Intrinsic value of Keysight Technologies - KEYS

Previous Close

$41.97

  Intrinsic Value

$35.27

stock screener

  Rating & Target

hold

-16%

  Value-price divergence*

-21%

Previous close

$41.97

 
Intrinsic value

$35.27

 
Up/down potential

-16%

 
Rating

hold

 
Value-price divergence*

-21%

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

We calculate the intrinsic value of KEYS 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 7.2

 

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, %
  2.17
  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
  2,918
  2,976
  3,045
  3,123
  3,211
  3,308
  3,415
  3,531
  3,657
  3,793
  3,938
  4,094
  4,260
  4,437
  4,625
  4,825
  5,036
  5,260
  5,497
  5,747
  6,011
  6,290
  6,583
  6,893
  7,219
  7,563
  7,925
  8,306
  8,707
  9,128
  9,572
Variable operating expenses, $m
 
  2,525
  2,582
  2,646
  2,719
  2,799
  2,887
  2,983
  3,086
  3,198
  3,318
  3,373
  3,510
  3,655
  3,810
  3,975
  4,149
  4,333
  4,528
  4,734
  4,952
  5,181
  5,423
  5,678
  5,947
  6,230
  6,528
  6,842
  7,172
  7,520
  7,885
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
  2,512
  2,525
  2,582
  2,646
  2,719
  2,799
  2,887
  2,983
  3,086
  3,198
  3,318
  3,373
  3,510
  3,655
  3,810
  3,975
  4,149
  4,333
  4,528
  4,734
  4,952
  5,181
  5,423
  5,678
  5,947
  6,230
  6,528
  6,842
  7,172
  7,520
  7,885
Operating income, $m
  406
  451
  463
  477
  492
  509
  528
  549
  571
  595
  620
  721
  751
  782
  815
  850
  888
  927
  969
  1,013
  1,059
  1,108
  1,160
  1,215
  1,272
  1,333
  1,397
  1,464
  1,534
  1,609
  1,687
EBITDA, $m
  540
  574
  587
  603
  619
  638
  659
  681
  706
  732
  760
  790
  822
  856
  892
  931
  972
  1,015
  1,060
  1,109
  1,160
  1,213
  1,270
  1,330
  1,393
  1,459
  1,529
  1,602
  1,680
  1,761
  1,847
Interest expense (income), $m
  44
  44
  46
  48
  50
  53
  56
  59
  63
  67
  71
  76
  81
  86
  91
  97
  104
  110
  117
  125
  132
  141
  149
  159
  168
  179
  189
  201
  213
  225
  238
Earnings before tax, $m
  366
  407
  417
  429
  442
  456
  472
  489
  508
  528
  549
  646
  670
  696
  724
  753
  784
  817
  851
  888
  927
  968
  1,011
  1,056
  1,104
  1,154
  1,207
  1,263
  1,322
  1,384
  1,448
Tax expense, $m
  31
  110
  113
  116
  119
  123
  127
  132
  137
  143
  148
  174
  181
  188
  195
  203
  212
  221
  230
  240
  250
  261
  273
  285
  298
  312
  326
  341
  357
  374
  391
Net income, $m
  335
  297
  305
  313
  323
  333
  345
  357
  371
  385
  401
  471
  489
  508
  528
  550
  572
  596
  622
  648
  677
  706
  738
  771
  806
  843
  881
  922
  965
  1,010
  1,057

