Intrinsic value of Clean Harbors - CLH

Previous Close

$56.29

  Intrinsic Value

$23.10

stock screener

  Rating & Target

str. sell

-59%

  Value-price divergence*

+91%

Previous close

$56.29

 
Intrinsic value

$23.10

 
Up/down potential

-59%

 
Rating

str. sell

 
Value-price divergence*

+91%

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

We calculate the intrinsic value of CLH 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 3.3

 

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, %
  -15.88
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  2,755
  2,973
  3,199
  3,434
  3,678
  3,932
  4,196
  4,471
  4,756
  5,053
  5,363
  5,685
  6,021
  6,371
  6,737
  7,119
  7,517
  7,933
  8,368
  8,823
  9,299
  9,796
  10,317
  10,863
  11,434
  12,032
  12,659
  13,315
  14,003
  14,725
  15,481
Variable operating expenses, $m
 
  2,392
  2,571
  2,756
  2,949
  3,149
  3,358
  3,574
  3,800
  4,034
  4,278
  4,486
  4,751
  5,028
  5,316
  5,617
  5,932
  6,260
  6,604
  6,962
  7,338
  7,731
  8,142
  8,572
  9,023
  9,495
  9,989
  10,507
  11,050
  11,620
  12,217
Fixed operating expenses, $m
 
  472
  483
  495
  508
  520
  533
  547
  560
  574
  589
  604
  619
  634
  650
  666
  683
  700
  717
  735
  754
  773
  792
  812
  832
  853
  874
  896
  918
  941
  965
Total operating expenses, $m
  2,669
  2,864
  3,054
  3,251
  3,457
  3,669
  3,891
  4,121
  4,360
  4,608
  4,867
  5,090
  5,370
  5,662
  5,966
  6,283
  6,615
  6,960
  7,321
  7,697
  8,092
  8,504
  8,934
  9,384
  9,855
  10,348
  10,863
  11,403
  11,968
  12,561
  13,182
Operating income, $m
  86
  109
  145
  182
  221
  262
  305
  349
  396
  445
  496
  595
  651
  709
  771
  835
  902
  973
  1,047
  1,125
  1,207
  1,293
  1,384
  1,479
  1,579
  1,684
  1,795
  1,912
  2,035
  2,164
  2,300
EBITDA, $m
  373
  410
  465
  523
  583
  645
  710
  778
  849
  924
  1,001
  1,082
  1,166
  1,255
  1,347
  1,444
  1,545
  1,652
  1,763
  1,880
  2,003
  2,132
  2,267
  2,408
  2,557
  2,714
  2,878
  3,051
  3,233
  3,424
  3,624
Interest expense (income), $m
  89
  96
  109
  121
  134
  148
  162
  177
  192
  208
  224
  242
  260
  278
  298
  318
  339
  362
  385
  409
  434
  461
  488
  517
  548
  580
  613
  648
  684
  723
  763
Earnings before tax, $m
  9
  13
  36
  61
  87
  114
  143
  173
  204
  237
  271
  354
  391
  431
  473
  517
  563
  611
  662
  716
  773
  832
  895
  962
  1,031
  1,105
  1,182
  1,264
  1,350
  1,441
  1,537
Tax expense, $m
  49
  3
  10
  17
  24
  31
  39
  47
  55
  64
  73
  95
  106
  116
  128
  140
  152
  165
  179
  193
  209
  225
  242
  260
  278
  298
  319
  341
  365
  389
  415
Net income, $m
  -40
  9
  26
  45
  64
  84
  104
  126
  149
  173
  198
  258
  286
  315
  345
  377
  411
  446
  484
  523
  564
  608
  654
  702
  753
  807
  863
  923
  986
  1,052
  1,122

