Intrinsic value of Veritiv - VRTV

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$48.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$48.90

 
Intrinsic value

$19.68

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of VRTV 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 0.8

 

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, %
  -4.48
  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
  8,327
  8,494
  8,689
  8,912
  9,163
  9,441
  9,745
  10,077
  10,437
  10,824
  11,239
  11,683
  12,158
  12,663
  13,199
  13,768
  14,372
  15,011
  15,686
  16,400
  17,153
  17,948
  18,787
  19,671
  20,602
  21,583
  22,615
  23,702
  24,846
  26,049
  27,315
Variable operating expenses, $m
 
  8,417
  8,610
  8,832
  9,080
  9,355
  9,657
  9,986
  10,341
  10,725
  11,136
  11,571
  12,041
  12,541
  13,072
  13,636
  14,234
  14,866
  15,535
  16,242
  16,988
  17,776
  18,606
  19,482
  20,404
  21,375
  22,398
  23,475
  24,607
  25,799
  27,053
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
  8,251
  8,417
  8,610
  8,832
  9,080
  9,355
  9,657
  9,986
  10,341
  10,725
  11,136
  11,571
  12,041
  12,541
  13,072
  13,636
  14,234
  14,866
  15,535
  16,242
  16,988
  17,776
  18,606
  19,482
  20,404
  21,375
  22,398
  23,475
  24,607
  25,799
  27,053
Operating income, $m
  76
  77
  78
  81
  83
  86
  89
  92
  95
  99
  103
  112
  117
  122
  127
  132
  138
  144
  151
  157
  165
  172
  180
  189
  198
  207
  217
  228
  239
  250
  262
EBITDA, $m
  131
  131
  134
  137
  141
  145
  150
  155
  161
  167
  173
  180
  187
  195
  203
  212
  221
  231
  242
  253
  264
  276
  289
  303
  317
  332
  348
  365
  383
  401
  421
Interest expense (income), $m
  21
  32
  34
  35
  37
  39
  41
  44
  47
  50
  53
  56
  60
  63
  68
  72
  76
  81
  87
  92
  98
  104
  110
  117
  124
  132
  140
  148
  157
  166
  176
Earnings before tax, $m
  41
  44
  45
  45
  46
  46
  47
  48
  49
  49
  50
  56
  57
  58
  59
  60
  61
  63
  64
  65
  67
  68
  70
  72
  74
  75
  77
  80
  82
  84
  86
Tax expense, $m
  20
  12
  12
  12
  12
  13
  13
  13
  13
  13
  14
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Net income, $m
  21
  32
  33
  33
  33
  34
  34
  35
  35
  36
  37
  41
  42
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  57
  58
  60
  61
  63

