Intrinsic value of Advanced Disposal Services - ADSW

Previous Close

$24.68

  Intrinsic Value

$14.99

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

+38%

Previous close

$24.68

 
Intrinsic value

$14.99

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

+38%

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

We calculate the intrinsic value of ADSW 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 2.2

 

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, %
  0.64
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,405
  1,503
  1,606
  1,712
  1,822
  1,937
  2,057
  2,182
  2,312
  2,447
  2,589
  2,736
  2,890
  3,051
  3,219
  3,395
  3,579
  3,771
  3,972
  4,182
  4,403
  4,634
  4,875
  5,129
  5,394
  5,673
  5,964
  6,270
  6,591
  6,928
  7,280
Variable operating expenses, $m
 
  1,393
  1,480
  1,570
  1,664
  1,761
  1,863
  1,969
  2,079
  2,194
  2,314
  2,322
  2,452
  2,589
  2,731
  2,880
  3,036
  3,199
  3,370
  3,548
  3,735
  3,931
  4,136
  4,351
  4,577
  4,813
  5,060
  5,320
  5,592
  5,878
  6,177
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
  1,337
  1,393
  1,480
  1,570
  1,664
  1,761
  1,863
  1,969
  2,079
  2,194
  2,314
  2,322
  2,452
  2,589
  2,731
  2,880
  3,036
  3,199
  3,370
  3,548
  3,735
  3,931
  4,136
  4,351
  4,577
  4,813
  5,060
  5,320
  5,592
  5,878
  6,177
Operating income, $m
  67
  110
  126
  142
  159
  176
  194
  213
  233
  254
  275
  415
  438
  462
  488
  515
  542
  571
  602
  634
  667
  702
  739
  777
  818
  860
  904
  950
  999
  1,050
  1,103
EBITDA, $m
  314
  359
  383
  408
  435
  462
  491
  521
  552
  584
  618
  653
  690
  728
  768
  810
  854
  900
  948
  998
  1,051
  1,106
  1,163
  1,224
  1,287
  1,354
  1,423
  1,496
  1,573
  1,653
  1,737
Interest expense (income), $m
  119
  110
  120
  130
  141
  153
  165
  177
  190
  203
  217
  232
  247
  263
  279
  297
  315
  334
  354
  374
  396
  419
  442
  467
  493
  521
  550
  580
  611
  644
  679
Earnings before tax, $m
  -56
  1
  6
  12
  17
  24
  30
  36
  43
  50
  58
  183
  191
  200
  209
  218
  228
  238
  248
  260
  271
  284
  296
  310
  324
  339
  354
  371
  388
  406
  425
Tax expense, $m
  -26
  0
  2
  3
  5
  6
  8
  10
  12
  14
  16
  49
  52
  54
  56
  59
  61
  64
  67
  70
  73
  77
  80
  84
  87
  91
  96
  100
  105
  110
  115
Net income, $m
  -30
  1
  4
  9
  13
  17
  22
  27
  32
  37
  42
  134
  140
  146
  152
  159
  166
  174
  181
  190
  198
  207
  216
  226
  237
  247
  259
  271
  283
  296
  310

