Intrinsic value of OCI Partners - OCIP

Previous Close

$7.65

  Intrinsic Value

$0.44

stock screener

  Rating & Target

str. sell

-94%

Previous close

$7.65

 
Intrinsic value

$0.44

 
Up/down potential

-94%

 
Rating

str. sell

We calculate the intrinsic value of OCIP 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, %
  -16.50
  32.10
  29.39
  26.95
  24.76
  22.78
  21.00
  19.40
  17.96
  16.67
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
Revenue, $m
  258
  341
  441
  560
  698
  858
  1,038
  1,239
  1,461
  1,705
  1,969
  2,254
  2,558
  2,882
  3,225
  3,586
  3,965
  4,362
  4,778
  5,211
  5,662
  6,132
  6,620
  7,128
  7,656
  8,204
  8,774
  9,366
  9,982
  10,623
  11,289
Variable operating expenses, $m
 
  261
  338
  429
  536
  658
  796
  950
  1,121
  1,308
  1,510
  1,729
  1,962
  2,210
  2,473
  2,750
  3,041
  3,346
  3,665
  3,997
  4,343
  4,703
  5,078
  5,467
  5,872
  6,292
  6,729
  7,184
  7,656
  8,148
  8,659
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
  261
  261
  338
  429
  536
  658
  796
  950
  1,121
  1,308
  1,510
  1,729
  1,962
  2,210
  2,473
  2,750
  3,041
  3,346
  3,665
  3,997
  4,343
  4,703
  5,078
  5,467
  5,872
  6,292
  6,729
  7,184
  7,656
  8,148
  8,659
Operating income, $m
  -2
  79
  103
  130
  163
  200
  242
  289
  341
  397
  459
  525
  596
  671
  751
  835
  924
  1,016
  1,113
  1,214
  1,319
  1,429
  1,543
  1,661
  1,784
  1,912
  2,044
  2,182
  2,326
  2,475
  2,630
EBITDA, $m
  59
  160
  207
  263
  328
  403
  487
  582
  686
  801
  925
  1,058
  1,201
  1,353
  1,514
  1,684
  1,862
  2,049
  2,244
  2,447
  2,659
  2,880
  3,109
  3,347
  3,595
  3,853
  4,120
  4,398
  4,688
  4,988
  5,302
Interest expense (income), $m
  34
  33
  45
  59
  76
  96
  119
  144
  173
  205
  240
  277
  318
  361
  407
  456
  508
  562
  618
  677
  739
  803
  870
  940
  1,012
  1,087
  1,165
  1,247
  1,331
  1,419
  1,510
Earnings before tax, $m
  -50
  46
  58
  71
  86
  104
  123
  144
  167
  192
  219
  248
  278
  310
  344
  379
  416
  455
  495
  537
  580
  625
  672
  721
  772
  824
  879
  936
  995
  1,056
  1,120
Tax expense, $m
  1
  12
  16
  19
  23
  28
  33
  39
  45
  52
  59
  67
  75
  84
  93
  102
  112
  123
  134
  145
  157
  169
  182
  195
  208
  223
  237
  253
  269
  285
  302
Net income, $m
  -51
  34
  42
  52
  63
  76
  90
  105
  122
  140
  160
  181
  203
  227
  251
  277
  304
  332
  361
  392
  424
  457
  491
  526
  563
  602
  642
  683
  726
  771
  818

