Intrinsic value of Kratos Defense&Security Solutions - KTOS

Previous Close

$12.29

  Intrinsic Value

$5.02

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

+50%

Previous close

$12.29

 
Intrinsic value

$5.02

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

+50%

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

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 0.8

 

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
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  669
  735
  803
  874
  949
  1,026
  1,106
  1,190
  1,277
  1,367
  1,461
  1,558
  1,660
  1,765
  1,875
  1,989
  2,108
  2,233
  2,362
  2,497
  2,638
  2,785
  2,939
  3,100
  3,268
  3,444
  3,628
  3,821
  4,023
  4,234
  4,455
Variable operating expenses, $m
 
  739
  803
  870
  940
  1,012
  1,088
  1,166
  1,248
  1,333
  1,421
  1,464
  1,559
  1,658
  1,761
  1,869
  1,981
  2,097
  2,219
  2,346
  2,479
  2,617
  2,762
  2,913
  3,071
  3,236
  3,409
  3,590
  3,780
  3,978
  4,186
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
  739
  803
  870
  940
  1,012
  1,088
  1,166
  1,248
  1,333
  1,421
  1,464
  1,559
  1,658
  1,761
  1,869
  1,981
  2,097
  2,219
  2,346
  2,479
  2,617
  2,762
  2,913
  3,071
  3,236
  3,409
  3,590
  3,780
  3,978
  4,186
Operating income, $m
  -18
  -4
  0
  4
  9
  14
  18
  23
  29
  34
  40
  94
  100
  107
  113
  120
  128
  135
  143
  151
  160
  169
  178
  188
  198
  208
  220
  231
  243
  256
  270
EBITDA, $m
  5
  48
  53
  58
  62
  68
  73
  78
  84
  90
  96
  103
  109
  116
  123
  131
  139
  147
  155
  164
  174
  183
  193
  204
  215
  227
  239
  251
  265
  279
  293
Interest expense (income), $m
  32
  31
  36
  41
  47
  52
  58
  64
  70
  76
  83
  90
  97
  104
  112
  120
  128
  137
  146
  156
  166
  176
  187
  198
  210
  222
  235
  249
  263
  278
  293
Earnings before tax, $m
  -52
  -36
  -36
  -37
  -38
  -38
  -39
  -40
  -41
  -42
  -43
  5
  4
  3
  1
  0
  -1
  -2
  -3
  -5
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -24
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
  -36
  -36
  -37
  -38
  -38
  -39
  -40
  -41
  -42
  -43
  3
  3
  2
  1
  0
  -1
  -2
  -3
  -5
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -24

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
  967
  1,057
  1,151
  1,248
  1,350
  1,456
  1,566
  1,680
  1,799
  1,922
  2,050
  2,184
  2,323
  2,467
  2,617
  2,774
  2,938
  3,108
  3,286
  3,471
  3,665
  3,868
  4,079
  4,301
  4,532
  4,774
  5,028
  5,293
  5,571
  5,862
Adjusted assets (=assets-cash), $m
  880
  967
  1,057
  1,151
  1,248
  1,350
  1,456
  1,566
  1,680
  1,799
  1,922
  2,050
  2,184
  2,323
  2,467
  2,617
  2,774
  2,938
  3,108
  3,286
  3,471
  3,665
  3,868
  4,079
  4,301
  4,532
  4,774
  5,028
  5,293
  5,571
  5,862
Revenue / Adjusted assets
  0.760
  0.760
  0.760
  0.759
  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
  97
  106
  115
  125
  135
  146
  157
  169
  180
  193
  206
  219
  233
  247
  263
  278
  295
  312
  330
  348
  368
  388
  409
  431
  455
  479
  504
  531
  559
  588
Working capital, $m
  176
  118
  129
  141
  153
  165
  178
  192
  206
  220
  235
  251
  267
  284
  302
  320
  339
  359
  380
  402
  425
  448
  473
  499
  526
  555
  584
  615
  648
  682
  717
Total debt, $m
  432
  497
  566
  638
  713
  790
  871
  955
  1,042
  1,133
  1,227
  1,325
  1,427
  1,533
  1,644
  1,759
  1,878
  2,003
  2,133
  2,269
  2,411
  2,559
  2,714
  2,876
  3,045
  3,222
  3,407
  3,600
  3,803
  4,015
  4,238
Total liabilities, $m
  672
  738
  807
  879
  954
  1,031
  1,112
  1,196
  1,283
  1,374
  1,468
  1,566
  1,668
  1,774
  1,885
  2,000
  2,119
  2,244
  2,374
  2,510
  2,652
  2,800
  2,955
  3,117
  3,286
  3,463
  3,648
  3,841
  4,044
  4,256
  4,479
Total equity, $m
  276
  228
  249
  272
  295
  319
  344
  370
  396
  424
  454
  484
  515
  548
  582
  618
  655
  693
  733
  775
  819
  865
  913
  963
  1,015
  1,070
  1,127
  1,187
  1,249
  1,315
  1,384
Total liabilities and equity, $m
  948
  966
  1,056
  1,151
  1,249
  1,350
  1,456
  1,566
  1,679
  1,798
  1,922
  2,050
  2,183
  2,322
  2,467
  2,618
  2,774
  2,937
  3,107
  3,285
  3,471
  3,665
  3,868
  4,080
  4,301
  4,533
  4,775
  5,028
  5,293
  5,571
  5,863
Debt-to-equity ratio
  1.565
  2.180
  2.270
  2.350
  2.420
  2.480
  2.540
  2.590
  2.630
  2.670
  2.710
  2.740
  2.770
  2.800
  2.820
  2.850
  2.870
  2.890
  2.910
  2.930
  2.940
  2.960
  2.970
  2.990
  3.000
  3.010
  3.020
  3.030
  3.040
  3.050
  3.060
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
  -36
  -36
  -37
  -38
  -38
  -39
  -40
  -41
  -42
  -43
  3
  3
  2
  1
  0
  -1
  -2
  -3
  -5
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -24
Depreciation, amort., depletion, $m
  23
  52
  53
  53
  54
  54
  54
  55
  55
  56
  56
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
Funds from operations, $m
  -6
  17
  17
  16
  16
  15
  15
  15
  14
  14
  13
  12
  11
  11
  11
  11
  10
  10
  9
  9
  8
  7
  7
  6
  5
  4
  4
  3
  2
  1
  0
Change in working capital, $m
  2
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
Cash from operations, $m
  -8
  6
  6
  5
  4
  3
  2
  1
  0
  -1
  -2
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
New CAPEX, $m
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
Cash from investing activities, $m
  -14
  -13
  -13
  -13
  -15
  -15
  -16
  -17
  -17
  -19
  -19
  -21
  -21
  -23
  -23
  -25
  -27
  -27
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -47
  -49
  -51
Free cash flow, $m
  -22
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -25
  -27
  -28
  -31
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
Issuance/(repayment) of debt, $m
  -15
  66
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  177
  185
  194
  203
  212
  222
Issuance/(repurchase) of shares, $m
  78
  56
  57
  59
  61
  62
  64
  66
  68
  70
  72
  27
  29
  31
  33
  35
  38
  41
  44
  47
  50
  53
  57
  61
  64
  69
  73
  77
  82
  87
  92
Cash from financing (excl. dividends), $m  
  63
  122
  126
  131
  136
  140
  145
  150
  155
  161
  166
  125
  131
  137
  143
  150
  158
  166
  174
  183
  192
  201
  212
  223
  233
  246
  258
  271
  285
  299
  314
Total cash flow (excl. dividends), $m
  41
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  100
  104
  108
  113
  118
  122
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
Retained Cash Flow (-), $m
  -22
  -56
  -57
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -30
  -31
  -33
  -34
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -57
  -61
  -64
  -69
  -73
  -77
  -82
  -87
  -92
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
 
