Intrinsic value of Synaptics - SYNA

Previous Close

$46.82

  Intrinsic Value

$42.37

stock screener

  Rating & Target

hold

-10%

Previous close

$46.82

 
Intrinsic value

$42.37

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of SYNA 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.06
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
Revenue, $m
  1,718
  1,855
  1,998
  2,147
  2,301
  2,461
  2,628
  2,801
  2,982
  3,169
  3,365
  3,568
  3,780
  4,001
  4,232
  4,472
  4,723
  4,986
  5,260
  5,547
  5,847
  6,160
  6,488
  6,832
  7,192
  7,569
  7,963
  8,377
  8,810
  9,265
  9,741
Variable operating expenses, $m
 
  1,768
  1,903
  2,043
  2,188
  2,339
  2,496
  2,659
  2,829
  3,006
  3,190
  3,361
  3,561
  3,769
  3,986
  4,213
  4,449
  4,696
  4,955
  5,225
  5,507
  5,803
  6,112
  6,435
  6,774
  7,129
  7,501
  7,891
  8,299
  8,727
  9,176
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
  1,652
  1,768
  1,903
  2,043
  2,188
  2,339
  2,496
  2,659
  2,829
  3,006
  3,190
  3,361
  3,561
  3,769
  3,986
  4,213
  4,449
  4,696
  4,955
  5,225
  5,507
  5,803
  6,112
  6,435
  6,774
  7,129
  7,501
  7,891
  8,299
  8,727
  9,176
Operating income, $m
  67
  87
  95
  104
  113
  122
  132
  142
  152
  163
  175
  207
  219
  232
  246
  260
  274
  289
  305
  322
  339
  358
  377
  397
  417
  439
  462
  486
  511
  538
  565
EBITDA, $m
  159
  160
  173
  186
  199
  213
  227
  242
  258
  274
  291
  308
  327
  346
  366
  387
  408
  431
  455
  480
  505
  533
  561
  591
  622
  654
  688
  724
  762
  801
  842
Interest expense (income), $m
  0
  7
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  26
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  77
  81
  86
Earnings before tax, $m
  61
  80
  87
  94
  101
  109
  117
  125
  134
  143
  152
  183
  193
  204
  215
  226
  238
  251
  264
  278
  292
  307
  323
  340
  357
  375
  394
  414
  435
  457
  480
Tax expense, $m
  12
  22
  23
  25
  27
  29
  32
  34
  36
  39
  41
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
  112
  117
  123
  129
Net income, $m
  49
  58
  63
  69
  74
  80
  85
  91
  98
  104
  111
  133
  141
  149
  157
  165
  174
  183
  193
  203
  213
  224
  236
  248
  261
  274
  288
  302
  317
  333
  350