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  8
  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
  664
  867
  1,122
  1,425
  1,777
  2,182
  2,640
  3,153
  3,719
  4,339
  5,011
  5,735
  6,510
  7,333
  8,205
  9,124
  10,089
  11,100
  12,157
  13,259
  14,408
  15,603
  16,846
  18,138
  19,480
  20,875
  22,325
  23,832
  25,399
  27,030
  28,726
Adjusted assets (=assets-cash), $m
  656
  867
  1,122
  1,425
  1,777
  2,182
  2,640
  3,153
  3,719
  4,339
  5,011
  5,735
  6,510
  7,333
  8,205
  9,124
  10,089
  11,100
  12,157
  13,259
  14,408
  15,603
  16,846
  18,138
  19,480
  20,875
  22,325
  23,832
  25,399
  27,030
  28,726
Revenue / Adjusted assets
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
Average production assets, $m
  647
  855
  1,106
  1,404
  1,752
  2,151
  2,602
  3,107
  3,665
  4,276
  4,939
  5,653
  6,416
  7,228
  8,087
  8,993
  9,944
  10,941
  11,983
  13,069
  14,201
  15,379
  16,604
  17,877
  19,200
  20,576
  22,005
  23,490
  25,035
  26,642
  28,314
Working capital, $m
  -40
  -12
  -15
  -20
  -24
  -30
  -36
  -43
  -51
  -60
  -69
  -79
  -90
  -101
  -113
  -126
  -139
  -153
  -167
  -182
  -198
  -215
  -232
  -249
  -268
  -287
  -307
  -328
  -349
  -372
  -395
Total debt, $m
  465
  619
  815
  1,047
  1,317
  1,628
  1,979
  2,372
  2,806
  3,282
  3,797
  4,353
  4,947
  5,579
  6,247
  6,952
  7,692
  8,468
  9,278
  10,124
  11,005
  11,921
  12,875
  13,866
  14,895
  15,965
  17,077
  18,233
  19,435
  20,686
  21,987
Total liabilities, $m
  510
  665
  861
  1,093
  1,363
  1,674
  2,025
  2,418
  2,852
  3,328
  3,843
  4,399
  4,993
  5,625
  6,293
  6,998
  7,738
  8,514
  9,324
  10,170
  11,051
  11,967
  12,921
  13,912
  14,941
  16,011
  17,123
  18,279
  19,481
  20,732
  22,033
Total equity, $m
  153
  202
  261
  332
  414
  508
  615
  735
  866
  1,011
  1,168
  1,336
  1,517
  1,709
  1,912
  2,126
  2,351
  2,586
  2,833
  3,089
  3,357
  3,635
  3,925
  4,226
  4,539
  4,864
  5,202
  5,553
  5,918
  6,298
  6,693
Total liabilities and equity, $m
  663
  867
  1,122
  1,425
  1,777
  2,182
  2,640
  3,153
  3,718
  4,339
  5,011
  5,735
  6,510
  7,334
  8,205
  9,124
  10,089
  11,100
  12,157
  13,259
  14,408
  15,602
  16,846
  18,138
  19,480
  20,875
  22,325
  23,832
  25,399
  27,030
  28,726
Debt-to-equity ratio
  3.039
  3.060
  3.120
  3.150
  3.180
  3.200
  3.220
  3.230
  3.240
  3.250
  3.250
  3.260
  3.260
  3.260
  3.270
  3.270
  3.270
  3.270
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
  3.280
Adjusted equity ratio
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -51
  34
  42
  52
  63
  76
  90
  105
  122
  140
  160
  181
  203
  227
  251
  277
  304
  332
  361
  392
  424
  457
  491
  526
  563
  602
  642
  683
  726
  771
  818
Depreciation, amort., depletion, $m
  61
  81
  104
  132
  165
  203
  246
  293
  346
  403
  466
  533
  605
  682
  763
  848
  938
  1,032
  1,130
  1,233
  1,340
  1,451
  1,566
  1,687
  1,811
  1,941
  2,076
  2,216
  2,362
  2,513
  2,671
Funds from operations, $m
  40
  114
  146
  184
  228
  279
  335
  398
  468
  544
  626
  714
  808
  908
  1,014
  1,125
  1,242
  1,364
  1,492
  1,625
  1,763
  1,907
  2,057
  2,213
  2,375
  2,543
  2,717
  2,899
  3,088
  3,284
  3,489
Change in working capital, $m
  8
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
Cash from operations, $m
  32
  117
  150
  188
  233
  284
  342
  405
  476
  552
  635
  724
  819
  920
  1,026
  1,138
  1,255
  1,378
  1,506
  1,640
  1,779
  1,924
  2,074
  2,231
  2,393
  2,562
  2,737
  2,920
  3,110
  3,307
  3,512
Maintenance CAPEX, $m
  0
  -61
  -81
  -104
  -132
  -165
  -203
  -246
  -293
  -346
  -403
  -466
  -533
  -605
  -682
  -763
  -848
  -938
  -1,032
  -1,130
  -1,233
  -1,340
  -1,451
  -1,566
  -1,687
  -1,811
  -1,941
  -2,076
  -2,216
  -2,362
  -2,513
New CAPEX, $m
  -7
  -208
  -251
  -298
  -348
  -399
  -452
  -505
  -558
  -611
  -663
  -714
  -763
  -812
  -859
  -906
  -951
  -997
  -1,042
  -1,087
  -1,132
  -1,178
  -1,225
  -1,273
  -1,323
  -1,375
  -1,429
  -1,486
  -1,545
  -1,607
  -1,672
Cash from investing activities, $m
  -7
  -269
  -332
  -402
  -480
  -564
  -655
  -751
  -851
  -957
  -1,066
  -1,180
  -1,296
  -1,417
  -1,541
  -1,669
  -1,799
  -1,935
  -2,074
  -2,217
  -2,365
  -2,518
  -2,676
  -2,839
  -3,010
  -3,186
  -3,370
  -3,562
  -3,761
  -3,969
  -4,185
Free cash flow, $m
  25
  -152
  -182
  -214
  -247
  -280
  -313
  -345
  -376
  -404
  -431
  -455
  -478
  -497
  -515
  -531
  -544
  -557
  -567
  -577
  -586
  -594
  -602
  -609
  -617
  -625
  -633
  -642
  -651
  -662
  -673
Issuance/(repayment) of debt, $m
  6
  162
  195
  232
  270
  311
  351
  393
  434
  475
  516
  555
  594
  632
  669
  705
  740
  776
  810
  846
  881
  917
  953
  991
  1,030
  1,070
  1,112
  1,156
  1,202
  1,250
  1,301
Issuance/(repurchase) of shares, $m
  0
  15
  17
  19
  19
  19
  17
  14
  10
  4
  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  
  -23
  177
  212
  251
  289
  330
  368
  407
  444
  479
  516
  555
  594
  632
  669
  705
  740
  776
  810
  846
  881
  917
  953
  991
  1,030
  1,070
  1,112
  1,156
  1,202
  1,250
  1,301
Total cash flow (excl. dividends), $m
  2
  26
  31
  37
  43
  49
  55
  62
  69
  75
  85
  100
  117
  134
  154
  174
  196
  219
  243
  269
  295
  323
  352
  382
  413
  446
  479
  514
  551
  589
  628
Retained Cash Flow (-), $m
  84
  -49
  -59
  -70
  -82
  -94
  -107
  -119
  -132
  -144
  -157
  -169
  -180
  -192
  -203
  -214
  -225
  -236
  -246
  -257
  -268
  -278
  -290
  -301
  -313
  -325
  -338
  -351
  -365
  -380
  -395
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
 
