Intrinsic value of Spartan Motors - SPAR

Previous Close

$8.70

  Intrinsic Value

$251.10

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+1047%

Previous close

$8.70

 
Intrinsic value

$251.10

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+1047%

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

We calculate the intrinsic value of SPAR 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 0.3

 

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, %
  7.45
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  591
  736
  903
  1,092
  1,302
  1,535
  1,789
  2,065
  2,362
  2,679
  3,017
  3,373
  3,750
  4,145
  4,558
  4,991
  5,442
  5,911
  6,400
  6,909
  7,437
  7,986
  8,556
  9,149
  9,766
  10,407
  11,074
  11,768
  12,490
  13,243
  14,027
Variable operating expenses, $m
 
  341
  418
  505
  602
  710
  827
  954
  1,091
  1,237
  1,393
  1,556
  1,730
  1,912
  2,103
  2,302
  2,510
  2,727
  2,952
  3,187
  3,431
  3,684
  3,947
  4,221
  4,505
  4,801
  5,108
  5,428
  5,762
  6,109
  6,471
Fixed operating expenses, $m
 
  324
  332
  340
  349
  358
  366
  376
  385
  395
  405
  415
  425
  436
  446
  458
  469
  481
  493
  505
  518
  531
  544
  558
  572
  586
  600
  616
  631
  647
  663
Total operating expenses, $m
  582
  665
  750
  845
  951
  1,068
  1,193
  1,330
  1,476
  1,632
  1,798
  1,971
  2,155
  2,348
  2,549
  2,760
  2,979
  3,208
  3,445
  3,692
  3,949
  4,215
  4,491
  4,779
  5,077
  5,387
  5,708
  6,044
  6,393
  6,756
  7,134
Operating income, $m
  9
  71
  153
  246
  351
  468
  596
  735
  886
  1,047
  1,219
  1,403
  1,595
  1,797
  2,009
  2,231
  2,462
  2,704
  2,955
  3,216
  3,488
  3,771
  4,065
  4,371
  4,689
  5,020
  5,365
  5,724
  6,098
  6,487
  6,894
EBITDA, $m
  17
  77
  160
  254
  360
  478
  607
  748
  901
  1,064
  1,237
  1,422
  1,616
  1,820
  2,035
  2,259
  2,493
  2,737
  2,991
  3,255
  3,530
  3,816
  4,113
  4,422
  4,744
  5,079
  5,427
  5,790
  6,168
  6,561
  6,972
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
Earnings before tax, $m
  9
  71
  152
  245
  348
  464
  591
  729
  878
  1,038
  1,208
  1,390
  1,580
  1,781
  1,990
  2,210
  2,439
  2,678
  2,927
  3,186
  3,455
  3,735
  4,026
  4,329
  4,644
  4,972
  5,313
  5,668
  6,039
  6,424
  6,827
Tax expense, $m
  0
  19
  41
  66
  94
  125
  160
  197
  237
  280
  326
  375
  427
  481
  537
  597
  659
  723
  790
  860
  933
  1,009
  1,087
  1,169
  1,254
  1,342
  1,435
  1,530
  1,630
  1,735
  1,843
Net income, $m
  9
  52
  111
  179
  254
  339
  431
  532
  641
  758
  882
  1,015
  1,154
  1,300
  1,453
  1,613
  1,781
  1,955
  2,137
  2,326
  2,522
  2,727
  2,939
  3,160
  3,390
  3,630
  3,879
  4,138
  4,408
  4,690
  4,984

