Intrinsic value of Videocon d2h ADR - VDTH

Previous Close

$8.21

  Intrinsic Value

$6.81

stock screener

  Rating & Target

hold

-17%

Previous close

$8.21

 
Intrinsic value

$6.81

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of VDTH 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  7.48
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  460
  496
  533
  572
  612
  654
  698
  743
  790
  839
  890
  943
  999
  1,056
  1,117
  1,180
  1,246
  1,314
  1,386
  1,461
  1,540
  1,622
  1,708
  1,798
  1,893
  1,992
  2,095
  2,204
  2,317
  2,437
  2,562
Variable operating expenses, $m
 
  186
  200
  215
  230
  246
  262
  279
  297
  315
  335
  355
  375
  397
  420
  444
  468
  494
  521
  549
  579
  610
  642
  676
  712
  749
  788
  829
  871
  916
  963
Fixed operating expenses, $m
 
  251
  257
  264
  270
  277
  284
  291
  299
  306
  314
  321
  329
  338
  346
  355
  364
  373
  382
  392
  401
  411
  422
  432
  443
  454
  466
  477
  489
  501
  514
Total operating expenses, $m
  412
  437
  457
  479
  500
  523
  546
  570
  596
  621
  649
  676
  704
  735
  766
  799
  832
  867
  903
  941
  980
  1,021
  1,064
  1,108
  1,155
  1,203
  1,254
  1,306
  1,360
  1,417
  1,477
Operating income, $m
  48
  58
  75
  93
  112
  131
  151
  172
  194
  218
  242
  267
  294
  321
  351
  381
  414
  447
  483
  520
  559
  601
  644
  690
  738
  789
  842
  898
  957
  1,019
  1,085
EBITDA, $m
  151
  146
  170
  194
  220
  247
  275
  304
  335
  366
  400
  434
  471
  509
  549
  591
  634
  680
  729
  779
  833
  888
  947
  1,009
  1,074
  1,142
  1,213
  1,289
  1,368
  1,451
  1,539
Interest expense (income), $m
  48
  43
  49
  55
  62
  69
  76
  83
  90
  98
  106
  115
  124
  133
  143
  153
  163
  174
  186
  198
  210
  223
  237
  251
  266
  282
  299
  316
  334
  353
  373
Earnings before tax, $m
  7
  15
  26
  38
  50
  62
  76
  89
  104
  119
  135
  152
  170
  188
  208
  229
  250
  273
  297
  322
  349
  377
  407
  438
  471
  506
  543
  582
  623
  666
  712
Tax expense, $m
  2
  4
  7
  10
  13
  17
  20
  24
  28
  32
  37
  41
  46
  51
  56
  62
  68
  74
  80
  87
  94
  102
  110
  118
  127
  137
  147
  157
  168
  180
  192
Net income, $m
  5
  11
  19
  27
  36
  46
  55
  65
  76
  87
  99
  111
  124
  138
  152
  167
  183
  199
  217
  235
  255
  275
  297
  320
  344
  370
  396
  425
  455
  486
  520

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  649
  689
  741
  794
  850
  908
  969
  1,032
  1,097
  1,165
  1,236
  1,310
  1,387
  1,467
  1,551
  1,639
  1,730
  1,825
  1,925
  2,030
  2,139
  2,253
  2,372
  2,498
  2,629
  2,766
  2,910
  3,061
  3,219
  3,384
  3,558
Adjusted assets (=assets-cash), $m
  639
  689
  741
  794
  850
  908
  969
  1,032
  1,097
  1,165
  1,236
  1,310
  1,387
  1,467
  1,551
  1,639
  1,730
  1,825
  1,925
  2,030
  2,139
  2,253
  2,372
  2,498
  2,629
  2,766
  2,910
  3,061
  3,219
  3,384
  3,558
Revenue / Adjusted assets
  0.720
  0.720
  0.719
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Average production assets, $m
  408
  440
  473
  507
  543
  580
  619
  659
  701
  744
  789
  837
  886
  937
  991
  1,046
  1,105
  1,166
  1,230
  1,296
  1,366
  1,439
  1,515
  1,595
  1,679
  1,766
  1,858
  1,955
  2,056
  2,161
  2,272
Working capital, $m
  -407
  -125
  -134
  -144
  -154
  -165
  -176
  -187
  -199
  -211
  -224
  -238
  -252
  -266
  -281
  -297
  -314
  -331
  -349
  -368
  -388
  -409
  -430
  -453
  -477
  -502
  -528
  -555
  -584
  -614
  -646
Total debt, $m
  304
  335
  377
  421
  467
  514
  564
  615
  668
  724
  782
  842
  905
  971
  1,039
  1,111
  1,185
  1,263
  1,345
  1,430
  1,519
  1,613
  1,710
  1,813
  1,920
  2,032
  2,149
  2,273
  2,402
  2,537
  2,679
Total liabilities, $m
  533
  563
  605
  649
  695
  742
  792
  843
  896
  952
  1,010
  1,070
  1,133
  1,199
  1,267
  1,339
  1,413
  1,491
  1,573
  1,658
  1,747
  1,841
  1,938
  2,041
  2,148
  2,260
  2,377
  2,501
  2,630
  2,765
  2,907
Total equity, $m
  117
  126
  136
  145
  156
  166
  177
  189
  201
  213
  226
  240
  254
  269
  284
  300
  317
  334
  352
  371
  391
  412
  434
  457
  481
  506
  533
  560
  589
  619
  651
Total liabilities and equity, $m
  650
  689
  741
  794
  851
  908
  969
  1,032
  1,097
  1,165
  1,236
  1,310
  1,387
  1,468
  1,551
  1,639
  1,730
  1,825
  1,925
  2,029
  2,138
  2,253
  2,372
  2,498
  2,629
  2,766
  2,910
  3,061
  3,219
  3,384
  3,558
Debt-to-equity ratio
  2.598
  2.660
  2.780
  2.900
  3.000
  3.090
  3.180
  3.260
  3.330
  3.400
  3.460
  3.510
  3.570
  3.620
  3.660
  3.700
  3.740
  3.780
  3.820
  3.850
  3.880
  3.910
  3.940
  3.970
  3.990
  4.010
  4.040
  4.060
  4.080
  4.100
  4.110
Adjusted equity ratio
  0.167
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183
  0.183

