Intrinsic value of VWR - VWR

Previous Close

$33.13

  Intrinsic Value

$21.18

stock screener

  Rating & Target

sell

-36%

Previous close

$33.13

 
Intrinsic value

$21.18

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of VWR 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 4.4

 

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, %
  4.51
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  4,514
  4,613
  4,728
  4,857
  5,001
  5,159
  5,331
  5,519
  5,721
  5,938
  6,170
  6,418
  6,683
  6,964
  7,263
  7,580
  7,915
  8,270
  8,644
  9,040
  9,458
  9,899
  10,363
  10,853
  11,369
  11,912
  12,483
  13,085
  13,718
  14,384
  15,084
Variable operating expenses, $m
 
  3,973
  4,067
  4,173
  4,291
  4,421
  4,562
  4,716
  4,882
  5,060
  5,251
  5,271
  5,488
  5,719
  5,964
  6,224
  6,499
  6,791
  7,098
  7,423
  7,767
  8,128
  8,510
  8,912
  9,335
  9,781
  10,251
  10,745
  11,265
  11,811
  12,386
Fixed operating expenses, $m
 
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
Total operating expenses, $m
  4,199
  4,299
  4,401
  4,515
  4,642
  4,781
  4,931
  5,094
  5,269
  5,457
  5,658
  5,688
  5,916
  6,157
  6,413
  6,685
  6,971
  7,275
  7,594
  7,931
  8,288
  8,662
  9,057
  9,473
  9,910
  10,371
  10,855
  11,364
  11,900
  12,462
  13,053
Operating income, $m
  315
  315
  327
  342
  359
  378
  400
  425
  451
  480
  512
  731
  768
  807
  850
  895
  944
  995
  1,050
  1,108
  1,171
  1,236
  1,306
  1,380
  1,458
  1,541
  1,628
  1,721
  1,819
  1,922
  2,031
EBITDA, $m
  445
  563
  577
  593
  612
  634
  658
  685
  715
  747
  782
  819
  860
  903
  950
  1,000
  1,053
  1,109
  1,169
  1,233
  1,301
  1,373
  1,449
  1,530
  1,615
  1,705
  1,801
  1,901
  2,008
  2,120
  2,239
Interest expense (income), $m
  79
  72
  74
  77
  81
  85
  89
  93
  98
  104
  110
  116
  123
  130
  137
  145
  154
  163
  172
  182
  193
  204
  216
  229
  242
  256
  270
  286
  302
  319
  337
Earnings before tax, $m
  234
  243
  253
  265
  278
  294
  312
  331
  353
  377
  402
  615
  645
  677
  712
  750
  790
  832
  878
  926
  977
  1,032
  1,090
  1,151
  1,216
  1,285
  1,358
  1,435
  1,517
  1,603
  1,694
Tax expense, $m
  86
  66
  68
  71
  75
  79
  84
  89
  95
  102
  109
  166
  174
  183
  192
  202
  213
  225
  237
  250
  264
  279
  294
  311
  328
  347
  367
  388
  410
  433
  457
Net income, $m
  148
  178
  185
  193
  203
  215
  227
  242
  258
  275
  294
  449
  471
  495
  520
  547
  576
  608
  641
  676
  713
  753
  796
  840
  888
  938
  991
  1,048
  1,107
  1,170
  1,237

