Intrinsic value of RigNet - RNET

Previous Close

$17.50

  Intrinsic Value

$1.24

stock screener

  Rating & Target

str. sell

-93%

Previous close

$17.50

 
Intrinsic value

$1.24

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of RNET 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 0.3

 

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, %
  -18.45
  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
  221
  225
  231
  237
  243
  251
  259
  267
  277
  287
  298
  310
  323
  336
  350
  365
  381
  398
  416
  435
  455
  476
  499
  522
  547
  573
  600
  629
  659
  691
  725
Variable operating expenses, $m
 
  236
  241
  247
  254
  262
  270
  279
  289
  300
  311
  321
  334
  348
  363
  378
  395
  412
  431
  451
  471
  493
  516
  540
  566
  593
  621
  651
  683
  716
  750
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
  223
  236
  241
  247
  254
  262
  270
  279
  289
  300
  311
  321
  334
  348
  363
  378
  395
  412
  431
  451
  471
  493
  516
  540
  566
  593
  621
  651
  683
  716
  750
Operating income, $m
  -2
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
EBITDA, $m
  32
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  23
  25
  26
  27
  28
  30
Interest expense (income), $m
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
Earnings before tax, $m
  -5
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
Tax expense, $m
  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
  0
Net income, $m
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  57
  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
  231
  177
  182
  186
  191
  197
  204
  211
  218
  226
  235
  244
  254
  265
  276
  288
  300
  314
  328
  343
  358
  375
  393
  411
  431
  451
  473
  495
  519
  544
  571
Adjusted assets (=assets-cash), $m
  174
  177
  182
  186
  191
  197
  204
  211
  218
  226
  235
  244
  254
  265
  276
  288
  300
  314
  328
  343
  358
  375
  393
  411
  431
  451
  473
  495
  519
  544
  571
Revenue / Adjusted assets
  1.270
  1.271
  1.269
  1.274
  1.272
  1.274
  1.270
  1.265
  1.271
  1.270
  1.268
  1.270
  1.272
  1.268
  1.268
  1.267
  1.270
  1.268
  1.268
  1.268
  1.271
  1.269
  1.270
  1.270
  1.269
  1.271
  1.268
  1.271
  1.270
  1.270
  1.270
Average production assets, $m
  84
  86
  88
  90
  92
  95
  98
  102
  105
  109
  113
  118
  123
  128
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  208
  218
  228
  239
  251
  263
  275
Working capital, $m
  84
  36
  36
  37
  38
  40
  41
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  82
  86
  91
  95
  99
  104
  109
  115
Total debt, $m
  70
  64
  67
  70
  73
  77
  81
  85
  90
  95
  101
  107
  113
  120
  127
  135
  143
  151
  160
  170
  180
  190
  201
  213
  226
  239
  253
  267
  282
  298
  315
Total liabilities, $m
  119
  113
  116
  119
  122
  126
  130
  134
  139
  144
  150
  156
  162
  169
  176
  184
  192
  200
  209
  219
  229
  239
  250
  262
  275
  288
  302
  316
  331
  347
  364
Total equity, $m
  112
  64
  66
  67
  69
  71
  74
  76
  79
  82
  85
  88
  92
  96
  100
  104
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
  171
  179
  188
  197
  207
Total liabilities and equity, $m
  231
  177
  182
  186
  191
  197
  204
  210
  218
  226
  235
  244
  254
  265
  276
  288
  301
  314
  328
  343
  359
  375
  392
  411
  431
  451
  473
  495
  519
  544
  571
Debt-to-equity ratio
  0.625
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.530
Adjusted equity ratio
  0.316
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
Depreciation, amort., depletion, $m
  34
  19
  20
  20
  21
  21
  22
  23
  23
  24
  25
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
Funds from operations, $m
  55
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
Change in working capital, $m
  16
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
Cash from operations, $m
  39
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
Maintenance CAPEX, $m
  0
  -17
  -17
  -18
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
New CAPEX, $m
  -14
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
Cash from investing activities, $m
  -19
  -19
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -43
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -66
Free cash flow, $m
  20
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
Issuance/(repayment) of debt, $m
  -17
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
Issuance/(repurchase) of shares, $m
  2
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
Cash from financing (excl. dividends), $m  
  -15
  16
  17
  18
  18
  20
  20
  21
  23
  23
  25
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
  40
  41
  44
  46
  48
  51
  53
  56
  59
  62
Total cash flow (excl. dividends), $m
  -3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Retained Cash Flow (-), $m
  11
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  49
  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
 
  39
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
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
 
  38
  -9
  -9
  -9
  -9
  -8
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.0
  86.4
  80.2
  74.3
  68.9
  63.8
  59.0
  54.6
  50.5
  46.6
  43.5
  40.5
  37.6
  35.0
  32.5
  30.2
  28.1
  26.1
  24.2
  22.4
  20.8
  19.3
  17.9
  16.6
  15.3
  14.2
  13.1
  12.2
  11.3
  10.4

RigNet, Inc. (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A). The Managed Services segment provides remote communications services for offshore and onshore drilling rigs and production facilities, as well as, support vessels and other remote sites. The SI&A segment provides customized solutions for customer telecommunications systems. As of December 31, 2016, the Company provided remote communications and collaborative services to approximately 500 customers reaching approximately 900 remote sites located in approximately 50 countries on six continents. It provides managed remote communications, engineered telecommunications solutions and applications.

