Intrinsic value of IDACORP - IDA

Previous Close

$84.33

  Intrinsic Value

$64.25

stock screener

  Rating & Target

sell

-24%

Previous close

$84.33

 
Intrinsic value

$64.25

 
Up/down potential

-24%

 
Rating

sell

We calculate the intrinsic value of IDA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -0.63
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  1,258
  1,384
  1,512
  1,645
  1,784
  1,928
  2,078
  2,234
  2,396
  2,564
  2,739
  2,921
  3,110
  3,307
  3,512
  3,725
  3,947
  4,179
  4,421
  4,673
  4,936
  5,211
  5,499
  5,799
  6,113
  6,442
  6,786
  7,145
  7,522
  7,917
  8,330
Variable operating expenses, $m
 
  1,077
  1,176
  1,280
  1,388
  1,500
  1,617
  1,738
  1,864
  1,995
  2,131
  2,272
  2,420
  2,573
  2,732
  2,898
  3,071
  3,251
  3,439
  3,636
  3,840
  4,054
  4,278
  4,512
  4,756
  5,012
  5,279
  5,559
  5,852
  6,159
  6,481
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
  990
  1,077
  1,176
  1,280
  1,388
  1,500
  1,617
  1,738
  1,864
  1,995
  2,131
  2,272
  2,420
  2,573
  2,732
  2,898
  3,071
  3,251
  3,439
  3,636
  3,840
  4,054
  4,278
  4,512
  4,756
  5,012
  5,279
  5,559
  5,852
  6,159
  6,481
Operating income, $m
  272
  307
  336
  365
  396
  428
  461
  496
  532
  569
  608
  648
  690
  734
  780
  827
  876
  928
  981
  1,037
  1,096
  1,157
  1,221
  1,287
  1,357
  1,430
  1,506
  1,586
  1,670
  1,758
  1,849
EBITDA, $m
  419
  401
  438
  477
  517
  559
  602
  647
  694
  743
  794
  846
  901
  958
  1,018
  1,080
  1,144
  1,211
  1,281
  1,354
  1,431
  1,510
  1,594
  1,681
  1,772
  1,867
  1,966
  2,071
  2,180
  2,294
  2,414
Interest expense (income), $m
  78
  77
  94
  112
  131
  151
  172
  193
  215
  239
  263
  288
  314
  341
  369
  398
  429
  460
  494
  528
  564
  602
  641
  682
  725
  770
  817
  866
  918
  972
  1,028
Earnings before tax, $m
  235
  231
  242
  253
  265
  277
  290
  303
  317
  331
  345
  361
  377
  393
  411
  429
  448
  467
  488
  509
  532
  555
  579
  605
  632
  660
  689
  720
  752
  786
  821
Tax expense, $m
  37
  62
  65
  68
  72
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  121
  126
  132
  137
  144
  150
  156
  163
  171
  178
  186
  194
  203
  212
  222
Net income, $m
  198
  168
  177
  185
  193
  202
  212
  221
  231
  241
  252
  263
  275
  287
  300
  313
  327
  341
  356
  372
  388
  405
  423
  442
  461
  482
  503
  525
  549
  574
  599

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  6,290
  6,820
  7,449
  8,105
  8,788
  9,499
  10,237
  11,005
  11,802
  12,631
  13,493
  14,389
  15,320
  16,290
  17,299
  18,350
  19,445
  20,586
  21,777
  23,020
  24,317
  25,671
  27,087
  28,567
  30,114
  31,733
  33,426
  35,199
  37,055
  38,999
  41,036
Adjusted assets (=assets-cash), $m
  6,229
  6,820
  7,449
  8,105
  8,788
  9,499
  10,237
  11,005
  11,802
  12,631
  13,493
  14,389
  15,320
  16,290
  17,299
  18,350
  19,445
  20,586
  21,777
  23,020
  24,317
  25,671
  27,087
  28,567
  30,114
  31,733
  33,426
  35,199
  37,055
  38,999
  41,036
Revenue / Adjusted assets
  0.202
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
Average production assets, $m
  428
  469
  513
  558
  605
  654
  704
  757
  812
  869
  929
  990
  1,054
  1,121
  1,190
  1,263
  1,338
  1,417
  1,499
  1,584
  1,673
  1,767
  1,864
  1,966
  2,072
  2,184
  2,300
  2,422
  2,550
  2,684
  2,824
Working capital, $m
  190
  166
  181
  197
  214
  231
  249
  268
  288
  308
  329
  351
  373
  397
  421
  447
  474
  501
  530
  561
  592
  625
  660
  696
  734
  773
  814
  857
  903
  950
  1,000
Total debt, $m
  1,767
  2,132
  2,547
  2,980
  3,431
  3,900
  4,388
  4,894
  5,421
  5,968
  6,536
  7,128
  7,742
  8,382
  9,048
  9,742
  10,465
  11,218
  12,004
  12,824
  13,680
  14,574
  15,508
  16,485
  17,506
  18,575
  19,692
  20,862
  22,088
  23,371
  24,715
Total liabilities, $m
  4,136
  4,501
  4,916
  5,349
  5,800
  6,269
  6,757
  7,263
  7,790
  8,337
  8,905
  9,497
  10,111
  10,751
  11,417
  12,111
  12,834
  13,587
  14,373
  15,193
  16,049
  16,943
  17,877
  18,854
  19,875
  20,944
  22,061
  23,231
  24,457
  25,740
  27,084
Total equity, $m
  2,154
  2,319
  2,533
  2,756
  2,988
  3,230
  3,481
  3,742
  4,013
  4,295
  4,588
  4,892
  5,209
  5,538
  5,882
  6,239
  6,611
  6,999
  7,404
  7,827
  8,268
  8,728
  9,210
  9,713
  10,239
  10,789
  11,365
  11,968
  12,599
  13,260
  13,952
Total liabilities and equity, $m
  6,290
  6,820
  7,449
  8,105
  8,788
  9,499
  10,238
  11,005
  11,803
  12,632
  13,493
  14,389
  15,320
  16,289
  17,299
  18,350
  19,445
  20,586
  21,777
  23,020
  24,317
  25,671
  27,087
  28,567
  30,114
  31,733
  33,426
  35,199
  37,056
  39,000
  41,036
Debt-to-equity ratio
  0.820
  0.920
  1.010
  1.080
  1.150
  1.210
  1.260
  1.310
  1.350
  1.390
  1.420
  1.460
  1.490
  1.510
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
Adjusted equity ratio
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340
  0.340

