Intrinsic value of Neenah Paper - NP

Previous Close

$79.85

  Intrinsic Value

$55.40

stock screener

  Rating & Target

sell

-31%

  Value-price divergence*

-10%

Previous close

$79.85

 
Intrinsic value

$55.40

 
Up/down potential

-31%

 
Rating

sell

 
Value-price divergence*

-10%

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

We calculate the intrinsic value of NP 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 1.3

 

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, %
  6.08
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  942
  961
  983
  1,008
  1,037
  1,068
  1,102
  1,140
  1,181
  1,224
  1,271
  1,322
  1,375
  1,432
  1,493
  1,558
  1,626
  1,698
  1,774
  1,855
  1,940
  2,030
  2,125
  2,225
  2,331
  2,442
  2,558
  2,681
  2,811
  2,947
  3,090
Variable operating expenses, $m
 
  729
  746
  765
  786
  810
  836
  864
  894
  927
  963
  993
  1,034
  1,077
  1,122
  1,171
  1,222
  1,276
  1,334
  1,394
  1,458
  1,526
  1,597
  1,672
  1,752
  1,835
  1,923
  2,015
  2,112
  2,215
  2,322
Fixed operating expenses, $m
 
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
  155
  159
  162
  167
  171
  175
  179
  184
  188
  193
  198
  203
  208
  213
  219
  224
  230
  235
  241
Total operating expenses, $m
  827
  847
  867
  889
  913
  940
  969
  1,001
  1,034
  1,071
  1,110
  1,144
  1,189
  1,236
  1,284
  1,338
  1,393
  1,451
  1,513
  1,578
  1,646
  1,719
  1,795
  1,875
  1,960
  2,048
  2,142
  2,239
  2,342
  2,450
  2,563
Operating income, $m
  114
  114
  116
  120
  124
  128
  134
  140
  146
  154
  162
  177
  187
  197
  208
  220
  233
  247
  261
  277
  294
  311
  330
  350
  371
  393
  417
  442
  469
  497
  526
EBITDA, $m
  146
  149
  152
  156
  161
  166
  172
  180
  187
  196
  205
  216
  227
  239
  252
  266
  280
  296
  313
  331
  350
  370
  392
  414
  438
  464
  491
  520
  550
  582
  616
Interest expense (income), $m
  10
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  50
Earnings before tax, $m
  103
  104
  106
  109
  113
  117
  121
  127
  133
  139
  146
  161
  170
  179
  189
  200
  211
  224
  237
  251
  266
  282
  299
  317
  336
  356
  377
  400
  424
  450
  477
Tax expense, $m
  30
  28
  29
  29
  30
  31
  33
  34
  36
  38
  40
  44
  46
  48
  51
  54
  57
  60
  64
  68
  72
  76
  81
  85
  91
  96
  102
  108
  115
  121
  129
Net income, $m
  73
  76
  78
  80
  82
  85
  89
  92
  97
  102
  107
  118
  124
  131
  138
  146
  154
  163
  173
  183
  194
  206
  218
  231
  245
  260
  276
  292
  310
  328
  348

