Intrinsic value of MMA Capital Management - MMAC

Previous Close

$24.50

  Intrinsic Value

$10.85

stock screener

  Rating & Target

str. sell

-56%

  Value-price divergence*

-56%

Previous close

$24.50

 
Intrinsic value

$10.85

 
Up/down potential

-56%

 
Rating

str. sell

 
Value-price divergence*

-56%

Our model is not good at valuating stocks of financial companies, such as MMAC.

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

We calculate the intrinsic value of MMAC 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 0.1

 

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, %
  0.00
  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
  31
  40
  50
  62
  76
  92
  109
  129
  150
  172
  197
  223
  250
  279
  310
  342
  376
  411
  448
  486
  526
  568
  611
  655
  702
  750
  800
  852
  907
  963
  1,022
Variable operating expenses, $m
 
  100
  127
  157
  192
  231
  275
  323
  376
  433
  494
  560
  629
  703
  780
  861
  946
  1,035
  1,127
  1,224
  1,324
  1,428
  1,536
  1,649
  1,766
  1,887
  2,013
  2,145
  2,281
  2,424
  2,572
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
  69
  100
  127
  157
  192
  231
  275
  323
  376
  433
  494
  560
  629
  703
  780
  861
  946
  1,035
  1,127
  1,224
  1,324
  1,428
  1,536
  1,649
  1,766
  1,887
  2,013
  2,145
  2,281
  2,424
  2,572
Operating income, $m
  -39
  -60
  -76
  -95
  -116
  -139
  -166
  -195
  -227
  -261
  -298
  -337
  -379
  -423
  -470
  -519
  -570
  -623
  -679
  -737
  -798
  -860
  -926
  -993
  -1,064
  -1,137
  -1,213
  -1,292
  -1,375
  -1,460
  -1,550
EBITDA, $m
  -38
  -59
  -75
  -93
  -113
  -136
  -162
  -191
  -222
  -255
  -292
  -330
  -371
  -414
  -460
  -508
  -558
  -610
  -665
  -722
  -781
  -842
  -906
  -972
  -1,041
  -1,113
  -1,187
  -1,265
  -1,345
  -1,429
  -1,517
Interest expense (income), $m
  6
  9
  13
  18
  24
  31
  39
  48
  58
  68
  80
  92
  105
  119
  134
  149
  165
  182
  200
  219
  238
  258
  279
  301
  323
  347
  371
  396
  423
  450
  479
Earnings before tax, $m
  -5
  -69
  -89
  -113
  -140
  -171
  -205
  -243
  -284
  -329
  -378
  -429
  -484
  -542
  -604
  -668
  -735
  -806
  -879
  -956
  -1,036
  -1,118
  -1,205
  -1,294
  -1,387
  -1,484
  -1,584
  -1,689
  -1,797
  -1,910
  -2,028
Tax expense, $m
  1
  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
Net income, $m
  42
  -69
  -89
  -113
  -140
  -171
  -205
  -243
  -284
  -329
  -378
  -429
  -484
  -542
  -604
  -668
  -735
  -806
  -879
  -956
  -1,036
  -1,118
  -1,205
  -1,294
  -1,387
  -1,484
  -1,584
  -1,689
  -1,797
  -1,910
  -2,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  574
  676
  853
  1,059
  1,294
  1,559
  1,854
  2,179
  2,534
  2,918
  3,331
  3,772
  4,240
  4,734
  5,255
  5,801
  6,373
  6,971
  7,594
  8,242
  8,917
  9,619
  10,348
  11,106
  11,894
  12,712
  13,563
  14,448
  15,369
  16,327
  17,325
Adjusted assets (=assets-cash), $m
  528
  676
  853
  1,059
  1,294
  1,559
  1,854
  2,179
  2,534
  2,918
  3,331
  3,772
  4,240
  4,734
  5,255
  5,801
  6,373
  6,971
  7,594
  8,242
  8,917
  9,619
  10,348
  11,106
  11,894
  12,712
  13,563
  14,448
  15,369
  16,327
  17,325
Revenue / Adjusted assets
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
  0.059
Average production assets, $m
  24
  30
  38
  47
  58
  70
  83
  97
  113
  131
  149
  169
  190
  212
  235
  259
  285
  312
  340
  369
  399
  430
  463
  497
  532
  569
  607
  646
  687
  730
  775
Working capital, $m
  0
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -20
  -22
  -25
  -28
  -31
  -34
  -38
  -41
  -45
  -49
  -53
  -57
  -61
  -66
  -70
  -75
  -80
  -85
  -91
  -96
  -102
Total debt, $m
  243
  368
  519
  694
  894
  1,119
  1,370
  1,646
  1,948
  2,275
  2,625
  3,000
  3,398
  3,818
  4,261
  4,725
  5,211
  5,719
  6,248
  6,800
  7,373
