Intrinsic value of Schweitzer-Mauduit International - SWM

Previous Close

$39.76

  Intrinsic Value

$50.75

stock screener

  Rating & Target

buy

+28%

  Value-price divergence*

-15%

Previous close

$39.76

 
Intrinsic value

$50.75

 
Up/down potential

+28%

 
Rating

buy

 
Value-price divergence*

-15%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

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
  17.50
  16.25
  15.13
  14.11
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
Revenue, $m
  840
  987
  1,147
  1,321
  1,507
  1,706
  1,918
  2,141
  2,376
  2,623
  2,881
  3,150
  3,431
  3,724
  4,029
  4,345
  4,674
  5,016
  5,372
  5,741
  6,125
  6,524
  6,940
  7,372
  7,823
  8,292
  8,781
  9,291
  9,823
  10,378
  10,958
Variable operating expenses, $m
 
  850
  984
  1,129
  1,286
  1,452
  1,629
  1,816
  2,013
  2,220
  2,436
  2,639
  2,874
  3,119
  3,374
  3,640
  3,915
  4,202
  4,499
  4,809
  5,130
  5,465
  5,813
  6,175
  6,552
  6,945
  7,355
  7,782
  8,228
  8,693
  9,179
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
  850
  984
  1,129
  1,286
  1,452
  1,629
  1,816
  2,013
  2,220
  2,436
  2,639
  2,874
  3,119
  3,374
  3,640
  3,915
  4,202
  4,499
  4,809
  5,130
  5,465
  5,813
  6,175
  6,552
  6,945
  7,355
  7,782
  8,228
  8,693
  9,179
Operating income, $m
  106
  137
  163
  191
  222
  254
  288
  325
  363
  403
  445
  512
  557
  605
  654
  706
  759
  815
  872
  932
  995
  1,059
  1,127
  1,197
  1,270
  1,346
  1,426
  1,509
  1,595
  1,685
  1,779
EBITDA, $m
  151
  197
  229
  263
  300
  340
  382
  426
  473
  522
  574
  627
  683
  742
  802
  865
  931
  999
  1,070
  1,143
  1,220
  1,299
  1,382
  1,468
  1,558
  1,651
  1,749
  1,850
  1,956
  2,067
  2,182
Interest expense (income), $m
  13
  15
  19
  24
  29
  34
  39
  45
  51
  58
  65
  72
  79
  87
  95
  103
  112
  121
  131
  140
  151
  161
  172
  184
  196
  208
  221
  235
  249
  263
  279
Earnings before tax, $m
  93
  122
  144
  168
  193
  220
  249
  280
  312
  345
  380
  440
  478
  518
  559
  602
  647
  693
  742
  792
  844
  898
  955
  1,013
  1,075
  1,138
  1,205
  1,274
  1,346
  1,422
  1,501
Tax expense, $m
  15
  33
  39
  45
  52
  59
  67
  75
  84
  93
  103
  119
  129
  140
  151
  163
  175
  187
  200
  214
  228
  243
  258
  274
  290
  307
  325
  344
  364
  384
  405
Net income, $m
  83
  89
  105
  122
  141
  161
  182
  204
  227
  252
  278
  321
  349
  378
  408
  440
  472
  506
  541
  578
  616
  656
  697
  740
  784
  831
  879
  930
  983
  1,038
  1,095