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  11
  19
  27
  36
  46
  55
  65
  76
  87
  99
  111
  124
  138
  152
  167
  183
  199
  217
  235
  255
  275
  297
  320
  344
  370
  396
  425
  455
  486
  520
Depreciation, amort., depletion, $m
  103
  88
  95
  101
  109
  116
  124
  132
  140
  149
  158
  167
  177
  187
  198
  209
  221
  233
  246
  259
  273
  288
  303
  319
  336
  353
  372
  391
  411
  432
  454
Funds from operations, $m
  175
  99
  114
  129
  145
  162
  179
  197
  216
  236
  257
  278
  301
  325
  350
  376
  404
  433
  463
  495
  528
  563
  600
  639
  680
  723
  768
  816
  866
  919
  974
Change in working capital, $m
  10
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
Cash from operations, $m
  165
  108
  123
  139
  155
  172
  190
  208
  228
  248
  270
  292
  315
  340
  365
  392
  420
  450
  481
  514
  548
  584
  622
  662
  704
  748
  794
  843
  894
  949
  1,006
Maintenance CAPEX, $m
  0
  -82
  -88
  -95
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -233
  -246
  -259
  -273
  -288
  -303
  -319
  -336
  -353
  -372
  -391
  -411
  -432
New CAPEX, $m
  -94
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
Cash from investing activities, $m
  -88
  -114
  -121
  -129
  -137
  -146
  -155
  -164
  -174
  -183
  -194
  -205
  -216
  -228
  -241
  -254
  -267
  -282
  -297
  -313
  -329
  -346
  -364
  -383
  -403
  -424
  -445
  -468
  -492
  -517
  -543
Free cash flow, $m
  77
  -5
  2
  10
  18
  26
  35
  45
  54
  65
  75
  87
  99
  111
  124
  138
  153
  168
  184
  201
  219
  238
  258
  279
  301
  324
  349
  375
  403
  432
  462
Issuance/(repayment) of debt, $m
  -43
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  68
  71
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  135
  142
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  
  -88
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  68
  71
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  135
  142
Total cash flow (excl. dividends), $m
  -11
  35
  44
  54
  64
  74
  85
  96
  108
  120
  133
  147
  162
  177
  193
  210
  227
  246
  266
  286
  308
  331
  355
  381
  408
  437
  467
  498
  532
  567
  604
Retained Cash Flow (-), $m
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
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
 
  26
  35
  44
  53
  63
  74
  84
  96
  108
  120
  134
  147
  162
  177
  194
  211
  228
  247
  267
  288
  310
  334
  358
  384
  411
  440
  471
  503
  537
  572
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  25
  30
  35
  39
  42
  44
  45
  45
  44
  43
  41
  38
  35
  31
  28
  24
  20
  17
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  0
  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

Videocon d2h Limited is engaged in the provision of direct to home (DTH) subscription television services to subscribers in India. The Company operates under the Videocon d2h brand. The Company is engaged in the transmission of programming to subscribers through satellite broadcasting. Its subscribers have access to over 550 national and international channels and services, including approximately 45 high definition (HD) channels and services, and over 42 audio and video services through its Music Channel Services through several subscription packages, as well as the option of choosing add-ons and a la carte channels and receiving certain discounts through long-term recharge offers. Its subscription packages include Flexi Pack, Super Gold Pack, Gold Maxi pack, Gold Kids, New Gold Sports Pack, Gold Sports Kids, New Diamond Pack, Platinum Pack and Platinum HD Pack. It offers value-added services, such as movie channel services, active music channel services, tickers and smart services.

