Intrinsic value of Sientra - SIEN

Previous Close

$10.31

  Intrinsic Value

$1.28

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

0%

Previous close

$10.31

 
Intrinsic value

$1.28

 
Up/down potential

-88%

 
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 SIEN 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 0.2

 

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, %
  -44.74
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  21
  34
  52
  78
  113
  159
  218
  293
  385
  496
  626
  777
  950
  1,145
  1,363
  1,602
  1,864
  2,147
  2,451
  2,776
  3,121
  3,486
  3,870
  4,273
  4,695
  5,136
  5,595
  6,074
  6,572
  7,090
  7,628
Variable operating expenses, $m
 
  32
  49
  73
  105
  148
  203
  273
  358
  460
  581
  721
  882
  1,063
  1,265
  1,487
  1,730
  1,993
  2,275
  2,577
  2,897
  3,236
  3,592
  3,966
  4,358
  4,767
  5,194
  5,638
  6,100
  6,581
  7,080
Fixed operating expenses, $m
 
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
Total operating expenses, $m
  61
  75
  93
  118
  151
  196
  252
  323
  409
  512
  635
  776
  938
  1,121
  1,324
  1,548
  1,792
  2,057
  2,341
  2,644
  2,966
  3,307
  3,664
  4,040
  4,434
  4,845
  5,274
  5,720
  6,184
  6,667
  7,168
Operating income, $m
  -40
  -41
  -41
  -40
  -39
  -37
  -34
  -29
  -24
  -17
  -9
  1
  12
  24
  39
  54
  71
  90
  111
  132
  155
  180
  206
  233
  261
  291
  322
  354
  388
  423
  460
EBITDA, $m
  -39
  -40
  -39
  -38
  -36
  -32
  -28
  -22
  -14
  -5
  6
  19
  34
  52
  71
  92
  116
  141
  169
  198
  230
  263
  298
  334
  373
  413
  455
  499
  544
  592
  641
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  7
  10
  14
  18
  24
  30
  38
  46
  56
  67
  79
  92
  106
  121
  138
  155
  173
  192
  212
  233
  256
  278
  302
  327
  353
Earnings before tax, $m
  -40
  -41
  -42
  -42
  -42
  -41
  -40
  -39
  -38
  -36
  -33
  -30
  -26
  -22
  -18
  -13
  -8
  -2
  4
  11
  18
  25
  33
  40
  49
  57
  66
  76
  86
  96
  107
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  5
  7
  9
  11
  13
  16
  18
  20
  23
  26
  29
Net income, $m
  -40
  -41
  -42
  -42
  -42
  -41
  -40
  -39
  -38
  -36
  -33
  -30
  -26
  -22
  -18
  -13
  -8
  -2
  3
  8
  13
  18
  24
  30
  36
  42
  49
  55
  63
  70
  78

