Intrinsic value of Halyard Health - HYH

Previous Close

$46.07

  Intrinsic Value

$0.40

stock screener

  Rating & Target

str. sell

-99%

  Value-price divergence*

-117%

Previous close

$46.07

 
Intrinsic value

$0.40

 
Up/down potential

-99%

 
Rating

str. sell

 
Value-price divergence*

-117%

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

We calculate the intrinsic value of HYH 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 2.2

 

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, %
  1.14
  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
  1,592
  1,624
  1,661
  1,704
  1,752
  1,805
  1,863
  1,927
  1,995
  2,069
  2,149
  2,234
  2,324
  2,421
  2,523
  2,632
  2,748
  2,870
  2,999
  3,135
  3,279
  3,431
  3,592
  3,761
  3,939
  4,126
  4,324
  4,532
  4,750
  4,980
  5,222
Variable operating expenses, $m
 
  2,012
  2,055
  2,106
  2,162
  2,224
  2,293
  2,367
  2,448
  2,535
  2,628
  2,625
  2,732
  2,845
  2,966
  3,094
  3,230
  3,373
  3,525
  3,685
  3,855
  4,033
  4,222
  4,420
  4,629
  4,850
  5,082
  5,326
  5,583
  5,854
  6,138
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
  1,505
  2,012
  2,055
  2,106
  2,162
  2,224
  2,293
  2,367
  2,448
  2,535
  2,628
  2,625
  2,732
  2,845
  2,966
  3,094
  3,230
  3,373
  3,525
  3,685
  3,855
  4,033
  4,222
  4,420
  4,629
  4,850
  5,082
  5,326
  5,583
  5,854
  6,138
Operating income, $m
  87
  -388
  -394
  -402
  -410
  -419
  -430
  -441
  -453
  -466
  -480
  -392
  -408
  -425
  -443
  -462
  -482
  -503
  -526
  -550
  -575
  -602
  -630
  -659
  -691
  -724
  -758
  -795
  -833
  -873
  -916
EBITDA, $m
  152
  -266
  -272
  -279
  -287
  -295
  -305
  -315
  -327
  -339
  -352
  -366
  -380
  -396
  -413
  -431
  -450
  -470
  -491
  -513
  -537
  -562
  -588
  -616
  -645
  -675
  -708
  -742
  -777
  -815
  -855
Interest expense (income), $m
  30
  30
  31
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  60
  63
  67
  71
  75
  79
  84
  88
  93
  99
  104
  110
  117
  123
  130
  137
Earnings before tax, $m
  55
  -418
  -425
  -434
  -444
  -455
  -467
  -479
  -494
  -509
  -525
  -439
  -458
  -478
  -499
  -521
  -545
  -570
  -596
  -624
  -654
  -685
  -718
  -753
  -790
  -828
  -869
  -911
  -956
  -1,003
  -1,053
Tax expense, $m
  15
  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
Net income, $m
  40
  -418
  -425
  -434
  -444
  -455
  -467
  -479
  -494
  -509
  -525
  -439
  -458
  -478
  -499
  -521
  -545
  -570
  -596
  -624
  -654
  -685
  -718
  -753
  -790
  -828
  -869
  -911
  -956
  -1,003
  -1,053

