Intrinsic value of Visteon - VC

Previous Close

$124.90

  Intrinsic Value

$24.46

stock screener

  Rating & Target

str. sell

-80%

Previous close

$124.90

 
Intrinsic value

$24.46

 
Up/down potential

-80%

 
Rating

str. sell

We calculate the intrinsic value of VC 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 3.9

 

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, %
  -2.59
  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
  3,161
  3,224
  3,298
  3,383
  3,478
  3,584
  3,699
  3,825
  3,962
  4,109
  4,266
  4,435
  4,615
  4,807
  5,010
  5,227
  5,456
  5,698
  5,955
  6,225
  6,511
  6,813
  7,132
  7,467
  7,821
  8,193
  8,585
  8,998
  9,432
  9,889
  10,369
Variable operating expenses, $m
 
  3,150
  3,222
  3,305
  3,398
  3,501
  3,614
  3,737
  3,870
  4,013
  4,167
  4,327
  4,502
  4,689
  4,888
  5,099
  5,322
  5,559
  5,809
  6,073
  6,352
  6,647
  6,957
  7,285
  7,630
  7,993
  8,375
  8,778
  9,201
  9,647
  10,116
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
  2,990
  3,150
  3,222
  3,305
  3,398
  3,501
  3,614
  3,737
  3,870
  4,013
  4,167
  4,327
  4,502
  4,689
  4,888
  5,099
  5,322
  5,559
  5,809
  6,073
  6,352
  6,647
  6,957
  7,285
  7,630
  7,993
  8,375
  8,778
  9,201
  9,647
  10,116
Operating income, $m
  171
  74
  76
  78
  80
  83
  86
  89
  92
  96
  100
  108
  113
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  210
  220
  230
  242
  253
EBITDA, $m
  255
  157
  160
  164
  169
  174
  180
  186
  193
  200
  207
  216
  224
  234
  244
  254
  265
  277
  289
  303
  316
  331
  347
  363
  380
  398
  417
  437
  458
  481
  504
Interest expense (income), $m
  14
  13
  -1
  0
  1
  3
  4
  6
  8
  10
  13
  15
  18
  21
  24
  27
  30
  34
  38
  42
  46
  51
  55
  60
  66
  71
  77
  83
  90
  97
  104
Earnings before tax, $m
  161
  61
  77
  78
  79
  80
  81
  83
  84
  85
  87
  93
  95
  97
  99
  101
  103
  105
  108
  110
  113
  116
  119
  122
  125
  129
  133
  137
  141
  145
  149
Tax expense, $m
  30
  17
  21
  21
  21
  22
  22
  22
  23
  23
  23
  25
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  35
  36
  37
  38
  39
  40
Net income, $m
  75
  45
  56
  57
  58
  59
  59
  60
  61
  62
  63
  68
  69
  71
  72
  74
  75
  77
  79
  80
  82
  85
  87
  89
  92
  94
  97
  100
  103
  106
  109

