Intrinsic value of Universal Stainless&Alloy Products - USAP

Previous Close

$22.25

  Intrinsic Value

$6.26

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  Rating & Target

str. sell

-72%

Previous close

$22.25

 
Intrinsic value

$6.26

 
Up/down potential

-72%

 
Rating

str. sell

We calculate the intrinsic value of USAP 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 0.2

 

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, %
  -14.92
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
Revenue, $m
  154
  199
  253
  315
  387
  467
  558
  658
  767
  886
  1,014
  1,150
  1,295
  1,449
  1,611
  1,781
  1,959
  2,145
  2,340
  2,542
  2,752
  2,971
  3,199
  3,435
  3,681
  3,937
  4,202
  4,478
  4,765
  5,064
  5,375
Variable operating expenses, $m
 
  233
  295
  368
  452
  546
  652
  769
  897
  1,036
  1,185
  1,344
  1,514
  1,694
  1,883
  2,082
  2,290
  2,508
  2,735
  2,971
  3,218
  3,473
  3,740
  4,016
  4,303
  4,602
  4,912
  5,235
  5,571
  5,920
  6,284
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
  158
  233
  295
  368
  452
  546
  652
  769
  897
  1,036
  1,185
  1,344
  1,514
  1,694
  1,883
  2,082
  2,290
  2,508
  2,735
  2,971
  3,218
  3,473
  3,740
  4,016
  4,303
  4,602
  4,912
  5,235
  5,571
  5,920
  6,284
Operating income, $m
  -4
  -34
  -43
  -53
  -65
  -79
  -94
  -111
  -130
  -150
  -171
  -194
  -219
  -245
  -272
  -301
  -331
  -363
  -395
  -430
  -465
  -502
  -541
  -581
  -622
  -665
  -710
  -757
  -805
  -856
  -908
EBITDA, $m
  15
  -9
  -12
  -14
  -18
  -21
  -25
  -30
  -35
  -40
  -46
  -53
  -59
  -66
  -74
  -81
  -89
  -98
  -107
  -116
  -126
  -136
  -146
  -157
  -168
  -180
  -192
  -205
  -218
  -231
  -245
Interest expense (income), $m
  3
  3
  4
  6
  8
  10
  12
  15
  18
  21
  25
  29
  33
  37
  42
  47
  52
  57
  63
  68
  74
  81
  87
  94
  101
  108
  116
  124
  132
  141
  150
Earnings before tax, $m
  -9
  -37
  -47
  -59
  -73
  -89
  -107
  -126
  -148
  -171
  -196
  -223
  -252
  -282
  -314
  -348
  -383
  -420
  -458
  -498
  -540
  -583
  -628
  -675
  -723
  -774
  -826
  -881
  -938
  -997
  -1,058
Tax expense, $m
  -4
  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
  -5
  -37
  -47
  -59
  -73
  -89
  -107
  -126
  -148
  -171
  -196
  -223
  -252
  -282
  -314
  -348
  -383
  -420
  -458
  -498
  -540
  -583
  -628
  -675
  -723
  -774
  -826
  -881
  -938
  -997
  -1,058