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  766
  778
  796
  816
  839
  865
  893
  923
  956
  991
  1,030
  1,070
  1,114
  1,160
  1,209
  1,261
  1,316
  1,375
  1,437
  1,502
  1,571
  1,644
  1,721
  1,802
  1,887
  1,977
  2,072
  2,171
  2,276
  2,386
  2,502
Adjusted assets (=assets-cash), $m
  763
  778
  796
  816
  839
  865
  893
  923
  956
  991
  1,030
  1,070
  1,114
  1,160
  1,209
  1,261
  1,316
  1,375
  1,437
  1,502
  1,571
  1,644
  1,721
  1,802
  1,887
  1,977
  2,072
  2,171
  2,276
  2,386
  2,502
Revenue / Adjusted assets
  1.235
  1.235
  1.235
  1.235
  1.236
  1.235
  1.234
  1.235
  1.235
  1.235
  1.234
  1.236
  1.234
  1.234
  1.235
  1.236
  1.236
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
  1.235
Average production assets, $m
  421
  429
  438
  450
  462
  476
  492
  508
  527
  546
  567
  589
  613
  639
  666
  695
  725
  757
  791
  827
  865
  906
  948
  992
  1,039
  1,089
  1,141
  1,196
  1,254
  1,314
  1,378
Working capital, $m
  128
  129
  132
  135
  139
  143
  148
  153
  158
  164
  170
  177
  184
  192
  200
  209
  218
  228
  238
  249
  260
  272
  285
  298
  312
  327
  343
  359
  377
  395
  414
Total debt, $m
  221
  229
  239
  250
  263
  277
  293
  310
  328
  348
  370
  392
  417
  443
  470
  499
  530
  563
  598
  634
  673
  714
  757
  802
  850
  900
  953
  1,009
  1,067
  1,129
  1,194
Total liabilities, $m
  427
  436
  446
  457
  470
  484
  500
  517
  535
  555
  577
  599
  624
  650
  677
  706
  737
  770
  805
  841
  880
  921
  964
  1,009
  1,057
  1,107
  1,160
  1,216
  1,274
  1,336
  1,401
Total equity, $m
  338
  342
  350
  359
  369
  380
  393
  406
  421
  436
  453
  471
  490
  510
  532
  555
  579
  605
  632
  661
  691
  723
  757
  793
  830
  870
  911
  955
  1,001
  1,050
  1,101
Total liabilities and equity, $m
  765
  778
  796
  816
  839
  864
  893
  923
  956
  991
  1,030
  1,070
  1,114
  1,160
  1,209
  1,261
  1,316
  1,375
  1,437
  1,502
  1,571
  1,644
  1,721
  1,802
  1,887
  1,977
  2,071
  2,171
  2,275
  2,386
  2,502
Debt-to-equity ratio
  0.654
  0.670
  0.680
  0.700
  0.710
  0.730
  0.750
  0.760
  0.780
  0.800
  0.820
  0.830
  0.850
  0.870
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.990
  1.000
  1.010
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.080
Adjusted equity ratio
  0.439
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  76
  78
  80
  82
  85
  89
  92
  97
  102
  107
  118
  124
  131
  138
  146
  154
  163
  173
  183
  194
  206
  218
  231
  245
  260
  276
  292
  310
  328
  348
Depreciation, amort., depletion, $m
  32
  35
  35
  36
  37
  38
  39
  40
  41
  42
  44
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
Funds from operations, $m
  105
  111
  113
  116
  119
  123
  127
  132
  138
  144
  151
  156
  164
  172
  181
  191
  201
  212
  224
  237
  250
  264
  280
  296
  313
  331
  350
  370
  391
  414
  438
Change in working capital, $m
  -11
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
Cash from operations, $m
  116
  108
  110
  112
  115
  119
  123
  127
  133
  138
  144
  149
  157
  165
  173
  182
  192
  203
  214
  226
  239
  252
  267
  282
  298
  316
  334
  353
  374
  395
  418
Maintenance CAPEX, $m
  0
  -27
  -28
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -64
  -67
  -71
  -74
  -78
  -81
  -85
New CAPEX, $m
  -69
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
Cash from investing activities, $m
  -68
  -35
  -38
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -111
  -116
  -123
  -129
  -136
  -142
  -149
Free cash flow, $m
  48
  73
  72
  73
  74
  75
  77
  79
  81
  84
  88
  90
  94
  99
  105
  110
  117
  123
  131
  139
  147
  156
  166
  176
  187
  199
  211
  224
  238
  253
  269
Issuance/(repayment) of debt, $m
  -10
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Issuance/(repurchase) of shares, $m
  -16
  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
  9
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Total cash flow (excl. dividends), $m
  21
  82
  82
  84
  86
  89
  92
  96
  100
  104
  109
  113
  119
  125
  132
  140
  148
  156
  165
  175
  186
  197
  209
  221
  235
  249
  264
  280
  297
  315
  334
Retained Cash Flow (-), $m
  -26
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
Prev. year cash balance distribution, $m
 
  2
  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
 
  77
  75
  75
  76
  78
  80
  82
  85
  89
  92
  95
  100
  105
  110
  117
  123
  130
  138
  146
  155
  165
  175
  186
  197
  209
  223
  236
  251
  267
  283
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  74
  67
  64
  61
  58
  56
  53
  50
  47
  44
  41
  38
  35
  32
  29
  26
  23
  20
  18
  15
  13
  10
  9
  7
  5
  4
  3
  2
  2
  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

