Intrinsic value of Azul ADR - AZUL

Previous Close

$24.40

  Intrinsic Value

$9.66

stock screener

  Rating & Target

str. sell

-60%

Previous close

$24.40

 
Intrinsic value

$9.66

 
Up/down potential

-60%

 
Rating

str. sell

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

We calculate the intrinsic value of AZUL 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 2.6

 

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, %
  6.57
  19.30
  17.87
  16.58
  15.42
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.15
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
  5.67
Revenue, $m
  2,109
  2,516
  2,966
  3,457
  3,991
  4,565
  5,178
  5,831
  6,521
  7,249
  8,013
  8,813
  9,649
  10,521
  11,430
  12,375
  13,358
  14,380
  15,442
  16,545
  17,692
  18,885
  20,124
  21,414
  22,756
  24,153
  25,609
  27,126
  28,708
  30,358
  32,080
Variable operating expenses, $m
 
  2,579
  3,036
  3,536
  4,077
  4,660
  5,284
  5,946
  6,647
  7,386
  8,162
  8,951
  9,801
  10,686
  11,609
  12,569
  13,568
  14,606
  15,685
  16,805
  17,970
  19,181
  20,440
  21,750
  23,114
  24,533
  26,011
  27,552
  29,159
  30,835
  32,585
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
  2,000
  2,579
  3,036
  3,536
  4,077
  4,660
  5,284
  5,946
  6,647
  7,386
  8,162
  8,951
  9,801
  10,686
  11,609
  12,569
  13,568
  14,606
  15,685
  16,805
  17,970
  19,181
  20,440
  21,750
  23,114
  24,533
  26,011
  27,552
  29,159
  30,835
  32,585
Operating income, $m
  109
  -63
  -70
  -78
  -87
  -96
  -105
  -115
  -126
  -138
  -150
  -138
  -152
  -165
  -180
  -194
  -210
  -226
  -243
  -260
  -278
  -297
  -316
  -337
  -358
  -380
  -402
  -426
  -451
  -477
  -504
EBITDA, $m
  204
  42
  49
  58
  67
  76
  86
  97
  109
  121
  134
  147
  161
  175
  191
  206
  223
  240
  257
  276
  295
  315
  335
  357
  379
  403
  427
  452
  479
  506
  535
Interest expense (income), $m
  108
  75
  104
  137
  172
  211
  253
  297
  344
  394
  447
  502
  560
  620
  683
  749
  817
  889
  962
  1,039
  1,119
  1,202
  1,288
  1,378
  1,471
  1,568
  1,669
  1,775
  1,884
  1,999
  2,118
Earnings before tax, $m
  6
  -138
  -175
  -215
  -259
  -307
  -358
  -412
  -470
  -532
  -596
  -640
  -711
  -786
  -863
  -944
  -1,027
  -1,115
  -1,205
  -1,299
  -1,397
  -1,499
  -1,605
  -1,715
  -1,829
  -1,948
  -2,072
  -2,201
  -2,336
  -2,476
  -2,622
Tax expense, $m
  46
  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
Net income, $m
  -40
  -138
  -175
  -215
  -259
  -307
  -358
  -412
  -470
  -532
  -596
  -640
  -711
  -786
  -863
  -944
  -1,027
  -1,115
  -1,205
  -1,299
  -1,397
  -1,499
  -1,605
  -1,715
  -1,829
  -1,948
  -2,072
  -2,201
  -2,336
  -2,476
  -2,622

