Intrinsic value of Nu Skin Enterprises Cl A - NUS

Previous Close

$63.16

  Intrinsic Value

$53.96

stock screener

  Rating & Target

hold

-15%

Previous close

$63.16

 
Intrinsic value

$53.96

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of NUS 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 3.3

 

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, %
  -1.74
  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
  2,208
  2,252
  2,304
  2,363
  2,430
  2,503
  2,584
  2,672
  2,767
  2,870
  2,980
  3,098
  3,224
  3,358
  3,500
  3,651
  3,811
  3,980
  4,159
  4,349
  4,548
  4,759
  4,982
  5,216
  5,463
  5,723
  5,997
  6,285
  6,588
  6,907
  7,243
Variable operating expenses, $m
 
  1,443
  1,476
  1,514
  1,556
  1,603
  1,654
  1,710
  1,771
  1,836
  1,906
  1,970
  2,050
  2,135
  2,225
  2,321
  2,423
  2,531
  2,644
  2,765
  2,892
  3,026
  3,167
  3,316
  3,473
  3,639
  3,813
  3,996
  4,189
  4,392
  4,605
Fixed operating expenses, $m
 
  590
  605
  620
  636
  652
  668
  685
  702
  719
  737
  756
  775
  794
  814
  834
  855
  876
  898
  921
  944
  967
  992
  1,016
  1,042
  1,068
  1,095
  1,122
  1,150
  1,179
  1,208
Total operating expenses, $m
  1,977
  2,033
  2,081
  2,134
  2,192
  2,255
  2,322
  2,395
  2,473
  2,555
  2,643
  2,726
  2,825
  2,929
  3,039
  3,155
  3,278
  3,407
  3,542
  3,686
  3,836
  3,993
  4,159
  4,332
  4,515
  4,707
  4,908
  5,118
  5,339
  5,571
  5,813
Operating income, $m
  231
  218
  222
  229
  238
  249
  262
  277
  295
  314
  337
  373
  399
  429
  461
  495
  533
  573
  616
  663
  713
  766
  823
  883
  948
  1,016
  1,089
  1,167
  1,249
  1,337
  1,430
EBITDA, $m
  303
  290
  296
  304
  314
  327
  342
  360
  380
  403
  428
  456
  486
  519
  555
  593
  635
  680
  728
  779
  835
  893
  956
  1,023
  1,094
  1,170
  1,250
  1,335
  1,426
  1,522
  1,624
Interest expense (income), $m
  12
  12
  13
  13
  14
  15
  16
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
  64
  68
Earnings before tax, $m
  213
  206
  210
  216
  224
  234
  246
  261
  277
  296
  317
  351
  377
  405
  435
  468
  504
  542
  583
  628
  675
  726
  780
  838
  900
  966
  1,036
  1,110
  1,189
  1,273
  1,362
Tax expense, $m
  70
  56
  57
  58
  60
  63
  66
  70
  75
  80
  86
  95
  102
  109
  117
  126
  136
  146
  158
  170
  182
  196
  211
  226
  243
  261
  280
  300
  321
  344
  368
Net income, $m
  143
  151
  153
  157
  163
  171
  180
  190
  202
  216
  231
  257
  275
  295
  318
  342
  368
  396
  426
  458
  493
  530
  570
  612
  657
  705
  756
  810
  868
  929
  994

