Intrinsic value of Veritiv - VRTV

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$54.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.85

 
Intrinsic value

$18.77

 
Up/down potential

-66%

 
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 0.9

 

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
  8,892
  9,097
  9,331
  9,593
  9,884
  10,203
  10,551
  10,927
  11,332
  11,767
  12,232
  12,729
  13,257
  13,819
  14,415
  15,047
  15,715
  16,423
  17,170
  17,959
  18,791
  19,669
  20,594
  21,569
  22,596
  23,677
  24,815
  26,013
  27,272
  28,597
Variable operating expenses, $m
 
  8,314
  8,505
  8,724
  8,969
  9,241
  9,539
  9,864
  10,215
  10,594
  11,000
  11,430
  11,894
  12,388
  12,913
  13,470
  14,060
  14,685
  15,346
  16,044
  16,781
  17,559
  18,379
  19,244
  20,155
  21,114
  22,125
  23,188
  24,307
  25,484
  26,722
Fixed operating expenses, $m
 
  510
  523
  536
  550
  563
  578
  592
  607
  622
  637
  653
  670
  686
  704
  721
  739
  758
  777
  796
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,045
Total operating expenses, $m
  8,251
  8,824
  9,028
  9,260
  9,519
  9,804
  10,117
  10,456
  10,822
  11,216
  11,637
  12,083
  12,564
  13,074
  13,617
  14,191
  14,799
  15,443
  16,123
  16,840
  17,597
  18,395
  19,236
  20,123
  21,056
  22,037
  23,071
  24,158
  25,301
  26,503
  27,767
Operating income, $m
  76
  68
  68
  71
  74
  80
  87
  95
  105
  116
  129
  149
  165
  183
  202
  224
  247
  273
  300
  330
  362
  396
  432
  472
  514
  558
  606
  657
  711
  769
  831
EBITDA, $m
  131
  124
  126
  129
  135
  142
  150
  161
  173
  186
  202
  219
  238
  259
  282
  307
  334
  363
  395
  428
  465
  504
  546
  590
  638
  688
  742
  800
  861
  926
  995
Interest expense (income), $m
  21
  35
  36
  38
  40
  42
  44
  47
  49
  52
  55
  59
  62
  66
  70
  75
  79
  84
  89
  95
  101
  107
  113
  120
  127
  135
  143
  151
  160
  169
  179
Earnings before tax, $m
  41
  33
  32
  33
  35
  38
  42
  48
  55
  64
  74
  90
  103
  117
  132
  149
  168
  189
  211
  235
  261
  289
  319
  352
  387
  424
  464
  506
  552
  600
  652
Tax expense, $m
  20
  9
  9
  9
  9
  10
  11
  13
  15
  17
  20
  24
  28
  32
  36
  40
  45
  51
  57
  63
  70
  78
  86
  95
  104
  114
  125
  137
  149
  162
  176
Net income, $m
  21
  24
  23
  24
  25
  28
  31
  35
  41
  47
  54
  66
  75
  85
  97
  109
  123
  138
  154
  172
  191
  211
  233
  257
  282
  309
  339
  370
  403
  438
  476

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
  2,471
  2,528
  2,593
  2,666
  2,747
  2,836
  2,932
  3,037
  3,150
  3,270
  3,400
  3,538
  3,685
  3,841
  4,006
  4,182
  4,368
  4,564
  4,772
  4,991
  5,223
  5,467
  5,724
  5,995
  6,280
  6,581
  6,897
  7,230
  7,580
  7,948
Adjusted assets (=assets-cash), $m
  2,414
  2,471
  2,528
  2,593
  2,666
  2,747
  2,836
  2,932
  3,037
  3,150
  3,270
  3,400
  3,538
  3,685
  3,841
  4,006
  4,182
  4,368
  4,564
  4,772
  4,991
  5,223
  5,467
  5,724
  5,995
  6,280
  6,581
  6,897
  7,230
  7,580
  7,948
Revenue / Adjusted assets
  3.449
  3.599
  3.598
  3.599
  3.598
  3.598
  3.598
  3.599
  3.598
  3.597
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
  3.598
Average production assets, $m
  394
  409
  418
  429
  441
  455
  469
  485
  503
  521
  541
  563
  586
  610
  636
  663
  692
  723
  755
  790
  826
  864
  905
  947
  992
  1,039
  1,089
  1,141
  1,197
  1,255
  1,315
Working capital, $m
  1,081
  1,094
  1,119
  1,148
  1,180
  1,216
  1,255
  1,298
  1,344
  1,394
  1,447
  1,505
  1,566
  1,631
  1,700
  1,773
  1,851
  1,933
  2,020
  2,112
  2,209
  2,311
  2,419
  2,533
  2,653
  2,779
  2,912
  3,052
  3,200
  3,355
  3,517
Total debt, $m
  946
  1,040
  1,086
  1,137
  1,195
  1,260
  1,330
  1,407
  1,490
  1,580
  1,676
  1,779
  1,889
  2,006
  2,130
  2,262
  2,402
  2,550
  2,706
  2,872
  3,046
  3,230
  3,424
  3,629
  3,845
  4,072
  4,311
  4,563
  4,828
  5,107
  5,400
Total liabilities, $m
  1,942
  1,967
  2,013
  2,064
  2,122
  2,187
  2,257
  2,334
  2,417
  2,507
  2,603
  2,706
  2,816
  2,933
  3,057
  3,189
  3,329
  3,477
  3,633
  3,799
  3,973
  4,157
  4,351
  4,556
  4,772
  4,999
  5,238
  5,490
  5,755
  6,034
  6,327
Total equity, $m
  542
  504
  516
  529
  544
  560
  578
  598
  620
  643
  667
  694
  722
  752
  784
  817
  853
  891
  931
  973
  1,018
  1,065
  1,115
  1,168
  1,223
  1,281
  1,342
  1,407
  1,475
  1,546
  1,621
Total liabilities and equity, $m
  2,484
  2,471
  2,529
  2,593
  2,666
  2,747
  2,835
  2,932
  3,037
  3,150
  3,270
  3,400
  3,538
  3,685
  3,841
  4,006
  4,182
  4,368
  4,564
  4,772
  4,991
  5,222
  5,466
  5,724
  5,995
  6,280
  6,580
  6,897
  7,230
  7,580
  7,948
Debt-to-equity ratio
  1.745
  2.060
  2.100
  2.150
  2.200
  2.250
  2.300
  2.350
  2.410
  2.460
  2.510
  2.570
  2.620
  2.670
  2.720
  2.770
  2.820
  2.860
  2.910
  2.950
  2.990
  3.030
  3.070
  3.110
  3.140
  3.180
  3.210
  3.240
  3.270
  3.300
  3.330
Adjusted equity ratio
  0.196
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204
  0.204

