Intrinsic value of Pzena Investment Management - PZN

Previous Close

$10.57

  Intrinsic Value

$97.84

stock screener

  Rating & Target

str. buy

+826%

Previous close

$10.57

 
Intrinsic value

$97.84

 
Up/down potential

+826%

 
Rating

str. buy

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

We calculate the intrinsic value of PZN 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 0.7

 

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, %
  -7.69
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  108
  144
  188
  240
  302
  373
  454
  545
  646
  757
  878
  1,008
  1,148
  1,297
  1,456
  1,623
  1,798
  1,983
  2,175
  2,377
  2,586
  2,804
  3,032
  3,268
  3,513
  3,768
  4,033
  4,308
  4,595
  4,892
  5,202
Variable operating expenses, $m
 
  15
  19
  25
  31
  38
  46
  56
  66
  77
  90
  103
  117
  132
  148
  166
  183
  202
  222
  242
  264
  286
  309
  333
  358
  384
  411
  439
  469
  499
  531
Fixed operating expenses, $m
 
  51
  53
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
Total operating expenses, $m
  61
  66
  72
  79
  86
  95
  104
  115
  127
  139
  154
  169
  184
  201
  219
  238
  257
  278
  300
  322
  346
  370
  395
  421
  448
  477
  506
  536
  569
  601
  636
Operating income, $m
  47
  78
  116
  162
  216
  278
  350
  430
  519
  617
  724
  840
  964
  1,096
  1,237
  1,385
  1,541
  1,704
  1,875
  2,054
  2,240
  2,434
  2,636
  2,846
  3,064
  3,291
  3,526
  3,771
  4,026
  4,291
  4,567
EBITDA, $m
  48
  79
  118
  164
  219
  282
  354
  435
  525
  624
  732
  849
  974
  1,108
  1,250
  1,400
  1,557
  1,723
  1,895
  2,076
  2,264
  2,460
  2,664
  2,876
  3,097
  3,326
  3,564
  3,811
  4,068
  4,336
  4,614
Interest expense (income), $m
  0
  0
  0
  2
  4
  7
  9
  13
  16
  20
  25
  29
  34
  40
  46
  52
  59
  66
  73
  80
  88
  97
  105
  114
  123
  133
  143
  154
  164
  176
  187
Earnings before tax, $m
  -1
  78
  116
  160
  212
  272
  340
  417
  503
  597
  700
  811
  930
  1,056
  1,191
  1,333
  1,482
  1,639
  1,803
  1,974
  2,152
  2,338
  2,531
  2,732
  2,941
  3,158
  3,383
  3,618
  3,862
  4,115
  4,379
Tax expense, $m
  -55
  21
  31
  43
  57
  73
  92
  113
  136
  161
  189
  219
  251
  285
  322
  360
  400
  442
  487
  533
  581
  631
  683
  738
  794
  853
  914
  977
  1,043
  1,111
  1,182
Net income, $m
  16
  57
  85
  117
  155
  198
  248
  305
  367
  436
  511
  592
  679
  771
  869
  973
  1,082
  1,196
  1,316
  1,441
  1,571
  1,707
  1,848
  1,994
  2,147
  2,305
  2,470
  2,641
  2,819
  3,004
  3,197

