Intrinsic value of Milacron Holdings - MCRN

Previous Close

$15.39

  Intrinsic Value

$7.20

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-70%

Previous close

$15.39

 
Intrinsic value

$7.20

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-70%

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

We calculate the intrinsic value of MCRN 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 1.0

 

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, %
  -1.10
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  1,167
  1,201
  1,238
  1,279
  1,323
  1,371
  1,423
  1,478
  1,537
  1,600
  1,667
  1,738
  1,814
  1,894
  1,978
  2,068
  2,162
  2,262
  2,367
  2,478
  2,595
  2,718
  2,848
  2,984
  3,128
  3,279
  3,438
  3,605
  3,781
  3,966
  4,160
Variable operating expenses, $m
 
  1,149
  1,183
  1,220
  1,261
  1,305
  1,352
  1,403
  1,457
  1,514
  1,575
  1,590
  1,659
  1,732
  1,809
  1,891
  1,977
  2,068
  2,165
  2,266
  2,373
  2,485
  2,604
  2,729
  2,860
  2,998
  3,144
  3,297
  3,458
  3,627
  3,804
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
  1,061
  1,149
  1,183
  1,220
  1,261
  1,305
  1,352
  1,403
  1,457
  1,514
  1,575
  1,590
  1,659
  1,732
  1,809
  1,891
  1,977
  2,068
  2,165
  2,266
  2,373
  2,485
  2,604
  2,729
  2,860
  2,998
  3,144
  3,297
  3,458
  3,627
  3,804
Operating income, $m
  106
  52
  55
  59
  62
  66
  71
  76
  81
  86
  92
  149
  155
  162
  169
  177
  185
  193
  202
  212
  222
  232
  244
  255
  268
  280
  294
  308
  323
  339
  356
EBITDA, $m
  166
  136
  140
  144
  149
  155
  161
  167
  174
  181
  188
  196
  205
  214
  223
  233
  244
  255
  267
  280
  293
  307
  321
  337
  353
  370
  388
  407
  427
  448
  470
Interest expense (income), $m
  59
  59
  61
  64
  67
  70
  73
  77
  80
  84
  89
  93
  98
  104
  109
  115
  121
  128
  135
  142
  149
  158
  166
  175
  184
  194
  205
  216
  227
  239
  252
Earnings before tax, $m
  45
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  0
  2
  3
  55
  57
  58
  60
  62
  64
  66
  68
  70
  73
  75
  78
  80
  83
  86
  89
  93
  96
  100
  104
Tax expense, $m
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  15
  15
  16
  16
  17
  17
  18
  18
  19
  20
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
Net income, $m
  31
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  0
  1
  2
  40
  41
  43
  44
  45
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  130
  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
  1,722
  1,638
  1,689
  1,745
  1,805
  1,871
  1,941
  2,017
  2,097
  2,183
  2,274
  2,372
  2,474
  2,584
  2,699
  2,821
  2,950
  3,086
  3,229
  3,381
  3,540
  3,708
  3,885
  4,071
  4,267
  4,473
  4,690
  4,918
  5,158
  5,410
  5,676
Adjusted assets (=assets-cash), $m
  1,592
  1,638
  1,689
  1,745
  1,805
  1,871
  1,941
  2,017
  2,097
  2,183
  2,274
  2,372
  2,474
  2,584
  2,699
  2,821
  2,950
  3,086
  3,229
  3,381
  3,540
  3,708
  3,885
  4,071
  4,267
  4,473
  4,690
  4,918
  5,158
  5,410
  5,676
Revenue / Adjusted assets
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
Average production assets, $m
  594
  611
  630
  651
  674
  698
  724
  752
  782
  815
  849
  885
  923
  964
  1,007
  1,052
  1,101
  1,151
  1,205
  1,261
  1,321
  1,383
  1,449
  1,519
  1,592
  1,669
  1,750
  1,835
  1,924
  2,019
  2,118
Working capital, $m
  355
  239
  246
  255
  263
  273
  283
  294
  306
  318
  332
  346
  361
  377
