Intrinsic value of KapStone Paper&Packaging - KS

Previous Close

$23.26

  Intrinsic Value

$14.95

stock screener

  Rating & Target

sell

-36%

  Value-price divergence*

-118%

Previous close

$23.26

 
Intrinsic value

$14.95

 
Up/down potential

-36%

 
Rating

sell

 
Value-price divergence*

-118%

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

We calculate the intrinsic value of KS 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 2.2

 

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, %
  10.33
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  3,077
  3,194
  3,319
  3,453
  3,595
  3,747
  3,908
  4,078
  4,258
  4,449
  4,651
  4,864
  5,089
  5,326
  5,576
  5,840
  6,118
  6,410
  6,717
  7,041
  7,382
  7,740
  8,117
  8,513
  8,930
  9,368
  9,828
  10,312
  10,820
  11,355
  11,916
Variable operating expenses, $m
 
  2,958
  3,071
  3,192
  3,321
  3,458
  3,603
  3,757
  3,920
  4,093
  4,276
  4,398
  4,601
  4,815
  5,041
  5,280
  5,531
  5,795
  6,073
  6,366
  6,674
  6,998
  7,338
  7,696
  8,073
  8,469
  8,885
  9,323
  9,782
  10,265
  10,773
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
  2,907
  2,958
  3,071
  3,192
  3,321
  3,458
  3,603
  3,757
  3,920
  4,093
  4,276
  4,398
  4,601
  4,815
  5,041
  5,280
  5,531
  5,795
  6,073
  6,366
  6,674
  6,998
  7,338
  7,696
  8,073
  8,469
  8,885
  9,323
  9,782
  10,265
  10,773
Operating income, $m
  170
  236
  248
  261
  274
  289
  304
  321
  338
  356
  376
  467
  488
  511
  535
  560
  587
  615
  645
  676
  708
  743
  779
  817
  857
  899
  943
  989
  1,038
  1,089
  1,143
EBITDA, $m
  352
  441
  459
  477
  497
  518
  540
  563
  588
  615
  643
  672
  703
  736
  770
  807
  845
  886
  928
  973
  1,020
  1,069
  1,122
  1,176
  1,234
  1,294
  1,358
  1,425
  1,495
  1,569
  1,646
Interest expense (income), $m
  0
  52
  55
  58
  62
  66
  70
  74
  79
  84
  89
  94
  100
  106
  112
  119
  126
  133
  141
  149
  158
  167
  177
  187
  197
  208
  220
  233
  245
  259
  273
Earnings before tax, $m
  128
  184
  193
  202
  212
  223
  234
  246
  259
  273
  287
  373
  389
  405
  423
  442
  461
  482
  503
  526
  550
  576
  602
  630
  659
  690
  723
  757
  793
  830
  870
Tax expense, $m
  42
  50
  52
  55
  57
  60
  63
  67
  70
  74
  77
  101
  105
  109
  114
  119
  124
  130
  136
  142
  149
  155
  163
  170
  178
  186
  195
  204
  214
  224
  235
Net income, $m
  86
  134
  141
  148
  155
  163
  171
  180
  189
  199
  210
  272
  284
  296
  309
  322
  337
  352
  367
  384
  402
  420
  440
  460
  481
  504
  528
  553
  579
  606
  635

