Intrinsic value of Nutrisystem - NTRI

Previous Close

$46.95

  Intrinsic Value

$106.32

stock screener

  Rating & Target

str. buy

+126%

Previous close

$46.95

 
Intrinsic value

$106.32

 
Up/down potential

+126%

 
Rating

str. buy

We calculate the intrinsic value of NTRI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.71
  26.40
  24.26
  22.33
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
Revenue, $m
  545
  689
  856
  1,047
  1,263
  1,503
  1,769
  2,058
  2,372
  2,709
  3,069
  3,451
  3,855
  4,281
  4,728
  5,196
  5,685
  6,194
  6,725
  7,278
  7,852
  8,449
  9,069
  9,713
  10,383
  11,080
  11,804
  12,557
  13,342
  14,158
  15,009
Variable operating expenses, $m
 
  571
  710
  868
  1,047
  1,246
  1,466
  1,706
  1,966
  2,245
  2,544
  2,861
  3,196
  3,549
  3,920
  4,308
  4,713
  5,135
  5,575
  6,033
  6,509
  7,004
  7,518
  8,052
  8,608
  9,185
  9,786
  10,410
  11,060
  11,737
  12,442
Fixed operating expenses, $m
 
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
Total operating expenses, $m
  491
  612
  752
  911
  1,091
  1,291
  1,512
  1,754
  2,015
  2,295
  2,595
  2,913
  3,250
  3,604
  3,977
  4,366
  4,772
  5,196
  5,637
  6,097
  6,575
  7,071
  7,587
  8,123
  8,680
  9,259
  9,862
  10,488
  11,140
  11,819
  12,526
Operating income, $m
  54
  77
  104
  136
  172
  212
  256
  304
  357
  413
  474
  538
  605
  677
  752
  831
  913
  998
  1,088
  1,181
  1,277
  1,378
  1,482
  1,590
  1,703
  1,820
  1,942
  2,069
  2,202
  2,339
  2,483
EBITDA, $m
  68
  84
  114
  148
  186
  228
  275
  327
  383
  443
  507
  576
  648
  724
  804
  888
  975
  1,067
  1,162
  1,261
  1,363
  1,470
  1,582
  1,697
  1,817
  1,942
  2,072
  2,208
  2,348
  2,495
  2,648
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  6
  7
  8
  10
  11
  13
  14
  16
  18
  19
  21
  23
  26
  28
  30
  32
  35
  37
  40
  43
  46
  49
  52
Earnings before tax, $m
  54
  77
  104
  135
  170
  209
  252
  300
  351
  406
  465
  528
  594
  664
  738
  815
  895
  979
  1,066
  1,157
  1,252
  1,350
  1,452
  1,558
  1,668
  1,783
  1,903
  2,027
  2,156
  2,291
  2,431
Tax expense, $m
  19
  21
  28
  36
  46
  56
  68
  81
  95
  110
  126
  143
  161
  179
  199
  220
  242
  264
  288
  312
  338
  364
  392
  421
  450
  481
  514
  547
  582
  618
  656
Net income, $m
  35
  56
  76
  98
  124
  153
  184
  219
  256
  297
  340
  386
  434
  485
  539
  595
  653
  715
  778
  845
  914
  985
  1,060
  1,137
  1,218
  1,302
  1,389
  1,480
  1,574
  1,672
  1,775

