Intrinsic value of Outfront Media - OUT

Previous Close

$23.30

  Intrinsic Value

$11.61

stock screener

  Rating & Target

str. sell

-50%

Previous close

$23.30

 
Intrinsic value

$11.61

 
Up/down potential

-50%

 
Rating

str. sell

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

We calculate the intrinsic value of OUT 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 3.2

 

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, %
  0.00
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  1,514
  1,558
  1,606
  1,659
  1,717
  1,779
  1,846
  1,918
  1,994
  2,076
  2,163
  2,255
  2,353
  2,457
  2,567
  2,683
  2,805
  2,934
  3,071
  3,215
  3,366
  3,526
  3,694
  3,871
  4,058
  4,254
  4,460
  4,677
  4,905
  5,145
  5,397
Variable operating expenses, $m
 
  1,463
  1,502
  1,545
  1,591
  1,641
  1,695
  1,753
  1,814
  1,880
  1,950
  1,816
  1,894
  1,978
  2,066
  2,160
  2,258
  2,362
  2,472
  2,588
  2,710
  2,839
  2,974
  3,117
  3,267
  3,424
  3,590
  3,765
  3,949
  4,142
  4,345
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
  1,309
  1,463
  1,502
  1,545
  1,591
  1,641
  1,695
  1,753
  1,814
  1,880
  1,950
  1,816
  1,894
  1,978
  2,066
  2,160
  2,258
  2,362
  2,472
  2,588
  2,710
  2,839
  2,974
  3,117
  3,267
  3,424
  3,590
  3,765
  3,949
  4,142
  4,345
Operating income, $m
  205
  95
  104
  115
  126
  138
  151
  165
  180
  196
  213
  440
  459
  479
  500
  523
  547
  572
  599
  627
  656
  688
  720
  755
  791
  829
  870
  912
  956
  1,003
  1,052
EBITDA, $m
  429
  390
  402
  415
  430
  445
  462
  480
  499
  520
  542
  565
  589
  615
  643
  672
  702
  735
  769
  805
  843
  883
  925
  969
  1,016
  1,065
  1,117
  1,171
  1,228
  1,288
  1,351
Interest expense (income), $m
  111
  109
  113
  117
  121
  126
  131
  137
  143
  150
  156
  164
  172
  180
  189
  198
  208
  218
  229
  240
  253
  265
  279
  293
  308
  324
  340
  358
  376
  395
  416
Earnings before tax, $m
  91
  -14
  -8
  -2
  5
  12
  20
  28
  37
  46
  56
  276
  287
  299
  312
  325
  339
  354
  370
  386
  404
  422
  441
  462
  483
  506
  529
  554
  580
  608
  637
Tax expense, $m
  5
  0
  0
  0
  1
  3
  5
  8
  10
  13
  15
  75
  78
  81
  84
  88
  92
  96
  100
  104
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
Net income, $m
  91
  -14
  -8
  -2
  3
  9
  14
  20
  27
  34
  41
  201
  210
  218
  228
  237
  248
  259
  270
  282
  295
  308
  322
  337
  353
  369
  386
  405
  424
  444
  465