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  3,256
  3,348
  3,479
  3,619
  3,769
  3,927
  4,096
  4,275
  4,464
  4,664
  4,875
  5,099
  5,335
  5,583
  5,845
  6,122
  6,412
  6,719
  7,041
  7,381
  7,738
  8,113
  8,508
  8,924
  9,360
  9,820
  10,302
  10,809
  11,342
  11,902
  12,490
Adjusted assets (=assets-cash), $m
  3,227
  3,348
  3,479
  3,619
  3,769
  3,927
  4,096
  4,275
  4,464
  4,664
  4,875
  5,099
  5,335
  5,583
  5,845
  6,122
  6,412
  6,719
  7,041
  7,381
  7,738
  8,113
  8,508
  8,924
  9,360
  9,820
  10,302
  10,809
  11,342
  11,902
  12,490
Revenue / Adjusted assets
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
  0.954
Average production assets, $m
  1,753
  1,821
  1,892
  1,968
  2,049
  2,136
  2,227
  2,324
  2,427
  2,536
  2,651
  2,773
  2,901
  3,036
  3,179
  3,329
  3,487
  3,654
  3,829
  4,013
  4,208
  4,412
  4,627
  4,853
  5,090
  5,340
  5,602
  5,878
  6,168
  6,472
  6,792
Working capital, $m
  428
  415
  431
  449
  467
  487
  508
  530
  554
  578
  605
  632
  662
  692
  725
  759
  795
  833
  873
  915
  960
  1,006
  1,055
  1,107
  1,161
  1,218
  1,278
  1,341
  1,407
  1,476
  1,549
Total debt, $m
  1,485
  1,574
  1,669
  1,771
  1,880
  1,996
  2,119
  2,249
  2,387
  2,533
  2,687
  2,850
  3,022
  3,203
  3,394
  3,596
  3,808
  4,031
  4,266
  4,514
  4,774
  5,048
  5,336
  5,638
  5,957
  6,291
  6,643
  7,013
  7,401
  7,810
  8,239
Total liabilities, $m
  2,352
  2,441
  2,536
  2,638
  2,747
  2,863
  2,986
  3,116
  3,254
  3,400
  3,554
  3,717
  3,889
  4,070
  4,261
  4,463
  4,675
  4,898
  5,133
  5,381
  5,641
  5,915
  6,203
  6,505
  6,824
  7,158
  7,510
  7,880
  8,268
  8,677
  9,106
Total equity, $m
  904
  907
  943
  981
  1,021
  1,064
  1,110
  1,158
  1,210
  1,264
  1,321
  1,382
  1,446
  1,513
  1,584
  1,659
  1,738
  1,821
  1,908
  2,000
  2,097
  2,199
  2,306
  2,418
  2,537
  2,661
  2,792
  2,929
  3,074
  3,225
  3,385
Total liabilities and equity, $m
  3,256
  3,348
  3,479
  3,619
  3,768
  3,927
  4,096
  4,274
  4,464
  4,664
  4,875
  5,099
  5,335
  5,583
  5,845
  6,122
  6,413
  6,719
  7,041
  7,381
  7,738
  8,114
  8,509
  8,923
  9,361
  9,819
  10,302
  10,809
  11,342
  11,902
  12,491
Debt-to-equity ratio
  1.643
  1.730
  1.770
  1.810
  1.840
  1.880
  1.910
  1.940
  1.970
  2.000
  2.030
  2.060
  2.090
  2.120
  2.140
  2.170
  2.190
  2.210
  2.240
  2.260
  2.280
  2.300
  2.310
  2.330
  2.350
  2.360
  2.380
  2.390
  2.410
  2.420
  2.430
Adjusted equity ratio
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271
  0.271

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  134
  141
  148
  155
  163
  171
  180
  189
  199
  210
  272
  284
  296
  309
  322
  337
  352
  367
  384
  402
  420
  440
  460
  481
  504
  528
  553
  579
  606
  635
Depreciation, amort., depletion, $m
  182
  205
  211
  216
  222
  229
  236
  243
  250
  258
  267
  205
  215
  225
  235
  247
  258
  271
  284
  297
  312
  327
  343
  359
  377
  396
  415
  435
  457
  479
  503
Funds from operations, $m
  294
  340
  351
  364
  377
  392
  407
  423
  440
  458
  476
  477
  498
  521
  544
  569
  595
  622
  651
  681
  713
  747
  782
  819
  858
  899
  943
  988
  1,036
  1,086
  1,138
Change in working capital, $m
  12
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
Cash from operations, $m
  282
  324
  335
  347
  359
  372
  386
  401
  416
  433
  450
  450
  469
  490
  512
  535
  559
  584
  611
  639
  669
  700
  733
  768
  804
  843
  883
  925
  969
  1,016
  1,065
Maintenance CAPEX, $m
  0
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -235
  -247
  -258
  -271
  -284
  -297
  -312
  -327
  -343
  -359
  -377
  -396
  -415
  -435
  -457
  -479
New CAPEX, $m
  -129
  -68
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -143
  -150
  -158
  -167
  -175
  -185
  -194
  -204
  -215
  -226
  -237
  -250
  -262
  -276
  -290
  -305
  -320
Cash from investing activities, $m
  -152
  -198
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -317
  -333
  -350
  -368
  -385
  -405
  -425
  -446
  -469
  -491
  -516
  -542
  -569
  -596
  -627
  -658
  -691
  -725
  -762
  -799
Free cash flow, $m
  130
  127
  129
  130
  132
  134
  136
  138
  141
  144
  147
  132
  136
  140
  144
  149
  154
  159
  165
  171
  178
  184
  192
  199
  207
  216
  225
  234
  244
  255
  266
Issuance/(repayment) of debt, $m
  -67
  89
  96
  102
  109
  116
  123
  130
  138
  146
  154
  163
  172
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
  303
  318
  335
  352
  370
  388
  408
  429
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  
  -69
  89
  96
  102
  109
  116
  123
  130
  138
  146
  154
  163
  172
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
  303
  318
  335
  352
  370
  388
  408
  429
Total cash flow (excl. dividends), $m
  62
  216
  225
  232
  241
  250
  259
  269
  279
  290
  302
  295
  308
  321
  335
  350
  366
  383
  400
  419
  438
  458
  480
  502
  526
  551
  577
  604
  633
  663
  695
Retained Cash Flow (-), $m
  -59
  -32
  -36
  -38
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -152
  -159
Prev. year cash balance distribution, $m
 
