Intrinsic value of Grupo Aeroportuario del Pacifico ADR - PAC

Previous Close

$97.93

  Intrinsic Value

$59.93

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

-48%

Previous close

$97.93

 
Intrinsic value

$59.93

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

-48%

*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 5.5

 

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, %
  36.98
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  563
  641
  723
  811
  904
  1,001
  1,103
  1,210
  1,321
  1,438
  1,558
  1,684
  1,815
  1,951
  2,092
  2,239
  2,391
  2,550
  2,715
  2,886
  3,065
  3,251
  3,445
  3,647
  3,858
  4,078
  4,307
  4,547
  4,798
  5,060
  5,334
Variable operating expenses, $m
 
  318
  359
  402
  448
  497
  547
  600
  655
  713
  773
  835
  900
  968
  1,038
  1,110
  1,186
  1,265
  1,346
  1,432
  1,520
  1,612
  1,709
  1,809
  1,913
  2,022
  2,136
  2,255
  2,380
  2,510
  2,645
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
  318
  359
  402
  448
  497
  547
  600
  655
  713
  773
  835
  900
  968
  1,038
  1,110
  1,186
  1,265
  1,346
  1,432
  1,520
  1,612
  1,709
  1,809
  1,913
  2,022
  2,136
  2,255
  2,380
  2,510
  2,645
Operating income, $m
  265
  323
  365
  409
  456
  505
  556
  610
  666
  725
  785
  849
  915
  983
  1,054
  1,128
  1,205
  1,285
  1,368
  1,455
  1,545
  1,638
  1,736
  1,838
  1,944
  2,055
  2,171
  2,292
  2,418
  2,550
  2,688
EBITDA, $m
  333
  400
  452
  507
  565
  626
  689
  756
  826
  898
  974
  1,052
  1,134
  1,219
  1,307
  1,399
  1,494
  1,593
  1,696
  1,803
  1,915
  2,031
  2,152
  2,279
  2,410
  2,548
  2,691
  2,841
  2,998
  3,161
  3,333
Interest expense (income), $m
  18
  22
  26
  31
  36
  41
  47
  53
  59
  66
  72
  79
  87
  94
  102
  110
  119
  128
  137
  146
  156
  167
  177
  189
  200
  213
  225
  239
  252
  267
  282
Earnings before tax, $m
  234
  301
  338
  378
  419
  463
  509
  557
  607
  659
  713
  770
  828
  889
  952
  1,018
  1,086
  1,158
  1,231
  1,308
  1,388
  1,472
  1,559
  1,649
  1,744
  1,843
  1,946
  2,053
  2,166
  2,283
  2,406
Tax expense, $m
  64
  81
  91
  102
  113
  125
  137
  150
  164
  178
  193
  208
  224
  240
  257
  275
  293
  313
  332
  353
  375
  397
  421
  445
  471
  497
  525
  554
  585
  616
  650
Net income, $m
  166
  220
  247
  276
  306
  338
  372
  407
  443
  481
  521
  562
  605
  649
  695
  743
  793
  845
  899
  955
  1,014
  1,074
  1,138
  1,204
  1,273
  1,345
  1,420
  1,499
  1,581
  1,667
  1,756

