Intrinsic value of Intergroup - INTG

Previous Close

$24.15

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$24.15

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of INTG 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 2017), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.48
  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
  69
  70
  72
  74
  76
  78
  81
  84
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
Variable operating expenses, $m
 
  65
  67
  69
  70
  73
  75
  77
  80
  83
  86
  90
  93
  97
  101
  106
  111
  115
  121
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
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
  56
  65
  67
  69
  70
  73
  75
  77
  80
  83
  86
  90
  93
  97
  101
  106
  111
  115
  121
  126
  132
  138
  144
  151
  158
  166
  174
  182
  191
  200
  210
Operating income, $m
  13
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
EBITDA, $m
  18
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
Interest expense (income), $m
  10
  10
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Earnings before tax, $m
  -1
  -5
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Tax expense, $m
  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
  0
Net income, $m
  -2
  -5
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  133
  133
  136
  139
  143
  147
  152
  157
  163
  169
  175
  182
  190
  198
  206
  215
  224
  234
  245
  256
  268
  280
  293
  307
  321
  337
  353
  370
  388
  407
  426
Adjusted assets (=assets-cash), $m
  130
  133
  136
  139
  143
  147
  152
  157
  163
  169
  175
  182
  190
  198
  206
  215
  224
  234
  245
  256
  268
  280
  293
  307
  321
  337
  353
  370
  388
  407
  426
Revenue / Adjusted assets
  0.531
  0.526
  0.529
  0.532
  0.531
  0.531
  0.533
  0.535
  0.528
  0.533
  0.531
  0.533
  0.532
  0.530
  0.529
  0.530
  0.531
  0.530
  0.531
  0.531
  0.530
  0.532
  0.532
  0.531
  0.533
  0.531
  0.530
  0.530
  0.531
  0.531
  0.531
Average production assets, $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
Working capital, $m
  0
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Total debt, $m
  186
  124
  127
  130
  134
  138
  142
  147
  152
  157
  163
  169
  176
  183
  190
  198
  207
  216
  225
  235
  246
  257
  269
  281
  294
  308
  323
  338
  354
  371
  389
Total liabilities, $m
  181
  119
  122
  125
  129
  133
  137
  142
  147
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  384
Total equity, $m
  -48
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Total liabilities and equity, $m
  133
  132
  136
  139
  143
  148
  152
  158
  163
  169
  176
  182
  190
  198
  206
  214
  224
  234
  244
  256
  268
  280
  293
  307
  321
  337
  353
  370
  388
  407
  427
Debt-to-equity ratio
  -3.875
  9.380
  9.370
  9.360
  9.350
  9.340
  9.330
  9.320
  9.310
  9.300
  9.290
  9.270
  9.260
  9.250
  9.240
  9.230
  9.220
  9.210
  9.200
  9.200
  9.190
  9.180
  9.170
  9.160
  9.160
  9.150
  9.140
  9.140
  9.130
  9.120
  9.120
Adjusted equity ratio
  -0.369
  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
  -2
  -5
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Depreciation, amort., depletion, $m
  5
  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
  4
  -5
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Change in working capital, $m
  -2
  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 operations, $m
  6
  -5
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Maintenance CAPEX, $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
New CAPEX, $m
  -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
  0
Cash from investing activities, $m
  -2
  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
Free cash flow, $m
  4
  -5
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Issuance/(repayment) of debt, $m
  -2
  -59
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
Issuance/(repurchase) of shares, $m
  -1
  66
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
Cash from financing (excl. dividends), $m  
  -7
  7
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  10
  11
  11
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Total cash flow (excl. dividends), $m
  -3
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
Retained Cash Flow (-), $m
  3
  -66
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
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
 
  -63
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
Discount rate, %
 
  15.50
  16.28
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.05
  25.25
  26.51
  27.84
  29.23
  30.69
  32.22
  33.83
  35.53
  37.30
  39.17
  41.13
  43.18
  45.34
  47.61
  49.99
  52.49
  55.11
  57.87
  60.76
  63.80
PV of cash for distribution, $m
 
  -55
  1
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  44.3
  39.2
  34.6
  30.6
  27.0
  23.9
  21.0
  18.6
  16.4
  14.4
  12.7
  11.2
  9.9
  8.7
  7.7
  6.8
  6.0
  5.3
  4.7
  4.1
  3.6
  3.2
  2.8
  2.5
  2.2
  1.9
  1.7
  1.5
  1.3

The InterGroup Corporation (InterGroup) is engaged in buying, developing, operating, rehabilitating and disposing of real property of various types and descriptions, and engaged in such other business and investment activities. The Company operates in three segments: Hotel Operations, which is engaged in the operation of the Hilton San Francisco Financial District (the Hotel) and operation of the garage; Real Estate Operations, which is engaged in the operation of its multi-family residential properties, and Investment Transactions, which includes the investment of its cash in marketable securities and other investments. The San Francisco hotel property is owned indirectly by Justice Investors Limited Partnership (the Partnership) through its subsidiary, Justice Operating Company, LLC. The San Francisco hotel is centrally located near the Financial District in San Francisco. The San Francisco hotel is a 31-story (including parking garage), steel and concrete, A-frame building.

