Intrinsic value of SodaStream International - SODA

Previous Close

$68.79

  Intrinsic Value

$32.02

stock screener

  Rating & Target

str. sell

-53%

Previous close

$68.79

 
Intrinsic value

$32.02

 
Up/down potential

-53%

 
Rating

str. sell

We calculate the intrinsic value of SODA 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 5.8

 

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, %
  15.25
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  476
  542
  613
  688
  766
  850
  937
  1,028
  1,123
  1,222
  1,325
  1,433
  1,544
  1,660
  1,781
  1,906
  2,037
  2,172
  2,313
  2,459
  2,612
  2,771
  2,936
  3,109
  3,289
  3,477
  3,673
  3,878
  4,091
  4,315
  4,549
Variable operating expenses, $m
 
  164
  186
  208
  232
  257
  284
  311
  340
  370
  402
  434
  468
  503
  540
  578
  617
  658
  701
  745
  791
  840
  890
  942
  997
  1,053
  1,113
  1,175
  1,240
  1,307
  1,378
Fixed operating expenses, $m
 
  292
  299
  307
  315
  322
  331
  339
  347
  356
  365
  374
  383
  393
  403
  413
  423
  434
  445
  456
  467
  479
  491
  503
  515
  528
  542
  555
  569
  583
  598
Total operating expenses, $m
  422
  456
  485
  515
  547
  579
  615
  650
  687
  726
  767
  808
  851
  896
  943
  991
  1,040
  1,092
  1,146
  1,201
  1,258
  1,319
  1,381
  1,445
  1,512
  1,581
  1,655
  1,730
  1,809
  1,890
  1,976
Operating income, $m
  54
  86
  128
  172
  220
  270
  322
  378
  435
  496
  559
  625
  693
  764
  839
  916
  996
  1,080
  1,168
  1,259
  1,354
  1,453
  1,556
  1,664
  1,777
  1,895
  2,018
  2,148
  2,283
  2,424
  2,573
EBITDA, $m
  75
  110
  155
  203
  254
  307
  364
  423
  485
  550
  618
  688
  761
  838
  917
  1,000
  1,087
  1,176
  1,270
  1,367
  1,469
  1,575
  1,686
  1,801
  1,922
  2,049
  2,181
  2,319
  2,464
  2,615
  2,774
Interest expense (income), $m
  1
  0
  1
  1
  2
  3
  3
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
Earnings before tax, $m
  52
  86
  127
  171
  218
  267
  319
  373
  430
  490
  552
  617
  684
  755
  828
  904
  983
  1,066
  1,152
  1,242
  1,335
  1,433
  1,535
  1,641
  1,752
  1,869
  1,991
  2,118
  2,251
  2,391
  2,537
Tax expense, $m
  8
  23
  34
  46
  59
  72
  86
  101
  116
  132
  149
  167
  185
  204
  223
  244
  265
  288
  311
  335
  360
  387
  414
  443
  473
  505
  537
  572
  608
  646
  685
Net income, $m
  44
  63
  93
  125
  159
  195
  233
  273
  314
  358
  403
  450
  500
  551
  604
  660
  718
  778
  841
  906
  975
  1,046
  1,120
  1,198
  1,279
  1,364
  1,453
  1,546
  1,643
  1,745
  1,852

