Intrinsic value of Westlake Chemical Partners - WLKP

Previous Close

$23.90

  Intrinsic Value

$165.84

stock screener

  Rating & Target

str. buy

+594%

  Value-price divergence*

-77%

Previous close

$23.90

 
Intrinsic value

$165.84

 
Up/down potential

+594%

 
Rating

str. buy

 
Value-price divergence*

-77%

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

We calculate the intrinsic value of WLKP 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 0.6

 

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, %
  -1.99
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  987
  1,081
  1,179
  1,280
  1,386
  1,497
  1,611
  1,730
  1,854
  1,983
  2,117
  2,256
  2,400
  2,551
  2,707
  2,871
  3,041
  3,218
  3,403
  3,596
  3,798
  4,009
  4,229
  4,459
  4,700
  4,952
  5,215
  5,491
  5,780
  6,083
  6,400
Variable operating expenses, $m
 
  695
  758
  823
  892
  962
  1,036
  1,113
  1,192
  1,275
  1,361
  1,450
  1,543
  1,640
  1,741
  1,846
  1,955
  2,069
  2,188
  2,313
  2,442
  2,578
  2,719
  2,867
  3,022
  3,184
  3,354
  3,531
  3,717
  3,911
  4,115
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
  620
  695
  758
  823
  892
  962
  1,036
  1,113
  1,192
  1,275
  1,361
  1,450
  1,543
  1,640
  1,741
  1,846
  1,955
  2,069
  2,188
  2,313
  2,442
  2,578
  2,719
  2,867
  3,022
  3,184
  3,354
  3,531
  3,717
  3,911
  4,115
Operating income, $m
  366
  386
  421
  457
  495
  534
  575
  618
  662
  708
  756
  805
  857
  911
  967
  1,025
  1,086
  1,149
  1,215
  1,284
  1,356
  1,431
  1,510
  1,592
  1,678
  1,768
  1,862
  1,960
  2,064
  2,172
  2,285
EBITDA, $m
  464
  493
  538
  584
  633
  683
  735
  790
  846
  905
  966
  1,029
  1,095
  1,164
  1,235
  1,310
  1,388
  1,469
  1,553
  1,641
  1,733
  1,829
  1,930
  2,035
  2,145
  2,260
  2,380
  2,506
  2,638
  2,776
  2,920
Interest expense (income), $m
  0
  21
  24
  28
  33
  39
  44
  50
  56
  62
  68
  75
  82
  89
  97
  104
  112
  121
  130
  139
  148
  158
  169
  180
  191
  203
  216
  229
  242
  257
  272
Earnings before tax, $m
  354
  365
  397
  429
  461
  496
  531
  568
  606
  646
  687
  730
  775
  822
  870
  921
  973
  1,028
  1,085
  1,145
  1,208
  1,273
  1,341
  1,412
  1,487
  1,565
  1,646
  1,732
  1,821
  1,915
  2,013
Tax expense, $m
  1
  99
  107
  116
  125
  134
  143
  153
  164
  174
  186
  197
  209
  222
  235
  249
  263
  278
  293
  309
  326
  344
  362
  381
  401
  422
  444
  468
  492
  517
  544
Net income, $m
  41
  266
  290
  313
  337
  362
  388
  415
  442
  472
  502
  533
  566
  600
  635
  672
  710
  751
  792
  836
  882
  929
  979
  1,031
  1,085
  1,142
  1,202
  1,264
  1,329
  1,398
  1,470

