Intrinsic value of NL Industries - NL

Previous Close

$13.65

  Intrinsic Value

$6.31

stock screener

  Rating & Target

str. sell

-54%

Previous close

$13.65

 
Intrinsic value

$6.31

 
Up/down potential

-54%

 
Rating

str. sell

We calculate the intrinsic value of NL 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 0.7

 

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, %
  0.00
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  109
  121
  134
  147
  161
  175
  191
  206
  223
  240
  257
  276
  295
  314
  335
  356
  379
  402
  426
  451
  478
  505
  534
  564
  595
  628
  662
  697
  735
  774
  815
Variable operating expenses, $m
 
  121
  133
  146
  160
  174
  189
  204
  220
  236
  254
  269
  287
  307
  327
  348
  369
  392
  416
  440
  466
  493
  521
  550
  580
  612
  645
  680
  716
  755
  794
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
  110
  121
  133
  146
  160
  174
  189
  204
  220
  236
  254
  269
  287
  307
  327
  348
  369
  392
  416
  440
  466
  493
  521
  550
  580
  612
  645
  680
  716
  755
  794
Operating income, $m
  -1
  0
  1
  1
  1
  2
  2
  2
  3
  3
  4
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
EBITDA, $m
  3
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
Interest expense (income), $m
  0
  0
  1
  2
  3
  3
  4
  5
  6
  8
  9
  10
  11
  12
  14
  15
  16
  18
  19
  21
  23
  25
  26
  28
  30
  32
  35
  37
  39
  42
  44
Earnings before tax, $m
  14
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
Tax expense, $m
  -3
  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
Net income, $m
  15
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  93
  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
  385
  325
  359
  394
  432
  470
  511
  553
  597
  642
  690
  739
  790
  843
  898
  956
  1,015
  1,078
  1,143
  1,210
  1,281
  1,354
  1,431
  1,511
  1,595
  1,682
  1,774
  1,869
  1,970
  2,074
  2,184
Adjusted assets (=assets-cash), $m
  292
  325
  359
  394
  432
  470
  511
  553
  597
  642
  690
  739
  790
  843
  898
  956
  1,015
  1,078
  1,143
  1,210
  1,281
  1,354
  1,431
  1,511
  1,595
  1,682
  1,774
  1,869
  1,970
  2,074
  2,184
Revenue / Adjusted assets
  0.373
  0.372
  0.373
  0.373
  0.373
  0.372
  0.374
  0.373
  0.374
  0.374
  0.372
  0.373
  0.373
  0.372
  0.373
  0.372
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
Average production assets, $m
  34
  37
  41
  45
  49
  54
  59
  63
  68
  74
  79
  85
  90
  97
  103
  109
  116
  123
  131
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
Working capital, $m
  93
  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 debt, $m
  0
  23
  47
  73
  99
  127
  155
  185
  216
  248
  282
  317
  353
  391
  430
  471
  513
  557
  603
  651
  701
  753
  808
  864
  924
  986
  1,051
  1,118
  1,189
  1,264
  1,341
Total liabilities, $m
  207
  230
  254
  280
  306
  334
  362
  392
  423
  455
  489
  524
  560
  598
  637
  678
  720
  764
  810
  858
  908
  960
  1,015
  1,071
  1,131
  1,193
  1,258
  1,325
  1,396
  1,471
  1,548
Total equity, $m
  178
  94
  104
  115
  126
  137
  149
  161
  174
  187
  201
  215
  230
  245
  261
  278
  296
  314
  332
  352
  373
  394
  416
  440
  464
  490
  516
  544
  573
  604
  636
Total liabilities and equity, $m
  385
  324
  358
  395
  432
  471
  511
  553
  597
  642
  690
  739
  790
  843
  898
  956
  1,016
  1,078
  1,142
  1,210
  1,281
  1,354
  1,431
  1,511
  1,595
  1,683
  1,774
  1,869
  1,969
  2,075
  2,184
Debt-to-equity ratio
  0.000
  0.250
  0.450
  0.630
  0.790
  0.920
  1.040
  1.150
  1.240
  1.330
  1.410
  1.470
  1.540
  1.590
  1.640
  1.690
  1.740
  1.780
  1.810
  1.850
  1.880
  1.910
  1.940
  1.970
  1.990
  2.010
  2.040
  2.060
  2.080
  2.090
  2.110
Adjusted equity ratio
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  15
  0
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
Depreciation, amort., depletion, $m
  4
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
Funds from operations, $m
  32
  5
  5
  5
  5
  4
  4
  4
  4
  3
  3
  3
  2
  2
  1
  1
  1
  0
  0
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
Change in working capital, $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
Cash from operations, $m
  28
  5
  5
  5
  5
  4
  4
  4
  4
  3
  3
  3
  2
  2
  1
  1
  1
  0
  0
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
New CAPEX, $m
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -13
Cash from investing activities, $m
  -31
  -6
  -6
  -7
  -7
  -7
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -12
  -14
  -14
  -15
  -15
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -29
Free cash flow, $m
  -3
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
Issuance/(repayment) of debt, $m
  1
  23
  24
  25
  26
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
Issuance/(repurchase) of shares, $m
  0
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  17
  19
  20
  21
  23
  24
  26
  28
  30
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
Cash from financing (excl. dividends), $m  
  0
  32
  34
  36
  38
  41
  43
  45
  47
  50
  53
  52
  55
  58
  60
  64
  66
  70
  74
  78
  81
  85
  89
  95
  99
  104
  110
  115
  121
  127
  134
Total cash flow (excl. dividends), $m
  -3
  32
  33
  35
  36
  37
  39
  40
  42
  43
  45
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
  85
  89
  94
  98
Retained Cash Flow (-), $m
  -28
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
Prev. year cash balance distribution, $m
 
