Intrinsic value of Ingevity - NGVT

Previous Close

$58.61

  Intrinsic Value

$39.51

stock screener

  Rating & Target

sell

-33%

  Value-price divergence*

0%

Previous close

$58.61

 
Intrinsic value

$39.51

 
Up/down potential

-33%

 
Rating

sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of NGVT 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 2.5

 

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, %
  -6.20
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  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
Revenue, $m
  908
  994
  1,084
  1,178
  1,276
  1,377
  1,482
  1,592
  1,706
  1,824
  1,947
  2,075
  2,208
  2,347
  2,491
  2,641
  2,797
  2,961
  3,131
  3,309
  3,494
  3,688
  3,891
  4,102
  4,324
  4,555
  4,798
  5,052
  5,318
  5,596
  5,888
Variable operating expenses, $m
 
  281
  307
  333
  360
  389
  419
  450
  482
  515
  550
  585
  622
  661
  702
  744
  788
  834
  882
  932
  984
  1,039
  1,096
  1,156
  1,218
  1,283
  1,351
  1,423
  1,498
  1,576
  1,658
Fixed operating expenses, $m
 
  586
  601
  616
  631
  647
  663
  680
  697
  714
  732
  751
  769
  789
  808
  828
  849
  870
  892
  914
  937
  961
  985
  1,009
  1,035
  1,060
  1,087
  1,114
  1,142
  1,171
  1,200
Total operating expenses, $m
  815
  867
  908
  949
  991
  1,036
  1,082
  1,130
  1,179
  1,229
  1,282
  1,336
  1,391
  1,450
  1,510
  1,572
  1,637
  1,704
  1,774
  1,846
  1,921
  2,000
  2,081
  2,165
  2,253
  2,343
  2,438
  2,537
  2,640
  2,747
  2,858
Operating income, $m
  93
  127
  177
  229
  284
  341
  400
  462
  527
  595
  665
  740
  817
  897
  981
  1,069
  1,160
  1,256
  1,357
  1,462
  1,573
  1,688
  1,810
  1,937
  2,071
  2,212
  2,360
  2,515
  2,678
  2,849
  3,029
EBITDA, $m
  132
  170
  223
  280
  338
  400
  464
  530
  600
  673
  748
  827
  909
  996
  1,085
  1,179
  1,278
  1,381
  1,488
  1,601
  1,719
  1,843
  1,973
  2,110
  2,253
  2,403
  2,561
  2,727
  2,901
  3,084
  3,276
Interest expense (income), $m
  15
  25
  29
  32
  36
  40
  44
  48
  53
  57
  62
  67
  72
  77
  83
  89
  95
  101
  108
  115
  122
  129
  137
  145
  154
  162
  172
  182
  192
  202
  214
Earnings before tax, $m
  87
  102
  148
  197
  248
  301
  356
  414
  475
  538
  603
  673
  745
  820
  898
  980
  1,065
  1,155
  1,249
  1,348
  1,451
  1,559
  1,673
  1,792
  1,918
  2,049
  2,188
  2,333
  2,486
  2,647
  2,816
Tax expense, $m
  43
  27
  40
  53
  67
  81
  96
  112
  128
  145
  163
  182
  201
  221
  242
  265
  288
  312
  337
  364
  392
  421
  452
  484
  518
  553
  591
  630
  671
  715
  760
Net income, $m
  35
  74
  108
  144
  181
  220
  260
  302
  346
  392
  440
  491
  544
  598
  655
  715
  778
  843
  912
  984
  1,059
  1,138
  1,221
  1,308
  1,400
  1,496
  1,597
  1,703
  1,815
  1,932
  2,056

