Intrinsic value of Stantec - STN

Previous Close

$25.65

  Intrinsic Value

$32.26

stock screener

  Rating & Target

buy

+26%

Previous close

$25.65

 
Intrinsic value

$32.26

 
Up/down potential

+26%

 
Rating

buy

We calculate the intrinsic value of STN 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, %
  30.51
  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
  2,293
  2,339
  2,393
  2,454
  2,523
  2,600
  2,684
  2,775
  2,874
  2,981
  3,095
  3,217
  3,348
  3,487
  3,635
  3,791
  3,958
  4,133
  4,319
  4,516
  4,723
  4,942
  5,173
  5,417
  5,673
  5,943
  6,228
  6,527
  6,842
  7,173
  7,522
Variable operating expenses, $m
 
  2,123
  2,169
  2,221
  2,280
  2,345
  2,416
  2,494
  2,578
  2,669
  2,766
  2,735
  2,846
  2,964
  3,089
  3,223
  3,364
  3,513
  3,671
  3,839
  4,015
  4,201
  4,397
  4,604
  4,822
  5,052
  5,293
  5,548
  5,816
  6,097
  6,393
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
  2,160
  2,123
  2,169
  2,221
  2,280
  2,345
  2,416
  2,494
  2,578
  2,669
  2,766
  2,735
  2,846
  2,964
  3,089
  3,223
  3,364
  3,513
  3,671
  3,839
  4,015
  4,201
  4,397
  4,604
  4,822
  5,052
  5,293
  5,548
  5,816
  6,097
  6,393
Operating income, $m
  133
  216
  224
  233
  243
  255
  267
  281
  296
  312
  329
  483
  502
  523
  545
  569
  594
  620
  648
  677
  709
  741
  776
  813
  851
  892
  934
  979
  1,026
  1,076
  1,128
EBITDA, $m
  133
  387
  396
  406
  418
  430
  444
  459
  476
  493
  512
  532
  554
  577
  602
  628
  655
  684
  715
  747
  782
  818
  856
  896
  939
  984
  1,031
  1,080
  1,132
  1,187
  1,245
Interest expense (income), $m
  -28
  1
  2
  3
  5
  7
  8
  11
  13
  15
  18
  21
  24
  27
  31
  34
  38
  42
  47
  52
  56
  62
  67
  73
  79
  85
  92
  99
  107
  115
  123
Earnings before tax, $m
  134
  215
  222
  230
  238
  248
  259
  270
  283
  296
  311
  462
  478
  496
  515
  534
  555
  578
  601
  626
  652
  680
  709
  740
  772
  806
  842
  880
  920
  961
  1,005
Tax expense, $m
  37
  58
  60
  62
  64
  67
  70
  73
  76
  80
  84
  125
  129
  134
  139
  144
  150
  156
  162
  169
  176
  184
  191
  200
  208
  218
  227
  238
  248
  260
  271
Net income, $m
  97
  157
  162
  168
  174
  181
  189
  197
  207
  216
  227
  337
  349
  362
  376
  390
  405
  422
  439
  457
  476
  496
  518
  540
  564
  588
  615
  642
  671
  702
  734

