Intrinsic value of Eastern - EML

Previous Close

$29.90

  Intrinsic Value

$2.69

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-116%

Previous close

$29.90

 
Intrinsic value

$2.69

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-116%

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

We calculate the intrinsic value of EML 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 0.2

 

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, %
  -4.83
  56.80
  51.62
  46.96
  42.76
  38.99
  35.59
  32.53
  29.78
  27.30
  25.07
  23.06
  21.26
  19.63
  18.17
  16.85
  15.67
  14.60
  13.64
  12.77
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
Revenue, $m
  138
  216
  328
  482
  688
  957
  1,297
  1,719
  2,231
  2,840
  3,552
  4,371
  5,300
  6,340
  7,492
  8,755
  10,126
  11,604
  13,187
  14,872
  16,656
  18,538
  20,515
  22,587
  24,754
  27,014
  29,370
  31,821
  34,371
  37,021
  39,775
Variable operating expenses, $m
 
  203
  307
  450
  642
  892
  1,209
  1,602
  2,079
  2,646
  3,309
  4,070
  4,935
  5,904
  6,976
  8,152
  9,429
  10,805
  12,279
  13,847
  15,509
  17,261
  19,102
  21,032
  23,049
  25,154
  27,347
  29,630
  32,004
  34,471
  37,036
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
  126
  203
  307
  450
  642
  892
  1,209
  1,602
  2,079
  2,646
  3,309
  4,070
  4,935
  5,904
  6,976
  8,152
  9,429
  10,805
  12,279
  13,847
  15,509
  17,261
  19,102
  21,032
  23,049
  25,154
  27,347
  29,630
  32,004
  34,471
  37,036
Operating income, $m
  11
  13
  21
  32
  46
  64
  88
  117
  152
  194
  243
  301
  365
  437
  516
  603
  697
  799
  908
  1,024
  1,147
  1,277
  1,413
  1,556
  1,705
  1,860
  2,023
  2,192
  2,367
  2,550
  2,739
EBITDA, $m
  15
  19
  29
  42
  60
  84
  114
  151
  196
  249
  311
  383
  465
  556
  657
  767
  888
  1,017
  1,156
  1,304
  1,460
  1,625
  1,798
  1,980
  2,170
  2,368
  2,575
  2,790
  3,013
  3,245
  3,487
Interest expense (income), $m
  0
  0
  1
  2
  4
  6
  9
  12
  16
  22
  28
  36
  44
  54
  65
  77
  90
  104
  119
  136
  153
  172
  191
  212
  234
  256
  280
  304
  330
  356
  384
Earnings before tax, $m
  11
  13
  20
  30
  42
  59
  79
  105
  136
  172
  215
  265
  321
  383
  451
  526
  608
  695
  789
  888
  994
  1,105
  1,221
  1,344
  1,471
  1,604
  1,743
  1,887
  2,037
  2,193
  2,356
Tax expense, $m
  3
  4
  5
  8
  11
  16
  21
  28
  37
  47
  58
  72
  87
  103
  122
  142
  164
  188
  213
  240
  268
  298
  330
  363
  397
  433
  471
  510
  550
  592
  636
Net income, $m
  8
  10
  15
  22
  31
  43
  58
  77
  99
  126
  157
  194
  234
  280
  330
  384
  444
  508
  576
  649
  725
  807
  892
  981
  1,074
  1,171
  1,272
  1,378
  1,487
  1,601
  1,720

