Intrinsic value of Grupo Aeroportuario del Pacifico ADR - PAC

Previous Close

$109.50

  Intrinsic Value

$61.88

stock screener

  Rating & Target

sell

-43%

  Value-price divergence*

+5000%

Previous close

$109.50

 
Intrinsic value

$61.88

 
Up/down potential

-43%

 
Rating

sell

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of PAC 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 6.1

 

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, %
  36.98
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  563
  644
  730
  821
  918
  1,020
  1,127
  1,239
  1,356
  1,478
  1,605
  1,737
  1,875
  2,018
  2,166
  2,320
  2,481
  2,648
  2,821
  3,002
  3,189
  3,385
  3,589
  3,801
  4,022
  4,253
  4,494
  4,746
  5,009
  5,284
  5,571
Variable operating expenses, $m
 
  319
  362
  407
  455
  506
  559
  614
  672
  733
  796
  862
  930
  1,001
  1,074
  1,151
  1,231
  1,313
  1,399
  1,489
  1,582
  1,679
  1,780
  1,885
  1,995
  2,110
  2,229
  2,354
  2,484
  2,621
  2,763
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
  298
  319
  362
  407
  455
  506
  559
  614
  672
  733
  796
  862
  930
  1,001
  1,074
  1,151
  1,231
  1,313
  1,399
  1,489
  1,582
  1,679
  1,780
  1,885
  1,995
  2,110
  2,229
  2,354
  2,484
  2,621
  2,763
Operating income, $m
  265
  324
  368
  414
  463
  514
  568
  624
  683
  745
  809
  875
  945
  1,017
  1,092
  1,170
  1,250
  1,334
  1,422
  1,513
  1,607
  1,706
  1,809
  1,916
  2,027
  2,144
  2,265
  2,392
  2,525
  2,663
  2,808
EBITDA, $m
  333
  402
  456
  513
  573
  637
  704
  774
  847
  923
  1,003
  1,085
  1,171
  1,261
  1,353
  1,450
  1,550
  1,654
  1,763
  1,876
  1,993
  2,115
  2,242
  2,375
  2,513
  2,658
  2,808
  2,965
  3,130
  3,302
  3,481
Interest expense (income), $m
  18
  22
  26
  31
  37
  42
  48
  54
  61
  68
  75
  82
  90
  98
  106
  115
  123
  133
  142
  152
  163
  174
  185
  197
  209
  222
  235
  249
  264
  279
  295
Earnings before tax, $m
  234
  303
  341
  382
  426
  472
  520
  570
  622
  677
  734
  793
  855
  919
  986
  1,055
  1,127
  1,202
  1,279
  1,360
  1,445
  1,532
  1,624
  1,719
  1,818
  1,922
  2,030
  2,143
  2,261
  2,384
  2,513
Tax expense, $m
  64
  82
  92
  103
  115
  127
  140
  154
  168
  183
  198
  214
  231
  248
  266
  285
  304
  324
  345
  367
  390
  414
  438
  464
  491
  519
  548
  578
  610
  644
  678
Net income, $m
  166
  221
  249
  279
  311
  344
  379
  416
  454
  494
  536
  579
  624
  671
  720
  770
  823
  877
  934
  993
  1,054
  1,118
  1,185
  1,255
  1,327
  1,403
  1,482
  1,564
  1,650
  1,740
  1,834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  263
  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
  1,827
  1,788
  2,027
  2,281
  2,549
  2,832
  3,129
  3,440
  3,765
  4,104
  4,458
  4,825
  5,207
  5,604
  6,017
  6,446
  6,891
  7,355
  7,837
  8,338
  8,859
  9,403
  9,968
  10,558
  11,173
  11,815
  12,484
  13,183
  13,914
  14,677
  15,475
Adjusted assets (=assets-cash), $m
  1,564
  1,788
  2,027
  2,281
  2,549
  2,832
  3,129
  3,440
  3,765
  4,104
  4,458
  4,825
  5,207
  5,604
  6,017
  6,446
  6,891
  7,355
  7,837
  8,338
  8,859
  9,403
  9,968
  10,558
  11,173
  11,815
  12,484
  13,183
  13,914
  14,677
  15,475
Revenue / Adjusted assets
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
Average production assets, $m
  973
  1,112
  1,261
  1,419
  1,586
  1,762
  1,947
  2,140
  2,342
  2,553
  2,773
  3,002
  3,239
  3,486
  3,743
  4,010
  4,287
  4,575
  4,875
  5,187
  5,511
  5,849
  6,201
  6,568
  6,951
  7,350
  7,766
  8,201
  8,656
  9,130
  9,627
Working capital, $m
  206
  -60
  -69
  -77
  -86
  -96
  -106
  -116
  -127
  -139
  -151
  -163
  -176
  -190
  -204
  -218
  -233
  -249
  -265
  -282
  -300
  -318
  -337
  -357
  -378
  -400
  -422
  -446
  -471
  -497
  -524
Total debt, $m
  497
  598
  712
  832
  959
  1,093
  1,234
  1,382
  1,536
  1,697
  1,864
  2,038
  2,219
  2,407
  2,603
  2,806
  3,018
  3,237
  3,466
  3,703
  3,950
  4,208
  4,476
  4,756
