Intrinsic value of Euroseas - ESEA

Previous Close

$1.82

  Intrinsic Value

$1.97

stock screener

  Rating & Target

hold

+8%

Previous close

$1.82

 
Intrinsic value

$1.97

 
Up/down potential

+8%

 
Rating

hold

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

We calculate the intrinsic value of ESEA 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 0.0

 

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, %
  -26.32
  42.90
  39.11
  35.70
  32.63
  29.87
  27.38
  25.14
  23.13
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.79
Revenue, $m
  28
  40
  56
  76
  100
  130
  166
  207
  255
  310
  371
  438
  512
  593
  679
  772
  871
  976
  1,087
  1,203
  1,324
  1,452
  1,584
  1,723
  1,867
  2,017
  2,172
  2,334
  2,502
  2,677
  2,859
Variable operating expenses, $m
 
  51
  72
  97
  129
  167
  213
  267
  328
  398
  477
  564
  659
  762
  874
  993
  1,120
  1,255
  1,397
  1,547
  1,703
  1,867
  2,038
  2,215
  2,401
  2,593
  2,793
  3,002
  3,218
  3,442
  3,676
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
  69
  51
  72
  97
  129
  167
  213
  267
  328
  398
  477
  564
  659
  762
  874
  993
  1,120
  1,255
  1,397
  1,547
  1,703
  1,867
  2,038
  2,215
  2,401
  2,593
  2,793
  3,002
  3,218
  3,442
  3,676
Operating income, $m
  -40
  -11
  -16
  -22
  -29
  -37
  -47
  -59
  -73
  -89
  -106
  -125
  -147
  -170
  -194
  -221
  -249
  -279
  -311
  -344
  -379
  -415
  -453
  -493
  -534
  -577
  -621
  -668
  -716
  -766
  -818
EBITDA, $m
  -31
  -11
  -16
  -22
  -29
  -37
  -47
  -59
  -73
  -89
  -106
  -125
  -147
  -170
  -194
  -221
  -249
  -279
  -311
  -344
  -379
  -415
  -453
  -493
  -534
  -577
  -621
  -668
  -716
  -766
  -818
Interest expense (income), $m
  2
  2
  3
  4
  6
  8
  11
  14
  17
  21
  25
  31
  36
  42
  49
  56
  64
  72
  81
  90
  100
  110
  120
  131
  143
  155
  167
  180
  194
  208
  222
Earnings before tax, $m
  -44
  -14
  -19
  -26
  -35
  -45
  -58
  -73
  -90
  -110
  -132
  -156
  -183
  -212
  -243
  -277
  -313
  -351
  -392
  -434
  -478
  -525
  -574
  -624
  -677
  -732
  -789
  -848
  -909
  -973
  -1,040
Tax expense, $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
  0
Net income, $m
  -44
  -14
  -19
  -26
  -35
  -45
  -58
  -73
  -90
  -110
  -132
  -156
  -183
  -212
  -243
  -277
  -313
  -351
  -392
  -434
  -478
  -525
  -574
  -624
  -677
  -732
  -789
  -848
  -909
  -973
  -1,040