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  23
  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
  124
  158
  240
  353
  504
  700
  950
  1,258
  1,633
  2,079
  2,600
  3,200
  3,880
  4,642
  5,485
  6,409
  7,413
  8,495
  9,654
  10,887
  12,193
  13,571
  15,018
  16,536
  18,121
  19,776
  21,500
  23,295
  25,162
  27,102
  29,118
Adjusted assets (=assets-cash), $m
  101
  158
  240
  353
  504
  700
  950
  1,258
  1,633
  2,079
  2,600
  3,200
  3,880
  4,642
  5,485
  6,409
  7,413
  8,495
  9,654
  10,887
  12,193
  13,571
  15,018
  16,536
  18,121
  19,776
  21,500
  23,295
  25,162
  27,102
  29,118
Revenue / Adjusted assets
  1.366
  1.367
  1.367
  1.365
  1.365
  1.367
  1.365
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
Average production assets, $m
  28
  44
  67
  98
  140
  194
  263
  349
  453
  577
  721
  887
  1,076
  1,287
  1,521
  1,777
  2,056
  2,356
  2,677
  3,019
  3,381
  3,763
  4,165
  4,585
  5,025
  5,484
  5,962
  6,460
  6,977
  7,515
  8,074
Working capital, $m
  65
  68
  102
  150
  215
  298
  405
  536
  696
  886
  1,108
  1,364
  1,654
  1,978
  2,338
  2,731
  3,159
  3,621
  4,114
  4,640
  5,197
  5,784
  6,401
  7,047
  7,723
  8,428
  9,163
  9,928
  10,724
  11,551
  12,410
Total debt, $m
  2
  24
  58
  103
  165
  244
  346
  471
  623
  804
  1,016
  1,259
  1,535
  1,844
  2,187
  2,562
  2,970
  3,409
  3,879
  4,380
  4,910
  5,470
  6,057
  6,673
  7,317
  7,989
  8,689
  9,418
  10,176
  10,963
  11,782
Total liabilities, $m
  42
  64
  98
  143
  205
  284
  386
  511
  663
  844
  1,056
  1,299
  1,575
  1,884
  2,227
  2,602
  3,010
  3,449
  3,919
  4,420
  4,950
  5,510
  6,097
  6,713
  7,357
  8,029
  8,729
  9,458
  10,216
  11,003
  11,822
Total equity, $m
  82
  94
  143
  210
  299
  416
  564
  748
  970
  1,235
  1,544
  1,901
  2,305
  2,757
  3,258
  3,807
  4,403
  5,046
  5,734
  6,467
  7,243
  8,061
  8,921
  9,822
  10,764
  11,747
  12,771
  13,837
  14,946
  16,098
  17,296
Total liabilities and equity, $m
  124
  158
  241
  353
  504
  700
  950
  1,259
  1,633
  2,079
  2,600
  3,200
  3,880
  4,641
  5,485
  6,409
  7,413
  8,495
  9,653
  10,887
  12,193
  13,571
  15,018
  16,535
  18,121
  19,776
  21,500
  23,295
  25,162
  27,101
  29,118
Debt-to-equity ratio
  0.024
  0.260
  0.400
  0.490
  0.550
  0.590
  0.610
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.670
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
Adjusted equity ratio
  0.584
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  10
  15
  22
  31
  43
  58
  77
  99
  126
  157
  194
  234
  280
  330
  384
  444
  508
  576
  649
  725
  807
  892
  981
  1,074
  1,171
  1,272
  1,378
  1,487
  1,601
  1,720
Depreciation, amort., depletion, $m
  4
  6
  8
  11
  14
  19
  26
  34
  43
  55
  68
  82
  100
  119
  141
  165
  190
  218
  248
  280
  313
  348
  386
  425
  465
  508
  552
  598
  646
  696
  748
Funds from operations, $m
  12
  15
  22
  32
  45
  62
  84
  110
  142
  181
  225
  276
  334
  399
  470
  549
  634
  726
  824
  928
  1,039
  1,155
  1,277
  1,405
  1,539
  1,679
  1,824
  1,976
  2,133
  2,297
  2,467
Change in working capital, $m
  0
  24
  35
  48
  64
  84
  106
  132
  160
  190
  222
  256
  290
  325
  359
  394
  428
  461
  494
  526
  557
  587
  617
  647
  676
  705
  735
  765
  795
  827
  859
Cash from operations, $m
  12
  -9
  -12
  -16
  -19
  -21
  -22
  -21
  -17
  -9
  3
  20
  44
  74
  111
  155
  206
  264
  330
  402
  482
  568
  660
  759
  863
  974
  1,090
  1,211
  1,338
  1,470
  1,608
Maintenance CAPEX, $m
  0
  -3
  -4
  -6
  -9
  -13
  -18
  -24
  -32
  -42
  -53
  -67
  -82
  -100
  -119
  -141
  -165
  -190
  -218
  -248
  -280
  -313
  -348
  -386
  -425
  -465
  -508
  -552
  -598
  -646
  -696
New CAPEX, $m
  -3
  -16
  -23
  -31
  -42
  -54
  -69
  -86
  -104
  -124
  -145
  -166
  -189
  -211
  -234
  -256
  -278
  -300
  -321
  -342
  -362
  -382
  -401
  -421
  -440
  -459
  -478
  -498
  -518
  -538
  -559
Cash from investing activities, $m
  -3
  -19
  -27
  -37
  -51
  -67
  -87
  -110
  -136
  -166
  -198
  -233
  -271
  -311
  -353
  -397
  -443
  -490
  -539
  -590
  -642
  -695
  -749
  -807
  -865
  -924
  -986
  -1,050
  -1,116
  -1,184
  -1,255
Free cash flow, $m
  9
  -28
  -39
  -53
  -70
  -89
  -110
  -131
  -153
  -175
  -195
  -213
  -227
  -237
  -242
  -242
  -237
  -226
  -209
  -187
  -160
  -127
  -90
  -47
  -1
  50
  104
  161
  222
  286
  353
Issuance/(repayment) of debt, $m
  -1
  23
  33
  46
  61
  80
  101
  125
  152
  181
  212
  243
  276
  309
  342
  375
  408
  439
  470
  501
  530
  559
  588
  616
  644
  672
  700
  729
  758
  788
  819
Issuance/(repurchase) of shares, $m
  0
  24
  34
  45
  59
  74
  90
  107
  124
  139
  153
  162
  170
  173
  171
  165
  153
  135
  112
  84
  50
  12
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  47
  67
  91
  120
  154
  191
  232
  276
  320
  365
  405
  446
  482
  513
  540
  561
  574
  582
  585
  580
  571
  588
  616
  644
  672
  700
  729
  758
  788
  819
Total cash flow (excl. dividends), $m
  8
  20
  28
  38
  50
  65
  82
  101
  122
  145
  169
  193
  219
  245
  272
  298
  323
  349
  373
  397
  421
  444
  498
  568
  643
  721
  804
  890
  980
  1,074
  1,172
Retained Cash Flow (-), $m
  -3
  -34
  -49
  -67
  -90
  -117
  -148
  -183
  -223
  -265
  -310
  -356
  -404
  -452
  -501
  -549
  -596
  -643
  -688
  -733
  -776
  -818
  -860
  -901
  -942
  -983
  -1,024
  -1,066
  -1,109
  -1,152
  -1,198
Prev. year cash balance distribution, $m
 
