Intrinsic value of Pixelworks - PXLW

Previous Close

$5.07

  Intrinsic Value

$79.23

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+5000%

Previous close

$5.07

 
Intrinsic value

$79.23

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of PXLW 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 0.1

 

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, %
  -11.67
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  53
  85
  131
  196
  284
  401
  551
  740
  972
  1,251
  1,580
  1,961
  2,398
  2,890
  3,439
  4,044
  4,704
  5,418
  6,186
  7,006
  7,877
  8,798
  9,767
  10,785
  11,850
  12,962
  14,122
  15,330
  16,586
  17,893
  19,251
Variable operating expenses, $m
 
  61
  94
  140
  204
  288
  395
  531
  697
  897
  1,133
  1,406
  1,719
  2,072
  2,466
  2,899
  3,373
  3,885
  4,436
  5,024
  5,648
  6,308
  7,003
  7,733
  8,496
  9,294
  10,125
  10,991
  11,893
  12,829
  13,803
Fixed operating expenses, $m
 
  28
  28
  29
  30
  31
  31
  32
  33
  34
  35
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  53
  54
  55
  57
Total operating expenses, $m
  64
  89
  122
  169
  234
  319
  426
  563
  730
  931
  1,168
  1,441
  1,755
  2,109
  2,504
  2,938
  3,413
  3,926
  4,478
  5,067
  5,692
  6,353
  7,049
  7,781
  8,545
  9,344
  10,176
  11,044
  11,947
  12,884
  13,860
Operating income, $m
  -10
  -4
  9
  26
  51
  83
  125
  177
  242
  320
  412
  520
  642
  781
  935
  1,105
  1,291
  1,492
  1,709
  1,940
  2,185
  2,444
  2,718
  3,004
  3,305
  3,618
  3,945
  4,286
  4,640
  5,009
  5,392
EBITDA, $m
  -7
  -3
  10
  28
  53
  86
  129
  184
  250
  331
  426
  536
  663
  805
  964
  1,140
  1,331
  1,538
  1,761
  1,999
  2,252
  2,519
  2,801
  3,096
  3,405
  3,728
  4,065
  4,416
  4,781
  5,161
  5,555
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  2
  4
  5
  7
  8
  11
  14
  17
  20
  24
  28
  33
  38
  44
  50
  56
  62
  69
  76
  84
  92
  100
  109
  118
  127
Earnings before tax, $m
  -11
  -4
  9
  26
  50
  81
  122
  174
  237
  314
  404
  509
  629
  764
  915
  1,081
  1,263
  1,459
  1,670
  1,896
  2,135
  2,389
  2,655
  2,935
  3,228
  3,534
  3,853
  4,185
  4,531
  4,891
  5,264
Tax expense, $m
  0
  0
  2
  7
  13
  22
  33
  47
  64
  85
  109
  137
  170
  206
  247
  292
  341
  394
  451
  512
  577
  645
  717
  792
  872
  954
  1,040
  1,130
  1,223
  1,320
  1,421
Net income, $m
  -11
  -4
  6
  19
  36
  59
  89
  127
  173
  229
  295
  371
  459
  558
  668
  789
  922
  1,065
  1,219
  1,384
  1,559
  1,744
  1,938
  2,143
  2,357
  2,580
  2,813
  3,055
  3,308
  3,570
  3,843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  31
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,783
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,358
Adjusted assets (=assets-cash), $m
  11
  19
  30
  44
  64
  91
  125
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,065
  1,227
  1,401
  1,586
  1,783
  1,992
  2,211
  2,442
  2,683
  2,935
  3,197
  3,471
  3,755
  4,051
  4,358
Revenue / Adjusted assets
  4.818
  4.474
  4.367
  4.455
  4.438
  4.407
  4.408
  4.405
  4.418
  4.420
  4.413
  4.417
  4.416
  4.419
  4.415
  4.415
  4.417
  4.416
  4.415
  4.417
  4.418
  4.417
  4.417
  4.416
  4.417
  4.416
  4.417
  4.417
  4.417
  4.417
  4.417
Average production assets, $m
  5
  7
  11
  17
  24
  34
  47
  63
  83
  106
  134
  167
  204
  246
  292
  344
  400
  461
  526
  596
  670
  748
  830
  917
  1,007
  1,102
  1,200
  1,303
  1,410
  1,521
  1,636
Working capital, $m
  16
  -6
  -10
  -15
  -21
  -30
  -41
  -56
  -73
  -94
  -118
  -147
  -180
  -217
  -258
  -303
  -353
  -406
  -464
  -525
  -591
  -660
  -733
  -809
  -889
  -972
  -1,059
  -1,150
  -1,244
  -1,342
  -1,444
Total debt, $m
  0
  5
  15
  28
  46
  70
  100
  139
  186
  243
  310
  388
  477
  577
  689