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  369
  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
  1,474
  1,127
  1,153
  1,183
  1,216
  1,253
  1,293
  1,337
  1,385
  1,436
  1,492
  1,551
  1,613
  1,680
  1,752
  1,827
  1,907
  1,992
  2,082
  2,176
  2,276
  2,382
  2,493
  2,611
  2,734
  2,864
  3,001
  3,146
  3,297
  3,457
  3,625
Adjusted assets (=assets-cash), $m
  1,105
  1,127
  1,153
  1,183
  1,216
  1,253
  1,293
  1,337
  1,385
  1,436
  1,492
  1,551
  1,613
  1,680
  1,752
  1,827
  1,907
  1,992
  2,082
  2,176
  2,276
  2,382
  2,493
  2,611
  2,734
  2,864
  3,001
  3,146
  3,297
  3,457
  3,625
Revenue / Adjusted assets
  1.998
  1.998
  1.998
  1.997
  1.998
  1.998
  1.998
  1.999
  1.998
  1.999
  1.997
  1.997
  1.999
  1.999
  1.998
  1.998
  1.998
  1.998
  1.998
  1.999
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
  1.998
Average production assets, $m
  515
  525
  537
  551
  566
  583
  602
  623
  645
  669
  694
  722
  751
  782
  815
  851
  888
  927
  969
  1,013
  1,060
  1,109
  1,161
  1,215
  1,273
  1,333
  1,397
  1,464
  1,535
  1,609
  1,688
Working capital, $m
  315
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  44
  45
  47
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
  94
Total debt, $m
  417
  349
  366
  385
  407
  431
  458
  487
  518
  552
  588
  627
  669
  713
  760
  809
  862
  918
  977
  1,039
  1,105
  1,174
  1,248
  1,325
  1,406
  1,492
  1,582
  1,677
  1,777
  1,882
  1,992
Total liabilities, $m
  810
  742
  759
  778
  800
  824
  851
  880
  911
  945
  981
  1,020
  1,062
  1,106
  1,153
  1,202
  1,255
  1,311
  1,370
  1,432
  1,498
  1,567
  1,641
  1,718
  1,799
  1,885
  1,975
  2,070
  2,170
  2,275
  2,385
Total equity, $m
  664
  386
  394
  405
  416
  428
  442
  457
  474
  491
  510
  530
  552
  575
  599
  625
  652
  681
  712
  744
  779
  815
  853
  893
  935
  980
  1,026
  1,076
  1,128
  1,182
  1,240
Total liabilities and equity, $m
  1,474
  1,128
  1,153
  1,183
  1,216
  1,252
  1,293
  1,337
  1,385
  1,436
  1,491
  1,550
  1,614
  1,681
  1,752
  1,827
  1,907
  1,992
  2,082
  2,176
  2,277
  2,382
  2,494
  2,611
  2,734
  2,865
  3,001
  3,146
  3,298
  3,457
  3,625
Debt-to-equity ratio
  0.628
  0.900
  0.930
  0.950
  0.980
  1.010
  1.040
  1.060
  1.090
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.300
  1.320
  1.350
  1.370
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.580
  1.590
  1.610
Adjusted equity ratio
  0.267
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  143
  151
  153
  157
  163
  171
  180
  190
  202
  216
  231
  257
  275
  295
  318
  342
  368
  396
  426
  458
  493
  530
  570
  612
  657
  705
  756
  810
  868
  929
  994
Depreciation, amort., depletion, $m
  72
  72
  73
  75
  77
  79
  81
  83
  86
  88
  91
  83
  86
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  140
  146
  153
  161
  168
  176
  185
  194
Funds from operations, $m
  303
  222
  226
  232
  240
  249
  260
  273
  288
  304
  323
  339
  361
  385
  411
  439
  470
  502
  537
  575
  615
  658
  703
  752
  803
  858
  917
  979
  1,045
  1,114
  1,188
Change in working capital, $m
  28
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  275
  222
  226
  232
  239
  248
  259
  272
  287
  303
  321
  338
  360
  384
  410
  438
  468
  500
  535
  572
  612
  655
  700
  749
  800
  855
  913
  975
  1,041
  1,110
  1,184
Maintenance CAPEX, $m
  0
  -59
  -60
  -62
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -153
  -161
  -168
  -176
  -185
New CAPEX, $m
  -50
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
Cash from investing activities, $m
  -58
  -69
  -72
  -76
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -149
  -155
  -163
  -171
  -179
  -188
  -198
  -207
  -217
  -228
  -239
  -250
  -263
Free cash flow, $m
  217
  152
  153
  156
  160
  166
  173
  182
  193
  205
  219
  231
  248
  266
  286
  309
  333
  359
  387
  417
  449
  484
  521
  561
  603
  648
  696
  747
  802
  859
  921
Issuance/(repayment) of debt, $m
  178
  15
  17
  20
  22
  24
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
Issuance/(repurchase) of shares, $m
  -233
  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  
  -57
  15
  17
  20
  22
  24
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
Total cash flow (excl. dividends), $m
  146
  167
  170
  176
  182
  190
  200
  211
  224
  239
  255
  269
  289
  310
  333
  358
  385
  414
  446
  479
  515
  553
  594
  638
  684
  734
  786
  842
  901
  964
  1,031
Retained Cash Flow (-), $m
  162
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -57
Prev. year cash balance distribution, $m
 
  286
  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
 
  446
  162
  165
  171
  178
  186
  196
  208
  221
  236
  249
  267
  287
  309
  333
  358
  385
  415
  447
  481
  517
  556
  598
  642
  689
  739
  793
  850
  910
  974
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
 
