Intrinsic value of OneMain Holdings - OMF

Previous Close

$26.08

  Intrinsic Value

$5.96

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

+1202%

Previous close

$26.08

 
Intrinsic value

$5.96

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

+1202%

Our model is not good at valuating stocks of financial companies, such as OMF.

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

We calculate the intrinsic value of OMF 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 3.5

 

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, %
  77.14
  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
  3,883
  3,961
  4,052
  4,156
  4,273
  4,402
  4,544
  4,699
  4,867
  5,047
  5,241
  5,448
  5,669
  5,905
  6,155
  6,420
  6,702
  7,000
  7,315
  7,647
  7,999
  8,370
  8,761
  9,173
  9,607
  10,064
  10,546
  11,053
  11,586
  12,147
  12,737
Variable operating expenses, $m
 
  2,492
  2,546
  2,608
  2,678
  2,754
  2,839
  2,931
  3,030
  3,137
  3,252
  3,233
  3,364
  3,504
  3,652
  3,810
  3,977
  4,153
  4,340
  4,538
  4,746
  4,966
  5,198
  5,443
  5,701
  5,972
  6,258
  6,558
  6,875
  7,208
  7,558
Fixed operating expenses, $m
 
  1,134
  1,162
  1,191
  1,221
  1,251
  1,283
  1,315
  1,348
  1,381
  1,416
  1,451
  1,487
  1,525
  1,563
  1,602
  1,642
  1,683
  1,725
  1,768
  1,812
  1,858
  1,904
  1,952
  2,000
  2,050
  2,102
  2,154
  2,208
  2,263
  2,320
Total operating expenses, $m
  3,527
  3,626
  3,708
  3,799
  3,899
  4,005
  4,122
  4,246
  4,378
  4,518
  4,668
  4,684
  4,851
  5,029
  5,215
  5,412
  5,619
  5,836
  6,065
  6,306
  6,558
  6,824
  7,102
  7,395
  7,701
  8,022
  8,360
  8,712
  9,083
  9,471
  9,878
Operating income, $m
  356
  335
  343
  357
  374
  397
  423
  454
  489
  529
  573
  764
  818
  876
  940
  1,009
  1,083
  1,163
  1,249
  1,341
  1,440
  1,546
  1,658
  1,778
  1,906
  2,042
  2,186
  2,340
  2,503
  2,676
  2,859
EBITDA, $m
  877
  548
  558
  574
  594
  618
  647
  681
  719
  762
  810
  862
  920
  983
  1,051
  1,124
  1,204
  1,289
  1,381
  1,479
  1,584
  1,696
  1,816
  1,943
  2,079
  2,223
  2,376
  2,539
  2,712
  2,895
  3,089
Interest expense (income), $m
  765
  684
  700
  717
  737
  759
  784
  811
  840
  872
  907
  943
  983
  1,025
  1,070
  1,117
  1,168
  1,221
  1,278
  1,338
  1,401
  1,468
  1,539
  1,613
  1,692
  1,774
  1,861
  1,953
  2,049
  2,151
  2,258
Earnings before tax, $m
  356
  -349
  -356
  -361
  -363
  -363
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -149
  -130
  -108
  -85
  -58
  -29
  3
  39
  77
  119
  165
  214
  268
  325
  387
  454
  525
  602
Tax expense, $m
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  10
  21
  32
  45
  58
  72
  88
  105
  123
  142
  163
Net income, $m
  215
  -349
  -356
  -361
  -363
  -363
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -149
  -130
  -108
  -85
  -58
  -29
  3
  28
  57
  87
  120
  157
  195
  237
  283
  331
  383
  439

