Intrinsic value of Matthews International Cl A - MATW

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$63.20

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of MATW 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 2.0

 

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, %
  3.79
  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
  1,480
  1,510
  1,544
  1,584
  1,629
  1,678
  1,732
  1,791
  1,855
  1,924
  1,998
  2,077
  2,161
  2,251
  2,346
  2,447
  2,554
  2,668
  2,788
  2,915
  3,049
  3,190
  3,339
  3,496
  3,662
  3,836
  4,020
  4,213
  4,416
  4,630
  4,855
Variable operating expenses, $m
 
  1,144
  1,168
  1,196
  1,228
  1,262
  1,300
  1,342
  1,386
  1,435
  1,486
  1,457
  1,516
  1,579
  1,646
  1,717
  1,792
  1,872
  1,956
  2,045
  2,139
  2,238
  2,342
  2,453
  2,569
  2,691
  2,820
  2,955
  3,098
  3,248
  3,406
Fixed operating expenses, $m
 
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  381
  390
  400
  410
  420
  431
  441
  452
  464
  475
  487
  499
  512
Total operating expenses, $m
  1,362
  1,394
  1,424
  1,459
  1,497
  1,538
  1,583
  1,632
  1,683
  1,740
  1,798
  1,777
  1,844
  1,915
  1,991
  2,070
  2,154
  2,243
  2,337
  2,435
  2,539
  2,648
  2,762
  2,884
  3,010
  3,143
  3,284
  3,430
  3,585
  3,747
  3,918
Operating income, $m
  119
  115
  120
  125
  132
  140
  149
  160
  171
  184
  199
  300
  317
  335
  355
  377
  400
  425
  452
  480
  510
  542
  577
  613
  652
  693
  736
  782
  831
  883
  937
EBITDA, $m
  184
  229
  233
  240
  247
  256
  266
  278
  291
  305
  321
  338
  357
  377
  399
  423
  448
  475
  503
  534
  567
  602
  639
  678
  720
  764
  811
  861
  913
  969
  1,028
Interest expense (income), $m
  24
  30
  31
  32
  33
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  61
  64
  68
  71
  76
  80
  84
  89
  94
  99
  105
  111
  117
  124
  130
Earnings before tax, $m
  95
  86
  89
  93
  99
  105
  113
  122
  132
  143
  155
  254
  268
  284
  301
  320
  340
  361
  384
  409
  435
  463
  492
  524
  558
  593
  631
  671
  714
  759
  807
Tax expense, $m
  29
  23
  24
  25
  27
  28
  31
  33
  36
  39
  42
  68
  72
  77
  81
  86
  92
  98
  104
  110
  117
  125
  133
  141
  151
  160
  170
  181
  193
  205
  218
Net income, $m
  67
  63
  65
  68
  72
  77
  83
  89
  96
  104
  113
  185
  196
  207
  220
  233
  248
  264
  280
  298
  317
  338
  359
  382
  407
  433
  461
  490
  521
  554
  589

