Intrinsic value of Grupo Simec ADR - SIM

Previous Close

$9.87

  Intrinsic Value

$2.39

stock screener

  Rating & Target

str. sell

-76%

Previous close

$9.87

 
Intrinsic value

$2.39

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of SIM 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 1.6

 

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, %
  12.42
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  1,394
  1,479
  1,568
  1,660
  1,756
  1,857
  1,962
  2,071
  2,186
  2,305
  2,430
  2,561
  2,698
  2,841
  2,991
  3,149
  3,313
  3,486
  3,666
  3,856
  4,054
  4,262
  4,480
  4,709
  4,949
  5,201
  5,465
  5,743
  6,033
  6,338
  6,659
Variable operating expenses, $m
 
  1,606
  1,701
  1,801
  1,905
  2,013
  2,127
  2,245
  2,368
  2,498
  2,633
  2,765
  2,912
  3,067
  3,229
  3,399
  3,576
  3,762
  3,957
  4,162
  4,376
  4,601
  4,836
  5,083
  5,342
  5,614
  5,899
  6,198
  6,512
  6,842
  7,187
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
  1,221
  1,606
  1,701
  1,801
  1,905
  2,013
  2,127
  2,245
  2,368
  2,498
  2,633
  2,765
  2,912
  3,067
  3,229
  3,399
  3,576
  3,762
  3,957
  4,162
  4,376
  4,601
  4,836
  5,083
  5,342
  5,614
  5,899
  6,198
  6,512
  6,842
  7,187
Operating income, $m
  174
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -203
  -214
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -322
  -338
  -356
  -374
  -393
  -413
  -434
  -456
  -479
  -503
  -529
EBITDA, $m
  246
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
Interest expense (income), $m
  2
  0
  1
  2
  3
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  19
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  49
  52
Earnings before tax, $m
  267
  -127
  -135
  -143
  -151
  -160
  -170
  -180
  -190
  -201
  -212
  -214
  -227
  -239
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -367
  -386
  -407
  -428
  -451
  -474
  -499
  -525
  -552
  -581
Tax expense, $m
  47
  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
  146
  -127
  -135
  -143
  -151
  -160
  -170
  -180
  -190
  -201
  -212
  -214
  -227
  -239
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -367
  -386
  -407
  -428
  -451
  -474
  -499
  -525
  -552
  -581

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  404
  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
  2,110
  1,810
  1,919
  2,032
  2,150
  2,273
  2,401
  2,535
  2,675
  2,822
  2,975
  3,135
  3,303
  3,478
  3,662
  3,854
  4,055
  4,266
  4,487
  4,719
  4,962
  5,217
  5,484
  5,764
  6,058
  6,366
  6,690
  7,029
  7,385
  7,758
  8,150
Adjusted assets (=assets-cash), $m
  1,706
  1,810
  1,919
  2,032
  2,150
  2,273
  2,401
  2,535
  2,675
  2,822
  2,975
  3,135
  3,303
  3,478
  3,662
  3,854
  4,055
  4,266
  4,487
  4,719
  4,962
  5,217
  5,484
  5,764
  6,058
  6,366
  6,690
  7,029
  7,385
  7,758
  8,150
Revenue / Adjusted assets
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
Average production assets, $m
  407
  432
  458
  485
  513
  542
  573
  605
  638
  673
  710
  748
  788
  830
  874
  919
  967
  1,018
  1,071
  1,126
  1,184
  1,245
  1,308
  1,375
  1,445
  1,519
  1,596
  1,677
  1,762
  1,851
  1,944
Working capital, $m
  886
  512
  542
  574
  608
  642
  679
  717
  756
  798
  841
  886
  934
  983
  1,035
  1,089
  1,146
  1,206
  1,269
  1,334
  1,403
  1,475
  1,550
  1,629
  1,712
  1,800
  1,891
  1,987
  2,088
  2,193
  2,304
Total debt, $m
  0
  25
  52
  80
  109
  139
  171
  204
  239
  275
  313
  352
  394
  437
  482
  530
  580
  632
  686
  744
  804
  867
  933
  1,002
  1,074
  1,150
  1,230
  1,314
  1,402
  1,494
  1,591
Total liabilities, $m
  422
  447
  474
  502
  531
  561
  593
  626
  661
  697
  735
  774
  816
  859
  904
  952
  1,002
  1,054
  1,108
  1,166
  1,226
  1,289
  1,355
  1,424
  1,496
  1,572
  1,652
  1,736
  1,824
  1,916
  2,013
Total equity, $m
  1,688
  1,363
  1,445
  1,530
  1,619
  1,711
  1,808
  1,909
  2,014
  2,125
  2,240
  2,361
  2,487
  2,619
  2,757
  2,902
  3,054
  3,212
  3,379
  3,554
  3,736
  3,928
  4,129
  4,340
  4,562
  4,794
  5,037
  5,293
  5,561
  5,842
  6,137
Total liabilities and equity, $m
  2,110
  1,810
  1,919
  2,032
  2,150
  2,272
  2,401
  2,535
  2,675
  2,822
  2,975
  3,135
  3,303
  3,478
  3,661
  3,854
  4,056
  4,266
  4,487
  4,720
  4,962
  5,217
  5,484
  5,764
  6,058
  6,366
  6,689
  7,029
  7,385
  7,758
  8,150
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.050
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.220
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.260
  0.260
Adjusted equity ratio
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753
  0.753