  128
  61
  63
  64
  66
  67
  68
  70
  71
  73
  70
  73
  76
  79
  82
  85
  87
  90
  92
  95
  98
  101
  105
  109
  112
  116
  121
  125
  130
  135
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
 
  117
  50
  46
  41
  37
  33
  28
  24
  21
  17
  13
  11
  9
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  91.9
  84.8
  78.7
  73.3
  68.5
  64.2
  60.3
  56.9
  53.8
  50.9
  49.9
  49.0
  48.0
  47.1
  46.2
  45.2
  44.3
  43.4
  42.5
  41.7
  40.8
  39.9
  39.1
  38.2
  37.4
  36.6
  35.8
  35.0
  34.2
  33.4

Kratos Defense & Security Solutions, Inc. provides mission critical products, solutions, and services primarily for the Government and commercial customers. The company operates through three segments, Kratos Government Solutions, Unmanned Systems, and Public Safety & Security. The Kratos Government Solutions segment offers microwave electronic products; satellite communications; technical and training solutions; modular systems; and defense and rocket support services. The Unmanned Systems segment provides unmanned aerial, ground, seaborne and command, control, and communications systems. The Public Safety & Security segment offers integrated solutions for homeland security, public safety, and critical infrastructure, as well as security and surveillance systems. This segment serves critical infrastructure, power generation, power transport, nuclear energy, financial, IT, healthcare, education, transportation, and petro-chemical industries, as well as government and military customers. The company was founded in 1994 and is headquartered in San Diego, California.

FINANCIAL RATIOS  of  Kratos Defense&Security Solutions (KTOS)

Valuation Ratios
P/E Ratio -14.9
Price to Sales 1.4
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow -113.6
Price to Free Cash Flow -53.5
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 9.8% 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 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 67.991 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 $0.8 billion.

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COMPANY NEWS

▶ 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]
▶ Kratos reports 1Q loss   [May-04-17 05:33PM  Associated Press]
▶ How Trump Fueled Drone Maker Kratos' Stock Offering   [May-01-17 06:00AM  Investopedia]
▶ Kratos Converts Russian T-72 Tank to Unmanned Operation   [Apr-13-17 07:00AM  GlobeNewswire]
▶ Meet the Most Advanced Drone in the World Today   [Apr-10-17 08:13PM  Motley Fool]
▶ Air Force Gremlins Program Gets Go-Ahead for Phase 2   [Mar-25-17 10:13AM  Motley Fool]
▶ 3 Stocks With NVIDIA-like Return Potential   [Mar-18-17 08:44AM  Motley Fool]
▶ 3 Stocks With NVIDIA-like Return Potential   [08:44AM  at Motley Fool]
▶ Why This Analyst Loves Kratos Defense & Security Stock   [Mar-17-17 01:36PM  Motley Fool]
▶ 3 All-or-Nothing Stocks We're Closely Watching   [Feb-24-17 02:17PM  at Motley Fool]
Stock chart of KTOS 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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