Intrinsic value of Curtiss-Wright - CW

Previous Close

$113.58

  Intrinsic Value

$114.16

stock screener

  Rating & Target

hold

+1%

  Value-price divergence*

+27%

Previous close

$113.58

 
Intrinsic value

$114.16

 
Up/down potential

+1%

 
Rating

hold

 
Value-price divergence*

+27%

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

We calculate the intrinsic value of CW 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 5.0

 

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, %
  -4.40
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  2,109
  2,248
  2,393
  2,544
  2,700
  2,864
  3,034
  3,212
  3,397
  3,590
  3,792
  4,003
  4,223
  4,453
  4,694
  4,946
  5,209
  5,485
  5,774
  6,076
  6,393
  6,726
  7,074
  7,438
  7,821
  8,222
  8,642
  9,084
  9,546
  10,031
  10,541
Variable operating expenses, $m
 
  1,925
  2,043
  2,165
  2,293
  2,426
  2,565
  2,709
  2,860
  3,017
  3,181
  3,258
  3,437
  3,624
  3,820
  4,025
  4,240
  4,464
  4,699
  4,946
  5,204
  5,474
  5,757
  6,054
  6,365
  6,692
  7,034
  7,393
  7,770
  8,165
  8,579
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
  1,801
  1,925
  2,043
  2,165
  2,293
  2,426
  2,565
  2,709
  2,860
  3,017
  3,181
  3,258
  3,437
  3,624
  3,820
  4,025
  4,240
  4,464
  4,699
  4,946
  5,204
  5,474
  5,757
  6,054
  6,365
  6,692
  7,034
  7,393
  7,770
  8,165
  8,579
Operating income, $m
  308
  323
  350
  378
  407
  438
  470
  503
  537
  573
  611
  745
  786
  829
  873
  920
  969
  1,021
  1,074
  1,131
  1,190
  1,252
  1,316
  1,384
  1,455
  1,530
  1,608
  1,690
  1,776
  1,867
  1,962
EBITDA, $m
  404
  461
  491
  522
  554
  588
  622
  659
  697
  737
  778
  821
  866
  914
  963
  1,015
  1,069
  1,125
  1,185
  1,247
  1,312
  1,380
  1,451
  1,526
  1,605
  1,687
  1,773
  1,864
  1,959
  2,058
  2,163
Interest expense (income), $m
  0
  29
  32
  36
  40
  44
  49
  53
  58
  63
  68
  73
  79
  85
  91
  97
  104
  111
  118
  126
  134
  142
  151
  160
  170
  180
  191
  202
  213
  226
  239
Earnings before tax, $m
  268
  295
  318
  342
  367
  394
  421
  449
  479
  510
  543
  672
  707
  744
  783
  823
  866
  910
  956
  1,005
  1,056
  1,109
  1,165
  1,224
  1,286
  1,350
  1,418
  1,489
  1,563
  1,641
  1,723
Tax expense, $m
  79
  80
  86
  92
  99
  106
  114
  121
  129
  138
  147
  181
  191
  201
  211
  222
  234
  246
  258
  271
  285
  300
  315
  330
  347
  365
  383
  402
  422
  443
  465
Net income, $m
  187
  215
  232
  250
  268
  287
  307
  328
  350
  372
  396
  490
  516
  543
  571
  601
  632
  664
  698
  734
  771
  810
  851
  894
  938
  986
  1,035
  1,087
  1,141
  1,198
  1,258

