Intrinsic value of Pebblebrook Hotel Trust - PEB

Previous Close

$34.99

  Intrinsic Value

$5.72

stock screener

  Rating & Target

str. sell

-84%

Previous close

$34.99

 
Intrinsic value

$5.72

 
Up/down potential

-84%

 
Rating

str. sell

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

We calculate the intrinsic value of PEB 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, %
  5.84
  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
  816
  832
  851
  873
  898
  925
  955
  988
  1,023
  1,061
  1,101
  1,145
  1,191
  1,241
  1,293
  1,349
  1,408
  1,471
  1,537
  1,607
  1,681
  1,759
  1,841
  1,928
  2,019
  2,115
  2,216
  2,323
  2,435
  2,553
  2,677
Variable operating expenses, $m
 
  695
  711
  729
  750
  772
  797
  825
  854
  886
  920
  956
  995
  1,036
  1,080
  1,127
  1,176
  1,228
  1,284
  1,342
  1,404
  1,469
  1,537
  1,610
  1,686
  1,766
  1,851
  1,939
  2,033
  2,131
  2,235
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
  636
  695
  711
  729
  750
  772
  797
  825
  854
  886
  920
  956
  995
  1,036
  1,080
  1,127
  1,176
  1,228
  1,284
  1,342
  1,404
  1,469
  1,537
  1,610
  1,686
  1,766
  1,851
  1,939
  2,033
  2,131
  2,235
Operating income, $m
  180
  137
  140
  144
  148
  153
  158
  163
  169
  175
  182
  189
  197
  205
  213
  223
  232
  243
  254
  265
  277
  290
  304
  318
  333
  349
  366
  383
  402
  421
  442
EBITDA, $m
  285
  244
  250
  256
  264
  271
  280
  290
  300
  311
  323
  336
  350
  364
  380
  396
  413
  432
  451
  472
  493
  516
  540
  566
  592
  621
  650
  682
  715
  749
  786
Interest expense (income), $m
  41
  39
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  84
  88
  93
  98
  103
  108
  113
  119
  125
  132
  139
Earnings before tax, $m
  74
  98
  101
  103
  106
  109
  113
  116
  120
  124
  129
  134
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
Tax expense, $m
  0
  27
  27
  28
  29
  29
  30
  31
  32
  34
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  71
  75
  78
  82
Net income, $m
  74
  72
  74
  75
  77
  80
  82
  85
  88
  91
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  2,809
  2,831
  2,896
  2,971
  3,054
  3,147
  3,248
  3,359
  3,479
  3,608
  3,746
  3,894
  4,052
  4,221
  4,399
  4,589
  4,790
  5,003
  5,228
  5,466
  5,717
  5,982
  6,262
  6,556
  6,867
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Adjusted assets (=assets-cash), $m
  2,776
  2,831
  2,896
  2,971
  3,054
  3,147
  3,248
  3,359
  3,479
  3,608
  3,746
  3,894
  4,052
  4,221
  4,399
  4,589
  4,790
  5,003
  5,228
  5,466
  5,717
  5,982
  6,262
  6,556
  6,867
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Revenue / Adjusted assets
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
  0.294
Average production assets, $m
  2,674
  2,727
  2,789
  2,861
  2,942
  3,031
  3,129
  3,235
  3,350
  3,475
  3,608
  3,751
  3,903
  4,065
  4,237
  4,420
  4,614
  4,819
  5,036
  5,265
  5,507
  5,762
  6,031
  6,315
  6,614
  6,929
  7,260
  7,609
  7,976
  8,363
  8,769
Working capital, $m
  0
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
Total debt, $m
  996
  1,019
  1,047
  1,079
  1,115
  1,156
  1,200
  1,247
  1,299
  1,355
  1,415
  1,479
  1,548
  1,621
  1,698
  1,780
  1,867
  1,959
  2,057
  2,160
  2,269
  2,383
  2,504
  2,632
  2,766
  2,908
  3,057
  3,214
  3,379
  3,553
  3,735
Total liabilities, $m
  1,204
  1,226
  1,254
  1,286
  1,322
  1,363
  1,407
  1,454
  1,506
  1,562
  1,622
  1,686
  1,755
  1,828
  1,905
  1,987
  2,074
  2,166
  2,264
  2,367
  2,476
  2,590
  2,711
  2,839
  2,973
  3,115
  3,264
  3,421
  3,586
  3,760
  3,942
Total equity, $m
  1,606
  1,605
  1,642
  1,684
  1,732
  1,784
  1,842
  1,905
  1,972
  2,046
  2,124
  2,208
  2,298
  2,393
  2,494
  2,602
  2,716
  2,837
  2,964
  3,099
  3,242
  3,392
  3,550
  3,718
  3,894
  4,079
  4,274
  4,479
  4,696
  4,923
  5,162
Total liabilities and equity, $m
  2,810
  2,831
  2,896
  2,970
  3,054
  3,147
  3,249
  3,359
  3,478
  3,608
  3,746
  3,894
  4,053
  4,221
  4,399
  4,589
  4,790
  5,003
  5,228
  5,466
  5,718
  5,982
  6,261
  6,557
  6,867
  7,194
  7,538
  7,900
  8,282
  8,683
  9,104
Debt-to-equity ratio
  0.620
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567
  0.567

