Intrinsic value of TravelCenters of America - TA

Previous Close

$3.60

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$3.60

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of TA 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 0.1

 

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, %
  -5.81
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,511
  5,968
  6,105
  6,262
  6,438
  6,634
  6,848
  7,081
  7,333
  7,605
  7,897
  8,209
  8,543
  8,897
  9,274
  9,674
  10,098
  10,547
  11,022
  11,523
  12,053
  12,611
  13,201
  13,822
  14,476
  15,165
  15,891
  16,654
  17,458
  18,304
  19,193
Variable operating expenses, $m
 
  5,813
  5,947
  6,099
  6,271
  6,461
  6,670
  6,897
  7,143
  7,408
  7,692
  7,996
  8,321
  8,666
  9,033
  9,423
  9,836
  10,273
  10,735
  11,224
  11,739
  12,284
  12,857
  13,462
  14,100
  14,771
  15,478
  16,221
  17,004
  17,828
  18,694
Fixed operating expenses, $m
 
  93
  96
  98
  100
  103
  106
  108
  111
  114
  116
  119
  122
  125
  129
  132
  135
  138
  142
  145
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
Total operating expenses, $m
  5,492
  5,906
  6,043
  6,197
  6,371
  6,564
  6,776
  7,005
  7,254
  7,522
  7,808
  8,115
  8,443
  8,791
  9,162
  9,555
  9,971
  10,411
  10,877
  11,369
  11,888
  12,437
  13,014
  13,623
  14,265
  14,940
  15,651
  16,398
  17,186
  18,014
  18,885
Operating income, $m
  20
  62
  63
  65
  67
  70
  73
  76
  80
  84
  89
  94
  100
  106
  113
  120
  127
  136
  145
  154
  164
  175
  187
  199
  212
  226
  240
  256
  272
  290
  308
EBITDA, $m
  112
  133
  136
  139
  143
  148
  154
  160
  167
  174
  183
  192
  201
  212
  223
  235
  247
  261
  276
  291
  307
  325
  343
  363
  384
  406
  429
  454
  480
  507
  536
Interest expense (income), $m
  30
  22
  23
  25
  26
  29
  31
  33
  36
  39
  42
  46
  49
  53
  57
  62
  67
  71
  77
  82
  88
  94
  101
  108
  115
  123
  131
  139
  148
  158
  168
Earnings before tax, $m
  -4
  40
  40
  40
  40
  41
  42
  43
  44
  45
  47
  48
  50
  53
  55
  58
  61
  64
  68
  72
  76
  81
  86
  91
  97
  103
  109
  116
  124
  132
  140
Tax expense, $m
  -2
  11
  11
  11
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  30
  31
  33
  36
  38
Net income, $m
  -2
  29
  29
  29
  30
  30
  30
  31
  32
  33
  34
  35
  37
  38
  40
  42
  44
  47
  50
  52
  56
  59
  62
  66
  71
  75
  80
  85
  90
  96
  102