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  144
  201
  280
  380
  503
  654
  833
  1,042
  1,283
  1,557
  1,863
  2,202
  2,574
  2,979
  3,415
  3,881
  4,378
  4,905
  5,460
  6,043
  6,655
  7,294
  7,962
  8,657
  9,381
  10,133
  10,916
  11,729
  12,574
  13,452
  14,364
Adjusted assets (=assets-cash), $m
  141
  201
  280
  380
  503
  654
  833
  1,042
  1,283
  1,557
  1,863
  2,202
  2,574
  2,979
  3,415
  3,881
  4,378
  4,905
  5,460
  6,043
  6,655
  7,294
  7,962
  8,657
  9,381
  10,133
  10,916
  11,729
  12,574
  13,452
  14,364
Revenue / Adjusted assets
  0.199
  0.199
  0.200
  0.200
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
Average production assets, $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
  0
Working capital, $m
  -1
  3
  4
  5
  7
  9
  12
  15
  18
  22
  26
  31
  36
  42
  48
  55
  62
  69
  77
  85
  94
  103
  112
  122
  133
  143
  154
  166
  178
  190
  203
Total debt, $m
  50
  70
  99
  137
  183
  240
  307
  386
  476
  579
  694
  822
  962
  1,114
  1,278
  1,453
  1,640
  1,838
  2,047
  2,266
  2,496
  2,737
  2,988
  3,249
  3,521
  3,804
  4,098
  4,404
  4,722
  5,052
  5,395
Total liabilities, $m
  56
  76
  105
  143
  189
  246
  313
  392
  482
  585
  700
  828
  968
  1,120
  1,284
  1,459
  1,646
  1,844
  2,053
  2,272
  2,502
  2,743
  2,994
  3,255
  3,527
  3,810
  4,104
  4,410
  4,728
  5,058
  5,401
Total equity, $m
  88
  125
  175
  237
  314
  408
  520
  650
  801
  971
  1,163
  1,374
  1,606
  1,859
  2,131
  2,422
  2,732
  3,061
  3,407
  3,771
  4,153
  4,552
  4,968
  5,402
  5,853
  6,323
  6,811
  7,319
  7,846
  8,394
  8,963
Total liabilities and equity, $m
  144
  201
  280
  380
  503
  654
  833
  1,042
  1,283
  1,556
  1,863
  2,202
  2,574
  2,979
  3,415
  3,881
  4,378
  4,905
  5,460
  6,043
  6,655
  7,295
  7,962
  8,657
  9,380
  10,133
  10,915
  11,729
  12,574
  13,452
  14,364
Debt-to-equity ratio
  0.568
  0.550
  0.570
  0.580
  0.580
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
Adjusted equity ratio
  0.603
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -44
  -14
  -19
  -26
  -35
  -45
  -58
  -73
  -90
  -110
  -132
  -156
  -183
  -212
  -243
  -277
  -313
  -351
  -392
  -434
  -478
  -525
  -574
  -624
  -677
  -732
  -789
  -848
  -909
  -973
  -1,040
Depreciation, amort., depletion, $m
  9
  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
Funds from operations, $m
  -1
  -14
  -19
  -26
  -35
  -45
  -58
  -73
  -90
  -110
  -132
  -156
  -183
  -212
  -243
  -277
  -313
  -351
  -392
  -434
  -478
  -525
  -574
  -624
  -677
  -732
  -789
  -848
  -909
  -973
  -1,040
Change in working capital, $m
  0
  1
  1
  1
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
Cash from operations, $m
  -1
  -14
  -20
  -27
  -36
  -47
  -60
  -76
  -93
  -113
  -136
  -161
  -188
  -218
  -250
  -284
  -320
  -359
  -399
  -442
  -487
  -534
  -583
  -634
  -687
  -742
  -800
  -859
  -921
  -986
  -1,053
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -27
  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 investing activities, $m
  -19
  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
Free cash flow, $m
  -20
  -14
  -20
  -27
  -36
  -47
  -60
  -76
  -93
  -113
  -136
  -161
  -188
  -218
  -250
  -284
  -320
  -359
  -399
  -442
  -487
  -534
  -583
  -634
  -687
  -742
  -800
  -859
  -921
  -986
  -1,053
Issuance/(repayment) of debt, $m
  12
  23
  30
  38
  47
  57
  67
  79
  91
  103
  115
  128
  140
  152
  164
  176
  187
  198
  209
  219
  230
  240
  251
  261
  272
  283
  294
  306
  318
  330
  343
Issuance/(repurchase) of shares, $m
  3
  51
  68
  88
  112
  139
  170
  203
  240
  280
  323
  368
  415
  464
  515
  568
  623
  680
  738
  798
  860
  924
  990
  1,058
  1,128
  1,201
  1,277
  1,355
  1,437
  1,521
  1,609
Cash from financing (excl. dividends), $m  
  14
  74
  98
  126
  159
  196
  237
  282
  331
  383
  438
  496
  555
  616
  679
  744
  810
  878
  947
  1,017
  1,090
  1,164
  1,241
  1,319
  1,400
  1,484
  1,571
  1,661
  1,755
  1,851
  1,952
Total cash flow (excl. dividends), $m
  -6
  59
  78
  98
  122
  148
  176
  206
  238
  270
  302
  335
  367
  399
  430
  460
  490
  519
  547
  575
  603
  630
  658
  685
  713
  742
  771
  802
  833
  866
  900
Retained Cash Flow (-), $m
  39
  -51
  -68
  -88
  -112
  -139
  -170
  -203
  -240
  -280
  -323
  -368
  -415
  -464
  -515
  -568
  -623
  -680
  -738
  -798
  -860
  -924
  -990
  -1,058
  -1,128
  -1,201
  -1,277
  -1,355
  -1,437
  -1,521
  -1,609
Prev. year cash balance distribution, $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 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
  9
  10
  10
  9
  7
  3
  -3
  -11
  -21
  -33
  -48
  -66
  -86
  -108
  -133
  -161
  -191
  -223
  -257
  -294
  -332
  -373
  -415
  -459
  -506
  -554
  -604
  -656
  -710
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  8
  8
  8
  7
  6
  4
  1
  -1
  -4
  -6
  -8
  -10
  -11
  -11
  -11
  -10
  -9
  -8
  -7
  -6
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  54.7
  30.8
  17.9
  10.7
  6.5
  4.1
  2.6
  1.7
  1.1
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Euroseas Ltd. is engaged in the shipping business. The Company is an owner and operator of drybulk and container carrier vessels and is a provider of seaborne transportation for drybulk and containerized cargoes. Eurobulk Ltd. manages the Company's operations. The Company also owns and operates dry bulk carriers that transport major bulks, such as iron ore, coal and grains, and minor bulks, such as bauxite, phosphate and fertilizers. The Company has a fleet of 12 vessels, including Kamsarmax drybulk carrier, Panamax drybulk carriers and Handymax drybulk carrier, Intermediate containerships, Handysize containerships, and Feeder containerships. The Company’s five drybulk carriers have a total cargo capacity of 351,272 deadweight tons (dwt), and its seven containerships have a cargo capacity of 11,828 twenty-foot equivalent units (teu).