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  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
  179
  180
  235
  300
  377
  466
  567
  681
  807
  946
  1,097
  1,260
  1,435
  1,622
  1,820
  2,028
  2,248
  2,478
  2,719
  2,971
  3,233
  3,506
  3,789
  4,085
  4,391
  4,710
  5,041
  5,385
  5,743
  6,115
  6,503
Adjusted assets (=assets-cash), $m
  135
  180
  235
  300
  377
  466
  567
  681
  807
  946
  1,097
  1,260
  1,435
  1,622
  1,820
  2,028
  2,248
  2,478
  2,719
  2,971
  3,233
  3,506
  3,789
  4,085
  4,391
  4,710
  5,041
  5,385
  5,743
  6,115
  6,503
Revenue / Adjusted assets
  0.800
  0.800
  0.800
  0.800
  0.801
  0.800
  0.801
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
Average production assets, $m
  8
  10
  13
  17
  21
  26
  31
  38
  45
  52
  61
  70
  79
  90
  100
  112
  124
  137
  150
  164
  178
  194
  209
  225
  242
  260
  278
  297
  317
  338
  359
Working capital, $m
  0
  -59
  -76
  -98
  -123
  -152
  -185
  -222
  -263
  -308
  -357
  -410
  -467
  -528
  -592
  -660
  -732
  -807
  -885
  -967
  -1,053
  -1,141
  -1,234
  -1,330
  -1,430
  -1,534
  -1,641
  -1,753
  -1,870
  -1,991
  -2,117
Total debt, $m
  0
  11
  60
  119
  189
  269
  360
  462
  576
  701
  837
  983
  1,141
  1,309
  1,487
  1,675
  1,872
  2,079
  2,296
  2,523
  2,758
  3,004
  3,259
  3,525
  3,801
  4,088
  4,386
  4,696
  5,018
  5,353
  5,701
Total liabilities, $m
  151
  162
  211
  270
  340
  420
  511
  613
  727
  852
  988
  1,134
  1,292
  1,460
  1,638
  1,826
  2,023
  2,230
  2,447
  2,674
  2,909
  3,155
  3,410
  3,676
  3,952
  4,239
  4,537
  4,847
  5,169
  5,504
  5,852
Total equity, $m
  28
  18
  23
  30
  38
  47
  57
  68
  81
  95
  110
  126
  144
  162
  182
  203
  225
  248
  272
  297
  323
  351
  379
  408
  439
  471
  504
  539
  574
  612
  650
Total liabilities and equity, $m
  179
  180
  234
  300
  378
  467
  568
  681
  808
  947
  1,098
  1,260
  1,436
  1,622
  1,820
  2,029
  2,248
  2,478
  2,719
  2,971
  3,232
  3,506
  3,789
  4,084
  4,391
  4,710
  5,041
  5,386
  5,743
  6,116
  6,502
Debt-to-equity ratio
  0.000
  0.610
  2.570
  3.970
  5.000
  5.760
  6.340
  6.780
  7.130
  7.400
  7.620
  7.800
  7.950
  8.070
  8.170
  8.260
  8.330
  8.390
  8.440
  8.490
  8.530
  8.570
  8.600
  8.630
  8.660
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
Adjusted equity ratio
  -0.119
  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
  16
  57
  85
  117
  155
  198
  248
  305
  367
  436
  511
  592
  679
  771
  869
  973
  1,082
  1,196
  1,316
  1,441
  1,571
  1,707
  1,848
  1,994
  2,147
  2,305
  2,470
  2,641
  2,819
  3,004
  3,197
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
Funds from operations, $m
  63
  58
  86
  119
  157
  202
  253
  310
  373
  443
  519
  601
  689
  783
  883
  988
  1,099
  1,215
  1,336
  1,463
  1,595
  1,732
  1,876
  2,024
  2,179
  2,340
  2,507
  2,681
  2,861
  3,049
  3,245
Change in working capital, $m
  4
  -15
  -18
  -21
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -64
  -68
  -72
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
Cash from operations, $m
  59
  73
  104
  140
  182
  231
  286
  347
  414
  488
  568
  654
  746
  844
  947
  1,056
  1,170
  1,290
  1,414
  1,545
  1,680
  1,821
  1,968
  2,120
  2,279
  2,444
  2,615
  2,793
  2,978
  3,170
  3,371
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
New CAPEX, $m
  0
  -2
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
Cash from investing activities, $m
  0
  -3
  -4
  -6
  -6
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -31
  -34
  -36
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -66
Free cash flow, $m
  59
  69
  100
  135
  176
  223
  277
  336
  402
  474
  553
  637
  727
  823
  924
  1,031
  1,143
  1,260
  1,383
  1,511
  1,644
  1,782
  1,927
  2,076
  2,232
  2,394
  2,562
  2,737
  2,918
  3,108
  3,304
Issuance/(repayment) of debt, $m
  0
  11
  49
  59
  69
  80
  91
  102
  114
  125
  136
  147
  157
  168
  178
  188
  198
  207
  217
  226
  236
  246
  255
  266
  276
  287
  298
  310
  322
  335
  349
Issuance/(repurchase) of shares, $m
  -2
  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  
  -44
  11
  49
  59
  69
  80
  91
  102
  114
  125
  136
  147
  157
  168
  178
  188
  198
  207
  217
  226
  236
  246
  255
  266
  276
  287
  298
  310
  322
  335
  349
Total cash flow (excl. dividends), $m
  14
  80
  149
  194
  245
  303
  368
  439
  516
  599
  689
  784
  885
  991
  1,102
  1,219
  1,341
  1,468
  1,600
  1,737
  1,880
  2,028
  2,182
  2,342
  2,508
  2,681
  2,860
  3,046
  3,241
  3,443
  3,653
Retained Cash Flow (-), $m
  -10
  -34
  -5
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
Prev. year cash balance distribution, $m
 