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  368
  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
  1,267
  971
  1,046
  1,123
  1,204
  1,288
  1,375
  1,466
  1,560
  1,658
  1,761
  1,867
  1,978
  2,094
  2,214
  2,340
  2,472
  2,609
  2,753
  2,903
  3,059
  3,224
  3,395
  3,575
  3,763
  3,961
  4,167
  4,384
  4,610
  4,848
  5,097
Adjusted assets (=assets-cash), $m
  899
  971
  1,046
  1,123
  1,204
  1,288
  1,375
  1,466
  1,560
  1,658
  1,761
  1,867
  1,978
  2,094
  2,214
  2,340
  2,472
  2,609
  2,753
  2,903
  3,059
  3,224
  3,395
  3,575
  3,763
  3,961
  4,167
  4,384
  4,610
  4,848
  5,097
Revenue / Adjusted assets
  1.911
  1.910
  1.910
  1.912
  1.911
  1.911
  1.911
  1.911
  1.912
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
  1.911
Average production assets, $m
  244
  263
  284
  305
  327
  350
  373
  398
  423
  450
  478
  507
  537
  568
  601
  635
  671
  708
  747
  788
  830
  875
  921
  970
  1,021
  1,075
  1,131
  1,190
  1,251
  1,316
  1,383
Working capital, $m
  482
  139
  150
  161
  173
  185
  197
  210
  224
  238
  252
  268
  283
  300
  317
  335
  354
  374
  395
  416
  438
  462
  487
  512
  539
  568
  597
  628
  661
  695
  731
Total debt, $m
  217
  243
  286
  330
  376
  424
  474
  526
  579
  635
  694
  754
  817
  883
  952
  1,024
  1,099
  1,177
  1,259
  1,344
  1,434
  1,527
  1,625
  1,728
  1,835
  1,948
  2,065
  2,189
  2,318
  2,453
  2,596
Total liabilities, $m
  527
  553
  596
  640
  686
  734
  784
  836
  889
  945
  1,004
  1,064
  1,127
  1,193
  1,262
  1,334
  1,409
  1,487
  1,569
  1,654
  1,744
  1,837
  1,935
  2,038
  2,145
  2,258
  2,375
  2,499
  2,628
  2,763
  2,906
Total equity, $m
  740
  417
  450
  483
  518
  554
  591
  630
  671
  713
  757
  803
  851
  900
  952
  1,006
  1,063
  1,122
  1,184
  1,248
  1,316
  1,386
  1,460
  1,537
  1,618
  1,703
  1,792
  1,885
  1,982
  2,085
  2,192
Total liabilities and equity, $m
  1,267
  970
  1,046
  1,123
  1,204
  1,288
  1,375
  1,466
  1,560
  1,658
  1,761
  1,867
  1,978
  2,093
  2,214
  2,340
  2,472
  2,609
  2,753
  2,902
  3,060
  3,223
  3,395
  3,575
  3,763
  3,961
  4,167
  4,384
  4,610
  4,848
  5,098
Debt-to-equity ratio
  0.293
  0.580
  0.640
  0.680
  0.730
  0.770
  0.800
  0.830
  0.860
  0.890
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.180
Adjusted equity ratio
  0.414
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  58
  63
  69
  74
  80
  85
  91
  98
  104
  111
  133
  141
  149
  157
  165
  174
  183
  193
  203
  213
  224
  236
  248
  261
  274
  288
  302
  317
  333
  350
Depreciation, amort., depletion, $m
  92
  73
  77
  82
  86
  91
  95
  100
  105
  111
  116
  101
  107
  114
  120
  127
  134
  142
  149
  158
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  277
Funds from operations, $m
  121
  132
  141
  150
  160
  170
  181
  192
  203
  215
  227
  235
  248
  262
  277
  292
  308
  325
  342
  360
  379
  399
  420
  442
  465
  489
  514
  540
  568
  596
  627
Change in working capital, $m
  -32
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  22
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
Cash from operations, $m
  153
  121
  130
  139
  148
  158
  168
  179
  190
  201
  213
  220
  232
  246
  260
  274
  289
  305
  322
  339
  357
  376
  396
  416
  438
  461
  484
  509
  535
  562
  591
Maintenance CAPEX, $m
  0
  -49
  -53
  -57
  -61
  -65
  -70
  -75
  -80
  -85
  -90
  -96
  -101
  -107
  -114
  -120
  -127
  -134
  -142
  -149
  -158
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
  -250
  -263
New CAPEX, $m
  -31
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
Cash from investing activities, $m
  -42
  -68
  -73
  -78
  -83
  -88
  -94
  -100
  -106
  -112
  -118
  -125
  -131
  -138
  -147
  -154
  -163
  -171
  -181
  -190
  -201
  -211
  -222
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -331
Free cash flow, $m
  111
  53
  57
  61
  66
  70
  75
  80
  85
  90
  95
  95
  101
  107
  113
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  213
  224
  236
  248
  260
Issuance/(repayment) of debt, $m
  -19
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  86
  89
  94
  98
  102
  107
  112
  118
  123
  129
  136
  142
Issuance/(repurchase) of shares, $m
  -63
  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  
  -94
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  86
  89
  94
  98
  102
  107
  112
  118
  123
  129
  136
  142
Total cash flow (excl. dividends), $m
  16
  95
  100
  106
  112
  118
  124
  131
  138
  146
  153
  156
  164
  173
  182
  192
  202
  212
  223
  234
  246
  259
  272
  286
  300
  315
  331
  348
  365
  383
  402
Retained Cash Flow (-), $m
  -35
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -67
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
Prev. year cash balance distribution, $m
 
  353
  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
 
  417
  68
  72
  77
  82
  87
  92
  98
  103
  109
  110
  116
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  208
  219
  230
  242
  255
  267
  281
  295
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
 
  400
  62
  63
  63
  63
  63
  62
  61
  59
  57
  52
  50
  47
  44
  40
  37
  33
  30
  26
  23
  19
  16
  14
  11
  9
  7
  5
  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