  7,970
  8,590
  9,234
  9,904
  10,599
  11,323
  12,075
  12,857
  13,672
  14,520
Total liabilities, $m
  449
  574
  725
  900
  1,100
  1,325
  1,576
  1,852
  2,154
  2,481
  2,831
  3,206
  3,604
  4,024
  4,467
  4,931
  5,417
  5,925
  6,454
  7,006
  7,579
  8,176
  8,796
  9,440
  10,110
  10,805
  11,529
  12,281
  13,063
  13,878
  14,726
Total equity, $m
  125
  101
  128
  159
  194
  234
  278
  327
  380
  438
  500
  566
  636
  710
  788
  870
  956
  1,046
  1,139
  1,236
  1,338
  1,443
  1,552
  1,666
  1,784
  1,907
  2,034
  2,167
  2,305
  2,449
  2,599
Total liabilities and equity, $m
  574
  675
  853
  1,059
  1,294
  1,559
  1,854
  2,179
  2,534
  2,919
  3,331
  3,772
  4,240
  4,734
  5,255
  5,801
  6,373
  6,971
  7,593
  8,242
  8,917
  9,619
  10,348
  11,106
  11,894
  12,712
  13,563
  14,448
  15,368
  16,327
  17,325
Debt-to-equity ratio
  1.944
  3.630
  4.060
  4.370
  4.610
  4.790
  4.930
  5.040
  5.120
  5.200
  5.250
  5.300
  5.340
  5.380
  5.410
  5.430
  5.450
  5.470
  5.490
  5.500
  5.510
  5.520
  5.530
  5.540
  5.550
  5.560
  5.570
  5.570
  5.580
  5.580
  5.590
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  -69
  -89
  -113
  -140
  -171
  -205
  -243
  -284
  -329
  -378
  -429
  -484
  -542
  -604
  -668
  -735
  -806
  -879
  -956
  -1,036
  -1,118
  -1,205
  -1,294
  -1,387
  -1,484
  -1,584
  -1,689
  -1,797
  -1,910
  -2,028
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  2
  3
  4
  4
  5
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
Funds from operations, $m
  10
  -68
  -88
  -111
  -138
  -168
  -201
  -239
  -279
  -324
  -371
  -422
  -476
  -533
  -594
  -657
  -723
  -793
  -865
  -940
  -1,019
  -1,100
  -1,185
  -1,273
  -1,364
  -1,459
  -1,558
  -1,661
  -1,768
  -1,879
  -1,995
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  11
  -67
  -87
  -110
  -136
  -166
  -200
  -237
  -277
  -321
  -369
  -419
  -473
  -530
  -591
  -654
  -720
  -789
  -861
  -936
  -1,015
  -1,096
  -1,181
  -1,268
  -1,360
  -1,455
  -1,553
  -1,656
  -1,763
  -1,874
  -1,989
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
New CAPEX, $m
  0
  -7
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
Cash from investing activities, $m
  16
  -8
  -9
  -11
  -13
  -14
  -16
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -60
  -62
  -66
  -68
  -72
  -76
Free cash flow, $m
  27
  -74
  -96
  -120
  -149
  -180
  -216
  -255
  -297
  -343
  -393
  -446
  -501
  -561
  -623
  -688
  -757
  -828
  -902
  -980
  -1,060
  -1,144
  -1,231
  -1,322
  -1,416
  -1,514
  -1,616
  -1,721
  -1,831
  -1,946
  -2,065
Issuance/(repayment) of debt, $m
  8
  125
  151
  175
  200
  225
  251
  276
  302
  327
  351
  375
  398
  420
  443
  464
  486
  508
  529
  551
  574
  596
  620
  644
  669
  696
  723
  752
  783
  815
  848
Issuance/(repurchase) of shares, $m
  -10
  91
  116
  144
  175
  210
  249
  292
  338
  387
  439
  495
  554
  617
  682
  750
  821
  895
  973
  1,053
  1,137
  1,224
  1,314
  1,408
  1,505
  1,606
  1,712
  1,821
  1,935
  2,054
  2,178
Cash from financing (excl. dividends), $m  
  -3
  216
  267
  319
  375
  435
  500
  568
  640
  714
  790
  870
  952
  1,037
  1,125
  1,214
  1,307
  1,403
  1,502
  1,604
  1,711
  1,820
  1,934
  2,052
  2,174
  2,302
  2,435
  2,573
  2,718
  2,869
  3,026
Total cash flow (excl. dividends), $m
  24
  142
  171
  198
  226
  255
  284
  313
  342
  370
  397
  424
  451
  476
  501
  526
  551
  575
  600
  625
  650
  676
  702
  730
  759
  788
  820
  852
  887
  923
  961
Retained Cash Flow (-), $m
  -9
  -91
  -116
  -144
  -175
  -210
  -249
  -292
  -338
  -387
  -439
  -495
  -554
  -617
  -682
  -750
  -821
  -895
  -973
  -1,053
  -1,137
  -1,224
  -1,314
  -1,408
  -1,505
  -1,606
  -1,712
  -1,821
  -1,935
  -2,054
  -2,178
Prev. year cash balance distribution, $m
 
