Intrinsic value of Standard Motor Products - SMP

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$51.10

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of SMP 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, %
  8.85
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  1,058
  1,187
  1,323
  1,467
  1,617
  1,774
  1,938
  2,109
  2,288
  2,473
  2,666
  2,866
  3,074
  3,290
  3,515
  3,748
  3,991
  4,244
  4,507
  4,781
  5,067
  5,365
  5,675
  5,999
  6,337
  6,691
  7,060
  7,445
  7,849
  8,271
  8,713
Variable operating expenses, $m
 
  882
  983
  1,089
  1,200
  1,316
  1,437
  1,563
  1,694
  1,831
  1,973
  2,114
  2,267
  2,427
  2,593
  2,765
  2,944
  3,131
  3,325
  3,527
  3,738
  3,957
  4,186
  4,425
  4,675
  4,935
  5,208
  5,492
  5,790
  6,101
  6,427
Fixed operating expenses, $m
 
  181
  186
  191
  195
  200
  205
  210
  216
  221
  227
  232
  238
  244
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
Total operating expenses, $m
  960
  1,063
  1,169
  1,280
  1,395
  1,516
  1,642
  1,773
  1,910
  2,052
  2,200
  2,346
  2,505
  2,671
  2,843
  3,021
  3,207
  3,400
  3,601
  3,810
  4,028
  4,254
  4,491
  4,737
  4,995
  5,263
  5,544
  5,837
  6,143
  6,463
  6,798
Operating income, $m
  98
  123
  154
  187
  222
  258
  297
  336
  378
  421
  466
  520
  568
  619
  672
  727
  784
  844
  906
  971
  1,039
  1,110
  1,184
  1,261
  1,342
  1,427
  1,516
  1,608
  1,706
  1,808
  1,914
EBITDA, $m
  118
  145
  178
  212
  249
  287
  327
  369
  413
  458
  506
  555
  606
  660
  716
  773
  834
  897
  962
  1,031
  1,102
  1,177
  1,255
  1,336
  1,421
  1,510
  1,603
  1,701
  1,803
  1,910
  2,022
Interest expense (income), $m
  1
  1
  3
  4
  5
  7
  9
  10
  12
  14
  16
  18
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  45
  48
  52
  55
  59
  62
  66
  70
  75
Earnings before tax, $m
  99
  122
  152
  184
  217
  252
  288
  326
  366
  407
  450
  502
  549
  597
  648
  701
  756
  813
  873
  935
  1,000
  1,068
  1,139
  1,213
  1,291
  1,372
  1,457
  1,546
  1,639
  1,737
  1,840
Tax expense, $m
  37
  33
  41
  50
  59
  68
  78
  88
  99
  110
  122
  136
  148
  161
  175
  189
  204
  219
  236
  252
  270
  288
  308
  328
  349
  370
  393
  417
  443
  469
  497
Net income, $m
  60
  89
  111
  134
  158
  184
  210
  238
  267
  297
  329
  366
  401
  436
  473
  512
  552
  593
  637
  683
  730
  780
  831
  886
  942
  1,002
  1,064
  1,129
  1,197
  1,268
  1,343