  93
  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
 
  115
  23
  23
  24
  24
  25
  25
  25
  26
  26
  27
  27
  27
  28
  28
  29
  29
  30
  31
  31
  32
  33
  34
  35
  36
  37
  38
  39
  41
  42
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
 
  111
  21
  20
  20
  19
  18
  17
  16
  15
  14
  13
  12
  10
  9
  8
  7
  6
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  94.5
  91.8
  89.3
  86.9
  84.6
  82.3
  80.1
  78.0
  75.9
  74.2
  72.5
  70.9
  69.3
  67.7
  66.1
  64.6
  63.1
  61.6
  60.2
  58.8
  57.4
  56.0
  54.7
  53.4
  52.1
  50.9
  49.7
  48.5
  47.3

NL Industries, Inc. is a holding company. The Company operates in the component products industry through its subsidiary, CompX International Inc. (CompX). The Company operates in the chemicals industry through its non-controlling interest in Kronos Worldwide, Inc. (Kronos). The Company, through Compx, manufactures engineered components that are sold to a range of industries, including recreational transportation (including boats), postal, office and institutional furniture, cabinetry, tool storage, healthcare, gas stations and vending equipment. Kronos is a global producer and marketer of value-added titanium dioxide pigments (TiO2), a base industrial product used in imparting whiteness, brightness and opacity to a range of customer applications and end use markets, including coatings, plastics, paper, inks, food, cosmetics, and other industrial and consumer products. Kronos has production facilities in Europe and North America.

FINANCIAL RATIOS  of  NL Industries (NL)

Valuation Ratios
P/E Ratio 44.3
Price to Sales 6.1
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 23.7
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -5.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 32.1%
Gross Margin - 3 Yr. Avg. 31.1%
EBITDA Margin 16.5%
EBITDA Margin - 3 Yr. Avg. 3.6%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 12.8%
Pre-Tax Margin - 3 Yr. Avg. -0.1%
Net Profit Margin 13.8%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate -21.4%
Eff/ Tax Rate - 3 Yr. Avg. 15.9%
Payout Ratio 0%

NL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NL stock intrinsic value calculation we used $109 million for the last fiscal year's total revenue generated by NL Industries. The default revenue input number comes from 2016 income statement of NL Industries. 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 NL stock valuation model: a) initial revenue growth rate of 11.1% 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 NL is calculated based on our internal credit rating of NL Industries, 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 NL Industries.
    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 NL stock the variable cost ratio is equal to 100%.

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 NL 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 NL Industries.

Corporate tax rate of 27% is the nominal tax rate for NL Industries. 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 NL 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 NL are equal to 30.7%.

Life of production assets of 15.1 years is the average useful life of capital assets used in NL Industries 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 NL is equal to 0%. 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 - $178 million for NL Industries - 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 48.715 million for NL Industries 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 NL Industries at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
CIX CompX Internat 14.45 9.23  sell
VHI Valhi 3.43 0.89  str.sell
EML Eastern 30.10 2.68  str.sell
NNBR NN 30.65 18.85  sell
ROLL RBC Bearings 126.45 58.08  str.sell
TKR Timken 50.55 2.95  str.sell
KRO Kronos Worldwi 26.25 0.85  str.sell
SYNL Synalloy 14.77 2.52  str.sell
ALLE Allegion 87.31 23.05  str.sell

COMPANY NEWS

▶ NL Industries posts 2Q profit   [Aug-07-17 08:01PM  Associated Press]
▶ NL REPORTS SECOND QUARTER 2017 RESULTS   [06:05PM  GlobeNewswire]
▶ ETFs with exposure to NL Industries, Inc. : June 2, 2017   [Jun-02-17 02:21PM  Capital Cube]
▶ NL Industries posts 1Q profit   [05:24AM  Associated Press]
▶ NL REPORTS FIRST QUARTER 2017 RESULTS   [May-08-17 04:21PM  GlobeNewswire]
▶ Court rules New Jersey not liable in $80M Superfund cleanup   [Mar-27-17 06:04PM  Associated Press]
▶ NL Industries posts 4Q profit   [Mar-10-17 04:48PM  Associated Press]
▶ NL REPORTS FOURTH QUARTER 2016 RESULTS   [04:24PM  GlobeNewswire]
▶ NL REPORTS THIRD QUARTER 2016 RESULTS   [04:26PM  GlobeNewswire]
▶ NL Reports Second Quarter 2016 Results   [04:41PM  GlobeNewswire]
▶ NL REPORTS FIRST QUARTER 2016 RESULTS   [05:04PM  GlobeNewswire]
▶ NL Reports Fourth Quarter 2015 Results   [04:27PM  GlobeNewswire]
▶ NL Reports Third Quarter 2015 Results   [04:26PM  GlobeNewswire]
▶ 10-Q for NL Industries, Inc.   [Aug-09  08:13PM  at Company Spotlight]
▶ NL REPORTS SECOND QUARTER 2015 RESULTS   [05:05PM  GlobeNewswire]
▶ 10-Q for NL Industries, Inc.   [May-11  08:12PM  at Company Spotlight]
▶ NL REPORTS FIRST QUARTER 2015 RESULTS   [May-07  06:26PM  at noodls]
▶ NL REPORTS FIRST QUARTER 2015 RESULTS   [05:46PM  Thomson Reuters ONE]
▶ 10-K for NL Industries, Inc.   [May-05  08:12PM  at Company Spotlight]
▶ NL REPORTS FOURTH QUARTER 2014 RESULTS   [Mar-12  05:43PM  at noodls]
▶ NL REPORTS FOURTH QUARTER 2014 RESULTS   [05:31PM  GlobeNewswire]
Financial statements of NL
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.