  46
  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
 
  97
  55
  54
  51
  45
  35
  22
  4
  -17
  -42
  -71
  -104
  -140
  -180
  -224
  -270
  -320
  -373
  -429
  -487
  -548
  -612
  -678
  -747
  -818
  -892
  -969
  -1,049
  -1,131
  -1,217
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
 
  88
  45
  40
  34
  26
  17
  9
  2
  -5
  -10
  -14
  -17
  -18
  -18
  -16
  -15
  -13
  -10
  -8
  -6
  -5
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.3
  25.4
  13.0
  6.7
  3.5
  1.8
  1.0
  0.5
  0.3
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0

MMA Capital Management, LLC creates and manages investments in housing and renewable energy sectors in the United States and internationally. Its bond portfolio primarily comprises multifamily tax-exempt bonds, as well as other real estate related bond investments. The company offers leveraged bonds; low-income housing tax credits; asset management and administrative services to a limited liability company and a commercial bank; guarantees to third parties related to the receipt of tax credits; and project capital to develop and build renewable energy systems. It also raises, invests in, and manages private real estate funds, which invests in residential real estate in South Africa. The company was formerly known as Municipal Mortgage & Equity, LLC and changed its name to MMA Capital Management, LLC in September 2014. MMA Capital Management, LLC was founded in 1995 and is headquartered in Baltimore, Maryland.

FINANCIAL RATIOS  of  MMA Capital Management (MMAC)

Valuation Ratios
P/E Ratio 3.5
Price to Sales 4.7
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 194.4%
Total Debt to Equity 194.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 34.9%
Return On Equity - 3 Yr. Avg. 25.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 93.5%
Gross Margin - 3 Yr. Avg. 92.4%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. -90.6%
Operating Margin -122.6%
Oper. Margin - 3 Yr. Avg. -153.7%
Pre-Tax Margin -16.1%
Pre-Tax Margin - 3 Yr. Avg. -115.8%
Net Profit Margin 135.5%
Net Profit Margin - 3 Yr. Avg. 79.4%
Effective Tax Rate -20%
Eff/ Tax Rate - 3 Yr. Avg. -7.9%
Payout Ratio 0%

MMAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MMAC stock intrinsic value calculation we used $31 million for the last fiscal year's total revenue generated by MMA Capital Management. The default revenue input number comes from 2016 income statement of MMA Capital Management. 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 MMAC 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 9.6%, whose default value for MMAC is calculated based on our internal credit rating of MMA Capital Management, 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 MMA Capital Management.
    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 MMAC stock the variable cost ratio is equal to 251.6%.

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 MMAC 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 MMA Capital Management.

Corporate tax rate of 27% is the nominal tax rate for MMA Capital Management. 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 MMAC 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 MMAC are equal to 75.8%.

Life of production assets of 23.5 years is the average useful life of capital assets used in MMA Capital Management 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 MMAC is equal to -10%. 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 - $125 million for MMA Capital Management - 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 5.962 million for MMA Capital Management 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 MMA Capital Management at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
PFSI PennyMac Finan 16.80 136.77  str.buy
DX Dynex Capital 7.14 2.38  str.sell
ARR Armour Residen 26.33 7.41  str.sell
HASI Hannon Armstro 23.45 23.11  hold
ATAX America First 6.10 20.06  str.buy

COMPANY NEWS

▶ MMA Capital Management posts 2Q profit   [Aug-09-17 11:00PM  Associated Press]
▶ MMA Capital Management reports 1Q loss   [May-10-17 08:54AM  Associated Press]
▶ MMA Energy Capital Continues Growth and Expansion   [Feb-14-17 09:36PM  PR Newswire]
▶ Weekly CFO Buys Highlight   [Jan-20-17 12:43PM  GuruFocus.com]
▶ Weekly CFO Buys Highlights   [Jan-17-17 03:59PM  GuruFocus.com]
Stock chart of MMAC Financial statements of MMAC
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

VALUATION THEORY       ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2017. All rigths reserved.