Intrinsic value of Balchem - BCPC

Previous Close

$83.83

  Intrinsic Value

$34.39

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

-36%

Previous close

$83.83

 
Intrinsic value

$34.39

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

-36%

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

We calculate the intrinsic value of BCPC 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 2.7

 

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, %
  0.18
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  553
  585
  619
  653
  690
  728
  768
  810
  853
  899
  946
  996
  1,049
  1,104
  1,161
  1,221
  1,284
  1,350
  1,420
  1,492
  1,569
  1,649
  1,732
  1,820
  1,913
  2,010
  2,111
  2,218
  2,330
  2,447
  2,571
Variable operating expenses, $m
 
  484
  509
  536
  563
  592
  622
  653
  686
  720
  756
  750
  789
  830
  874
  919
  966
  1,016
  1,068
  1,123
  1,180
  1,240
  1,304
  1,370
  1,439
  1,512
  1,589
  1,669
  1,753
  1,841
  1,934
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
  462
  484
  509
  536
  563
  592
  622
  653
  686
  720
  756
  750
  789
  830
  874
  919
  966
  1,016
  1,068
  1,123
  1,180
  1,240
  1,304
  1,370
  1,439
  1,512
  1,589
  1,669
  1,753
  1,841
  1,934
Operating income, $m
  91
  101
  109
  118
  127
  136
  146
  156
  167
  179
  190
  247
  260
  273
  287
  302
  318
  334
  351
  369
  388
  408
  429
  451
  474
  498
  523
  549
  577
  606
  636
EBITDA, $m
  137
  165
  175
  185
  195
  206
  217
  229
  241
  254
  268
  282
  297
  312
  328
  345
  363
  382
  401
  422
  444
  466
  490
  515
  541
  568
  597
  627
  659
  692
  727
Interest expense (income), $m
  7
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
Earnings before tax, $m
  83
  92
  100
  108
  116
  124
  133
  143
  152
  162
  173
  228
  240
  252
  265
  279
  293
  308
  323
  339
  356
  374
  393
  413
  433
  455
  478
  502
  527
  553
  581
Tax expense, $m
  27
  25
  27
  29
  31
  34
  36
  38
  41
  44
  47
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  157
Net income, $m
  56
  67
  73
  79
  84
  91
  97
  104
  111
  119
  126
  167
  175
  184
  194
  203
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  366
  385
  404
  424

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  949
  962
  1,017
  1,075
  1,135
  1,197
  1,263
  1,332
  1,403
  1,478
  1,557
  1,639
  1,725
  1,815
  1,910
  2,009
  2,112
  2,221
  2,335
  2,455
  2,580
  2,711
  2,849
  2,994
  3,146
  3,305
  3,472
  3,648
  3,832
  4,025
  4,228
Adjusted assets (=assets-cash), $m
  910
  962
  1,017
  1,075
  1,135
  1,197
  1,263
  1,332
  1,403
  1,478
  1,557
  1,639
  1,725
  1,815
  1,910
  2,009
  2,112
  2,221
  2,335
  2,455
  2,580
  2,711
  2,849
  2,994
  3,146
  3,305
  3,472
  3,648
  3,832
  4,025
  4,228
Revenue / Adjusted assets
  0.608
  0.608
  0.609
  0.607
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
Average production assets, $m
  304
  321
  340
  359
  379
  400
  422
  444
  468
  493
  520
  547
  576
  606
  637
  670
  705
  741
  779
  819
  861
  905
  951
  999
  1,050
  1,103
  1,159
  1,218
  1,279
  1,344
  1,411
Working capital, $m
  87
  88
  93
  98
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
  203
  213
  224
  235
  247
  260
  273
  287
  301
  317
  333
  349
  367
  386
Total debt, $m
  280
  268
  291
  316
  342
  369
  398
  427
  458
  491
  524
  560
  597
  636
  677
  720
  764
  811
  861
  912
  967
  1,023
  1,083
  1,145
  1,211
  1,280
  1,352
  1,428
  1,507
  1,591
  1,678
Total liabilities, $m
  428
  416
  439
  464
  490
  517
  546
  575
  606
  639
  672
  708
  745
  784
  825
  868
  912
  959
  1,009
  1,060
  1,115
  1,171
  1,231
  1,293
  1,359
  1,428
  1,500
  1,576
  1,655
  1,739
  1,826
Total equity, $m
  521
  547
  578
  610
  645
  680
  717
  756
  797
  840
  884
  931
  980
  1,031
  1,085
  1,141
  1,200
  1,262
  1,326
  1,394
  1,465
  1,540
  1,618
  1,701
  1,787
  1,877
  1,972
  2,072
  2,177
  2,286
  2,401
Total liabilities and equity, $m
  949
  963
  1,017
  1,074
  1,135
  1,197
  1,263
  1,331
  1,403
  1,479
  1,556
  1,639
  1,725
  1,815
  1,910
  2,009
  2,112
  2,221
  2,335
  2,454
  2,580
  2,711
  2,849
  2,994
  3,146
  3,305
  3,472
  3,648
  3,832
  4,025
  4,227
Debt-to-equity ratio
  0.537
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.530
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  67
  73
  79
  84
  91
  97
  104
  111
  119
  126
  167
  175
  184
  194
  203
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  366
  385
  404
  424
Depreciation, amort., depletion, $m
  46
  65
  66
  67
  68
  70
  71
  72
  74
  76
  77
  35
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
Funds from operations, $m
  113
  132
  139
  146
  153
  160
  168
  177
  185
  194
  204
  202
  212
  223
  234
  246
  259
  272
  286
  300
  315
  331
  348
  365
  384
  403
  423
  444
  467
  490
  514
Change in working capital, $m
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
Cash from operations, $m
  108
  127
  134
  140
  147
  155
  162
  170
  179
  187
  197
  194
  204
  215
  226
  237
  249
  262
  275
  289
  304
  319
  335
  352
  370
  388
  408
  428
  450
  472
  496
Maintenance CAPEX, $m
  0
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
New CAPEX, $m
  -24
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
Cash from investing activities, $m
  -134
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -60
  -64
  -67
  -71
  -74
  -78
  -81
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -146
  -154
Free cash flow, $m
  -26
  90
  95
  99
  104
  109
  115
  120
  126
  132
  139
  134
  140
  148
  155
  163
  172
  181
  190
  199
  210
  220
  231
  243
  255
  268
  281
  295
  310
  326
  342
Issuance/(repayment) of debt, $m
  -17
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
Issuance/(repurchase) of shares, $m
  6
  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  
  -8
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  83
  88
Total cash flow (excl. dividends), $m
  -35
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  169
  178
  187
  196
  206
  217
  228
  239
  251
  264
  277
  291
  305
  321
  337
  354
  371
  390
  409
  430
Retained Cash Flow (-), $m
  -57
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -115
Prev. year cash balance distribution, $m
 
