Intrinsic value of International Speedway Cl A - ISCA

Previous Close

$34.85

  Intrinsic Value

$7.05

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-4%

Previous close

$34.85

 
Intrinsic value

$7.05

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of ISCA 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 1.6

 

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, %
  2.48
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  661
  684
  709
  736
  765
  795
  828
  863
  900
  939
  981
  1,024
  1,071
  1,120
  1,172
  1,226
  1,284
  1,344
  1,408
  1,475
  1,546
  1,621
  1,699
  1,781
  1,868
  1,959
  2,055
  2,156
  2,262
  2,373
  2,490
Variable operating expenses, $m
 
  593
  615
  637
  662
  688
  716
  745
  777
  810
  845
  871
  910
  952
  996
  1,042
  1,091
  1,143
  1,197
  1,254
  1,314
  1,378
  1,444
  1,514
  1,588
  1,665
  1,747
  1,833
  1,923
  2,017
  2,117
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
  551
  593
  615
  637
  662
  688
  716
  745
  777
  810
  845
  871
  910
  952
  996
  1,042
  1,091
  1,143
  1,197
  1,254
  1,314
  1,378
  1,444
  1,514
  1,588
  1,665
  1,747
  1,833
  1,923
  2,017
  2,117
Operating income, $m
  110
  91
  94
  98
  103
  107
  112
  118
  123
  129
  135
  154
  161
  168
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
  294
  308
  323
  339
  356
  374
EBITDA, $m
  212
  201
  208
  216
  224
  233
  243
  253
  264
  276
  288
  301
  314
  329
  344
  360
  377
  395
  413
  433
  454
  476
  499
  523
  548
  575
  603
  633
  664
  697
  731
Interest expense (income), $m
  14
  14
  15
  17
  18
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  73
  78
  83
  88
  94
  100
  106
  113
  119
Earnings before tax, $m
  124
  77
  79
  82
  84
  87
  90
  93
  97
  100
  104
  120
  124
  129
  134
  139
  144
  149
  155
  161
  168
  175
  182
  189
  197
  206
  214
  224
  233
  243
  254
Tax expense, $m
  48
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  32
  34
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
Net income, $m
  76
  56
  58
  60
  62
  64
  66
  68
  71
  73
  76
  88
  91
  94
  98
  101
  105
  109
  113
  118
  123
  128
  133
  138
  144
  150
  156
  163
  170
  178
  185