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
  1,254
  1,458
  1,678
  1,915
  2,168
  2,437
  2,720
  3,019
  3,332
  3,660
  4,003
  4,360
  4,732
  5,119
  5,521
  5,939
  6,374
  6,826
  7,295
  7,783
  8,290
  8,818
  9,368
  9,940
  10,536
  11,157
  11,805
  12,481
  13,187
  13,924
Adjusted assets (=assets-cash), $m
  1,067
  1,254
  1,458
  1,678
  1,915
  2,168
  2,437
  2,720
  3,019
  3,332
  3,660
  4,003
  4,360
  4,732
  5,119
  5,521
  5,939
  6,374
  6,826
  7,295
  7,783
  8,290
  8,818
  9,368
  9,940
  10,536
  11,157
  11,805
  12,481
  13,187
  13,924
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
  595
  692
  797
  909
  1,029
  1,156
  1,291
  1,433
  1,581
  1,737
  1,900
  2,069
  2,246
  2,429
  2,620
  2,819
  3,025
  3,239
  3,462
  3,693
  3,934
  4,185
  4,445
  4,717
  5,000
  5,295
  5,602
  5,923
  6,258
  6,608
Working capital, $m
  228
  146
  170
  195
  223
  253
  284
  317
  352
  388
  426
  466
  508
  551
  596
  643
  692
  742
  795
  850
  907
  966
  1,027
  1,091
  1,158
  1,227
  1,300
  1,375
  1,454
  1,536
  1,622
Total debt, $m
  440
  553
  679
  816
  963
  1,120
  1,287
  1,463
  1,649
  1,843
  2,047
  2,260
  2,482
  2,713
  2,953
  3,203
  3,462
  3,732
  4,013
  4,304
  4,607
  4,922
  5,250
  5,591
  5,947
  6,317
  6,703
  7,105
  7,525
  7,963
  8,421
Total liabilities, $m
  665
  779
  905
  1,042
  1,189
  1,346
  1,513
  1,689
  1,875
  2,069
  2,273
  2,486
  2,708
  2,939
  3,179
  3,429
  3,688
  3,958
  4,239
  4,530
  4,833
  5,148
  5,476
  5,817
  6,173
  6,543
  6,929
  7,331
  7,751
  8,189
  8,647
Total equity, $m
  508
  475
  553
  636
  726
  822
  923
  1,031
  1,144
  1,263
  1,387
  1,517
  1,652
  1,793
  1,940
  2,093
  2,251
  2,416
  2,587
  2,765
  2,950
  3,142
  3,342
  3,550
  3,767
  3,993
  4,229
  4,474
  4,730
  4,998
  5,277
Total liabilities and equity, $m
  1,173
  1,254
  1,458
  1,678
  1,915
  2,168
  2,436
  2,720
  3,019
  3,332
  3,660
  4,003
  4,360
  4,732
  5,119
  5,522
  5,939
  6,374
  6,826
  7,295
  7,783
  8,290
  8,818
  9,367
  9,940
  10,536
  11,158
  11,805
  12,481
  13,187
  13,924
Debt-to-equity ratio
  0.866
  1.160
  1.230
  1.280
  1.330
  1.360
  1.390
  1.420
  1.440
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.540
  1.550
  1.560
  1.560
  1.570
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.590
  1.590
  1.600
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
  89
  105
  122
  141
  161
  182
  204
  227
  252
  278
  321
  349
  378
  408
  440
  472
  506
  541
  578
  616
  656
  697
  740
  784
  831
  879
  930
  983
  1,038
  1,095
Depreciation, amort., depletion, $m
  45
  59
  65
  72
  78
  86
  94
  102
  110
  119
  129
  116
  126
  137
  148
  160
  172
  184
  198
  211
  225
  240
  255
  271
  288
  305
  323
  342
  361
  382
  403
Funds from operations, $m
  122
  148
  170
  194
  219
  247
  275
  306
  338
  371
  406
  437
  475
  515
  556
  599
  644
  691
  739
  789
  841
  896
  952
  1,011
  1,072
  1,136
  1,202
  1,272
  1,344
  1,420
  1,498
Change in working capital, $m
  -8
  22
  24
  26
  28
  29
  31
  33
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  75
  79
  82
  86
Cash from operations, $m
  130
  127
  147
  168
  192
  217
  244
  273
  303
  335
  368
  397
  434
  472
  511
  553
  595
  640
  686
  734
  784
  836
  891
  947
  1,005
  1,066
  1,130
  1,196
  1,265
  1,337
  1,413
Maintenance CAPEX, $m
  0
  -31
  -36
  -42
  -49
  -55
  -63
  -71
  -79
  -87
  -96
  -106
  -116
  -126
  -137
  -148
  -160
  -172
  -184
  -198
  -211
  -225
  -240
  -255
  -271
  -288
  -305
  -323
  -342
  -361
  -382
New CAPEX, $m
  -31
  -89
  -97
  -105
  -112
  -120
  -127
  -135
  -142
  -149
  -156
  -163
  -169
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -283
  -295
  -307
  -321
  -335
  -350
Cash from investing activities, $m
  -22
  -120
  -133
  -147
  -161
  -175
  -190
  -206
  -221
  -236
  -252
  -269
  -285
  -303
  -321
  -339
  -358
  -378
  -398
  -421
  -443
  -466
  -491
  -516
  -543
  -571
  -600
  -630
  -663
  -696
  -732
Free cash flow, $m
  108
  7
  14
  21
  31
  42
  54
  68
  83
  99
  116
  129
  148
  169
  191
  213
  237
  262
  288
  314
  342
  370
  400
  431
  463
  496
  530
  566
  603
  641
  681
Issuance/(repayment) of debt, $m
  -135
  116
  127
  137
  147
  157
  167
  176
  185
  195
  204
  213
  222
  231
  240
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
  386
  402
  420
  438
  458
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
  116
  127
  137
  147
  157
  167
  176
  185
  195
  204
  213
  222
  231
  240
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
  386
  402
  420
  438
  458
Total cash flow (excl. dividends), $m
  -30
  123
  140
  158
  178
  199
  221
  244
  268
  293
  320
  341
  370
  400
  431
  463
  497
  532
  568
  606
  645
  686
  728
  772
  818
  866
  916
  968
  1,023
  1,080
  1,139
Retained Cash Flow (-), $m
  -40
  -71
  -77
  -84
  -90
  -96
  -102
  -108
  -113
  -119
  -124
  -130
  -135
  -141
  -147
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -235
  -246
  -256
  -267
  -279
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
 
  156
  63
  75
  88
  103
  119
  136
  155
  175
  196
  211
  235
  259
  284
  311
  338
  367
  397
  428
  460
  493
  528
  564
  601
  640
  681
  723
  766
  812
  860
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
 
  147
  56
  63
  69
  74
  79
  83
  85
  86
  86
  82
  80
  76
  71
  66
  60
  53
  47
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
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 14.6
Price to Sales 1.4
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 9.3
Price to Free Cash Flow 12.3
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 17.5% 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 30.737 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 $1.2 billion.

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COMPANY NEWS

▶ 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]
▶ SWM ANNOUNCES SECOND QUARTER 2016 RESULTS   [Aug-03-16 04:32PM  GlobeNewswire]
▶ SWM ANNOUNCES SENIOR LEADERSHIP CHANGES   [Jul-05-16 04:32PM  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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