Intrinsic value of Itron - ITRI

Previous Close

$61.35

  Intrinsic Value

$34.73

stock screener

  Rating & Target

sell

-43%

Previous close

$61.35

 
Intrinsic value

$34.73

 
Up/down potential

-43%

 
Rating

sell

We calculate the intrinsic value of ITRI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  6.85
  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
  2,013
  2,058
  2,106
  2,160
  2,221
  2,288
  2,362
  2,442
  2,529
  2,623
  2,724
  2,831
  2,946
  3,069
  3,199
  3,337
  3,483
  3,638
  3,801
  3,974
  4,157
  4,350
  4,553
  4,767
  4,993
  5,230
  5,481
  5,744
  6,021
  6,313
  6,620
Variable operating expenses, $m
 
  1,958
  2,002
  2,052
  2,107
  2,169
  2,237
  2,311
  2,391
  2,478
  2,570
  2,604
  2,710
  2,822
  2,942
  3,069
  3,203
  3,346
  3,496
  3,655
  3,823
  4,001
  4,187
  4,384
  4,592
  4,811
  5,041
  5,283
  5,538
  5,806
  6,088
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
  1,917
  1,958
  2,002
  2,052
  2,107
  2,169
  2,237
  2,311
  2,391
  2,478
  2,570
  2,604
  2,710
  2,822
  2,942
  3,069
  3,203
  3,346
  3,496
  3,655
  3,823
  4,001
  4,187
  4,384
  4,592
  4,811
  5,041
  5,283
  5,538
  5,806
  6,088
Operating income, $m
  96
  100
  104
  108
  113
  119
  124
  131
  138
  145
  154
  227
  236
  246
  257
  268
  280
  292
  305
  319
  334
  349
  365
  383
  401
  420
  440
  461
  483
  507
  531
EBITDA, $m
  164
  244
  250
  256
  264
  272
  280
  290
  300
  312
  323
  336
  350
  364
  380
  396
  414
  432
  451
  472
  494
  517
  541
  566
  593
  621
  651
  682
  715
  750
  786
Interest expense (income), $m
  10
  33
  35
  36
  38
  40
  43
  45
  48
  51
  55
  58
  62
  66
  70
  75
  80
  85
  90
  96
  102
  109
  116
  123
  130
  138
  147
  156
  165
  175
  185
Earnings before tax, $m
  85
  67
  69
  72
  75
  78
  82
  86
  90
  94
  99
  169
  175
  180
  186
  193
  200
  207
  215
  223
  231
  240
  250
  260
  270
  282
  293
  305
  318
  332
  346
Tax expense, $m
  50
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  90
  94
Net income, $m
  32
  49
  51
  53
  55
  57
  60
  62
  66
  69
  72
  123
  127
  132
  136
  141
  146
  151
  157
  163
  169
  175
  182
  190
  197
  206
  214
  223
  232
  242
  253

