Intrinsic value of Quality Care Properties - QCP

Previous Close

$17.22

  Intrinsic Value

$8.10

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

0%

Previous close

$17.22

 
Intrinsic value

$8.10

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of QCP 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 1.6

 

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, %
  -18.23
  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
  471
  480
  491
  504
  518
  534
  551
  570
  590
  612
  636
  661
  688
  716
  747
  779
  813
  849
  887
  928
  970
  1,015
  1,063
  1,113
  1,165
  1,221
  1,279
  1,341
  1,405
  1,473
  1,545
Variable operating expenses, $m
 
  417
  427
  438
  450
  464
  478
  495
  512
  531
  552
  574
  597
  622
  648
  676
  706
  737
  770
  805
  842
  881
  922
  966
  1,011
  1,060
  1,110
  1,164
  1,220
  1,279
  1,341
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
  383
  417
  427
  438
  450
  464
  478
  495
  512
  531
  552
  574
  597
  622
  648
  676
  706
  737
  770
  805
  842
  881
  922
  966
  1,011
  1,060
  1,110
  1,164
  1,220
  1,279
  1,341
Operating income, $m
  88
  63
  65
  67
  68
  70
  73
  75
  78
  81
  84
  87
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  194
  204
EBITDA, $m
  254
  233
  238
  244
  251
  259
  267
  276
  286
  296
  308
  320
  333
  347
  361
  377
  394
  411
  430
  449
  470
  491
  514
  539
  564
  591
  619
  649
  680
  713
  748
Interest expense (income), $m
  11
  56
  57
  58
  60
  61
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
Earnings before tax, $m
  99
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
Tax expense, $m
  18
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
Net income, $m
  81
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  126
  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
  4,789
  4,757
  4,866
  4,991
  5,131
  5,287
  5,458
  5,644
  5,845
  6,062
  6,294
  6,543
  6,809
  7,091
  7,392
  7,711
  8,049
  8,406
  8,785
  9,184
  9,606
  10,052
  10,521
  11,016
  11,538
  12,087
  12,665
  13,274
  13,914
  14,588
  15,297
Adjusted assets (=assets-cash), $m
  4,663
  4,757
  4,866
  4,991
  5,131
  5,287
  5,458
  5,644
  5,845
  6,062
  6,294
  6,543
  6,809
  7,091
  7,392
  7,711
  8,049
  8,406
  8,785
  9,184
  9,606
  10,052
  10,521
  11,016
  11,538
  12,087
  12,665
  13,274
  13,914
  14,588
  15,297
Revenue / Adjusted assets
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
  0.101
Average production assets, $m
  4,743
  4,838
  4,949
  5,076
  5,219
  5,377
  5,551
  5,740
  5,945
  6,165
  6,402
  6,655
  6,925
  7,212
  7,518
  7,842
  8,186
  8,550
  8,935
  9,341
  9,770
  10,223
  10,701
  11,204
  11,735
  12,293
  12,881
  13,501
  14,152
  14,837
  15,558
Working capital, $m
  0
  240
  246
  252
  259
  267
  276
  285
  295
  306
  318
  330
  344
  358
  373
  389
  406
  425
  444
  464
  485
  508
  531
  556
  583
  610
  640
  670
  703
  737
  773
Total debt, $m
  1,713
  1,621
  1,659
  1,703
  1,752
  1,806
  1,866
  1,931
  2,001
  2,076
  2,158
  2,245
  2,337
  2,436
  2,541
  2,652
  2,770
  2,895
  3,027
  3,166
  3,314
  3,469
  3,633
  3,806
  3,988
  4,179
  4,381
  4,594
  4,817
  5,052
  5,300
Total liabilities, $m
  1,753
  1,660
  1,698
  1,742
  1,791
  1,845
  1,905
  1,970
  2,040
  2,115
  2,197
  2,284
  2,376
  2,475
  2,580
  2,691
  2,809
  2,934
  3,066
  3,205
  3,353
  3,508
  3,672
  3,845
  4,027
  4,218
  4,420
  4,633
  4,856
  5,091
  5,339
Total equity, $m
  3,037
  3,097
  3,168
  3,249
  3,341
  3,442
  3,553
  3,674
  3,805
  3,946
  4,098
  4,260
  4,432
  4,616
  4,812
  5,020
  5,240
  5,473
  5,719
  5,979
  6,254
  6,544
  6,849
  7,171
  7,511
  7,869
  8,245
  8,641
  9,058
  9,497
  9,958
Total liabilities and equity, $m
  4,790
  4,757
  4,866
  4,991
  5,132
  5,287
  5,458
  5,644
  5,845
  6,061
  6,295
  6,544
  6,808
  7,091
  7,392
  7,711
  8,049
  8,407
  8,785
  9,184
  9,607
  10,052
  10,521
  11,016
  11,538
  12,087
  12,665
  13,274
  13,914
  14,588
  15,297
Debt-to-equity ratio
  0.564
  0.520
  0.520
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
Adjusted equity ratio
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651
  0.651

