Intrinsic value of Videocon d2h ADR - VDTH

Previous Close

$9.13

  Intrinsic Value

$0.26

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

+353%

Previous close

$9.13

 
Intrinsic value

$0.26

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

+353%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 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 1.0

 

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, %
  22.29
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  428
  452
  476
  502
  529
  557
  586
  617
  650
  684
  719
  756
  795
  836
  879
  924
  971
  1,021
  1,073
  1,127
  1,184
  1,244
  1,307
  1,373
  1,442
  1,515
  1,591
  1,671
  1,755
  1,843
  1,936
Variable operating expenses, $m
 
  347
  366
  386
  407
  428
  451
  475
  500
  526
  553
  582
  612
  643
  676
  711
  747
  785
  825
  867
  911
  957
  1,005
  1,056
  1,109
  1,165
  1,224
  1,285
  1,350
  1,418
  1,489
Fixed operating expenses, $m
 
  75
  77
  79
  81
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
Total operating expenses, $m
  400
  422
  443
  465
  488
  511
  536
  562
  589
  617
  646
  678
  710
  744
  779
  817
  855
  896
  939
  984
  1,031
  1,080
  1,131
  1,185
  1,241
  1,300
  1,363
  1,427
  1,496
  1,567
  1,642
Operating income, $m
  28
  29
  33
  37
  42
  46
  51
  56
  61
  67
  73
  79
  86
  93
  100
  108
  116
  125
  134
  144
  154
  165
  176
  188
  201
  215
  229
  244
  260
  276
  294
EBITDA, $m
  119
  72
  78
  85
  91
  99
  106
  114
  122
  131
  140
  150
  161
  171
  183
  195
  208
  221
  235
  250
  266
  282
  299
  318
  337
  357
  379
  401
  425
  450
  477
Interest expense (income), $m
  58
  52
  56
  61
  67
  72
  78
  84
  90
  97
  104
  111
  119
  127
  135
  144
  153
  163
  173
  184
  195
  207
  219
  232
  246
  260
  275
  291
  307
  324
  342
Earnings before tax, $m
  -19
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -45
  -46
  -47
  -47
  -48
  -48
Tax expense, $m
  -5
  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
Net income, $m
  -14
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -45
  -46
  -47
  -47
  -48
  -48

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  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
  699
  717
  756
  797
  839
  884
  931
  980
  1,031
  1,085
  1,141
  1,200
  1,262
  1,327
  1,395
  1,467
  1,542
  1,620
  1,702
  1,789
  1,879
  1,975
  2,074
  2,179
  2,289
  2,404
  2,525
  2,653
  2,786
  2,926
  3,073
Adjusted assets (=assets-cash), $m
  595
  717
  756
  797
  839
  884
  931
  980
  1,031
  1,085
  1,141
  1,200
  1,262
  1,327
  1,395
  1,467
  1,542
  1,620
  1,702
  1,789
  1,879
  1,975
  2,074
  2,179
  2,289
  2,404
  2,525
  2,653
  2,786
  2,926
  3,073
Revenue / Adjusted assets
  0.719
  0.630
  0.630
  0.630
  0.631
  0.630
  0.629
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Average production assets, $m
  404
  426
  449
  473
  499
  525
  553
  582
  613
  645
  678
  713
  750
  789
  829
  871
  916
  962
  1,011
  1,063
  1,117
  1,173
  1,232
  1,295
  1,360
  1,428
  1,500
  1,576
  1,655
  1,738
  1,826
Working capital, $m
  -415
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -118
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -176
  -184
  -194
Total debt, $m
  354
  366
  399
  433
  469
  507
  546
  587
  630
  676
  723
  773
  825
  879
  936
  996
  1,059
  1,125
  1,195
  1,267
  1,344
  1,424
  1,508
  1,596
  1,688
  1,785
  1,887
  1,994
  2,106
  2,224
  2,347
Total liabilities, $m
  591
  603
  636
  670
  706
  744
  783
  824
  867
  913
  960
  1,010
  1,062
  1,116
  1,173
  1,233
  1,296
  1,362
  1,432
  1,504
  1,581
  1,661
  1,745
  1,833
  1,925
  2,022
  2,124
  2,231
  2,343
  2,461
  2,584
Total equity, $m
  108
  114
  120
  127
  133
  141
  148
  156
  164
  173
  181
  191
  201
  211
  222
  233
  245
  258
  271
  284
  299
  314
  330
  346
  364
  382
  402
  422
  443
  465
  489
Total liabilities and equity, $m
  699
  717
  756
  797
  839
  885
  931
  980
  1,031
  1,086
  1,141
  1,201
  1,263
  1,327
  1,395
  1,466
  1,541
  1,620
  1,703
  1,788
  1,880
  1,975
  2,075
  2,179
  2,289
  2,404
  2,526
  2,653
  2,786
  2,926
  3,073
Debt-to-equity ratio
  3.278
  3.210
  3.320
  3.420
  3.510
  3.600
  3.690
  3.770
  3.840
  3.920
  3.980
  4.050
  4.110
  4.170
  4.220
  4.270
  4.320
  4.370
  4.410
  4.460
  4.500
  4.530
  4.570
  4.610
  4.640
  4.670
  4.700
  4.730
  4.750
  4.780
  4.800
Adjusted equity ratio
  0.007
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -42
  -43
  -44
  -45
  -45
  -46
  -47
  -47
  -48
  -48
Depreciation, amort., depletion, $m
  91
  43
  45
  47
  50
  53
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
  112
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
Funds from operations, $m
  21
  21
  22
  23
  25
  26
  28
  30
  32
  34
  36
  39
  42
  44
  47
  51
  54
  58
  62
  66
  70
  75
  80
  86
  91
  97
  104
  111
  118
  126
  134
Change in working capital, $m
  -50
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from operations, $m
  71
  23
  24
  26
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  52
  55
  59
  63
  67
  71
  76
  81
  86
  92
  98
  105
  112
  119
  127
  135
  143
Maintenance CAPEX, $m
  0
  -40
  -43
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
New CAPEX, $m
  -109
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -87
Cash from investing activities, $m
  -98
  -62
  -66
  -69
  -72
  -77
  -81
  -84
  -89
  -93
  -97
  -103
  -108
  -114
  -119
  -125
  -131
  -139
  -145
  -152
  -160
  -169
  -176
  -185
  -194
  -205
  -215
  -226
  -237
  -249
  -261
Free cash flow, $m
  -27
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -75
  -78
  -81
  -84
  -87
  -90
  -93
  -96
  -100
  -103
  -107
  -110
  -114
  -118
Issuance/(repayment) of debt, $m
  -42
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
  84
  88
  92
  97
  102
  107
  112
  118
  124
Issuance/(repurchase) of shares, $m
  3
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  43
  45
  46
  48
  49
  51
  53
  54
  56
  57
  59
  61
  62
  64
  65
  67
  69
  70
  72
Cash from financing (excl. dividends), $m  
  -99
  59
  62
  65
  68
  71
  74
  77
  80
  84
  87
  92
  95
  100
  103
  108
  112
  117
  122
  127
  132
  137
  143
  149
  154
  161
  167
  174
  181
  188
  196
Total cash flow (excl. dividends), $m
  -127
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
  41
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  78
Retained Cash Flow (-), $m
  12
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -54
  -56
  -57
  -59
  -61
  -62
  -64
  -65
  -67
  -69
  -70
  -72
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
 
