Intrinsic value of Lear Corp. - LEA

Previous Close

$189.17

  Intrinsic Value

$337.60

stock screener

  Rating & Target

str. buy

+78%

Previous close

$189.17

 
Intrinsic value

$337.60

 
Up/down potential

+78%

 
Rating

str. buy

We calculate the intrinsic value of LEA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  1.91
  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
  18,558
  18,929
  19,365
  19,862
  20,421
  21,040
  21,719
  22,459
  23,260
  24,122
  25,048
  26,038
  27,095
  28,220
  29,416
  30,685
  32,030
  33,453
  34,959
  36,549
  38,228
  40,000
  41,869
  43,839
  45,914
  48,100
  50,402
  52,824
  55,373
  58,055
  60,875
Variable operating expenses, $m
 
  3,556
  3,636
  3,726
  3,828
  3,941
  4,064
  4,199
  4,344
  4,501
  4,670
  4,738
  4,930
  5,135
  5,353
  5,583
  5,828
  6,087
  6,361
  6,650
  6,956
  7,278
  7,618
  7,977
  8,355
  8,752
  9,171
  9,612
  10,076
  10,564
  11,077
Fixed operating expenses, $m
 
  14,366
  14,726
  15,094
  15,471
  15,858
  16,254
  16,661
  17,077
  17,504
  17,942
  18,390
  18,850
  19,321
  19,804
  20,299
  20,807
  21,327
  21,860
  22,407
  22,967
  23,541
  24,130
  24,733
  25,351
  25,985
  26,635
  27,300
  27,983
  28,682
  29,400
Total operating expenses, $m
  17,137
  17,922
  18,362
  18,820
  19,299
  19,799
  20,318
  20,860
  21,421
  22,005
  22,612
  23,128
  23,780
  24,456
  25,157
  25,882
  26,635
  27,414
  28,221
  29,057
  29,923
  30,819
  31,748
  32,710
  33,706
  34,737
  35,806
  36,912
  38,059
  39,246
  40,477
Operating income, $m
  1,421
  1,006
  1,003
  1,042
  1,122
  1,242
  1,401
  1,600
  1,838
  2,117
  2,437
  2,910
  3,315
  3,764
  4,259
  4,802
  5,395
  6,039
  6,737
  7,492
  8,306
  9,181
  10,121
  11,129
  12,209
  13,363
  14,596
  15,912
  17,315
  18,809
  20,399
EBITDA, $m
  1,799
  1,375
  1,378
  1,424
  1,511
  1,639
  1,808
  2,016
  2,266
  2,556
  2,888
  3,263
  3,683
  4,147
  4,658
  5,219
  5,829
  6,493
  7,212
  7,988
  8,824
  9,724
  10,689
  11,724
  12,831
  14,015
  15,280
  16,628
  18,066
  19,596
  21,225
Interest expense (income), $m
  89
  87
  93
  101
  109
  119
  129
  141
  153
  166
  181
  197
  213
  231
  250
  270
  292
  314
  338
  364
  390
  419
  449
  480
  513
  548
  585
  624
  665
  708
  753
Earnings before tax, $m
  1,338
  919
  910
  941
  1,013
  1,123
  1,272
  1,459
  1,685
  1,950
  2,256
  2,714
  3,102
  3,533
  4,009
  4,532
  5,103
  5,725
  6,399
  7,128
  7,915
  8,762
  9,673
  10,649
  11,695
  12,815
  14,011
  15,288
  16,650
  18,101
  19,646
Tax expense, $m
  370
  248
  246
  254
  273
  303
  343
  394
  455
  527
  609
  733
  837
  954
  1,083
  1,224
  1,378
  1,546
  1,728
  1,925
  2,137
  2,366
  2,612
  2,875
  3,158
  3,460
  3,783
  4,128
  4,495
  4,887
  5,304
Net income, $m
  975
  671
  664
  687
  739
  820
  928
  1,065
  1,230
  1,424
  1,647
  1,981
  2,264
  2,579
  2,927
  3,308
  3,725
  4,179
  4,671
  5,204
  5,778
  6,396
