Intrinsic value of Southcross Energy Partners - SXE

Previous Close

$2.15

  Intrinsic Value

$1.83

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

-53%

Previous close

$2.15

 
Intrinsic value

$1.83

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

-53%

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

We calculate the intrinsic value of SXE 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 0.2

 

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, %
  -21.35
  34.40
  31.46
  28.81
  26.43
  24.29
  22.36
  20.62
  19.06
  17.66
  16.39
  15.25
  14.23
  13.30
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.38
Revenue, $m
  549
  738
  970
  1,249
  1,580
  1,963
  2,402
  2,898
  3,450
  4,060
  4,725
  5,446
  6,220
  7,048
  7,927
  8,856
  9,835
  10,863
  11,939
  13,062
  14,234
  15,455
  16,725
  18,045
  19,418
  20,844
  22,326
  23,866
  25,468
  27,133
  28,865
Variable operating expenses, $m
 
  599
  788
  1,015
  1,283
  1,594
  1,951
  2,353
  2,802
  3,296
  3,837
  4,422
  5,051
  5,723
  6,437
  7,191
  7,986
  8,821
  9,694
  10,607
  11,558
  12,549
  13,580
  14,653
  15,767
  16,925
  18,129
  19,379
  20,680
  22,032
  23,439
Fixed operating expenses, $m
 
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  244
  250
  256
  262
  269
  276
  282
  289
  297
  304
Total operating expenses, $m
  587
  748
  940
  1,171
  1,443
  1,758
  2,119
  2,525
  2,979
  3,477
  4,023
  4,612
  5,246
  5,923
  6,642
  7,401
  8,201
  9,042
  9,920
  10,839
  11,796
  12,793
  13,830
  14,909
  16,029
  17,194
  18,405
  19,661
  20,969
  22,329
  23,743
Operating income, $m
  -39
  -10
  30
  79
  137
  205
  284
  372
  472
  582
  703
  834
  974
  1,125
  1,285
  1,455
  1,634
  1,822
  2,018
  2,224
  2,438
  2,662
  2,895
  3,137
  3,388
  3,650
  3,922
  4,204
  4,498
  4,804
  5,123
EBITDA, $m
  68
  134
  219
  322
  445
  587
  751
  937
  1,144
  1,373
  1,623
  1,894
  2,186
  2,498
  2,829
  3,180
  3,549
  3,937
  4,343
  4,768
  5,210
  5,671
  6,151
  6,651
  7,169
  7,709
  8,269
  8,852
  9,458
  10,088
  10,743
Interest expense (income), $m
  32
  30
  42
  56
  73
  94
  117
  145
  175
  209
  247
  288
  333
  381
  432
  487
  544
  605
  668
  735
  804
  877
  952
  1,031
  1,113
  1,198
  1,286
  1,378
  1,473
  1,572
  1,675
Earnings before tax, $m
  -95
  -40
  -12
  23
  64
  111
  166
  228
  297
  373
  456
  545
  641
  744
  853
  968
  1,090
  1,217
  1,350
  1,489
  1,634
  1,785
  1,942
  2,106
  2,275
  2,452
  2,636
  2,827
  3,025
  3,232
  3,447
Tax expense, $m
  0
  0
  0
  6
  17
  30
  45
  62
  80
  101
  123
  147
  173
  201
  230
  261
  294
  329
  365
  402
  441
  482
  524
  569
  614
  662
  712
  763
  817
  873
  931
Net income, $m
  -95
  -40
  -12
  17
  46
  81
  121
  166
  217
  272
  333
  398
  468
  543
  623
  707
  796
  888
  986
  1,087
  1,193
  1,303
  1,418
  1,537
  1,661
  1,790
  1,924
  2,064
  2,209
  2,359
  2,517