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  154
  152
  188
  231
  278
  331
  389
  453
  522
  596
  676
  760
  849
  943
  1,041
  1,144
  1,252
  1,364
  1,481
  1,602
  1,729
  1,860
  1,997
  2,139
  2,286
  2,439
  2,599
  2,765
  2,937
  3,117
  3,304
Adjusted assets (=assets-cash), $m
  120
  152
  188
  231
  278
  331
  389
  453
  522
  596
  676
  760
  849
  943
  1,041
  1,144
  1,252
  1,364
  1,481
  1,602
  1,729
  1,860
  1,997
  2,139
  2,286
  2,439
  2,599
  2,765
  2,937
  3,117
  3,304
Revenue / Adjusted assets
  4.542
  4.533
  4.553
  4.532
  4.543
  4.541
  4.548
  4.543
  4.544
  4.545
  4.540
  4.541
  4.541
  4.540
  4.542
  4.542
  4.541
  4.541
  4.541
  4.543
  4.541
  4.542
  4.541
  4.541
  4.542
  4.543
  4.542
  4.541
  4.543
  4.542
  4.543
Average production assets, $m
  30
  38
  47
  58
  69
  83
  97
  113
  130
  149
  169
  190
  212
  235
  260
  286
  313
  341
  370
  400
  432
  465
  499
  534
  571
  609
  649
  691
  734
  779
  825
Working capital, $m
  42
  10
  13
  16
  19
  23
  27
  31
  36
  41
  46
  52
  58
  64
  71
  78
  85
  93
  101
  109
  118
  127
  136
  146
  156
  166
  177
  188
  200
  212
  225
Total debt, $m
  0
  16
  34
  54
  78
  104
  133
  164
  198
  234
  273
  315
  359
  405
  453
  504
  557
  612
  669
  729
  792
  856
  923
  993
  1,066
  1,141
  1,220
  1,301
  1,386
  1,475
  1,567
Total liabilities, $m
  60
  75
  93
  113
  137
  163
  192
  223
  257
  293
  332
  374
  418
  464
  512
  563
  616
  671
  728
  788
  851
  915
  982
  1,052
  1,125
  1,200
  1,279
  1,360
  1,445
  1,534
  1,626
Total equity, $m
  95
  77
  96
  117
  141
  168
  198
  230
  265
  303
  343
  386
  431
  479
  529
  581
  636
  693
  752
  814
  878
  945
  1,014
  1,086
  1,161
  1,239
  1,320
  1,404
  1,492
  1,584
  1,679
Total liabilities and equity, $m
  155
  152
  189
  230
  278
  331
  390
  453
  522
  596
  675
  760
  849
  943
  1,041
  1,144
  1,252
  1,364
  1,480
  1,602
  1,729
  1,860
  1,996
  2,138
  2,286
  2,439
  2,599
  2,764
  2,937
  3,118
  3,305
Debt-to-equity ratio
  0.000
  0.200
  0.350
  0.460
  0.550
  0.620
  0.670
  0.710
  0.750
  0.770
  0.800
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  56
  76
  98
  124
  153
  184
  219
  256
  297
  340
  386
  434
  485
  539
  595
  653
  715
  778
  845
  914
  985
  1,060
  1,137
  1,218
  1,302
  1,389
  1,480
  1,574
  1,672
  1,775
Depreciation, amort., depletion, $m
  14
  8
  9
  12
  14
  17
  19
  23
  26
  30
  34
  38
  42
  47
  52
  57
  63
  68
  74
  80
  86
  93
  100
  107
  114
  122
  130
  138
  147
  156
  165
Funds from operations, $m
  45
  64
  85
  110
  138
  169
  204
  241
  282
  326
  373
  423
  476
  532
  591
  652
  716
  783
  852
  925
  1,000
  1,078
  1,160
  1,244
  1,332
  1,424
  1,519
  1,618
  1,721
  1,828
  1,940
Change in working capital, $m
  -6
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  51
  61
  83
  107
  135
  166
  200
  237
  278
  321
  368
  418
  470
  526
  584
  645
  709
  775
  844
  916
  991
  1,069
  1,150
  1,235
  1,322
  1,413
  1,508
  1,606
  1,709
  1,816
  1,927
Maintenance CAPEX, $m
  0
  -6
  -8
  -9
  -12
  -14
  -17
  -19
  -23
  -26
  -30
  -34
  -38
  -42
  -47
  -52
  -57
  -63
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -114
  -122
  -130
  -138
  -147
  -156
New CAPEX, $m
  -15
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -29
  -14
  -17
  -20
  -24
  -27
  -32
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -72
  -78
  -84
  -91
  -97
  -104
  -112
  -119
  -127
  -135
  -144
  -152
  -162
  -171
  -181
  -192
  -203
Free cash flow, $m
  22
  48
  66
  87
  111
  138
  169
  202
  238
  277
  318
  363
  410
  460
  512
  567
  625
  685
  747
  812
  880
  950
  1,023
  1,099
  1,178
  1,261
  1,346
  1,435
  1,528
  1,624
  1,724
Issuance/(repayment) of debt, $m
  0
  16
  18
  21
  23
  26
  29
  31
  34
  37
  39
  41
  44
  46
  48
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  75
  78
  82
  85
  88
  92
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  3
  16
  18
  21
  23
  26
  29
  31
  34
  37
  39
  41
  44
  46
  48
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  75
  78
  82
  85
  88
  92
Total cash flow (excl. dividends), $m
  24
  63
  84
  108
  135
  165
  197
  233
  272
  313
  357
  404
  454
  506
  561
  618
  678
  740
  805
  872
  942
  1,015
  1,091
  1,169
  1,251
  1,336
  1,425
  1,517
  1,613
  1,712
  1,817
Retained Cash Flow (-), $m
  -25
  -16
  -19
  -21
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
Prev. year cash balance distribution, $m
 
  34
  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
 
  81
  65
  86
  111
  138
  168
  201
  237
  276
  317
  362
  409
  458
  511
  565
  623
  683
  745
  810
  878
  948
  1,021
  1,097
  1,176
  1,258
  1,344
  1,432
  1,525
  1,621
  1,721
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
 
  78
  60
  75
  91
  107
  122
  136
  148
  158
  166
  172
  174
  174
  171
  166
  158
  149
  137
  125
  112
  98
  85
  72
  60
  49
  39
  31
  24
  18
  13
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