  7,061
  7,774
  8,538
  9,355
  10,228
  11,160
  12,154
  13,214
  14,342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,272
  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
  9,901
  8,800
  9,003
  9,234
  9,494
  9,782
  10,097
  10,441
  10,813
  11,214
  11,645
  12,105
  12,597
  13,120
  13,676
  14,266
  14,891
  15,552
  16,252
  16,992
  17,772
  18,596
  19,465
  20,381
  21,346
  22,362
  23,432
  24,558
  25,743
  26,990
  28,301
Adjusted assets (=assets-cash), $m
  8,629
  8,800
  9,003
  9,234
  9,494
  9,782
  10,097
  10,441
  10,813
  11,214
  11,645
  12,105
  12,597
  13,120
  13,676
  14,266
  14,891
  15,552
  16,252
  16,992
  17,772
  18,596
  19,465
  20,381
  21,346
  22,362
  23,432
  24,558
  25,743
  26,990
  28,301
Revenue / Adjusted assets
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
  2.151
Average production assets, $m
  2,194
  2,234
  2,285
  2,344
  2,410
  2,483
  2,563
  2,650
  2,745
  2,846
  2,956
  3,073
  3,197
  3,330
  3,471
  3,621
  3,780
  3,947
  4,125
  4,313
  4,511
  4,720
  4,941
  5,173
  5,418
  5,676
  5,947
  6,233
  6,534
  6,850
  7,183
Working capital, $m
  1,467
  246
  252
  258
  265
  274
  282
  292
  302
  314
  326
  338
  352
  367
  382
  399
  416
  435
  454
  475
  497
  520
  544
  570
  597
  625
  655
  687
  720
  755
  791
Total debt, $m
  1,942
  2,033
  2,192
  2,374
  2,579
  2,806
  3,055
  3,326
  3,619
  3,935
  4,274
  4,637
  5,024
  5,436
  5,874
  6,339
  6,832
  7,353
  7,905
  8,487
  9,103
  9,752
  10,436
  11,158
  11,918
  12,719
  13,562
  14,450
  15,383
  16,366
  17,399
Total liabilities, $m
  6,843
  6,935
  7,094
  7,276
  7,481
  7,708
  7,957
  8,228
  8,521
  8,837
  9,176
  9,539
  9,926
  10,338
  10,776
  11,241
  11,734
  12,255
  12,807
  13,389
  14,005
  14,654
  15,338
  16,060
  16,820
  17,621
  18,464
  19,352
  20,285
  21,268
  22,301
Total equity, $m
  3,057
  1,866
  1,909
  1,958
  2,013
  2,074
  2,141
  2,214
  2,292
  2,377
  2,469
  2,566
  2,670
  2,781
  2,899
  3,024
  3,157
  3,297
  3,445
  3,602
  3,768
  3,942
  4,127
  4,321
  4,525
  4,741
  4,968
  5,206
  5,457
  5,722
  6,000
Total liabilities and equity, $m
  9,900
  8,801
  9,003
  9,234
  9,494
  9,782
  10,098
  10,442
  10,813
  11,214
  11,645
  12,105
  12,596
  13,119
  13,675
  14,265
  14,891
  15,552
  16,252
  16,991
  17,773
  18,596
  19,465
  20,381
  21,345
  22,362
  23,432
  24,558
  25,742
  26,990
  28,301
Debt-to-equity ratio
  0.635
  1.090
  1.150
  1.210
  1.280
  1.350
  1.430
  1.500
  1.580
  1.660
  1.730
  1.810
  1.880
  1.950
  2.030
  2.100
  2.160
  2.230
  2.290
  2.360
  2.420
  2.470
  2.530
  2.580
  2.630
  2.680
  2.730
  2.780
  2.820
  2.860
  2.900
Adjusted equity ratio
  0.208
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  975
  671
  664
  687
  739
  820
  928
  1,065
  1,230
  1,424
  1,647
  1,981
  2,264
  2,579
  2,927
  3,308
  3,725
  4,179
  4,671
  5,204
  5,778
  6,396
  7,061
  7,774