  5,047
  5,351
  5,668
  6,000
  6,346
  6,708
  7,086
Total liabilities, $m
  746
  847
  961
  1,081
  1,208
  1,342
  1,483
  1,631
  1,785
  1,946
  2,113
  2,287
  2,468
  2,656
  2,852
  3,055
  3,267
  3,486
  3,715
  3,952
  4,199
  4,457
  4,725
  5,005
  5,296
  5,600
  5,917
  6,249
  6,595
  6,957
  7,335
Total equity, $m
  1,081
  940
  1,066
  1,200
  1,341
  1,490
  1,646
  1,810
  1,981
  2,159
  2,345
  2,538
  2,739
  2,948
  3,165
  3,390
  3,625
  3,869
  4,122
  4,386
  4,660
  4,946
  5,243
  5,554
  5,877
  6,214
  6,567
  6,934
  7,319
  7,720
  8,140
Total liabilities and equity, $m
  1,827
  1,787
  2,027
  2,281
  2,549
  2,832
  3,129
  3,441
  3,766
  4,105
  4,458
  4,825
  5,207
  5,604
  6,017
  6,445
  6,892
  7,355
  7,837
  8,338
  8,859
  9,403
  9,968
  10,559
  11,173
  11,814
  12,484
  13,183
  13,914
  14,677
  15,475
Debt-to-equity ratio
  0.460
  0.640
  0.670
  0.690
  0.720
  0.730
  0.750
  0.760
  0.780
  0.790
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
Adjusted equity ratio
  0.523
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  166
  221
  249
  279
  311
  344
  379
  416
  454
  494
  536
  579
  624
  671
  720
  770
  823
  877
  934
  993
  1,054
  1,118
  1,185
  1,255
  1,327
  1,403
  1,482
  1,564
  1,650
  1,740
  1,834
Depreciation, amort., depletion, $m
  68
  78
  88
  99
  111
  123
  136
  150
  164
  179
  194
  210
  227
  244
  262
  280
  300
  320
  341
  363
  385
  409
  434
  459
  486
  514
  543
  574
  605
  638
  673
Funds from operations, $m
  219
  299
  337
  378
  422
  468
  515
  566
  618
  673
  730
  789
  851
  915
  981
  1,051
  1,122
  1,197
  1,275
  1,356
  1,440
  1,528
  1,619
  1,714
  1,813
  1,917
  2,025
  2,138
  2,255
  2,379
  2,507
Change in working capital, $m
  -67
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
Cash from operations, $m
  286
  306
  345
  387
  431
  477
  526
  576
  629
  684
  742
  802
  864
  928
  995
  1,065
  1,138
  1,213
  1,291
  1,373
  1,458
  1,546
  1,638
  1,734
  1,834
  1,938
  2,047
  2,161
  2,280
  2,405
  2,535
Maintenance CAPEX, $m
  0
  -68
  -78
  -88
  -99
  -111
  -123
  -136
  -150
  -164
  -179
  -194
  -210
  -227
  -244
  -262
  -280
  -300
  -320
  -341
  -363
  -385
  -409
  -434
  -459
  -486
  -514
  -543
  -574
  -605
  -638
New CAPEX, $m
  -94
  -139
  -149
  -158
  -167
  -176
  -185
  -194
  -202
  -211
  -220
  -229
  -238
  -247
  -257
  -267
  -277
  -288
  -300
  -312
  -324
  -338
  -352
  -367
  -383
  -399
  -417
  -435
  -454
  -475
  -497
Cash from investing activities, $m
  -92
  -207
  -227
  -246
  -266
  -287
  -308
  -330
  -352
  -375
  -399
  -423
  -448
  -474
  -501
  -529
  -557
  -588
  -620
  -653
  -687
  -723
  -761
  -801
  -842
  -885
  -931
  -978
  -1,028
  -1,080
  -1,135
Free cash flow, $m
  194
  99
  119
  141
  165
  190
  217
  247
  277
  310
  344
  379
  416
  455
  495
  537
  580
  625
  672
  720
  770
  823
  877
  933
  992
  1,053
  1,117
  1,183
  1,252
  1,324
  1,399
Issuance/(repayment) of debt, $m
  125
  105
  113
  120
  127
  134
  141
  147
  154
  161
  167
  174
  181
  188
  196
  203
  211
  220
  228
  238
  247
  257
  268
  280
  291
  304
  317
  331
  346
  362
  378
Issuance/(repurchase) of shares, $m
  -89
  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  
  18
  105
  113
  120
  127
  134
  141
  147
  154
  161
  167
  174
  181
  188
  196
  203
  211
  220
  228
  238
  247
  257
  268
  280
  291
  304
  317
  331
  346
  362
  378
Total cash flow (excl. dividends), $m
  219
  205
  232
  261
  292
  324
  358
  394
  431
  470
  511
  553
  597
  643
  690
  740
  791
  844
  900
  958
  1,018
  1,080
  1,145
  1,213
  1,284
  1,357
  1,434
  1,515
  1,599
  1,686
  1,778
Retained Cash Flow (-), $m
  -3
  -118
  -126
  -134
  -141
  -149
  -156
  -164
  -171
  -178
  -186
  -193
  -201
  -209
  -217
  -226
  -234
  -244
  -253
  -264
  -274
  -286
  -298
  -310
  -323
  -337
  -352
  -368
  -384
  -402
  -420
Prev. year cash balance distribution, $m
 
