Intrinsic value of Macquarie Infrastructure - MIC

Previous Close

$45.01

  Intrinsic Value

$6.39

stock screener

  Rating & Target

str. sell

-86%

Previous close

$45.01

 
Intrinsic value

$6.39

 
Up/down potential

-86%

 
Rating

str. sell

We calculate the intrinsic value of MIC 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, %
  0.79
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  1,652
  1,995
  2,182
  2,378
  2,582
  2,794
  3,015
  3,244
  3,482
  3,730
  3,987
  4,254
  4,533
  4,822
  5,123
  5,437
  5,763
  6,104
  6,459
  6,829
  7,216
  7,620
  8,042
  8,482
  8,943
  9,426
  9,930
  10,458
  11,011
  11,589
  12,196
Variable operating expenses, $m
 
  1,578
  1,699
  1,824
  1,955
  2,091
  2,233
  2,380
  2,533
  2,691
  2,856
  2,730
  2,908
  3,094
  3,287
  3,488
  3,698
  3,916
  4,144
  4,382
  4,630
  4,889
  5,160
  5,443
  5,739
  6,048
  6,372
  6,710
  7,065
  7,436
  7,825
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
  1,331
  1,578
  1,699
  1,824
  1,955
  2,091
  2,233
  2,380
  2,533
  2,691
  2,856
  2,730
  2,908
  3,094
  3,287
  3,488
  3,698
  3,916
  4,144
  4,382
  4,630
  4,889
  5,160
  5,443
  5,739
  6,048
  6,372
  6,710
  7,065
  7,436
  7,825
Operating income, $m
  321
  417
  484
  554
  627
  703
  782
  864
  950
  1,038
  1,130
  1,525
  1,624
  1,728
  1,836
  1,948
  2,065
  2,187
  2,315
  2,447
  2,586
  2,731
  2,882
  3,040
  3,205
  3,378
  3,558
  3,748
  3,946
  4,153
  4,370
EBITDA, $m
  612
  1,534
  1,678
  1,829
  1,985
  2,149
  2,318
  2,494
  2,678
  2,868
  3,066
  3,271
  3,485
  3,708
  3,939
  4,180
  4,432
  4,694
  4,967
  5,251
  5,549
  5,859
  6,184
  6,523
  6,877
  7,248
  7,636
  8,042
  8,467
  8,912
  9,378
Interest expense (income), $m
  109
  194
  219
  246
  274
  304
  334
  366
  399
  434
  469
  506
  545
  585
  627
  670
  715
  762
  811
  863
  916
  972
  1,030
  1,091
  1,154
  1,221
  1,290
  1,363
  1,439
  1,519
  1,602
Earnings before tax, $m
  226
  223
  265
  308
  353
  399
  448
  498
  550
  605
  661
  1,018
  1,079
  1,143
  1,209
  1,278
  1,350
  1,425
  1,503
  1,585
  1,670
  1,759
  1,852
  1,949
  2,051
  2,157
  2,268
  2,385
  2,507
  2,634
  2,768
Tax expense, $m
  71
  60
  71
  83
  95
  108
  121
  134
  149
  163
  179
  275
  291
  309
  326
  345
  364
  385
  406
  428
  451
  475
  500
  526
  554
  582
  612
  644
  677
  711
  747
Net income, $m
  156
  163
  193
  225
  257
  291
  327
  364
  402
  441
  483
  743
  788
  834
  883
  933
  985
  1,040
  1,097
  1,157
  1,219
  1,284
  1,352
  1,423
  1,497
  1,574
  1,656
  1,741
  1,830
  1,923
  2,021

