Intrinsic value of Universal - UVV

Previous Close

$57.15

  Intrinsic Value

$43.14

stock screener

  Rating & Target

sell

-25%

  Value-price divergence*

-83%

Previous close

$57.15

 
Intrinsic value

$43.14

 
Up/down potential

-25%

 
Rating

sell

 
Value-price divergence*

-83%

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

We calculate the intrinsic value of UVV 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 2017), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -2.31
  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
  2,071
  2,112
  2,161
  2,217
  2,279
  2,348
  2,424
  2,506
  2,596
  2,692
  2,795
  2,906
  3,024
  3,149
  3,283
  3,424
  3,574
  3,733
  3,901
  4,079
  4,266
  4,464
  4,672
  4,892
  5,124
  5,368
  5,625
  5,895
  6,179
  6,479
  6,793
Variable operating expenses, $m
 
  1,933
  1,977
  2,028
  2,085
  2,148
  2,218
  2,293
  2,375
  2,463
  2,558
  2,659
  2,767
  2,882
  3,004
  3,133
  3,271
  3,416
  3,570
  3,732
  3,904
  4,084
  4,275
  4,476
  4,688
  4,912
  5,147
  5,394
  5,654
  5,928
  6,216
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
  1,893
  1,933
  1,977
  2,028
  2,085
  2,148
  2,218
  2,293
  2,375
  2,463
  2,558
  2,659
  2,767
  2,882
  3,004
  3,133
  3,271
  3,416
  3,570
  3,732
  3,904
  4,084
  4,275
  4,476
  4,688
  4,912
  5,147
  5,394
  5,654
  5,928
  6,216
Operating income, $m
  178
  180
  184
  188
  194
  200
  206
  213
  221
  229
  238
  247
  257
  268
  279
  291
  304
  317
  332
  347
  363
  379
  397
  416
  436
  456
  478
  501
  525
  551
  577
EBITDA, $m
  214
  216
  221
  227
  233
  240
  248
  257
  266
  276
  286
  297
  309
  322
  336
  350
  366
  382
  399
  417
  437
  457
  478
  501
  524
  549
  576
  603
  632
  663
  695
Interest expense (income), $m
  0
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  71
Earnings before tax, $m
  169
  167
  170
  174
  179
  184
  189
  195
  202
  209
  217
  225
  233
  242
  252
  262
  273
  285
  297
  310
  323
  338
  353
  369
  386
  403
  422
  441
  462
  484
  507
Tax expense, $m
  56
  45
  46
  47
  48
  50
  51
  53
  55
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
Net income, $m
  106
  122
  124
  127
  131
  134
  138
  143
  147
  153
  158
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  258
  269
  281
  294
  308
  322
  337
  353
  370