  394
  411
  430
  450
  471
  493
  516
  541
  567
  594
  622
  652
  684
  717
  752
  789
  828
Total debt, $m
  941
  971
  1,012
  1,057
  1,106
  1,158
  1,215
  1,275
  1,340
  1,409
  1,483
  1,561
  1,643
  1,731
  1,824
  1,922
  2,026
  2,135
  2,250
  2,372
  2,500
  2,635
  2,777
  2,927
  3,085
  3,250
  3,425
  3,608
  3,801
  4,004
  4,217
Total liabilities, $m
  1,287
  1,317
  1,358
  1,403
  1,452
  1,504
  1,561
  1,621
  1,686
  1,755
  1,829
  1,907
  1,989
  2,077
  2,170
  2,268
  2,372
  2,481
  2,596
  2,718
  2,846
  2,981
  3,123
  3,273
  3,431
  3,596
  3,771
  3,954
  4,147
  4,350
  4,563
Total equity, $m
  435
  321
  331
  342
  354
  367
  380
  395
  411
  428
  446
  465
  485
  506
  529
  553
  578
  605
  633
  663
  694
  727
  761
  798
  836
  877
  919
  964
  1,011
  1,060
  1,112
Total liabilities and equity, $m
  1,722
  1,638
  1,689
  1,745
  1,806
  1,871
  1,941
  2,016
  2,097
  2,183
  2,275
  2,372
  2,474
  2,583
  2,699
  2,821
  2,950
  3,086
  3,229
  3,381
  3,540
  3,708
  3,884
  4,071
  4,267
  4,473
  4,690
  4,918
  5,158
  5,410
  5,675
Debt-to-equity ratio
  2.163
  3.020
  3.060
  3.090
  3.120
  3.160
  3.190
  3.230
  3.260
  3.290
  3.330
  3.360
  3.390
  3.420
  3.450
  3.480
  3.500
  3.530
  3.560
  3.580
  3.600
  3.630
  3.650
  3.670
  3.690
  3.710
  3.730
  3.740
  3.760
  3.780
  3.790
Adjusted equity ratio
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  31
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  0
  1
  2
  40
  41
  43
  44
  45
  47
  48
  50
  51
  53
  55
  57
  59
  61
  63
  65
  68
  70
  73
  76
Depreciation, amort., depletion, $m
  60
  84
  85
  86
  87
  88
  90
  91
  93
  95
  96
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  94
  99
  103
  109
  114
Funds from operations, $m
  141
  77
  79
  81
  83
  85
  88
  90
  93
  96
  99
  88
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
  159
  166
  174
  181
  189
Change in working capital, $m
  25
  7
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
Cash from operations, $m
  116
  70
  71
  73
  74
  76
  77
  79
  81
  83
  85
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
Maintenance CAPEX, $m
  0
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -109
New CAPEX, $m
  -57
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
Cash from investing activities, $m
  -56
  -49
  -52
  -55
  -58
  -60
  -64
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
  -155
  -163
  -171
  -179
  -189
  -197
  -208
Free cash flow, $m
  60
  21
  19
  18
  16
  15
  14
  12
  11
  9
  7
  -8
  -10
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -57
Issuance/(repayment) of debt, $m
  -1
  37
  41
  45
  49
  53
  57
  61
  65
  69
  73
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
Issuance/(repurchase) of shares, $m
  7
  16
  16
  16
  16
  16
  16
  16
  16
  16
  16
  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  
  6
  53
  57
  61
  65
  69
  73
  77
  81
  85
  89
  78
  83
  88
  93
  98
  104
  109
  115
  122
  128
  135
  142
  150
  158
  166
  174
  183
  193
  203
  213
Total cash flow (excl. dividends), $m
  63
  74
  76
  79
  81
  84
  86
  89
  91
  94
  97
  70
  73
  76
  79
  82
  86
  90
  93
  97
  102
  106
  111
  115
  120
  126
  131
  137
  143
  150
  157
Retained Cash Flow (-), $m
  6
  -16
  -16
  -16
  -16
  -16
  -16
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -49
  -52
Prev. year cash balance distribution, $m
 