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  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
  1,578
  2,149
  2,198
  2,255
  2,318
  2,388
  2,465
  2,549
  2,640
  2,738
  2,843
  2,956
  3,076
  3,203
  3,339
  3,483
  3,636
  3,797
  3,968
  4,149
  4,339
  4,540
  4,752
  4,976
  5,212
  5,460
  5,721
  5,996
  6,285
  6,590
  6,910
Adjusted assets (=assets-cash), $m
  1,444
  2,149
  2,198
  2,255
  2,318
  2,388
  2,465
  2,549
  2,640
  2,738
  2,843
  2,956
  3,076
  3,203
  3,339
  3,483
  3,636
  3,797
  3,968
  4,149
  4,339
  4,540
  4,752
  4,976
  5,212
  5,460
  5,721
  5,996
  6,285
  6,590
  6,910
Revenue / Adjusted assets
  1.394
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
  0.958
Average production assets, $m
  270
  792
  811
  832
  855
  881
  909
  940
  974
  1,010
  1,049
  1,090
  1,134
  1,181
  1,232
  1,285
  1,341
  1,401
  1,464
  1,530
  1,600
  1,675
  1,753
  1,835
  1,922
  2,014
  2,110
  2,211
  2,318
  2,430
  2,549
Working capital, $m
  319
  -70
  -72
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -186
  -195
  -205
  -215
  -225
Total debt, $m
  305
  640
  671
  707
  746
  791
  839
  892
  948
  1,010
  1,076
  1,146
  1,221
  1,302
  1,387
  1,477
  1,573
  1,674
  1,781
  1,894
  2,014
  2,140
  2,273
  2,413
  2,561
  2,716
  2,880
  3,053
  3,234
  3,425
  3,626
Total liabilities, $m
  946
  1,347
  1,378
  1,414
  1,453
  1,497
  1,546
  1,598
  1,655
  1,717
  1,783
  1,853
  1,928
  2,008
  2,094
  2,184
  2,280
  2,381
  2,488
  2,601
  2,721
  2,847
  2,980
  3,120
  3,268
  3,423
  3,587
  3,759
  3,941
  4,132
  4,332
Total equity, $m
  632
  801
  820
  841
  865
  891
  920
  951
  985
  1,021
  1,060
  1,102
  1,147
  1,195
  1,245
  1,299
  1,356
  1,416
  1,480
  1,547
  1,619
  1,694
  1,773
  1,856
  1,944
  2,036
  2,134
  2,236
  2,344
  2,458
  2,577
Total liabilities and equity, $m
  1,578
  2,148
  2,198
  2,255
  2,318
  2,388
  2,466
  2,549
  2,640
  2,738
  2,843
  2,955
  3,075
  3,203
  3,339
  3,483
  3,636
  3,797
  3,968
  4,148
  4,340
  4,541
  4,753
  4,976
  5,212
  5,459
  5,721
  5,995
  6,285
  6,590
  6,909
Debt-to-equity ratio
  0.483
  0.800
  0.820
  0.840
  0.860
  0.890
  0.910
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.090
  1.110
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.360
  1.380
  1.390
  1.410
Adjusted equity ratio
  0.345
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  49
  51
  53
  55
  57
  60
  62
  66
  69
  72
  123
  127
  132
  136
  141
  146
  151
  157
  163
  169
  175
  182
  190
  197
  206
  214
  223
  232
  242
  253
Depreciation, amort., depletion, $m
  68
  144
  146
  148
  151
  153
  156
  159
  162
  166
  170
  109
  113
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  184
  192
  201
  211
  221
  232
  243
  255
Funds from operations, $m
  84
  193
  197
  201
  205
  210
  216
  222
  228
  235
  242
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  343
  358
  373
  390
  407
  425
  444
  464
  485
  508
Change in working capital, $m
  -32
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Cash from operations, $m
  116
  195
  198
  203
  207
  213
  218
  224
  231
  238
  246
  236
  245
  254
  264
  274
  285
  296
  309
  322
  335
  349
  365
  381
  397
  415
  434
  453
  474
  495
  518
Maintenance CAPEX, $m
  0
  -78
  -79
  -81
  -83
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
New CAPEX, $m
  -44
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -92
  -96
  -101
  -107
  -112
  -118
Cash from investing activities, $m
  -48
  -94
  -97
  -102
  -106
  -111
  -116
  -122
  -128
  -133
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -194
  -203
  -213
  -223
  -234
  -245
  -257
  -271
  -284
  -297
  -312
  -328
  -344
  -361
Free cash flow, $m
  68
  101
  101
  101
  101
  101
  102
  102
  103
  105
  106
  90
  92
  93
  95
  98
  100
  103
  106
  109
  112
  115
  119
  123
  127
  131
  136
  141
  146
  151
  157
Issuance/(repayment) of debt, $m
  -63
  27
  31
  35
  40
  44
  48
  53
  57
  61
  66
  70
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
  201
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -63
  27
  31
  35
  40
  44
  48
  53
  57
  61
  66
  70
  75
  80
  85
  90
  96
  101
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
  201
Total cash flow (excl. dividends), $m
  3
  128
  132
  136
  141
  145
  150
  155
  160
  166
  172
  160
  167
  173
  181
  188
  196
  204
  213
  222
  231
  241
  252
  263
  275
  287
  300
  313
  327
  342
  358
Retained Cash Flow (-), $m
  -27
  -15
  -18
  -21
  -24
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -97
  -103
  -108
  -114
  -119
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
 
  22
  23
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
  66
  69
Cash available for distribution, $m
 
  113
  113
  115
  117
  119
  121
  124
  126
  129
  133
  118
  122
  126
  130
  134
  139
  144
  149
  154
  160
  166
  173
  180
  187
  194
  202
  211
  219
  229
  238
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
 
  108
  104
  100
  96
  92
  88
  84
  79
  74
  70
  56
  52
  48
  44
  39
  35
  31
  27
  24
  20
  17
  14
  12
  10
  8
  6
  5
  3
  2
  2
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

