Intrinsic value of Meredith - MDP

Previous Close

$60.90

  Intrinsic Value

$36.22

stock screener

  Rating & Target

sell

-41%

Previous close

$60.90

 
Intrinsic value

$36.22

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of MDP 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 2017), $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 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.82
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  1,713
  1,749
  1,791
  1,838
  1,891
  1,950
  2,014
  2,084
  2,159
  2,240
  2,327
  2,420
  2,519
  2,624
  2,736
  2,854
  2,980
  3,113
  3,254
  3,402
  3,559
  3,724
  3,899
  4,082
  4,276
  4,480
  4,695
  4,921
  5,158
  5,408
  5,671
Variable operating expenses, $m
 
  1,609
  1,645
  1,686
  1,732
  1,783
  1,839
  1,899
  1,965
  2,035
  2,110
  2,100
  2,186
  2,278
  2,375
  2,478
  2,587
  2,702
  2,824
  2,953
  3,089
  3,233
  3,384
  3,544
  3,712
  3,889
  4,075
  4,271
  4,478
  4,695
  4,923
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
  1,404
  1,609
  1,645
  1,686
  1,732
  1,783
  1,839
  1,899
  1,965
  2,035
  2,110
  2,100
  2,186
  2,278
  2,375
  2,478
  2,587
  2,702
  2,824
  2,953
  3,089
  3,233
  3,384
  3,544
  3,712
  3,889
  4,075
  4,271
  4,478
  4,695
  4,923
Operating income, $m
  309
  140
  146
  152
  159
  167
  175
  184
  194
  205
  216
  319
  332
  346
  361
  377
  393
  411
  429
  449
  470
  491
  514
  539
  564
  591
  619
  649
  681
  714
  748
EBITDA, $m
  363
  270
  276
  283
  291
  301
  310
  321
  333
  345
  359
  373
  388
  404
  422
  440
  459
  480
  501
  524
  548
  574
  601
  629
  659
  690
  724
  758
  795
  834
  874
Interest expense (income), $m
  22
  24
  25
  26
  28
  30
  32
  34
  37
  39
  42
  45
  48
  52
  55
  59
  63
  68
  73
  77
  83
  88
  94
  100
  106
  113
  120
  128
  136
  144
  153
Earnings before tax, $m
  290
  116
  121
  126
  131
  137
  143
  150
  158
  166
  174
  274
  284
  294
  306
  317
  330
  343
  357
  371
  387
  403
  421
  439
  458
  478
  499
  521
  545
  570
  596
Tax expense, $m
  101
  31
  33
  34
  35
  37
  39
  41
  43
  45
  47
  74
  77
  80
  82
  86
  89
  93
  96
  100
  104
  109
  114
  118
  124
  129
  135
  141
  147
  154
  161
Net income, $m
  189
  85
  88
  92
  96
  100
  105
  110
  115
  121
  127
  200
  207
  215
  223
  232
  241
  250
  260
  271
  282
  294
  307
  320
  334
  349
  364
  381
  398
  416
  435