Synaptics Incorporated is engaged in the development, marketing and sale of intuitive human interface solutions for electronic devices and products. The Company is a developer and supplier of custom-designed human interface product solutions that enable people to interact with a range of mobile computing, communications, entertainment and other electronic devices. Its products include ClearPad, ClearView, TouchView, Natural ID, TouchPad, SecurePad, ClickPad and ForcePad. Its other product solutions include dual pointing solutions, TouchStyk, and TouchButtons. Its dual pointing solutions offer TouchPad with a pointing stick in a single notebook computer, enabling users to select their interface of choice. TouchStyk is a self-contained pointing stick module that uses capacitive technology similar to that used in its TouchPad. TouchButtons provide capacitive buttons and scrolling controls for an interface solution designed to replace mechanical buttons.

FINANCIAL RATIOS  of  Synaptics (SYNA)

Valuation Ratios
P/E Ratio 33.1
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio 25
Current Ratio 0
LT Debt to Equity 27.3%
Total Debt to Equity 29.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 30.5%
Gross Margin - 3 Yr. Avg. 33.1%
EBITDA Margin 8.9%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 3.8%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 19.7%
Eff/ Tax Rate - 3 Yr. Avg. 18.7%
Payout Ratio 0%

SYNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYNA stock intrinsic value calculation we used $1718 million for the last fiscal year's total revenue generated by Synaptics. The default revenue input number comes from 2017 income statement of Synaptics. 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 SYNA stock valuation model: a) initial revenue growth rate of 8% 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 SYNA is calculated based on our internal credit rating of Synaptics, 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 Synaptics.
    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 SYNA stock the variable cost ratio is equal to 95.4%.

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 SYNA 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 Synaptics.

Corporate tax rate of 27% is the nominal tax rate for Synaptics. 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 SYNA 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 SYNA are equal to 14.2%.

Life of production assets of 4.9 years is the average useful life of capital assets used in Synaptics 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 SYNA 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 - $740 million for Synaptics - 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 33.801 million for Synaptics 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 Synaptics at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Silicon Valley stocks: Roku, SunPower plunge as GoPro rebounds slightly   [Jan-16-18 04:42PM  American City Business Journals]
▶ Silicon Valley stocks: Synaptics shares soar on analyst upgrade as Facebook falls   [Jan-12-18 04:52PM  American City Business Journals]
▶ CES 2018 Boosted These Chip And Technology Suppliers   [04:24PM  Investor's Business Daily]
▶ Why Shares of Synaptics Jumped Today   [12:26PM  Motley Fool]
▶ Technology: Most Bellwethers Are Overvalued   [Dec-29-17 06:00AM  Morningstar]
▶ Can Synaptics Outperform in 2018?   [Dec-27-17 11:20AM  GuruFocus.com]
▶ Synaptics: Cramer's Top Takeaways   [06:59AM  TheStreet.com]
▶ Synaptics Dares You to Think Long Term   [Dec-13-17 01:00PM  TheStreet.com]
▶ Synaptics Turnaround Is Here to Stay   [Nov-21-17 06:13PM  Motley Fool]
▶ Why Shares of Synaptics Jumped Today   [01:45PM  Motley Fool]
▶ Synaptics Bounces Back   [Nov-07-17 10:20PM  Morningstar]
▶ Synaptics reports 1Q loss   [04:43PM  Associated Press]
▶ Time to Get Greedy With Himax Technologies, Inc. Stock   [Nov-01-17 02:27PM  Motley Fool]
▶ Keep a Finger in Smartphone Sensors   [Oct-03-17 04:00PM  Bloomberg]
▶ Better Buy: Synaptics vs. Cypress Semiconductor   [Sep-29-17 08:33PM  Motley Fool]
▶ Dolby, Universal Display Boosted By New Apple iPhones   [Sep-13-17 05:00PM  Investor's Business Daily]
▶ ETFs with exposure to Synaptics, Inc. : September 9, 2017   [Sep-09-17 01:15AM  Capital Cube]
▶ Why Synaptics Stock Tumbled 21% in August   [Sep-05-17 03:21PM  Motley Fool]
▶ ETFs with exposure to Synaptics, Inc. : August 30, 2017   [Aug-29-17 08:38PM  Capital Cube]
▶ Synaptics: Cramer's Top Takeaways   [06:45AM  TheStreet.com]
▶ Is Synaptics 26% Drop an Opportunity or a Red Flag?   [Aug-21-17 07:41PM  Motley Fool]
Financial statements of SYNA
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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