Intrinsic value of WD-40 - WDFC

Previous Close

$161.90

  Intrinsic Value

$57.33

stock screener

  Rating & Target

str. sell

-65%

Previous close

$161.90

 
Intrinsic value

$57.33

 
Up/down potential

-65%

 
Rating

str. sell

We calculate the intrinsic value of WDFC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.00
  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
  381
  389
  398
  408
  419
  432
  446
  461
  478
  495
  514
  535
  556
  579
  604
  630
  658
  687
  718
  750
  785
  821
  860
  900
  943
  988
  1,035
  1,084
  1,137
  1,192
  1,250
Variable operating expenses, $m
 
  315
  322
  330
  339
  349
  360
  372
  385
  399
  414
  418
  435
  453
  473
  493
  515
  537
  562
  587
  614
  643
  673
  704
  738
  773
  810
  849
  890
  933
  978
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
  305
  315
  322
  330
  339
  349
  360
  372
  385
  399
  414
  418
  435
  453
  473
  493
  515
  537
  562
  587
  614
  643
  673
  704
  738
  773
  810
  849
  890
  933
  978
Operating income, $m
  76
  73
  75
  77
  80
  83
  86
  89
  93
  96
  101
  116
  121
  126
  131
  137
  143
  149
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  272
EBITDA, $m
  83
  98
  100
  103
  106
  109
  113
  116
  121
  125
  130
  135
  141
  146
  153
  159
  166
  173
  181
  190
  198
  207
  217
  227
  238
  249
  261
  274
  287
  301
  316
Interest expense (income), $m
  3
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
Earnings before tax, $m
  75
  66
  68
  70
  72
  74
  77
  80
  83
  86
  90
  105
  109
  113
  118
  123
  128
  134
  140
  146
  152
  159
  167
  174
  182
  191
  200
  209
  219
  229
  240
Tax expense, $m
  22
  18
  18
  19
  19
  20
  21
  22
  22
  23
  24
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
Net income, $m
  53
  48
  49
  51
  52
  54
  56
  58
  61
  63
  66
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  370
  335
  343
  352
  361
  372
  384
  397
  412
  427
  443
  461
  480
  499
  521
  543
  567
  592
  619
  647
  677
  708
  741
  776
  813
  851
  892
  935
  980
  1,027
  1,077
Adjusted assets (=assets-cash), $m
  253
  335
  343
  352
  361
  372
  384
  397
  412
  427
  443
  461
  480
  499
  521
  543
  567
  592
  619
  647
  677
  708
  741
  776
  813
  851
  892
  935
  980
  1,027
  1,077
Revenue / Adjusted assets
  1.506
  1.161
  1.160
  1.159
  1.161
  1.161
  1.161
  1.161
  1.160
  1.159
  1.160
  1.161
  1.158
  1.160
  1.159
  1.160
  1.160
  1.160
  1.160
  1.159
  1.160
  1.160
  1.161
  1.160
  1.160
  1.161
  1.160
  1.159
  1.160
  1.161
  1.161
Average production assets, $m
  39
  137
  140
  144
  148
  152
  157
  162
  168
  174
  181
  188
  196
  204
  213
  222
  231
  242
  253
  264
  276
  289
  303
  317
  332
  348
  364
  382
  400
  420
  440
Working capital, $m
  150
  15
  15
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
Total debt, $m
  154
  138
  143
  149
  155
  162
  170
  178
  187
  197
  207
  219
  231
  243
  257
  271
  287
  303
  320
  338
  357
  377
  398
  421
  444
  469
  495
  523
  551
  582
  614
Total liabilities, $m
  230
  215
  220
  225
  232
  239
  246
  255
  264
  274
  284
  295
  307
  320
  334
  348
  363
  380
  397
  415
  434
  454
  475
  497
  521
  546
  572
  599
  628
  659
  691
Total equity, $m
  139
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  165
  172
  179
  187
  195
  204
  213
  222
  232
  243
  254
  266
  279
  292
  306
  320
  336
  352
  369
  387
Total liabilities and equity, $m
  369
  335
  343
  351
  362
  373
  384
  398
  412
  427
  443
  460
  479
  499
  521
  543
  567
  593
  619
  647
  677
  708
  741
  776
  813
  852
  892
  935
  980
  1,028
  1,078
Debt-to-equity ratio
  1.108
  1.150
  1.160
  1.180
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
  1.300
  1.320
  1.340
  1.360
  1.380
  1.390
  1.410
  1.420
  1.440
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
Adjusted equity ratio
  0.087
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  48
  49
  51
  52
  54
  56
  58
  61
  63
  66
  77
  80
  83
  86
  90
  94
  98
  102
  106
  111
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175
Depreciation, amort., depletion, $m
  7
  25
  25
  26
  26
  26
  27
  27
  28
  29
  29
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
Funds from operations, $m
  40
  73
  75
  76
  78
  81
  83
  86
  89
  92
  95
  95
  99
  103
  108
  112
  117
  122
  127
  133
  139
  145
  152
  159
  166
  174
  182
  191
  200
  209
  219
Change in working capital, $m
  -12
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  52
  73
  74
  76
  78
  80
  83
  85
  88
  91
  94
  95
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  150
  157
  165
  172
  180
  189
  198
  207
  217
Maintenance CAPEX, $m
  0
  -13
  -14
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
New CAPEX, $m
  -20
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Cash from investing activities, $m
  -42
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -41
  -43
  -44
  -47
  -49
  -52
  -54
  -56
  -59
  -62
Free cash flow, $m
  10
  56
  58
  58
  60
  61
  62
  64
  66
  68
  70
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
Issuance/(repayment) of debt, $m
  32
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
Issuance/(repurchase) of shares, $m
  -30
  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  
  3
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
Total cash flow (excl. dividends), $m
  13
  60
  62
  64
  66
  68
  70
  73
  75
  78
  81
  81
  84
  87
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
Retained Cash Flow (-), $m
  1
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Prev. year cash balance distribution, $m
 
