Intrinsic value of IMPAC Mortgage Holdings - IMH

Previous Close

$13.63

  Intrinsic Value

$25.12

stock screener

  Rating & Target

str. buy

+84%

Previous close

$13.63

 
Intrinsic value

$25.12

 
Up/down potential

+84%

 
Rating

str. buy

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

We calculate the intrinsic value of IMH 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, %
  78.44
  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
  298
  304
  311
  319
  328
  338
  349
  361
  373
  387
  402
  418
  435
  453
  472
  493
  514
  537
  561
  587
  614
  642
  672
  704
  737
  772
  809
  848
  889
  932
  978
Variable operating expenses, $m
 
  174
  178
  182
  187
  193
  198
  205
  212
  219
  227
  225
  234
  244
  254
  265
  277
  289
  302
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  502
  527
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
  238
  174
  178
  182
  187
  193
  198
  205
  212
  219
  227
  225
  234
  244
  254
  265
  277
  289
  302
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  502
  527
Operating income, $m
  60
  130
  133
  137
  141
  145
  150
  156
  162
  168
  175
  193
  201
  209
  218
  227
  237
  248
  259
  271
  283
  296
  310
  325
  340
  356
  373
  391
  410
  430
  451
EBITDA, $m
  65
  144
  147
  151
  155
  160
  165
  171
  177
  184
  191
  198
  206
  215
  224
  233
  244
  255
  266
  278
  291
  304
  319
  334
  349
  366
  384
  402
  421
  442
  463
Interest expense (income), $m
  77
  78
  49
  65
  84
  105
  128
  153
  181
  211
  244
  278
  315
  355
  397
  442
  490
  540
  594
  650
  710
  773
  839
  910
  984
  1,061
  1,143
  1,230
  1,321
  1,416
  1,517
Earnings before tax, $m
  48
  52
  84
  72
  57
  41
  22
  2
  -19
  -43
  -69
  -85
  -115
  -146
  -179
  -215
  -253
  -293
  -335
  -380
  -427
  -477
  -529
  -585
  -643
  -705
  -770
  -839
  -911
  -986
  -1,066
Tax expense, $m
  1
  14
  23
  19
  15
  11
  6
  1
  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
  47
  38
  62
  52
  42
  30
  16
  2
  -19
  -43
  -69
  -85
  -115
  -146
  -179
  -215
  -253
  -293
  -335
  -380
  -427
  -477
  -529
  -585
  -643
  -705
  -770
  -839
  -911
  -986
  -1,066

