Intrinsic value of Mettler-Toledo International - MTD

Previous Close

$636.10

  Intrinsic Value

$301.62

stock screener

  Rating & Target

str. sell

-53%

Previous close

$636.10

 
Intrinsic value

$301.62

 
Up/down potential

-53%

 
Rating

str. sell

We calculate the intrinsic value of MTD 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, %
  4.72
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  2,508
  2,694
  2,886
  3,087
  3,295
  3,512
  3,737
  3,972
  4,216
  4,470
  4,735
  5,012
  5,300
  5,601
  5,915
  6,244
  6,587
  6,945
  7,320
  7,713
  8,123
  8,553
  9,003
  9,475
  9,969
  10,486
  11,028
  11,597
  12,193
  12,818
  13,473
Variable operating expenses, $m
 
  1,712
  1,831
  1,955
  2,084
  2,218
  2,357
  2,502
  2,653
  2,810
  2,974
  3,097
  3,276
  3,462
  3,656
  3,859
  4,071
  4,292
  4,524
  4,767
  5,020
  5,286
  5,564
  5,856
  6,161
  6,481
  6,816
  7,167
  7,536
  7,922
  8,327
Fixed operating expenses, $m
 
  426
  437
  448
  459
  471
  482
  494
  507
  520
  533
  546
  559
  573
  588
  602
  618
  633
  649
  665
  682
  699
  716
  734
  752
  771
  791
  810
  831
  851
  873
Total operating expenses, $m
  2,004
  2,138
  2,268
  2,403
  2,543
  2,689
  2,839
  2,996
  3,160
  3,330
  3,507
  3,643
  3,835
  4,035
  4,244
  4,461
  4,689
  4,925
  5,173
  5,432
  5,702
  5,985
  6,280
  6,590
  6,913
  7,252
  7,607
  7,977
  8,367
  8,773
  9,200
Operating income, $m
  504
  555
  618
  684
  752
  823
  898
  975
  1,056
  1,140
  1,229
  1,369
  1,465
  1,566
  1,672
  1,782
  1,898
  2,020
  2,147
  2,281
  2,421
  2,568
  2,723
  2,885
  3,055
  3,234
  3,422
  3,620
  3,827
  4,045
  4,274
EBITDA, $m
  573
  647
  713
  782
  854
  928
  1,006
  1,088
  1,173
  1,261
  1,354
  1,451
  1,552
  1,658
  1,769
  1,885
  2,006
  2,134
  2,267
  2,407
  2,554
  2,709
  2,870
  3,040
  3,219
  3,406
  3,603
  3,810
  4,027
  4,255
  4,495
Interest expense (income), $m
  28
  33
  38
  43
  48
  54
  59
  65
  71
  78
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  179
  190
  202
  214
  227
  240
  254
  269
  285
  301
Earnings before tax, $m
  504
  522
  580
  640
  704
  770
  838
  910
  985
  1,063
  1,145
  1,278
  1,367
  1,460
  1,558
  1,661
  1,768
  1,881
  1,999
  2,123
  2,253
  2,389
  2,533
  2,683
  2,841
  3,007
  3,182
  3,365
  3,558
  3,760
  3,973
Tax expense, $m
  120
  141
  157
  173
  190
  208
  226
  246
  266
  287
  309
  345
  369
  394
  421
  448
  477
  508
  540
  573
  608
  645
  684
  724
  767
  812
  859
  909
  961
  1,015
  1,073
Net income, $m
  384
  381
  423
  468
  514
  562
  612
  664
  719
  776
  836
  933
  998
  1,066
  1,137
  1,212
  1,291
  1,373
  1,459
  1,550
  1,645
  1,744
  1,849
  1,959
  2,074
  2,195
  2,323
  2,457
  2,597
  2,745
  2,900