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  74
  72
  74
  75
  77
  80
  82
  85
  88
  91
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
Depreciation, amort., depletion, $m
  105
  107
  109
  112
  115
  119
  123
  127
  131
  136
  141
  147
  153
  159
  166
  173
  181
  189
  197
  206
  216
  226
  237
  248
  259
  272
  285
  298
  313
  328
  344
Funds from operations, $m
  253
  179
  183
  188
  193
  199
  205
  212
  219
  227
  236
  245
  254
  265
  276
  288
  300
  313
  327
  341
  357
  373
  390
  409
  428
  448
  469
  491
  515
  539
  565
Change in working capital, $m
  12
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
Cash from operations, $m
  241
  179
  184
  188
  194
  200
  206
  213
  220
  229
  237
  246
  256
  267
  278
  290
  302
  315
  329
  344
  360
  376
  394
  412
  431
  452
  473
  495
  519
  544
  570
Maintenance CAPEX, $m
  0
  -105
  -107
  -109
  -112
  -115
  -119
  -123
  -127
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -216
  -226
  -237
  -248
  -259
  -272
  -285
  -298
  -313
  -328
New CAPEX, $m
  0
  -53
  -63
  -72
  -80
  -89
  -98
  -107
  -115
  -124
  -133
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -332
  -349
  -367
  -386
  -406
Cash from investing activities, $m
  299
  -158
  -170
  -181
  -192
  -204
  -217
  -230
  -242
  -255
  -269
  -284
  -299
  -315
  -331
  -349
  -367
  -386
  -406
  -426
  -448
  -471
  -495
  -521
  -547
  -574
  -604
  -634
  -665
  -699
  -734
Free cash flow, $m
  540
  21
  14
  7
  1
  -5
  -11
  -16
  -22
  -27
  -32
  -38
  -43
  -48
  -54
  -59
  -65
  -70
  -76
  -82
  -88
  -95
  -101
  -108
  -115
  -123
  -130
  -138
  -147
  -155
  -164
Issuance/(repayment) of debt, $m
  -298
  23
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  134
  142
  149
  157
  165
  174
  183
Issuance/(repurchase) of shares, $m
  -103
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  6
  8
  9
  11
  13
  14
  16
  18
Cash from financing (excl. dividends), $m  
  -406
  23
  28
  32
  36
  40
  44
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  110
  118
  126
  134
  142
  151
  160
  170
  179
  190
  201
Total cash flow (excl. dividends), $m
  134
  44
  42
  40
  37
  35
  33
  32
  30
  29
  28
  26
  25
  25
  24
  23
  22
  22
  21
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
Retained Cash Flow (-), $m
  152
  -32
  -37
  -42
  -47
  -52
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -95
  -101
  -108
  -114
  -121
  -128
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
Prev. year cash balance distribution, $m
 
