Intrinsic value of Donaldson - DCI

Previous Close

$46.97

  Intrinsic Value

$22.24

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-8%

Previous close

$46.97

 
Intrinsic value

$22.24

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-8%

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

We calculate the intrinsic value of DCI 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 6.2

 

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, %
  -6.37
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  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
Revenue, $m
  2,220
  2,364
  2,514
  2,671
  2,833
  3,003
  3,180
  3,364
  3,556
  3,757
  3,967
  4,186
  4,415
  4,654
  4,905
  5,167
  5,441
  5,729
  6,029
  6,344
  6,674
  7,020
  7,383
  7,763
  8,161
  8,579
  9,017
  9,477
  9,959
  10,465
  10,995
Variable operating expenses, $m
 
  2,074
  2,205
  2,340
  2,481
  2,629
  2,782
  2,942
  3,109
  3,283
  3,465
  3,632
  3,831
  4,039
  4,256
  4,483
  4,721
  4,971
  5,231
  5,505
  5,791
  6,091
  6,406
  6,736
  7,081
  7,444
  7,824
  8,223
  8,641
  9,080
  9,541
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
  1,946
  2,074
  2,205
  2,340
  2,481
  2,629
  2,782
  2,942
  3,109
  3,283
  3,465
  3,632
  3,831
  4,039
  4,256
  4,483
  4,721
  4,971
  5,231
  5,505
  5,791
  6,091
  6,406
  6,736
  7,081
  7,444
  7,824
  8,223
  8,641
  9,080
  9,541
Operating income, $m
  274
  290
  310
  330
  352
  374
  398
  422
  448
  474
  502
  554
  584
  616
  649
  684
  720
  758
  798
  839
  883
  929
  977
  1,027
  1,080
  1,135
  1,193
  1,254
  1,318
  1,385
  1,455
EBITDA, $m
  349
  368
  391
  416
  441
  468
  495
  524
  554
  585
  618
  652
  687
  725
  764
  804
  847
  892
  939
  988
  1,039
  1,093
  1,149
  1,209
  1,271
  1,336
  1,404
  1,475
  1,550
  1,629
  1,712
Interest expense (income), $m
  20
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  50
  53
  57
  60
  64
  69
  73
  78
  82
  87
  93
  98
  104
  110
  117
Earnings before tax, $m
  257
  278
  296
  315
  334
  354
  376
  398
  421
  445
  470
  520
  547
  576
  606
  637
  670
  705
  741
  779
  819
  860
  904
  950
  997
  1,048
  1,100
  1,156
  1,214
  1,274
  1,338
Tax expense, $m
  66
  75
  80
  85
  90
  96
  101
  107
  114
  120
  127
  140
  148
  155
  164
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
  312
  328
  344
  361
Net income, $m
  191
  203
  216
  230
  244
  259
  274
  290
  307
  325
  343
  379
  399
  420
  442
  465
  489
  515
  541
  569
  598
  628
  660
  693
  728
  765
  803
  844
  886
  930
  977