  427
  148
  144
  141
  138
  135
  133
  130
  127
  124
  118
  114
  109
  104
  98
  91
  84
  76
  69
  61
  53
  46
  39
  33
  27
  22
  17
  13
  10
  7
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

Nu Skin Enterprises, Inc. is a direct selling company that develops and distributes personal care products and nutritional supplements, and a range of other products and services. The Company offers anti-aging personal care products and nutritional supplements under its Nu Skin and Pharmanex brands. The Nu Skin brand offers a range of products, including ageLOC Me customized skin care system, ageLOC Spa systems and ageLOC Transformation anti-aging skin care system. The Pharmanex product line includes ageLOC Youth nutritional supplement, ageLOC TR90 weight management and body shaping system, and LifePak nutritional supplements. The Company has operations in various geographic regions, including Greater China, North Asia, Americas, South Asia/Pacific, and Europe, the Middle East and Africa (EMEA). It is focused on offering ageLOC Youth nutritional supplement and ageLOC Me personalized skin care system. The Company also offers household products and technology services.

FINANCIAL RATIOS  of  Nu Skin Enterprises Cl A (NUS)

Valuation Ratios
P/E Ratio 23.2
Price to Sales 1.5
Price to Book 5
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate -1.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.3%
Cap. Spend. - 3 Yr. Gr. Rate -23%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 50.3%
Total Debt to Equity 62.8%
Interest Coverage 19
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 19.2%
Return On Equity - 3 Yr. Avg. 18.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 77.3%
Gross Margin - 3 Yr. Avg. 79%
EBITDA Margin 13.5%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 10.5%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 9.6%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 32.9%
Eff/ Tax Rate - 3 Yr. Avg. 35.6%
Payout Ratio 54.5%

NUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NUS stock intrinsic value calculation we used $2208 million for the last fiscal year's total revenue generated by Nu Skin Enterprises Cl A. The default revenue input number comes from 2016 income statement of Nu Skin Enterprises Cl A. 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 NUS 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 4.3%, whose default value for NUS is calculated based on our internal credit rating of Nu Skin Enterprises Cl A, 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 Nu Skin Enterprises Cl A.
    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 NUS stock the variable cost ratio is equal to 64.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $576 million in the base year in the intrinsic value calculation for NUS 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 3.6% for Nu Skin Enterprises Cl A.

Corporate tax rate of 27% is the nominal tax rate for Nu Skin Enterprises Cl A. 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 NUS 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 NUS are equal to 23.3%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Nu Skin Enterprises Cl A 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 NUS is equal to 1.3%. 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 - $664 million for Nu Skin Enterprises Cl A - 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 52.882 million for Nu Skin Enterprises Cl A 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 Nu Skin Enterprises Cl A at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Stock Market News For Oct 13, 2017   [Oct-13-17 10:11AM  Zacks]
▶ Nu Skin Enterprises To Host Investor Meeting And Webcast   [Oct-09-17 06:00PM  PR Newswire]
▶ Nu Skin Enterprises To Report Third-Quarter 2017 Results   [Oct-06-17 09:00AM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for August 31st   [Aug-31-17 10:50AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for August 21st   [Aug-21-17 11:55AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for August 16th   [Aug-16-17 10:23AM  Zacks]
▶ Nu Skin beats 2Q profit forecasts   [Aug-02-17 11:13PM  Associated Press]
▶ The highest-paid CEOs by state   [06:35AM  Associated Press]
▶ Beauty Companies Eye Millennial Customer Base   [May-10-17 05:11PM  Investopedia]
▶ Nu Skin beats 1Q profit forecasts   [May-03-17 07:05PM  Associated Press]
▶ Top 4 Cosmetics Stocks of 2017   [Apr-13-17 11:44AM  Investopedia]
▶ Nu Skin Enterprises To Report First-Quarter 2017 Results   [Apr-10-17 04:15PM  PR Newswire]
▶ Take a Fresh Look at Nu Skin Enterprises   [Mar-09-17 03:06PM  TheStreet.com]
▶ Unusual Activity: GLD & NUS   [Feb-24-17 12:55PM  CNBC Videos]
▶ Why Nu Skin Enterprises Stock Dropped Today   [01:30PM  at Motley Fool]
▶ Why Nu Skin Has Tumbled 13%   [12:24PM  at Barrons.com]
Financial statements of NUS
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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