Intrinsic value of Valspar - VAL

Previous Close

$112.99

  Intrinsic Value

$57.13

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

+3%

Previous close

$112.99

 
Intrinsic value

$57.13

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

+3%

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

We calculate the intrinsic value of VAL 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 9.0

 

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, %
  -4.60
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  4,191
  4,296
  4,414
  4,545
  4,690
  4,847
  5,018
  5,202
  5,400
  5,612
  5,838
  6,079
  6,336
  6,608
  6,896
  7,201
  7,524
  7,866
  8,226
  8,607
  9,008
  9,431
  9,877
  10,346
  10,841
  11,361
  11,909
  12,485
  13,091
  13,728
  14,399
Variable operating expenses, $m
 
  1,762
  1,807
  1,857
  1,912
  1,972
  2,037
  2,107
  2,182
  2,263
  2,349
  2,312
  2,410
  2,513
  2,623
  2,739
  2,862
  2,992
  3,129
  3,273
  3,426
  3,587
  3,757
  3,935
  4,123
  4,321
  4,529
  4,748
  4,979
  5,221
  5,476
Fixed operating expenses, $m
 
  2,039
  2,090
  2,142
  2,195
  2,250
  2,307
  2,364
  2,423
  2,484
  2,546
  2,610
  2,675
  2,742
  2,810
  2,881
  2,953
  3,026
  3,102
  3,180
  3,259
  3,341
  3,424
  3,510
  3,598
  3,687
  3,780
  3,874
  3,971
  4,070
  4,172
Total operating expenses, $m
  3,662
  3,801
  3,897
  3,999
  4,107
  4,222
  4,344
  4,471
  4,605
  4,747
  4,895
  4,922
  5,085
  5,255
  5,433
  5,620
  5,815
  6,018
  6,231
  6,453
  6,685
  6,928
  7,181
  7,445
  7,721
  8,008
  8,309
  8,622
  8,950
  9,291
  9,648
Operating income, $m
  529
  495
  517
  546
  582
  625
  674
  731
  794
  865
  943
  1,157
  1,251
  1,353
  1,463
  1,582
  1,710
  1,848
  1,995
  2,154
  2,323
  2,503
  2,696
  2,901
  3,120
  3,352
  3,600
  3,862
  4,141
  4,437
  4,750
EBITDA, $m
  627
  673
  697
  728
  765
  810
  861
  920
  986
  1,059
  1,140
  1,228
  1,325
  1,430
  1,543
  1,666
  1,798
  1,939
  2,091
  2,254
  2,428
  2,613
  2,811
  3,022
  3,247
  3,485
  3,739
  4,008
  4,294
  4,597
  4,918
Interest expense (income), $m
  90
  75
  78
  82
  87
  91
  97
  103
  109
  115
  123
  130
  138
  147
  156
  166
  176
  187
  199
  211
  224
  237
  252
  267
  282
  299
  317
  335
  355
  375
  397
Earnings before tax, $m
  435
  420
  439
  464
  495
  533
  578
  628
  686
  750
  821
  1,027
  1,113
  1,206
  1,307
  1,416
  1,534
  1,660
  1,797
  1,943
  2,099
  2,266
  2,444
  2,635
  2,837
  3,053
  3,283
  3,527
  3,786
  4,062
  4,354
Tax expense, $m
  82
  113
  118
  125
  134
  144
  156
  170
  185
  202
  222
  277
  300
  326
  353
  382
  414
  448
  485
  525
  567
  612
  660
  711
  766
  824
  886
  952
  1,022
  1,097
  1,175
Net income, $m
  353
  307
  320
  339
  362
  389
  422
  459
  500
  547
  599
  750
  812
  880
  954
  1,034
  1,120
  1,212
  1,312
  1,418
  1,532
  1,654
  1,784
  1,923
  2,071
  2,229
  2,397
  2,575
  2,764
  2,965
  3,178