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  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
  114
  75
  116
  174
  252
  356
  489
  656
  861
  1,109
  1,400
  1,739
  2,126
  2,562
  3,048
  3,584
  4,170
  4,803
  5,484
  6,211
  6,983
  7,799
  8,658
  9,560
  10,504
  11,490
  12,518
  13,588
  14,702
  15,861
  17,065
Adjusted assets (=assets-cash), $m
  47
  75
  116
  174
  252
  356
  489
  656
  861
  1,109
  1,400
  1,739
  2,126
  2,562
  3,048
  3,584
  4,170
  4,803
  5,484
  6,211
  6,983
  7,799
  8,658
  9,560
  10,504
  11,490
  12,518
  13,588
  14,702
  15,861
  17,065
Revenue / Adjusted assets
  0.447
  0.453
  0.448
  0.448
  0.448
  0.447
  0.446
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
Average production assets, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  583
  661
  743
  830
  921
  1,017
  1,117
  1,222
  1,332
  1,446
  1,564
  1,687
  1,815
Working capital, $m
  72
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  583
  661
  743
  830
  921
  1,017
  1,117
  1,222
  1,332
  1,446
  1,564
  1,687
  1,815
Total debt, $m
  0
  18
  44
  81
  131
  197
  282
  389
  520
  677
  863
  1,079
  1,326
  1,605
  1,915
  2,257
  2,630
  3,034
  3,469
  3,932
  4,425
  4,945
  5,494
  6,069
  6,671
  7,300
  7,956
  8,639
  9,350
  10,089
  10,857
Total liabilities, $m
  31
  48
  74
  111
  161
  227
  312
  419
  550
  707
  893
  1,109
  1,356
  1,635
  1,945
  2,287
  2,660
  3,064
  3,499
  3,962
  4,455
  4,975
  5,524
  6,099
  6,701
  7,330
  7,986
  8,669
  9,380
  10,119
  10,887
Total equity, $m
  84
  27
  42
  63
  91
  129
  177
  238
  312
  401
  507
  629
  769
  928
  1,104
  1,298
  1,509
  1,739
  1,985
  2,248
  2,528
  2,823
  3,134
  3,461
  3,802
  4,159
  4,531
  4,919
  5,322
  5,742
  6,177
Total liabilities and equity, $m
  115
  75
  116
  174
  252
  356
  489
  657
  862
  1,108
  1,400
  1,738
  2,125
  2,563
  3,049
  3,585
  4,169
  4,803
  5,484
  6,210
  6,983
  7,798
  8,658
  9,560
  10,503
  11,489
  12,517
  13,588
  14,702
  15,861
  17,064
Debt-to-equity ratio
  0.000
  0.660
  1.050
  1.290
  1.430
  1.530
  1.590
  1.640
  1.670
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
  1.760
  1.760
  1.760
  1.760
  1.760
  1.760
Adjusted equity ratio
  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
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -41
  -42
  -42
  -42
  -41
  -40
  -39
  -38
  -36
  -33
  -30
  -26
  -22
  -18
  -13
  -8
  -2
  3
  8
  13
  18
  24
  30
  36
  42
  49
  55
  63
  70
  78
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  3
  4
  6
  7
  10
  12
  15
  18
  23
  27
  32
  38
  44
  51
  58
  66
  74
  83
  92
  102
  112
  122
  133
  145
  156
  169
  182
Funds from operations, $m
  -36
  -40
  -40
  -39
  -38
  -37
  -35
  -32
  -28
  -23
  -18
  -11
  -3
  5
  15
  25
  37
  49
  61
  74
  87
  101
  116
  131
  147
  164
  182
  200
  219
  239
  259
Change in working capital, $m
  -2
  3
  4
  6
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  67
  72
  77
  82
  87
  91
  96
  100
  105
  109
  114
  119
  123
  128
Cash from operations, $m
  -34
  -43
  -44
  -45
  -47
  -48
  -49
  -50
  -50
  -50
  -49
  -47
  -45
  -41
  -37
  -32
  -25
  -18
  -11
  -3
  5
  14
  24
  35
  47
  59
  72
  86
  100
  116
  131
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -23
  -27
  -32
  -38
  -44
  -51
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -122
  -133
  -145
  -156
  -169
New CAPEX, $m
  -1
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -26
  -31
  -36
  -41
  -46
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -91
  -96
  -100
  -105
  -109
  -114
  -119
  -123
  -128
Cash from investing activities, $m
  -13
  -4
  -5
  -7
  -10
  -14
  -18
  -23
  -29
  -35
  -43
  -51
  -59
  -69
  -79
  -89
  -100
  -111
  -123
  -135
  -148
  -161
  -174
  -188
  -202
  -217
  -231
  -247
  -264
  -279
  -297
Free cash flow, $m
  -47
  -46
  -49
  -53
  -57
  -62
  -67
  -73
  -79
  -85
  -91
  -98
  -104
  -110
  -116
  -121
  -126
  -130
  -134
  -139
  -143
  -147
  -150
  -153
  -155
  -157
  -159
  -161
  -163
  -164
  -166
Issuance/(repayment) of debt, $m
  0
  18
  26
  37
  50
  66
  85
  107
  131
  158
  186
  216
  247
  278
  310
  342
  373
  404
  434
  464
  493
  521
  548
  575
  602
  629
  656
  683
  711
  739
  768
Issuance/(repurchase) of shares, $m
  2
  51
  56
  63
  70
  79
  89
  100
  112
  125
  139
  152
  166
  180
  194
  207
  219
  231
  243
  255
  267
  277
  287
  297
  306
  315
  324
  332
  341
  349
  358
Cash from financing (excl. dividends), $m  
  2
  69
  82
  100
  120
  145
  174
  207
  243
  283
  325
  368
  413
  458
  504
  549
  592
  635
  677
  719
  760
  798
  835
  872
  908
  944
  980
  1,015
  1,052
  1,088
  1,126
Total cash flow (excl. dividends), $m
  -46
  23
  33
  46
  63
  83
  107
  134
  164
  198
  233
  270
  309
  348
  388
  428
  467
  505
  543
  580
  616
  651
  686
  720
  753
  787
  820
  854
  889
  924
  961
Retained Cash Flow (-), $m
  35
  -51
  -56
  -63
  -70
  -79
  -89
  -100
  -112
  -125
  -139
  -152
  -166
  -180
  -194
  -207
  -219
  -231
  -246
  -263
  -279
  -295
  -311
  -326
  -342
  -357
  -372
  -388
  -403
  -419
  -436
Prev. year cash balance distribution, $m
 
  67
  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
  -23
  -16
  -7
  4
  18
  34
  52
  73
  95
  118
  143
  168
  194
  221
  248
  274
  297
  317
  336
  356
  375
  393
  411
  430
  448
  467
  486
  505
  525
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
 