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  243
  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
  1,787
  1,644
  1,749
  1,857
  1,970
  2,088
  2,211
  2,339
  2,473
  2,613
  2,759
  2,911
  3,070
  3,237
  3,411
  3,593
  3,784
  3,984
  4,193
  4,412
  4,641
  4,882
  5,134
  5,398
  5,675
  5,966
  6,271
  6,590
  6,926
  7,277
  7,646
Adjusted assets (=assets-cash), $m
  1,544
  1,644
  1,749
  1,857
  1,970
  2,088
  2,211
  2,339
  2,473
  2,613
  2,759
  2,911
  3,070
  3,237
  3,411
  3,593
  3,784
  3,984
  4,193
  4,412
  4,641
  4,882
  5,134
  5,398
  5,675
  5,966
  6,271
  6,590
  6,926
  7,277
  7,646
Revenue / Adjusted assets
  1.438
  1.438
  1.437
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
  1.438
Average production assets, $m
  509
  541
  576
  612
  649
  688
  728
  770
  814
  860
  908
  959
  1,011
  1,066
  1,123
  1,183
  1,246
  1,312
  1,381
  1,453
  1,528
  1,608
  1,691
  1,778
  1,869
  1,965
  2,065
  2,170
  2,281
  2,396
  2,518
Working capital, $m
  466
  468
  498
  529
  561
  595
  630
  666
  704
  744
  785
  829
  874
  922
  971
  1,023
  1,077
  1,134
  1,194
  1,256
  1,322
  1,390
  1,462
  1,537
  1,616
  1,699
  1,785
  1,876
  1,972
  2,072
  2,177
Total debt, $m
  567
  402
  456
  513
  572
  633
  697
  763
  833
  906
  981
  1,061
  1,144
  1,230
  1,321
  1,415
  1,515
  1,619
  1,727
  1,841
  1,961
  2,086
  2,217
  2,354
  2,498
  2,649
  2,808
  2,974
  3,148
  3,331
  3,523
Total liabilities, $m
  1,020
  855
  909
  966
  1,025
  1,086
  1,150
  1,216
  1,286
  1,359
  1,434
  1,514
  1,597
  1,683
  1,774
  1,868
  1,968
  2,072
  2,180
  2,294
  2,414
  2,539
  2,670
  2,807
  2,951
  3,102
  3,261
  3,427
  3,601
  3,784
  3,976
Total equity, $m
  767
  789
  839
  891
  946
  1,002
  1,061
  1,123
  1,187
  1,254
  1,324
  1,397
  1,474
  1,554
  1,637
  1,725
  1,816
  1,912
  2,013
  2,118
  2,228
  2,343
  2,464
  2,591
  2,724
  2,864
  3,010
  3,163
  3,324
  3,493
  3,670
Total liabilities and equity, $m
  1,787
  1,644
  1,748
  1,857
  1,971
  2,088
  2,211
  2,339
  2,473
  2,613
  2,758
  2,911
  3,071
  3,237
  3,411
  3,593
  3,784
  3,984
  4,193
  4,412
  4,642
  4,882
  5,134
  5,398
  5,675
  5,966
  6,271
  6,590
  6,925
  7,277
  7,646
Debt-to-equity ratio
  0.739
  0.510
  0.540
  0.580
  0.600
  0.630
  0.660
  0.680
  0.700
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
Adjusted equity ratio
  0.447
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  191
  203
  216
  230
  244
  259
  274
  290
  307
  325
  343
  379
  399
  420
  442
  465
  489
  515
  541
  569
  598
  628
  660
  693
  728
  765
  803
  844
  886
  930
  977
Depreciation, amort., depletion, $m
  75
  78
  82
  85
  89
  93
  97
  102
  106
  111
  116
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  173
  181
  191
  200
  211
  221
  233
  245
  257
Funds from operations, $m
  294
  281
  298
  315
  333
  352
  371
  392
  413
  436
  459
  477
  503
  529
  557
  586
  617
  648
  682
  717
  754
  792
  832
  875
  919
  965
  1,014
  1,065
  1,119
  1,175
  1,234
Change in working capital, $m
  8
  29
  30
  31
  32
  34
  35
  36
  38
  40
  42
  43
  45
  47
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
  83
  87
  91
  95
  100
  105
Cash from operations, $m
  286
  252
  268
  284
  301
  318
  336
  355
  375
  396
  417
  434
  457
  482
  507
  534
  562
  592
  622
  655
  688
  724
  761
  799
  840
  883
  927
  974
  1,023
  1,075
  1,129
Maintenance CAPEX, $m
  0
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -181
  -191
  -200
  -211
  -221
  -233
  -245
New CAPEX, $m
  -73
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -110
  -116
  -122
Cash from investing activities, $m
  -56
  -85
  -89
  -95
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -272
  -287
  -300
  -316
  -331
  -349
  -367
Free cash flow, $m
  230
  167
  178
  189
  201
  213
  226
  239
  253
  267
  282
  291
  307
  324
  341
  360
  379
  399
  420
  442
  464
  488
  513
  540
  567
  596
  626
  658
  691
  726
  763
Issuance/(repayment) of debt, $m
  -15
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
Issuance/(repurchase) of shares, $m
  -71
  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  
  -84
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
Total cash flow (excl. dividends), $m
  144
  219
  232
  246
  260
  275
  290
  306
  322
  339
  357
  370
  390
  410
  432
  454
  478
  503
  528
  555
  584
  613
  645
  677
  711
  747
  785
  824
  866
  909
  955
Retained Cash Flow (-), $m
  8
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -87
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -161
  -169
  -177
Prev. year cash balance distribution, $m
 
