Intrinsic value of Smart&Final Stores - SFS

Previous Close

$7.55

  Intrinsic Value

$14.83

stock screener

  Rating & Target

str. buy

+96%

  Value-price divergence*

-2%

Previous close

$7.55

 
Intrinsic value

$14.83

 
Up/down potential

+96%

 
Rating

str. buy

 
Value-price divergence*

-2%

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

We calculate the intrinsic value of SFS 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 0.5

 

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, %
  9.34
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  4,342
  4,624
  4,918
  5,224
  5,542
  5,873
  6,219
  6,580
  6,956
  7,349
  7,759
  8,187
  8,635
  9,103
  9,593
  10,106
  10,642
  11,204
  11,792
  12,409
  13,054
  13,731
  14,440
  15,183
  15,962
  16,780
  17,637
  18,536
  19,478
  20,468
  21,506
Variable operating expenses, $m
 
  4,514
  4,797
  5,091
  5,397
  5,717
  6,050
  6,397
  6,759
  7,137
  7,532
  7,884
  8,315
  8,766
  9,238
  9,731
  10,248
  10,789
  11,355
  11,949
  12,570
  13,222
  13,904
  14,620
  15,371
  16,157
  16,983
  17,848
  18,756
  19,709
  20,708
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
  4,300
  4,514
  4,797
  5,091
  5,397
  5,717
  6,050
  6,397
  6,759
  7,137
  7,532
  7,884
  8,315
  8,766
  9,238
  9,731
  10,248
  10,789
  11,355
  11,949
  12,570
  13,222
  13,904
  14,620
  15,371
  16,157
  16,983
  17,848
  18,756
  19,709
  20,708
Operating income, $m
  42
  110
  121
  133
  144
  157
  169
  183
  197
  211
  227
  304
  320
  337
  356
  375
  395
  415
  437
  460
  484
  509
  535
  563
  592
  622
  654
  687
  722
  759
  797
EBITDA, $m
  129
  224
  238
  253
  268
  284
  301
  318
  336
  355
  375
  396
  418
  440
  464
  489
  515
  542
  570
  600
  631
  664
  698
  734
  772
  812
  853
  897
  942
  990
  1,040
Interest expense (income), $m
  30
  29
  33
  38
  42
  47
  52
  57
  62
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  138
  147
  156
  166
  176
  187
  199
  210
  223
  236
  250
  264
Earnings before tax, $m
  11
  81
  88
  95
  102
  110
  118
  126
  135
  144
  153
  224
  235
  246
  257
  269
  281
  294
  308
  322
  337
  353
  369
  386
  405
  423
  443
  464
  486
  509
  533
Tax expense, $m
  -2
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  61
  63
  66
  69
  73
  76
  79
  83
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  137
  144
Net income, $m
  13
  59
  64
  69
  75
  80
  86
  92
  98
  105
  112
  164
  171
  179
  188
  196
  205
  215
  225
  235
  246
  258
  270
  282
  295
  309
  324
  339
  355
  372
  389

