Intrinsic value of Mercer International - MERC

Previous Close

$13.55

  Intrinsic Value

$98.61

stock screener

  Rating & Target

str. buy

+628%

Previous close

$13.55

 
Intrinsic value

$98.61

 
Up/down potential

+628%

 
Rating

str. buy

We calculate the intrinsic value of MERC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -9.78
  28.60
  26.24
  24.12
  22.20
  20.48
  18.94
  17.54
  16.29
  15.16
  14.14
  13.23
  12.41
  11.67
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.24
  6.11
Revenue, $m
  932
  1,199
  1,513
  1,878
  2,295
  2,765
  3,289
  3,865
  4,495
  5,176
  5,909
  6,690
  7,520
  8,397
  9,321
  10,290
  11,305
  12,365
  13,469
  14,620
  15,817
  17,062
  18,355
  19,700
  21,097
  22,549
  24,058
  25,628
  27,261
  28,961
  30,731
Variable operating expenses, $m
 
  593
  749
  930
  1,136
  1,369
  1,628
  1,913
  2,225
  2,562
  2,925
  3,312
  3,723
  4,157
  4,614
  5,094
  5,596
  6,120
  6,667
  7,237
  7,829
  8,446
  9,086
  9,751
  10,443
  11,162
  11,909
  12,686
  13,494
  14,336
  15,212
Fixed operating expenses, $m
 
  375
  385
  394
  404
  414
  424
  435
  446
  457
  469
  480
  492
  505
  517
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  679
  696
  713
  731
  749
  768
Total operating expenses, $m
  818
  968
  1,134
  1,324
  1,540
  1,783
  2,052
  2,348
  2,671
  3,019
  3,394
  3,792
  4,215
  4,662
  5,131
  5,624
  6,139
  6,677
  7,238
  7,822
  8,429
  9,061
  9,716
  10,397
  11,105
  11,841
  12,605
  13,399
  14,225
  15,085
  15,980
Operating income, $m
  114
  230
  380
  554
  755
  982
  1,236
  1,517
  1,824
  2,157
  2,515
  2,898
  3,305
  3,736
  4,190
  4,667
  5,166
  5,687
  6,231
  6,798
  7,388
  8,001
  8,639
  9,303
  9,992
  10,709
  11,454
  12,229
  13,036
  13,876
  14,751
EBITDA, $m
  186
  323
  497
  700
  933
  1,197
  1,491
  1,817
  2,173
  2,558
  2,973
  3,417
  3,888
  4,387
  4,913
  5,464
  6,042
  6,646
  7,275
  7,931
  8,614
  9,324
  10,062
  10,830
  11,627
  12,457
  13,319
  14,216
  15,150
  16,121
  17,134
Interest expense (income), $m
  50
  50
  67
  87
  111
  137
  168
  201
  239
  279
  323
  370
  421
  474
  530
  590
  652
  718
  786
  857
  931
  1,008
  1,089
  1,172
  1,259
  1,349
  1,442
  1,539
  1,640
  1,746
  1,855
Earnings before tax, $m
  59
  181
  313
  467
  644
  845
  1,069
  1,316
  1,586
  1,878
  2,192
  2,528
  2,885
  3,262
  3,660
  4,077
  4,513
  4,969
  5,445
  5,941
  6,457
  6,993
  7,551
  8,131
  8,733
  9,360
  10,012
  10,690
  11,396
  12,131
  12,896
Tax expense, $m
  24
  49
  84
  126
  174
  228
  289
  355
  428
  507
  592
  683
  779
  881
  988
  1,101
  1,219
  1,342
  1,470
  1,604
  1,743
  1,888
  2,039
  2,195
  2,358
  2,527
  2,703
  2,886
  3,077
  3,275
  3,482
Net income, $m
  35
  132
  228
  341
  470
  617
  780
  960
  1,157
  1,371
  1,600
  1,846
  2,106
  2,381
  2,671
  2,976
  3,295
  3,628
  3,975
  4,337
  4,713
  5,105
  5,512
  5,935
  6,375
  6,833
  7,309
  7,804
  8,319
  8,855
  9,414