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  2,656
  2,837
  3,343
  3,898
  4,499
  5,146
  5,838
  6,574
  7,352
  8,172
  9,033
  9,936
  10,878
  11,861
  12,886
  13,952
  15,060
  16,212
  17,409
  18,653
  19,946
  21,290
  22,688
  24,142
  25,655
  27,230
  28,871
  30,582
  32,365
  34,226
  36,167
Adjusted assets (=assets-cash), $m
  2,378
  2,837
  3,343
  3,898
  4,499
  5,146
  5,838
  6,574
  7,352
  8,172
  9,033
  9,936
  10,878
  11,861
  12,886
  13,952
  15,060
  16,212
  17,409
  18,653
  19,946
  21,290
  22,688
  24,142
  25,655
  27,230
  28,871
  30,582
  32,365
  34,226
  36,167
Revenue / Adjusted assets
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
  0.887
Average production assets, $m
  601
  717
  845
  985
  1,137
  1,301
  1,476
  1,662
  1,859
  2,066
  2,284
  2,512
  2,750
  2,999
  3,257
  3,527
  3,807
  4,098
  4,401
  4,715
  5,042
  5,382
  5,735
  6,103
  6,485
  6,884
  7,299
  7,731
  8,182
  8,652
  9,143
Working capital, $m
  -540
  -586
  -691
  -806
  -930
  -1,064
  -1,207
  -1,359
  -1,519
  -1,689
  -1,867
  -2,053
  -2,248
  -2,451
  -2,663
  -2,883
  -3,112
  -3,351
  -3,598
  -3,855
  -4,122
  -4,400
  -4,689
  -4,989
  -5,302
  -5,628
  -5,967
  -6,320
  -6,689
  -7,073
  -7,475
Total debt, $m
  1,290
  1,410
  1,850
  2,330
  2,852
  3,413
  4,013
  4,650
  5,325
  6,036
  6,783
  7,565
  8,382
  9,235
  10,123
  11,047
  12,008
  13,007
  14,045
  15,123
  16,244
  17,410
  18,621
  19,882
  21,194
  22,560
  23,982
  25,465
  27,012
  28,625
  30,308
Total liabilities, $m
  2,339
  2,459
  2,899
  3,379
  3,901
  4,462
  5,062
  5,699
  6,374
  7,085
  7,832
  8,614
  9,431
  10,284
  11,172
  12,096
  13,057
  14,056
  15,094
  16,172
  17,293
  18,459
  19,670
  20,931
  22,243
  23,609
  25,031
  26,514
  28,061
  29,674
  31,357
Total equity, $m
  317
  377
  445
  518
  598
  684
  776
  874
  978
  1,087
  1,201
  1,321
  1,447
  1,578
  1,714
  1,856
  2,003
  2,156
  2,315
  2,481
  2,653
  2,832
  3,017
  3,211
  3,412
  3,622
  3,840
  4,067
  4,305
  4,552
  4,810
Total liabilities and equity, $m
  2,656
  2,836
  3,344
  3,897
  4,499
  5,146
  5,838
  6,573
  7,352
  8,172
  9,033
  9,935
  10,878
  11,862
  12,886
  13,952
  15,060
  16,212
  17,409
  18,653
  19,946
  21,291
  22,687
  24,142
  25,655
  27,231
  28,871
  30,581
  32,366
  34,226
  36,167
Debt-to-equity ratio
  4.069
  3.740
  4.160
  4.500
  4.770
  4.990
  5.170
  5.320
  5.450
  5.550
  5.650
  5.720
  5.790
  5.850
  5.910
  5.950
  6.000
  6.030
  6.070
  6.100
  6.120
  6.150
  6.170
  6.190
  6.210
  6.230
  6.250
  6.260
  6.280
  6.290
  6.300
Adjusted equity ratio
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -138
  -175
  -215
  -259
  -307
  -358
  -412
  -470
  -532
  -596
  -640
  -711
  -786
  -863
  -944
  -1,027
  -1,115
  -1,205
  -1,299
  -1,397
  -1,499
  -1,605
  -1,715
  -1,829
  -1,948
  -2,072
  -2,201
  -2,336
  -2,476
  -2,622
Depreciation, amort., depletion, $m
  95
  105
  120
  136
  153
  172
  192
  213
  235
  259
  283
  285
  312
  341
  370
  401
  433
  466
  500
  536
  573
  612
  652
  694
