Intrinsic value of Suburban Propane Partners - SPH

Previous Close

$23.66

  Intrinsic Value

$26.09

stock screener

  Rating & Target

hold

+10%

Previous close

$23.66

 
Intrinsic value

$26.09

 
Up/down potential

+10%

 
Rating

hold

We calculate the intrinsic value of SPH 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 1.4

 

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, %
  -26.18
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
Revenue, $m
  1,046
  1,138
  1,234
  1,334
  1,437
  1,545
  1,657
  1,773
  1,894
  2,020
  2,150
  2,286
  2,428
  2,575
  2,729
  2,889
  3,056
  3,231
  3,413
  3,603
  3,801
  4,009
  4,226
  4,453
  4,691
  4,940
  5,200
  5,473
  5,759
  6,058
  6,372
Variable operating expenses, $m
 
  904
  971
  1,041
  1,113
  1,188
  1,266
  1,348
  1,432
  1,520
  1,611
  1,597
  1,695
  1,798
  1,906
  2,018
  2,134
  2,256
  2,383
  2,516
  2,655
  2,799
  2,951
  3,110
  3,276
  3,449
  3,631
  3,822
  4,021
  4,230
  4,449
Fixed operating expenses, $m
 
  122
  125
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  244
  250
Total operating expenses, $m
  956
  1,026
  1,096
  1,169
  1,244
  1,323
  1,404
  1,489
  1,577
  1,669
  1,763
  1,753
  1,855
  1,962
  2,074
  2,190
  2,311
  2,437
  2,569
  2,706
  2,850
  2,999
  3,156
  3,320
  3,491
  3,670
  3,857
  4,054
  4,259
  4,474
  4,699
Operating income, $m
  90
  112
  138
  165
  193
  222
  252
  284
  317
  351
  387
  534
  572
  613
  655
  699
  745
  794
  844
  897
  952
  1,010
  1,070
  1,133
  1,200
  1,270
  1,343
  1,419
  1,500
  1,584
  1,673
EBITDA, $m
  220
  273
  303
  335
  368
  402
  437
  474
  512
  552
  594
  638
  683
  730
  779
  831
  884
  940
  999
  1,060
  1,125
  1,192
  1,262
  1,336
  1,413
  1,494
  1,579
  1,668
  1,761
  1,859
  1,962
Interest expense (income), $m
  74
  74
  82
  90
  99
  109
  118
  129
  139
  150
  161
  173
  185
  198
  212
  225
  240
  255
  271
  287
  304
  322
  341
  360
  381
  402
  425
  448
  473
  499
  526
Earnings before tax, $m
  15
  38
  56
  74
  93
  113
  134
  155
  178
  201
  226
  360
  387
  415
  444
  474
  506
  539
  573
  610
  648
  687
  729
  773
  819
  867
  918
  971
  1,027
  1,085
  1,147
Tax expense, $m
  1
  10
  15
  20
  25
  31
  36
  42
  48
  54
  61
  97
  104
  112
  120
  128
  136
  145
  155
  165
  175
  186
  197
  209
  221
  234
  248
  262
  277
  293
  310
Net income, $m
  14
  28
  41
  54
  68
  83
  98
  113
  130
  147
  165
  263
  283
  303
  324
  346
  369
  393
  418
  445
  473
  502
  532
  564
  598
  633
  670
  709
  749
  792
  837

