Intrinsic value of Brooks Automation - BRKS

Previous Close

$32.34

  Intrinsic Value

$1.26

stock screener

  Rating & Target

str. sell

-96%

Previous close

$32.34

 
Intrinsic value

$1.26

 
Up/down potential

-96%

 
Rating

str. sell

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

We calculate the intrinsic value of BRKS 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 2.3

 

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, %
  1.27
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
Revenue, $m
  560
  689
  835
  998
  1,179
  1,377
  1,593
  1,825
  2,073
  2,337
  2,617
  2,912
  3,222
  3,547
  3,887
  4,241
  4,611
  4,995
  5,395
  5,810
  6,242
  6,691
  7,157
  7,642
  8,146
  8,670
  9,215
  9,783
  10,375
  10,991
  11,634
Variable operating expenses, $m
 
  663
  800
  953
  1,121
  1,307
  1,508
  1,724
  1,956
  2,203
  2,464
  2,720
  3,009
  3,313
  3,630
  3,961
  4,306
  4,665
  5,038
  5,426
  5,829
  6,249
  6,684
  7,137
  7,607
  8,097
  8,606
  9,137
  9,689
  10,265
  10,865
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
  556
  663
  800
  953
  1,121
  1,307
  1,508
  1,724
  1,956
  2,203
  2,464
  2,720
  3,009
  3,313
  3,630
  3,961
  4,306
  4,665
  5,038
  5,426
  5,829
  6,249
  6,684
  7,137
  7,607
  8,097
  8,606
  9,137
  9,689
  10,265
  10,865
Operating income, $m
  4
  25
  35
  46
  58
  71
  85
  100
  117
  134
  153
  192
  213
  234
  257
  280
  305
  330
  356
  384
  412
  442
  473
  505
  538
  573
  609
  646
  685
  726
  769
EBITDA, $m
  32
  60
  73
  87
  103
  120
  139
  159
  181
  204
  228
  254
  281
  309
  339
  370
  402
  435
  470
  507
  544
  583
  624
  666
  710
  756
  803
  853
  905
  958
  1,014
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  7
  9
  10
  13
  15
  17
  19
  22
  25
  27
  30
  33
  37
  40
  43
  47
  51
  55
  59
  63
  67
  72
  76
  81
  86
Earnings before tax, $m
  4
  25
  34
  43
  54
  66
  78
  92
  106
  122
  138
  175
  193
  212
  232
  253
  274
  297
  320
  344
  369
  395
  422
  450
  480
  510
  542
  575
  609
  645
  682
Tax expense, $m
  76
  7
  9
  12
  15
  18
  21
  25
  29
  33
  37
  47
  52
  57
  63
  68
  74
  80
  86
  93
  100
  107
  114
  122
  130
  138
  146
  155
  165
  174
  184
Net income, $m
  -69
  18
  25
  32
  39
  48
  57
  67
  78
  89
  101
  128
  141
  155
  169
  185
  200
  216
  233
  251
  269
  288
  308
  329
  350
  372
  396
  420
  445
  471
  498

