Intrinsic value of HD Supply Holdings - HDS

Previous Close

$36.75

  Intrinsic Value

$23.96

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-23%

Previous close

$36.75

 
Intrinsic value

$23.96

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of HDS 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 2017), $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 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.44
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  7,439
  7,766
  8,113
  8,479
  8,866
  9,274
  9,705
  10,159
  10,638
  11,143
  11,674
  12,233
  12,822
  13,441
  14,093
  14,778
  15,498
  16,256
  17,053
  17,890
  18,770
  19,695
  20,667
  21,688
  22,761
  23,888
  25,072
  26,316
  27,622
  28,995
  30,436
Variable operating expenses, $m
 
  7,062
  7,365
  7,684
  8,022
  8,378
  8,754
  9,150
  9,568
  10,008
  10,471
  10,672
  11,186
  11,726
  12,295
  12,893
  13,521
  14,182
  14,877
  15,608
  16,376
  17,182
  18,030
  18,921
  19,857
  20,840
  21,873
  22,959
  24,099
  25,296
  26,554
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
  6,827
  7,062
  7,365
  7,684
  8,022
  8,378
  8,754
  9,150
  9,568
  10,008
  10,471
  10,672
  11,186
  11,726
  12,295
  12,893
  13,521
  14,182
  14,877
  15,608
  16,376
  17,182
  18,030
  18,921
  19,857
  20,840
  21,873
  22,959
  24,099
  25,296
  26,554
Operating income, $m
  612
  704
  748
  795
  844
  896
  951
  1,009
  1,070
  1,135
  1,202
  1,561
  1,636
  1,715
  1,798
  1,885
  1,977
  2,074
  2,175
  2,282
  2,394
  2,512
  2,636
  2,767
  2,903
  3,047
  3,198
  3,357
  3,524
  3,699
  3,883
EBITDA, $m
  714
  1,005
  1,050
  1,098
  1,148
  1,201
  1,256
  1,315
  1,377
  1,443
  1,511
  1,584
  1,660
  1,740
  1,825
  1,913
  2,007
  2,105
  2,208
  2,316
  2,430
  2,550
  2,676
  2,808
  2,947
  3,093
  3,246
  3,407
  3,576
  3,754
  3,940
Interest expense (income), $m
  296
  277
  292
  308
  325
  343
  362
  382
  403
  426
  449
  474
  500
  527
  556
  586
  618
  651
  686
  723
  762
  803
  846
  891
  938
  988
  1,041
  1,096
  1,153
  1,214
  1,278
Earnings before tax, $m
  343
  427
  456
  486
  519
  553
  589
  627
  667
  709
  753
  1,087
  1,136
  1,188
  1,242
  1,299
  1,359
  1,423
  1,489
  1,559
  1,632
  1,709
  1,790
  1,876
  1,965
  2,059
  2,158
  2,261
  2,370
  2,485
  2,605
Tax expense, $m
  139
  115
  123
  131
  140
  149
  159
  169
  180
  191
  203
  293
  307
  321
  335
  351
  367
  384
  402
  421
  441
  462
  483
  506
  531
  556
  583
  611
  640
  671
  703
Net income, $m
  196
  311
  333
  355
  379
  404
  430
  458
  487
  518
  550
  793
  829
  867
  907
  948
  992
  1,038
  1,087
  1,138
  1,192
  1,248
  1,307
  1,369
  1,434
  1,503
  1,575
  1,651
  1,730
  1,814
  1,902

