Intrinsic value of Kratos Defense&Security Solutions - KTOS

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$10.99

  Intrinsic Value

$3.90

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  Rating & Target

str. sell

-65%

Previous close

$10.99

 
Intrinsic value

$3.90

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of KTOS 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 1.1

 

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, %
  1.83
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
Revenue, $m
  669
  741
  816
  894
  976
  1,061
  1,150
  1,242
  1,338
  1,438
  1,542
  1,649
  1,761
  1,878
  1,999
  2,125
  2,256
  2,393
  2,535
  2,684
  2,838
  3,000
  3,169
  3,345
  3,529
  3,722
  3,923
  4,133
  4,354
  4,585
  4,826
Variable operating expenses, $m
 
  744
  815
  888
  965
  1,045
  1,129
  1,216
  1,306
  1,400
  1,497
  1,550
  1,655
  1,764
  1,878
  1,996
  2,120
  2,248
  2,382
  2,521
  2,667
  2,819
  2,977
  3,143
  3,316
  3,496
  3,686
  3,883
  4,090
  4,307
  4,534
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
  687
  744
  815
  888
  965
  1,045
  1,129
  1,216
  1,306
  1,400
  1,497
  1,550
  1,655
  1,764
  1,878
  1,996
  2,120
  2,248
  2,382
  2,521
  2,667
  2,819
  2,977
  3,143
  3,316
  3,496
  3,686
  3,883
  4,090
  4,307
  4,534
Operating income, $m
  -18
  -4
  1
  6
  11
  16
  21
  27
  32
  38
  45
  100
  107
  114
  121
  129
  136
  145
  153
  162
  172
  181
  192
  202
  213
  225
  237
  250
  263
  277
  292
EBITDA, $m
  5
  49
  54
  59
  64
  70
  76
  82
  88
  95
  101
  109
  116
  124
  132
  140
  148
  157
  167
  177
  187
  197
  208
  220
  232
  245
  258
  272
  286
  302
  318
Interest expense (income), $m
  32
  31
  37
  42
  48
  54
  60
  67
  74
  81
  88
  96
  103
  112
  120
  129
  138
  148
  158
  168
  179
  191
  203
  215
  228
  241
  256
  270
  286
  302
  319
Earnings before tax, $m
  -52
  -35
  -36
  -37
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  4
  3
  2
  1
  -1
  -2
  -3
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -25
  -27
Tax expense, $m
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -61
  -35
  -36
  -37
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  3
  2
  1
  1
  -1
  -2
  -3
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -25
  -27

