Intrinsic value of Zebra Technologies Cl A - ZBRA

Previous Close

$103.07

  Intrinsic Value

$22.73

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

-198%

Previous close

$103.07

 
Intrinsic value

$22.73

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

-198%

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

We calculate the intrinsic value of ZBRA 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 5.4

 

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, %
  -2.08
  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
  3,574
  3,645
  3,729
  3,825
  3,933
  4,052
  4,183
  4,325
  4,479
  4,646
  4,824
  5,015
  5,218
  5,435
  5,665
  5,910
  6,168
  6,443
  6,733
  7,039
  7,362
  7,704
  8,063
  8,443
  8,842
  9,263
  9,707
  10,173
  10,664
  11,180
  11,724
Variable operating expenses, $m
 
  3,604
  3,681
  3,770
  3,869
  3,979
  4,099
  4,230
  4,372
  4,525
  4,690
  4,620
  4,807
  5,007
  5,219
  5,444
  5,683
  5,935
  6,202
  6,484
  6,782
  7,097
  7,428
  7,778
  8,146
  8,534
  8,942
  9,372
  9,824
  10,300
  10,800
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
  3,494
  3,604
  3,681
  3,770
  3,869
  3,979
  4,099
  4,230
  4,372
  4,525
  4,690
  4,620
  4,807
  5,007
  5,219
  5,444
  5,683
  5,935
  6,202
  6,484
  6,782
  7,097
  7,428
  7,778
  8,146
  8,534
  8,942
  9,372
  9,824
  10,300
  10,800
Operating income, $m
  80
  41
  48
  56
  64
  73
  84
  95
  107
  120
  134
  395
  411
  428
  446
  466
  486
  508
  530
  554
  580
  607
  635
  665
  697
  730
  765
  801
  840
  881
  924
EBITDA, $m
  384
  371
  380
  390
  401
  413
  426
  440
  456
  473
  491
  511
  531
  553
  577
  602
  628
  656
  686
  717
  750
  785
  821
  860
  900
  943
  988
  1,036
  1,086
  1,139
  1,194
Interest expense (income), $m
  180
  169
  174
  180
  187
  194
  202
  211
  221
  232
  243
  255
  268
  282
  297
  313
  330
  348
  367
  387
  408
  430
  453
  478
  504
  532
  561
  591
  623
  657
  692
Earnings before tax, $m
  -129
  -128
  -126
  -125
  -123
  -121
  -119
  -116
  -114
  -112
  -109
  140
  143
  146
  149
  152
  156
  160
  164
  168
  172
  177
  182
  187
  192
  198
  204
  210
  217
  224
  231
Tax expense, $m
  8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  38
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  50
  52
  53
  55
  57
  59
  60
  62
Net income, $m
  -137
  -128
  -126
  -125
  -123
  -121
  -119
  -116
  -114
  -112
  -109
  102
  104
  106
  109
  111
  114
  117
  119
  123
  126
  129
  133
  136
  140
  145
  149
  154
  158
  163
  169

