Intrinsic value of EnviroStar - EVI

Previous Close

$24.25

  Intrinsic Value

$93.30

stock screener

  Rating & Target

str. buy

+285%

  Value-price divergence*

0%

Previous close

$24.25

 
Intrinsic value

$93.30

 
Up/down potential

+285%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of EVI 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 0.3

 

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, %
  16.13
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  36
  58
  89
  133
  193
  272
  375
  503
  660
  849
  1,073
  1,332
  1,629
  1,963
  2,336
  2,747
  3,195
  3,680
  4,202
  4,759
  5,351
  5,976
  6,634
  7,325
  8,049
  8,804
  9,592
  10,413
  11,266
  12,154
  13,076
Variable operating expenses, $m
 
  53
  82
  122
  177
  250
  343
  461
  605
  779
  984
  1,222
  1,494
  1,800
  2,142
  2,519
  2,930
  3,375
  3,853
  4,364
  4,907
  5,480
  6,084
  6,717
  7,381
  8,074
  8,796
  9,548
  10,331
  11,145
  11,991
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
  33
  53
  82
  122
  177
  250
  343
  461
  605
  779
  984
  1,222
  1,494
  1,800
  2,142
  2,519
  2,930
  3,375
  3,853
  4,364
  4,907
  5,480
  6,084
  6,717
  7,381
  8,074
  8,796
  9,548
  10,331
  11,145
  11,991
Operating income, $m
  3
  5
  7
  11
  16
  23
  31
  42
  55
  71
  89
  111
  135
  163
  194
  228
  265
  305
  349
  395
  444
  496
  551
  608
  668
  731
  796
  864
  935
  1,009
  1,085
EBITDA, $m
  3
  5
  7
  11
  16
  23
  31
  42
  55
  71
  89
  111
  135
  163
  194
  228
  265
  305
  349
  395
  444
  496
  551
  608
  668
  731
  796
  864
  935
  1,009
  1,085
Interest expense (income), $m
  0
  0
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  8
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  39
  43
  46
  50
  55
  59
Earnings before tax, $m
  3
  5
  7
  11
  16
  22
  30
  40
  53
  67
  85
  106
  129
  155
  185
  217
  252
  290
  331
  375
  421
  470
  522
  576
  633
  692
  754
  818
  885
  954
  1,026
Tax expense, $m
  1
  1
  2
  3
  4
  6
  8
  11
  14
  18
  23
  28
  35
  42
  50
  59
  68
  78
  89
  101
  114
  127
  141
  156
  171
  187
  203
  221
  239
  258
  277
Net income, $m
  2
  3
  5
  8
  11
  16
  22
  29
  38
  49
  62
  77
  94
  113
  135
  158
  184
  212
  242
  274
  307
  343
  381
  420
  462
  505
  550
  597
  646
  697
  749

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  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
  10
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Adjusted assets (=assets-cash), $m
  6
  10
  15
  22
  32
  45
  62
  84
  110
  142
  179
  222
  271
  327
  389
  458
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,735
  1,878
  2,026
  2,179
Revenue / Adjusted assets
  6.000
  5.800
  5.933
  6.045
  6.031
  6.044
  6.048
  5.988
  6.000
  5.979
  5.994
  6.000
  6.011
  6.003
  6.005
  5.998
  5.994
  6.003
  6.003
  6.001
  5.999
  6.000
  5.998
  5.999
  6.002
  6.001
  5.999
  6.002
  5.999
  5.999
  6.001
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
  5
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  46
  55
  65
  77
  89
  103
  118
  133
  150
  167
  186
  205
  225
  247
  269
  292
  315
  340
  366
Total debt, $m
  0
  3
  7
  13
  22
  33
  47
  65
  87
  113
  144
  180
  221
  268
  319
  376
  439
  506
  578
  656
  738
  825
  916
  1,012
  1,112
  1,217
  1,327
  1,441
  1,559
  1,682
  1,810
Total liabilities, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  273
  324
  381
  444
  511
  583
  661
  743
  830
  921
  1,017
  1,117
  1,222
  1,332
  1,446
  1,564
  1,687
  1,815
Total equity, $m
  5
  2
  2
  4
  5
  8
  10
  14
  18
  24
  30
  37
  45
  55
  65
  76
  89
  102
  117
  132
  149
  166
  185
  204
  224
  245
  267
  290
  314
  338
  364
Total liabilities and equity, $m
  10
  10
  14
  22
  32
  46
  62
  84
  110
  142
  179
  222
  271
  328
  389
  457
  533
  613
  700
  793
  892
  996
  1,106
  1,221
  1,341
  1,467
  1,599
  1,736
  1,878
  2,025
  2,179
Debt-to-equity ratio
  0.000
  1.870
  2.970
  3.640
  4.060
  4.330
  4.510
  4.630
  4.720
  4.780
  4.820
  4.850
  4.880
  4.900
  4.910
  4.920
  4.930
  4.940
  4.950
  4.950
  4.950
  4.960
  4.960
  4.960
  4.970
  4.970
  4.970
  4.970
  4.970
  4.970
  4.970
Adjusted equity ratio
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167
  0.167

