Intrinsic value of LGL Group - LGL

Previous Close

$5.74

  Intrinsic Value

$1.31

stock screener

  Rating & Target

str. sell

-77%

Previous close

$5.74

 
Intrinsic value

$1.31

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of LGL 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 0.0

 

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, %
  0.00
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
Revenue, $m
  21
  25
  30
  35
  41
  47
  53
  60
  67
  75
  83
  91
  100
  110
  119
  129
  140
  151
  162
  174
  186
  199
  212
  226
  240
  255
  270
  286
  303
  321
  339
Variable operating expenses, $m
 
  26
  31
  37
  43
  49
  56
  63
  70
  78
  87
  96
  105
  115
  125
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  318
  336
  355
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
  21
  26
  31
  37
  43
  49
  56
  63
  70
  78
  87
  96
  105
  115
  125
  136
  147
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  318
  336
  355
Operating income, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
EBITDA, $m
  1
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
Earnings before tax, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
Tax expense, $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
  0
Net income, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  17
  13
  16
  18
  21
  24
  28
  31
  35
  39
  43
  48
  53
  57
  62
  68
  73
  79
  85
  91
  97
  104
  111
  118
  126
  133
  142
  150
  159
  168
  178
Adjusted assets (=assets-cash), $m
  11
  13
  16
  18
  21
  24
  28
  31
  35
  39
  43
  48
  53
  57
  62
  68
  73
  79
  85
  91
  97
  104
  111
  118
  126
  133
  142
  150
  159
  168
  178
Revenue / Adjusted assets
  1.909
  1.923
  1.875
  1.944
  1.952
  1.958
  1.893
  1.935
  1.914
  1.923
  1.930
  1.896
  1.887
  1.930
  1.919
  1.897
  1.918
  1.911
  1.906
  1.912
  1.918
  1.913
  1.910
  1.915
  1.905
  1.917
  1.901
  1.907
  1.906
  1.911
  1.904
Average production assets, $m
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
Working capital, $m
  10
  5
  6
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  48
  51
  54
  58
  61
  64
Total debt, $m
  0
  1
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  11
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  36
  38
  40
  43
  45
Total liabilities, $m
  3
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
Total equity, $m
  14
  10
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  62
  66
  71
  76
  81
  86
  91
  97
  103
  109
  115
  122
  129
Total liabilities and equity, $m
  17
  14
  15
  18
  21
  25
  28
  32
  36
  40
  44
  48
  52
  58
  62
  68
  73
  79
  85
  91
  98
  104
  111
  118
  125
  133
  142
  150
  158
  168
  177
Debt-to-equity ratio
  0.000
  0.060
  0.110
  0.150
  0.180
  0.210
  0.230
  0.240
  0.260
  0.270
  0.280
  0.290
  0.300
  0.300
  0.310
  0.310
  0.320
  0.320
  0.330
  0.330
  0.330
  0.340
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
Adjusted equity ratio
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727
  0.727

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
Funds from operations, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
Change in working capital, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
New CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from investing activities, $m
  -3
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -12
  -12
Free cash flow, $m
  -3
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
Issuance/(repurchase) of shares, $m
  0
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
Cash from financing (excl. dividends), $m  
  0
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  28
Total cash flow (excl. dividends), $m
  -3
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Retained Cash Flow (-), $m
  0
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
Prev. year cash balance distribution, $m
 
  6
  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
 
  4
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
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
 
  4
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  75.8
  58.0
  44.8
  34.9
  27.4
  21.7
  17.3
  13.8
  11.2
  9.0
  7.4
  6.0
  4.9
  4.1
  3.3
  2.8
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2

The LGL Group, Inc. is a holding company. The Company operates through its subsidiary, M-tron Industries, Inc., which includes the operations of Piezo Technology, Inc. and M-tron Asia, LLC (collectively, MtronPTI). The Company operates through electronic components segment, which includes all products manufactured and sold by MtronPTI. MtronPTI designs, markets and manufactures frequency and spectrum control products. MtronPTI's portfolio is divided into two product groupings: Frequency Control and Spectrum Control. Frequency Control product group includes a portfolio of clock oscillators, voltage-controlled crystal oscillator, temperature compensated crystal oscillator and oven-controlled crystal oscillator. Spectrum Control product group includes a range of radio frequency (RF), microwave and millimeter wave filters and diplexers covering a frequency range from 1 megahertz (MHz) to 90 gigahertz (GHz), and solid state power amplifiers.