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  114
  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
  2,072
  1,997
  2,043
  2,096
  2,155
  2,220
  2,292
  2,370
  2,454
  2,545
  2,643
  2,747
  2,859
  2,978
  3,104
  3,238
  3,380
  3,530
  3,689
  3,857
  4,034
  4,221
  4,418
  4,626
  4,845
  5,075
  5,318
  5,574
  5,843
  6,126
  6,423
Adjusted assets (=assets-cash), $m
  1,958
  1,997
  2,043
  2,096
  2,155
  2,220
  2,292
  2,370
  2,454
  2,545
  2,643
  2,747
  2,859
  2,978
  3,104
  3,238
  3,380
  3,530
  3,689
  3,857
  4,034
  4,221
  4,418
  4,626
  4,845
  5,075
  5,318
  5,574
  5,843
  6,126
  6,423
Revenue / Adjusted assets
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
  0.813
Average production assets, $m
  397
  404
  414
  424
  436
  449
  464
  480
  497
  515
  535
  556
  579
  603
  628
  655
  684
  715
  747
  781
  817
  854
  894
  936
  981
  1,027
  1,077
  1,128
  1,183
  1,240
  1,300
Working capital, $m
  270
  159
  163
  167
  172
  177
  183
  189
  196
  203
  211
  219
  228
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  369
  386
  404
  424
  444
  466
  488
  512
Total debt, $m
  579
  599
  621
  647
  677
  709
  744
  783
  825
  870
  918
  970
  1,025
  1,084
  1,146
  1,213
  1,283
  1,357
  1,436
  1,519
  1,607
  1,699
  1,797
  1,900
  2,008
  2,122
  2,243
  2,369
  2,502
  2,642
  2,790
Total liabilities, $m
  969
  989
  1,011
  1,037
  1,067
  1,099
  1,134
  1,173
  1,215
  1,260
  1,308
  1,360
  1,415
  1,474
  1,536
  1,603
  1,673
  1,747
  1,826
  1,909
  1,997
  2,089
  2,187
  2,290
  2,398
  2,512
  2,633
  2,759
  2,892
  3,032
  3,180
Total equity, $m
  1,103
  1,009
  1,032
  1,058
  1,088
  1,121
  1,157
  1,197
  1,239
  1,285
  1,335
  1,387
  1,444
  1,504
  1,567
  1,635
  1,707
  1,783
  1,863
  1,948
  2,037
  2,131
  2,231
  2,336
  2,447
  2,563
  2,686
  2,815
  2,951
  3,094
  3,244
Total liabilities and equity, $m
  2,072
  1,998
  2,043
  2,095
  2,155
  2,220
  2,291
  2,370
  2,454
  2,545
  2,643
  2,747
  2,859
  2,978
  3,103
  3,238
  3,380
  3,530
  3,689
  3,857
  4,034
  4,220
  4,418
  4,626
  4,845
  5,075
  5,319
  5,574
  5,843
  6,126
  6,424
Debt-to-equity ratio
  0.525
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.860
Adjusted equity ratio
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  40
  -418
  -425
  -434
  -444
  -455
  -467
  -479
  -494
  -509
  -525
  -439
  -458
  -478
  -499
  -521
  -545
  -570
  -596
  -624
  -654
  -685
  -718
  -753
  -790
  -828
  -869
  -911
  -956
  -1,003
  -1,053
Depreciation, amort., depletion, $m
  65
  122
  122
  123
  123
  124
  125
  125
  126
  127
  128
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
Funds from operations, $m
  254
  -296
  -303
  -311
  -320
  -331
  -342
  -354
  -367
  -382
  -397
  -413
  -431
  -450
  -469
  -490
  -513
  -536
  -561
  -588
  -616
  -645
  -676
  -709
  -743
  -780
  -818
  -858
  -901
  -945
  -992
Change in working capital, $m
  65
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  23
  24
Cash from operations, $m
  189
  -299
  -307
  -315
  -325
  -336
  -348
  -360
  -374
  -389
  -405
  -422
  -440
  -459
  -479
  -501
  -524
  -548
  -574
  -601
  -630
  -660
  -692
  -726
  -761
  -798
  -837
  -879
  -922
  -968
  -1,016
Maintenance CAPEX, $m
  0
  -19
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
New CAPEX, $m
  -29
  -7
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
Cash from investing activities, $m
  -201
  -26
  -28
  -30
  -32
  -33
  -36
  -38
  -40
  -41
  -44
  -46
  -49
  -51
  -54
  -56
  -60
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
  -97
  -103
  -107
  -113
  -118
Free cash flow, $m
  -12
  -325
  -335
  -345
  -357
  -370
  -383
  -398
  -414
  -431
  -449
  -468
  -488
  -510
  -533
  -558
  -584
  -611
  -640
  -670
  -702
  -736
  -772
  -810
  -849
  -891
  -935
  -981
  -1,030
  -1,081
  -1,134
Issuance/(repayment) of debt, $m
  0
  20
  23
  26
  29
  32
  35
  39
  42
  45
  48
  52
  55
  59
  62
  66
  70
  74
  79
  83
  88
  93
  98
  103
  108
  114
  120
  127
  133
  140
  147
Issuance/(repurchase) of shares, $m
  -1
  437
  449
  461
  474
  488
  503
  519
  536
  555
  574
  492
  514
  538
  563
  589
  617
  646
  677
  709
  744
  780
  818
  858
  900
  945
  991
  1,040
  1,092
  1,146
  1,203
Cash from financing (excl. dividends), $m  
  -1
  457
  472
  487
  503
  520
  538
  558
  578
  600
  622
  544
  569
  597
  625
  655
  687
  720
  756
  792
  832
  873
  916
  961
  1,008
  1,059
  1,111
  1,167
  1,225
  1,286
  1,350
Total cash flow (excl. dividends), $m
  -16
  132
  136
  141
  146
  150
  155
  160
  164
  169
  174
  76
  81
  86
  92
  97
  103
  109
  116
  122
  129
  136
  143
  151
  159
  168
  177
  186
  196
  206
  216
Retained Cash Flow (-), $m
  -48
  -437
  -449
  -461
  -474
  -488
  -503
  -519
  -536
  -555
  -574
  -492
  -514
  -538
  -563
  -589
  -617
  -646
  -677
  -709
  -744
  -780
  -818
  -858
  -900
  -945
  -991
  -1,040
  -1,092
  -1,146
  -1,203
Prev. year cash balance distribution, $m
 