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
  1,780
  2,010
  2,253
  2,511
  2,781
  3,065
  3,361
  3,671
  3,993
  4,329
  4,678
  5,042
  5,419
  5,811
  6,219
  6,642
  7,083
  7,541
  8,017
  8,514
  9,030
  9,569
  10,130
  10,716
  11,327
  11,965
  12,631
  13,327
  14,055
  14,816
Adjusted assets (=assets-cash), $m
  1,564
  1,780
  2,010
  2,253
  2,511
  2,781
  3,065
  3,361
  3,671
  3,993
  4,329
  4,678
  5,042
  5,419
  5,811
  6,219
  6,642
  7,083
  7,541
  8,017
  8,514
  9,030
  9,569
  10,130
  10,716
  11,327
  11,965
  12,631
  13,327
  14,055
  14,816
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
  1,107
  1,250
  1,402
  1,562
  1,730
  1,906
  2,091
  2,283
  2,484
  2,693
  2,910
  3,136
  3,371
  3,615
  3,868
  4,132
  4,406
  4,691
  4,987
  5,296
  5,618
  5,953
  6,302
  6,666
  7,046
  7,443
  7,857
  8,290
  8,743
  9,217
Working capital, $m
  206
  -60
  -68
  -76
  -85
  -94
  -104
  -114
  -124
  -135
  -146
  -158
  -171
  -183
  -197
  -210
  -225
  -240
  -255
  -271
  -288
  -306
  -324
  -343
  -363
  -383
  -405
  -427
  -451
  -476
  -501
Total debt, $m
  497
  595
  704
  819
  941
  1,069
  1,204
  1,344
  1,491
  1,644
  1,803
  1,969
  2,141
  2,320
  2,505
  2,699
  2,899
  3,108
  3,325
  3,551
  3,786
  4,031
  4,287
  4,553
  4,830
  5,120
  5,422
  5,738
  6,068
  6,413
  6,774
Total liabilities, $m
  746
  844
  953
  1,068
  1,190
  1,318
  1,453
  1,593
  1,740
  1,893
  2,052
  2,218
  2,390
  2,569
  2,754
  2,948
  3,148
  3,357
  3,574
  3,800
  4,035
  4,280
  4,536
  4,802
  5,079
  5,369
  5,671
  5,987
  6,317
  6,662
  7,023
Total equity, $m
  1,081
  936
  1,057
  1,185
  1,321
  1,463
  1,612
  1,768
  1,931
  2,100
  2,277
  2,461
  2,652
  2,850
  3,057
  3,271
  3,494
  3,725
  3,966
  4,217
  4,478
  4,750
  5,033
  5,328
  5,636
  5,958
  6,293
  6,644
  7,010
  7,393
  7,793
Total liabilities and equity, $m
  1,827
  1,780
  2,010
  2,253
  2,511
  2,781
  3,065
  3,361
  3,671
  3,993
  4,329
  4,679
  5,042
  5,419
  5,811
  6,219
  6,642
  7,082
  7,540
  8,017
  8,513
  9,030
  9,569
  10,130
  10,715
  11,327
  11,964
  12,631
  13,327
  14,055
  14,816
Debt-to-equity ratio
  0.460
  0.640
  0.670
  0.690
  0.710
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  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
  220
  247
  276
  306
  338
  372
  407
  443
  481
  521
  562
  605
  649
  695
  743
  793
  845
  899
  955
  1,014
  1,074
  1,138
  1,204
  1,273
  1,345
  1,420
  1,499
  1,581
  1,667
  1,756
Depreciation, amort., depletion, $m
  68
  77
  87
  98
  109
  121
  133
  146
  160
  174
  188
  204
  219
  236
  253
  271
  289
  308
  328
  349
  370
  393
  416
  441
  466
  493
  520
  549
  580
  611
  645
Funds from operations, $m
  219
  297
  335
  374
  415
  459
  505
  553
  603
  655
  709
  765
  824
  885
  948
  1,014
  1,082
  1,153
  1,227
  1,304
  1,384
  1,467
  1,554
  1,645
  1,739
  1,838
  1,941
  2,048
  2,161
  2,278
  2,401
Change in working capital, $m
  -67
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from operations, $m
  286
  305
  342
  382
  424
  468
  514
  563
  613
  666
  720
  777
  836
  897
  961
  1,028
  1,096
  1,168
  1,242
  1,320
  1,401
  1,485
  1,572
  1,664
  1,759
  1,858
  1,962
  2,071
  2,184
  2,303
  2,427
Maintenance CAPEX, $m
  0
  -68
  -77
  -87
  -98
  -109
  -121
  -133
  -146
  -160
  -174
  -188
  -204
  -219
  -236
  -253
  -271
  -289
  -308
  -328
  -349
  -370
  -393
  -416
  -441
  -466
  -493
  -520
  -549
  -580
  -611
New CAPEX, $m
  -94
  -134
  -143
  -152
  -160
  -168
  -176
  -184
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
  -309
  -321
  -335
  -349
  -364
  -380
  -397
  -414
  -433
  -453
  -473
Cash from investing activities, $m
  -92
  -202
  -220
  -239
  -258
  -277
  -297
  -317
  -339
  -361
  -383
  -405
  -430
  -454
  -480
  -507
  -535
  -563
  -593
  -625
  -658
  -691
  -728
  -765
  -805
  -846
  -890
  -934
  -982
  -1,033
  -1,084
Free cash flow, $m
  194
  102
  122
  143
  166
  191
  217
  245
  274
  305
  338
  371
  407
  443
  482
  521
  562
  605
  649
  695
  743
  793
  845
  898
  954
  1,012
  1,073
  1,136
  1,202
  1,270
  1,342
Issuance/(repayment) of debt, $m
  125
  102
  109
  116
  122
  128
  134
  141
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  217
  226
  235
  245
  255
  266
  278
  290
  302
  316
  330
  345
  361
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
  102
  109
  116
  122
  128
  134
  141
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  217
  226
  235
  245
  255
  266
  278
  290
  302
  316
  330
  345
  361
Total cash flow (excl. dividends), $m
  219
  204
  231
  259
  288
  319
  352
  386
  421
  458
  497
  537
  579
  622
  667
  714
  763
  814
  867
  921
  978
  1,038
  1,100
  1,164
  1,232
  1,302
  1,375
  1,452
  1,532
  1,615
  1,703
Retained Cash Flow (-), $m
  -3
  -114
  -121
  -128
  -135
  -142
  -149
  -156
  -163
  -170
  -177
  -184
  -191
  -199
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -283
  -295
  -308
  -321
  -336
  -350
  -366
  -383
  -400
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
 