FINANCIAL RATIOS  of  RigNet (RNET)

Valuation Ratios
P/E Ratio -26.1
Price to Sales 1.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 12.6
Growth Rates
Sales Growth Rate -18.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.8%
Cap. Spend. - 3 Yr. Gr. Rate -14.1%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 55.4%
Total Debt to Equity 62.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -3.1%
Ret/ On Assets - 3 Yr. Avg. -0.7%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -10.2%
Return On Equity - 3 Yr. Avg. -3.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 41.2%
Gross Margin - 3 Yr. Avg. 41.7%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin -2.3%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin -5.4%
Net Profit Margin - 3 Yr. Avg. -2.3%
Effective Tax Rate -120%
Eff/ Tax Rate - 3 Yr. Avg. -31%
Payout Ratio 0%

RNET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RNET stock intrinsic value calculation we used $221 million for the last fiscal year's total revenue generated by RigNet. The default revenue input number comes from 2016 income statement of RigNet. 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 RNET 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 4.3%, whose default value for RNET is calculated based on our internal credit rating of RigNet, 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 RigNet.
    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 RNET stock the variable cost ratio is equal to 104.5%.

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 RNET 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 RigNet.

Corporate tax rate of 27% is the nominal tax rate for RigNet. 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 RNET 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 RNET are equal to 38%.

Life of production assets of 3.1 years is the average useful life of capital assets used in RigNet 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 RNET is equal to 15.8%. 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 - $112 million for RigNet - 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 18.225 million for RigNet 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 RigNet at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Here's Why RigNet Inc's Stock Rallied in September   [Oct-09-17 10:31AM  Motley Fool]
▶ ETFs with exposure to RigNet, Inc. : August 23, 2017   [Aug-23-17 04:49PM  Capital Cube]
▶ Here's Why RigNet Stock Is Slumping Today   [Aug-08-17 03:29PM  Motley Fool]
▶ RigNet reports 2Q loss   [Aug-07-17 11:17PM  Associated Press]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ RigNet, Inc. Value Analysis (NASDAQ:RNET) : July 12, 2017   [Jul-12-17 03:34PM  Capital Cube]
▶ RigNet Announces Brendan Sullivan as CTO/CIO   [May-30-17 09:05AM  GlobeNewswire]
▶ ETFs with exposure to RigNet, Inc. : May 23, 2017   [May-23-17 01:05PM  Capital Cube]
▶ ETFs with exposure to RigNet, Inc. : May 11, 2017   [May-11-17 05:27PM  Capital Cube]
▶ RigNet Inc. Heads Back in Reverse   [09:00AM  Motley Fool]
▶ RigNet reports 1Q loss   [May-08-17 06:18PM  Associated Press]
▶ RigNet, Inc. Value Analysis (NASDAQ:RNET) : May 2, 2017   [May-02-17 05:29PM  Capital Cube]
▶ RigNet Inc. Finally Hits Bottom   [Mar-07-17 07:36PM  Motley Fool]
▶ RigNet Inc. Finally Hits Bottom   [07:36PM  at Motley Fool]
▶ RigNet reports 4Q loss   [Mar-06-17 05:14PM  Associated Press]
▶ Meridian Growth Fund 4th Quarter Commentary   [Feb-21-17 05:47PM  GuruFocus.com]
▶ These 5 Oil Stocks Were Smoking Hot in December   [Jan-09-17 12:00PM  at Motley Fool]
▶ Is RigNet Inc (RNET) A Good Stock To Buy?   [Dec-14-16 12:49PM  at Insider Monkey]
▶ RigNet Inc's Stock Caught Fire on Friday   [Dec-09-16 03:41PM  at Motley Fool]
▶ RigNet Inc. Still Hasn't Hit Bottom   [09:00AM  at Motley Fool]
▶ RigNet Announces Global Restructuring Plan   [Jul-15-16 09:15AM  GlobeNewswire]
▶ Abating Brexit Fears Send RigNet Inc.'s Stock Soaring   [Jun-28-16 11:13AM  at Motley Fool]
▶ This Is Why RigNet Inc.s Stock Sank 25% in May   [Jun-06-16 12:30PM  at Motley Fool]
Financial statements of RNET
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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