Intrinsic value of Ingles Markets Cl A - IMKTA

Previous Close

$26.55

  Intrinsic Value

$19.67

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-60%

Previous close

$26.55

 
Intrinsic value

$19.67

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-60%

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

We calculate the intrinsic value of IMKTA 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 0.5

 

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, %
  0.42
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  3,795
  3,886
  3,989
  4,105
  4,232
  4,372
  4,523
  4,687
  4,863
  5,052
  5,253
  5,468
  5,697
  5,940
  6,198
  6,471
  6,760
  7,065
  7,388
  7,729
  8,088
  8,467
  8,866
  9,287
  9,729
  10,196
  10,687
  11,203
  11,746
  12,317
  12,918
Variable operating expenses, $m
 
  3,742
  3,842
  3,953
  4,076
  4,210
  4,356
  4,513
  4,683
  4,865
  5,059
  5,266
  5,486
  5,720
  5,969
  6,232
  6,510
  6,804
  7,115
  7,443
  7,789
  8,153
  8,538
  8,943
  9,369
  9,819
  10,291
  10,788
  11,311
  11,862
  12,440
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
  3,666
  3,742
  3,842
  3,953
  4,076
  4,210
  4,356
  4,513
  4,683
  4,865
  5,059
  5,266
  5,486
  5,720
  5,969
  6,232
  6,510
  6,804
  7,115
  7,443
  7,789
  8,153
  8,538
  8,943
  9,369
  9,819
  10,291
  10,788
  11,311
  11,862
  12,440
Operating income, $m
  129
  144
  148
  152
  157
  162
  167
  173
  180
  187
  194
  202
  211
  220
  229
  239
  250
  261
  273
  286
  299
  313
  328
  344
  360
  377
  395
  415
  435
  456
  478
EBITDA, $m
  236
  253
  260
  268
  276
  285
  295
  305
  317
  329
  342
  356
  371
  387
  404
  422
  441
  460
  482
  504
  527
  552
  578
  605
  634
  664
  696
  730
  766
  803
  842
Interest expense (income), $m
  47
  46
  48
  49
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  163
  171
  180
  190
Earnings before tax, $m
  85
  98
  100
  103
  105
  108
  112
  115
  119
  123
  127
  132
  136
  142
  147
  153
  159
  165
  172
  179
  187
  195
  203
  212
  221
  231
  241
  252
  263
  275
  288
Tax expense, $m
  31
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
Net income, $m
  54
  71
  73
  75
  77
  79
  81
  84
  87
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  155
  161
  169
  176
  184
  192
  201
  210

