Intrinsic value of Align Technology - ALGN

Previous Close

$327.50

  Intrinsic Value

$271.47

stock screener

  Rating & Target

hold

-17%

Previous close

$327.50

 
Intrinsic value

$271.47

 
Up/down potential

-17%

 
Rating

hold

We calculate the intrinsic value of ALGN 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 0001), $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 26.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  37.50
  34.25
  31.33
  28.69
  26.32
  24.19
  22.27
  20.54
  18.99
  17.59
  16.33
  15.20
  14.18
  13.26
  12.43
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
Revenue, $m
  2,026
  2,720
  3,572
  4,597
  5,807
  7,211
  8,817
  10,629
  12,647
  14,872
  17,301
  19,931
  22,757
  25,774
  28,980
  32,368
  35,935
  39,680
  43,599
  47,693
  51,963
  56,409
  61,034
  65,844
  70,843
  76,038
  81,437
  87,048
  92,881
  98,947
Variable operating expenses, $m
  1,486
  1,992
  2,613
  3,360
  4,242
  5,266
  6,436
  7,757
  9,228
  10,850
  12,612
  14,529
  16,589
  18,788
  21,125
  23,595
  26,195
  28,925
  31,782
  34,766
  37,878
  41,119
  44,491
  47,997
  51,642
  55,429
  59,364
  63,454
  67,706
  72,128
Fixed operating expenses, $m
  40
  41
  42
  43
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  54
  55
  56
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
Total operating expenses, $m
  1,526
  2,033
  2,655
  3,403
  4,285
  5,310
  6,481
  7,803
  9,275
  10,898
  12,662
  14,580
  16,641
  18,841
  21,179
  23,650
  26,251
  28,983
  31,841
  34,826
  37,940
  41,182
  44,555
  48,063
  51,709
  55,498
  59,434
  63,526
  67,779
  72,203
Operating income, $m
  500
  688
  918
  1,194
  1,521
  1,901
  2,336
  2,826
  3,372
  3,974
  4,640
  5,351
  6,116
  6,933
  7,801
  8,718
  9,684
  10,697
  11,758
  12,867
  14,023
  15,226
  16,479
  17,781
  19,135
  20,541
  22,003
  23,522
  25,102
  26,744
EBITDA, $m
  555
  758
  1,007
  1,307
  1,661
  2,072
  2,543
  3,074
  3,665
  4,317
  5,029
  5,800
  6,628
  7,513
  8,453
  9,446
  10,492
  11,590
  12,739
  13,940
  15,192
  16,496
  17,852
  19,262
  20,729
  22,252
  23,835
  25,481
  27,191
  28,970
Interest expense (income), $m
  0
  0
  13
  29
  48
  72
  100
  132
  169
  211
  258
  309
  365
  426
  491
  561
  635
  713
  795
  882
  972
  1,067
  1,165
  1,268
  1,375
  1,486
  1,601
  1,721
  1,845
  1,975
  2,109
Earnings before tax, $m
  500
  675
  889
  1,146
  1,449
  1,801
  2,203
  2,656
  3,160
  3,716
  4,331
  4,986
  5,690
  6,442
  7,240
  8,083
  8,971
  9,902
  10,877
  11,895
  12,956
  14,061
  15,211
  16,406
  17,649
  18,940
  20,282
  21,677
  23,127
  24,635
Tax expense, $m
  135
  182
  240
  309
  391
  486
  595
  717
  853
  1,003
  1,169
  1,346
  1,536
  1,739
  1,955
  2,182
  2,422
  2,674
  2,937
  3,212
  3,498
  3,797
  4,107
  4,430
  4,765
  5,114
  5,476
  5,853
  6,244
  6,651
Net income, $m
  365
  493
  649
  837
  1,058
  1,315
  1,608
  1,939
  2,307
  2,713
  3,161
  3,640
  4,154
  4,703
  5,285
  5,901
  6,549
  7,228
  7,940
  8,683
  9,458
  10,265
  11,104
  11,977
  12,884
  13,826
  14,806
  15,824
  16,883
  17,983