Neenah Paper, Inc. produces and sells technical products, and fine paper and packaging products worldwide. The company’s Technical Products segment provides filtration media for transportation, water, and other filtration markets; saturated and unsaturated crepe and flat paper tapes to manufacturers; lightweight abrasive paper for waterproof and dry sanding; label and tag products to pressure sensitive coaters; latex saturated and coated papers; publishing and security papers; clean room papers, durable printing papers, release papers, and furniture backers. Its Fine Paper and Packaging segment manufactures and sells writing, text, cover, and specialty papers and envelopes used in corporate identity packages, advertising collateral, premium labels and packaging, and wide format applications; This segment also offers packaging and label papers for retail, cosmetics, spirits, and electronics end-use markets; and specialty paper products for enhanced image, such as translucent and art papers, papers for optical scanning, and other specialized applications. Neenah Paper, Inc. markets its products under the JET-PRO, SofStretch, KIMDURA, MUNISING LP, PREVAIL, NEENAH, GESSNER, varitess, CLASSIC, CLASSIC CREST, ESSE, ENVIRONMENT, CAPITOL BOND, ROYAL SUNDANCE, SOUTHWORTH, CRANE'S CREST, CRANE'S BOND, CRANE'S LETTRA, SO...SILK, PLIKE, STARDREAM, ASTROBRIGHTS, and TOUCHE trademarks. The company sells its products through authorized paper distributors, converters, retailers, specialty businesses, and direct sales. Neenah Paper, Inc. was founded in 2004 and is headquartered in Alpharetta, Georgia.

FINANCIAL RATIOS  of  Neenah Paper (NP)

Valuation Ratios
P/E Ratio 18.3
Price to Sales 1.4
Price to Book 4
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 28.5
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.8%
Cap. Spend. - 3 Yr. Gr. Rate 15.2%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 65.1%
Total Debt to Equity 65.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 22.5%
Return On Equity - 3 Yr. Avg. 21.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 22.8%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 10%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 24%
Payout Ratio 30.1%

NP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NP stock intrinsic value calculation we used $942 million for the last fiscal year's total revenue generated by Neenah Paper. The default revenue input number comes from 2016 income statement of Neenah Paper. 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 NP stock valuation model: a) initial revenue growth rate of 2% 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 4.9%, whose default value for NP is calculated based on our internal credit rating of Neenah Paper, 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 Neenah Paper.
    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 NP stock the variable cost ratio is equal to 75.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $115 million in the base year in the intrinsic value calculation for NP 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 4.4% for Neenah Paper.

Corporate tax rate of 27% is the nominal tax rate for Neenah Paper. 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 NP 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 NP are equal to 44.6%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Neenah Paper 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 NP is equal to 13.4%. 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 - $338 million for Neenah Paper - 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 16.431 million for Neenah Paper 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 Neenah Paper at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Neenah Paper, Inc. : July 14, 2017   [Jul-14-17 03:54PM  Capital Cube]
▶ ETFs with exposure to Neenah Paper, Inc. : June 26, 2017   [Jun-26-17 04:31PM  Capital Cube]
▶ New Strong Sell Stocks for June 12th   [Jun-12-17 10:25AM  Zacks]
▶ New Strong Sell Stocks for June 8th   [Jun-08-17 10:48AM  Zacks]
▶ Neenah posts 1Q profit   [May-10-17 06:10PM  Associated Press]
▶ Neenah Reports First Quarter 2017 Results   [05:00PM  PR Newswire]
▶ Neenah to Report First Quarter Earnings on May 10, 2017   [Apr-27-17 05:00PM  PR Newswire]
▶ ETFs with exposure to Neenah Paper, Inc. : April 25, 2017   [Apr-25-17 03:42PM  Capital Cube]
▶ Neenah posts 4Q profit   [Feb-15-17 07:50PM  Associated Press]
▶ Neenah Paper Declares Quarterly Dividend   [04:30PM  PR Newswire]
▶ Hedge Funds Are Betting On Neenah Paper, Inc. (NP)   [Dec-10-16 08:32AM  at Insider Monkey]
▶ Neenah Reports Third Quarter 2016 Results   [04:30PM  PR Newswire]
▶ Neenah Paper Declares Quarterly Dividend   [Oct-28-16 04:30PM  PR Newswire]
▶ Neenah Paper Declares Quarterly Dividend   [04:30PM  PR Newswire]
▶ Neenah Elects William M. Cook as New Director   [Jul-21-16 04:01PM  PR Newswire]
▶ ASTROBRIGHTS Rolls Out a Colorful Line of Journals   [Jul-13-16 10:57AM  Marketwired]
Stock chart of NP Financial statements of NP Annual reports of NP
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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