Intrinsic value of Methanex - MEOH

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$41.15

  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 MEOH 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 3.6

 

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, %
  -10.24
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.69
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
Revenue, $m
  1,998
  2,420
  2,891
  3,413
  3,984
  4,604
  5,272
  5,987
  6,747
  7,552
  8,400
  9,292
  10,226
  11,202
  12,221
  13,282
  14,386
  15,535
  16,729
  17,970
  19,259
  20,599
  21,992
  23,440
  24,946
  26,514
  28,146
  29,846
  31,618
  33,465
  35,392
Variable operating expenses, $m
 
  433
  518
  611
  713
  824
  944
  1,072
  1,208
  1,352
  1,504
  1,663
  1,830
  2,005
  2,188
  2,377
  2,575
  2,781
  2,994
  3,217
  3,447
  3,687
  3,936
  4,196
  4,465
  4,746
  5,038
  5,342
  5,660
  5,990
  6,335
Fixed operating expenses, $m
 
  1,671
  1,713
  1,755
  1,799
  1,844
  1,890
  1,938
  1,986
  2,036
  2,087
  2,139
  2,192
  2,247
  2,303
  2,361
  2,420
  2,480
  2,542
  2,606
  2,671
  2,738
  2,806
  2,876
  2,948
  3,022
  3,097
  3,175
  3,254
  3,336
  3,419
Total operating expenses, $m
  1,970
  2,104
  2,231
  2,366
  2,512
  2,668
  2,834
  3,010
  3,194
  3,388
  3,591
  3,802
  4,022
  4,252
  4,491
  4,738
  4,995
  5,261
  5,536
  5,823
  6,118
  6,425
  6,742
  7,072
  7,413
  7,768
  8,135
  8,517
  8,914
  9,326
  9,754
Operating income, $m
  28
  316
  661
  1,047
  1,472
  1,936
  2,438
  2,977
  3,553
  4,164
  4,810
  5,490
  6,203
  6,950
  7,730
  8,544
  9,392
  10,274
  11,192
  12,147
  13,141
  14,174
  15,249
  16,368
  17,533
  18,746
  20,010
  21,329
  22,704
  24,139
  25,638
EBITDA, $m
  256
  593
  993
  1,438
  1,928
  2,463
  3,042
  3,664
  4,327
  5,030
  5,773
  6,555
  7,376
  8,234
  9,131
  10,066
  11,041
  12,055
  13,110
  14,207
  15,348
  16,535
  17,770
  19,055
  20,392
  21,786
  23,237
  24,750
  26,329
  27,976
  29,695
Interest expense (income), $m
  83
  81
  114
  151
  192
  237
  286
  339
  395
  454
  518
  584
  655
  728
  805
  885
  968
  1,055
  1,145
  1,239
  1,337
  1,438
  1,543
  1,653
  1,767
  1,885
  2,008
  2,136
  2,270
  2,409
  2,555
Earnings before tax, $m
  -38
  235
  547
  895
  1,279
  1,698
  2,152
  2,639
  3,158
  3,710
  4,292
  4,906
  5,549
  6,222
  6,926
  7,659
  8,423
  9,219
  10,047
  10,908
  11,804
  12,736
  13,706
  14,715
  15,766
  16,861
  18,002
  19,192
  20,434
  21,730
  23,084
Tax expense, $m
  -10
  63
  148
  242
  345
  459
  581
  712
  853
  1,002
  1,159
  1,325
  1,498
  1,680
  1,870
  2,068
  2,274
  2,489
  2,713
  2,945
  3,187
  3,439
  3,701
  3,973
  4,257
  4,553
  4,861
  5,182
  5,517
  5,867
  6,233
Net income, $m
  -13
  171
  399
  653
  934
  1,240
  1,571
  1,926
  2,306
  2,708
  3,133
  3,581
  4,051
  4,542
  5,056
  5,591
  6,149
  6,730
  7,334
  7,963
  8,617
  9,297
  10,005
  10,742
  11,509
  12,309
  13,142
  14,010
  14,917
  15,863
  16,851