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  579
  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
  18,123
  18,508
  18,933
  19,420
  19,966
  20,572
  21,236
  21,959
  22,742
  23,585
  24,490
  25,459
  26,492
  27,592
  28,761
  30,002
  31,317
  32,709
  34,180
  35,735
  37,377
  39,110
  40,937
  42,863
  44,892
  47,029
  49,280
  51,648
  54,140
  56,762
  59,520
Adjusted assets (=assets-cash), $m
  17,544
  18,508
  18,933
  19,420
  19,966
  20,572
  21,236
  21,959
  22,742
  23,585
  24,490
  25,459
  26,492
  27,592
  28,761
  30,002
  31,317
  32,709
  34,180
  35,735
  37,377
  39,110
  40,937
  42,863
  44,892
  47,029
  49,280
  51,648
  54,140
  56,762
  59,520
Revenue / Adjusted assets
  0.221
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
Average production assets, $m
  699
  713
  729
  748
  769
  792
  818
  846
  876
  909
  943
  981
  1,020
  1,063
  1,108
  1,156
  1,206
  1,260
  1,317
  1,377
  1,440
  1,507
  1,577
  1,651
  1,729
  1,812
  1,898
  1,989
  2,085
  2,186
  2,293
Working capital, $m
  0
  -396
  -405
  -416
  -427
  -440
  -454
  -470
  -487
  -505
  -524
  -545
  -567
  -590
  -615
  -642
  -670
  -700
  -731
  -765
  -800
  -837
  -876
  -917
  -961
  -1,006
  -1,055
  -1,105
  -1,159
  -1,215
  -1,274
Total debt, $m
  13,959
  14,282
  14,636
  15,040
  15,494
  15,997
  16,549
  17,150
  17,800
  18,501
  19,254
  20,058
  20,917
  21,831
  22,803
  23,834
  24,926
  26,083
  27,306
  28,598
  29,963
  31,402
  32,921
  34,521
  36,207
  37,983
  39,853
  41,821
  43,893
  46,071
  48,363
Total liabilities, $m
  15,057
  15,380
  15,734
  16,138
  16,592
  17,095
  17,647
  18,248
  18,898
  19,599
  20,352
  21,156
  22,015
  22,929
  23,901
  24,932
  26,024
  27,181
  28,404
  29,696
  31,061
  32,500
  34,019
  35,619
  37,305
  39,081
  40,951
  42,919
  44,991
  47,169
  49,461
Total equity, $m
  3,066
  3,128
  3,200
  3,282
  3,374
  3,477
  3,589
  3,711
  3,843
  3,986
  4,139
  4,303
  4,477
  4,663
  4,861
  5,070
  5,293
  5,528
  5,776
  6,039
  6,317
  6,610
  6,918
  7,244
  7,587
  7,948
  8,328
  8,729
  9,150
  9,593
  10,059
Total liabilities and equity, $m
  18,123
  18,508
  18,934
  19,420
  19,966
  20,572
  21,236
  21,959
  22,741
  23,585
  24,491
  25,459
  26,492
  27,592
  28,762
  30,002
  31,317
  32,709
  34,180
  35,735
  37,378
  39,110
  40,937
  42,863
  44,892
  47,029
  49,279
  51,648
  54,141
  56,762
  59,520
Debt-to-equity ratio
  4.553
  4.570
  4.570
  4.580
  4.590
  4.600
  4.610
  4.620
  4.630
  4.640
  4.650
  4.660
  4.670
  4.680
  4.690
  4.700
  4.710
  4.720
  4.730
  4.740
  4.740
  4.750
  4.760
  4.770
  4.770
  4.780
  4.790
  4.790
  4.800
  4.800
  4.810
Adjusted equity ratio
  0.142
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  215
  -349
  -356
  -361
  -363
  -363
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -149
  -130
  -108
  -85
  -58
  -29
  3
  28
  57
  87
  120
  157
  195
  237
  283
  331
  383
  439
Depreciation, amort., depletion, $m
  521
  213
  215
  217
  219
  221
  224
  227
  230
  233
  237
  98
  102
  106
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  209
  219
  229
Funds from operations, $m
  1,211
  -136
  -141
  -144
  -143
  -141
  -137
  -130
  -121
  -110
  -97
  -81
  -63
  -42
  -19
  7
  36
  68
  103
  140
  172
  207
  245
  286
  329
  377
  427
  482
  540
  602
  669
Change in working capital, $m
  -115
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
Cash from operations, $m
  1,326
  -128
  -132
  -133
  -132
  -128
  -123
  -115
  -105
  -92
  -78
  -60
  -41
  -19
  6
  34
  64
  98
  134
  173
  207
  244
  284
  327
  373
  422
  475
  532
  593
  658
  728
Maintenance CAPEX, $m
  0
  -70
  -71
  -73
  -75
  -77
  -79
  -82
  -85
  -88
  -91
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
New CAPEX, $m
  0
  -14
  -16
  -19
  -21
  -23
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
Cash from investing activities, $m
  -2
  -84
  -87
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -131
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
  -243
  -255
  -268
  -281
  -295
  -310
  -325
Free cash flow, $m
  1,324
  -212
  -220
  -225
  -228
  -228
  -227
  -224
  -219
  -212
  -203
  -192
  -179
  -163
  -145
  -125
  -102
  -77
  -48
  -18
  7
  34
  63
  95
  130
  167
  208
  251
  298
  349
  403
Issuance/(repayment) of debt, $m
  -1,660
  323
  354
  404
  454
  503
  552
  601
  651
  701
  752
  805
  859
  914
  972
  1,031
  1,093
  1,157
  1,223
  1,292
  1,364
  1,440
  1,518
  1,600
  1,686
  1,776
  1,870
  1,968
  2,071
  2,179
  2,292
Issuance/(repurchase) of shares, $m
  0
  411
  428
  443
  455
  465
  473
  479
  483
  486
  486
  343
  340
  334
  327
  318
  307
  293
  278
  260
  249
  236
  222
  205
  186
  166
  143
  118
  90
  60
  27
Cash from financing (excl. dividends), $m  
  -1,685
  734
  782
  847
  909
  968
  1,025
  1,080
  1,134
  1,187
  1,238
  1,148
  1,199
  1,248
  1,299
  1,349
  1,400
  1,450
  1,501
  1,552
  1,613
  1,676
  1,740
  1,805
  1,872
  1,942
  2,013
  2,086
  2,161
  2,239
  2,319
Total cash flow (excl. dividends), $m
  -360
  522
  562
  622
  681
  739
  798
  856
  915
  974
  1,035
  955
  1,020
  1,086
  1,154
  1,224
  1,297
  1,373
  1,452
  1,534
  1,620
  1,710
  1,803
  1,900
  2,002
  2,109
  2,220
  2,337
  2,459
  2,587
  2,721
Retained Cash Flow (-), $m
  -257
  -411
  -428
  -443
  -455
  -465
  -473
  -479
  -483
  -486
  -486
  -343
  -340
  -334
  -327
  -318
  -307
  -293
  -278
  -263
  -277
  -293
  -309
  -325
  -343
  -361
  -380
  -400
  -421
  -443
  -466
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
 
