Intrinsic value of Natural Grocers by Vitamin Cottage - NGVC

Previous Close

$8.94

  Intrinsic Value

$13.15

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  Rating & Target

buy

+47%

Previous close

$8.94

 
Intrinsic value

$13.15

 
Up/down potential

+47%

 
Rating

buy

We calculate the intrinsic value of NGVC 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 0.2

 

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, %
  12.96
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  706
  769
  834
  902
  973
  1,047
  1,123
  1,203
  1,285
  1,371
  1,460
  1,553
  1,650
  1,750
  1,855
  1,965
  2,079
  2,197
  2,322
  2,451
  2,587
  2,728
  2,876
  3,031
  3,193
  3,363
  3,541
  3,726
  3,921
  4,125
  4,339
Variable operating expenses, $m
 
  733
  795
  860
  927
  997
  1,070
  1,146
  1,224
  1,306
  1,391
  1,479
  1,571
  1,667
  1,767
  1,871
  1,979
  2,093
  2,211
  2,334
  2,463
  2,598
  2,739
  2,887
  3,041
  3,203
  3,372
  3,549
  3,734
  3,929
  4,132
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
  685
  733
  795
  860
  927
  997
  1,070
  1,146
  1,224
  1,306
  1,391
  1,479
  1,571
  1,667
  1,767
  1,871
  1,979
  2,093
  2,211
  2,334
  2,463
  2,598
  2,739
  2,887
  3,041
  3,203
  3,372
  3,549
  3,734
  3,929
  4,132
Operating income, $m
  20
  36
  39
  43
  46
  49
  53
  57
  61
  65
  69
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  145
  152
  160
  169
  178
  187
  197
  207
EBITDA, $m
  46
  64
  70
  75
  81
  88
  94
  101
  107
  115
  122
  130
  138
  146
  155
  164
  174
  184
  194
  205
  216
  228
  241
  254
  267
  281
  296
  312
  328
  345
  363
Interest expense (income), $m
  0
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  14
  15
  17
  18
  19
  20
  21
  22
  24
  25
  27
  28
Earnings before tax, $m
  17
  34
  37
  39
  42
  45
  48
  52
  55
  58
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  114
  120
  126
  132
  139
  146
  154
  162
  170
  179
Tax expense, $m
  6
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
Net income, $m
  11
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  282
  303
  328
  355
  383
  412
  442
  473
  506
  540
  575
  611
  649
  689
  730
  773
  818
  865
  914
  965
  1,018
  1,074
  1,132
  1,193
  1,257
  1,324
  1,394
  1,467
  1,544
  1,624
  1,708
Adjusted assets (=assets-cash), $m
  278
  303
  328
  355
  383
  412
  442
  473
  506
  540
  575
  611
  649
  689
  730
  773
  818
  865
  914
  965
  1,018
  1,074
  1,132
  1,193
  1,257
  1,324
  1,394
  1,467
  1,544
  1,624
  1,708
Revenue / Adjusted assets
  2.540
  2.538
  2.543
  2.541
  2.540
  2.541
  2.541
  2.543
  2.540
  2.539
  2.539
  2.542
  2.542
  2.540
  2.541
  2.542
  2.542
  2.540
  2.540
  2.540
  2.541
  2.540
  2.541
  2.541
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
  2.540
Average production assets, $m
  163
  177
  192
  208
  224
  241
  258
  277
  296
  315
  336
  357
  379
  403
  427
  452
  478
  505
  534
  564
  595
  628
  662
  697
  734
  773
  814
  857
  902
  949
  998
Working capital, $m
  30
  28
  31
  33
  36
  39
  42
  44
  48
  51
  54
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
Total debt, $m
  59
  73
  87
  102
  118
  134
  151
  168
  186
  205
  225
  245
  266
  289
  312
  336
  361
  387
  414
  443
  472
  503
  536
  570
  606
  643
  682
  723
  765
  810
  857
Total liabilities, $m
  156
  169
  183
  198
  214
  230
  247
  264
  282
  301
  321
  341
  362
  385
  408
  432
  457
  483
  510
  539
  568
  599
  632
  666
  702
  739
  778
  819
  861
  906
  953
Total equity, $m
  127
  134
  145
  157
  169
  182
  195
  209
  224
  239
  254
  270
  287
  305
  323
  342
  362
  382
  404
  427
  450
  475
  501
  527
  556
  585
  616
  648
  682
  718
  755
Total liabilities and equity, $m
  283
  303
  328
  355
  383
  412
  442
  473
  506
  540
  575
  611
  649
  690
  731
  774
  819
  865
  914
  966
  1,018
  1,074
  1,133
  1,193
  1,258
  1,324
  1,394
  1,467
  1,543
  1,624
  1,708
Debt-to-equity ratio
  0.465
  0.540
  0.600
  0.650
  0.700
  0.740
  0.770
  0.800
  0.830
  0.860
  0.880
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.140
Adjusted equity ratio
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
  107
  112
  118
  124
  130
Depreciation, amort., depletion, $m
  26
  28
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  67
  71
  75
  79
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
Funds from operations, $m
  13
  53
  57
  62
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  124
  131
  139
  146
  154
  163
  172
  181
  191
  201
  211
  223
  234
  246
  259
  272
  286
Change in working capital, $m
  -16
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  29
  51
  55
  59
  64
  68
  73
  78
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  205
  216
  228
  239
  252
  265
  278
Maintenance CAPEX, $m
  0
  -25
  -28
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
New CAPEX, $m
  -54
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
Cash from investing activities, $m
  -54
  -39
  -43
  -46
  -48
  -52
  -56
  -58
  -62
  -66
  -70
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -197
Free cash flow, $m
  -25
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
Issuance/(repayment) of debt, $m
  27
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  26
  14
  14
  15
  16
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
Total cash flow (excl. dividends), $m
  1
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
Retained Cash Flow (-), $m
  -12
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
Prev. year cash balance distribution, $m
 
