Intrinsic value of Schweitzer-Mauduit International - SWM

Previous Close

$42.21

  Intrinsic Value

$60.72

stock screener

  Rating & Target

buy

+44%

Previous close

$42.21

 
Intrinsic value

$60.72

 
Up/down potential

+44%

 
Rating

buy

We calculate the intrinsic value of SWM 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, %
  9.95
  23.40
  21.56
  19.90
  18.41
  17.07
  15.87
  14.78
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
Revenue, $m
  840
  1,037
  1,260
  1,511
  1,789
  2,094
  2,427
  2,785
  3,170
  3,579
  4,013
  4,472
  4,953
  5,459
  5,987
  6,538
  7,113
  7,711
  8,333
  8,980
  9,652
  10,350
  11,076
  11,831
  12,615
  13,431
  14,280
  15,164
  16,084
  17,044
  18,043
Variable operating expenses, $m
 
  891
  1,078
  1,289
  1,522
  1,777
  2,056
  2,356
  2,678
  3,021
  3,385
  3,746
  4,149
  4,572
  5,015
  5,476
  5,958
  6,459
  6,980
  7,522
  8,085
  8,670
  9,278
  9,910
  10,567
  11,250
  11,961
  12,702
  13,473
  14,276
  15,114
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
  734
  891
  1,078
  1,289
  1,522
  1,777
  2,056
  2,356
  2,678
  3,021
  3,385
  3,746
  4,149
  4,572
  5,015
  5,476
  5,958
  6,459
  6,980
  7,522
  8,085
  8,670
  9,278
  9,910
  10,567
  11,250
  11,961
  12,702
  13,473
  14,276
  15,114
Operating income, $m
  106
  145
  182
  222
  268
  317
  371
  429
  492
  558
  629
  726
  804
  886
  972
  1,062
  1,155
  1,252
  1,353
  1,458
  1,567
  1,681
  1,799
  1,921
  2,048
  2,181
  2,319
  2,462
  2,612
  2,768
  2,930
EBITDA, $m
  151
  206
  251
  301
  356
  417
  483
  555
  631
  713
  799
  891
  986
  1,087
  1,192
  1,302
  1,416
  1,536
  1,660
  1,788
  1,922
  2,061
  2,206
  2,356
  2,512
  2,675
  2,844
  3,020
  3,203
  3,394
  3,593
Interest expense (income), $m
  13
  15
  21
  27
  34
  41
  50
  59
  69
  80
  91
  103
  116
  129
  143
  157
  173
  189
  205
  222
  240
  259
  278
  298
  319
  340
  363
  386
  411
  436
  463
Earnings before tax, $m
  93
  130
  161
  195
  234
  276
  321
  370
  423
  479
  538
  623
  689
  757
  829
  904
  982
  1,064
  1,148
  1,236
  1,327
  1,422
  1,521
  1,623
  1,730
  1,840
  1,956
  2,076
  2,201
  2,331
  2,467
Tax expense, $m
  15
  35
  43
  53
  63
  74
  87
  100
  114
  129
  145
  168
  186
  205
  224
  244
  265
  287
  310
  334
  358
  384
  411
  438
  467
  497
  528
  560
  594
  629
  666
Net income, $m
  83
  95
  117
  143
  171
  201
  234
  270
  309
  349
  393
  455
  503
  553
  605
  660
  717
  776
  838
  902
  969
  1,038
  1,110
  1,185
  1,263
  1,344
  1,428
  1,515
  1,607
  1,702
  1,801

