Intrinsic value of Otter Tail - OTTR

Previous Close

$45.80

  Intrinsic Value

$22.65

stock screener

  Rating & Target

str. sell

-51%

Previous close

$45.80

 
Intrinsic value

$22.65

 
Up/down potential

-51%

 
Rating

str. sell

We calculate the intrinsic value of OTTR 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 1.8

 

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, %
  3.08
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  427
  839
  877
  916
  958
  1,002
  1,049
  1,098
  1,150
  1,204
  1,262
  1,322
  1,386
  1,453
  1,523
  1,597
  1,675
  1,757
  1,843
  1,934
  2,029
  2,129
  2,234
  2,344
  2,460
  2,582
  2,710
  2,844
  2,985
  3,134
  3,290
Variable operating expenses, $m
 
  723
  755
  788
  824
  862
  902
  944
  988
  1,035
  1,084
  1,132
  1,187
  1,244
  1,304
  1,368
  1,434
  1,504
  1,578
  1,656
  1,737
  1,823
  1,913
  2,007
  2,106
  2,211
  2,320
  2,435
  2,556
  2,683
  2,817
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
  692
  723
  755
  788
  824
  862
  902
  944
  988
  1,035
  1,084
  1,132
  1,187
  1,244
  1,304
  1,368
  1,434
  1,504
  1,578
  1,656
  1,737
  1,823
  1,913
  2,007
  2,106
  2,211
  2,320
  2,435
  2,556
  2,683
  2,817
Operating income, $m
  111
  117
  122
  128
  134
  140
  147
  154
  161
  169
  178
  190
  199
  209
  219
  230
  241
  253
  265
  278
  292
  306
  321
  337
  354
  371
  389
  409
  429
  450
  473
EBITDA, $m
  184
  148
  155
  162
  169
  177
  185
  194
  203
  213
  223
  233
  245
  256
  269
  282
  296
  310
  325
  341
  358
  376
  394
  414
  434
  456
  478
  502
  527
  553
  581
Interest expense (income), $m
  0
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  72
  76
  81
  86
  92
  98
  104
  110
  116
  123
  131
  138
  146
Earnings before tax, $m
  82
  97
  100
  104
  108
  112
  116
  120
  125
  130
  136
  145
  151
  157
  164
  170
  178
  185
  193
  201
  210
  219
  229
  239
  250
  261
  273
  285
  299
  312
  327
Tax expense, $m
  20
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  84
  88
Net income, $m
  62
  70
  73
  76
  78
  81
  85
  88
  91
  95
  99
  106
  110
  115
  119
  124
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  199
  208
  218
  228
  238

