Intrinsic value of Luxfer Holdings ADR - LXFR

Previous Close

$14.75

  Intrinsic Value

$9.29

stock screener

  Rating & Target

sell

-37%

Previous close

$14.75

 
Intrinsic value

$9.29

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of LXFR 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 0.4

 

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, %
  -9.78
  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
  415
  423
  433
  444
  457
  471
  486
  502
  520
  539
  560
  582
  606
  631
  658
  686
  716
  748
  782
  817
  855
  895
  936
  980
  1,027
  1,076
  1,127
  1,181
  1,238
  1,298
  1,361
Variable operating expenses, $m
 
  391
  399
  410
  421
  434
  447
  462
  479
  496
  515
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,180
  1,238
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
  379
  391
  399
  410
  421
  434
  447
  462
  479
  496
  515
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  934
  978
  1,025
  1,074
  1,126
  1,180
  1,238
Operating income, $m
  36
  33
  34
  35
  36
  37
  38
  40
  41
  43
  45
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  124
EBITDA, $m
  54
  52
  53
  54
  56
  57
  59
  61
  64
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  138
  144
  151
  159
  166
Interest expense (income), $m
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
Earnings before tax, $m
  28
  27
  28
  28
  29
  30
  31
  32
  33
  35
  36
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
Tax expense, $m
  6
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
Net income, $m
  22
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  31
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  392
  386
  394
  405
  416
  429
  442
  457
  474
  491
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  779
  815
  853
  893
  935
  980
  1,026
  1,076
  1,128
  1,182
  1,240
Adjusted assets (=assets-cash), $m
  378
  386
  394
  405
  416
  429
  442
  457
  474
  491
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  779
  815
  853
  893
  935
  980
  1,026
  1,076
  1,128
  1,182
  1,240
Revenue / Adjusted assets
  1.098
  1.096
  1.099
  1.096
  1.099
  1.098
  1.100
  1.098
  1.097
  1.098
  1.098
  1.098
  1.098
  1.097
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.097
  1.097
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
Average production assets, $m
  157
  160
  163
  167
  172
  177
  183
  189
  196
  203
  211
  220
  228
  238
  248
  259
  270
  282
  295
  308
  322
  337
  353
  370
  387
  406
  425
  445
  467
  489
  513
Working capital, $m
  102
  90
  92
  94
  97
  100
  103
  106
  110
  114
  119
  123
  128
  134
  139
  145
  152
  159
  166
  173
  181
  190
  198
  208
  218
  228
  239
  250
  263
  275
  289
Total debt, $m
  121
  126
  132
  138
  146
  154
  163
  173
  184
  196
  208
  222
  236
  251
  267
  284
  302
  321
  342
  363
  386
  409
  435
  461
  489
  519
  550
  582
  616
  653
  691
Total liabilities, $m
  250
  255
  261
  267
  275
  283
  292
  302
  313
  325
  337
  351
  365
  380
  396
  413
  431
  450
  471
  492
  515
  538
  564
  590
  618
  648
  679
  711
  745
  782
  820
Total equity, $m
  142
  131
  134
  137
  141
  145
  150
  155
  161
  167
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
  382
  401
  420
Total liabilities and equity, $m
  392
  386
  395
  404
  416
  428
  442
  457
  474
  492
  510
  531
  552
  575
  599
  625
  652
  681
  712
  744
  779
  814
  853
  893
  935
  980
  1,027
  1,076
  1,127
  1,183
  1,240
Debt-to-equity ratio
  0.852
  0.960
  0.980
  1.010
  1.030
  1.060
  1.090
  1.120
  1.150
  1.180
  1.200
  1.230
  1.260
  1.290
  1.310
  1.340
  1.370
  1.390
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.610
  1.630
  1.640
Adjusted equity ratio
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339
  0.339

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  20
  20
  21
  21
  22
  23
  23
  24
  25
  26
  31
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
Depreciation, amort., depletion, $m
  18
  19
  19
  20
  20
  20
  21
  21
  22
  23
  23
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Funds from operations, $m
  9
  39
  40
  40
  41
  42
  44
  45
  46
  48
  50
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  97
  101
  106
  111
Change in working capital, $m
  -20
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
Cash from operations, $m
  29
  37
  37
  38
  39
  40
  40
  41
  43
  44
  45
  45
  47
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  97
Maintenance CAPEX, $m
  0
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
New CAPEX, $m
  -19
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
Cash from investing activities, $m
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -23
  -25
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -62
  -65
Free cash flow, $m
  14
  21
  20
  20
  20
  20
  20
  20
  20
  20
  20
  19
  19
  20
  20
  20
  21
  21
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  33
Issuance/(repayment) of debt, $m
  -9
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -23
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Total cash flow (excl. dividends), $m
  -10
  26
  26
  27
  28
  28
  29
  30
  31
  32
  33
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
Retained Cash Flow (-), $m
  28
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
Prev. year cash balance distribution, $m
 
  14
  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
 
  37
  23
  23
  24
  24
  24
  25
  25
  26
  26
  26
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  35
  21
  20
  18
  17
  16
  15
  14
  13
  11
  10
  9
  8
  7
  6
  5
  4
  4
  3
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
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
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Luxfer Holdings PLC is a holding company. The Company is a materials technology company specializing in the design, manufacture and supply of materials, components and gas-containment devices for healthcare, environmental, protection and specialty end-markets. It operates through two divisions: Elektron and Gas Cylinders. Its Elektron Division focuses on specialty materials based primarily on magnesium, zirconium and rare earths. It sells its products through two brands, Magnesium Elektron and MEL Chemicals. Its Gas Cylinders Division manufactures and markets specialized products using aluminum, magnesium, carbon composites and steel. It sells its products through two brands, Luxfer Gas Cylinders and Superform. Its customers include both end users of its products and manufacturers that incorporate its products into finished goods. As of December 31, 2016, it had operated 20 manufacturing plants in the United States, the United Kingdom, Canada, France, the Czech Republic and China.

