Intrinsic value of Valspar - VAL

Previous Close

$112.99

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$112.99

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  2.00
  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
  4,191
  4,275
  4,373
  4,486
  4,612
  4,752
  4,905
  5,072
  5,253
  5,448
  5,657
  5,880
  6,119
  6,373
  6,643
  6,930
  7,233
  7,555
  7,895
  8,254
  8,633
  9,033
  9,455
  9,900
  10,369
  10,863
  11,382
  11,929
  12,505
  13,111
  13,748
Variable operating expenses, $m
 
  1,754
  1,792
  1,835
  1,883
  1,936
  1,994
  2,058
  2,126
  2,200
  2,280
  2,237
  2,327
  2,424
  2,527
  2,636
  2,751
  2,873
  3,003
  3,139
  3,284
  3,436
  3,596
  3,765
  3,944
  4,131
  4,329
  4,537
  4,756
  4,986
  5,229
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
  3,793
  3,882
  3,977
  4,078
  4,186
  4,301
  4,422
  4,549
  4,684
  4,826
  4,847
  5,002
  5,166
  5,337
  5,517
  5,704
  5,899
  6,105
  6,319
  6,543
  6,777
  7,020
  7,275
  7,542
  7,818
  8,109
  8,411
  8,727
  9,056
  9,401
Operating income, $m
  529
  482
  492
  509
  534
  565
  604
  650
  703
  763
  831
  1,034
  1,117
  1,207
  1,306
  1,413
  1,530
  1,655
  1,790
  1,935
  2,090
  2,257
  2,435
  2,625
  2,828
  3,044
  3,273
  3,518
  3,778
  4,054
  4,347
EBITDA, $m
  627
  660
  671
  690
  716
  749
  790
  838
  893
  955
  1,025
  1,103
  1,188
  1,282
  1,384
  1,494
  1,614
  1,743
  1,882
  2,031
  2,191
  2,362
  2,545
  2,741
  2,949
  3,170
  3,406
  3,657
  3,924
  4,207
  4,507
Interest expense (income), $m
  90
  75
  78
  82
  85
  90
  94
  100
  105
  111
  118
  125
  133
  141
  149
  159
  168
  179
  190
  201
  213
  226
  240
  254
  269
  285
  302
  319
  338
  358
  378
Earnings before tax, $m
  435
  406
  413
  428
  448
  476
  510
  551
  598
  652
  713
  909
  984
  1,066
  1,157
  1,255
  1,361
  1,476
  1,600
  1,734
  1,877
  2,031
  2,195
  2,371
  2,558
  2,759
  2,972
  3,198
  3,440
  3,696
  3,969
Tax expense, $m
  82
  110
  112
  115
  121
  128
  138
  149
  161
  176
  192
  245
  266
  288
  312
  339
  368
  399
  432
  468
  507
  548
  593
  640
  691
  745
  802
  864
  929
  998
  1,072
Net income, $m
  353
  297
  302
  312
  327
  347
  372
  402
  436
  476
  520
  664
  718
  779
  844
  916
  994
  1,078
  1,168
  1,266
  1,370
  1,482
  1,602
  1,731
  1,868
  2,014
  2,169
  2,335
  2,511
  2,698
  2,897

