Intrinsic value of Watsco - WSO

Previous Close

$150.45

  Intrinsic Value

$98.32

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-13%

Previous close

$150.45

 
Intrinsic value

$98.32

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-13%

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

We calculate the intrinsic value of WSO 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 5.3

 

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, %
  2.63
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  4,221
  4,327
  4,446
  4,578
  4,723
  4,882
  5,054
  5,239
  5,439
  5,652
  5,880
  6,123
  6,381
  6,655
  6,945
  7,253
  7,578
  7,922
  8,285
  8,668
  9,072
  9,498
  9,947
  10,420
  10,918
  11,442
  11,994
  12,574
  13,185
  13,827
  14,502
Variable operating expenses, $m
 
  3,966
  4,075
  4,195
  4,327
  4,471
  4,627
  4,795
  4,976
  5,170
  5,377
  5,560
  5,794
  6,043
  6,306
  6,586
  6,881
  7,193
  7,523
  7,871
  8,238
  8,625
  9,032
  9,462
  9,914
  10,390
  10,890
  11,417
  11,972
  12,555
  13,168
Fixed operating expenses, $m
 
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
Total operating expenses, $m
  3,875
  3,972
  4,081
  4,201
  4,334
  4,478
  4,634
  4,802
  4,983
  5,177
  5,385
  5,568
  5,802
  6,051
  6,314
  6,595
  6,890
  7,202
  7,532
  7,881
  8,248
  8,635
  9,042
  9,473
  9,925
  10,401
  10,901
  11,429
  11,984
  12,567
  13,181
Operating income, $m
  346
  354
  365
  377
  390
  404
  420
  437
  455
  475
  495
  555
  579
  604
  631
  659
  688
  720
  753
  788
  825
  864
  905
  948
  994
  1,042
  1,092
  1,145
  1,201
  1,260
  1,322
EBITDA, $m
  366
  400
  411
  423
  437
  451
  467
  485
  503
  523
  544
  567
  591
  616
  643
  672
  702
  735
  768
  804
  842
  882
  923
  968
  1,014
  1,063
  1,114
  1,169
  1,226
  1,286
  1,349
Interest expense (income), $m
  3
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  24
  26
  28
  30
  32
  35
  38
  40
  43
  46
  50
  53
  57
  60
  64
  68
  73
  78
Earnings before tax, $m
  342
  346
  356
  367
  379
  392
  407
  423
  439
  457
  477
  535
  557
  580
  605
  631
  658
  687
  718
  750
  785
  821
  859
  899
  941
  985
  1,032
  1,081
  1,133
  1,187
  1,244
Tax expense, $m
  106
  93
  96
  99
  102
  106
  110
  114
  119
  124
  129
  145
  150
  157
  163
  170
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  279
  292
  306
  320
  336
Net income, $m
  183
  252
  260
  268
  277
  287
  297
  309
  321
  334
  348
  391
  407
  424
  441
  460
  480
  502
  524
  548
  573
  599
  627
  656
  687
  719
  753
  789
  827
  866
  908