  123
  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
 
  181
  60
  63
  65
  68
  70
  73
  75
  77
  79
  51
  53
  55
  56
  59
  61
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  165
  50
  46
  43
  39
  35
  31
  27
  23
  20
  10
  9
  7
  6
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.9
  95.9
  94.0
  92.1
  90.4
  88.8
  87.3
  85.9
  84.5
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3
  83.3

Milacron Holdings Corp. manufactures, distributes, and services engineered and customized systems within the plastic technology and processing industry in the United States and internationally. The company operates through three segments: Advanced Plastic Processing Technologies (APPT), Melt Delivery and Control Systems (MDCS), and Fluid Technologies (Fluids). The APPT segment designs, manufactures, and sells injection molding, blow molding, and extrusion equipment; and auxiliary systems and related parts and service. This segment serves companies who serve in the consumer goods, packaging, electronics, medical, automotive, and construction end markets. The MDCS segment designs, manufactures, and sells hot runner systems, process control systems, mold bases and components, and aftermarket parts and related technologies and services for injection molding, as well as maintenance, repair, and operating supplies for plastic processing operations. This segment serves customers in the plastic processing value chain and manufacturing spectrum, including OEMs, molders, and mold makers in the consumer goods, electronics, automotive packaging, medical, building supplies, and packaging end markets. The Fluids segment manufactures and markets coolants, lubricants, process cleaners, and corrosion inhibitors that are used in metalworking applications, such as cutting, grinding, stamping, forming, and high speed machining. This segment’s products are used in various markets, such as aerospace, medical, automotive, industrial components and machinery, bearings, munitions, packaging, job shops, and glass and mirror production. The company was formerly known as Milacron LLC and changed its name to Milacron Holdings Corp. in May 2012. The company was founded in 1860 and is headquartered in Cincinnati, Ohio.

FINANCIAL RATIOS  of  Milacron Holdings (MCRN)

Valuation Ratios
P/E Ratio 34
Price to Sales 0.9
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 17.9
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.5%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 214.7%
Total Debt to Equity 216.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 0.3%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. -0.5%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. -2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.9%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 14.1%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 31.1%
Eff/ Tax Rate - 3 Yr. Avg. 76.2%
Payout Ratio 0%

MCRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MCRN stock intrinsic value calculation we used $1167 million for the last fiscal year's total revenue generated by Milacron Holdings. The default revenue input number comes from 2016 income statement of Milacron 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 MCRN stock valuation model: a) initial revenue growth rate of 2.9% 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 9.6%, whose default value for MCRN is calculated based on our internal credit rating of Milacron 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 Milacron 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 MCRN stock the variable cost ratio is equal to 95.8%.

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 MCRN 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 6.3% for Milacron Holdings.

Corporate tax rate of 27% is the nominal tax rate for Milacron 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 MCRN 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 MCRN are equal to 50.9%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Milacron 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 MCRN is equal to 19.9%. 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 - $435 million for Milacron 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 67.318 million for Milacron 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 Milacron Holdings at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Milacron Holdings tops Street 2Q forecasts   [Jul-27-17 11:38PM  Associated Press]
▶ Milacron Files for Secondary Offering   [May-01-17 10:25AM  24/7 Wall St.]
▶ Milacron Holdings reports 1Q loss   [Apr-27-17 08:36AM  Associated Press]
▶ Milacron Holdings Corp. To Host Investor Meeting   [Apr-21-17 04:20PM  Business Wire]
▶ Milacron Files for IPO   [Apr-18-17 10:20AM  24/7 Wall St.]
▶ Who Will Win the March Madness of Trump Stocks?   [Mar-23-17 05:12PM  Zacks]
▶ These were the top 10 Cincinnati stocks of 2016   [Dec-22-16 12:50PM  at bizjournals.com]
▶ Is Milacron Holdings Corp (MCRN) Going To Burn Investors?   [Dec-15-16 06:33PM  at Insider Monkey]
Stock chart of MCRN Financial statements of MCRN
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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