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  833
  907
  989
  1,075
  1,164
  1,256
  1,353
  1,453
  1,556
  1,664
  1,777
  1,893
  2,015
  2,141
  2,273
  2,410
  2,552
  2,701
  2,857
  3,019
  3,188
  3,365
  3,550
  3,743
  3,945
  4,156
  4,378
  4,609
  4,852
  5,106
  5,372
Adjusted assets (=assets-cash), $m
  802
  907
  989
  1,075
  1,164
  1,256
  1,353
  1,453
  1,556
  1,664
  1,777
  1,893
  2,015
  2,141
  2,273
  2,410
  2,552
  2,701
  2,857
  3,019
  3,188
  3,365
  3,550
  3,743
  3,945
  4,156
  4,378
  4,609
  4,852
  5,106
  5,372
Revenue / Adjusted assets
  1.132
  1.096
  1.096
  1.096
  1.096
  1.096
  1.095
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
  1.096
Average production assets, $m
  450
  492
  537
  583
  631
  682
  734
  788
  844
  903
  964
  1,027
  1,093
  1,162
  1,233
  1,307
  1,385
  1,466
  1,550
  1,638
  1,730
  1,826
  1,926
  2,031
  2,140
  2,255
  2,375
  2,501
  2,632
  2,770
  2,914
Working capital, $m
  158
  148
  162
  176
  190
  205
  221
  237
  254
  272
  290
  309
  329
  350
  371
  394
  417
  441
  467
  493
  521
  550
  580
  611
  644
  679
  715
  753
  792
  834
  877
Total debt, $m
  489
  551
  621
  693
  769
  847
  929
  1,013
  1,101
  1,193
  1,288
  1,387
  1,489
  1,596
  1,708
  1,824
  1,945
  2,071
  2,203
  2,340
  2,483
  2,633
  2,790
  2,953
  3,124
  3,304
  3,491
  3,687
  3,893
  4,108
  4,333
Total liabilities, $m
  706
  768
  838
  910
  986
  1,064
  1,146
  1,230
  1,318
  1,410
  1,505
  1,604
  1,706
  1,813
  1,925
  2,041
  2,162
  2,288
  2,420
  2,557
  2,700
  2,850
  3,007
  3,170
  3,341
  3,521
  3,708
  3,904
  4,110
  4,325
  4,550
Total equity, $m
  127
  139
  151
  164
  178
  192
  207
  222
  238
  255
  272
  290
  308
  328
  348
  369
  391
  413
  437
  462
  488
  515
  543
  573
  604
  636
  670
  705
  742
  781
  822
Total liabilities and equity, $m
  833
  907
  989
  1,074
  1,164
  1,256
  1,353
  1,452
  1,556
  1,665
  1,777
  1,894
  2,014
  2,141
  2,273
  2,410
  2,553
  2,701
  2,857
  3,019
  3,188
  3,365
  3,550
  3,743
  3,945
  4,157
  4,378
  4,609
  4,852
  5,106
  5,372
Debt-to-equity ratio
  3.850
  3.970
  4.100
  4.220
  4.320
  4.410
  4.490
  4.560
  4.620
  4.680
  4.740
  4.790
  4.830
  4.870
  4.910
  4.950
  4.980
  5.010
  5.040
  5.070
  5.090
  5.110
  5.140
  5.160
  5.180
  5.190
  5.210
  5.230
  5.240
  5.260
  5.270
Adjusted equity ratio
  0.130
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153
  0.153

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  74
  108
  144
  181
  220
  260
  302
  346
  392
  440
  491
  544
  598
  655
  715
  778
  843
  912
  984
  1,059
  1,138
  1,221
  1,308
  1,400
  1,496
  1,597
  1,703
  1,815
  1,932
  2,056
Depreciation, amort., depletion, $m
  39
  43
  47
  51
  55
  59
  63
  68
  73
  78
  83
  87
  93
  98
  104
  111
  117
  124
  131
  139
  147
  155
  163
  172
  181
  191
  201
  212
  223
  235
  247
Funds from operations, $m
  133
  117
  155
  194
  235
  279
  323
  370
  419
  470
  523
  578
  636
  697
  760
  826
  895
  968
  1,043
  1,123
  1,206
  1,293
  1,384
  1,481
  1,581
  1,687
  1,798
  1,915
  2,038
  2,167
  2,303
Change in working capital, $m
  5
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
Cash from operations, $m
  128
  104
  141
  180
  221
  263
  308
  354
  402
  452
  505
  559
  616
  676
  738
  804
  872
  943
  1,018
  1,096
  1,178
  1,264
  1,354
  1,449
  1,548
  1,653
  1,762
  1,877
  1,998
  2,125
  2,259
Maintenance CAPEX, $m
  0
  -38
  -42
  -45
  -49
  -54
  -58
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -111
  -117
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
New CAPEX, $m
  -57
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
Cash from investing activities, $m
  -126
  -81
  -87
  -91
  -97
  -104
  -110
  -116
  -123
  -131
  -138
  -145
  -153
  -162
  -169
  -178
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -268
  -282
  -296
  -311
  -327
  -344
  -361
  -379
Free cash flow, $m
  2
  23
  55
  88
  123
  160
  198
  238
  279
  322
  368
  414
  464
  515
  569
  625
  684
  745
  809
  877
  947
  1,022
  1,099
  1,181
  1,267
  1,357
  1,451
  1,550
  1,655
  1,765
  1,880
Issuance/(repayment) of debt, $m
  403
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  137
  143
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -3
  67
  70
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  137
  143
  150
  157
  164
  171
  179
  187
  196
  205
  215
  225
Total cash flow (excl. dividends), $m
  -2
  91
  125
  161
  199
  238
  279
  322
  367
  414
  463
  513
  566
  622
  680
  741
  805
  871
  941
  1,014
  1,091
  1,171
  1,256
  1,345
  1,438
  1,536
  1,638
  1,747
  1,860
  1,980
  2,105
Retained Cash Flow (-), $m
  387
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
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
 