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  1,159
  1,314
  1,659
  2,059
  2,516
  3,032
  3,606
  4,238
  4,929
  5,676
  6,479
  7,336
  8,246
  9,208
  10,221
  11,283
  12,396
  13,558
  14,769
  16,031
  17,343
  18,708
  20,127
  21,601
  23,133
  24,725
  26,380
  28,101
  29,892
  31,755
  33,696
Adjusted assets (=assets-cash), $m
  1,022
  1,314
  1,659
  2,059
  2,516
  3,032
  3,606
  4,238
  4,929
  5,676
  6,479
  7,336
  8,246
  9,208
  10,221
  11,283
  12,396
  13,558
  14,769
  16,031
  17,343
  18,708
  20,127
  21,601
  23,133
  24,725
  26,380
  28,101
  29,892
  31,755
  33,696
Revenue / Adjusted assets
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
Average production assets, $m
  759
  976
  1,232
  1,529
  1,868
  2,251
  2,677
  3,146
  3,659
  4,214
  4,810
  5,446
  6,121
  6,836
  7,587
  8,376
  9,202
  10,065
  10,964
  11,901
  12,875
  13,888
  14,941
  16,036
  17,173
  18,355
  19,583
  20,861
  22,191
  23,574
  25,015
Working capital, $m
  309
  222
  280
  347
  425
  512
  608
  715
  832
  958
  1,093
  1,238
  1,391
  1,554
  1,724
  1,904
  2,091
  2,287
  2,492
  2,705
  2,926
  3,156
  3,396
  3,644
  3,903
  4,172
  4,451
  4,741
  5,043
  5,358
  5,685
Total debt, $m
  644
  867
  1,130
  1,435
  1,784
  2,177
  2,615
  3,098
  3,625
  4,195
  4,807
  5,461
  6,156
  6,890
  7,662
  8,473
  9,322
  10,208
  11,133
  12,095
  13,097
  14,138
  15,221
  16,345
  17,514
  18,729
  19,992
  21,305
  22,671
  24,093
  25,574
Total liabilities, $m
  780
  1,003
  1,266
  1,571
  1,920
  2,313
  2,751
  3,234
  3,761
  4,331
  4,943
  5,597
  6,292
  7,026
  7,798
  8,609
  9,458
  10,344
  11,269
  12,231
  13,233
  14,274
  15,357
  16,481
  17,650
  18,865
  20,128
  21,441
  22,807
  24,229
  25,710
Total equity, $m
  379
  311
  393
  488
  596
  719
  855
  1,005
  1,168
  1,345
  1,535
  1,739
  1,954
  2,182
  2,422
  2,674
  2,938
  3,213
  3,500
  3,799
  4,110
  4,434
  4,770
  5,119
  5,482
  5,860
  6,252
  6,660
  7,084
  7,526
  7,986
Total liabilities and equity, $m
  1,159
  1,314
  1,659
  2,059
  2,516
  3,032
  3,606
  4,239
  4,929
  5,676
  6,478
  7,336
  8,246
  9,208
  10,220
  11,283
  12,396
  13,557
  14,769
  16,030
  17,343
  18,708
  20,127
  21,600
  23,132
  24,725
  26,380
  28,101
  29,891
  31,755
  33,696
Debt-to-equity ratio
  1.699
  2.780
  2.870
  2.940
  2.990
  3.030
  3.060
  3.080
  3.100
  3.120
  3.130
  3.140
  3.150
  3.160
  3.160
  3.170
  3.170
  3.180
  3.180
  3.180
  3.190
  3.190
  3.190
  3.190
  3.190
  3.200
  3.200
  3.200
  3.200
  3.200
  3.200
Adjusted equity ratio
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  132
  228
  341
  470
  617
  780
  960
  1,157
  1,371
  1,600
  1,846
  2,106
  2,381
  2,671
  2,976
  3,295
  3,628
  3,975
  4,337
  4,713
  5,105
  5,512
  5,935
  6,375
  6,833
  7,309
  7,804
  8,319
  8,855
  9,414
Depreciation, amort., depletion, $m
  72
  93
  117
  146
  178
  214
  255
  300
