Intrinsic value of Lumber Liquidators Holdings - LL

Previous Close

$23.83

  Intrinsic Value

$1.94

stock screener

  Rating & Target

str. sell

-92%

Previous close

$23.83

 
Intrinsic value

$1.94

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of LL 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, %
  -1.84
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  961
  1,012
  1,065
  1,121
  1,180
  1,241
  1,305
  1,373
  1,443
  1,517
  1,595
  1,676
  1,762
  1,851
  1,945
  2,044
  2,147
  2,256
  2,370
  2,489
  2,615
  2,746
  2,884
  3,030
  3,182
  3,342
  3,509
  3,686
  3,871
  4,065
  4,269
Variable operating expenses, $m
 
  449
  473
  498
  524
  551
  579
  609
  640
  673
  707
  742
  780
  820
  862
  905
  951
  999
  1,050
  1,103
  1,158
  1,216
  1,278
  1,342
  1,409
  1,480
  1,555
  1,633
  1,714
  1,800
  1,891
Fixed operating expenses, $m
 
  659
  676
  692
  710
  727
  746
  764
  783
  803
  823
  844
  865
  886
  909
  931
  955
  978
  1,003
  1,028
  1,054
  1,080
  1,107
  1,135
  1,163
  1,192
  1,222
  1,252
  1,284
  1,316
  1,349
Total operating expenses, $m
  1,054
  1,108
  1,149
  1,190
  1,234
  1,278
  1,325
  1,373
  1,423
  1,476
  1,530
  1,586
  1,645
  1,706
  1,771
  1,836
  1,906
  1,977
  2,053
  2,131
  2,212
  2,296
  2,385
  2,477
  2,572
  2,672
  2,777
  2,885
  2,998
  3,116
  3,240
Operating income, $m
  -94
  -96
  -83
  -69
  -54
  -37
  -20
  -1
  19
  41
  64
  90
  116
  145
  175
  207
  241
  278
  317
  359
  403
  450
  500
  553
  609
  669
  733
  801
  872
  948
  1,029
EBITDA, $m
  -76
  -83
  -69
  -54
  -38
  -21
  -2
  18
  39
  61
  85
  111
  139
  168
  199
  233
  269
  307
  347
  390
  436
  484
  536
  591
  649
  711
  777
  847
  921
  1,000
  1,083
Interest expense (income), $m
  0
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  17
  18
  19
  20
  22
  23
  25
  26
  28
  30
Earnings before tax, $m
  -94
  -98
  -85
  -71
  -57
  -41
  -24
  -5
  14
  35
  58
  83
  109
  136
  165
  197
  230
  266
  304
  344
  387
  433
  482
  534
  589
  648
  710
  776
  846
  920
  999
Tax expense, $m
  -25
  0
  0
  0
  0
  0
  0
  0
  4
  10
  16
  22
  29
  37
  45
  53
  62
  72
  82
  93
  105
  117
  130
  144
  159
  175
  192
  209
  228
  248
  270
Net income, $m
  -69
  -98
  -85
  -71
  -57
  -41
  -24
  -5
  10
  26
  42
  60
  79
  99
  121
  144
  168
  194
  222
  251
  283
  316
  352
  390
  430
  473
  518
  566
  618
  672
  729

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  483
  498
  524
  552
  581
  611
  642
  675
  710
  747
  785
  825
  867
  911
  957
  1,006
  1,057
  1,110
  1,166
  1,225
  1,287
  1,352
  1,420
  1,491
  1,566
  1,645
  1,727
  1,814
  1,905
  2,000
  2,101
Adjusted assets (=assets-cash), $m
  473
  498
  524
  552
  581
  611
  642
  675
  710
  747
  785
  825
  867
  911
  957
  1,006
  1,057
  1,110
  1,166
  1,225
  1,287
  1,352
  1,420
  1,491
  1,566
  1,645
  1,727
  1,814
  1,905
  2,000
  2,101
Revenue / Adjusted assets
  2.032
  2.032
  2.032
  2.031
  2.031
  2.031
  2.033
  2.034
  2.032
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.031
  2.032
  2.033
  2.032
  2.032
  2.031
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.033
  2.032
Average production assets, $m
  61
  64
  67
  71
  74
  78
  82
  86
  91
  96
  100
  106
  111
  117
  123
  129
  135
  142
  149
  157
  165
  173
  182
  191
  200
  211
  221
  232
  244
  256
  269
Working capital, $m
  167
  165
  174
  183
  192
  202
  213
  224
  235
  247
  260
  273
  287
  302
  317
  333
  350
  368
  386
  406
  426
  448
  470
  494
  519
  545
  572
  601
  631
  663
  696
Total debt, $m
  40
  53
  67
  82
  97
  113
  130
  148
  167
  186
  206
  228
  250
  274
  298
  324
  351
  380
  410
  441
  474
  508
  545
  583
  623
  665
  709
  755
  803
  854
  908
Total liabilities, $m
  252
  265
  279
  294
  309
  325
  342
  360
  379
  398
  418
  440
  462
  486
  510
  536
  563
  592
  622
  653
  686
  720
  757
  795
  835
  877
  921
  967
  1,015
  1,066
  1,120
Total equity, $m
  231
  233
  245
  258
  271
  285
  300
  315
  332
  349
  367
  385
  405
  425
  447
  470
  493
  518
  545
  572
  601
  631
  663
  696
  731
  768
  807
  847
  890
  934
  981
Total liabilities and equity, $m
  483
  498
  524
  552
  580
  610
  642
  675
  711
  747
  785
  825
  867
  911
  957
  1,006
  1,056
  1,110
  1,167
  1,225
  1,287
  1,351
  1,420
  1,491
  1,566
  1,645
  1,728
  1,814
  1,905
  2,000
  2,101
Debt-to-equity ratio
  0.173
  0.230
  0.280
  0.320
  0.360
  0.400
  0.430
  0.470
  0.500
  0.530
  0.560
  0.590
  0.620
  0.640
  0.670
  0.690
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.930
Adjusted equity ratio
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467
  0.467