  111
  134
  180
  226
  275
  325
  377
  431
  489
  549
  613
  680
  751
  826
  906
  991
  1,080
  1,175
  1,272
  1,343
  1,417
  1,494
  1,575
  1,659
  1,748
  1,840
  1,937
  2,038
  2,144
  2,255
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  99
  106
  124
  136
  140
  140
  135
  126
  115
  102
  89
  75
  62
  50
  39
  30
  22
  16
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.4
  79.7
  71.0
  63.2
  56.3
  50.2
  44.9
  40.2
  36.2
  32.6
  30.4
  28.4
  26.6
  25.1
  23.7
  22.5
  21.4
  20.5
  19.7
  19.0
  18.4
  17.9
  17.4
  17.0
  16.7
  16.5
  16.3
  16.1
  16.0
  16.0

OneMain Holdings, Inc., through its subsidiaries, provides consumer finance and insurance products and services. The company operates through Consumer and Insurance, Acquisitions and Servicing, and Real Estate segments. It provides secured and unsecured personal loans; credit insurance products, such as life insurance, disability insurance, protection, and involuntary unemployment insurance products; and non-credit insurance, and ancillary products, such as auto membership plans. The company also services and holds real estate loans secured by first or second mortgages on residential real estate. As of December 31, 2016, it provided services through a network of 1,800 branches in 44 states, as well as through onemainfinancial.com Website. The company was formerly known as Springleaf Holdings, Inc. and changed its name to OneMain Holdings, Inc. in November 2015. The company was founded in 1920 and is based in Evansville, Indiana. OneMain Holdings, Inc. is a subsidiary of Springleaf Financial Holdings, LLC.

FINANCIAL RATIOS  of  OneMain Holdings (OMF)

Valuation Ratios
P/E Ratio 16.4
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate 77.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 455.3%
Total Debt to Equity 455.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.2%
Return On Equity 7.3%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 78%
Gross Margin - 3 Yr. Avg. 73.1%
EBITDA Margin 42.3%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 9.7%
Net Profit Margin 5.5%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 31.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.8%
Payout Ratio 0%

OMF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OMF stock intrinsic value calculation we used $3883 million for the last fiscal year's total revenue generated by OneMain Holdings. The default revenue input number comes from 2016 income statement of OneMain Holdings. 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 OMF 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 11.8%, whose default value for OMF is calculated based on our internal credit rating of OneMain Holdings, 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 OneMain Holdings.
    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 OMF stock the variable cost ratio is equal to 63%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1106 million in the base year in the intrinsic value calculation for OMF 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 4.9% for OneMain Holdings.

Corporate tax rate of 27% is the nominal tax rate for OneMain Holdings. 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 OMF 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 OMF are equal to 18%.

Life of production assets of 10 years is the average useful life of capital assets used in OneMain Holdings 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 OMF is equal to -10%. 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 - $3066 million for OneMain Holdings - 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 132.4 million for OneMain Holdings 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 OneMain Holdings at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ OneMain misses Street 2Q forecasts   [Aug-02-17 10:50PM  Associated Press]
▶ OneMain tops 1Q profit forecasts   [May-03-17 07:01PM  Associated Press]
▶ 3 Reasons OneMain Is on the Rise   [Mar-03-17 01:47PM  at Motley Fool]
▶ Bill Miller: Here's the 'perfect Trump stock'   [Feb-02-17 10:55AM  at CNBC]
Stock chart of OMF Financial statements of OMF
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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