Intrinsic value of Unisys - UIS

Previous Close

$8.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-120%

Previous close

$8.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-120%

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

We calculate the intrinsic value of UIS 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 0.4

 

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, %
  -6.43
  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
  2,821
  2,877
  2,944
  3,019
  3,104
  3,198
  3,302
  3,414
  3,536
  3,667
  3,808
  3,958
  4,119
  4,290
  4,472
  4,664
  4,869
  5,085
  5,314
  5,556
  5,811
  6,080
  6,365
  6,664
  6,979
  7,312
  7,662
  8,030
  8,417
  8,825
  9,254
Variable operating expenses, $m
 
  2,929
  2,996
  3,072
  3,158
  3,253
  3,358
  3,472
  3,595
  3,727
  3,870
  4,004
  4,167
  4,340
  4,524
  4,719
  4,926
  5,145
  5,376
  5,621
  5,879
  6,151
  6,439
  6,742
  7,061
  7,397
  7,751
  8,123
  8,515
  8,928
  9,362
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
  2,777
  2,929
  2,996
  3,072
  3,158
  3,253
  3,358
  3,472
  3,595
  3,727
  3,870
  4,004
  4,167
  4,340
  4,524
  4,719
  4,926
  5,145
  5,376
  5,621
  5,879
  6,151
  6,439
  6,742
  7,061
  7,397
  7,751
  8,123
  8,515
  8,928
  9,362
Operating income, $m
  44
  -51
  -52
  -53
  -54
  -55
  -56
  -58
  -59
  -61
  -62
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
EBITDA, $m
  200
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
Interest expense (income), $m
  22
  22
  -108
  -105
  -101
  -97
  -93
  -88
  -83
  -77
  -71
  -65
  -58
  -50
  -42
  -34
  -25
  -15
  -5
  5
  17
  29
  41
  54
  68
  83
  98
  114
  132
  150
  169
Earnings before tax, $m
  21
  -73
  56
  52
  47
  42
  36
  30
  24
  17
  9
  18
  10
  0
  -10
  -21
  -32
  -44
  -57
  -70
  -84
  -99
  -115
  -132
  -149
  -168
  -188
  -208
  -230
  -252
  -276
Tax expense, $m
  58
  0
  15
  14
  13
  11
  10
  8
  6
  4
  2
  5
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -48
  -73
  41
  38
  34
  31
  27
  22
  17
  12
  6
  13
  7
  0
  -10
  -21
  -32
  -44
  -57
  -70
  -84
  -99
  -115
  -132
  -149
  -168
  -188
  -208
  -230
  -252
  -276

