Intrinsic value of WABCO Holdings - WBC

Previous Close

$136.69

  Intrinsic Value

$219.78

stock screener

  Rating & Target

str. buy

+61%

  Value-price divergence*

+19%

Previous close

$136.69

 
Intrinsic value

$219.78

 
Up/down potential

+61%

 
Rating

str. buy

 
Value-price divergence*

+19%

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

We calculate the intrinsic value of WBC 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 7.3

 

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, %
  6.93
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  2,810
  3,046
  3,292
  3,547
  3,812
  4,088
  4,374
  4,672
  4,981
  5,303
  5,638
  5,987
  6,350
  6,729
  7,124
  7,535
  7,965
  8,413
  8,881
  9,371
  9,882
  10,417
  10,977
  11,563
  12,176
  12,817
  13,489
  14,194
  14,931
  15,704
  16,515
Variable operating expenses, $m
 
  1,602
  1,728
  1,859
  1,995
  2,136
  2,283
  2,436
  2,594
  2,759
  2,931
  3,070
  3,257
  3,451
  3,653
  3,864
  4,084
  4,314
  4,554
  4,805
  5,068
  5,342
  5,629
  5,929
  6,244
  6,573
  6,917
  7,278
  7,657
  8,053
  8,469
Fixed operating expenses, $m
 
  1,021
  1,046
  1,073
  1,099
  1,127
  1,155
  1,184
  1,214
  1,244
  1,275
  1,307
  1,340
  1,373
  1,407
  1,443
  1,479
  1,516
  1,553
  1,592
  1,632
  1,673
  1,715
  1,758
  1,801
  1,847
  1,893
  1,940
  1,989
  2,038
  2,089
Total operating expenses, $m
  2,454
  2,623
  2,774
  2,932
  3,094
  3,263
  3,438
  3,620
  3,808
  4,003
  4,206
  4,377
  4,597
  4,824
  5,060
  5,307
  5,563
  5,830
  6,107
  6,397
  6,700
  7,015
  7,344
  7,687
  8,045
  8,420
  8,810
  9,218
  9,646
  10,091
  10,558
Operating income, $m
  356
  423
  517
  616
  718
  825
  936
  1,052
  1,174
  1,300
  1,432
  1,610
  1,754
  1,905
  2,063
  2,229
  2,402
  2,583
  2,774
  2,973
  3,183
  3,402
  3,633
  3,876
  4,130
  4,398
  4,679
  4,975
  5,286
  5,613
  5,957
EBITDA, $m
  454
  515
  613
  715
  822
  934
  1,050
  1,171
  1,298
  1,430
  1,567
  1,711
  1,862
  2,019
  2,184
  2,356
  2,536
  2,725
  2,924
  3,132
  3,350
  3,579
  3,819
  4,071
  4,336
  4,615
  4,907
  5,215
  5,538
  5,878
  6,236
Interest expense (income), $m
  17
  34
  40
  47
  54
  62
  70
  78
  87
  96
  105
  115
  125
  136
  147
  158
  170
  183
  196
  209
  224
  239
  254
  270
  287
  305
  324
  343
  364
  385
  408
Earnings before tax, $m
  369
  390
  478
  569
  664
  763
  866
  974
  1,086
  1,204
  1,327
  1,495
  1,629
  1,769
  1,916
  2,070
  2,231
  2,400
  2,578
  2,764
  2,959
  3,164
  3,379
  3,605
  3,843
  4,093
  4,355
  4,632
  4,922
  5,228
  5,549
Tax expense, $m
  122
  105
  129
  154
  179
  206
  234
  263
  293
  325
  358
  404
  440
  478
  517
  559
  603
  648
  696
  746
  799
  854
  912
  973
  1,038
  1,105
  1,176
  1,251
  1,329
  1,411
  1,498
Net income, $m
  223
  284
  349
  415
  484
  557
  632
  711
  793
  879
  969
  1,091
  1,189
  1,292
  1,399
  1,511
  1,629
  1,752
  1,882
  2,018
  2,160
  2,310
  2,467
  2,632
  2,805
  2,988
  3,179
  3,381
  3,593
  3,816
  4,051