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  40
  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
  4,864
  4,903
  5,015
  5,144
  5,289
  5,449
  5,625
  5,817
  6,024
  6,248
  6,487
  6,744
  7,018
  7,309
  7,619
  7,947
  8,296
  8,664
  9,054
  9,466
  9,901
  10,360
  10,844
  11,354
  11,892
  12,458
  13,054
  13,681
  14,341
  15,036
  15,767
Adjusted assets (=assets-cash), $m
  4,824
  4,903
  5,015
  5,144
  5,289
  5,449
  5,625
  5,817
  6,024
  6,248
  6,487
  6,744
  7,018
  7,309
  7,619
  7,947
  8,296
  8,664
  9,054
  9,466
  9,901
  10,360
  10,844
  11,354
  11,892
  12,458
  13,054
  13,681
  14,341
  15,036
  15,767
Revenue / Adjusted assets
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
  0.062
Average production assets, $m
  113
  115
  118
  121
  124
  128
  132
  137
  142
  147
  152
  158
  165
  172
  179
  187
  195
  204
  213
  222
  233
  243
  255
  267
  279
  293
  307
  321
  337
  353
  370
Working capital, $m
  0
  152
  155
  159
  164
  169
  174
  180
  187
  194
  201
  209
  218
  227
  236
  246
  257
  269
  281
  293
  307
  321
  336
  352
  369
  386
  405
  424
  445
  466
  489
Total debt, $m
  523
  302
  404
  520
  650
  794
  953
  1,125
  1,312
  1,513
  1,729
  1,959
  2,206
  2,468
  2,747
  3,043
  3,356
  3,688
  4,039
  4,409
  4,801
  5,214
  5,650
  6,109
  6,592
  7,102
  7,638
  8,203
  8,797
  9,422
  10,080
Total liabilities, $m
  4,633
  4,412
  4,514
  4,630
  4,760
  4,904
  5,063
  5,235
  5,422
  5,623
  5,839
  6,069
  6,316
  6,578
  6,857
  7,153
  7,466
  7,798
  8,149
  8,519
  8,911
  9,324
  9,760
  10,219
  10,702
  11,212
  11,748
  12,313
  12,907
  13,532
  14,190
Total equity, $m
  231
  490
  502
  514
  529
  545
  563
  582
  602
  625
  649
  674
  702
  731
  762
  795
  830
  866
  905
  947
  990
  1,036
  1,084
  1,135
  1,189
  1,246
  1,305
  1,368
  1,434
  1,504
  1,577
Total liabilities and equity, $m
  4,864
  4,902
  5,016
  5,144
  5,289
  5,449
  5,626
  5,817
  6,024
  6,248
  6,488
  6,743
  7,018
  7,309
  7,619
  7,948
  8,296
  8,664
  9,054
  9,466
  9,901
  10,360
  10,844
  11,354
  11,891
  12,458
  13,053
  13,681
  14,341
  15,036
  15,767
Debt-to-equity ratio
  2.264
  0.620
  0.810
  1.010
  1.230
  1.460
  1.690
  1.930
  2.180
  2.420
  2.660
  2.910
  3.140
  3.380
  3.610
  3.830
  4.050
  4.260
  4.460
  4.660
  4.850
  5.030
  5.210
  5.380
  5.540
  5.700
  5.850
  6.000
  6.130
  6.270
  6.390
Adjusted equity ratio
  0.048
  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
  47
  38
  62
  52
  42
  30
  16
  2
  -19
  -43
  -69
  -85
  -115
  -146
  -179
  -215
  -253
  -293
  -335
  -380
  -427
  -477
  -529
  -585
  -643
  -705
  -770
  -839
  -911
  -986
  -1,066
Depreciation, amort., depletion, $m
  5
  14
  14
  15
  15
  15
  15
  15
  15
  15
  16
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Funds from operations, $m
  -13,162
  52
  76
  67
  56
  44
  31
  17
  -4
  -28
  -53
  -80
  -109
  -140
  -174
  -209
  -246
  -286
  -328
  -372
  -419
  -469
  -521
  -576
  -634
  -695
  -760
  -828
  -899
  -975
  -1,054
Change in working capital, $m
  -13,227
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  18
  19
  20
  22
  23
Cash from operations, $m
  65
  49
  72
  63
  52
  39
  26
  11
  -11
  -35
  -60
  -88
  -118
  -149
  -183
  -219
  -257
  -297
  -340
  -385
  -433
  -483
  -536
  -592
  -651
  -713
  -778
  -847
  -920
  -996
  -1,076
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
New CAPEX, $m
  0
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
Cash from investing activities, $m
  642
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -22
  -22
  -24
  -25
  -27
  -27
  -29
Free cash flow, $m
  707
  43
  66
  56
  44
  32
  17
  2
  -20
  -45
  -71
  -99
  -129
  -162
  -196
  -233
  -271
  -312
  -356
  -402
  -450
  -501
  -555
  -612
  -672
  -736
  -802
  -872
  -946
  -1,024
  -1,105
Issuance/(repayment) of debt, $m
  -747
  -181
  101
  116
  130
  144
  158
  172
  187
  201
  216
  231
  246
  262
  279
  296
  313
  332
  351
  371
  391
  413
  436
  459
  484
  510
  536
  565
  594
  625
  657
Issuance/(repurchase) of shares, $m
  48
  221
  0
  0
  0
  0
  1
  17
  40
  65
  93
  111
  142
  175
  210
  248
  287
  329
  374
  421
  470
  523
  578
  636
  697
  762
  830
  901
  977
  1,056
  1,139
Cash from financing (excl. dividends), $m  
  -700
  40
  101
  116
  130
  144
  159
  189
  227
  266
  309
  342
  388
  437
  489
  544
  600
  661
  725
  792
  861
  936
  1,014
  1,095
  1,181
  1,272
  1,366
  1,466
  1,571
  1,681
  1,796
Total cash flow (excl. dividends), $m
  8
  84
  167
  172
  175
  176
  177
  192
  207
  222
  237
  243
  259
  276
  293
  311
  330
  349
  369
  390
  412
  434
  458
  483
  509
  536
  564
  594
  625
  657
  691
Retained Cash Flow (-), $m
  -117
  -259
  -11
  -13
  -14
  -16
  -18
  -19
  -40
  -65
  -93
  -111
  -142
  -175
  -210
  -248
  -287
  -329
  -374
  -421
  -470
  -523
  -578
  -636
  -697
  -762
  -830
  -901
  -977
  -1,056
  -1,139
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
 
  -175
  156
  159
  160
  160
  159
  173
  167
  157
  145
  132
  117
  101
  83
  63
  42
  19
  -5
  -31
  -59
  -88
  -120
  -153
  -189
  -226
  -266
  -308
  -352
  -399
  -448
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
 