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  296
  383
  486
  606
  743
  899
  1,073
  1,265
  1,475
  1,704
  1,949
  2,212
  2,491
  2,786
  3,098
  3,425
  3,768
  4,126
  4,499
  4,888
  5,293
  5,714
  6,152
  6,607
  7,079
  7,570
  8,081
  8,612
  9,164
  9,739
  10,337
Adjusted assets (=assets-cash), $m
  296
  383
  486
  606
  743
  899
  1,073
  1,265
  1,475
  1,704
  1,949
  2,212
  2,491
  2,786
  3,098
  3,425
  3,768
  4,126
  4,499
  4,888
  5,293
  5,714
  6,152
  6,607
  7,079
  7,570
  8,081
  8,612
  9,164
  9,739
  10,337
Revenue / Adjusted assets
  0.520
  0.520
  0.521
  0.520
  0.521
  0.519
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
Average production assets, $m
  188
  243
  308
  385
  472
  571
  681
  803
  937
  1,082
  1,238
  1,404
  1,582
  1,769
  1,967
  2,175
  2,392
  2,619
  2,857
  3,104
  3,361
  3,628
  3,906
  4,195
  4,495
  4,807
  5,131
  5,468
  5,818
  6,183
  6,563
Working capital, $m
  85
  100
  126
  157
  193
  234
  279
  329
  384
  443
  507
  575
  648
  724
  805
  891
  980
  1,073
  1,170
  1,271
  1,376
  1,486
  1,599
  1,718
  1,841
  1,968
  2,101
  2,239
  2,383
  2,532
  2,688
Total debt, $m
  73
  107
  147
  194
  247
  308
  375
  450
  532
  621
  716
  818
  927
  1,042
  1,163
  1,290
  1,424
  1,563
  1,708
  1,860
  2,017
  2,181
  2,351
  2,528
  2,712
  2,903
  3,101
  3,308
  3,523
  3,746
  3,979
Total liabilities, $m
  115
  149
  189
  236
  289
  350
  417
  492
  574
  663
  758
  860
  969
  1,084
  1,205
  1,332
  1,466
  1,605
  1,750
  1,902
  2,059
  2,223
  2,393
  2,570
  2,754
  2,945
  3,143
  3,350
  3,565
  3,788
  4,021
Total equity, $m
  181
  234
  297
  370
  454
  549
  656
  773
  902
  1,041
  1,191
  1,351
  1,522
  1,703
  1,893
  2,093
  2,302
  2,521
  2,749
  2,987
  3,234
  3,491
  3,759
  4,037
  4,325
  4,625
  4,937
  5,262
  5,599
  5,950
  6,316
Total liabilities and equity, $m
  296
  383
  486
  606
  743
  899
  1,073
  1,265
  1,476
  1,704
  1,949
  2,211
  2,491
  2,787
  3,098
  3,425
  3,768
  4,126
  4,499
  4,889
  5,293
  5,714
  6,152
  6,607
  7,079
  7,570
  8,080
  8,612
  9,164
  9,738
  10,337
Debt-to-equity ratio
  0.403
  0.460
  0.500
  0.520
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -37
  -47
  -59
  -73
  -89
  -107
  -126
  -148
  -171
  -196
  -223
  -252
  -282
  -314
  -348
  -383
  -420
  -458
  -498
  -540
  -583
  -628
  -675
  -723
  -774
  -826
  -881
  -938
  -997
  -1,058
Depreciation, amort., depletion, $m
  19
  25
  31
  39
  48
  58
  69
  81
  95
  109
  125
  142
  160
  179
  199
  220
  242
  265
  289
  313
  339
  366
  395
  424
  454
  486
  518
  552
  588
  625
  663
Funds from operations, $m
  5
  -12
  -16
  -20
  -25
  -31
  -38
  -45
  -53
  -62
  -71
  -81
  -92
  -103
  -115
  -128
  -141
  -155
  -169
  -184
  -200
  -216
  -233
  -251
  -269
  -288
  -308
  -329
  -350
  -372
  -395
Change in working capital, $m
  -3
  23
  27
  31
  36
  40
  45
  50
  55
  59
  64
  68
  73
  77
  81
  85
  89
  93
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  144
  149
  156
Cash from operations, $m
  8
  -35
  -43
  -51
  -61
  -72
  -83
  -95
  -108
  -121
  -135
  -149
  -164
  -180
  -196
  -213
  -230
  -248
  -266
  -286
  -305
  -326
  -347
  -369
  -392
  -416
  -441
  -467
  -494
  -522
  -551
Maintenance CAPEX, $m
  0
  -19
  -25
  -31
  -39
  -48
  -58
  -69
  -81
  -95
  -109
  -125
  -142
  -160
  -179
  -199
  -220
  -242
  -265
  -289
  -313
  -339
  -366
  -395
  -424
  -454
  -486
  -518
  -552
  -588
  -625
New CAPEX, $m
  -4
  -55
  -65
  -76
  -87
  -99
  -110
  -122
  -134
  -145
  -156
  -167
  -177
  -188
  -198
  -208
  -218
  -227
  -237
  -247
  -257
  -267
  -278
  -289
  -300
  -312
  -324
  -337
  -351
  -365
  -380
Cash from investing activities, $m
  -3
  -74
  -90
  -107
  -126
  -147
  -168
  -191
  -215
  -240
  -265
  -292
  -319
  -348
  -377
  -407
  -438
  -469
  -502
  -536
  -570
  -606
  -644
  -684
  -724
  -766
  -810
  -855
  -903
  -953
  -1,005
Free cash flow, $m
  5
  -109
  -132
  -159
  -187
  -218
  -251
  -286
  -322
  -360
  -400
  -441
  -484
  -527
  -573
  -619
  -667
  -717
  -768
  -821
  -876
  -933
  -991
  -1,052
  -1,116
  -1,182
  -1,250
  -1,322
  -1,396
  -1,474
  -1,555
Issuance/(repayment) of debt, $m
  -6
  34
  40
  47
  54
  61
  68
  75
  82
  89
  96
  102
  109
  115
  121
  127
  133
  139
  145
  151
  157
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
Issuance/(repurchase) of shares, $m
  1
  90
  110
  132
  157
  184
  213
  244
  276
  310
  346
  383
  422
  463
  504
  547
  592
  638
  686
  736
  787
  840
  895
  953
  1,012
  1,074
  1,138
  1,205
  1,275
  1,348
  1,424
Cash from financing (excl. dividends), $m  
  -6
  124
  150
  179
  211
  245
  281
  319
  358
  399
  442
  485
  531
  578
  625
  674
  725
  777
  831
  887
  944
  1,004
  1,065
  1,130
  1,196
  1,265
  1,337
  1,412
  1,490
  1,572
  1,657
Total cash flow (excl. dividends), $m
  0
  15
  17
  20
  23
  26
  29
  33
  36
  39
  42
  44
  47
  50
  53
  55
  58
  61
  63
  66
  69
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
Retained Cash Flow (-), $m
  4
  -90
  -110
  -132
  -157
  -184
  -213
  -244
  -276
  -310
  -346
  -383
  -422
  -463
  -504
  -547
  -592
  -638
  -686
  -736
  -787
  -840
  -895
  -953
  -1,012
  -1,074
  -1,138
  -1,205
  -1,275
  -1,348
  -1,424
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
 
