Intrinsic value of Potlatch REIT - PCH

Previous Close

$53.35

  Intrinsic Value

$18.40

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

+11%

Previous close

$53.35

 
Intrinsic value

$18.40

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

+11%

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

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

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

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 2.2

 

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, %
  4.17
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  599
  688
  783
  884
  991
  1,105
  1,224
  1,349
  1,479
  1,616
  1,758
  1,906
  2,060
  2,220
  2,386
  2,559
  2,738
  2,925
  3,119
  3,321
  3,531
  3,749
  3,977
  4,214
  4,462
  4,720
  4,989
  5,270
  5,563
  5,870
  6,191
Variable operating expenses, $m
 
  618
  703
  794
  890
  992
  1,099
  1,211
  1,328
  1,451
  1,579
  1,711
  1,850
  1,993
  2,143
  2,298
  2,459
  2,627
  2,801
  2,982
  3,171
  3,367
  3,571
  3,784
  4,007
  4,238
  4,480
  4,732
  4,996
  5,271
  5,559
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
  618
  703
  794
  890
  992
  1,099
  1,211
  1,328
  1,451
  1,579
  1,711
  1,850
  1,993
  2,143
  2,298
  2,459
  2,627
  2,801
  2,982
  3,171
  3,367
  3,571
  3,784
  4,007
  4,238
  4,480
  4,732
  4,996
  5,271
  5,559
Operating income, $m
  36
  70
  80
  90
  101
  113
  125
  138
  151
  165
  179
  194
  210
  226
  243
  261
  279
  298
  318
  339
  360
  382
  406
  430
  455
  481
  509
  538
  567
  599
  631
EBITDA, $m
  70
  109
  124
  140
  158
  176
  194
  214
  235
  257
  279
  303
  327
  353
  379
  407
  435
  465
  496
  528
  561
  596
  632
  670
  709
  750
  793
  837
  884
  933
  984
Interest expense (income), $m
  28
  26
  32
  37
  43
  49
  56
  63
  70
  78
  86
  94
  103
  112
  121
  131
  141
  151
  162
  173
  185
  198
  210
  224
  237
  252
  267
  283
  299
  316
  334
Earnings before tax, $m
  7
  44
  48
  53
  58
  63
  69
  75
  81
  87
  94
  100
  107
  115
  122
  130
  139
  147
  156
  165
  175
  185
  195
  206
  218
  230
  242
  255
  268
  283
  297
Tax expense, $m
  -4
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
Net income, $m
  11
  32
  35
  39
  42
  46
  50
  55
  59
  64
  68
  73
  78
  84
  89
  95
  101
  107
  114
  121
  128
  135
  143
  151
  159
  168
  177
  186
  196
  206
  217