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  107
  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
  1,174
  1,317
  1,601
  1,920
  2,273
  2,661
  3,084
  3,539
  4,028
  4,548
  5,100
  5,682
  6,294
  6,936
  7,607
  8,308
  9,038
  9,798
  10,588
  11,410
  12,264
  13,152
  14,074
  15,033
  16,030
  17,066
  18,145
  19,268
  20,438
  21,656
  22,927
Adjusted assets (=assets-cash), $m
  1,067
  1,317
  1,601
  1,920
  2,273
  2,661
  3,084
  3,539
  4,028
  4,548
  5,100
  5,682
  6,294
  6,936
  7,607
  8,308
  9,038
  9,798
  10,588
  11,410
  12,264
  13,152
  14,074
  15,033
  16,030
  17,066
  18,145
  19,268
  20,438
  21,656
  22,927
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
  507
  625
  760
  911
  1,079
  1,263
  1,463
  1,680
  1,911
  2,158
  2,420
  2,696
  2,987
  3,291
  3,610
  3,942
  4,289
  4,650
  5,025
  5,415
  5,820
  6,241
  6,679
  7,134
  7,607
  8,099
  8,611
  9,144
  9,699
  10,277
  10,880
Working capital, $m
  228
  153
  186
  224
  265
  310
  359
  412
  469
  530
  594
  662
  733
  808
  886
  968
  1,053
  1,141
  1,233
  1,329
  1,428
  1,532
  1,639
  1,751
  1,867
  1,988
  2,113
  2,244
  2,381
  2,522
  2,670
Total debt, $m
  440
  592
  768
  966
  1,186
  1,427
  1,689
  1,972
  2,275
  2,598
  2,941
  3,302
  3,683
  4,081
  4,498
  4,933
  5,386
  5,858
  6,349
  6,860
  7,390
  7,941
  8,514
  9,109
  9,728
  10,372
  11,042
  11,740
  12,466
  13,223
  14,012
Total liabilities, $m
  665
  818
  994
  1,192
  1,412
  1,653
  1,915
  2,198
  2,501
  2,824
  3,167
  3,528
  3,909
  4,307
  4,724
  5,159
  5,612
  6,084
  6,575
  7,086
  7,616
  8,167
  8,740
  9,335
  9,954
  10,598
  11,268
  11,966
  12,692
  13,449
  14,238
Total equity, $m
  508
  499
  607
  728
  862
  1,009
  1,169
  1,341
  1,526
  1,724
  1,933
  2,153
  2,385
  2,629
  2,883
  3,149
  3,425
  3,713
  4,013
  4,324
  4,648
  4,985
  5,334
  5,697
  6,075
  6,468
  6,877
  7,303
  7,746
  8,208
  8,689
Total liabilities and equity, $m
  1,173
  1,317
  1,601
  1,920
  2,274
  2,662
  3,084
  3,539
  4,027
  4,548
  5,100
  5,681
  6,294
  6,936
  7,607
  8,308
  9,037
  9,797
  10,588
  11,410
  12,264
  13,152
  14,074
  15,032
  16,029
  17,066
  18,145
  19,269
  20,438
  21,657
  22,927
Debt-to-equity ratio
  0.866
  1.190
  1.270
  1.330
  1.380
  1.410
  1.450
  1.470
  1.490
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.590
  1.600
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
  1.610
  1.610
Adjusted equity ratio
  0.376
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  95
  117
  143
  171
  201
  234
  270
  309
  349
  393
  455
  503
  553
  605
  660
  717
  776
  838
  902
  969
  1,038
  1,110
  1,185
  1,263
  1,344
  1,428
  1,515
  1,607
  1,702
  1,801
Depreciation, amort., depletion, $m
  45
  61
  69
  79
  89
  100
  112
  125
  140
  155
  171
  164
  182
  201
  220
  240
  262
  284
  306
  330
  355
  381
  407
  435
  464
  494
  525
  558
  591
  627
  663
Funds from operations, $m
  122
  156
  187
  221
  259
  301
  347
  396
  448
  504
  563
  619
  685
  754
  826
  900
  979
  1,060
  1,144
  1,232
  1,324
  1,419
  1,517
  1,620
  1,726
  1,837
  1,953
  2,073
  2,198
  2,328
  2,464
Change in working capital, $m
  -8
  29
  33
  37
  41
  45
  49
  53
  57
  61
  64
  68
  71
  75
  78
  82
  85
  89
  92
  96
  99
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
Cash from operations, $m
  130
  127
  154
  184
  218
  256
  297
  343
  391
  443
  499
  552
  614
  679
  747
  819
  894
  971
  1,052
  1,137
  1,224
  1,315
  1,410
  1,508
  1,610
  1,717
  1,827
  1,942
  2,062
  2,187
  2,316
Maintenance CAPEX, $m
  0
  -31
  -38
  -46
  -56
  -66
  -77
  -89
  -102
  -117
  -132
  -148
  -164
  -182
  -201
  -220
  -240
  -262
  -284
  -306
  -330
  -355
  -381
  -407
  -435
  -464
  -494
  -525
  -558
  -591
  -627
New CAPEX, $m
  -31
  -119
  -135
  -151
  -168
  -184
  -200
  -216
  -232
  -247
  -262
  -276
  -291
  -305
  -319
  -332
  -346
  -361
  -375
  -390
  -405
  -421
  -438
  -455
  -473
  -492
  -512
  -533
  -555
  -578
  -603
Cash from investing activities, $m
  -22
  -150
  -173
  -197
  -224
  -250
  -277
  -305
  -334
  -364
  -394
  -424
  -455
  -487
  -520
  -552
  -586
  -623
  -659
  -696
  -735
  -776
  -819
  -862
  -908
  -956
  -1,006
  -1,058
  -1,113
  -1,169
  -1,230
Free cash flow, $m
  108
  -22
  -19
  -13
  -5
  6
  20
  37
  57
  80
  106
  128
  159
  192
  228
  266
  307
  349
  394
  440
  489
  539
  592
  646
  702
  761
  821
  884
  949
  1,017
  1,087
Issuance/(repayment) of debt, $m
  -135
  155
  176
  198
  220
  241
  262
  283
  303
  323
  343
  362
  380
  399
  417
  435
  453
  472
  491
  510
  530
  551
  573
  595
  619
  644
  670
  697
  726
  757
  789
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  
  -137
  155
  176
  198
  220
  241
  262
  283
  303
  323
  343
  362
  380
  399
  417
  435
  453
  472
  491
  510
  530
  551
  573
  595
  619
  644
  670
  697
  726
  757
  789
Total cash flow (excl. dividends), $m
  -30
  133
  157
  184
  214
  247
  282
  320
  360
  403
  448
  489
  539
  591
  645
  701
  760
  821
  885
  951
  1,019
  1,090
  1,164
  1,241
  1,321
  1,405
  1,491
  1,582
  1,676
  1,774
  1,876
Retained Cash Flow (-), $m
  -40
  -95
  -108
  -121
  -134
  -147
  -160
  -173
  -185
  -197
  -209
  -221
  -232
  -243
  -254
  -266
  -277
  -288
  -300
  -311
  -324
  -336
  -350
  -363
  -378
  -393
  -409
  -426
  -443
  -462
  -482
Prev. year cash balance distribution, $m
 