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  2,484
  2,463
  2,519
  2,584
  2,657
  2,737
  2,826
  2,922
  3,026
  3,138
  3,259
  3,387
  3,525
  3,671
  3,827
  3,992
  4,167
  4,352
  4,548
  4,755
  4,973
  5,204
  5,447
  5,703
  5,973
  6,258
  6,557
  6,872
  7,204
  7,553
  7,920
Adjusted assets (=assets-cash), $m
  2,414
  2,463
  2,519
  2,584
  2,657
  2,737
  2,826
  2,922
  3,026
  3,138
  3,259
  3,387
  3,525
  3,671
  3,827
  3,992
  4,167
  4,352
  4,548
  4,755
  4,973
  5,204
  5,447
  5,703
  5,973
  6,258
  6,557
  6,872
  7,204
  7,553
  7,920
Revenue / Adjusted assets
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.448
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
  3.449
Average production assets, $m
  394
  399
  408
  419
  431
  444
  458
  474
  491
  509
  528
  549
  571
  595
  620
  647
  675
  705
  737
  771
  806
  844
  883
  925
  968
  1,014
  1,063
  1,114
  1,168
  1,224
  1,284
Working capital, $m
  1,081
  1,053
  1,077
  1,105
  1,136
  1,171
  1,208
  1,250
  1,294
  1,342
  1,394
  1,449
  1,508
  1,570
  1,637
  1,707
  1,782
  1,861
  1,945
  2,034
  2,127
  2,226
  2,330
  2,439
  2,555
  2,676
  2,804
  2,939
  3,081
  3,230
  3,387
Total debt, $m
  946
  967
  1,012
  1,063
  1,121
  1,186
  1,256
  1,333
  1,416
  1,505
  1,601
  1,704
  1,813
  1,930
  2,054
  2,186
  2,325
  2,473
  2,629
  2,794
  2,968
  3,152
  3,345
  3,550
  3,765
  3,991
  4,230
  4,481
  4,745
  5,023
  5,316
Total liabilities, $m
  1,942
  1,963
  2,008
  2,059
  2,117
  2,182
  2,252
  2,329
  2,412
  2,501
  2,597
  2,700
  2,809
  2,926
  3,050
  3,182
  3,321
  3,469
  3,625
  3,790
  3,964
  4,148
  4,341
  4,546
  4,761
  4,987
  5,226
  5,477
  5,741
  6,019
  6,312
Total equity, $m
  542
  500
  511
  525
  539
  556
  574
  593
  614
  637
  662
  688
  716
  745
  777
  810
  846
  883
  923
  965
  1,010
  1,056
  1,106
  1,158
  1,213
  1,270
  1,331
  1,395
  1,462
  1,533
  1,608
Total liabilities and equity, $m
  2,484
  2,463
  2,519
  2,584
  2,656
  2,738
  2,826
  2,922
  3,026
  3,138
  3,259
  3,388
  3,525
  3,671
  3,827
  3,992
  4,167
  4,352
  4,548
  4,755
  4,974
  5,204
  5,447
  5,704
  5,974
  6,257
  6,557
  6,872
  7,203
  7,552
  7,920
Debt-to-equity ratio
  1.745
  1.930
  1.980
  2.030
  2.080
  2.130
  2.190
  2.250
  2.300
  2.360
  2.420
  2.480
  2.530
  2.590
  2.640
  2.700
  2.750
  2.800
  2.850
  2.890
  2.940
  2.980
  3.030
  3.070
  3.100
  3.140
  3.180
  3.210
  3.250
  3.280
  3.310
Adjusted equity ratio
  0.196
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203
  0.203

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  32
  33
  33
  33
  34
  34
  35
  35
  36
  37
  41
  42
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  57
  58
  60
  61
  63
Depreciation, amort., depletion, $m
  55
  54
  55
  57
  58
  60
  62
  63
  66
  68
  70
  68
  71
  73
  77
  80
  83
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  138
  144
  151
  158
Funds from operations, $m
  167
  86
  88
  90
  92
  94
  96
  98
  101
  104
  107
  109
  112
  116
  120
  124
  128
  133
  138
  143
  148
  154
  160
  167
  173
  180
  188
  196
  204
  212
  222
Change in working capital, $m
  27
  21
  24
  28
  31
  34
  38
  41
  45
  48
  52
  55
  59
  63
  67
  71
  75
  79
  84
  88
  93
  99
  104
  110
  115
  122
  128
  135
  142
  149
  157
Cash from operations, $m
  140
  65
  64
  62
  60
  59
  58
  57
  56
  56
  55
  54
  53
  53
  53
  53
  53
  54
  54
  54
  55
  56
  56
  57
  58
  59
  60
  61
  62
  63
  65
Maintenance CAPEX, $m
  0
  -49
  -49
  -50
  -52
  -53
  -55
  -57
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
New CAPEX, $m
  -41
  -6
  -9
  -10
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -59
Cash from investing activities, $m
  -34
  -55
  -58
  -60
  -64
  -66
  -69
  -73
  -75
  -79
  -83
  -86
  -90
  -95
  -98
  -104
  -108
  -113
  -119
  -125
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -182
  -192
  -201
  -210
Free cash flow, $m
  106
  11
  5
  1
  -3
  -7
  -11
  -15
  -19
  -23
  -27
  -32
  -37
  -41
  -45
  -50
  -55
  -60
  -65
  -70
  -76
  -81
  -87
  -94
  -100
  -107
  -114
  -122
  -129
  -137
  -146
Issuance/(repayment) of debt, $m
  -74
  39
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
Issuance/(repurchase) of shares, $m
  -14
  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  
  -90
  39
  45
  52
  58
  64
  70
  77
  83
  89
  96
  103
  110
  117
  124
  132
  139
  148
  156
  165
  174
  184
  194
  204
  215
  227
  239
  251
  264
  278
  292
Total cash flow (excl. dividends), $m
  15
  50
  50
  53
  55
  57
  59
  62
  64
  67
  69
  70
  73
  76
  79
  82
  85
  88
  91
  95
  98
  102
  106
  111
  115
  120
  125
  130
  135
  141
  146
Retained Cash Flow (-), $m
  -12
  -10
  -11
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
Prev. year cash balance distribution, $m
 
