Intrinsic value of Matthews International Cl A - MATW

Previous Close

$60.30

  Intrinsic Value

$43.47

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

-29%

Previous close

$60.30

 
Intrinsic value

$43.47

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

-29%

*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 1.9

 

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
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  1,480
  1,536
  1,596
  1,661
  1,729
  1,802
  1,879
  1,961
  2,048
  2,140
  2,237
  2,340
  2,448
  2,562
  2,682
  2,809
  2,942
  3,083
  3,231
  3,387
  3,551
  3,723
  3,904
  4,095
  4,295
  4,506
  4,727
  4,960
  5,204
  5,461
  5,731
Variable operating expenses, $m
 
  1,163
  1,205
  1,250
  1,298
  1,349
  1,404
  1,461
  1,522
  1,586
  1,654
  1,641
  1,717
  1,797
  1,882
  1,970
  2,064
  2,163
  2,267
  2,376
  2,491
  2,612
  2,739
  2,872
  3,013
  3,161
  3,316
  3,479
  3,651
  3,831
  4,021
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
  1,413
  1,461
  1,513
  1,567
  1,625
  1,687
  1,751
  1,819
  1,891
  1,966
  1,961
  2,045
  2,133
  2,227
  2,323
  2,426
  2,534
  2,648
  2,766
  2,891
  3,022
  3,159
  3,303
  3,454
  3,613
  3,780
  3,954
  4,138
  4,330
  4,533
Operating income, $m
  119
  123
  135
  148
  162
  177
  193
  210
  229
  249
  270
  378
  403
  428
  456
  485
  516
  549
  584
  621
  660
  701
  745
  792
  841
  893
  947
  1,005
  1,066
  1,131
  1,199
EBITDA, $m
  184
  237
  250
  264
  279
  295
  313
  332
  352
  374
  397
  422
  448
  476
  506
  537
  571
  606
  644
  684
  726
  771
  818
  868
  921
  976
  1,035
  1,098
  1,163
  1,232
  1,306
Interest expense (income), $m
  24
  30
  31
  33
  35
  38
  40
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  81
  86
  91
  96
  101
  107
  113
  120
  126
  134
  141
  149
  157
Earnings before tax, $m
  95
  94
  104
  115
  126
  139
  153
  168
  184
  201
  220
  324
  345
  368
  392
  417
  444
  473
  503
  535
  569
  606
  644
  685
  728
  773
  821
  872
  925
  982
  1,042
Tax expense, $m
  29
  25
  28
  31
  34
  38
  41
  45
  50
  54
  59
  88
  93
  99
  106
  113
  120
  128
  136
  145
  154
  164
  174
  185
  196
  209
  222
  235
  250
  265
  281
Net income, $m
  67
  68
  76
  84
  92
  102
  112
  123
  134
  147
  160
  237
  252
  269
  286
  304
  324
  345
  367
  391
  416
  442
  470
  500
  531
  564
  599
  636
  676
  717
  761

