Intrinsic value of Vina Concha y Toro ADR - VCO

Previous Close

$35.82

  Intrinsic Value

$14.53

stock screener

  Rating & Target

str. sell

-59%

Previous close

$35.82

 
Intrinsic value

$14.53

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of VCO 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 1.3

 

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, %
  3.55
  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
  993
  1,013
  1,036
  1,063
  1,093
  1,126
  1,162
  1,202
  1,245
  1,291
  1,340
  1,393
  1,450
  1,510
  1,574
  1,642
  1,714
  1,790
  1,871
  1,956
  2,046
  2,140
  2,240
  2,346
  2,457
  2,574
  2,697
  2,827
  2,963
  3,106
  3,257
Variable operating expenses, $m
 
  902
  923
  947
  973
  1,003
  1,035
  1,070
  1,108
  1,149
  1,193
  1,236
  1,286
  1,339
  1,396
  1,456
  1,520
  1,588
  1,659
  1,735
  1,814
  1,898
  1,987
  2,081
  2,179
  2,283
  2,392
  2,507
  2,628
  2,755
  2,889
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
  887
  902
  923
  947
  973
  1,003
  1,035
  1,070
  1,108
  1,149
  1,193
  1,236
  1,286
  1,339
  1,396
  1,456
  1,520
  1,588
  1,659
  1,735
  1,814
  1,898
  1,987
  2,081
  2,179
  2,283
  2,392
  2,507
  2,628
  2,755
  2,889
Operating income, $m
  106
  110
  113
  116
  120
  123
  127
  132
  137
  142
  147
  157
  164
  171
  178
  186
  194
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  319
  335
  351
  368
EBITDA, $m
  106
  175
  179
  184
  189
  195
  201
  208
  215
  223
  232
  241
  251
  261
  272
  284
  297
  310
  324
  338
  354
  370
  388
  406
  425
  445
  467
  489
  513
  537
  564
Interest expense (income), $m
  0
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  51
  54
  57
  60
Earnings before tax, $m
  100
  101
  103
  105
  108
  111
  114
  118
  122
  126
  130
  139
  144
  150
  156
  162
  168
  175
  182
  190
  198
  207
  216
  225
  235
  246
  257
  269
  281
  294
  308
Tax expense, $m
  27
  27
  28
  28
  29
  30
  31
  32
  33
  34
  35
  38
  39
  40
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
  64
  66
  69
  73
  76
  79
  83
Net income, $m
  72
  73
  75
  77
  79
  81
  83
  86
  89
  92
  95
  102
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  225