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -10
  -10
  -11
  -11
  -11
  -11
  -10
  -10
  -10
  -9
  -9
  -8
  -8
  -7
  -6
  -5
  -4
  -3
  -1
  0
  2
  4
  6
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  -8
  -8
  -7
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.2
  94.4
  91.8
  89.3
  86.8
  84.5
  82.2
  80.1
  78.0
  76.0
  74.1
  72.2
  70.5
  68.8
  67.1
  65.6
  64.1
  62.6
  61.2
  59.9
  58.7
  57.4
  56.3
  55.2
  54.1
  53.1
  52.1
  51.2
  50.3
  49.4

Videocon d2h Limited provides direct-to-home subscription television services to subscribers under the Videocon d2h brand in India. The company distributes various digital television channels, and allied video and audio services to subscribers via direct satellite feeds. It offers subscribers with an access to approximately 550 national and international channels and services, including 45 high definition channels and 42 audio and video services. The company provides its services through a network of distributors and direct dealers, as well as sub-dealers and recharge counters. As of March 31, 2016, it had 15.74 million gross subscribers. In addition, Videocon d2h Limited sells advertising on its home channel. The company was formerly known as Bharat Business Channel Limited and changed its name to Videocon d2h Limited in July 2014. Videocon d2h Limited was incorporated in 2002 and is based in Mumbai, India.

FINANCIAL RATIOS  of  Videocon d2h ADR (VDTH)

Valuation Ratios
P/E Ratio -271.5
Price to Sales 8.9
Price to Book 35.2
Price to Tangible Book
Price to Cash Flow 53.5
Price to Free Cash Flow -100
Growth Rates
Sales Growth Rate 22.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.2%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 327.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 1.7%
Return On Total Capital -2.8%
Ret/ On T. Cap. - 3 Yr. Avg. -8.1%
Return On Equity -12.3%
Return On Equity - 3 Yr. Avg. -90.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 52.7%
EBITDA Margin 30.4%
EBITDA Margin - 3 Yr. Avg. 26.5%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -4.4%
Pre-Tax Margin - 3 Yr. Avg. -15.8%
Net Profit Margin -3.3%
Net Profit Margin - 3 Yr. Avg. -11.1%
Effective Tax Rate 26.3%
Eff/ Tax Rate - 3 Yr. Avg. 29.1%
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 $428 million for the last fiscal year's total revenue generated by Videocon d2h ADR. The default revenue input number comes from 2016 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 5.5% 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 6.2%, 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 76.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $73 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 15.4% 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 94.3%.

Life of production assets of 10 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 -10%. 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 - $108 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 105.051 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
FOXA 21st Century F 27.37 51.02  str.buy

COMPANY NEWS

▶ 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]
Stock chart of VDTH 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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