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  863
  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
  3,056
  2,813
  3,039
  3,275
  3,520
  3,774
  4,039
  4,314
  4,600
  4,897
  5,206
  5,528
  5,864
  6,213
  6,578
  6,958
  7,354
  7,768
  8,201
  8,653
  9,125
  9,619
  10,136
  10,676
  11,242
  11,835
  12,456
  13,106
  13,787
  14,501
  15,249
Adjusted assets (=assets-cash), $m
  2,193
  2,813
  3,039
  3,275
  3,520
  3,774
  4,039
  4,314
  4,600
  4,897
  5,206
  5,528
  5,864
  6,213
  6,578
  6,958
  7,354
  7,768
  8,201
  8,653
  9,125
  9,619
  10,136
  10,676
  11,242
  11,835
  12,456
  13,106
  13,787
  14,501
  15,249
Revenue / Adjusted assets
  1.281
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
Average production assets, $m
  475
  515
  556
  599
  644
  691
  739
  790
  842
  896
  953
  1,012
  1,073
  1,137
  1,204
  1,273
  1,346
  1,422
  1,501
  1,584
  1,670
  1,761
  1,855
  1,954
  2,058
  2,166
  2,280
  2,399
  2,523
  2,654
  2,791
Working capital, $m
  1,343
  521
  563
  606
  652
  699
  748
  799
  852
  907
  964
  1,024
  1,086
  1,151
  1,218
  1,289
  1,362
  1,439
  1,519
  1,602
  1,690
  1,781
  1,877
  1,977
  2,082
  2,192
  2,307
  2,427
  2,553
  2,685
  2,824
Total debt, $m
  959
  1,135
  1,339
  1,551
  1,772
  2,001
  2,239
  2,486
  2,744
  3,011
  3,290
  3,580
  3,881
  4,196
  4,524
  4,866
  5,223
  5,595
  5,985
  6,391
  6,816
  7,261
  7,726
  8,213
  8,722
  9,256
  9,814
  10,399
  11,012
  11,655
  12,328
Total liabilities, $m
  2,355
  2,531
  2,735
  2,947
  3,168
  3,397
  3,635
  3,882
  4,140
  4,407
  4,686
  4,976
  5,277
  5,592
  5,920
  6,262
  6,619
  6,991
  7,381
  7,787
  8,212
  8,657
  9,122
  9,609
  10,118
  10,652
  11,210
  11,795
  12,408
  13,051
  13,724
Total equity, $m
  701
  281
  304
  327
  352
  377
  404
  431
  460
  490
  521
  553
  586
  621
  658
  696
  735
  777
  820
  865
  912
  962
  1,014
  1,068
  1,124
  1,184
  1,246
  1,311
  1,379
  1,450
  1,525
Total liabilities and equity, $m
  3,056
  2,812
  3,039
  3,274
  3,520
  3,774
  4,039
  4,313
  4,600
  4,897
  5,207
  5,529
  5,863
  6,213
  6,578
  6,958
  7,354
  7,768
  8,201
  8,652
  9,124
  9,619
  10,136
  10,677
  11,242
  11,836
  12,456
  13,106
  13,787
  14,501
  15,249
Debt-to-equity ratio
  1.368
  4.040
  4.410
  4.740
  5.030
  5.300
  5.540
  5.760
  5.960
  6.150
  6.320
  6.470
  6.620
  6.750
  6.880
  6.990
  7.100
  7.200
  7.300
  7.390
  7.470
  7.550
  7.620
  7.690
  7.760
  7.820
  7.880
  7.930
  7.990
  8.040
  8.080
Adjusted equity ratio
  -0.074
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  223
  284
  349
  415
  484
  557
  632
  711
  793
  879
  969
  1,091
  1,189
  1,292
  1,399
  1,511
  1,629
  1,752
  1,882
  2,018
  2,160
  2,310
  2,467
  2,632
  2,805
  2,988
  3,179
  3,381
  3,593
  3,816
  4,051
Depreciation, amort., depletion, $m
  98
  91
  96
  100
  104
  109
  114
  119
  124
  130
  135
  101
  107
  114
  120
  127
  135
  142
  150
  158
  167
  176
  186
  195
  206
  217
  228
  240
  252
  265
  279
Funds from operations, $m
  317
  376
  444
  515
  589
  666
  746
  830
  917
  1,008
  1,104
  1,193
  1,297
  1,405
  1,519
  1,639
  1,764
  1,895
  2,032
  2,176
  2,327
  2,486
  2,652
  2,827
  3,011
  3,204
  3,407
  3,621
  3,845
  4,082
  4,330
Change in working capital, $m
  -88
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  77
  80
  84
  87
  91
  96
  100
  105
  110
  115
  120
  126
  132
  139
Cash from operations, $m
  405
  335
  402
  471
  543
  619
  697
  779
  864
  953
  1,046
  1,133
  1,234
  1,341
  1,452
  1,568
  1,690
  1,818
  1,952
  2,092
  2,240
  2,394
  2,557
  2,727
  2,906
  3,095
  3,292
  3,501
  3,719
  3,949
  4,191
Maintenance CAPEX, $m
  0
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -120
  -127
  -135
  -142
  -150
  -158
  -167
  -176
  -186
  -195
  -206
  -217
  -228
  -240
  -252
  -265
New CAPEX, $m
  -114
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -108
  -114
  -119
  -125
  -131
  -137
Cash from investing activities, $m
  -252
  -87
  -92
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -147
  -154
  -162
  -171
  -181
  -190
  -200
  -211
  -221
  -233
  -244
  -257
  -271
  -285
  -299
  -314
  -331
  -347
  -365
  -383
  -402
Free cash flow, $m
  153
  248
  309
  373
  439
  508
  580
  655
  733
  815
  900
  979
  1,072
  1,169
  1,271
  1,378
  1,490
  1,607
  1,730
  1,859
  1,995
  2,137
  2,286
  2,443
  2,607
  2,780
  2,962
  3,154
  3,355
  3,566
  3,789
Issuance/(repayment) of debt, $m
  464
  176
  204
  212
  220
  229
  238
  247
  257
  268
  278
  290
  302
  315
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  509
  533
  559
  585
  613
  642
  673
Issuance/(repurchase) of shares, $m
  -246
  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  
  221
  176
  204
  212
  220
  229
  238
  247
  257
  268
  278
  290
  302
  315
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  509
  533
  559
  585
  613
  642
  673
Total cash flow (excl. dividends), $m
  347
  424
  513
  585
  659
  737
  818
  902
  990
  1,082
  1,179
  1,268
  1,374
  1,484
  1,599
  1,720
  1,847
  1,980
  2,120
  2,266
  2,420
  2,581
  2,751
  2,929
  3,117
  3,314
  3,521
  3,739
  3,968
  4,209
  4,462
Retained Cash Flow (-), $m
  86
  -42
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
Prev. year cash balance distribution, $m
 