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  224
  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
  4,557
  5,249
  6,271
  7,403
  8,642
  9,987
  11,436
  12,986
  14,635
  16,381
  18,222
  20,156
  22,182
  24,300
  26,510
  28,811
  31,207
  33,698
  36,288
  38,980
  41,776
  44,683
  47,704
  50,846
  54,113
  57,514
  61,055
  64,742
  68,586
  72,593
  76,773
Adjusted assets (=assets-cash), $m
  4,333
  5,249
  6,271
  7,403
  8,642
  9,987
  11,436
  12,986
  14,635
  16,381
  18,222
  20,156
  22,182
  24,300
  26,510
  28,811
  31,207
  33,698
  36,288
  38,980
  41,776
  44,683
  47,704
  50,846
  54,113
  57,514
  61,055
  64,742
  68,586
  72,593
  76,773
Revenue / Adjusted assets
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
Average production assets, $m
  3,139
  1,914
  2,287
  2,699
  3,151
  3,642
  4,170
  4,735
  5,337
  5,973
  6,645
  7,350
  8,089
  8,861
  9,667
  10,506
  11,380
  12,288
  13,233
  14,214
  15,234
  16,294
  17,395
  18,541
  19,733
  20,973
  22,264
  23,608
  25,010
  26,471
  27,995
Working capital, $m
  419
  302
  361
  427
  498
  575
  659
  748
  843
  944
  1,050
  1,161
  1,278
  1,400
  1,528
  1,660
  1,798
  1,942
  2,091
  2,246
  2,407
  2,575
  2,749
  2,930
  3,118
  3,314
  3,518
  3,731
  3,952
  4,183
  4,424
Total debt, $m
  1,556
  2,118
  2,804
  3,563
  4,395
  5,297
  6,269
  7,310
  8,416
  9,588
  10,823
  12,121
  13,480
  14,901
  16,384
  17,928
  19,536
  21,208
  22,945
  24,751
  26,628
  28,578
  30,605
  32,713
  34,906
  37,188
  39,564
  42,038
  44,617
  47,306
  50,111
Total liabilities, $m
  2,960
  3,522
  4,208
  4,967
  5,799
  6,701
  7,673
  8,714
  9,820
  10,992
  12,227
  13,525
  14,884
  16,305
  17,788
  19,332
  20,940
  22,612
  24,349
  26,155
  28,032
  29,982
  32,009
  34,117
  36,310
  38,592
  40,968
  43,442
  46,021
  48,710
  51,515
Total equity, $m
  1,597
  1,727
  2,063
  2,436
  2,843
  3,286
  3,762
  4,272
  4,815
  5,389
  5,995
  6,631
  7,298
  7,995
  8,722
  9,479
  10,267
  11,087
  11,939
  12,824
  13,744
  14,701
  15,695
  16,728
  17,803
  18,922
  20,087
  21,300
  22,565
  23,883
  25,258
Total liabilities and equity, $m
  4,557
  5,249
  6,271
  7,403
  8,642
  9,987
  11,435
  12,986
  14,635
  16,381
  18,222
  20,156
  22,182
  24,300
  26,510
  28,811
  31,207
  33,699
  36,288
  38,979
  41,776
  44,683
  47,704
  50,845
  54,113
  57,514
  61,055
  64,742
  68,586
  72,593
  76,773
Debt-to-equity ratio
  0.974
  1.230
  1.360
  1.460
  1.550
  1.610
  1.670
  1.710
  1.750
  1.780
  1.810
  1.830
  1.850
  1.860
  1.880
  1.890
  1.900
  1.910
  1.920
  1.930
  1.940
  1.940
  1.950
  1.960
  1.960
  1.970
  1.970
  1.970
  1.980
  1.980
  1.980
Adjusted equity ratio
  0.317
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -13
  171
  399
  653
  934
  1,240
  1,571
  1,926
  2,306
  2,708
  3,133
  3,581
  4,051
  4,542
  5,056
  5,591
  6,149
  6,730
  7,334
  7,963
  8,617
  9,297
  10,005
  10,742
  11,509
  12,309
  13,142
  14,010
  14,917
  15,863
  16,851
Depreciation, amort., depletion, $m
  228
  277
  331
  391
  457
  528
  604
  686
  773
  866
  963
  1,065
  1,172
  1,284
  1,401
  1,523
  1,649
  1,781
  1,918
  2,060
  2,208
  2,361
  2,521
  2,687
  2,860
  3,040
  3,227
  3,422
  3,625
  3,836
  4,057
Funds from operations, $m
  204
  449
  731
  1,045
  1,391
  1,768
  2,175
  2,613
  3,079
  3,574
  4,096
  4,646
  5,223
  5,826
  6,457
  7,114
  7,798
  8,511
  9,252
  10,023
  10,825
  11,659
  12,526
  13,429
  14,369
  15,348
  16,368
  17,432
  18,541
  19,699
  20,908
Change in working capital, $m
  -46
  53
  59
  65
  71
  78
  83
  89
  95
  101
  106
  111
  117
  122
  127
  133
  138
  144
  149
  155
  161
  167
  174
  181
  188
  196
  204
  213
  221
  231
  241
Cash from operations, $m
  250
  -1,184
  672
  979
  1,319
  1,690
  2,092
  2,523
  2,984
  3,473
  3,990
  4,535
  5,106
  5,704
  6,329
  6,981
  7,660
  8,367
  9,103
  9,868
  10,664
  11,491
  12,352
  13,248
  14,181
  15,152
  16,164
  17,219
  18,320
  19,468
  20,667
Maintenance CAPEX, $m
  0
  -229
  -277
  -331
  -391
  -457
  -528
  -604
  -686
  -773
  -866
  -963
  -1,065
  -1,172
  -1,284
  -1,401
  -1,523
  -1,649
  -1,781
  -1,918
  -2,060
  -2,208
  -2,361
  -2,521
  -2,687
  -2,860
  -3,040
  -3,227
  -3,422
  -3,625
  -3,836
New CAPEX, $m
  -100
  -334
  -373
  -413
  -452
  -490
  -528
  -565
  -601
  -637
  -671
  -705
  -739
  -772
  -806
  -839
  -874
  -908
  -944
  -981
  -1,020
  -1,060
  -1,102
  -1,146
  -1,192
  -1,240
  -1,291
  -1,345
  -1,401
  -1,461
  -1,524
Cash from investing activities, $m
  -88
  -563
  -650
  -744
  -843
  -947
  -1,056
  -1,169
  -1,287
  -1,410
  -1,537
  -1,668
  -1,804
  -1,944
  -2,090
  -2,240
  -2,397
  -2,557
  -2,725
  -2,899
  -3,080
  -3,268
  -3,463
  -3,667
  -3,879
  -4,100
  -4,331
  -4,572
  -4,823
  -5,086
  -5,360
Free cash flow, $m
  162
  -1,747
  21
  235
  476
  743
  1,036
  1,354
  1,696
  2,063
  2,453
  2,867
  3,302
  3,760
  4,239
  4,741
  5,264
  5,810
  6,378
  6,969
  7,584
  8,223
  8,889
  9,581
  10,302
  11,052
  11,834
  12,648
  13,497
  14,383
  15,307
Issuance/(repayment) of debt, $m
  17
  616
  686
  759
  831
  902
  972
  1,040
  1,107
  1,172
  1,235
  1,298
  1,360
  1,421
  1,483
  1,545
  1,607
  1,672
  1,738
  1,806
  1,877
  1,950
  2,027
  2,108
  2,193
  2,282
  2,376
  2,475
  2,579
  2,689
  2,805
Issuance/(repurchase) of shares, $m
  2
  1,261
  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  
  -94
  1,877
  686
  759
  831
  902
  972
  1,040
  1,107
  1,172
  1,235
  1,298
  1,360
  1,421
  1,483
  1,545
  1,607
  1,672
  1,738
  1,806
  1,877
  1,950
  2,027
  2,108
  2,193
  2,282
  2,376
  2,475
  2,579
  2,689
  2,805
Total cash flow (excl. dividends), $m
  68
  -1,131
  708
  995
  1,307
  1,645
  2,008
  2,394
  2,803
  3,235
  3,689
  4,164
  4,662
  5,181
  5,722
  6,285
  6,872
  7,481
  8,115
  8,775
  9,460
  10,174
  10,916
  11,689
  12,495
  13,334
  14,209
  15,123
  16,076
  17,071
  18,112
Retained Cash Flow (-), $m
  123
  -300
  -337
  -372
  -408
  -442
  -477
  -510
  -543
  -574
  -606
  -636
  -667
  -697
  -727
  -757
  -788
  -820
  -852
  -885
  -920
  -956
  -994
  -1,034
  -1,075
  -1,119
  -1,165
  -1,213
  -1,264
  -1,318
  -1,375
Prev. year cash balance distribution, $m
 