  22
  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
 
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash available for distribution, $m
 
  79
  60
  61
  62
  64
  66
  68
  70
  72
  75
  74
  77
  80
  84
  87
  91
  94
  99
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
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
 
  76
  55
  53
  51
  50
  48
  46
  44
  42
  39
  35
  33
  31
  28
  26
  23
  21
  18
  16
  14
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
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

WD-40 Company is a global company engaged in developing and selling products, which solve problems in workshops, factories and homes. The Company's segments include the Americas; Europe, Middle East and Africa (EMEA), and Asia-Pacific. The Company's Americas segment includes the United States, Canada and Latin America. The EMEA segment includes countries in Europe, the Middle East, Africa and India. The Asia-Pacific segment includes Australia, China and other countries in the Asia region. The Company has two product groups, which include maintenance products and homecare and cleaning products. As of August 31, 2016, the Company marketed and sold its products in more than 176 countries and territories around the world primarily through mass retail and home center stores, warehouse club stores, grocery stores, hardware stores, automotive parts outlets, sport retailers, independent bike dealers, online retailers and industrial distributors and suppliers.

FINANCIAL RATIOS  of  WD-40 (WDFC)

Valuation Ratios
P/E Ratio 42.7
Price to Sales 5.9
Price to Book 16.3
Price to Tangible Book
Price to Cash Flow 43.5
Price to Free Cash Flow 70.7
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 27.2%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 96.4%
Total Debt to Equity 110.8%
Interest Coverage 26
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 15%
Return On Total Capital 19.1%
Ret/ On T. Cap. - 3 Yr. Avg. 18.7%
Return On Equity 38%
Return On Equity - 3 Yr. Avg. 33.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 56.2%
Gross Margin - 3 Yr. Avg. 55.1%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 13.2%
Effective Tax Rate 29.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 50.9%

WDFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WDFC stock intrinsic value calculation we used $381 million for the last fiscal year's total revenue generated by WD-40. The default revenue input number comes from 2017 income statement of WD-40. 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 WDFC 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 4.3%, whose default value for WDFC is calculated based on our internal credit rating of WD-40, 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 WD-40.
    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 WDFC stock the variable cost ratio is equal to 81.2%.

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 WDFC 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 5.4% for WD-40.

