Intrinsic value of PROS Holdings - PRO

Previous Close

$25.97

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-211%

Previous close

$25.97

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-211%

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

We calculate the intrinsic value of PRO 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 0.8

 

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, %
  -8.93
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  153
  161
  170
  178
  188
  198
  208
  219
  230
  242
  254
  267
  280
  295
  310
  325
  342
  359
  377
  396
  416
  437
  459
  482
  507
  532
  559
  587
  616
  647
  680
Variable operating expenses, $m
 
  54
  56
  59
  62
  65
  68
  72
  76
  79
  83
  85
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  217
Fixed operating expenses, $m
 
  176
  181
  185
  190
  195
  199
  204
  210
  215
  220
  226
  231
  237
  243
  249
  255
  262
  268
  275
  282
  289
  296
  304
  311
  319
  327
  335
  343
  352
  361
Total operating expenses, $m
  219
  230
  237
  244
  252
  260
  267
  276
  286
  294
  303
  311
  321
  331
  342
  353
  364
  377
  389
  402
  415
  429
  443
  458
  473
  489
  506
  523
  540
  559
  578
Operating income, $m
  -65
  -69
  -67
  -66
  -64
  -62
  -60
  -58
  -55
  -53
  -50
  -44
  -41
  -37
  -32
  -28
  -23
  -17
  -12
  -5
  1
  8
  16
  25
  33
  43
  53
  64
  76
  88
  101
EBITDA, $m
  -55
  -64
  -62
  -60
  -59
  -56
  -54
  -52
  -49
  -46
  -43
  -39
  -35
  -31
  -27
  -22
  -16
  -11
  -5
  2
  9
  17
  25
  34
  43
  53
  64
  75
  87
  100
  114
Interest expense (income), $m
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
Earnings before tax, $m
  -75
  -73
  -71
  -70
  -69
  -67
  -66
  -64
  -62
  -60
  -57
  -52
  -49
  -46
  -42
  -39
  -34
  -30
  -25
  -19
  -14
  -7
  -1
  7
  15
  23
  32
  42
  52
  63
  75
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  6
  9
  11
  14
  17
  20
Net income, $m
  -75
  -73
  -71
  -70
  -69
  -67
  -66
  -64
  -62
  -60
  -57
  -52
  -49
  -46
  -42
  -39
  -34
  -30
  -25
  -19
  -14
  -7
  -1
  5
  11
  17
  23
  30
  38
  46
  55