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  3
  5
  8
  11
  16
  22
  29
  38
  49
  62
  77
  94
  113
  135
  158
  184
  212
  242
  274
  307
  343
  381
  420
  462
  505
  550
  597
  646
  697
  749
Depreciation, amort., depletion, $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
Funds from operations, $m
  1
  3
  5
  8
  11
  16
  22
  29
  38
  49
  62
  77
  94
  113
  135
  158
  184
  212
  242
  274
  307
  343
  381
  420
  462
  505
  550
  597
  646
  697
  749
Change in working capital, $m
  0
  1
  1
  1
  2
  2
  3
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
Cash from operations, $m
  1
  3
  4
  7
  10
  14
  19
  26
  34
  44
  56
  70
  86
  104
  124
  147
  171
  198
  227
  258
  291
  326
  362
  401
  442
  484
  528
  574
  622
  672
  723
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
  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
Cash from investing activities, $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
Free cash flow, $m
  1
  3
  4
  7
  10
  14
  19
  26
  34
  44
  56
  70
  86
  104
  124
  147
  171
  198
  227
  258
  291
  326
  362
  401
  442
  484
  528
  574
  622
  672
  723
Issuance/(repayment) of debt, $m
  0
  3
  4
  6
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  67
  72
  77
  82
  87
  91
  96
  100
  105
  109
  114
  119
  123
  128
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  0
  3
  4
  6
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  57
  62
  67
  72
  77
  82
  87
  91
  96
  100
  105
  109
  114
  119
  123
  128
Total cash flow (excl. dividends), $m
  1
  6
  9
  13
  18
  25
  33
  43
  56
  70
  87
  106
  127
  150
  176
  204
  234
  266
  299
  335
  373
  413
  454
  497
  542
  589
  637
  688
  740
  795
  852
Retained Cash Flow (-), $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Prev. year cash balance distribution, $m
 
  4
  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
 
  9
  8
  12
  16
  23
  30
  40
  51
  65
  81
  99
  119
  141
  166
  192
  221
  252
  285
  320
  357
  395
  436
  478
  522
  568
  615
  665
  717
  770
  826
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
 
  9
  7
  10
  13
  17
  22
  27
  32
  37
  42
  47
  51
  54
  56
  56
  56
  55
  52
  49
  45
  41
  36
  31
  27
  22
  18
  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

EnviroStar, Inc., through its subsidiary, Steiner-Atlantic Corp., distributes commercial and industrial laundry and dry cleaning equipment, and steam and hot water boilers manufactured by others; supplies replacement parts and accessories, and provides maintenance services to its customers, and designs and plans turnkey laundry, dry cleaning and boiler systems for its institutional, retail, industrial and commercial customers. The Company, through its subsidiary, DRYCLEAN USA License Corp. owns rights to the name DRYCLEAN USA, which it franchises and licenses to retail drycleaners in the United States, the Caribbean and Latin America. It sells a line of commercial and industrial laundry and dry cleaning equipment and steam and hot water boilers manufactured by others, as well as related replacement parts and accessories, and provides maintenance services. It also sells replacement parts and accessories for the products it sells and provides maintenance services to its customers.