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  1,952
  2,021
  2,149
  2,283
  2,422
  2,567
  2,718
  2,876
  3,040
  3,212
  3,391
  3,578
  3,774
  3,979
  4,193
  4,417
  4,651
  4,897
  5,154
  5,423
  5,705
  6,001
  6,311
  6,636
  6,977
  7,334
  7,708
  8,101
  8,513
  8,946
  9,399
Adjusted assets (=assets-cash), $m
  1,898
  2,021
  2,149
  2,283
  2,422
  2,567
  2,718
  2,876
  3,040
  3,212
  3,391
  3,578
  3,774
  3,979
  4,193
  4,417
  4,651
  4,897
  5,154
  5,423
  5,705
  6,001
  6,311
  6,636
  6,977
  7,334
  7,708
  8,101
  8,513
  8,946
  9,399
Revenue / Adjusted assets
  2.288
  2.288
  2.289
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
  2.288
Average production assets, $m
  796
  846
  900
  956
  1,014
  1,075
  1,138
  1,204
  1,273
  1,345
  1,420
  1,498
  1,580
  1,666
  1,756
  1,849
  1,948
  2,050
  2,158
  2,271
  2,389
  2,513
  2,642
  2,778
  2,921
  3,071
  3,227
  3,392
  3,565
  3,746
  3,936
Working capital, $m
  34
  46
  49
  52
  55
  59
  62
  66
  70
  73
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  131
  137
  144
  152
  160
  168
  176
  185
  195
  205
  215
Total debt, $m
  679
  712
  803
  898
  996
  1,099
  1,206
  1,318
  1,434
  1,556
  1,683
  1,816
  1,955
  2,100
  2,252
  2,411
  2,577
  2,751
  2,933
  3,124
  3,324
  3,534
  3,754
  3,984
  4,225
  4,479
  4,744
  5,023
  5,315
  5,621
  5,943
Total liabilities, $m
  1,400
  1,433
  1,524
  1,619
  1,717
  1,820
  1,927
  2,039
  2,155
  2,277
  2,404
  2,537
  2,676
  2,821
  2,973
  3,132
  3,298
  3,472
  3,654
  3,845
  4,045
  4,255
  4,475
  4,705
  4,946
  5,200
  5,465
  5,744
  6,036
  6,342
  6,664
Total equity, $m
  552
  588
  625
  664
  705
  747
  791
  837
  885
  935
  987
  1,041
  1,098
  1,158
  1,220
  1,285
  1,354
  1,425
  1,500
  1,578
  1,660
  1,746
  1,837
  1,931
  2,030
  2,134
  2,243
  2,357
  2,477
  2,603
  2,735
Total liabilities and equity, $m
  1,952
  2,021
  2,149
  2,283
  2,422
  2,567
  2,718
  2,876
  3,040
  3,212
  3,391
  3,578
  3,774
  3,979
  4,193
  4,417
  4,652
  4,897
  5,154
  5,423
  5,705
  6,001
  6,312
  6,636
  6,976
  7,334
  7,708
  8,101
  8,513
  8,945
  9,399
Debt-to-equity ratio
  1.230
  1.210
  1.280
  1.350
  1.410
  1.470
  1.520
  1.570
  1.620
  1.660
  1.710
  1.740
  1.780
  1.810
  1.850
  1.880
  1.900
  1.930
  1.960
  1.980
  2.000
  2.020
  2.040
  2.060
  2.080
  2.100
  2.110
  2.130
  2.150
  2.160
  2.170
Adjusted equity ratio
  0.262
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  59
  64
  69
  75
  80
  86
  92
  98
  105
  112
  164
  171
  179
  188
  196
  205
  215
  225
  235
  246
  258
  270
  282
  295
  309
  324
  339
  355
  372
  389
Depreciation, amort., depletion, $m
  87
  113
  117
  120
  124
  127
  131
  135
  140
  144
  149
  92
  98
  103
  108
  114
  120
  127
  133
  140
  147
  155
  163
  172
  180
  190
  199
  209
  220
  231
  243
Funds from operations, $m
  77
  172
  181
  189
  198
  208
  217
  228
  238
  249
  261
  256
  269
  282
  296
  310
  326
  341
  358
  375
  394
  413
  433
  454
  476
  499
  523
  548
  575
  603
  632
Change in working capital, $m
  -20
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
Cash from operations, $m
  97
  170
  178
  186
  195
  204
  214
  224
  234
  245
  257
  252
  264
  277
  291
  305
  320
  336
  352
  369
  387
  406
  426
  446
  468
  490
  514
  539
  565
  593
  622
Maintenance CAPEX, $m
  0
  -49
  -52
  -56
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -92
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -147
  -155
  -163
  -172
  -180
  -190
  -199
  -209
  -220
  -231
New CAPEX, $m
  -151
  -50
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
Cash from investing activities, $m
  -153
  -99
  -106
  -112
  -117
  -124
  -129
  -136
  -143
  -151
  -158
  -166
  -174
  -184
  -193
  -202
  -212
  -223
  -235
  -246
  -258
  -271
  -285
  -299
  -315
  -330
  -347
  -364
  -382
  -401
  -421
Free cash flow, $m
  -56
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  86
  90
  94
  99
  103
  108
  113
  118
  123
  129
  135
  141
  147
  154
  161
  168
  176
  183
  192
  201
Issuance/(repayment) of debt, $m
  89
  87
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  210
  220
  230
  241
  253
  266
  279
  292
  307
  322
Issuance/(repurchase) of shares, $m
  -29
  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  
  51
  87
  91
  95
  99
  103
  107
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  210
  220
  230
  241
  253
  266
  279
  292
  307
  322
Total cash flow (excl. dividends), $m
  -5
  157
  163
  169
  176
  184
  191
  199
  208
  216
  226
  219
  229
  239
  250
  262
  274
  287
  300
  314
  329
  344
  360
  377
  395
  414
  433
  454
  476
  498
  522
Retained Cash Flow (-), $m
  15
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -126
  -132
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
 