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  37
  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
  2,282
  2,442
  2,648
  2,862
  3,084
  3,315
  3,555
  3,805
  4,064
  4,334
  4,614
  4,906
  5,210
  5,527
  5,856
  6,200
  6,558
  6,933
  7,323
  7,731
  8,157
  8,603
  9,069
  9,556
  10,066
  10,600
  11,159
  11,744
  12,357
  13,000
  13,673
Adjusted assets (=assets-cash), $m
  2,245
  2,442
  2,648
  2,862
  3,084
  3,315
  3,555
  3,805
  4,064
  4,334
  4,614
  4,906
  5,210
  5,527
  5,856
  6,200
  6,558
  6,933
  7,323
  7,731
  8,157
  8,603
  9,069
  9,556
  10,066
  10,600
  11,159
  11,744
  12,357
  13,000
  13,673
Revenue / Adjusted assets
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
  0.466
Average production assets, $m
  628
  683
  740
  800
  862
  927
  994
  1,064
  1,136
  1,212
  1,290
  1,372
  1,457
  1,545
  1,637
  1,734
  1,834
  1,938
  2,048
  2,162
  2,281
  2,405
  2,536
  2,672
  2,814
  2,964
  3,120
  3,284
  3,455
  3,635
  3,823
Working capital, $m
  -58
  -104
  -112
  -121
  -131
  -141
  -151
  -161
  -172
  -184
  -196
  -208
  -221
  -234
  -248
  -263
  -278
  -294
  -311
  -328
  -346
  -365
  -385
  -405
  -427
  -450
  -473
  -498
  -524
  -551
  -580
Total debt, $m
  1,225
  1,363
  1,507
  1,657
  1,813
  1,975
  2,143
  2,318
  2,500
  2,689
  2,886
  3,090
  3,303
  3,525
  3,756
  3,997
  4,248
  4,511
  4,785
  5,070
  5,369
  5,682
  6,008
  6,350
  6,707
  7,082
  7,473
  7,884
  8,314
  8,764
  9,236
Total liabilities, $m
  1,574
  1,712
  1,856
  2,006
  2,162
  2,324
  2,492
  2,667
  2,849
  3,038
  3,235
  3,439
  3,652
  3,874
  4,105
  4,346
  4,597
  4,860
  5,134
  5,419
  5,718
  6,031
  6,357
  6,699
  7,056
  7,431
  7,822
  8,233
  8,663
  9,113
  9,585
Total equity, $m
  708
  730
  792
  856
  922
  991
  1,063
  1,138
  1,215
  1,296
  1,380
  1,467
  1,558
  1,652
  1,751
  1,854
  1,961
  2,073
  2,190
  2,312
  2,439
  2,572
  2,712
  2,857
  3,010
  3,169
  3,336
  3,512
  3,695
  3,887
  4,088
Total liabilities and equity, $m
  2,282
  2,442
  2,648
  2,862
  3,084
  3,315
  3,555
  3,805
  4,064
  4,334
  4,615
  4,906
  5,210
  5,526
  5,856
  6,200
  6,558
  6,933
  7,324
  7,731
  8,157
  8,603
  9,069
  9,556
  10,066
  10,600
  11,158
  11,745
  12,358
  13,000
  13,673
Debt-to-equity ratio
  1.730
  1.870
  1.900
  1.940
  1.970
  1.990
  2.020
  2.040
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.150
  2.160
  2.170
  2.180
  2.190
  2.190
  2.200
  2.210
  2.220
  2.220
  2.230
  2.230
  2.240
  2.250
  2.250
  2.250
  2.260
Adjusted equity ratio
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299
  0.299

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  28
  41
  54
  68
  83
  98
  113
  130
  147
  165
  263
  283
  303
  324
  346
  369
  393
  418
  445
  473
  502
  532
  564
  598
  633
  670
  709
  749
  792
  837
Depreciation, amort., depletion, $m
  130
  161
  166
  170
  175
  180
  185
  190
  196
  201
  207
  104
  110
  117
  124
  131
  139
  147
  155
  164
  173
  182
  192
  202
  213
  225
  236
  249
  262
  275
  290
Funds from operations, $m
  168
  189
  206
  224
  243
  262
  282
  304
  325
  348
  372
  367
  393
  420
  448
  477
  508
  540
  574
  609
  646
  684
  724
  767
  811
  858
  906
  957
  1,011
  1,068
  1,127
Change in working capital, $m
  11
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
Cash from operations, $m
  157
  198
  215
  233
  252
  272
  293
  314
  336
  360
  384
  379
  406
  433
  462
  492
  523
  556
  590
  626
  664
  703
  744
  787
  833
  880
  930
  982
  1,037
  1,095
  1,155
Maintenance CAPEX, $m
  0
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -225
  -236
  -249
  -262
  -275
New CAPEX, $m
  -38
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -130
  -136
  -143
  -149
  -156
  -164
  -171
  -180
  -188
Cash from investing activities, $m
  -54
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -154
  -161
  -170
  -180
  -189
  -198
  -209
  -220
  -231
  -244
  -256
  -269
  -283
  -298
  -312
  -328
  -345
  -362
  -381
  -400
  -420
  -442
  -463
Free cash flow, $m
  103
  95
  106
  117
  130
  142
  155
  169
  183
  198
  214
  200
  217
  234
  253
  272
  292
  312
  334
  357
  381
  406
  432
  459
  488
  518
  549
  582
  617
  653
  692
Issuance/(repayment) of debt, $m
  0
  138
  144
  150
  156
  162
  168
  175
  182
  189
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  327
  342
  358
  374
  392
  410
  430
  450
  472
Issuance/(repurchase) of shares, $m
  0
  31
  21
  10
  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  
  -2
  169
  165
  160
  156
  162
  168
  175
  182
  189
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  327
  342
  358
  374
  392
  410
  430
  450
  472
Total cash flow (excl. dividends), $m
  101
  264
  271
  277
  285
  304
  324
  344
  365
  387
  410
  405
  430
  456
  484
  513
  543
  575
  608
  643
  679
  718
  758
  801
  845
  892
  941
  993
  1,047
  1,104
  1,164
Retained Cash Flow (-), $m
  190
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -146
  -152
  -160
  -167
  -175
  -183
  -192
  -201
Prev. year cash balance distribution, $m
 