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
  970
  1,104
  1,247
  1,398
  1,558
  1,726
  1,902
  2,086
  2,279
  2,479
  2,688
  2,905
  3,131
  3,365
  3,609
  3,862
  4,125
  4,399
  4,684
  4,980
  5,288
  5,609
  5,944
  6,293
  6,657
  7,036
  7,433
  7,847
  8,279
  8,732
Adjusted assets (=assets-cash), $m
  845
  970
  1,104
  1,247
  1,398
  1,558
  1,726
  1,902
  2,086
  2,279
  2,479
  2,688
  2,905
  3,131
  3,365
  3,609
  3,862
  4,125
  4,399
  4,684
  4,980
  5,288
  5,609
  5,944
  6,293
  6,657
  7,036
  7,433
  7,847
  8,279
  8,732
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
  396
  454
  517
  583
  654
  729
  808
  890
  976
  1,066
  1,160
  1,258
  1,359
  1,465
  1,575
  1,689
  1,807
  1,930
  2,059
  2,192
  2,330
  2,475
  2,625
  2,781
  2,945
  3,115
  3,293
  3,478
  3,672
  3,874
  4,086
Working capital, $m
  103
  36
  41
  46
  52
  57
  64
  70
  77
  84
  91
  99
  107
  115
  124
  133
  142
  152
  162
  173
  184
  195
  207
  219
  232
  245
  259
  274
  289
  305
  322
Total debt, $m
  584
  685
  806
  934
  1,070
  1,214
  1,365
  1,524
  1,690
  1,863
  2,043
  2,231
  2,427
  2,630
  2,841
  3,060
  3,288
  3,525
  3,771
  4,027
  4,294
  4,572
  4,861
  5,162
  5,476
  5,803
  6,145
  6,502
  6,874
  7,263
  7,670
Total liabilities, $m
  771
  873
  994
  1,122
  1,258
  1,402
  1,553
  1,712
  1,878
  2,051
  2,231
  2,419
  2,615
  2,818
  3,029
  3,248
  3,476
  3,713
  3,959
  4,215
  4,482
  4,760
  5,049
  5,350
  5,664
  5,991
  6,333
  6,690
  7,062
  7,451
  7,858
Total equity, $m
  156
  97
  110
  125
  140
  156
  173
  190
  209
  228
  248
  269
  291
  313
  337
  361
  386
  413
  440
  468
  498
  529
  561
  594
  629
  666
  704
  743
  785
  828
  873
Total liabilities and equity, $m
  927
  970
  1,104
  1,247
  1,398
  1,558
  1,726
  1,902
  2,087
  2,279
  2,479
  2,688
  2,906
  3,131
  3,366
  3,609
  3,862
  4,126
  4,399
  4,683
  4,980
  5,289
  5,610
  5,944
  6,293
  6,657
  7,037
  7,433
  7,847
  8,279
  8,731
Debt-to-equity ratio
  3.744
  7.060
  7.300
  7.490
  7.660
  7.790
  7.910
  8.010
  8.100
  8.180
  8.240
  8.300
  8.350
  8.400
  8.440
  8.480
  8.510
  8.540
  8.570
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
  8.720
  8.730
  8.750
  8.760
  8.770
  8.780
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
  32
  35
  39
  42
  46
  50
  55
  59
  64
  68
  73
  78
  84
  89
  95
  101
  107
  114
  121
  128
  135
  143
  151
  159
  168
  177
  186
  196
  206
  217
Depreciation, amort., depletion, $m
  34
  39
  45
  50
  56
  63
  70
  77
  84
  92
  100
  108
  117
  126
  136
  146
  156
  166
  177
  189
  201
  213
  226
  240
  254
  269
  284
  300
  317
  334
  352
Funds from operations, $m
  86
  71
  80
  89
  99
  109
  120
  131
  143
  155
  168
  182
  196
  210
  225
  241
  257
  274
  291
  310
  329
  348
  369
  390
  413
  436
  460
  486
  512
  540
  569
Change in working capital, $m
  -16
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
Cash from operations, $m
  102
  66
  75
  84
  93
  103
  114
  125
  136
  148
  161
  174
  188
  202
  216
  232
  248
  264
  281
  299
  318
  337
  357
  378
  400
  423
  446
  471
  497
  524
  553
Maintenance CAPEX, $m
  0
  -34
  -39
  -45
  -50
  -56
  -63
  -70
  -77
  -84
  -92
  -100
  -108
  -117
  -126
  -136
  -146
  -156
  -166
  -177
  -189
  -201
  -213
  -226
  -240
  -254
  -269
  -284
  -300
  -317
  -334
New CAPEX, $m
  -19
  -58
  -63
  -67
  -71
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -157
  -163
  -170
  -178
  -185
  -194
  -202
  -212
Cash from investing activities, $m
  93
  -92
  -102
  -112
  -121
  -131
  -142
  -152
  -163
  -174
  -186
  -198
  -210
  -223
  -236
  -250
  -265
  -279
  -294
  -310
  -328
  -345
  -363
  -383
  -403
  -424
  -447
  -469
  -494
  -519
  -546
Free cash flow, $m
  195
  -26
  -27
  -28
  -28
  -28
  -28
  -27
  -27
  -26
  -25
  -24
  -22
  -21
  -20
  -18
  -16
  -15
  -13
  -12
  -10
  -8
  -7
  -5
  -3
  -1
  0
  2
  4
  5
  7
Issuance/(repayment) of debt, $m
  -50
  112
  121
  129
  136
  144
  151
  159
  166
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  267
  278
  289
  301
  314
  327
  342
  357
  373
  389
  407
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
  112
  121
  129
  136
  144
  151
  159
  166
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  267
  278
  289
  301
  314
  327
  342
  357
  373
  389
  407
Total cash flow (excl. dividends), $m
  136
  86
  94
  101
  108
  116
  124
  131
  139
  147
  156
  164
  173
  182
  191
  201
  211
  222
  233
  245
  257
  269
  282
  296
  311
  326
  342
  359
  376
  395
  414
Retained Cash Flow (-), $m
  48
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
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
 
  145
  80
  87
  93
  100
  107
  114
  121
  128
  136
  143
  151
  160
  168
  177
  186
  196
  206
  216
  227
  238
  250
  263
  276
  290
  304
  319
  335
  351
  369
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
 
  133
  67
  65
  62
  58
  54
  50
  45
  40
  35
  30
  26
  21
  17
  14
  11
  8
  6
  5
  3
  2
  2
  1
  1
  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 196.5
Price to Sales 3.6
Price to Book 13.9
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 26
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 14.8% 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 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 66%.

Life of production assets of 11.6 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 41.235 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 88.14 4.77  str.sell
WY Weyerhaeuser 35.18 9.05  str.sell
UFPI Universal Fore 108.39 93.39  hold
RYN Rayonier 29.92 11.97  str.sell

COMPANY NEWS

▶ 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]
▶ This Week's Top Growth & Income Stocks   [Aug-02-17 03:35PM  Zacks]
▶ Potlatch beats 2Q profit forecasts   [Jul-24-17 11:38PM  Associated Press]
▶ ETFs with exposure to Potlatch Corp. : July 14, 2017   [Jul-14-17 04:10PM  Capital Cube]
▶ This Week's Top Growth & Income Stocks   [May-24-17 05:29PM  Zacks]
▶ 3 Top Lumber Stocks to Consider Buying in 2017   [May-22-17 07:53AM  Motley Fool]
▶ Wood Stocks Are Burning Up The Charts   [May-17-17 04:48PM  Zacks]
▶ 5 Top Dividend Stocks in the Forestry Industry   [May-16-17 04:30PM  Motley Fool]
▶ Potlatch Board Declares Distribution on Common Stock   [May-03-17 02:30PM  GlobeNewswire]
▶ Potlatch beats 1Q profit forecasts   [Apr-26-17 07:30PM  Associated Press]
▶ Bull of the Day: Potlatch (PCH)   [Apr-19-17 05:48AM  Zacks]
▶ New Strong Buy Stocks for April 18th   [Apr-18-17 10:35AM  Zacks]
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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