Intrinsic value of Neff Cl A - NEFF

Previous Close

$24.80

  Intrinsic Value

$4.81

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

-80%

Previous close

$24.80

 
Intrinsic value

$4.81

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

-80%

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

We calculate the intrinsic value of NEFF 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 0.6

 

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, %
  3.39
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  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
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  397
  424
  451
  480
  510
  541
  574
  608
  643
  680
  718
  758
  800
  844
  890
  938
  988
  1,041
  1,096
  1,153
  1,214
  1,277
  1,343
  1,412
  1,485
  1,561
  1,641
  1,725
  1,813
  1,905
  2,002
Variable operating expenses, $m
 
  293
  312
  331
  352
  373
  395
  418
  442
  467
  493
  514
  542
  572
  603
  636
  670
  705
  742
  781
  822
  865
  910
  957
  1,006
  1,058
  1,112
  1,169
  1,229
  1,291
  1,357
Fixed operating expenses, $m
 
  32
  33
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
Total operating expenses, $m
  305
  325
  345
  364
  386
  408
  431
  455
  480
  506
  533
  555
  584
  615
  647
  681
  716
  752
  790
  831
  873
  917
  963
  1,012
  1,062
  1,115
  1,171
  1,229
  1,291
  1,354
  1,422
Operating income, $m
  92
  99
  107
  115
  124
  133
  143
  153
  163
  174
  186
  204
  216
  229
  243
  257
  273
  288
  305
  322
  340
  360
  380
  401
  423
  446
  470
  496
  523
  551
  580
EBITDA, $m
  190
  159
  171
  183
  196
  209
  223
  237
  252
  268
  284
  301
  319
  338
  357
  378
  399
  422
  445
  470
  496
  523
  552
  582
  613
  646
  681
  717
  755
  795
  837
Interest expense (income), $m
  42
  41
  35
  37
  39
  42
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  93
  98
  103
  108
  114
  120
  127
  133
  140
  147
  155
  163
Earnings before tax, $m
  46
  58
  72
  78
  85
  91
  98
  105
  113
  121
  129
  144
  153
  162
  172
  182
  193
  205
  217
  229
  243
  257
  271
  286
  302
  319
  337
  356
  375
  396
  417
Tax expense, $m
  7
  16
  20
  21
  23
  25
  26
  28
  30
  33
  35
  39
  41
  44
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  96
  101
  107
  113
Net income, $m
  11
  42
  53
  57
  62
  67
  72
  77
  82
  88
  94
  105
  111
  118
  126
  133
  141
  150
  158
  167
  177
  187
  198
  209
  221
  233
  246
  260
  274
  289
  305