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  783
  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
  3,796
  3,075
  3,145
  3,226
  3,317
  3,418
  3,528
  3,648
  3,778
  3,918
  4,069
  4,230
  4,401
  4,584
  4,778
  4,984
  5,203
  5,434
  5,678
  5,937
  6,210
  6,497
  6,801
  7,121
  7,458
  7,813
  8,187
  8,580
  8,994
  9,430
  9,888
Adjusted assets (=assets-cash), $m
  3,013
  3,075
  3,145
  3,226
  3,317
  3,418
  3,528
  3,648
  3,778
  3,918
  4,069
  4,230
  4,401
  4,584
  4,778
  4,984
  5,203
  5,434
  5,678
  5,937
  6,210
  6,497
  6,801
  7,121
  7,458
  7,813
  8,187
  8,580
  8,994
  9,430
  9,888
Revenue / Adjusted assets
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
  0.968
Average production assets, $m
  486
  497
  508
  522
  536
  552
  570
  590
  611
  633
  658
  684
  711
  741
  772
  806
  841
  878
  918
  960
  1,004
  1,050
  1,099
  1,151
  1,206
  1,263
  1,323
  1,387
  1,454
  1,524
  1,599
Working capital, $m
  1,210
  435
  445
  456
  469
  483
  499
  516
  534
  554
  575
  598
  622
  648
  675
  704
  735
  768
  803
  839
  878
  918
  961
  1,006
  1,054
  1,104
  1,157
  1,213
  1,271
  1,333
  1,397
Total debt, $m
  1,093
  1,141
  1,194
  1,256
  1,324
  1,401
  1,484
  1,575
  1,674
  1,780
  1,894
  2,016
  2,146
  2,285
  2,432
  2,588
  2,754
  2,929
  3,114
  3,310
  3,517
  3,735
  3,965
  4,208
  4,463
  4,732
  5,016
  5,314
  5,628
  5,958
  6,305
Total liabilities, $m
  2,283
  2,331
  2,384
  2,446
  2,514
  2,591
  2,674
  2,765
  2,864
  2,970
  3,084
  3,206
  3,336
  3,475
  3,622
  3,778
  3,944
  4,119
  4,304
  4,500
  4,707
  4,925
  5,155
  5,398
  5,653
  5,922
  6,206
  6,504
  6,818
  7,148
  7,495
Total equity, $m
  1,513
  744
  761
  781
  803
  827
  854
  883
  914
  948
  985
  1,024
  1,065
  1,109
  1,156
  1,206
  1,259
  1,315
  1,374
  1,437
  1,503
  1,572
  1,646
  1,723
  1,805
  1,891
  1,981
  2,076
  2,177
  2,282
  2,393
Total liabilities and equity, $m
  3,796
  3,075
  3,145
  3,227
  3,317
  3,418
  3,528
  3,648
  3,778
  3,918
  4,069
  4,230
  4,401
  4,584
  4,778
  4,984
  5,203
  5,434
  5,678
  5,937
  6,210
  6,497
  6,801
  7,121
  7,458
  7,813
  8,187
  8,580
  8,995
  9,430
  9,888
Debt-to-equity ratio
  0.722
  1.530
  1.570
  1.610
  1.650
  1.690
  1.740
  1.780
  1.830
  1.880
  1.920
  1.970
  2.010
  2.060
  2.100
  2.150
  2.190
  2.230
  2.270
  2.300
  2.340
  2.380
  2.410
  2.440
  2.470
  2.500
  2.530
  2.560
  2.590
  2.610
  2.630
Adjusted equity ratio
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242
  0.242

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  335
  297
  305
  313
  323
  333
  345
  357
  371
  385
  401
  471
  489
  508
  528
  550
  572
  596
  622
  648
  677
  706
  738
  771
  806
  843
  881
  922
  965
  1,010
  1,057
Depreciation, amort., depletion, $m
  134
  123
  124
  126
  127
  129
  131
  133
  135
  137
  139
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  121
  126
  132
  139
  145
  152
  160
Funds from operations, $m
  308
  421
  429
  439
  450
  462
  475
  490
  505
  522
  540
  540
  560
  582
  606
  630
  656
  684
  713
  744
  777
  811
  848
  886
  926
  969
  1,014
  1,061
  1,110
  1,162
  1,217
Change in working capital, $m
  -108
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Cash from operations, $m
  416
  412
  419
  427
  437
  448
  460
  473
  487
  502
  519
  517
  536
  556
  578
  601
  626
  651
  679
  708
  738
  771
  805
  841
  879
  919
  961
  1,005
  1,052
  1,101
  1,152
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -152
New CAPEX, $m
  -91
  -11
  -11
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -70
  -74
Cash from investing activities, $m
  -90
  -60
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -128
  -134
  -140
  -147
  -154
  -162
  -169
  -178
  -186
  -196
  -206
  -215
  -226
Free cash flow, $m
  326
  352
  358
  364
  370
  378
  387
  396
  407
  419
  431
  425
  440
  456
  473
  491
  510
  530
  551
  574
  598
  624
  651
  679
  709
  741
  774
  809
  846
  885
  926
Issuance/(repayment) of debt, $m
  -1
  48
  54
  61
  69
  76
  84
  91
  99
  106
  114
  122
  130
  139
  147
  156
  166
  175
  185
  196
  207
  218
  230
  243
  256
  269
  283
  298
  314
  330
  347
Issuance/(repurchase) of shares, $m
  -19
  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  
  -25
  48
  54
  61
  69
  76
  84
  91
  99
  106
  114
  122
  130
  139
  147
  156
  166
  175
  185
  196
  207
  218
  230
  243
  256
  269
  283
  298
  314
  330
  347
Total cash flow (excl. dividends), $m
  300
  400
  412
  425
  439
  454
  470
  487
  506
  525
  545
  547
  570
  594
  620
  647
  675
  705
  737
  770
  805
  842
  881
  922
  965
  1,010
  1,057
  1,107
  1,160
  1,215
  1,273
Retained Cash Flow (-), $m
  -211
  -14
  -17
  -20
  -22
  -24
  -27
  -29
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -111
Prev. year cash balance distribution, $m
 