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  57
  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
  466
  466
  526
  591
  658
  730
  805
  883
  965
  1,050
  1,139
  1,231
  1,327
  1,427
  1,530
  1,638
  1,750
  1,866
  1,987
  2,113
  2,244
  2,380
  2,523
  2,671
  2,826
  2,987
  3,155
  3,331
  3,515
  3,707
  3,908
Adjusted assets (=assets-cash), $m
  409
  466
  526
  591
  658
  730
  805
  883
  965
  1,050
  1,139
  1,231
  1,327
  1,427
  1,530
  1,638
  1,750
  1,866
  1,987
  2,113
  2,244
  2,380
  2,523
  2,671
  2,826
  2,987
  3,155
  3,331
  3,515
  3,707
  3,908
Revenue / Adjusted assets
  1.164
  1.163
  1.165
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.163
  1.164
  1.164
  1.163
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
  1.164
Average production assets, $m
  200
  228
  257
  289
  322
  357
  393
  432
  472
  513
  557
  602
  649
  697
  748
  801
  855
  912
  971
  1,033
  1,097
  1,164
  1,233
  1,306
  1,381
  1,460
  1,543
  1,629
  1,718
  1,812
  1,911
Working capital, $m
  182
  143
  161
  181
  202
  223
  246
  270
  295
  321
  349
  377
  406
  437
  468
  501
  536
  571
  608
  647
  687
  729
  772
  818
  865
  914
  966
  1,020
  1,076
  1,135
  1,196
Total debt, $m
  0
  11
  23
  36
  50
  64
  79
  95
  111
  128
  146
  164
  183
  203
  224
  246
  268
  291
  315
  341
  367
  394
  423
  452
  483
  515
  549
  584
  621
  659
  700
Total liabilities, $m
  82
  93
  105
  118
  132
  146
  161
  177
  193
  210
  228
  246
  265
  285
  306
  328
  350
  373
  397
  423
  449
  476
  505
  534
  565
  597
  631
  666
  703
  741
  782
Total equity, $m
  384
  373
  421
  473
  527
  584
  644
  706
  772
  840
  911
  985
  1,061
  1,141
  1,224
  1,310
  1,400
  1,493
  1,590
  1,690
  1,795
  1,904
  2,018
  2,137
  2,260
  2,389
  2,524
  2,665
  2,812
  2,966
  3,126
Total liabilities and equity, $m
  466
  466
  526
  591
  659
  730
  805
  883
  965
  1,050
  1,139
  1,231
  1,326
  1,426
  1,530
  1,638
  1,750
  1,866
  1,987
  2,113
  2,244
  2,380
  2,523
  2,671
  2,825
  2,986
  3,155
  3,331
  3,515
  3,707
  3,908
Debt-to-equity ratio
  0.000
  0.030
  0.060
  0.080
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.170
  0.180
  0.180
  0.190
  0.190
  0.200
  0.200
  0.200
  0.200
  0.210
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.220
  0.220
  0.220
Adjusted equity ratio
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  63
  93
  125
  159
  195
  233
  273
  314
  358
  403
  450
  500
  551
  604
  660
  718
  778
  841
  906
  975
  1,046
  1,120
  1,198
  1,279
  1,364
  1,453
  1,546
  1,643
  1,745
  1,852
Depreciation, amort., depletion, $m
  21
  24
  27
  30
  34
  38
  41
  45
  50
  54
  59
  63
  68
  73
  79
  84
  90
  96
  102
  109
  115
  123
  130
  137
  145
  154
  162
  171
  181
  191
  201
Funds from operations, $m
  85
  87
  120
  155
  193
  232
  274
  318
  364
  412
  462
  514
  568
  624
  683
  744
  808
  874
  943
  1,015
  1,090
  1,168
  1,250
  1,336
  1,425
  1,518
  1,615
  1,717
  1,824
  1,936
  2,053
Change in working capital, $m
  3
  17
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  62
Cash from operations, $m
  82
  69
  101
  136
  172
  211
  251
  294
  339
  386
  434
  485
  538
  594
  651
  711
  774
  838
  906
  977
  1,050
  1,127
  1,207
  1,290
  1,377
  1,469
  1,564
  1,664
  1,768
  1,877
  1,992
Maintenance CAPEX, $m
  0
  -21
  -24
  -27
  -30
  -34
  -38
  -41
  -45
  -50
  -54
  -59
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -109
  -115
  -123
  -130
  -137
  -145
  -154
  -162
  -171
  -181
  -191
New CAPEX, $m
  -28
  -28
  -30
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -76
  -79
  -82
  -86
  -90
  -94
  -98
Cash from investing activities, $m
  -33
  -49
  -54
  -58
  -63
  -69
  -75
  -79
  -85
  -92
  -97
  -104
  -110
  -117
  -124
  -132
  -139
  -147
  -155
  -164
  -173
  -182
  -193
  -202
  -213
  -224
  -236
  -248
  -261
  -275
  -289
Free cash flow, $m
  49
  20
  48
  77
  108
  142
  177
  214
  253
  294
  337
  382
  428
  477
  527
  580
  635
  692
  751
  813
  877
  944
  1,015
  1,088
  1,164
  1,244
  1,328
  1,415
  1,507
  1,602
  1,703
Issuance/(repayment) of debt, $m
  -37
  11
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
Issuance/(repurchase) of shares, $m
  4
  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  
  -33
  11
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  38
  40
Total cash flow (excl. dividends), $m
  16
  32
  60
  90
  122
  156
  192
  230
  270
  311
  355
  400
  447
  497
  548
  601
  657
  715
  775
  838
  903
  972
  1,043
  1,118
  1,195
  1,277
  1,362
  1,450
  1,543
  1,641
  1,743
Retained Cash Flow (-), $m
  -50
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
Prev. year cash balance distribution, $m
 
  57
  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
 
  43
  11
  39
  68
  99
  132
  167
  204
  243
  284
  326
  371
  417
  465
  515
  567
  622
  678
  737
  799
  863
  929
  999
  1,072
  1,147
  1,227
  1,310
  1,396
  1,487
  1,582
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
 
  41
  10
  34
  56
  77
  96
  113
  128
  140
  149
  155
  158
  159
  156
  151
  144
  135
  125
  114
  101
  89
  77
  65
  55
  45
  36
  28
  22
  16
  12
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

SodaStream International Ltd. is a sparkling water company. The Company manufactures, distributes and sells home beverage carbonation systems, which enable consumers to transform ordinary tap water into sparkling water and flavored sparkling water. The Company's segments include The Americas, Western Europe, Asia-Pacific, and Central and Eastern Europe, Middle East and Africa (CEMEA). The Americas segment consists of the United States, Canada and other markets in North America, Central America and South America, which are influenced by the consumption culture of the United States. The Western Europe segment consists of its markets in Western and Northern Europe, which are characterized by high price levels. Its Asia-Pacific segment consists of its markets in Australia and New Zealand, together with other markets in East Asia, including Japan and South Korea. The CEMEA segment consists of its markets in Central and Eastern Europe, Israel and South Africa.

