Intrinsic value of Stanley Black&Decker - SWK

Previous Close

$159.77

  Intrinsic Value

$142.67

stock screener

  Rating & Target

hold

-11%

Previous close

$159.77

 
Intrinsic value

$142.67

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of SWK 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, %
  2.10
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  11,407
  11,647
  11,925
  12,241
  12,594
  12,984
  13,411
  13,875
  14,376
  14,916
  15,494
  16,112
  16,771
  17,472
  18,217
  19,007
  19,844
  20,729
  21,666
  22,655
  23,699
  24,800
  25,961
  27,185
  28,475
  29,832
  31,262
  32,766
  34,349
  36,015
  37,766
Variable operating expenses, $m
 
  7,614
  7,780
  7,969
  8,180
  8,412
  8,667
  8,943
  9,242
  9,564
  9,909
  9,608
  10,001
  10,419
  10,863
  11,334
  11,833
  12,361
  12,920
  13,509
  14,132
  14,789
  15,481
  16,211
  16,980
  17,790
  18,642
  19,539
  20,483
  21,476
  22,521
Fixed operating expenses, $m
 
  2,663
  2,730
  2,798
  2,868
  2,939
  3,013
  3,088
  3,165
  3,245
  3,326
  3,409
  3,494
  3,581
  3,671
  3,763
  3,857
  3,953
  4,052
  4,153
  4,257
  4,364
  4,473
  4,584
  4,699
  4,817
  4,937
  5,060
  5,187
  5,317
  5,449
Total operating expenses, $m
  10,010
  10,277
  10,510
  10,767
  11,048
  11,351
  11,680
  12,031
  12,407
  12,809
  13,235
  13,017
  13,495
  14,000
  14,534
  15,097
  15,690
  16,314
  16,972
  17,662
  18,389
  19,153
  19,954
  20,795
  21,679
  22,607
  23,579
  24,599
  25,670
  26,793
  27,970
Operating income, $m
  1,397
  1,369
  1,415
  1,474
  1,547
  1,633
  1,732
  1,844
  1,969
  2,107
  2,260
  3,095
  3,276
  3,472
  3,683
  3,910
  4,154
  4,415
  4,694
  4,992
  5,310
  5,648
  6,007
  6,390
  6,796
  7,226
  7,683
  8,167
  8,679
  9,222
  9,796
EBITDA, $m
  1,805
  2,169
  2,218
  2,281
  2,358
  2,448
  2,551
  2,669
  2,799
  2,944
  3,103
  3,276
  3,464
  3,668
  3,887
  4,123
  4,377
  4,648
  4,937
  5,246
  5,575
  5,926
  6,299
  6,695
  7,115
  7,561
  8,034
  8,534
  9,065
  9,626
  10,220
Interest expense (income), $m
  177
  175
  184
  194
  206
  219
  234
  250
  267
  286
  306
  327
  351
  375
  401
  429
  459
  490
  523
  558
  595
  633
  675
  718
  763
  812
  862
  916
  972
  1,031
  1,093
Earnings before tax, $m
  1,226
  1,194
  1,231
  1,280
  1,341
  1,413
  1,498
  1,594
  1,702
  1,821
  1,954
  2,768
  2,926
  3,097
  3,282
  3,481
  3,695
  3,925
  4,171
  4,434
  4,715
  5,014
  5,333
  5,672
  6,032
  6,415
  6,821
  7,251
  7,708
  8,191
  8,703
Tax expense, $m
  261
  322
  332
  346
  362
  382
  404
  430
  459
  492
  527
  747
  790
  836
  886
  940
  998
  1,060
  1,126
  1,197
  1,273
  1,354
  1,440
  1,531
  1,629
  1,732
  1,842
  1,958
  2,081
  2,212
  2,350
Net income, $m
  965
  871
  899
  934
  979
  1,032
  1,093
  1,163
  1,242
  1,330
  1,426
  2,021
  2,136
  2,261
  2,396
  2,541
  2,698
  2,865
  3,045
  3,237
  3,442
  3,660
  3,893
  4,140
  4,403
  4,683
  4,979
  5,294
  5,627
  5,980
  6,354

