Intrinsic value of Kadant - KAI

Previous Close

$85.10

  Intrinsic Value

$72.92

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

-59%

Previous close

$85.10

 
Intrinsic value

$72.92

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

-59%

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

We calculate the intrinsic value of KAI 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 0.9

 

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, %
  6.15
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  414
  440
  466
  494
  523
  554
  585
  618
  653
  689
  726
  766
  807
  850
  895
  942
  992
  1,043
  1,098
  1,154
  1,214
  1,277
  1,342
  1,411
  1,483
  1,558
  1,638
  1,721
  1,808
  1,899
  1,996
Variable operating expenses, $m
 
  382
  405
  428
  452
  478
  504
  532
  560
  590
  622
  640
  674
  710
  748
  787
  828
  872
  917
  965
  1,014
  1,067
  1,121
  1,179
  1,239
  1,302
  1,368
  1,438
  1,511
  1,587
  1,667
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
  369
  382
  405
  428
  452
  478
  504
  532
  560
  590
  622
  640
  674
  710
  748
  787
  828
  872
  917
  965
  1,014
  1,067
  1,121
  1,179
  1,239
  1,302
  1,368
  1,438
  1,511
  1,587
  1,667
Operating income, $m
  46
  57
  62
  66
  71
  76
  81
  87
  92
  98
  104
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
  328
EBITDA, $m
  60
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  176
  186
  195
  205
  216
  227
  239
  251
  264
  277
  291
  306
  322
  338
  355
Interest expense (income), $m
  1
  2
  3
  3
  4
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
Earnings before tax, $m
  45
  55
  59
  63
  67
  72
  77
  82
  87
  92
  98
  119
  125
  131
  138
  145
  152
  160
  168
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  288
  302
Tax expense, $m
  13
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
Net income, $m
  32
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  165
  173
  182
  191
  200
  210
  221

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  471
  425
  451
  478
  506
  535
  565
  597
  631
  665
  702
  740
  779
  821
  865
  910
  958
  1,008
  1,060
  1,115
  1,173
  1,233
  1,297
  1,363
  1,433
  1,506
  1,582
  1,663
  1,747
  1,835
  1,928
Adjusted assets (=assets-cash), $m
  400
  425
  451
  478
  506
  535
  565
  597
  631
  665
  702
  740
  779
  821
  865
  910
  958
  1,008
  1,060
  1,115
  1,173
  1,233
  1,297
  1,363
  1,433
  1,506
  1,582
  1,663
  1,747
  1,835
  1,928
Revenue / Adjusted assets
  1.035
  1.035
  1.033
  1.033
  1.034
  1.036
  1.035
  1.035
  1.035
  1.036
  1.034
  1.035
  1.036
  1.035
  1.035
  1.035
  1.035
  1.035
  1.036
  1.035
  1.035
  1.036
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
  1.035
Average production assets, $m
  90
  95
  101
  107
  114
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  238
  251
  263
  277
  291
  306
  322
  338
  355
  373
  392
  412
  433
Working capital, $m
  118
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
  220
  231
Total debt, $m
  66
  76
  88
  101
  114
  128
  142
  157
  172
  189
  206
  223
  242
  261
  282
  303
  325
  349
  373
  399
  426
  454
  484
  515
  547
  581
  617
  654
  694
  735
  778
Total liabilities, $m
  188
  198
  210
  223
  236
  250
  264
  279
  294
  311
  328
  345
  364
  383
  404
  425
  447
  471
  495
  521
  548
  576
  606
  637
  669
  703
  739
  776
  816
  857
  900
Total equity, $m
  283
  226
  240
  255
  269
  285
  301
  318
  336
  355
  374
  394
  415
  438
  461
  485
  511
  537
  565
  595
  625
  657
  691
  726
  764
  802
  843
  886
  931
  978
  1,028
Total liabilities and equity, $m
  471
  424
  450
  478
  505
  535
  565
  597
  630
  666
  702
  739
  779
  821
  865
  910
  958
  1,008
  1,060
  1,116
  1,173
  1,233
  1,297
  1,363
  1,433
  1,505
  1,582
  1,662
  1,747
  1,835
  1,928
Debt-to-equity ratio
  0.233
  0.340
  0.370
  0.400
  0.420
  0.450
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.580
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
Adjusted equity ratio
  0.530
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533
  0.533

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  32
  40
  43
  46
  49
  53
  56
  60
  63
  67
  71
  87
  91
  96
  101
  106
  111
  117
  123
  129
  136
  142
  150
  157
  165
  173
  182
  191
  200
  210
  221
Depreciation, amort., depletion, $m
  14
  21
  21
  22
  22
  23
  23
  23
  24
  24
  25
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
Funds from operations, $m
  50
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
  194
  204
  214
  225
  236
  248
Change in working capital, $m
  -1
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  51
  58
  61
  65
  68
  72
  75
  79
  83
  87
  92
  92
  97
  102
  108
  113
  119
  125
  131
  138
  145
  152
  160
  168
  177
  185
  195
  204
  215
  225
  237
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
New CAPEX, $m
  -6
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -62
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -24
  -24
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
Free cash flow, $m
  -11
  47
  50
  52
  55
  58
  61
  64
  67
  71
  74
  74
  78
  82
  86
  91
  96
  100
  106
  111
  117
  122
  129
  135
  142
  149
  156
  164
  172
  181
  190
Issuance/(repayment) of debt, $m
  51
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
Issuance/(repurchase) of shares, $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 financing (excl. dividends), $m  
  31
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
Total cash flow (excl. dividends), $m
  14
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  92
  97
  102
  107
  112
  118
  124
  130
  137
  143
  151
  158
  166
  174
  183
  192
  202
  212
  222
  233
Retained Cash Flow (-), $m
  -16
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Prev. year cash balance distribution, $m
 
