Intrinsic value of Cutera - CUTR

Previous Close

$47.40

  Intrinsic Value

$126.84

stock screener

  Rating & Target

str. buy

+168%

Previous close

$47.40

 
Intrinsic value

$126.84

 
Up/down potential

+168%

 
Rating

str. buy

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

We calculate the intrinsic value of CUTR 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 0.7

 

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, %
  24.21
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  118
  157
  205
  263
  330
  408
  496
  595
  706
  827
  959
  1,102
  1,255
  1,418
  1,590
  1,773
  1,965
  2,166
  2,377
  2,597
  2,826
  3,064
  3,312
  3,570
  3,838
  4,117
  4,406
  4,707
  5,020
  5,345
  5,684
Variable operating expenses, $m
 
  116
  151
  193
  243
  300
  365
  438
  520
  609
  706
  811
  924
  1,044
  1,171
  1,305
  1,446
  1,595
  1,750
  1,911
  2,080
  2,256
  2,438
  2,628
  2,826
  3,031
  3,244
  3,465
  3,695
  3,935
  4,184
Fixed operating expenses, $m
 
  31
  32
  32
  33
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
Total operating expenses, $m
  116
  147
  183
  225
  276
  334
  400
  474
  557
  646
  744
  850
  964
  1,085
  1,213
  1,348
  1,491
  1,641
  1,797
  1,959
  2,129
  2,306
  2,490
  2,681
  2,880
  3,087
  3,301
  3,523
  3,755
  3,996
  4,247
Operating income, $m
  2
  11
  23
  37
  54
  73
  96
  121
  150
  181
  215
  251
  291
  333
  377
  424
  474
  526
  580
  637
  696
  758
  822
  889
  958
  1,031
  1,106
  1,184
  1,265
  1,349
  1,437
EBITDA, $m
  3
  11
  23
  38
  55
  75
  97
  123
  152
  183
  217
  254
  294
  336
  381
  429
  479
  532
  586
  644
  704
  766
  831
  898
  968
  1,041
  1,117
  1,196
  1,278
  1,363
  1,452
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  3
  4
  5
  7
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  39
  42
  45
  48
Earnings before tax, $m
  3
  11
  22
  36
  52
  72
  93
  118
  145
  175
  208
  244
  282
  322
  365
  411
  459
  509
  561
  616
  674
  733
  795
  860
  927
  996
  1,069
  1,144
  1,222
  1,304
  1,389
Tax expense, $m
  0
  3
  6
  10
  14
  19
  25
  32
  39
  47
  56
  66
  76
  87
  99
  111
  124
  137
  152
  166
  182
  198
  215
  232
  250
  269
  289
  309
  330
  352
  375
Net income, $m
  3
  8
  16
  26
  38
  52
  68
  86
  106
  128
  152
  178
  206
  235
  267
  300
  335
  372
  410
  450
  492
  535
  580
  628
  676
  727
  780
  835
  892
  952
  1,014

