Intrinsic value of Rollins Inc. - ROL

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$43.08

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$43.08

 
Intrinsic value

$18.25

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of ROL 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 9.5

 

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, %
  5.93
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  1,573
  1,671
  1,772
  1,878
  1,988
  2,103
  2,223
  2,349
  2,480
  2,616
  2,759
  2,909
  3,065
  3,229
  3,400
  3,580
  3,767
  3,964
  4,170
  4,386
  4,613
  4,850
  5,099
  5,360
  5,634
  5,921
  6,222
  6,538
  6,869
  7,217
  7,582
Variable operating expenses, $m
 
  1,326
  1,406
  1,488
  1,574
  1,664
  1,757
  1,855
  1,957
  2,063
  2,174
  2,265
  2,387
  2,515
  2,648
  2,788
  2,934
  3,087
  3,248
  3,416
  3,592
  3,777
  3,971
  4,174
  4,387
  4,611
  4,845
  5,091
  5,349
  5,620
  5,904
Fixed operating expenses, $m
 
  67
  68
  70
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
Total operating expenses, $m
  1,314
  1,393
  1,474
  1,558
  1,646
  1,738
  1,832
  1,932
  2,036
  2,144
  2,257
  2,350
  2,474
  2,605
  2,740
  2,882
  3,030
  3,186
  3,349
  3,520
  3,699
  3,886
  4,083
  4,289
  4,505
  4,732
  4,969
  5,218
  5,479
  5,753
  6,040
Operating income, $m
  260
  277
  298
  320
  343
  366
  391
  417
  444
  472
  502
  558
  591
  625
  661
  698
  737
  778
  821
  867
  914
  964
  1,016
  1,071
  1,129
  1,190
  1,253
  1,320
  1,390
  1,464
  1,541
EBITDA, $m
  310
  328
  350
  373
  397
  423
  449
  477
  506
  536
  568
  601
  636
  672
  710
  750
  792
  836
  883
  931
  982
  1,035
  1,091
  1,150
  1,212
  1,277
  1,345
  1,416
  1,491
  1,570
  1,653
Interest expense (income), $m
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  34
  36
  38
  41
  44
Earnings before tax, $m
  261
  277
  297
  318
  340
  363
  387
  412
  438
  465
  494
  549
  580
  613
  648
  684
  722
  761
  803
  847
  892
  940
  991
  1,044
  1,100
  1,158
  1,220
  1,284
  1,352
  1,423
  1,498
Tax expense, $m
  94
  75
  80
  86
  92
  98
  104
  111
  118
  126
  133
  148
  157
  166
  175
  185
  195
  206
  217
  229
  241
  254
  268
  282
  297
  313
  329
  347
  365
  384
  404
Net income, $m
  167
  203
  217
  232
  248
  265
  282
  301
  320
  340
  360
  401
  424
  448
  473
  499
  527
  556
  586
  618
  651
  687
  723
  762
  803
  845
  890
  937
  987
  1,039
  1,093