  -23
  -29
  -34
  -39
  -45
  -51
  -57
  -63
  -69
  -72
  -69
  -64
  -58
  -50
  -40
  -29
  -17
  -3
  12
  28
  44
  62
  81
  100
  120
  141
  163
  186
  209
  233
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  -21
  -23
  -23
  -24
  -23
  -22
  -20
  -18
  -16
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.7
  95.8
  94.3
  93.1
  92.1
  91.4
  90.9
  90.6
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5
  90.5

OCI Partners LP owns and operates an integrated methanol and ammonia production facility that is located on the Texas Gulf Coast near Beaumont. The Company has an annual methanol production capacity of approximately 912,500 metric tons and an annual ammonia production capacity of approximately 331,000 metric tons. It purchases natural gas from third parties and processes the natural gas into synthesis gas, which it then further processes in the production of methanol and ammonia. It stores and sells the processed methanol and ammonia to industrial and commercial customers for further processing or distribution. Its methanol production unit comprises Foster-Wheeler-designed twin steam methane reformers for synthesis gas production, over two Lurgi-designed parallel low-pressure, water-cooled reactors and approximately four distillation columns. The Haldor-Topsoe-designed ammonia synthesis loop at its facility processes hydrogen produced by methanol production process.

FINANCIAL RATIOS  of  OCI Partners (OCIP)

Valuation Ratios
P/E Ratio -13.1
Price to Sales 2.6
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate -16.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -96.9%
Cap. Spend. - 3 Yr. Gr. Rate -33.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 278.4%
Total Debt to Equity 303.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital -7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity -26.2%
Return On Equity - 3 Yr. Avg. 22.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 41%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin -19.4%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin -19.8%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate -2%
Eff/ Tax Rate - 3 Yr. Avg. 0.5%
Payout Ratio -13.7%

OCIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OCIP stock intrinsic value calculation we used $258 million for the last fiscal year's total revenue generated by OCI Partners. The default revenue input number comes from 2016 income statement of OCI Partners. 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 OCIP stock valuation model: a) initial revenue growth rate of 32.1% 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 11.9%, whose default value for OCIP is calculated based on our internal credit rating of OCI Partners, 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 OCI Partners.
    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 OCIP stock the variable cost ratio is equal to 76.7%.

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 OCIP 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 7.3% for OCI Partners.

Corporate tax rate of 27% is the nominal tax rate for OCI Partners. 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 OCIP 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 OCIP are equal to 250.8%.

Life of production assets of 10.6 years is the average useful life of capital assets used in OCI Partners 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 OCIP is equal to -3.5%. 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 - $153 million for OCI Partners - 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 86.997 million for OCI Partners 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 OCI Partners at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ All You Need To Know About OCI Partners LPs (OCIP) Risks   [Nov-27-17 09:20AM  Simply Wall St.]
▶ OCI reports 3Q loss   [Nov-06-17 08:43AM  Associated Press]
▶ Are OCI Partners LPs (OCIP) Interest Costs Too High?   [Oct-27-17 03:01PM  Simply Wall St.]
▶ Can OCI Partners LP (OCIP) Improve Your Portfolio Returns?   [Sep-13-17 04:01PM  Simply Wall St.]
▶ OCI reports 2Q loss   [Aug-08-17 12:00AM  Associated Press]
▶ OCI posts 1Q profit   [May-08-17 08:30AM  Associated Press]
▶ OCI reports 4Q loss   [10:23AM  Associated Press]
▶ Longleaf Partners Small-Cap Fund Comments on OCI   [Feb-22-17 11:37AM  GuruFocus.com]
Financial statements of OCIP
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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