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  81
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
Depreciation, amort., depletion, $m
  166
  169
  173
  177
  182
  188
  194
  201
  208
  216
  224
  233
  242
  252
  263
  274
  286
  299
  312
  327
  342
  357
  374
  392
  410
  430
  450
  472
  495
  519
  544
Funds from operations, $m
  552
  175
  179
  184
  189
  195
  201
  208
  215
  223
  232
  241
  251
  261
  273
  284
  297
  310
  324
  339
  354
  371
  388
  406
  425
  446
  467
  489
  513
  538
  564
Change in working capital, $m
  27
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
Cash from operations, $m
  525
  170
  173
  177
  182
  187
  192
  199
  205
  212
  220
  229
  238
  247
  257
  268
  280
  292
  305
  318
  333
  348
  364
  381
  399
  418
  438
  459
  481
  504
  528
Maintenance CAPEX, $m
  0
  -166
  -169
  -173
  -177
  -182
  -188
  -194
  -201
  -208
  -216
  -224
  -233
  -242
  -252
  -263
  -274
  -286
  -299
  -312
  -327
  -342
  -357
  -374
  -392
  -410
  -430
  -450
  -472
  -495
  -519
New CAPEX, $m
  -110
  -95
  -111
  -127
  -143
  -158
  -174
  -189
  -205
  -220
  -237
  -253
  -270
  -288
  -306
  -324
  -344
  -364
  -385
  -406
  -429
  -453
  -478
  -503
  -530
  -559
  -588
  -619
  -651
  -685
  -721
Cash from investing activities, $m
  19
  -261
  -280
  -300
  -320
  -340
  -362
  -383
  -406
  -428
  -453
  -477
  -503
  -530
  -558
  -587
  -618
  -650
  -684
  -718
  -756
  -795
  -835
  -877
  -922
  -969
  -1,018
  -1,069
  -1,123
  -1,180
  -1,240
Free cash flow, $m
  544
  -90
  -107
  -123
  -138
  -154
  -169
  -185
  -200
  -216
  -232
  -248
  -265
  -282
  -300
  -319
  -338
  -358
  -379
  -400
  -423
  -446
  -471
  -496
  -523
  -551
  -580
  -611
  -643
  -677
  -712
Issuance/(repayment) of debt, $m
  1,774
  34
  38
  44
  49
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  111
  118
  125
  132
  139
  147
  155
  164
  173
  182
  192
  202
  212
  224
  235
  247
Issuance/(repurchase) of shares, $m
  2
  54
  65
  75
  85
  95
  104
  114
  123
  133
  143
  153
  164
  175
  186
  197
  209
  222
  235
  248
  262
  277
  292
  308
  324
  342
  360
  379
  399
  420
  442
Cash from financing (excl. dividends), $m  
  -424
  88
  103
  119
  134
  149
  164
  179
  193
  209
  224
  240
  257
  274
  291
  308
  327
  347
  367
  387
  409
  432
  456
  481
  506
  534
  562
  591
  623
  655
  689
Total cash flow (excl. dividends), $m
  120
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -22
  -23
Retained Cash Flow (-), $m
  2,050
  -60
  -71
  -81
  -91
  -101
  -111
  -121
  -131
  -141
  -151
  -162
  -173
  -184
  -196
  -208
  -220
  -233
  -246
  -260
  -275
  -290
  -306
  -322
  -340
  -358
  -376
  -396
  -417
  -439
  -461
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
 
  -60
  -71
  -81
  -91
  -101
  -111
  -121
  -131
  -141
  -151
  -162
  -173
  -184
  -196
  -208
  -220
  -233
  -246
  -260
  -275
  -290
  -306
  -322
  -340
  -358
  -376
  -396
  -417
  -439
  -461
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  -56
  -63
  -67
  -70
  -71
  -71
  -70
  -68
  -66
  -62
  -58
  -54
  -49
  -44
  -39
  -34
  -29
  -24
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  97.5
  94.7
  91.6
  88.3
  84.8
  81.3
  77.8
  74.2
  70.7
  67.2
  63.8
  60.5
  57.2
  54.1
  51.1
  48.2
  45.5
  42.9
  40.4
  38.0
  35.7
  33.6
  31.6
  29.6
  27.8
  26.1
  24.5
  23.0
  21.6
  20.2

Quality Care Properties, Inc. (NYSE:QCP.WI) operates independently of HCP, Inc. as of October 31, 2016.


