Intrinsic value of Universal - UVV

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  Intrinsic Value

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*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 1.6

 

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
  14.40
  13.46
  12.61
  11.85
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
  5.49
  5.44
Revenue, $m
  2,071
  2,425
  2,752
  3,099
  3,466
  3,853
  4,260
  4,686
  5,130
  5,595
  6,078
  6,581
  7,104
  7,648
  8,213
  8,801
  9,411
  10,045
  10,705
  11,391
  12,106
  12,849
  13,624
  14,431
  15,273
  16,151
  17,068
  18,025
  19,025
  20,069
  21,162
Variable operating expenses, $m
 
  2,246
  2,548
  2,870
  3,210
  3,568
  3,945
  4,339
  4,751
  5,181
  5,628
  6,094
  6,579
  7,082
  7,606
  8,149
  8,715
  9,302
  9,913
  10,548
  11,210
  11,898
  12,616
  13,363
  14,143
  14,956
  15,805
  16,691
  17,617
  18,584
  19,596
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
  2,246
  2,548
  2,870
  3,210
  3,568
  3,945
  4,339
  4,751
  5,181
  5,628
  6,094
  6,579
  7,082
  7,606
  8,149
  8,715
  9,302
  9,913
  10,548
  11,210
  11,898
  12,616
  13,363
  14,143
  14,956
  15,805
  16,691
  17,617
  18,584
  19,596
Operating income, $m
  178
  179
  204
  229
  256
  285
  315
  347
  380
  414
  450
  487
  526
  566
  608
  651
  696
  743
  792
  843
  896
  951
  1,008
  1,068
  1,130
  1,195
  1,263
  1,334
  1,408
  1,485
  1,566
EBITDA, $m
  214
  223
  253
  285
  319
  354
  392
  431
  472
  515
  559
  605
  653
  703
  755
  809
  866
  924
  985
  1,048
  1,114
  1,182
  1,253
  1,327
  1,405
  1,486
  1,570
  1,658
  1,750
  1,846
  1,946
Interest expense (income), $m
  0
  14
  18
  22
  26
  31
  36
  42
  47
  53
  59
  66
  72
  79
  86
  94
  101
  109
  118
  126
  135
  145
  154
  165
  175
  186
  198
  210
  222
  235
  249
Earnings before tax, $m
  169
  166
  186
  207
  230
  254
  279
  305
  332
  361
  391
  421
  454
  487
  522
  558
  595
  634
  675
  717
  761
  806
  854
  903
  955
  1,009
  1,065
  1,124
  1,186
  1,250
  1,317
Tax expense, $m
  56
  45
  50
  56
  62
  69
  75
  82
  90
  97
  105
  114
  122
  131
  141
  151
  161
  171
  182
  194
  205
  218
  231
  244
  258
  272
  288
  304
  320
  337
  356
Net income, $m
  106
  121
  136
  151
  168
  185
  204
  223
  243
  263
  285
  308
  331
  355
  381
  407
  434
  463
  492
  523
  555
  589
  623
  659
  697
  737
  778
  821
  865
  912
  961