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  949
  974
  1,073
  1,176
  1,284
  1,396
  1,513
  1,635
  1,761
  1,892
  2,029
  2,170
  2,318
  2,471
  2,630
  2,796
  2,969
  3,148
  3,336
  3,531
  3,735
  3,947
  4,169
  4,401
  4,644
  4,897
  5,162
  5,439
  5,729
  6,032
  6,350
Adjusted assets (=assets-cash), $m
  880
  974
  1,073
  1,176
  1,284
  1,396
  1,513
  1,635
  1,761
  1,892
  2,029
  2,170
  2,318
  2,471
  2,630
  2,796
  2,969
  3,148
  3,336
  3,531
  3,735
  3,947
  4,169
  4,401
  4,644
  4,897
  5,162
  5,439
  5,729
  6,032
  6,350
Revenue / Adjusted assets
  0.760
  0.761
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
Average production assets, $m
  88
  98
  108
  118
  129
  140
  152
  164
  177
  190
  204
  218
  233
  248
  264
  280
  298
  316
  335
  354
  375
  396
  418
  442
  466
  491
  518
  546
  575
  605
  637
Working capital, $m
  176
  119
  131
  144
  157
  171
  185
  200
  215
  232
  248
  266
  284
  302
  322
  342
  363
  385
  408
  432
  457
  483
  510
  539
  568
  599
  632
  665
  701
  738
  777
Total debt, $m
  432
  503
  579
  658
  740
  826
  915
  1,008
  1,104
  1,205
  1,309
  1,417
  1,530
  1,647
  1,768
  1,895
  2,027
  2,164
  2,307
  2,457
  2,612
  2,775
  2,944
  3,122
  3,307
  3,500
  3,703
  3,914
  4,136
  4,368
  4,610
Total liabilities, $m
  672
  744
  820
  899
  981
  1,067
  1,156
  1,249
  1,345
  1,446
  1,550
  1,658
  1,771
  1,888
  2,009
  2,136
  2,268
  2,405
  2,548
  2,698
  2,853
  3,016
  3,185
  3,363
  3,548
  3,741
  3,944
  4,155
  4,377
  4,609
  4,851
Total equity, $m
  276
  230
  253
  278
  303
  330
  357
  386
  416
  447
  479
  512
  547
  583
  621
  660
  701
  743
  787
  833
  881
  932
  984
  1,039
  1,096
  1,156
  1,218
  1,284
  1,352
  1,424
  1,499
Total liabilities and equity, $m
  948
  974
  1,073
  1,177
  1,284
  1,397
  1,513
  1,635
  1,761
  1,893
  2,029
  2,170
  2,318
  2,471
  2,630
  2,796
  2,969
  3,148
  3,335
  3,531
  3,734
  3,948
  4,169
  4,402
  4,644
  4,897
  5,162
  5,439
  5,729
  6,033
  6,350
Debt-to-equity ratio
  1.565
  2.190
  2.290
  2.370
  2.440
  2.510
  2.560
  2.610
  2.660
  2.700
  2.730
  2.770
  2.800
  2.820
  2.850
  2.870
  2.890
  2.910
  2.930
  2.950
  2.960
  2.980
  2.990
  3.010
  3.020
  3.030
  3.040
  3.050
  3.060
  3.070
  3.080
Adjusted equity ratio
  0.235
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -61
  -35
  -36
  -37
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  3
  2
  1
  1
  -1
  -2
  -3
  -5
  -6
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -25
  -27
Depreciation, amort., depletion, $m
  23
  52
  53
  53
  54
  54
  55
  55
  56
  56
  57
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
Funds from operations, $m
  -6
  17
  17
  17
  16
  16
  15
  15
  14
  14
  14
  12
  12
  11
  11
  11
  10
  9
  9
  8
  7
  7
  6
  5
  4
  3
  3
  2
  1
  0
  -1
Change in working capital, $m
  2
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
Cash from operations, $m
  -8
  6
  5
  4
  3
  2
  1
  0
  -1
  -2
  -3
  -6
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -28
  -30
  -32
  -35
  -37
  -40
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
New CAPEX, $m
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -14
  -14
  -14
  -14
  -16
  -16
  -18
  -18
  -20
  -20
  -22
  -22
  -24
  -24
  -26
  -28
  -28
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -53
  -56
Free cash flow, $m
  -22
  -8
  -9
  -11
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -28
  -30
  -32
  -34
  -37
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
Issuance/(repayment) of debt, $m
  -15
  72
  75
  79
  82
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  202
  212
  222
  232
  243
Issuance/(repurchase) of shares, $m
  78
  57
  59
  61
  63
  65
  67
  69
  71
  73
  75
  30
  33
  35
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  72
  76
  81
  86
  91
  96
  102
Cash from financing (excl. dividends), $m  
  63
  129
  134
  140
  145
  151
  156
  162
  167
  173
  179
  138
  146
  152
  159
  167
  175
  183
  192
  201
  212
  221
  233
  244
  257
  270
  283
  298
  313
  328
  345
Total cash flow (excl. dividends), $m
  41
  122
  126
  129
  133
  136
  140
  143
  147
  151
  155
  111
  115
  120
  124
  130
  135
  140
  146
  153
  159
  166
  173
  181
  189
  198
  207
  217
  227
  237
  248
Retained Cash Flow (-), $m
  -22
  -57
  -59
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -33
  -35
  -36
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
Prev. year cash balance distribution, $m
 
  68
  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
 
  133
  66
  68
  70
  71
  73
  75
  76
  78
  80
  77
  80
  84
  87
  90
  92
  95
  98
  100
  103
  107
  110
  114
  118
  122
  126
  131
  136
  141
  146
Discount rate, %
 
  10.00
  10.50
  11.03
  11.58
  12.16
  12.76
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.07
  25.27
  26.53
  27.86
  29.25
  30.72
  32.25
  33.86
  35.56
  37.33
  39.20
  41.16
PV of cash for distribution, $m
 
  121
  54
  50
  45
  40
  36
  31
  27
  23
  19
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.6
  88.0
  83.0
  78.5
  74.6
  71.0
  67.7
  64.8
  62.1
  59.6
  58.6
  57.7
  56.8
  55.9
  55.1
  54.2
  53.3
  52.5
  51.6
  50.8
  49.9
  49.1
  48.3
  47.5
  46.7
  45.9
  45.1
  44.3
  43.5
  42.8

Kratos Defense & Security Solutions, Inc. is a technology, intellectual property and proprietary product and solution company focused on the United States and its allies' national security. The Kratos Government Solutions segment includes the operations of Defense Rocket Support Services, Microwave Electronics Division, Technical and Training Solutions, and Modular Systems, which provide technology-based defense solutions, involving products and services, with the focus relating to the nation's Command, Control, Communications, Computing, Combat Systems, Intelligence, Surveillance and Reconnaissance requirements. The Unmanned Systems segment includes its unmanned aerial, ground, seaborne and command, control and communications system business. The Public Safety & Security segment provides integrated solutions for homeland security, public safety, critical infrastructure, and security and surveillance systems for government and commercial applications.