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  1,686
  1,720
  1,766
  1,817
  1,874
  1,935
  2,002
  2,075
  2,153
  2,236
  2,326
  2,421
  2,522
  2,630
  2,744
  2,865
  2,992
  3,128
  3,270
  3,421
  3,580
  3,748
  3,925
  4,111
  4,307
  4,513
  4,731
  4,959
  5,200
  5,453
  5,719
Adjusted assets (=assets-cash), $m
  1,680
  1,720
  1,766
  1,817
  1,874
  1,935
  2,002
  2,075
  2,153
  2,236
  2,326
  2,421
  2,522
  2,630
  2,744
  2,865
  2,992
  3,128
  3,270
  3,421
  3,580
  3,748
  3,925
  4,111
  4,307
  4,513
  4,731
  4,959
  5,200
  5,453
  5,719
Revenue / Adjusted assets
  2.259
  2.259
  2.259
  2.259
  2.258
  2.259
  2.259
  2.259
  2.259
  2.259
  2.258
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
  2.259
Average production assets, $m
  1,230
  1,259
  1,293
  1,330
  1,371
  1,416
  1,466
  1,519
  1,576
  1,637
  1,702
  1,772
  1,846
  1,925
  2,008
  2,097
  2,190
  2,289
  2,394
  2,504
  2,620
  2,743
  2,873
  3,009
  3,152
  3,303
  3,462
  3,630
  3,806
  3,991
  4,185
Working capital, $m
  176
  183
  188
  193
  199
  205
  213
  220
  229
  237
  247
  257
  268
  279
  291
  304
  318
  332
  347
  363
  380
  398
  417
  436
  457
  479
  502
  527
  552
  579
  607
Total debt, $m
  876
  899
  932
  968
  1,009
  1,053
  1,102
  1,154
  1,210
  1,270
  1,334
  1,403
  1,476
  1,553
  1,635
  1,722
  1,815
  1,912
  2,015
  2,123
  2,238
  2,359
  2,486
  2,620
  2,761
  2,910
  3,066
  3,231
  3,404
  3,586
  3,777
Total liabilities, $m
  1,216
  1,239
  1,272
  1,308
  1,349
  1,393
  1,442
  1,494
  1,550
  1,610
  1,674
  1,743
  1,816
  1,893
  1,975
  2,062
  2,155
  2,252
  2,355
  2,463
  2,578
  2,699
  2,826
  2,960
  3,101
  3,250
  3,406
  3,571
  3,744
  3,926
  4,117
Total equity, $m
  470
  482
  494
  509
  525
  542
  561
  581
  603
  626
  651
  678
  706
  736
  768
  802
  838
  876
  916
  958
  1,002
  1,049
  1,099
  1,151
  1,206
  1,264
  1,325
  1,389
  1,456
  1,527
  1,601
Total liabilities and equity, $m
  1,686
  1,721
  1,766
  1,817
  1,874
  1,935
  2,003
  2,075
  2,153
  2,236
  2,325
  2,421
  2,522
  2,629
  2,743
  2,864
  2,993
  3,128
  3,271
  3,421
  3,580
  3,748
  3,925
  4,111
  4,307
  4,514
  4,731
  4,960
  5,200
  5,453
  5,718
Debt-to-equity ratio
  1.864
  1.870
  1.880
  1.900
  1.920
  1.940
  1.960
  1.990
  2.010
  2.030
  2.050
  2.070
  2.090
  2.110
  2.130
  2.150
  2.170
  2.180
  2.200
  2.220
  2.230
  2.250
  2.260
  2.280
  2.290
  2.300
  2.310
  2.330
  2.340
  2.350
  2.360
Adjusted equity ratio
  0.276
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  71
  73
  75
  77
  79
  81
  84
  87
  90
  93
  96
  100
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  155
  161
  169
  176
  184
  192
  201
  210
Depreciation, amort., depletion, $m
  107
  109
  112
  116
  119
  123
  127
  132
  137
  142
  148
  154
  161
  167
  175
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
  347
  364
Funds from operations, $m
  149
  181
  185
  190
  196
  202
  209
  216
  224
  232
  241
  250
  260
  271
  282
  294
  306
  320
  334
  349
  364
  381
  398
  416
  436
  456
  477
  500
  523
  548
  574
Change in working capital, $m
  -10
  4
  5
  5
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
Cash from operations, $m
  159
  177
  181
  185
  190
  196
  202
  208
  215
  223
  231
  240
  249
  259
  270
  281
  293
  305
  319
  333
  347
  363
  379
  397
  415
  434
  454
  475
  498
  521
  546
Maintenance CAPEX, $m
  0
  -107
  -109
  -112
  -116
  -119
  -123
  -127
  -132
  -137
  -142
  -148
  -154
  -161
  -167
  -175
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -274
  -287
  -301
  -316
  -331
  -347
New CAPEX, $m
  -138
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -88
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -144
  -151
  -159
  -167
  -176
  -185
  -195
Cash from investing activities, $m
  -137
  -136
  -142
  -149
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -218
  -228
  -240
  -251
  -263
  -276
  -289
  -304
  -318
  -334
  -351
  -368
  -386
  -406
  -425
  -446
  -468
  -492
  -516
  -542
Free cash flow, $m
  22
  40
  38
  35
  33
  31
  29
  28
  26
  25
  24
  22
  21
  20
  19
  18
  17
  16
  15
  14
  13
  12
  11
  10
  10
  9
  8
  7
  6
  5
  4
Issuance/(repayment) of debt, $m
  -11
  29
  33
  37
  41
  44
  48
  52
  56
  60
  64
  69
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
  182
  191
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  
  -11
  29
  33
  37
  41
  44
  48
  52
  56
  60
  64
  69
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  127
  134
  141
  149
  156
  165
  173
  182
  191
Total cash flow (excl. dividends), $m
  11
  69
  70
  72
  74
  76
  78
  80
  82
  85
  88
  91
  94
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  157
  164
  172
  179
  187
  196
Retained Cash Flow (-), $m
  -41
  -12
  -13
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
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
 