FINANCIAL RATIOS  of  Euroseas (ESEA)

Valuation Ratios
P/E Ratio -0.5
Price to Sales 0.7
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow -19.8
Price to Free Cash Flow -0.7
Growth Rates
Sales Growth Rate -26.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 58.8%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 50%
Total Debt to Equity 56.8%
Interest Coverage -21
Management Effectiveness
Return On Assets -26.6%
Ret/ On Assets - 3 Yr. Avg. -14.3%
Return On Total Capital -28.9%
Ret/ On T. Cap. - 3 Yr. Avg. -15.8%
Return On Equity -40.9%
Return On Equity - 3 Yr. Avg. -22.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 92.9%
Gross Margin - 3 Yr. Avg. 94.2%
EBITDA Margin -117.9%
EBITDA Margin - 3 Yr. Avg. -44.3%
Operating Margin -146.4%
Oper. Margin - 3 Yr. Avg. -69.8%
Pre-Tax Margin -157.1%
Pre-Tax Margin - 3 Yr. Avg. -79.3%
Net Profit Margin -157.1%
Net Profit Margin - 3 Yr. Avg. -79.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ESEA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESEA stock intrinsic value calculation we used $28 million for the last fiscal year's total revenue generated by Euroseas. The default revenue input number comes from 2016 income statement of Euroseas. 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 ESEA stock valuation model: a) initial revenue growth rate of 42.9% 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 8.3%, whose default value for ESEA is calculated based on our internal credit rating of Euroseas, 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 Euroseas.
    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 ESEA stock the variable cost ratio is equal to 128.6%.

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 ESEA 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 4.4% for Euroseas.

Corporate tax rate of 27% is the nominal tax rate for Euroseas. 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 ESEA 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 ESEA are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Euroseas 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 ESEA is equal to 7.1%. 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 - $88 million for Euroseas - 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 11.174 million for Euroseas 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 Euroseas at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
DAC Danaos 1.40 3.89  str.buy
DCIX Diana Containe 5.24 8.51  str.buy
GLBS Globus Maritim 1.22 0.19  str.sell
CMRE Costamare 5.68 6.08  hold
DSX Diana Shipping 4.06 2.55  sell
SBLK Star Bulk Carr 11.45 4.04  str.sell
DRYS DryShips 3.87 0.12  str.sell
SB Safe Bulkers 3.16 1.43  str.sell

COMPANY NEWS

▶ How Should You Think About Euroseas Ltds (ESEA) Risks?   [Oct-02-17 02:22PM  Simply Wall St.]
▶ Investor Network: Euroseas Ltd. to Host Earnings Call   [May-12-17 09:00AM  Accesswire]
▶ Dry Bulk Bubble Bursts: DryShips Sinks as Trading Resumes   [01:33PM  at The Wall Street Journal]
▶ 'Shipping Gets Weird': Shares Surge as Analysts Struggle for Explanations   [Nov-16-16 03:22PM  at The Wall Street Journal]
▶ Shipping stocks soar as bears abandon ship   [02:34PM  at MarketWatch]
▶ DryShips: What the Heck Is Going On?!?!   [10:19AM  at Barrons.com]
▶ The Donald Trump Shipping Stock Boom   [03:38PM  at Forbes]
▶ EUROSEAS LTD. Financials   [01:04PM  EDGAR Online Financials]
▶ Shipper Euroseas Scales Back   [Jan-05-16 06:35PM  at The Wall Street Journal]
▶ Euroseas Announces the Sale of C/V Marinos   [Nov-27  09:00AM  Marketwired]
▶ Euroseas Announces the Sale of C/V Tiger Bridge   [Oct-16  04:05PM  Marketwired]
Financial statements of ESEA
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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