FINANCIAL RATIOS  of  SodaStream International (SODA)

Valuation Ratios
P/E Ratio 33.4
Price to Sales 3.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 27.2
Growth Rates
Sales Growth Rate 15.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -48.1%
Cap. Spend. - 3 Yr. Gr. Rate -9.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 53
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 11.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 12.3%
Return On Equity - 3 Yr. Avg. 6.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 51.5%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 15.5%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 11.3%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 20.1%
Payout Ratio 0%

SODA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SODA stock intrinsic value calculation we used $476 million for the last fiscal year's total revenue generated by SodaStream International. The default revenue input number comes from 2016 income statement of SodaStream International. 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 SODA stock valuation model: a) initial revenue growth rate of 13.9% 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 SODA is calculated based on our internal credit rating of SodaStream International, 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 SodaStream International.
    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 SODA stock the variable cost ratio is equal to 30.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $285 million in the base year in the intrinsic value calculation for SODA 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 5.4% for SodaStream International.

Corporate tax rate of 27% is the nominal tax rate for SodaStream International. 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 SODA 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 SODA are equal to 42%.

Life of production assets of 9.5 years is the average useful life of capital assets used in SodaStream International 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 SODA is equal to 26.3%. 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 - $384 million for SodaStream International - 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 84.686 million for SodaStream International 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 SodaStream International at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ 3 Surprising Stocks Hitting New Highs   [Dec-11-17 10:06AM  Motley Fool]
▶ Why SodaStream Stock Gained 10.5% in November   [Dec-04-17 04:23PM  Motley Fool]
▶ Arby's Gets Into Wings; SodaStream Gets Into Wines   [Nov-30-17 01:00AM  Motley Fool]
▶ SodaStream has found a way to turn water into wine   [Nov-28-17 06:16PM  MarketWatch]
▶ 3 Top Soda Stocks to Consider Buying Now   [Nov-19-17 05:06PM  Motley Fool]
▶ SodaStream posts 3Q profit   [07:46AM  Associated Press]
▶ 2 Zombie Stocks Coming Back from the Dead   [Oct-28-17 10:31AM  Motley Fool]
▶ Double Win for SodaStream's Environmental Campaign   [Oct-23-17 11:04AM  PR Newswire]
▶ SodaStream Announces Partnership With Jillian Michaels   [Oct-16-17 10:27AM  PR Newswire]
▶ 3 Stocks That Tripled   [Oct-05-17 07:45AM  Motley Fool]
▶ Can SodaStream Keep Going After Last Week's 12% Pop?   [Oct-02-17 10:22AM  Motley Fool]
▶ Irobot Scores Relative Strength Rating Upgrade; Hits Key Threshold   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ 3 Soda Stocks You May Be Overlooking   [Sep-23-17 11:31AM  Motley Fool]
▶ 3 Health Food Stocks to Buy Right Now   [Sep-07-17 06:51PM  Zacks]
▶ This May Be the Only Way for Blue Apron to Survive   [Aug-23-17 08:13AM  Motley Fool]
▶ Can SodaStream Keep Going After Last Week's 9% Pop?   [Aug-07-17 10:12AM  Motley Fool]
▶ Why SodaStream is Soaring   [11:01AM  Barrons.com]
▶ SodaStream posts 2Q profit   [12:16AM  Associated Press]
▶ 3 Growth Stocks That Could Soar More Than Dollar Tree   [Jul-26-17 08:21AM  Motley Fool]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Jul-18-17 05:30PM  Motley Fool]
▶ Why SodaStream International Stock Is Up 34% This Year   [Jul-14-17 12:33PM  Motley Fool]
▶ Can a Tiny Upstart Disrupt Big Beverage?   [09:11AM  Motley Fool]
▶ SodaStream Up 340% Since February of 2016   [Jun-30-17 09:22AM  Investopedia]
▶ SodaStream On the Offensive   [Jun-29-17 10:29AM  TheStreet.com]
▶ Top Ranked Momentum Stocks to Buy for June 23rd   [Jun-23-17 12:11PM  Zacks]
▶ SodaStream (SODA) Climbs 6%, Should You Buy?   [Jun-13-17 04:30PM  Zacks]
Financial statements of SODA
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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