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1
  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
  3,370
  3,605
  3,850
  4,105
  4,370
  4,646
  4,933
  5,232
  5,544
  5,869
  6,208
  6,562
  6,931
  7,317
  7,720
  8,141
  8,582
  9,042
  9,525
  10,030
  10,558
  11,112
  11,692
  12,299
  12,936
  13,603
  14,303
  15,037
  15,806
  16,613
  17,459
Adjusted assets (=assets-cash), $m
  3,369
  3,605
  3,850
  4,105
  4,370
  4,646
  4,933
  5,232
  5,544
  5,869
  6,208
  6,562
  6,931
  7,317
  7,720
  8,141
  8,582
  9,042
  9,525
  10,030
  10,558
  11,112
  11,692
  12,299
  12,936
  13,603
  14,303
  15,037
  15,806
  16,613
  17,459
Revenue / Adjusted assets
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
Average production assets, $m
  1,162
  1,243
  1,328
  1,416
  1,507
  1,602
  1,701
  1,804
  1,912
  2,024
  2,141
  2,263
  2,390
  2,523
  2,662
  2,807
  2,959
  3,118
  3,285
  3,459
  3,641
  3,832
  4,032
  4,241
  4,461
  4,691
  4,933
  5,186
  5,451
  5,729
  6,021
Working capital, $m
  -110
  -80
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -200
  -211
  -222
  -233
  -246
  -258
  -272
  -286
  -301
  -316
  -332
  -349
  -367
  -386
Total debt, $m
  1,924
  2,102
  2,287
  2,479
  2,679
  2,887
  3,104
  3,329
  3,564
  3,809
  4,065
  4,332
  4,610
  4,901
  5,205
  5,522
  5,854
  6,202
  6,566
  6,946
  7,345
  7,762
  8,199
  8,658
  9,138
  9,641
  10,169
  10,722
  11,302
  11,910
  12,548
Total liabilities, $m
  2,540
  2,718
  2,903
  3,095
  3,295
  3,503
  3,720
  3,945
  4,180
  4,425
  4,681
  4,948
  5,226
  5,517
  5,821
  6,138
  6,470
  6,818
  7,182
  7,562
  7,961
  8,378
  8,815
  9,274
  9,754
  10,257
  10,785
  11,338
  11,918
  12,526
  13,164
Total equity, $m
  830
  887
  947
  1,010
  1,075
  1,143
  1,214
  1,287
  1,364
  1,444
  1,527
  1,614
  1,705
  1,800
  1,899
  2,003
  2,111
  2,224
  2,343
  2,467
  2,597
  2,733
  2,876
  3,026
  3,182
  3,346
  3,519
  3,699
  3,888
  4,087
  4,295
Total liabilities and equity, $m
  3,370
  3,605
  3,850
  4,105
  4,370
  4,646
  4,934
  5,232
  5,544
  5,869
  6,208
  6,562
  6,931
  7,317
  7,720
  8,141
  8,581
  9,042
  9,525
  10,029
  10,558
  11,111
  11,691
  12,300
  12,936
  13,603
  14,304
  15,037
  15,806
  16,613
  17,459
Debt-to-equity ratio
  2.318
  2.370
  2.410
  2.460
  2.490
  2.530
  2.560
  2.590
  2.610
  2.640
  2.660
  2.680
  2.700
  2.720
  2.740
  2.760
  2.770
  2.790
  2.800
  2.820
  2.830
  2.840
  2.850
  2.860
  2.870
  2.880
  2.890
  2.900
  2.910
  2.910
  2.920
Adjusted equity ratio
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246
  0.246

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -30
  1
  4
  9
  13
  17
  22
  27
  32
  37
  42
  134
  140
  146
  152
  159
  166
  174
  181
  190
  198
  207
  216
  226
  237
  247
  259
  271
  283
  296
  310
Depreciation, amort., depletion, $m
  247
  248
  257
  266
  276
  286
  296
  307
  319
  330
  343
  238
  252
  266
  280
  296
  312
  328
  346
  364
  383
  403
  424
  446
  470
  494
  519
  546
  574
  603
  634
Funds from operations, $m
  193
  249
  262
  275
  289
  303
  318
  334
  350
  367
  385
  372
  391
  411
  432
  455
  478
  502
  527
  554
  581
  610
  641
  673
  706
  741
  778
  816
  857
  899
  944
Change in working capital, $m
  -44
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Cash from operations, $m
  237
  254
  267
  281
  295
  309
  325
  341
  357
  374
  392
  380
  399
  420
  441
  464
  487
  512
  538
  565
  593
  623
  654
  686
  720
  756
  793
  833
  874
  917
  962
Maintenance CAPEX, $m
  0
  -122
  -131
  -140
  -149
  -159
  -169
  -179
  -190
  -201
  -213
  -225
  -238
  -252
  -266
  -280
  -296
  -312
  -328
  -346
  -364
  -383
  -403
  -424
  -446
  -470
  -494
  -519
  -546
  -574
  -603
New CAPEX, $m
  -171
  -82
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -117
  -122
  -127
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -278
  -292
Cash from investing activities, $m
  -171
  -204
  -216
  -228
  -240
  -254
  -268
  -282
  -297
  -313
  -330
  -347
  -365
  -385
  -405
  -425
  -448
  -471
  -494
  -520
  -546
  -574
  -603
  -634
  -666
  -700
  -735
  -772
  -811
  -852
  -895
Free cash flow, $m
  66
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  48
  50
  52
  54
  56
  58
  60
  63
  65
  67
Issuance/(repayment) of debt, $m
  -384
  179
  185
  192
  200
  208
  217
  226
  235
  245
  256
  267
  278
  291
  304
  318
  332
  348
  364
  381
  399
  417
  437
  458
  480
  503
  528
  553
  580
  608
  638
Issuance/(repurchase) of shares, $m
  393
  56
  56
  54
  52
  51
  49
  47
  45
  43
  41
  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  
  -66
  235
  241
  246
  252
  259
  266
  273
  280
  288
  297
  267
  278
  291
  304
  318
  332
  348
  364
  381
  399
  417
  437
  458
  480
  503
  528
  553
  580
  608
  638
Total cash flow (excl. dividends), $m
  1
  286
  292
  299
  307
  314
  322
  331
  340
  349
  359
  299
  312
  326
  341
  356
  372
  389
  407
  426
  445
  466
  488
  510
  534
  559
  586
  614
  643
  673
  706
Retained Cash Flow (-), $m
  -340
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
  -198
  -208
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
 