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  2,148
  2,884
  3,788
  4,875
  6,158
  7,647
  9,350
  11,271
  13,412
  15,771
  18,347
  21,135
  24,132
  27,332
  30,731
  34,324
  38,107
  42,078
  46,235
  50,576
  55,104
  59,818
  64,724
  69,824
  75,126
  80,635
  86,360
  92,310
  98,495
  104,928
Adjusted assets (=assets-cash), $m
  2,148
  2,884
  3,788
  4,875
  6,158
  7,647
  9,350
  11,271
  13,412
  15,771
  18,347
  21,135
  24,132
  27,332
  30,731
  34,324
  38,107
  42,078
  46,235
  50,576
  55,104
  59,818
  64,724
  69,824
  75,126
  80,635
  86,360
  92,310
  98,495
  104,928
Revenue / Adjusted assets
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  419
  563
  739
  952
  1,202
  1,493
  1,825
  2,200
  2,618
  3,079
  3,581
  4,126
  4,711
  5,335
  5,999
  6,700
  7,439
  8,214
  9,025
  9,873
  10,756
  11,677
  12,634
  13,630
  14,665
  15,740
  16,857
  18,019
  19,226
  20,482
Working capital, $m
  -87
  -117
  -154
  -198
  -250
  -310
  -379
  -457
  -544
  -640
  -744
  -857
  -979
  -1,108
  -1,246
  -1,392
  -1,545
  -1,706
  -1,875
  -2,051
  -2,234
  -2,426
  -2,624
  -2,831
  -3,046
  -3,270
  -3,502
  -3,743
  -3,994
  -4,255
Total debt, $m
  236
  533
  897
  1,335
  1,852
  2,452
  3,138
  3,913
  4,775
  5,726
  6,764
  7,888
  9,096
  10,385
  11,755
  13,203
  14,728
  16,328
  18,003
  19,753
  21,577
  23,477
  25,454
  27,509
  29,646
  31,866
  34,173
  36,571
  39,064
  41,656
Total liabilities, $m
  866
  1,162
  1,526
  1,964
  2,482
  3,082
  3,768
  4,542
  5,405
  6,356
  7,394
  8,518
  9,725
  11,015
  12,385
  13,833
  15,357
  16,958
  18,633
  20,382
  22,207
  24,107
  26,084
  28,139
  30,276
  32,496
  34,803
  37,201
  39,694
  42,286
Total equity, $m
  1,283
  1,722
  2,261
  2,910
  3,676
  4,565
  5,582
  6,729
  8,007
  9,415
  10,953
  12,618
  14,407
  16,317
  18,347
  20,491
  22,750
  25,121
  27,602
  30,194
  32,897
  35,712
  38,640
  41,685
  44,850
  48,139
  51,557
  55,109
  58,802
  62,642
Total liabilities and equity, $m
  2,149
  2,884
  3,787
  4,874
  6,158
  7,647
  9,350
  11,271
  13,412
  15,771
  18,347
  21,136
  24,132
  27,332
  30,732
  34,324
  38,107
  42,079
  46,235
  50,576
  55,104
  59,819
  64,724
  69,824
  75,126
  80,635
  86,360
  92,310
  98,496
  104,928
Debt-to-equity ratio
  0.180
  0.310
  0.400
  0.460
  0.500
  0.540
  0.560
  0.580
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  365
  493
  649
  837
  1,058
  1,315
  1,608
  1,939
  2,307
  2,713
  3,161
  3,640
  4,154
  4,703
  5,285
  5,901
  6,549
  7,228
  7,940
  8,683
  9,458
  10,265
  11,104
  11,977
  12,884
  13,826
  14,806
  15,824
  16,883
  17,983
Depreciation, amort., depletion, $m
  54
  70
  89
  112
  140
  171
  207
  248
  293
  344
  389
  448
  512
  580
  652
  728
  809
  893
  981
  1,073
  1,169
  1,269
  1,373
  1,481
  1,594
  1,711
  1,832
  1,959
  2,090
  2,226
Funds from operations, $m
  420
  563
  738
  949
  1,198
  1,486
  1,816
  2,187
  2,601
  3,056
  3,551
  4,088
  4,666
  5,283
  5,937
  6,629
  7,357
  8,121
  8,921
  9,756
  10,627
  11,534
  12,477
  13,458
  14,478
  15,537
  16,638
  17,783
  18,972
  20,210
Change in working capital, $m
  -24
  -30
  -37
  -44
  -52
  -60
  -69
  -78
  -87
  -96
  -104
  -113
  -122
  -130
  -138
  -146
  -153
  -161
  -169
  -176
  -184
  -191
  -199
  -207
  -215
  -223
  -232
  -241
  -251
  -261
Cash from operations, $m
  444
  593
  775
  993
  1,250
  1,546
  1,885
  2,265
  2,687
  3,152
  3,655
  4,201
  4,788
  5,412
  6,075
  6,775
  7,511
  8,282
  9,090
  9,932
  10,811
  11,725
  12,676
  13,665
  14,693
  15,761
  16,870
  18,024
  19,223
  20,470
Maintenance CAPEX, $m
  -33
  -46
  -61
  -80
  -103
  -131
  -162
  -198
  -239
  -285
  -335
  -389
  -448
  -512
  -580
  -652
  -728
  -809
  -893
  -981
  -1,073
  -1,169
  -1,269
  -1,373
  -1,481
  -1,594
  -1,711
  -1,832
  -1,959
  -2,090
New CAPEX, $m
  -115
  -144
  -176
  -212
  -250
  -291
  -332
  -375
  -418
  -461
  -503
  -544
  -585
  -625
  -663
  -701
  -739
  -775
  -811
  -847
  -884
  -920
  -958
  -996
  -1,035
  -1,075
  -1,118
  -1,161
  -1,207
  -1,256
Cash from investing activities, $m
  -148
  -190
  -237
  -292
  -353
  -422
  -494
  -573
  -657
  -746
  -838
  -933
  -1,033
  -1,137
  -1,243
  -1,353
  -1,467
  -1,584
  -1,704
  -1,828
  -1,957
  -2,089
  -2,227
  -2,369
  -2,516
  -2,669
  -2,829
  -2,993
  -3,166
  -3,346
Free cash flow, $m
  296
  403
  537
  700
  896
  1,125
  1,390
  1,692
  2,030
  2,407
  2,818
  3,268
  3,754
  4,276
  4,832
  5,421
  6,044
  6,699
  7,385
  8,104
  8,854
  9,636
  10,449
  11,296
  12,176
  13,091
  14,042
  15,030
  16,057
  17,125
Issuance/(repayment) of debt, $m
  236
  297
  364
  438
  517
  600
  686
  774
  863
  951
  1,038
  1,124
  1,208
  1,290
  1,370
  1,448
  1,525
  1,600
  1,675
  1,750
  1,824
  1,900
  1,977
  2,056
  2,136
  2,220
  2,307
  2,398
  2,493
  2,592
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
Cash from financing (excl. dividends), $m  
  236
  297
  364
  438
  517
  600
  686
  774
  863
  951
  1,038
  1,124
  1,208
  1,290
  1,370
  1,448
  1,525
  1,600
  1,675
  1,750
  1,824
  1,900
  1,977
  2,056
  2,136
  2,220
  2,307
  2,398
  2,493
  2,592
Total cash flow (excl. dividends), $m
  532
  700
  901
  1,138
  1,413
  1,725
  2,076
  2,466
  2,893
  3,357
  3,856
  4,392
  4,962
  5,565
  6,201
  6,869
  7,568
  8,299
  9,060
  9,853
  10,678
  11,536
  12,426
  13,352
  14,313
  15,311
  16,349
  17,428
  18,550
  19,717
Retained Cash Flow (-), $m
  -350
  -439
  -539
  -649
  -766
  -889
  -1,017
  -1,147
  -1,278
  -1,409
  -1,538
  -1,665
  -1,789
  -1,911
  -2,029
  -2,145
  -2,259
  -2,371
  -2,481
  -2,592
  -2,703
  -2,815
  -2,929
  -3,045
  -3,165
  -3,289
  -3,418
  -3,552
  -3,693
  -3,840
Prev. year cash balance distribution, $m
  221
  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
  404
  261
  362
  490
  647
  836
  1,060
  1,319
  1,615
  1,949
  2,318
  2,727
  3,173
  3,655
  4,172
  4,724
  5,310
  5,928
  6,579
  7,262
  7,976
  8,721
  9,498
  10,307
  11,148
  12,023
  12,931
  13,876
  14,857
  15,877
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
  387
  239
  315
  403
  501
  607
  716
  824
  928
  1,022
  1,101
  1,164
  1,206
  1,227
  1,225
  1,201
  1,155
  1,092
  1,013
  923
  825
  724
  622
  525
  434
  351
  278
  215
  162
  120
Current shareholders' claim on cash, %
  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