  348
  401
  458
  519
  583
  651
  723
  798
  876
  959
  1,044
  1,133
  1,226
  1,323
  1,423
  1,527
  1,636
  1,748
  1,865
  1,987
  2,113
  2,245
  2,382
Funds from operations, $m
  151
  225
  346
  487
  648
  831
  1,035
  1,260
  1,506
  1,772
  2,058
  2,364
  2,689
  3,032
  3,394
  3,774
  4,171
  4,586
  5,019
  5,470
  5,939
  6,428
  6,935
  7,463
  8,011
  8,581
  9,174
  9,790
  10,432
  11,101
  11,797
Change in working capital, $m
  10
  49
  58
  68
  77
  87
  97
  107
  116
  126
  135
  145
  154
  162
  171
  179
  188
  196
  204
  213
  221
  230
  239
  249
  258
  269
  279
  290
  302
  314
  327
Cash from operations, $m
  141
  175
  287
  419
  571
  744
  938
  1,153
  1,389
  1,646
  1,923
  2,220
  2,535
  2,870
  3,223
  3,594
  3,983
  4,390
  4,815
  5,257
  5,718
  6,197
  6,696
  7,214
  7,752
  8,312
  8,894
  9,500
  10,130
  10,786
  11,469
Maintenance CAPEX, $m
  0
  -72
  -93
  -117
  -146
  -178
  -214
  -255
  -300
  -348
  -401
  -458
  -519
  -583
  -651
  -723
  -798
  -876
  -959
  -1,044
  -1,133
  -1,226
  -1,323
  -1,423
  -1,527
  -1,636
  -1,748
  -1,865
  -1,987
  -2,113
  -2,245
New CAPEX, $m
  -44
  -217
  -256
  -297
  -339
  -383
  -426
  -470
  -512
  -555
  -596
  -636
  -676
  -714
  -752
  -789
  -826
  -863
  -899
  -937
  -974
  -1,013
  -1,053
  -1,094
  -1,137
  -1,182
  -1,229
  -1,278
  -1,329
  -1,384
  -1,441
Cash from investing activities, $m
  -44
  -289
  -349
  -414
  -485
  -561
  -640
  -725
  -812
  -903
  -997
  -1,094
  -1,195
  -1,297
  -1,403
  -1,512
  -1,624
  -1,739
  -1,858
  -1,981
  -2,107
  -2,239
  -2,376
  -2,517
  -2,664
  -2,818
  -2,977
  -3,143
  -3,316
  -3,497
  -3,686
Free cash flow, $m
  97
  -114
  -61
  5
  86
  184
  298
  429
  577
  743
  926
  1,125
  1,341
  1,573
  1,820
  2,083
  2,360
  2,651
  2,957
  3,277
  3,610
  3,958
  4,320
  4,697
  5,088
  5,495
  5,918
  6,357
  6,814
  7,289
  7,783
Issuance/(repayment) of debt, $m
  -34
  223
  263
  305
  349
  393
  438
  483
  527
  570
  613
  654
  694
  734
  773
  811
  849
  887
  924
  963
  1,002
  1,041
  1,082
  1,125
  1,169
  1,215
  1,263
  1,313
  1,366
  1,422
  1,481
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -32
  223
  263
  305
  349
  393
  438
  483
  527
  570
  613
  654
  694
  734
  773
  811
  849
  887
  924
  963
  1,002
  1,041
  1,082
  1,125
  1,169
  1,215
  1,263
  1,313
  1,366
  1,422
  1,481
Total cash flow (excl. dividends), $m
  62
  109
  202
  310
  435
  577
  736
  911
  1,104
  1,313
  1,538
  1,779
  2,036
  2,307
  2,593
  2,894
  3,209
  3,538
  3,881
  4,239
  4,612
  4,999
  5,402
  5,821
  6,257
  6,710
  7,181
  7,670
  8,180
  8,711
  9,264
Retained Cash Flow (-), $m
  4
  -69
  -82
  -95
  -108
  -122
  -136
  -150
  -164
  -177
  -190
  -203
  -216
  -228
  -240
  -252
  -264
  -275
  -287
  -299
  -311
  -323
  -336
  -349
  -363
  -377
  -392
  -408
  -424
  -442
  -460
Prev. year cash balance distribution, $m
 