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  284
  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
  2,123
  1,876
  1,919
  1,969
  2,024
  2,085
  2,153
  2,226
  2,305
  2,391
  2,482
  2,581
  2,685
  2,797
  2,915
  3,041
  3,174
  3,316
  3,465
  3,622
  3,789
  3,964
  4,150
  4,345
  4,550
  4,767
  4,995
  5,235
  5,488
  5,754
  6,033
Adjusted assets (=assets-cash), $m
  1,839
  1,876
  1,919
  1,969
  2,024
  2,085
  2,153
  2,226
  2,305
  2,391
  2,482
  2,581
  2,685
  2,797
  2,915
  3,041
  3,174
  3,316
  3,465
  3,622
  3,789
  3,964
  4,150
  4,345
  4,550
  4,767
  4,995
  5,235
  5,488
  5,754
  6,033
Revenue / Adjusted assets
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
  1.126
Average production assets, $m
  421
  429
  439
  450
  463
  477
  492
  509
  527
  546
  567
  590
  614
  639
  666
  695
  726
  758
  792
  828
  866
  906
  949
  993
  1,040
  1,090
  1,142
  1,197
  1,254
  1,315
  1,379
Working capital, $m
  1,293
  1,056
  1,081
  1,108
  1,139
  1,174
  1,212
  1,253
  1,298
  1,346
  1,398
  1,453
  1,512
  1,575
  1,641
  1,712
  1,787
  1,867
  1,951
  2,039
  2,133
  2,232
  2,336
  2,446
  2,562
  2,684
  2,812
  2,947
  3,090
  3,239
  3,397
Total debt, $m
  428
  385
  403
  424
  447
  473
  502
  533
  566
  602
  641
  683
  727
  774
  824
  877
  934
  993
  1,057
  1,123
  1,194
  1,268
  1,346
  1,429
  1,516
  1,607
  1,704
  1,806
  1,912
  2,025
  2,143
Total liabilities, $m
  837
  794
  812
  833
  856
  882
  911
  942
  975
  1,011
  1,050
  1,092
  1,136
  1,183
  1,233
  1,286
  1,343
  1,402
  1,466
  1,532
  1,603
  1,677
  1,755
  1,838
  1,925
  2,016
  2,113
  2,215
  2,321
  2,434
  2,552
Total equity, $m
  1,286
  1,082
  1,107
  1,136
  1,168
  1,203
  1,242
  1,284
  1,330
  1,379
  1,432
  1,489
  1,549
  1,614
  1,682
  1,755
  1,832
  1,913
  1,999
  2,090
  2,186
  2,287
  2,394
  2,507
  2,626
  2,751
  2,882
  3,021
  3,167
  3,320
  3,481
Total liabilities and equity, $m
  2,123
  1,876
  1,919
  1,969
  2,024
  2,085
  2,153
  2,226
  2,305
  2,390
  2,482
  2,581
  2,685
  2,797
  2,915
  3,041
  3,175
  3,315
  3,465
  3,622
  3,789
  3,964
  4,149
  4,345
  4,551
  4,767
  4,995
  5,236
  5,488
  5,754
  6,033
Debt-to-equity ratio
  0.333
  0.360
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
Adjusted equity ratio
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577
  0.577

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  106
  122
  124
  127
  131
  134
  138
  143
  147
  153
  158
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  246
  258
  269
  281
  294
  308
  322
  337
  353
  370
Depreciation, amort., depletion, $m
  36
  37
  37
  38
  40
  41
  42
  43
  45
  47
  48
  50
  52
  55
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  112
  118
Funds from operations, $m
  309
  158
  162
  166
  170
  175
  180
  186
  192
  199
  207
  214
  223
  231
  241
  251
  261
  273
  284
  297
  310
  324
  339
  354
  370
  387
  406
  425
  445
  466
  488
Change in working capital, $m
  59
  21
  24
  28
  31
  35
  38
  41
  45
  48
  52
  55
  59
  63
  67
  71
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  150
  157
Cash from operations, $m
  250
  138
  137
  138
  139
  140
  142
  145
  148
  151
  155
  159
  164
  169
  174
  180
  186
  193
  200
  208
  216
  225
  234
  244
  255
  266
  277
  289
  302
  316
  330
Maintenance CAPEX, $m
  0
  -36
  -37
  -37
  -38
  -40
  -41
  -42
  -43
  -45
  -47
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
New CAPEX, $m
  -36
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
Cash from investing activities, $m
  -34
  -44
  -47
  -48
  -51
  -54
  -56
  -59
  -61
  -65
  -68
  -70
  -74
  -77
  -82
  -86
  -89
  -94
  -99
  -104
  -109
  -114
  -119
  -126
  -132
  -139
  -145
  -153
  -160
  -168
  -176
Free cash flow, $m
  216
  93
  91
  89
  88
  87
  86
  86
  86
  87
  87
  88
  89
  91
  92
  94
  96
  99
  102
  104
  108
  111
  115
  118
  123
  127
  132
  137
  142
  148
  154
Issuance/(repayment) of debt, $m
  -5
  16
  18
  21
  23
  26
  28
  31
  34
  36
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  96
  102
  107
  112
  118
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -190
  16
  18
  21
  23
  26
  28
  31
  34
  36
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
  92
  96
  102
  107
  112
  118
Total cash flow (excl. dividends), $m
  26
  109
  109
  110
  111
  113
  115
  117
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  165
  171
  178
  185
  193
  201
  210
  219
  228
  238
  249
  260
  272
Retained Cash Flow (-), $m
  128
  -21
  -25
  -28
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
Prev. year cash balance distribution, $m
 
