Intrinsic value of Quantum - QTM

Previous Close

$8.10

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$8.10

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
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 QTM 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 2017), $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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.09
  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
  505
  515
  527
  540
  556
  573
  591
  611
  633
  656
  682
  709
  737
  768
  800
  835
  872
  910
  951
  995
  1,040
  1,088
  1,139
  1,193
  1,249
  1,309
  1,372
  1,437
  1,507
  1,580
  1,657
Variable operating expenses, $m
 
  587
  600
  616
  633
  652
  673
  696
  721
  748
  776
  807
  840
  875
  912
  951
  993
  1,037
  1,084
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,887
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
  493
  587
  600
  616
  633
  652
  673
  696
  721
  748
  776
  807
  840
  875
  912
  951
  993
  1,037
  1,084
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,887
Operating income, $m
  12
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -209
  -220
  -230
EBITDA, $m
  17
  -72
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -107
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -209
  -220
  -230
Interest expense (income), $m
  0
  4
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
Earnings before tax, $m
  5
  -76
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
Tax expense, $m
  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
Net income, $m
  4
  -76
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  225
  230
  235
  241
  248
  255
  263
  272
  282
  293
  304
  316
  329
  342
  357
  372
  388
  406
  424
  443
  464
  485
  508
  532
  557
  583
  611
  641
  671
  704
  738
Adjusted assets (=assets-cash), $m
  212
  230
  235
  241
  248
  255
  263
  272
  282
  293
  304
  316
  329
  342
  357
  372
  388
  406
  424
  443
  464
  485
  508
  532
  557
  583
  611
  641
  671
  704
  738
Revenue / Adjusted assets
  2.382
  2.239
  2.243
  2.241
  2.242
  2.247
  2.247
  2.246
  2.245
  2.239
  2.243
  2.244
  2.240
  2.246
  2.241
  2.245
  2.247
  2.241
  2.243
  2.246
  2.241
  2.243
  2.242
  2.242
  2.242
  2.245
  2.245
  2.242
  2.246
  2.244
  2.245
Average production assets, $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
  0
Working capital, $m
  -42
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Total debt, $m
  128
  -6
  -2
  4
  10
  17
  24
  32
  41
  50
  60
  71
  83
  95
  108
  122
  137
  152
  169
  186
  204
  224
  244
  265
  288
  312
  337
  364
  391
  421
  451
Total liabilities, $m
  341
  207
  211
  217
  223
  230
  237
  245
  254
  263
  273
  284
  296
  308
  321
  335
  350
  365
  382
  399
  417
  437
  457
  478
  501
  525
  550
  577
  604
  634
  664
Total equity, $m
  -116
  23
  23
  24
  25
  26
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
Total liabilities and equity, $m
  225
  230
  234
  241
  248
  256
  263
  272
  282
  292
  303
  316
  329
  342
  357
  372
  389
  406
  424
  443
  463
  486
  508
  531
  557
  583
  611
  641
  671
  704
  738
Debt-to-equity ratio
  -1.103
  -0.280
  -0.070
  0.160
  0.400
  0.650
  0.910
  1.180
  1.450
  1.720
  1.990
  2.250
  2.520
  2.780
  3.030
  3.280
  3.520
  3.750
  3.980
  4.190
  4.410
  4.610
  4.800
  4.990
  5.170
  5.350
  5.520
  5.670
  5.830
  5.970
  6.110
Adjusted equity ratio
  -0.608
  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
  4
  -76
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
Depreciation, amort., depletion, $m
  5
  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
Funds from operations, $m
  -4
  -76
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
Change in working capital, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  9
  -76
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -223
  -234
  -246
Maintenance CAPEX, $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
  0
New CAPEX, $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 investing activities, $m
  -22
  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
Free cash flow, $m
  -13
  -76
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -223
  -234
  -246
Issuance/(repayment) of debt, $m
  -8
  -134
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
Issuance/(repurchase) of shares, $m
  1
  215
  74
  76
  78
  81
  84
  87
  90
  94
  98
  102
  106
  111
  116
  121
  127
  133
  139
  146
  153
  161
  168
  177
  185
  195
  204
  215
  225
  237
  248
Cash from financing (excl. dividends), $m  
  -8
  81
  79
  81
  84
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  142
  149
  155
  163
  171
  180
  188
  198
  208
  219
  229
  241
  253
  266
  279
Total cash flow (excl. dividends), $m
  -21
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Retained Cash Flow (-), $m
  -10
  -215
  -74
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -168
  -177
  -185
  -195
  -204
  -215
  -225
  -237
  -248
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
 
  -211
  -68
  -70
  -72
  -73
  -76
  -78
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -107
  -111
  -116
  -122
  -127
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
Discount rate, %
 
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.06
  25.27
  26.53
  27.86
  29.25
  30.71
  32.25
  33.86
  35.55
  37.33
  39.20
  41.16
  43.22
  45.38
  47.65
  50.03
  52.53
  55.16
PV of cash for distribution, $m
 
