Intrinsic value of James Hardie Industries ADR - JHX

Previous Close

$16.95

  Intrinsic Value

$3.13

stock screener

  Rating & Target

str. sell

-82%

Previous close

$16.95

 
Intrinsic value

$3.13

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of JHX 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 7.5

 

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, %
  11.23
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  1,922
  2,043
  2,169
  2,300
  2,437
  2,580
  2,729
  2,884
  3,046
  3,215
  3,392
  3,577
  3,771
  3,973
  4,185
  4,407
  4,639
  4,882
  5,137
  5,404
  5,683
  5,976
  6,284
  6,606
  6,944
  7,298
  7,670
  8,060
  8,469
  8,898
  9,349
Variable operating expenses, $m
 
  1,622
  1,722
  1,827
  1,935
  2,048
  2,167
  2,290
  2,419
  2,553
  2,694
  2,841
  2,994
  3,155
  3,323
  3,499
  3,683
  3,876
  4,079
  4,290
  4,513
  4,745
  4,989
  5,245
  5,513
  5,795
  6,090
  6,400
  6,724
  7,065
  7,423
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  1,528
  1,624
  1,724
  1,829
  1,937
  2,050
  2,169
  2,292
  2,421
  2,555
  2,697
  2,844
  2,997
  3,158
  3,326
  3,502
  3,686
  3,879
  4,082
  4,293
  4,516
  4,748
  4,992
  5,249
  5,517
  5,799
  6,094
  6,404
  6,728
  7,069
  7,427
Operating income, $m
  393
  419
  445
  472
  500
  529
  560
  592
  625
  660
  696
  734
  774
  816
  859
  905
  953
  1,003
  1,055
  1,110
  1,167
  1,228
  1,291
  1,357
  1,427
  1,500
  1,576
  1,656
  1,741
  1,829
  1,922
EBITDA, $m
  476
  507
  538
  571
  605
  641
  678
  716
  757
  799
  843
  889
  937
  987
  1,040
  1,095
  1,153
  1,214
  1,277
  1,343
  1,413
  1,486
  1,563
  1,643
  1,727
  1,815
  1,908
  2,005
  2,107
  2,213
  2,326
Interest expense (income), $m
  26
  25
  11
  16
  21
  26
  32
  38
  44
  51
  57
  64
  72
  79
  88
  96
  105
  114
  124
  134
  145
  156
  167
  180
  192
  206
  220
  235
  250
  267
  284
Earnings before tax, $m
  367
  394
  434
  456
  479
  503
  528
  554
  581
  609
  639
  670
  702
  736
  772
  809
  848
  889
  931
  976
  1,023
  1,072
  1,124
  1,178
  1,234
  1,294
  1,356
  1,422
  1,490
  1,562
  1,638
Tax expense, $m
  90
  106
  117
  123
  129
  136
  142
  150
  157
  165
  173
  181
  190
  199
  208
  218
  229
  240
  251
  264
  276
  289
  303
  318
  333
  349
  366
  384
  402
  422
  442
Net income, $m
  277
  288
  317
  333
  350
  367
  385
  404
  424
  445
  466
  489
  513
  537
  563
  591
  619
  649
  680
  713
  747
  783
  820
  860
  901
  945
  990
  1,038
  1,088
  1,140
  1,196

