Intrinsic value of Two Harbors Investment - TWO

Previous Close

$15.70

  Intrinsic Value

$33.39

stock screener

  Rating & Target

str. buy

+113%

Previous close

$15.70

 
Intrinsic value

$33.39

 
Up/down potential

+113%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as TWO.

We calculate the intrinsic value of TWO 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, %
  -45.49
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.62
  8.25
  7.93
  7.64
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
Revenue, $m
  526
  620
  722
  833
  952
  1,080
  1,216
  1,359
  1,510
  1,669
  1,835
  2,009
  2,190
  2,378
  2,575
  2,779
  2,991
  3,212
  3,441
  3,679
  3,926
  4,184
  4,452
  4,730
  5,021
  5,323
  5,638
  5,966
  6,309
  6,667
  7,040
Variable operating expenses, $m
 
  315
  367
  423
  484
  549
  617
  690
  767
  848
  932
  1,020
  1,112
  1,208
  1,308
  1,412
  1,519
  1,631
  1,748
  1,869
  1,995
  2,125
  2,261
  2,403
  2,550
  2,704
  2,864
  3,031
  3,205
  3,387
  3,577
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
  161
  315
  367
  423
  484
  549
  617
  690
  767
  848
  932
  1,020
  1,112
  1,208
  1,308
  1,412
  1,519
  1,631
  1,748
  1,869
  1,995
  2,125
  2,261
  2,403
  2,550
  2,704
  2,864
  3,031
  3,205
  3,387
  3,577
Operating income, $m
  366
  305
  355
  410
  469
  531
  598
  669
  743
  821
  903
  988
  1,077
  1,170
  1,267
  1,367
  1,472
  1,580
  1,693
  1,810
  1,932
  2,058
  2,190
  2,327
  2,470
  2,619
  2,774
  2,935
  3,104
  3,280
  3,464
EBITDA, $m
  367
  305
  356
  410
  469
  532
  599
  670
  744
  822
  904
  990
  1,079
  1,172
  1,269
  1,369
  1,474
  1,583
  1,696
  1,813
  1,935
  2,062
  2,194
  2,331
  2,474
  2,623
  2,778
  2,940
  3,109
  3,285
  3,470
Interest expense (income), $m
  116
  561
  654
  764
  883
  1,011
  1,148
  1,293
  1,447
  1,609
  1,779
  1,957
  2,143
  2,338
  2,540
  2,750
  2,969
  3,197
  3,433
  3,679
  3,934
  4,199
  4,475
  4,762
  5,061
  5,372
  5,696
  6,034
  6,386
  6,754
  7,137
Earnings before tax, $m
  366
  -256
  -299
  -354
  -414
  -480
  -550
  -624
  -704
  -788
  -876
  -969
  -1,066
  -1,167
  -1,273
  -1,383
  -1,497
  -1,616
  -1,740
  -1,869
  -2,002
  -2,141
  -2,285
  -2,435
  -2,591
  -2,753
  -2,922
  -3,099
  -3,282
  -3,473
  -3,673
Tax expense, $m
  13
  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
Net income, $m
  353
  -256
  -299
  -354
  -414
  -480
  -550
  -624
  -704
  -788
  -876
  -969
  -1,066
  -1,167
  -1,273
  -1,383
  -1,497
  -1,616
  -1,740
  -1,869
  -2,002
  -2,141
  -2,285
  -2,435
  -2,591
  -2,753
  -2,922
  -3,099
  -3,282
  -3,473
  -3,673