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
  1,912
  1,994
  2,083
  2,177
  2,276
  2,381
  2,491
  2,608
  2,731
  2,861
  2,997
  3,140
  3,292
  3,451
  3,618
  3,794
  3,979
  4,173
  4,378
  4,593
  4,819
  5,056
  5,306
  5,568
  5,843
  6,132
  6,436
  6,756
  7,091
  7,444
  7,814
Adjusted assets (=assets-cash), $m
  1,912
  1,994
  2,083
  2,177
  2,276
  2,381
  2,491
  2,608
  2,731
  2,861
  2,997
  3,140
  3,292
  3,451
  3,618
  3,794
  3,979
  4,173
  4,378
  4,593
  4,819
  5,056
  5,306
  5,568
  5,843
  6,132
  6,436
  6,756
  7,091
  7,444
  7,814
Revenue / Adjusted assets
  0.223
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
Average production assets, $m
  132
  138
  144
  150
  157
  164
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
  275
  288
  302
  317
  333
  349
  366
  384
  403
  423
  444
  466
  490
  514
  539
Working capital, $m
  -8
  71
  75
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  136
  142
  149
  157
  164
  172
  181
  190
  199
  209
  219
  230
  242
  254
  266
  280
Total debt, $m
  581
  635
  693
  754
  818
  887
  958
  1,034
  1,114
  1,198
  1,287
  1,380
  1,479
  1,582
  1,691
  1,805
  1,925
  2,052
  2,185
  2,324
  2,471
  2,625
  2,788
  2,958
  3,137
  3,325
  3,523
  3,730
  3,948
  4,177
  4,418
Total liabilities, $m
  1,242
  1,296
  1,354
  1,415
  1,479
  1,548
  1,619
  1,695
  1,775
  1,859
  1,948
  2,041
  2,140
  2,243
  2,352
  2,466
  2,586
  2,713
  2,846
  2,985
  3,132
  3,286
  3,449
  3,619
  3,798
  3,986
  4,184
  4,391
  4,609
  4,838
  5,079
Total equity, $m
  670
  698
  729
  762
  797
  833
  872
  913
  956
  1,001
  1,049
  1,099
  1,152
  1,208
  1,266
  1,328
  1,393
  1,461
  1,532
  1,607
  1,687
  1,770
  1,857
  1,949
  2,045
  2,146
  2,253
  2,365
  2,482
  2,605
  2,735
Total liabilities and equity, $m
  1,912
  1,994
  2,083
  2,177
  2,276
  2,381
  2,491
  2,608
  2,731
  2,860
  2,997
  3,140
  3,292
  3,451
  3,618
  3,794
  3,979
  4,174
  4,378
  4,592
  4,819
  5,056
  5,306
  5,568
  5,843
  6,132
  6,437
  6,756
  7,091
  7,443
  7,814
Debt-to-equity ratio
  0.867
  0.910
  0.950
  0.990
  1.030
  1.060
  1.100
  1.130
  1.170
  1.200
  1.230
  1.260
  1.280
  1.310
  1.340
  1.360
  1.380
  1.400
  1.430
  1.450
  1.470
  1.480
  1.500
  1.520
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.620
Adjusted equity ratio
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  62
  70
  73
  76
  78
  81
  85
  88
  91
  95
  99
  106
  110
  115
  119
  124
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  199
  208
  218
  228
  238
Depreciation, amort., depletion, $m
  73
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
  43
  45
  48
  50
  52
  55
  58
  60
  63
  67
  70
  73
  77
  81
  85
  89
  93
  98
  103
  108
Funds from operations, $m
  177
  102
  106
  110
  114
  118
  123
  128
  133
  138
  144
  149
  156
  162
  169
  177
  185
  193
  201
  210
  220
  230
  241
  252
  263
  275
  288
  302
  316
  331
  346
Change in working capital, $m
  14
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
Cash from operations, $m
  163
  99
  102
  106
  110
  114
  119
  124
  129
  134
  139
  144
  150
  157
  163
  170
  178
  186
  194
  203
  212
  222
  232
  242
  253
  265
  277
  290
  304
  318
  333
Maintenance CAPEX, $m
  0
  -26
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
New CAPEX, $m
  -161
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
Cash from investing activities, $m
  -159
  -32
  -34
  -35
  -37
  -38
  -41
  -42
  -44
  -47
  -49
  -51
  -53
  -56
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -116
  -122
  -129
Free cash flow, $m
  4
  67
  69
  71
  73
  76
  78
  81
  84
  87
  90
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  157
  164
  172
  179
  187
  196
  205
Issuance/(repayment) of debt, $m
  5
  54
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  126
  133
  140
  147
  154
  162
  170
  179
  188
  198
  208
  218
  229
  241
Issuance/(repurchase) of shares, $m
  44
  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  
  44
  54
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
  114
  120
  126
  133
  140
  147
  154
  162
  170
  179
  188
  198
  208
  218
  229
  241
Total cash flow (excl. dividends), $m
  48
  121
  127
  132
  138
  144
  150
  157
  164
  171
  179
  186
  195
  204
  213
  223
  233
  244
  255
  267
  280
  293
  307
  321
  336
  352
  369
  387
  405
  425
  445
Retained Cash Flow (-), $m
  -65
  -28
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -130
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
 
  93
  95
  99
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  219
  229
  240
  251
  263
  275
  288
  302
  316
Discount rate, %
 
  7.30
  7.67
  8.05
  8.45
  8.87
  9.32
  9.78
  10.27
  10.79
  11.32
  11.89
  12.49
  13.11
  13.77
  14.45
  15.18
  15.93
  16.73
  17.57
  18.45
  19.37
  20.34
  21.35
  22.42
  23.54
  24.72
  25.96
  27.25
  28.62
  30.05
PV of cash for distribution, $m
 