Itron, Inc. (Itron) is a technology and service company. The Company provides solutions that measure, manage and analyze energy and water use. The Company operates through three segments: Electricity, Gas and Water. It provides a portfolio of products, solutions, software and services to electric, gas and water utility customers across the globe. It offers solutions that enable electric and natural gas utilities to build smart grids to manage assets. It offers a product portfolio, including standard meters and smart metering products, systems and services, for applications in the residential and commercial industrial markets for water and heat. The Company operates under the Itron brand across the world. Its Gas and Water manufacturing facilities are located throughout the world, while its Electricity manufacturing facilities are located in Europe, Middle East and Africa (EMEA), and North America.

FINANCIAL RATIOS  of  Itron (ITRI)

Valuation Ratios
P/E Ratio 73.5
Price to Sales 1.2
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 32.7
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -6%
Financial Strength
Quick Ratio 10
Current Ratio 0.2
LT Debt to Equity 46%
Total Debt to Equity 48.3%
Interest Coverage 10
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 1.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 32.8%
Gross Margin - 3 Yr. Avg. 31.3%
EBITDA Margin 8.1%
EBITDA Margin - 3 Yr. Avg. 6.4%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 0.3%
Effective Tax Rate 58.8%
Eff/ Tax Rate - 3 Yr. Avg. 32%
Payout Ratio 0%

ITRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITRI stock intrinsic value calculation we used $2018 million for the last fiscal year's total revenue generated by Itron. The default revenue input number comes from 2016 income statement of Itron. 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 ITRI 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 ITRI is calculated based on our internal credit rating of Itron, 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 Itron.
    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 ITRI stock the variable cost ratio is equal to 95.2%.

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 ITRI 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 5.4% for Itron.

Corporate tax rate of 27% is the nominal tax rate for Itron. 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 ITRI stock is equal to 1.1%.

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 ITRI are equal to 38.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Itron 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 ITRI is equal to -3.4%. 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 - $786 million for Itron - 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 39 million for Itron 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 Itron at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Itron to Improve Water Infrastructure in Barbados   [Jun-28-18 08:45AM  Business Wire]
▶ Itron and New Cosmos Collaborate to Improve Gas Safety   [Jun-27-18 08:45AM  Business Wire]
▶ Itron to Deploy OpenWay┬« Riva Solution in Thailand   [Jun-19-18 08:45AM  Business Wire]
▶ Itron Announces Hands-Free BYOT Solution   [Jun-14-18 08:45AM  Business Wire]
▶ Power Over Energy Tops 1 Million Facebook Fans   [Jun-05-18 08:45AM  Business Wire]
▶ Insider Buys Of The Week: Kellogg, Itron And More   [May-28-18 09:38AM  Benzinga]
▶ Itron to Monitor Electric System in New Zealand   [May-15-18 04:05PM  Business Wire]
▶ Itron: 1Q Earnings Snapshot   [May-14-18 04:21PM  Associated Press]
▶ Itron to Release First Quarter 2018 Results on May 14, 2018   [Apr-24-18 06:35PM  Business Wire]
▶ Itron Opens Call for Abstracts for Itron Utility Week 2018   [Mar-20-18 08:45AM  Business Wire]
▶ Itron CEO: Rise of 'smart cities'   [07:35AM  CNBC Videos]
▶ Itron tops Street 4Q forecasts   [Feb-28-18 04:27PM  Associated Press]
▶ Itron Modernizes Water Metering System in Rwanda   [Jan-25-18 08:45AM  Business Wire]
▶ Industrial Favorites for 2018: From Auto Parts to Robots   [Jan-19-18 05:46AM  Investopedia]
▶ ETFs with exposure to Itron, Inc. : November 28, 2017   [Nov-28-17 12:29PM  Capital Cube]
▶ ETFs with exposure to Itron, Inc. : November 6, 2017   [Nov-06-17 11:51AM  Capital Cube]
▶ Itron misses 3Q profit forecasts   [Nov-01-17 04:54PM  Associated Press]
▶ This Week in Solar   [Sep-22-17 05:21PM  Motley Fool]
▶ /C O R R E C T I O N -- Kahn Swick & Foti, LLC/   [Sep-20-17 06:30PM  PR Newswire]
▶ Company News For Sep 19, 2017   [09:58AM  Zacks]
Financial statements of ITRI
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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