Intrinsic value of West Pharmaceutical Services - WST

Previous Close

$93.84

  Intrinsic Value

$30.52

stock screener

  Rating & Target

str. sell

-67%

Previous close

$93.84

 
Intrinsic value

$30.52

 
Up/down potential

-67%

 
Rating

str. sell

We calculate the intrinsic value of WST 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 6.9

 

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, %
  7.79
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  1,509
  1,548
  1,592
  1,641
  1,694
  1,752
  1,815
  1,883
  1,955
  2,033
  2,115
  2,203
  2,297
  2,396
  2,502
  2,613
  2,731
  2,855
  2,986
  3,125
  3,271
  3,425
  3,587
  3,758
  3,938
  4,127
  4,327
  4,536
  4,757
  4,989
  5,232
Variable operating expenses, $m
 
  582
  598
  616
  636
  657
  680
  705
  732
  761
  791
  813
  848
  885
  924
  965
  1,008
  1,054
  1,102
  1,154
  1,208
  1,264
  1,324
  1,387
  1,454
  1,524
  1,597
  1,675
  1,756
  1,842
  1,932
Fixed operating expenses, $m
 
  782
  802
  822
  842
  863
  885
  907
  930
  953
  977
  1,001
  1,026
  1,052
  1,078
  1,105
  1,133
  1,161
  1,190
  1,220
  1,250
  1,282
  1,314
  1,346
  1,380
  1,415
  1,450
  1,486
  1,523
  1,561
  1,600
Total operating expenses, $m
  1,312
  1,364
  1,400
  1,438
  1,478
  1,520
  1,565
  1,612
  1,662
  1,714
  1,768
  1,814
  1,874
  1,937
  2,002
  2,070
  2,141
  2,215
  2,292
  2,374
  2,458
  2,546
  2,638
  2,733
  2,834
  2,939
  3,047
  3,161
  3,279
  3,403
  3,532
Operating income, $m
  197
  184
  192
  203
  216
  232
  250
  270
  293
  319
  347
  389
  423
  460
  500
  543
  590
  640
  694
  751
  813
  879
  949
  1,024
  1,104
  1,189
  1,279
  1,375
  1,477
  1,586
  1,700
EBITDA, $m
  288
  277
  288
  301
  317
  335
  357
  381
  408
  438
  471
  506
  545
  588
  633
  682
  735
  792
  853
  918
  988
  1,062
  1,141
  1,225
  1,314
  1,409
  1,510
  1,617
  1,731
  1,851
  1,979
Interest expense (income), $m
  9
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
Earnings before tax, $m
  190
  176
  184
  194
  206
  221
  239
  258
  280
  305
  332
  373
  405
  441
  480
  522
  567
  615
  667
  723
  783
  847
  915
  988
  1,065
  1,148
  1,235
  1,329
  1,428
  1,533
  1,644
Tax expense, $m
  55
  48
  50
  52
  56
  60
  64
  70
  76
  82
  90
  101
  109
  119
  130
  141
  153
  166
  180
  195
  211
  229
  247
  267
  288
  310
  334
  359
  385
  414
  444
Net income, $m
  144
  129
  134
  142
  151
  162
  174
  188
  205
  223
  243
  272
  296
  322
  350
  381
  414
  449
  487
  528
  572
  618
  668
  721
  778
  838
  902
  970
  1,042
  1,119
  1,200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  203
  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
  1,717
  1,553
  1,597
  1,646
  1,699
  1,758
  1,820
  1,888
  1,961
  2,039
  2,122
  2,210
  2,304
  2,404
  2,509
  2,621
  2,739
  2,864
  2,995
  3,134
  3,281
  3,435
  3,598
  3,769
  3,950
  4,140
  4,340
  4,550
  4,771
  5,004
  5,248
Adjusted assets (=assets-cash), $m
  1,514
  1,553
  1,597
  1,646
  1,699
  1,758
  1,820
  1,888
  1,961
  2,039
  2,122
  2,210
  2,304
  2,404
  2,509
  2,621
  2,739
  2,864
  2,995
  3,134
  3,281
  3,435
  3,598
  3,769
  3,950
  4,140
  4,340
  4,550
  4,771
  5,004
  5,248
Revenue / Adjusted assets
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
Average production assets, $m
  781
  800
  823
  848
  876
  906
  938
  973
  1,011
  1,051
  1,094
  1,139
  1,188
  1,239
  1,293
  1,351
  1,412
  1,476
  1,544
  1,616
  1,691
  1,771
  1,855
  1,943
  2,036
  2,134
  2,237
  2,345
  2,459
  2,579
  2,705
Working capital, $m
  401
  206
  212
  218
  225
  233
  241
  250
  260
  270
  281
  293
  306
  319
  333
  348