FINANCIAL RATIOS  of  Intergroup (INTG)

Valuation Ratios
P/E Ratio -28.5
Price to Sales 0.8
Price to Book -1.2
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 11.4
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -85.7%
Cap. Spend. - 3 Yr. Gr. Rate -24.2%
Financial Strength
Quick Ratio 1
Current Ratio NaN
LT Debt to Equity -375%
Total Debt to Equity -387.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital -1.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 30.4%
Gross Margin - 3 Yr. Avg. 26.6%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 18.8%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin -1.4%
Pre-Tax Margin - 3 Yr. Avg. -4.1%
Net Profit Margin -2.9%
Net Profit Margin - 3 Yr. Avg. -2.8%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. -3.1%
Payout Ratio 0%

INTG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INTG stock intrinsic value calculation we used $69 million for the last fiscal year's total revenue generated by Intergroup. The default revenue input number comes from 2017 income statement of Intergroup. 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 INTG 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 15.5%, whose default value for INTG is calculated based on our internal credit rating of Intergroup, 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 Intergroup.
    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 INTG stock the variable cost ratio is equal to 92.8%.

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 INTG 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 Intergroup.

Corporate tax rate of 27% is the nominal tax rate for Intergroup. 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 INTG 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 INTG are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Intergroup 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 INTG is equal to 4.3%. 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 - $-48 million for Intergroup - 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 2.36 million for Intergroup 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 Intergroup at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
HLT Hilton Worldwi 71.04 131.88  str.buy
STAY Extended Stay 20.36 2.58  str.sell
MAR Marriott Inter 115.02 597.63  str.buy
H Hyatt Hotels 61.85 17.87  str.sell
PK Park Hotels&Re 28.48 9.59  str.sell

COMPANY NEWS

▶ ETFs with exposure to InterGroup Corp. : October 18, 2017   [Oct-18-17 09:48AM  Capital Cube]
▶ 10-Q for InterGroup Corp.   [May-13  08:11PM  at Company Spotlight]
▶ 10-Q for InterGroup Corp.   [Feb-13  07:07PM  at Company Spotlight]
▶ 10-Q for InterGroup Corp.   [Nov-16  07:08PM  Company Spotlight]
▶ 10-K for InterGroup Corp.   [Oct-01  08:08PM  Company Spotlight]
▶ INTERGROUP CORP Files SEC form 8-K, Other Events   [Feb-21  04:14PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [Feb-18  05:26PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 8-K, Other Events   [Dec-23  08:47AM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [Nov-08  03:18PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 8-K, Other Events   [Nov-04  07:00AM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-K, Annual Report   [Sep-18  12:07PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [May-10  05:22AM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 8-K, Other Events   [Mar-31  11:05PM  EDGAR Online]
▶ Opko Health CEO Buys More Than 68K Shares and 4 Insider Trades to Note   [Mar-25  09:48AM  at Wall St. Cheat Sheet]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [Feb-13  12:21PM  EDGAR Online]
▶ Portsmouth Square, Inc. Declares Special Dividend   [Dec-10-12 04:46PM  PR Newswire]
▶ INTERGROUP CORP Files SEC form 8-K, Other Events   [Nov-15-12 01:42PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [Nov-09-12 04:27PM  EDGAR Online]
▶ INTERGROUP CORP Files SEC form 10-K, Annual Report   [Sep-20-12 04:21PM  EDGAR Online]
▶ Services Sector Wrap   [Jul-06-12 05:44PM  at Fox Business]
▶ INTERGROUP CORP Files SEC form 10-Q, Quarterly Report   [May-10-12 12:34PM  EDGAR Online]
▶ DIARY-U.S. MEETINGS/WEEK AHEAD   [Feb-22-12 07:07AM  at Reuters]
▶ DIARY-U.S. MEETINGS/WEEK AHEAD   [Feb-21-12 08:04AM  at Reuters]
Financial statements of INTG
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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