  70
  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
 
  115
  48
  50
  53
  56
  59
  62
  65
  69
  72
  72
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
  124
  131
  137
  144
  151
  159
  167
  175
  184
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
 
  110
  44
  44
  44
  43
  43
  42
  41
  39
  38
  34
  32
  30
  28
  26
  23
  21
  19
  17
  14
  12
  10
  9
  7
  6
  4
  3
  3
  2
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Kadant Inc. supplies equipment used in papermaking, paper recycling, and other process industries primarily in North America, China, and Europe. The company operates in two segments, Papermaking Systems and Wood Processing Systems. The Papermaking Systems segment develops, manufactures, and markets a range of equipment and products, including custom-engineered stock-preparation systems and equipment for the preparation of wastepaper for conversion into recycled paper; fluid-handling systems used primarily in the dryer section of the papermaking process and during the production of corrugated boxboard, metals, plastics, rubber, textiles, chemicals, and food; doctoring systems and equipment, and related consumables to enhance the operation of paper machines; and cleaning and filtration systems for draining, purifying, and recycling process water and cleaning paper machine fabrics and rolls. The Wood Processing Systems segment designs and manufactures stranders and related equipment used in the production of oriented strand board (OSB), an engineered wood panel product used primarily in home construction. This segment also supplies debarking and wood chipping equipment used in the forest products and the pulp and paper industries. The company also produces and sells biodegradable absorbent granules from papermaking byproducts primarily for agricultural, home lawn and garden, professional lawn, turf, and ornamental applications, as well as for oil and grease absorption. The company was formerly known as Thermo Fibertek Inc. and changed its name to Kadant Inc. in July 2001. Kadant Inc. was founded in 1991 and is headquartered in Westford, Massachusetts.

FINANCIAL RATIOS  of  Kadant (KAI)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 2.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 18.3
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 71
Current Ratio 0.1
LT Debt to Equity 23%
Total Debt to Equity 23.3%
Interest Coverage 46
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 45.4%
Gross Margin - 3 Yr. Avg. 45.3%
EBITDA Margin 14.5%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 10.9%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 29.5%
Payout Ratio 25%

KAI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KAI stock intrinsic value calculation we used $414 million for the last fiscal year's total revenue generated by Kadant. The default revenue input number comes from 2016 income statement of Kadant. 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 KAI stock valuation model: a) initial revenue growth rate of 6.2% 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 KAI is calculated based on our internal credit rating of Kadant, 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 Kadant.
    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 KAI stock the variable cost ratio is equal to 87.2%.

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 KAI 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 3.5% for Kadant.

Corporate tax rate of 27% is the nominal tax rate for Kadant. 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 KAI 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 KAI are equal to 21.7%.

Life of production assets of 16.1 years is the average useful life of capital assets used in Kadant 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 KAI is equal to 11.6%. 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 - $283 million for Kadant - 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 10.871 million for Kadant 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 Kadant at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Kadant Acquires a Leading Expansion Joint Manufacturer   [Aug-14-17 04:46PM  Business Wire]
▶ Kadant beats 2Q profit forecasts   [Aug-01-17 11:28PM  Associated Press]
▶ Kadant beats 2Q profit forecasts   [06:26PM  Associated Press]
▶ Kadant Reports 2017 Second Quarter Results   [04:09PM  Business Wire]
▶ ETFs with exposure to Kadant, Inc. : June 22, 2017   [Jun-22-17 03:55PM  Capital Cube]
▶ Kadant to Acquire NII FPG Companys Forest Products Business   [May-30-17 04:25PM  Business Wire]
▶ Kadant Declares Cash Dividend   [May-17-17 04:28PM  Business Wire]
▶ Kadant Authorizes Share Repurchase   [04:24PM  Business Wire]
▶ Why Kadant Stock Jumped 18% This Morning   [May-03-17 01:28PM  Motley Fool]
▶ Kadant tops Street 1Q forecasts   [May-02-17 06:10PM  Associated Press]
▶ Kadant Reports 2017 First Quarter Results   [04:04PM  Business Wire]
▶ Kadant, Inc. Value Analysis (NYSE:KAI) : April 24, 2017   [Apr-24-17 03:29PM  Capital Cube]
▶ Kadant Declares Cash Dividend   [Mar-08-17 05:14PM  Business Wire]
▶ Kadant Expands PAAL Business into North America   [Jan-26-17 09:27AM  Business Wire]
▶ Is Kforce Inc. (KFRC) A Good Stock To Buy?   [Dec-12-16 08:52AM  at Insider Monkey]
▶ Hedge Funds Arent Crazy About Kadant Inc. (KAI) Anymore   [Dec-07-16 06:46AM  at Insider Monkey]
▶ Kadant to Host Its First Investor Day on December 1, 2016   [Nov-28-16 04:44PM  Business Wire]
▶ Kadant Declares Cash Dividend   [Nov-16-16 04:45PM  Business Wire]
▶ Kadant Declares Cash Dividend   [Sep-14-16 05:05PM  Business Wire]
▶ Kadant Reports 2016 Second Quarter Results   [Aug-03-16 05:23PM  Business Wire]
Stock chart of KAI Financial statements of KAI
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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