Intrinsic value of Patterson - PDCO

Previous Close

$37.78

  Intrinsic Value

$30.11

stock screener

  Rating & Target

sell

-20%

  Value-price divergence*

-4%

Previous close

$37.78

 
Intrinsic value

$30.11

 
Up/down potential

-20%

 
Rating

sell

 
Value-price divergence*

-4%

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

We calculate the intrinsic value of PDCO 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 2017), $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 3.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.82
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,593
  5,705
  5,836
  5,986
  6,154
  6,341
  6,546
  6,769
  7,010
  7,270
  7,549
  7,847
  8,166
  8,505
  8,865
  9,248
  9,653
  10,082
  10,536
  11,015
  11,521
  12,055
  12,619
  13,212
  13,838
  14,496
  15,190
  15,920
  16,688
  17,497
  18,347
Variable operating expenses, $m
 
  5,332
  5,453
  5,591
  5,746
  5,918
  6,106
  6,312
  6,534
  6,773
  7,030
  7,223
  7,516
  7,828
  8,160
  8,512
  8,885
  9,280
  9,698
  10,139
  10,605
  11,096
  11,615
  12,161
  12,737
  13,343
  13,982
  14,654
  15,361
  16,105
  16,887
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
  5,305
  5,332
  5,453
  5,591
  5,746
  5,918
  6,106
  6,312
  6,534
  6,773
  7,030
  7,223
  7,516
  7,828
  8,160
  8,512
  8,885
  9,280
  9,698
  10,139
  10,605
  11,096
  11,615
  12,161
  12,737
  13,343
  13,982
  14,654
  15,361
  16,105
  16,887
Operating income, $m
  288
  372
  383
  395
  408
  423
  439
  457
  476
  497
  519
  624
  650
  677
  705
  736
  768
  802
  838
  876
  917
  959
  1,004
  1,051
  1,101
  1,153
  1,208
  1,267
  1,328
  1,392
  1,460
EBITDA, $m
  372
  495
  507
  520
  534
  550
  568
  587
  608
  631
  655
  681
  709
  738
  769
  803
  838
  875
  914
  956
  1,000
  1,046
  1,095
  1,147
  1,201
  1,258
  1,318
  1,382
  1,448
  1,518
  1,592
Interest expense (income), $m
  35
  35
  36
  38
  40
  42
  45
  47
  50
  53
  56
  60
  64
  68
  72
  77
  82
  87
  92
  98
  104
  111
  117
  125
  132
  140
  149
  158
  167
  177
  187
Earnings before tax, $m
  251
  338
  347
  357
  368
  381
  395
  410
  426
  444
  463
  564
  586
  609
  633
  659
  686
  715
  746
  778
  812
  848
  886
  926
  969
  1,013
  1,060
  1,109
  1,161
  1,215
  1,273
Tax expense, $m
  77
  91
  94
  96
  99
  103
  107
  111
  115
  120
  125
  152
  158
  164
  171
  178
  185
  193
  201
  210
  219
  229
  239
  250
  262
  274
  286
  299
  313
  328
  344
Net income, $m
  171
  246
  253
  260
  269
  278
  288
  299
  311
  324
  338
  412
  428
  444
  462
  481
  501
  522
  544
  568
  593
  619
  647
  676
  707
  739
  774
  810
  847
  887
  929

