Intrinsic value of Sequential Brands Group - SQBG

Previous Close

$1.71

  Intrinsic Value

$3.75

stock screener

  Rating & Target

str. buy

+119%

Previous close

$1.71

 
Intrinsic value

$3.75

 
Up/down potential

+119%

 
Rating

str. buy

We calculate the intrinsic value of SQBG 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  77.27
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  156
  159
  163
  167
  172
  177
  183
  189
  196
  203
  211
  219
  228
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  369
  386
  404
  424
  444
  465
  488
  512
Variable operating expenses, $m
 
  61
  61
  62
  63
  64
  65
  66
  67
  69
  70
  41
  43
  44
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
Fixed operating expenses, $m
 
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
Total operating expenses, $m
  85
  88
  88
  90
  92
  93
  95
  97
  99
  101
  103
  75
  78
  80
  83
  86
  90
  93
  96
  100
  103
  107
  111
  115
  119
  124
  128
  134
  139
  145
  151
Operating income, $m
  70
  72
  74
  77
  80
  83
  87
  92
  96
  101
  107
  144
  150
  157
  164
  172
  180
  189
  198
  208
  218
  230
  241
  254
  267
  280
  295
  310
  326
  343
  361
EBITDA, $m
  75
  135
  138
  142
  146
  150
  156
  161
  167
  174
  181
  189
  197
  205
  215
  225
  235
  246
  258
  271
  284
  298
  313
  329
  346
  363
  382
  401
  422
  443
  466
Interest expense (income), $m
  45
  47
  48
  50
  52
  54
  56
  59
  62
  65
  68
  72
  76
  80
  84
  89
  94
  99
  104
  110
  116
  123
  130
  137
  144
  152
  161
  170
  179
  189
  199
Earnings before tax, $m
  16
  25
  26
  27
  28
  29
  31
  33
  34
  36
  39
  72
  74
  77
  80
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  140
  147
  154
  162
Tax expense, $m
  9
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  19
  20
  21
  22
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Net income, $m
  -1
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  98
  102
  107
  113
  118

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  1,435
  1,434
  1,466
  1,504
  1,546
  1,593
  1,645
  1,701
  1,761
  1,827
  1,897
  1,972
  2,052
  2,137
  2,228
  2,324
  2,426
  2,533
  2,647
  2,768
  2,895
  3,029
  3,171
  3,320
  3,477
  3,643
  3,817
  4,000
  4,193
  4,397
  4,610
Adjusted assets (=assets-cash), $m
  1,408
  1,434
  1,466
  1,504
  1,546
  1,593
  1,645
  1,701
  1,761
  1,827
  1,897
  1,972
  2,052
  2,137
  2,228
  2,324
  2,426
  2,533
  2,647
  2,768
  2,895
  3,029
  3,171
  3,320
  3,477
  3,643
  3,817
  4,000
  4,193
  4,397
  4,610
Revenue / Adjusted assets
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
Average production assets, $m
  959
  978
  1,000
  1,026
  1,055
  1,087
  1,122
  1,160
  1,201
  1,246
  1,294
  1,345
  1,399
  1,457
  1,519
  1,585
  1,654
  1,728
  1,806
  1,888
  1,974
  2,066
  2,162
  2,264
  2,371
  2,484
  2,603
  2,728
  2,860
  2,998
  3,144
Working capital, $m
  28
  30
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  65
  69
  72
  75
  79
  83
  87
  91
  95
Total debt, $m
  645
  635
  657
  682
  711
  742
  777
  814
  855
  899
  946
  996
  1,050
  1,107
  1,168
  1,232
  1,301
  1,373
  1,449
  1,530
  1,616
  1,706
  1,801
  1,901
  2,006
  2,117
  2,234
  2,357
  2,487
  2,623
  2,766
Total liabilities, $m
  972
  962
  984
  1,009
  1,038
  1,069
  1,104
  1,141
  1,182
  1,226
  1,273
  1,323
  1,377
  1,434
  1,495
  1,559
  1,628
  1,700
  1,776
  1,857
  1,943
  2,033
  2,128
  2,228
  2,333
  2,444
  2,561
  2,684
  2,814
  2,950
  3,093
Total equity, $m
  463
  472
  482
  495
  509
  524
  541
  560
  580
  601
  624
  649
  675
  703
  733
  765
  798
  833
  871
  911
  952
  997
  1,043
  1,092
  1,144
  1,198
  1,256
  1,316
  1,380
  1,446
  1,517
Total liabilities and equity, $m
  1,435
  1,434
  1,466
  1,504
  1,547
  1,593
  1,645
  1,701
  1,762
  1,827
  1,897
  1,972
  2,052
  2,137
  2,228
  2,324
  2,426
  2,533
  2,647
  2,768
  2,895
  3,030
  3,171
  3,320
  3,477
  3,642
  3,817
  4,000
  4,194
  4,396
  4,610
Debt-to-equity ratio
  1.393
  1.350
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.610
  1.630
  1.650
  1.660
  1.680
  1.700
  1.710
  1.730
  1.740
  1.750
  1.770
  1.780
  1.790
  1.800
  1.810
  1.820
Adjusted equity ratio
  0.310
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329
  0.329