FINANCIAL RATIOS  of  Luxfer Holdings ADR (LXFR)

Valuation Ratios
P/E Ratio 17.5
Price to Sales 0.9
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 38.6
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.8%
Cap. Spend. - 3 Yr. Gr. Rate -6.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 85.2%
Total Debt to Equity 85.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.9%
Return On Equity 14.1%
Return On Equity - 3 Yr. Avg. 13.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 22.4%
Gross Margin - 3 Yr. Avg. 22.7%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 5.3%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 59.1%

LXFR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LXFR stock intrinsic value calculation we used $415 million for the last fiscal year's total revenue generated by Luxfer Holdings ADR. The default revenue input number comes from 2016 income statement of Luxfer Holdings ADR. 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 LXFR 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 5.6%, whose default value for LXFR is calculated based on our internal credit rating of Luxfer Holdings ADR, 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 Luxfer Holdings ADR.
    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 LXFR stock the variable cost ratio is equal to 92.3%.

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 LXFR 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 4.7% for Luxfer Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Luxfer Holdings ADR. 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 LXFR 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 LXFR are equal to 37.7%.

Life of production assets of 12 years is the average useful life of capital assets used in Luxfer Holdings ADR 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 LXFR is equal to 21.2%. 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 - $142 million for Luxfer Holdings ADR - 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 26.416 million for Luxfer Holdings ADR 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 Luxfer Holdings ADR at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Is It Time To Buy Luxfer Holdings PLC (LXFR)?   [Dec-01-17 01:30PM  Simply Wall St.]
▶ Heather Harding Named Luxfer Chief Financial Officer   [Nov-16-17 05:00PM  Business Wire]
▶ Luxfer Holdings PLC (LXFR): Time For A Financial Health Check   [Nov-15-17 01:37PM  Simply Wall St.]
▶ Luxfer posts 3Q profit   [Nov-06-17 06:49PM  Associated Press]
▶ Luxfer Declares Quarterly Dividend   [Oct-02-17 05:00PM  Business Wire]
▶ What Does Luxfer Holdings PLCs (LXFR) Share Price Indicate?   [Sep-12-17 05:25PM  Simply Wall St.]
▶ New Strong Sell Stocks for August 29th   [Aug-29-17 09:54AM  Zacks]
▶ Luxfer Finance Director to Step Down   [Aug-23-17 04:30PM  Business Wire]
▶ New Strong Sell Stocks for August 15th   [Aug-15-17 10:14AM  Zacks]
▶ Luxfer posts 2Q profit   [Aug-04-17 12:59AM  Associated Press]
▶ Luxfer Reports Second-Quarter Results   [Aug-02-17 05:00PM  Business Wire]
▶ Luxfer Declares Quarterly Dividend   [Jul-03-17 05:00PM  Business Wire]
▶ Top Ranked Value Stocks to Buy for June 30th   [Jun-30-17 09:34AM  Zacks]
▶ Luxfer Holds Annual General Meeting   [May-23-17 05:05PM  Business Wire]
▶ Luxfer posts 1Q profit   [May-08-17 06:20PM  Associated Press]
▶ Luxfer Reports First-quarter 2017 Results   [05:00PM  Business Wire]
▶ Luxfer Declares Quarterly Dividend   [Mar-30-17 05:00PM  Business Wire]
▶ Luxfer Group Files Annual Report on Form 20-F for 2016   [Mar-14-17 05:15PM  Business Wire]
▶ Luxfer posts 4Q profit   [Mar-07-17 06:06PM  Associated Press]
▶ Luxfer Reports Fourth-quarter Results   [05:00PM  Business Wire]
▶ Luxfer Declares Quarterly Dividend   [Jan-09-17 05:00PM  Business Wire]
▶ Is Model N Inc (MODN) Worthy of Your Portfolio?   [Dec-14-16 05:51PM  at Insider Monkey]
▶ Luxfer Reports Third-Quarter Results   [05:00PM  Business Wire]
▶ Luxfer CEO to Retire in 2017   [Nov-04-16 05:00PM  Business Wire]
▶ Luxfer Declares Quarterly Dividend   [Sep-26-16 05:00PM  Business Wire]
▶ Luxfer Reports Second-Quarter Results   [Aug-09-16 05:00PM  Business Wire]
▶ Luxfer Group Announces Two Non-executive Board Appointments   [Aug-01-16 05:00PM  Business Wire]
▶ Luxfer Declares Quarterly Dividend   [Jun-30-16 05:00PM  Business Wire]
Financial statements of LXFR
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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