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  65
  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
  3,739
  3,781
  3,899
  4,028
  4,167
  4,318
  4,481
  4,655
  4,841
  5,039
  5,250
  5,474
  5,711
  5,963
  6,229
  6,511
  6,808
  7,122
  7,454
  7,803
  8,171
  8,558
  8,967
  9,396
  9,849
  10,325
  10,825
  11,352
  11,906
  12,488
  13,100
Adjusted assets (=assets-cash), $m
  3,674
  3,781
  3,899
  4,028
  4,167
  4,318
  4,481
  4,655
  4,841
  5,039
  5,250
  5,474
  5,711
  5,963
  6,229
  6,511
  6,808
  7,122
  7,454
  7,803
  8,171
  8,558
  8,967
  9,396
  9,849
  10,325
  10,825
  11,352
  11,906
  12,488
  13,100
Revenue / Adjusted assets
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
Average production assets, $m
  1,242
  1,277
  1,317
  1,361
  1,408
  1,459
  1,514
  1,573
  1,635
  1,702
  1,774
  1,849
  1,930
  2,015
  2,105
  2,200
  2,300
  2,406
  2,518
  2,636
  2,760
  2,891
  3,029
  3,174
  3,327
  3,488
  3,657
  3,835
  4,022
  4,219
  4,426
Working capital, $m
  126
  62
  64
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  206
  216
Total debt, $m
  2,137
  2,210
  2,290
  2,378
  2,473
  2,576
  2,687
  2,805
  2,932
  3,067
  3,211
  3,364
  3,526
  3,698
  3,880
  4,072
  4,274
  4,488
  4,714
  4,952
  5,203
  5,468
  5,746
  6,039
  6,348
  6,672
  7,014
  7,373
  7,751
  8,148
  8,565
Total liabilities, $m
  2,506
  2,579
  2,659
  2,747
  2,842
  2,945
  3,056
  3,174
  3,301
  3,436
  3,580
  3,733
  3,895
  4,067
  4,249
  4,441
  4,643
  4,857
  5,083
  5,321
  5,572
  5,837
  6,115
  6,408
  6,717
  7,041
  7,383
  7,742
  8,120
  8,517
  8,934
Total equity, $m
  1,233
  1,202
  1,240
  1,281
  1,325
  1,373
  1,425
  1,480
  1,539
  1,602
  1,669
  1,741
  1,816
  1,896
  1,981
  2,071
  2,165
  2,265
  2,370
  2,481
  2,598
  2,722
  2,851
  2,988
  3,132
  3,283
  3,442
  3,610
  3,786
  3,971
  4,166
Total liabilities and equity, $m
  3,739
  3,781
  3,899
  4,028
  4,167
  4,318
  4,481
  4,654
  4,840
  5,038
  5,249
  5,474
  5,711
  5,963
  6,230
  6,512
  6,808
  7,122
  7,453
  7,802
  8,170
  8,559
  8,966
  9,396
  9,849
  10,324
  10,825
  11,352
  11,906
  12,488
  13,100
Debt-to-equity ratio
  1.733
  1.840
  1.850
  1.860
  1.870
  1.880
  1.890
  1.900
  1.900
  1.910
  1.920
  1.930
  1.940
  1.950
  1.960
  1.970
  1.970
  1.980
  1.990
  2.000
  2.000
  2.010
  2.020
  2.020
  2.030
  2.030
  2.040
  2.040
  2.050
  2.050
  2.060
Adjusted equity ratio
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318
  0.318

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  91
  -14
  -8
  -2
  3
  9
  14
  20
  27
  34
  41
  201
  210
  218
  228
  237
  248
  259
  270
  282
  295
  308
  322
  337
  353
  369
  386
  405
  424
  444
  465
Depreciation, amort., depletion, $m
  224
  295
  298
  301
  304
  307
  311
  315
  319
  324
  329
  125
  130
  136
  142
  149
  155
  163
  170
  178
  187
  195
  205
  214
  225
  236
  247
  259
  272
  285
  299
Funds from operations, $m
  228
  281
  290
  299
  307
  316
  326
  336
  346
  358
  370
  326
  340
  355
  370
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  605
  634
  664
  695
  729
  764
Change in working capital, $m
  -59
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
Cash from operations, $m
  287
  279
  288
  297
  305
  314
  323
  333
  343
  354
  366
  323
  336
  350
  365
  381
  398
  416
  435
  454
  475
  497
  520
  545
  570
  597
  625
  655
  686
  719
  754
Maintenance CAPEX, $m
  0
  -84
  -86
  -89
  -92
  -95
  -99
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -149
  -155
  -163
  -170
  -178
  -187
  -195
  -205
  -214
  -225
  -236
  -247
  -259
  -272
  -285
New CAPEX, $m
  -59
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
Cash from investing activities, $m
  -37
  -120
  -126
  -132
  -139
  -146
  -154
  -161
  -169
  -177
  -186
  -196
  -205
  -215
  -226
  -237
  -249
  -261
  -275
  -288
  -302
  -318
  -333
  -350
  -367
  -386
  -405
  -425
  -446
  -469
  -492
Free cash flow, $m
  250
  159
  162
  164
  166
  168
  169
  172
  174
  177
  180
  127
  131
  135
  139
  144
  149
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
Issuance/(repayment) of debt, $m
  -90
  73
  80
  88
  95
  103
  111
  119
  127
  135
  144
  153
  162
  172
  182
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
  325
  341
  359
  378
  397
  417
Issuance/(repurchase) of shares, $m
  0
  49
  46
  43
  41
  39
  37
  35
  32
  29
  26
  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  
  -98
  122
  126
  131
  136
  142
  148
  154
  159
  164
  170
  153
  162
  172
  182
  192
  203
  214
  226
  238
  251
  264
  278
  293
  308
  325
  341
  359
  378
  397
  417
Total cash flow (excl. dividends), $m
  153
  281
  288
  295
  302
  310
  317
  325
  333
  341
  350
  280
  293
  307
  321
  336
  352
  369
  386
  404
  424
  444
  465
  488
  511
  536
  562
  589
  618
  648
  679
Retained Cash Flow (-), $m
  -20
  -49
  -46
  -43
  -44
  -48
  -52
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -195
Prev. year cash balance distribution, $m
 