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  407
  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
  20,112
  22,949
  26,740
  30,850
  35,271
  39,997
  45,020
  50,333
  55,931
  61,809
  67,965
  74,397
  81,105
  88,092
  95,363
  102,923
  110,782
  118,949
  127,435
  136,255
  145,424
  154,958
  164,877
  175,199
  185,946
  197,142
  208,811
  220,978
  233,672
  246,921
  260,755
Adjusted assets (=assets-cash), $m
  19,705
  22,949
  26,740
  30,850
  35,271
  39,997
  45,020
  50,333
  55,931
  61,809
  67,965
  74,397
  81,105
  88,092
  95,363
  102,923
  110,782
  118,949
  127,435
  136,255
  145,424
  154,958
  164,877
  175,199
  185,946
  197,142
  208,811
  220,978
  233,672
  246,921
  260,755
Revenue / Adjusted assets
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
  0.027
Average production assets, $m
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
Working capital, $m
  0
  310
  361
  416
  476
  540
  608
  679
  755
  834
  918
  1,004
  1,095
  1,189
  1,287
  1,389
  1,496
  1,606
  1,720
  1,839
  1,963
  2,092
  2,226
  2,365
  2,510
  2,661
  2,819
  2,983
  3,155
  3,333
  3,520
Total debt, $m
  16,424
  18,692
  21,827
  25,226
  28,882
  32,790
  36,944
  41,338
  45,968
  50,829
  55,920
  61,239
  66,787
  72,565
  78,578
  84,831
  91,330
  98,084
  105,102
  112,396
  119,979
  127,864
  136,066
  144,602
  153,490
  162,749
  172,399
  182,462
  192,960
  203,916
  215,358
Total liabilities, $m
  16,711
  18,979
  22,114
  25,513
  29,169
  33,077
  37,231
  41,625
  46,255
  51,116
  56,207
  61,526
  67,074
  72,852
  78,865
  85,118
  91,617
  98,371
  105,389
  112,683
  120,266
  128,151
  136,353
  144,889
  153,777
  163,036
  172,686
  182,749
  193,247
  204,203
  215,645
Total equity, $m
  3,401
  3,970
  4,626
  5,337
  6,102
  6,919
  7,788
  8,708
  9,676
  10,693
  11,758
  12,871
  14,031
  15,240
  16,498
  17,806
  19,165
  20,578
  22,046
  23,572
  25,158
  26,808
  28,524
  30,309
  32,169
  34,106
  36,124
  38,229
  40,425
  42,717
  45,111
Total liabilities and equity, $m
  20,112
  22,949
  26,740
  30,850
  35,271
  39,996
  45,019
  50,333
  55,931
  61,809
  67,965
  74,397
  81,105
  88,092
  95,363
  102,924
  110,782
  118,949
  127,435
  136,255
  145,424
  154,959
  164,877
  175,198
  185,946
  197,142
  208,810
  220,978
  233,672
  246,920
  260,756
Debt-to-equity ratio
  4.829
  4.710
  4.720
  4.730
  4.730
  4.740
  4.740
  4.750
  4.750
  4.750
  4.760
  4.760
  4.760
  4.760
  4.760
  4.760
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
  4.770
Adjusted equity ratio
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173
  0.173

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  353
  -256
  -299
  -354
  -414
  -480
  -550
  -624
  -704
  -788
  -876
  -969
  -1,066
  -1,167
  -1,273
  -1,383
  -1,497
  -1,616
  -1,740
  -1,869
  -2,002
  -2,141
  -2,285
  -2,435
  -2,591
  -2,753
  -2,922
  -3,099
  -3,282
  -3,473
  -3,673
Depreciation, amort., depletion, $m
  1
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
Funds from operations, $m
  205
  -255
  -298
  -353
  -414
  -479
  -549
  -623
  -703
  -786
  -875
  -967
  -1,064
  -1,165
  -1,271
  -1,381
  -1,495
  -1,614
  -1,737
  -1,866
  -1,999
  -2,137
  -2,281
  -2,431
  -2,587
  -2,749
  -2,918
  -3,094
  -3,277
  -3,468
  -3,668
Change in working capital, $m
  -35
  47
  51
  55
  60
  64
  68
  72
  76
  79
  83
  87
  91
  94
  98
  102
  106
  110
  115
  119
  124
  129
  134
  139
  145
  151
  158
  164
  171
  179
  187
Cash from operations, $m
  240
  -302
  -350
  -409
  -473
  -542
  -616
  -695
  -778
  -866
  -958
  -1,054
  -1,155
  -1,260
  -1,369
  -1,483
  -1,601
  -1,724
  -1,852
  -1,985
  -2,123
  -2,266
  -2,415
  -2,571
  -2,732
  -2,900
  -3,075
  -3,258
  -3,448
  -3,647
  -3,854
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
New CAPEX, $m
  -318
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -5,816
  0
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Free cash flow, $m
  -5,576
  -303
  -351
  -410
  -474
  -544
  -618
  -697
  -780
  -868
  -960
  -1,056
  -1,157
  -1,262
  -1,372
  -1,486
  -1,604
  -1,727
  -1,855
  -1,988
  -2,127
  -2,270
  -2,420
  -2,575
  -2,737
  -2,905
  -3,081
  -3,264
  -3,455
  -3,653
  -3,861
Issuance/(repayment) of debt, $m
  1,115
  2,675
  3,135
  3,399
  3,656
  3,908
  4,154
  4,394
  4,630
  4,861
  5,091
  5,319
  5,548
  5,778
  6,013
  6,253
  6,499
  6,754
  7,018
  7,294
  7,583
  7,885
  8,202
  8,536
  8,888
  9,259
  9,650
  10,062
  10,498
  10,957
  11,441
Issuance/(repurchase) of shares, $m
  -61
  825
  955
  1,065
  1,179
  1,297
  1,419
  1,544
  1,672
  1,805
  1,941
  2,082
  2,226
  2,376
  2,531
  2,691
  2,857
  3,029
  3,208
  3,394
  3,588
  3,790
  4,001
  4,221
  4,450
  4,690
  4,941
  5,203
  5,478
  5,766
  6,067
Cash from financing (excl. dividends), $m  
  5,577
  3,500
  4,090
  4,464
  4,835
  5,205
  5,573
  5,938
  6,302
  6,666
  7,032
  7,401
  7,774
  8,154
  8,544
  8,944
  9,356
  9,783
  10,226
  10,688
  11,171
  11,675
  12,203
  12,757
  13,338
  13,949
  14,591
  15,265
  15,976
  16,723
  17,508
Total cash flow (excl. dividends), $m
  1
  3,197
  3,740
  4,054
  4,361
  4,661
  4,955
  5,241
  5,522
  5,798
  6,072
  6,344
  6,617
  6,892
  7,172
  7,458
  7,752
  8,056
  8,371
  8,700
  9,044
  9,405
  9,783
  10,182
  10,601
  11,044
  11,510
  12,002
  12,521
  13,069
  13,647
Retained Cash Flow (-), $m
  176
  -825
  -955
  -1,065
  -1,179
  -1,297
  -1,419
  -1,544
  -1,672
  -1,805
  -1,941
  -2,082
  -2,226
  -2,376
  -2,531
  -2,691
  -2,857
  -3,029
  -3,208
  -3,394
  -3,588
  -3,790
  -4,001
  -4,221
  -4,450
  -4,690
  -4,941
  -5,203
  -5,478
  -5,766
  -6,067
Prev. year cash balance distribution, $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 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
 