  461
  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
 
  844
  491
  561
  635
  711
  791
  875
  962
  1,053
  1,148
  1,236
  1,340
  1,449
  1,563
  1,682
  1,807
  1,939
  2,076
  2,221
  2,373
  2,532
  2,699
  2,875
  3,060
  3,254
  3,459
  3,674
  3,900
  4,137
  4,387
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  809
  449
  488
  523
  551
  574
  591
  601
  605
  602
  587
  572
  551
  525
  494
  459
  422
  382
  342
  301
  262
  224
  188
  156
  127
  101
  79
  60
  45
  33
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

WABCO Holdings Inc., together with its subsidiaries, provides electronic, mechanical, electro-mechanical, and aerodynamic products for commercial truck, bus, trailer, and passenger car manufacturers worldwide. It engineers, develops, manufactures, and sells control systems, including braking, stability, suspension, transmission automation, and air management systems primarily for commercial vehicles. The company offers pneumatic anti-lock braking systems, electronic braking systems, electronic stability control systems, brake controls, automated manual transmission systems, and air disc brakes; and various conventional mechanical products, such as actuators, air compressors, conventional braking systems, and air control valves for medium and heavy-duty trucks, buses, and trailers, as well as foundation brakes, vehicle electronic stability control and roll stability support systems, and advanced driver assistance systems. It also supplies electronic suspension controls and vacuum pumps to the passenger car and SUV markets, as well as provides remanufacturing services. In addition, the company provides replacement parts, fleet management solutions, diagnostic tools, training, and other services to commercial vehicle aftermarket distributors, service partners, and fleet operators. It also serves truck and bus original equipment manufacturers (OEMs), trailer OEMs, and car manufacturers. WABCO Holdings Inc. was founded in 1869 and is headquartered in Brussels, Belgium.

FINANCIAL RATIOS  of  WABCO Holdings (WBC)

Valuation Ratios
P/E Ratio 33.4
Price to Sales 2.7
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow 25.6
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 136.8%
Total Debt to Equity 136.8%
Interest Coverage 23
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 20.6%
Return On Equity 30%
Return On Equity - 3 Yr. Avg. 31%
Asset Turnover 1
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 31.3%
EBITDA Margin 17.2%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11.6%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 12.3%
Net Profit Margin 7.9%
Net Profit Margin - 3 Yr. Avg. 9.5%
Effective Tax Rate 33.1%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio 0%

WBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WBC stock intrinsic value calculation we used $2810 million for the last fiscal year's total revenue generated by WABCO Holdings. The default revenue input number comes from 2016 income statement of WABCO Holdings. 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 WBC stock valuation model: a) initial revenue growth rate of 8.4% 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 4.3%, whose default value for WBC is calculated based on our internal credit rating of WABCO Holdings, 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 WABCO Holdings.
    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 WBC stock the variable cost ratio is equal to 52.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $996 million in the base year in the intrinsic value calculation for WBC 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 WABCO Holdings.

Corporate tax rate of 27% is the nominal tax rate for WABCO Holdings. 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 WBC 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 WBC are equal to 16.9%.

Life of production assets of 10 years is the average useful life of capital assets used in WABCO Holdings 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 WBC is equal to 17.1%. 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 - $701 million for WABCO Holdings - 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 53.57 million for WABCO Holdings 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 WABCO Holdings at the current share price and the inputted number of shares is $7.3 billion.

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Stock chart of WBC Financial statements of WBC
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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