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  156
  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
  4,632
  4,591
  4,697
  4,818
  4,953
  5,103
  5,268
  5,447
  5,642
  5,851
  6,075
  6,316
  6,572
  6,845
  7,135
  7,443
  7,769
  8,114
  8,479
  8,865
  9,272
  9,702
  10,155
  10,633
  11,137
  11,667
  12,225
  12,813
  13,431
  14,081
  14,765
Adjusted assets (=assets-cash), $m
  4,476
  4,591
  4,697
  4,818
  4,953
  5,103
  5,268
  5,447
  5,642
  5,851
  6,075
  6,316
  6,572
  6,845
  7,135
  7,443
  7,769
  8,114
  8,479
  8,865
  9,272
  9,702
  10,155
  10,633
  11,137
  11,667
  12,225
  12,813
  13,431
  14,081
  14,765
Revenue / Adjusted assets
  0.798
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
Average production assets, $m
  914
  933
  955
  979
  1,007
  1,037
  1,071
  1,107
  1,147
  1,189
  1,235
  1,284
  1,336
  1,391
  1,450
  1,513
  1,579
  1,649
  1,724
  1,802
  1,885
  1,972
  2,064
  2,161
  2,264
  2,371
  2,485
  2,604
  2,730
  2,862
  3,001
Working capital, $m
  273
  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 debt, $m
  2,648
  2,724
  2,814
  2,917
  3,033
  3,161
  3,302
  3,455
  3,620
  3,799
  3,990
  4,195
  4,414
  4,647
  4,894
  5,157
  5,435
  5,729
  6,041
  6,370
  6,717
  7,084
  7,471
  7,878
  8,307
  8,760
  9,236
  9,737
  10,264
  10,819
  11,403
Total liabilities, $m
  3,840
  3,916
  4,006
  4,109
  4,225
  4,353
  4,494
  4,647
  4,812
  4,991
  5,182
  5,387
  5,606
  5,839
  6,086
  6,349
  6,627
  6,921
  7,233
  7,562
  7,909
  8,276
  8,663
  9,070
  9,499
  9,952
  10,428
  10,929
  11,456
  12,011
  12,595
Total equity, $m
  792
  675
  690
  708
  728
  750
  774
  801
  829
  860
  893
  928
  966
  1,006
  1,049
  1,094
  1,142
  1,193
  1,246
  1,303
  1,363
  1,426
  1,493
  1,563
  1,637
  1,715
  1,797
  1,883
  1,974
  2,070
  2,171
Total liabilities and equity, $m
  4,632
  4,591
  4,696
  4,817
  4,953
  5,103
  5,268
  5,448
  5,641
  5,851
  6,075
  6,315
  6,572
  6,845
  7,135
  7,443
  7,769
  8,114
  8,479
  8,865
  9,272
  9,702
  10,156
  10,633
  11,136
  11,667
  12,225
  12,812
  13,430
  14,081
  14,766
Debt-to-equity ratio
  3.343
  4.040
  4.080
  4.120
  4.170
  4.210
  4.260
  4.310
  4.370
  4.420
  4.470
  4.520
  4.570
  4.620
  4.670
  4.710
  4.760
  4.800
  4.850
  4.890
  4.930
  4.970
  5.000
  5.040
  5.070
  5.110
  5.140
  5.170
  5.200
  5.230
  5.250
Adjusted equity ratio
  0.142
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147
  0.147

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -137
  -128
  -126
  -125
  -123
  -121
  -119
  -116
  -114
  -112
  -109
  102
  104
  106
  109
  111
  114
  117
  119
  123
  126
  129
  133
  136
  140
  145
  149
  154
  158
  163
  169
Depreciation, amort., depletion, $m
  304
  330
  332
  334
  337
  339
  342
  346
  349
  353
  357
  116
  120
  125
  131
  136
  142
  149
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
Funds from operations, $m
  502
  202
  205
  209
  214
  219
  224
  229
  235
  241
  248
  218
  224
  232
  239
  247
  256
  265
  275
  285
  296
  307
  319
  331
  344
  358
  373
  388
  404
  421
  439
Change in working capital, $m
  130
  2
  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
Cash from operations, $m
  372
  199
  203
  206
  210
  215
  219
  224
  230
  236
  242
  211
  218
  225
  232
  239
  248
  256
  265
  275
  285
  296
  307
  319
  331
  344
  358
  373
  388
  404
  421
Maintenance CAPEX, $m
  0
  -82
  -84
  -86
  -88
  -91
  -93
  -96
  -100
  -103
  -107
  -111
  -116
  -120
  -125
  -131
  -136
  -142
  -149
  -155
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
New CAPEX, $m
  -77
  -20
  -21
  -25
  -28
  -31
  -33
  -36
  -39
  -43
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
Cash from investing activities, $m
  -39
  -102
  -105
  -111
  -116
  -122
  -126
  -132
  -139
  -146
  -153
  -160
  -168
  -175
  -184
  -194
  -202
  -212
  -223
  -233
  -245
  -257
  -270
  -283
  -297
  -312
  -327
  -343
  -361
  -378
  -397
Free cash flow, $m
  333
  97
  97
  96
  94
  93
  92
  92
  91
  90
  89
  51
  50
  49
  47
  46
  45
  44
  42
  41
  40
  38
  37
  36
  34
  33
  31
  29
  28
  26
  24
Issuance/(repayment) of debt, $m
  -382
  76
  90
  103
  116
  128
  141
  153
  166
  178
  192
  205
  219
  233
  247
  263
  278
  295
  311
  329
  347
  367
  387
  408
  429
  452
  476
  501
  527
  555
  584
Issuance/(repurchase) of shares, $m
  11
  141
  142
  142
  143
  143
  143
  143
  143
  142
  142
  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  
  -376
  217
  232
  245
  259
  271
  284
  296
  309
  320
  334
  205
  219
  233
  247
  263
  278
  295
  311
  329
  347
  367
  387
  408
  429
  452
  476
  501
  527
  555
  584
Total cash flow (excl. dividends), $m
  -36
  315
  329
  341
  353
  364
  376
  387
  399
  411
  423
  256
  269
  281
  295
  309
  323
  338
  354
  370
  387
  405
  424
  443
  464
  485
  507
  531
  555
  581
  608
Retained Cash Flow (-), $m
  101
  -141
  -142
  -142
  -143
  -143
  -143
  -143
  -143
  -142
  -142
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
Prev. year cash balance distribution, $m
 
