Intrinsic value of OneMain Holdings - OMF

Previous Close

$31.13

  Intrinsic Value

$9.54

stock screener

  Rating & Target

str. sell

-69%

Previous close

$31.13

 
Intrinsic value

$9.54

 
Up/down potential

-69%

 
Rating

str. sell

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

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 4.2

 

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
  619
  631
  648
  670
  697
  729
  765
  807
  853
  904
  960
  1,022
  1,089
  1,162
  1,240
  1,324
  1,415
  1,513
  1,617
  1,728
  1,847
  1,974
  2,108
  2,252
  2,404
  2,566
  2,738
  2,920
  3,113
  3,318
Interest expense (income), $m
  765
  684
  700
  717
  737
  759
  784
  811
  840
  872
  906
  943
  983
  1,025
  1,069
  1,117
  1,168
  1,221
  1,278
  1,338
  1,401
  1,468
  1,538
  1,613
  1,691
  1,774
  1,861
  1,952
  2,049
  2,150
  2,257
Earnings before tax, $m
  356
  -349
  -356
  -360
  -362
  -362
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -148
  -130
  -108
  -84
  -58
  -28
  4
  39
  78
  120
  165
  215
  268
  326
  388
  454
  526
  602
Tax expense, $m
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  11
  21
  32
  45
  58
  72
  88
  105
  123
  142
  163
Net income, $m
  215
  -349
  -356
  -360
  -362
  -362
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -148
  -130
  -108
  -84
  -58
  -28
  3
  29
  57
  87
  121
  157
  196
  238
  283
  332
  384
  440

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
  17,922
  18,334
  18,805
  19,334
  19,920
  20,563
  21,263
  22,022
  22,838
  23,715
  24,652
  25,653
  26,718
  27,850
  29,052
  30,325
  31,673
  33,098
  34,604
  36,194
  37,871
  39,640
  41,505
  43,470
  45,540
  47,719
  50,012
  52,425
  54,964
  57,635
Adjusted assets (=assets-cash), $m
  17,544
  17,922
  18,334
  18,805
  19,334
  19,920
  20,563
  21,263
  22,022
  22,838
  23,715
  24,652
  25,653
  26,718
  27,850
  29,052
  30,325
  31,673
  33,098
  34,604
  36,194
  37,871
  39,640
  41,505
  43,470
  45,540
  47,719
  50,012
  52,425
  54,964
  57,635
Revenue / Adjusted assets
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
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
  -590
  -604
  -619
  -637
  -656
  -677
  -700
  -725
  -752
  -781
  -812
  -845
  -880
  -917
  -957
  -999
  -1,043
  -1,090
  -1,139
  -1,192
  -1,247
  -1,305
  -1,367
  -1,431
  -1,500
  -1,571
  -1,647
  -1,726
  -1,810
  -1,898
Total debt, $m
  13,959
  14,279
  14,632
  15,037
  15,490
  15,993
  16,545
  17,146
  17,796
  18,497
  19,249
  20,054
  20,912
  21,826
  22,798
  23,828
  24,921
  26,077
  27,300
  28,592
  29,956
  31,395
  32,913
  34,514
  36,199
  37,975
  39,845
  41,812
  43,883
  46,061
  48,353
Total liabilities, $m
  15,057
  15,377
  15,730
  16,135
  16,588
  17,091
  17,643
  18,244
  18,894
  19,595
  20,347
  21,152
  22,010
  22,924
  23,896
  24,926
  26,019
  27,175
  28,398
  29,690
  31,054
  32,493
  34,011
  35,612
  37,297
  39,073
  40,943
  42,910
  44,981
  47,159
  49,451
Total equity, $m
  3,066
  2,545
  2,603
  2,670
  2,745
  2,829
  2,920
  3,019
  3,127
  3,243
  3,367
  3,501
  3,643
  3,794
  3,955
  4,125
  4,306
  4,498
  4,700
  4,914
  5,139
  5,378
  5,629
  5,894
  6,173
  6,467
  6,776
  7,102
  7,444
  7,805
  8,184
Total liabilities and equity, $m
  18,123
  17,922
  18,333
  18,805
  19,333
  19,920
  20,563
  21,263
  22,021
  22,838
  23,714
  24,653
  25,653
  26,718
  27,851
  29,051
  30,325
  31,673
  33,098
  34,604
  36,193
  37,871
  39,640
  41,506
  43,470
  45,540
  47,719
  50,012
  52,425
  54,964
  57,635
Debt-to-equity ratio
  4.553
  5.610
  5.620
  5.630
  5.640
  5.650
  5.670
  5.680
  5.690
  5.700
  5.720
  5.730
  5.740
  5.750
  5.760
  5.780
  5.790
  5.800
  5.810
  5.820
  5.830
  5.840
  5.850
  5.860
  5.860
  5.870
  5.880
  5.890
  5.890
  5.900
  5.910
Adjusted equity ratio
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142
  0.142