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,132
  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
  15,635
  14,799
  15,152
  15,554
  16,003
  16,499
  17,041
  17,630
  18,267
  18,953
  19,687
  20,473
  21,310
  22,201
  23,147
  24,151
  25,215
  26,340
  27,529
  28,786
  30,113
  31,512
  32,988
  34,543
  36,181
  37,906
  39,723
  41,635
  43,646
  45,762
  47,988
Adjusted assets (=assets-cash), $m
  14,503
  14,799
  15,152
  15,554
  16,003
  16,499
  17,041
  17,630
  18,267
  18,953
  19,687
  20,473
  21,310
  22,201
  23,147
  24,151
  25,215
  26,340
  27,529
  28,786
  30,113
  31,512
  32,988
  34,543
  36,181
  37,906
  39,723
  41,635
  43,646
  45,762
  47,988
Revenue / Adjusted assets
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
  0.787
Average production assets, $m
  3,147
  3,214
  3,291
  3,379
  3,476
  3,584
  3,702
  3,830
  3,968
  4,117
  4,276
  4,447
  4,629
  4,822
  5,028
  5,246
  5,477
  5,721
  5,980
  6,253
  6,541
  6,845
  7,165
  7,503
  7,859
  8,234
  8,628
  9,044
  9,480
  9,940
  10,424
Working capital, $m
  1,981
  873
  894
  918
  945
  974
  1,006
  1,041
  1,078
  1,119
  1,162
  1,208
  1,258
  1,310
  1,366
  1,426
  1,488
  1,555
  1,625
  1,699
  1,777
  1,860
  1,947
  2,039
  2,136
  2,237
  2,345
  2,457
  2,576
  2,701
  2,832
Total debt, $m
  3,827
  4,001
  4,226
  4,482
  4,769
  5,085
  5,431
  5,807
  6,214
  6,651
  7,120
  7,621
  8,155
  8,723
  9,327
  9,967
  10,646
  11,364
  12,123
  12,924
  13,771
  14,664
  15,605
  16,597
  17,643
  18,743
  19,902
  21,122
  22,405
  23,755
  25,175
Total liabilities, $m
  9,268
  9,442
  9,667
  9,923
  10,210
  10,526
  10,872
  11,248
  11,655
  12,092
  12,561
  13,062
  13,596
  14,164
  14,768
  15,408
  16,087
  16,805
  17,564
  18,365
  19,212
  20,105
  21,046
  22,038
  23,084
  24,184
  25,343
  26,563
  27,846
  29,196
  30,616
Total equity, $m
  6,367
  5,357
  5,485
  5,631
  5,793
  5,972
  6,169
  6,382
  6,613
  6,861
  7,127
  7,411
  7,714
  8,037
  8,379
  8,743
  9,128
  9,535
  9,966
  10,421
  10,901
  11,407
  11,942
  12,504
  13,098
  13,722
  14,380
  15,072
  15,800
  16,566
  17,372
Total liabilities and equity, $m
  15,635
  14,799
  15,152
  15,554
  16,003
  16,498
  17,041
  17,630
  18,268
  18,953
  19,688
  20,473
  21,310
  22,201
  23,147
  24,151
  25,215
  26,340
  27,530
  28,786
  30,113
  31,512
  32,988
  34,542
  36,182
  37,906
  39,723
  41,635
  43,646
  45,762
  47,988
Debt-to-equity ratio
  0.601
  0.750
  0.770
  0.800
  0.820
  0.850
  0.880
  0.910
  0.940
  0.970
  1.000
  1.030
  1.060
  1.090
  1.110
  1.140
  1.170
  1.190
  1.220
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.420
  1.430
  1.450
Adjusted equity ratio
  0.361
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  965
  871
  899
  934
  979
  1,032
  1,093
  1,163
  1,242
  1,330
  1,426
  2,021
  2,136
  2,261
  2,396
  2,541
  2,698
  2,865
  3,045
  3,237
  3,442
  3,660
  3,893
  4,140
  4,403
  4,683
  4,979
  5,294
  5,627
  5,980
  6,354
Depreciation, amort., depletion, $m
  408
  800
  803
  807
  811
  815
  820
  825
  831
  837
  843
  181
  188
  196
  204
  213
  223
  233
  243
  254
  266
  278
  291
  305
  319
  335
  351
  368
  385
  404
  424
Funds from operations, $m
  1,479
  1,671
  1,702
  1,741
  1,789
  1,847
  1,913
  1,988
  2,073
  2,166
  2,269
  2,201
  2,324
  2,457
  2,600
  2,754
  2,920
  3,098
  3,288
  3,491
  3,708
  3,939
  4,184
  4,445
  4,723
  5,017
  5,330
  5,661
  6,012
  6,384
  6,777
Change in working capital, $m
  -6
  18
  21
  24
  26
  29
  32
  35
  38
  40
  43
  46
  49
  53
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
  131
Cash from operations, $m
  1,485
  1,653
  1,681
  1,717
  1,763
  1,818
  1,881
  1,954
  2,035
  2,126
  2,226
  2,155
  2,274
  2,404
  2,544
  2,695
  2,857
  3,032
  3,218
  3,417
  3,630
  3,856
  4,097
  4,354
  4,626
  4,916
  5,223
  5,548
  5,893
  6,259
  6,646
Maintenance CAPEX, $m
  0
  -128
  -131
  -134
  -137
  -141
  -146
  -150
  -156
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -213
  -223
  -233
  -243
  -254
  -266
  -278
  -291
  -305
  -319
  -335
  -351
  -368
  -385
  -404
New CAPEX, $m
  -347
  -68
  -77
  -87
  -98
  -108
  -118
  -128
  -138
  -149
  -160
  -171
  -182
  -194
  -206
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -321
  -338
  -356
  -375
  -395
  -415
  -437
  -460
  -483
Cash from investing activities, $m
  -284
  -196
  -208
  -221
  -235
  -249
  -264
  -278
  -294
  -310
  -327
  -345
  -363
  -382
  -402
  -422
  -444
  -467
  -491
  -516
  -542
  -570
  -599
  -629
  -661
  -694
  -730
  -766
  -805
  -845
  -887
Free cash flow, $m
  1,201
  1,458
  1,473
  1,496
  1,528
  1,569
  1,618
  1,675
  1,741
  1,816
  1,899
  1,811
  1,912
  2,022
  2,143
  2,273
  2,413
  2,565
  2,727
  2,901
  3,087
  3,286
  3,498
  3,725
  3,965
  4,221
  4,493
  4,782
  5,089
  5,414
  5,758
Issuance/(repayment) of debt, $m
  2
  186
  226
  256
  286
  316
  346
  376
  406
  437
  469
  501
  534
  568
  604
  640
  678
  718
  759
  802
  846
  893
  941
  992
  1,045
  1,101
  1,159
  1,220
  1,283
  1,350
  1,420
Issuance/(repurchase) of shares, $m
  -103
  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  
  -102
  186
  226
  256
  286
  316
  346
  376
  406
  437
  469
  501
  534
  568
  604
  640
  678
  718
  759
  802
  846
  893
  941
  992
  1,045
  1,101
  1,159
  1,220
  1,283
  1,350
  1,420
Total cash flow (excl. dividends), $m
  997
  1,643
  1,699
  1,753
  1,815
  1,885
  1,964
  2,051
  2,148
  2,253
  2,368
  2,312
  2,446
  2,591
  2,746
  2,913
  3,092
  3,282
  3,486
  3,703
  3,934
  4,179
  4,440
  4,717
  5,011
  5,322
  5,652
  6,002
  6,372
  6,764
  7,178
Retained Cash Flow (-), $m
  -555
  -110
  -128
  -145
  -162
  -179
  -196
  -213
  -231
  -248
  -266
  -284
  -303
  -323
  -343
  -363
  -385
  -407
  -431
  -455
  -480
  -507
  -534
  -563
  -593
  -625
  -658
  -692
  -728
  -766
  -806
Prev. year cash balance distribution, $m
 