  229
  232
  237
  241
  246
  252
  257
  263
  269
  276
  212
  221
  231
  242
  252
  264
  276
  288
  301
  315
  330
  345
  361
  378
  395
  414
  433
  454
  475
  497
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  207
  189
  171
  153
  136
  119
  103
  88
  74
  62
  38
  31
  25
  20
  15
  12
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.5
  95.2
  93.2
  91.4
  89.8
  88.4
  87.1
  85.9
  84.9
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0
  84.0

Advanced Disposal Services, Inc. is an integrated provider of non-hazardous solid waste collection, transfer, recycling and disposal services operating primarily in secondary markets or under exclusive arrangements. The Company's segments include South, East, Midwest and Corporate. As of December 31, 2016, the Company had its presence in 16 states across the Midwest, South and East regions of the United States, as well as in the Commonwealth of the Bahamas, served approximately 2.7 million residential customers and over 200,000 commercial and industrial (C&I) customers through its network of 90 collection operations, 72 transfer stations, 21 owned or operated recycling facilities and 39 owned or operated active landfills. The Company's vertically integrated environmental services operations can be classified into three lines of business: collection services, disposal services and recycling services. The disposal services include transfer stations and landfills.

FINANCIAL RATIOS  of  Advanced Disposal Services (ADSW)

Valuation Ratios
P/E Ratio -72.4
Price to Sales 1.5
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 32.9
Growth Rates
Sales Growth Rate 0.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 227.3%
Total Debt to Equity 231.8%
Interest Coverage 1
Management Effectiveness
Return On Assets 1%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. -1%
Return On Equity -4.5%
Return On Equity - 3 Yr. Avg. -4.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 22.1%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 5.5%
Pre-Tax Margin -4%
Pre-Tax Margin - 3 Yr. Avg. -4.9%
Net Profit Margin -2.1%
Net Profit Margin - 3 Yr. Avg. -1.9%
Effective Tax Rate 46.4%
Eff/ Tax Rate - 3 Yr. Avg. 55%
Payout Ratio 0%

ADSW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADSW stock intrinsic value calculation we used $1405 million for the last fiscal year's total revenue generated by Advanced Disposal Services. The default revenue input number comes from 2016 income statement of Advanced Disposal 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 ADSW stock valuation model: a) initial revenue growth rate of 7% 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 10.4%, whose default value for ADSW is calculated based on our internal credit rating of Advanced Disposal 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 Advanced Disposal 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 ADSW stock the variable cost ratio is equal to 93.2%.

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 ADSW 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 5.7% for Advanced Disposal Services.

Corporate tax rate of 27% is the nominal tax rate for Advanced Disposal 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 ADSW 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 ADSW are equal to 82.7%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Advanced Disposal 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 ADSW is equal to -5.3%. 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 - $830 million for Advanced Disposal 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 88.71 million for Advanced Disposal 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 Advanced Disposal Services at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Advanced Disposal Services posts 2Q loss   [Aug-04-17 01:08AM  Associated Press]
▶ Advanced Disposal Announces Second Quarter Results   [Aug-02-17 04:18PM  PR Newswire]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [Jun-07-17 05:16PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [04:32PM  Investor's Business Daily]
▶ 300% EPS Growth May Drive Clean Breakout For This IPO Stock   [04:24PM  Investor's Business Daily]
▶ Build Your Investing Watch List With Stock Ratings, Buy Zones, Earnings   [Jun-01-17 03:50PM  Investor's Business Daily]
▶ Will Investors Clean Up On This Waste Management IPO?   [12:10PM  Investor's Business Daily]
▶ Advanced Disposal Services posts 1Q loss   [05:02AM  Associated Press]
▶ Advanced Disposal Announces First Quarter Results   [May-04-17 04:44PM  PR Newswire]
▶ Advanced Disposal To Attend Waste Expo Investor Summit   [Apr-19-17 06:20PM  PR Newswire]
▶ Advanced Disposal Services posts 4Q loss   [Feb-23-17 06:41PM  Associated Press]
▶ Advanced Disposal Services Closes Debt Refinancing   [Nov-10-16 05:06PM  PR Newswire]
▶ Advanced Disposal Announces Third Quarter Results   [Nov-02-16 05:11PM  PR Newswire]
Financial statements of ADSW
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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