Intrinsic value of OGE Energy - OGE

Previous Close

$31.42

  Intrinsic Value

$16.76

stock screener

  Rating & Target

sell

-47%

Previous close

$31.42

 
Intrinsic value

$16.76

 
Up/down potential

-47%

 
Rating

sell

We calculate the intrinsic value of OGE 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, %
  2.82
  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
  2,259
  2,304
  2,357
  2,418
  2,486
  2,561
  2,644
  2,734
  2,831
  2,936
  3,049
  3,170
  3,298
  3,435
  3,581
  3,735
  3,899
  4,072
  4,255
  4,449
  4,653
  4,869
  5,097
  5,336
  5,589
  5,855
  6,135
  6,430
  6,740
  7,067
  7,410
Variable operating expenses, $m
 
  1,486
  1,520
  1,559
  1,603
  1,652
  1,705
  1,763
  1,826
  1,894
  1,967
  2,044
  2,127
  2,216
  2,310
  2,409
  2,515
  2,627
  2,745
  2,870
  3,001
  3,141
  3,287
  3,442
  3,605
  3,777
  3,957
  4,147
  4,348
  4,558
  4,780
Fixed operating expenses, $m
 
  314
  321
  330
  338
  346
  355
  364
  373
  382
  392
  401
  412
  422
  432
  443
  454
  466
  477
  489
  501
  514
  527
  540
  553
  567
  581
  596
  611
  626
  642
Total operating expenses, $m
  1,756
  1,800
  1,841
  1,889
  1,941
  1,998
  2,060
  2,127
  2,199
  2,276
  2,359
  2,445
  2,539
  2,638
  2,742
  2,852
  2,969
  3,093
  3,222
  3,359
  3,502
  3,655
  3,814
  3,982
  4,158
  4,344
  4,538
  4,743
  4,959
  5,184
  5,422
Operating income, $m
  503
  504
  515
  529
  545
  563
  584
  607
  632
  660
  691
  724
  759
  798
  839
  883
  930
  980
  1,033
  1,090
  1,151
  1,215
  1,282
  1,354
  1,431
  1,511
  1,597
  1,687
  1,782
  1,883
  1,989
EBITDA, $m
  826
  504
  515
  529
  545
  563
  584
  607
  632
  660
  691
  724
  759
  798
  839
  883
  930
  980
  1,033
  1,090
  1,151
  1,215
  1,282
  1,354
  1,431
  1,511
  1,597
  1,687
  1,782
  1,883
  1,989
Interest expense (income), $m
  142
  146
  153
  161
  170
  180
  191
  203
  217
  231
  246
  263
  281
  300
  320
  341
  364
  388
  413
  440
  469
  499
  530
  564
  599
  636
  675
  716
  760
  805
  853
Earnings before tax, $m
  486
  358
  362
  368
  375
  383
  392
  403
  416
  429
  444
  461
  479
  498
  519
  542
  566
  592
  620
  650
  682
  716
  752
  791
  832
  875
  921
  970
  1,022
  1,077
  1,135
Tax expense, $m
  148
  97
  98
  99
  101
  103
  106
  109
  112
  116
  120
  124
  129
  134
  140
  146
  153
  160
  167
  176
  184
  193
  203
  213
  225
  236
  249
  262
  276
  291
  307
Net income, $m
  338
  261
  264
  268
  273
  279
  286
  294
  303
  313
  324
  336
  349
  364
  379
  395
  413
  432
  453
  475
  498
  523
  549
  577
  607
  639
  673
  708
  746
  786
  829