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  169
  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
  4,963
  4,897
  5,019
  5,156
  5,308
  5,476
  5,660
  5,858
  6,073
  6,303
  6,550
  6,814
  7,094
  7,393
  7,710
  8,046
  8,402
  8,779
  9,177
  9,597
  10,040
  10,508
  11,002
  11,521
  12,069
  12,645
  13,252
  13,891
  14,563
  15,269
  16,013
Adjusted assets (=assets-cash), $m
  4,794
  4,897
  5,019
  5,156
  5,308
  5,476
  5,660
  5,858
  6,073
  6,303
  6,550
  6,814
  7,094
  7,393
  7,710
  8,046
  8,402
  8,779
  9,177
  9,597
  10,040
  10,508
  11,002
  11,521
  12,069
  12,645
  13,252
  13,891
  14,563
  15,269
  16,013
Revenue / Adjusted assets
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
  0.942
Average production assets, $m
  1,673
  1,712
  1,754
  1,802
  1,855
  1,914
  1,978
  2,047
  2,122
  2,203
  2,289
  2,381
  2,479
  2,584
  2,695
  2,812
  2,936
  3,068
  3,207
  3,354
  3,509
  3,672
  3,845
  4,026
  4,218
  4,419
  4,631
  4,855
  5,089
  5,336
  5,596
Working capital, $m
  366
  484
  496
  510
  525
  542
  560
  579
  601
  623
  648
  674
  702
  731
  763
  796
  831
  868
  908
  949
  993
  1,039
  1,088
  1,140
  1,194
  1,251
  1,311
  1,374
  1,440
  1,510
  1,584
Total debt, $m
  2,102
  2,005
  2,088
  2,182
  2,286
  2,401
  2,526
  2,662
  2,809
  2,966
  3,135
  3,316
  3,508
  3,712
  3,929
  4,159
  4,402
  4,660
  4,932
  5,219
  5,523
  5,843
  6,180
  6,536
  6,910
  7,304
  7,719
  8,156
  8,616
  9,099
  9,608
Total liabilities, $m
  3,447
  3,350
  3,433
  3,527
  3,631
  3,746
  3,871
  4,007
  4,154
  4,311
  4,480
  4,661
  4,853
  5,057
  5,274
  5,504
  5,747
  6,005
  6,277
  6,564
  6,868
  7,188
  7,525
  7,881
  8,255
  8,649
  9,064
  9,501
  9,961
  10,444
  10,953
Total equity, $m
  1,516
  1,548
  1,586
  1,629
  1,677
  1,731
  1,788
  1,851
  1,919
  1,992
  2,070
  2,153
  2,242
  2,336
  2,436
  2,543
  2,655
  2,774
  2,900
  3,033
  3,173
  3,321
  3,476
  3,641
  3,814
  3,996
  4,188
  4,389
  4,602
  4,825
  5,060
Total liabilities and equity, $m
  4,963
  4,898
  5,019
  5,156
  5,308
  5,477
  5,659
  5,858
  6,073
  6,303
  6,550
  6,814
  7,095
  7,393
  7,710
  8,047
  8,402
  8,779
  9,177
  9,597
  10,041
  10,509
  11,001
  11,522
  12,069
  12,645
  13,252
  13,890
  14,563
  15,269
  16,013
Debt-to-equity ratio
  1.387
  1.300
  1.320
  1.340
  1.360
  1.390
  1.410
  1.440
  1.460
  1.490
  1.510
  1.540
  1.560
  1.590
  1.610
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.760
  1.780
  1.800
  1.810
  1.830
  1.840
  1.860
  1.870
  1.890
  1.900
Adjusted equity ratio
  0.287
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  148
  178
  185
  193
  203
  215
  227
  242
  258
  275
  294
  449
  471
  495
  520
  547
  576
  608
  641
  676
  713
  753
  796
  840
  888
  938
  991
  1,048
  1,107
  1,170
  1,237
Depreciation, amort., depletion, $m
  130
  248
  250
  251
  253
  256
  258
  261
  263
  266
  269
  89
  92
  96
  100
  105
  109
  114
  119
  125
  130
  137
  143
  150
  157
  164
  172
  180
  189
  198
  208
Funds from operations, $m
  224
  426
  434
  445
  456
  470
  485
  502
  521
  541
  563
  537
  563
  591
  620
  652
  686
  722
  760
  801
  844
  890
  939
  990
  1,045
  1,102
  1,164
  1,228
  1,296
  1,369
  1,445
Change in working capital, $m
  -42
  10
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
  70
  74
Cash from operations, $m
  266
  415
  422
  431
  441
  453
  467
  483
  500
  518
  539
  511
  535
  561
  589
  619
  650
  684
  721
  759
  800
  844
  890
  939
  991
  1,045
  1,104
  1,165
  1,230
  1,299
  1,371
Maintenance CAPEX, $m
  0
  -62
  -64
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -105
  -109
  -114
  -119
  -125
  -130
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -189
  -198
New CAPEX, $m
  -60
  -39
  -42
  -48
  -53
  -59
  -64
  -69
  -75
  -81
  -86
  -92
  -98
  -104
  -111
  -117
  -124
  -132
  -139
  -147
  -155
  -164
  -172
  -182
  -191
  -201
  -212
  -223
  -235
  -247
  -260
Cash from investing activities, $m
  -203
  -101
  -106
  -113
  -120
  -128
  -135
  -143
  -151
  -160
  -168
  -177
  -187
  -196
  -207
  -217
  -229
  -241
  -253
  -266
  -280
  -294
  -309
  -325
  -341
  -358
  -376
  -395
  -415
  -436
  -458
Free cash flow, $m
  63
  314
  316
  318
  321
  326
  332
  340
  349
  359
  371
  334
  349
  364
  382
  401
  421
  444
  467
  493
  520
  550
  581
  614
  650
  687
  727
  770
  815
  862
  913
Issuance/(repayment) of debt, $m
  -28
  72
  83
  94
  104
  115
  125
  136
  147
  158
  169
  180
  192
  204
  217
  230
  243
  258
  272
  287
  303
  320
  337
  356
  374
  394
  415
  437
  460
  483
  508
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -27
  72
  83
  94
  104
  115
  125
  136
  147
  158
  169
  180
  192
  204
  217
  230
  243
  258
  272
  287
  303
  320
  337
  356
  374
  394
  415
  437
  460
  483
  508
Total cash flow (excl. dividends), $m
  32
  386
  399
  412
  425
  441
  457
  476
  495
  517
  539
  514
  541
  569
  599
  631
  665
  701
  740
  780
  824
  870
  918
  970
  1,024
  1,082
  1,142
  1,206
  1,274
  1,346
  1,421
Retained Cash Flow (-), $m
  -141
  -32
  -38
  -43
  -48
  -53
  -58
  -63
  -68
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
  -223
  -235
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
 