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -69
  -98
  -85
  -71
  -57
  -41
  -24
  -5
  10
  26
  42
  60
  79
  99
  121
  144
  168
  194
  222
  251
  283
  316
  352
  390
  430
  473
  518
  566
  618
  672
  729
Depreciation, amort., depletion, $m
  18
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
Funds from operations, $m
  -45
  -84
  -71
  -56
  -41
  -24
  -6
  13
  30
  46
  63
  82
  101
  123
  145
  169
  195
  222
  252
  283
  316
  351
  388
  428
  470
  515
  562
  613
  666
  723
  783
Change in working capital, $m
  -17
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  23
  24
  25
  26
  27
  29
  30
  32
  33
Cash from operations, $m
  -28
  -92
  -79
  -65
  -50
  -34
  -17
  2
  18
  34
  51
  68
  87
  108
  130
  153
  178
  205
  233
  263
  295
  329
  366
  404
  445
  489
  535
  584
  636
  691
  750
Maintenance CAPEX, $m
  0
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
New CAPEX, $m
  -9
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from investing activities, $m
  -8
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -35
  -38
  -39
  -41
  -44
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
Free cash flow, $m
  -36
  -107
  -95
  -82
  -68
  -53
  -36
  -19
  -4
  11
  27
  43
  61
  80
  101
  123
  146
  171
  197
  226
  256
  288
  322
  359
  397
  439
  482
  529
  578
  630
  686
Issuance/(repayment) of debt, $m
  20
  13
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  53
Issuance/(repurchase) of shares, $m
  1
  109
  97
  84
  70
  55
  38
  21
  6
  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  
  19
  122
  111
  99
  85
  71
  55
  39
  25
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  53
Total cash flow (excl. dividends), $m
  -16
  15
  16
  17
  17
  18
  19
  20
  21
  30
  47
  64
  83
  104
  125
  148
  173
  199
  227
  257
  289
  323
  359
  397
  437
  481
  526
  575
  627
  681
  739
Retained Cash Flow (-), $m
  47
  -109
  -97
  -84
  -70
  -55
  -38
  -21
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
Prev. year cash balance distribution, $m
 
  10
  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
 
  -84
  -81
  -68
  -53
  -37
  -19
  -1
  4
  13
  29
  46
  64
  83
  104
  126
  149
  174
  201
  230
  260
  292
  327
  363
  402
  444
  488
  534
  584
  637
  692
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  -79
  -71
  -55
  -39
  -25
  -12
  -1
  2
  6
  11
  15
  18
  19
  20
  20
  19
  18
  16
  14
  12
  10
  8
  6
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  85.6
  74.9
  67.1
  61.4
  57.5
  54.9
  53.7
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3
  53.3

Lumber Liquidators Holdings, Inc. is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories. The Company offers hardwood species, engineered hardwood, laminate and resilient vinyl flooring direct to the consumer. Its product categories include Solid and Engineered Hardwood; Laminate; Bamboo, Cork, Vinyl Plank and Other, Moldings and Accessories, and Non-Merchandise Services. It features the renewable flooring products, bamboo and cork, and provides a selection of flooring enhancements and accessories, including moldings, noise-reducing underlay, adhesives and flooring tools. It operates in a holding company structure with Lumber Liquidators Holdings, Inc. serving as its parent company and certain direct and indirect subsidiaries, including Lumber Liquidators, Inc., Lumber Liquidators Services, LLC, Lumber Liquidators Production, LLC, and Lumber Liquidators Canada ULC, conducting its operations.

