Intrinsic value of Meritor - MTOR

Previous Close

$23.20

  Intrinsic Value

$5.59

stock screener

  Rating & Target

str. sell

-76%

Previous close

$23.20

 
Intrinsic value

$5.59

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of MTOR 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 2.1

 

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, %
  -8.73
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  3,199
  3,500
  3,813
  4,140
  4,480
  4,833
  5,200
  5,582
  5,978
  6,390
  6,819
  7,264
  7,728
  8,210
  8,713
  9,236
  9,782
  10,350
  10,944
  11,563
  12,210
  12,886
  13,592
  14,331
  15,103
  15,912
  16,757
  17,643
  18,570
  19,542
  20,559
Variable operating expenses, $m
 
  3,367
  3,665
  3,975
  4,298
  4,634
  4,983
  5,346
  5,723
  6,115
  6,522
  6,907
  7,348
  7,807
  8,284
  8,782
  9,300
  9,841
  10,406
  10,995
  11,610
  12,252
  12,924
  13,626
  14,360
  15,129
  15,933
  16,775
  17,657
  18,580
  19,548
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
  2,995
  3,367
  3,665
  3,975
  4,298
  4,634
  4,983
  5,346
  5,723
  6,115
  6,522
  6,907
  7,348
  7,807
  8,284
  8,782
  9,300
  9,841
  10,406
  10,995
  11,610
  12,252
  12,924
  13,626
  14,360
  15,129
  15,933
  16,775
  17,657
  18,580
  19,548
Operating income, $m
  204
  133
  149
  165
  181
  199
  217
  236
  255
  275
  296
  357
  380
  404
  429
  454
  481
  509
  538
  569
  601
  634
  669
  705
  743
  783
  824
  868
  913
  961
  1,011
EBITDA, $m
  271
  212
  231
  250
  271
  292
  314
  337
  361
  386
  412
  439
  467
  496
  527
  558
  591
  626
  662
  699
  738
  779
  822
  866
  913
  962
  1,013
  1,067
  1,123
  1,181
  1,243
Interest expense (income), $m
  71
  68
  41
  55
  70
  85
  101
  118
  135
  153
  172
  191
  211
  232
  254
  277
  300
  325
  351
  378
  406
  435
  466
  498
  531
  566
  603
  641
  681
  723
  767
Earnings before tax, $m
  155
  65
  108
  110
  112
  114
  116
  118
  120
  122
  125
  166
  169
  172
  175
  178
  181
  184
  187
  191
  195
  199
  203
  207
  212
  217
  222
  227
  232
  238
  244
Tax expense, $m
  -424
  18
  29
  30
  30
  31
  31
  32
  32
  33
  34
  45
  46
  46
  47
  48
  49
  50
  51
  52
  53
  54
  55
  56
  57
  58
  60
  61
  63
  64
  66
Net income, $m
  573
  48
  79
  80
  82
  83
  85
  86
  88
  89
  91
  121
  123
  125
  127
  130
  132
  134
  137
  139
  142
  145
  148
  151
  155
  158
  162
  166
  170
  174
  178

