Intrinsic value of Monro - MNRO

Previous Close

$51.35

  Intrinsic Value

$50.48

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

+34%

Previous close

$51.35

 
Intrinsic value

$50.48

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

+34%

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

We calculate the intrinsic value of MNRO 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 1.7

 

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, %
  8.26
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  1,022
  1,199
  1,391
  1,600
  1,823
  2,061
  2,314
  2,581
  2,862
  3,157
  3,465
  3,787
  4,122
  4,472
  4,835
  5,213
  5,605
  6,013
  6,437
  6,878
  7,336
  7,813
  8,309
  8,825
  9,362
  9,922
  10,506
  11,115
  11,750
  12,413
  13,106
Variable operating expenses, $m
 
  1,037
  1,195
  1,367
  1,550
  1,746
  1,954
  2,174
  2,405
  2,648
  2,901
  3,116
  3,392
  3,680
  3,979
  4,289
  4,613
  4,948
  5,297
  5,660
  6,037
  6,429
  6,837
  7,262
  7,704
  8,165
  8,645
  9,146
  9,669
  10,214
  10,784
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
  905
  1,037
  1,195
  1,367
  1,550
  1,746
  1,954
  2,174
  2,405
  2,648
  2,901
  3,116
  3,392
  3,680
  3,979
  4,289
  4,613
  4,948
  5,297
  5,660
  6,037
  6,429
  6,837
  7,262
  7,704
  8,165
  8,645
  9,146
  9,669
  10,214
  10,784
Operating income, $m
  116
  162
  196
  233
  273
  315
  360
  407
  457
  509
  564
  671
  730
  792
  856
  923
  993
  1,065
  1,140
  1,218
  1,299
  1,384
  1,472
  1,563
  1,658
  1,757
  1,861
  1,969
  2,081
  2,199
  2,321
EBITDA, $m
  161
  238
  276
  317
  362
  409
  459
  512
  568
  626
  687
  751
  817
  887
  959
  1,034
  1,112
  1,192
  1,277
  1,364
  1,455
  1,549
  1,648
  1,750
  1,857
  1,968
  2,083
  2,204
  2,330
  2,462
  2,599
Interest expense (income), $m
  21
  25
  31
  38
  45
  53
  61
  70
  80
  90
  100
  111
  123
  135
  147
  160
  173
  187
  202
  217
  233
  249
  266
  283
  302
  321
  341
  361
  383
  406
  429
Earnings before tax, $m
  97
  138
  165
  195
  228
  262
  298
  337
  377
  419
  463
  559
  607
  657
  709
  763
  819
  878
  938
  1,001
  1,067
  1,135
  1,206
  1,280
  1,357
  1,437
  1,520
  1,607
  1,698
  1,793
  1,892
Tax expense, $m
  35
  37
  45
  53
  61
  71
  81
  91
  102
  113
  125
  151
  164
  177
  192
  206
  221
  237
  253
  270
  288
  306
  326
  346
  366
  388
  410
  434
  458
  484
  511
Net income, $m
  62
  100
  121
  143
  166
  191
  218
  246
  275
  306
  338
  408
  443
  480
  518
  557
  598
  641
  685
  731
  779
  829
  880
  934
  990
  1,049
  1,110
  1,173
  1,240
  1,309
  1,381