  52
  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
 
  92
  39
  40
  40
  41
  41
  42
  43
  44
  45
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  62
  64
  66
  68
  70
  72
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  84
  32
  29
  27
  24
  21
  18
  16
  14
  11
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  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

Veritiv Corporation operates as a business-to-business distributor of print, publishing, packaging, and facility solutions in the United States, Canada, and Mexico. The company operates through four segments: Print, Publishing, Packaging, and Facility Solutions. The Print segment sells and distributes commercial printing, writing, copying, digital, wide format, and specialty paper products; and graphics consumables and graphics equipment. This segment also offers customized paper conversion services of commercial printing paper for distribution to document centers and form printers. The Publishing segment sells and distributes coated and uncoated commercial printing papers to publishers, retailers, converters, printers, and specialty businesses for use in magazines, catalogs, books, directories, gaming, couponing, retail inserts, and direct mail. This segment also provides print management, procurement, and supply chain management solutions. The Packaging segment provides standard and custom packaging solutions. The Facility Solutions segment sources and sells cleaning, break-room, and other supplies, such as towels, tissues, wipers and dispensers, can liners, commercial cleaning chemicals, soaps and sanitizers, sanitary maintenance supplies and equipment, safety and hazard supplies, and shampoos and amenities. In addition, it offers logistics and supply chain management solutions. The company offers its products under the Endurance, uBrand, nordic+, Econosource, Comet, Starbrite Opaque Select, porcelianECO 30, TUFflex, Reliable, and Spring Grove brands, as well as other brands. It operates approximately 180 distribution centers. The company’s customers include printers, publishers, data centers, manufacturers, higher education institutions, healthcare facilities, sporting and performance arenas, retail stores, government agencies, property managers, and building service contractors. Veritiv Corporation was incorporated in 2013 is headquartered in Atlanta, Georgia.

FINANCIAL RATIOS  of  Veritiv (VRTV)

Valuation Ratios
P/E Ratio 36.6
Price to Sales 0.1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 5.5
Price to Free Cash Flow 7.8
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.8%
Cap. Spend. - 3 Yr. Gr. Rate 32.6%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 171.2%
Total Debt to Equity 174.5%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.3%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity 3.9%
Return On Equity - 3 Yr. Avg. 2%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 17.5%
EBITDA Margin 1.4%
EBITDA Margin - 3 Yr. Avg. 1.1%
Operating Margin 0.9%
Oper. Margin - 3 Yr. Avg. 0.6%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 0.3%
Net Profit Margin - 3 Yr. Avg. 0.1%
Effective Tax Rate 48.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.6%
Payout Ratio 0%

VRTV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VRTV stock intrinsic value calculation we used $8327 million for the last fiscal year's total revenue generated by Veritiv. The default revenue input number comes from 2016 income statement of Veritiv. 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 VRTV 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 9.4%, whose default value for VRTV is calculated based on our internal credit rating of Veritiv, 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 Veritiv.
    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 VRTV stock the variable cost ratio is equal to 99.1%.

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 VRTV 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 Veritiv.

Corporate tax rate of 27% is the nominal tax rate for Veritiv. 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 VRTV 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 VRTV are equal to 4.7%.

Life of production assets of 8.1 years is the average useful life of capital assets used in Veritiv 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 VRTV is equal to 12.4%. 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 - $542 million for Veritiv - 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 16.123 million for Veritiv 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 Veritiv at the current share price and the inputted number of shares is $0.8 billion.


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COMPANY NEWS

▶ ETFs with exposure to Veritiv Corp. : April 17, 2017   [Apr-17-17 01:11PM  Capital Cube]
▶ ETFs with exposure to Veritiv Corp. : April 5, 2017   [Apr-05-17 05:42PM  Capital Cube]
▶ Why Veritiv Corp. Stock Plunged Today   [Mar-17-17 12:39PM  Motley Fool]
▶ Hedge Funds Are Buying Veritiv Corp (VRTV)   [Dec-09-16 11:19AM  at Insider Monkey]
▶ Veritiv to Host 2016 Chicago Paper Show   [Oct-20-16 08:00AM  PR Newswire]
▶ Veritiv to Form New Services Segment   [Oct-03-16 05:09PM  PR Newswire]
Stock chart of VRTV Financial statements of VRTV
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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