Intrinsic value of Videocon d2h ADR - VDTH

Previous Close

$8.22

  Intrinsic Value

$0.98

stock screener

  Rating & Target

str. sell

-88%

Previous close

$8.22

 
Intrinsic value

$0.98

 
Up/down potential

-88%

 
Rating

str. sell

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

Revenue (in 2017), $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 0.9

 

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
  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
  460
  469
  480
  492
  506
  522
  538
  557
  577
  598
  621
  645
  672
  700
  729
  761
  794
  829
  867
  906
  948
  991
  1,038
  1,087
  1,138
  1,192
  1,249
  1,309
  1,373
  1,439
  1,509
Variable operating expenses, $m
 
  176
  180
  185
  190
  196
  202
  209
  217
  225
  233
  243
  253
  263
  274
  286
  299
  312
  326
  341
  356
  373
  390
  409
  428
  448
  470
  492
  516
  541
  567
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
  427
  437
  449
  460
  473
  486
  500
  516
  531
  547
  564
  582
  601
  620
  641
  663
  685
  708
  733
  757
  784
  812
  841
  871
  902
  936
  969
  1,005
  1,042
  1,081
Operating income, $m
  48
  42
  42
  43
  45
  48
  52
  56
  61
  67
  74
  81
  90
  99
  109
  120
  132
  145
  159
  174
  190
  207
  226
  246
  267
  290
  314
  340
  367
  397
  428
EBITDA, $m
  151
  125
  127
  131
  135
  141
  147
  155
  164
  173
  184
  196
  209
  223
  238
  255
  273
  292
  312
  334
  358
  383
  410
  439
  469
  501
  536
  572
  611
  652
  695
Interest expense (income), $m
  48
  43
  45
  47
  49
  51
  53
  56
  59
  63
  66
  70
  74
  79
  83
  88
  93
  99
  105
  111
  118
  125
  132
  140
  148
  156
  165
  175
  185
  195
  207
Earnings before tax, $m
  7
  -2
  -3
  -3
  -3
  -3
  -2
  0
  2
  4
  8
  11
  15
  20
  26
  32
  38
  46
  54
  63
  72
  83
  94
  106
  119
  133
  149
  165
  182
  201
  221
Tax expense, $m
  2
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  3
  4
  5
  7
  9
  10
  12
  15
  17
  20
  22
  25
  29
  32
  36
  40
  45
  49
  54
  60
Net income, $m
  5
  -2
  -3
  -3
  -3
  -3
  -2
  0
  1
  3
  6
  8
  11
  15
  19
  23
  28
  33
  39
  46
  53
  60
  69
  77
  87
  97
  109
  120
  133
  147
  161