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  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
  2,494
  2,553
  2,781
  3,020
  3,267
  3,525
  3,793
  4,071
  4,361
  4,661
  4,974
  5,299
  5,637
  5,989
  6,355
  6,737
  7,135
  7,550
  7,982
  8,434
  8,906
  9,399
  9,914
  10,453
  11,016
  11,606
  12,223
  12,869
  13,545
  14,253
  14,996
Adjusted assets (=assets-cash), $m
  2,334
  2,553
  2,781
  3,020
  3,267
  3,525
  3,793
  4,071
  4,361
  4,661
  4,974
  5,299
  5,637
  5,989
  6,355
  6,737
  7,135
  7,550
  7,982
  8,434
  8,906
  9,399
  9,914
  10,453
  11,016
  11,606
  12,223
  12,869
  13,545
  14,253
  14,996
Revenue / Adjusted assets
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
  1.371
Average production assets, $m
  458
  500
  545
  592
  641
  691
  744
  798
  855
  914
  975
  1,039
  1,105
  1,174
  1,246
  1,321
  1,399
  1,480
  1,565
  1,654
  1,746
  1,843
  1,944
  2,049
  2,160
  2,275
  2,396
  2,523
  2,656
  2,794
  2,940
Working capital, $m
  148
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
Total debt, $m
  996
  588
  794
  1,009
  1,232
  1,464
  1,705
  1,955
  2,215
  2,486
  2,767
  3,060
  3,364
  3,681
  4,011
  4,354
  4,712
  5,086
  5,475
  5,882
  6,307
  6,750
  7,214
  7,699
  8,206
  8,736
  9,292
  9,873
  10,482
  11,119
  11,787
Total liabilities, $m
  2,705
  2,297
  2,503
  2,718
  2,941
  3,173
  3,414
  3,664
  3,924
  4,195
  4,476
  4,769
  5,073
  5,390
  5,720
  6,063
  6,421
  6,795
  7,184
  7,591
  8,016
  8,459
  8,923
  9,408
  9,915
  10,445
  11,001
  11,582
  12,191
  12,828
  13,496
Total equity, $m
  -211
  255
  278
  302
  327
  353
  379
  407
  436
  466
  497
  530
  564
  599
  636
  674
  713
  755
  798
  843
  891
  940
  991
  1,045
  1,102
  1,161
  1,222
  1,287
  1,355
  1,425
  1,500
Total liabilities and equity, $m
  2,494
  2,552
  2,781
  3,020
  3,268
  3,526
  3,793
  4,071
  4,360
  4,661
  4,973
  5,299
  5,637
  5,989
  6,356
  6,737
  7,134
  7,550
  7,982
  8,434
  8,907
  9,399
  9,914
  10,453
  11,017
  11,606
  12,223
  12,869
  13,546
  14,253
  14,996
Debt-to-equity ratio
  -4.720
  2.310
  2.860
  3.340
  3.770
  4.150
  4.490
  4.800
  5.080
  5.330
  5.560
  5.770
  5.970
  6.150
  6.310
  6.460
  6.600
  6.740
  6.860
  6.970
  7.080
  7.180
  7.280
  7.370
  7.450
  7.530
  7.600
  7.670
  7.740
  7.800
  7.860
Adjusted equity ratio
  -0.159
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  573
  48
  79
  80
  82
  83
  85
  86
  88
  89
  91
  121
  123
  125
  127
  130
  132
  134
  137
  139
  142
  145
  148
  151
  155
  158
  162
  166
  170
  174
  178
Depreciation, amort., depletion, $m
  67
  78
  82
  86
  89
  93
  98
  102
  106
  111
  116
  82
  87
  92
  98
  104
  110
  117
  123
  130
  137
  145
  153
  161
  170
  179
  189
  199
  209
  220
  231
Funds from operations, $m
  226
  126
  161
  166
  171
  176
  182
  188
  194
  200
  207
  203
  210
  218
  226
  234
  242
  251
  260
  270
  280
  290
  301
  313
  325
  337
  350
  364
  379
  394
  410
Change in working capital, $m
  22
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  204
  126
  160
  165
  171
  176
  182
  188
  194
  200
  207
  203
  210
  217
  225
  233
  242
  250
  259
  269
  279
  289
  300
  312
  324
  336
  350
  363
  378
  393
  409
Maintenance CAPEX, $m
  0
  -36
  -39
  -43
  -47
  -50
  -54
  -59
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -189
  -199
  -209
  -220
New CAPEX, $m
  -93
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -116
  -121
  -127
  -133
  -139
  -146
Cash from investing activities, $m
  -86
  -79
  -84
  -90
  -96
  -101
  -107
  -114
  -120
  -126
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -202
  -212
  -223
  -234
  -246
  -259
  -271
  -286
  -300
  -316
  -332
  -348
  -366
Free cash flow, $m
  118
  47
  76
  76
  75
  75
  75
  74
  74
  74
  73
  62
  62
  61
  61
  60
  60
  59
  58
  57
  56
  55
  54
  53
  52
  51
  49
  48
  46
  45
  43
Issuance/(repayment) of debt, $m
  -55
  -394
  206
  214
  223
  232
  241
  251
  260
  271
  281
  292
  304
  317
  330
  344
  358
  373
  390
  407
  425
  444
  464
  485
  507
  531
  555
  581
  609
  638
  668
Issuance/(repurchase) of shares, $m
  -81
  565
  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  
  -152
  171
  206
  214
  223
  232
  241
  251
  260
  271
  281
  292
  304
  317
  330
  344
  358
  373
  390
  407
  425
  444
  464
  485
  507
  531
  555
  581
  609
  638
  668
Total cash flow (excl. dividends), $m
  -33
  218
  282
  290
  299
  307
  316
  325
  334
  344
  355
  355
  366
  378
  391
  404
  418
  432
  448
  464
  481
  499
  518
  538
  559
  581
  605
  629
  655
  682
  711
Retained Cash Flow (-), $m
  -460
  -612
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
Prev. year cash balance distribution, $m
 
  146
  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
 
  -248
  259
  266
  274
  281
  289
  297
  305
  314
  323
  322
  332
  343
  354
  366
  378
  391
  404
  419
  434
  450
  466
  484
  503
  522
  543
  565
  588
  612
  637
Discount rate, %
 
  13.10
  13.76
  14.44
  15.16
  15.92
  16.72
  17.56
  18.43
  19.35
  20.32
  21.34
  22.41
  23.53
  24.70
  25.94
  27.23
  28.60
  30.03
  31.53
  33.10
  34.76
  36.50
  38.32
  40.24
  42.25
  44.36
  46.58
  48.91
  51.35
  53.92
PV of cash for distribution, $m
 