  37
  -21
  -14
  -6
  3
  13
  23
  33
  42
  50
  56
  61
  64
  65
  65
  63
  60
  55
  49
  43
  37
  31
  26
  21
  17
  13
  10
  8
  6
  4
Current shareholders' claim on cash, %
  100
  42.0
  21.6
  12.8
  8.5
  6.1
  4.6
  3.7
  3.0
  2.6
  2.2
  1.9
  1.7
  1.6
  1.4
  1.3
  1.2
  1.1
  1.1
  1.0
  1.0
  0.9
  0.9
  0.8
  0.8
  0.8
  0.8
  0.7
  0.7
  0.7
  0.7

Sientra, Inc., a medical aesthetics company, develops and sells medical aesthetics products to plastic surgeons in the United States. The company offers silicone gel breast implants for use in breast augmentation and breast reconstruction procedures; and breast tissue expanders. It also provides body contouring and other implants, including gluteal, pectoral, calf, facial and nasal implants, and nasal stents; silicone elastomer oval carving blocks to treat congenital and other deformities caused by trauma or tumor removal; scar management products under the Medgel brand; saline-filled breast implant sizers to identify the correct style and size of implants; and non-breast tissue expanders for expanding tissue and skin surface area for burn care and other reconstructive use. The company was formerly known as Juliet Medical, Inc. and changed its name to Sientra, Inc. April 2007. Sientra, Inc. was incorporated in 2003 and is headquartered in Santa Barbara, California.

FINANCIAL RATIOS  of  Sientra (SIEN)

Valuation Ratios
P/E Ratio -4.8
Price to Sales 9.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow -5.6
Price to Free Cash Flow -5.5
Growth Rates
Sales Growth Rate -44.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -31.4%
Ret/ On Assets - 3 Yr. Avg. -21.1%
Return On Total Capital -39.4%
Ret/ On T. Cap. - 3 Yr. Avg. -27%
Return On Equity -39.4%
Return On Equity - 3 Yr. Avg. -29.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 66.7%
Gross Margin - 3 Yr. Avg. 70.4%
EBITDA Margin -185.7%
EBITDA Margin - 3 Yr. Avg. -99.1%
Operating Margin -190.5%
Oper. Margin - 3 Yr. Avg. -102.1%
Pre-Tax Margin -190.5%
Pre-Tax Margin - 3 Yr. Avg. -103.9%
Net Profit Margin -190.5%
Net Profit Margin - 3 Yr. Avg. -103.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SIEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIEN stock intrinsic value calculation we used $21 million for the last fiscal year's total revenue generated by Sientra. The default revenue input number comes from 2016 income statement of Sientra. 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 SIEN stock valuation model: a) initial revenue growth rate of 60% 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 SIEN is calculated based on our internal credit rating of Sientra, 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 Sientra.
    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 SIEN stock the variable cost ratio is equal to 95.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $42 million in the base year in the intrinsic value calculation for SIEN 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 Sientra.

Corporate tax rate of 27% is the nominal tax rate for Sientra. 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 SIEN 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 SIEN are equal to 23.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Sientra 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 SIEN is equal to 23.8%. 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 - $84 million for Sientra - 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 17.807 million for Sientra 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 Sientra at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Sientra reports 2Q loss   [Aug-09-17 04:38PM  Associated Press]
▶ Sientra Announces Settlement of Lawsuit   [Aug-01-17 08:30AM  GlobeNewswire]
▶ Sientra Completes Acquisition of Miramar Labs®   [Jul-26-17 08:30AM  GlobeNewswire]
▶ Sientra to Acquire Miramar Labs®   [Jun-12-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Sientra, Inc. : May 30, 2017   [May-30-17 12:43PM  Capital Cube]
▶ ETFs with exposure to Sientra, Inc. : May 15, 2017   [May-15-17 04:38PM  Capital Cube]
▶ Sientra reports 1Q loss   [May-09-17 05:50PM  Associated Press]
▶ ETFs with exposure to Sientra, Inc. : April 7, 2017   [Apr-07-17 05:28PM  Capital Cube]
▶ FDA Links Breast Implants To A Rare Form Of Cancer   [Mar-21-17 05:26PM  Benzinga]
▶ Sientra reports 4Q loss   [Mar-14-17 04:50PM  Associated Press]
▶ Here is What Hedge Funds Think About Sientra Inc (SIEN)   [Dec-14-16 12:54PM  at Insider Monkey]
▶ Sientra to Present at Investor Conferences in November 2016   [Nov-10-16 08:30AM  GlobeNewswire]
▶ Sientra® Announces Executive Management Promotions   [Feb-01-16 09:20AM  at noodls]
▶ 10 Best-Performing Small-Cap Stocks in 2016   [Jan-23-16 02:40PM  at TheStreet]
Stock chart of SIEN Financial statements of SIEN
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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