FINANCIAL RATIOS  of  EnviroStar (EVI)

Valuation Ratios
P/E Ratio 85.2
Price to Sales 4.7
Price to Book 34.1
Price to Tangible Book
Price to Cash Flow 170.5
Price to Free Cash Flow 170.5
Growth Rates
Sales Growth Rate 16.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 21.1%
Ret/ On Assets - 3 Yr. Avg. 18.1%
Return On Total Capital 40%
Ret/ On T. Cap. - 3 Yr. Avg. 41.5%
Return On Equity 40%
Return On Equity - 3 Yr. Avg. 41.5%
Asset Turnover 3.8
Profitability Ratios
Gross Margin 22.2%
Gross Margin - 3 Yr. Avg. 23.9%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 8.9%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 33.3%
Payout Ratio 50%

EVI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVI stock intrinsic value calculation we used $36 million for the last fiscal year's total revenue generated by EnviroStar. The default revenue input number comes from 2016 income statement of EnviroStar. 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 EVI stock valuation model: a) initial revenue growth rate of 60% 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 EVI is calculated based on our internal credit rating of EnviroStar, 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 EnviroStar.
    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 EVI stock the variable cost ratio is equal to 91.7%.

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 EVI 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 EnviroStar.

Corporate tax rate of 27% is the nominal tax rate for EnviroStar. 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 EVI 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 EVI are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in EnviroStar 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 EVI is equal to 2.8%. 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 - $5 million for EnviroStar - 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 10.369 million for EnviroStar 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 EnviroStar at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TNC Tennant 69.80 35.66  sell
MIDD Middleby 122.65 88.45  sell
SXI Standex Intern 103.45 110.03  hold
EMR Emerson Electr 64.44 81.96  buy
DOV Dover 94.77 290.49  str.buy

COMPANY NEWS

▶ 3 Stocks That Turned $8,000 Into $125,000 in 5 Years   [Oct-09-17 01:12PM  Motley Fool]
▶ EnviroStar, Inc. (EVI) Announces Record Year End Results   [Sep-28-17 04:28PM  Business Wire]
▶ EnviroStar, Inc. Update on Operations After Hurricane Irma   [Sep-13-17 12:13PM  Business Wire]
▶ ETFs with exposure to EnviroStar, Inc. : May 22, 2017   [May-22-17 01:38PM  Capital Cube]
▶ ETFs with exposure to EnviroStar, Inc. : April 25, 2017   [Apr-25-17 03:32PM  Capital Cube]
▶ ETFs with exposure to EnviroStar, Inc. : April 7, 2017   [Apr-07-17 04:28PM  Capital Cube]
▶ LD Micro Index Reconstitution as of February 1, 2017   [Feb-01-17 09:45AM  Accesswire]
▶ EnviroStar, Inc. Announces a Special Cash Dividend   [Nov-30-16 11:00AM  Business Wire]
▶ EnviroStar, Inc. Announces Year End Results   [09:00AM  Business Wire]
▶ EnviroStar, Inc. Announces Year End Results   [Sep-21  09:00AM  Business Wire]
▶ 10-Q for EnviroStar, Inc.   [May-18  08:12PM  at Company Spotlight]
▶ EnviroStar, Inc. Appoints a New Director   [09:00AM  Business Wire]
▶ 10-Q for EnviroStar, Inc.   [Feb-15  07:07PM  at Company Spotlight]
▶ 10-Q for EnviroStar, Inc.   [Nov-17  07:09PM  Company Spotlight]
▶ 10-K for EnviroStar, Inc.   [Sep-24  08:08PM  Company Spotlight]
▶ ENVIROSTAR, INC. Files SEC form 10-K, Annual Report   [Sep-22  01:10PM  EDGAR Online]
▶ EnviroStar, Inc. Announces Year End Results   [01:00PM  Business Wire]
▶ ENVIROSTAR, INC. Files SEC form 10-Q, Quarterly Report   [May-12  09:32AM  EDGAR Online]
▶ ENVIROSTAR, INC. Files SEC form 8-K, Other Events   [Apr-17  05:04PM  EDGAR Online]
▶ Must-know: Investment insights that fuel EnviroStars growth   [Feb-06  08:41PM  Market Realist]
▶ Business overview: A guide to EnviroStars 2 subsidiaries   [Jan-27  01:53PM  Market Realist]
Financial statements of EVI
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.