Intrinsic value of Potlatch REIT - PCH

Previous Close

$46.30

  Intrinsic Value

$17.46

stock screener

  Rating & Target

str. sell

-62%

  Value-price divergence*

-3%

Previous close

$46.30

 
Intrinsic value

$17.46

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence*

-3%

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 1.9

 

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
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.84
  10.25
  9.73
  9.25
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
Revenue, $m
  599
  702
  814
  935
  1,065
  1,204
  1,351
  1,506
  1,669
  1,840
  2,019
  2,206
  2,401
  2,604
  2,814
  3,034
  3,262
  3,498
  3,745
  4,000
  4,266
  4,543
  4,831
  5,130
  5,442
  5,767
  6,106
  6,460
  6,828
  7,214
  7,616
Variable operating expenses, $m
 
  630
  731
  840
  957
  1,081
  1,213
  1,352
  1,499
  1,653
  1,813
  1,981
  2,156
  2,338
  2,527
  2,724
  2,929
  3,142
  3,363
  3,592
  3,831
  4,080
  4,338
  4,607
  4,887
  5,179
  5,483
  5,801
  6,132
  6,478
  6,839
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
  630
  731
  840
  957
  1,081
  1,213
  1,352
  1,499
  1,653
  1,813
  1,981
  2,156
  2,338
  2,527
  2,724
  2,929
  3,142
  3,363
  3,592
  3,831
  4,080
  4,338
  4,607
  4,887
  5,179
  5,483
  5,801
  6,132
  6,478
  6,839
Operating income, $m
  36
  72
  83
  95
  109
  123
  138
  154
  170
  188
  206
  225
  245
  266
  287
  309
  333
  357
  382
  408
  435
  463
  493
  523
  555
  588
  623
  659
  697
  736
  777
EBITDA, $m
  70
  112
  129
  149
  169
  191
  215
  239
  265
  292
  321
  351
  381
  414
  447
  482
  518
  556
  595
  636
  678
  722
  768
  815
  865
  916
  970
  1,026
  1,085
  1,146
  1,210
Interest expense (income), $m
  28
  26
  32
  39
  46
  54
  62
  70
  79
  89
  99
  109
  120
  132
  144
  156
  169
  182
  196
  210
  225
  241
  257
  274
  291
  310
  329
  348
  369
  391
  413
Earnings before tax, $m
  7
  45
  51
  56
  63
  69
  76
  83
  91
  99
  107
  116
  125
  134
  143
  154
  164
  175
  186
  198
  210
  223
  236
  249
  264
  279
  294
  311
  327
  345
  364
Tax expense, $m
  -4
  12
  14
  15
  17
  19
  21
  22
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
Net income, $m
  11
  33
  37
  41
  46
  50
  56
  61
  66
  72
  78
  84
  91
  98
  105
  112
  120
  128
  136
  144
  153
  162
  172
  182
  193
  203
  215
  227
  239
  252
  265