  355
  361
  368
  377
  388
  399
  413
  427
  444
  461
  431
  452
  474
  499
  525
  552
  582
  614
  648
  684
  722
  762
  805
  851
  899
  951
  1,005
  1,062
  1,123
  1,187
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  327
  304
  281
  258
  236
  214
  192
  171
  151
  132
  102
  87
  73
  61
  50
  40
  31
  24
  18
  13
  10
  7
  5
  3
  2
  1
  1
  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

VWR Corporation is a provider of product and service solutions to laboratory and production customers. The Company offers a portfolio of branded and private label laboratory products, services and solutions to the life science, general research and applied markets. The Company operates in two segments: Americas and EMEA-APAC. The Americas segment consists of operations located principally in the United States and Canada, as well as in Puerto Rico, Mexico and select countries in Central and South America, including Costa Rica, Brazil, Argentina and Chile. As of December 31, 2016, the Americas segment included 67 facilities located in eight countries. As of December 31, 2016, the EMEA-APAC segment consisted of its operations located principally in Europe, as well as in certain Asia-Pacific countries, and included 110 facilities located in 26 countries. The Company's portfolio includes chemicals, reagents, consumables, durable products and scientific equipment and instruments.

FINANCIAL RATIOS  of  VWR (VWR)

Valuation Ratios
P/E Ratio 29.5
Price to Sales 1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow 21.2
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 46.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 120.3%
Total Debt to Equity 138.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 10.2%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 28%
EBITDA Margin 9.8%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

VWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VWR stock intrinsic value calculation we used $4514 million for the last fiscal year's total revenue generated by VWR. The default revenue input number comes from 2016 income statement of VWR. 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 VWR stock valuation model: a) initial revenue growth rate of 2.2% 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 8.6%, whose default value for VWR is calculated based on our internal credit rating of VWR, 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 VWR.
    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 VWR stock the variable cost ratio is equal to 86.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $318 million in the base year in the intrinsic value calculation for VWR 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 3.7% for VWR.

Corporate tax rate of 27% is the nominal tax rate for VWR. 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 VWR 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 VWR are equal to 37.1%.

Life of production assets of 26.9 years is the average useful life of capital assets used in VWR 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 VWR is equal to 10.5%. 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 - $1516 million for VWR - 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 131.905 million for VWR 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 VWR at the current share price and the inputted number of shares is $4.4 billion.

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COMPANY NEWS

▶ VWR Corp. Value Analysis (NASDAQ:VWR) : October 13, 2017   [Oct-13-17 11:48AM  Capital Cube]
▶ VWR Sales Team Helps Raise $12,000 for Duke Children's   [Oct-03-17 09:05AM  PR Newswire]
▶ VWR's Jim Rubbo Recognized by The M&A Advisor   [Sep-21-17 09:05AM  PR Newswire]
▶ Becton Dickinson Trying To Close In On Key Technical Benchmark   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ The VWR Foundation Approves Over $140,000 in Grants   [Aug-09-17 09:05AM  PR Newswire]
▶ VWR beats Street 2Q forecasts   [Jul-31-17 09:49PM  Associated Press]
▶ ETFs with exposure to VWR Corp. : July 25, 2017   [Jul-25-17 02:06PM  Capital Cube]
▶ ETFs with exposure to VWR Corp. : July 14, 2017   [Jul-14-17 05:33PM  Capital Cube]
▶ ETFs with exposure to VWR Corp. : June 19, 2017   [Jun-19-17 04:18PM  Capital Cube]
▶ VWR Publishes 2017 Sustainability Report   [May-23-17 09:05AM  PR Newswire]
▶ Avantor Purchases Lab Supply Co. VWR   [08:55AM  TheStreet.com]
▶ VWR tops Street 1Q forecasts   [06:17AM  Associated Press]
▶ Why VWR Corp. Is Soaring Today   [May-03-17 04:16PM  Motley Fool]
▶ VWR Corp. Value Analysis (NASDAQ:VWR) : April 17, 2017   [Apr-17-17 01:46PM  Capital Cube]
▶ VWR Acquires MESM Ltd.   [Apr-07-17 08:05AM  PR Newswire]
▶ VWR Acquires EPL Archives, Inc.   [Mar-22-17 08:05AM  PR Newswire]
▶ VWR Coordinates Donation for Village Tech Schools   [Jan-31-17 09:05AM  PR Newswire]
Financial statements of VWR
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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