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  159
  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
  2,167
  2,157
  2,311
  2,471
  2,638
  2,812
  2,992
  3,180
  3,375
  3,579
  3,791
  4,013
  4,244
  4,484
  4,736
  4,999
  5,273
  5,561
  5,861
  6,175
  6,504
  6,848
  7,208
  7,586
  7,981
  8,396
  8,830
  9,285
  9,762
  10,263
  10,787
Adjusted assets (=assets-cash), $m
  2,008
  2,157
  2,311
  2,471
  2,638
  2,812
  2,992
  3,180
  3,375
  3,579
  3,791
  4,013
  4,244
  4,484
  4,736
  4,999
  5,273
  5,561
  5,861
  6,175
  6,504
  6,848
  7,208
  7,586
  7,981
  8,396
  8,830
  9,285
  9,762
  10,263
  10,787
Revenue / Adjusted assets
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
  1.249
Average production assets, $m
  682
  733
  785
  840
  896
  955
  1,017
  1,080
  1,147
  1,216
  1,288
  1,363
  1,442
  1,523
  1,609
  1,698
  1,792
  1,889
  1,991
  2,098
  2,210
  2,326
  2,449
  2,577
  2,711
  2,852
  3,000
  3,154
  3,316
  3,486
  3,665
Working capital, $m
  309
  180
  193
  207
  221
  235
  250
  266
  282
  300
  317
  336
  355
  375
  396
  418
  441
  465
  490
  517
  544
  573
  603
  635
  668
  703
  739
  777
  817
  859
  903
Total debt, $m
  894
  1,002
  1,133
  1,270
  1,412
  1,560
  1,714
  1,875
  2,041
  2,215
  2,396
  2,585
  2,782
  2,987
  3,202
  3,426
  3,660
  3,905
  4,161
  4,429
  4,710
  5,003
  5,311
  5,633
  5,970
  6,323
  6,694
  7,082
  7,489
  7,916
  8,364
Total liabilities, $m
  1,732
  1,840
  1,971
  2,108
  2,250
  2,398
  2,552
  2,713
  2,879
  3,053
  3,234
  3,423
  3,620
  3,825
  4,040
  4,264
  4,498
  4,743
  4,999
  5,267
  5,548
  5,841
  6,149
  6,471
  6,808
  7,161
  7,532
  7,920
  8,327
  8,754
  9,202
Total equity, $m
  435
  317
  340
  363
  388
  413
  440
  467
  496
  526
  557
  590
  624
  659
  696
  735
  775
  817
  862
  908
  956
  1,007
  1,060
  1,115
  1,173
  1,234
  1,298
  1,365
  1,435
  1,509
  1,586
Total liabilities and equity, $m
  2,167
  2,157
  2,311
  2,471
  2,638
  2,811
  2,992
  3,180
  3,375
  3,579
  3,791
  4,013
  4,244
  4,484
  4,736
  4,999
  5,273
  5,560
  5,861
  6,175
  6,504
  6,848
  7,209
  7,586
  7,981
  8,395
  8,830
  9,285
  9,762
  10,263
  10,788
Debt-to-equity ratio
  2.055
  3.160
  3.340
  3.500
  3.640
  3.780
  3.900
  4.010
  4.110
  4.210
  4.300
  4.380
  4.460
  4.530
  4.600
  4.660
  4.720
  4.780
  4.830
  4.880
  4.930
  4.970
  5.010
  5.050
  5.090
  5.120
  5.160
  5.190
  5.220
  5.250
  5.270
Adjusted equity ratio
  0.137
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  384
  381
  423
  468
  514
  562
  612
  664
  719
  776
  836
  933
  998
  1,066
  1,137
  1,212
  1,291
  1,373
  1,459
  1,550
  1,645
  1,744
  1,849
  1,959
  2,074
  2,195
  2,323
  2,457
  2,597
  2,745
  2,900
Depreciation, amort., depletion, $m
  69
  92
  95
  98
  102
  105
  109
  113
  117
  121
  125
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
  181
  190
  200
  210
  221
Funds from operations, $m
  425
  473
  518
  566
  615
  667
  721
  777
  836
  897
  961
  1,015
  1,085
  1,158
  1,234
  1,315
  1,399
  1,487
  1,579
  1,676
  1,778
  1,884
  1,996
  2,114
  2,237
  2,367
  2,503
  2,647
  2,797
  2,955
  3,121
Change in working capital, $m
  -18
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Cash from operations, $m
  443
  460
  505
  552
  601
  652
  706
  761
  819
  880
  943
  996
  1,065
  1,138
  1,213
  1,293
  1,376
  1,463
  1,554
  1,650
  1,750
  1,856
  1,966
  2,082
  2,204
  2,333
  2,467
  2,608
  2,757
  2,913
  3,077
Maintenance CAPEX, $m
  0
  -41
  -44
  -47
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -155
  -163
  -172
  -181
  -190
  -200
  -210
New CAPEX, $m
  -124
  -51
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -178
Cash from investing activities, $m
  -231
  -92
  -96
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -160
  -169
  -177
  -186
  -195
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -289
  -304
  -320
  -336
  -352
  -370
  -388
Free cash flow, $m
  212
  368
  409
  450
  494
  539
  587
  636
  688
  741
  798
  843
  905
  969
  1,036
  1,106
  1,180
  1,257
  1,338
  1,423
  1,512
  1,606
  1,704
  1,807
  1,915
  2,028
  2,148
  2,273
  2,405
  2,543
  2,689
Issuance/(repayment) of debt, $m
  312
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
  189
  197
  206
  215
  224
  234
  245
  256
  268
  280
  294
  307
  322
  337
  353
  370
  388
  407
  427
  448
Issuance/(repurchase) of shares, $m
  -475
  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  
  -146
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
  189
  197
  206
  215
  224
  234
  245
  256
  268
  280
  294
  307
  322
  337
  353
  370
  388
  407
  427
  448
Total cash flow (excl. dividends), $m
  60
  494
  540
  587
  636
  687
  741
  796
  854
  915
  979
  1,032
  1,102
  1,174
  1,251
  1,331
  1,414
  1,502
  1,594
  1,691
  1,793
  1,899
  2,011
  2,129
  2,252
  2,382
  2,518
  2,661
  2,812
  2,970
  3,137
Retained Cash Flow (-), $m
  145
  -22
  -23
  -24
  -25
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
Prev. year cash balance distribution, $m
 