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  878
  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
  2,373
  1,525
  1,560
  1,600
  1,645
  1,695
  1,750
  1,810
  1,874
  1,944
  2,018
  2,098
  2,183
  2,274
  2,370
  2,472
  2,581
  2,695
  2,817
  2,945
  3,080
  3,223
  3,374
  3,532
  3,699
  3,876
  4,061
  4,256
  4,462
  4,678
  4,905
Adjusted assets (=assets-cash), $m
  1,495
  1,525
  1,560
  1,600
  1,645
  1,695
  1,750
  1,810
  1,874
  1,944
  2,018
  2,098
  2,183
  2,274
  2,370
  2,472
  2,581
  2,695
  2,817
  2,945
  3,080
  3,223
  3,374
  3,532
  3,699
  3,876
  4,061
  4,256
  4,462
  4,678
  4,905
Revenue / Adjusted assets
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.113
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
  2.114
Average production assets, $m
  420
  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
  797
  -45
  -46
  -47
  -49
  -50
  -52
  -54
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -145
Total debt, $m
  382
  -32
  -1
  35
  76
  121
  170
  224
  282
  344
  411
  483
  560
  641
  728
  820
  918
  1,021
  1,130
  1,245
  1,367
  1,496
  1,631
  1,774
  1,925
  2,083
  2,250
  2,426
  2,610
  2,805
  3,009
Total liabilities, $m
  1,787
  1,373
  1,404
  1,440
  1,481
  1,526
  1,575
  1,629
  1,687
  1,749
  1,816
  1,888
  1,965
  2,046
  2,133
  2,225
  2,323
  2,426
  2,535
  2,650
  2,772
  2,901
  3,036
  3,179
  3,330
  3,488
  3,655
  3,831
  4,015
  4,210
  4,414
Total equity, $m
  586
  153
  156
  160
  165
  170
  175
  181
  187
  194
  202
  210
  218
  227
  237
  247
  258
  270
  282
  294
  308
  322
  337
  353
  370
  388
  406
  426
  446
  468
  490
Total liabilities and equity, $m
  2,373
  1,526
  1,560
  1,600
  1,646
  1,696
  1,750
  1,810
  1,874
  1,943
  2,018
  2,098
  2,183
  2,273
  2,370
  2,472
  2,581
  2,696
  2,817
  2,944
  3,080
  3,223
  3,373
  3,532
  3,700
  3,876
  4,061
  4,257
  4,461
  4,678
  4,904
Debt-to-equity ratio
  0.652
  -0.210
  0.000
  0.220
  0.460
  0.710
  0.970
  1.240
  1.500
  1.770
  2.040
  2.300
  2.560
  2.820
  3.070
  3.320
  3.560
  3.790
  4.010
  4.230
  4.440
  4.640
  4.840
  5.020
  5.200
  5.370
  5.540
  5.700
  5.850
  6.000
  6.140
Adjusted equity ratio
  -0.173
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  75
  45
  56
  57
  58
  59
  59
  60
  61
  62
  63
  68
  69
  71
  72
  74
  75
  77
  79
  80
  82
  85
  87
  89
  92
  94
  97
  100
  103
  106
  109
Depreciation, amort., depletion, $m
  84
  82
  84
  86
  89
  91
  94
  97
  100
  104
  108
  107
  112
  116
  121
  126
  132
  138
  144
  151
  157
  165
  172
  181
  189
  198
  208
  218
  228
  239
  251
Funds from operations, $m
  10
  127
  141
  143
  146
  150
  153
  157
  162
  166
  171
  175
  181
  187
  193
  200
  207
  215
  223
  231
  240
  249
  259
  270
  281
  292
  304
  317
  331
  345
  360
Change in working capital, $m
  -110
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from operations, $m
  120
  128
  142
  145
  148
  151
  155
  159
  164
  168
  173
  178
  183
  190
  196
  203
  210
  218
  226
  235
  244
  254
  264
  274
  286
  297
  310
  323
  337
  351
  367
Maintenance CAPEX, $m
  0
  -76
  -78
  -80
  -82
  -84
  -87
  -89
  -93
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -157
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -228
  -239
New CAPEX, $m
  -75
  -9
  -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
  302
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -116
  -120
  -125
  -131
  -137
  -143
  -150
  -156
  -164
  -172
  -180
  -189
  -197
  -207
  -217
  -228
  -239
  -250
  -263
  -276
  -289
  -303
Free cash flow, $m
  422
  43
  54
  54
  53
  53
  53
  53
  53
  53
  53
  52
  52
  52
  53
  53
  53
  54
  54
  55
  55
  56
  57
  57
  58
  59
  60
  61
  61
  62
  64
Issuance/(repayment) of debt, $m
  -2
  -378
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  128
  136
  143
  150
  159
  167
  176
  185
  194
  205
Issuance/(repurchase) of shares, $m
  -500
  364
  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  
  -526
  -14
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  128
  136
  143
  150
  159
  167
  176
  185
  194
  205
Total cash flow (excl. dividends), $m
  -115
  28
  85
  90
  94
  98
  102
  107
  111
  115
  120
  124
  129
  134
  139
  145
  151
  157
  163
  170
  177
  184
  192
  200
  208
  217
  227
  236
  246
  257
  268
Retained Cash Flow (-), $m
  471
  -409
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  842
  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
 
  462
  82
  86
  89
  93
  97
  101
  104
  109
  113
  116
  120
  125
  130
  135
  140
  146
  151
  157
  164
  170
  177
  184
  192
  200
  208
  217
  226
  235
  245
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
 
  443
  75
  74
  74
  72
  70
  68
  65
  62
  59
  55
  51
  48
  44
  40
  36
  32
  28
  24
  21
  18
  15
  12
  10
  8
  6
  5
  3
  3
  2
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Visteon Corporation is a global automotive supplier that designs, engineers and manufactures electronics products for original equipment vehicle manufacturer (OEM), including Ford, Mazda, Nissan/Renault, General Motors, Honda BMW and Daimler. The Company operates through Electronics segment. The Electronics segment provides vehicle cockpit electronics products to customers, including instrument clusters, information displays, infotainment, audio systems, telematics solutions and head up displays. It designs and manufacturers vehicle cockpit electronics components, modules and systems. It offers a range of information displays incorporating a sleek profile, craftsmanship and touch sensors, designed to deliver high performance for the automotive market. It offers a range of audio products, including audio head units, and analog and digital radios, which deliver consumer device connectivity. It offers an automotive-grade, integrated domain controller approach, called Smartcore.