  363
  380
  397
  416
  435
  456
  477
  500
  524
  549
  575
  603
  633
  663
  696
Total debt, $m
  229
  242
  259
  278
  300
  322
  347
  374
  403
  433
  466
  501
  538
  577
  619
  663
  709
  758
  810
  865
  923
  984
  1,048
  1,115
  1,186
  1,261
  1,340
  1,423
  1,510
  1,601
  1,698
Total liabilities, $m
  599
  612
  629
  648
  670
  692
  717
  744
  773
  803
  836
  871
  908
  947
  989
  1,033
  1,079
  1,128
  1,180
  1,235
  1,293
  1,354
  1,418
  1,485
  1,556
  1,631
  1,710
  1,793
  1,880
  1,971
  2,068
Total equity, $m
  1,118
  941
  968
  997
  1,030
  1,065
  1,103
  1,144
  1,188
  1,236
  1,286
  1,339
  1,396
  1,457
  1,521
  1,588
  1,660
  1,735
  1,815
  1,899
  1,988
  2,082
  2,180
  2,284
  2,394
  2,509
  2,630
  2,757
  2,891
  3,032
  3,180
Total liabilities and equity, $m
  1,717
  1,553
  1,597
  1,645
  1,700
  1,757
  1,820
  1,888
  1,961
  2,039
  2,122
  2,210
  2,304
  2,404
  2,510
  2,621
  2,739
  2,863
  2,995
  3,134
  3,281
  3,436
  3,598
  3,769
  3,950
  4,140
  4,340
  4,550
  4,771
  5,003
  5,248
Debt-to-equity ratio
  0.205
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.330
  0.340
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
Adjusted equity ratio
  0.604
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  129
  134
  142
  151
  162
  174
  188
  205
  223
  243
  272
  296
  322
  350
  381
  414
  449
  487
  528
  572
  618
  668
  721
  778
  838
  902
  970
  1,042
  1,119
  1,200
Depreciation, amort., depletion, $m
  91
  93
  95
  98
  101
  104
  107
  111
  115
  119
  123
  117
  122
  128
  133
  139
  146
  152
  159
  167
  174
  183
  191
  200
  210
  220
  231
  242
  254
  266
  279
Funds from operations, $m
  160
  222
  229
  239
  251
  265
  281
  299
  319
  341
  366
  389
  418
  450
  484
  520
  559
  601
  646
  694
  746
  801
  859
  921
  987
  1,058
  1,132
  1,212
  1,296
  1,385
  1,479
Change in working capital, $m
  -59
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  29
  31
  32
Cash from operations, $m
  219
  216
  224
  233
  244
  258
  273
  290
  309
  331
  355
  378
  406
  436
  470
  505
  544
  585
  629
  676
  726
  780
  838
  899
  964
  1,033
  1,106
  1,184
  1,266
  1,354
  1,447
Maintenance CAPEX, $m
  0
  -80
  -83
  -85
  -87
  -90
  -93
  -97
  -100
  -104
  -108
  -113
  -117
  -122
  -128
  -133
  -139
  -146
  -152
  -159
  -167
  -174
  -183
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -266
New CAPEX, $m
  -170
  -20
  -23
  -25
  -28
  -30
  -32
  -35
  -37
  -40
  -43
  -46
  -48
  -51
  -54
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
Cash from investing activities, $m
  -176
  -100
  -106
  -110
  -115
  -120
  -125
  -132
  -137
  -144
  -151
  -159
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -243
  -254
  -267
  -279
  -293
  -308
  -323
  -339
  -356
  -374
  -392
Free cash flow, $m
  43
  116
  118
  123
  129
  137
  147
  158
  172
  187
  204
  219
  240
  263
  287
  314
  343
  375
  409
  445
  484
  526
  571
  619
  670
  725
  783
  845
  911
  981
  1,055
Issuance/(repayment) of debt, $m
  -70
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
Issuance/(repurchase) of shares, $m
  -26
  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  
  -78
  15
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
Total cash flow (excl. dividends), $m
  -36
  131
  136
  142
  150
  160
  172
  185
  200
  217
  236
  254
  277
  302
  329
  358
  390
  424
  461
  500
  542
  587
  635
  687
  741
  800
  862
  928
  998
  1,072
  1,151
Retained Cash Flow (-), $m
  -94
  -24
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
  -141
  -148
Prev. year cash balance distribution, $m
 