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  2,091
  2,076
  2,124
  2,179
  2,240
  2,308
  2,383
  2,464
  2,552
  2,646
  2,748
  2,856
  2,972
  3,096
  3,227
  3,366
  3,514
  3,670
  3,835
  4,009
  4,194
  4,388
  4,593
  4,809
  5,037
  5,276
  5,529
  5,795
  6,074
  6,368
  6,678
Adjusted assets (=assets-cash), $m
  2,035
  2,076
  2,124
  2,179
  2,240
  2,308
  2,383
  2,464
  2,552
  2,646
  2,748
  2,856
  2,972
  3,096
  3,227
  3,366
  3,514
  3,670
  3,835
  4,009
  4,194
  4,388
  4,593
  4,809
  5,037
  5,276
  5,529
  5,795
  6,074
  6,368
  6,678
Revenue / Adjusted assets
  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
Average production assets, $m
  628
  640
  655
  672
  691
  711
  734
  759
  787
  816
  847
  880
  916
  954
  995
  1,038
  1,083
  1,131
  1,182
  1,236
  1,293
  1,353
  1,416
  1,482
  1,553
  1,626
  1,704
  1,786
  1,872
  1,963
  2,058
Working capital, $m
  315
  293
  300
  307
  316
  326
  336
  347
  360
  373
  388
  403
  419
  437
  455
  475
  496
  518
  541
  565
  591
  619
  648
  678
  710
  744
  780
  817
  857
  898
  942
Total debt, $m
  873
  872
  904
  940
  981
  1,026
  1,075
  1,129
  1,188
  1,251
  1,318
  1,390
  1,468
  1,550
  1,637
  1,729
  1,828
  1,931
  2,041
  2,157
  2,280
  2,409
  2,545
  2,689
  2,840
  3,000
  3,168
  3,344
  3,530
  3,726
  3,932
Total liabilities, $m
  1,382
  1,381
  1,413
  1,449
  1,490
  1,535
  1,584
  1,638
  1,697
  1,760
  1,827
  1,899
  1,977
  2,059
  2,146
  2,238
  2,337
  2,440
  2,550
  2,666
  2,789
  2,918
  3,054
  3,198
  3,349
  3,509
  3,677
  3,853
  4,039
  4,235
  4,441
Total equity, $m
  709
  696
  712
  730
  750
  773
  798
  825
  855
  886
  920
  957
  996
  1,037
  1,081
  1,128
  1,177
  1,229
  1,285
  1,343
  1,405
  1,470
  1,539
  1,611
  1,687
  1,768
  1,852
  1,941
  2,035
  2,133
  2,237
Total liabilities and equity, $m
  2,091
  2,077
  2,125
  2,179
  2,240
  2,308
  2,382
  2,463
  2,552
  2,646
  2,747
  2,856
  2,973
  3,096
  3,227
  3,366
  3,514
  3,669
  3,835
  4,009
  4,194
  4,388
  4,593
  4,809
  5,036
  5,277
  5,529
  5,794
  6,074
  6,368
  6,678
Debt-to-equity ratio
  1.231
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.750
  1.760
Adjusted equity ratio
  0.321
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  67
  63
  65
  68
  72
  77
  83
  89
  96
  104
  113
  185
  196
  207
  220
  233
  248
  264
  280
  298
  317
  338
  359
  382
  407
  433
  461
  490
  521
  554
  589
Depreciation, amort., depletion, $m
  65
  113
  114
  115
  115
  116
  117
  118
  120
  121
  122
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
Funds from operations, $m
  143
  176
  179
  183
  188
  193
  200
  207
  216
  225
  235
  224
  236
  249
  264
  279
  296
  313
  332
  352
  374
  397
  421
  448
  475
  504
  535
  568
  603
  640
  679
Change in working capital, $m
  3
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  37
  39
  41
  44
Cash from operations, $m
  140
  155
  172
  175
  179
  184
  189
  196
  203
  212
  221
  208
  220
  232
  245
  259
  275
  291
  309
  328
  348
  370
  393
  417
  443
  471
  500
  531
  564
  599
  636
Maintenance CAPEX, $m
  0
  -28
  -28
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
New CAPEX, $m
  -42
  -12
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
Cash from investing activities, $m
  -47
  -40
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -75
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -122
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -181
Free cash flow, $m
  93
  115
  129
  129
  131
  132
  135
  139
  143
  148
  154
  138
  145
  154
  163
  173
  184
  196
  208
  222
  237
  253
  270
  288
  308
  329
  351
  374
  399
  426
  454
Issuance/(repayment) of debt, $m
  -30
  27
  32
  36
  41
  45
  50
  54
  58
  63
  68
  72
  77
  82
  87
  93
  98
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  177
  186
  196
  206
Issuance/(repurchase) of shares, $m
  -52
  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  
  -90
  27
  32
  36
  41
  45
  50
  54
  58
  63
  68
  72
  77
  82
  87
  93
  98
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  177
  186
  196
  206
Total cash flow (excl. dividends), $m
  3
  142
  161
  166
  171
  178
  185
  193
  201
  211
  222
  210
  222
  236
  250
  265
  282
  299
  318
  338
  360
  382
  406
  432
  459
  488
  519
  551
  585
  622
  660
Retained Cash Flow (-), $m
  22
  -15
  -16
  -18
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
Prev. year cash balance distribution, $m
 