  137
  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
 
  176
  120
  215
  327
  455
  600
  762
  940
  1,136
  1,348
  1,576
  1,820
  2,079
  2,353
  2,642
  2,945
  3,262
  3,594
  3,940
  4,301
  4,676
  5,066
  5,472
  5,894
  6,332
  6,788
  7,263
  7,756
  8,269
  8,804
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  164
  103
  170
  234
  294
  346
  390
  421
  441
  448
  444
  428
  402
  369
  331
  290
  248
  207
  168
  134
  103
  78
  57
  41
  28
  19
  12
  8
  5
  3
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

Mercer International Inc. is a producer of northern bleached softwood kraft (NBSK) pulp, which is pulp that is sold on the open market. The Company also produces and sells tall oil, a by-product of its production process, which is used as both a chemical additive and as a green energy source. It produces and sells NBSK pulp, which is a bleached kraft pulp manufactured using northern softwood. As of December 31, 2016, the Company operated two mills in Eastern Germany and one mill in Western Canada. As of December 31, 2016, its three NBSK pulp mills had consolidated annual production capacity of approximately 1.5 million air-dried metric tons (ADMTs) of NBSK pulp and were capable of generating 305 megawatts (MW) of electricity. Additionally, its German mills generate tall oil from black liquor, which is sold to third parties for use in various applications, including bio-fuels. The Company's mills generate and sell energy to regional utilities.

FINANCIAL RATIOS  of  Mercer International (MERC)

Valuation Ratios
P/E Ratio 25
Price to Sales 0.9
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 9
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 169.9%
Total Debt to Equity 169.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 18.4%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 6.9%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 85.7%

MERC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MERC stock intrinsic value calculation we used $932 million for the last fiscal year's total revenue generated by Mercer International. The default revenue input number comes from 2016 income statement of Mercer International. 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 MERC stock valuation model: a) initial revenue growth rate of 28.6% 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 7.5%, whose default value for MERC is calculated based on our internal credit rating of Mercer International, 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 Mercer International.
    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 MERC stock the variable cost ratio is equal to 49.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $366 million in the base year in the intrinsic value calculation for MERC 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 7.7% for Mercer International.

Corporate tax rate of 27% is the nominal tax rate for Mercer International. 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 MERC 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 MERC are equal to 81.4%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Mercer International 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 MERC is equal to 18.5%. 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 - $379 million for Mercer International - 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 64.79 million for Mercer International 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 Mercer International at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Mercer International posts 4Q profit   [Feb-15-18 05:12PM  Associated Press]
▶ January Materials Dividend Stocks To Look Out For   [Jan-21-18 01:02PM  Simply Wall St.]
▶ Mercer International posts 3Q profit   [05:01AM  Associated Press]
▶ Mercer International reports 2Q loss   [Jul-28-17 08:04PM  Associated Press]
▶ Mercer International posts 1Q profit   [Apr-27-17 06:04PM  Associated Press]
▶ Peter Kellogg Invests in Mercer International   [Apr-18-17 01:54PM  GuruFocus.com]
▶ Mercer International posts 4Q profit   [Feb-09-17 07:31PM  Associated Press]
▶ Do Hedge Funds Love Mercer International Inc. (MERC)?   [Dec-10-16 12:57PM  at Insider Monkey]
Financial statements of MERC
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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