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  76
  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
  1,532
  1,485
  1,519
  1,558
  1,602
  1,651
  1,704
  1,762
  1,825
  1,893
  1,965
  2,043
  2,126
  2,214
  2,308
  2,407
  2,513
  2,625
  2,743
  2,868
  2,999
  3,138
  3,285
  3,439
  3,602
  3,774
  3,954
  4,144
  4,344
  4,555
  4,776
Adjusted assets (=assets-cash), $m
  1,456
  1,485
  1,519
  1,558
  1,602
  1,651
  1,704
  1,762
  1,825
  1,893
  1,965
  2,043
  2,126
  2,214
  2,308
  2,407
  2,513
  2,625
  2,743
  2,868
  2,999
  3,138
  3,285
  3,439
  3,602
  3,774
  3,954
  4,144
  4,344
  4,555
  4,776
Revenue / Adjusted assets
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
  0.682
Average production assets, $m
  596
  608
  622
  638
  656
  675
  697
  721
  747
  774
  804
  836
  870
  906
  944
  985
  1,028
  1,074
  1,122
  1,173
  1,227
  1,284
  1,344
  1,407
  1,474
  1,544
  1,618
  1,696
  1,778
  1,864
  1,954
Working capital, $m
  341
  415
  425
  436
  448
  462
  476
  493
  510
  529
  550
  571
  594
  619
  645
  673
  703
  734
  767
  802
  839
  878
  919
  962
  1,007
  1,055
  1,106
  1,159
  1,215
  1,274
  1,336
Total debt, $m
  360
  298
  314
  332
  353
  375
  400
  427
  456
  488
  522
  558
  597
  638
  681
  728
  777
  829
  884
  942
  1,004
  1,068
  1,137
  1,209
  1,285
  1,365
  1,449
  1,537
  1,631
  1,729
  1,832
Total liabilities, $m
  753
  692
  708
  726
  747
  769
  794
  821
  850
  882
  916
  952
  991
  1,032
  1,075
  1,122
  1,171
  1,223
  1,278
  1,336
  1,398
  1,462
  1,531
  1,603
  1,679
  1,759
  1,843
  1,931
  2,025
  2,123
  2,226
Total equity, $m
  778
  793
  811
  832
  856
  881
  910
  941
  974
  1,011
  1,049
  1,091
  1,135
  1,182
  1,232
  1,286
  1,342
  1,402
  1,465
  1,531
  1,602
  1,676
  1,754
  1,837
  1,924
  2,015
  2,112
  2,213
  2,320
  2,432
  2,550
Total liabilities and equity, $m
  1,531
  1,485
  1,519
  1,558
  1,603
  1,650
  1,704
  1,762
  1,824
  1,893
  1,965
  2,043
  2,126
  2,214
  2,307
  2,408
  2,513
  2,625
  2,743
  2,867
  3,000
  3,138
  3,285
  3,440
  3,603
  3,774
  3,955
  4,144
  4,345
  4,555
  4,776
Debt-to-equity ratio
  0.463
  0.380
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.720
Adjusted equity ratio
  0.482
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534
  0.534

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  72
  73
  75
  77
  79
  81
  83
  86
  89
  92
  95
  102
  105
  109
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  196
  205
  215
  225
Depreciation, amort., depletion, $m
  0
  65
  66
  68
  70
  72
  74
  76
  79
  81
  84
  84
  87
  91
  94
  99
  103
  107
  112
  117
  123
  128
  134
  141
  147
  154
  162
  170
  178
  186
  195
Funds from operations, $m
  -72
  138
  141
  145
  148
  153
  157
  162
  168
  173
  180
  185
  192
  200
  208
  217
  226
  235
  245
  256
  267
  279
  292
  305
  319
  334
  349
  366
  383
  401
  420
Change in working capital, $m
  -138
  8
  10
  11
  12
  14
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  43
  46
  48
  50
  53
  56
  59
  62
Cash from operations, $m
  66
  130
  132
  134
  136
  139
  142
  146
  150
  154
  159
  163
  169
  175
  182
  189
  196
  204
  212
  221
  231
  241
  251
  262
  274
  286
  299
  313
  327
  342
  358
Maintenance CAPEX, $m
  0
  -60
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -75
  -77
  -80
  -84
  -87
  -91
  -94
  -99
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -162
  -170
  -178
  -186
New CAPEX, $m
  -68
  -12
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
Cash from investing activities, $m
  -46
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -155
  -163
  -171
  -180
  -188
  -197
  -208
  -217
  -228
  -240
  -252
  -264
  -277
Free cash flow, $m
  20
  59
  57
  55
  54
  53
  53
  52
  52
  52
  52
  51
  52
  52
  53
  54
  54
  55
  57
  58
  59
  61
  63
  64
  66
  68
  71
  73
  76
  78
  81
Issuance/(repayment) of debt, $m
  21
  14
  16
  18
  20
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  9
  14
  16
  18
  20
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
Total cash flow (excl. dividends), $m
  25
  73
  73
  74
  75
  76
  78
  79
  81
  84
  86
  87
  90
  93
  97
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  155
  162
  169
  176
  184
Retained Cash Flow (-), $m
  -95
  -15
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
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
 
  58
  55
  53
  51
  50
  49
  48
  48
  47
  47
  46
  46
  46
  46
  47
  47
  48
  49
  49
  50
  51
  53
  54
  55
  57
  58
  60
  62
  64
  66
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
 
