Intrinsic value of SeaWorld Entertainment - SEAS

Previous Close

$12.38

  Intrinsic Value

$6.82

stock screener

  Rating & Target

sell

-45%

  Value-price divergence*

-22%

Previous close

$12.38

 
Intrinsic value

$6.82

 
Up/down potential

-45%

 
Rating

sell

 
Value-price divergence*

-22%

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

We calculate the intrinsic value of SEAS 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 1.2

 

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, %
  -1.97
  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
  1,344
  1,371
  1,402
  1,438
  1,479
  1,524
  1,573
  1,627
  1,685
  1,747
  1,814
  1,886
  1,962
  2,044
  2,130
  2,222
  2,320
  2,423
  2,532
  2,647
  2,769
  2,897
  3,032
  3,175
  3,325
  3,483
  3,650
  3,826
  4,010
  4,204
  4,409
Variable operating expenses, $m
 
  1,232
  1,259
  1,291
  1,326
  1,365
  1,408
  1,455
  1,506
  1,560
  1,619
  1,648
  1,715
  1,786
  1,862
  1,942
  2,027
  2,117
  2,213
  2,313
  2,420
  2,532
  2,650
  2,775
  2,906
  3,045
  3,190
  3,344
  3,505
  3,675
  3,853
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
  1,285
  1,232
  1,259
  1,291
  1,326
  1,365
  1,408
  1,455
  1,506
  1,560
  1,619
  1,648
  1,715
  1,786
  1,862
  1,942
  2,027
  2,117
  2,213
  2,313
  2,420
  2,532
  2,650
  2,775
  2,906
  3,045
  3,190
  3,344
  3,505
  3,675
  3,853
Operating income, $m
  60
  139
  143
  148
  153
  158
  165
  171
  179
  187
  195
  238
  247
  258
  268
  280
  292
  305
  319
  334
  349
  365
  382
  400
  419
  439
  460
  482
  505
  530
  555
EBITDA, $m
  260
  344
  352
  361
  371
  382
  395
  408
  423
  438
  455
  473
  492
  513
  534
  557
  582
  608
  635
  664
  695
  727
  761
  796
  834
  874
  916
  960
  1,006
  1,055
  1,106
Interest expense (income), $m
  0
  54
  55
  56
  58
  60
  62
  65
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  193
Earnings before tax, $m
  -3
  86
  88
  91
  95
  98
  102
  107
  111
  116
  122
  161
  167
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  363
Tax expense, $m
  10
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
Net income, $m
  -13
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  2,379
  2,355
  2,410
  2,472
  2,541
  2,618
  2,703
  2,795
  2,894
  3,002
  3,117
  3,240
  3,372
  3,512
  3,660
  3,818
  3,986
  4,163
  4,350
  4,548
  4,757
  4,977
  5,210
  5,455
  5,713
  5,985
  6,272
  6,573
  6,890
  7,224
  7,575
Adjusted assets (=assets-cash), $m
  2,310
  2,355
  2,410
  2,472
  2,541
  2,618
  2,703
  2,795
  2,894
  3,002
  3,117
  3,240
  3,372
  3,512
  3,660
  3,818
  3,986
  4,163
  4,350
  4,548
  4,757
  4,977
  5,210
  5,455
  5,713
  5,985
  6,272
  6,573
  6,890
  7,224
  7,575
Revenue / Adjusted assets
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
  0.582
Average production assets, $m
  1,795
  1,831
  1,874
  1,922
  1,976
  2,036
  2,101
  2,173
  2,250
  2,334
  2,424
  2,519
  2,622
  2,730
  2,846
  2,969
  3,099
  3,237
  3,382
  3,536
  3,699
  3,870
  4,051
  4,242
  4,442
  4,654
  4,877
  5,111
  5,358
  5,617
  5,890
Working capital, $m
  -110
  -129
  -132
  -135
  -139
  -143
  -148
  -153
  -158
  -164
  -171
  -177
  -184
  -192
  -200
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -313
  -327
  -343
  -360
  -377
  -395
  -414
Total debt, $m
  1,583
  1,568
  1,612
  1,662
  1,718
  1,780
  1,849
  1,923
  2,004
  2,090
  2,183
  2,283
  2,389
  2,502
  2,623
  2,750
  2,885
  3,029
  3,180
  3,340
  3,509
