Intrinsic value of Shutterstock - SSTK

Previous Close

$45.72

  Intrinsic Value

$53.48

stock screener

  Rating & Target

hold

+17%

Previous close

$45.72

 
Intrinsic value

$53.48

 
Up/down potential

+17%

 
Rating

hold

We calculate the intrinsic value of SSTK 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, %
  16.24
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
Revenue, $m
  494
  566
  643
  726
  813
  904
  1,001
  1,102
  1,208
  1,318
  1,433
  1,553
  1,677
  1,806
  1,941
  2,080
  2,225
  2,376
  2,533
  2,696
  2,866
  3,043
  3,227
  3,419
  3,619
  3,827
  4,045
  4,273
  4,510
  4,758
  5,018
Variable operating expenses, $m
 
  510
  579
  653
  731
  813
  899
  989
  1,083
  1,182
  1,285
  1,387
  1,498
  1,613
  1,733
  1,858
  1,987
  2,122
  2,262
  2,408
  2,560
  2,717
  2,882
  3,053
  3,232
  3,418
  3,613
  3,816
  4,028
  4,249
  4,481
Fixed operating expenses, $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
Total operating expenses, $m
  449
  510
  579
  653
  731
  813
  899
  989
  1,083
  1,182
  1,285
  1,387
  1,498
  1,613
  1,733
  1,858
  1,987
  2,122
  2,262
  2,408
  2,560
  2,717
  2,882
  3,053
  3,232
  3,418
  3,613
  3,816
  4,028
  4,249
  4,481
Operating income, $m
  46
  56
  64
  73
  82
  92
  102
  113
  124
  136
  148
  166
  179
  193
  207
  222
  238
  254
  271
  288
  306
  325
  345
  366
  387
  409
  433
  457
  482
  509
  536
EBITDA, $m
  66
  74
  84
  95
  107
  119
  131
  144
  158
  173
  188
  204
  220
  237
  254
  273
  292
  312
  332
  354
  376
  399
  423
  448
  474
  502
  530
  560
  591
  624
  658
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  10
  11
  13
  15
  16
  18
  20
  22
  24
  26
  28
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
Earnings before tax, $m
  45
  56
  63
  71
  79
  88
  97
  106
  116
  126
  137
  153
  165
  177
  189
  202
  216
  230
  245
  260
  276
  292
  309
  327
  346
  365
  386
  407
  429
  452
  476
Tax expense, $m
  12
  15
  17
  19
  21
  24
  26
  29
  31
  34
  37
  41
  44
  48
  51
  55
  58
  62
  66
  70
  74
  79
  84
  88
  93
  99
  104
  110
  116
  122
  129
Net income, $m
  33
  41
  46
  52
  58
  64
  71
  78
  85
  92
  100
  112
  120
  129
  138
  148
  158
  168
  179
  190
  201
  213
  226
  239
  252
  267
  281
  297
  313
  330
  348