  55
  50
  46
  42
  39
  36
  33
  30
  27
  25
  22
  20
  18
  16
  14
  12
  10
  9
  8
  6
  5
  4
  4
  3
  2
  2
  1
  1
  1
  0
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

Vina Concha y Toro S.A is a wine producer in Latin America. The Company owns approximately 10,800 hectares of vineyards in Chile, Argentina and the United States. Its renowned portfolio includes wines from these three origins, including icons Don Melchor and Almaviva, brands Marques de Casa Concha and Casillero del Diablo, and wines from its subsidiaries Cono Sur, Quinta de Maipo in Chile, and Trivento Bodegas and Fetzer Vineyards abroad. The Company carries out its operations directly through its subsidiaries, including Vina Cono Sur, Quinta de Maipo, Vina Maipo, Vina Maycas del Limari, Trivento Bodegas y Vinedos in Argentina, and Fetzer Vineyards in the USA. It participates in the distribution business through its subsidiaries VCT Chile, Concha y Toro UK Limited, VCT Brasil Importacion y Exportacion Limitada, Concha y Toro Sweden AB, Concha y Toro Finland OY, Concha y Toro Norway AS, VCT Group Asia, VCT Africa & Middle East and Concha y Toro Canada.

FINANCIAL RATIOS  of  Vina Concha y Toro ADR (VCO)

Valuation Ratios
P/E Ratio 371.6
Price to Sales 26.9
Price to Book 34.4
Price to Tangible Book
Price to Cash Flow 405.4
Price to Free Cash Flow -13378.9
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 88.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 28%
Total Debt to Equity 46.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.4%
Gross Margin - 3 Yr. Avg. 37.9%
EBITDA Margin 10.1%
EBITDA Margin - 3 Yr. Avg. 10.1%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 10.7%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 10.1%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate 27%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 0%

VCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VCO stock intrinsic value calculation we used $993 million for the last fiscal year's total revenue generated by Vina Concha y Toro ADR. The default revenue input number comes from 2016 income statement of Vina Concha y Toro ADR. 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 VCO 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 VCO is calculated based on our internal credit rating of Vina Concha y Toro ADR, 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 Vina Concha y Toro ADR.
    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 VCO stock the variable cost ratio is equal to 89.1%.

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 VCO 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 3.5% for Vina Concha y Toro ADR.

Corporate tax rate of 27% is the nominal tax rate for Vina Concha y Toro ADR. 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 VCO 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 VCO are equal to 60%.