FINANCIAL RATIOS  of  Lumber Liquidators Holdings (LL)

Valuation Ratios
P/E Ratio -9.8
Price to Sales 0.7
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -24
Price to Free Cash Flow -18.2
Growth Rates
Sales Growth Rate -1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -59.1%
Cap. Spend. - 3 Yr. Gr. Rate -20.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 17.3%
Total Debt to Equity 17.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -14.7%
Ret/ On Assets - 3 Yr. Avg. -4.3%
Return On Total Capital -24.3%
Ret/ On T. Cap. - 3 Yr. Avg. -7.5%
Return On Equity -27.1%
Return On Equity - 3 Yr. Avg. -8.6%
Asset Turnover 2
Profitability Ratios
Gross Margin 31.6%
Gross Margin - 3 Yr. Avg. 33.4%
EBITDA Margin -7.9%
EBITDA Margin - 3 Yr. Avg. -1.1%
Operating Margin -9.7%
Oper. Margin - 3 Yr. Avg. -2.7%
Pre-Tax Margin -9.8%
Pre-Tax Margin - 3 Yr. Avg. -2.8%
Net Profit Margin -7.2%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 0%

LL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LL stock intrinsic value calculation we used $961 million for the last fiscal year's total revenue generated by Lumber Liquidators Holdings. The default revenue input number comes from 2016 income statement of Lumber Liquidators Holdings. 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 LL stock valuation model: a) initial revenue growth rate of 5.3% 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 6.6%, whose default value for LL is calculated based on our internal credit rating of Lumber Liquidators Holdings, 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 Lumber Liquidators Holdings.
    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 LL stock the variable cost ratio is equal to 44.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $643 million in the base year in the intrinsic value calculation for LL 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 Lumber Liquidators Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lumber Liquidators Holdings. 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 LL 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 LL are equal to 6.3%.

Life of production assets of 3.9 years is the average useful life of capital assets used in Lumber Liquidators Holdings 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 LL is equal to 16.3%. 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 - $231 million for Lumber Liquidators Holdings - 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 28.485 million for Lumber Liquidators Holdings 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 Lumber Liquidators Holdings at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
BCC Boise Cascade 43.90 17.82  str.sell
BMCH BMC Stock Hold 20.25 3.67  str.sell
GMS GMS 31.67 27.33  sell

COMPANY NEWS

▶ 3 Top Stocks to Buy in February   [Feb-06-18 03:19PM  Motley Fool]
▶ Lumber Liquidators Down 5% in Last 5 Days   [Jan-31-18 01:57PM  GuruFocus.com]
▶ Why Lumber Liquidators Holdings, Inc. Surged 99% in 2017   [Jan-11-18 02:15PM  Motley Fool]
▶ Lumber Liquidators Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Lumber Liquidators Sees RS Rating Climb To 72   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ Floored: Why Lumber Liquidators' Pain Won't Spread   [Oct-31-17 11:36AM  Barrons.com]
▶ Lumber Liquidators reports 3Q loss   [06:24AM  Associated Press]
▶ [$$] Lumber Liquidators Near Settlement in Class-Action Suit   [Oct-24-17 07:50PM  The Wall Street Journal]
▶ Why Lumber Liquidators Jumped Nearly 52% in August   [Sep-13-17 11:12AM  Motley Fool]
▶ Stocks Up 1%; S&P Index Changes Stir These Stocks   [01:33PM  Investor's Business Daily]
▶ 3 Stocks That Are Up 125% or More in 2017   [09:15AM  Motley Fool]
▶ Lumber Liquidators Gets Price Target Hike   [Aug-18-17 05:39AM  Investor's Business Daily]
▶ 3 Stocks That Doubled So Far in 2017   [Aug-14-17 09:03PM  Motley Fool]
▶ Lumber Liquidators: What Do You Do For an Encore?   [Aug-02-17 10:47AM  Barrons.com]
▶ Lumber Liquidators beats Street 2Q forecasts   [Aug-01-17 09:32PM  Associated Press]
▶ Lumber Liquidators Skyrockets On First Post-Scandal Profit   [04:06PM  Investor's Business Daily]
▶ Lumber Liquidators Doles out Pain for Short Sellers   [01:58PM  The Wall Street Journal]
▶ Big movers in the blitz   [01:26PM  CNBC Videos]
▶ Why Lumber Liquidators is Soaring   [01:11PM  Barrons.com]
Financial statements of LL
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.