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  264
  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
  2,173
  1,977
  2,049
  2,127
  2,210
  2,299
  2,393
  2,494
  2,601
  2,714
  2,834
  2,961
  3,095
  3,237
  3,386
  3,544
  3,710
  3,885
  4,070
  4,264
  4,469
  4,684
  4,910
  5,149
  5,399
  5,663
  5,940
  6,231
  6,537
  6,859
  7,197
Adjusted assets (=assets-cash), $m
  1,909
  1,977
  2,049
  2,127
  2,210
  2,299
  2,393
  2,494
  2,601
  2,714
  2,834
  2,961
  3,095
  3,237
  3,386
  3,544
  3,710
  3,885
  4,070
  4,264
  4,469
  4,684
  4,910
  5,149
  5,399
  5,663
  5,940
  6,231
  6,537
  6,859
  7,197
Revenue / Adjusted assets
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
Average production assets, $m
  1,632
  1,688
  1,750
  1,816
  1,887
  1,963
  2,044
  2,130
  2,221
  2,318
  2,420
  2,528
  2,643
  2,764
  2,892
  3,026
  3,168
  3,318
  3,475
  3,641
  3,816
  4,000
  4,193
  4,397
  4,611
  4,836
  5,072
  5,321
  5,582
  5,857
  6,146
Working capital, $m
  218
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
  -154
  -162
Total debt, $m
  263
  287
  316
  347
  381
  416
  455
  495
  538
  584
  632
  683
  737
  794
  855
  918
  985
  1,056
  1,130
  1,208
  1,291
  1,378
  1,469
  1,565
  1,666
  1,772
  1,884
  2,001
  2,125
  2,254
  2,390
Total liabilities, $m
  772
  797
  826
  857
  891
  926
  965
  1,005
  1,048
  1,094
  1,142
  1,193
  1,247
  1,304
  1,365
  1,428
  1,495
  1,566
  1,640
  1,718
  1,801
  1,888
  1,979
  2,075
  2,176
  2,282
  2,394
  2,511
  2,635
  2,764
  2,900
Total equity, $m
  1,400
  1,180
  1,224
  1,270
  1,319
  1,372
  1,429
  1,489
  1,553
  1,620
  1,692
  1,768
  1,848
  1,932
  2,022
  2,116
  2,215
  2,319
  2,430
  2,546
  2,668
  2,796
  2,932
  3,074
  3,223
  3,381
  3,546
  3,720
  3,903
  4,095
  4,297
Total liabilities and equity, $m
  2,172
  1,977
  2,050
  2,127
  2,210
  2,298
  2,394
  2,494
  2,601
  2,714
  2,834
  2,961
  3,095
  3,236
  3,387
  3,544
  3,710
  3,885
  4,070
  4,264
  4,469
  4,684
  4,911
  5,149
  5,399
  5,663
  5,940
  6,231
  6,538
  6,859
  7,197
Debt-to-equity ratio
  0.188
  0.240
  0.260
  0.270
  0.290
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.460
  0.470
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
Adjusted equity ratio
  0.595
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  56
  58
  60
  62
  64
  66
  68
  71
  73
  76
  88
  91
  94
  98
  101
  105
  109
  113
  118
  123
  128
  133
  138
  144
  150
  156
  163
  170
  178
  185
Depreciation, amort., depletion, $m
  102
  110
  114
  117
  122
  126
  131
  136
  141
  147
  153
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  233
  244
  256
  268
  281
  295
  309
  325
  341
  357
Funds from operations, $m
  245
  166
  172
  177
  183
  190
  197
  204
  212
  220
  229
  235
  244
  255
  266
  277
  289
  302
  315
  330
  344
  360
  377
  394
  412
  431
  451
  473
  495
  518
  543
Change in working capital, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
Cash from operations, $m
  246
  168
  173
  179
  185
  192
  199
  206
  214
  223
  231
  238
  248
  258
  269
  281
  293
  306
  320
  334
  349
  365
  382
  399
  418
  437
  458
  479
  502
  525
  550
Maintenance CAPEX, $m
  0
  -95
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -295
  -309
  -325
  -341
New CAPEX, $m
  -141
  -57
  -62
  -66
  -71
  -76
  -81
  -86
  -91
  -97
  -102
  -108
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -214
  -225
  -237
  -249
  -261
  -275
  -289
Cash from investing activities, $m
  -64
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -262
  -275
  -289
  -303
  -318
  -334
  -351
  -368
  -387
  -406
  -426
  -447
  -470
  -493
  -518
  -544
  -570
  -600
  -630
Free cash flow, $m
  182
  16
  13
  11
  9
  6
  4
  1
  -1
  -3
  -6
  -11
  -14
  -17
  -19
  -22
  -25
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -74
  -79
Issuance/(repayment) of debt, $m
  -3
  27
  29
  31
  33
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
  112
  117
  123
  130
  136
Issuance/(repurchase) of shares, $m
  -56
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  4
  6
  7
  9
  11
  12
  14
  16
Cash from financing (excl. dividends), $m  
  -60
  27
  29
  31
  33
  36
  38
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  88
  93
  100
  107
  113
  121
  128
  135
  144
  152
Total cash flow (excl. dividends), $m
  122
  43
  42
  42
  42
  42
  42
  42
  42
  42
  43
  40
  40
  40
  41
  41
  42
  43
  43
  44
  45
  47
  49
  52
  55
  57
  60
  64
  67
  70
  74
Retained Cash Flow (-), $m
  -7
  -41
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -183
  -192
  -202
Prev. year cash balance distribution, $m
 
  261
  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
 
  262
  -1
  -4
  -8
  -11
  -15
  -18
  -22
  -25
  -29
  -36
  -40
  -44
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
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
 
