Intrinsic value of ION Geophysical - IO

Previous Close

$8.90

  Intrinsic Value

$47.99

stock screener

  Rating & Target

str. buy

+439%

  Value-price divergence*

+432%

Previous close

$8.90

 
Intrinsic value

$47.99

 
Up/down potential

+439%

 
Rating

str. buy

 
Value-price divergence*

+432%

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

We calculate the intrinsic value of IO 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 0.1

 

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, %
  -22.07
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  173
  221
  278
  343
  417
  500
  592
  694
  804
  923
  1,051
  1,187
  1,331
  1,483
  1,643
  1,811
  1,987
  2,170
  2,361
  2,560
  2,767
  2,982
  3,205
  3,438
  3,679
  3,930
  4,191
  4,462
  4,744
  5,038
  5,344
Variable operating expenses, $m
 
  43
  53
  65
  79
  94
  111
  130
  150
  172
  196
  219
  245
  273
  303
  334
  366
  400
  435
  472
  510
  549
  591
  633
  678
  724
  772
  822
  874
  928
  985
Fixed operating expenses, $m
 
  185
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  318
  326
  334
  342
  351
  359
  368
  378
Total operating expenses, $m
  217
  228
  242
  259
  278
  298
  320
  344
  369
  397
  426
  455
  487
  521
  557
  595
  633
  674
  716
  760
  805
  851
  901
  951
  1,004
  1,058
  1,114
  1,173
  1,233
  1,296
  1,363
Operating income, $m
  -44
  -6
  35
  83
  139
  202
  272
  350
  434
  526
  624
  732
  844
  962
  1,086
  1,217
  1,353
  1,496
  1,645
  1,800
  1,962
  2,130
  2,305
  2,486
  2,675
  2,872
  3,076
  3,289
  3,510
  3,741
  3,981
EBITDA, $m
  11
  45
  99
  162
  234
  316
  407
  507
  616
  734
  861
  997
  1,141
  1,293
  1,453
  1,621
  1,797
  1,981
  2,172
  2,372
  2,580
  2,796
  3,020
  3,254
  3,496
  3,749
  4,012
  4,285
  4,569
  4,866
  5,174
Interest expense (income), $m
  16
  14
  19
  26
  34
  44
  54
  66
  79
  93
  108
  124
  141
  160
  179
  200
  221
  243
  267
  291
  316
  342
  370
  398
  428
  459
  490
  524
  558
  594
  631
Earnings before tax, $m
  -60
  -20
  16
  58
  105
  158
  218
  284
  355
  433
  516
  608
  702
  802
  907
  1,017
  1,133
  1,253
  1,379
  1,510
  1,646
  1,787
  1,935
  2,088
  2,248
  2,413
  2,586
  2,765
  2,952
  3,147
  3,350
Tax expense, $m
  5
  0
  4
  16
  28
  43
  59
  77
  96
  117
  139
  164
  190
  217
  245
  275
  306
  338
  372
  408
  444
  483
  522
  564
  607
  652
  698
  747
  797
  850
  905
Net income, $m
  -65
  -20
  12
  42
  77
  116
  159
  207
  260
  316
  377
  444
  513
  585
  662
  743
  827
  915
  1,006
  1,102
  1,201
  1,305
  1,412
  1,524
  1,641
  1,762
  1,888
  2,019
  2,155
  2,297
  2,446