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  85
  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
  686
  739
  896
  1,071
  1,265
  1,478
  1,709
  1,958
  2,224
  2,508
  2,808
  3,125
  3,457
  3,806
  4,171
  4,551
  4,947
  5,359
  5,788
  6,234
  6,697
  7,179
  7,679
  8,199
  8,740
  9,302
  9,888
  10,497
  11,132
  11,793
  12,483
Adjusted assets (=assets-cash), $m
  601
  739
  896
  1,071
  1,265
  1,478
  1,709
  1,958
  2,224
  2,508
  2,808
  3,125
  3,457
  3,806
  4,171
  4,551
  4,947
  5,359
  5,788
  6,234
  6,697
  7,179
  7,679
  8,199
  8,740
  9,302
  9,888
  10,497
  11,132
  11,793
  12,483
Revenue / Adjusted assets
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
  0.932
Average production assets, $m
  117
  144
  174
  209
  246
  288
  333
  381
  433
  488
  547
  609
  673
  741
  812
  886
  964
  1,044
  1,127
  1,214
  1,305
  1,398
  1,496
  1,597
  1,702
  1,812
  1,926
  2,045
  2,168
  2,297
  2,432
Working capital, $m
  179
  116
  140
  168
  198
  231
  268
  307
  348
  393
  440
  489
  541
  596
  653
  713
  775
  839
  906
  976
  1,049
  1,124
  1,202
  1,284
  1,368
  1,457
  1,548
  1,644
  1,743
  1,847
  1,955
Total debt, $m
  0
  31
  65
  104
  146
  193
  244
  299
  357
  420
  486
  555
  629
  705
  786
  869
  956
  1,047
  1,141
  1,239
  1,341
  1,447
  1,557
  1,672
  1,791
  1,915
  2,043
  2,177
  2,317
  2,463
  2,614
Total liabilities, $m
  132
  163
  197
  236
  278
  325
  376
  431
  489
  552
  618
  687
  761
  837
  918
  1,001
  1,088
  1,179
  1,273
  1,371
  1,473
  1,579
  1,689
  1,804
  1,923
  2,047
  2,175
  2,309
  2,449
  2,595
  2,746
Total equity, $m
  554
  576
  699
  835
  987
  1,153
  1,333
  1,527
  1,735
  1,956
  2,190
  2,437
  2,697
  2,969
  3,253
  3,550
  3,859
  4,180
  4,515
  4,863
  5,224
  5,599
  5,990
  6,395
  6,817
  7,256
  7,712
  8,188
  8,683
  9,199
  9,737
Total liabilities and equity, $m
  686
  739
  896
  1,071
  1,265
  1,478
  1,709
  1,958
  2,224
  2,508
  2,808
  3,124
  3,458
  3,806
  4,171
  4,551
  4,947
  5,359
  5,788
  6,234
  6,697
  7,178
  7,679
  8,199
  8,740
  9,303
  9,887
  10,497
  11,132
  11,794
  12,483
Debt-to-equity ratio
  0.000
  0.050
  0.090
  0.120
  0.150
  0.170
  0.180
  0.200
  0.210
  0.210
  0.220
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
Adjusted equity ratio
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -69
  18
  25
  32
  39
  48
  57
  67
  78
  89
  101
  128
  141
  155
  169
  185
  200
  216
  233
  251
  269
  288
  308
  329
  350
  372
  396
  420
  445
  471
  498
Depreciation, amort., depletion, $m
  28
  35
  38
  41
  45
  49
  54
  59
  64
  70
  75
  61
  68
  75
  82
  90
  97
  105
  114
  123
  132
  141
  151
  161
  172
  183
  195
  207
  219
  232
  246
Funds from operations, $m
  40
  53
  63
  73
  85
  97
  111
  126
  142
  158
  176
  190
  209
  230
  252
  274
  298
  322
  347
  374
  401
  430
  459
  490
  522
  555
  590
  626
  664
  703
  744
Change in working capital, $m
  0
  22
  25
  27
  30
  33
  36
  39
  42
  44
  47
  50
  52
  55
  57
  60
  62
  65
  67
  70
  73
  75
  78
  81
  85
  88
  92
  95
  99
  104
  108
Cash from operations, $m
  40
  32
  38
  46
  54
  64
  75
  87
  100
  114
  129
  140
  157
  175
  194
  214
  235
  257
  280
  304
  329
  354
  381
  409
  437
  467
  498
  531
  564
  599
  636
Maintenance CAPEX, $m
  0
  -12
  -15
  -18
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -61
  -68
  -75
  -82
  -90
  -97
  -105
  -114
  -123
  -132
  -141
  -151
  -161
  -172
  -183
  -195
  -207
  -219
  -232
New CAPEX, $m
  -13
  -27
  -31
  -34
  -38
  -41
  -45
  -48
  -52
  -55
  -58
  -62
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -97
  -101
  -105
  -110
  -114
  -119
  -124
  -129
  -134
Cash from investing activities, $m
  -11
  -39
  -46
  -52
  -59
  -66
  -74
  -82
  -91
  -99
  -107
  -117
  -126
  -136
  -146
  -156
  -167
  -177
  -189
  -201
  -213
  -226
  -238
  -252
  -266
  -282
  -297
  -314
  -331
  -348
  -366
Free cash flow, $m
  29
  -7
  -7
  -6
  -5
  -2
  1
  5
  9
  15
  21
  23
  31
  39
  49
  58
  69
  80
  91
  103
  116
  129
  142
  156
  171
  186
  201
  218
  234
  252
  269
Issuance/(repayment) of debt, $m
  0
  31
  34
  39
  43
  47
  51
  55
  59
  62
  66
  70
  73
  77
  80
  84
  87
  91
  94
  98
  102
  106
  110
  114
  119
  124
  129
  134
  140
  146
  152
Issuance/(repurchase) of shares, $m
  2
  89
  97
  105
  112
  118
  123
  127
  130
  132
  133
  119
  118
  117
  115
  112
  109
  105
  101
  97
  92
  87
  82
  77
  72
  66
  61
  56
  50
  45
  40
Cash from financing (excl. dividends), $m  
  2
  120
  131
  144
  155
  165
  174
  182
  189
  194
  199
  189
  191
  194
  195
  196
  196
  196
  195
  195
  194
  193
  192
  191
  191
  190
  190
  190
  190
  191
  192
Total cash flow (excl. dividends), $m
  32
  112
  125
  137
  150
  162
  175
  187
  198
  210
  221
  212
  222
  233
  244
  254
  265
  276
  287
  298
  310
  322
  334
  348
  361
  376
  391
  407
  424
  442
  461
Retained Cash Flow (-), $m
  78
  -107
  -122
  -137
  -151
  -166
  -180
  -194
  -208
  -221
  -234
  -247
  -260
  -272
  -284
  -297
  -309
  -322
  -335
  -348
  -361
  -376
  -390
  -406
  -422
  -439
  -457
  -475
  -495
  -516
  -538
Prev. year cash balance distribution, $m
 