  252
  -1
  -4
  -6
  -9
  -11
  -12
  -14
  -15
  -15
  -17
  -17
  -17
  -16
  -15
  -15
  -13
  -12
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
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
  99.9
  99.8
  99.6
  99.4
  99.2
  98.9
  98.6
  98.3
  98.0

International Speedway Corporation, together with its subsidiaries, promotes motorsports themed entertainment activities in the United States. Its motorsports themed event operations consist principally of racing events at its motorsports entertainment facilities, which promote approximately 100 stock car, open wheel, sports car, truck, motorcycle, and other racing events. The company is also involved in food and beverage concession operations; the provision of catering services in suites and chalets; and the creation of motorsports-related programming content carried on radio stations, as well as Sirius XM Radio, a national satellite radio service. In addition, it uses its motorsports entertainment facilities for testing for teams, driving schools, riding experiences, car shows, auto fairs, concerts, and music festivals, as well as settings for television commercials, print advertisements, and motion pictures; and rents ‘show cars’ for promotional events. Further, the company engages in souvenir merchandising operations. It owns and/or operates 13 motorsports entertainment facilities with approximately 762,000 grandstand seats and 573 suites. The company was formerly known as Daytona International Speedway Corporation and changed its name to International Speedway Corporation in 1968. International Speedway Corporation was founded in 1953 and is headquartered in Daytona Beach, Florida.

FINANCIAL RATIOS  of  International Speedway Cl A (ISCA)

Valuation Ratios
P/E Ratio 21.2
Price to Sales 2.4
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 15.4
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio 88
Current Ratio 0
LT Debt to Equity 18.6%
Total Debt to Equity 18.8%
Interest Coverage 10
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 49.3%
Gross Margin - 3 Yr. Avg. 47.8%
EBITDA Margin 36.3%
EBITDA Margin - 3 Yr. Avg. 33%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 14.7%
Pre-Tax Margin 18.8%
Pre-Tax Margin - 3 Yr. Avg. 16.1%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 10.2%
Effective Tax Rate 38.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 25%

ISCA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ISCA stock intrinsic value calculation we used $661 million for the last fiscal year's total revenue generated by International Speedway Cl A. The default revenue input number comes from 2016 income statement of International Speedway 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 ISCA stock valuation model: a) initial revenue growth rate of 3.5% 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 ISCA is calculated based on our internal credit rating of International Speedway 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 International Speedway 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 ISCA stock the variable cost ratio is equal to 86.8%.

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 ISCA 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 International Speedway Cl A.

Corporate tax rate of 27% is the nominal tax rate for International Speedway 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 ISCA 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 ISCA are equal to 246.8%.

Life of production assets of 17.2 years is the average useful life of capital assets used in International Speedway 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 ISCA is equal to -6.5%. 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 - $1400 million for International Speedway 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 45.418 million for International Speedway 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 International Speedway Cl A at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
TRK Speedway Motor 20.44 4.62  str.sell
DVD Dover Motorspo 2.00 1.19  sell
CHDN Churchill Down 192.25 111.10  sell

COMPANY NEWS

▶ International Speedway posts 2Q profit   [Jul-03-17 09:22PM  Associated Press]
▶ International Speedway posts 2Q profit   [09:22PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:01AM  Briefing.com]
▶ $150M One Daytona mixed-use project inks 3 new tenants   [May-16-17 12:10PM  American City Business Journals]
▶ International Speedway posts 1Q profit   [07:38AM  Associated Press]
▶ What Hedge Funds Think of Semtech Corporation (SMTC)?   [Dec-04-16 05:21PM  at Insider Monkey]
▶ [$$] International Speedway Swings to Profit   [09:06AM  at The Wall Street Journal]
▶ In Monterey, a battle for historic Laguna Seca raceway   [Jul-22-16 06:35PM  at Los Angeles Times]
▶ Why Himax, Petrobras, Staples, and More Are Trending Today   [Jul-05-16 01:39PM  at Insider Monkey]
Financial statements of ISCA
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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