  737
  782
  829
  879
  930
  983
  1,039
Funds from operations, $m
  -16
  -33
  -55
  -79
  -106
  -135
  -166
  -200
  -235
  -273
  -313
  -355
  -399
  -445
  -493
  -543
  -595
  -649
  -705
  -763
  -824
  -887
  -953
  -1,021
  -1,092
  -1,166
  -1,242
  -1,322
  -1,406
  -1,493
  -1,583
Change in working capital, $m
  -26
  -95
  -105
  -115
  -124
  -134
  -143
  -152
  -161
  -170
  -178
  -186
  -195
  -203
  -212
  -220
  -229
  -238
  -247
  -257
  -267
  -278
  -289
  -300
  -313
  -326
  -339
  -353
  -369
  -385
  -401
Cash from operations, $m
  10
  62
  50
  35
  18
  -1
  -23
  -48
  -75
  -104
  -135
  -169
  -204
  -242
  -281
  -323
  -366
  -411
  -458
  -506
  -557
  -609
  -664
  -721
  -779
  -840
  -903
  -969
  -1,037
  -1,108
  -1,182
Maintenance CAPEX, $m
  0
  -68
  -81
  -96
  -112
  -129
  -148
  -168
  -189
  -211
  -235
  -260
  -285
  -312
  -341
  -370
  -401
  -433
  -466
  -500
  -536
  -573
  -612
  -652
  -694
  -737
  -782
  -829
  -879
  -930
  -983
New CAPEX, $m
  -140
  -116
  -128
  -140
  -152
  -164
  -175
  -186
  -197
  -207
  -218
  -228
  -238
  -249
  -259
  -269
  -280
  -291
  -303
  -315
  -327
  -340
  -353
  -368
  -382
  -398
  -415
  -432
  -451
  -470
  -491
Cash from investing activities, $m
  -204
  -184
  -209
  -236
  -264
  -293
  -323
  -354
  -386
  -418
  -453
  -488
  -523
  -561
  -600
  -639
  -681
  -724
  -769
  -815
  -863
  -913
  -965
  -1,020
  -1,076
  -1,135
  -1,197
  -1,261
  -1,330
  -1,400
  -1,474
Free cash flow, $m
  -194
  -122
  -160
  -201
  -246
  -294
  -346
  -401
  -460
  -522
  -588
  -656
  -728
  -803
  -881
  -962
  -1,047
  -1,135
  -1,226
  -1,321
  -1,420
  -1,522
  -1,629
  -1,740
  -1,855
  -1,975
  -2,100
  -2,231
  -2,367
  -2,508
  -2,656
Issuance/(repayment) of debt, $m
  -183
  398
  439
  481
  521
  561
  600
  638
  675
  711
  747
  782
  817
  852
  888
  924
  961
  999
  1,038
  1,079
  1,121
  1,165
  1,212
  1,261
  1,312
  1,366
  1,423
  1,483
  1,546
  1,613
  1,684
Issuance/(repurchase) of shares, $m
  349
  198
  242
  289
  339
  393
  450
  510
  574
  641
  711
  760
  837
  916
  999
  1,085
  1,175
  1,268
  1,364
  1,465
  1,569
  1,678
  1,790
  1,908
  2,030
  2,157
  2,290
  2,428
  2,573
  2,723
  2,881
Cash from financing (excl. dividends), $m  
  167
  596
  681
  770
  860
  954
  1,050
  1,148
  1,249
  1,352
  1,458
  1,542
  1,654
  1,768
  1,887
  2,009
  2,136
  2,267
  2,402
  2,544
  2,690
  2,843
  3,002
  3,169
  3,342
  3,523
  3,713
  3,911
  4,119
  4,336
  4,565
Total cash flow (excl. dividends), $m
  -28
  474
  522
  569
  615
  660
  704
  747
  789
  830
  870
  886
  926
  966
  1,006
  1,047
  1,089
  1,132
  1,176
  1,222
  1,270
  1,321
  1,373
  1,429
  1,487
  1,548
  1,613
  1,681
  1,752
  1,828
  1,908
Retained Cash Flow (-), $m
  -441
  -198
  -242
  -289
  -339
  -393
  -450
  -510
  -574
  -641
  -711
  -760
  -837
  -916
  -999
  -1,085
  -1,175
  -1,268
  -1,364
  -1,465
  -1,569
  -1,678
  -1,790
  -1,908
  -2,030
  -2,157
  -2,290
  -2,428
  -2,573
  -2,723
  -2,881
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
 