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  279
  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
  502
  256
  290
  328
  367
  408
  452
  498
  545
  595
  647
  701
  757
  815
  876
  939
  1,005
  1,073
  1,144
  1,217
  1,294
  1,374
  1,457
  1,543
  1,634
  1,728
  1,826
  1,929
  2,036
  2,148
  2,265
Adjusted assets (=assets-cash), $m
  223
  256
  290
  328
  367
  408
  452
  498
  545
  595
  647
  701
  757
  815
  876
  939
  1,005
  1,073
  1,144
  1,217
  1,294
  1,374
  1,457
  1,543
  1,634
  1,728
  1,826
  1,929
  2,036
  2,148
  2,265
Revenue / Adjusted assets
  2.215
  2.211
  2.217
  2.213
  2.215
  2.216
  2.215
  2.213
  2.217
  2.215
  2.215
  2.215
  2.215
  2.216
  2.216
  2.215
  2.214
  2.214
  2.214
  2.215
  2.215
  2.215
  2.215
  2.216
  2.215
  2.215
  2.215
  2.215
  2.215
  2.215
  2.215
Average production assets, $m
  74
  85
  97
  109
  122
  136
  150
  165
  181
  198
  215
  233
  252
  271
  291
  312
  334
  356
  380
  404
  430
  456
  484
  513
  543
  574
  607
  641
  676
  714
  753
Working capital, $m
  136
  -164
  -186
  -210
  -235
  -261
  -289
  -318
  -349
  -381
  -414
  -449
  -485
  -522
  -561
  -601
  -643
  -687
  -732
  -779
  -828
  -879
  -933
  -988
  -1,046
  -1,106
  -1,169
  -1,235
  -1,303
  -1,375
  -1,450
Total debt, $m
  0
  15
  46
  80
  115
  152
  192
  233
  276
  321
  367
  416
  466
  519
  574
  630
  689
  751
  814
  881
  950
  1,021
  1,096
  1,174
  1,255
  1,340
  1,429
  1,521
  1,618
  1,718
  1,824
Total liabilities, $m
  215
  230
  261
  295
  330
  367
  407
  448
  491
  536
  582
  631
  681
  734
  789
  845
  904
  966
  1,029
  1,096
  1,165
  1,236
  1,311
  1,389
  1,470
  1,555
  1,644
  1,736
  1,833
  1,933
  2,039
Total equity, $m
  287
  26
  29
  33
  37
  41
  45
  50
  55
  60
  65
  70
  76
  82
  88
  94
  100
  107
  114
  122
  129
  137
  146
  154
  163
  173
  183
  193
  204
  215
  227
Total liabilities and equity, $m
  502
  256
  290
  328
  367
  408
  452
  498
  546
  596
  647
  701
  757
  816
  877
  939
  1,004
  1,073
  1,143
  1,218
  1,294
  1,373
  1,457
  1,543
  1,633
  1,728
  1,827
  1,929
  2,037
  2,148
  2,266
Debt-to-equity ratio
  0.000
  0.590
  1.600
  2.440
  3.140
  3.730
  4.240
  4.680
  5.060
  5.390
  5.680
  5.930
  6.160
  6.360
  6.550
  6.710
  6.860
  7.000
  7.120
  7.230
  7.340
  7.430
  7.520
  7.610
  7.680
  7.760
  7.820
  7.890
  7.940
  8.000
  8.050
Adjusted equity ratio
  0.036
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  41
  46
  52
  58
  64
  71
  78
  85
  92
  100
  112
  120
  129
  138
  148
  158
  168
  179
  190
  201
  213
  226
  239
  252
  267
  281
  297
  313
  330
  348
Depreciation, amort., depletion, $m
  20
  19
  20
  22
  25
  27
  29
  32
  34
  37
  40
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
Funds from operations, $m
  115
  59
  67
  74
  82
  91
  100
  109
  119
  129
  140
  149
  161
  173
  185
  198
  211
  225
  240
  255
  271
  287
  304
  322
  340
  359
  379
  400
  422
  445
  469
Change in working capital, $m
  14
  -21
  -22
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
Cash from operations, $m
  101
  80
  89
  98
  108
  117
  128
  138
  149
  161
  173
  184
  197
  210
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  398
  420
  442
  466
  491
  517
  544
Maintenance CAPEX, $m
  0
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -27
  -29
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -103
  -109
  -115
New CAPEX, $m
  -40
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
Cash from investing activities, $m
  -57
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -43
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -85
  -90
  -96
  -102
  -107
  -113
  -119
  -126
  -132
  -139
  -146
  -154
Free cash flow, $m
  44
  57
  64
  70
  77
  84
  91
  99
  107
  115
  124
  131
  141
  150
  160
  171
  181
  192
  204
  216
  229
  242
  256
  270
  285
  301
  317
  334
  352
  371
  390
Issuance/(repayment) of debt, $m
  0
  15
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
Issuance/(repurchase) of shares, $m
  -50
  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  
  -54
  15
  31
  33
  35
  37
  39
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  85
  88
  92
  96
  101
  105
Total cash flow (excl. dividends), $m
  -17
  72
  95
  104
  112
  121
  130
  140
  150
  160
  170
  180
  191
  203
  215
  227
  240
  254
  268
  283
  298
  314
  331
  348
  366
  385
  405
  426
  448
  471
  495
Retained Cash Flow (-), $m
  2
  -18
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Prev. year cash balance distribution, $m
 
  279
  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
 
  334
  92
  100
  108
  117
  126
  135
  145
  155
  165
  175
  185
  197
  209
  221
  234
  247
  261
  275
  290
  306
  322
  339
  357
  376
  396
  416
  438
  460
  484
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
 
  320
  84
  87
  89
  91
  92
  92
  91
  89
  87
  83
  79
  75
  70
  65
  59
  54
  48
  42
  37
  32
  27
  22
  18
  15
  12
  9
  7
  5
  4
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

Shutterstock, Inc. (Shutterstock) is a global technology company that operates a two-sided marketplace for professionals to license content. The Company's library of content includes digital imagery, which consists of licensed photographs, vectors, illustrations and video clips that customers use in their visual communications, such as Websites, digital and print marketing materials, corporate communications, books, publications and video content, and commercial music, which consists of music tracks and sound effects and which is often used to complement digital imagery. It also offers digital asset management services through its cloud-based digital asset management platform (webdam). Its global marketplace brings together users and contributors of content by providing a collection of content its customers can pay to license and incorporate into their work and by compensating contributors as their content is licensed to customers.