  79
  112
  148
  185
  224
  265
  307
  351
  397
  445
  495
  548
  603
  660
  720
  783
  848
  917
  989
  1,065
  1,144
  1,228
  1,315
  1,407
  1,503
  1,605
  1,711
  1,823
  1,941
  2,065
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  72
  92
  109
  121
  129
  132
  132
  127
  120
  111
  100
  88
  76
  64
  53
  43
  33
  26
  19
  14
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
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

Ingevity Corporation manufactures and sells specialty chemicals and carbon materials in the United States and internationally. It operates through two segments, Performance Chemicals and Performance Materials. The Performance Chemicals segment develops, manufactures, and sells a range of specialty chemicals derived from co-products of the kraft pulping process. This segmentÂ’s products are used in various applications, including asphalt paving, adhesives, agrochemical dispersants, printing inks, lubricants, petroleum, and other diverse industries. The Performance Materials segment engineers, manufactures, and sells wood-based chemically activated carbon products used in gasoline vapor emission control systems. This segment also produces other activated carbon products for the food, water, beverage, and chemical purification industries. The company was incorporated in 2015 and is based in North Charleston, South Carolina. Ingevity Corporation (NYSE:NGVT) operates independently of WestRock Company as of May 16, 2016.

FINANCIAL RATIOS  of  Ingevity (NGVT)

Valuation Ratios
P/E Ratio 70.5
Price to Sales 2.7
Price to Book 19.4
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 34.8
Growth Rates
Sales Growth Rate -6.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.1%
Cap. Spend. - 3 Yr. Gr. Rate -2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 378.7%
Total Debt to Equity 385%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 12.3%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.1%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 20.9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 30.1%
EBITDA Margin 15.5%
EBITDA Margin - 3 Yr. Avg. 19.2%
Operating Margin 10.2%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 14.4%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 49.4%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

NGVT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NGVT stock intrinsic value calculation we used $908 million for the last fiscal year's total revenue generated by Ingevity. The default revenue input number comes from 2016 income statement of Ingevity. 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 NGVT stock valuation model: a) initial revenue growth rate of 9.5% 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 9.6%, whose default value for NGVT is calculated based on our internal credit rating of Ingevity, 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 Ingevity.
    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 NGVT stock the variable cost ratio is equal to 28.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $572 million in the base year in the intrinsic value calculation for NGVT 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 5.2% for Ingevity.

Corporate tax rate of 27% is the nominal tax rate for Ingevity. 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 NGVT 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 NGVT are equal to 49.5%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Ingevity 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 NGVT is equal to 14.9%. 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 - $127 million for Ingevity - 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 42.792 million for Ingevity 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 Ingevity at the current share price and the inputted number of shares is $2.5 billion.

RELATED COMPANIES Price Int.Val. Rating
CBT Cabot 54.30 4.53  str.sell
CCC Calgon Carbon 15.75 1.60  str.sell
XOM Exxon Mobil 80.83 102.38  buy
EMN Eastman Chemic 85.02 62.92  sell
KRA Kraton 35.88 25.58  sell
WRK WestRock 58.72 27.79  str.sell
VHI Valhi 3.16 1.31  str.sell
HUN Huntsman 26.99 6.48  str.sell

COMPANY NEWS

▶ ETFs with exposure to Ingevity Corp. : July 13, 2017   [Jul-13-17 04:19PM  Capital Cube]
▶ ETFs with exposure to Ingevity Corp. : June 26, 2017   [Jun-26-17 04:31PM  Capital Cube]
▶ ETFs with exposure to Ingevity Corp. : June 15, 2017   [Jun-15-17 02:46PM  Capital Cube]
▶ Ingevity Corp. Value Analysis (NYSE:NGVT) : May 8, 2017   [May-08-17 06:03PM  Capital Cube]
▶ Ingevity reports first quarter 2017 financial results   [May-03-17 04:15PM  Business Wire]
▶ ETFs with exposure to Ingevity Corp. : April 5, 2017   [Apr-05-17 05:10PM  Capital Cube]
▶ The Top 15 Spin-Offs Of 2016   [03:48PM  at Forbes]
▶ Ingevity Reports Third Quarter 2016 Financial Results   [Nov-02-16 06:22PM  Business Wire]
▶ Hedge Funds Are Betting Big on These Q2 IPOs   [Aug-24-16 09:15AM  at Insider Monkey]
▶ Ingevity Reports Second Quarter 2016 Financial Results   [Aug-03-16 04:15PM  Business Wire]
Stock chart of NGVT Financial statements of NGVT Annual reports of NGVT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.