  812
  946
  1,092
  1,249
  1,416
  1,593
  1,781
  1,978
  2,185
  2,402
  2,629
  2,865
  3,112
  3,368
  3,634
  3,911
Total liabilities, $m
  12
  17
  27
  40
  58
  82
  112
  151
  198
  255
  322
  400
  489
  589
  701
  824
  958
  1,104
  1,261
  1,428
  1,605
  1,793
  1,990
  2,197
  2,414
  2,641
  2,877
  3,124
  3,380
  3,646
  3,923
Total equity, $m
  19
  2
  3
  4
  6
  9
  12
  17
  22
  28
  36
  44
  54
  65
  78
  92
  106
  123
  140
  159
  178
  199
  221
  244
  268
  293
  320
  347
  376
  405
  436
Total liabilities and equity, $m
  31
  19
  30
  44
  64
  91
  124
  168
  220
  283
  358
  444
  543
  654
  779
  916
  1,064
  1,227
  1,401
  1,587
  1,783
  1,992
  2,211
  2,441
  2,682
  2,934
  3,197
  3,471
  3,756
  4,051
  4,359
Debt-to-equity ratio
  0.000
  2.750
  4.950
  6.290
  7.140
  7.680
  8.040
  8.280
  8.450
  8.580
  8.660
  8.730
  8.780
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  -0.091
  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
  -4
  6
  19
  36
  59
  89
  127
  173
  229
  295
  371
  459
  558
  668
  789
  922
  1,065
  1,219
  1,384
  1,559
  1,744
  1,938
  2,143
  2,357
  2,580
  2,813
  3,055
  3,308
  3,570
  3,843
Depreciation, amort., depletion, $m
  3
  1
  1
  2
  2
  3
  5
  6
  8
  11
  13
  17
  20
  25
  29
  34
  40
  46
  53
  60
  67
  75
  83
  92
  101
  110
  120
  130
  141
  152
  164
Funds from operations, $m
  0
  -3
  7
  21
  39
  63
  94
  133
  181
  240
  308
  388
  479
  582
  697
  824
  962
  1,111
  1,272
  1,444
  1,626
  1,819
  2,021
  2,234
  2,457
  2,690
  2,933
  3,186
  3,449
  3,722
  4,007
Change in working capital, $m
  2
  -2
  -3
  -5
  -7
  -9
  -11
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -41
  -45
  -50
  -54
  -58
  -62
  -65
  -69
  -73
  -76
  -80
  -83
  -87
  -91
  -94
  -98
  -102
Cash from operations, $m
  -2
  -1
  11
  25
  45
  72
  105
  147
  199
  261
  333
  417
  512
  619
  738
  869
  1,011
  1,165
  1,330
  1,505
  1,691
  1,888
  2,094
  2,311
  2,537
  2,773
  3,020
  3,276
  3,543
  3,820
  4,108
Maintenance CAPEX, $m
  0
  0
  -1
  -1
  -2
  -2
  -3
  -5
  -6
  -8
  -11
  -13
  -17
  -20
  -25
  -29
  -34
  -40
  -46
  -53
  -60
  -67
  -75
  -83
  -92
  -101
  -110
  -120
  -130
  -141
  -152
New CAPEX, $m
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -20
  -24
  -28
  -32
  -37
  -42
  -47
  -51
  -56
  -61
  -65
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -99
  -103
  -107
  -111
  -115
Cash from investing activities, $m
  -2
  -3
  -5
  -7
  -10
  -12
  -16
  -21
  -26
  -32
  -39
  -45
  -54
  -62
  -72
  -80
  -90
  -101
  -111
  -123
  -134
  -145
  -157
  -169
  -183
  -196
  -209
  -223
  -237
  -252
  -267
Free cash flow, $m
  -4
  -4
  6
  19
  36
  59
  89
  127
  173
  229
  294
  371
  458
  557
  667
  788
  921
  1,064
  1,218
  1,383
  1,558
  1,742
  1,937
  2,141
  2,355
  2,578
  2,811
  3,054
  3,306
  3,568
  3,841
Issuance/(repayment) of debt, $m
  -3
  5
  9
  13
  18
  24
  31
  38
  47
  57
  67
  78
  89
  100
  112
  123
  135
  146
  156
  167
  177
  188
  198
  207
  217
  227
  236
  246
  256
  266
  277
Issuance/(repurchase) of shares, $m
  1
  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
Cash from financing (excl. dividends), $m  
  -3
  11
  9
  13
  18
  24
  31
  38
  47
  57
  67
  78
  89
  100
  112
  123
  135
  146
  156
  167
  177
  188
  198
  207
  217
  227
  236
  246
  256
  266
  277
Total cash flow (excl. dividends), $m
  -7
  7
  16
  32
  54
  83
  120
  165
  220
  285
  361
  449
  547
  657
  779
  912
  1,055
  1,210
  1,375
  1,550
  1,735
  1,930
  2,134
  2,348
  2,572
  2,805
  3,047
  3,300
  3,562
  3,834
  4,118
Retained Cash Flow (-), $m
  7
  -6
  -1
  -1
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
Prev. year cash balance distribution, $m
 