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  307
  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
  3,682
  3,643
  3,920
  4,208
  4,508
  4,819
  5,142
  5,479
  5,829
  6,193
  6,572
  6,967
  7,379
  7,808
  8,256
  8,724
  9,212
  9,722
  10,255
  10,813
  11,396
  12,005
  12,644
  13,312
  14,012
  14,745
  15,513
  16,318
  17,161
  18,045
  18,972
Adjusted assets (=assets-cash), $m
  3,375
  3,643
  3,920
  4,208
  4,508
  4,819
  5,142
  5,479
  5,829
  6,193
  6,572
  6,967
  7,379
  7,808
  8,256
  8,724
  9,212
  9,722
  10,255
  10,813
  11,396
  12,005
  12,644
  13,312
  14,012
  14,745
  15,513
  16,318
  17,161
  18,045
  18,972
Revenue / Adjusted assets
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
  0.816
Average production assets, $m
  2,076
  2,238
  2,409
  2,586
  2,770
  2,961
  3,160
  3,366
  3,581
  3,805
  4,038
  4,281
  4,534
  4,798
  5,073
  5,360
  5,660
  5,974
  6,301
  6,644
  7,002
  7,377
  7,769
  8,180
  8,610
  9,060
  9,532
  10,026
  10,545
  11,088
  11,657
Working capital, $m
  588
  303
  326
  350
  375
  401
  428
  456
  485
  515
  547
  580
  614
  650
  687
  726
  767
  809
  854
  900
  948
  999
  1,052
  1,108
  1,166
  1,227
  1,291
  1,358
  1,428
  1,502
  1,579
Total debt, $m
  1,633
  1,840
  2,054
  2,275
  2,506
  2,745
  2,995
  3,254
  3,523
  3,803
  4,095
  4,400
  4,717
  5,047
  5,392
  5,752
  6,128
  6,521
  6,931
  7,361
  7,810
  8,279
  8,771
  9,285
  9,824
  10,389
  10,980
  11,600
  12,249
  12,930
  13,643
Total liabilities, $m
  2,598
  2,805
  3,019
  3,240
  3,471
  3,710
  3,960
  4,219
  4,488
  4,768
  5,060
  5,365
  5,682
  6,012
  6,357
  6,717
  7,093
  7,486
  7,896
  8,326
  8,775
  9,244
  9,736
  10,250
  10,789
  11,354
  11,945
  12,565
  13,214
  13,895
  14,608
Total equity, $m
  1,084
  838
  902
  968
  1,037
  1,108
  1,183
  1,260
  1,341
  1,424
  1,512
  1,602
  1,697
  1,796
  1,899
  2,006
  2,119
  2,236
  2,359
  2,487
  2,621
  2,761
  2,908
  3,062
  3,223
  3,391
  3,568
  3,753
  3,947
  4,150
  4,364
Total liabilities and equity, $m
  3,682
  3,643
  3,921
  4,208
  4,508
  4,818
  5,143
  5,479
  5,829
  6,192
  6,572
  6,967
  7,379
  7,808
  8,256
  8,723
  9,212
  9,722
  10,255
  10,813
  11,396
  12,005
  12,644
  13,312
  14,012
  14,745
  15,513
  16,318
  17,161
  18,045
  18,972
Debt-to-equity ratio
  1.506
  2.200
  2.280
  2.350
  2.420
  2.480
  2.530
  2.580
  2.630
  2.670
  2.710
  2.750
  2.780
  2.810
  2.840
  2.870
  2.890
  2.920
  2.940
  2.960
  2.980
  3.000
  3.020
  3.030
  3.050
  3.060
  3.080
  3.090
  3.100
  3.120
  3.130
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  9
  26
  45
  64
  84
  104
  126
  149
  173
  198
  258
  286
  315
  345
  377
  411
  446
  484
  523
  564
  608
  654
  702
  753
  807
  863
  923
  986
  1,052
  1,122
Depreciation, amort., depletion, $m
  287
  301
  320
  340
  361
  383
  406
  429
  453
  479
  505
  486
  515
  545
  576
  609
  643
  679
  716
  755
  796
  838
  883
  930
  978
  1,030
  1,083
  1,139
  1,198
  1,260
  1,325
Funds from operations, $m
  231
  310
  347
  385
  425
  466
  510
  555
  602
  652
  703
  745
  801
  860
  922
  986
  1,054
  1,125
  1,200
  1,278
  1,360
  1,446
  1,536
  1,631
  1,731
  1,836
  1,946
  2,062
  2,184
  2,312
  2,447
Change in working capital, $m
  -29
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
Cash from operations, $m
  260
  288
  324
  361
  400
  441
  483
  527
  573
  621
  672
  712
  767
  824
  884
  947
  1,013
  1,083
  1,155
  1,231
  1,311
  1,395
  1,483
  1,576
  1,673
  1,775
  1,882
  1,995
  2,114
  2,238
  2,369
Maintenance CAPEX, $m
  0
  -236
  -254
  -274
  -294
  -315
  -336
  -359
  -383
  -407
  -432
  -459
  -486
  -515
  -545
  -576
  -609
  -643
  -679
  -716
  -755
  -796
  -838
  -883
  -930
  -978
  -1,030
  -1,083
  -1,139
  -1,198
  -1,260
New CAPEX, $m
  -222
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -243
  -253
  -264
  -275
  -287
  -300
  -313
  -328
  -342
  -358
  -375
  -392
  -411
  -430
  -450
  -472
  -494
  -518
  -543
  -570
Cash from investing activities, $m
  -362
  -399
  -424
  -451
  -478
  -506
  -535
  -566
  -598
  -631
  -665
  -702
  -739
  -779
  -820
  -863
  -909
  -956
  -1,007
  -1,058
  -1,113
  -1,171
  -1,230
  -1,294
  -1,360
  -1,428
  -1,502
  -1,577
  -1,657
  -1,741
  -1,830
Free cash flow, $m
  -102
  -111
  -101
  -90
  -78
  -65
  -52
  -39
  -24
  -9
  6
  10
  27
  45
  64
  84
  104
  126
  149
  173
  198
  225
  253
  282
  313
  346
  381
  418
  456
  497
  540
Issuance/(repayment) of debt, $m
  251
  207
  213
  222
  231
  240
  249
  259
  269
  280
  292
  304
  317
  331
  345
  360
  376
  393
  411
  429
  449
  470
  492
  515
  539
  564
  591
  620
  649
  681
  714
Issuance/(repurchase) of shares, $m
  -24
  52
  37
  22
  5
  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  
  220
  259
  250
  244
  236
  240
  249
  259
  269
  280
  292
  304
  317
  331
  345
  360
  376
  393
  411
  429
  449
  470
  492
  515
  539
  564
  591
  620
  649
  681
  714
Total cash flow (excl. dividends), $m
  122
  148
  150
  154
  158
  174
  197
  220
  245
  271
  298
  314
  344
  376
  409
  444
  480
  519
  559
  602
  647
  694
  744
  797
  852
  911
  972
  1,037
  1,106
  1,178
  1,254
Retained Cash Flow (-), $m
  12
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
Prev. year cash balance distribution, $m
 