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  89
  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
  1,555
  1,702
  1,856
  2,016
  2,183
  2,357
  2,538
  2,725
  2,920
  3,123
  3,333
  3,552
  3,780
  4,017
  4,264
  4,521
  4,789
  5,068
  5,360
  5,664
  5,981
  6,313
  6,660
  7,022
  7,402
  7,798
  8,213
  8,648
  9,103
  9,579
  10,079
Adjusted assets (=assets-cash), $m
  1,466
  1,702
  1,856
  2,016
  2,183
  2,357
  2,538
  2,725
  2,920
  3,123
  3,333
  3,552
  3,780
  4,017
  4,264
  4,521
  4,789
  5,068
  5,360
  5,664
  5,981
  6,313
  6,660
  7,022
  7,402
  7,798
  8,213
  8,648
  9,103
  9,579
  10,079
Revenue / Adjusted assets
  0.673
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  1,127
  1,234
  1,346
  1,462
  1,583
  1,709
  1,840
  1,976
  2,118
  2,264
  2,417
  2,576
  2,741
  2,913
  3,092
  3,278
  3,473
  3,675
  3,887
  4,107
  4,338
  4,578
  4,830
  5,092
  5,367
  5,655
  5,956
  6,271
  6,601
  6,947
  7,309
Working capital, $m
  194
  115
  125
  136
  147
  159
  171
  183
  197
  210
  224
  239
  254
  270
  287
  304
  322
  341
  361
  381
  403
  425
  448
  473
  498
  525
  553
  582
  613
  645
  678
Total debt, $m
  595
  674
  812
  957
  1,107
  1,263
  1,426
  1,595
  1,770
  1,952
  2,142
  2,339
  2,544
  2,757
  2,979
  3,211
  3,452
  3,703
  3,966
  4,239
  4,525
  4,824
  5,136
  5,462
  5,803
  6,160
  6,534
  6,925
  7,335
  7,763
  8,213
Total liabilities, $m
  1,453
  1,532
  1,670
  1,815
  1,965
  2,121
  2,284
  2,453
  2,628
  2,810
  3,000
  3,197
  3,402
  3,615
  3,837
  4,069
  4,310
  4,561
  4,824
  5,097
  5,383
  5,682
  5,994
  6,320
  6,661
  7,018
  7,392
  7,783
  8,193
  8,621
  9,071
Total equity, $m
  102
  170
  186
  202
  218
  236
  254
  273
  292
  312
  333
  355
  378
  402
  426
  452
  479
  507
  536
  566
  598
  631
  666
  702
  740
  780
  821
  865
  910
  958
  1,008
Total liabilities and equity, $m
  1,555
  1,702
  1,856
  2,017
  2,183
  2,357
  2,538
  2,726
  2,920
  3,122
  3,333
  3,552
  3,780
  4,017
  4,263
  4,521
  4,789
  5,068
  5,360
  5,663
  5,981
  6,313
  6,660
  7,022
  7,401
  7,798
  8,213
  8,648
  9,103
  9,579
  10,079
Debt-to-equity ratio
  5.833
  3.960
  4.380
  4.750
  5.070
  5.360
  5.620
  5.850
  6.060
  6.250
  6.430
  6.580
  6.730
  6.860
  6.990
  7.100
  7.210
  7.310
  7.400
  7.490
  7.570
  7.640
  7.710
  7.780
  7.840
  7.900
  7.960
  8.010
  8.060
  8.100
  8.150
Adjusted equity ratio
  0.009
  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
  41
  266
  290
  313
  337
  362
  388
  415
  442
  472
  502
  533
  566
  600
  635
  672
  710
  751
  792
  836
  882
  929
  979
  1,031
  1,085
  1,142
  1,202
  1,264
  1,329
  1,398
  1,470
Depreciation, amort., depletion, $m
  98
  107
  117
  127
  138
  149
  160
  172
  184
  197
  210
  224
  238
  253
  269
  285
  302
  320
  338
  357
  377
  398
  420
  443
  467
  492
  518
  545
  574
  604
  636
Funds from operations, $m
  120
  374
  407
  440
  475
  510
  548
  586
  627
  668
  712
  757
  804
  853
  904
  957
  1,012
  1,070
  1,130
  1,193
  1,259
  1,327
  1,399
  1,474
  1,552
  1,634
  1,720
  1,809
  1,903
  2,002
  2,105
Change in working capital, $m
  -168
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
Cash from operations, $m
  288
  364
  397
  429
  463
  499
  536
  574
  614
  655
  698
  742
  789
  837
  887
  940
  994
  1,051
  1,111
  1,173
  1,237
  1,305
  1,376
  1,449
  1,527
  1,607
  1,692
  1,780
  1,873
  1,970
  2,071
Maintenance CAPEX, $m
  0
  -98
  -107
  -117
  -127
  -138
  -149
  -160
  -172
  -184
  -197
  -210
  -224
  -238
  -253
  -269
  -285
  -302
  -320
  -338
  -357
  -377
  -398
  -420
  -443
  -467
  -492
  -518
  -545
  -574
  -604
New CAPEX, $m
  -300
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -203
  -211
  -221
  -230
  -241
  -251
  -263
  -275
  -288
  -301
  -315
  -330
  -346
  -362
Cash from investing activities, $m
  -299
  -205
  -219
  -233
  -248
  -264
  -280
  -296
  -313
  -331
  -350
  -369
  -389
  -410
  -432
  -455
  -479
  -505
  -531
  -559
  -587
  -618
  -649
  -683
  -718
  -755
  -793
  -833
  -875
  -920
  -966
Free cash flow, $m
  -11
  159
  178
  196
  215
  235
  256
  278
  300
  324
  348
  373
  400
  427
  455
  484
  515
  547
  580
  614
  650
  687
  726
  766
  809
  853
  899
  947
  998
  1,050
  1,105
Issuance/(repayment) of debt, $m
  211
  79
  139
  144
  150
  156
  162
  169
  175
  182
  190
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429
  449
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -34
  79
  139
  144
  150
  156
  162
  169
  175
  182
  190
  197
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  312
  326
  341
  357
  374
  391
  410
  429
  449
Total cash flow (excl. dividends), $m
  -46
  237
  316
  340
  365
  391
  418
  447
  476
  506
  538
  570
  605
  640
  677
  716
  756
  798
  842
  888
  936
  986
  1,038
  1,093
  1,150
  1,210
  1,273
  1,338
  1,407
  1,479
  1,555
Retained Cash Flow (-), $m
  -5
  -68
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -43
  -46
  -48
  -50
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
 