  4
  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
 
  18
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  17
  14
  15
  15
  15
  16
  16
  16
  16
  15
  15
  14
  13
  13
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  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

Natural Grocers By Vitamin Cottage Inc. (Natural Grocers) is a specialty retailer of natural and organic groceries and dietary supplements. The Company sells natural and organic groceries and dietary supplements. The Company’s grocery products include: bulk food and private label products, dry, frozen and canned groceries, meats and seafood, dairy products and dairy substitutes, prepared foods, bread and baked goods, and beverages. Natural Grocers’ other products include body care, pet care, household and general merchandise, and books and handouts. The Company’s 107,000 square foot bulk food repackaging facility and distribution center is in Golden, Colorado. The Company stock approximately 400 titles in its book department. Titles cover various approaches to diet, lifestyle and health. The Company’s subsidiaries include Vitamin Cottage Natural Food Markets, Inc. and Vitamin Cottage Two Ltd. Liability Company and Natural Systems, LLC.

FINANCIAL RATIOS  of  Natural Grocers by Vitamin Cottage (NGVC)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow -8
Growth Rates
Sales Growth Rate 13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 46.5%
Total Debt to Equity 46.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 6.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 28.6%
Gross Margin - 3 Yr. Avg. 29%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 3%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 38.2%
Payout Ratio 0%

NGVC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGVC stock intrinsic value calculation we used $706 million for the last fiscal year's total revenue generated by Natural Grocers by Vitamin Cottage. The default revenue input number comes from 2016 income statement of Natural Grocers by Vitamin Cottage. 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 NGVC stock valuation model: a) initial revenue growth rate of 8.9% 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 4.3%, whose default value for NGVC is calculated based on our internal credit rating of Natural Grocers by Vitamin Cottage, 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 Natural Grocers by Vitamin Cottage.
    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 NGVC stock the variable cost ratio is equal to 95.3%.

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 NGVC 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 Natural Grocers by Vitamin Cottage.

Corporate tax rate of 27% is the nominal tax rate for Natural Grocers by Vitamin Cottage. 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 NGVC 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 NGVC are equal to 23%.

Life of production assets of 6.4 years is the average useful life of capital assets used in Natural Grocers by Vitamin Cottage 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 NGVC is equal to 3.7%. 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 - $127 million for Natural Grocers by Vitamin Cottage - 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 22.435 million for Natural Grocers by Vitamin Cottage 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 Natural Grocers by Vitamin Cottage at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
SFM Sprouts Farmer 24.12 29.31  str.buy
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VSI Vitamin Shoppe 4.05 38.16  str.buy
WMT Wal-Mart Store 97.11 73.54  hold

COMPANY NEWS

▶ Natural Grocers is hiring in Warrenton   [Dec-01-17 05:17PM  PR Newswire]
▶ Natural Grocers beats Street 4Q forecasts   [Nov-16-17 05:13PM  Associated Press]
▶ Natural Grocers is hiring in Keller and North Fort Worth   [Oct-25-17 07:14AM  PR Newswire]
▶ The Top 3 Reasons Shoppers Buy Organic Produce   [Aug-24-17 08:23AM  PR Newswire]
▶ Natural Grocers is Hiring in Heber City, Utah   [Jul-27-17 12:00PM  PR Newswire]
▶ What Nutrition Professionals Recommend for Summer Skin   [Jun-13-17 02:53PM  PR Newswire]
▶ Natural Grocers to Open New Iowa City Store on June 21   [Jun-06-17 04:34PM  PR Newswire]
▶ Natural Grocers to Open New Portland Store on June 7   [Jun-01-17 05:48PM  PR Newswire]
▶ Amazon rolling out same-day grocery delivery in Denver   [May-24-17 10:25AM  American City Business Journals]
▶ Whole Foods Has Wasted So Much Time   [May-11-17 10:11AM  TheStreet.com]
▶ Natural Grocers misses Street 2Q forecasts   [May-04-17 07:05PM  Associated Press]
▶ Natural Grocers is Hiring in Iowa City   [Apr-18-17 11:03AM  PR Newswire]
▶ Natural Grocers is Hiring in Denver   [Mar-29-17 03:40PM  PR Newswire]
▶ Natural Grocers is Hiring in Boulder   [Feb-23-17 09:07AM  PR Newswire]
▶ Kombucha on Tap at Natural Grocers   [Feb-16-17 12:51PM  PR Newswire]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ Specialty grocer preps for second San Antonio location   [Jan-05-17 04:05PM  at bizjournals.com]
▶ Natural Grocers Brings 18 New Jobs to South Jordan, Utah   [Dec-22-16 09:07AM  PR Newswire]
▶ Retail Roundup: Ramen, steak and upscale barbecue   [Nov-22-16 04:10PM  at bizjournals.com]
Financial statements of NGVC
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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