  -186
  -53
  -46
  -40
  -35
  -29
  -25
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  11.9
  2.8
  0.7
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Quantum Corporation provides scale-out storage, archive, and data protection solutions for small businesses and multi-national enterprises in the Americas, Europe, and the Asia Pacific. The company offers StorNext 5 software and hardware that offer file sharing and archiving in purpose-built configurations of metadata controllers, expansion appliances, and disk and archive enabled libraries; Xcellis product, which optimizes workflow and shared access by combining functions into a compact, space, and energy-saving solution; and Lattus Object Storage solutions that enable high volumes of data to be available to extract valuable information. It also offers Q-Cloud Archive services for various applications, including using the cloud as a tier for archive storage within StorNext storage environments; StorNext AEL archives products, which provide near-line archiving with built-in data protection and self-healing capabilities; and Q-Cloud Vault services. In addition, the company’s data protection solutions comprise DXi disk systems that use deduplication technology to increase the amount of backup data; Q-Cloud Protect for off-site disaster recovery storage; Scalar Tape Automation Systems, which manage and protect business critical data in workgroup, medium size business, and enterprise data center environment; SuperLoader3 autoloader designed to maximize data density and performance; and iLayer, which offers monitoring, alerts, and proactive diagnostics. Further, it provides device and media products, such as removable disk drives and libraries, tape drives, and storage media. The company sells its products through a network of distributors, value-added resellers, direct marketing resellers, original equipment manufacturers, and other suppliers, as well as directly to corporate entities and government agencies. Quantum Corporation was founded in 1980 and is headquartered in San Jose, California.

FINANCIAL RATIOS  of  Quantum (QTM)

Valuation Ratios
P/E Ratio 68.6
Price to Sales 0.5
Price to Book -2.4
Price to Tangible Book
Price to Cash Flow 30.5
Price to Free Cash Flow 39.2
Growth Rates
Sales Growth Rate 6.1%
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 -19.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity -56%
Total Debt to Equity -110.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. -4.7%
Return On Total Capital 38.1%
Ret/ On T. Cap. - 3 Yr. Avg. -31.4%
Return On Equity -3.3%
Return On Equity - 3 Yr. Avg. 18.1%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 42.2%
Gross Margin - 3 Yr. Avg. 43.2%
EBITDA Margin 2%
EBITDA Margin - 3 Yr. Avg. -1.3%
Operating Margin 2.4%
Oper. Margin - 3 Yr. Avg. -3%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -3.8%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. -4%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 6.2%
Payout Ratio 0%

QTM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the QTM stock intrinsic value calculation we used $505 million for the last fiscal year's total revenue generated by Quantum. The default revenue input number comes from 2017 income statement of Quantum. 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 QTM 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 13.4%, whose default value for QTM is calculated based on our internal credit rating of Quantum, 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 Quantum.
    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 QTM stock the variable cost ratio is equal to 113.9%.

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 QTM 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 Quantum.

Corporate tax rate of 27% is the nominal tax rate for Quantum. 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 QTM 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 QTM are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Quantum 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 QTM is equal to 1.6%. 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 - $-116 million for Quantum - 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 258.543 million for Quantum 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 Quantum at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ 3 Tech Stocks Under $10 to Buy Now   [Jul-05-17 01:44PM  Zacks]
▶ ETFs with exposure to Quantum Corp. : June 30, 2017   [Jun-30-17 03:18PM  Capital Cube]
▶ ETFs with exposure to Quantum Corp. : June 8, 2017   [Jun-08-17 01:53PM  Capital Cube]
▶ 5 of the Best Stocks Under $10 for 2017   [Jun-01-17 02:38PM  Zacks]
▶ Quantum Corp. reports 4Q loss   [May-10-17 06:08PM  Associated Press]
▶ Why Seagate Is Still Producing HDDs When Preferences Are Shifting   [Mar-17-17 03:56PM  at Market Realist]
▶ Five Penny Stocks to Buy Now   [Mar-07-17 12:19PM  Insider Monkey]
▶ Five Penny Stocks to Buy Now   [12:19PM  at Insider Monkey]
▶ Quantum to Present at the 29th Annual ROTH Conference   [Mar-06-17 08:00AM  PR Newswire]
▶ Top 5 Technology Penny Stocks to Watch for 2017   [Mar-02-17 06:00AM  Investopedia]
▶ Quantum Corp. posts 3Q profit   [Jan-25-17 06:44PM  AP]
▶ Quantum Corp (NYSE:QTM): Starboard Value LP Filed An Amended 13D   [Dec-07-16 08:19PM  at Insider Monkey]
▶ Is Quantum Corp (QTM) Worthy of Your Portfolio?   [Dec-06-16 11:31AM  at Insider Monkey]
▶ Quantum Corp. beats Street 2Q forecasts   [Oct-26-16 06:25PM  AP]
▶ Quantum Announces New Scalar Storage Platform   [Oct-12-16 08:00AM  PR Newswire]
Stock chart of QTM Financial statements of QTM Annual reports of QTM
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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