Intrinsic value of Universal - UVV

Previous Close

$50.75

  Intrinsic Value

$24.15

stock screener

  Rating & Target

str. sell

-52%

Previous close

$50.75

 
Intrinsic value

$24.15

 
Up/down potential

-52%

 
Rating

str. sell

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

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
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
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,071
  2,212
  2,358
  2,511
  2,669
  2,834
  3,006
  3,185
  3,372
  3,566
  3,769
  3,982
  4,203
  4,435
  4,677
  4,930
  5,194
  5,472
  5,762
  6,065
  6,383
  6,716
  7,065
  7,431
  7,815
  8,216
  8,638
  9,080
  9,543
  10,030
  10,540
Variable operating expenses, $m
 
  2,024
  2,158
  2,297
  2,442
  2,593
  2,750
  2,914
  3,085
  3,263
  3,449
  3,643
  3,846
  4,058
  4,279
  4,511
  4,753
  5,006
  5,272
  5,550
  5,841
  6,145
  6,465
  6,799
  7,150
  7,518
  7,904
  8,308
  8,732
  9,177
  9,644
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
  2,024
  2,158
  2,297
  2,442
  2,593
  2,750
  2,914
  3,085
  3,263
  3,449
  3,643
  3,846
  4,058
  4,279
  4,511
  4,753
  5,006
  5,272
  5,550
  5,841
  6,145
  6,465
  6,799
  7,150
  7,518
  7,904
  8,308
  8,732
  9,177
  9,644
Operating income, $m
  178
  188
  200
  213
  227
  241
  255
  271
  287
  303
  320
  338
  357
  377
  398
  419
  442
  465
  490
  516
  543
  571
  601
  632
  664
  698
  734
  772
  811
  853
  896
EBITDA, $m
  214
  226
  241
  257
  273
  290
  308
  326
  345
  365
  386
  408
  430
  454
  479
  505
  532
  560
  590
  621
  653
  687
  723
  761
  800
  841
  884
  929
  977
  1,027
  1,079
Interest expense (income), $m
  16
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  99
  105
  111
  118
  124
Earnings before tax, $m
  169
  174
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  351
  369
  388
  408
  429
  451
  473
  497
  522
  549
  576
  605
  635
  667
  700
  735
  772
Tax expense, $m
  56
  47
  50
  53
  56
  59
  62
  66
  70
  73
  77
  81
  86
  90
  95
  100
  105
  110
  116
  122
  128
  134
  141
  148
  156
  163
  171
  180
  189
  198
  208
Net income, $m
  106
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  244
  256
  269
  283
  298
  313
  329
  346
  363
  381
  400
  421
  442
  464
  487
  511
  537
  563