  2,372
  2,785
  2,989
  3,182
  3,364
  3,536
  3,698
  3,850
  3,994
  4,131
  4,263
  4,391
  4,516
  4,641
  4,767
  4,895
  5,026
  5,163
  5,306
  5,456
  5,615
  5,783
  5,961
  6,151
  6,354
  6,569
  6,799
  7,043
  7,303
  7,580
Discount rate, %
 
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.71
  24.89
  26.14
  27.44
  28.81
  30.25
  31.77
  33.36
  35.02
  36.77
  38.61
  40.54
  42.57
  44.70
  46.93
  49.28
  51.75
  54.33
PV of cash for distribution, $m
 
  2,095
  2,148
  1,988
  1,802
  1,599
  1,389
  1,182
  985
  804
  641
  500
  382
  284
  207
  146
  101
  68
  44
  28
  17
  10
  6
  3
  2
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.1
  59.5
  46.4
  36.5
  28.9
  23.1
  18.6
  15.1
  12.2
  10.0
  8.2
  6.8
  5.6
  4.7
  3.9
  3.2
  2.7
  2.3
  1.9
  1.6
  1.4
  1.2
  1.0
  0.8
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3

Two Harbors Investment Corp. is a real estate investment trust. The Company is focused on investing in, financing and managing residential mortgage-backed securities (RMBS), mortgage servicing rights (MSR), commercial real estate and other financial assets (collectively known as target assets). Its investment objective is to provide attractive risk-adjusted total return to its stockholders over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on managing various associated risks, including interest rate, prepayment, credit, mortgage spread and financing risk. The Company finances its RMBS and commercial real estate assets through short- and long-term borrowings structured as repurchase agreements and advances from the Federal Home Loan Bank of Des Moines, or the FHLB. It also finances its MSR through revolving credit facilities.

FINANCIAL RATIOS  of  Two Harbors Investment (TWO)

Valuation Ratios
P/E Ratio 7.7
Price to Sales 5.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow -35
Growth Rates
Sales Growth Rate -45.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 156.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 206.9%
Total Debt to Equity 482.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 2.5%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 63.3%
EBITDA Margin 91.8%
EBITDA Margin - 3 Yr. Avg. 59%
Operating Margin 69.4%
Oper. Margin - 3 Yr. Avg. 44.2%
Pre-Tax Margin 69.6%
Pre-Tax Margin - 3 Yr. Avg. 44.3%
Net Profit Margin 67.1%
Net Profit Margin - 3 Yr. Avg. 47.7%
Effective Tax Rate 3.6%
Eff/ Tax Rate - 3 Yr. Avg. -26.5%
Payout Ratio 94.1%

TWO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWO stock intrinsic value calculation we used $526 million for the last fiscal year's total revenue generated by Two Harbors Investment. The default revenue input number comes from 2016 income statement of Two Harbors Investment. 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 TWO stock valuation model: a) initial revenue growth rate of 17.8% 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 13.2%, whose default value for TWO is calculated based on our internal credit rating of Two Harbors Investment, 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 Two Harbors Investment.
    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 TWO stock the variable cost ratio is equal to 50.8%.

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 TWO 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 Two Harbors Investment.

Corporate tax rate of 27% is the nominal tax rate for Two Harbors Investment. 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 TWO 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 TWO are equal to 0.4%.

Life of production assets of 2 years is the average useful life of capital assets used in Two Harbors Investment 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 TWO is equal to 50%. 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 - $3401 million for Two Harbors Investment - 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 176.507 million for Two Harbors Investment 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 Two Harbors Investment at the current share price and the inputted number of shares is $2.8 billion.

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Financial statements of TWO
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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