  37
  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
 
  242
  209
  213
  219
  235
  252
  269
  288
  307
  326
  317
  339
  362
  385
  410
  436
  463
  491
  521
  552
  585
  619
  655
  693
  732
  774
  818
  863
  912
  962
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  220
  172
  157
  143
  135
  125
  114
  103
  92
  80
  63
  54
  45
  37
  29
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.8
  96.4
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8
  95.8

Suburban Propane Partners, L.P. is a marketer and distributor of a range of products. The Company specializes in the distribution of propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets. The Company's segments include Propane, Fuel Oil and Refined Fuels, Natural Gas and Electricity, and All Other. In support of its marketing and distribution operations, the Company installs and services a range of home comfort equipment, particularly in the areas of heating and ventilation. The Company conducts its business through Suburban Propane, L.P., which operates its propane business and assets (the Operating Partnership), and its direct and indirect subsidiaries. As of September 24, 2016, it had sold approximately 414.8 million gallons of propane and 30.9 million gallons of fuel oil and refined fuels to retail customers. The Company owns and operates a propane storage facility in Elk Grove, California.

FINANCIAL RATIOS  of  Suburban Propane Partners (SPH)

Valuation Ratios
P/E Ratio 102.7
Price to Sales 1.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate -26.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 173%
Total Debt to Equity 173%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 5.6%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 1.7%
Return On Equity - 3 Yr. Avg. 6.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 55.9%
EBITDA Margin 20.9%
EBITDA Margin - 3 Yr. Avg. 19.5%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 9.8%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 1.3%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 6.7%
Eff/ Tax Rate - 3 Yr. Avg. 2.6%
Payout Ratio 1542.9%

SPH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPH stock intrinsic value calculation we used $1046 million for the last fiscal year's total revenue generated by Suburban Propane Partners. The default revenue input number comes from 2016 income statement of Suburban Propane Partners. 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 SPH stock valuation model: a) initial revenue growth rate of 8.8% 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 9.7%, whose default value for SPH is calculated based on our internal credit rating of Suburban Propane Partners, 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 Suburban Propane Partners.
    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 SPH stock the variable cost ratio is equal to 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $119 million in the base year in the intrinsic value calculation for SPH 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 6% for Suburban Propane Partners.

Corporate tax rate of 27% is the nominal tax rate for Suburban Propane Partners. 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 SPH 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 SPH are equal to 60%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Suburban Propane Partners 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 SPH is equal to -9.1%. 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 - $708 million for Suburban Propane Partners - 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 60.966 million for Suburban Propane Partners 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 Suburban Propane Partners at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
UGI UGI 48.32 37.04  sell
CEQP Crestwood Equi 25.70 7.69  str.sell
SGU Star Gas Partn 10.37 18.80  str.buy
SRLP Sprague Resour 23.85 16.96  sell
GLP Global Partner 17.00 0.72  str.sell
AE Adams Resource 45.93 15.95  str.sell
INT World Fuel Ser 27.50 187.11  str.buy
SPKE Spark Energy 13.50 1,020.95  str.buy

COMPANY NEWS

▶ Top MLP Losers in the Week Ending September 22   [Sep-26-17 10:22AM  Market Realist]
▶ Can Suburban Propane Partners Grow in the Long Term?   [Sep-21-17 04:06PM  Market Realist]
▶ These 10 MLPs Offer the Highest Yields   [02:09PM  Market Realist]
▶ How Wall Street Analysts View Propane MLPs   [Sep-12-17 07:36AM  Market Realist]
▶ Factors behind the Propane MLPs High Yields   [Sep-08-17 10:37AM  Market Realist]
▶ Ferrellgas Partners Leverage: A Key Concern   [07:37AM  Market Realist]
▶ Can Suburban Propane Partners' Big Dividend Survive?   [Feb-16-17 01:10PM  Motley Fool]
▶ These 2 Hated Dividend Stocks Are Buys   [Dec-20-16 10:51AM  at Motley Fool]
▶ Danger Lurks for These 3 High-Yield Dividend Stocks   [Dec-16-16 01:35PM  at Motley Fool]
▶ Is Franks International NV (FI) a Good Stock To Buy?   [Dec-12-16 03:52PM  at Insider Monkey]
Financial statements of SPH
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.