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  1,186
  1,567
  2,059
  2,653
  3,354
  4,169
  5,101
  6,153
  7,326
  8,619
  10,032
  11,562
  13,207
  14,963
  16,830
  18,803
  20,882
  23,063
  25,347
  27,733
  30,221
  32,813
  35,509
  38,312
  41,226
  44,254
  47,401
  50,672
  54,071
  57,607
  61,285
Adjusted assets (=assets-cash), $m
  1,165
  1,567
  2,059
  2,653
  3,354
  4,169
  5,101
  6,153
  7,326
  8,619
  10,032
  11,562
  13,207
  14,963
  16,830
  18,803
  20,882
  23,063
  25,347
  27,733
  30,221
  32,813
  35,509
  38,312
  41,226
  44,254
  47,401
  50,672
  54,071
  57,607
  61,285
Revenue / Adjusted assets
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
Average production assets, $m
  995
  1,336
  1,757
  2,263
  2,861
  3,556
  4,351
  5,248
  6,249
  7,352
  8,557
  9,862
  11,265
  12,764
  14,356
  16,039
  17,812
  19,673
  21,621
  23,656
  25,778
  27,989
  30,288
  32,680
  35,165
  37,748
  40,432
  43,222
  46,122
  49,138
  52,275
Working capital, $m
  21
  7
  9
  11
  14
  18
  22
  26
  31
  37
  43
  49
  56
  63
  71
  80
  89
  98
  107
  118
  128
  139
  151
  162
  175
  188
  201
  215
  229
  244
  260
Total debt, $m
  548
  756
  1,017
  1,332
  1,704
  2,135
  2,629
  3,187
  3,809
  4,494
  5,243
  6,054
  6,925
  7,857
  8,846
  9,892
  10,993
  12,150
  13,360
  14,625
  15,943
  17,317
  18,746
  20,232
  21,776
  23,381
  25,049
  26,782
  28,584
  30,458
  32,407
Total liabilities, $m
  622
  830
  1,091
  1,406
  1,778
  2,209
  2,703
  3,261
  3,883
  4,568
  5,317
  6,128
  6,999
  7,931
  8,920
  9,966
  11,067
  12,224
  13,434
  14,699
  16,017
  17,391
  18,820
  20,306
  21,850
  23,455
  25,123
  26,856
  28,658
  30,532
  32,481
Total equity, $m
  564
  736
  968
  1,247
  1,576
  1,959
  2,397
  2,892
  3,443
  4,051
  4,715
  5,434
  6,207
  7,033
  7,910
  8,838
  9,814
  10,840
  11,913
  13,035
  14,204
  15,422
  16,689
  18,007
  19,376
  20,800
  22,279
  23,816
  25,414
  27,075
  28,804
Total liabilities and equity, $m
  1,186
  1,566
  2,059
  2,653
  3,354
  4,168
  5,100
  6,153
  7,326
  8,619
  10,032
  11,562
  13,206
  14,964
  16,830
  18,804
  20,881
  23,064
  25,347
  27,734
  30,221
  32,813
  35,509
  38,313
  41,226
  44,255
  47,402
  50,672
  54,072
  57,607
  61,285
Debt-to-equity ratio
  0.972
  1.030
  1.050
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.120
  1.130
Adjusted equity ratio
  0.466
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470
  0.470