  783
  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
 
  1,169
  394
  405
  417
  430
  444
  458
  474
  491
  509
  508
  529
  550
  573
  597
  622
  649
  678
  708
  739
  772
  807
  844
  883
  924
  967
  1,012
  1,060
  1,110
  1,162
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
 
  1,121
  361
  353
  343
  333
  322
  310
  296
  282
  267
  241
  226
  209
  192
  175
  158
  141
  125
  109
  94
  80
  67
  55
  45
  36
  28
  22
  16
  12
  9
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

Keysight Technologies, Inc. provides electronic design and test solutions to communications and electronics industries in the United States and internationally. Its Communications Solutions Group segment provides radio frequency and microwave test instruments and related software, and electronic design automation (EDA) software tools; oscilloscopes, logic and serial protocol analyzers, logic-signal sources, arbitrary waveform generators, and bit error rate testers; optical modulation analyzers, component analyzers, power meters, and laser source products, as well as optical amplifier, filter, and other passive component solutions; and related software solutions. The company’s Electronic Industrial Solutions Group segment offers design tools; design verification solutions; and general purpose test and measurement products, such as digital multi-meters, function generators, waveform synthesizers, counters, data acquisition products, audio analyzers, LCR Meters, thermal imaging solutions, low-cost USB modular units, precision source measurement units, ultra-high precision device current analyzers, test executive software platforms, and a range of power supplies. This segment also offers comprehensive manufacturing systems, such as printed-circuit-board-assembly testers and IC parametric testers; and material analysis products that include atomic-force and scanning-electron microscopy products. Its Services Solutions Group segment provides repair, calibration, and consulting services; and remarkets used Keysight equipment, as well as asset tracking, servicing, and utilization requirements throughout the product life cycle. The company also offers start-up assistance, instrument productivity, and application services, as well as customization and optimization services. It sells its products through direct sales force, resellers, manufacturer’s representatives, and distributors. The company was incorporated in 2013 and is headquartered in Santa Rosa, California.

FINANCIAL RATIOS  of  Keysight Technologies (KEYS)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 2.4
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 72.2%
Total Debt to Equity 72.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 10.3%
Ret/ On Assets - 3 Yr. Avg. 14.4%
Return On Total Capital 13.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 37.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 55.7%
Gross Margin - 3 Yr. Avg. 56.6%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 18.8%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 15%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 14.1%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 14.3%
Effective Tax Rate 8.5%
Eff/ Tax Rate - 3 Yr. Avg. -2.1%
Payout Ratio 0%

KEYS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEYS stock intrinsic value calculation we used $2918 million for the last fiscal year's total revenue generated by Keysight Technologies. The default revenue input number comes from 2016 income statement of Keysight Technologies. 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 KEYS 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 KEYS is calculated based on our internal credit rating of Keysight Technologies, 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 Keysight Technologies.
    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 KEYS stock the variable cost ratio is equal to 84.9%.

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 KEYS 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% for Keysight Technologies.

Corporate tax rate of 27% is the nominal tax rate for Keysight Technologies. 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 KEYS 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 KEYS are equal to 16.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Keysight Technologies 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 KEYS is equal to 14.6%. 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 - $1513 million for Keysight Technologies - 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 171.444 million for Keysight Technologies 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 Keysight Technologies at the current share price and the inputted number of shares is $7.2 billion.

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COMPANY NEWS

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▶ Keysight tops Street 2Q forecasts   [04:19PM  Associated Press]
▶ Keysight Rated A Buy On 5G Wireless Ramp-Up, Network Testing   [May-30-17 04:40PM  Investor's Business Daily]
▶ Ixia Announces Collaboration with the CORD Project   [Apr-19-17 07:30AM  Business Wire]
▶ Keysight tops Street 1Q forecasts   [Feb-16-17 04:32PM  AP]
▶ John Rogers Comments on Keysight Technologies   [Jan-20-17 04:56PM  Gurufocus]
▶ Do Hedge Funds Love Senior Housing Properties Trust (SNH)?   [Dec-07-16 08:31PM  at Insider Monkey]
Stock chart of KEYS Financial statements of KEYS Annual reports of KEYS
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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