  -75
  -92
  -112
  -134
  -158
  -183
  -211
  -241
  -272
  -305
  -339
  -375
  -413
  -452
  -492
  -534
  -578
  -623
  -670
  -718
  -769
  -821
  -876
  -932
  -991
  -1,052
  -1,115
  -1,182
  -1,251
  -1,323
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  -70
  -81
  -90
  -99
  -106
  -111
  -115
  -116
  -115
  -112
  -107
  -100
  -92
  -83
  -74
  -64
  -55
  -46
  -38
  -30
  -24
  -18
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  64.2
  42.0
  28.0
  18.9
  13.0
  9.1
  6.4
  4.6
  3.3
  2.4
  1.8
  1.3
  1.0
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Universal Stainless & Alloy Products, Inc. manufactures and markets semi-finished and finished specialty steel products, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's manufacturing process involves melting, remelting, heat treating, hot and cold rolling, forging, machining and cold drawing of semi-finished and finished specialty steels. The Company also performs conversion services on materials supplied by customers. The Company's manufacturing locations include Bridgeville and Titusville, Pennsylvania; Dunkirk, New York, and North Jackson, Ohio. The Company produce a range of specialty steel grades using several manufacturing processes, including argon oxygen decarburization (AOD), electro-slag remelted (ESR), vacuum induction melting (VIM) and vacuum-arc remelted (VAR). It manufactures its products within the product lines, including Stainless Steel, High-Strength Low Alloy Steel, Tool Steel and High-Temperature Alloy Steel.

FINANCIAL RATIOS  of  Universal Stainless&Alloy Products (USAP)

Valuation Ratios
P/E Ratio -32.1
Price to Sales 1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 20.1
Price to Free Cash Flow 40.2
Growth Rates
Sales Growth Rate -14.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 37.6%
Total Debt to Equity 40.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -1.1%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -1.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.7%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. -3.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 9.1%
Gross Margin - 3 Yr. Avg. 10%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin -2.6%
Oper. Margin - 3 Yr. Avg. -4.6%
Pre-Tax Margin -5.8%
Pre-Tax Margin - 3 Yr. Avg. -6.9%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. -4.3%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 41.2%
Payout Ratio 0%

USAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the USAP stock intrinsic value calculation we used $154 million for the last fiscal year's total revenue generated by Universal Stainless&Alloy Products. The default revenue input number comes from 2016 income statement of Universal Stainless&Alloy 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 USAP stock valuation model: a) initial revenue growth rate of 29.3% 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 6.8%, whose default value for USAP is calculated based on our internal credit rating of Universal Stainless&Alloy 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 Stainless&Alloy 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 USAP stock the variable cost ratio is equal to 116.9%.

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 USAP 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% for Universal Stainless&Alloy Products.

Corporate tax rate of 27% is the nominal tax rate for Universal Stainless&Alloy 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 USAP 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 USAP are equal to 122.1%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Universal Stainless&Alloy 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 USAP 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 - $181 million for Universal Stainless&Alloy 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 7.228 million for Universal Stainless&Alloy 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 Stainless&Alloy Products at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Universal Stainless posts 2Q profit   [Jul-26-17 09:56PM  Associated Press]
▶ Universal Stainless rejects unsolicited offer   [Jun-29-17 06:05PM  American City Business Journals]
▶ Universal Stainless reports 1Q loss   [Apr-26-17 08:04AM  Associated Press]
▶ Universal Stainless Announces Stainless Base Price Increase   [Mar-20-17 07:00AM  GlobeNewswire]
▶ Universal Stainless reports 4Q loss   [07:25AM  Associated Press]
▶ What Do Hedge Funds Think of Vuzix Corporation (VUZI)?   [Nov-29  05:09AM  at Insider Monkey]
▶ Is Key Technology, Inc. (KTEC) A Good Stock To Buy?   [Nov-26  08:40AM  at Insider Monkey]
Financial statements of USAP
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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