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  92
  51
  66
  85
  106
  131
  160
  192
  227
  266
  309
  355
  404
  457
  512
  571
  633
  698
  765
  836
  910
  987
  1,067
  1,150
  1,236
  1,326
  1,419
  1,516
  1,617
  1,722
  1,831
Adjusted assets (=assets-cash), $m
  38
  51
  66
  85
  106
  131
  160
  192
  227
  266
  309
  355
  404
  457
  512
  571
  633
  698
  765
  836
  910
  987
  1,067
  1,150
  1,236
  1,326
  1,419
  1,516
  1,617
  1,722
  1,831
Revenue / Adjusted assets
  3.105
  3.078
  3.106
  3.094
  3.113
  3.115
  3.100
  3.099
  3.110
  3.109
  3.104
  3.104
  3.106
  3.103
  3.105
  3.105
  3.104
  3.103
  3.107
  3.106
  3.105
  3.104
  3.104
  3.104
  3.105
  3.105
  3.105
  3.105
  3.105
  3.104
  3.104
Average production assets, $m
  2
  2
  3
  3
  4
  5
  6
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
  40
  43
  46
  50
  54
  57
  61
  65
  69
  74
Working capital, $m
  60
  8
  10
  13
  17
  21
  25
  30
  36
  42
  49
  56
  64
  72
  81
  90
  100
  110
  121
  132
  144
  156
  169
  182
  196
  210
  225
  240
  256
  273
  290
Total debt, $m
  0
  10
  23
  38
  56
  76
  99
  125
  154
  186
  221
  259
  299
  342
  387
  435
  485
  538
  594
  651
  712
  774
  839
  907
  978
  1,051
  1,127
  1,206
  1,288
  1,374
  1,463
Total liabilities, $m
  31
  41
  54
  69
  87
  107
  130
  156
  185
  217
  252
  290
  330
  373
  418
  466
  516
  569
  625
  682
  743
  805
  870
  938
  1,009
  1,082
  1,158
  1,237
  1,319
  1,405
  1,494
Total equity, $m
  61
  9
  12
  16
  20
  24
  29
  35
  42
  49
  57
  65
  74
  84
  94
  105
  116
  128
  141
  154
  167
  182
  196
  212
  227
  244
  261
  279
  297
  317
  337
Total liabilities and equity, $m
  92
  50
  66
  85
  107
  131
  159
  191
  227
  266
  309
  355
  404
  457
  512
  571
  632
  697
  766
  836
  910
  987
  1,066
  1,150
  1,236
  1,326
  1,419
  1,516
  1,616
  1,722
  1,831
Debt-to-equity ratio
  0.000
  1.110
  1.890
  2.440
  2.850
  3.150
  3.380
  3.560
  3.690
  3.800
  3.890
  3.960
  4.020
  4.070
  4.110
  4.140
  4.170
  4.190
  4.210
  4.230
  4.250
  4.260
  4.280
  4.290
  4.300
  4.310
  4.320
  4.320
  4.330
  4.340
  4.340
Adjusted equity ratio
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184
  0.184

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  8
  16
  26
  38
  52
  68
  86
  106
  128
  152
  178
  206
  235
  267
  300
  335
  372
  410
  450
  492
  535
  580
  628
  676
  727
  780
  835
  892
  952
  1,014
Depreciation, amort., depletion, $m
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
Funds from operations, $m
  -3
  8
  17
  27
  39
  53
  70
  88
  108
  130
  154
  181
  209
  239
  271
  304
  340
  377
  416
  457
  499
  543
  589
  637
  686
  738
  792
  847
  905
  966
  1,028
Change in working capital, $m
  -5
  2
  2
  3
  3
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
Cash from operations, $m
  2
  6
  14
  24
  36
  49
  65
  83
  102
  124
  148
  173
  201
  231
  262
  295
  330
  367
  405
  445
  487
  531
  576
  624
  673
  724
  777
  832
  889
  949
  1,011
Maintenance CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -3
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -14
  -15
  -15
  -16
  -17
  -18
Free cash flow, $m
  -1
  5
  13
  23
  34
  48
  63
  80
  99
  121
  144
  169
  196
  225
  256
  289
  323
  359
  397
  436
  478
  521
  565
  612
  660
  710
  762
  817
  873
  932
  993
Issuance/(repayment) of debt, $m
  0
  10
  13
  15
  18
  20
  23
  26
  29
  32
  35
  37
  40
  43
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
Issuance/(repurchase) of shares, $m
  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
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  4
  10
  13
  15
  18
  20
  23
  26
  29
  32
  35
  37
  40
  43
  45
  48
  50
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
Total cash flow (excl. dividends), $m
  3
  16
  26
  38
  52
  68
  86
  106
  128
  152
  179
  207
  236
  268
  301
  337
  373
  412
  452
  494
  538
  583
  630
  679
  730
  783
  839
  896
  955
  1,017
  1,082
Retained Cash Flow (-), $m
  -11
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
Prev. year cash balance distribution, $m
 
  54
  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
 
  67
  23
  35
  48
  63
  81
  100
  122
  145
  171
  198
  227
  258
  291
  326
  362
  400
  440
  481
  524
  569
  616
  664
  715
  767
  821
  878
  937
  998
  1,062
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
 
  65
  21
  30
  40
  49
  59
  68
  76
  83
  90
  94
  97
  98
  98
  96
  92
  87
  81
  74
  67
  59
  51
  44
  36
  30
  24
  19
  14
  11
  8
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

Cutera, Inc. is a medical device company. The Company is engaged in the design, development, manufacture, marketing and servicing of laser and other energy-based aesthetics systems for practitioners across the world. The Company offers products based on product platforms, such as enlighten, excel HR, truSculpt, excel V and xeo, each of which enables physicians and other practitioners to perform aesthetic procedures for customers. Each of its laser and other energy-based platforms consists of one or more hand pieces and a console that incorporates a universal graphical user interface, a laser or other energy-based module, control system software and high voltage electronics. The Company also offers products, such as CoolGlide that includes CV, Excel and Vantage; Solera that includes Titan S, ProWave 770, OPS 600, LP560, AcuTip 500, Titan V/XL and LimeLight, and a third-party sourced system, myQ for the Japanese market.