  33
  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
 
  45
  5
  -3
  -10
  -17
  -24
  -31
  -38
  -44
  -51
  -58
  -64
  -71
  -78
  -85
  -92
  -99
  -106
  -114
  -121
  -127
  -134
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  42
  5
  -2
  -8
  -12
  -15
  -17
  -18
  -19
  -19
  -18
  -17
  -16
  -15
  -13
  -11
  -10
  -8
  -7
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  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
  99.9
  99.8
  99.7
  99.6
  99.4
  99.2
  99.0
  98.8
  98.6
  98.4

Pebblebrook Hotel Trust is an internally managed hotel investment company. The Company is a real estate investment trust (REIT) that acquires and invests in hotel properties located primarily in cities of the United States. As of December 31, 2016, the Company owned 29 hotels with a total of 7,219 guest rooms. The hotels are located in the markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Miami (Coral Gables), Florida; Minneapolis, Minnesota; Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Santa Monica, California; Seattle, Washington; Stevenson, Washington; Washington, D.C.; West Hollywood, California, and Los Angeles (Beverly Hills), California. The Company's assets are held by, and all of the operations are conducted through, Pebblebrook Hotel, L.P. (the Operating Partnership).

FINANCIAL RATIOS  of  Pebblebrook Hotel Trust (PEB)

Valuation Ratios
P/E Ratio 34
Price to Sales 3.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 62%
Total Debt to Equity 62%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 39.2%
EBITDA Margin 27%
EBITDA Margin - 3 Yr. Avg. 28.8%
Operating Margin 22.1%
Oper. Margin - 3 Yr. Avg. 18%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 9.1%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 2.3%
Payout Ratio 171.6%

PEB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEB stock intrinsic value calculation we used $816 million for the last fiscal year's total revenue generated by Pebblebrook Hotel Trust. The default revenue input number comes from 2016 income statement of Pebblebrook Hotel Trust. 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 PEB 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 6.7%, whose default value for PEB is calculated based on our internal credit rating of Pebblebrook Hotel Trust, 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 Pebblebrook Hotel Trust.
    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 PEB stock the variable cost ratio is equal to 83.5%.

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 PEB 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 3.9% for Pebblebrook Hotel Trust.

Corporate tax rate of 27% is the nominal tax rate for Pebblebrook Hotel Trust. 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 PEB 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 PEB are equal to 327.6%.

Life of production assets of 25.5 years is the average useful life of capital assets used in Pebblebrook Hotel Trust 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 PEB is equal to -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 - $1606 million for Pebblebrook Hotel Trust - 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 70.218 million for Pebblebrook Hotel Trust 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 Pebblebrook Hotel Trust at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Pebblebrook Hotel reports 4Q results   [Feb-22-18 06:21PM  Associated Press]
▶ 5 REITs That Are Just Right for Retirement   [05:56AM  Harvest Exchange]
▶ Pebblebrook Hotel reports 3Q results   [Oct-23-17 04:11PM  Associated Press]
▶ Five Hotels To Buy Despite Industry Oversupply Woes   [Oct-02-17 09:54AM  Barrons.com]
▶ Pebblebrook Hotel reports 2Q results   [Jul-27-17 06:23PM  Associated Press]
▶ Pebblebrook Hotel Trust Completes Sale of the Dumont NYC   [Jun-20-17 04:01PM  Business Wire]
▶ Pebblebrook Hotel reports 1Q results   [Apr-27-17 05:26PM  Associated Press]
▶ 3 Growth Dividend Stocks to Buy in April   [Apr-18-17 09:14AM  Motley Fool]
▶ Pebblebrook Hotel Trust Is a Great Stock to Buy Right Now   [Mar-07-17 03:45PM  TheStreet.com]
▶ REIT Risk: The Lodging Sector Series   [07:00AM  at Forbes]
▶ [$$] Ranking the Lodging REITs   [Dec-23-16 02:56PM  at Barrons.com]
▶ Pebblebrook Hotel Trust Completes Sale of the Manhattan NYC   [Dec-20-16 04:01PM  Business Wire]
▶ Is Carpenter Technology Corporation (CRS) A Good Stock To Buy?   [Dec-14-16 07:29PM  at Insider Monkey]
Financial statements of PEB
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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