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  9,940
  10,151
  10,384
  10,651
  10,951
  11,283
  11,647
  12,043
  12,473
  12,935
  13,432
  13,963
  14,530
  15,133
  15,774
  16,455
  17,176
  17,939
  18,746
  19,599
  20,500
  21,450
  22,452
  23,508
  24,621
  25,793
  27,027
  28,326
  29,693
  31,131
  32,644
Adjusted assets (=assets-cash), $m
  9,940
  10,151
  10,384
  10,651
  10,951
  11,283
  11,647
  12,043
  12,473
  12,935
  13,432
  13,963
  14,530
  15,133
  15,774
  16,455
  17,176
  17,939
  18,746
  19,599
  20,500
  21,450
  22,452
  23,508
  24,621
  25,793
  27,027
  28,326
  29,693
  31,131
  32,644
Revenue / Adjusted assets
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
Average production assets, $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
  0
Working capital, $m
  -477
  -16
  -17
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
Total debt, $m
  2,867
  3,009
  3,162
  3,337
  3,533
  3,750
  3,988
  4,247
  4,528
  4,831
  5,155
  5,503
  5,873
  6,268
  6,687
  7,132
  7,604
  8,103
  8,631
  9,189
  9,778
  10,399
  11,055
  11,745
  12,473
  13,240
  14,047
  14,896
  15,790
  16,731
  17,720
Total liabilities, $m
  6,496
  6,638
  6,791
  6,966
  7,162
  7,379
  7,617
  7,876
  8,157
  8,460
  8,784
  9,132
  9,502
  9,897
  10,316
  10,761
  11,233
  11,732
  12,260
  12,818
  13,407
  14,028
  14,684
  15,374
  16,102
  16,869
  17,676
  18,525
  19,419
  20,360
  21,349
Total equity, $m
  3,444
  3,512
  3,593
  3,685
  3,789
  3,904
  4,030
  4,167
  4,316
  4,476
  4,647
  4,831
  5,027
  5,236
  5,458
  5,693
  5,943
  6,207
  6,486
  6,781
  7,093
  7,422
  7,768
  8,134
  8,519
  8,924
  9,351
  9,801
  10,274
  10,771
  11,295
Total liabilities and equity, $m
  9,940
  10,150
  10,384
  10,651
  10,951
  11,283
  11,647
  12,043
  12,473
  12,936
  13,431
  13,963
  14,529
  15,133
  15,774
  16,454
  17,176
  17,939
  18,746
  19,599
  20,500
  21,450
  22,452
  23,508
  24,621
  25,793
  27,027
  28,326
  29,693
  31,131
  32,644
Debt-to-equity ratio
  0.832
  0.860
  0.880
  0.910
  0.930
  0.960
  0.990
  1.020
  1.050
  1.080
  1.110
  1.140
  1.170
  1.200
  1.230
  1.250
  1.280
  1.310
  1.330
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
Adjusted equity ratio
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  338
  261
  264
  268
  273
  279
  286
  294
  303
  313
  324
  336
  349
  364
  379
  395
  413
  432
  453
  475
  498
  523
  549
  577
  607
  639
  673
  708
  746
  786
  829
Depreciation, amort., depletion, $m
  323
  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
Funds from operations, $m
  484
  261
  264
  268
  273
  279
  286
  294
  303
  313
  324
  336
  349
  364
  379
  395
  413
  432
  453
  475
  498
  523
  549
  577
  607
  639
  673
  708
  746
  786
  829
Change in working capital, $m
  -161
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  645
  262
  265
  269
  274
  280
  287
  295
  304
  314
  325
  337
  350
  365
  380
  397
  414
  434
  454
  476
  499
  524
  551
  579
  609
  641
  674
  710
  748
  789
  831
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -660
  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 investing activities, $m
  -620
  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
Free cash flow, $m
  25
  262
  265
  269
  274
  280
  287
  295
  304
  314
  325
  337
  350
  365
  380
  397
  414
  434
  454
  476
  499
  524
  551
  579
  609
  641
  674
  710
  748
  789
  831
Issuance/(repayment) of debt, $m
  126
  142
  153
  175
  196
  217
  238
  259
  281
  303
  325
  347
  371
  395
  419
  445
  472
  499
  528
  558
  589
  621
  655
  691
  728
  767
  807
  850
  894
  940
  989
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  126
  142
  153
  175
  196
  217
  238
  259
  281
  303
  325
  347
  371
  395
  419
  445
  472
  499
  528
  558
  589
  621
  655
  691
  728
  767
  807
  850
  894
  940
  989
Total cash flow (excl. dividends), $m
  150
  404
  417
  443
  470
  497
  525
  555
  585
  617
  650
  685
  721
  759
  799
  842
  886
  933
  982
  1,034
  1,088
  1,146
  1,206
  1,270
  1,337
  1,407
  1,482
  1,560
  1,642
  1,729
  1,821
Retained Cash Flow (-), $m
  -118
  -68
  -81
  -92
  -104
  -115
  -126
  -137
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -235
  -249
  -264
  -279
  -295
  -312
  -329
  -347
  -365
  -385
  -406
  -427
  -449
  -473
  -498
  -523
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
 