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  175
  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
  4,301
  4,228
  4,344
  4,474
  4,616
  4,771
  4,939
  5,120
  5,315
  5,524
  5,746
  5,984
  6,236
  6,504
  6,787
  7,088
  7,406
  7,742
  8,097
  8,471
  8,866
  9,282
  9,721
  10,183
  10,670
  11,182
  11,721
  12,288
  12,885
  13,512
  14,172
Adjusted assets (=assets-cash), $m
  4,126
  4,228
  4,344
  4,474
  4,616
  4,771
  4,939
  5,120
  5,315
  5,524
  5,746
  5,984
  6,236
  6,504
  6,787
  7,088
  7,406
  7,742
  8,097
  8,471
  8,866
  9,282
  9,721
  10,183
  10,670
  11,182
  11,721
  12,288
  12,885
  13,512
  14,172
Revenue / Adjusted assets
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
  1.016
Average production assets, $m
  1,284
  1,315
  1,351
  1,391
  1,435
  1,483
  1,536
  1,592
  1,652
  1,717
  1,787
  1,860
  1,939
  2,022
  2,110
  2,204
  2,302
  2,407
  2,517
  2,634
  2,756
  2,886
  3,022
  3,166
  3,317
  3,476
  3,644
  3,820
  4,006
  4,201
  4,406
Working capital, $m
  329
  382
  393
  405
  417
  431
  447
  463
  481
  499
  520
  541
  564
  588
  614
  641
  670
  700
  732
  766
  802
  839
  879
  921
  965
  1,011
  1,060
  1,111
  1,165
  1,222
  1,281
Total debt, $m
  1,764
  1,663
  1,747
  1,842
  1,946
  2,059
  2,181
  2,314
  2,456
  2,608
  2,771
  2,944
  3,128
  3,324
  3,531
  3,750
  3,982
  4,228
  4,487
  4,760
  5,048
  5,352
  5,672
  6,010
  6,365
  6,739
  7,132
  7,546
  7,982
  8,440
  8,922
Total liabilities, $m
  3,187
  3,087
  3,171
  3,266
  3,370
  3,483
  3,605
  3,738
  3,880
  4,032
  4,195
  4,368
  4,552
  4,748
  4,955
  5,174
  5,406
  5,652
  5,911
  6,184
  6,472
  6,776
  7,096
  7,434
  7,789
  8,163
  8,556
  8,970
  9,406
  9,864
  10,346
Total equity, $m
  1,113
  1,142
  1,173
  1,208
  1,246
  1,288
  1,334
  1,382
  1,435
  1,491
  1,552
  1,616
  1,684
  1,756
  1,833
  1,914
  2,000
  2,090
  2,186
  2,287
  2,394
  2,506
  2,625
  2,749
  2,881
  3,019
  3,165
  3,318
  3,479
  3,648
  3,826
Total liabilities and equity, $m
  4,300
  4,229
  4,344
  4,474
  4,616
  4,771
  4,939
  5,120
  5,315
  5,523
  5,747
  5,984
  6,236
  6,504
  6,788
  7,088
  7,406
  7,742
  8,097
  8,471
  8,866
  9,282
  9,721
  10,183
  10,670
  11,182
  11,721
  12,288
  12,885
  13,512
  14,172
Debt-to-equity ratio
  1.585
  1.460
  1.490
  1.520
  1.560
  1.600
  1.640
  1.670
  1.710
  1.750
  1.790
  1.820
  1.860
  1.890
  1.930
  1.960
  1.990
  2.020
  2.050
  2.080
  2.110
  2.140
  2.160
  2.190
  2.210
  2.230
  2.250
  2.270
  2.290
  2.310
  2.330
Adjusted equity ratio
  0.245
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  353
  307
  320
  339
  362
  389
  422
  459
  500
  547
  599
  750
  812
  880
  954
  1,034
  1,120
  1,212
  1,312
  1,418
  1,532
  1,654
  1,784
  1,923
  2,071
  2,229
  2,397
  2,575
  2,764
  2,965
  3,178
Depreciation, amort., depletion, $m
  98
  179
  180
  182
  183
  185
  187
  189
  192
  194
  197
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  127
  133
  139
  146
  153
  160
  168
Funds from operations, $m
  530
  485
  500
  520
  545
  574
  609
  648
  692
  741
  796
  821
  886
  957
  1,034
  1,118
  1,207
  1,304
  1,408
  1,519
  1,637
  1,764
  1,900
  2,044
  2,198
  2,362
  2,536
  2,721
  2,917
  3,125
  3,346
Change in working capital, $m
  47
  9
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
Cash from operations, $m
  483
  476
  490
  509
  532
  560
  594
  632
  674
  722
  776
  799
  863
  933
  1,009
  1,090
  1,179
  1,274
  1,376
  1,485
  1,602
  1,727
  1,860
  2,002
  2,154
  2,315
  2,487
  2,669
  2,863
  3,069
  3,287
Maintenance CAPEX, $m
  0
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -160
New CAPEX, $m
  -120
  -31
  -36
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -123
  -129
  -136
  -144
  -151
  -159
  -168
  -176
  -185
  -195
  -205
Cash from investing activities, $m
  -134
  -80
  -86
  -92
  -97
  -103
  -109
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -224
  -234
  -246
  -259
  -272
  -286
  -301
  -315
  -331
  -348
  -365
Free cash flow, $m
  349
  396
  404
  417
  435
  457
  485
  517
  553
  595
  641
  657
  714
  776
  843
  916
  996
  1,081
  1,173
  1,272
  1,378
  1,492
  1,614
  1,743
  1,882
  2,029
  2,187
  2,354
  2,532
  2,721
  2,921
Issuance/(repayment) of debt, $m
  -265
  74
  85
  94
  104
  113
  123
  132
  142
  152
  163
  173
  184
  195
  207
  219
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  393
  414
  435
  458
  482
Issuance/(repurchase) of shares, $m
  -2
  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  
  -251
  74
  85
  94
  104
  113
  123
  132
  142
  152
  163
  173
  184
  195
  207
  219
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  393
  414
  435
  458
  482
Total cash flow (excl. dividends), $m
  94
  470
  488
  511
  539
  571
  607
  649
  695
  747
  803
  831
  898
  971
  1,050
  1,136
  1,228
  1,327
  1,432
  1,546
  1,667
  1,796
  1,934
  2,081
  2,237
  2,403
  2,580
  2,768
  2,967
  3,179
  3,403
Retained Cash Flow (-), $m
  -258
  -29
  -31
  -35
  -38
  -42
  -45
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -131
  -138
  -146
  -153
  -161
  -169
  -178
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
 