  1,120
  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
 
  2,653
  1,571
  1,607
  1,652
  1,705
  1,767
  1,838
  1,917
  2,005
  2,102
  2,027
  2,143
  2,268
  2,404
  2,550
  2,707
  2,875
  3,055
  3,248
  3,453
  3,672
  3,906
  4,154
  4,418
  4,698
  4,995
  5,310
  5,644
  5,998
  6,373
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  2,536
  1,430
  1,386
  1,342
  1,299
  1,255
  1,209
  1,161
  1,109
  1,055
  916
  864
  808
  750
  690
  628
  565
  503
  442
  383
  327
  275
  228
  185
  148
  116
  89
  67
  49
  35
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

Stanley Black & Decker, Inc. is a global provider of hand tools, power tools and related accessories, mechanical access solutions, such as automatic doors and commercial locking systems, electronic security and monitoring systems, healthcare solutions, engineered fastening systems, and products and services for various industrial applications. The Company's segments include Tools & Storage, Security and Industrial. Its Tools & Storage segment consists of the Power Tools and Hand Tools, Accessories and Storage businesses. Its Security segment consists of the Convergent Security Solutions and Mechanical Access Solutions businesses. Its Industrial segment consists of the Engineered Fastening and Infrastructure businesses. It offers brands, such as SIDCHROME, AeroScout, DEWALT, Newell Tools and Craftsman, Irwin, Lenox, Craftsman, BLACK+DECKER, SONITROL, Warren, GRIPCO, Porter-Cable, BOSTITCH and WanderGuard.

FINANCIAL RATIOS  of  Stanley Black&Decker (SWK)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 2.1
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 21.4
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio 94
Current Ratio 0.2
LT Debt to Equity 59.9%
Total Debt to Equity 60.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 15.8%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.4%
Gross Margin - 3 Yr. Avg. 36.7%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 10.2%
Net Profit Margin 8.5%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 21.3%
Eff/ Tax Rate - 3 Yr. Avg. 21.3%
Payout Ratio 34.3%

SWK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWK stock intrinsic value calculation we used $11407 million for the last fiscal year's total revenue generated by Stanley Black&Decker. The default revenue input number comes from 2016 income statement of Stanley Black&Decker. 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 SWK stock valuation model: a) initial revenue growth rate of 2.1% 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 4.6%, whose default value for SWK is calculated based on our internal credit rating of Stanley Black&Decker, 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 Stanley Black&Decker.
    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 SWK stock the variable cost ratio is equal to 65.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2598 million in the base year in the intrinsic value calculation for SWK 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 4.6% for Stanley Black&Decker.

Corporate tax rate of 27% is the nominal tax rate for Stanley Black&Decker. 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 SWK 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 SWK are equal to 27.6%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Stanley Black&Decker 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 SWK is equal to 7.5%. 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 - $6367 million for Stanley Black&Decker - 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 153.633 million for Stanley Black&Decker 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 Stanley Black&Decker at the current share price and the inputted number of shares is $24.5 billion.

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Financial statements of SWK
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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