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  134
  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
  228
  240
  253
  266
  280
  294
  310
  326
  342
  360
  378
  398
  418
  439
  462
  485
  509
  535
  562
  591
  620
  652
  684
  719
  755
  793
  833
  874
  918
  964
  1,013
Adjusted assets (=assets-cash), $m
  94
  240
  253
  266
  280
  294
  310
  326
  342
  360
  378
  398
  418
  439
  462
  485
  509
  535
  562
  591
  620
  652
  684
  719
  755
  793
  833
  874
  918
  964
  1,013
Revenue / Adjusted assets
  1.628
  0.671
  0.672
  0.669
  0.671
  0.673
  0.671
  0.672
  0.673
  0.672
  0.672
  0.671
  0.670
  0.672
  0.671
  0.670
  0.672
  0.671
  0.671
  0.670
  0.671
  0.670
  0.671
  0.670
  0.672
  0.671
  0.671
  0.672
  0.671
  0.671
  0.671
Average production assets, $m
  29
  31
  32
  34
  36
  38
  39
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  123
  129
Working capital, $m
  77
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
Total debt, $m
  122
  107
  118
  130
  143
  156
  170
  184
  199
  215
  232
  249
  267
  286
  306
  327
  350
  373
  397
  423
  449
  477
  507
  538
  570
  605
  640
  678
  718
  759
  803
Total liabilities, $m
  231
  216
  227
  239
  252
  265
  279
  293
  308
  324
  341
  358
  376
  395
  415
  436
  459
  482
  506
  532
  558
  586
  616
  647
  679
  714
  749
  787
  827
  868
  912
Total equity, $m
  -3
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
Total liabilities and equity, $m
  228
  240
  252
  266
  280
  294
  310
  326
  342
  360
  379
  398
  418
  439
  461
  484
  510
  536
  562
  591
  620
  651
  684
  719
  754
  793
  832
  874
  919
  964
  1,013
Debt-to-equity ratio
  -40.667
  4.460
  4.690
  4.900
  5.110
  5.300
  5.480
  5.650
  5.820
  5.970
  6.120
  6.260
  6.390
  6.520
  6.640
  6.750
  6.860
  6.960
  7.060
  7.150
  7.240
  7.330
  7.410
  7.480
  7.560
  7.630
  7.690
  7.750
  7.810
  7.870
  7.920
Adjusted equity ratio
  -1.457
  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
  -75
  -73
  -71
  -70
  -69
  -67
  -66
  -64
  -62
  -60
  -57
  -52
  -49
  -46
  -42
  -39
  -34
  -30
  -25
  -19
  -14
  -7
  -1
  5
  11
  17
  23
  30
  38
  46
  55
Depreciation, amort., depletion, $m
  10
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
Funds from operations, $m
  10
  -68
  -66
  -65
  -63
  -61
  -60
  -58
  -55
  -53
  -50
  -47
  -44
  -40
  -37
  -32
  -28
  -23
  -18
  -12
  -6
  1
  8
  14
  20
  27
  34
  42
  50
  58
  68
Change in working capital, $m
  24
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  -14
  -67
  -65
  -64
  -62
  -61
  -59
  -57
  -54
  -52
  -49
  -46
  -43
  -39
  -35
  -31
  -26
  -21
  -16
  -10
  -4
  3
  10
  16
  23
  29
  37
  44
  53
  61
  71
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
New CAPEX, $m
  -10
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Cash from investing activities, $m
  -25
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -11
  -12
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
Free cash flow, $m
  -39
  -72
  -70
  -69
  -67
  -66
  -64
  -63
  -61
  -58
  -56
  -53
  -50
  -47
  -44
  -40
  -35
  -31
  -26
  -21
  -15
  -9
  -2
  3
  9
  15
  21
  28
  36
  44
  52
Issuance/(repayment) of debt, $m
  0
  -15
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  44
Issuance/(repurchase) of shares, $m
  2
  100
  72
  71
  70
  69
  67
  65
  63
  61
  59
  54
  51
  48
  45
  41
  37
  32
  27
  22
  17
  10
  4
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -4
  85
  83
  83
  82
  82
  81
  79
  78
  77
  76
  71
  69
  67
  65
  62
  59
  55
  51
  48
  44
  38
  34
  31
  33
  34
  36
  38
  39
  41
  44
Total cash flow (excl. dividends), $m
  -44
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  18
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  34
  41
  49
  57
  66
  75
  85
  96
Retained Cash Flow (-), $m
  58
  -100
  -72
  -71
  -70
  -69
  -67
  -65
  -63
  -61
  -59
  -54
  -51
  -48
  -45
  -41
  -37
  -32
  -27
  -22
  -17
  -10
  -4
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
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
 
  -87
  -58
  -57
  -55
  -53
  -51
  -48
  -45
  -43
  -39
  -36
  -32
  -28
  -23
  -19
  -13
  -8
  -2
  5
  12
  19
  27
  31
  38
  45
  53
  62
  71
  81
  91
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -83
  -53
  -49
  -45
  -41
  -37
  -33
  -28
  -24
  -21
  -17
  -14
  -11
  -8
  -5
  -3
  -2
  0
  1
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
Current shareholders' claim on cash, %
  100
  50.0
  12.5
  3.3
  0.9
  0.3
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

PROS Holdings, Inc. provides revenue and profit realization software solutions worldwide. Its solutions allow customers to experience revenue growth, sustained profitability, and modernized business processes across a range of industries, including manufacturing, distribution, services, and travel. The company offers SellingPRO solutions, which include configuration, quoting, and eCommerce capabilities with data science; and PricingPRO solutions that provides pricing recommendations services, as well as controls pricing execution. It also provides a set of integrated revenue management software solutions that enable enterprises in the travel industry, including the airline, hotel, and cruise industries to drive revenue and profit-maximizing business strategies through the application of forecasting, optimization technologies, and decision-support capabilities consisting of PROS Revenue Management, PROS O&D, PROS Real-Time Dynamic Pricing, PROS PAV, PROS Group Sales Optimizer, PROS Analytics for Airlines, PROS Network Revenue Planning, PROS Cruise Pricing and Revenue Management, and PROS Hotel Revenue Management. In addition, the company offers implementation and configuration, consulting, training, and maintenance and support, as well as software-as-a-service and cloud-based services. It markets and sells its software solutions primarily through its direct global sales force, as well as indirectly through resellers and systems integrators. PROS Holdings, Inc. was founded in 1985 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  PROS Holdings (PRO)