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FINANCIAL RATIOS  of  Quality Care Properties (QCP)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 3.4
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.1
Price to Free Cash Flow 3.9
Growth Rates
Sales Growth Rate -18.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.9%
Cap. Spend. - 3 Yr. Gr. Rate 105.5%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 24.9%
Total Debt to Equity 56.4%
Interest Coverage 10
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.7%
Return On Equity 2%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 99.2%
Gross Margin - 3 Yr. Avg. 99.3%
EBITDA Margin 58.6%
EBITDA Margin - 3 Yr. Avg. 72.3%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 28%
Pre-Tax Margin 21%
Pre-Tax Margin - 3 Yr. Avg. 31.1%
Net Profit Margin 17.2%
Net Profit Margin - 3 Yr. Avg. 29.4%
Effective Tax Rate 18.2%
Eff/ Tax Rate - 3 Yr. Avg. 6.2%
Payout Ratio 0%

QCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QCP stock intrinsic value calculation we used $471 million for the last fiscal year's total revenue generated by Quality Care Properties. The default revenue input number comes from 2016 income statement of Quality Care Properties. 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 QCP 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%, whose default value for QCP is calculated based on our internal credit rating of Quality Care Properties, 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 Quality Care Properties.
    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 QCP stock the variable cost ratio is equal to 86.8%.

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 QCP 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 Quality Care Properties.

Corporate tax rate of 27% is the nominal tax rate for Quality Care Properties. 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 QCP 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 QCP are equal to 1007%.

Life of production assets of 28.6 years is the average useful life of capital assets used in Quality Care Properties 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 QCP is equal to 50%. 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 - $3037 million for Quality Care Properties - 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 93.782 million for Quality Care Properties 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 Quality Care Properties at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
QCP Quality Care P 17.22 8.10  str.sell
CTRE CareTrust REIT 18.12 1.71  str.sell
HTA Healthcare Tru 30.29 2.98  str.sell
UHT Universal Heal 78.38 3.55  str.sell
LTC LTC Properties 51.33 4.66  str.sell
VTR Ventas 67.41 6.82  str.sell
MRT MedEquities Re 12.28 2.93  str.sell
OHI Omega Healthca 32.10 4.11  str.sell
HCN Welltower 72.79 10.12  str.sell

COMPANY NEWS

▶ [$$] HCR Manorcare Lines Up New Financing From Centerbridge Partners   [Jul-18-17 07:13PM  The Wall Street Journal]
▶ [$$] HCR ManorCare, Carlyle Continue to Haggle With Landlord on Rent   [Jun-13-17 06:12PM  The Wall Street Journal]
▶ Quality Care Properties posts 1Q profit   [May-12-17 06:48AM  Associated Press]
▶ [$$] Carlyle's HCR Manorcare Hires Restructuring Advisers - Sources   [May-10-17 07:21PM  The Wall Street Journal]
▶ How Safe Is HCP and Its Dividend?   [Apr-03-17 12:54PM  Motley Fool]
▶ Highly Regarded Value Investors New Stock Moves   [Mar-07-17 10:14AM  Insider Monkey]
▶ HCP Earnings Beat Estimates   [Feb-13-17 09:03PM  Investopedia]
▶ Meet the New Members of S&P's 'Dividend Aristocrats'   [Jan-25-17 04:20PM  at Barrons.com]
▶ 5 Signs HCP's Best Days Are Ahead   [Jan-19-17 02:12PM  at Motley Fool]
▶ HCP, Inc.'s Best Moves in 2016   [Jan-07-17 04:11PM  at Motley Fool]
▶ Where Will HCP, Inc. Be in 10 Years?   [Dec-31-16 04:09PM  at Motley Fool]
▶ Will HCP, Inc. Raise Its Dividend In 2017?   [Dec-16-16 12:40PM  at Motley Fool]
▶ 3 Stocks You Can Buy With Dividends Yielding More Than 5%   [Dec-09-16 04:48PM  at Motley Fool]
Stock chart of QCP Financial statements of QCP Annual reports of QCP
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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