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  24
  23
  24
  25
  28
  31
  35
  41
  47
  54
  66
  75
  85
  97
  109
  123
  138
  154
  172
  191
  211
  233
  257
  282
  309
  339
  370
  403
  438
  476
Depreciation, amort., depletion, $m
  55
  56
  57
  59
  60
  62
  64
  66
  68
  70
  73
  70
  73
  76
  79
  83
  87
  90
  94
  99
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  164
Funds from operations, $m
  167
  80
  81
  82
  85
  89
  95
  101
  108
  117
  127
  136
  148
  161
  176
  192
  209
  228
  248
  270
  294
  319
  346
  375
  406
  439
  475
  512
  552
  595
  640
Change in working capital, $m
  27
  21
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
  120
  126
  133
  140
  147
  155
  163
Cash from operations, $m
  140
  48
  55
  54
  53
  54
  55
  58
  62
  67
  73
  79
  87
  96
  107
  119
  132
  146
  161
  178
  197
  217
  238
  261
  286
  313
  342
  372
  405
  440
  477
Maintenance CAPEX, $m
  0
  -51
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -83
  -87
  -90
  -94
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
New CAPEX, $m
  -41
  -5
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
Cash from investing activities, $m
  -34
  -56
  -60
  -63
  -66
  -68
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -112
  -118
  -123
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -188
  -198
  -208
  -218
Free cash flow, $m
  106
  -7
  -5
  -9
  -13
  -15
  -16
  -16
  -16
  -14
  -12
  -10
  -6
  -1
  5
  12
  20
  29
  39
  50
  62
  75
  90
  106
  123
  142
  162
  184
  207
  233
  260
Issuance/(repayment) of debt, $m
  -74
  38
  45
  52
  58
  64
  71
  77
  83
  90
  96
  103
  110
  117
  124
  132
  140
  148
  156
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  279
  293
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
  38
  45
  52
  58
  64
  71
  77
  83
  90
  96
  103
  110
  117
  124
  132
  140
  148
  156
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  279
  293
Total cash flow (excl. dividends), $m
  15
  31
  40
  42
  45
  49
  54
  60
  67
  75
  84
  93
  104
  116
  129
  144
  159
  177
  195
  215
  236
  259
  284
  310
  339
  369
  401
  436
  472
  511
  553
Retained Cash Flow (-), $m
  -12
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
Prev. year cash balance distribution, $m
 
  36
  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
 
  57
  29
  29
  31
  33
  36
  41
  46
  52
  59
  66
  76
  86
  97
  110
  124
  139
  155
  173
  192
  212
  234
  258
  283
  311
  340
  371
  404
  440
  478
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  52
  23
  21
  20
  19
  18
  17
  16
  15
  14
  13
  12
  10
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
  1
  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 41
Price to Sales 0.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow 8.7
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 $8718 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 9.8%, 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 93.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $498 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 4.6%.

Life of production assets of 8 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 12.3%. 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 - $530 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 15.691 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 $0.9 billion.


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COMPANY NEWS

▶ Veritiv Corp. Value Analysis (NYSE:VRTV) : May 5, 2017   [May-05-17 05:21PM  Capital Cube]
▶ ETFs with exposure to Veritiv Corp. : May 3, 2017   [May-03-17 04:27PM  Capital Cube]
▶ Why Veritiv Stock Got Crushed Today   [02:46PM  Motley Fool]
▶ Veritiv reports 1Q loss   [08:20AM  Associated Press]
▶ Agricultural equipment giant AGCO names second female board member   [May-02-17 03:42PM  American City Business Journals]
▶ 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 Annual reports 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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