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  79
  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
  2,013
  2,055
  2,182
  2,314
  2,452
  2,595
  2,745
  2,901
  3,065
  3,235
  3,413
  3,599
  3,794
  3,997
  4,210
  4,433
  4,667
  4,912
  5,168
  5,436
  5,718
  6,013
  6,322
  6,646
  6,986
  7,342
  7,716
  8,109
  8,520
  8,952
  9,405
Adjusted assets (=assets-cash), $m
  1,934
  2,055
  2,182
  2,314
  2,452
  2,595
  2,745
  2,901
  3,065
  3,235
  3,413
  3,599
  3,794
  3,997
  4,210
  4,433
  4,667
  4,912
  5,168
  5,436
  5,718
  6,013
  6,322
  6,646
  6,986
  7,342
  7,716
  8,109
  8,520
  8,952
  9,405
Revenue / Adjusted assets
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
  0.994
Average production assets, $m
  440
  468
  497
  527
  558
  591
  625
  660
  698
  736
  777
  819
  864
  910
  958
  1,009
  1,062
  1,118
  1,176
  1,237
  1,301
  1,369
  1,439
  1,513
  1,590
  1,671
  1,756
  1,846
  1,939
  2,038
  2,141
Working capital, $m
  203
  188
  200
  212
  224
  237
  251
  265
  280
  296
  312
  329
  347
  366
  385
  405
  427
  449
  473
  497
  523
  550
  578
  608
  639
  671
  706
  742
  779
  819
  860
Total debt, $m
  617
  242
  356
  475
  599
  728
  863
  1,003
  1,150
  1,303
  1,464
  1,631
  1,806
  1,990
  2,181
  2,382
  2,592
  2,812
  3,043
  3,285
  3,538
  3,803
  4,082
  4,373
  4,679
  5,000
  5,337
  5,690
  6,060
  6,449
  6,857
Total liabilities, $m
  2,225
  1,850
  1,964
  2,083
  2,207
  2,336
  2,471
  2,611
  2,758
  2,911
  3,072
  3,239
  3,414
  3,598
  3,789
  3,990
  4,200
  4,420
  4,651
  4,893
  5,146
  5,411
  5,690
  5,981
  6,287
  6,608
  6,945
  7,298
  7,668
  8,057
  8,465
Total equity, $m
  -212
  206
  218
  231
  245
  260
  275
  290
  306
  323
  341
  360
  379
  400
  421
  443
  467
  491
  517
  544
  572
  601
  632
  665
  699
  734
  772
  811
  852
  895
  941
Total liabilities and equity, $m
  2,013
  2,056
  2,182
  2,314
  2,452
  2,596
  2,746
  2,901
  3,064
  3,234
  3,413
  3,599
  3,793
  3,998
  4,210
  4,433
  4,667
  4,911
  5,168
  5,437
  5,718
  6,012
  6,322
  6,646
  6,986
  7,342
  7,717
  8,109
  8,520
  8,952
  9,406
Debt-to-equity ratio
  -2.910
  1.180
  1.630
  2.050
  2.440
  2.800
  3.140
  3.460
  3.750
  4.030
  4.290
  4.530
  4.760
  4.980
  5.180
  5.370
  5.550
  5.730
  5.890
  6.040
  6.190
  6.330
  6.460
  6.580
  6.700
  6.810
  6.920
  7.020
  7.110
  7.200
  7.290
Adjusted equity ratio
  -0.150
  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
  277
  288
  317
  333
  350
  367
  385
  404
  424
  445
  466
  489
  513
  537
  563
  591
  619
  649
  680
  713
  747
  783
  820
  860
  901
  945
  990
  1,038
  1,088
  1,140
  1,196
Depreciation, amort., depletion, $m
  83
  88
  94
  99
  105
  111
  118
  125
  132
  139
  147
  155
  163
  172
  181
  190
  200
  211
  222
  233
  246
  258
  272
  285
  300
  315
  331
  348
  366
  384
  404
Funds from operations, $m
  217
  376
  411
  432
  455
  479
  503
  529
  556
  584
  613
  644
  676
  709
  744
  781
  819
  860
  902
  946
  992
  1,041
  1,092
  1,145
  1,201
  1,260
  1,321
  1,386
  1,454
  1,525
  1,600
Change in working capital, $m
  -75
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
Cash from operations, $m
  292
  365
  399
  420
  442
  465
  489
  515
  541
  568
  597
  627
  658
  691
  725
  761
  798
  837
  878
  921
  967
  1,014
  1,064
  1,116
  1,170
  1,227
  1,287
  1,350
  1,416
  1,485
  1,558
Maintenance CAPEX, $m
  0
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -190
  -200
  -211
  -222
  -233
  -246
  -258
  -272
  -285
  -300
  -315
  -331
  -348
  -366
  -384
New CAPEX, $m
  -107
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
Cash from investing activities, $m
  -109
  -111
  -117
  -124
  -130
  -138
  -145
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -221
  -232
  -243
  -256
  -269
  -283
  -297
  -313
  -328
  -346
  -362
  -381
  -400
  -420
  -442
  -464
  -487
Free cash flow, $m
  183
  253
  282
  296
  312
  327
  344
  361
  379
  398
  417
  438
  459
  481
  505
  529
  554
  581
  609
  638
  669
  701
  735
  770
  807
  846
  887
  929
  974
  1,021
  1,071
Issuance/(repayment) of debt, $m
  62
  -323
  114
  119
  124
  129
  135
  141
  147
  153
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  265
  278
  292
  306
  321
  337
  353
  370
  389
  408
Issuance/(repurchase) of shares, $m
  -100
  157
  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  
  -36
  -166
  114
  119
  124
  129
  135
  141
  147
  153
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  265
  278
  292
  306
  321
  337
  353
  370
  389
  408
Total cash flow (excl. dividends), $m
  149
  87
  396
  415
  436
  457
  479
  502
  526
  551
  577
  605
  634
  665
  696
  730
  765
  801
  840
  880
  922
  967
  1,013
  1,062
  1,113
  1,167
  1,223
  1,283
  1,345
  1,410
  1,478
Retained Cash Flow (-), $m
  -13
  -445
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  27
  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
 