FINANCIAL RATIOS  of  LGL Group (LGL)

Valuation Ratios
P/E Ratio 0
Price to Sales 0.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. -7.3%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. -8.6%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. -8.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 33.3%
Gross Margin - 3 Yr. Avg. 30.9%
EBITDA Margin 4.8%
EBITDA Margin - 3 Yr. Avg. -1.3%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. -5.9%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -5.9%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. -5.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

LGL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LGL stock intrinsic value calculation we used $21 million for the last fiscal year's total revenue generated by LGL Group. The default revenue input number comes from 2016 income statement of LGL Group. 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 LGL stock valuation model: a) initial revenue growth rate of 20% 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 LGL is calculated based on our internal credit rating of LGL Group, 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 LGL Group.
    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 LGL stock the variable cost ratio is equal to 104.8%.

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 LGL 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 LGL Group.

Corporate tax rate of 27% is the nominal tax rate for LGL Group. 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 LGL 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 LGL are equal to 14.3%.

Life of production assets of 3 years is the average useful life of capital assets used in LGL Group 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 LGL is equal to 19%. 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 - $14 million for LGL Group - 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 2.675 million for LGL Group 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 LGL Group at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ LGL Announces Results of Rights Offering   [Nov-14-17 07:26PM  Business Wire]
▶ The LGL Group, Inc. Reports Q3 2017 Financial Results   [Nov-06-17 04:05PM  Business Wire]
▶ LGL Announces Change in Senior Leadership   [Oct-19-17 04:05PM  Business Wire]
▶ LGL to Review Non-Binding Acquisition Proposal   [Oct-05-17 04:10PM  Business Wire]
▶ The LGL Group, Inc. Reports Q2 2017 Financial Results   [Aug-10-17 04:05PM  Business Wire]
▶ The LGL Group, Inc. Reports Q1 2017 Financial Results   [May-11-17 08:00AM  Business Wire]
▶ The LGL Group Announces Change in Leadership at MtronPTI   [Sep-27-16 04:05PM  Business Wire]
▶ The LGL Group, Inc. Reports Q1 2016 Financial Results   [May-12-16 04:30PM  Business Wire]
▶ LGL Group Adds Depth to Senior Management Team   [Nov-24  04:05PM  Business Wire]
▶ 10-Q for LGL Group, Inc.   [Aug-15  08:10PM  at Company Spotlight]
▶ 10-Q for LGL Group, Inc.   [May-16  08:09PM  at Company Spotlight]
▶ The LGL Group, Inc. Reports Q1 2015 Financial Results   [May-13  04:12PM  Business Wire]
▶ MtronPTI Introduces Ultra-Low Jitter Products   [May-04  05:34PM  at noodls]
▶ 10-K for LGL Group, Inc.   [Apr-25  08:09PM  at Company Spotlight]
▶ LGL Promotes Patti Smith to Chief Financial Officer   [Apr-24  09:09AM  at noodls]
▶ LGL Promotes Patti Smith to Chief Financial Officer   [Apr-21  04:15PM  Business Wire]
▶ LGL Announces Change in Senior Leadership   [Mar-10  07:12PM  at noodls]
▶ LGL Announces Change in Senior Leadership   [09:32AM  Business Wire]
▶ LGL Improves Its Capital Flexibility During Q3 2014   [Nov-17  05:19PM  Business Wire]
▶ 10-Q for LGL Group, Inc.   [Nov-16  07:08PM  Company Spotlight]
▶ LGL GROUP INC Files SEC form 10-Q, Quarterly Report   [Nov-14  04:33PM  EDGAR Online]
▶ 3 Industrial Stocks Pushing Industry Growth   [Oct-15  04:33PM  at TheStreet]
▶ MtronPTI Extends Spectrum Control into Millimeter Wave   [Oct-07  03:00AM  Business Wire]
Financial statements of LGL
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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