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  -127
  -135
  -143
  -151
  -160
  -170
  -180
  -190
  -201
  -212
  -214
  -227
  -239
  -253
  -267
  -282
  -297
  -313
  -330
  -348
  -367
  -386
  -407
  -428
  -451
  -474
  -499
  -525
  -552
  -581
Depreciation, amort., depletion, $m
  72
  72
  76
  79
  84
  88
  92
  97
  102
  107
  112
  108
  114
  120
  127
  133
  140
  148
  155
  163
  172
  180
  190
  199
  209
  220
  231
  243
  255
  268
  282
Funds from operations, $m
  4
  -55
  -59
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -119
  -126
  -134
  -141
  -150
  -158
  -167
  -176
  -186
  -196
  -207
  -219
  -230
  -243
  -256
  -270
  -284
  -299
Change in working capital, $m
  -170
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  101
  106
  111
Cash from operations, $m
  174
  -84
  -90
  -95
  -101
  -107
  -114
  -121
  -128
  -135
  -143
  -151
  -160
  -169
  -178
  -188
  -198
  -209
  -221
  -233
  -245
  -258
  -272
  -286
  -302
  -318
  -334
  -352
  -370
  -390
  -410
Maintenance CAPEX, $m
  0
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -92
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -148
  -155
  -163
  -172
  -180
  -190
  -199
  -209
  -220
  -231
  -243
  -255
  -268
New CAPEX, $m
  -157
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
Cash from investing activities, $m
  -160
  -84
  -89
  -93
  -98
  -103
  -110
  -115
  -121
  -127
  -135
  -141
  -148
  -156
  -164
  -173
  -181
  -190
  -201
  -210
  -221
  -233
  -244
  -257
  -269
  -283
  -297
  -312
  -328
  -344
  -362
Free cash flow, $m
  14
  -169
  -178
  -189
  -200
  -211
  -223
  -236
  -249
  -263
  -277
  -292
  -308
  -325
  -342
  -360
  -380
  -400
  -421
  -443
  -466
  -491
  -516
  -543
  -571
  -601
  -632
  -664
  -698
  -734
  -772
Issuance/(repayment) of debt, $m
  0
  25
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
Issuance/(repurchase) of shares, $m
  48
  206
  216
  228
  240
  253
  267
  281
  295
  311
  327
  335
  353
  371
  391
  412
  433
  456
  480
  505
  531
  558
  587
  618
  649
  683
  718
  754
  793
  834
  876
Cash from financing (excl. dividends), $m  
  46
  231
  243
  256
  269
  283
  299
  314
  330
  347
  365
  375
  394
  414
  436
  459
  483
  508
  535
  562
  591
  621
  653
  687
  722
  759
  798
  838
  881
  926
  973
Total cash flow (excl. dividends), $m
  66
  62
  65
  67
  70
  72
  75
  78
  81
  84
  88
  82
  86
  90
  94
  99
  103
  108
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
  201
Retained Cash Flow (-), $m
  -342
  -206
  -216
  -228
  -240
  -253
  -267
  -281
  -295
  -311
  -327
  -335
  -353
  -371
  -391
  -412
  -433
  -456
  -480
  -505
  -531
  -558
  -587
  -618
  -649
  -683
  -718
  -754
  -793
  -834
  -876
Prev. year cash balance distribution, $m
 