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  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
  243
  263
  322
  390
  465
  548
  639
  737
  843
  956
  1,077
  1,204
  1,339
  1,480
  1,627
  1,782
  1,943
  2,110
  2,285
  2,466
  2,655
  2,851
  3,055
  3,266
  3,487
  3,715
  3,953
  4,201
  4,459
  4,728
  5,008
Adjusted assets (=assets-cash), $m
  211
  263
  322
  390
  465
  548
  639
  737
  843
  956
  1,077
  1,204
  1,339
  1,480
  1,627
  1,782
  1,943
  2,110
  2,285
  2,466
  2,655
  2,851
  3,055
  3,266
  3,487
  3,715
  3,953
  4,201
  4,459
  4,728
  5,008
Revenue / Adjusted assets
  2.801
  2.798
  2.804
  2.800
  2.800
  2.801
  2.800
  2.802
  2.802
  2.802
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.802
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
  2.801
Average production assets, $m
  33
  41
  51
  61
  73
  86
  100
  116
  132
  150
  169
  189
  210
  232
  255
  279
  305
  331
  358
  387
  416
  447
  479
  512
  547
  583
  620
  659
  699
  742
  786
Working capital, $m
  74
  52
  64
  78
  92
  109
  127
  147
  168
  190
  214
  240
  266
  294
  324
  354
  386
  420
  454
  491
  528
  567
  608
  650
  693
  739
  786
  835
  887
  940
  996
Total debt, $m
  0
  22
  47
  75
  107
  142
  181
  222
  267
  315
  365
  419
  476
  535
  598
  663
  731
  802
  875
  952
  1,031
  1,114
  1,200
  1,289
  1,382
  1,479
  1,579
  1,684
  1,793
  1,906
  2,024
Total liabilities, $m
  90
  111
  136
  164
  196
  231
  270
  311
  356
  404
  454
  508
  565
  624
  687
  752
  820
  891
  964
  1,041
  1,120
  1,203
  1,289
  1,378
  1,471
  1,568
  1,668
  1,773
  1,882
  1,995
  2,113
Total equity, $m
  154
  152
  186
  225
  269
  317
  369
  426
  487
  553
  622
  696
  774
  855
  941
  1,030
  1,123
  1,220
  1,321
  1,426
  1,535
  1,648
  1,766
  1,888
  2,015
  2,148
  2,285
  2,428
  2,577
  2,733
  2,895
Total liabilities and equity, $m
  244
  263
  322
  389
  465
  548
  639
  737
  843
  957
  1,076
  1,204
  1,339
  1,479
  1,628
  1,782
  1,943
  2,111
  2,285
  2,467
  2,655
  2,851
  3,055
  3,266
  3,486
  3,716
  3,953
  4,201
  4,459
  4,728
  5,008
Debt-to-equity ratio
  0.000
  0.140
  0.250
  0.340
  0.400
  0.450
  0.490
  0.520
  0.550
  0.570
  0.590
  0.600
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
Adjusted equity ratio
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  52
  111
  179
  254
  339
  431
  532
  641
  758
  882
  1,015
  1,154
  1,300
  1,453
  1,613
  1,781
  1,955
  2,137
  2,326
  2,522
  2,727
  2,939
  3,160
  3,390
  3,630
  3,879
  4,138
  4,408
  4,690
  4,984
Depreciation, amort., depletion, $m
  8
  6
  7
  8
  9
  10
  12
  13
  15
  17
  18
  19
  21
  23
  26
  28
  30
  33
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  79
Funds from operations, $m
  31
  58
  118
  186
  263
  349
  443
  545
  656
  774
  900
  1,034
  1,175
  1,323
  1,479
  1,641
  1,811
  1,988
  2,173
  2,364
  2,564
  2,771
  2,987
  3,212
  3,445
  3,688
  3,941
  4,204
  4,478
  4,764
  5,062
Change in working capital, $m
  8
  10
  12
  13
  15
  17
  18
  20
  21
  23
  24
  25
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
Cash from operations, $m
  23
  47
  106
  173
  248
  332
  425
  526
  635
  752
  876
  1,008
  1,148
  1,295
  1,449
  1,611
  1,779
  1,955
  2,138
  2,328
  2,526
  2,732
  2,947
  3,169
  3,401
  3,642
  3,893
  4,155
  4,427
  4,711
  5,007
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
New CAPEX, $m
  -13
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
Cash from investing activities, $m
  -13
  -11
  -13
  -16
  -18
  -20
  -23
  -25
  -29
  -31
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -56
  -60
  -64
  -69
  -73
  -77
  -81
  -86
  -91
  -95
  -101
  -106
  -112
  -118
Free cash flow, $m
  10
  36
  92
  157
  230
  312
  402
  500
  606
  721
  842
  971
  1,108
  1,252
  1,403
  1,561
  1,726
  1,898
  2,077
  2,264
  2,458
  2,660
  2,870
  3,088
  3,315
  3,552
  3,798
  4,054
  4,320
  4,599
  4,888
Issuance/(repayment) of debt, $m
  -5
  22
  25
  28
  32
  35
  38
  42
  45
  48
  51
  54
  57
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  100
  105
  109
  113
  118
Issuance/(repurchase) of shares, $m
  -2
  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  
  -8
  22
  25
  28
  32
  35
  38
  42
  45
  48
  51
  54
  57
  60
  62
  65
  68
  71
  74
  77
  80
  83
  86
  89
  93
  97
  100
  105
  109
  113
  118
Total cash flow (excl. dividends), $m
  2
  58
  118
  186
  262
  347
  440
  542
  651
  768
  893
  1,025
  1,165
  1,311
  1,465
  1,626
  1,794
  1,969
  2,151
  2,341
  2,538
  2,743
  2,956
  3,178
  3,408
  3,648
  3,898
  4,158
  4,429
  4,712
  5,007
Retained Cash Flow (-), $m
  -5
  -30
  -34
  -39
  -43
  -48
  -52
  -57
  -61
  -65
  -70
  -74
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -162
Prev. year cash balance distribution, $m
 