  22
  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
 
  8
  -21
  -29
  -40
  -52
  -66
  -82
  -100
  -120
  -140
  -163
  -185
  -207
  -229
  -251
  -273
  -294
  -315
  -335
  -355
  -374
  -362
  -333
  -299
  -262
  -220
  -176
  -129
  -79
  -26
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
 
  8
  -19
  -25
  -33
  -40
  -48
  -56
  -63
  -69
  -73
  -77
  -79
  -79
  -77
  -74
  -69
  -64
  -58
  -52
  -45
  -39
  -30
  -22
  -15
  -10
  -6
  -4
  -2
  -1
  0
Current shareholders' claim on cash, %
  100
  84.9
  73.3
  64.3
  57.2
  51.6
  47.1
  43.5
  40.6
  38.2
  36.2
  34.6
  33.3
  32.2
  31.4
  30.7
  30.1
  29.7
  29.5
  29.3
  29.2
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1
  29.1

The Eastern Company manufactures and sells industrial hardware, security products and metal products from over six United States operations and seven foreign subsidiaries. The Company maintains over 13 physical locations. It operates through three segments: Industrial Hardware, Security Products and Metal Products. The Industrial Hardware segment consists of Eberhard Manufacturing, Eberhard Hardware Manufacturing Ltd., Canadian Commercial Vehicles Corporation, Composite Panel Technologies, Eastern Industrial Ltd. and Sesamee Mexicana, S.A. de C.V. The Security Products segment, made up of Greenwald Industries, Argo Transdata, Illinois Lock Company/CCL Security Products, World Lock Company Ltd., Dongguan Reeworld Security Products Ltd. and World Security Industries Ltd., is a manufacturer of security products. The Metal Products segment, based at the Company's Frazer & Jones facility, is a producer of expansion shells for use in supporting the roofs of underground mines.

FINANCIAL RATIOS  of  Eastern (EML)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 1.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 20.8
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 23
Current Ratio 0.1
LT Debt to Equity 1.2%
Total Debt to Equity 2.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 9.9%
Return On Equity - 3 Yr. Avg. 9.3%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 24.6%
Gross Margin - 3 Yr. Avg. 23.1%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 9.9%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 27.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 37.5%

EML stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EML stock intrinsic value calculation we used $138 million for the last fiscal year's total revenue generated by Eastern. The default revenue input number comes from 2016 income statement of Eastern. 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 EML stock valuation model: a) initial revenue growth rate of 56.8% 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 EML is calculated based on our internal credit rating of Eastern, 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 Eastern.
    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 EML stock the variable cost ratio is equal to 94.2%.

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 EML 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 Eastern.

Corporate tax rate of 27% is the nominal tax rate for Eastern. 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 EML 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 EML are equal to 20.3%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Eastern 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 EML is equal to 31.2%. 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 - $82 million for Eastern - 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 6.235 million for Eastern 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 Eastern at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Should You Buy The Eastern Company (EML) At $28.7?   [Oct-02-17 12:37PM  Simply Wall St.]
▶ Eastern posts 2Q profit   [Aug-04-17 02:50AM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : June 22, 2017   [Jun-22-17 03:40PM  Capital Cube]
▶ Eastern posts 1Q profit   [May-02-17 06:35PM  Associated Press]
▶ ETFs with exposure to The Eastern Co. : April 11, 2017   [Apr-11-17 02:17PM  Capital Cube]
▶ Eastern Announces the Acquisition of Velvac   [Apr-04-17 07:00AM  Business Wire]
▶ Is 75 Too Old for the Boardroom? It Depends   [12:43PM  TheStreet.com]
▶ Eastern posts 4Q profit   [Feb-10-17 04:52PM  Associated Press]
▶ [$$] Eastern Union Rewrites the Rules   [Jan-25-16 12:15AM  at The Wall Street Journal]
▶ Should You Avoid Cerulean Pharma Inc (CERU)?   [Nov-29  12:38PM  at Insider Monkey]
▶ This Metric Says To Be Wary Of BRT Realty Trust (BRT)   [Nov-23  02:53PM  at Insider Monkey]
▶ Germany Imposes Border Controls For Migrants   [Sep-14  09:21AM  at MarketWatch]
▶ 10-Q for Eastern Co.   [Aug-03  08:09PM  at Company Spotlight]
Financial statements of EML
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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