  28
  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
 
  156
  145
  147
  151
  155
  160
  165
  172
  179
  188
  174
  184
  194
  206
  219
  232
  247
  263
  280
  298
  317
  338
  360
  383
  408
  434
  462
  492
  523
  556
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  144
  122
  113
  104
  95
  87
  78
  70
  63
  55
  42
  37
  31
  26
  22
  18
  14
  11
  8
  6
  5
  3
  2
  2
  1
  1
  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
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Matthews International Corporation provides brand solutions, memorialization products, and industrial products in the United States, Central and South America, Canada, Europe, Australia, and Asia. It operates through three segments: SGK Brand Solutions, Memorialization, and Industrial Technologies. The SGK Brand Solutions segment provides brand development, deployment, delivery, brand management, pre-media graphics services, printing plates, gravure cylinders, steel bases, embossing tools, special purpose machinery, engineering assistance, print process assistance, print production management, digital asset management, content management, and package design services to brand owners and packaging industry converters; and creative digital graphics services, as well as designs, engineers, manufactures, and executes merchandising and display systems. The Memorialization segment manufactures and markets a range of memorialization products used primarily in cemeteries, funeral homes, and crematories. Its products include cast bronze memorials, flush bronze and granite memorials, upright granite memorials and monuments, cremation memorialization products, granite benches, flower vases, crypt plates and letters, cremation urns, niche units, cemetery features and statues, caskets, community and family mausoleums, and other memorialization products, as well as architectural products used to identify or commemorate people, places, events, and accomplishments. The Industrial Technologies segment designs, manufactures, and distributes marking and coding equipment and consumables, industrial automation products, and order fulfillment systems for identifying, tracking, picking, and conveying consumer and industrial products. It serves manufacturers, suppliers, and distributors of durable goods and building products; consumer goods manufacturers; and producers of pharmaceuticals. Matthews International Corporation was founded in 1850 and is based in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  Matthews International Cl A (MATW)

Valuation Ratios
P/E Ratio 30.3
Price to Sales 1.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.5%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 119.2%
Total Debt to Equity 123.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.9%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.6%
Gross Margin - 3 Yr. Avg. 36.7%
EBITDA Margin 12.4%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 28.4%

MATW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MATW stock intrinsic value calculation we used $1480 million for the last fiscal year's total revenue generated by Matthews International Cl A. The default revenue input number comes from 2016 income statement of Matthews International Cl A. 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 MATW 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 8.4%, whose default value for MATW is calculated based on our internal credit rating of Matthews International Cl A, 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 Matthews International Cl A.
    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 MATW stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $244 million in the base year in the intrinsic value calculation for MATW 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 Matthews International Cl A.

Corporate tax rate of 27% is the nominal tax rate for Matthews International Cl A. 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 MATW 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 MATW are equal to 42.4%.

Life of production assets of 22.8 years is the average useful life of capital assets used in Matthews International Cl A 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 MATW is equal to 19.4%. 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 - $709 million for Matthews International Cl A - 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 31.18 million for Matthews International Cl A 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 Matthews International Cl A at the current share price and the inputted number of shares is $2.0 billion.


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COMPANY NEWS

▶ Husband of woman who stole nearly $13M faces fed tax charges   [May-03-17 12:52PM  Associated Press]
▶ Matthews International posts 2Q profit   [Apr-27-17 06:40PM  Associated Press]
▶ Matthews International Declares Quarterly Dividend   [Apr-20-17 02:00PM  GlobeNewswire]
▶ Cashier admits stealing $13M at Pittsburgh monuments firm   [Mar-16-17 11:11AM  Associated Press]
▶ Hedge Funds Are Betting On Matthews International Corp (MATW)   [Dec-12-16 01:33PM  at Insider Monkey]
▶ Hedge Funds Are Crazy About SM Energy Co (SM)   [Nov-26-16 01:48PM  at Insider Monkey]
▶ [$$] Casket Maker Sees Growth Despite Rise of Cremations   [Nov-03-16 11:55PM  at The Wall Street Journal]
▶ [$$] Casket Maker Sees Growth Despite Rise of Cremations   [09:51AM  at The Wall Street Journal]
▶ Matthews International Declares Quarterly Dividend   [Jul-21-16 01:00PM  GlobeNewswire]
Stock chart of MATW Financial statements of MATW Annual reports of MATW
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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