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  45
  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
  7,559
  8,787
  9,614
  10,476
  11,374
  12,309
  13,280
  14,290
  15,340
  16,430
  17,564
  18,742
  19,967
  21,242
  22,568
  23,950
  25,389
  26,889
  28,453
  30,085
  31,788
  33,567
  35,425
  37,368
  39,398
  41,522
  43,744
  46,070
  48,505
  51,055
  53,725
Adjusted assets (=assets-cash), $m
  7,514
  8,787
  9,614
  10,476
  11,374
  12,309
  13,280
  14,290
  15,340
  16,430
  17,564
  18,742
  19,967
  21,242
  22,568
  23,950
  25,389
  26,889
  28,453
  30,085
  31,788
  33,567
  35,425
  37,368
  39,398
  41,522
  43,744
  46,070
  48,505
  51,055
  53,725
Revenue / Adjusted assets
  0.220
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
Average production assets, $m
  5,143
  8,190
  8,961
  9,765
  10,602
  11,473
  12,378
  13,319
  14,297
  15,314
  16,370
  17,469
  18,611
  19,799
  21,035
  22,323
  23,664
  25,062
  26,520
  28,041
  29,629
  31,287
  33,019
  34,829
  36,722
  38,701
  40,773
  42,940
  45,210
  47,586
  50,075
Working capital, $m
  -6
  -32
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
Total debt, $m
  3,080
  4,058
  4,559
  5,081
  5,625
  6,192
  6,780
  7,392
  8,028
  8,689
  9,376
  10,090
  10,833
  11,605
  12,409
  13,246
  14,118
  15,027
  15,975
  16,964
  17,996
  19,074
  20,200
  21,377
  22,608
  23,895
  25,242
  26,651
  28,127
  29,672
  31,290
Total liabilities, $m
  4,606
  5,325
  5,826
  6,349
  6,893
  7,459
  8,048
  8,660
  9,296
  9,957
  10,643
  11,358
  12,100
  12,872
  13,676
  14,514
  15,386
  16,295
  17,243
  18,231
  19,264
  20,342
  21,468
  22,645
  23,875
  25,162
  26,509
  27,919
  29,394
  30,939
  32,557
Total equity, $m
  2,953
  3,462
  3,788
  4,128
  4,481
  4,850
  5,232
  5,630
  6,044
  6,473
  6,920
  7,384
  7,867
  8,369
  8,892
  9,436
  10,003
  10,594
  11,211
  11,853
  12,525
  13,225
  13,958
  14,723
  15,523
  16,360
  17,235
  18,152
  19,111
  20,115
  21,168
Total liabilities and equity, $m
  7,559
  8,787
  9,614
  10,477
  11,374
  12,309
  13,280
  14,290
  15,340
  16,430
  17,563
  18,742
  19,967
  21,241
  22,568
  23,950
  25,389
  26,889
  28,454
  30,084
  31,789
  33,567
  35,426
  37,368
  39,398
  41,522
  43,744
  46,071
  48,505
  51,054
  53,725
Debt-to-equity ratio
  1.043
  1.170
  1.200
  1.230
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.350
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
  1.420
  1.430
  1.430
  1.440
  1.440
  1.450
  1.450
  1.460
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
Adjusted equity ratio
  0.387
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  156
  163
  193
  225
  257
  291
  327
  364
  402
  441
  483
  743
  788
  834
  883
  933
  985
  1,040
  1,097
  1,157
  1,219
  1,284
  1,352
  1,423
  1,497
  1,574
  1,656
  1,741
  1,830
  1,923
  2,021
Depreciation, amort., depletion, $m
  291
  1,117
  1,194
  1,275
  1,358
  1,446
  1,536
  1,630
  1,728
  1,830
  1,935
  1,747
  1,861
  1,980
  2,104
  2,232
  2,366
  2,506
  2,652
  2,804
  2,963
  3,129
  3,302
  3,483
  3,672
  3,870
  4,077
  4,294
  4,521
  4,759
  5,008
Funds from operations, $m
  566
  1,280
  1,388
  1,499
  1,616
  1,737
  1,863
  1,994
  2,130
  2,271
  2,418
  2,490
  2,649
  2,814
  2,986
  3,165
  3,352
  3,546
  3,749
  3,961
  4,182
  4,413
  4,654
  4,906
  5,169
  5,445
  5,733
  6,035
  6,351
  6,682
  7,028
Change in working capital, $m
  6
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
Cash from operations, $m
  560
  1,283
  1,391
  1,503
  1,619
  1,740
  1,866
  1,997
  2,134
  2,275
  2,422
  2,494
  2,653
  2,819
  2,991
  3,170
  3,357
  3,552
  3,755
  3,967
  4,188
  4,419
  4,660
  4,913
  5,176
  5,452
  5,741
  6,043
  6,360
  6,691
  7,038
Maintenance CAPEX, $m
  0
  -745
  -819
  -896
  -976
  -1,060
  -1,147
  -1,238
  -1,332
  -1,430
  -1,531
  -1,637
  -1,747
  -1,861
  -1,980
  -2,104
  -2,232
  -2,366
  -2,506
  -2,652
  -2,804
  -2,963
  -3,129
  -3,302
  -3,483
  -3,672
  -3,870
  -4,077
  -4,294
  -4,521
  -4,759
New CAPEX, $m
  -315
  -739
  -771
  -804
  -837
  -871
  -906
  -941
  -978
  -1,016
  -1,056
  -1,098
  -1,142
  -1,188
  -1,237
  -1,288
  -1,341
  -1,398
  -1,458
  -1,521
  -1,588
  -1,658
  -1,732
  -1,810
  -1,893
  -1,980
  -2,071
  -2,168
  -2,269
  -2,376
  -2,489
Cash from investing activities, $m
  -377
  -1,484
  -1,590
  -1,700
  -1,813
  -1,931
  -2,053
  -2,179
  -2,310
  -2,446
  -2,587
  -2,735
  -2,889
  -3,049
  -3,217
  -3,392
  -3,573
  -3,764
  -3,964
  -4,173
  -4,392
  -4,621
  -4,861
  -5,112
  -5,376
  -5,652
  -5,941
  -6,245
  -6,563
  -6,897
  -7,248
Free cash flow, $m
  183
  -201
  -199
  -197
  -194
  -191
  -186
  -182
  -176
  -171
  -166
  -241
  -235
  -230
  -225
  -221
  -216
  -213
  -209
  -206
  -204
  -202
  -200
  -199
  -199
  -199
  -200
  -202
  -204
  -207
  -210
Issuance/(repayment) of debt, $m
  -168
  470
  501
  523
  544
  566
  589
  612
  636
  661
  687
  714
  743
  772
  804
  837
  872
  909
  948
  989
  1,032
  1,078
  1,126
  1,177
  1,231
  1,287
  1,347
  1,409
  1,475
  1,545
  1,618
Issuance/(repurchase) of shares, $m
  415
  146
  133
  115
  96
  77
  56
  34
  12
  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  
  235
  616
  634
  638
  640
  643
  645
  646
  648
  661
  687
  714
  743
  772
  804
  837
  872
  909
  948
  989
  1,032
  1,078
  1,126
  1,177
  1,231
  1,287
  1,347
  1,409
  1,475
  1,545
  1,618
Total cash flow (excl. dividends), $m
  418
  414
  435
  440
  446
  452
  458
  465
  471
  490
  521
  473
  507
  542
  579
  616
  656
  696
  739
  783
  828
  876
  926
  977
  1,031
  1,088
  1,146
  1,208
  1,272
  1,339
  1,409
Retained Cash Flow (-), $m
  77
  -308
  -326
  -340
  -354
  -368
  -383
  -398
  -413
  -430
  -447
  -464
  -483
  -502
  -523
  -544
  -567
  -591
  -616
  -643
  -671
  -701
  -732
  -765
  -800
  -837
  -876
  -916
  -959
  -1,005
  -1,052
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
 