  3,687
  3,875
  4,073
  4,281
  4,501
  4,733
  4,976
  5,232
  5,502
  5,786
Total liabilities, $m
  1,918
  1,903
  1,947
  1,997
  2,053
  2,115
  2,184
  2,258
  2,339
  2,425
  2,518
  2,618
  2,724
  2,837
  2,958
  3,085
  3,220
  3,364
  3,515
  3,675
  3,844
  4,022
  4,210
  4,408
  4,616
  4,836
  5,068
  5,311
  5,567
  5,837
  6,121
Total equity, $m
  461
  452
  463
  475
  488
  503
  519
  537
  556
  576
  598
  622
  647
  674
  703
  733
  765
  799
  835
  873
  913
  956
  1,000
  1,047
  1,097
  1,149
  1,204
  1,262
  1,323
  1,387
  1,454
Total liabilities and equity, $m
  2,379
  2,355
  2,410
  2,472
  2,541
  2,618
  2,703
  2,795
  2,895
  3,001
  3,116
  3,240
  3,371
  3,511
  3,661
  3,818
  3,985
  4,163
  4,350
  4,548
  4,757
  4,978
  5,210
  5,455
  5,713
  5,985
  6,272
  6,573
  6,890
  7,224
  7,575
Debt-to-equity ratio
  3.434
  3.470
  3.480
  3.500
  3.520
  3.540
  3.560
  3.580
  3.610
  3.630
  3.650
  3.670
  3.690
  3.710
  3.730
  3.750
  3.770
  3.790
  3.810
  3.820
  3.840
  3.860
  3.870
  3.890
  3.900
  3.920
  3.930
  3.940
  3.960
  3.970
  3.980
Adjusted equity ratio
  0.170
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -13
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
Depreciation, amort., depletion, $m
  200
  205
  209
  213
  218
  224
  230
  237
  244
  252
  260
  235
  245
  255
  266
  277
  290
  303
  316
  330
  346
  362
  379
  396
  415
  435
  456
  478
  501
  525
  550
Funds from operations, $m
  313
  267
  273
  280
  287
  296
  305
  315
  325
  337
  349
  353
  367
  382
  398
  415
  433
  452
  472
  493
  515
  539
  563
  589
  617
  646
  676
  709
  742
  778
  815
Change in working capital, $m
  33
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
Cash from operations, $m
  280
  270
  276
  283
  291
  300
  309
  320
  331
  343
  355
  360
  374
  390
  406
  424
  442
  461
  482
  504
  526
  551
  576
  603
  631
  661
  692
  725
  760
  796
  835
Maintenance CAPEX, $m
  0
  -168
  -171
  -175
  -180
  -185
  -190
  -196
  -203
  -210
  -218
  -226
  -235
  -245
  -255
  -266
  -277
  -290
  -303
  -316
  -330
  -346
  -362
  -379
  -396
  -415
  -435
  -456
  -478
  -501
  -525
New CAPEX, $m
  -161
  -36
  -42
  -48
  -54
  -60
  -66
  -72
  -77
  -83
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -201
  -211
  -223
  -234
  -247
  -259
  -273
Cash from investing activities, $m
  -160
  -204
  -213
  -223
  -234
  -245
  -256
  -268
  -280
  -293
  -308
  -322
  -337
  -354
  -371
  -389
  -407
  -428
  -449
  -470
  -492
  -517
  -543
  -570
  -597
  -626
  -658
  -690
  -725
  -760
  -798
Free cash flow, $m
  120
  65
  63
  60
  57
  55
  53
  52
  50
  49
  48
  38
  37
  36
  35
  35
  34
  34
  34
  34
  33
  33
  34
  34
  34
  34
  35
  35
  35
  36
  37
Issuance/(repayment) of debt, $m
  -3
  37
  44
  50
  56
  62
  68
  74
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  244
  256
  270
  284
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -5
  37
  44
  50
  56
  62
  68
  74
  81
  87
  93
  100
  106
  113
  120
  128
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  244
  256
  270
  284
Total cash flow (excl. dividends), $m
  115
  103
  107
  110
  114
  117
  122
  126
  131
  136
  141
  137
  143
  149
  156
  162
  170
  177
  185
  193
  202
  212
  221
  232
  243
  254
  266
  279
  292
  306
  320
Retained Cash Flow (-), $m
  43
  -8
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
Prev. year cash balance distribution, $m
 