  259
  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
 
  345
  107
  128
  151
  175
  202
  230
  260
  292
  325
  360
  396
  434
  473
  514
  557
  601
  646
  694
  743
  794
  848
  903
  960
  1,020
  1,082
  1,147
  1,214
  1,285
  1,358
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  331
  98
  111
  124
  136
  147
  156
  163
  168
  170
  171
  169
  165
  159
  151
  141
  131
  119
  107
  94
  82
  70
  59
  49
  40
  32
  25
  19
  14
  10
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

Grupo Aeroportuario del Pacífico, S.A.B. de C.V. operates airports in Mexico’s Pacific region. It has 12 airports in Guadalajara, Tijuana, Puerto Vallarta, Los Cabos, La Paz, Manzanillo, Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali, and Los Mochis. The company was incorporated in 1998 and is headquartered in Guadalajara, Mexico.

FINANCIAL RATIOS  of  Grupo Aeroportuario del Pacifico ADR (PAC)

Valuation Ratios
P/E Ratio 346.7
Price to Sales 102.2
Price to Book 53.2
Price to Tangible Book
Price to Cash Flow 201.2
Price to Free Cash Flow 299.7
Growth Rates
Sales Growth Rate 37%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 64.9%
Cap. Spend. - 3 Yr. Gr. Rate 21.8%
Financial Strength
Quick Ratio 66
Current Ratio 0
LT Debt to Equity 45.6%
Total Debt to Equity 46%
Interest Coverage 14
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 10%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 15.4%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 56.7%
Gross Margin - 3 Yr. Avg. 56.7%
EBITDA Margin 56.8%
EBITDA Margin - 3 Yr. Avg. 62.1%
Operating Margin 47.1%
Oper. Margin - 3 Yr. Avg. 49.1%
Pre-Tax Margin 41.6%
Pre-Tax Margin - 3 Yr. Avg. 45.3%
Net Profit Margin 29.5%
Net Profit Margin - 3 Yr. Avg. 34.5%
Effective Tax Rate 27.4%
Eff/ Tax Rate - 3 Yr. Avg. 23.1%
Payout Ratio 65.1%

PAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PAC stock intrinsic value calculation we used $563 million for the last fiscal year's total revenue generated by Grupo Aeroportuario del Pacifico ADR. The default revenue input number comes from 2016 income statement of Grupo Aeroportuario del Pacifico ADR. 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 PAC stock valuation model: a) initial revenue growth rate of 14.3% 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 4.3%, whose default value for PAC is calculated based on our internal credit rating of Grupo Aeroportuario del Pacifico ADR, 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 Grupo Aeroportuario del Pacifico ADR.
    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 PAC stock the variable cost ratio is equal to 49.6%.

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 PAC 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 4.4% for Grupo Aeroportuario del Pacifico ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Aeroportuario del Pacifico ADR. 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 PAC 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 PAC are equal to 172.8%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Grupo Aeroportuario del Pacifico ADR 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 PAC is equal to -9.4%. 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 - $1081 million for Grupo Aeroportuario del Pacifico ADR - 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 55.45 million for Grupo Aeroportuario del Pacifico ADR 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 Grupo Aeroportuario del Pacifico ADR at the current share price and the inputted number of shares is $6.1 billion.

RELATED COMPANIES Price Int.Val. Rating
OMAB Grupo Aeroport 48.04 345.29  str.buy
ASR Grupo Aeroport 199.80 9.67  str.sell

COMPANY NEWS

▶ Grupo Aeroportuario del Pacifico Announces Dividend Payment   [Aug-02-17 04:28PM  Business Wire]
▶ Grupo Aeroportuario del Pacifico posts 2Q profit   [Jul-27-17 03:03PM  Associated Press]
▶ Why Grupo Aeroportuario del Pacifico Is a Buy   [May-03-17 12:20PM  Motley Fool]
▶ Is Erie Indemnity Company (ERIE) a Good Stock to Buy?   [Dec-13-16 06:54AM  at Insider Monkey]
▶ Is Frontier Communications Corp (FTR) A Good Stock to Sell?   [Nov-27-16 02:23PM  at Insider Monkey]
Stock chart of PAC Financial statements of PAC
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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