  8,538
  9,355
  10,228
  11,160
  12,154
  13,214
  14,342
Depreciation, amort., depletion, $m
  378
  369
  375
  381
  389
  397
  407
  417
  428
  439
  452
  353
  367
  383
  399
  416
  434
  454
  474
  496
  519
  543
  568
  595
  623
  652
  684
  716
  751
  787
  826
Funds from operations, $m
  1,732
  1,040
  1,039
  1,069
  1,128
  1,217
  1,335
  1,482
  1,658
  1,863
  2,098
  2,334
  2,632
  2,962
  3,326
  3,725
  4,160
  4,633
  5,146
  5,699
  6,297
  6,939
  7,629
  8,368
  9,160
  10,007
  10,912
  11,877
  12,905
  14,001
  15,167
Change in working capital, $m
  113
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  16
  17
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
Cash from operations, $m
  1,619
  1,035
  1,033
  1,062
  1,121
  1,209
  1,326
  1,472
  1,647
  1,852
  2,086
  2,321
  2,618
  2,947
  3,310
  3,708
  4,142
  4,614
  5,126
  5,679
  6,275
  6,916
  7,605
  8,343
  9,133
  9,979
  10,882
  11,845
  12,872
  13,966
  15,131
Maintenance CAPEX, $m
  0
  -252
  -257
  -263
  -269
  -277
  -285
  -295
  -305
  -315
  -327
  -340
  -353
  -367
  -383
  -399
  -416
  -434
  -454
  -474
  -496
  -519
  -543
  -568
  -595
  -623
  -652
  -684
  -716
  -751
  -787
New CAPEX, $m
  -528
  -40
  -51
  -59
  -66
  -73
  -80
  -87
  -94
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -221
  -232
  -245
  -258
  -272
  -286
  -301
  -316
  -333
Cash from investing activities, $m
  -637
  -292
  -308
  -322
  -335
  -350
  -365
  -382
  -399
  -417
  -436
  -457
  -478
  -500
  -524
  -549
  -575
  -602
  -632
  -662
  -694
  -728
  -764
  -800
  -840
  -881
  -924
  -970
  -1,017
  -1,067
  -1,120
Free cash flow, $m
  982
  743
  725
  741
  786
  859
  961
  1,090
  1,248
  1,435
  1,650
  1,865
  2,140
  2,447
  2,786
  3,159
  3,567
  4,012
  4,495
  5,017
  5,581
  6,188
  6,842
  7,543
  8,294
  9,098
  9,958
  10,876
  11,855
  12,899
  14,011
Issuance/(repayment) of debt, $m
  -13
  136
  159
  182
  205
  227
  249
  271
  293
  316
  339
  363
  387
  412
  438
  465
  493
  521
  551
  583
  615
  649
  685
  722
  760
  801
  843
  887
  934
  982
  1,033
Issuance/(repurchase) of shares, $m
  -659
  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  
  -784
  136
  159
  182
  205
  227
  249
  271
  293
  316
  339
  363
  387
  412
  438
  465
  493
  521
  551
  583
  615
  649
  685
  722
  760
  801
  843
  887
  934
  982
  1,033
Total cash flow (excl. dividends), $m
  164
  879
  885
  923
  990
  1,086
  1,210
  1,361
  1,542
  1,751
  1,989
  2,227
  2,527
  2,859
  3,224
  3,624
  4,060
  4,533
  5,046
  5,600
  6,196
  6,838
  7,526
  8,264
  9,054
  9,899
  10,801
  11,763
  12,789
  13,881
  15,044
Retained Cash Flow (-), $m
  -130
  -36
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -85
  -91
  -98
  -104
  -111
  -118
  -125
  -133
  -140
  -148
  -157
  -166
  -175
  -184
  -194
  -205
  -215
  -227
  -239
  -251
  -264
  -278
Prev. year cash balance distribution, $m
 