  -168
  143
  138
  132
  124
  116
  117
  104
  90
  76
  63
  50
  38
  28
  19
  11
  4
  -1
  -5
  -7
  -9
  -10
  -10
  -10
  -9
  -8
  -7
  -5
  -4
  -3
Current shareholders' claim on cash, %
  100
  56.3
  56.3
  56.3
  56.3
  56.3
  56.2
  54.8
  51.9
  47.7
  42.6
  37.4
  31.9
  26.6
  21.5
  17.0
  13.2
  10.0
  7.4
  5.4
  3.8
  2.7
  1.8
  1.2
  0.8
  0.5
  0.4
  0.2
  0.1
  0.1
  0.1

Impac Mortgage Holdings, Inc. is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. It originates, sells and services conventional, conforming agency and Government insured residential mortgage loans. Its Real Estate Services segment provides various real estate related services and loss mitigation services, including managing distressed mortgage portfolios and foreclosed real estate assets; surveillance services for residential and multifamily mortgage portfolios; loan modification services, and the master servicing on various residential mortgage and multifamily loan pools for loans. It manages its long-term mortgage portfolio, which consists of residual interests in the securitization trusts reflected as trust assets and liabilities. Its Corporate segment includes corporate services groups, such as information technology, human resources, legal, facilities and accounting.

FINANCIAL RATIOS  of  IMPAC Mortgage Holdings (IMH)

Valuation Ratios
P/E Ratio 4.6
Price to Sales 0.7
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 3.4
Growth Rates
Sales Growth Rate 78.4%
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 0
Current Ratio NaN
LT Debt to Equity 44.2%
Total Debt to Equity 226.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 27.2%
Return On Equity - 3 Yr. Avg. 40.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 43.6%
EBITDA Margin - 3 Yr. Avg. 79.1%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 16.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 15.8%
Net Profit Margin - 3 Yr. Avg. 16.9%
Effective Tax Rate 2.1%
Eff/ Tax Rate - 3 Yr. Avg. -18.4%
Payout Ratio 0%

IMH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMH stock intrinsic value calculation we used $298 million for the last fiscal year's total revenue generated by IMPAC Mortgage Holdings. The default revenue input number comes from 2016 income statement of IMPAC Mortgage Holdings. 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 IMH 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 4.3%, whose default value for IMH is calculated based on our internal credit rating of IMPAC Mortgage Holdings, 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 IMPAC Mortgage Holdings.
    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 IMH stock the variable cost ratio is equal to 57.4%.

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 IMH 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 16.1% for IMPAC Mortgage Holdings.

Corporate tax rate of 27% is the nominal tax rate for IMPAC Mortgage Holdings. 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 IMH 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 IMH are equal to 37.9%.

Life of production assets of 43.6 years is the average useful life of capital assets used in IMPAC Mortgage Holdings 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 IMH is equal to 50%. 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 - $231 million for IMPAC Mortgage Holdings - 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 20.896 million for IMPAC Mortgage Holdings 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 IMPAC Mortgage Holdings at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
ATAX America First 6.15 1.46  str.sell
EFC Ellington Fina 15.65 6.49  str.sell
PHH PHH 13.52 8.39  sell
PFSI PennyMac Finan 18.00 20.16  hold
AI Arlington Asse 12.66 3.46  str.sell

COMPANY NEWS

▶ Impac Mortgage posts 2Q profit   [Aug-08-17 10:51PM  Associated Press]
▶ Impac Mortgage posts 1Q profit   [May-09-17 06:56PM  Associated Press]
▶ Invictus MD Moves To TSX Venture Exchange   [Mar-30-17 09:43PM  PR Newswire]
▶ IIROC Trade Resumption - IMH   [10:43AM  PR Newswire]
▶ IIROC Trade Resumption - IMH   [10:43AM  CNW Group]
▶ IIROC Trading Halt - IMH   [08:09AM  PR Newswire]
▶ Impac Mortgage posts 4Q profit   [Feb-23-17 05:19PM  Associated Press]
▶ IIROC Trade Resumption - IMH   [Feb-07-17 10:04AM  PR Newswire]
▶ IIROC Trading Halt - IMH   [Feb-06-17 01:30PM  PR Newswire]
▶ IIROC Trade Resumption - IMH   [Nov-24-16 11:29AM  PR Newswire]
▶ IIROC Trading Halt - IMH   [Nov-23-16 12:28PM  PR Newswire]
▶ Cash Call Mortgage Reviews: What You Need to Know   [May-26-16 02:01PM  at Investopedia]
▶ Hedge Funds Arent Crazy About CDI Corp. (CDI) Anymore   [Nov-24  03:49PM  at Insider Monkey]
Financial statements of IMH
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.