Intrinsic value of Potlatch REIT - PCH

Previous Close

$54.75

  Intrinsic Value

$5.84

stock screener

  Rating & Target

str. sell

-89%

Previous close

$54.75

 
Intrinsic value

$5.84

 
Up/down potential

-89%

 
Rating

str. sell

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

We calculate the intrinsic value of PCH 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  4.17
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  599
  654
  712
  771
  834
  898
  965
  1,035
  1,108
  1,183
  1,262
  1,343
  1,428
  1,516
  1,608
  1,704
  1,804
  1,908
  2,017
  2,131
  2,249
  2,373
  2,503
  2,638
  2,780
  2,928
  3,084
  3,246
  3,416
  3,595
  3,782
Variable operating expenses, $m
 
  587
  639
  693
  748
  807
  867
  930
  995
  1,062
  1,133
  1,206
  1,282
  1,362
  1,444
  1,530
  1,620
  1,714
  1,811
  1,913
  2,020
  2,131
  2,248
  2,369
  2,496
  2,630
  2,769
  2,915
  3,068
  3,228
  3,396
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
  564
  587
  639
  693
  748
  807
  867
  930
  995
  1,062
  1,133
  1,206
  1,282
  1,362
  1,444
  1,530
  1,620
  1,714
  1,811
  1,913
  2,020
  2,131
  2,248
  2,369
  2,496
  2,630
  2,769
  2,915
  3,068
  3,228
  3,396
Operating income, $m
  36
  67
  73
  79
  85
  92
  98
  106
  113
  121
  129
  137
  146
  155
  164
  174
  184
  195
  206
  217
  229
  242
  255
  269
  284
  299
  315
  331
  348
  367
  386
EBITDA, $m
  70
  104
  113
  123
  132
  143
  153
  164
  176
  188
  200
  213
  227
  241
  255
  271
  287
  303
  320
  338
  357
  377
  397
  419
  442
  465
  490
  516
  543
  571
  601
Interest expense (income), $m
  28
  26
  30
  33
  36
  40
  44
  48
  52
  56
  60
  65
  70
  75
  80
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  154
  162
  171
  181
  191
  201
Earnings before tax, $m
  7
  40
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  108
  114
  119
  125
  132
  138
  145
  152
  160
  168
  176
  184
Tax expense, $m
  -4
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  50
Net income, $m
  11
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  122
  128
  135