FINANCIAL RATIOS  of  Shutterstock (SSTK)

Valuation Ratios
P/E Ratio 48.2
Price to Sales 3.2
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 15.8
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate 16.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 185.7%
Cap. Spend. - 3 Yr. Gr. Rate 23.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 11.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 11.5%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 58.9%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 12.9%
Operating Margin 9.1%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 0%

SSTK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SSTK stock intrinsic value calculation we used $494 million for the last fiscal year's total revenue generated by Shutterstock. The default revenue input number comes from 2016 income statement of Shutterstock. 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 SSTK stock valuation model: a) initial revenue growth rate of 14.6% 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 SSTK is calculated based on our internal credit rating of Shutterstock, 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 Shutterstock.
    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 SSTK stock the variable cost ratio is equal to 90.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SSTK 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 Shutterstock.

Corporate tax rate of 27% is the nominal tax rate for Shutterstock. 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 SSTK 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 SSTK are equal to 15%.

Life of production assets of 6.2 years is the average useful life of capital assets used in Shutterstock 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 SSTK is equal to -28.9%. 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 - $287 million for Shutterstock - 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 35.324 million for Shutterstock 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 Shutterstock at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Everything You Need to Know about Kodak's KODAKCoin   [Jan-10-18 07:30PM  Motley Fool]
▶ Stocks With Rising Relative Strength: Shutterstock   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ Shutterstock Earns RS Rating Upgrade   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ Cramers Exec Cut: The Apple effect   [Nov-03-17 07:05PM  CNBC Videos]
▶ Cramer Remix: How Under Armour could turn around   [Oct-31-17 07:09PM  CNBC Videos]
▶ Why Shutterstock Inc Shares Popped Today   [01:13PM  Motley Fool]
▶ Shutterstock Invests for the Future   [10:59AM  Motley Fool]
▶ Shutterstock tops Street 3Q forecasts   [07:19AM  Associated Press]
▶ [$$] FirstMark Names Catherine Ulrich Managing Director   [Oct-05-17 02:28PM  The Wall Street Journal]
▶ /C O R R E C T I O N -- Shutterstock, Inc./   [Sep-27-17 04:57PM  PR Newswire]
▶ Moovly Media Announces API Integration with Shutterstock   [Sep-25-17 03:05AM  GlobeNewswire]
▶ Introducing Shutterstock Custom   [Sep-21-17 08:00AM  PR Newswire]
▶ [$$] Shutterstock CIO Leaves After Joining Last Year   [Aug-21-17 03:51PM  The Wall Street Journal]
▶ Shutterstock misses Street 2Q forecasts   [Aug-03-17 12:23AM  Associated Press]
▶ Why Shutterstock Inc. Shares Got Shut Down Today   [Aug-02-17 04:48PM  Motley Fool]
▶ ETFs with exposure to Shutterstock, Inc. : July 13, 2017   [Jul-13-17 04:37PM  Capital Cube]
▶ [$$] Lemonade Insurance Hires Ex-Shutterstock CFO Tim Bixby   [Jun-20-17 03:49PM  The Wall Street Journal]
▶ Shutterstock CEO Says New Business Plan Hinged Upon Total Overhaul of IT   [May-26-17 05:29PM  The Wall Street Journal]
▶ Shutterstock Contributors Earn Over $500 Million   [May-23-17 07:04AM  PR Newswire]
▶ Tepid Results Reveal Shutterstock's Vulnerabilities   [May-03-17 09:32AM  Motley Fool]
▶ Shutterstock misses 1Q profit forecasts   [07:20AM  Associated Press]
▶ Shutterstock to Present at Upcoming Investor Conferences   [Apr-20-17 04:03PM  PR Newswire]
▶ Shutterstock to Showcase all the Glamour of The Met Gala   [Apr-06-17 09:00AM  PR Newswire]
▶ What Happened in the Stock Market Today   [Feb-27-17 05:00PM  Motley Fool]
▶ Why Shutterstock Inc. Stock Tumbled Today   [01:28PM  Motley Fool]
Financial statements of SSTK
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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