  104
  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
 
  142
  50
  64
  80
  100
  122
  147
  175
  206
  239
  269
  307
  348
  391
  436
  483
  533
  585
  639
  695
  754
  815
  878
  944
  1,012
  1,082
  1,156
  1,232
  1,312
  1,394
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  134
  44
  53
  63
  72
  81
  90
  97
  102
  105
  105
  104
  102
  98
  92
  86
  78
  69
  60
  52
  43
  35
  28
  22
  17
  13
  9
  7
  5
  3
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

Schweitzer-Mauduit International, Inc. (SWM) is a diversified producer of engineered solutions and materials for a variety of industries. The Company has two operating product line segments: Engineered Papers, and Advanced Materials and Structures. As of December 31, 2016, the Company conducted business in over 90 countries and operate 18 production locations across the world, with facilities in the United States, Canada, the United Kingdom, France, Luxembourg, Russia, Brazil, China and Poland. Through its Engineered Papers (EP) segment, the Company primarily serves the tobacco industry via the manufacture and sale of paper and reconstituted tobacco products. Through Advanced Materials & Structures (AMS) segment, the Company is a specialty producer of resin-based plastic netting through an extrusion process, as well as certain meltblown products, machined plastic core tubes, urethane films, and resin-based rolled products.

FINANCIAL RATIOS  of  Schweitzer-Mauduit International (SWM)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 1.5
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 13
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 24%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 36
Current Ratio 0.2
LT Debt to Equity 86%
Total Debt to Equity 86.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9%
Return On Equity 17%
Return On Equity - 3 Yr. Avg. 17.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 30.6%
Gross Margin - 3 Yr. Avg. 29.2%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 13.2%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 18.5%
Payout Ratio 59%

SWM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SWM stock intrinsic value calculation we used $840 million for the last fiscal year's total revenue generated by Schweitzer-Mauduit International. The default revenue input number comes from 2016 income statement of Schweitzer-Mauduit International. 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 SWM stock valuation model: a) initial revenue growth rate of 23.4% 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 5.5%, whose default value for SWM is calculated based on our internal credit rating of Schweitzer-Mauduit International, 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 Schweitzer-Mauduit International.
    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 SWM stock the variable cost ratio is equal to 86.5%.

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 SWM 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 Schweitzer-Mauduit International.

Corporate tax rate of 27% is the nominal tax rate for Schweitzer-Mauduit International. 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 SWM 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 SWM are equal to 60.3%.

Life of production assets of 16.4 years is the average useful life of capital assets used in Schweitzer-Mauduit International 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 SWM is equal to 14.8%. 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 - $508 million for Schweitzer-Mauduit International - 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 30.864 million for Schweitzer-Mauduit International 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 Schweitzer-Mauduit International at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Best Materials Dividend Paying Stock in February   [Feb-04-18 01:02PM  Simply Wall St.]
▶ December Top Dividend Stocks To Look Out For   [08:02AM  Simply Wall St.]
▶ Schweitzer-Mauduit posts 3Q profit   [05:50AM  Associated Press]
▶ Schweitzer-Mauduit posts 2Q profit   [Aug-03-17 10:25AM  Associated Press]
▶ SWM ANNOUNCES SECOND QUARTER 2017 RESULTS   [Aug-02-17 04:25PM  GlobeNewswire]
▶ SWM INTL Organizes First China Alkaline Forum   [Jul-17-17 01:31PM  GlobeNewswire]
▶ Schweitzer-Mauduit posts 1Q profit   [May-04-17 05:03AM  Associated Press]
▶ SWM ANNOUNCES FIRST QUARTER 2017 RESULTS   [May-03-17 04:49PM  GlobeNewswire]
▶ SWM ANNOUNCES CEO TRANSITION AND BOARD APPOINTMENTS   [Mar-30-17 08:21AM  GlobeNewswire]
▶ Schweitzer-Mauduit posts 4Q profit   [Feb-15-17 06:52PM  Associated Press]
▶ SWM INTL Announces Capacity Expansion for Filigree Papers   [Jan-17-17 03:31PM  GlobeNewswire]
Financial statements of SWM
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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