FINANCIAL RATIOS  of  Videocon d2h ADR (VDTH)

Valuation Ratios
P/E Ratio 691.2
Price to Sales 7.5
Price to Book 29.5
Price to Tangible Book
Price to Cash Flow 20.9
Price to Free Cash Flow 48.7
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.8%
Cap. Spend. - 3 Yr. Gr. Rate -0.6%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 2.6%
Total Debt to Equity 259.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 1.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3.6%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. -111.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 53.7%
Gross Margin - 3 Yr. Avg. 53.7%
EBITDA Margin 34.3%
EBITDA Margin - 3 Yr. Avg. 30.2%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 1.5%
Pre-Tax Margin - 3 Yr. Avg. -6.6%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. -4.6%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 0%

VDTH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VDTH stock intrinsic value calculation we used $460 million for the last fiscal year's total revenue generated by Videocon d2h ADR. The default revenue input number comes from 2017 income statement of Videocon d2h 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 VDTH stock valuation model: a) initial revenue growth rate of 7.8% 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%, whose default value for VDTH is calculated based on our internal credit rating of Videocon d2h 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 Videocon d2h 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 VDTH stock the variable cost ratio is equal to 37.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $245 million in the base year in the intrinsic value calculation for VDTH 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 14.7% for Videocon d2h ADR.

Corporate tax rate of 27% is the nominal tax rate for Videocon d2h 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 VDTH 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 VDTH are equal to 88.7%.

Life of production assets of 4 years is the average useful life of capital assets used in Videocon d2h 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 VDTH is equal to -25.2%. 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 - $117 million for Videocon d2h 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 100.202 million for Videocon d2h 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 Videocon d2h ADR at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
FOXA 21st Century F 37.16 51.72  buy

COMPANY NEWS

▶ What You Must Know About Videocon d2h Limiteds (VDTH) Risks   [Sep-12-17 03:49PM  Simply Wall St.]
▶ Videocon d2h to Report Q1FY18 Results on July 29, 2017   [Jul-14-17 08:08AM  PR Newswire]
▶ Videocon d2h to Report FY2017 Results on May 29, 2017   [May-19-17 06:25AM  PR Newswire]
▶ How Videocon d2h Ltd ADR (VDTH) Stacks Up Against Its Peers   [Dec-13-16 03:45AM  Insider Monkey]
▶ 5 Favorite Indian Stocks of Hedge Funds   [Nov-01-16 12:30PM  at Insider Monkey]
▶ Videocon d2h to Report Q1FY17 Results on July 25, 2016   [Jul-19-16 03:11AM  PR Newswire]
▶ Videocon d2h to Report Full Year FY16 Results   [May-19-16 08:06AM  PR Newswire]
▶ Five Indian Stocks Hedge Funds Love the Most   [May-18-16 09:35AM  at Insider Monkey]
▶ India Budget Boosts Stocks, But Don't Bank On Farm Boom   [Mar-01-16 03:39PM  at Barrons.com]
▶ Videocon d2h launching Wi-Fi "SMART HD SET TOP BOX"   [Feb-05-16 06:15AM  PR Newswire]
▶ Videocon d2h To Report Q3 FY16 Results   [Jan-23-16 02:45AM  PR Newswire]
▶ Videocon d2h is ready for DAS Phase III   [Dec-09  09:41AM  PR Newswire]
▶ Smart Money Thinks Quite Highly of Videocon d2h Ltd ADR (VDTH)   [Dec-02  05:54PM  at Insider Monkey]
▶ Hedge Funds Are Buying A. Schulman Inc (SHLM)   [Nov-25  08:14AM  at Insider Monkey]
▶ Geetanjali Kirloskar to join the Board of Videocon d2h   [Oct-23  01:56PM  PR Newswire]
▶ Videocon d2h To Report Q2 FY16 Results   [Oct-14  12:41PM  PR Newswire]
▶ Videocon d2h Named Pay TV Service of the Year   [Oct-08  09:48AM  PR Newswire]
▶ Videocon d2h To Increase Monthly Subscription Prices   [Sep-03  10:59AM  PR Newswire]
▶ India: 3 Stocks, 4 Funds To Watch In Modi's 2nd Year   [May-29  11:52AM  at Barrons.com]
▶ Videocon d2h Names Saurabh Dhoot Executive Chairman   [May-13  10:02AM  PR Newswire]
Financial statements of VDTH
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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