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  371
  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
  2,022
  2,063
  2,110
  2,164
  2,225
  2,293
  2,367
  2,447
  2,535
  2,629
  2,729
  2,837
  2,953
  3,075
  3,205
  3,344
  3,490
  3,645
  3,809
  3,983
  4,166
  4,359
  4,562
  4,777
  5,003
  5,241
  5,492
  5,756
  6,034
  6,326
  6,633
Adjusted assets (=assets-cash), $m
  1,651
  2,063
  2,110
  2,164
  2,225
  2,293
  2,367
  2,447
  2,535
  2,629
  2,729
  2,837
  2,953
  3,075
  3,205
  3,344
  3,490
  3,645
  3,809
  3,983
  4,166
  4,359
  4,562
  4,777
  5,003
  5,241
  5,492
  5,756
  6,034
  6,326
  6,633
Revenue / Adjusted assets
  1.709
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
  1.395
Average production assets, $m
  288
  293
  300
  308
  317
  326
  337
  348
  361
  374
  388
  404
  420
  438
  456
  476
  497
  519
  542
  567
  593
  620
  649
  680
  712
  746
  781
  819
  859
  900
  944
Working capital, $m
  45
  -224
  -230
  -236
  -242
  -249
  -258
  -266
  -276
  -286
  -297
  -309
  -321
  -335
  -349
  -364
  -380
  -397
  -414
  -433
  -453
  -474
  -496
  -520
  -544
  -570
  -598
  -626
  -657
  -688
  -722
Total debt, $m
  300
  -1,497
  -1,454
  -1,405
  -1,350
  -1,290
  -1,223
  -1,150
  -1,072
  -987
  -897
  -799
  -696
  -585
  -468
  -344
  -212
  -72
  75
  231
  396
  570
  753
  946
  1,150
  1,364
  1,590
  1,827
  2,077
  2,340
  2,617
Total liabilities, $m
  3,653
  1,856
  1,899
  1,948
  2,003
  2,063
  2,130
  2,203
  2,281
  2,366
  2,456
  2,554
  2,657
  2,768
  2,885
  3,009
  3,141
  3,281
  3,428
  3,584
  3,749
  3,923
  4,106
  4,299
  4,503
  4,717
  4,943
  5,180
  5,430
  5,693
  5,970
Total equity, $m
  -1,631
  206
  211
  216
  223
  229
  237
  245
  253
  263
  273
  284
  295
  308
  321
  334
  349
  365
  381
  398
  417
  436
  456
  478
  500
  524
  549
  576
  603
  633
  663
Total liabilities and equity, $m
  2,022
  2,062
  2,110
  2,164
  2,226
  2,292
  2,367
  2,448
  2,534
  2,629
  2,729
  2,838
  2,952
  3,076
  3,206
  3,343
  3,490
  3,646
  3,809
  3,982
  4,166
  4,359
  4,562
  4,777
  5,003
  5,241
  5,492
  5,756
  6,033
  6,326
  6,633
Debt-to-equity ratio
  -0.184
  -7.260
  -6.890
  -6.490
  -6.070
  -5.620
  -5.170
  -4.700
  -4.230
  -3.760
  -3.280
  -2.820
  -2.360
  -1.900
  -1.460
  -1.030
  -0.610
  -0.200
  0.200
  0.580
  0.950
  1.310
  1.650
  1.980
  2.300
  2.600
  2.890
  3.170
  3.440
  3.700
  3.950
Adjusted equity ratio
  -1.213
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -48
  -73
  41
  38
  34
  31
  27
  22
  17
  12
  6
  13
  7
  0
  -10
  -21
  -32
  -44
  -57
  -70
  -84
  -99
  -115
  -132
  -149
  -168
  -188
  -208
  -230
  -252
  -276
Depreciation, amort., depletion, $m
  156
  47
  48
  49
  50
  51
  52
  53
  54
  55
  57
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
Funds from operations, $m
  335
  -26
  88
  86
  84
  81
  78
  75
  71
  67
  63
  54
  49
  44
  36
  27
  18
  8
  -3
  -14
  -25
  -37
  -50
  -64
  -78
  -93
  -109
  -126
  -144
  -162
  -182
Change in working capital, $m
  117
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Cash from operations, $m
  218
  -21
  94
  92
  91
  89
  86
  84
  81
  78
  74
  66
  62
  57
  50
  42
  34
  25
  15
  5
  -5
  -16
  -28
  -41
  -54
  -68
  -82
  -97
  -114
  -131
  -149
Maintenance CAPEX, $m
  0
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
New CAPEX, $m
  -96
  -5
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  -182
  -34
  -36
  -38
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -86
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -134
Free cash flow, $m
  36
  -56
  58
  55
  51
  47
  43
  39
  34
  28
  22
  11
  5
  -2
  -12
  -23
  -35
  -47
  -60
  -74
  -88
  -103
  -119
  -136
  -154
  -173
  -192
  -213
  -235
  -258
  -282
Issuance/(repayment) of debt, $m
  18
  -1,797
  43
  49
  55
  61
  67
  73
  79
  85
  91
  97
  104
  110
  117
  124
  132
  140
  148
  156
  165
  174
  183
  193
  204
  214
  226
  238
  250
  263
  277
Issuance/(repurchase) of shares, $m
  0
  1,910
  0
  0
  0
  0
  0
  0
  0
  0
  4
  0
  5
  12
  23
  34
  47
  60
  73
  88
  103
  119
  136
  153
  172
  192
  213
  234
  257
  282
  307
Cash from financing (excl. dividends), $m  
  -17
  113
  43
  49
  55
  61
  67
  73
  79
  85
  95
  97
  109
  122
  140
  158
  179
  200
  221
  244
  268
  293
  319
  346
  376
  406
  439
  472
  507
  545
  584
Total cash flow (excl. dividends), $m
  5
  58
  100
  103
  106
  108
  110
  111
  112
  113
  117
  108
  113
  120
  128
  136
  144
  152
  161
  170
  179
  189
  200
  211
  222
  234
  246
  259
  272
  287
  301
Retained Cash Flow (-), $m
  241
  -1,910
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -23
  -34
  -47
  -60
  -73
  -88
  -103
  -119
  -136
  -153
  -172
  -192
  -213
  -234
  -257
  -282
  -307
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
 