FINANCIAL RATIOS  of  Cutera (CUTR)

Valuation Ratios
P/E Ratio 217.6
Price to Sales 5.5
Price to Book 10.7
Price to Tangible Book
Price to Cash Flow 326.3
Price to Free Cash Flow 652.7
Growth Rates
Sales Growth Rate 24.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 0%
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 3.5%
Ret/ On Assets - 3 Yr. Avg. -3.6%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. -4.7%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. -4.7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 57.6%
Gross Margin - 3 Yr. Avg. 56.5%
EBITDA Margin 3.4%
EBITDA Margin - 3 Yr. Avg. -3.8%
Operating Margin 1.7%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. -4.8%
Net Profit Margin 2.5%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -3.3%
Payout Ratio 0%

CUTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUTR stock intrinsic value calculation we used $118 million for the last fiscal year's total revenue generated by Cutera. The default revenue input number comes from 2016 income statement of Cutera. 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 CUTR stock valuation model: a) initial revenue growth rate of 33.3% 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 4.3%, whose default value for CUTR is calculated based on our internal credit rating of Cutera, 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 Cutera.
    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 CUTR stock the variable cost ratio is equal to 73.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $30 million in the base year in the intrinsic value calculation for CUTR 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 Cutera.

Corporate tax rate of 27% is the nominal tax rate for Cutera. 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 CUTR 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 CUTR are equal to 1.3%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Cutera 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 CUTR is equal to 5.1%. 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 - $61 million for Cutera - 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 14.005 million for Cutera 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 Cutera at the current share price and the inputted number of shares is $0.7 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Cutera Announces Appointment of Sandra Gardiner as CFO   [Dec-04-17 07:30AM  GlobeNewswire]
▶ Cutera posts 3Q profit   [Nov-07-17 05:27PM  Associated Press]
▶ Cutera, Inc. to Host Earnings Call   [10:10AM  ACCESSWIRE]
▶ ETFs with exposure to Cutera, Inc. : October 20, 2017   [Oct-20-17 10:10AM  Capital Cube]
▶ ETFs with exposure to Cutera, Inc. : September 29, 2017   [Sep-29-17 10:25AM  Capital Cube]
▶ Have Investors Already Priced In Cutera Incs (CUTR) Growth?   [Sep-21-17 08:51AM  Simply Wall St.]
▶ [$$] Cutera Set to Face Tougher Comps   [Sep-18-17 01:48PM  Barrons.com]
▶ ETFs with exposure to Cutera, Inc. : September 14, 2017   [Sep-14-17 06:08PM  Capital Cube]
▶ Is Cutera (CUTR) a Great Growth Stock?   [Aug-25-17 08:46AM  Zacks]
▶ Cutera posts 2Q profit   [Aug-07-17 11:49PM  Associated Press]
▶ Cutera to Host Analyst & Investor Day on June 14, 2017   [Jun-08-17 07:30AM  GlobeNewswire]
▶ ETFs with exposure to Cutera, Inc. : June 2, 2017   [Jun-02-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Cutera, Inc. : May 4, 2017   [May-04-17 03:51PM  Capital Cube]
▶ Cutera reports 1Q loss   [May-01-17 05:06PM  Associated Press]
▶ ETFs with exposure to Cutera, Inc. : April 17, 2017   [Apr-17-17 12:51PM  Capital Cube]
▶ ETFs with exposure to Cutera, Inc. : April 5, 2017   [Apr-05-17 04:36PM  Capital Cube]
▶ Cutera to Present at the 29th Annual ROTH Conference   [Feb-28-17 07:30AM  GlobeNewswire]
▶ Why Cutera (CUTR) Stock Might be a Great Pick   [Feb-17-17 08:48AM  Zacks]
▶ Cutera posts 4Q profit   [Feb-13-17 06:01PM  Associated Press]
▶ Is Cutera, Inc. (CUTR) A Good Stock To Buy?   [Dec-10-16 09:54PM  at Insider Monkey]
▶ Cutera to Present at Two Upcoming Investor Conferences   [Oct-19-16 08:00AM  GlobeNewswire]
Financial statements of CUTR
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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