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  1,875
  1,864
  1,915
  1,972
  2,035
  2,103
  2,177
  2,257
  2,343
  2,435
  2,533
  2,638
  2,749
  2,867
  2,992
  3,125
  3,265
  3,413
  3,570
  3,735
  3,909
  4,092
  4,286
  4,490
  4,704
  4,930
  5,168
  5,418
  5,681
  5,957
  6,248
Adjusted assets (=assets-cash), $m
  1,819
  1,864
  1,915
  1,972
  2,035
  2,103
  2,177
  2,257
  2,343
  2,435
  2,533
  2,638
  2,749
  2,867
  2,992
  3,125
  3,265
  3,413
  3,570
  3,735
  3,909
  4,092
  4,286
  4,490
  4,704
  4,930
  5,168
  5,418
  5,681
  5,957
  6,248
Revenue / Adjusted assets
  2.321
  2.321
  2.322
  2.322
  2.321
  2.321
  2.322
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
Average production assets, $m
  236
  242
  249
  256
  265
  273
  283
  293
  305
  317
  329
  343
  357
  373
  389
  406
  424
  444
  464
  485
  508
  532
  557
  584
  611
  641
  672
  704
  738
  774
  812
Working capital, $m
  925
  891
  916
  943
  973
  1,006
  1,041
  1,079
  1,120
  1,164
  1,211
  1,261
  1,314
  1,371
  1,431
  1,494
  1,561
  1,632
  1,707
  1,786
  1,869
  1,957
  2,049
  2,147
  2,249
  2,357
  2,471
  2,590
  2,716
  2,848
  2,987
Total debt, $m
  236
  258
  283
  310
  340
  372
  408
  446
  487
  531
  578
  628
  681
  738
  797
  861
  928
  999
  1,073
  1,152
  1,235
  1,323
  1,416
  1,513
  1,616
  1,724
  1,837
  1,957
  2,082
  2,215
  2,354
Total liabilities, $m
  869
  891
  916
  943
  973
  1,005
  1,041
  1,079
  1,120
  1,164
  1,211
  1,261
  1,314
  1,371
  1,430
  1,494
  1,561
  1,632
  1,706
  1,785
  1,868
  1,956
  2,049
  2,146
  2,249
  2,357
  2,470
  2,590
  2,715
  2,848
  2,987
Total equity, $m
  1,006
  973
  1,000
  1,030
  1,062
  1,098
  1,137
  1,178
  1,223
  1,271
  1,322
  1,377
  1,435
  1,497
  1,562
  1,631
  1,704
  1,782
  1,863
  1,950
  2,040
  2,136
  2,237
  2,344
  2,456
  2,573
  2,697
  2,828
  2,965
  3,110
  3,261
Total liabilities and equity, $m
  1,875
  1,864
  1,916
  1,973
  2,035
  2,103
  2,178
  2,257
  2,343
  2,435
  2,533
  2,638
  2,749
  2,868
  2,992
  3,125
  3,265
  3,414
  3,569
  3,735
  3,908
  4,092
  4,286
  4,490
  4,705
  4,930
  5,167
  5,418
  5,680
  5,958
  6,248
Debt-to-equity ratio
  0.235
  0.270
  0.280
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.420
  0.440
  0.460
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
Adjusted equity ratio
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  183
  252
  260
  268
  277
  287
  297
  309
  321
  334
  348
  391
  407
  424
  441
  460
  480
  502
  524
  548
  573
  599
  627
  656
  687
  719
  753
  789
  827
  866
  908
Depreciation, amort., depletion, $m
  20
  46
  46
  47
  47
  47
  47
  48
  48
  49
  49
  11
  12
  12
  13
  14
  14
  15
  15
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
Funds from operations, $m
  279
  298
  306
  314
  324
  334
  345
  356
  369
  383
  397
  402
  419
  436
  454
  474
  495
  516
  540
  564
  590
  617
  645
  675
  707
  740
  776
  813
  851
  892
  935
Change in working capital, $m
  1
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  132
  139
Cash from operations, $m
  278
  277
  281
  287
  294
  301
  309
  318
  328
  339
  350
  352
  365
  379
  395
  411
  428
  446
  465
  485
  506
  529
  553
  578
  605
  632
  662
  693
  726
  760
  796
Maintenance CAPEX, $m
  0
  -8
  -8
  -8
  -9
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
New CAPEX, $m
  -44
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
Cash from investing activities, $m
  -43
  -14
  -15
  -15
  -17
  -18
  -19
  -19
  -21
  -22
  -24
  -25
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -36
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -61
  -64
Free cash flow, $m
  235
  263
  267
  271
  277
  283
  290
  298
  307
  316
  327
  328
  339
  352
  366
  380
  396
  412
  430
  448
  468
  488
  510
  533
  557
  583
  610
  638
  668
  699
  733
Issuance/(repayment) of debt, $m
  -10
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  132
  139
Issuance/(repurchase) of shares, $m
  6
  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  
  -86
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  92
  97
  103
  108
  114
  120
  126
  132
  139
Total cash flow (excl. dividends), $m
  149
  285
  291
  299
  307
  316
  326
  336
  348
  360
  374
  378
  393
  409
  426
  444
  463
  483
  504
  527
  551
  576
  602
  630
  660
  691
  723
  758
  794
  832
  872
Retained Cash Flow (-), $m
  -49
  -23
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -144
  -152
Prev. year cash balance distribution, $m
 