  307
  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
 
  394
  86
  87
  89
  103
  122
  143
  165
  187
  211
  223
  250
  277
  306
  336
  368
  402
  437
  474
  513
  554
  597
  643
  691
  742
  796
  852
  912
  974
  1,041
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  366
  74
  68
  63
  66
  70
  72
  72
  71
  68
  61
  57
  51
  46
  40
  34
  29
  23
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  97.9
  96.4
  95.7
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5
  95.5

Clean Harbors, Inc. is a provider of environmental, energy and industrial services throughout North America. The Company is also a re-refiner and recycler of used oil in the world and a provider of parts cleaning and related environmental services to commercial, industrial and automotive customers in North America. The Company operates in six segments: Technical Services, Industrial Services, Field Services, Safety-Kleen, Oil and Gas Field Services, and Lodging Services. The Company is also a service provider in the recovery and decontamination of pollutants. The Company provides services to protect the ozone layer from the effects of chlorofluorocarbons (CFCs). It offers brands, such as Performance Plus brand and green brand EcoPower. The Company also offers CleanPack services, which include the collection, identification and categorization, packaging, transportation and disposal of laboratory chemicals and household hazardous waste. It also provides hydro excavation services.

FINANCIAL RATIOS  of  Clean Harbors (CLH)

Valuation Ratios
P/E Ratio -80.6
Price to Sales 1.2
Price to Book 3
Price to Tangible Book
Price to Cash Flow 12.4
Price to Free Cash Flow 84.9
Growth Rates
Sales Growth Rate -15.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.3%
Cap. Spend. - 3 Yr. Gr. Rate -5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 150.6%
Total Debt to Equity 150.6%
Interest Coverage 1
Management Effectiveness
Return On Assets -12.2%
Ret/ On Assets - 3 Yr. Avg. -4.1%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -3.7%
Return On Equity - 3 Yr. Avg. -0.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 29.8%
Gross Margin - 3 Yr. Avg. 28.7%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 3.1%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 0.3%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin -1.5%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 544.4%
Eff/ Tax Rate - 3 Yr. Avg. 258.7%
Payout Ratio 0%

CLH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLH stock intrinsic value calculation we used $2755 million for the last fiscal year's total revenue generated by Clean Harbors. The default revenue input number comes from 2016 income statement of Clean Harbors. 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 CLH stock valuation model: a) initial revenue growth rate of 7.9% 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 7.7%, whose default value for CLH is calculated based on our internal credit rating of Clean Harbors, 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 Clean Harbors.
    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 CLH stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $460 million in the base year in the intrinsic value calculation for CLH 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 5.9% for Clean Harbors.

Corporate tax rate of 27% is the nominal tax rate for Clean Harbors. 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 CLH 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 CLH are equal to 75.3%.

Life of production assets of 8.8 years is the average useful life of capital assets used in Clean Harbors 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 CLH is equal to 10.2%. 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 - $1084 million for Clean Harbors - 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 58.377 million for Clean Harbors 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 Clean Harbors at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ Clean Harbors Inc (CLH): What Does It Mean For Your Portfolio?   [Sep-28-17 09:05AM  Simply Wall St.]
▶ What Does Clean Harbors Incs (CLH) Share Price Indicate?   [Sep-13-17 02:01PM  Simply Wall St.]
▶ [$$] Clean Harbors Gets Docked   [Aug-04-17 01:28PM  Barrons.com]
▶ Clean Harbors misses 2Q profit forecasts   [Aug-02-17 10:43PM  Associated Press]
▶ Clean Harbors Completes Acquisition of Lonestar West Inc.   [Jul-17-17 08:30AM  Business Wire]
▶ ETFs with exposure to Clean Harbors, Inc. : May 25, 2017   [May-25-17 12:36PM  Capital Cube]
▶ ETFs with exposure to Clean Harbors, Inc. : May 8, 2017   [May-08-17 04:18PM  Capital Cube]
▶ Clean Harbors reports 1Q loss   [May-03-17 07:56AM  Associated Press]
▶ Clean Harbors reports 4Q loss   [07:49AM  Associated Press]
▶ Here is What Hedge Funds Think About Clean Harbors Inc (CLH)   [Dec-09-16 01:26AM  at Insider Monkey]
Financial statements of CLH
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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