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  83
  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
  928
  923
  1,004
  1,088
  1,176
  1,267
  1,362
  1,460
  1,562
  1,669
  1,779
  1,894
  2,014
  2,139
  2,268
  2,404
  2,545
  2,692
  2,845
  3,005
  3,172
  3,347
  3,530
  3,721
  3,921
  4,130
  4,349
  4,578
  4,819
  5,070
  5,334
Adjusted assets (=assets-cash), $m
  845
  923
  1,004
  1,088
  1,176
  1,267
  1,362
  1,460
  1,562
  1,669
  1,779
  1,894
  2,014
  2,139
  2,268
  2,404
  2,545
  2,692
  2,845
  3,005
  3,172
  3,347
  3,530
  3,721
  3,921
  4,130
  4,349
  4,578
  4,819
  5,070
  5,334
Revenue / Adjusted assets
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
Average production assets, $m
  804
  877
  954
  1,034
  1,118
  1,204
  1,295
  1,388
  1,485
  1,587
  1,692
  1,801
  1,915
  2,033
  2,157
  2,285
  2,419
  2,559
  2,705
  2,857
  3,016
  3,182
  3,356
  3,538
  3,728
  3,927
  4,135
  4,353
  4,581
  4,820
  5,071
Working capital, $m
  103
  34
  37
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  145
  152
  160
  169
  178
  187
  197
Total debt, $m
  584
  642
  715
  791
  870
  952
  1,037
  1,126
  1,218
  1,314
  1,413
  1,517
  1,625
  1,737
  1,854
  1,975
  2,102
  2,234
  2,372
  2,517
  2,667
  2,825
  2,989
  3,161
  3,341
  3,529
  3,726
  3,933
  4,149
  4,375
  4,612
Total liabilities, $m
  771
  830
  903
  979
  1,058
  1,140
  1,225
  1,314
  1,406
  1,502
  1,601
  1,705
  1,813
  1,925
  2,042
  2,163
  2,290
  2,422
  2,560
  2,705
  2,855
  3,013
  3,177
  3,349
  3,529
  3,717
  3,914
  4,121
  4,337
  4,563
  4,800
Total equity, $m
  156
  92
  100
  109
  118
  127
  136
  146
  156
  167
  178
  189
  201
  214
  227
  240
  254
  269
  284
  301
  317
  335
  353
  372
  392
  413
  435
  458
  482
  507
  533
Total liabilities and equity, $m
  927
  922
  1,003
  1,088
  1,176
  1,267
  1,361
  1,460
  1,562
  1,669
  1,779
  1,894
  2,014
  2,139
  2,269
  2,403
  2,544
  2,691
  2,844
  3,006
  3,172
  3,348
  3,530
  3,721
  3,921
  4,130
  4,349
  4,579
  4,819
  5,070
  5,333
Debt-to-equity ratio
  3.744
  6.960
  7.130
  7.270
  7.400
  7.520
  7.620
  7.710
  7.800
  7.870
  7.940
  8.010
  8.070
  8.120
  8.170
  8.220
  8.260
  8.300
  8.340
  8.370
  8.410
  8.440
  8.470
  8.490
  8.520
  8.540
  8.570
  8.590
  8.610
  8.630
  8.650
Adjusted equity ratio
  0.086
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  122
  128
  135
Depreciation, amort., depletion, $m
  34
  37
  40
  44
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  103
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
Funds from operations, $m
  86
  67
  72
  77
  83
  89
  95
  101
  108
  114
  121
  129
  137
  145
  153
  161
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
  286
  301
  316
  333
  350
Change in working capital, $m
  -16
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Cash from operations, $m
  102
  64
  69
  74
  80
  85
  91
  97
  104
  110
  117
  125
  132
  140
  148
  156
  165
  175
  184
  194
  205
  216
  227
  239
  251
  265
  278
  293
  308
  323
  340
Maintenance CAPEX, $m
  0
  -34
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -97
  -103
  -108
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
  -204
New CAPEX, $m
  -19
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -251
Cash from investing activities, $m
  93
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -220
  -231
  -243
  -254
  -267
  -280
  -294
  -309
  -324
  -340
  -357
  -374
  -393
  -412
  -433
  -455
Free cash flow, $m
  195
  -44
  -45
  -46
  -48
  -49
  -50
  -51
  -52
  -54
  -55
  -56
  -58
  -60
  -61
  -63
  -66
  -68
  -70
  -73
  -76
  -78
  -82
  -85
  -89
  -92
  -96
  -101
  -105
  -110
  -115
Issuance/(repayment) of debt, $m
  -50
  69
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
Issuance/(repurchase) of shares, $m
  -6
  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  
  -60
  69
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
Total cash flow (excl. dividends), $m
  136
  25
  28
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  65
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  116
  122
Retained Cash Flow (-), $m
  48
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Prev. year cash balance distribution, $m
 
  72
  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
 
  89
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  71
  75
  79
  83
  87
  91
  96
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
 
  82
  16
  16
  15
  14
  13
  12
  11
  10
  9
  8
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  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

Potlatch Corporation is a real estate investment trust (REIT), which is primarily engaged in activities associated with timberland management, including the sale of timber, management of timberlands, and purchase and sale of timberlands. The Company is also engaged in the manufacture and sale of wood products. It operates through three segments: Resource, Wood Products and Real Estate. Its primary objectives include using its timberland investments to generate income and maximizing the long-term value of its assets. Its Resource segment manages its timberlands. Its Wood Products segment manufactures and markets lumber, plywood and residual products at mills located in Arkansas, Idaho, Michigan and Minnesota. The activities of its Real Estate segment consist primarily of the sale of non-core timberlands in the categories of higher and better use (HBU), rural recreational real estate and non-strategic properties.