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  769
  840
  937
  1,038
  1,144
  1,256
  1,372
  1,493
  1,619
  1,750
  1,886
  2,028
  2,175
  2,328
  2,487
  2,653
  2,825
  3,004
  3,190
  3,384
  3,586
  3,797
  4,016
  4,246
  4,485
  4,735
  4,996
  5,269
  5,555
  5,853
  6,166
Adjusted assets (=assets-cash), $m
  749
  840
  937
  1,038
  1,144
  1,256
  1,372
  1,493
  1,619
  1,750
  1,886
  2,028
  2,175
  2,328
  2,487
  2,653
  2,825
  3,004
  3,190
  3,384
  3,586
  3,797
  4,016
  4,246
  4,485
  4,735
  4,996
  5,269
  5,555
  5,853
  6,166
Revenue / Adjusted assets
  1.413
  1.413
  1.412
  1.413
  1.413
  1.412
  1.413
  1.413
  1.413
  1.413
  1.414
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
  1.413
Average production assets, $m
  120
  134
  150
  166
  183
  200
  219
  238
  258
  279
  301
  324
  347
  372
  397
  424
  451
  480
  509
  540
  573
  606
  641
  678
  716
  756
  798
  841
  887
  935
  985
Working capital, $m
  190
  298
  332
  368
  406
  445
  487
  529
  574
  621
  669
  719
  772
  826
  882
  941
  1,002
  1,065
  1,131
  1,200
  1,272
  1,347
  1,424
  1,506
  1,591
  1,679
  1,772
  1,869
  1,970
  2,076
  2,187
Total debt, $m
  55
  72
  112
  154
  197
  243
  291
  341
  392
  446
  502
  561
  621
  684
  749
  817
  888
  961
  1,038
  1,118
  1,201
  1,287
  1,378
  1,472
  1,570
  1,673
  1,780
  1,893
  2,010
  2,133
  2,261
Total liabilities, $m
  328
  345
  385
  427
  470
  516
  564
  614
  665
  719
  775
  834
  894
  957
  1,022
  1,090
  1,161
  1,234
  1,311
  1,391
  1,474
  1,560
  1,651
  1,745
  1,843
  1,946
  2,053
  2,166
  2,283
  2,406
  2,534
Total equity, $m
  441
  495
  552
  611
  674
  740
  808
  879
  954
  1,031
  1,111
  1,195
  1,281
  1,371
  1,465
  1,562
  1,664
  1,769
  1,879
  1,993
  2,112
  2,236
  2,366
  2,501
  2,642
  2,789
  2,943
  3,104
  3,272
  3,448
  3,632
Total liabilities and equity, $m
  769
  840
  937
  1,038
  1,144
  1,256
  1,372
  1,493
  1,619
  1,750
  1,886
  2,029
  2,175
  2,328
  2,487
  2,652
  2,825
  3,003
  3,190
  3,384
  3,586
  3,796
  4,017
  4,246
  4,485
  4,735
  4,996
  5,270
  5,555
  5,854
  6,166
Debt-to-equity ratio
  0.125
  0.150
  0.200
  0.250
  0.290
  0.330
  0.360
  0.390
  0.410
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
Adjusted equity ratio
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589
  0.589

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  60
  89
  111
  134
  158
  184
  210
  238
  267
  297
  329
  366
  401
  436
  473
  512
  552
  593
  637
  683
  730
  780
  831
  886
  942
  1,002
  1,064
  1,129
  1,197
  1,268
  1,343
Depreciation, amort., depletion, $m
  20
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  36
  38
  41
  44
  47
  50
  53
  56
  59
  63
  67
  70
  74
  79
  83
  88
  92
  97
  103
  108
Funds from operations, $m
  103
  111
  134
  159
  185
  212
  241
  271
  302
  335
  369
  402
  439
  477
  517
  558
  601
  646
  693
  742
  793
  846
  902
  960
  1,021
  1,085
  1,151
  1,221
  1,294
  1,371
  1,451
Change in working capital, $m
  5
  32
  34
  36
  38
  39
  41
  43
  45
  47
  48
  50
  52
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  101
  106
  111
Cash from operations, $m
  98
  100
  100
  123
  147
  173
  200
  228
  257
  288
  320
  352
  386
  423
  460
  499
  540
  583
  627
  673
  721
  772
  824
  879
  936
  996
  1,059
  1,124
  1,193
  1,265
  1,340
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -67
  -70
  -74
  -79
  -83
  -88
  -92
  -97
  -103
New CAPEX, $m
  -21
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
Cash from investing activities, $m
  -88
  -27
  -30
  -32
  -35
  -38
  -41
  -43
  -46
  -49
  -53
  -56
  -60
  -62
  -66
  -70
  -74
  -79
  -83
  -87
  -91
  -97
  -102
  -107
  -112
  -119
  -125
  -132
  -138
  -145
  -153
Free cash flow, $m
  10
  73
  70
  90
  112
  135
  159
  185
  211
  239
  268
  296
  327
  360
  394
  429
  466
  505
  545
  586
  630
  675
  722
  772
  823
  877
  934
  993
  1,055
  1,120
  1,188
Issuance/(repayment) of debt, $m
  7
  37
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  128
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  
  7
  37
  40
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  128
Total cash flow (excl. dividends), $m
  16
  110
  109
  132
  156
  181
  207
  234
  263
  293
  324
  354
  388
  423
  459
  497
  537
  578
  621
  666
  713
  762
  813
  866
  922
  980
  1,041
  1,105
  1,172
  1,243
  1,316
Retained Cash Flow (-), $m
  -49
  -54
  -57
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
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
 
  56
  53
  72
  93
  115
  139
  163
  189
  216
  243
  271
  301
  333
  366
  400
  436
  473
  511
  552
  594
  637
  683
  731
  781
  833
  887
  944
  1,004
  1,067
  1,132
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
 