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  313
  332
  417
  515
  627
  752
  891
  1,043
  1,209
  1,388
  1,580
  1,785
  2,001
  2,230
  2,471
  2,724
  2,988
  3,263
  3,551
  3,850
  4,161
  4,484
  4,820
  5,169
  5,532
  5,909
  6,302
  6,709
  7,134
  7,576
  8,036
Adjusted assets (=assets-cash), $m
  260
  332
  417
  515
  627
  752
  891
  1,043
  1,209
  1,388
  1,580
  1,785
  2,001
  2,230
  2,471
  2,724
  2,988
  3,263
  3,551
  3,850
  4,161
  4,484
  4,820
  5,169
  5,532
  5,909
  6,302
  6,709
  7,134
  7,576
  8,036
Revenue / Adjusted assets
  0.665
  0.666
  0.667
  0.666
  0.665
  0.665
  0.664
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
Average production assets, $m
  193
  247
  310
  382
  465
  558
  661
  774
  897
  1,030
  1,173
  1,324
  1,485
  1,655
  1,834
  2,021
  2,217
  2,422
  2,635
  2,857
  3,088
  3,328
  3,577
  3,836
  4,106
  4,386
  4,677
  4,979
  5,294
  5,622
  5,964
Working capital, $m
  17
  -27
  -34
  -41
  -50
  -60
  -72
  -84
  -97
  -112
  -127
  -144
  -161
  -179
  -199
  -219
  -240
  -263
  -286
  -310
  -335
  -361
  -388
  -416
  -445
  -475
  -507
  -540
  -574
  -610
  -647
Total debt, $m
  159
  198
  275
  363
  463
  576
  700
  838
  987
  1,148
  1,321
  1,505
  1,700
  1,906
  2,123
  2,350
  2,588
  2,836
  3,094
  3,364
  3,644
  3,935
  4,237
  4,551
  4,878
  5,217
  5,570
  5,937
  6,319
  6,717
  7,131
Total liabilities, $m
  260
  299
  376
  464
  564
  677
  801
  939
  1,088
  1,249
  1,422
  1,606
  1,801
  2,007
  2,224
  2,451
  2,689
  2,937
  3,195
  3,465
  3,745
  4,036
  4,338
  4,652
  4,979
  5,318
  5,671
  6,038
  6,420
  6,818
  7,232
Total equity, $m
  53
  33
  42
  52
  63
  75
  89
  104
  121
  139
  158
  178
  200
  223
  247
  272
  299
  326
  355
  385
  416
  448
  482
  517
  553
  591
  630
  671
  713
  758
  804
Total liabilities and equity, $m
  313
  332
  418
  516
  627
  752
  890
  1,043
  1,209
  1,388
  1,580
  1,784
  2,001
  2,230
  2,471
  2,723
  2,988
  3,263
  3,550
  3,850
  4,161
  4,484
  4,820
  5,169
  5,532
  5,909
  6,301
  6,709
  7,133
  7,576
  8,036
Debt-to-equity ratio
  3.000
  5.960
  6.580
  7.040
  7.390
  7.660
  7.870
  8.030
  8.160
  8.270
  8.360
  8.430
  8.500
  8.550
  8.590
  8.630
  8.660
  8.690
  8.720
  8.740
  8.760
  8.770
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
  8.860
  8.870
  8.870
Adjusted equity ratio
  0.000
  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
  -65
  -20
  12
  42
  77
  116
  159
  207
  260
  316
  377
  444
  513
  585
  662
  743
  827
  915
  1,006
  1,102
  1,201
  1,305
  1,412
  1,524
  1,641
  1,762
  1,888
  2,019
  2,155
  2,297
  2,446
Depreciation, amort., depletion, $m
  55
  52
  64
  79
  95
  114
  134
  157
  182
  208
  237
  265
  297
  331
  367
  404
  443
  484
  527
  571
  618
  666
  715
  767
  821
  877
  935
  996
  1,059
  1,124
  1,193
Funds from operations, $m
  9
  32
  76
  121
  172
  229
  294
  364
  441
  524
  614
  708
  810
  916
  1,029
  1,147
  1,270
  1,399
  1,533
  1,673
  1,819
  1,970
  2,128
  2,292
  2,462
  2,639
  2,823
  3,015
  3,214
  3,422
  3,638
Change in working capital, $m
  7
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
Cash from operations, $m
  2
  37
  83
  129
  181
  239
  305
  376
  454
  539
  629
  725
  827
  935
  1,048
  1,167
  1,291
  1,421
  1,557
  1,697
  1,844
  1,996
  2,155
  2,320
  2,491
  2,669
  2,855
  3,047
  3,248
  3,457
  3,675
Maintenance CAPEX, $m
  0
  -39
  -49
  -62
  -76
  -93
  -112
  -132
  -155
  -179
  -206
  -235
  -265
  -297
  -331
  -367
  -404
  -443
  -484
  -527
  -571
  -618
  -666
  -715
  -767
  -821
  -877
  -935
  -996
  -1,059
  -1,124
New CAPEX, $m
  -16
  -54
  -63
  -73
  -83
  -93
  -103
  -113
  -123
  -133
  -142
  -152
  -161
  -170
  -179
  -187
  -196
  -205
  -213
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -291
  -303
  -315
  -328
  -341
Cash from investing activities, $m
  -14
  -93
  -112
  -135
  -159
  -186
  -215
  -245
  -278
  -312
  -348
  -387
  -426
  -467
  -510
  -554
  -600
  -648
  -697
  -749
  -802
  -858
  -915
  -974
  -1,036
  -1,101
  -1,168
  -1,238
  -1,311
  -1,387
  -1,465
Free cash flow, $m
  -12
  -55
  -29
  -6
  22
  54
  90
  131
  177
  226
  281
  339
  401
  468
  538
  613
  691
  773
  859
  948
  1,042
  1,139
  1,240
  1,345
  1,454
  1,568
  1,686
  1,809
  1,937
  2,071
  2,209
Issuance/(repayment) of debt, $m
  -20
  54
  76
  88
  100
  113
  125
  137
  149
  161
  173
  184
  195
  206
  217
  227
  238
  248
  259
  269
  280
  291
  302
  314
  327
  339
  353
  367
  382
  398
  414
Issuance/(repurchase) of shares, $m
  -1
  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 from financing (excl. dividends), $m  
  -22
  92
  76
  88
  100
  113
  125
  137
  149
  161
  173
  184
  195
  206
  217
  227
  238
  248
  259
  269
  280
  291
  302
  314
  327
  339
  353
  367
  382
  398
  414
Total cash flow (excl. dividends), $m
  -32
  37
  47
  82
  122
  166
  215
  268
  326
  388
  453
  523
  596
  674
  755
  840
  929
  1,021
  1,118
  1,218
  1,322
  1,430
  1,542
  1,659
  1,781
  1,908
  2,039
  2,176
  2,319
  2,468
  2,624
Retained Cash Flow (-), $m
  59
  -38
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
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
 