Life of production assets of 10 years is the average useful life of capital assets used in Vina Concha y Toro ADR 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 VCO is equal to 41%. 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 - $778 million for Vina Concha y Toro ADR - 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 37.222 million for Vina Concha y Toro ADR 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 Vina Concha y Toro ADR at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Vina Concha posts 2Q profit   [Aug-31-17 11:00PM  Associated Press]
▶ Chilean Wine Is About to Get More Expensive   [Apr-17-17 09:49AM  Bloomberg]
▶ Top 3 Wine Stocks for 2017   [Jan-20-17 01:12PM  Investopedia]
▶ Top 3 Wine Stocks for 2017   [01:12PM  at Investopedia]
▶ ELAAX, MALTX, PRLAX: 3 South American Equity Mutual Funds   [Aug-30-16 05:55PM  at Investopedia]
▶ Top 5 Wine Stocks of 2016 (VCO, WVVI)   [Aug-22-16 02:00PM  Investopedia]
▶ Top 5 Wine Stocks of 2016 (VCO, WVVI)   [02:00PM  at Investopedia]
▶ VCO Announces Filing of Its Form 20-F 2014   [Aug-12  04:49PM  Marketwired]
▶ Concha y Toro Breaks through Billion-Dollar Mark in 2014   [Apr-16  11:04AM  Business Wire]
▶ 3 Stocks Boosting The Food & Beverage Industry Higher   [Jul-22  04:01PM  at TheStreet]
▶ Concha y Toro: Citi Ups To Buy On Peso, Grape Cost   [Dec-02  09:58AM  at Barrons.com]
▶ On The Fly: Analyst Upgrade Summary   [Nov-29  09:36AM  at theflyonthewall.com]
▶ Fast Money Final Trade   [Nov-27  05:58PM  at CNBC]
▶ Your first trade for Friday   [01:44PM  at CNBC]
▶ 5 Reasons To Consider Chilean Stocks   [Oct-11  11:29AM  at Seeking Alpha]
▶ Profiting From Americas Newfound Love of Wine   [Oct-01  11:04AM  at Motley Fool]
▶ Are Emerging Market Stocks Worth The Trouble?   [Jun-04  02:05PM  at Seeking Alpha]
▶ Constellation Brands Corona Causing Commotion   [May-07  05:06PM  at Motley Fool]
▶ Bullish Two Hundred Day Moving Average Cross - VCO   [May-03  03:55PM  at TheStreet]
▶ Investing in Real Assets for Real Returns   [01:17PM  at Motley Fool]
▶ Concha Y Toro Winery Inc Stock Downgraded (VCO)   [Apr-22  05:08AM  at TheStreet]
▶ Is Crimson Wine Delicious for Investors Now?   [Mar-20  04:54PM  at Motley Fool]
▶ Is This Spin-off Winery an Investment Opportunity?   [Mar-19  12:33PM  at Motley Fool]
▶ Concha y Toro sponsors Celac-UE Business Summit   [Jan-29  08:39AM  PR Newswire]
▶ Brew a Better Portfolio With These Stocks   [Dec-12-12 01:16PM  at Motley Fool]
▶ 2 Refreshing Chilean Alcohol Stocks On Sale Compared To Peers   [Oct-17-12 03:20PM  at Seeking Alpha]
▶ What is the Best Move in Booze?   [Aug-12-12 11:34AM  at Motley Fool]
▶ Investing Abroad: Chilean Stocks   [Aug-06-12 05:00PM  at Motley Fool]
▶ Concha Y Toro Winery Inc Stock Upgraded (VCO)   [Jul-25-12 05:00AM  at TheStreet]
▶ Vina Concha y Toro Turns More Into Less   [Jul-23-12 07:52AM  at Motley Fool]
▶ Vina Concha Y Toro initiated with a Buy at Citigroup   [Jul-20-12 07:42AM  theflyonthewall.com]
▶ How Fast Is the Cash at Vina Concha y Toro?   [Jul-16-12 10:54AM  at Motley Fool]
▶ Biggest Consumer/Non-Cyclical Sector Movers for June 27, 2012   [Jun-27-12 12:32PM  at Investopedia]
▶ Concha Y Toro Winery Inc Stock Downgraded (VCO)   [Jun-13-12 05:00AM  at TheStreet]
▶ Constellation Brands Completes Its Transformation   [Apr-25-12 04:04PM  at Investopedia]
▶ Concha Y Toro Winery Inc Stock Upgraded (VCO)   [Apr-04-12 05:00AM  at TheStreet]
▶ [video] Turning Pleasure Into Profit - Wine Investing   [Dec-30-11 05:45AM  at TheStreet]
▶ [video] Turning Pleasure Into Profit - Wine Investing   [Oct-18-11 05:00AM  at TheStreet.com]
▶ The Fastest-Growing Drink Stocks   [Oct-01-11 01:47PM  at Motley Fool]
▶ 11 Drink Stocks Near 52-Week Lows   [Sep-07-11 01:59PM  at Motley Fool]
▶ SportsWatch: Manchester United swings to profit   [Sep-01-11 12:04PM  at MarketWatch]
▶ Another Dividend On TAP For Molson Coors Investors   [Aug-25-11 10:40AM  at Forbes]
▶ 7 Consumer Stocks to Beat Market Volatility   [Jul-28-11 12:01PM  at TheStreet]
Financial statements of VCO
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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