Valuation Ratios
P/E Ratio -10.6
Price to Sales 5.2
Price to Book -264.7
Price to Tangible Book
Price to Cash Flow -56.7
Price to Free Cash Flow -33.1
Growth Rates
Sales Growth Rate -8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -4066.7%
Total Debt to Equity -4066.7%
Interest Coverage -24
Management Effectiveness
Return On Assets -29.3%
Ret/ On Assets - 3 Yr. Avg. -22.4%
Return On Total Capital -51.7%
Ret/ On T. Cap. - 3 Yr. Avg. -36.5%
Return On Equity -288.5%
Return On Equity - 3 Yr. Avg. -136.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 58.8%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin -40.5%
EBITDA Margin - 3 Yr. Avg. -26.5%
Operating Margin -43.1%
Oper. Margin - 3 Yr. Avg. -29.4%
Pre-Tax Margin -49%
Pre-Tax Margin - 3 Yr. Avg. -33.7%
Net Profit Margin -49%
Net Profit Margin - 3 Yr. Avg. -36.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -17.8%
Payout Ratio 0%

PRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRO stock intrinsic value calculation we used $153 million for the last fiscal year's total revenue generated by PROS Holdings. The default revenue input number comes from 2016 income statement of PROS Holdings. 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 PRO stock valuation model: a) initial revenue growth rate of 5.3% 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 4.3%, whose default value for PRO is calculated based on our internal credit rating of PROS Holdings, 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 PROS Holdings.
    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 PRO stock the variable cost ratio is equal to 33.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $172 million in the base year in the intrinsic value calculation for PRO 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 PROS Holdings.

Corporate tax rate of 27% is the nominal tax rate for PROS Holdings. 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 PRO 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 PRO are equal to 19%.

Life of production assets of 10 years is the average useful life of capital assets used in PROS Holdings 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 PRO is equal to -10%. 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 - $-3 million for PROS Holdings - 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 29.924 million for PROS Holdings 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 PROS Holdings at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
SAP SAP ADR 104.55 167.24  str.buy
CRM Salesforce.com 90.88 68.76  sell
ORCL Oracle 48.55 53.68  hold
SABR Sabre 17.62 20.80  hold
MSTR MicroStrategy 127.46 167.97  hold
MSFT Microsoft 72.40 47.21  sell
SPLK Splunk 59.16 1.27  str.sell
CALD Callidus Softw 23.55 3.85  str.sell
DWCH Datawatch 9.90 0.55  str.sell

COMPANY NEWS

▶ Pros Holdings reports 2Q loss   [Aug-03-17 06:37PM  Associated Press]
▶ Microsoft Names PROS 2017 U.S. Partner of the Year   [Jul-12-17 08:00AM  Business Wire]
▶ ETFs with exposure to PROS Holdings, Inc. : May 5, 2017   [May-05-17 04:28PM  Capital Cube]
▶ Pros Holdings reports 1Q loss   [May-02-17 05:00PM  Associated Press]
▶ PROS to Present at IATA Cargo Network Services Conference   [Apr-27-17 08:00AM  Business Wire]
▶ PROS, Icertis to Join Forces at eXtreme 365 2017   [Mar-13-17 07:00AM  Business Wire]
▶ flydubai Selects PROS to Optimize Network Revenue   [Feb-06-17 08:00AM  Business Wire]
▶ PROS Executive to Address Aviation Festival Asia   [Jan-25-17 08:00AM  Business Wire]
▶ [$$] Policing the digital cartels   [Jan-08-17 01:01PM  at Financial Times]
▶ Do Hedge Funds Love The Marcus Corporation (MCS)?   [Dec-12-16 05:30PM  at Insider Monkey]
▶ Here is What Hedge Funds Think About Gener8 Maritime Inc (GNRT)   [Dec-05-16 05:54AM  at Insider Monkey]
▶ PROS to Join Panel at TIACA Air Cargo Forum in Paris   [Oct-25-16 08:00AM  Business Wire]
Stock chart of PRO Financial statements of PRO
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.