Nutrisystem, Inc. is a provider of weight management products and services, including nutritionally balanced weight loss programs, multi-day kits available at retail locations and digital tools to support weight loss. The Company's program customers purchase monthly food packages containing four-week meal plan consisting supply of breakfasts, lunches, dinners and snacks and flex meal plan recipes, which they supplement with fresh fruits, vegetables and dairy. Its customers order on an auto-delivery basis (Auto-Delivery), where means it sends a four-week meal plan on an ongoing basis until notified of a customer's cancellation. The Company offers its pre-selected favorites food pack or personalized plans, where customers can hand pick their entire menu or customize plans to their dietary preference. As of December 31, 2016, its meal plans featured over 150 menu options at different price points, including frozen and ready-to-go entrees, desserts, snacks and shakes.

FINANCIAL RATIOS  of  Nutrisystem (NTRI)

Valuation Ratios
P/E Ratio 39.8
Price to Sales 2.6
Price to Book 14.7
Price to Tangible Book
Price to Cash Flow 27.3
Price to Free Cash Flow 38.7
Growth Rates
Sales Growth Rate 17.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate 13.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 24.6%
Ret/ On Assets - 3 Yr. Avg. 21.4%
Return On Total Capital 42.4%
Ret/ On T. Cap. - 3 Yr. Avg. 39.6%
Return On Equity 42.4%
Return On Equity - 3 Yr. Avg. 39.6%
Asset Turnover 3.8
Profitability Ratios
Gross Margin 52.8%
Gross Margin - 3 Yr. Avg. 51.6%
EBITDA Margin 12.5%
EBITDA Margin - 3 Yr. Avg. 10.7%
Operating Margin 9.9%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 5.6%
Effective Tax Rate 35.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 60%

NTRI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NTRI stock intrinsic value calculation we used $545 million for the last fiscal year's total revenue generated by Nutrisystem. The default revenue input number comes from 2016 income statement of Nutrisystem. 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 NTRI stock valuation model: a) initial revenue growth rate of 26.4% 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 NTRI is calculated based on our internal credit rating of Nutrisystem, 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 Nutrisystem.
    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 NTRI stock the variable cost ratio is equal to 82.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 million in the base year in the intrinsic value calculation for NTRI 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 Nutrisystem.

Corporate tax rate of 27% is the nominal tax rate for Nutrisystem. 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 NTRI 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 NTRI are equal to 5.5%.

Life of production assets of 2.1 years is the average useful life of capital assets used in Nutrisystem 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 NTRI is equal to 1.5%. 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 - $95 million for Nutrisystem - 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 30.038 million for Nutrisystem 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 Nutrisystem at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Stocks to Shape Up Your Portfolio   [Jan-09-18 07:01PM  Zacks]
▶ Should You Buy Nutrisystem Inc (NASDAQ:NTRI)?   [Dec-20-17 02:55PM  Simply Wall St.]
▶ IBD Rating Upgrades: Nutrisystem Flashes Improved Price Strength   [Dec-19-17 03:00AM  Investor's Business Daily]
▶ 3 Stocks To Buy On The Dip Right Now   [Nov-15-17 05:53PM  Zacks]
▶ 5 Stocks With Exciting Interest Coverage Ratio   [Nov-07-17 06:18AM  Zacks]
▶ Nutrisystem Earns Relative Strength Rating Upgrade; Hits Key Threshold   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Will Nutrisystem Incs (NTRI) Earnings Grow Over The Next Year?   [Oct-25-17 06:48PM  Simply Wall St.]
▶ Nutrisystem beats Street 3Q forecasts   [04:07PM  Associated Press]
▶ Nutrisystem, Inc. to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ This Top Growth Stock Near Buy Point With Q3 Earnings Due   [Oct-24-17 04:06PM  Investor's Business Daily]
▶ Stocks To Watch Ahead Of Earnings: Nutrisystem   [Oct-11-17 03:00AM  Investor's Business Daily]
▶ 5 Stocks With Exciting Interest Coverage Ratio   [Sep-18-17 10:14AM  Zacks]
▶ 3 Health Food Stocks to Buy Right Now   [Sep-07-17 06:51PM  Zacks]
▶ ETFs with exposure to Nutrisystem, Inc. : August 15, 2017   [Aug-15-17 04:42PM  Capital Cube]
▶ Behind the Turnaround at Nutrisystem   [12:21AM  The Wall Street Journal]
▶ What Consumer Data Has Taught Nutrisystem About Dieters   [Aug-11-17 10:24AM  The Wall Street Journal]
▶ Top Stock Picks for the Week of Aug 7, 2017   [Aug-08-17 03:54PM  Zacks]
▶ Stock Indexes Up, As Market Shows A Different Face   [Aug-04-17 12:06PM  Investor's Business Daily]
Financial statements of NTRI
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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