  404
  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
 
  261
  -151
  -161
  -170
  -181
  -191
  -203
  -214
  -226
  -239
  -253
  -267
  -281
  -297
  -313
  -330
  -348
  -366
  -386
  -406
  -428
  -450
  -474
  -498
  -524
  -552
  -580
  -610
  -642
  -675
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
 
  250
  -139
  -140
  -140
  -140
  -139
  -137
  -134
  -130
  -125
  -120
  -114
  -107
  -100
  -92
  -84
  -76
  -67
  -59
  -52
  -44
  -37
  -31
  -25
  -20
  -16
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  85.9
  73.9
  63.6
  54.8
  47.2
  40.7
  35.1
  30.3
  26.2
  22.6
  19.6
  17.0
  14.7
  12.8
  11.1
  9.6
  8.3
  7.2
  6.3
  5.4
  4.7
  4.1
  3.5
  3.1
  2.7
  2.3
  2.0
  1.7
  1.5
  1.3

Grupo Simec, S.A.B. de C.V. is a manufacturer, processor and distributor of special bar quality (SBQ) steel and structural steel products. The Company operates through two segments Mexican and USA. The Mexican segment includes the plants in Mexicali, Guadalajara, Tlaxcala and San Luis Potosi. The USA segment includes approximately seven Republic Steel, Inc. (Republic) plants of which over six are located in the United States (distributed in the states of Ohio, Indiana and New York) and approximately one in Canada (Ontario). The Company produces a range of SBQ steel, long steel and medium-sized structural steel products. In its Mexican facilities, it produces I-beams, channels, structural and commercial angles, hot rolled bars, flat bars, rebars, cold finished bars and wire rods. In its United States facilities, the Company produces hot rolled bars, cold finished bars, semi-finished tube rounds and other semi-finished trade products.

FINANCIAL RATIOS  of  Grupo Simec ADR (SIM)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 3.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 28.2
Price to Free Cash Flow 289
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 375.8%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 135
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 9.3%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 8.8%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 1.5%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 17.6%
Eff/ Tax Rate - 3 Yr. Avg. 3.4%
Payout Ratio 0%

SIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIM stock intrinsic value calculation we used $1394 million for the last fiscal year's total revenue generated by Grupo Simec ADR. The default revenue input number comes from 2016 income statement of Grupo Simec ADR. 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 SIM stock valuation model: a) initial revenue growth rate of 6.1% 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 SIM is calculated based on our internal credit rating of Grupo Simec ADR, 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 Grupo Simec ADR.
    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 SIM stock the variable cost ratio is equal to 108.6%.

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 SIM 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 Grupo Simec ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Simec ADR. 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 SIM 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 SIM are equal to 29.2%.

Life of production assets of 6.9 years is the average useful life of capital assets used in Grupo Simec ADR 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 SIM is equal to 34.6%. 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 - $1688 million for Grupo Simec ADR - 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 166.828 million for Grupo Simec ADR 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 Grupo Simec ADR at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Grupo Simec posts 2Q profit   [Jul-20-17 10:33PM  Associated Press]
▶ Business Confidence in Mexico Is Recovering   [May-26-17 01:35PM  Market Realist]
▶ John Mack Weighs in on Financial Technology   [Apr-20-17 07:38AM  Market Realist]
▶ Grupo Simec Files Amended 6-K   [Feb-27-17 04:34PM  PR Newswire]
▶ 5 Great Emerging Market Picks for 2017   [Jan-03-17 01:12PM  Zacks]
▶ U.S. Steel (X) Huge Q2 Earnings Beat   [Jul-30  07:27AM  Zacks]
▶ Mechel (MTL) in Focus: Stock Tumbles 8.5%   [Jul-11  06:57AM  Zacks]
▶ ArcelorMittal Issues EUR600M Notes   [Jul-07  05:45PM  Zacks]
▶ AK Steel Leveraging Strong Automotive Trends   [Jun-30  12:20PM  Zacks]
▶ AK Steel Unveils Q2 Outlook   [Jun-20  05:20PM  Zacks]
Financial statements of SIM
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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