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  143
  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
  917
  822
  872
  924
  978
  1,035
  1,094
  1,156
  1,220
  1,288
  1,358
  1,432
  1,509
  1,589
  1,673
  1,762
  1,854
  1,951
  2,052
  2,159
  2,270
  2,387
  2,509
  2,638
  2,773
  2,914
  3,062
  3,217
  3,381
  3,552
  3,731
Adjusted assets (=assets-cash), $m
  774
  822
  872
  924
  978
  1,035
  1,094
  1,156
  1,220
  1,288
  1,358
  1,432
  1,509
  1,589
  1,673
  1,762
  1,854
  1,951
  2,052
  2,159
  2,270
  2,387
  2,509
  2,638
  2,773
  2,914
  3,062
  3,217
  3,381
  3,552
  3,731
Revenue / Adjusted assets
  2.032
  2.033
  2.032
  2.032
  2.033
  2.032
  2.032
  2.032
  2.033
  2.031
  2.032
  2.031
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.031
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
  2.032
Average production assets, $m
  218
  231
  245
  259
  274
  290
  307
  324
  342
  361
  381
  401
  423
  446
  469
  494
  520
  547
  576
  605
  637
  669
  704
  740
  777
  817
  859
  902
  948
  996
  1,046
Working capital, $m
  13
  -139
  -147
  -156
  -165
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -313
  -329
  -346
  -364
  -383
  -403
  -423
  -445
  -468
  -491
  -516
  -543
  -570
  -599
  -629
Total debt, $m
  0
  22
  44
  68
  92
  118
  144
  172
  201
  231
  263
  296
  331
  367
  405
  445
  486
  530
  576
  623
  674
  726
  781
  839
  900
  963
  1,030
  1,100
  1,173
  1,250
  1,331
Total liabilities, $m
  348
  370
  392
  416
  440
  466
  492
  520
  549
  579
  611
  644
  679
  715
  753
  793
  834
  878
  924
  971
  1,022
  1,074
  1,129
  1,187
  1,248
  1,311
  1,378
  1,448
  1,521
  1,598
  1,679
Total equity, $m
  569
  452
  480
  508
  538
  569
  602
  636
  671
  708
  747
  787
  830
  874
  920
  969
  1,020
  1,073
  1,129
  1,187
  1,249
  1,313
  1,380
  1,451
  1,525
  1,603
  1,684
  1,770
  1,859
  1,953
  2,052
Total liabilities and equity, $m
  917
  822
  872
  924
  978
  1,035
  1,094
  1,156
  1,220
  1,287
  1,358
  1,431
  1,509
  1,589
  1,673
  1,762
  1,854
  1,951
  2,053
  2,158
  2,271
  2,387
  2,509
  2,638
  2,773
  2,914
  3,062
  3,218
  3,380
  3,551
  3,731
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.130
  0.170
  0.210
  0.240
  0.270
  0.300
  0.330
  0.350
  0.380
  0.400
  0.420
  0.440
  0.460
  0.480
  0.490
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
Adjusted equity ratio
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  167
  203
  217
  232
  248
  265
  282
  301
  320
  340
  360
  401
  424
  448
  473
  499
  527
  556
  586
  618
  651
  687
  723
  762
  803
  845
  890
  937
  987
  1,039
  1,093
Depreciation, amort., depletion, $m
  50
  50
  52
  53
  55
  56
  58
  60
  62
  64
  66
  43
  45
  47
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
Funds from operations, $m
  220
  253
  269
  286
  303
  321
  341
  361
  382
  404
  427
  444
  469
  495
  523
  552
  582
  614
  647
  682
  719
  758
  798
  841
  885
  932
  982
  1,033
  1,088
  1,145
  1,205
Change in working capital, $m
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
Cash from operations, $m
  227
  339
  277
  294
  312
  331
  351
  371
  393
  415
  438
  456
  482
  509
  537
  567
  598
  630
  664
  700
  738
  777
  819
  862
  908
  956
  1,007
  1,060
  1,115
  1,174
  1,235
Maintenance CAPEX, $m
  0
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
New CAPEX, $m
  -33
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
Cash from investing activities, $m
  -77
  -36
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -86
  -91
  -95
  -101
  -105
  -111
  -117
  -123
  -129
  -135
  -142
  -149
  -156
Free cash flow, $m
  150
  303
  239
  254
  270
  286
  303
  321
  340
  360
  380
  395
  417
  441
  466
  492
  519
  548
  578
  609
  642
  677
  713
  752
  792
  834
  878
  925
  973
  1,025
  1,079
Issuance/(repayment) of debt, $m
  0
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
Issuance/(repurchase) of shares, $m
  -31
  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  
  -27
  22
  22
  23
  24
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
  77
  81
Total cash flow (excl. dividends), $m
  117
  325
  261
  277
  294
  311
  330
  349
  369
  390
  412
  428
  452
  477
  504
  532
  561
  591
  623
  657
  692
  730
  768
  809
  852
  897
  945
  995
  1,047
  1,102
  1,159
Retained Cash Flow (-), $m
  -45
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
Prev. year cash balance distribution, $m
 
  143
  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
 
  442
  234
  249
  264
  280
  297
  315
  334
  353
  373
  388
  410
  433
  457
  483
  510
  538
  568
  599
  631
  665
  701
  739
  778
  820
  863
  909
  957
  1,008
  1,061
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
 
  424
  214
  216
  217
  217
  216
  213
  208
  203
  196
  184
  175
  165
  154
  142
  130
  117
  105
  92
  80
  69
  58
  48
  40
  32
  25
  20
  15
  11
  8
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