  85
  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
 
  90
  3
  1
  -1
  -4
  -6
  -8
  -10
  -11
  -13
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
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
 
  86
  2
  1
  -1
  -3
  -4
  -5
  -6
  -7
  -7
  -17
  -16
  -15
  -14
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  95.6
  91.7
  88.5
  85.7
  83.2
  81.1
  79.2
  77.6
  76.2
  74.9
  74.0
  73.1
  72.3
  71.6
  71.0
  70.5
  70.0
  69.6
  69.3
  68.9
  68.7
  68.4
  68.2
  68.0
  67.9
  67.7
  67.6
  67.5
  67.4
  67.3

Brooks Automation, Inc. is a provider of automation and cryogenic solutions for various applications and markets. The Company operates through two segments: Brooks Semiconductor Solutions Group and Brooks Life Science Systems. The Brooks Semiconductor Solutions Group segment offers critical automated transport, vacuum and contamination controls solutions and services. Its product offerings include robots and integrated automation systems for handling of substrates. It is also a provider of cryogenic components to create vacuum and thermal stability within critical operating environments in the manufacturing process. It also offers equipment for automated contamination control, conditioning and metrology solutions for wafer and reticle carriers. The Brooks Life Science Systems segment offers sample life cycle management solutions that provide life science and bioscience customers with a range of sample management solutions for scientific research and support drug development.

FINANCIAL RATIOS  of  Brooks Automation (BRKS)

Valuation Ratios
P/E Ratio -32.2
Price to Sales 4
Price to Book 4
Price to Tangible Book
Price to Cash Flow 55.6
Price to Free Cash Flow 82.4
Growth Rates
Sales Growth Rate 1.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.8%
Cap. Spend. - 3 Yr. Gr. Rate 26.6%
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 -9.6%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -11.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.5%
Return On Equity -11.6%
Return On Equity - 3 Yr. Avg. -1.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 35.4%
Gross Margin - 3 Yr. Avg. 34.8%
EBITDA Margin 5.7%
EBITDA Margin - 3 Yr. Avg. 5.9%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 1.1%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin -12.3%
Net Profit Margin - 3 Yr. Avg. -1.1%
Effective Tax Rate 1900%
Eff/ Tax Rate - 3 Yr. Avg. 674.1%
Payout Ratio -40.6%

BRKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BRKS stock intrinsic value calculation we used $560 million for the last fiscal year's total revenue generated by Brooks Automation. The default revenue input number comes from 2016 income statement of Brooks Automation. 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 BRKS stock valuation model: a) initial revenue growth rate of 23% 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 BRKS is calculated based on our internal credit rating of Brooks Automation, 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 Brooks Automation.
    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 BRKS stock the variable cost ratio is equal to 97%.

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 BRKS 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 Brooks Automation.

Corporate tax rate of 27% is the nominal tax rate for Brooks Automation. 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 BRKS 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 BRKS are equal to 20.9%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Brooks Automation 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 BRKS is equal to 16.8%. 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 - $554 million for Brooks Automation - 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 69.825 million for Brooks Automation 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 Brooks Automation at the current share price and the inputted number of shares is $2.3 billion.

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COMPANY NEWS

▶ 3 Chip Equipment Makers In Buy Range, Touching New Highs   [Oct-03-17 04:02PM  Investor's Business Daily]
▶ Brooks tops Street 3Q forecasts   [Aug-02-17 10:55PM  Associated Press]
▶ MKS Instruments Initiated At Buy; Chip Gear Mergers Heat Up   [Jul-06-17 04:28PM  Investor's Business Daily]
▶ Top Stock Picks for the Week of June 12th   [Jun-12-17 01:51PM  Zacks]
▶ Robotics index soaring   [Jun-07-17 09:49AM  CNBC Videos]
▶ Bull of the Day: Brooks Automation (BRKS)   [May-31-17 07:00AM  Zacks]
▶ MKS Instruments Gets Price-Target Hikes On Beat-And-Raise Q1   [Apr-28-17 04:18PM  Investor's Business Daily]
▶ Brooks tops Street 2Q forecasts   [Apr-27-17 07:18PM  Associated Press]
▶ 5 Top Stocks to Blossom Heading into April   [Mar-31-17 10:05AM  Zacks]
▶ 3 Market-Beating Growth Stocks   [01:04PM  Zacks]
▶ Columbus McKinnon Names New Chief Executive Officer   [Feb-28-17 04:15PM  GlobeNewswire]
▶ Bigger Upside Move Seen for Brooks Automation   [Feb-21-17 02:42PM  TheStreet.com]
▶ Trump Loving ETFs & Stocks for Valentine's Day   [Feb-14-17 10:31AM  Zacks]
▶ Why Brooks Automation, Inc's Shares Popped 19% Today   [Feb-02-17 04:49PM  at Motley Fool]
▶ Brooks tops Street 1Q forecasts   [Feb-01-17 05:14PM  AP]
Financial statements of BRKS
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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