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  22
  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
  2,730
  2,763
  2,829
  2,904
  2,988
  3,080
  3,182
  3,292
  3,411
  3,539
  3,676
  3,822
  3,979
  4,145
  4,322
  4,509
  4,708
  4,918
  5,140
  5,375
  5,622
  5,883
  6,159
  6,449
  6,755
  7,077
  7,416
  7,773
  8,149
  8,544
  8,960
Adjusted assets (=assets-cash), $m
  2,708
  2,763
  2,829
  2,904
  2,988
  3,080
  3,182
  3,292
  3,411
  3,539
  3,676
  3,822
  3,979
  4,145
  4,322
  4,509
  4,708
  4,918
  5,140
  5,375
  5,622
  5,883
  6,159
  6,449
  6,755
  7,077
  7,416
  7,773
  8,149
  8,544
  8,960
Revenue / Adjusted assets
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
  0.633
Average production assets, $m
  1,139
  1,163
  1,191
  1,222
  1,258
  1,297
  1,339
  1,386
  1,436
  1,490
  1,547
  1,609
  1,675
  1,745
  1,819
  1,898
  1,982
  2,070
  2,164
  2,262
  2,367
  2,477
  2,593
  2,715
  2,844
  2,979
  3,122
  3,272
  3,430
  3,597
  3,771
Working capital, $m
  45
  87
  90
  92
  95
  97
  101
  104
  108
  112
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  284
Total debt, $m
  698
  710
  752
  799
  852
  911
  975
  1,044
  1,120
  1,200
  1,287
  1,380
  1,479
  1,584
  1,695
  1,814
  1,939
  2,072
  2,212
  2,361
  2,517
  2,682
  2,856
  3,040
  3,233
  3,437
  3,651
  3,877
  4,114
  4,364
  4,626
Total liabilities, $m
  1,734
  1,746
  1,788
  1,835
  1,888
  1,947
  2,011
  2,080
  2,156
  2,236
  2,323
  2,416
  2,515
  2,620
  2,731
  2,850
  2,975
  3,108
  3,248
  3,397
  3,553
  3,718
  3,892
  4,076
  4,269
  4,473
  4,687
  4,913
  5,150
  5,400
  5,662
Total equity, $m
  996
  1,017
  1,041
  1,069
  1,100
  1,134
  1,171
  1,211
  1,255
  1,302
  1,353
  1,407
  1,464
  1,525
  1,590
  1,659
  1,732
  1,810
  1,891
  1,978
  2,069
  2,165
  2,266
  2,373
  2,486
  2,604
  2,729
  2,861
  2,999
  3,144
  3,297
Total liabilities and equity, $m
  2,730
  2,763
  2,829
  2,904
  2,988
  3,081
  3,182
  3,291
  3,411
  3,538
  3,676
  3,823
  3,979
  4,145
  4,321
  4,509
  4,707
  4,918
  5,139
  5,375
  5,622
  5,883
  6,158
  6,449
  6,755
  7,077
  7,416
  7,774
  8,149
  8,544
  8,959
Debt-to-equity ratio
  0.701
  0.700
  0.720
  0.750
  0.780
  0.800
  0.830
  0.860
  0.890
  0.920
  0.950
  0.980
  1.010
  1.040
  1.070
  1.090
  1.120
  1.140
  1.170
  1.190
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.400
Adjusted equity ratio
  0.360
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  189
  85
  88
  92
  96
  100
  105
  110
  115
  121
  127
  200
  207
  215
  223
  232
  241
  250
  260
  271
  282
  294
  307
  320
  334
  349
  364
  381
  398
  416
  435
Depreciation, amort., depletion, $m
  54
  129
  130
  131
  133
  134
  135
  137
  139
  140
  142
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  83
  86
  90
  95
  99
  104
  109
  114
  120
  126
Funds from operations, $m
  156
  214
  219
  223
  228
  234
  240
  246
  254
  261
  270
  254
  263
  273
  284
  295
  307
  319
  333
  347
  361
  377
  393
  411
  429
  448
  468
  490
  512
  536
  561
Change in working capital, $m
  -63
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
Cash from operations, $m
  219
  213
  216
  221
  226
  231
  237
  243
  250
  257
  265
  249
  258
  268
  278
  289
  300
  313
  326
  339
  354
  369
  385
  402
  419
  438
  458
  478
  500
  523
  547
Maintenance CAPEX, $m
  0
  -38
  -39
  -40
  -41
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
New CAPEX, $m
  -35
  -25
  -28
  -32
  -35
  -39
  -43
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -74
  -79
  -84
  -88
  -93
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
Cash from investing activities, $m
  -118
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -126
  -132
  -140
  -147
  -154
  -162
  -171
  -179
  -189
  -199
  -208
  -219
  -231
  -242
  -254
  -267
  -280
  -295
Free cash flow, $m
  101
  150
  150
  149
  149
  150
  151
  152
  154
  156
  158
  136
  139
  142
  146
  149
  154
  158
  163
  168
  174
  180
  186
  193
  200
  208
  216
  224
  233
  243
  253
Issuance/(repayment) of debt, $m
  6
  34
  42
  47
  53
  58
  64
  70
  75
  81
  87
  93
  99
  105
  112
  118
  125
  133
  140
  148
  157
  165
  174
  184
  193
  204
  214
  226
  237
  250
  263
Issuance/(repurchase) of shares, $m
  -15
  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  
  -12
  34
  42
  47
  53
  58
  64
  70
  75
  81
  87
  93
  99
  105
  112
  118
  125
  133
  140
  148
  157
  165
  174
  184
  193
  204
  214
  226
  237
  250
  263
Total cash flow (excl. dividends), $m
  89
  184
  192
  197
  202
  208
  215
  222
  229
  236
  244
  229
  238
  247
  257
  268
  279
  291
  303
  317
  330
  345
  360
  376
  393
  411
  430
  450
  470
  492
  515
Retained Cash Flow (-), $m
  -107
  -21
  -24
  -28
  -31
  -34
  -37
  -40
  -44
  -47
  -50
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -153
Prev. year cash balance distribution, $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 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
 