  17
  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
 
  111
  96
  98
  100
  103
  105
  108
  111
  115
  119
  113
  118
  122
  127
  132
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  211
  221
  231
  242
  253
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  101
  78
  70
  63
  56
  49
  43
  37
  31
  26
  20
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

SeaWorld Entertainment, Inc. is a theme park and entertainment company. The Company owns or licenses a portfolio of brands, including SeaWorld, Sea Rescue and Busch Gardens. As of December 31, 2016, the Company had a diversified portfolio of 12 destination and regional theme parks that are located across the United States. Its theme parks feature a range of rides, shows and other attractions. The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place).

FINANCIAL RATIOS  of  SeaWorld Entertainment (SEAS)

Valuation Ratios
P/E Ratio -81.3
Price to Sales 0.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 8.9
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.5%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 332.1%
Total Debt to Equity 343.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital -0.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 45.2%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 4.4%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin -0.2%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin -1%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate -333.3%
Eff/ Tax Rate - 3 Yr. Avg. -87.9%
Payout Ratio -500%

SEAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SEAS stock intrinsic value calculation we used $1344 million for the last fiscal year's total revenue generated by SeaWorld Entertainment. The default revenue input number comes from 2016 income statement of SeaWorld Entertainment. 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 SEAS 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 10.6%, whose default value for SEAS is calculated based on our internal credit rating of SeaWorld Entertainment, 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 SeaWorld Entertainment.
    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 SEAS stock the variable cost ratio is equal to 89.9%.

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 SEAS 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 SeaWorld Entertainment.

Corporate tax rate of 27% is the nominal tax rate for SeaWorld Entertainment. 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 SEAS 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 SEAS are equal to 133.6%.

Life of production assets of 10.7 years is the average useful life of capital assets used in SeaWorld Entertainment 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 SEAS is equal to -9.4%. 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 - $461 million for SeaWorld Entertainment - 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 93.614 million for SeaWorld Entertainment 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 SeaWorld Entertainment at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Legoland-owner Merlin Entertainments responds to rumors of SeaWorld buyout   [Oct-12-17 05:50PM  American City Business Journals]
▶ SeaWorld May Have More Suitors Than You Think   [Oct-06-17 11:18AM  Motley Fool]
▶ Company News For Oct 6, 2017   [10:40AM  Zacks]
▶ Disney Buying SeaWorld Wouldn't Be Crazy   [11:32AM  Motley Fool]
▶ [$$] SeaWorld/Merlin: sashimi   [Oct-04-17 10:46PM  Financial Times]
▶ Sesame PlaceĀ® Unveils Plans For First Wooden Coaster   [Sep-20-17 09:47AM  PR Newswire]
▶ Theme park operators regroup following Irma's landfall   [Sep-11-17 07:09PM  Investing.com]
▶ Florida Theme Parks Brace for Hurricane Irma   [Sep-08-17 04:18PM  Motley Fool]
▶ Report: SeaWorld under criminal investigation over 'Blackfish' comments   [Aug-29-17 04:50PM  American City Business Journals]
▶ Insiders Roundup: Walmart, General Electric   [03:34PM  GuruFocus.com]
▶ Six Flags Takes on Disney and Universal   [Aug-24-17 10:03AM  Motley Fool]
▶ SeaWorld reports 2Q loss   [Aug-08-17 05:32PM  Associated Press]
▶ [$$] SeaWorld Grapples With Attendance Slide   [09:28AM  The Wall Street Journal]
▶ SeaWorld hires company reportedly to check into idea of a sale   [Aug-02-17 03:46PM  American City Business Journals]
▶ [$$] SeaWorld Entertainment Names Interim CFO   [Aug-01-17 06:46PM  The Wall Street Journal]
▶ SeaWorld announces interim CFO   [04:22PM  MarketWatch]
▶ SeaWorld Stock Slips, Slides Away   [Jul-27-17 03:43PM  Motley Fool]
Financial statements of SEAS
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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