  169
  301
  324
  349
  374
  400
  428
  456
  486
  517
  549
  582
  616
  653
  690
  729
  770
  813
  857
  904
  953
  1,003
  1,056
  1,112
  1,170
  1,231
  1,295
  1,362
  1,432
  1,505
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  161
  272
  276
  278
  278
  276
  272
  265
  256
  245
  232
  217
  202
  185
  167
  150
  132
  115
  99
  84
  70
  57
  46
  36
  28
  21
  16
  11
  8
  5
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

Westlake Chemical Partners LP operates, acquires, and develops facilities for processing natural gas liquids (NGLs). The company operates NGLs processing facilities, which primarily convert ethane into ethylene. It also sells ethylene co-products, including propylene, crude butadiene, pyrolysis gasoline, and hydrogen directly to third parties on either a spot or contract basis. Westlake Chemical Partners GP LLC serves as the general partner of the company. The company was founded in 2014 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Westlake Chemical Partners (WLKP)

Valuation Ratios
P/E Ratio 15.8
Price to Sales 0.7
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow -53.9
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 583.3%
Total Debt to Equity 583.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 13.8%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 30.1%
Return On Equity 41.2%
Return On Equity - 3 Yr. Avg. 74.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 40.1%
EBITDA Margin 45.8%
EBITDA Margin - 3 Yr. Avg. 44.7%
Operating Margin 37.2%
Oper. Margin - 3 Yr. Avg. 37.9%
Pre-Tax Margin 35.9%
Pre-Tax Margin - 3 Yr. Avg. 37.2%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 85.4%

WLKP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLKP stock intrinsic value calculation we used $987 million for the last fiscal year's total revenue generated by Westlake Chemical Partners. The default revenue input number comes from 2016 income statement of Westlake Chemical Partners. 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 WLKP stock valuation model: a) initial revenue growth rate of 9.5% 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 5%, whose default value for WLKP is calculated based on our internal credit rating of Westlake Chemical Partners, 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 Westlake Chemical Partners.
    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 WLKP stock the variable cost ratio is equal to 64.3%.

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 WLKP 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 Westlake Chemical Partners.

Corporate tax rate of 27% is the nominal tax rate for Westlake Chemical Partners. 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 WLKP 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 WLKP are equal to 114.2%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Westlake Chemical Partners 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 WLKP is equal to 10.6%. 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 - $102 million for Westlake Chemical Partners - 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 26.952 million for Westlake Chemical Partners 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 Westlake Chemical Partners at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
WLK Westlake Chemi 70.19 428.49  str.buy
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WMB Williams 29.97 1.40  str.sell
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COMPANY NEWS

▶ Westlake Chemical Partners posts 2Q profit   [08:29AM  Associated Press]
▶ Westlake tops 2Q profit forecasts   [07:49AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for June 8th   [Jun-08-17 10:56AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 6th   [Jun-06-17 10:54AM  Zacks]
▶ Westlake Chemical Partners posts 1Q profit   [06:43AM  Associated Press]
▶ Westlake beats 1Q profit forecasts   [06:39AM  Associated Press]
▶ Westlake Chemical Partners LP Filed Annual Report   [Mar-09-17 06:45AM  Business Wire]
▶ Westlake Chemical Partners posts 4Q profit   [09:31AM  Associated Press]
▶ Westlake tops 4Q profit forecasts   [09:29AM  Associated Press]
▶ Executive order freezes new MLP regulations   [Jan-23-17 04:05PM  at bizjournals.com]
▶ Do Hedge Funds Love Westlake Chemical Corporation (WLK)?   [Dec-07-16 10:54AM  at Insider Monkey]
Stock chart of WLKP Financial statements of WLKP
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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