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  168
  177
  185
  193
  202
  212
  221
  231
  241
  252
  263
  275
  287
  300
  313
  327
  341
  356
  372
  388
  405
  423
  442
  461
  482
  503
  525
  549
  574
  599
Depreciation, amort., depletion, $m
  147
  94
  103
  112
  121
  131
  141
  151
  162
  174
  186
  198
  211
  224
  238
  253
  268
  283
  300
  317
  335
  353
  373
  393
  414
  437
  460
  484
  510
  537
  565
Funds from operations, $m
  340
  262
  279
  296
  314
  333
  352
  373
  394
  415
  438
  461
  486
  511
  538
  566
  594
  624
  656
  689
  723
  758
  796
  835
  876
  918
  963
  1,010
  1,059
  1,110
  1,164
Change in working capital, $m
  -8
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
Cash from operations, $m
  348
  248
  264
  280
  298
  316
  334
  354
  374
  395
  417
  440
  463
  488
  513
  540
  568
  597
  627
  658
  691
  725
  761
  799
  838
  879
  922
  967
  1,014
  1,063
  1,115
Maintenance CAPEX, $m
  0
  -86
  -94
  -103
  -112
  -121
  -131
  -141
  -151
  -162
  -174
  -186
  -198
  -211
  -224
  -238
  -253
  -268
  -283
  -300
  -317
  -335
  -353
  -373
  -393
  -414
  -437
  -460
  -484
  -510
  -537
New CAPEX, $m
  -297
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -79
  -82
  -86
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -140
Cash from investing activities, $m
  -297
  -127
  -137
  -148
  -159
  -170
  -182
  -194
  -206
  -219
  -233
  -248
  -262
  -278
  -293
  -310
  -328
  -347
  -365
  -386
  -406
  -428
  -450
  -475
  -499
  -525
  -554
  -582
  -612
  -644
  -677
Free cash flow, $m
  51
  121
  127
  133
  139
  146
  153
  160
  168
  176
  184
  192
  201
  210
  220
  230
  240
  250
  262
  273
  285
  298
  311
  324
  338
  353
  369
  385
  402
  419
  438
Issuance/(repayment) of debt, $m
  21
  388
  415
  433
  451
  469
  487
  507
  526
  547
  569
  591
  615
  640
  666
  694
  723
  753
  786
  820
  856
  894
  934
  977
  1,021
  1,068
  1,118
  1,170
  1,225
  1,283
  1,344
Issuance/(repurchase) of shares, $m
  -3
  34
  37
  38
  39
  39
  40
  40
  40
  40
  41
  41
  42
  42
  43
  44
  46
  47
  49
  51
  53
  55
  58
  61
  65
  69
  73
  77
  82
  87
  93
Cash from financing (excl. dividends), $m  
  1
  422
  452
  471
  490
  508
  527
  547
  566
  587
  610
  632
  657
  682
  709
  738
  769
  800
  835
  871
  909
  949
  992
  1,038
  1,086
  1,137
  1,191
  1,247
  1,307
  1,370
  1,437
Total cash flow (excl. dividends), $m
  52
  543
  579
  604
  629
  654
  680
  707
  734
  763
  793
  825
  858
  892
  929
  967
  1,008
  1,051
  1,096
  1,144
  1,194
  1,247
  1,303
  1,362
  1,424
  1,490
  1,559
  1,632
  1,709
  1,790
  1,875
Retained Cash Flow (-), $m
  -96
  -203
  -214
  -223
  -232
  -242
  -251
  -261
  -271
  -282
  -293
  -305
  -317
  -330
  -343
  -357
  -372
  -388
  -405
  -422
  -441
  -461
  -481
  -503
  -526
  -550
  -576
  -603
  -631
  -661
  -692
Prev. year cash balance distribution, $m
 