FINANCIAL RATIOS  of  Visteon (VC)

Valuation Ratios
P/E Ratio 55
Price to Sales 1.3
Price to Book 7
Price to Tangible Book
Price to Cash Flow 34.3
Price to Free Cash Flow 91.6
Growth Rates
Sales Growth Rate -2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -59.9%
Cap. Spend. - 3 Yr. Gr. Rate -22.5%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 59%
Total Debt to Equity 65.2%
Interest Coverage 13
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 49.4%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 75.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 14.7%
Gross Margin - 3 Yr. Avg. 13.7%
EBITDA Margin 8.2%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 5.4%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 18.6%
Eff/ Tax Rate - 3 Yr. Avg. -5.6%
Payout Ratio 2314.7%

VC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VC stock intrinsic value calculation we used $3161 million for the last fiscal year's total revenue generated by Visteon. The default revenue input number comes from 2016 income statement of Visteon. 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 VC 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 VC is calculated based on our internal credit rating of Visteon, 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 Visteon.
    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 VC stock the variable cost ratio is equal to 97.7%.

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 VC 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 Visteon.

Corporate tax rate of 27% is the nominal tax rate for Visteon. 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 VC 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 VC are equal to 13.3%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Visteon 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 VC is equal to -1.4%. 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 - $586 million for Visteon - 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 31.159 million for Visteon 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 Visteon at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ Visteon to Transfer Stock Listing to Nasdaq   [Dec-15-17 04:30PM  PR Newswire]
▶ Why Vista Outdoor Inc's Shares Plunged 31% Last Month   [Dec-07-17 12:33PM  Motley Fool]
▶ What Happened in the Stock Market Today   [Nov-09-17 05:00PM  Motley Fool]
▶ Vista Outdoor reports 2Q loss   [07:25AM  Associated Press]
▶ Visteon tops Street 3Q forecasts   [Oct-26-17 08:00AM  Associated Press]
▶ [$$] Ford Trends Boost Delphi, Visteon, BorgWarner   [Oct-05-17 02:55PM  Barrons.com]
▶ 2 Value Stocks for Retirees   [Oct-04-17 08:22AM  Motley Fool]
▶ 5 Auto Stocks Near Sell Territory Ahead Of Key Data: Investing Action Plan   [Oct-02-17 04:15PM  Investor's Business Daily]
▶ Top performers of autonomous vehicle index   [Sep-18-17 08:58AM  CNBC Videos]
▶ Vista Outdoor tops Street 1Q forecasts   [Aug-10-17 11:55PM  Associated Press]
▶ Visteon tops Street 2Q forecasts   [Jul-27-17 04:20PM  Associated Press]
▶ 3 Growth Stocks for Shrewd Investors   [Jul-18-17 05:23PM  Motley Fool]
▶ [$$] Visteon's Rally Is Far From Over   [Jul-15-17 12:01AM  Barrons.com]
▶ Visteon Corp. Value Analysis (NYSE:VC) : June 15, 2017   [Jun-15-17 04:36PM  Capital Cube]
▶ Autos: Is It Really That Bad?   [May-03-17 02:09PM  Barrons.com]
▶ Visteon tops Street 1Q forecasts   [Apr-27-17 08:30AM  Associated Press]
▶ Bet on These 5 Liquid Stocks for Solid Returns   [Apr-07-17 09:49AM  Zacks]
▶ Weekly Top Insider Buys Highlight for the Week of March 31   [Apr-02-17 11:01AM  GuruFocus.com]
▶ 5 Top Liquid Stocks for a Winning Portfolio   [Mar-23-17 08:22AM  Zacks]
▶ Connected Car Deal Talk Turns to Visteon   [Mar-21-17 09:09AM  TheStreet.com]
▶ Mobileye & Intel: Bad News for Delphi?   [Mar-13-17 12:01PM  at Barrons.com]
▶ [$$] Visteon Rally Could Kick Into High Gear   [Mar-11-17 12:34AM  at Barrons.com]
▶ Visteon Seeks to Amend and Extend Credit Facilities   [Mar-07-17 07:52PM  PR Newswire]
Financial statements of VC
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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