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  215
  -349
  -356
  -360
  -362
  -362
  -361
  -357
  -351
  -343
  -333
  -179
  -165
  -148
  -130
  -108
  -84
  -58
  -28
  3
  29
  57
  87
  121
  157
  196
  238
  283
  332
  384
  440
Depreciation, amort., depletion, $m
  521
  285
  288
  292
  296
  301
  306
  311
  317
  324
  331
  196
  204
  213
  222
  231
  241
  252
  263
  275
  288
  301
  315
  330
  346
  362
  380
  398
  417
  437
  459
Funds from operations, $m
  1,211
  -65
  -68
  -69
  -66
  -62
  -55
  -45
  -34
  -19
  -2
  17
  39
  64
  92
  123
  157
  194
  235
  278
  317
  358
  403
  451
  503
  558
  617
  681
  749
  821
  898
Change in working capital, $m
  -115
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -79
  -84
  -88
Cash from operations, $m
  1,326
  -53
  -55
  -53
  -49
  -43
  -34
  -22
  -9
  8
  26
  48
  72
  99
  129
  162
  199
  239
  282
  328
  369
  413
  461
  512
  567
  626
  689
  756
  828
  905
  986
Maintenance CAPEX, $m
  0
  -140
  -143
  -146
  -150
  -154
  -158
  -164
  -169
  -175
  -182
  -189
  -196
  -204
  -213
  -222
  -231
  -241
  -252
  -263
  -275
  -288
  -301
  -315
  -330
  -346
  -362
  -380
  -398
  -417
  -437
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
  -154
  -159
  -165
  -171
  -177
  -184
  -192
  -199
  -207
  -217
  -226
  -236
  -246
  -258
  -270
  -282
  -295
  -309
  -323
  -338
  -355
  -371
  -389
  -408
  -428
  -449
  -471
  -494
  -518
  -543
Free cash flow, $m
  1,324
  -207
  -214
  -218
  -220
  -220
  -218
  -214
  -208
  -200
  -190
  -178
  -164
  -147
  -128
  -107
  -83
  -56
  -27
  4
  30
  59
  89
  123
  159
  198
  240
  285
  334
  387
  443
Issuance/(repayment) of debt, $m
  -1,660
  320
  354
  404
  454
  503
  552
  601
  650
  701
  752
  805
  858
  914
  971
  1,031
  1,092
  1,156
  1,223
  1,292
  1,364
  1,439
  1,518
  1,600
  1,686
  1,776
  1,870
  1,968
  2,071
  2,178
  2,291
Issuance/(repurchase) of shares, $m
  0
  407
  415
  427
  438
  446
  452
  456
  459
  459
  458
  312
  307
  300
  290
  279
  265
  249
  231
  211
  197
  181
  164
  144
  122
  98
  72
  43
  11
  0
  0
Cash from financing (excl. dividends), $m  
  -1,685
  727
  769
  831
  892
  949
  1,004
  1,057
  1,109
  1,160
  1,210
  1,117
  1,165
  1,214
  1,261
  1,310
  1,357
  1,405
  1,454
  1,503
  1,561
  1,620
  1,682
  1,744
  1,808
  1,874
  1,942
  2,011
  2,082
  2,178
  2,291
Total cash flow (excl. dividends), $m
  -360
  520
  555
  614
  672
  729
  786
  843
  901
  960
  1,020
  939
  1,002
  1,066
  1,133
  1,203
  1,275
  1,349
  1,427
  1,508
  1,592
  1,680
  1,771
  1,867
  1,967
  2,072
  2,181
  2,296
  2,416
  2,565
  2,734
Retained Cash Flow (-), $m
  -257
  -407
  -415
  -427
  -438
  -446
  -452
  -456
  -459
  -459
  -458
  -312
  -307
  -300
  -290
  -279
  -265
  -249
  -231
  -214
  -226
  -238
  -251
  -265
  -279
  -294
  -309
  -326
  -343
  -361
  -379
Prev. year cash balance distribution, $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
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
 
  692
  140
  187
  234
  283
  334
  387
  442
  501
  562
  627
  695
  767
  843
  924
  1,009
  1,100
  1,196
  1,294
  1,366
  1,441
  1,520
  1,602
  1,688
  1,778
  1,872
  1,970
  2,073
  2,204
  2,355
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
 
  619
  111
  129
  140
  145
  144
  139
  129
  118
  105
  91
  77
  63
  51
  40
  30
  22
  16
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.3
  79.9
  71.3
  63.7
  57.0
  51.1
  45.8
  41.3
  37.3
  33.8
  31.7
  29.8
  28.1
  26.6
  25.3
  24.2
  23.2
  22.4
  21.7
  21.0
  20.5
  20.1
  19.7
  19.4
  19.2
  19.0
  18.9
  18.9
  18.9
  18.9

OneMain Holdings, Inc. is a financial services holding company. The Company is a consumer finance company, which is engaged in providing personal loan products; credit and non-credit insurance, and service loans owned by it and service or subservice loans owned by third-parties. The Company's segments include Consumer and Insurance; Acquisitions and Servicing; Real Estate, and Other. It is engaged in pursuing strategic acquisitions and dispositions of assets and businesses, including loan portfolios or other financial assets. The Company originates and services personal loans (secured and unsecured) through two business divisions: branch operations and centralized operations. As of December 31, 2016, its combined branch operations included over 1,800 branch offices in 44 states. It offers optional credit insurance products to its customers, including credit life insurance, credit disability insurance, credit involuntary unemployment insurance and collateral protection insurance.

FINANCIAL RATIOS  of  OneMain Holdings (OMF)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 1.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow 3.2
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 4.1 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 -14.9%. 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 135.239 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 $4.2 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: OneMain   [Oct-06-17 03:00AM  Investor's Business Daily]
▶ OneMain Getting Closer To Key Technical Benchmark   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ 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]
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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