  54
  48
  63
  77
  89
  101
  110
  118
  124
  128
  129
  129
  127
  123
  117
  111
  103
  94
  85
  75
  66
  57
  48
  40
  32
  26
  20
  16
  12
  9
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

Standard Motor Products, Inc. manufactures and distributes replacement parts for motor vehicles in the automotive aftermarket industry. The company’s Engine Management segment manufactures engine management replacement parts, including electronic ignition control modules, fuel injectors, remanufactured diesel injectors and pumps, ignition wires, coils, switches, sensors, relays, EGR valves, distributor caps and rotors, electronic throttle bodies, and other engine management components, as well as wire and cable parts. It offers its products primarily under the Standard, Blue Streak, BWD, Select, Intermotor, OEM, LockSmart, TechSmart, Tech Expert, and GP Sorensen brands, as well as through private labels, such as CARQUEST, Duralast, Duralast Gold, Import Direct, Master Pro, NAPA, Echlin, NAPA Proformer, Mileage Plus, NAPA, NAPA Belden, Omni-Spark, Ultima Select, and Driveworks. The company’s Temperature Control segment manufactures, remanufactures, and distributes replacement parts for automotive temperature control systems, engine cooling systems, power window accessories, and windshield washer systems primarily under the Four Seasons, EVERCO, ACi, COMPRESSORWORKS, and Hayden brands, as well as through private labels, including NAPA Temp Products, Cold Power, Driveworks, ToughOne, and Murray. It also offers new and remanufactured compressors, clutch assemblies, blower and radiator fan motors, filter dryers, evaporators, accumulators, hose assemblies, thermal expansion devices, heater valves and cores, AC service tools and chemicals, fan assemblies, fan clutches, oil coolers, window lift motors, window regulators and assemblies, and windshield washer pumps. The company sells its products to warehouse distributors, retail chains, original equipment manufacturers, and original equipment service part operations in the United States, Canada, Latin America, and Europe. Standard Motor Products, Inc. was founded in 1919 and is headquartered in Long Island City, New York.

FINANCIAL RATIOS  of  Standard Motor Products (SMP)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.7%
Cap. Spend. - 3 Yr. Gr. Rate 13.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 12.5%
Interest Coverage 100
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 12.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11.4%
Return On Equity 14.4%
Return On Equity - 3 Yr. Avg. 12.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 30.4%
Gross Margin - 3 Yr. Avg. 29.6%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 10.4%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 9.4%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 5.7%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 25%

SMP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SMP stock intrinsic value calculation we used $1058 million for the last fiscal year's total revenue generated by Standard Motor Products. The default revenue input number comes from 2016 income statement of Standard Motor Products. 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 SMP stock valuation model: a) initial revenue growth rate of 12.2% 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 SMP is calculated based on our internal credit rating of Standard Motor Products, 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 Standard Motor Products.
    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 SMP stock the variable cost ratio is equal to 74.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $177 million in the base year in the intrinsic value calculation for SMP 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 Standard Motor Products.

Corporate tax rate of 27% is the nominal tax rate for Standard Motor Products. 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 SMP 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 SMP are equal to 11.3%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Standard Motor Products 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 SMP is equal to 25.1%. 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 - $441 million for Standard Motor Products - 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 22.639 million for Standard Motor Products 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 Standard Motor Products at the current share price and the inputted number of shares is $1.2 billion.


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COMPANY NEWS

▶ BWD Automotive Releases 87 New Part Numbers   [Jun-05-17 08:29AM  PR Newswire]
▶ BWD Automotive Releases 237 New Part Numbers   [May-08-17 09:41AM  PR Newswire]
▶ Standard Motor Products posts 1Q profit   [May-03-17 08:43AM  Associated Press]
▶ BWD Automotive Releases 100 New Diesel Part Numbers   [Apr-05-17 09:14AM  PR Newswire]
▶ BWD Automotive Releases 242 New Part Numbers   [Feb-06-17 08:00AM  PR Newswire]
▶ Should You Avoid Standard Motor Products, Inc. (SMP)?   [Dec-11-16 05:36AM  at Insider Monkey]
▶ Standard Motor Products, Inc. Releases SMP Parts App 2.0   [Dec-01-16 08:30AM  PR Newswire]
▶ BWD Automotive Releases 268 New Parts   [08:30AM  PR Newswire]
Stock chart of SMP Financial statements of SMP Annual reports of SMP
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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