  -1,852
  95
  98
  100
  101
  102
  103
  103
  103
  107
  98
  101
  108
  105
  101
  97
  93
  88
  82
  77
  71
  64
  57
  50
  42
  33
  24
  15
  5
  -6
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
 
  -1,776
  87
  85
  82
  78
  74
  70
  65
  59
  56
  46
  43
  41
  35
  30
  25
  20
  16
  13
  10
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  49.3
  49.3
  48.5
  46.6
  43.4
  39.2
  34.4
  29.4
  24.4
  19.9
  15.8
  12.3
  9.4
  7.0
  5.2
  3.7
  2.7
  1.9
  1.3
  0.9
  0.6

Unisys Corporation provides information technology services worldwide. It operates through two segments, Services and Technology. The Services segment provides cloud and infrastructure services, application services, and business process outsourcing services. The Technology segment designs and develops software, servers, and related products. It offers a range of data center, infrastructure management, and cloud computing offerings for clients to virtualize and automate data-center environments. This segment’s product offerings include ClearPath Forward operating system software for high-volume enterprise computing; Unisys Stealth software to protect data in data centers, the cloud, and mobile infrastructures; Digital Investigator, a browser-based application for total information management; AirCore solution that enables airlines to reach passenger through mobile, tablet, and web; and Unisys Retail Delivery, which is an integrated and multi-channel retail banking system. The company serves customers in the government, commercial, and financial services markets through direct sales force, distributors, resellers, and alliance partners. Unisys Corporation was founded in 1886 and is based in Blue Bell, Pennsylvania.

FINANCIAL RATIOS  of  Unisys (UIS)

Valuation Ratios
P/E Ratio -8.7
Price to Sales 0.1
Price to Book -0.3
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow 3.4
Growth Rates
Sales Growth Rate -6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity -11.9%
Total Debt to Equity -18.4%
Interest Coverage 2
Management Effectiveness
Return On Assets -4.2%
Ret/ On Assets - 3 Yr. Avg. -2.4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.7%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 19.8%
Gross Margin - 3 Yr. Avg. 20.3%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin 1.6%
Oper. Margin - 3 Yr. Avg. 1.4%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. 1%
Net Profit Margin -1.7%
Net Profit Margin - 3 Yr. Avg. -1.3%
Effective Tax Rate 276.2%
Eff/ Tax Rate - 3 Yr. Avg. 87.1%
Payout Ratio 0%

UIS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UIS stock intrinsic value calculation we used $2821 million for the last fiscal year's total revenue generated by Unisys. The default revenue input number comes from 2016 income statement of Unisys. 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 UIS 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 UIS is calculated based on our internal credit rating of Unisys, 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 Unisys.
    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 UIS stock the variable cost ratio is equal to 101.8%.

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 UIS 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 7.2% for Unisys.

Corporate tax rate of 27% is the nominal tax rate for Unisys. 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 UIS 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 UIS are equal to 10.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Unisys 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 UIS is equal to -7.8%. 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 - $-1631 million for Unisys - 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 49.209 million for Unisys 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 Unisys at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Unisys Corp. Value Analysis (NYSE:UIS) : August 14, 2017   [Aug-14-17 06:24PM  Capital Cube]
▶ Why Unisys Shares Plunged Today   [Aug-02-17 12:32PM  Motley Fool]
▶ Unisys reports 2Q loss   [Aug-01-17 06:35PM  Associated Press]
▶ Unisys Corp. Value Analysis (NYSE:UIS) : June 8, 2017   [Jun-08-17 02:19PM  Capital Cube]
▶ ETFs with exposure to Unisys Corp. : May 26, 2017   [May-26-17 01:29PM  Capital Cube]
▶ ETFs with exposure to Unisys Corp. : May 15, 2017   [May-15-17 04:49PM  Capital Cube]
▶ [$$] Unisys CEO on the Next Big Thing in Cybersecurity   [May-10-17 07:21AM  The Wall Street Journal]
▶ ETFs with exposure to Unisys Corp. : May 2, 2017   [May-02-17 04:47PM  Capital Cube]
▶ The 3 Worst Performing Tech Stocks in April   [Apr-25-17 08:43PM  Motley Fool]
▶ Unisys' adjusted earnings top estimates, stock surges   [Apr-24-17 06:06PM  Associated Press]
Stock chart of UIS Financial statements of UIS
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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