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  95
  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
  3,508
  3,481
  3,561
  3,652
  3,755
  3,869
  3,994
  4,130
  4,277
  4,436
  4,606
  4,788
  4,982
  5,189
  5,409
  5,642
  5,890
  6,151
  6,428
  6,721
  7,029
  7,355
  7,699
  8,061
  8,443
  8,845
  9,268
  9,713
  10,182
  10,675
  11,194
Adjusted assets (=assets-cash), $m
  3,413
  3,481
  3,561
  3,652
  3,755
  3,869
  3,994
  4,130
  4,277
  4,436
  4,606
  4,788
  4,982
  5,189
  5,409
  5,642
  5,890
  6,151
  6,428
  6,721
  7,029
  7,355
  7,699
  8,061
  8,443
  8,845
  9,268
  9,713
  10,182
  10,675
  11,194
Revenue / Adjusted assets
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
  1.639
Average production assets, $m
  763
  776
  794
  814
  837
  862
  890
  921
  953
  989
  1,027
  1,067
  1,111
  1,157
  1,206
  1,258
  1,313
  1,371
  1,433
  1,498
  1,567
  1,640
  1,716
  1,797
  1,882
  1,972
  2,066
  2,165
  2,270
  2,380
  2,495
Working capital, $m
  900
  896
  916
  940
  966
  996
  1,028
  1,063
  1,101
  1,141
  1,185
  1,232
  1,282
  1,335
  1,392
  1,452
  1,516
  1,583
  1,654
  1,729
  1,809
  1,893
  1,981
  2,074
  2,173
  2,276
  2,385
  2,499
  2,620
  2,747
  2,880
Total debt, $m
  1,072
  1,039
  1,087
  1,142
  1,203
  1,272
  1,346
  1,428
  1,516
  1,610
  1,712
  1,821
  1,937
  2,061
  2,193
  2,332
  2,480
  2,637
  2,802
  2,977
  3,162
  3,356
  3,562
  3,779
  4,007
  4,247
  4,500
  4,767
  5,047
  5,342
  5,652
Total liabilities, $m
  2,113
  2,081
  2,129
  2,184
  2,245
  2,314
  2,388
  2,470
  2,558
  2,652
  2,754
  2,863
  2,979
  3,103
  3,235
  3,374
  3,522
  3,679
  3,844
  4,019
  4,204
  4,398
  4,604
  4,821
  5,049
  5,289
  5,542
  5,809
  6,089
  6,384
  6,694
Total equity, $m
  1,394
  1,399
  1,431
  1,468
  1,510
  1,555
  1,605
  1,660
  1,719
  1,783
  1,852
  1,925
  2,003
  2,086
  2,174
  2,268
  2,368
  2,473
  2,584
  2,702
  2,826
  2,957
  3,095
  3,241
  3,394
  3,556
  3,726
  3,905
  4,093
  4,291
  4,500
Total liabilities and equity, $m
  3,507
  3,480
  3,560
  3,652
  3,755
  3,869
  3,993
  4,130
  4,277
  4,435
  4,606
  4,788
  4,982
  5,189
  5,409
  5,642
  5,890
  6,152
  6,428
  6,721
  7,030
  7,355
  7,699
  8,062
  8,443
  8,845
  9,268
  9,714
  10,182
  10,675
  11,194
Debt-to-equity ratio
  0.769
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.950
  0.970
  0.990
  1.010
  1.030
  1.050
  1.070
  1.080
  1.100
  1.120
  1.140
  1.150
  1.170
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.260
Adjusted equity ratio
  0.398
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402
  0.402

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  171
  246
  253
  260
  269
  278
  288
  299
  311
  324
  338
  412
  428
  444
  462
  481
  501
  522
  544
  568
  593
  619
  647
  676
  707
  739
  774
  810
  847
  887
  929
Depreciation, amort., depletion, $m
  84
  123
  124
  125
  126
  127
  129
  130
  132
  134
  136
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
  127
  133
Funds from operations, $m
  28
  369
  377
  385
  395
  405
  417
  430
  443
  458
  474
  469
  487
  506
  526
  548
  571
  595
  621
  648
  676
  707
  738
  772
  807
  844
  884
  925
  968
  1,014
  1,062
Change in working capital, $m
  -135
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  133
Cash from operations, $m
  163
  351
  356
  362
  368
  376
  385
  395
  405
  417
  430
  422
  437
  453
  470
  488
  507
  528
  549
  573
  597
  623
  650
  679
  709
  741
  775
  810
  847
  887
  928
Maintenance CAPEX, $m
  0
  -41
  -41
  -42
  -43
  -45
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -115
  -121
  -127
New CAPEX, $m
  -47
  -13
  -18
  -20
  -23
  -25
  -28
  -30
  -33
  -35
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -116
Cash from investing activities, $m
  1
  -54
  -59
  -62
  -66
  -70
  -74
  -77
  -82
  -86
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -219
  -231
  -243
Free cash flow, $m
  164
  298
  297
  299
  302
  306
  311
  317
  324
  331
  340
  327
  337
  348
  359
  372
  385
  400
  415
  431
  448
  467
  486
  507
  528
  551
  575
  601
  628
  656
  686
Issuance/(repayment) of debt, $m
  13
  41
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  295
  310
Issuance/(repurchase) of shares, $m
  -117
  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  
  -106
  41
  48
  55
  61
  68
  75
  81
  88
  95
  102
  109
  116
  124
  131
  140
  148
  157
  166
  175
  185
  195
  205
  217
  228
  240
  253
  266
  280
  295
  310
Total cash flow (excl. dividends), $m
  54
  340
  345
  354
  364
  374
  386
  398
  412
  426
  441
  436
  453
  471
  491
  511
  533
  556
  580
  606
  633
  662
  692
  723
  757
  792
  828
  867
  908
  951
  996
Retained Cash Flow (-), $m
  48
  -26
  -32
  -37
  -41
  -46
  -50
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -153
  -162
  -170
  -179
  -188
  -198
  -209
Prev. year cash balance distribution, $m
 