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  554
  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
  3,038
  2,648
  2,819
  2,996
  3,181
  3,373
  3,574
  3,783
  4,001
  4,229
  4,466
  4,714
  4,974
  5,245
  5,529
  5,825
  6,136
  6,461
  6,801
  7,157
  7,531
  7,922
  8,332
  8,761
  9,212
  9,684
  10,180
  10,699
  11,244
  11,816
  12,415
Adjusted assets (=assets-cash), $m
  2,484
  2,648
  2,819
  2,996
  3,181
  3,373
  3,574
  3,783
  4,001
  4,229
  4,466
  4,714
  4,974
  5,245
  5,529
  5,825
  6,136
  6,461
  6,801
  7,157
  7,531
  7,922
  8,332
  8,761
  9,212
  9,684
  10,180
  10,699
  11,244
  11,816
  12,415
Revenue / Adjusted assets
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
Average production assets, $m
  693
  737
  785
  834
  886
  939
  995
  1,053
  1,114
  1,178
  1,244
  1,313
  1,385
  1,461
  1,540
  1,622
  1,709
  1,799
  1,894
  1,993
  2,097
  2,206
  2,320
  2,440
  2,565
  2,697
  2,835
  2,979
  3,131
  3,290
  3,457
Working capital, $m
  740
  360
  383
  407
  432
  458
  485
  514
  543
  574
  607
  640
  676
  712
  751
  791
  833
  878
  924
  972
  1,023
  1,076
  1,132
  1,190
  1,251
  1,316
  1,383
  1,453
  1,527
  1,605
  1,686
Total debt, $m
  966
  922
  1,031
  1,145
  1,264
  1,388
  1,517
  1,651
  1,792
  1,938
  2,091
  2,250
  2,417
  2,591
  2,774
  2,965
  3,164
  3,373
  3,592
  3,821
  4,061
  4,313
  4,576
  4,853
  5,142
  5,446
  5,764
  6,099
  6,449
  6,816
  7,202
Total liabilities, $m
  1,747
  1,703
  1,812
  1,926
  2,045
  2,169
  2,298
  2,432
  2,573
  2,719
  2,872
  3,031
  3,198
  3,372
  3,555
  3,746
  3,945
  4,154
  4,373
  4,602
  4,842
  5,094
  5,357
  5,634
  5,923
  6,227
  6,545
  6,880
  7,230
  7,597
  7,983
Total equity, $m
  1,291
  945
  1,006
  1,070
  1,136
  1,204
  1,276
  1,350
  1,428
  1,510
  1,594
  1,683
  1,776
  1,872
  1,974
  2,080
  2,190
  2,306
  2,428
  2,555
  2,688
  2,828
  2,974
  3,128
  3,289
  3,457
  3,634
  3,820
  4,014
  4,218
  4,432
Total liabilities and equity, $m
  3,038
  2,648
  2,818
  2,996
  3,181
  3,373
  3,574
  3,782
  4,001
  4,229
  4,466
  4,714
  4,974
  5,244
  5,529
  5,826
  6,135
  6,460
  6,801
  7,157
  7,530
  7,922
  8,331
  8,762
  9,212
  9,684
  10,179
  10,700
  11,244
  11,815
  12,415
Debt-to-equity ratio
  0.748
  0.970
  1.020
  1.070
  1.110
  1.150
  1.190
  1.220
  1.250
  1.280
  1.310
  1.340
  1.360
  1.380
  1.410
  1.430
  1.440
  1.460
  1.480
  1.500
  1.510
  1.520
  1.540
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.620
Adjusted equity ratio
  0.297
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  215
  232
  250
  268
  287
  307
  328
  350
  372
  396
  490
  516
  543
  571
  601
  632
  664
  698
  734
  771
  810
  851
  894
  938
  986
  1,035
  1,087
  1,141
  1,198
  1,258
Depreciation, amort., depletion, $m
  96
  138
  141
  144
  147
  150
  153
  156
  160
  164
  167
  76
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  157
  165
  173
  182
  191
  201
Funds from operations, $m
  555
  353
  373
  393
  415
  437
  460
  484
  510
  536
  564
  567
  597
  628
  661
  695
  731
  769
  808
  850
  893
  938
  986
  1,035
  1,088
  1,142
  1,200
  1,260
  1,323
  1,389
  1,459
Change in working capital, $m
  132
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  71
  74
  78
  81
Cash from operations, $m
  423
  331
  350
  369
  390
  411
  433
  456
  480
  505
  531
  533
  561
  591
  622
  655
  689
  725
  762
  801
  842
  885
  930
  977
  1,026
  1,078
  1,132
  1,189
  1,249
  1,312
  1,377
Maintenance CAPEX, $m
  0
  -40
  -43
  -46
  -49
  -51
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
New CAPEX, $m
  -47
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -120
  -125
  -132
  -138
  -145
  -152
  -159
  -167
Cash from investing activities, $m
  -43
  -85
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -157
  -164
  -173
  -180
  -189
  -200
  -209
  -220
  -231
  -242
  -255
  -267
  -281
  -295
  -310
  -325
  -341
  -358
Free cash flow, $m
  380
  246
  259
  274
  290
  306
  323
  340
  358
  377
  397
  391
  413
  435
  459
  483
  508
  535
  563
  592
  622
  654
  688
  722
  759
  797
  838
  880
  924
  970
  1,019
Issuance/(repayment) of debt, $m
  -1
  107
  110
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
  334
  350
  368
  386
Issuance/(repurchase) of shares, $m
  -83
  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  
  -73
  107
  110
  114
  119
  124
  129
  134
  140
  146
  153
  160
  167
  174
  182
  191
  200
  209
  219
  229
  240
  252
  264
  276
  290
  304
  319
  334
  350
  368
  386
Total cash flow (excl. dividends), $m
  288
  352
  369
  388
  409
  430
  451
  474
  498
  523
  549
  551
  580
  610
  641
  674
  708
  744
  782
  821
  862
  906
  951
  999
  1,049
  1,101
  1,156
  1,214
  1,274
  1,338
  1,405
Retained Cash Flow (-), $m
  -36
  -57
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -185
  -195
  -204
  -214
Prev. year cash balance distribution, $m
 