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  9
  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
  1,185
  1,380
  1,601
  1,841
  2,098
  2,372
  2,663
  2,970
  3,293
  3,633
  3,987
  4,358
  4,744
  5,146
  5,564
  5,999
  6,450
  6,920
  7,408
  7,915
  8,442
  8,991
  9,561
  10,155
  10,774
  11,418
  12,090
  12,790
  13,521
  14,284
  15,081
Adjusted assets (=assets-cash), $m
  1,176
  1,380
  1,601
  1,841
  2,098
  2,372
  2,663
  2,970
  3,293
  3,633
  3,987
  4,358
  4,744
  5,146
  5,564
  5,999
  6,450
  6,920
  7,408
  7,915
  8,442
  8,991
  9,561
  10,155
  10,774
  11,418
  12,090
  12,790
  13,521
  14,284
  15,081
Revenue / Adjusted assets
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
  0.869
Average production assets, $m
  421
  493
  572
  657
  749
  847
  951
  1,061
  1,176
  1,297
  1,424
  1,556
  1,694
  1,838
  1,987
  2,142
  2,304
  2,472
  2,646
  2,827
  3,015
  3,211
  3,415
  3,627
  3,848
  4,078
  4,318
  4,568
  4,829
  5,102
  5,386
Working capital, $m
  13
  23
  26
  30
  35
  39
  44
  49
  54
  60
  66
  72
  78
  85
  92
  99
  107
  114
  122
  131
  139
  148
  158
  168
  178
  189
  200
  211
  223
  236
  249
Total debt, $m
  411
  505
  617
  738
  869
  1,007
  1,154
  1,310
  1,473
  1,645
  1,825
  2,012
  2,207
  2,411
  2,622
  2,842
  3,071
  3,308
  3,555
  3,812
  4,079
  4,356
  4,645
  4,945
  5,258
  5,584
  5,924
  6,279
  6,649
  7,035
  7,438
Total liabilities, $m
  604
  698
  810
  931
  1,062
  1,200
  1,347
  1,503
  1,666
  1,838
  2,018
  2,205
  2,400
  2,604
  2,815
  3,035
  3,264
  3,501
  3,748
  4,005
  4,272
  4,549
  4,838
  5,138
  5,451
  5,777
  6,117
  6,472
  6,842
  7,228
  7,631
Total equity, $m
  581
  681
  791
  909
  1,036
  1,172
  1,316
  1,467
  1,627
  1,794
  1,970
  2,153
  2,343
  2,542
  2,749
  2,963
  3,186
  3,418
  3,659
  3,910
  4,171
  4,441
  4,723
  5,017
  5,322
  5,640
  5,972
  6,318
  6,679
  7,056
  7,450
Total liabilities and equity, $m
  1,185
  1,379
  1,601
  1,840
  2,098
  2,372
  2,663
  2,970
  3,293
  3,632
  3,988
  4,358
  4,743
  5,146
  5,564
  5,998
  6,450
  6,919
  7,407
  7,915
  8,443
  8,990
  9,561
  10,155
  10,773
  11,417
  12,089
  12,790
  13,521
  14,284
  15,081
Debt-to-equity ratio
  0.707
  0.740
  0.780
  0.810
  0.840
  0.860
  0.880
  0.890
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
Adjusted equity ratio
  0.486
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494
  0.494

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  100
  121
  143
  166
  191
  218
  246
  275
  306
  338
  408
  443
  480
  518
  557
  598
  641
  685
  731
  779
  829
  880
  934
  990
  1,049
  1,110
  1,173
  1,240
  1,309
  1,381
Depreciation, amort., depletion, $m
  45
  76
  80
  84
  89
  94
  99
  105
  111
  117
  124
  80
  87
  95
  102
  110
  119
  127
  136
  146
  155
  166
  176
  187
  198
  210
  223
  235
  249
  263
  278
Funds from operations, $m
  140
  176
  200
  227
  255
  285
  317
  351
  386
  423
  462
  489
  531
  575
  620
  668
  717
  768
  821
  877
  934
  994
  1,056
  1,121
  1,189
  1,259
  1,332
  1,409
  1,489
  1,572
  1,659
Change in working capital, $m
  10
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Cash from operations, $m
  130
  173
  197
  223
  251
  281
  312
  345
  381
  417
  456
  482
  524
  568
  613
  660
  709
  760
  813
  868
  926
  985
  1,047
  1,111
  1,178
  1,248
  1,321
  1,397
  1,476
  1,559
  1,646
Maintenance CAPEX, $m
  0
  -22
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -67
  -73
  -80
  -87
  -95
  -102
  -110
  -119
  -127
  -136
  -146
  -155
  -166
  -176
  -187
  -198
  -210
  -223
  -235
  -249
  -263
New CAPEX, $m
  -35
  -72
  -79
  -86
  -92
  -98
  -104
  -110
  -115
  -121
  -127
  -132
  -138
  -144
  -149
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -273
  -285
Cash from investing activities, $m
  -176
  -94
  -104
  -115
  -126
  -137
  -148
  -159
  -170
  -182
  -194
  -205
  -218
  -231
  -244
  -257
  -271
  -287
  -301
  -317
  -334
  -351
  -370
  -388
  -408
  -428
  -450
  -473
  -496
  -522
  -548
Free cash flow, $m
  -46
  79
  92
  108
  125
  144
  165
  187
  210
  236
  262
  277
  306
  337
  369
  403
  438
  474
  512
  551
  592
  634
  678
  723
  771
  820
  871
  924
  980
  1,038
  1,098
Issuance/(repayment) of debt, $m
  66
  103
  112
  121
  130
  139
  147
  155
  164
  172
  179
  187
  195
  203
  212
  220
  229
  238
  247
  257
  267
  277
  289
  300
  313
  326
  340
  354
  370
  386
  403
Issuance/(repurchase) of shares, $m
  3
  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  
  70
  103
  112
  121
  130
  139
  147
  155
  164
  172
  179
  187
  195
  203
  212
  220
  229
  238
  247
  257
  267
  277
  289
  300
  313
  326
  340
  354
  370
  386
  403
Total cash flow (excl. dividends), $m
  24
  182
  204
  229
  255
  283
  312
  342
  374
  407
  442
  464
  502
  540
  581
  623
  666
  712
  759
  807
  858
  911
  966
  1,024
  1,084
  1,146
  1,211
  1,279
  1,350
  1,424
  1,501
Retained Cash Flow (-), $m
  -45
  -100
  -110
  -118
  -127
  -135
  -144
  -152
  -160
  -167
  -175
  -183
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -260
  -271
  -282
  -293
  -306
  -318
  -332
  -346
  -361
  -377
  -394
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
 