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
  652
  667
  684
  703
  724
  748
  773
  801
  830
  862
  896
  933
  972
  1,013
  1,056
  1,103
  1,152
  1,204
  1,258
  1,316
  1,377
  1,441
  1,509
  1,581
  1,656
  1,735
  1,819
  1,906
  1,999
  2,096
Adjusted assets (=assets-cash), $m
  639
  652
  667
  684
  703
  724
  748
  773
  801
  830
  862
  896
  933
  972
  1,013
  1,056
  1,103
  1,152
  1,204
  1,258
  1,316
  1,377
  1,441
  1,509
  1,581
  1,656
  1,735
  1,819
  1,906
  1,999
  2,096
Revenue / Adjusted assets
  0.720
  0.719
  0.720
  0.719
  0.720
  0.721
  0.719
  0.721
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.721
  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
  416
  426
  437
  449
  463
  478
  494
  511
  530
  551
  572
  596
  620
  647
  675
  704
  736
  769
  804
  840
  879
  921
  964
  1,009
  1,058
  1,108
  1,161
  1,217
  1,276
  1,338
Working capital, $m
  -407
  -118
  -121
  -124
  -128
  -131
  -136
  -140
  -145
  -151
  -156
  -163
  -169
  -176
  -184
  -192
  -200
  -209
  -218
  -228
  -239
  -250
  -262
  -274
  -287
  -300
  -315
  -330
  -346
  -363
  -380
Total debt, $m
  304
  304
  317
  331
  346
  364
  383
  404
  426
  450
  477
  504
  534
  566
  599
  635
  673
  713
  755
  800
  847
  897
  950
  1,005
  1,063
  1,125
  1,190
  1,258
  1,329
  1,405
  1,484
Total liabilities, $m
  533
  532
  545
  559
  574
  592
  611
  632
  654
  678
  705
  732
  762
  794
  827
  863
  901
  941
  983
  1,028
  1,075
  1,125
  1,178
  1,233
  1,291
  1,353
  1,418
  1,486
  1,557
  1,633
  1,712
Total equity, $m
  117
  119
  122
  125
  129
  133
  137
  141
  147
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  384
Total liabilities and equity, $m
  650
  651
  667
  684
  703
  725
  748
  773
  801
  830
  863
  896
  933
  972
  1,012
  1,056
  1,103
  1,152
  1,203
  1,258
  1,316
  1,377
  1,442
  1,509
  1,580
  1,656
  1,736
  1,819
  1,906
  1,999
  2,096
Debt-to-equity ratio
  2.598
  2.550
  2.600
  2.640
  2.690
  2.740
  2.800
  2.850
  2.910
  2.960
  3.020
  3.070
  3.130
  3.180
  3.230
  3.290
  3.330
  3.380
  3.430
  3.470
  3.520
  3.560
  3.600
  3.640
  3.680
  3.710
  3.750
  3.780
  3.810
  3.840
  3.870
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
  -2
  -3
  -3
  -3
  -3
  -2
  0
  1
  3
  6
  8
  11
  15
  19
  23
  28
  33
  39
  46
  53
  60
  69
  77
  87
  97
  109
  120
  133
  147
  161
Depreciation, amort., depletion, $m
  103
  83
  85
  87
  90
  93
  96
  99
  102
  106
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  232
  243
  255
  268
Funds from operations, $m
  175
  82
  83
  84
  87
  90
  94
  99
  104
  109
  116
  123
  130
  139
  148
  158
  169
  180
  193
  206
  221
  236
  253
  270
  289
  309
  330
  353
  377
  402
  429
Change in working capital, $m
  10
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
Cash from operations, $m
  165
  84
  85
  87
  90
  94
  98
  103
  109
  115
  121
  129
  137
  146
  156
  166
  177
  189
  202
  216
  231
  247
  264
  283
  302
  323
  345
  368
  393
  419
  447
Maintenance CAPEX, $m
  0
  -82
  -83
  -85
  -87
  -90
  -93
  -96
  -99
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -232
  -243
  -255
New CAPEX, $m
  -94
  -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
  -51
  -53
  -56
  -59
  -62
Cash from investing activities, $m
  -88
  -90
  -93
  -96
  -99
  -104
  -108
  -112
  -117
  -121
  -126
  -132
  -137
  -144
  -150
  -157
  -165
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -239
  -250
  -263
  -275
  -288
  -302
  -317
Free cash flow, $m
  77
  -6
  -8
  -9
  -10
  -10
  -9
  -9
  -8
  -7
  -5
  -3
  -1
  2
  5
  9
  13
  17
  22
  28
  34
  40
  47
  55
  64
  73
  82
  93
  104
  116
  129
Issuance/(repayment) of debt, $m
  -43
  10
  12
  14
  16
  17
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
Issuance/(repurchase) of shares, $m
  0
  4
  5
  6
  7
  7
  6
  5
  4
  2
  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
  14
  17
  20
  23
  24
  25
  26
  27
  26
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
  79
Total cash flow (excl. dividends), $m
  -11
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  25
  29
  34
  39
  44
  51
  57
  65
  72
  81
  90
  100
  111
  122
  134
  147
  161
  176
  192
  209
Retained Cash Flow (-), $m
  -9
  -4
  -5
  -6
  -7
  -7
  -6
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
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
 
  5
  5
  5
  6
  8
  10
  12
  13
  14
  16
  19
  22
  27
  31
  36
  42
  48
  55
  62
  70
  79
  88
  98
  109
  120
  133
  146
  160
  175
  191
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
 
  4
  4
  4
  5
  5
  6
  7
  6
  6
  6
  6
  6
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.6
  99.0
  98.3
  97.6
  96.9
  96.3
  95.9
  95.5
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3
  95.3

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 684.5
Price to Sales 7.4
Price to Book 29.3
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 48.2
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 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%, 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 105.302 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 $0.9 billion.

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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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