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -95
  -40
  -12
  17
  46
  81
  121
  166
  217
  272
  333
  398
  468
  543
  623
  707
  796
  888
  986
  1,087
  1,193
  1,303
  1,418
  1,537
  1,661
  1,790
  1,924
  2,064
  2,209
  2,359
  2,517
Depreciation, amort., depletion, $m
  107
  144
  189
  243
  308
  382
  468
  564
  672
  791
  920
  1,060
  1,211
  1,372
  1,544
  1,725
  1,915
  2,115
  2,325
  2,544
  2,772
  3,010
  3,257
  3,514
  3,781
  4,059
  4,348
  4,648
  4,959
  5,284
  5,621
Funds from operations, $m
  74
  104
  177
  260
  354
  464
  589
  731
  889
  1,063
  1,253
  1,458
  1,680
  1,916
  2,166
  2,432
  2,711
  3,004
  3,310
  3,631
  3,965
  4,313
  4,675
  5,051
  5,442
  5,849
  6,272
  6,711
  7,168
  7,643
  8,138
Change in working capital, $m
  23
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
Cash from operations, $m
  51
  102
  175
  257
  351
  460
  585
  726
  884
  1,057
  1,247
  1,452
  1,673
  1,908
  2,159
  2,423
  2,702
  2,994
  3,301
  3,621
  3,954
  4,302
  4,663
  5,039
  5,430
  5,836
  6,258
  6,697
  7,153
  7,628
  8,122
Maintenance CAPEX, $m
  0
  -107
  -144
  -189
  -243
  -308
  -382
  -468
  -564
  -672
  -791
  -920
  -1,060
  -1,211
  -1,372
  -1,544
  -1,725
  -1,915
  -2,115
  -2,325
  -2,544
  -2,772
  -3,010
  -3,257
  -3,514
  -3,781
  -4,059
  -4,348
  -4,648
  -4,959
  -5,284
New CAPEX, $m
  -26
  -342
  -420
  -506
  -598
  -695
  -795
  -897
  -1,000
  -1,103
  -1,205
  -1,305
  -1,403
  -1,499
  -1,592
  -1,683
  -1,773
  -1,861
  -1,948
  -2,035
  -2,122
  -2,210
  -2,300
  -2,391
  -2,486
  -2,583
  -2,684
  -2,790
  -2,900
  -3,016
  -3,137
Cash from investing activities, $m
  -9
  -449
  -564
  -695
  -841
  -1,003
  -1,177
  -1,365
  -1,564
  -1,775
  -1,996
  -2,225
  -2,463
  -2,710
  -2,964
  -3,227
  -3,498
  -3,776
  -4,063
  -4,360
  -4,666
  -4,982
  -5,310
  -5,648
  -6,000
  -6,364
  -6,743
  -7,138
  -7,548
  -7,975
  -8,421
Free cash flow, $m
  42
  -346
  -389
  -438
  -490
  -542
  -592
  -639
  -681
  -718
  -749
  -773
  -791
  -802
  -806
  -804
  -795
  -782
  -763
  -739
  -712
  -681
  -646
  -609
  -569
  -528
  -485
  -440
  -394
  -347
  -299
Issuance/(repayment) of debt, $m
  -64
  213
  261
  315
  372
  432
  494
  558
  622
  686
  749
  811
  872
  931
  989
  1,046
  1,102
  1,156
  1,211
  1,265
  1,319
  1,373
  1,429
  1,486
  1,544
  1,605
  1,668
  1,733
  1,802
  1,874
  1,949
Issuance/(repurchase) of shares, $m
  0
  228
  243
  262
  283
  302
  317
  328
  335
  336
  331
  321
  305
  282
  254
  221
  181
  137
  88
  34
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -32
  441
  504
  577
  655
  734
  811
  886
  957
  1,022
  1,080
  1,132
  1,177
  1,213
  1,243
  1,267
  1,283
  1,293
  1,299
  1,299
  1,319
  1,373
  1,429
  1,486
  1,544
  1,605
  1,668
  1,733
  1,802
  1,874
  1,949
Total cash flow (excl. dividends), $m
  10
  95
  116
  139
  164
  191
  219
  247
  275
  303
  331
  359
  386
  412
  438
  463
  487
  512
  536
  559
  607
  693
  783
  877
  975
  1,077
  1,183
  1,293
  1,408
  1,527
  1,650
Retained Cash Flow (-), $m
  57
  -228
  -243
  -279
  -330
  -383
  -438
  -494
  -551
  -608
  -664
  -719
  -773
  -826
  -877
  -928
  -977
  -1,025
  -1,073
  -1,121
  -1,169
  -1,218
  -1,267
  -1,318
  -1,370
  -1,423
  -1,479
  -1,537
  -1,598
  -1,662
  -1,729
Prev. year cash balance distribution, $m
 