  403
  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
 
  698
  308
  325
  343
  361
  380
  400
  420
  442
  465
  462
  487
  513
  540
  568
  597
  628
  660
  694
  729
  766
  805
  845
  888
  933
  979
  1,028
  1,080
  1,134
  1,191
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
 
  669
  282
  283
  282
  280
  276
  270
  263
  254
  244
  220
  208
  195
  181
  167
  152
  137
  122
  107
  93
  79
  67
  55
  45
  36
  29
  22
  17
  12
  9
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

Curtiss-Wright Corporation is a manufacturing and service company that designs, manufactures, and overhauls precision components and provides engineered products and services to the aerospace, defense, power generation and general industrial markets. The Company operates through three segments: Commercial/Industrial, Defense and Power. The Commercial/Industrial segment's products include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services. The Defense segment's products include commercial off-the-shelf (COTS) embedded computing board level modules, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Power segment's products include a range of hardware, pumps, valves, fastening systems, specialized containment doors, airlock hatches and spent fuel management products.

FINANCIAL RATIOS  of  Curtiss-Wright (CW)

Valuation Ratios
P/E Ratio 26.8
Price to Sales 2.4
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 11.9
Price to Free Cash Flow 13.3
Growth Rates
Sales Growth Rate -4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.6%
Cap. Spend. - 3 Yr. Gr. Rate -8.2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 63.1%
Total Debt to Equity 74.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35.6%
Gross Margin - 3 Yr. Avg. 35.2%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 29.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 12.3%

CW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CW stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Curtiss-Wright. The default revenue input number comes from 2016 income statement of Curtiss-Wright. 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 CW stock valuation model: a) initial revenue growth rate of 6.6% 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 CW is calculated based on our internal credit rating of Curtiss-Wright, 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 Curtiss-Wright.
    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 CW stock the variable cost ratio is equal to 85.9%.

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 CW 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 Curtiss-Wright.

Corporate tax rate of 27% is the nominal tax rate for Curtiss-Wright. 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 CW 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 CW are equal to 32.8%.

Life of production assets of 17.2 years is the average useful life of capital assets used in Curtiss-Wright 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 CW is equal to 16%. 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 - $1291 million for Curtiss-Wright - 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 44.426 million for Curtiss-Wright 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 Curtiss-Wright at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Curtiss-Wright   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Curtiss-Wright Sees RS Rating Improve To 73   [Sep-21-17 03:00AM  Investor's Business Daily]
▶ Curtiss-Wright beats Street 2Q forecasts   [Jul-26-17 11:50PM  Associated Press]
▶ 3 Top Defense Stocks to Buy Now   [Jul-21-17 01:16PM  Zacks]
▶ New Strong Buy Stocks for July 13th   [Jul-13-17 07:41AM  Zacks]
▶ 3 Top Defense Stocks to Buy Now   [Jun-06-17 12:42PM  Zacks]
▶ ETFs with exposure to Curtiss-Wright Corp. : May 19, 2017   [May-19-17 01:47PM  Capital Cube]
▶ ETFs with exposure to Curtiss-Wright Corp. : May 8, 2017   [May-08-17 04:23PM  Capital Cube]
▶ Curtiss-Wright beats Street 1Q forecasts   [May-03-17 07:53PM  Associated Press]
▶ Curtiss-Wright tops 4Q profit forecasts   [Feb-15-17 06:22PM  Associated Press]
Financial statements of CW
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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