  44
  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
 
  90
  144
  187
  238
  294
  358
  427
  503
  585
  674
  768
  867
  972
  1,082
  1,198
  1,319
  1,445
  1,576
  1,712
  1,854
  2,001
  2,154
  2,312
  2,477
  2,649
  2,827
  3,012
  3,205
  3,405
  3,614
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
 
  87
  131
  163
  196
  228
  259
  289
  315
  336
  353
  365
  370
  370
  363
  352
  335
  314
  290
  264
  236
  207
  179
  152
  126
  103
  82
  65
  50
  37
  27
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

Pzena Investment Management, Inc. is a holding company. The Company is the sole managing member of Pzena Investment Management, LLC. Pzena Investment Management, LLC is an investment management company. The Company also serves as the general partner of Pzena Investment Management, LP. The Company offers institutional investment products to public and corporate pension funds, endowments, foundations and certain commingled vehicles geared toward institutional investors. The Company also offers access to certain of its global and non-United States strategies through private placement vehicles and collective investment trusts. Pzena Investment Management, LLC is its operating company. Pzena Investment Management, LLC consists of Class A and Class B membership units.

FINANCIAL RATIOS  of  Pzena Investment Management (PZN)

Valuation Ratios
P/E Ratio 44.8
Price to Sales 6.6
Price to Book 25.6
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate -7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 69.6%
Ret/ On T. Cap. - 3 Yr. Avg. 53.7%
Return On Equity 69.6%
Return On Equity - 3 Yr. Avg. 53.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 31.9%
Operating Margin 43.5%
Oper. Margin - 3 Yr. Avg. 48.5%
Pre-Tax Margin -0.9%
Pre-Tax Margin - 3 Yr. Avg. 31.3%
Net Profit Margin 14.8%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 5500%
Eff/ Tax Rate - 3 Yr. Avg. 1837.7%
Payout Ratio 37.5%

PZN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PZN stock intrinsic value calculation we used $108 million for the last fiscal year's total revenue generated by Pzena Investment Management. The default revenue input number comes from 2016 income statement of Pzena Investment Management. 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 PZN stock valuation model: a) initial revenue growth rate of 33.3% 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 PZN is calculated based on our internal credit rating of Pzena Investment Management, 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 Pzena Investment Management.
    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 PZN stock the variable cost ratio is equal to 10.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $50 million in the base year in the intrinsic value calculation for PZN 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 Pzena Investment Management.

Corporate tax rate of 27% is the nominal tax rate for Pzena Investment Management. 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 PZN 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 PZN are equal to 6.9%.

Life of production assets of 7.5 years is the average useful life of capital assets used in Pzena Investment Management 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 PZN is equal to -40.7%. 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 - $28 million for Pzena Investment Management - 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 68.48 million for Pzena Investment Management 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 Pzena Investment Management at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating
GROW U.S. Global In 4.95 0.40  str.sell
DHIL Diamond Hill I 208.74 358.36  str.buy
NTRS Northern Trust 98.55 182.38  str.buy
MN Manning&Napier 3.55 73.49  str.buy
SAMG Silvercrest As 14.95 52.41  str.buy
VRTS Virtus Investm 117.65 236.73  str.buy
AMG Affiliated Man 196.75 192.49  hold

COMPANY NEWS

▶ Pzena Investments Buys Mylan, Hewlett Packard, Wells Fargo   [Dec-05-17 12:01PM  GuruFocus.com]
▶ November Top Stock Picks   [Nov-02-17 07:02AM  Simply Wall St.]
▶ Pzena posts 3Q profit   [Oct-17-17 04:23PM  Associated Press]
▶ Should You Buy Pzena Investment Management Inc (PZN)?   [Sep-28-17 05:25PM  Simply Wall St.]
▶ Pzena posts 2Q profit   [Jul-18-17 04:49PM  Associated Press]
▶ Pzena posts 1Q profit   [Apr-18-17 04:54PM  Associated Press]
▶ Pzena posts 4Q profit   [Feb-07-17 06:57PM  Associated Press]
▶ Is Pzena Investment Management, Inc. (PZN) A Good Stock to Buy?   [Dec-16-16 07:42PM  at Insider Monkey]
▶ Pzenas Biggest Q3 Moves: Hilton, Exxon, Seagate, More   [Dec-01-16 08:31AM  at Insider Monkey]
▶ 3 Mutual Funds From Pzena for Retail Investors   [Jul-06-16 06:50PM  at Investopedia]
Financial statements of PZN
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.