  114
  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
 
  -191
  -312
  -319
  -328
  -337
  -348
  -359
  -372
  -386
  -400
  -416
  -433
  -451
  -471
  -491
  -513
  -537
  -561
  -587
  -615
  -644
  -674
  -707
  -741
  -777
  -815
  -854
  -896
  -941
  -987
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -181
  -277
  -264
  -252
  -238
  -225
  -211
  -196
  -182
  -167
  -152
  -137
  -122
  -108
  -94
  -81
  -68
  -57
  -47
  -38
  -30
  -24
  -18
  -14
  -10
  -7
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  81.6
  66.5
  54.1
  44.0
  35.8
  29.2
  23.7
  19.3
  15.7
  12.8
  10.8
  9.0
  7.6
  6.4
  5.4
  4.5
  3.8
  3.2
  2.6
  2.2
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5
  0.4
  0.4

Halyard Health, Inc. is a medical technology company. The Company operates through two segments: Medical Devices and Surgical and Infection Prevention (S&IP). The Medical Devices segment provides a portfolio of product offerings focused on pain management, respiratory and digestive health. The S&IP segment provides healthcare supplies and solutions that target the prevention of healthcare-associated infections. The Company address healthcare needs, such as reducing the use of opioids, while helping patients move from surgery to recovery. The Medical Devices segment's products include post-operative pain management solutions, minimally invasive interventional (or chronic) pain therapies, closed airway suction systems and enteral feeding tubes. The S&IP segment includes product offerings, such as sterilization wrap, surgical drapes and gowns, facial protection, protective apparel and medical exam gloves.

FINANCIAL RATIOS  of  Halyard Health (HYH)

Valuation Ratios
P/E Ratio 53.8
Price to Sales 1.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 13.4
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.6%
Cap. Spend. - 3 Yr. Gr. Rate -10%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 52.5%
Total Debt to Equity 52.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. -4.4%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. -6.3%
Return On Equity 3.7%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 9.4%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -4.3%
Pre-Tax Margin 3.5%
Pre-Tax Margin - 3 Yr. Avg. -5.7%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. -7.6%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 31.3%
Payout Ratio 0%

HYH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HYH stock intrinsic value calculation we used $1592 million for the last fiscal year's total revenue generated by Halyard Health. The default revenue input number comes from 2016 income statement of Halyard Health. 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 HYH 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 5.9%, whose default value for HYH is calculated based on our internal credit rating of Halyard Health, 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 Halyard Health.
    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 HYH stock the variable cost ratio is equal to 124%.

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 HYH 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 Halyard Health.

Corporate tax rate of 27% is the nominal tax rate for Halyard Health. 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 HYH 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 HYH are equal to 24.9%.

Life of production assets of 21.3 years is the average useful life of capital assets used in Halyard Health 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 HYH is equal to 9.8%. 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 - $1103 million for Halyard Health - 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 46.853 million for Halyard Health 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 Halyard Health at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Halyard tops 2Q profit forecasts   [Aug-02-17 09:41PM  Associated Press]
▶ Atlanta's Halyard Health names new CEO, who's getting $1M sign-on award   [Jun-23-17 01:00PM  American City Business Journals]
▶ Halyard Health Announces CEO Transition   [06:50AM  PR Newswire]
▶ ETFs with exposure to Halyard Health, Inc. : May 8, 2017   [May-08-17 04:43PM  Capital Cube]
▶ Halyard beats Street 1Q forecasts   [07:25AM  Associated Press]
▶ Jury returns $454M fraud verdict in hospital gown lawsuit   [Apr-10-17 06:11PM  Associated Press]
▶ Halyard tops Street 4Q forecasts   [07:25AM  Associated Press]
▶ Hedge Funds Are Betting On Smith & Wesson Holding Corp (SWHC)   [Nov-29-16 08:48AM  at Insider Monkey]
Financial statements of HYH
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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