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  648
  691
  736
  783
  832
  883
  936
  991
  1,049
  1,109
  1,172
  1,237
  1,306
  1,377
  1,452
  1,530
  1,612
  1,698
  1,787
  1,881
  1,980
  2,083
  2,191
  2,304
  2,423
  2,547
  2,677
  2,814
  2,958
  3,108
  3,266
Adjusted assets (=assets-cash), $m
  647
  691
  736
  783
  832
  883
  936
  991
  1,049
  1,109
  1,172
  1,237
  1,306
  1,377
  1,452
  1,530
  1,612
  1,698
  1,787
  1,881
  1,980
  2,083
  2,191
  2,304
  2,423
  2,547
  2,677
  2,814
  2,958
  3,108
  3,266
Revenue / Adjusted assets
  0.614
  0.614
  0.613
  0.613
  0.613
  0.613
  0.613
  0.614
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
  0.613
Average production assets, $m
  509
  543
  579
  615
  654
  694
  735
  779
  824
  871
  921
  972
  1,026
  1,082
  1,141
  1,202
  1,267
  1,334
  1,405
  1,478
  1,556
  1,637
  1,722
  1,811
  1,904
  2,002
  2,104
  2,212
  2,324
  2,443
  2,567
Working capital, $m
  0
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Total debt, $m
  691
  586
  627
  669
  713
  759
  806
  856
  908
  962
  1,018
  1,077
  1,139
  1,203
  1,271
  1,341
  1,415
  1,492
  1,573
  1,657
  1,746
  1,838
  1,936
  2,038
  2,144
  2,256
  2,374
  2,497
  2,626
  2,761
  2,904
Total liabilities, $m
  728
  622
  663
  705
  749
  795
  842
  892
  944
  998
  1,054
  1,113
  1,175
  1,239
  1,307
  1,377
  1,451
  1,528
  1,609
  1,693
  1,782
  1,874
  1,972
  2,074
  2,180
  2,292
  2,410
  2,533
  2,662
  2,797
  2,940
Total equity, $m
  -79
  69
  74
  78
  83
  88
  94
  99
  105
  111
  117
  124
  131
  138
  145
  153
  161
  170
  179
  188
  198
  208
  219
  230
  242
  255
  268
  281
  296
  311
  327
Total liabilities and equity, $m
  649
  691
  737
  783
  832
  883
  936
  991
  1,049
  1,109
  1,171
  1,237
  1,306
  1,377
  1,452
  1,530
  1,612
  1,698
  1,788
  1,881
  1,980
  2,082
  2,191
  2,304
  2,422
  2,547
  2,678
  2,814
  2,958
  3,108
  3,267
Debt-to-equity ratio
  -8.747
  8.480
  8.510
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
  8.680
  8.690
  8.710
  8.720
  8.740
  8.750
  8.760
  8.780
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.840
  8.850
  8.860
  8.870
  8.870
  8.880
  8.880
  8.890
Adjusted equity ratio
  -0.124
  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
  11
  42
  53
  57
  62
  67
  72
  77
  82
  88
  94
  105
  111
  118
  126
  133
  141
  150
  158
  167
  177
  187
  198
  209
  221
  233
  246
  260
  274
  289
  305
Depreciation, amort., depletion, $m
  98
  60
  64
  68
  71
  75
  80
  84
  89
  93
  98
  97
  103
  108
  114
  120
  127
  133
  140
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
  244
  257
Funds from operations, $m
  155
  103
  117
  125
  133
  142
  151
  161
  171
  181
  192
  202
  214
  227
  240
  253
  268
  283
  299
  315
  333
  351
  370
  390
  411
  433
  456
  481
  506
  533
  561
Change in working capital, $m
  6
  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 operations, $m
  149
  103
  117
  125
  133
  142
  151
  161
  171
  181
  192
  202
  214
  227
  240
  254
  268
  283
  299
  315
  333
  351
  370
  390
  411
  434
  457
  481
  507
  534
  562
Maintenance CAPEX, $m
  0
  -51
  -54
  -58
  -62
  -65
  -69
  -74
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
New CAPEX, $m
  -124
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -118
  -124
Cash from investing activities, $m
  -101
  -85
  -89
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -214
  -225
  -237
  -249
  -261
  -274
  -288
  -303
  -318
  -334
  -350
  -368
Free cash flow, $m
  48
  18
  27
  30
  33
  37
  40
  44
  48
  52
  56
  59
  63
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  129
  137
  145
  154
  163
  173
  183
  193
Issuance/(repayment) of debt, $m
  -31
  -105
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
Issuance/(repurchase) of shares, $m
  -15
  106
  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  
  -47
  1
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
Total cash flow (excl. dividends), $m
  1
  19
  68
  72
  77
  83
  88
  94
  100
  106
  112
  118
  125
  132
  140
  148
  157
  166
  176
  186
  196
  207
  219
  231
  244
  257
  271
  286
  302
  318
  335
Retained Cash Flow (-), $m
  -16
  -148
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
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
 
  -130
  63
  68
  72
  78
  83
  88
  94
  100
  106
  111
  118
  125
  133
  141
  149
  158
  167
  176
  186
  197
  208
  220
  232
  245
  258
  273
  288
  303
  320
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  -114
  49
  45
  41
  37
  33
  28
  24
  20
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  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

