted assets
  1.366
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
Average production assets, $m
  -11
  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
Working capital, $m
  0
  -264
  -270
  -277
  -285
  -293
  -303
  -313
  -324
  -336
  -349
  -363
  -378
  -393
  -410
  -428
  -446
  -466
  -487
  -509
  -533
  -558
  -584
  -611
  -640
  -670
  -703
  -736
  -772
  -809
  -849
Total debt, $m
  1,754
  1,431
  1,481
  1,538
  1,601
  1,672
  1,750
  1,834
  1,926
  2,024
  2,130
  2,243
  2,363
  2,492
  2,628
  2,773
  2,927
  3,089
  3,261
  3,443
  3,634
  3,837
  4,050
  4,275
  4,512
  4,762
  5,024
  5,301
  5,592
  5,898
  6,220
Total liabilities, $m
  2,483
  2,161
  2,211
  2,268
  2,331
  2,402
  2,480
  2,564
  2,656
  2,754
  2,860
  2,973
  3,093
  3,222
  3,358
  3,503
  3,657
  3,819
  3,991
  4,173
  4,364
  4,567
  4,780
  5,005
  5,242
  5,492
  5,754
  6,031
  6,322
  6,628
  6,950
Total equity, $m
  -129
  240
  246
  252
  259
  267
  276
  285
  295
  306
  318
  330
  344
  358
  373
  389
  406
  424
  443
  464
  485
  507
  531
  556
  582
  610
  639
  670
  702
  736
  772
Total liabilities and equity, $m
  2,354
  2,401
  2,457
  2,520
  2,590
  2,669
  2,756
  2,849
  2,951
  3,060
  3,178
  3,303
  3,437
  3,580
  3,731
  3,892
  4,063
  4,243
  4,434
  4,637
  4,849
  5,074
  5,311
  5,561
  5,824
  6,102
  6,393
  6,701
  7,024
  7,364
  7,722
Debt-to-equity ratio
  -13.597
  5.960
  6.030
  6.100
  6.180
  6.260
  6.350
  6.440
  6.530
  6.610
  6.700
  6.790
  6.880
  6.960
  7.040
  7.120
  7.200
  7.280
  7.350
  7.430
  7.490
  7.560
  7.630
  7.690
  7.750
  7.800
  7.860
  7.910
  7.960
  8.010
  8.050
Adjusted equity ratio
  -0.192
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  33
  48
  49
  49
  50
  52
  53
  54
  56
  58
  59
  61
  64
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  132
Depreciation, amort., depletion, $m
  4
  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
Funds from operations, $m
  711
  33
  48
  49
  49
  50
  52
  53
  54
  56
  58
  59
  61
  64
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  132
Change in working capital, $m
  323
  -5
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
Cash from operations, $m
  388
  39
  54
  56
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
  163
  171
Maintenance CAPEX, $m
  0
  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
New CAPEX, $m
  -8
  -11
  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 investing activities, $m
  -49
  -10
  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
Free cash flow, $m
  339
  29
  54
  56
  57
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
  163
  171
Issuance/(repayment) of debt, $m
  -234
  -323
  50
  57
  64
  71
  78
  84
  91
  98
  106
  113
  121
  128
  137
  145
  154
  163
  172
  182
  192
  202
  213
  225
  237
  250
  263
  277
  291
  306
  322
Issuance/(repurchase) of shares, $m
  0
  336
  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  
  -246
  13
  50
  57
  64
  71
  78
  84
  91
  98
  106
  113
  121
  128
  137
  145
  154
  163
  172
  182
  192
  202
  213
  225
  237
  250
  263
  277
  291
  306
  322
Total cash flow (excl. dividends), $m
  93
  42
  104
  112
  121
  130
  139
  148
  157
  166
  176
  186
  197
  208
  219
  231
  243
  256
  270
  284
  299
  314
  330
  347
  365
  384
  404
  424
  446
  469
  493
Retained Cash Flow (-), $m
  1
  -369
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
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
 
  -327
  98
  106
  114
  122
  130
  138
  147
  155
  164
  174
  183
  193
  204
  215
  226
  238
  250
  264
  277
  292
  307
  322
  339
  356
  375
  394
  414
  435
  457
Discount rate, %
 