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
  1,075
  1,247
  1,432
  1,631
  1,844
  2,069
  2,306
  2,556
  2,818
  3,092
  3,378
  3,677
  3,987
  4,310
  4,646
  4,995
  5,358
  5,734
  6,126
  6,533
  6,957
  7,398
  7,857
  8,334
  8,832
  9,351
  9,892
  10,457
  11,047
  11,663
Adjusted assets (=assets-cash), $m
  845
  1,075
  1,247
  1,432
  1,631
  1,844
  2,069
  2,306
  2,556
  2,818
  3,092
  3,378
  3,677
  3,987
  4,310
  4,646
  4,995
  5,358
  5,734
  6,126
  6,533
  6,957
  7,398
  7,857
  8,334
  8,832
  9,351
  9,892
  10,457
  11,047
  11,663
Revenue / Adjusted assets
  0.709
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
  0.653
Average production assets, $m
  396
  463
  537
  617
  703
  795
  892
  994
  1,102
  1,215
  1,333
  1,456
  1,585
  1,718
  1,858
  2,002
  2,153
  2,309
  2,471
  2,640
  2,816
  2,998
  3,188
  3,386
  3,592
  3,806
  4,030
  4,263
  4,507
  4,761
  5,026
Working capital, $m
  103
  37
  42
  49
  55
  63
  70
  78
  87
  96
  105
  115
  125
  135
  146
  158
  170
  182
  195
  208
  222
  236
  251
  267
  283
  300
  318
  336
  355
  375
  396
Total debt, $m
  584
  704
  847
  1,001
  1,166
  1,342
  1,529
  1,726
  1,934
  2,151
  2,379
  2,616
  2,864
  3,121
  3,389
  3,668
  3,958
  4,259
  4,572
  4,897
  5,235
  5,586
  5,952
  6,333
  6,729
  7,143
  7,573
  8,023
  8,491
  8,981
  9,492
Total liabilities, $m
  771
  892
  1,035
  1,189
  1,354
  1,530
  1,717
  1,914
  2,122
  2,339
  2,567
  2,804
  3,052
  3,309
  3,577
  3,856
  4,146
  4,447
  4,760
  5,085
  5,423
  5,774
  6,140
  6,521
  6,917
  7,331
  7,761
  8,211
  8,679
  9,169
  9,680
Total equity, $m
  156
  183
  212
  244
  277
  313
  352
  392
  435
  479
  526
  574
  625
  678
  733
  790
  849
  911
  975
  1,041
  1,111
  1,183
  1,258
  1,336
  1,417
  1,501
  1,590
  1,682
  1,778
  1,878
  1,983
Total liabilities and equity, $m
  927
  1,075
  1,247
  1,433
  1,631
  1,843
  2,069
  2,306
  2,557
  2,818
  3,093
  3,378
  3,677
  3,987
  4,310
  4,646
  4,995
  5,358
  5,735
  6,126
  6,534
  6,957
  7,398
  7,857
  8,334
  8,832
  9,351
  9,893
  10,457
  11,047
  11,663
Debt-to-equity ratio
  3.744
  3.850
  4.000
  4.110
  4.200
  4.280
  4.350
  4.400
  4.450
  4.490
  4.520
  4.560
  4.580
  4.600
  4.630
  4.640
  4.660
  4.680
  4.690
  4.700
  4.710
  4.720
  4.730
  4.740
  4.750
  4.760
  4.760
  4.770
  4.780
  4.780
  4.790
Adjusted equity ratio
  0.086
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170
  0.170