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  75
  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
  5,707
  5,879
  6,141
  6,419
  6,711
  7,021
  7,347
  7,691
  8,053
  8,435
  8,837
  9,260
  9,706
  10,175
  10,668
  11,187
  11,732
  12,306
  12,909
  13,543
  14,209
  14,909
  15,645
  16,418
  17,230
  18,083
  18,979
  19,921
  20,910
  21,949
  23,040
Adjusted assets (=assets-cash), $m
  5,632
  5,879
  6,141
  6,419
  6,711
  7,021
  7,347
  7,691
  8,053
  8,435
  8,837
  9,260
  9,706
  10,175
  10,668
  11,187
  11,732
  12,306
  12,909
  13,543
  14,209
  14,909
  15,645
  16,418
  17,230
  18,083
  18,979
  19,921
  20,910
  21,949
  23,040
Revenue / Adjusted assets
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
  1.321
Average production assets, $m
  426
  443
  462
  483
  505
  529
  553
  579
  606
  635
  665
  697
  731
  766
  803
  842
  883
  927
  972
  1,020
  1,070
  1,123
  1,178
  1,236
  1,297
  1,362
  1,429
  1,500
  1,574
  1,653
  1,735
Working capital, $m
  1,004
  986
  1,030
  1,077
  1,126
  1,178
  1,233
  1,290
  1,351
  1,415
  1,483
  1,554
  1,628
  1,707
  1,790
  1,877
  1,968
  2,065
  2,166
  2,272
  2,384
  2,501
  2,625
  2,754
  2,891
  3,034
  3,184
  3,342
  3,508
  3,682
  3,865
Total debt, $m
  3,812
  4,003
  4,224
  4,457
  4,703
  4,962
  5,236
  5,525
  5,830
  6,150
  6,488
  6,844
  7,218
  7,612
  8,026
  8,462
  8,920
  9,402
  9,909
  10,441
  11,000
  11,589
  12,207
  12,856
  13,538
  14,255
  15,008
  15,799
  16,630
  17,502
  18,419
Total liabilities, $m
  4,747
  4,938
  5,159
  5,392
  5,638
  5,897
  6,171
  6,460
  6,765
  7,085
  7,423
  7,779
  8,153
  8,547
  8,961
  9,397
  9,855
  10,337
  10,844
  11,376
  11,935
  12,524
  13,142
  13,791
  14,473
  15,190
  15,943
  16,734
  17,565
  18,437
  19,354
Total equity, $m
  960
  941
  983
  1,027
  1,074
  1,123
  1,175
  1,230
  1,288
  1,350
  1,414
  1,482
  1,553
  1,628
  1,707
  1,790
  1,877
  1,969
  2,065
  2,167
  2,273
  2,385
  2,503
  2,627
  2,757
  2,893
  3,037
  3,187
  3,346
  3,512
  3,686
Total liabilities and equity, $m
  5,707
  5,879
  6,142
  6,419
  6,712
  7,020
  7,346
  7,690
  8,053
  8,435
  8,837
  9,261
  9,706
  10,175
  10,668
  11,187
  11,732
  12,306
  12,909
  13,543
  14,208
  14,909
  15,645
  16,418
  17,230
  18,083
  18,980
  19,921
  20,911
  21,949
  23,040
Debt-to-equity ratio
  3.971
  4.260
  4.300
  4.340
  4.380
  4.420
  4.450
  4.490
  4.520
  4.560
  4.590
  4.620
  4.650
  4.680
  4.700
  4.730
  4.750
  4.780
  4.800
  4.820
  4.840
  4.860
  4.880
  4.890
  4.910
  4.930
  4.940
  4.960
  4.970
  4.980
  5.000
Adjusted equity ratio
  0.157
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160
  0.160