  201
  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
 
  308
  109
  113
  118
  125
  134
  144
  156
  170
  186
  201
  220
  242
  265
  291
  318
  348
  381
  416
  453
  494
  537
  583
  632
  684
  741
  800
  864
  931
  1,003
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
 
  295
  100
  98
  97
  97
  97
  97
  98
  98
  97
  95
  94
  92
  89
  85
  81
  76
  70
  64
  58
  51
  45
  38
  32
  27
  22
  17
  13
  10
  8
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

West Pharmaceutical Services, Inc. is a manufacturer of packaging components and delivery systems for injectable drugs and healthcare products. The Company's products include vial containment solutions, prefillable systems, self-injection platforms, cartridge systems and components, reconstitution and transfer systems, intradermal delivery solutions, specialty components, and contract manufacturing and analytical services. The Company's segments include Proprietary Products and Contract-Manufactured Products. The Proprietary Products segment develops commercial and operational strategies across its global network, with specific emphasis on product offerings to biologic, generic and pharmaceutical drug customers. The Contract-Manufactured Products segment serves as an integrated business focused on the design, manufacture and automated assembly of various devices, primarily for pharmaceutical, diagnostic and medical device customers.

FINANCIAL RATIOS  of  West Pharmaceutical Services (WST)

Valuation Ratios
P/E Ratio 47.6
Price to Sales 4.5
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 31.3
Price to Free Cash Flow 140
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio 102
Current Ratio 0.2
LT Debt to Equity 20.3%
Total Debt to Equity 20.5%
Interest Coverage 22
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 10.8%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 33.2%
Gross Margin - 3 Yr. Avg. 32.4%
EBITDA Margin 19.2%
EBITDA Margin - 3 Yr. Avg. 18.1%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 9.5%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 28.9%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 25%

WST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WST stock intrinsic value calculation we used $1509 million for the last fiscal year's total revenue generated by West Pharmaceutical Services. The default revenue input number comes from 2016 income statement of West Pharmaceutical Services. 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 WST stock valuation model: a) initial revenue growth rate of 2.6% 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 WST is calculated based on our internal credit rating of West Pharmaceutical Services, 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 West Pharmaceutical Services.
    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 WST stock the variable cost ratio is equal to 37.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $763 million in the base year in the intrinsic value calculation for WST 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 West Pharmaceutical Services.

Corporate tax rate of 27% is the nominal tax rate for West Pharmaceutical Services. 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 WST 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 WST are equal to 51.7%.

Life of production assets of 9.7 years is the average useful life of capital assets used in West Pharmaceutical Services 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 WST is equal to 13.3%. 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 - $1118 million for West Pharmaceutical Services - 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 73.956 million for West Pharmaceutical Services 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 West Pharmaceutical Services at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ West to Host Third-Quarter 2017 Conference Call   [Oct-12-17 07:00AM  PR Newswire]
▶ West Announces Fall Investor Conference Schedule   [Aug-25-17 07:00AM  PR Newswire]
▶ West Pharmaceutical misses Street 2Q forecasts   [Jul-27-17 02:56PM  Associated Press]
▶ West Announces Increase to Quarterly Dividend   [Jul-20-17 06:00AM  PR Newswire]
▶ West Elects New Director to the Board   [Jun-01-17 08:00AM  PR Newswire]
▶ Why West Pharmaceutical Services Is Rising Today   [Apr-27-17 04:04PM  Motley Fool]
▶ West Pharmaceutical tops Street 1Q forecasts   [08:08AM  Associated Press]
▶ West Announces First-Quarter 2017 Results   [07:00AM  PR Newswire]
▶ West to Host First-Quarter 2017 Conference Call   [Apr-13-17 08:00AM  PR Newswire]
▶ West Pharmaceutical misses Street 4Q forecasts   [07:30AM  Associated Press]
▶ West to Present at J.P. Morgan Healthcare Conference   [Dec-28-16 08:00AM  PR Newswire]
▶ Hedge Funds Are Selling West Pharmaceutical Services Inc. (WST)   [Dec-08-16 05:44AM  at Insider Monkey]
▶ Do Hedge Funds Love SS&C Technologies Holdings, Inc. (SSNC)?   [Nov-26-16 07:08AM  at Insider Monkey]
▶ West Announces Third Quarter 2016 Results   [07:00AM  PR Newswire]
▶ West to Host Third Quarter 2016 Conference Call   [Oct-13-16 07:00AM  PR Newswire]
Financial statements of WST
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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