  225
  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
 
  312
  84
  82
  79
  77
  76
  75
  74
  73
  73
  73
  73
  74
  74
  75
  76
  77
  79
  80
  82
  84
  86
  88
  91
  94
  97
  100
  103
  107
  111
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
 
  300
  77
  71
  65
  60
  55
  51
  46
  42
  38
  35
  31
  28
  25
  22
  19
  17
  14
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

Universal Corporation engages in leaf tobacco business worldwide. It is involved in procuring, financing, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products. The company processes and sells flue-cured and burley tobaccos, and oriental tobaccos that are primarily used in the manufacture of cigarettes; and dark air-cured tobaccos principally used in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. It also provides value-added services, such as blending, chemical and physical testing of tobacco, service cutting for various manufacturers, manufacturing reconstituted leaf tobacco, just-in-time inventory management, e-cigarette and e-liquid testing, and smoke testing for customers. Further, it produces and sells dehydrated and juiced fruit and vegetable products. The company was founded in 1886 and is headquartered in Richmond, Virginia.

FINANCIAL RATIOS  of  Universal (UVV)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 0.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 6.7
Growth Rates
Sales Growth Rate -2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.4%
Cap. Spend. - 3 Yr. Gr. Rate -4.8%
Financial Strength
Quick Ratio 5
Current Ratio 0.3
LT Debt to Equity 28.7%
Total Debt to Equity 33.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 8%
Asset Turnover 1
Profitability Ratios
Gross Margin 19.1%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 29.7%
Payout Ratio 57.5%

UVV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UVV stock intrinsic value calculation we used $2071 million for the last fiscal year's total revenue generated by Universal. The default revenue input number comes from 2017 income statement of Universal. 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 UVV 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 UVV is calculated based on our internal credit rating of Universal, 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.
    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 UVV stock the variable cost ratio is equal to 91.5%.

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 UVV 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 Universal.

Corporate tax rate of 27% is the nominal tax rate for Universal. 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 UVV 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 UVV are equal to 20.3%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Universal 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 UVV 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 - $1286 million for Universal - 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 24.564 million for Universal 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 at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Universal Corp. : August 18, 2017   [Aug-18-17 06:28PM  Capital Cube]
▶ Universal Corp. posts 1Q profit   [Aug-04-17 08:13PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Jul-21-17 09:48AM  PR Newswire]
▶ The Top Dividend-Growing Consumer Staples Stocks   [Jul-12-17 02:44PM  Market Realist]
▶ ETFs with exposure to Universal Corp. : July 10, 2017   [Jul-10-17 03:27PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 28, 2017   [Jun-28-17 03:07PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 13, 2017   [Jun-13-17 01:01PM  Capital Cube]
▶ ETFs with exposure to Universal Corp. : June 2, 2017   [Jun-02-17 02:36PM  Capital Cube]
▶ Universal Corp. posts 4Q profit   [May-23-17 04:39PM  Associated Press]
▶ Universal Corp. Value Analysis (NYSE:UVV) : May 19, 2017   [May-19-17 02:42PM  Capital Cube]
▶ 3 Dividend Stocks You Haven't Thought Of   [May-17-17 03:42PM  Motley Fool]
▶ Universal Corporation Announces Conference Call   [May-11-17 02:09PM  PR Newswire]
▶ Universal Corp. posts 3Q profit   [Feb-07-17 06:15PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Jan-30-17 12:06PM  PR Newswire]
▶ 3 Stocks to Buy With Dividends Yielding More Than 3%   [Dec-16-16 12:22PM  at Motley Fool]
▶ Is Universal Corp (UVV) Going to Burn These Hedge Funds?   [Dec-05-16 04:05PM  at Insider Monkey]
▶ Universal Corporation Announces Conference Call   [Oct-28-16 11:28AM  PR Newswire]
▶ Dividend Champion Portfolio October Update   [Oct-08-16 06:43AM  at Insider Monkey]
▶ Universal Corporation Announces Conference Call   [Jul-28-16 03:22PM  PR Newswire]
Financial statements of UVV
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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