  87
  82
  79
  74
  70
  65
  60
  55
  50
  45
  39
  35
  30
  25
  21
  18
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
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

Otter Tail Corporation is a holding company. The Company operates through three segments: Electric, Manufacturing and Plastics. The Electric segment includes the production, transmission, distribution and sale of electric energy in Minnesota, North Dakota and South Dakota by Otter Tail Power Company (OTP). The Manufacturing segment consists of businesses in manufacturing activities, such as contract machining, metal parts stamping, fabrication and painting, and production of material and handling trays and horticultural containers. These businesses have manufacturing facilities in Georgia, Illinois and Minnesota and sell products primarily in the United States. The Plastics segment consists of businesses producing polyvinyl chloride (PVC) pipe at plants in North Dakota and Arizona. The PVC pipe is sold primarily in the upper Midwest and Southwest regions of the United States. The Company's manufacturing and plastic pipe businesses are owned by its subsidiary, Varistar Corporation.

FINANCIAL RATIOS  of  Otter Tail (OTTR)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 2.2
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 901.1
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 75.4%
Total Debt to Equity 86.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 10.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 19.3%
EBITDA Margin - 3 Yr. Avg. 17.9%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 7.5%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 24.2%
Payout Ratio 77.4%

OTTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OTTR stock intrinsic value calculation we used $804 million for the last fiscal year's total revenue generated by Otter Tail. The default revenue input number comes from 2016 income statement of Otter Tail. 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 OTTR stock valuation model: a) initial revenue growth rate of 4.4% 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 7.3%, whose default value for OTTR is calculated based on our internal credit rating of Otter Tail, 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 Otter Tail.
    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 OTTR stock the variable cost ratio is equal to 86.1%.

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 OTTR 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 3.5% for Otter Tail.

Corporate tax rate of 27% is the nominal tax rate for Otter Tail. 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 OTTR 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 OTTR are equal to 16.4%.

Life of production assets of 2.3 years is the average useful life of capital assets used in Otter Tail 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 OTTR is equal to 8.5%. 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 - $670 million for Otter Tail - 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 39.482 million for Otter Tail 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 Otter Tail at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ December Utilities Dividend Stock Picks   [Dec-10-17 07:02AM  Simply Wall St.]
▶ ETFs with exposure to Otter Tail Corp. : November 2, 2017   [Nov-02-17 12:28PM  Capital Cube]
▶ Otter Tail posts 3Q profit   [05:49AM  Associated Press]
▶ ETFs with exposure to Otter Tail Corp. : October 20, 2017   [Oct-20-17 10:21AM  Capital Cube]
▶ ETFs with exposure to Otter Tail Corp. : October 9, 2017   [Oct-09-17 11:53AM  Capital Cube]
▶ Otter Tail posts 2Q profit   [Aug-07-17 07:39PM  Associated Press]
▶ Otter Tail Corporation Declares Quarterly Dividend   [Aug-03-17 06:44PM  GlobeNewswire]
▶ ETFs with exposure to Otter Tail Corp. : July 24, 2017   [Jul-24-17 05:52PM  Capital Cube]
▶ ETFs with exposure to Otter Tail Corp. : July 14, 2017   [Jul-14-17 04:06PM  Capital Cube]
▶ ETFs with exposure to Otter Tail Corp. : July 3, 2017   [Jul-03-17 03:39PM  Capital Cube]
▶ ETFs with exposure to Otter Tail Corp. : June 22, 2017   [Jun-22-17 04:11PM  Capital Cube]
▶ Otter Tail posts 1Q profit   [May-01-17 06:12PM  Associated Press]
▶ 5 Stocks to Buy on New Analyst Coverage   [Mar-28-17 08:30AM  Zacks]
▶ Otter Tail posts 4Q profit   [Feb-06-17 06:43PM  Associated Press]
▶ Otter Tail Corporation Increases Quarterly Dividend   [Feb-02-17 03:00PM  GlobeNewswire]
▶ Is Mobile Mini Inc (MINI) A Good Stock To Buy?   [02:35AM  at Insider Monkey]
▶ Is Otter Tail Corporation (OTTR) A Good Stock To Buy?   [Dec-12-16 07:26AM  at Insider Monkey]
Financial statements of OTTR
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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