  140
  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
 
  612
  518
  564
  612
  662
  714
  769
  826
  885
  947
  1,000
  1,068
  1,139
  1,214
  1,292
  1,374
  1,460
  1,550
  1,645
  1,744
  1,849
  1,958
  2,073
  2,194
  2,321
  2,454
  2,595
  2,742
  2,897
  3,059
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  581
  463
  473
  478
  479
  475
  467
  455
  438
  418
  389
  363
  335
  305
  274
  243
  212
  183
  155
  129
  106
  85
  67
  52
  39
  29
  21
  15
  10
  7
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

Mettler-Toledo International Inc. is a supplier of precision instruments and services. The Company operates through five segments: U.S. Operations, Swiss Operations, Western European Operations, Chinese Operations and Other. The Company manufactures weighing instruments for use in laboratory, industrial, packaging, logistics and food retailing applications. The Company is also a provider of analytical instruments for use in life science, reaction engineering and real-time analytic systems used in drug and chemical compound development, and process analytics instruments used for in-line measurement in production processes. In addition, the Company is also a supplier of end-of-line inspection systems used in production and packaging for food, pharmaceutical and other industries. The Company serves food and beverage producers; food retailers; chemical, specialty chemicals and cosmetics companies, and the transportation and logistics industry, among others.

FINANCIAL RATIOS  of  Mettler-Toledo International (MTD)

Valuation Ratios
P/E Ratio 43.1
Price to Sales 6.6
Price to Book 38
Price to Tangible Book
Price to Cash Flow 37.4
Price to Free Cash Flow 51.9
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 49.4%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 201.1%
Total Debt to Equity 205.5%
Interest Coverage 19
Management Effectiveness
Return On Assets 19.6%
Ret/ On Assets - 3 Yr. Avg. 18.5%
Return On Total Capital 30.7%
Ret/ On T. Cap. - 3 Yr. Avg. 29.2%
Return On Equity 75.7%
Return On Equity - 3 Yr. Avg. 56.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 57.3%
Gross Margin - 3 Yr. Avg. 56.1%
EBITDA Margin 24%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 19.1%
Pre-Tax Margin 20.1%
Pre-Tax Margin - 3 Yr. Avg. 19.1%
Net Profit Margin 15.3%
Net Profit Margin - 3 Yr. Avg. 14.5%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 23.9%
Payout Ratio 0%

MTD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTD stock intrinsic value calculation we used $2508 million for the last fiscal year's total revenue generated by Mettler-Toledo International. The default revenue input number comes from 2016 income statement of Mettler-Toledo 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 MTD stock valuation model: a) initial revenue growth rate of 7.4% 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 5.5%, whose default value for MTD is calculated based on our internal credit rating of Mettler-Toledo 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 Mettler-Toledo 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 MTD stock the variable cost ratio is equal to 63.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $416 million in the base year in the intrinsic value calculation for MTD 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 3.8% for Mettler-Toledo International.

Corporate tax rate of 27% is the nominal tax rate for Mettler-Toledo 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 MTD 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 MTD are equal to 27.2%.

Life of production assets of 16.6 years is the average useful life of capital assets used in Mettler-Toledo 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 MTD is equal to 6.7%. 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 - $435 million for Mettler-Toledo 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 25.713 million for Mettler-Toledo 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 Mettler-Toledo International at the current share price and the inputted number of shares is $16.4 billion.

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COMPANY NEWS

▶ Mettler-Toledo beats Street 4Q forecasts   [Feb-08-18 05:01PM  Associated Press]
▶ Mettler-Toledo tops Street 3Q forecasts   [Nov-02-17 04:19PM  Associated Press]
▶ Mettler-Toledo beats Street 2Q forecasts   [12:04AM  Associated Press]
▶ Top Ranked Momentum Stocks to Buy for July 24th   [Jul-24-17 10:18AM  Zacks]
▶ S&P Stealth Outperformers: Health Care   [12:00PM  Investopedia]
▶ Stocks With Rising Composite Ratings: Mettler Toledo   [May-09-17 10:46AM  Investor's Business Daily]
▶ Mettler-Toledo beats Street 1Q forecasts   [May-04-17 04:44PM  Associated Press]
▶ Multiple Stocks Reach 52-Week Highs   [Apr-18-17 04:42PM  GuruFocus.com]
▶ Top Ranked Growth Stocks to Buy for April 12th   [Apr-12-17 10:58AM  Zacks]
▶ The Hot Stock: Mettler-Toledo Jumps 6.9%   [Feb-03-17 06:02PM  Barrons.com]
▶ Mettler-Toledo beats Street 4Q forecasts   [04:48PM  Associated Press]
Financial statements of MTD
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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