Neff Corporation, through its subsidiary, Neff Holdings LLC, operates as an equipment rental company in the United States. The company offers earthmoving equipment, including excavators, backhoes, loaders, bulldozers, mini-excavators, trenchers, sweepers and tractors, track loaders, and skid steers; and material handling equipment comprising reach forklifts, industrial forklifts, and straight-mast forklifts. The company also provides aerial equipment, such as personnel lifts, electric scissor lifts, dual fuel scissor lifts, articulating boom lifts, and straight boom lifts; and other rental equipment consisting of compaction and concrete equipment, trucks and trailers, sweepers, air equipment, generators, welders, lighting equipment, pumps, and other small equipment and tools. In addition, it is involved in the sale of used and new equipment; and sale of complementary parts, supplies, fuel, and merchandise, as well as offers repair and maintenance services. The company serves various industries, such as industrial and civil construction, manufacturing, public utilities, offshore oil exploration and drilling, refineries and petrochemical facilities, municipalities, golf course construction, shipping, and the military. Neff Corporation was founded in 1989 and is headquartered in Miami, Florida.

FINANCIAL RATIOS  of  Neff Cl A (NEFF)

Valuation Ratios
P/E Ratio 53.7
Price to Sales 1.5
Price to Book -7.5
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 23.6
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity -874.7%
Total Debt to Equity -874.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 9.2%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity -12.6%
Return On Equity - 3 Yr. Avg. -10.7%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 49.9%
Gross Margin - 3 Yr. Avg. 50.1%
EBITDA Margin 46.9%
EBITDA Margin - 3 Yr. Avg. 43.2%
Operating Margin 23.2%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 15.2%
Eff/ Tax Rate - 3 Yr. Avg. -11.9%
Payout Ratio 0%

NEFF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NEFF stock intrinsic value calculation we used $397 million for the last fiscal year's total revenue generated by Neff Cl A. The default revenue input number comes from 2016 income statement of Neff Cl A. 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 NEFF stock valuation model: a) initial revenue growth rate of 6.7% 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 13.2%, whose default value for NEFF is calculated based on our internal credit rating of Neff Cl A, 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 Neff Cl A.
    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 NEFF stock the variable cost ratio is equal to 69.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $31 million in the base year in the intrinsic value calculation for NEFF 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 5.9% for Neff Cl A.

Corporate tax rate of 27% is the nominal tax rate for Neff Cl A. 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 NEFF 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 NEFF are equal to 128.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Neff Cl A 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 NEFF is equal to -0.3%. 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 - $-79 million for Neff Cl A - 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 23.788 million for Neff Cl A 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 Neff Cl A at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
HEES H&E Equipment 20.81 8.71  str.sell
URI United Rentals 108.40 104.52  hold
MIND Mitcham Indust 3.13 1.58  str.sell

COMPANY NEWS

▶ ETFs with exposure to Neff Corp. : August 21, 2017   [Aug-21-17 04:42PM  Capital Cube]
▶ Wal-Mart Stores, L Brands and Cisco Systems skid   [Aug-17-17 04:30PM  Associated Press]
▶ United Rentals: It Remains to Be Seen   [11:35AM  Barrons.com]
▶ Neff Corporation Statement on Transaction Update   [Aug-16-17 10:27AM  Business Wire]
▶ Neff, Target surge, while Newmont Mining dips   [Aug-14-17 05:21PM  Associated Press]
▶ Neff posts 2Q profit   [Aug-03-17 03:18PM  Associated Press]
▶ Neff Corporation Announces Second Quarter 2017 Results   [Aug-02-17 04:39PM  Business Wire]
▶ ETFs with exposure to Neff Corp. : May 29, 2017   [May-29-17 12:50PM  Capital Cube]
▶ ETFs with exposure to Neff Corp. : May 18, 2017   [May-18-17 01:54PM  Capital Cube]
▶ ETFs with exposure to Neff Corp. : April 28, 2017   [Apr-28-17 04:06PM  Capital Cube]
▶ Neff posts 1Q profit   [Apr-25-17 05:33PM  Associated Press]
▶ ETFs with exposure to Neff Corp. : April 7, 2017   [Apr-07-17 05:07PM  Capital Cube]
▶ Neff misses 4Q profit forecasts   [Mar-02-17 06:09PM  Associated Press]
▶ Hedge Funds Are Buying Abraxas Petroleum Corp. (AXAS)   [Dec-14-16 06:03AM  Insider Monkey]
▶ ETFs with exposure to Neff Corp. : October 28, 2016   [Oct-28-16 03:11PM  Capital Cube]
Stock chart of NEFF Financial statements of NEFF
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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