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  1,660
  1,479
  1,513
  1,552
  1,596
  1,644
  1,697
  1,755
  1,817
  1,885
  1,957
  2,035
  2,117
  2,205
  2,298
  2,398
  2,503
  2,614
  2,732
  2,856
  2,987
  3,126
  3,272
  3,425
  3,588
  3,758
  3,938
  4,127
  4,327
  4,536
  4,757
Adjusted assets (=assets-cash), $m
  1,599
  1,479
  1,513
  1,552
  1,596
  1,644
  1,697
  1,755
  1,817
  1,885
  1,957
  2,035
  2,117
  2,205
  2,298
  2,398
  2,503
  2,614
  2,732
  2,856
  2,987
  3,126
  3,272
  3,425
  3,588
  3,758
  3,938
  4,127
  4,327
  4,536
  4,757
Revenue / Adjusted assets
  3.447
  4.035
  4.035
  4.035
  4.034
  4.035
  4.035
  4.035
  4.036
  4.034
  4.035
  4.034
  4.035
  4.035
  4.036
  4.034
  4.034
  4.035
  4.034
  4.035
  4.035
  4.034
  4.035
  4.036
  4.035
  4.035
  4.035
  4.035
  4.035
  4.035
  4.035
Average production assets, $m
  613
  454
  464
  476
  489
  504
  520
  538
  557
  578
  600
  624
  649
  676
  705
  735
  767
  802
  838
  876
  916
  958
  1,003
  1,050
  1,100
  1,153
  1,208
  1,266
  1,327
  1,391
  1,459
Working capital, $m
  72
  30
  31
  31
  32
  33
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  92
  96
Total debt, $m
  340
  360
  385
  413
  446
  482
  521
  564
  610
  660
  713
  771
  832
  897
  966
  1,039
  1,117
  1,199
  1,286
  1,378
  1,475
  1,578
  1,686
  1,800
  1,920
  2,046
  2,179
  2,319
  2,467
  2,622
  2,785
Total liabilities, $m
  1,108
  1,095
  1,120
  1,148
  1,181
  1,217
  1,256
  1,299
  1,345
  1,395
  1,448
  1,506
  1,567
  1,632
  1,701
  1,774
  1,852
  1,934
  2,021
  2,113
  2,210
  2,313
  2,421
  2,535
  2,655
  2,781
  2,914
  3,054
  3,202
  3,357
  3,520
Total equity, $m
  552
  385
  393
  404
  415
  427
  441
  456
  473
  490
  509
  529
  550
  573
  598
  623
  651
  680
  710
  743
  777
  813
  851
  891
  933
  977
  1,024
  1,073
  1,125
  1,179
  1,237
Total liabilities and equity, $m
  1,660
  1,480
  1,513
  1,552
  1,596
  1,644
  1,697
  1,755
  1,818
  1,885
  1,957
  2,035
  2,117
  2,205
  2,299
  2,397
  2,503
  2,614
  2,731
  2,856
  2,987
  3,126
  3,272
  3,426
  3,588
  3,758
  3,938
  4,127
  4,327
  4,536
  4,757
Debt-to-equity ratio
  0.616
  0.930
  0.980
  1.020
  1.070
  1.130
  1.180
  1.240
  1.290
  1.350
  1.400
  1.460
  1.510
  1.560
  1.620
  1.670
  1.720
  1.760
  1.810
  1.860
  1.900
  1.940
  1.980
  2.020
  2.060
  2.090
  2.130
  2.160
  2.190
  2.220
  2.250
Adjusted equity ratio
  0.307
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  29
  29
  29
  30
  30
  30
  31
  32
  33
  34
  35
  37
  38
  40
  42
  44
  47
  50
  52
  56
  59
  62
  66
  71
  75
  80
  85
  90
  96
  102
Depreciation, amort., depletion, $m
  92
  71
  73
  74
  76
  79
  81
  84
  87
  90
  94
  97
  101
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
  228
Funds from operations, $m
  141
  100
  102
  104
  106
  109
  112
  115
  119
  123
  128
  133
  138
  144
  150
  157
  164
  172
  180
  189
  199
  209
  219
  230
  242
  255
  268
  283
  298
  314
  330
Change in working capital, $m
  30
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  111
  -241
  101
  103
  105
  108
  111
  114
  118
  122
  126
  131
  137
  142
  149
  155
  162
  170
  178
  187
  196
  206
  216
  227
  239
  252
  265
  279
  294
  309
  326
Maintenance CAPEX, $m
  0
  -70
  -71
  -73
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -94
  -97
  -101
  -106
  -110
  -115
  -120
  -125
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
New CAPEX, $m
  -330
  -7
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
Cash from investing activities, $m
  -220
  -77
  -81
  -85
  -87
  -91
  -95
  -99
  -103
  -108
  -112
  -118
  -122
  -128
  -135
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -195
  -204
  -214
  -224
  -235
  -247
  -259
  -271
  -285
Free cash flow, $m
  -109
  -318
  20
  19
  17
  16
  16
  15
  14
  14
  14
  14
  14
  14
  14
  15
  15
  16
  17
  18
  19
  20
  22
  23
  25
  27
  30
  32
  35
  38
  41
Issuance/(repayment) of debt, $m
  0
  22
  25
  29
  32
  36
  39
  43
  46
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -1
  154
  25
  29
  32
  36
  39
  43
  46
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
Total cash flow (excl. dividends), $m
  -111
  -296
  45
  47
  50
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  88
  93
  98
  104
  110
  116
  123
  130
  137
  145
  154
  163
  172
  182
  193
  204
Retained Cash Flow (-), $m
  -3
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
Prev. year cash balance distribution, $m
 
  172
  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
 
  0
  36
  37
  38
  40
  41
  43
  44
  46
  49
  51
  53
  56
  59
  62
  66
  69
  73
  77
  82
  87
  92
  97
  103
  109
  116
  123
  130
  138
  147
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
 