  13.60
  14.28
  14.99
  15.74
  16.53
  17.36
  18.23
  19.14
  20.09
  21.10
  22.15
  23.26
  24.42
  25.64
  26.93
  28.27
  29.69
  31.17
  32.73
  34.37
  36.08
  37.89
  39.78
  41.77
  43.86
  46.05
  48.36
  50.78
  53.31
  55.98
PV of cash for distribution, $m
 
  -288
  75
  70
  64
  57
  50
  43
  36
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Hovnanian Enterprises, Inc. designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 167 communities in 33 markets. It also provides financial services comprising originating mortgages from homebuyers and selling such mortgages in the secondary market, as well as offers title insurance services. The company was founded in 1959 and is headquartered in Red Bank, New Jersey.

FINANCIAL RATIOS  of  Hovnanian Enterprises Cl A (HOV)

Valuation Ratios
P/E Ratio -99.2
Price to Sales 0.1
Price to Book -2.3
Price to Tangible Book
Price to Cash Flow 0.8
Price to Free Cash Flow 0.8
Growth Rates
Sales Growth Rate 28.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity -1296.1%
Total Debt to Equity -1359.7%
Interest Coverage 1
Management Effectiveness
Return On Assets -6.3%
Ret/ On Assets - 3 Yr. Avg. 25.1%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 2.3%
Return On Equity - 3 Yr. Avg. -32%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 14.4%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 4.1%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 0.1%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 250%
Eff/ Tax Rate - 3 Yr. Avg. -385.9%
Payout Ratio 0%

HOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HOV stock intrinsic value calculation we used $2752 million for the last fiscal year's total revenue generated by Hovnanian Enterprises Cl A. The default revenue input number comes from 2016 income statement of Hovnanian Enterprises 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 HOV 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 13.6%, whose default value for HOV is calculated based on our internal credit rating of Hovnanian Enterprises 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 Hovnanian Enterprises 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 HOV stock the variable cost ratio is equal to 93.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for HOV 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 5.2% for Hovnanian Enterprises Cl A.

Corporate tax rate of 27% is the nominal tax rate for Hovnanian Enterprises 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 HOV 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 HOV are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Hovnanian Enterprises 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 HOV is equal to -9.4%. 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 - $-129 million for Hovnanian Enterprises 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 144.157 million for Hovnanian Enterprises 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 Hovnanian Enterprises Cl A at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
MDC M.D.C. Holding 32.02 185.04  str.buy
KBH KB Home 22.21 65.01  str.buy
LEN Lennar Cl A 51.88 119.06  str.buy
DHI D.R. Horton 35.69 116.35  str.buy
NVR NVR 2,683.55 3,724.79  buy
TOL Toll Brothers 38.15 77.40  str.buy
MHO M/I Homes 25.08 78.01  str.buy
BZH Beazer Homes U 15.59 11.07  hold
MTH Meritage Homes 42.10 65.74  str.buy
TMHC Taylor Morriso 21.31 84.17  str.buy

COMPANY NEWS

▶ Housing Data Drives Down Homebuilding Stocks   [Jun-16-17 10:11AM  TheStreet.com]
▶ Hovnanian reports 2Q loss   [09:22AM  Associated Press]
▶ The Real Issue With Housing and the Fed   [Apr-19-17 10:49PM  TheStreet.com]
▶ 3 Top Stocks Under $5   [Apr-17-17 03:31PM  Motley Fool]
▶ Hovnanian posts 1Q loss   [09:28AM  Associated Press]
▶ 10 Best Rated Biggest Home Builders In USA   [Mar-06-17 10:30AM  Insider Monkey]
▶ 10 Best Rated Biggest Home Builders In USA   [10:30AM  at Insider Monkey]
▶ Why Hovnanian Enterprises, Inc. Stock Dropped 11% Today   [Jan-12-17 12:56PM  at Motley Fool]
▶ Is Hovnanian Enterprises, Inc. (HOV) A Good Stock to Own?   [Dec-09-16 07:44PM  at Insider Monkey]
▶ [$$] Home Builder Hovnanian Posts Disappointing Results   [12:14AM  at The Wall Street Journal]
▶ [$$] Home Builder Hovnanian Posts Disappointing Results   [11:45AM  at The Wall Street Journal]
Stock chart of HOV Financial statements of HOV
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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