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  98
  102
  107
  113
  118
Depreciation, amort., depletion, $m
  5
  63
  64
  65
  66
  67
  68
  69
  71
  72
  74
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
Funds from operations, $m
  51
  82
  83
  85
  86
  89
  91
  93
  96
  99
  102
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  147
  154
  161
  168
  176
  185
  193
  203
  213
  223
Change in working capital, $m
  8
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  43
  81
  82
  84
  86
  88
  90
  92
  95
  98
  101
  96
  99
  103
  107
  112
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  219
Maintenance CAPEX, $m
  0
  -32
  -33
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
New CAPEX, $m
  -4
  -19
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -69
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
Cash from investing activities, $m
  -153
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -90
  -94
  -100
  -105
  -111
  -117
  -122
  -129
  -136
  -142
  -150
  -158
  -166
  -174
  -182
  -192
  -202
  -212
  -223
  -234
  -246
Free cash flow, $m
  -110
  30
  27
  25
  23
  20
  18
  17
  15
  13
  11
  1
  0
  -2
  -3
  -5
  -6
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
Issuance/(repayment) of debt, $m
  113
  17
  22
  25
  28
  31
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  143
Issuance/(repurchase) of shares, $m
  -1
  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  
  87
  17
  22
  25
  28
  31
  35
  38
  41
  44
  47
  50
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  143
Total cash flow (excl. dividends), $m
  -22
  47
  49
  50
  51
  52
  53
  54
  55
  57
  58
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  106
  111
  116
Retained Cash Flow (-), $m
  -12
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -70
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
 
  38
  39
  38
  37
  36
  36
  36
  35
  35
  35
  27
  27
  27
  28
  28
  29
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  44
  46
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  35
  32
  28
  24
  21
  18
  15
  13
  10
  9
  5
  4
  3
  3
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Sequential Brands Group, Inc. owns a portfolio of consumer brands in the fashion, home, athletic and lifestyle categories. The Company's portfolio of consumer brands includes Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe's Jeans, William Rast, Ellen Tracy, Revo, AND1 and Avia. The Company's brands are licensed for a range of product categories, including apparel, footwear, eyewear, fashion accessories and home goods. The Company licenses brands to both wholesale and direct-to-retail licensees. The Company licenses the Martha Stewart brand to various licensees, including retailers, such as Macy's, The Home Depot, PetSmart and Staples. The Jessica Simpson Collection is a signature lifestyle concept designed in collaboration with Jessica Simpson, which offers various product categories, including footwear, apparel, fragrance, fashion accessories, maternity apparel, girls clothing and a home line. The Avia brand offers running and activewear products.