  38
  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
 
  378
  365
  381
  397
  412
  429
  446
  463
  481
  500
  520
  541
  563
  586
  610
  636
  663
  691
  721
  753
  787
  822
  859
  898
  940
  983
  1,029
  1,078
  1,129
  1,182
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  352
  315
  301
  285
  268
  250
  230
  210
  189
  169
  149
  129
  111
  94
  78
  64
  52
  41
  32
  24
  18
  13
  9
  7
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  99.2
  98.4
  97.6
  96.9
  96.3
  95.7
  95.2
  94.7
  94.2
  93.7
  93.3
  92.9
  92.5
  92.2
  91.8
  91.5
  91.1
  90.8
  90.5
  90.2
  89.9
  89.6
  89.3
  89.0
  88.7
  88.4
  88.1
  87.8
  87.5
  87.2

IDACORP, Inc. is a holding company. The Company's principal operating subsidiary is Idaho Power Company (Idaho Power). The Company's segment is utility operations. The utility operations segment's primary source of revenue is the regulated operations of Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale and purchase of electric energy and capacity. Idaho Power is the parent of Idaho Energy Resources Co. (IERCo), a joint venturer in Bridger Coal Company, which mines and supplies coal to the Jim Bridger generating plant owned in part by Idaho Power. Its subsidiaries also include IDACORP Financial Services, Inc., an investor in affordable housing and other real estate investments, and Ida-West Energy Company, an operator of small hydroelectric generation projects. As of December 31, 2016, Idaho Power provided electric utility service to approximately 535,000 general business customers in southern Idaho and eastern Oregon.

FINANCIAL RATIOS  of  IDACORP (IDA)

Valuation Ratios
P/E Ratio 21.5
Price to Sales 3.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 83.3
Growth Rates
Sales Growth Rate -0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.6
LT Debt to Equity 81%
Total Debt to Equity 82%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 9.4%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 36.5%
EBITDA Margin - 3 Yr. Avg. 35.3%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 21.2%
Pre-Tax Margin 18.6%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 14.3%
Payout Ratio 53%

IDA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IDA stock intrinsic value calculation we used $1262 million for the last fiscal year's total revenue generated by IDACORP. The default revenue input number comes from 2016 income statement of IDACORP. 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 IDA stock valuation model: a) initial revenue growth rate of 9.7% 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 7.4%, whose default value for IDA is calculated based on our internal credit rating of IDACORP, 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 IDACORP.
    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 IDA stock the variable cost ratio is equal to 77.8%.

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 IDA 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 4.4% for IDACORP.

Corporate tax rate of 27% is the nominal tax rate for IDACORP. 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 IDA 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 IDA are equal to 33.9%.

Life of production assets of 2.9 years is the average useful life of capital assets used in IDACORP 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 IDA is equal to 12%. 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 - $2154 million for IDACORP - 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 50.569 million for IDACORP 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 IDACORP at the current share price and the inputted number of shares is $4.3 billion.

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COMPANY NEWS

▶ IdaCorp beats 3Q profit forecasts   [Nov-02-17 09:49AM  Associated Press]
▶ IDACORP, Inc. Declares Dividend   [05:52PM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: Idacorp   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to IDACORP, Inc. : August 31, 2017   [Aug-31-17 06:52PM  Capital Cube]
▶ IDACORP, Inc. Value Analysis (NYSE:IDA) : August 5, 2017   [Aug-04-17 08:56PM  Capital Cube]
▶ ETFs with exposure to IDACORP, Inc. : August 4, 2017   [Aug-03-17 08:27PM  Capital Cube]
▶ IDACORP, Inc. Declares Dividend   [Jul-20-17 05:52PM  PR Newswire]
▶ ETFs with exposure to IDACORP, Inc. : July 4, 2017   [Jul-04-17 03:03PM  Capital Cube]
▶ ETFs with exposure to IDACORP, Inc. : June 22, 2017   [Jun-22-17 03:52PM  Capital Cube]
▶ IDACORP, Inc. Value Analysis (NYSE:IDA) : May 5, 2017   [May-05-17 05:05PM  Capital Cube]
▶ IDACORP, Inc. Declares Dividend   [Apr-20-17 05:28PM  PR Newswire]
▶ Billionaire Ken Fishers Monster Q4 Moves   [Feb-14-17 12:38PM  Insider Monkey]
▶ Billionaire Ken Fishers Monster Q4 Moves   [12:38PM  at Insider Monkey]
▶ IDACORP, Inc. Declares Dividend   [Jan-19-17 05:26PM  PR Newswire]
▶ Is IDACORP Inc (IDA) A Good Stock to Buy?   [Dec-16-16 10:45PM  at Insider Monkey]
▶ Smart Money Is Going Crazy for CoreCivic Inc (CXW)   [Nov-26-16 09:29PM  at Insider Monkey]
Financial statements of IDA
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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