  106
  109
  101
  92
  84
  76
  67
  58
  60
  75
  9
  24
  40
  56
  72
  89
  105
  122
  140
  157
  175
  194
  212
  231
  251
  271
  291
  312
  334
  356
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  98
  92
  77
  64
  52
  41
  32
  24
  21
  22
  2
  5
  7
  7
  7
  7
  6
  5
  4
  3
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.3
  93.2
  90.9
  89.1
  87.9
  87.0
  86.5
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4
  86.4

Macquarie Infrastructure Corporation owns and operates a group of businesses that provide services, such as bulk liquid terminalling and handling services. The Company operates through four segments: International-Matex Tank Terminals (IMTT), Atlantic Aviation, Contracted Power (CP) and MIC Hawaii. Its group of businesses also provides services, such as aircraft fueling, CP generation and utility gas services. Its group of businesses provides services to businesses, government agencies and individuals in the United States. IMTT segment provides bulk liquid terminal services in the United States. As of December 31, 2016, Atlantic Aviation operated Fixed based operations (FBOs) at 69 airports in the United States. The businesses in its CP segment sell electricity to off-takers, pursuant to multi-year contracts. MIC Hawaii segment consists of Hawaii Gas and several smaller businesses. Hawaii Gas consists of a gas utility and a liquefied petroleum gas (LPG) distribution business.

FINANCIAL RATIOS  of  Macquarie Infrastructure (MIC)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 2.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 62.4%
Cap. Spend. - 3 Yr. Gr. Rate 23.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 102.9%
Total Debt to Equity 104.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.8%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 60.4%
Gross Margin - 3 Yr. Avg. 53.8%
EBITDA Margin 37.9%
EBITDA Margin - 3 Yr. Avg. 48%
Operating Margin 19.4%
Oper. Margin - 3 Yr. Avg. 31.6%
Pre-Tax Margin 13.7%
Pre-Tax Margin - 3 Yr. Avg. 26%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 26.6%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
Payout Ratio 253.8%

MIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIC stock intrinsic value calculation we used $1815 million for the last fiscal year's total revenue generated by Macquarie Infrastructure. The default revenue input number comes from 2016 income statement of Macquarie Infrastructure. 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 MIC stock valuation model: a) initial revenue growth rate of 9.9% 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 8.3%, whose default value for MIC is calculated based on our internal credit rating of Macquarie Infrastructure, 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 Macquarie Infrastructure.
    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 MIC stock the variable cost ratio is equal to 80.6%.

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 MIC 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 Macquarie Infrastructure.

Corporate tax rate of 27% is the nominal tax rate for Macquarie Infrastructure. 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 MIC 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 MIC are equal to 410.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Macquarie Infrastructure 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 MIC is equal to -1.6%. 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 - $3154 million for Macquarie Infrastructure - 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 83 million for Macquarie Infrastructure 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 Macquarie Infrastructure at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
AAWW Atlas Air Worl 69.00 16.84  str.sell
CVX Chevron 122.27 224.57  str.buy
AIR AAR Corp. 46.75 20.16  str.sell

COMPANY NEWS

▶ Seaspan And Other Top Transport Dividend Stocks   [09:02AM  Simply Wall St.]
▶ [$$] Westchester County Rethinks Plan to Privatize Airport   [11:28AM  The Wall Street Journal]
▶ Macquarie: 1Q Earnings Snapshot   [05:07AM  Associated Press]
Financial statements of MIC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.