Corporate tax rate of 27% is the nominal tax rate for WD-40. 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 WDFC stock is equal to 0.7%.

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 WDFC are equal to 35.2%.

Life of production assets of 10 years is the average useful life of capital assets used in WD-40 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 WDFC is equal to 3.8%. 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 - $139 million for WD-40 - 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 14 million for WD-40 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 WD-40 at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ [$$] WD-40 Feels Muted Trade Hit   [Jul-17-18 08:12PM  The Wall Street Journal]
▶ WD-40 Feels Little Impact from Trade Tensions   [Jul-13-18 02:27PM  The Wall Street Journal]
▶ WD-40: Fiscal 3Q Earnings Snapshot   [04:18PM  Associated Press]
▶ WD-40 Company to Host Earnings Call   [03:00PM  ACCESSWIRE]
▶ 3 Stocks Wall Street Hasn't Heard of Yet   [Jun-27-18 09:16AM  Motley Fool]
▶ Does WD-40 Companys (NASDAQ:WDFC) PE Ratio Warrant A Sell?   [Jun-22-18 11:09AM  Simply Wall St.]
▶ 3 Top Stocks You Can Buy and Hold for the Next Decade   [Jun-21-18 09:48AM  Motley Fool]
▶ This Boring Stock Is a Truly Great Buy   [Apr-30-18 09:54AM  Motley Fool]
▶ Consumer Staples Outlook - April 2018   [Apr-26-18 04:39PM  Zacks]
▶ 3 Hot Stocks to Buy in April   [Apr-09-18 08:47AM  Motley Fool]
▶ Incyte, WD-40 and Gain Capital Holdings are the charts of the day   [Apr-06-18 10:47AM  Yahoo Finance Video]
▶ After-hours buzz: PSMT, URBN, FE & more   [Apr-05-18 06:08PM  CNBC]
▶ WD-40 posts 2Q profit   [04:24PM  Associated Press]
▶ WD-40 Q2 Earnings Preview   [08:49AM  Benzinga]
▶ WD-40 Company Keeps Growing in This $1 Billion Market   [Jan-17-18 09:05PM  Motley Fool]
▶ WD-40 posts 1Q profit   [04:16PM  Associated Press]
▶ 3 Top Stocks That Aren't on Wall Street's Radar   [Jan-02-18 11:43AM  Motley Fool]
▶ WD-40 Company Announces Board Changes   [Dec-13-17 04:05PM  PR Newswire]
▶ WD-40 Company Increases Quarterly Dividend   [Dec-12-17 01:39PM  PR Newswire]
▶ 3 Stocks You Don't Have to Babysit   [Dec-04-17 09:03PM  Motley Fool]
▶ ETFs with exposure to WD-40 Co. : November 6, 2017   [Nov-06-17 12:43PM  Capital Cube]
▶ ETFs with exposure to WD-40 Co. : October 27, 2017   [Oct-27-17 11:22AM  Capital Cube]
▶ WD-40 Co. Value Analysis (NASDAQ:WDFC) : October 25, 2017   [Oct-25-17 10:33AM  Capital Cube]
▶ WD-40 posts 4Q profit   [Oct-19-17 04:45PM  Associated Press]
▶ Does WD-40 Companys (WDFC) PE Ratio Warrant A Sell?   [Oct-15-17 10:17AM  Simply Wall St.]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Oct-14-17 03:16PM  Motley Fool]
▶ WD-40 Company Declares Regular Quarterly Dividend   [Oct-10-17 12:37PM  PR Newswire]
▶ 3 Stocks You Can Buy and Hold for the Next Decade   [Aug-24-17 10:33AM  Motley Fool]
▶ ETFs with exposure to WD-40 Co. : July 13, 2017   [Jul-13-17 04:54PM  Capital Cube]
▶ Story Stocks from Briefing.com   [Jul-11-17 12:51PM  Briefing.com]
▶ WD-40 posts 3Q profit   [Jul-10-17 11:55PM  Associated Press]
▶ Healthcare and Russia Worries Don't Weigh on Stock Futures   [Jul-09-17 09:06PM  TheStreet.com]
Financial statements of WDFC
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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