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
  1,964
  2,094
  2,230
  2,370
  2,517
  2,669
  2,828
  2,994
  3,167
  3,348
  3,536
  3,733
  3,938
  4,153
  4,378
  4,613
  4,859
  5,117
  5,386
  5,669
  5,965
  6,275
  6,600
  6,940
  7,297
  7,671
  8,064
  8,475
  8,907
  9,360
Adjusted assets (=assets-cash), $m
  1,839
  1,964
  2,094
  2,230
  2,370
  2,517
  2,669
  2,828
  2,994
  3,167
  3,348
  3,536
  3,733
  3,938
  4,153
  4,378
  4,613
  4,859
  5,117
  5,386
  5,669
  5,965
  6,275
  6,600
  6,940
  7,297
  7,671
  8,064
  8,475
  8,907
  9,360
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
  449
  479
  510
  542
  575
  610
  647
  684
  724
  765
  808
  853
  900
  949
  1,001
  1,054
  1,111
  1,170
  1,231
  1,296
  1,363
  1,434
  1,509
  1,586
  1,668
  1,754
  1,843
  1,937
  2,036
  2,140
Working capital, $m
  1,293
  1,106
  1,179
  1,255
  1,335
  1,417
  1,503
  1,592
  1,686
  1,783
  1,885
  1,991
  2,102
  2,217
  2,338
  2,465
  2,597
  2,736
  2,881
  3,033
  3,192
  3,358
  3,533
  3,716
  3,907
  4,108
  4,319
  4,540
  4,772
  5,015
  5,270
Total debt, $m
  428
  422
  477
  534
  594
  656
  720
  787
  858
  931
  1,007
  1,087
  1,170
  1,257
  1,348
  1,443
  1,542
  1,646
  1,755
  1,869
  1,989
  2,114
  2,245
  2,383
  2,527
  2,678
  2,836
  3,002
  3,176
  3,359
  3,550
Total liabilities, $m
  837
  831
  886
  943
  1,003
  1,065
  1,129
  1,196
  1,267
  1,340
  1,416
  1,496
  1,579
  1,666
  1,757
  1,852
  1,951
  2,055
  2,164
  2,278
  2,398
  2,523
  2,654
  2,792
  2,936
  3,087
  3,245
  3,411
  3,585
  3,768
  3,959
Total equity, $m
  1,286
  1,133
  1,208
  1,286
  1,368
  1,452
  1,540
  1,632
  1,728
  1,827
  1,932
  2,040
  2,154
  2,272
  2,396
  2,526
  2,662
  2,804
  2,952
  3,108
  3,271
  3,442
  3,621
  3,808
  4,004
  4,210
  4,426
  4,653
  4,890
  5,139
  5,401
Total liabilities and equity, $m
  2,123
  1,964
  2,094
  2,229
  2,371
  2,517
  2,669
  2,828
  2,995
  3,167
  3,348
  3,536
  3,733
  3,938
  4,153
  4,378
  4,613
  4,859
  5,116
  5,386
  5,669
  5,965
  6,275
  6,600
  6,940
  7,297
  7,671
  8,064
  8,475
  8,907
  9,360
Debt-to-equity ratio
  0.333
  0.370
  0.390
  0.420
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
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
  127
  135
  143
  151
  160
  169
  178
  188
  198
  209
  220
  231
  244
  256
  269
  283
  298
  313
  329
  346
  363
  381
  400
  421
  442
  464
  487
  511
  537
  563
Depreciation, amort., depletion, $m
  36
  38
  41
  44
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
Funds from operations, $m
  315
  166
  176
  186
  197
  209
  221
  233
  246
  260
  274
  289
  304
  321
  337
  355
  373
  393
  413
  434
  456
  480
  504
  529
  556
  584
  614
  644
  677
  711
  746
Change in working capital, $m
  65
  70
  73
  76
  79
  82
  86
  90
  93
  97
  102
  106
  111
  116
  121
  127
  132
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
Cash from operations, $m
  250
  95
  103
  110
  118
  126
  135
  144
  153
  163
  173
  183
  194
  205
  216
  228
  241
  254
  268
  282
  297
  313
  329
  346
  364
  383
  403
  423
  445
  467
  491
Maintenance CAPEX, $m
  0
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
New CAPEX, $m
  -36
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
Cash from investing activities, $m
  -34
  -65
  -68
  -72
  -76
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -140
  -146
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -278
Free cash flow, $m
  216
  31
  35
  38
  43
  47
  51
  55
  60
  65
  69
  74
  80
  85
  90
  96
  102
  108
  114
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
Issuance/(repayment) of debt, $m
  -5
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
Issuance/(repurchase) of shares, $m
  -178
  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
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
Total cash flow (excl. dividends), $m
  26
  84
  90
  96
  102
  109
  116
  123
  130
  138
  146
  154
  163
  172
  181
  191
  201
  212
  223
  235
  247
  260
  273
  287
  302
  317
  333
  350
  367
  386
  405
Retained Cash Flow (-), $m
  128
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -226
  -238
  -249
  -261
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
 
  236
  15
  18
  21
  24
  27
  31
  34
  38
  42
  45
  49
  53
  57
  61
  66
  70
  75
  79
  84
  89
  94
  100
  105
  111
  117
  123
  130
  137
  144
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
 
  227
  13
  15
  17
  19
  20
  21
  22
  22
  22
  22
  21
  20
  19
  18
  17
  15
  14
  12
  11
  9
  8
  7
  5
  4
  3
  3
  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 is a leaf tobacco supplier. The Company is engaged in procuring, financing, processing, packing, storing and shipping leaf tobacco for sale to manufacturers of consumer tobacco products. The Company's segments include North America, South America, Africa, Europe, Asia, Dark Air-Cured, Oriental and Special Services. North America, South America, Africa, Europe and Asia are involved in flue-cured and/or burley leaf tobacco operations for supply to cigarette manufacturers. The Dark Air-Cured group supplies dark air-cured tobacco to manufacturers of cigars, pipe tobacco and smokeless tobacco products. The Oriental business supplies oriental tobacco to cigarette manufacturers. Special Services segment includes the Company's laboratory services business, which provides physical and chemical product testing and smoke testing for customers, as well as its liquid nicotine joint venture and its food and vegetable ingredients business.

FINANCIAL RATIOS  of  Universal (UVV)

Valuation Ratios
P/E Ratio 12.1
Price to Sales 0.6
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 6
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 12
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 5.5%
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 10.7%
EBITDA Margin - 3 Yr. Avg. 10.3%
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 6.8% 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 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 3.7% 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 25.333 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 $1.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to Universal Corp. : November 27, 2017   [Nov-27-17 04:14PM  Capital Cube]
▶ These 3 Stocks Just Raised Their Dividends   [Nov-14-17 08:19AM  Motley Fool]
▶ Universal Corp. posts 2Q profit   [Nov-07-17 06:44PM  Associated Press]
▶ Universal Corporation Announces Conference Call   [Oct-25-17 03:28PM  PR Newswire]
▶ 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]
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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