  349
  110
  130
  153
  177
  202
  230
  258
  289
  320
  353
  388
  424
  461
  500
  540
  582
  626
  671
  717
  766
  817
  869
  924
  980
  1,040
  1,101
  1,165
  1,232
  1,302
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
 
  335
  101
  114
  126
  137
  147
  155
  161
  166
  168
  168
  166
  161
  155
  147
  137
  127
  115
  103
  91
  79
  68
  57
  47
  38
  30
  24
  18
  13
  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 Pacifico, S.A.B. de C.V. is a holding company. The Company holds concessions to operate, maintain and develop approximately 10 international airports in the Pacific and Central regions of Mexico, and an international airport in Jamaica. The Company's segments include Guadalajara, Tijuana, Puerto Vallarta, San Jose del Cabo, Montego Bay, Hermosillo, Bajio, Other Airports and Others Companies. The Other Companies segment includes Servicios a la Infraestructura Aeroportuaria del Pacifico, S.A. de C.V. (SIAP), a company that provides technical assistance and professional services; Corporativo de Servicios Aeroportuarios, S.A. de C.V. (CORSA), a company that provides operative services specialized in aeronautical industry; Puerta Cero Parking, S.A. de C.V. (PCP), a company that manages the parking lot operation; Fundacion Grupo Aeroportuario del Pacifico, A.C., and Desarrollo de Concesiones Aeroportuarias, S.L. (DCA), as well as the Company's own operation.

FINANCIAL RATIOS  of  Grupo Aeroportuario del Pacifico ADR (PAC)

Valuation Ratios
P/E Ratio 310.1
Price to Sales 91.4
Price to Book 47.6
Price to Tangible Book
Price to Cash Flow 180
Price to Free Cash Flow 268.1
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 13.8% 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 56.448 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 $5.5 billion.

RELATED COMPANIES Price Int.Val. Rating
OMAB Grupo Aeroport 41.45 147.20  str.buy
ASR Grupo Aeroport 180.67 9.60  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]
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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