  130
  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
 
  304
  187
  199
  210
  221
  233
  245
  256
  269
  281
  221
  231
  241
  252
  263
  275
  287
  300
  313
  327
  342
  357
  373
  390
  407
  425
  444
  464
  485
  507
Discount rate, %
 
  11.20
  11.76
  12.35
  12.97
  13.61
  14.29
  15.01
  15.76
  16.55
  17.37
  18.24
  19.16
  20.11
  21.12
  22.18
  23.28
  24.45
  25.67
  26.95
  28.30
  29.72
  31.20
  32.76
  34.40
  36.12
  37.93
  39.82
  41.81
  43.91
  46.10
PV of cash for distribution, $m
 
  273
  150
  140
  129
  117
  104
  92
  80
  68
  57
  35
  28
  22
  17
  13
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.9
  94.0
  91.2
  88.6
  86.1
  83.7
  81.5
  79.4
  77.5
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6
  75.6

Zebra Technologies Corporation, together with its subsidiaries, designs, manufactures, sells, and supports direct thermal and thermal transfer label printers, radio frequency identification (RFID) printer/encoders, dye sublimation card printers, real-time locating solutions, related accessories, and support software worldwide. Its products are primarily used in automatic identification, data collection, and personal identification applications. The company also provides mobile computing and advanced data capture technologies and services, which include rugged and enterprise-grade mobile computers; laser, imaging, and radio frequency identification based data capture products; wireless LAN solutions and software; and applications that are associated with these products and services. In addition, it offers barcode scanners; specialty printers for barcode labeling and personal identification; real-time location systems; and related accessories and supplies, such as self-adhesive labels and other consumables, utilities, and application software. Further, the company provides maintenance, repair, product support, system installation and integration services, and other services. It serves retail, transportation and logistics, manufacturing, healthcare, and other end markets. The company sells its products through a network of resellers, distributors, and end users representing industrial, service, and government organizations. Zebra Technologies Corporation was founded in 1969 and is headquartered in Lincolnshire, Illinois.

FINANCIAL RATIOS  of  Zebra Technologies Cl A (ZBRA)

Valuation Ratios
P/E Ratio -39.8
Price to Sales 1.5
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate -2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.9%
Cap. Spend. - 3 Yr. Gr. Rate 28.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 334.3%
Total Debt to Equity 334.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital -3.7%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -16.3%
Return On Equity - 3 Yr. Avg. -9.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 45.9%
Gross Margin - 3 Yr. Avg. 45.8%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin -3.6%
Pre-Tax Margin - 3 Yr. Avg. -2.5%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -2.1%
Effective Tax Rate -6.2%
Eff/ Tax Rate - 3 Yr. Avg. -27.4%
Payout Ratio 0%

ZBRA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZBRA stock intrinsic value calculation we used $3574 million for the last fiscal year's total revenue generated by Zebra Technologies Cl A. The default revenue input number comes from 2016 income statement of Zebra Technologies Cl A. 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 ZBRA 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 11.2%, whose default value for ZBRA is calculated based on our internal credit rating of Zebra Technologies Cl A, 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 Zebra Technologies Cl A.
    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 ZBRA stock the variable cost ratio is equal to 99%.

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 ZBRA 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 6.4% for Zebra Technologies Cl A.

Corporate tax rate of 27% is the nominal tax rate for Zebra Technologies Cl A. 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 ZBRA 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 ZBRA are equal to 25.6%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Zebra Technologies Cl A 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 ZBRA is equal to 3.3%. 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 - $792 million for Zebra Technologies Cl A - 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 51.924 million for Zebra Technologies Cl A 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 Zebra Technologies Cl A at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ Zebra tops Street 2Q forecasts   [05:13PM  Associated Press]
▶ Stock Market Drops Late On Trump North Korea Comment   [04:18PM  Investor's Business Daily]
▶ IBD 50 Stock Control4 Rated Buy; Zebra Tech Cut To Hold   [May-31-17 04:26PM  Investor's Business Daily]
▶ Zebra Technologies: Cramer's Top Takeaways   [May-12-17 06:39AM  TheStreet.com]
▶ Cramer Remix: Aliens yes, aliens are the reason Macy...   [May-11-17 07:02PM  CNBC Videos]
▶ Zebra Technologies Sprints Ahead Of Q1 Views   [May-09-17 04:13PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [01:26PM  Investor's Business Daily]
▶ Zebra beats Street 1Q forecasts   [06:48AM  Associated Press]
Stock chart of ZBRA Financial statements of ZBRA
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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