  170
  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
 
  0
  371
  622
  900
  1,203
  1,531
  1,884
  2,260
  2,660
  3,083
  3,528
  3,995
  4,484
  4,995
  5,528
  6,083
  6,662
  7,263
  7,889
  8,540
  9,218
  9,922
  10,656
  11,420
  12,215
  13,045
  13,909
  14,811
  15,753
  16,736
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  0
  321
  495
  653
  791
  903
  989
  1,045
  1,071
  1,069
  1,042
  992
  923
  840
  749
  653
  557
  465
  379
  302
  235
  178
  131
  94
  66
  45
  30
  19
  12
  7
Current shareholders' claim on cash, %
  100
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8

Methanex Corporation produces and supplies methanol in the Asia Pacific, North America, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

FINANCIAL RATIOS  of  Methanex (MEOH)

Valuation Ratios
P/E Ratio -284.3
Price to Sales 1.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 24.6
Growth Rates
Sales Growth Rate -10.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -76.5%
Cap. Spend. - 3 Yr. Gr. Rate -29.6%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 94.1%
Total Debt to Equity 97.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity -0.8%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 25.3%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin 1.4%
Oper. Margin - 3 Yr. Avg. 11.2%
Pre-Tax Margin -1.9%
Pre-Tax Margin - 3 Yr. Avg. 9.4%
Net Profit Margin -0.7%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 18.3%
Payout Ratio -761.5%

MEOH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MEOH stock intrinsic value calculation we used $1998 million for the last fiscal year's total revenue generated by Methanex. The default revenue input number comes from 2016 income statement of Methanex. 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 MEOH stock valuation model: a) initial revenue growth rate of 21.1% 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 7.2%, whose default value for MEOH is calculated based on our internal credit rating of Methanex, 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 Methanex.
    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 MEOH stock the variable cost ratio is equal to 17.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1630 million in the base year in the intrinsic value calculation for MEOH 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 5.4% for Methanex.

Corporate tax rate of 27% is the nominal tax rate for Methanex. 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 MEOH 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 MEOH are equal to 79.1%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Methanex 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 MEOH is equal to 12.5%. 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 - $1597 million for Methanex - 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 87.308 million for Methanex 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 Methanex at the current share price and the inputted number of shares is $3.6 billion.


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Stock chart of MEOH Financial statements of MEOH
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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