Intrinsic value of Universal Forest Products - UFPI

Previous Close

$37.70

  Intrinsic Value

$144.15

stock screener

  Rating & Target

str. buy

+282%

Previous close

$37.70

 
Intrinsic value

$144.15

 
Up/down potential

+282%

 
Rating

str. buy

We calculate the intrinsic value of UFPI 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 0.8

 

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, %
  12.23
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  3,240
  4,141
  5,197
  6,417
  7,805
  9,362
  11,091
  12,989
  15,055
  17,286
  19,677
  22,225
  24,927
  27,778
  30,777
  33,921
  37,209
  40,642
  44,219
  47,943
  51,817
  55,844
  60,030
  64,379
  68,899
  73,597
  78,481
  83,562
  88,848
  94,350
  100,081
Variable operating expenses, $m
 
  3,796
  4,759
  5,871
  7,137
  8,557
  10,133
  11,864
  13,748
  15,782
  17,962
  20,266
  22,729
  25,330
  28,064
  30,931
  33,930
  37,059
  40,322
  43,718
  47,250
  50,922
  54,739
  58,705
  62,826
  67,110
  71,564
  76,196
  81,016
  86,034
  91,260
Fixed operating expenses, $m
 
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
Total operating expenses, $m
  3,076
  3,904
  4,869
  5,984
  7,253
  8,676
  10,255
  11,989
  13,876
  15,913
  18,096
  20,404
  22,870
  25,475
  28,212
  31,083
  34,086
  37,219
  40,486
  43,886
  47,422
  51,098
  54,920
  58,890
  63,016
  67,305
  71,764
  76,401
  81,226
  86,249
  91,480
Operating income, $m
  164
  237
  328
  433
  552
  687
  836
  1,000
  1,179
  1,373
  1,580
  1,821
  2,056
  2,304
  2,564
  2,838
  3,124
  3,422
  3,734
  4,058
  4,395
  4,746
  5,110
  5,489
  5,883
  6,292
  6,718
  7,161
  7,622
  8,101
  8,601
EBITDA, $m
  208
  292
  391
  506
  637
  784
  948
  1,128
  1,324
  1,536
  1,763
  2,005
  2,262
  2,534
  2,819
  3,119
  3,432
  3,759
  4,100
  4,455
  4,825
  5,209
  5,608
  6,023
  6,454
  6,902
  7,368
  7,853
  8,358
  8,883
  9,431
Interest expense (income), $m
  5
  5
  10
  17
  24
  32
  42
  52
  63
  76
  89
  103
  118
  134
  152
  169
  188
  208
  228
  250
  272
  295
  319
  344
  370
  397
  425
  454
  485
  516
  549
Earnings before tax, $m
  161
  232
  318
  416
  528
  654
  794
  948
  1,116
  1,297
  1,491
  1,718
  1,937
  2,169
  2,413
  2,668
  2,936
  3,215
  3,505
  3,808
  4,123
  4,451
  4,791
  5,145
  5,513
  5,895
  6,293
  6,706
  7,137
  7,585
  8,052
Tax expense, $m
  55
  63
  86
  112
  143
  177
  214
  256
  301
  350
  403
  464
  523
  586
  651
  720
  793
  868
  946
  1,028
  1,113
  1,202
  1,294
  1,389
  1,488
  1,592
  1,699
  1,811
  1,927
  2,048
  2,174
Net income, $m
  101
  170
  232
  304
  386
  478
  580
  692
  815
  947
  1,089
  1,254
  1,414
  1,583
  1,761
  1,948
  2,143
  2,347
  2,559
  2,780
  3,010
  3,249
  3,498
  3,756
  4,024
  4,304
  4,594
  4,896
  5,210
  5,537
  5,878