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  3,171
  3,057
  3,128
  3,208
  3,298
  3,398
  3,508
  3,627
  3,757
  3,896
  4,046
  4,206
  4,376
  4,558
  4,751
  4,956
  5,173
  5,403
  5,646
  5,903
  6,174
  6,461
  6,762
  7,081
  7,416
  7,769
  8,141
  8,532
  8,944
  9,377
  9,832
Adjusted assets (=assets-cash), $m
  2,999
  3,057
  3,128
  3,208
  3,298
  3,398
  3,508
  3,627
  3,757
  3,896
  4,046
  4,206
  4,376
  4,558
  4,751
  4,956
  5,173
  5,403
  5,646
  5,903
  6,174
  6,461
  6,762
  7,081
  7,416
  7,769
  8,141
  8,532
  8,944
  9,377
  9,832
Revenue / Adjusted assets
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
Average production assets, $m
  355
  363
  371
  380
  391
  403
  416
  430
  445
  462
  480
  499
  519
  540
  563
  588
  613
  641
  670
  700
  732
  766
  802
  840
  879
  921
  965
  1,012
  1,060
  1,112
  1,166
Working capital, $m
  377
  281
  287
  294
  303
  312
  322
  333
  345
  358
  371
  386
  402
  418
  436
  455
  475
  496
  518
  542
  567
  593
  621
  650
  681
  713
  747
  783
  821
  861
  903
Total debt, $m
  92
  55
  94
  138
  187
  242
  302
  367
  438
  514
  596
  683
  777
  876
  982
  1,094
  1,213
  1,339
  1,472
  1,612
  1,760
  1,917
  2,082
  2,256
  2,439
  2,633
  2,836
  3,050
  3,275
  3,512
  3,761
Total liabilities, $m
  1,709
  1,672
  1,711
  1,755
  1,804
  1,859
  1,919
  1,984
  2,055
  2,131
  2,213
  2,300
  2,394
  2,493
  2,599
  2,711
  2,830
  2,956
  3,089
  3,229
  3,377
  3,534
  3,699
  3,873
  4,056
  4,250
  4,453
  4,667
  4,892
  5,129
  5,378
Total equity, $m
  1,462
  1,385
  1,417
  1,453
  1,494
  1,539
  1,589
  1,643
  1,702
  1,765
  1,833
  1,905
  1,982
  2,065
  2,152
  2,245
  2,344
  2,448
  2,558
  2,674
  2,797
  2,927
  3,063
  3,208
  3,359
  3,519
  3,688
  3,865
  4,051
  4,248
  4,454
Total liabilities and equity, $m
  3,171
  3,057
  3,128
  3,208
  3,298
  3,398
  3,508
  3,627
  3,757
  3,896
  4,046
  4,205
  4,376
  4,558
  4,751
  4,956
  5,174
  5,404
  5,647
  5,903
  6,174
  6,461
  6,762
  7,081
  7,415
  7,769
  8,141
  8,532
  8,943
  9,377
  9,832
Debt-to-equity ratio
  0.063
  0.040
  0.070
  0.090
  0.130
  0.160
  0.190
  0.220
  0.260
  0.290
  0.330
  0.360
  0.390
  0.420
  0.460
  0.490
  0.520
  0.550
  0.580
  0.600
  0.630
  0.660
  0.680
  0.700
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.840
Adjusted equity ratio
  0.430
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  97
  157
  162
  168
  174
  181
  189
  197
  207
  216
  227
  337
  349
  362
  376
  390
  405
  422
  439
  457
  476
  496
  518
  540
  564
  588
  615
  642
  671
  702
  734
Depreciation, amort., depletion, $m
  0
  172
  172
  173
  174
  176
  177
  178
  180
  181
  183
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
Funds from operations, $m
  -1,410
  328
  334
  341
  348
  357
  366
  376
  386
  398
  410
  387
  401
  416
  432
  449
  467
  486
  506
  527
  549
  573
  598
  624
  652
  681
  711
  743
  777
  813
  851
Change in working capital, $m
  -1,621
  6
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Cash from operations, $m
  211
  323
  328
  334
  340
  348
  356
  365
  375
  385
  397
  372
  385
  399
  414
  430
  447
  465
  483
  503
  524
  547
  570
  595
  621
  648
  677
  708
  740
  773
  809
Maintenance CAPEX, $m
  0
  -36
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
New CAPEX, $m
  -43
  -8
  -8
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
Cash from investing activities, $m
  -841
  -44
  -44
  -47
  -49
  -51
  -53
  -56
  -58
  -62
  -64
  -67
  -70
  -74
  -77
  -80
  -85
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
Free cash flow, $m
  -630
  280
  283
  287
  291
  297
  302
  309
  316
  324
  333
  305
  315
  326
  337
  349
  362
  376
  391
  406
  422
  439
  458
  477
  497
  518
  541
  565
  590
  616
  643
Issuance/(repayment) of debt, $m
  360
  33
  38
  44
  49
  55
  60
  65
  71
  76
  82
  87
  93
  99
  106
  112
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
Issuance/(repurchase) of shares, $m
  437
  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  
  771
  33
  38
  44
  49
  55
  60
  65
  71
  76
  82
  87
  93
  99
  106
  112
  119
  126
  133
  141
  148
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
Total cash flow (excl. dividends), $m
  140
  313
  322
  331
  341
  351
  362
  374
  387
  400
  414
  393
  409
  425
  443
  462
  481
  502
  524
  546
  571
  596
  623
  651
  680
  712
  744
  779
  815
  853
  893
Retained Cash Flow (-), $m
  -483
  -25
  -32
  -36
  -41
  -45
  -50
  -54
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -187
  -196
  -206
Prev. year cash balance distribution, $m
 
  102
  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
 
  390
  290
  294
  300
  306
  313
  320
  328
  337
  347
  320
  331
  343
  355
  369
  383
  398
  413
  430
  448
  466
  486
  507
  529
  552
  576
  601
  628
  657
  686
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
 
  374
  265
  256
  247
  237
  227
  216
  205
  194
  182
  152
  141
  130
  119
  108
  97
  87
  76
  66
  57
  48
  40
  33
  27
  21
  17
  13
  10
  7
  5
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

Stantec Inc. is a provider of professional services in the area of infrastructure and facilities for clients in the public and private sectors. The Company's operates through four segments Consulting Services-Canada, Consulting Services-United States, Consulting Services-Global and Construction Services. The Company's services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design, construction, commissioning, maintenance, decommissioning and remediation. The Company provides professional consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental services, project management and project economics in the area of infrastructure and facilities, principally under fee-for-service agreements with clients.