  32
  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
 
  60
  83
  147
  219
  299
  388
  485
  590
  703
  824
  951
  1,087
  1,230
  1,380
  1,537
  1,701
  1,872
  2,050
  2,236
  2,429
  2,629
  2,838
  3,055
  3,281
  3,516
  3,761
  4,015
  4,280
  4,557
  4,845
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
 
  57
  76
  128
  180
  232
  281
  328
  369
  404
  432
  452
  464
  468
  463
  451
  432
  407
  378
  344
  309
  272
  235
  200
  167
  137
  110
  86
  66
  50
  36
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

Spartan Motors, Inc., through its subsidiaries, engineers, manufactures, and sells heavy-duty and custom vehicles in the United States, Canada, South America, and Asia. It operates through three segments: Emergency Response Vehicles, Delivery and Service Vehicles, and Specialty Chassis and Vehicles. The Emergency Response Vehicles segment offers emergency response chassis and bodies, and aerial ladder components. The Delivery and Service Vehicles segment provides walk-in vans for use in the package delivery, one-way truck rental, bakery/snack delivery, utility, and linen/uniform rental businesses; and commercial truck bodies, as well as interior equipment up fitting and aftermarket parts. The Specialty Chassis and Vehicles segment offers motor home chassis, defense vehicles, and other specialty chassis, as well as distributes related aftermarket parts and assemblies. Spartan Motors, Inc. markets its products under the Spartan ERV, Aeromaster, Trademaster, Metromaster, Utilivan, and Utilimaster brand names. The company sells its products through a network of independent truck dealers to commercial vehicle dealers and leasing companies, as well as directly to end-users. Spartan Motors, Inc. was founded in 1975 and is headquartered in Charlotte, Michigan.

FINANCIAL RATIOS  of  Spartan Motors (SPAR)

Valuation Ratios
P/E Ratio 33.2
Price to Sales 0.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 29.9
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 160%
Cap. Spend. - 3 Yr. Gr. Rate 26.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. -1%
Return On Total Capital 5.8%
Ret/ On T. Cap. - 3 Yr. Avg. -1.3%
Return On Equity 5.9%
Return On Equity - 3 Yr. Avg. -1.4%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 12.4%
Gross Margin - 3 Yr. Avg. 10.7%
EBITDA Margin 2.9%
EBITDA Margin - 3 Yr. Avg. 1.1%
Operating Margin 1.5%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin 1.5%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. -0.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 56.4%
Payout Ratio 33.3%

SPAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPAR stock intrinsic value calculation we used $591 million for the last fiscal year's total revenue generated by Spartan Motors. The default revenue input number comes from 2016 income statement of Spartan Motors. 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 SPAR stock valuation model: a) initial revenue growth rate of 24.6% 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 SPAR is calculated based on our internal credit rating of Spartan Motors, 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 Spartan Motors.
    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 SPAR stock the variable cost ratio is equal to 46.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $316 million in the base year in the intrinsic value calculation for SPAR 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 Spartan Motors.

Corporate tax rate of 27% is the nominal tax rate for Spartan Motors. 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 SPAR 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 SPAR are equal to 5.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Spartan Motors 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 SPAR is equal to 7.1%. 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 - $154 million for Spartan Motors - 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 32.223 million for Spartan Motors 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 Spartan Motors at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Spartan Motors beats Street 2Q forecasts   [Aug-03-17 12:16AM  Associated Press]
▶ Spartan Motors beats Street 2Q forecasts   [07:51AM  Associated Press]
▶ ETFs with exposure to Spartan Motors, Inc. : July 6, 2017   [Jul-06-17 02:11PM  Capital Cube]
▶ Spartan Motors Announces Dividend   [May-04-17 04:15PM  PR Newswire]
▶ Spartan Motors reports 1Q loss   [07:59AM  Associated Press]
▶ Spartan Motors beats Street 4Q forecasts   [08:19AM  Associated Press]
▶ Is Spartan Motors Inc (SPAR) A Good Stock To Buy?   [Dec-13-16 05:19PM  at Insider Monkey]
▶ Malibu Boats Inc (MBUU): Are Hedge Funds Right About This Stock?   [Dec-05-16 01:41PM  at Insider Monkey]
▶ Spartan Motors Announces Dividend   [Nov-07-16 08:30AM  PR Newswire]
▶ Spartan Motors Inc (SPAR): Ariel Investments Lowers Its Stake   [Sep-13-16 08:48AM  at Insider Monkey]
Stock chart of SPAR Financial statements of SPAR
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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