  276
  280
  280
  276
  267
  254
  236
  215
  189
  159
  126
  89
  50
  7
  -38
  -86
  -136
  -188
  -242
  -299
  -357
  -417
  -479
  -543
  -609
  -678
  -748
  -820
  -895
  -973
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  249
  226
  200
  172
  144
  117
  92
  69
  50
  34
  21
  12
  5
  1
  -2
  -3
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.9
  86.1
  79.8
  73.9
  68.4
  63.3
  58.6
  54.3
  50.2
  46.5
  43.2
  40.1
  37.2
  34.5
  32.0
  29.7
  27.6
  25.6
  23.8
  22.1
  20.5
  19.0
  17.7
  16.4
  15.2
  14.1
  13.1
  12.2
  11.3
  10.5

Azul SA is a Brazil-based company engaged in the provision of passenger transportation services. The Company primarily acts as an airline operator under the Azul brand name. The Company provides scheduled flights between numerous cities in Brazil, including Sao Paulo, Brasilia, Rio de Janeiro, Belo Horizonte, Porto Alegre, Curitiba, Manaus, Cuiaba, Fortaleza and Salvador, among others. In addition, its air network comprises international routes to the Unites States, Europe and other Latin American countries. The Company also offers Azul Cargo Express, a scheduled cargo transport service with airport-to-airport and door-to-door delivery. It owns a number of subsidiaries, such as Azul Linhas Aereas Brasileiras SA and Tudo Azul SA.

FINANCIAL RATIOS  of  Azul ADR (AZUL)

Valuation Ratios
P/E Ratio -722
Price to Sales 13.7
Price to Book 91.1
Price to Tangible Book
Price to Cash Flow 2887.8
Price to Free Cash Flow -222.1
Growth Rates
Sales Growth Rate 6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -64.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 304.1%
Total Debt to Equity 406.9%
Interest Coverage 1
Management Effectiveness
Return On Assets -29.6%
Ret/ On Assets - 3 Yr. Avg. -12.5%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. -10.2%
Return On Equity -41.5%
Return On Equity - 3 Yr. Avg. -2857.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 32.5%
Gross Margin - 3 Yr. Avg. 31.2%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 2.2%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 3.1%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. -6.2%
Net Profit Margin -1.9%
Net Profit Margin - 3 Yr. Avg. -6.7%
Effective Tax Rate 766.7%
Eff/ Tax Rate - 3 Yr. Avg. 264%
Payout Ratio 0%

AZUL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZUL stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Azul ADR. The default revenue input number comes from 2016 income statement of Azul ADR. 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 AZUL stock valuation model: a) initial revenue growth rate of 19.3% 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 10.8%, whose default value for AZUL is calculated based on our internal credit rating of Azul ADR, 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 Azul ADR.
    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 AZUL stock the variable cost ratio is equal to 102.7%.

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 AZUL 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 7.4% for Azul ADR.

Corporate tax rate of 27% is the nominal tax rate for Azul ADR. 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 AZUL 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 AZUL are equal to 28.5%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Azul ADR 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 AZUL is equal to -23.3%. 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 - $317 million for Azul ADR - 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 106.282 million for Azul ADR 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 Azul ADR at the current share price and the inputted number of shares is $2.6 billion.

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Financial statements of AZUL
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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