  56
  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
 
  317
  264
  269
  274
  280
  287
  295
  303
  312
  322
  323
  335
  347
  360
  375
  390
  406
  423
  441
  460
  480
  501
  524
  548
  573
  599
  627
  656
  687
  720
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
 
  304
  242
  234
  226
  217
  208
  199
  189
  179
  169
  153
  143
  132
  121
  110
  99
  88
  78
  68
  58
  50
  42
  34
  28
  22
  17
  13
  10
  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

Watsco, Inc., together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. The company distributes equipment, including residential central air conditioners; gas, electric, and oil furnaces; commercial air conditioning and heating equipment and systems; and other specialized equipment. It also distributes various parts comprising replacement compressors, evaporator coils, motors, and other component parts; and supplies, such as thermostats, insulation material, refrigerants, ductwork, grills, registers, sheet metal, tools, copper tubing, concrete pads, tapes, adhesives, and other ancillary supplies. The company serves contractors and dealers who service the replacement and new construction markets for residential and light commercial central air conditioning, heating, and refrigeration systems. It also exports its products to Latin America and the Caribbean Basin. Watsco, Inc. was founded in 1945 and is headquartered in Miami, Florida.

FINANCIAL RATIOS  of  Watsco (WSO)

Valuation Ratios
P/E Ratio 34.4
Price to Sales 1.5
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 22.7
Price to Free Cash Flow 26.9
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 24%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 23.5%
Total Debt to Equity 23.5%
Interest Coverage 115
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 18.3%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 24.4%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 69.9%

WSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WSO stock intrinsic value calculation we used $4221 million for the last fiscal year's total revenue generated by Watsco. The default revenue input number comes from 2016 income statement of Watsco. 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 WSO stock valuation model: a) initial revenue growth rate of 2.5% 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 4.3%, whose default value for WSO is calculated based on our internal credit rating of Watsco, 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 Watsco.
    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 WSO stock the variable cost ratio is equal to 91.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for WSO 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 Watsco.

Corporate tax rate of 27% is the nominal tax rate for Watsco. 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 WSO 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 WSO are equal to 5.6%.

Life of production assets of 30.8 years is the average useful life of capital assets used in Watsco 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 WSO is equal to 20.6%. 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 - $1006 million for Watsco - 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 35.195 million for Watsco 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 Watsco at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Watsco posts 2Q profit   [04:57PM  Associated Press]
▶ Watsco beats 2Q profit forecasts   [04:57PM  Associated Press]
▶ Watsco Warms Up in a Hot Summer   [10:53AM  Motley Fool]
▶ Why Watsco (WSO) Stock Might be a Great Pick   [Jul-13-17 08:53AM  Zacks]
▶ Watsco raises annual dividend to $5 a share   [Jul-03-17 07:34AM  MarketWatch]
▶ ETFs with exposure to Watsco, Inc. : June 22, 2017   [Jun-22-17 04:40PM  Capital Cube]
▶ Watsco Faces Slow Start to 2017 but Boosts Its Dividend   [Apr-25-17 09:34AM  Motley Fool]
▶ Watsco posts 1Q profit   [08:52AM  Associated Press]
▶ Watsco misses Street 1Q forecasts   [07:42AM  Associated Press]
▶ Watsco Declares Quarterly Dividend   [Apr-03-17 07:30AM  Business Wire]
▶ Watsco Cools Off as Growth Slows   [11:17AM  at Motley Fool]
▶ Watsco Declares Quarterly Dividend   [07:30AM  Business Wire]
▶ Watsco Inc (WSO): Are Hedge Funds Right About This Stock?   [Dec-02-16 02:17PM  at Insider Monkey]
▶ Hedge Funds Are Buying Vail Resorts, Inc. (MTN)   [Nov-25-16 06:52AM  at Insider Monkey]
Stock chart of WSO Financial statements of WSO Annual reports of WSO
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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