  336
  336
  351
  366
  382
  399
  417
  436
  457
  478
  501
  525
  550
  577
  606
  636
  669
  703
  739
  777
  817
  859
  904
  952
  1,002
  1,055
  1,110
  1,169
  1,232
  1,297
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  314
  292
  281
  268
  254
  239
  223
  206
  188
  171
  153
  135
  118
  102
  87
  72
  60
  48
  38
  30
  23
  17
  12
  9
  6
  4
  3
  2
  1
  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

OGE Energy Corp. (OGE Energy) is an energy and energy services provider offering physical delivery and related services for both electricity and natural gas primarily in the south central United States. The Company operates through two segments: electric utility and natural gas midstream operations. The electric utility segment generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas. Its operations are conducted through Oklahoma Gas and Electric Company (OG&E). OG&E is an electric utility in Oklahoma and its franchised service territory includes Fort Smith, Arkansas and the surrounding communities. The natural gas midstream operations segment represents the Company's investment in Enable Midstream Partners, LP (Enable) through subsidiaries, and ultimately OGE Enogex Holdings LLC (OGE Holdings). Enable's assets and operations are organized into two segments: gathering and processing, and transportation and storage.

FINANCIAL RATIOS  of  OGE Energy (OGE)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 2.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow -418.3
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 69.9%
Total Debt to Equity 83.2%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.1%
EBITDA Margin - 3 Yr. Avg. 40.1%
Operating Margin 22.3%
Oper. Margin - 3 Yr. Avg. 22%
Pre-Tax Margin 21.5%
Pre-Tax Margin - 3 Yr. Avg. 20.5%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 14.5%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 29.1%
Payout Ratio 66.6%

OGE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OGE stock intrinsic value calculation we used $2259 million for the last fiscal year's total revenue generated by OGE Energy. The default revenue input number comes from 2016 income statement of OGE Energy. 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 OGE 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 7%, whose default value for OGE is calculated based on our internal credit rating of OGE Energy, 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 OGE Energy.
    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 OGE stock the variable cost ratio is equal to 64.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $306 million in the base year in the intrinsic value calculation for OGE 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 5.1% for OGE Energy.

Corporate tax rate of 27% is the nominal tax rate for OGE Energy. 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 OGE 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 OGE are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in OGE Energy 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 OGE is equal to -0.7%. 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 - $3444 million for OGE Energy - 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 200.243 million for OGE Energy 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 OGE Energy at the current share price and the inputted number of shares is $6.3 billion.

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COMPANY NEWS

▶ Goldman Sachs' 3 Top Utilities Stocks In 2018   [Jan-11-18 12:02PM  Benzinga]
▶ OGE Energy Corp. Board of Directors declares dividend   [Nov-29-17 12:48PM  PR Newswire]
▶ NYSE Favorite Dividend Stocks   [Nov-18-17 08:02AM  Simply Wall St.]
▶ OGE Energy misses 3Q profit forecasts   [Nov-02-17 08:06AM  Associated Press]
▶ OGE Energy Corp. holds 3rd quarter 2017 earnings webcast   [Oct-16-17 06:11PM  PR Newswire]
▶ OGE Energy beats 2Q profit forecasts   [04:45PM  Associated Press]
▶ OGE Energy Corp. holds 2nd quarter 2017 earnings webcast   [Jul-06-17 04:01PM  PR Newswire]
▶ ETFs with exposure to OGE Energy Corp. : July 4, 2017   [Jul-04-17 03:17PM  Capital Cube]
▶ ETFs with exposure to OGE Energy Corp. : June 22, 2017   [Jun-22-17 04:08PM  Capital Cube]
▶ OGE Energy Corp. holds annual meeting of shareholders   [May-18-17 12:05PM  PR Newswire]
▶ OGE Energy beats 1Q profit forecasts   [May-04-17 08:05AM  Associated Press]
▶ OG&E disappointed by Oklahoma rate case order   [Mar-20-17 08:14PM  PR Newswire]
▶ OGE Energy misses 4Q profit forecasts   [07:28AM  Associated Press]
▶ OGE Energy Corp. Board of Directors declares dividend   [Feb-22-17 01:20PM  PR Newswire]
▶ OGE Energy Corp. names general counsel   [01:40PM  PR Newswire]
▶ Here is What Hedge Funds Have To Say About KKR & Co. L.P. (KKR)   [Dec-07-16 01:51PM  at Insider Monkey]
▶ Is OGE Energy Corp. (OGE) A Good Stock To Buy?   [02:32AM  at Insider Monkey]
▶ OGE Energy Corp. Board of Directors declares dividend   [Nov-30-16 12:59PM  PR Newswire]
Financial statements of OGE
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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