  16
  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
 
  -117
  -128
  -140
  -165
  -192
  -220
  -248
  -276
  -305
  -333
  -360
  -387
  -414
  -440
  -465
  -489
  -514
  -538
  -562
  -562
  -525
  -484
  -441
  -395
  -346
  -296
  -244
  -190
  -135
  -78
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  -107
  -106
  -105
  -111
  -114
  -114
  -111
  -105
  -98
  -89
  -79
  -68
  -58
  -48
  -39
  -31
  -24
  -18
  -13
  -9
  -6
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  62.7
  42.6
  30.7
  23.2
  18.2
  14.8
  12.4
  10.6
  9.3
  8.3
  7.6
  7.0
  6.6
  6.3
  6.0
  5.9
  5.8
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7
  5.7

Southcross Energy Partners, L.P. provides natural gas gathering, processing, treating, compression and transportation services and natural gas liquid (NGL) fractionation and transportation services. The Company also sources, purchases, transports and sells natural gas and NGLs. Its assets are located in South Texas, Mississippi and Alabama As of December 31, 2016, its assets consisted of gathering systems, intrastate pipelines, two natural gas processing plants, one fractionation facility, 20 compressor stations and a treating system. Its gathering systems and intrastate pipelines include South Texas and Mississippi/Alabama. The assets in its South Texas region are located between Montgomery County, which is north of Houston, and Webb and Dimmit Counties near the Texas-Mexico border. The assets in its Mississippi region are located principally in the southern half of the state and consist of intrastate pipeline system in Mississippi.

FINANCIAL RATIOS  of  Southcross Energy Partners (SXE)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 0.3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate -21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -76.1%
Cap. Spend. - 3 Yr. Gr. Rate -22.7%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 96.3%
Total Debt to Equity 97.2%
Interest Coverage -2
Management Effectiveness
Return On Assets -5%
Ret/ On Assets - 3 Yr. Avg. -3%
Return On Total Capital -8.1%
Ret/ On T. Cap. - 3 Yr. Avg. -5.7%
Return On Equity -16%
Return On Equity - 3 Yr. Avg. -10.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 27.9%
Gross Margin - 3 Yr. Avg. 22.9%
EBITDA Margin 8%
EBITDA Margin - 3 Yr. Avg. 5.9%
Operating Margin -6.9%
Oper. Margin - 3 Yr. Avg. -3.4%
Pre-Tax Margin -17.3%
Pre-Tax Margin - 3 Yr. Avg. -9.9%
Net Profit Margin -17.3%
Net Profit Margin - 3 Yr. Avg. -9.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio 0%

SXE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SXE stock intrinsic value calculation we used $549 million for the last fiscal year's total revenue generated by Southcross Energy Partners. The default revenue input number comes from 2016 income statement of Southcross Energy Partners. 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 SXE stock valuation model: a) initial revenue growth rate of 34.4% 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 9.1%, whose default value for SXE is calculated based on our internal credit rating of Southcross Energy Partners, 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 Southcross Energy Partners.
    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 SXE stock the variable cost ratio is equal to 81.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $145 million in the base year in the intrinsic value calculation for SXE 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 5.5% for Southcross Energy Partners.

Corporate tax rate of 27% is the nominal tax rate for Southcross Energy Partners. 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 SXE 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 SXE are equal to 181.1%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Southcross Energy Partners 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 SXE is equal to 0.9%. 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 - $564 million for Southcross Energy Partners - 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 77.046 million for Southcross Energy Partners 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 Southcross Energy Partners at the current share price and the inputted number of shares is $0.2 billion.

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Financial statements of SXE
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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