FINANCIAL RATIOS  of  Potlatch REIT (PCH)

Valuation Ratios
P/E Ratio 201.7
Price to Sales 3.7
Price to Book 14.2
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 26.7
Growth Rates
Sales Growth Rate 4.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 8
Current Ratio 0.2
LT Debt to Equity 367.3%
Total Debt to Equity 374.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 6.1%
Return On Equity - 3 Yr. Avg. 21%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 22.9%
Gross Margin - 3 Yr. Avg. 23.4%
EBITDA Margin 11.5%
EBITDA Margin - 3 Yr. Avg. 18%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 1.2%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 7.4%
Effective Tax Rate -57.1%
Eff/ Tax Rate - 3 Yr. Avg. -20.7%
Payout Ratio 554.5%

PCH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PCH stock intrinsic value calculation we used $599 million for the last fiscal year's total revenue generated by Potlatch REIT. The default revenue input number comes from 2016 income statement of Potlatch REIT. 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 PCH stock valuation model: a) initial revenue growth rate of 9.2% 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 9.3%, whose default value for PCH is calculated based on our internal credit rating of Potlatch REIT, 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 Potlatch REIT.
    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 PCH stock the variable cost ratio is equal to 89.8%.

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 PCH 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 4.6% for Potlatch REIT.

Corporate tax rate of 27% is the nominal tax rate for Potlatch REIT. 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 PCH 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 PCH are equal to 134.1%.

Life of production assets of 23.6 years is the average useful life of capital assets used in Potlatch REIT 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 PCH is equal to 5.2%. 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 - $156 million for Potlatch REIT - 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 40.281 million for Potlatch REIT 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 Potlatch REIT at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
DEL Deltic Timber 98.45 5.22  str.sell
WY Weyerhaeuser 35.18 9.46  str.sell
UFPI Universal Fore 36.67 51.50  buy
RYN Rayonier 34.43 15.12  str.sell

COMPANY NEWS

▶ Tax-Favored Money Grows On Trees   [04:52PM  Forbes]
▶ Bull of the Day: Potlatch (PCH)   [06:47AM  Zacks]
▶ Potlatch Corporation to Host Earnings Call   [Jan-30-18 09:00AM  ACCESSWIRE]
▶ Potlatch misses 4Q profit forecasts   [05:03AM  Associated Press]
▶ Potlatch Earnings Preview   [12:40PM  Benzinga]
▶ 5 Best Stocks Worth Buying on Upgraded Broker Ratings   [Jan-08-18 03:00PM  InvestorPlace]
▶ Stocks With Rising Relative Strength: Potlatch   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Potlatch   [03:00AM  Investor's Business Daily]
▶ How to Invest in Lumber   [Nov-27-17 08:10AM  Motley Fool]
▶ Why Potlatch (PCH) Stock Might be a Great Pick   [Nov-24-17 08:51AM  Zacks]
▶ Stocks With Rising Relative Price Strength: Potlatch   [Nov-02-17 03:00AM  Investor's Business Daily]
▶ [$$] Potlatch to Combine With Deltic Timber in Stock Swap   [12:13AM  The Wall Street Journal]
▶ [$$] Potlatch to Combine With Deltic Timber in Stock Swap   [Oct-23-17 01:28PM  The Wall Street Journal]
▶ Weyerhauser's Charts Looks Constructive   [10:23AM  TheStreet.com]
▶ When Should You Buy Potlatch Corporation (PCH)?   [09:36AM  Simply Wall St.]
▶ Potlatch beats 3Q profit forecasts   [07:07AM  Associated Press]
▶ Potlatch Board Increases Dividend 7%   [07:01AM  GlobeNewswire]
▶ [$$] Potlatch Nears Deal to Combine With Deltic Timber in Stock Swap   [Oct-22-17 07:17PM  The Wall Street Journal]
▶ Top Ranked Income Stocks to Buy for October 2nd   [Oct-02-17 08:39AM  Zacks]
▶ Potlatch Clears Technical Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ Bull of the Day: Potlatch (PCH)   [05:15AM  Zacks]
▶ This Week's Top Growth & Income Stocks   [Sep-07-17 03:24PM  Zacks]
▶ Potlatch Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Potlatch Board Declares Distribution on Common Stock   [Aug-31-17 01:30PM  GlobeNewswire]
Financial statements of PCH
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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