  -220
  200
  178
  156
  134
  114
  96
  79
  64
  51
  38
  29
  22
  16
  11
  8
  5
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Meritor, Inc. is a supplier of a range of integrated systems, modules and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation and industrial sectors. The Company's segments include Commercial Truck & Industrial and Aftermarket & Trailer. The Commercial Truck & Industrial segment supplies drivetrain systems and components, including axles, drivelines and braking and suspension systems, for medium- and heavy-duty trucks, off-highway, military, construction, bus and coach, fire and emergency and other applications in North America, South America, Europe and Asia Pacific. The Commercial Truck & Industrial segment also includes the Company's aftermarket businesses in Asia Pacific and South America. The Aftermarket & Trailer segment supplies axles, brakes, drivelines, suspension parts and other replacement and remanufactured parts to commercial vehicle aftermarket customers in North America and Europe.

FINANCIAL RATIOS  of  Meritor (MTOR)

Valuation Ratios
P/E Ratio 3.5
Price to Sales 0.6
Price to Book -9.5
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 18.1
Growth Rates
Sales Growth Rate -8.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.7%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity -465.4%
Total Debt to Equity -472%
Interest Coverage 3
Management Effectiveness
Return On Assets 35.8%
Ret/ On Assets - 3 Yr. Avg. 18%
Return On Total Capital 98.4%
Ret/ On T. Cap. - 3 Yr. Avg. 65%
Return On Equity -129.9%
Return On Equity - 3 Yr. Avg. -58%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 13.6%
Gross Margin - 3 Yr. Avg. 13.2%
EBITDA Margin 9.2%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 5.3%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 17.9%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate -273.5%
Eff/ Tax Rate - 3 Yr. Avg. -87.4%
Payout Ratio 0%

MTOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTOR stock intrinsic value calculation we used $3199 million for the last fiscal year's total revenue generated by Meritor. The default revenue input number comes from 2016 income statement of Meritor. 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 MTOR stock valuation model: a) initial revenue growth rate of 9.4% 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 13.1%, whose default value for MTOR is calculated based on our internal credit rating of Meritor, 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 Meritor.
    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 MTOR stock the variable cost ratio is equal to 96.3%.

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 MTOR 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 6.9% for Meritor.

Corporate tax rate of 27% is the nominal tax rate for Meritor. 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 MTOR 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 MTOR are equal to 14.3%.

Life of production assets of 12.7 years is the average useful life of capital assets used in Meritor 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 MTOR is equal to 0.1%. 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 - $-211 million for Meritor - 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 88.746 million for Meritor 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 Meritor at the current share price and the inputted number of shares is $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
WBC WABCO Holdings 144.65 356.12  str.buy
PCAR Paccar 71.74 76.80  hold
DAN Dana 31.84 241.57  str.buy
CVGI Commercial Veh 10.49 5.81  sell
BWA BorgWarner 53.56 57.02  hold
ALSN Allison Transm 41.90 65.47  str.buy
SYPR Sypris Solutio 1.51 0.30  str.sell
AXL American Axle& 16.96 3,784.46  str.buy

COMPANY NEWS

▶ Meritor® Launches First Products in New Mach Brand   [Dec-11-17 04:30PM  PR Newswire]
▶ Get It in Gear: Why GM & Tesla Can Keep Climbing   [Dec-08-17 02:58PM  Barrons.com]
▶ ETFs with exposure to Meritor, Inc. : November 30, 2017   [Nov-30-17 02:07PM  Capital Cube]
▶ Meritor® Launches Driveshaft on Demand Program   [Nov-28-17 08:00AM  PR Newswire]
▶ Meritor tops Street 4Q forecasts   [Nov-15-17 07:31AM  Associated Press]
▶ Meritor, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ ETFs with exposure to Meritor, Inc. : November 14, 2017   [Nov-14-17 02:36PM  Capital Cube]
▶ Meritor Names Rodger L. Boehm to its Board of Directors   [Nov-07-17 04:30PM  PR Newswire]
▶ Meritor to Host Analyst Day in New York on Dec. 7   [Nov-01-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Meritor, Inc. : October 23, 2017   [Oct-23-17 10:49AM  Capital Cube]
▶ Meritor: Cramer's Top Takeaways   [06:37AM  TheStreet.com]
▶ Meritor beats Street 3Q forecasts   [Aug-02-17 10:50PM  Associated Press]
▶ ETFs with exposure to Meritor, Inc. : July 10, 2017   [Jul-10-17 02:56PM  Capital Cube]
▶ ETFs with exposure to Meritor, Inc. : June 26, 2017   [Jun-26-17 04:27PM  Capital Cube]
▶ Meritor, Inc. Value Analysis (NYSE:MTOR) : May 16, 2017   [May-16-17 01:12PM  Capital Cube]
Financial statements of MTOR
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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