  37
  39
  72
  111
  154
  201
  253
  309
  370
  434
  502
  575
  651
  731
  815
  902
  994
  1,089
  1,188
  1,291
  1,398
  1,509
  1,624
  1,745
  1,870
  2,000
  2,136
  2,277
  2,424
  2,578
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  34
  32
  53
  72
  88
  99
  107
  110
  109
  105
  98
  90
  79
  68
  57
  46
  37
  28
  21
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4
  47.4

ION Geophysical Corporation is a technology-focused company. It provides geophysical technology, services and solutions to the global oil and gas industry. Its offerings are designed to enable oil and gas exploration and production (E&P) companies to obtain images of the Earth's subsurface. It offers services and products through three segments: E&P Technology & Services, E&P Operations Optimization, and Ocean Bottom Services. E&P Technology & Services provides services and products for complex and hard-to-image geologies, such as deepwater subsalt formations in the Gulf of Mexico and offshore East and West Africa and Brazil; unconventional reservoirs, such as those found onshore in shale, tight gas and oil sands formations, and offshore basin-wide seismic data and imaging programs. E&P Operations Optimization combines its Optimization Software and Services and Devices offerings. Ocean Bottom Services consists of OceanGeo, an ocean bottom data acquisition services company.

FINANCIAL RATIOS  of  ION Geophysical (IO)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 52.5
Price to Free Cash Flow -7.5
Growth Rates
Sales Growth Rate -22.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -75.4%
Cap. Spend. - 3 Yr. Gr. Rate -34.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 271.7%
Total Debt to Equity 300%
Interest Coverage -3
Management Effectiveness
Return On Assets -12.7%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -25.6%
Ret/ On T. Cap. - 3 Yr. Avg. -21.8%
Return On Equity -78.8%
Return On Equity - 3 Yr. Avg. -54.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.8%
Gross Margin - 3 Yr. Avg. 12.2%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin -25.4%
Oper. Margin - 3 Yr. Avg. -11.3%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -21.7%
Net Profit Margin -37.6%
Net Profit Margin - 3 Yr. Avg. -24.6%
Effective Tax Rate -8.3%
Eff/ Tax Rate - 3 Yr. Avg. -15.7%
Payout Ratio 0%

IO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IO stock intrinsic value calculation we used $173 million for the last fiscal year's total revenue generated by ION Geophysical. The default revenue input number comes from 2016 income statement of ION Geophysical. 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 IO stock valuation model: a) initial revenue growth rate of 27.8% 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 9.8%, whose default value for IO is calculated based on our internal credit rating of ION Geophysical, 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 ION Geophysical.
    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 IO stock the variable cost ratio is equal to 19.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $180 million in the base year in the intrinsic value calculation for IO 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 9.4% for ION Geophysical.

Corporate tax rate of 27% is the nominal tax rate for ION Geophysical. 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 IO 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 IO are equal to 111.6%.

Life of production assets of 3.9 years is the average useful life of capital assets used in ION Geophysical 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 IO is equal to -12.1%. 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 - $53 million for ION Geophysical - 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 13.637 million for ION Geophysical 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 ION Geophysical at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
DWSN Dawson Geophys 4.61 1.96  str.sell
GEOS Geospace Techn 17.48 4.53  str.sell

COMPANY NEWS

▶ ION extends new 2D multi-client program offshore Panama   [Sep-28-17 07:00AM  PR Newswire]
▶ Oilfield Services Gainers: TTI, IO, FTK, TESO, and NR   [Sep-15-17 03:34PM  Market Realist]
▶ Ion Geophysical reports 2Q loss   [Aug-04-17 01:49AM  Associated Press]
▶ ION reports second quarter 2017 results   [Aug-02-17 08:06PM  PR Newswire]
▶ ION announces order in WesternGeco litigation   [May-18-17 07:00AM  PR Newswire]
▶ Ion Geophysical reports 1Q loss   [May-04-17 05:02AM  Associated Press]
▶ ION reports first quarter 2017 results   [May-03-17 06:44PM  PR Newswire]
▶ Ion Geophysical reports 4Q loss   [05:01AM  Associated Press]
▶ ION reports fourth quarter and year end 2016 results   [Feb-08-17 07:39PM  PR Newswire]
▶ ION reports third quarter 2016 results   [Nov-02-16 06:23PM  PR Newswire]
▶ ION reports second quarter 2016 results   [Aug-03-16 06:14PM  PR Newswire]
▶ ION reports first quarter 2016 results   [May-04-16 05:49PM  PR Newswire]
Financial statements of IO
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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