FINANCIAL RATIOS  of  Kratos Defense&Security Solutions (KTOS)

Valuation Ratios
P/E Ratio -13.3
Price to Sales 1.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -101.6
Price to Free Cash Flow -47.8
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.2%
Cap. Spend. - 3 Yr. Gr. Rate -7.1%
Financial Strength
Quick Ratio 69
Current Ratio 0
LT Debt to Equity 156.2%
Total Debt to Equity 156.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -2.6%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital -8.7%
Ret/ On T. Cap. - 3 Yr. Avg. -4.9%
Return On Equity -23%
Return On Equity - 3 Yr. Avg. -14.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 23%
Gross Margin - 3 Yr. Avg. 23.7%
EBITDA Margin 0.4%
EBITDA Margin - 3 Yr. Avg. 2.2%
Operating Margin -2.7%
Oper. Margin - 3 Yr. Avg. -2.8%
Pre-Tax Margin -7.8%
Pre-Tax Margin - 3 Yr. Avg. -8%
Net Profit Margin -9.1%
Net Profit Margin - 3 Yr. Avg. -5.4%
Effective Tax Rate -15.4%
Eff/ Tax Rate - 3 Yr. Avg. 1.9%
Payout Ratio 0%

KTOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KTOS stock intrinsic value calculation we used $669 million for the last fiscal year's total revenue generated by Kratos Defense&Security Solutions. The default revenue input number comes from 2016 income statement of Kratos Defense&Security Solutions. 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 KTOS stock valuation model: a) initial revenue growth rate of 10.7% 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 10%, whose default value for KTOS is calculated based on our internal credit rating of Kratos Defense&Security Solutions, 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 Kratos Defense&Security Solutions.
    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 KTOS stock the variable cost ratio is equal to 101.2%.

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 KTOS 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 7.3% for Kratos Defense&Security Solutions.

Corporate tax rate of 27% is the nominal tax rate for Kratos Defense&Security Solutions. 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 KTOS 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 KTOS are equal to 13.2%.

Life of production assets of 24.9 years is the average useful life of capital assets used in Kratos Defense&Security Solutions 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 KTOS is equal to 16.1%. 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 - $276 million for Kratos Defense&Security Solutions - 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 100.853 million for Kratos Defense&Security Solutions 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 Kratos Defense&Security Solutions at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Kratos reports 3Q loss   [Nov-02-17 05:19PM  Associated Press]
▶ 3 Stocks That Look Just Like Netflix at Its IPO   [Oct-12-17 05:18PM  Motley Fool]
▶ Cramer's lightning round: Let Nike walk these losses off   [Oct-10-17 07:04PM  CNBC Videos]
▶ Major shakeup at Honeywell to determine fate of aerospace unit   [Oct-09-17 01:51PM  Yahoo Finance Video]
▶ Where investors can find the best value   [Sep-25-17 04:16PM  Fox Business Videos]
▶ Should You Buy Kratos Defense & Security Solutions Inc (KTOS)?   [Sep-15-17 07:19AM  Simply Wall St.]
▶ Kratos Supports High Energy Laser Demonstrator Integration   [Sep-08-17 09:00AM  GlobeNewswire]
▶ Defense, dollar and tech market's 'new normal'   [Aug-29-17 08:22PM  CNBC Videos]
▶ How to Invest in Defense Stocks   [01:02PM  Motley Fool]
▶ 5 Things Kratos Management Wants You to Know   [Aug-08-17 07:33PM  Motley Fool]
▶ Kratos Receives $23 Million Radar System Contract Award   [Aug-03-17 07:00AM  GlobeNewswire]
▶ Why Kratos Stock Crashed 10% Today   [Jul-28-17 04:59PM  Motley Fool]
▶ Kratos reports 2Q loss   [Jul-27-17 10:37PM  Associated Press]
▶ Kratos reports 2Q loss   [06:11PM  Associated Press]
Financial statements of KTOS
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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