Align Technology, Inc. designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment. The Clear Aligner segment consists of its Invisalign System, which includes Invisalign Full, Teen and Assist (Comprehensive Products), Express/Lite (Non-Comprehensive Products) and Vivera Retainers, along with its training and ancillary products for treating malocclusion (Non-Case). The Scanner segment consists of intra-oral scanning systems and other services available with the intra-oral scanners that provide digital alternatives to the traditional cast models. The Scanner segment includes its iTero scanner and OrthoCAD services.

FINANCIAL RATIOS  of  Align Technology (ALGN)

Valuation Ratios
P/E Ratio 137.1
Price to Sales 24.1
Price to Book 26.2
Price to Tangible Book
Price to Cash Flow 105.1
Price to Free Cash Flow 147.2
Growth Rates
Sales Growth Rate 27.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34%
Cap. Spend. - 3 Yr. Gr. Rate 30.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.9%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 20.6%
Ret/ On T. Cap. - 3 Yr. Avg. 19.9%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 75.5%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 24.7%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 23.1%
Oper. Margin - 3 Yr. Avg. 23.6%
Pre-Tax Margin 22.5%
Pre-Tax Margin - 3 Yr. Avg. 23.1%
Net Profit Margin 17.6%
Net Profit Margin - 3 Yr. Avg. 17.9%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.4%
Payout Ratio 0%

ALGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALGN stock intrinsic value calculation we used $1473.413 million for the last fiscal year's total revenue generated by Align Technology. The default revenue input number comes from 0001 income statement of Align Technology. 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 ALGN stock valuation model: a) initial revenue growth rate of 37.5% 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 ALGN is calculated based on our internal credit rating of Align Technology, 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 Align Technology.
    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 ALGN stock the variable cost ratio is equal to 73.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $39 million in the base year in the intrinsic value calculation for ALGN 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 5.4% for Align Technology.

Corporate tax rate of 27% is the nominal tax rate for Align Technology. 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 ALGN 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 ALGN are equal to 20.7%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Align Technology 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 ALGN is equal to -4.3%. 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 - $1154.288 million for Align Technology - 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 80.15 million for Align Technology 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 Align Technology at the current share price and the inputted number of shares is $26.2 billion.

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COMPANY NEWS

▶ How to Find Tomorrow's Winning Stocks   [Oct-15-18 04:55PM  Investopedia]
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