  19
  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
 
  21
  15
  31
  52
  80
  116
  161
  215
  279
  354
  440
  537
  646
  766
  898
  1,040
  1,194
  1,357
  1,531
  1,715
  1,909
  2,113
  2,325
  2,548
  2,780
  3,021
  3,272
  3,533
  3,805
  4,087
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
 
  20
  13
  27
  43
  62
  84
  109
  134
  160
  186
  209
  229
  246
  257
  264
  264
  260
  250
  236
  218
  197
  175
  152
  130
  108
  88
  70
  55
  42
  31
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Pixelworks, Inc. designs, develops, and markets video and pixel processing semiconductors, intellectual property cores, software, and custom ASIC solutions for digital video applications. Its products allow manufacturers and developers of digital display and projection devices to manufacture screens of various sizes that display the highest video quality with minimum power consumption. The company provides video display processor products, including imageprocessor (integrated circuits) ICs, such as embedded microprocessors, digital signal processing technology, and software that control the operations and signal processing within projectors and high-resolution flat panels; video co-processor ICs that work with an image processor to post-process video signals to enhance the performance or feature set of the overall video solution; and networked display ICs, which combines video sharing capabilities with video image processing, wireless connectivity, and Internet connection to ensure high quality, multi-source video output, and enhanced value to its projection display customers. It also has an intellectual property portfolio of 135 patents related to the visual display of digital image data. The company sells its products through a direct sales force, distributors, and manufacturersÂ’ representatives worldwide. Pixelworks, Inc. was founded in 1997 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Pixelworks (PXLW)

Valuation Ratios
P/E Ratio -13.3
Price to Sales 2.8
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow -73.2
Price to Free Cash Flow -36.6
Growth Rates
Sales Growth Rate -11.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -29.3%
Ret/ On Assets - 3 Yr. Avg. -28.6%
Return On Total Capital -45.8%
Ret/ On T. Cap. - 3 Yr. Avg. -46.8%
Return On Equity -48.9%
Return On Equity - 3 Yr. Avg. -52.8%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 50.9%
Gross Margin - 3 Yr. Avg. 50.6%
EBITDA Margin -15.1%
EBITDA Margin - 3 Yr. Avg. -10.6%
Operating Margin -20.8%
Oper. Margin - 3 Yr. Avg. -16.8%
Pre-Tax Margin -20.8%
Pre-Tax Margin - 3 Yr. Avg. -17.4%
Net Profit Margin -20.8%
Net Profit Margin - 3 Yr. Avg. -18.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -7%
Payout Ratio 0%

PXLW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PXLW stock intrinsic value calculation we used $53 million for the last fiscal year's total revenue generated by Pixelworks. The default revenue input number comes from 2016 income statement of Pixelworks. 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 PXLW stock valuation model: a) initial revenue growth rate of 60% 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 PXLW is calculated based on our internal credit rating of Pixelworks, 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 Pixelworks.
    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 PXLW stock the variable cost ratio is equal to 71.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $27 million in the base year in the intrinsic value calculation for PXLW 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 Pixelworks.

Corporate tax rate of 27% is the nominal tax rate for Pixelworks. 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 PXLW 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 PXLW are equal to 8.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Pixelworks 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 PXLW is equal to -7.5%. 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 - $19 million for Pixelworks - 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 27.679 million for Pixelworks 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 Pixelworks at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Pixelworks, Inc. : June 19, 2017   [Jun-19-17 04:00PM  Capital Cube]
▶ ETFs with exposure to Pixelworks, Inc. : June 9, 2017   [Jun-09-17 01:53PM  Capital Cube]
▶ ETFs with exposure to Pixelworks, Inc. : May 30, 2017   [May-30-17 12:40PM  Capital Cube]
▶ Pixelworks to Acquire ViXS Systems   [May-18-17 04:36PM  Business Wire]
▶ Pixelworks posts 1Q profit   [Apr-27-17 05:52PM  Associated Press]
▶ ETFs with exposure to Pixelworks, Inc. : April 17, 2017   [Apr-17-17 01:04PM  Capital Cube]
▶ Pixelworks tops Street 4Q forecasts   [Feb-02-17 05:24PM  Associated Press]
▶ Pixelworks reports 3Q loss   [Oct-27-16 07:01PM  AP]
▶ Pixelworks reports 2Q loss   [Jul-28-16 06:25PM  AP]
Stock chart of PXLW Financial statements of PXLW Annual reports of PXLW
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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