FINANCIAL RATIOS  of  Sequential Brands Group (SQBG)

Valuation Ratios
P/E Ratio -106.9
Price to Sales 0.7
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate 77.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 133.3%
Total Debt to Equity 139.3%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -0.2%
Return On Equity - 3 Yr. Avg. -0.6%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.3%
EBITDA Margin - 3 Yr. Avg. 30.4%
Operating Margin 45.5%
Oper. Margin - 3 Yr. Avg. 35.7%
Pre-Tax Margin 10.3%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate 56.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 0%

SQBG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SQBG stock intrinsic value calculation we used $156 million for the last fiscal year's total revenue generated by Sequential Brands Group. The default revenue input number comes from 2016 income statement of Sequential Brands Group. 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 SQBG stock valuation model: a) initial revenue growth rate of 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 9.8%, whose default value for SQBG is calculated based on our internal credit rating of Sequential Brands Group, 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 Sequential Brands Group.
    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 SQBG stock the variable cost ratio is equal to 38.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $26 million in the base year in the intrinsic value calculation for SQBG 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 7.6% for Sequential Brands Group.

Corporate tax rate of 27% is the nominal tax rate for Sequential Brands Group. 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 SQBG 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 SQBG are equal to 614.4%.

Life of production assets of 253.9 years is the average useful life of capital assets used in Sequential Brands Group 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 SQBG is equal to 18.6%. 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 - $463 million for Sequential Brands Group - 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 60.315 million for Sequential Brands Group 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 Sequential Brands Group at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
GIII G-III Apparel 38.65 15.11  str.sell
PVH PVH Corp. 148.35 130.19  hold
ICON Iconix Brand G 1.60 0.86  sell
DEST Destination Ma 2.51 0.99  str.sell
RL Ralph Lauren C 114.89 32.71  str.sell
VRA Vera Bradley 10.19 12.87  hold
CHS Chico's Fa 10.21 1.01  str.sell

COMPANY NEWS

▶ Sequential Brands Group to Present at ICR Conference   [Jan-03-18 08:00AM  GlobeNewswire]
▶ Capital Concerns Intensify For Sequential Brands   [Nov-10-17 10:07AM  Benzinga]
▶ Sequential Brands reports 3Q loss   [08:23AM  Associated Press]
▶ Martha Stewart and Marley Spoon unveil Dinnerly offering   [Sep-19-17 02:20PM  American City Business Journals]
▶ Live Beautifully With QVC and Martha Stewart   [Sep-06-17 09:00AM  PR Newswire]
▶ Judge tosses shareholder lawsuit against Martha Stewart   [Aug-18-17 03:10PM  Associated Press]
▶ Sequential Brands posts 2Q profit   [Jul-27-17 03:51PM  Associated Press]
▶ Martha Stewart brand exclusives expanding at Staples   [Jul-11-17 08:51AM  MarketWatch]
▶ Top Ranked Value Stocks to Buy for July 5th   [Jul-05-17 09:07AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 25th   [May-25-17 10:28AM  Zacks]
▶ Top Ranked Value Stocks to Buy for May 23rd   [May-23-17 10:13AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 17th   [May-17-17 10:28AM  Zacks]
▶ HelloFresh launches wine subscription service   [May-09-17 11:30AM  MarketWatch]
▶ Martha Stewart lends her name to skincare and apparel with new deal   [May-04-17 02:20PM  American City Business Journals]
▶ Sequential Brands reports 1Q loss   [08:46AM  Associated Press]
▶ Martha Stewart heading to QVC   [08:37AM  MarketWatch]
▶ Martha Stewart launching online wine shop   [Apr-05-17 10:01AM  MarketWatch]
▶ Sequential Brands bringing three active brands to Brazil   [Mar-08-17 08:45AM  MarketWatch]
▶ Sequential Brands Group to Present at ICR Conference   [Jan-03-17 08:30AM  GlobeNewswire]
▶ Is Sequential Brands Group Inc (SQBG) A Good Stock To Buy?   [Dec-12-16 09:23AM  at Insider Monkey]
Financial statements of SQBG
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

ASSET ALLOCATION

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

Copyright © X-FIN.com 2005-2018. All rigths reserved.