  1,227
  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
 
  2,070
  842
  874
  935
  1,025
  1,143
  1,288
  1,463
  1,666
  1,898
  2,130
  2,423
  2,748
  3,107
  3,499
  3,928
  4,393
  4,898
  5,443
  6,031
  6,663
  7,342
  8,070
  8,850
  9,683
  10,574
  11,524
  12,538
  13,617
  14,766
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
 
  1,985
  771
  761
  770
  794
  829
  870
  914
  957
  995
  1,011
  1,034
  1,045
  1,043
  1,027
  998
  956
  902
  838
  766
  689
  609
  529
  451
  377
  308
  247
  194
  149
  111
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

Lear Corporation (Lear) is a supplier to the global automotive industry. The Company is engaged in supplying seating, electrical distribution systems and electronic modules, as well as related sub-systems, components and software, to automotive manufacturers. The Company's segments include Seating and E-Systems. The Company serves the automotive and light truck market. The Seating segment consists of the design, development, engineering, just-in-time assembly and delivery of complete seat systems, as well as the design, development, engineering and manufacture of all seat components, including seat covers and surface materials, such as leather and fabric, seat structures and mechanisms, seat foam and headrests. The E-Systems segment consists of the design, development, engineering, manufacture, assembly and supply of electrical distribution systems, electronic modules and related components and software for light vehicles across the world.

FINANCIAL RATIOS  of  Lear Corp. (LEA)

Valuation Ratios
P/E Ratio 13.5
Price to Sales 0.7
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 12
Growth Rates
Sales Growth Rate 1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 28
Current Ratio 0.1
LT Debt to Equity 62.1%
Total Debt to Equity 63.5%
Interest Coverage 16
Management Effectiveness
Return On Assets 10.8%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 19.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 32.6%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 11.6%
Gross Margin - 3 Yr. Avg. 10.3%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 9.1%

LEA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LEA stock intrinsic value calculation we used $18558 million for the last fiscal year's total revenue generated by Lear Corp.. The default revenue input number comes from 2016 income statement of Lear Corp.. 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 LEA 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 LEA is calculated based on our internal credit rating of Lear Corp., 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 Lear Corp..
    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 LEA stock the variable cost ratio is equal to 18.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $14016 million in the base year in the intrinsic value calculation for LEA 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 4.6% for Lear Corp..

Corporate tax rate of 27% is the nominal tax rate for Lear Corp.. 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 LEA 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 LEA are equal to 11.8%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Lear Corp. 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 LEA is equal to 1.3%. 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 - $3057 million for Lear Corp. - 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 68.663 million for Lear Corp. 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 Lear Corp. at the current share price and the inputted number of shares is $13.0 billion.

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COMPANY NEWS

▶ Why The Real Earnings Season Starts Now   [Feb-22-18 01:07PM  Forbes]
▶ [$$] A Q&A with actor John Simm   [Feb-09-18 06:03AM  Financial Times]
▶ Company News For Jan 29, 2018   [Jan-29-18 09:47AM  Zacks]
▶ Lear tops Street 4Q forecasts   [Jan-26-18 07:25AM  Associated Press]
▶ Canada Goose, Lear, Masco, Vulcan Materials & Micron   [Jan-08-18 01:48PM  CNBC Videos]
▶ Bad Buybacks Can Destroy Shareholder Value   [Dec-26-17 03:50PM  Forbes]
▶ Five Companies Hit 52-Week Highs   [Dec-20-17 10:21AM  GuruFocus.com]
▶ Lear Corp. Value Analysis (NYSE:LEA) : December 8, 2017   [Dec-08-17 02:04PM  Capital Cube]
▶ 10 Stocks Caxton Associates Keeps Buying   [Nov-27-17 03:45PM  GuruFocus.com]
▶ Lear Declares Quarterly Cash Dividend   [01:30PM  PR Newswire]
▶ ETFs with exposure to Lear Corp. : November 9, 2017   [Nov-09-17 12:52PM  Capital Cube]
▶ Auto Seats Are Getting More Brains -- A Lot More   [Oct-31-17 03:46PM  Forbes]
▶ ETFs with exposure to Lear Corp. : October 30, 2017   [Oct-30-17 12:01PM  Capital Cube]
▶ Lear beats Street 3Q forecasts   [Oct-25-17 07:29AM  Associated Press]
▶ Lear Corporation to Host Earnings Call   [06:25AM  ACCESSWIRE]
▶ New Strong Buy Stocks for October 19th   [Oct-19-17 09:19AM  Zacks]
▶ Lear Corporation Breaks Ground on New Facility in Flint   [Oct-02-17 01:30PM  Business Wire]
Financial statements of LEA
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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