Rollins, Inc., through its subsidiaries, provides pest and termite control services to residential and commercial customers. Its pest control services include protection against termite damage, rodents, and insects to homes and businesses, including hotels, food service establishments, food manufacturers, retailers, and transportation companies. The company also provides pest management and sanitation services and products to the food and commodity industries; consulting services on border protection related to Australia’s biosecurity program; and bird control and specialist services, as well as offers specialized services to mining, and oil and gas sectors. It serves clients directly, as well as through franchises operations in North America, Australia, Europe, Central America, the Caribbean, the Middle East, Asia, the Mediterranean, Africa, Canada, Australia, and Mexico. Rollins, Inc. was founded in 1948 and is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Rollins Inc. (ROL)

Valuation Ratios
P/E Ratio 56.2
Price to Sales 6
Price to Book 16.5
Price to Tangible Book
Price to Cash Flow 41.3
Price to Free Cash Flow 48.4
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 18.9%
Ret/ On Assets - 3 Yr. Avg. 18.4%
Return On Total Capital 30.6%
Ret/ On T. Cap. - 3 Yr. Avg. 30.7%
Return On Equity 30.6%
Return On Equity - 3 Yr. Avg. 30.7%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 50.9%
Gross Margin - 3 Yr. Avg. 50.4%
EBITDA Margin 19.8%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 16.1%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 16.2%
Net Profit Margin 10.6%
Net Profit Margin - 3 Yr. Avg. 10.2%
Effective Tax Rate 36%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 65.3%

ROL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ROL stock intrinsic value calculation we used $1573 million for the last fiscal year's total revenue generated by Rollins Inc.. The default revenue input number comes from 2016 income statement of Rollins Inc.. 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 ROL stock valuation model: a) initial revenue growth rate of 6.2% 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 ROL is calculated based on our internal credit rating of Rollins Inc., 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 Rollins Inc..
    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 ROL stock the variable cost ratio is equal to 79.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $65 million in the base year in the intrinsic value calculation for ROL 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 Rollins Inc..

Corporate tax rate of 27% is the nominal tax rate for Rollins Inc.. 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 ROL 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 ROL are equal to 13.8%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Rollins Inc. 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 ROL is equal to -8.3%. 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 - $569 million for Rollins Inc. - 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 219.653 million for Rollins Inc. 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 Rollins Inc. at the current share price and the inputted number of shares is $9.5 billion.


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COMPANY NEWS

▶ ETFs with exposure to Rollins, Inc. : May 22, 2017   [May-22-17 02:06PM  Capital Cube]
▶ 2 Great Stocks for Low-Risk Investors   [May-19-17 09:58AM  Motley Fool]
▶ ETFs with exposure to Rollins, Inc. : May 2, 2017   [May-02-17 04:34PM  Capital Cube]
▶ Rollins posts 1Q profit   [Apr-26-17 07:44AM  Associated Press]
▶ Rollins, Inc. Announces Regular Quarterly Cash Dividend   [Apr-25-17 04:20PM  PR Newswire]
▶ Rollins, Inc. Value Analysis (NYSE:ROL) : April 19, 2017   [Apr-19-17 03:15PM  Capital Cube]
▶ Why We're Excited About These 3 Top Stocks   [Feb-17-17 08:49PM  Motley Fool]
▶ Why We're Excited About These 3 Top Stocks   [08:49PM  at Motley Fool]
▶ 14 Dividend Growth Stocks Rewarding Shareholders With A Raise   [Jan-31-17 07:09AM  at Insider Monkey]
▶ Rollins, Inc. Earnings Jump 20%   [Jan-26-17 04:29PM  at Motley Fool]
▶ Rollins, Inc. Increases Dividend By 15.0 Percent   [Jan-24-17 04:20PM  PR Newswire]
▶ Orkin Establishes Seventeen New International Franchises   [Jan-19-17 04:30PM  PR Newswire]
▶ Should You Follow Hedge Funds Back Into Kilroy Realty Corp (KRC)?   [Dec-06-16 04:39PM  at Insider Monkey]
▶ [$$] At Hartford Schroders Fund It's Steady as She Goes   [Dec-03-16 12:01AM  at Barrons.com]
▶ Teneo Holdings Sues Strategist Rollins for Defamation   [Nov-01-16 05:25PM  at Bloomberg]
▶ Chicago Holds Top Spot on Rattiest Cities List   [Oct-17-16 06:04AM  PR Newswire]
▶ Value Holdings Likes These 5 Industrials Stocks   [Aug-06-16 12:58AM  at Insider Monkey]
Stock chart of ROL Financial statements of ROL Annual reports of ROL
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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