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
  4,224
  4,321
  4,432
  4,557
  4,695
  4,847
  5,012
  5,191
  5,383
  5,590
  5,811
  6,046
  6,298
  6,564
  6,848
  7,148
  7,465
  7,801
  8,156
  8,531
  8,926
  9,343
  9,783
  10,246
  10,734
  11,247
  11,788
  12,357
  12,955
  13,585
Adjusted assets (=assets-cash), $m
  4,126
  4,224
  4,321
  4,432
  4,557
  4,695
  4,847
  5,012
  5,191
  5,383
  5,590
  5,811
  6,046
  6,298
  6,564
  6,848
  7,148
  7,465
  7,801
  8,156
  8,531
  8,926
  9,343
  9,783
  10,246
  10,734
  11,247
  11,788
  12,357
  12,955
  13,585
Revenue / Adjusted assets
  1.016
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
  1.012
Average production assets, $m
  1,284
  1,308
  1,338
  1,373
  1,411
  1,454
  1,501
  1,552
  1,607
  1,667
  1,731
  1,799
  1,872
  1,950
  2,033
  2,120
  2,213
  2,312
  2,416
  2,526
  2,642
  2,764
  2,893
  3,029
  3,173
  3,324
  3,483
  3,650
  3,827
  4,012
  4,207
Working capital, $m
  329
  385
  394
  404
  415
  428
  441
  456
  473
  490
  509
  529
  551
  574
  598
  624
  651
  680
  711
  743
  777
  813
  851
  891
  933
  978
  1,024
  1,074
  1,125
  1,180
  1,237
Total debt, $m
  1,764
  1,664
  1,735
  1,816
  1,907
  2,008
  2,119
  2,240
  2,370
  2,511
  2,662
  2,824
  2,996
  3,179
  3,375
  3,582
  3,801
  4,033
  4,279
  4,538
  4,812
  5,101
  5,406
  5,727
  6,066
  6,422
  6,798
  7,193
  7,609
  8,046
  8,506
Total liabilities, $m
  3,187
  3,088
  3,159
  3,240
  3,331
  3,432
  3,543
  3,664
  3,794
  3,935
  4,086
  4,248
  4,420
  4,603
  4,799
  5,006
  5,225
  5,457
  5,703
  5,962
  6,236
  6,525
  6,830
  7,151
  7,490
  7,846
  8,222
  8,617
  9,033
  9,470
  9,930
Total equity, $m
  1,113
  1,136
  1,162
  1,192
  1,226
  1,263
  1,304
  1,348
  1,396
  1,448
  1,504
  1,563
  1,626
  1,694
  1,766
  1,842
  1,923
  2,008
  2,099
  2,194
  2,295
  2,401
  2,513
  2,632
  2,756
  2,887
  3,026
  3,171
  3,324
  3,485
  3,654
Total liabilities and equity, $m
  4,300
  4,224
  4,321
  4,432
  4,557
  4,695
  4,847
  5,012
  5,190
  5,383
  5,590
  5,811
  6,046
  6,297
  6,565
  6,848
  7,148
  7,465
  7,802
  8,156
  8,531
  8,926
  9,343
  9,783
  10,246
  10,733
  11,248
  11,788
  12,357
  12,955
  13,584
Debt-to-equity ratio
  1.585
  1.460
  1.490
  1.520
  1.560
  1.590
  1.630
  1.660
  1.700
  1.730
  1.770
  1.810
  1.840
  1.880
  1.910
  1.940
  1.980
  2.010
  2.040
  2.070
  2.100
  2.120
  2.150
  2.180
  2.200
  2.220
  2.250
  2.270
  2.290
  2.310
  2.330
Adjusted equity ratio
  0.245
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  353
  297
  302
  312
  327
  347
  372
  402
  436
  476
  520
  664
  718
  779
  844
  916
  994
  1,078
  1,168
  1,266
  1,370
  1,482
  1,602
  1,731
  1,868
  2,014
  2,169
  2,335
  2,511
  2,698
  2,897
Depreciation, amort., depletion, $m
  98
  178
  180
  181
  182
  184
  186
  188
  190
  192
  195
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  106
  110
  116
  121
  127
  133
  139
  146
  153
  161
Funds from operations, $m
  530
  475
  481
  493
  510
  531
  558
  590
  626
  668
  715
  732
  790
  853
  922
  997
  1,078
  1,166
  1,260
  1,362
  1,471
  1,588
  1,713
  1,846
  1,989
  2,141
  2,302
  2,474
  2,657
  2,851
  3,058
Change in working capital, $m
  47
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
Cash from operations, $m
  483
  477
  473
  483
  498
  519
  544
  575
  610
  650
  696
  712
  768
  830
  898
  971
  1,051
  1,137
  1,230
  1,330
  1,437
  1,552
  1,675
  1,806
  1,947
  2,096
  2,255
  2,425
  2,605
  2,797
  3,000
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
New CAPEX, $m
  -120
  -24
  -30
  -34
  -39
  -43
  -47
  -51
  -55
  -60
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
Cash from investing activities, $m
  -134
  -73
  -80
  -85
  -91
  -97
  -102
  -108
  -114
  -121
  -128
  -134
  -142
  -149
  -157
  -166
  -174
  -182
  -192
  -202
  -212
  -223
  -235
  -246
  -259
  -272
  -286
  -300
  -315
  -331
  -348
Free cash flow, $m
  349
  403
  393
  397
  407
  422
  442
  466
  495
  529
  568
  578
  627
  681
  741
  806
  877
  954
  1,038
  1,128
  1,225
  1,329
  1,440
  1,560
  1,688
  1,824
  1,970
  2,125
  2,290
  2,466
  2,652
Issuance/(repayment) of debt, $m
  -265
  61
  71
  81
  91
  101
  111
  121
  131
  141
  151
  162
  172
  184
  195
  207
  219
  232
  246
  259
  274
  289
  305
  321
  339
  357
  375
  395
  416
  437
  460
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
  61
  71
  81
  91
  101
  111
  121
  131
  141
  151
  162
  172
  184
  195
  207
  219
  232
  246
  259
  274
  289
  305
  321
  339
  357
  375
  395
  416
  437
  460
Total cash flow (excl. dividends), $m
  94
  464
  464
  479
  498
  523
  553
  587
  626
  670
  719
  739
  799
  864
  936
  1,013
  1,096
  1,186
  1,283
  1,387
  1,499
  1,618
  1,745
  1,881
  2,026
  2,181
  2,345
  2,520
  2,706
  2,903
  3,112
Retained Cash Flow (-), $m
  -258
  -23
  -26
  -30
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -59
  -63
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -125
  -131
  -138
  -145
  -153
  -161
  -169
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
  437
  449
  465
  486
  512
  542
  578
  618
  664
  680
  736
  797
  864
  937
  1,016
  1,101
  1,193
  1,292
  1,398
  1,511
  1,633
  1,763
  1,902
  2,049
  2,207
  2,374
  2,553
  2,742
  2,943
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
  374
  350
  329
  309
  290
  270
  251
  232
  212
  182
  164
  145
  127
  109
  92
  76
  62
  49
  38
  29
  22
  16
  11
  8
  5
  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

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% 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 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
PPG PPG Industries 110.49 prem.  prem.
SHW Sherwin-Willia 358.16 prem.  prem.
AXTA Axalta Coating 31.97 prem.  prem.
FOE Ferro Corp. 17.77 prem.  prem.
RPM RPM Internatio 54.00 prem.  prem.
MAS Masco 38.25 prem.  prem.
FUL H.B. Fuller 52.08 prem.  prem.
Stock chart of VAL Financial statements of VAL Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.