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
  2,187
  2,481
  2,794
  3,125
  3,474
  3,841
  4,225
  4,626
  5,045
  5,481
  5,934
  6,406
  6,896
  7,406
  7,936
  8,486
  9,058
  9,653
  10,272
  10,916
  11,586
  12,285
  13,013
  13,772
  14,564
  15,390
  16,253
  17,155
  18,097
  19,082
Adjusted assets (=assets-cash), $m
  1,839
  2,187
  2,481
  2,794
  3,125
  3,474
  3,841
  4,225
  4,626
  5,045
  5,481
  5,934
  6,406
  6,896
  7,406
  7,936
  8,486
  9,058
  9,653
  10,272
  10,916
  11,586
  12,285
  13,013
  13,772
  14,564
  15,390
  16,253
  17,155
  18,097
  19,082
Revenue / Adjusted assets
  1.126
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
  1.109
Average production assets, $m
  421
  475
  539
  607
  679
  755
  835
  918
  1,006
  1,097
  1,191
  1,290
  1,392
  1,499
  1,610
  1,725
  1,845
  1,969
  2,098
  2,233
  2,373
  2,518
  2,670
  2,829
  2,994
  3,166
  3,345
  3,533
  3,729
  3,934
  4,148
Working capital, $m
  1,293
  1,213
  1,376
  1,549
  1,733
  1,927
  2,130
  2,343
  2,565
  2,797
  3,039
  3,291
  3,552
  3,824
  4,107
  4,400
  4,705
  5,023
  5,353
  5,696
  6,053
  6,425
  6,812
  7,216
  7,637
  8,076
  8,534
  9,012
  9,512
  10,035
  10,581
Total debt, $m
  428
  477
  593
  716
  846
  983
  1,128
  1,278
  1,436
  1,601
  1,772
  1,950
  2,136
  2,328
  2,529
  2,737
  2,953
  3,178
  3,412
  3,655
  3,908
  4,171
  4,446
  4,732
  5,030
  5,342
  5,666
  6,006
  6,360
  6,730
  7,117
Total liabilities, $m
  837
  859
  975
  1,098
  1,228
  1,365
  1,510
  1,660
  1,818
  1,983
  2,154
  2,332
  2,518
  2,710
  2,911
  3,119
  3,335
  3,560
  3,794
  4,037
  4,290
  4,553
  4,828
  5,114
  5,412
  5,724
  6,048
  6,388
  6,742
  7,112
  7,499
Total equity, $m
  1,286
  1,327
  1,506
  1,696
  1,897
  2,109
  2,332
  2,565
  2,808
  3,062
  3,327
  3,602
  3,888
  4,186
  4,495
  4,817
  5,151
  5,498
  5,859
  6,235
  6,626
  7,033
  7,457
  7,899
  8,360
  8,840
  9,342
  9,866
  10,413
  10,985
  11,583
Total liabilities and equity, $m
  2,123
  2,186
  2,481
  2,794
  3,125
  3,474
  3,842
  4,225
  4,626
  5,045
  5,481
  5,934
  6,406
  6,896
  7,406
  7,936
  8,486
  9,058
  9,653
  10,272
  10,916
  11,586
  12,285
  13,013
  13,772
  14,564
  15,390
  16,254
  17,155
  18,097
  19,082
Debt-to-equity ratio
  0.333
  0.360
  0.390
  0.420
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.610
Adjusted equity ratio
  0.577
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  106
  121
  136
  151
  168
  185
  204
  223
  243
  263
  285
  308
  331
  355
  381
  407
  434
  463
  492
  523
  555
  589
  623
  659
  697
  737
  778
  821
  865
  912
  961
Depreciation, amort., depletion, $m
  36
  44
  49
  56
  62
  69
  77
  84
  92
  101
  109
  118
  128
  138
  148
  158
  169
  181
  192
  205
  218
  231
  245
  259
  275
  290
  307
  324
  342
  361
  381
Funds from operations, $m
  309
  165
  185
  207
  230
  255
  280
  307
  335
  364
  394
  426
  459
  493
  528
  565
  604
  644
  685
  728
  773
  820
  868
  919
  972
  1,027
  1,085
  1,145
  1,208
  1,273
  1,342
Change in working capital, $m
  59
  153
  163
  174
  184
  194
  203
  213
  222
  232
  242
  252
  262
  272
  283
  294
  305
  317
  330
  343
  357
  372
  387
  404
  421
  439
  458
  479
  500
  522
  546
Cash from operations, $m
  250
  23
  22
  34
  47
  61
  77
  94
  112
  132
  153
  174
  197
  221
  246
  272
  299
  326
  355
  385
  416
  448
  481
  515
  551
  588
  626
  666
  708
  751
  796
Maintenance CAPEX, $m
  0
  -38
  -44
  -49
  -56
  -62
  -69
  -77
  -84
  -92
  -101
  -109
  -118
  -128
  -138
  -148
  -158
  -169
  -181
  -192
  -205
  -218
  -231
  -245
  -259
  -275
  -290
  -307
  -324
  -342
  -361
New CAPEX, $m
  -36
  -61
  -64
  -68
  -72
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -214
Cash from investing activities, $m
  -34
  -99
  -108
  -117
  -128
  -138
  -149
  -160
  -171
  -183
  -196
  -208
  -221
  -235
  -249
  -263
  -278
  -293
  -310
  -327
  -345
  -364
  -383
  -403
  -424
  -447
  -470
  -495
  -520
  -547
  -575
Free cash flow, $m
  216
  -76
  -86
  -84
  -81
  -77
  -72
  -66
  -59
  -51
  -43
  -33
  -24
  -13
  -2
  9
  21
  33
  45
  58
  71
  84
  98
  112
  126
  141
  156
  172
  188
  204
  221
Issuance/(repayment) of debt, $m
  -5
  108
  116
  123
  130
  137
  144
  151
  158
  164
  171
  178
  185
  193
  200
  208
  216
  225
  234
  243
  253
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
Issuance/(repurchase) of shares, $m
  0
  0
  149
  151
  152
  152
  151
  148
  145
  141
  136
  131
  125
  118
  111
  104
  97
  90
  82
  75
  67
  59
  51
  44
  36
  28
  21
  13
  5
  0
  0
Cash from financing (excl. dividends), $m  
  -190
  108
  265
  274
  282
  289
  295
  299
  303
  305
  307
  309
  310
  311
  311
  312
  313
  315
  316
  318
  320
  323
  326
  330
  334
  339
  346
  352
  359
  370
  387
Total cash flow (excl. dividends), $m
  26
  32
  30
  39
  49
  60
  72
  85
  99
  113
  129
  145
  162
  179
  198
  217
  237
  258
  279
  301
  324
  348
  373
  398
  425
  452
  481
  511
  542
  574
  608
Retained Cash Flow (-), $m
  128
  -167
  -179
  -190
  -201
  -212
  -223
  -233
  -244
  -254
  -265
  -275
  -286
  -298
  -309
  -321
  -334
  -347
  -361
  -376
  -391
  -407
  -424
  -442
  -461
  -481
  -502
  -524
  -547
  -572
  -598
Prev. year cash balance distribution, $m
 
  254
  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
 
  119
  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
  2
  10
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
 
  114
  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
Current shareholders' claim on cash, %
  100
  100.0
  91.0
  83.6
  77.4
  72.3
  68.0
  64.4
  61.3
  58.7
  56.5
  54.6
  53.0
  51.6
  50.4
  49.4
  48.5
  47.8
  47.1
  46.6
  46.2
  45.8
  45.5
  45.3
  45.1
  45.0
  44.9
  44.8
  44.8
  44.8
  44.8

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 15.5
Price to Sales 0.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 7.7
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 $2120 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 14.4% 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 92.6%.

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 19.6%.

Life of production assets of 10.9 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 - $1414 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 $1.6 billion.


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COMPANY NEWS

▶ 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]
▶ Universal Corporation Announces Conference Call   [May-09-16 02:35PM  PR Newswire]
Stock chart of UVV Financial statements of UVV Annual reports 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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