  57
  58
  58
  58
  58
  59
  60
  61
  62
  63
  64
  66
  67
  69
  71
  73
  75
  78
  80
  83
  86
  89
  92
  96
  100
  103
  108
  112
  116
  121
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  52
  48
  43
  38
  34
  30
  26
  22
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  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

Ingles Markets, Incorporated operates a chain of supermarkets in the southeast United States. Its supermarkets offer various food products, including grocery, meat and dairy products, produce, frozen foods and other perishables, and non-food products; and non-food products, such as fuel centers, pharmacies, health and beauty care products, and general merchandise, as well as private label items. The company modern stores provide home meal replacement items, delicatessens, bakeries, floral departments, and greeting cards, as well as various selections of organic, beverage, and health-related items. As of September 24, 2016, it operated 192 supermarkets under the Ingles name; and 9 supermarkets under the Sav-Mor name in western North Carolina, western South Carolina, northern Georgia, eastern Tennessee, southwestern Virginia, and northeastern Alabama, as well as 99 in-store pharmacies and 93 fuel centers. In addition, it is involved in the fluid dairy operation and shopping center rental businesses. Ingles Markets, Incorporated was founded in 1963 and is headquartered in Black Mountain, North Carolina.

FINANCIAL RATIOS  of  Ingles Markets Cl A (IMKTA)

Valuation Ratios
P/E Ratio 10
Price to Sales 0.1
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate 0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 184.3%
Total Debt to Equity 186.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 12%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 24.3%
Gross Margin - 3 Yr. Avg. 23.3%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 6.2%
Operating Margin 3.4%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 2.2%
Pre-Tax Margin - 3 Yr. Avg. 2.3%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 24.1%

IMKTA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMKTA stock intrinsic value calculation we used $3795 million for the last fiscal year's total revenue generated by Ingles Markets Cl A. The default revenue input number comes from 2016 income statement of Ingles Markets 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 IMKTA stock valuation model: a) initial revenue growth rate of 2.4% 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 9.4%, whose default value for IMKTA is calculated based on our internal credit rating of Ingles Markets 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 Ingles Markets 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 IMKTA stock the variable cost ratio is equal to 96.3%.

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 IMKTA 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 5.3% for Ingles Markets Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ingles Markets 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 IMKTA 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 IMKTA are equal to 32.4%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Ingles Markets 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 IMKTA is equal to 4.7%. 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 - $470 million for Ingles Markets 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 19.816 million for Ingles Markets 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 Ingles Markets Cl A at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Triad grocery stores, ranked by market share   [Jun-27-17 02:55PM  American City Business Journals]
▶ ETFs with exposure to Ingles Markets, Inc. : May 19, 2017   [May-19-17 01:57PM  Capital Cube]
▶ How Whole Foods Went From Undervalued To Overvalued   [May-10-17 02:22PM  Benzinga]
▶ ETFs with exposure to Ingles Markets, Inc. : May 8, 2017   [May-08-17 04:45PM  Capital Cube]
▶ Ingles posts 2Q profit   [May-04-17 03:54PM  Associated Press]
▶ Ingles posts 1Q profit   [05:02AM  Associated Press]
▶ Should You Avoid Dennys Corporation (DENN)?   [Dec-09-16 03:39AM  at Insider Monkey]
▶ Should You Avoid PharMerica Corporation (PMC)?   [Dec-05-16 02:22PM  at Insider Monkey]
▶ Ingles Markets or Whole Foods: Which to Buy? (IMKTA, WFM)   [Jul-05-16 01:44PM  at Investopedia]
▶ ETFs with exposure to Ingles Markets, Inc. : April 26, 2016   [Apr-26-16 12:01PM  at Capital Cube]
▶ Krispy Kreme, Ingles Join the Cage-Free Revolution   [Apr-05-16 07:00PM  at Investopedia]
Stock chart of IMKTA Financial statements of IMKTA
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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