  164
  167
  169
  172
  174
  178
  181
  185
  189
  194
  175
  180
  186
  192
  199
  206
  214
  222
  230
  239
  249
  259
  270
  281
  293
  305
  318
  332
  347
  362
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  155
  149
  141
  132
  124
  116
  107
  99
  90
  82
  65
  58
  51
  45
  39
  33
  28
  23
  19
  16
  12
  10
  7
  5
  4
  3
  2
  1
  1
  1
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

Meredith Corporation is a diversified media company. The Company is focused primarily on the home and family marketplace. The Company operates through two segments: Local Media and National Media. As of June 30, 2016, the Company's Local Media segment includes 16 owned television stations, one managed television station and related digital and mobile media operations. Its National Media segment includes magazine publishing, custom content and customer relationship marketing, digital and mobile media, brand licensing, database-related activities, and other related operations. Its National Media segment focuses on the food, home, parenthood, and health markets and is a publisher of magazines serving women. As of June 30, 2016, the Company's owned television stations consist of seven CBS affiliates, five FOX affiliates, two MyNetworkTV affiliates, one NBC affiliate, one ABC affiliate and one independent station. The National Media segment also focuses on run-of-press display advertising.

FINANCIAL RATIOS  of  Meredith (MDP)

Valuation Ratios
P/E Ratio 14.4
Price to Sales 1.6
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 40%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 63.8%
Total Debt to Equity 70.1%
Interest Coverage 14
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 20.1%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 64.9%
Gross Margin - 3 Yr. Avg. 63.4%
EBITDA Margin 21.4%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 13.7%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 47.5%
Payout Ratio 48.7%

MDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MDP stock intrinsic value calculation we used $1713 million for the last fiscal year's total revenue generated by Meredith. The default revenue input number comes from 2017 income statement of Meredith. 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 MDP stock valuation model: a) initial revenue growth rate of 2.1% 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 5.8%, whose default value for MDP is calculated based on our internal credit rating of Meredith, 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 Meredith.
    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 MDP stock the variable cost ratio is equal to 92.1%.

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 MDP 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 Meredith.

Corporate tax rate of 27% is the nominal tax rate for Meredith. 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 MDP 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 MDP are equal to 66.5%.

Life of production assets of 37.7 years is the average useful life of capital assets used in Meredith 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 MDP is equal to 5%. 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 - $996 million for Meredith - 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 44.693 million for Meredith 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 Meredith at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Report: Time Inc. in merger talks with Meredith   [Nov-16-17 06:20PM  Associated Press]
▶ Meredith offers to buy Time Inc. with help from Koch brothers   [02:20PM  American City Business Journals]
▶ Koch-ing Up a New Bid for Time Inc.   [02:05PM  Bloomberg]
▶ Why Time, Inc. Stock Soared Today   [01:04PM  Motley Fool]
▶ [$$] Meredith Pursues Takeover of Time Inc.   [12:38AM  The Wall Street Journal]
▶ [$$] Meredith Pursues Takeover of Time Inc.   [12:21AM  The Wall Street Journal]
▶ ETFs with exposure to Meredith Corp. : November 1, 2017   [Nov-01-17 12:22PM  Capital Cube]
▶ You Should Diversify With These Dividend Stocks   [Oct-31-17 09:02AM  Simply Wall St.]
▶ Meredith Corp. beats 1Q profit forecasts   [07:43AM  Associated Press]
▶ Alysia Borsa Named Chief Marketing and Data Officer   [Sep-26-17 01:30PM  PR Newswire]
▶ ETFs with exposure to Meredith Corp. : September 18, 2017   [Sep-18-17 06:17PM  Capital Cube]
▶ ETFs with exposure to Meredith Corp. : September 7, 2017   [Sep-07-17 01:29PM  Capital Cube]
▶ REPEAT/Gabelli & Companys Broadcasting Symposium   [Aug-02-17 07:00AM  Business Wire]
▶ Meredith Corp. posts 4Q profit   [Jul-27-17 11:38PM  Associated Press]
▶ Gabelli & Companys Broadcasting Symposium   [07:00AM  Business Wire]
▶ Meredith Corp. Value Analysis (NYSE:MDP) : June 15, 2017   [Jun-15-17 04:24PM  Capital Cube]
Financial statements of MDP
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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