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  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
  1,292
  1,595
  2,002
  2,472
  3,006
  3,606
  4,272
  5,004
  5,799
  6,659
  7,580
  8,561
  9,602
  10,700
  11,855
  13,067
  14,333
  15,656
  17,034
  18,468
  19,960
  21,512
  23,124
  24,799
  26,540
  28,350
  30,232
  32,189
  34,225
  36,344
  38,552
Adjusted assets (=assets-cash), $m
  1,248
  1,595
  2,002
  2,472
  3,006
  3,606
  4,272
  5,004
  5,799
  6,659
  7,580
  8,561
  9,602
  10,700
  11,855
  13,067
  14,333
  15,656
  17,034
  18,468
  19,960
  21,512
  23,124
  24,799
  26,540
  28,350
  30,232
  32,189
  34,225
  36,344
  38,552
Revenue / Adjusted assets
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
  2.596
Average production assets, $m
  298
  381
  478
  590
  718
  861
  1,020
  1,195
  1,385
  1,590
  1,810
  2,045
  2,293
  2,556
  2,831
  3,121
  3,423
  3,739
  4,068
  4,411
  4,767
  5,138
  5,523
  5,923
  6,339
  6,771
  7,220
  7,688
  8,174
  8,680
  9,207
Working capital, $m
  484
  592
  743
  918
  1,116
  1,339
  1,586
  1,857
  2,153
  2,472
  2,814
  3,178
  3,564
  3,972
  4,401
  4,851
  5,321
  5,812
  6,323
  6,856
  7,410
  7,986
  8,584
  9,206
  9,853
  10,524
  11,223
  11,949
  12,705
  13,492
  14,312
Total debt, $m
  131
  226
  363
  521
  701
  903
  1,128
  1,374
  1,642
  1,932
  2,242
  2,573
  2,924
  3,294
  3,683
  4,091
  4,518
  4,964
  5,428
  5,912
  6,415
  6,937
  7,481
  8,045
  8,632
  9,242
  9,876
  10,536
  11,222
  11,936
  12,680
Total liabilities, $m
  443
  538
  675
  833
  1,013
  1,215
  1,440
  1,686
  1,954
  2,244
  2,554
  2,885
  3,236
  3,606
  3,995
  4,403
  4,830
  5,276
  5,740
  6,224
  6,727
  7,249
  7,793
  8,357
  8,944
  9,554
  10,188
  10,848
  11,534
  12,248
  12,992
Total equity, $m
  849
  1,058
  1,327
  1,639
  1,993
  2,391
  2,833
  3,317
  3,845
  4,415
  5,025
  5,676
  6,366
  7,094
  7,860
  8,663
  9,503
  10,380
  11,293
  12,244
  13,234
  14,262
  15,331
  16,442
  17,596
  18,796
  20,044
  21,341
  22,691
  24,096
  25,560
Total liabilities and equity, $m
  1,292
  1,596
  2,002
  2,472
  3,006
  3,606
  4,273
  5,003
  5,799
  6,659
  7,579
  8,561
  9,602
  10,700
  11,855
  13,066
  14,333
  15,656
  17,033
  18,468
  19,961
  21,511
  23,124
  24,799
  26,540
  28,350
  30,232
  32,189
  34,225
  36,344
  38,552
Debt-to-equity ratio
  0.154
  0.210
  0.270
  0.320
  0.350
  0.380
  0.400
  0.410
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.480
  0.480
  0.480
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.500
  0.500
Adjusted equity ratio
  0.661
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663
  0.663

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  101
  170
  232
  304
  386
  478
  580
  692
  815
  947
  1,089
  1,254
  1,414
  1,583
  1,761
  1,948
  2,143
  2,347
  2,559
  2,780
  3,010
  3,249
  3,498
  3,756
  4,024
  4,304
  4,594
  4,896
  5,210
  5,537
  5,878
Depreciation, amort., depletion, $m
  44
  54
  63
  73
  85
  97
  112
  128
  145
  163
  183
  184
  207
  230
  255
  281
  308
  337
  367
  397
  429
  463
  498
  534
  571
  610
  650
  693
  736
  782
  829
Funds from operations, $m
  192
  224
  295
  377
  470
  575
  692
  820
  959
  1,110
  1,272
  1,438
  1,621
  1,814
  2,016
  2,229
  2,451
  2,684
  2,925
  3,177
  3,439
  3,712
  3,995
  4,290
  4,595
  4,914
  5,244
  5,588
  5,946
  6,319
  6,707
Change in working capital, $m
  19
  129
  151
  174
  198
  223
  247
  271
  295
  319
  342
  364
  386
  408
  429
  450
  470
  491
  512
  533
  554
  576
  599
  622
  646
  672
  698
  726
  756
  787
  819
Cash from operations, $m
  173
  95
  144
  202
  272
  352
  445
  548
  664
  791
  930
  1,074
  1,235
  1,406
  1,588
  1,779
  1,981
  2,193
  2,414
  2,645
  2,886
  3,136
  3,397
  3,668
  3,949
  4,242
  4,546
  4,862
  5,190
  5,532
  5,888
Maintenance CAPEX, $m
  0
  -27
  -34
  -43
  -53
  -65
  -78
  -92
  -108
  -125
  -143
  -163
  -184
  -207
  -230
  -255
  -281
  -308
  -337
  -367
  -397
  -429
  -463
  -498
  -534
  -571
  -610
  -650
  -693
  -736
  -782
New CAPEX, $m
  -54
  -83
  -97
  -112
  -128
  -143
  -159
  -175
  -190
  -205
  -220
  -234
  -249
  -262
  -276
  -289
  -303
  -316
  -329
  -343
  -356
  -371
  -385
  -400
  -416
  -432
  -449
  -467
  -486
  -506
  -527
Cash from investing activities, $m
  -227
  -110
  -131
  -155
  -181
  -208
  -237
  -267
  -298
  -330
  -363
  -397
  -433
  -469
  -506
  -544
  -584
  -624
  -666
  -710
  -753
  -800
  -848
  -898
  -950
  -1,003
  -1,059
  -1,117
  -1,179
  -1,242
  -1,309
Free cash flow, $m
  -54
  -15
  12
  47
  91
  144
  208
  282
  366
  461
  566
  676
  802
  937
  1,082
  1,235
  1,397
  1,568
  1,748
  1,936
  2,132
  2,336
  2,549
  2,770
  3,000
  3,238
  3,486
  3,744
  4,012
  4,290
  4,579
Issuance/(repayment) of debt, $m
  24
  118
  137
  158
  180
  202
  224
  246
  268
  290
  310
  331
  351
  370
  389
  408
  427
  446
  464
  483
  503
  523
  543
  565
  587
  610
  634
  659
  686
  714
  744
Issuance/(repurchase) of shares, $m
  1
  60
  38
  8
  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  
  21
  178
  175
  166
  180
  202
  224
  246
  268
  290
  310
  331
  351
  370
  389
  408
  427
  446
  464
  483
  503
  523
  543
  565
  587
  610
  634
  659
  686
  714
  744
Total cash flow (excl. dividends), $m
  -36
  162
  187
  213
  271
  347
  432
  528
  634
  751
  877
  1,007
  1,153
  1,307
  1,471
  1,643
  1,824
  2,014
  2,212
  2,419
  2,635
  2,859
  3,092
  3,334
  3,586
  3,848
  4,120
  4,403
  4,698
  5,004
  5,323
Retained Cash Flow (-), $m
  -96
  -230
  -270
  -312
  -354
  -398
  -441
  -485
  -528
  -570
  -611
  -651
  -690
  -728
  -766
  -803
  -840
  -877
  -914
  -951
  -989
  -1,029
  -1,069
  -1,111
  -1,154
  -1,200
  -1,247
  -1,297
  -1,350
  -1,405
  -1,464
Prev. year cash balance distribution, $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
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
 