FINANCIAL RATIOS  of  Stantec (STN)

Valuation Ratios
P/E Ratio 30.2
Price to Sales 1.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 17.4
Growth Rates
Sales Growth Rate 30.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.6%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 1.5%
Total Debt to Equity 6.3%
Interest Coverage -4
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 54.5%
EBITDA Margin 4.6%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.6%
Payout Ratio 35.1%

STN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STN stock intrinsic value calculation we used $2293 million for the last fiscal year's total revenue generated by Stantec. The default revenue input number comes from 2016 income statement of Stantec. 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 STN 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 4.3%, whose default value for STN is calculated based on our internal credit rating of Stantec, 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 Stantec.
    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 STN stock the variable cost ratio is equal to 90.9%.

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 STN 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 Stantec.

Corporate tax rate of 27% is the nominal tax rate for Stantec. 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 STN 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 STN are equal to 15.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Stantec 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 STN is equal to 12%. 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 - $1462 million for Stantec - 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 113.775 million for Stantec 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 Stantec at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ Stantec misses Street 4Q forecasts   [Feb-22-18 10:49AM  Associated Press]
▶ Stantec Inc to Host Earnings Call   [07:15AM  ACCESSWIRE]
▶ Top Growth Stocks To Buy Now   [Feb-14-18 11:02AM  Simply Wall St.]
▶ Stantec Signs Letter of Intent to Acquire TDG   [Feb-13-18 04:30PM  Business Wire]
▶ December Top Growth Stocks To Buy   [Dec-14-17 11:02AM  Simply Wall St.]
▶ New Strong Sell Stocks for December 13th   [Dec-13-17 09:06AM  Zacks]
▶ Stantec misses Street 3Q forecasts   [07:03AM  Associated Press]
▶ Stantec acquires North State Resources, Inc.   [Oct-30-17 08:45AM  Marketwired]
▶ ETFs with exposure to Stantec, Inc. : October 16, 2017   [Oct-16-17 10:00AM  Capital Cube]
▶ ETFs with exposure to Stantec, Inc. : October 3, 2017   [Oct-03-17 11:37AM  Capital Cube]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ New Strong Buy Stocks for September 27th   [Sep-27-17 07:54AM  Zacks]
▶ New Strong Buy Stocks for September 7th   [Sep-07-17 11:33AM  Zacks]
▶ Stantec, Inc. Value Analysis (NYSE:STN) : August 19, 2017   [Aug-18-17 09:02PM  Capital Cube]
▶ Stantec tops 2Q profit forecasts   [Aug-09-17 05:13PM  Associated Press]
▶ Texas A&M investing $46M for new San Antonio STEM building (slideshow)   [Jul-06-17 01:14PM  American City Business Journals]
▶ Stantec to Acquire RNL Design   [Jun-22-17 06:45AM  Marketwired]
▶ ETFs with exposure to Stantec, Inc. : June 20, 2017   [Jun-20-17 03:16PM  Capital Cube]
▶ Stantec 2017 Annual Meeting of Shareholders Results   [May-12-17 08:45AM  Marketwired]
▶ Stantec reports 1Q loss   [May-11-17 07:22AM  Associated Press]
▶ Aviation Authority votes on Phase 2 funding for Tampa International expansion (Video)   [May-04-17 02:45PM  American City Business Journals]
▶ International architecture, engineering firm expands to Hawaii   [Mar-21-17 06:32PM  at bizjournals.com]
▶ International architecture, engineering firm expands to Hawaii   [06:32PM  American City Business Journals]
▶ Stantec Signs Agreement to Sell Innovyze   [06:45AM  Marketwired]
▶ Stantec misses 4Q profit forecasts   [Feb-23-17 11:37AM  Associated Press]
▶ Should You Buy Pan American Silver Corp. (USA) (PAAS)?   [Dec-07-16 05:12PM  at Insider Monkey]
Financial statements of STN
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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