  26
  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
 
  197
  182
  194
  206
  218
  231
  244
  258
  272
  287
  297
  313
  330
  348
  367
  386
  407
  428
  450
  474
  498
  524
  550
  578
  608
  639
  671
  705
  740
  778
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
 
  189
  167
  169
  169
  169
  167
  165
  161
  156
  151
  141
  134
  126
  117
  108
  98
  88
  79
  69
  60
  52
  43
  36
  29
  24
  19
  14
  11
  8
  6
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

Donaldson Company, Inc. is a manufacturer of filtration systems and replacement parts. The Company's segments include Engine Products, Industrial Products and Corporate. The Company's products are manufactured at approximately 44 plants around the world and through three joint ventures. The Company offers its products under the Ultra-Web, PowerCore and Donaldson brands. The Engine Products segment sells its products to original equipment manufacturers (OEMs) in the construction, mining, agriculture, aerospace, defense and truck end-markets and to independent distributors, OEM dealer networks, private label accounts and large equipment fleets. The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines and OEMs and end users requiring clean air. Its products include dust, fume and mist collectors, compressed air purification systems, air filtration systems for gas turbines and polytetrafluoroethylene (PTFE) membrane-based products.

FINANCIAL RATIOS  of  Donaldson (DCI)

Valuation Ratios
P/E Ratio 32.7
Price to Sales 2.8
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow 29.3
Growth Rates
Sales Growth Rate -6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.3%
Cap. Spend. - 3 Yr. Gr. Rate -5.1%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 45.6%
Total Debt to Equity 73.9%
Interest Coverage 14
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16.1%
Return On Equity 24.8%
Return On Equity - 3 Yr. Avg. 24.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 34%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 12.9%
Pre-Tax Margin 11.6%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 25.7%
Eff/ Tax Rate - 3 Yr. Avg. 27.2%
Payout Ratio 47.6%

DCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCI stock intrinsic value calculation we used $2220 million for the last fiscal year's total revenue generated by Donaldson. The default revenue input number comes from 2016 income statement of Donaldson. 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 DCI stock valuation model: a) initial revenue growth rate of 6.5% 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 DCI is calculated based on our internal credit rating of Donaldson, 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 Donaldson.
    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 DCI stock the variable cost ratio is equal to 87.8%.

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 DCI 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 Donaldson.

Corporate tax rate of 27% is the nominal tax rate for Donaldson. 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 DCI 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 DCI are equal to 22.9%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Donaldson 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 DCI is equal to 19.8%. 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 - $767 million for Donaldson - 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 132.112 million for Donaldson 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 Donaldson at the current share price and the inputted number of shares is $6.2 billion.

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COMPANY NEWS

▶ Donaldson┬« Introduces Plug-and-Play Dust Collector   [Oct-17-17 11:00AM  Business Wire]
▶ Donaldson misses 4Q profit forecasts   [Sep-07-17 10:18PM  Associated Press]
▶ ETFs with exposure to Donaldson Co., Inc. : July 24, 2017   [Jul-24-17 03:18PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : July 14, 2017   [Jul-14-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : June 12, 2017   [Jun-12-17 01:59PM  Capital Cube]
▶ Top Ranked Momentum Stocks to Buy for June 5th   [Jun-05-17 11:10AM  Zacks]
▶ Donaldson beats Street 3Q forecasts   [Jun-01-17 07:06AM  Associated Press]
▶ Donaldson Company Declares Quarterly Cash Dividend   [May-24-17 02:00PM  Business Wire]
▶ New Strong Buy Stocks for April 17th   [Apr-17-17 10:51AM  Zacks]
▶ New Strong Buy Stocks for April 11th   [Apr-11-17 10:30AM  Zacks]
▶ Donaldson tops Street 2Q forecasts   [07:08AM  Associated Press]
▶ Donaldson Company Declares Quarterly Cash Dividend   [Jan-27-17 01:45PM  Business Wire]
▶ What Hedge Funds Think about Donaldson Company, Inc. (DCI)?   [Dec-12-16 10:28AM  at Insider Monkey]
Financial statements of DCI
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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