  121
  125
  131
  136
  142
  147
  154
  160
  167
  173
  164
  172
  180
  188
  197
  206
  215
  225
  236
  247
  258
  270
  283
  296
  310
  324
  340
  356
  373
  390
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  112
  106
  101
  95
  88
  81
  74
  67
  60
  52
  41
  36
  30
  25
  21
  17
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  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

Smart & Final Stores, Inc. operates as a food retailer in the United States. The company operates through two segments, Smart & Final and Cash & Carry. It operates non-membership warehouse-style grocery stores under the Smart & Final banner in California, Arizona, and Nevada, as well as under the Cash & Carry banner in Washington, Oregon, California, Idaho, and Nevada. The company’s stores offer fresh perishables and everyday products, such as produce, meat and deli, dairy and cheese, grocery, and beverage products, as well as paper and packaging, and restaurant equipment and janitorial supplies products. It also provides various private label products under the First Street, Ambiance, Cattleman's Finest, Iris, La Romanella, Montecito, Simply Value, Sun Harvest, and Tradewinds brands. The company sells its products to household and business customers, restaurants, and caterers, as well as to various other foodservice businesses comprising food trucks and coffee houses through vendors and suppliers. As of June 19, 2016, it operated 306 grocery and foodservice stores, including 161 Smart & Final Extra! stores, 90 legacy Smart & Final stores, and 55 Cash & Carry stores. Smart & Final Stores, Inc. was founded in 1871 and is based in Commerce, California.

FINANCIAL RATIOS  of  Smart&Final Stores (SFS)

Valuation Ratios
P/E Ratio 42.4
Price to Sales 0.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow -10.2
Growth Rates
Sales Growth Rate 9.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 10.2%
Cap. Spend. - 3 Yr. Gr. Rate 22.4%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 111.8%
Total Debt to Equity 123%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 2.3%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 14.5%
Gross Margin - 3 Yr. Avg. 14.8%
EBITDA Margin 2.9%
EBITDA Margin - 3 Yr. Avg. 3.8%
Operating Margin 1%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate -18.2%
Eff/ Tax Rate - 3 Yr. Avg. 17.8%
Payout Ratio 0%

SFS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SFS stock intrinsic value calculation we used $4342 million for the last fiscal year's total revenue generated by Smart&Final Stores. The default revenue input number comes from 2017 income statement of Smart&Final Stores. 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 SFS stock valuation model: a) initial revenue growth rate of 6.5% 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 8.2%, whose default value for SFS is calculated based on our internal credit rating of Smart&Final Stores, 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 Smart&Final Stores.
    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 SFS stock the variable cost ratio is equal to 97.7%.

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 SFS 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 4.7% for Smart&Final Stores.

Corporate tax rate of 27% is the nominal tax rate for Smart&Final Stores. 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 SFS 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 SFS are equal to 18.3%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Smart&Final Stores 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 SFS is equal to 1%. 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 - $552 million for Smart&Final Stores - 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 71.103 million for Smart&Final Stores 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 Smart&Final Stores at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Why Smart & Final Stores, Inc. Stock Jumped Today   [Jul-26-17 01:12PM  Motley Fool]
▶ Smart & Final Stores posts 2Q profit   [Jul-25-17 10:35PM  Associated Press]
▶ [$$] As Grocery Stores Struggle, Some CEOs Get Bargain-Bin Bonuses   [Jun-10-17 09:49AM  The Wall Street Journal]
▶ Smart & Final Stores reports 1Q loss   [May-03-17 07:49PM  Associated Press]
▶ Smart & Final Stores posts 4Q loss   [Mar-08-17 06:20PM  Associated Press]
▶ Is Smart & Final Stores Inc (SFS) a Good Stock to Buy?   [Dec-13-16 08:21AM  at Insider Monkey]
▶ Hedge Funds Are Selling Concordia International Corp (CXRX)   [Dec-04-16 10:53PM  at Insider Monkey]
▶ Bloom Ads Wins Over Smart & Final Stores   [Nov-15-16 02:07PM  PR Newswire]
▶ [$$] Slide in Food Prices Pressuring U.S. Grocers and Distributors   [Sep-08-16 12:33AM  at The Wall Street Journal]
▶ [$$] Slide in Food Prices Pressuring Grocers and Distributors   [Sep-07-16 05:52PM  at The Wall Street Journal]
Stock chart of SFS Financial statements of SFS
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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