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  11
  33
  37
  41
  46
  50
  56
  61
  66
  72
  78
  84
  91
  98
  105
  112
  120
  128
  136
  144
  153
  162
  172
  182
  193
  203
  215
  227
  239
  252
  265
Depreciation, amort., depletion, $m
  34
  40
  46
  53
  61
  68
  77
  86
  95
  105
  115
  126
  137
  148
  160
  173
  186
  199
  213
  228
  243
  258
  275
  292
  310
  328
  347
  368
  389
  410
  433
Funds from operations, $m
  86
  73
  83
  94
  106
  119
  132
  146
  161
  177
  193
  210
  228
  246
  265
  285
  305
  327
  349
  372
  396
  421
  447
  474
  502
  532
  562
  594
  628
  662
  699
Change in working capital, $m
  -16
  5
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
Cash from operations, $m
  102
  68
  77
  88
  100
  112
  125
  138
  153
  168
  184
  200
  217
  235
  254
  273
  293
  314
  336
  359
  382
  407
  432
  458
  486
  515
  545
  576
  608
  642
  678
Maintenance CAPEX, $m
  0
  -34
  -40
  -46
  -53
  -61
  -68
  -77
  -86
  -95
  -105
  -115
  -126
  -137
  -148
  -160
  -173
  -186
  -199
  -213
  -228
  -243
  -258
  -275
  -292
  -310
  -328
  -347
  -368
  -389
  -410
New CAPEX, $m
  -19
  -68
  -74
  -80
  -86
  -91
  -97
  -102
  -108
  -113
  -118
  -123
  -129
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -176
  -183
  -190
  -198
  -206
  -215
  -224
  -233
  -243
  -254
  -265
Cash from investing activities, $m
  93
  -102
  -114
  -126
  -139
  -152
  -165
  -179
  -194
  -208
  -223
  -238
  -255
  -271
  -287
  -305
  -323
  -342
  -361
  -382
  -404
  -426
  -448
  -473
  -498
  -525
  -552
  -580
  -611
  -643
  -675
Free cash flow, $m
  195
  -34
  -37
  -38
  -39
  -40
  -41
  -41
  -41
  -40
  -39
  -38
  -37
  -35
  -33
  -32
  -30
  -28
  -25
  -23
  -21
  -19
  -16
  -14
  -12
  -9
  -7
  -5
  -3
  0
  2
Issuance/(repayment) of debt, $m
  -50
  130
  143
  154
  165
  176
  187
  197
  207
  217
  228
  238
  248
  258
  268
  279
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
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
  130
  143
  154
  165
  176
  187
  197
  207
  217
  228
  238
  248
  258
  268
  279
  290
  301
  313
  325
  338
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
Total cash flow (excl. dividends), $m
  136
  96
  106
  116
  126
  136
  146
  156
  167
  177
  188
  199
  211
  223
  235
  247
  260
  273
  287
  302
  317
  333
  349
  367
  385
  404
  424
  444
  466
  489
  513
Retained Cash Flow (-), $m
  48
  -27
  -29
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
Prev. year cash balance distribution, $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 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
 
  69
  77
  84
  92
  100
  108
  116
  124
  133
  142
  151
  160
  170
  180
  190
  201
  212
  223
  235
  248
  261
  274
  289
  304
  319
  335
  352
  370
  389
  408
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
 
  63
  64
  63
  61
  58
  55
  51
  46
  42
  37
  32
  27
  23
  19
  15
  12
  9
  7
  5
  4
  3
  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 operates as a real estate investment trust (REIT) that owns and manages timberlands located in Arkansas, Idaho, Minnesota and Wisconsin in the United States. The Resource Management Division manages its timberlands, harvests timber, procures other wood fiber, sells logs and leases land for hunting and other recreational activity. The Real Estate Division develops and sells land parcels, as well as invests in timberlands. The Wood Products Division manufactures lumber, plywood, and particleboard in Arkansas, Idaho, Michigan, and Minnesota. This segment's products are sold to wholesalers primarily for use in home building and other construction activities. Potlatch was founded in 1903 and is headquartered in Spokane, Washington.

FINANCIAL RATIOS  of  Potlatch REIT (PCH)

Valuation Ratios
P/E Ratio 170.6
Price to Sales 3.1
Price to Book 12
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 22.6
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 17.2% 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 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 40.089 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
DEL Deltic Timber 67.08 5.14  str.sell
WY Weyerhaeuser 31.91 20.58  sell
UFPI Universal Fore 80.14 96.49  hold
RYN Rayonier 28.46 145.46  str.buy

COMPANY NEWS

▶ 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]
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▶ 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]
▶ Is Proto Labs Inc (PRLB) A Good Stock To Buy?   [Dec-14-16 10:13PM  at Insider Monkey]
▶ Is Potlatch Corporation (PCH) Worthy of Your Portfolio?   [Dec-12-16 04:23PM  at Insider Monkey]
▶ Potlatch Board Declares Distribution on Common Stock   [Dec-02-16 02:00PM  GlobeNewswire]
▶ Potlatch Board Declares Distribution on Common Stock   [Sep-09-16 01:30PM  GlobeNewswire]
▶ Top 5 Timber Stocks of 2016 (WY, PCH)   [Aug-24-16 10:00AM  at Investopedia]
Stock chart of PCH 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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