  0
  33
  32
  32
  31
  30
  29
  28
  27
  25
  24
  23
  21
  20
  18
  17
  15
  13
  12
  10
  9
  8
  6
  5
  4
  3
  3
  2
  2
  1
Current shareholders' claim on cash, %
  100
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7
  66.7

TravelCenters of America LLC operates and franchises travel center and convenience store locations primarily along the United States interstate highway system. The company operates through two segments, Travel Centers and Convenience Stores. It offers diesel fuel and gasoline, and diesel exhaust fluid; and operates full service restaurants under the Iron Skillet and Country Pride brands, as well as quick service restaurants under Arby's, Burger King, Dunkin' Donuts, Pizza Hut, Popeye's Chicken & Biscuits, Starbuck's Coffee, Subway, and Taco Bell brand names. The company also operates truck repair and maintenance facilities that offer oil changes, wheel alignments, and tire repair services; and diagnostics and repair of air conditioning, brakes, and electrical systems. In addition, it provides RoadSquad, a roadside truck service program; RoadSquad Connect, a centralized call center; and RoadSquad OnSite, a service program for truck and trailer repair services, as well as operates travel and convenience stores that offer packaged food and snack items, beverages, non-prescription drug and beauty supplies, batteries, automobile accessories, tobacco products, and music and video products. Further, the company offers driver services, including information center; Reserve-It parking program; a banking desk; Wi-Fi Internet access; a laundry area; private showers; exercise facilities; and a theater or big screen television room. It serves trucking fleets and their drivers, independent truck drivers, and highway and local motorists. As of December 31, 2015, the company operated 176 owned and franchised travel centers under the TravelCenters of America brand; and 76 owned and franchised travel centers under the Petro Stopping Centers brand in 43 states of the United States and Canada, as well as 204 convenience stores under the Minit Mart brand. TravelCenters of America LLC was founded in 1992 and is based in Westlake, Ohio.

FINANCIAL RATIOS  of  TravelCenters of America (TA)

Valuation Ratios
P/E Ratio -71.1
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.3
Price to Free Cash Flow -0.6
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.9%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 61.6%
Total Debt to Equity 61.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity -0.4%
Return On Equity - 3 Yr. Avg. 5.8%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin 0.3%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin -0%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 41.6%
Payout Ratio 0%

TA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TA stock intrinsic value calculation we used $5851 million for the last fiscal year's total revenue generated by TravelCenters of America. The default revenue input number comes from 2016 income statement of TravelCenters of America. 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 TA stock valuation model: a) initial revenue growth rate of 2% 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 TA is calculated based on our internal credit rating of TravelCenters of America, 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 TravelCenters of America.
    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 TA stock the variable cost ratio is equal to 97.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $91 million in the base year in the intrinsic value calculation for TA 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 6.4% for TravelCenters of America.

Corporate tax rate of 27% is the nominal tax rate for TravelCenters of America. 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 TA 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 TA are equal to 7.6%.

Life of production assets of 6.4 years is the average useful life of capital assets used in TravelCenters of America 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 TA is equal to 0.5%. 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 - $549 million for TravelCenters of America - 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 33.898 million for TravelCenters of America 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 TravelCenters of America at the current share price and the inputted number of shares is $0.1 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
CST CST Brands 48.26 prem.  prem.
MUSA Murphy USA 71.13 prem.  prem.
CASY Casey's Ge 105.60 prem.  prem.
CZZ Cosan Cl A 5.86 prem.  prem.
VLO Valero Energy 64.82 prem.  prem.
GT Goodyear Tire& 33.43 prem.  prem.

COMPANY NEWS

▶ Why TravelCenters of America LLC Stock Got Crushed Today   [May-09-17 05:39PM  Motley Fool]
▶ TravelCenters reports 1Q loss   [08:25AM  Associated Press]
▶ Grand Opening: TA Hebron Opens Bob Evans Restaurant   [Apr-03-17 09:19AM  Business Wire]
▶ TravelCenters of America Announces 2017 Citizen Drivers   [Mar-24-17 02:00PM  Business Wire]
▶ 3 Stocks That Are Ridiculously Cheap Right Now   [Mar-20-17 04:22PM  Motley Fool]
Stock chart of TA Financial statements of TA Annual reports of TA
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.