  65
  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
 
  297
  242
  252
  258
  262
  266
  270
  274
  278
  283
  209
  217
  227
  236
  247
  257
  269
  281
  293
  307
  321
  336
  351
  367
  385
  403
  422
  442
  463
  485
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  272
  201
  188
  171
  153
  136
  119
  102
  87
  73
  44
  37
  30
  25
  20
  15
  12
  9
  6
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.4
  97.0
  95.8
  94.6
  93.5
  92.6
  91.7
  91.0
  90.3
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8

OUTFRONT Media Inc. is a real estate investment trust (REIT), which provides advertising space (displays) on out-of-home advertising structures and sites in the United States and Canada. The Company's segments are U.S. Media and Other. The U.S. Media segment includes U.S. Billboard and Transit. The Other segment includes International and Sports Marketing. The Company's inventory consists of billboard displays, which are primarily located on the heavily traveled highways and roadways in Nielsen Designated Market Areas (DMAs), and transit advertising displays operated under multi-year contracts with municipalities in cities across the United States and Canada. The Company also has marketing and multimedia rights agreements with colleges, universities and other educational institutions, which entitle the Company to operate on-campus advertising displays, as well as manage marketing opportunities, media rights and experiential entertainment at sports events.

FINANCIAL RATIOS  of  Outfront Media (OUT)

Valuation Ratios
P/E Ratio 35.3
Price to Sales 2.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 14.1
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 173.3%
Total Debt to Equity 173.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 46%
Gross Margin - 3 Yr. Avg. 45.8%
EBITDA Margin 28.1%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 10.9%
Pre-Tax Margin 6%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 8.9%
Effective Tax Rate 5.5%
Eff/ Tax Rate - 3 Yr. Avg. -74%
Payout Ratio 207.7%

OUT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OUT stock intrinsic value calculation we used $1514 million for the last fiscal year's total revenue generated by Outfront Media. The default revenue input number comes from 2016 income statement of Outfront Media. 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 OUT stock valuation model: a) initial revenue growth rate of 2.9% 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 9.3%, whose default value for OUT is calculated based on our internal credit rating of Outfront Media, 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 Outfront Media.
    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 OUT stock the variable cost ratio is equal to 94.3%.

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 OUT 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 Outfront Media.

Corporate tax rate of 27% is the nominal tax rate for Outfront Media. 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 OUT 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 OUT are equal to 82%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Outfront Media 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 OUT is equal to 4%. 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 - $1233 million for Outfront Media - 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 138.634 million for Outfront Media 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 Outfront Media at the current share price and the inputted number of shares is $3.2 billion.

RELATED COMPANIES Price Int.Val. Rating
BCE BCE 47.64 26.99  sell

COMPANY NEWS

▶ OUTFRONT Media Lowers Term Loan Interest Rates   [Nov-20-17 07:23AM  PR Newswire]
▶ Outfront Media reports 3Q results   [Nov-06-17 04:51PM  Associated Press]
▶ OUTFRONT Media Announces Quarterly Dividend   [Oct-25-17 11:00AM  PR Newswire]
▶ 3 High-Yield Stocks to Own for the 21st Century   [Oct-06-17 08:11PM  Motley Fool]
▶ Why Outfront Media Inc. Stock Jumped Last Month   [Oct-02-17 02:18PM  Motley Fool]
▶ Why Shares of Outfront Media Are on the Rise   [Sep-25-17 06:07PM  Bloomberg Video]
▶ Outfront Media reports 2Q results   [Aug-03-17 07:49PM  Associated Press]
▶ OUTFRONT Media Announces Quarterly Dividend   [Jul-25-17 01:59PM  PR Newswire]
▶ OUTFRONT Media Completes Billboard Asset Swap   [Jul-05-17 06:00AM  PR Newswire]
▶ New Strong Sell Stocks for May 18th   [May-18-17 08:06AM  Zacks]
▶ Outfront Media reports 1Q results   [May-03-17 05:34PM  Associated Press]
▶ 3 Stocks to Buy With Dividends Yielding More Than 4%   [May-01-17 10:09AM  Motley Fool]
▶ Top Ranked Income Stocks to Buy for April 26th   [Apr-26-17 10:28AM  Zacks]
▶ OUTFRONT Media Announces Quarterly Dividend   [Apr-25-17 01:33PM  PR Newswire]
▶ Top Ranked Income Stocks to Buy for April 18th   [Apr-18-17 10:39AM  Zacks]
▶ [$$] Two Billboard REITs With Generous Payouts   [Apr-15-17 01:13AM  Barrons.com]
▶ Top Ranked Income Stocks to Buy for March 30th   [Mar-30-17 11:03AM  Zacks]
Financial statements of OUT
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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