  -330
  383
  402
  422
  442
  464
  486
  510
  534
  560
  587
  615
  644
  675
  707
  741
  777
  814
  853
  894
  937
  982
  1,030
  1,079
  1,131
  1,186
  1,243
  1,304
  1,367
  1,433
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -306
  326
  311
  295
  277
  257
  236
  215
  193
  171
  150
  130
  110
  92
  76
  61
  49
  38
  29
  22
  16
  11
  8
  5
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

James Hardie Industries Plc is a manufacturer of fiber cement products and systems for internal and external building construction applications in the United States, Australia, New Zealand, and the Philippines. The Company's operating segments are North America and Europe Fiber Cement, and Asia Pacific Fiber Cement. The North America and Europe Fiber Cement manufactures fiber cement interior linings, exterior siding products and related accessories in the United States. The Asia Pacific Fiber Cement includes fiber cement manufactured in Australia, New Zealand and the Philippines, and sold in Australia, New Zealand, Asia, the Middle East (Israel, Saudi Arabia, Lebanon and the United Arab Emirates) and various Pacific Islands. The Company offers a range of fiber-cement building materials for both internal and external use across a range of applications, including external siding, internal walls, floors, ceilings, trim, fencing and facades.

FINANCIAL RATIOS  of  James Hardie Industries ADR (JHX)

Valuation Ratios
P/E Ratio 27
Price to Sales 3.9
Price to Book -35.2
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 40.4
Growth Rates
Sales Growth Rate 11.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity -266.5%
Total Debt to Equity -291%
Interest Coverage 15
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 13.9%
Return On Total Capital 75.6%
Ret/ On T. Cap. - 3 Yr. Avg. 402%
Return On Equity -126.8%
Return On Equity - 3 Yr. Avg. -128.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 35.7%
EBITDA Margin 24.8%
EBITDA Margin - 3 Yr. Avg. 24.6%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 20.4%
Pre-Tax Margin 19.1%
Pre-Tax Margin - 3 Yr. Avg. 19.2%
Net Profit Margin 14.4%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.2%
Payout Ratio 63.9%

JHX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JHX stock intrinsic value calculation we used $1922 million for the last fiscal year's total revenue generated by James Hardie Industries ADR. The default revenue input number comes from 2017 income statement of James Hardie Industries ADR. 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 JHX stock valuation model: a) initial revenue growth rate of 6.3% 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 8.1%, whose default value for JHX is calculated based on our internal credit rating of James Hardie Industries ADR, 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 James Hardie Industries ADR.
    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 JHX stock the variable cost ratio is equal to 79.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for JHX 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 4.4% for James Hardie Industries ADR.

Corporate tax rate of 27% is the nominal tax rate for James Hardie Industries ADR. 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 JHX 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 JHX are equal to 22.9%.

Life of production assets of 5.3 years is the average useful life of capital assets used in James Hardie Industries ADR 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 JHX is equal to 9.2%. 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 - $-212 million for James Hardie Industries ADR - 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 443.614 million for James Hardie Industries ADR 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 James Hardie Industries ADR at the current share price and the inputted number of shares is $7.5 billion.

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VMI Valmont Indust 161.05 76.24  str.sell
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COMPANY NEWS

▶ James Hardie posts 2Q profit   [Nov-09-17 01:30PM  Associated Press]
▶ James Hardie posts 1Q profit   [Aug-08-17 10:35PM  Associated Press]
▶ James Hardie posts 3Q profit   [Feb-03-17 05:00AM  Associated Press]
▶ Barclays Rated Mohawk Industries as Overweight   [Jan-10-17 09:07AM  Market Realist]
▶ James Hardie buys back shares worth $US35m   [Sep-05-16 04:34AM  Other]
▶ James Hardie posts 1Q profit   [Aug-12-16 06:25AM  AP]
▶ James Hardie expects strong FY17   [Aug-11-16 01:42AM  AAP]
▶ Mohawk Industries Top and Bottom Lines Rose in 1Q16   [May-09-16 06:00PM  Market Realist]
▶ Why the James Hardie Industries plc share price is soaring   [Feb-18-16 07:54PM  at Motley Fool]
▶ 2 Stocks to Play a Falling Aussie Dollar   [04:28AM  at Barrons.com]
▶ 5 Foreign Stocks to Trade for Gains at Home   [Aug-04  09:50AM  at TheStreet]
▶ NEWS.2015.Appointment of Non Executive Director   [Mar-22  07:25PM  at noodls]
▶ NEWS.2015.Q3FY15 Results Notification   [Feb-12  05:54PM  Other]
Financial statements of JHX
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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