  81
  95
  111
  128
  147
  168
  190
  214
  240
  267
  281
  311
  342
  374
  408
  443
  480
  518
  557
  598
  640
  684
  730
  778
  828
  879
  933
  989
  1,047
  1,108
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  76
  83
  90
  96
  101
  104
  106
  106
  105
  102
  93
  88
  81
  74
  66
  58
  50
  42
  35
  29
  23
  18
  13
  10
  7
  5
  3
  2
  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

Monro, Inc., formerly Monro Muffler Brake, Inc., is engaged in the provision of automotive undercar repair and tire services in the United States. The Company provides a range of services on passenger cars, light trucks and vans for brakes; mufflers and exhaust systems, and steering, drive train, suspension and wheel alignment. It also offers tires and routine maintenance services, which include state inspections. It offers repair and replacement of parts. Its store provides a range of undercar repair services for brakes, steering, mufflers and exhaust systems, suspension and wheel alignment, as well as tire replacement and service. It also offers scheduled maintenance services in its stores where services are packaged and offered to consumers based upon the year, make, model and mileage of each specific vehicle. Its maintenance services include oil change services, heating and cooling system flush and fill service, fuel system service and a transmission flush and fill service.

FINANCIAL RATIOS  of  Monro (MNRO)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 1.6
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 17.7
Growth Rates
Sales Growth Rate 8.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 68.2%
Total Debt to Equity 70.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 38.8%
Gross Margin - 3 Yr. Avg. 39.7%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 16.4%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 12.2%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 36.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 37.1%

MNRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNRO stock intrinsic value calculation we used $1022 million for the last fiscal year's total revenue generated by Monro. The default revenue input number comes from 2017 income statement of Monro. 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 MNRO stock valuation model: a) initial revenue growth rate of 17.3% 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 6.5%, whose default value for MNRO is calculated based on our internal credit rating of Monro, 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 Monro.
    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 MNRO stock the variable cost ratio is equal to 87.2%.

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 MNRO 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 6.1% for Monro.

Corporate tax rate of 27% is the nominal tax rate for Monro. 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 MNRO 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 MNRO are equal to 41.1%.

Life of production assets of 19.4 years is the average useful life of capital assets used in Monro 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 MNRO is equal to 1.9%. 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 - $581 million for Monro - 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 33.118 million for Monro 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 Monro at the current share price and the inputted number of shares is $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ ETFs with exposure to Monro, Inc. : September 13, 2017   [Sep-13-17 06:59PM  Capital Cube]
▶ ETFs with exposure to Monro, Inc. : August 31, 2017   [Aug-31-17 07:25PM  Capital Cube]
▶ Monro, Inc. Declares Quarterly Cash Dividend   [Aug-21-17 07:31AM  GlobeNewswire]
▶ Monro tops Street 1Q forecasts   [Jul-21-17 12:22AM  Associated Press]
▶ Monro misses 4Q revenue forecasts   [May-18-17 08:30AM  Associated Press]
▶ Monro beats Street 3Q forecasts   [07:52AM  Associated Press]
▶ Is Monro Muffler Brake Inc (MNRO) A Good Stock To Buy?   [Dec-07-16 05:49AM  at Insider Monkey]
▶ Monro Muffler Brake, Inc. Declares Quarterly Cash Dividend   [Dec-02-16 07:30AM  GlobeNewswire]
▶ Monro Muffler Brake, Inc. Declares Quarterly Cash Dividend   [Aug-10-16 07:30AM  GlobeNewswire]
▶ Monro: Fix Those Brakes!   [Aug-09-16 03:55PM  at Barrons.com]
Financial statements of MNRO
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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