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
  2,113
  2,196
  2,284
  2,379
  2,479
  2,585
  2,698
  2,817
  2,944
  3,077
  3,218
  3,367
  3,524
  3,689
  3,864
  4,047
  4,241
  4,444
  4,659
  4,884
  5,121
  5,370
  5,632
  5,908
  6,198
  6,502
  6,822
  7,159
  7,512
  7,884
Adjusted assets (=assets-cash), $m
  2,035
  2,113
  2,196
  2,284
  2,379
  2,479
  2,585
  2,698
  2,817
  2,944
  3,077
  3,218
  3,367
  3,524
  3,689
  3,864
  4,047
  4,241
  4,444
  4,659
  4,884
  5,121
  5,370
  5,632
  5,908
  6,198
  6,502
  6,822
  7,159
  7,512
  7,884
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
  651
  677
  704
  733
  764
  797
  832
  868
  907
  949
  992
  1,038
  1,086
  1,137
  1,191
  1,248
  1,307
  1,370
  1,436
  1,505
  1,579
  1,655
  1,736
  1,821
  1,910
  2,004
  2,103
  2,207
  2,316
  2,430
Working capital, $m
  315
  298
  310
  322
  335
  350
  365
  381
  397
  415
  434
  454
  475
  497
  520
  545
  571
  598
  627
  657
  689
  722
  757
  794
  833
  874
  917
  962
  1,010
  1,060
  1,112
Total debt, $m
  873
  896
  951
  1,010
  1,073
  1,139
  1,210
  1,285
  1,365
  1,449
  1,537
  1,631
  1,730
  1,834
  1,944
  2,060
  2,183
  2,311
  2,446
  2,589
  2,739
  2,896
  3,062
  3,237
  3,420
  3,613
  3,815
  4,028
  4,252
  4,487
  4,734
Total liabilities, $m
  1,382
  1,405
  1,460
  1,519
  1,582
  1,648
  1,719
  1,794
  1,874
  1,958
  2,046
  2,140
  2,239
  2,343
  2,453
  2,569
  2,692
  2,820
  2,955
  3,098
  3,248
  3,405
  3,571
  3,746
  3,929
  4,122
  4,324
  4,537
  4,761
  4,996
  5,243
Total equity, $m
  709
  708
  736
  765
  797
  830
  866
  904
  944
  986
  1,031
  1,078
  1,128
  1,181
  1,236
  1,294
  1,356
  1,421
  1,489
  1,561
  1,636
  1,716
  1,799
  1,887
  1,979
  2,076
  2,178
  2,286
  2,398
  2,517
  2,641
Total liabilities and equity, $m
  2,091
  2,113
  2,196
  2,284
  2,379
  2,478
  2,585
  2,698
  2,818
  2,944
  3,077
  3,218
  3,367
  3,524
  3,689
  3,863
  4,048
  4,241
  4,444
  4,659
  4,884
  5,121
  5,370
  5,633
  5,908
  6,198
  6,502
  6,823
  7,159
  7,513
  7,884
Debt-to-equity ratio
  1.231
  1.270
  1.290
  1.320
  1.350
  1.370
  1.400
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.780
  1.790
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
  68
  76
  84
  92
  102
  112
  123
  134
  147
  160
  237
  252
  269
  286
  304
  324
  345
  367
  391
  416
  442
  470
  500
  531
  564
  599
  636
  676
  717
  761
Depreciation, amort., depletion, $m
  65
  114
  115
  116
  117
  119
  120
  122
  123
  125
  127
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
Funds from operations, $m
  143
  182
  191
  200
  210
  220
  232
  244
  258
  272
  287
  280
  298
  316
  336
  357
  379
  402
  427
  454
  482
  511
  543
  576
  611
  648
  687
  729
  772
  818
  867
Change in working capital, $m
  3
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
Cash from operations, $m
  140
  171
  179
  187
  196
  206
  217
  228
  241
  254
  268
  260
  277
  294
  312
  332
  353
  375
  399
  423
  450
  478
  508
  539
  572
  607
  644
  683
  725
  769
  815
Maintenance CAPEX, $m
  0
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -92
  -97
  -102
New CAPEX, $m
  -42
  -23
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
Cash from investing activities, $m
  -47
  -51
  -55
  -57
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -169
  -178
  -187
  -196
  -206
  -216
Free cash flow, $m
  93
  120
  125
  130
  136
  143
  150
  159
  167
  177
  187
  175
  187
  200
  214
  228
  244
  261
  278
  297
  317
  339
  361
  385
  411
  438
  467
  497
  529
  563
  599
Issuance/(repayment) of debt, $m
  -30
  51
  55
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
  224
  235
  247
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
  51
  55
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
  224
  235
  247
Total cash flow (excl. dividends), $m
  3
  172
  180
  189
  199
  210
  221
  234
  247
  261
  276
  269
  286
  304
  324
  344
  366
  389
  414
  440
  467
  496
  527
  560
  594
  631
  669
  710
  753
  798
  846
Retained Cash Flow (-), $m
  22
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -79
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
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
 
  173
  152
  159
  167
  176
  186
  196
  207
  219
  231
  222
  236
  252
  268
  286
  305
  325
  346
  368
  392
  417
  444
  472
  502
  534
  567
  603
  640
  680
  721
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
 
  159
  128
  122
  115
  108
  101
  93
  85
  76
  68
  54
  47
  41
  34
  28
  23
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  1
  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 28.9
Price to Sales 1.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 19.8
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 3.8% 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 $1.9 billion.

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COMPANY NEWS

▶ Matthews International posts 3Q profit   [Jul-28-17 08:04PM  Associated Press]
▶ Matthews International Declares Quarterly Dividend   [Jul-20-17 02:00PM  GlobeNewswire]
▶ 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]
Stock chart of MATW Financial statements 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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