  -46
  -82
  -98
  -83
  -51
  -9
  43
  107
  181
  266
  356
  463
  579
  705
  840
  985
  1,137
  1,299
  1,468
  1,645
  1,830
  2,023
  2,224
  2,432
  2,648
  2,873
  3,106
  3,348
  3,599
  3,859
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
 
  -44
  -76
  -86
  -69
  -40
  -7
  29
  67
  104
  139
  169
  197
  220
  237
  247
  250
  247
  239
  226
  209
  189
  168
  146
  124
  103
  84
  67
  52
  39
  29
Current shareholders' claim on cash, %
  100
  92.6
  89.1
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5

Universal Forest Products, Inc. is a holding company. The Company, through its subsidiaries, supplies wood, wood composite and other products to three primary markets, such as retail, construction and industrial. Its segments include North, South, West, Alternative Materials, International, idX Holdings, Inc. (idX) and Corporate divisions. idX is a designer, manufacturer and installer of in-store environments. It designs, manufactures and markets wood and wood-alternative products for national home centers and other retailers; structural lumber and other products for the manufactured housing industry; engineered wood components for residential and commercial construction; specialty wood packaging, components and packing materials for various industries, and customized interior fixtures used in a range of retail stores, commercial and other structures. Its customers comprising retail market are national home center retailers and retail-oriented regional lumberyards, among others.

FINANCIAL RATIOS  of  Universal Forest Products (UFPI)

Valuation Ratios
P/E Ratio 7.6
Price to Sales 0.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow 6.4
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.7%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 12.7%
Total Debt to Equity 15.4%
Interest Coverage 33
Management Effectiveness
Return On Assets 8.7%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 12.6%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 14.7%
Gross Margin - 3 Yr. Avg. 13.6%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 5.9%
Operating Margin 5.1%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 4.4%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 2.7%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 17.8%

UFPI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UFPI stock intrinsic value calculation we used $3240 million for the last fiscal year's total revenue generated by Universal Forest Products. The default revenue input number comes from 2016 income statement of Universal Forest Products. 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 UFPI stock valuation model: a) initial revenue growth rate of 27.8% 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 UFPI is calculated based on our internal credit rating of Universal Forest Products, 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 Universal Forest Products.
    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 UFPI stock the variable cost ratio is equal to 91.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $105 million in the base year in the intrinsic value calculation for UFPI 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 4.6% for Universal Forest Products.

Corporate tax rate of 27% is the nominal tax rate for Universal Forest Products. 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 UFPI 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 UFPI are equal to 9.2%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Universal Forest Products 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 UFPI is equal to 14.3%. 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 - $849 million for Universal Forest Products - 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 20.393 million for Universal Forest Products 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 Universal Forest Products at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ 5 of the Best Earnings Growth Stocks to Buy Now   [Oct-25-17 09:04AM  Zacks]
▶ Universal Forest posts 3Q profit   [Oct-17-17 04:12PM  Associated Press]
▶ UFPI posts record third quarter results   [04:05PM  GlobeNewswire]
▶ Universal Forest posts 2Q profit   [Jul-18-17 09:21PM  Associated Press]
▶ UFPI posts record second quarter results   [04:15PM  GlobeNewswire]
▶ UFPI Board Approves Semiannual Dividend of $0.45 per Share   [Apr-20-17 08:00AM  GlobeNewswire]
▶ Universal Forest posts 1Q profit   [Apr-18-17 04:26PM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for March 27th   [Mar-27-17 11:46AM  Zacks]
▶ UFPI acquires Indiana manufacturer of hardwood products   [Mar-06-17 01:23PM  GlobeNewswire]
Financial statements of UFPI
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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