  441
  457
  476
  500
  529
  562
  600
  643
  690
  743
  767
  830
  899
  974
  1,055
  1,142
  1,236
  1,337
  1,445
  1,560
  1,684
  1,815
  1,956
  2,106
  2,265
  2,435
  2,615
  2,806
  3,009
  3,225
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  409
  390
  372
  354
  336
  318
  299
  279
  259
  237
  206
  185
  164
  143
  122
  103
  85
  69
  55
  43
  32
  24
  17
  12
  8
  5
  4
  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

The Valspar Corporation develops, manufactures, and distributes a range of coatings, paints, and related products worldwide. It operates in two segments, Coatings and Paints. The Coatings segment offers decorative and protective coatings for metal, wood, and plastic primarily for original equipment manufacturing customers. Its products include primers, top coats, varnishes, sprays, stains, fillers, and other coatings used in manufacturing industries, such as agricultural and construction equipment, appliances, building products, furniture, metal fabrication, metal packaging, and transportation. This segment also provides color design and technical services. The Paints segment offers consumer paints comprising interior and exterior decorative paints, stains, primers, and varnishes, as well as specialty decorative products, consisting of enamels, aerosols, and faux finishes under the VALSPAR, CABOT, HUARUN, WATTYL, SOLVER, PASCOL, and PLASTI-KOTE brand names. Its consumer paints are used in both the do-it-yourself and professional markets. This segment also provides automotive products, such as refinish paints and body shop accessories under the DE BEER, MATRIX, VALSPAR, PRO-SPRAY, USC, OCTORAL, and HOUSE OF KOLOR brands. This segment offers its products through retailers, distribution networks, and company-owned stores. The company also manufactures and sells specialty resins and colorants, as well as sells furniture protection plans, and furniture care and repair products under the GUARDSMAN brand. The company was founded in 1806 and is headquartered in Minneapolis, Minnesota.

FINANCIAL RATIOS  of  Valspar (VAL)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 2.1
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 24.7
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 23.7%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 138.6%
Total Debt to Equity 158.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 13.4%
Return On Equity 35.9%
Return On Equity - 3 Yr. Avg. 37%
Asset Turnover 1
Profitability Ratios
Gross Margin 36.9%
Gross Margin - 3 Yr. Avg. 35.5%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 15.3%
Operating Margin 12.6%
Oper. Margin - 3 Yr. Avg. 13.2%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 11.3%
Net Profit Margin 8.4%
Net Profit Margin - 3 Yr. Avg. 8.3%
Effective Tax Rate 18.9%
Eff/ Tax Rate - 3 Yr. Avg. 25.9%
Payout Ratio 29.7%

VAL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VAL stock intrinsic value calculation we used $4191 million for the last fiscal year's total revenue generated by Valspar. The default revenue input number comes from 2016 income statement of Valspar. 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 VAL stock valuation model: a) initial revenue growth rate of 2.5% 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 7.8%, whose default value for VAL is calculated based on our internal credit rating of Valspar, 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 Valspar.
    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 VAL stock the variable cost ratio is equal to 41.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1989 million in the base year in the intrinsic value calculation for VAL 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 4.7% for Valspar.

Corporate tax rate of 27% is the nominal tax rate for Valspar. 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 VAL 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 VAL are equal to 30.6%.

Life of production assets of 26.2 years is the average useful life of capital assets used in Valspar 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 VAL is equal to 8.9%. 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 - $1113 million for Valspar - 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 79.418 million for Valspar 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 Valspar at the current share price and the inputted number of shares is $9.0 billion.

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Stock chart of VAL Financial statements of VAL
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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