  4
  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
 
  87
  87
  92
  96
  101
  106
  111
  116
  122
  128
  122
  129
  136
  143
  150
  158
  166
  174
  183
  193
  202
  213
  223
  234
  246
  259
  272
  285
  300
  314
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  83
  78
  77
  76
  74
  72
  69
  66
  63
  59
  50
  46
  42
  38
  34
  31
  27
  23
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
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

Balchem Corporation is engaged in the development, manufacture and marketing of specialty performance ingredients and products for the food, nutritional, feed, pharmaceutical, medical sterilization and industrial markets. The Company operates in four segments: Human Nutrition & Health, Animal Nutrition & Health, Specialty Products and Industrial Products. The Human Nutrition & Health segment supplies ingredients in the food and beverage industry, providing solutions in powder, solid and liquid flavor delivery systems, spray dried emulsified powder systems and cereal systems. The Animal Nutrition & Health segment provides nutritional products derived from its microencapsulation and chelation technologies in addition to basic choline chloride. The Specialty Products segment sells ethylene oxide as a sterilant gas primarily for use in the healthcare industry. The Industrial Products segment includes the manufacture and sale of methylamines.

FINANCIAL RATIOS  of  Balchem (BCPC)

Valuation Ratios
P/E Ratio 47.5
Price to Sales 4.8
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 24.7
Price to Free Cash Flow 31.7
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -42.9%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47%
Total Debt to Equity 53.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 11.4%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 29.9%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 23.2%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 15%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 10.1%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.6%
Payout Ratio 19.6%

BCPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BCPC stock intrinsic value calculation we used $553 million for the last fiscal year's total revenue generated by Balchem. The default revenue input number comes from 2016 income statement of Balchem. 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 BCPC stock valuation model: a) initial revenue growth rate of 5.8% 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 5.2%, whose default value for BCPC is calculated based on our internal credit rating of Balchem, 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 Balchem.
    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 BCPC stock the variable cost ratio is equal to 83.2%.

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 BCPC 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 Balchem.

Corporate tax rate of 27% is the nominal tax rate for Balchem. 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 BCPC 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 BCPC are equal to 54.9%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Balchem 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 BCPC is equal to 15%. 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 - $521 million for Balchem - 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 32.072 million for Balchem 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 Balchem at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Balchem Corp. : October 10, 2017   [Oct-10-17 11:02AM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : September 26, 2017   [Sep-26-17 10:43AM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : September 12, 2017   [Sep-11-17 09:32PM  Capital Cube]
▶ Blachem posts 2Q profit   [Aug-04-17 10:21PM  Associated Press]
▶ ETFs with exposure to Balchem Corp. : July 4, 2017   [Jul-04-17 02:38PM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : June 22, 2017   [Jun-22-17 03:25PM  Capital Cube]
▶ Balchem Reports Record Earnings in First Quarter   [May-09-17 02:13PM  Motley Fool]
▶ Blachem posts 1Q profit   [10:11AM  Associated Press]
▶ Balchem Corp. Value Analysis (NASDAQ:BCPC) : May 3, 2017   [May-03-17 04:35PM  Capital Cube]
▶ ETFs with exposure to Balchem Corp. : April 19, 2017   [Apr-19-17 02:12PM  Capital Cube]
▶ Health Products Drive Balchem Corporation's Growth   [Mar-01-17 03:43PM  Motley Fool]
▶ Blachem posts 4Q profit   [08:23AM  Associated Press]
▶ 3 Stocks That Turned $10,000 Into at Least $3.68 Million   [Feb-13-17 12:03PM  Motley Fool]
▶ [$$] LBO Focus: Private Equity Whets Appetite for Ingredients Deals   [Feb-01-17 09:24AM  at The Wall Street Journal]
▶ Balchem Corporation Announces Dividend   [11:29AM  GlobeNewswire]
▶ Is Finisar Corporation (FNSR) A Good Stock To Buy?   [Nov-30-16 03:40PM  at Insider Monkey]
▶ Do Hedge Funds Love KBR, Inc. (KBR)?   [Nov-28-16 08:38AM  at Insider Monkey]
▶ Balchem Corporation Sees Steady Health and Nutrition Growth   [Nov-08-16 11:06AM  at Motley Fool]
Financial statements of BCPC
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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