  29
  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
 
  212
  189
  194
  200
  207
  213
  220
  228
  236
  244
  234
  244
  254
  264
  275
  287
  300
  313
  327
  341
  356
  373
  390
  407
  426
  446
  467
  488
  511
  535
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  195
  158
  146
  134
  122
  110
  98
  87
  76
  65
  51
  43
  35
  29
  23
  18
  14
  10
  8
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
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

KapStone Paper and Packaging Corporation manufactures and sells containerboards, corrugated products, and specialty paper products in the United States and internationally. The company operates in two segments, Paper and Packaging, and Distribution. The Paper and Packaging segment offers containerboards consisting of linerboard and corrugated medium to manufacture corrugated containers for packaging products; and corrugated products. It also offers specialty paper products, including kraft paper comprising multiwall paper used to produce bags for agricultural products, pet food, baking products, cement and chemicals, and grocery bags; specialty conversion products, such as wrapping paper products, dunnage bags, and roll wraps; and lightweight paper. In addition, this segment provides saturating kraft paper under the Durasorb trade name for use in construction, electronics manufacturing, and furniture manufacturing industries; and unbleached folding carton board under the Kraftpak trade name to integrated and independent converters in the folding carton industry. The Distribution segment distributes corrugated and other specialty packaging products, which include stretch films, void fills, carton sealing tapes, and other specialty tapes to the packaging services and distribution industry. KapStone Paper and Packaging Corporation was founded in 2005 and is headquartered in Northbrook, Illinois.

FINANCIAL RATIOS  of  KapStone Paper&Packaging (KS)

Valuation Ratios
P/E Ratio 26.1
Price to Sales 0.7
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 164.3%
Total Debt to Equity 164.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 15.6%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 29.8%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 45.3%

KS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KS stock intrinsic value calculation we used $3077 million for the last fiscal year's total revenue generated by KapStone Paper&Packaging. The default revenue input number comes from 2016 income statement of KapStone Paper&Packaging. 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 KS stock valuation model: a) initial revenue growth rate of 3.8% 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 9.1%, whose default value for KS is calculated based on our internal credit rating of KapStone Paper&Packaging, 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 KapStone Paper&Packaging.
    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 KS stock the variable cost ratio is equal to 92.7%.

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 KS 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 KapStone Paper&Packaging.

Corporate tax rate of 27% is the nominal tax rate for KapStone Paper&Packaging. 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 KS 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 KS are equal to 57%.

Life of production assets of 13.5 years is the average useful life of capital assets used in KapStone Paper&Packaging 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 KS is equal to 13%. 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 - $904 million for KapStone Paper&Packaging - 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 96.204 million for KapStone Paper&Packaging 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 KapStone Paper&Packaging at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ KapStone meets 2Q profit forecasts   [Jul-26-17 10:49PM  Associated Press]
▶ KapStone Reports Second Quarter Results   [04:15PM  PR Newswire]
▶ North Charleston Mill Incident   [10:00AM  PR Newswire]
▶ KapStone misses Street 1Q forecasts   [Apr-26-17 06:38PM  Associated Press]
▶ KapStone Reports First Quarter Results   [04:15PM  PR Newswire]
▶ KapStone misses 4Q profit forecasts   [Feb-08-17 07:02PM  Associated Press]
▶ Here is What Hedge Funds Think About Financial Engines Inc (FNGN)   [Dec-06-16 03:26PM  at Insider Monkey]
▶ Should You Avoid KapStone Paper and Packaging Corp. (KS)?   [Dec-02-16 02:10PM  at Insider Monkey]
▶ Four Global Resource Plays Poised to Take Off in 2017   [Nov-08-16 01:50PM  at TheStreet]
▶ KapStone Reports Third Quarter Results   [04:20PM  PR Newswire]
Stock chart of KS Financial statements of KS Annual reports of KS
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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