  21
  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
 
  334
  313
  317
  322
  328
  336
  344
  353
  362
  373
  362
  375
  388
  402
  417
  434
  451
  469
  488
  509
  531
  553
  578
  603
  630
  658
  688
  720
  753
  788
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  314
  274
  258
  242
  226
  210
  193
  177
  161
  145
  122
  108
  94
  82
  70
  59
  49
  40
  32
  25
  20
  15
  11
  8
  6
  4
  3
  2
  1
  1
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

Patterson Companies, Inc. is a value-added distributor focused on providing a customer experience to professionals in the dental and animal health markets. The Company operates through three segments: dental, animal health and corporate. Dental and Animal health are strategic business units that offer similar products and services to different customer bases. Dental provides a virtually complete range of consumable dental products, equipment and software and turnkey digital solutions. In addition it provides value-added services to dentists, dental laboratories, institutions and other healthcare professionals throughout North America. Animal health is a leading, full-line distributor of animal health products, services and technologies. Corporate segment is comprised of general and administrative expenses, including home office support costs in areas such as information technology, finance, legal, human resources and facilities.

FINANCIAL RATIOS  of  Patterson (PDCO)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 0.7
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 31.4
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 71.6%
Total Debt to Equity 76.9%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 13.2%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 23.3%
Gross Margin - 3 Yr. Avg. 25%
EBITDA Margin 6.6%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 4.5%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 30.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 56.1%

PDCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PDCO stock intrinsic value calculation we used $5593 million for the last fiscal year's total revenue generated by Patterson. The default revenue input number comes from 2017 income statement of Patterson. 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 PDCO stock valuation model: a) initial revenue growth rate of 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 6.4%, whose default value for PDCO is calculated based on our internal credit rating of Patterson, 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 Patterson.
    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 PDCO stock the variable cost ratio is equal to 93.5%.

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 PDCO 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 3.5% for Patterson.

Corporate tax rate of 27% is the nominal tax rate for Patterson. 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 PDCO 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 PDCO are equal to 13.6%.

Life of production assets of 18.8 years is the average useful life of capital assets used in Patterson 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 PDCO is equal to 15.7%. 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 - $1394 million for Patterson - 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 98.013 million for Patterson 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 Patterson at the current share price and the inputted number of shares is $3.7 billion.

RELATED COMPANIES Price Int.Val. Rating
HSIC Henry Schein 81.91 161.45  hold
IDXX IDEXX Laborato 158.55 41.50  str.sell
OMI Owens&Minor 27.86 34.42  buy
ABC AmerisourceBer 79.00 165.30  str.buy

COMPANY NEWS

▶ Patterson Shares Downgraded To Sell At UBS   [Jul-11-17 12:23PM  Benzinga]
▶ ETFs with exposure to Patterson Cos., Inc. : July 4, 2017   [Jul-04-17 03:20PM  Capital Cube]
▶ Patterson Companies Announces Leadership Transition   [Jun-01-17 07:30AM  Business Wire]
▶ 3 Top Dividend Stocks in the Dentistry Industry   [May-23-17 05:42PM  Motley Fool]
▶ 5 Earnings Short-Squeeze Plays: Tiffany, Best Buy and More   [May-22-17 01:21PM  TheStreet.com]
▶ [$$] 7 Inflation-Resistant High-Payout Stocks   [Mar-18-17 01:22AM  at Barrons.com]
▶ Patterson Companies Increases Cash Dividend by 8 Percent   [Mar-14-17 05:25PM  Business Wire]
▶ Patterson Cos. Could Hike Dividend Soon   [Mar-07-17 03:24PM  Barrons.com]
▶ Patterson Cos. Could Hike Dividend Soon   [03:24PM  at Barrons.com]
▶ Jerome Dodson Adds to 9 Positions in 4th Quarter   [Mar-01-17 06:08PM  GuruFocus.com]
▶ In Your 50s? 3 Stocks You Should Consider Buying   [Feb-25-17 04:07PM  Motley Fool]
▶ [$$] Patterson Stock Could Return 20%   [Jan-21-17 12:01AM  at Barrons.com]
▶ The 10 Cheapest Stocks in the Wide Moat Focus Index   [Jan-19-17 06:00AM  at Morningstar]
Financial statements of PDCO
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.