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  196
  311
  333
  355
  379
  404
  430
  458
  487
  518
  550
  793
  829
  867
  907
  948
  992
  1,038
  1,087
  1,138
  1,192
  1,248
  1,307
  1,369
  1,434
  1,503
  1,575
  1,651
  1,730
  1,814
  1,902
Depreciation, amort., depletion, $m
  102
  302
  302
  303
  304
  305
  305
  306
  307
  308
  309
  23
  24
  26
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
Funds from operations, $m
  389
  613
  635
  658
  682
  708
  735
  764
  794
  826
  859
  817
  854
  893
  933
  977
  1,022
  1,069
  1,119
  1,172
  1,227
  1,285
  1,346
  1,410
  1,478
  1,548
  1,623
  1,701
  1,783
  1,869
  1,959
Change in working capital, $m
  -124
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
  92
  96
  101
  106
  112
  117
  123
  130
  136
  143
  150
  158
  166
  174
  183
Cash from operations, $m
  513
  571
  591
  612
  633
  656
  681
  706
  733
  762
  792
  746
  779
  814
  851
  890
  930
  973
  1,018
  1,066
  1,115
  1,168
  1,223
  1,281
  1,341
  1,405
  1,472
  1,543
  1,617
  1,695
  1,776
Maintenance CAPEX, $m
  0
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
New CAPEX, $m
  -81
  -17
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
Cash from investing activities, $m
  -21
  -31
  -35
  -36
  -38
  -40
  -43
  -44
  -46
  -49
  -51
  -54
  -57
  -59
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -89
  -92
  -97
  -102
  -107
  -112
  -119
  -124
  -130
  -137
Free cash flow, $m
  492
  541
  557
  575
  595
  616
  638
  662
  687
  713
  740
  692
  722
  754
  788
  824
  861
  901
  942
  985
  1,031
  1,079
  1,130
  1,183
  1,239
  1,298
  1,360
  1,424
  1,492
  1,564
  1,639
Issuance/(repayment) of debt, $m
  -664
  205
  220
  233
  246
  260
  274
  289
  304
  321
  338
  356
  374
  394
  414
  436
  458
  482
  507
  532
  560
  588
  618
  649
  682
  717
  753
  791
  831
  873
  917
Issuance/(repurchase) of shares, $m
  -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
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -687
  205
  220
  233
  246
  260
  274
  289
  304
  321
  338
  356
  374
  394
  414
  436
  458
  482
  507
  532
  560
  588
  618
  649
  682
  717
  753
  791
  831
  873
  917
Total cash flow (excl. dividends), $m
  -194
  746
  777
  808
  841
  876
  912
  951
  991
  1,033
  1,078
  1,047
  1,096
  1,148
  1,202
  1,259
  1,319
  1,382
  1,448
  1,518
  1,591
  1,668
  1,748
  1,833
  1,921
  2,015
  2,112
  2,215
  2,323
  2,437
  2,556
Retained Cash Flow (-), $m
  -216
  -42
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -175
Prev. year cash balance distribution, $m
 
  61
  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
 
  765
  735
  764
  794
  826
  860
  896
  933
  972
  1,014
  979
  1,025
  1,073
  1,123
  1,176
  1,232
  1,291
  1,352
  1,416
  1,484
  1,555
  1,630
  1,709
  1,791
  1,878
  1,969
  2,065
  2,165
  2,270
  2,381
Discount rate, %
 
  11.00
  11.55
  12.13
  12.73
  13.37
  14.04
  14.74
  15.48
  16.25
  17.06
  17.92
  18.81
  19.75
  20.74
  21.78
  22.87
  24.01
  25.21
  26.47
  27.80
  29.19
  30.65
  32.18
  33.79
  35.48
  37.25
  39.11
  41.07
  43.12
  45.28
PV of cash for distribution, $m
 
  690
  591
  542
  492
  441
  391
  342
  295
  251
  210
  160
  130
  103
  80
  61
  46
  33
  24
  16
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
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

HD Supply Holdings, Inc. is an industrial distributor in North America. The Company's segments include Facilities Maintenance, Construction & Industrial-White Cap, and Corporate. As of January 29, 2017, the Company operated through approximately 500 locations across 48 states in the United States and six Canadian provinces. It serves contractors, government entities, maintenance professionals, home builders and industrial businesses. As of January 29, 2017, its range of product lines and services included approximately 845,000 stock-keeping units (SKUs) of products, brands, as well as value-add services supporting the entire life-cycle of a project from infrastructure and construction to maintenance, repair and operations. The Company's value-add services include customer training, material and product fabrication, kitting, jobsite delivery, will-call pickup options, as well as onsite managed inventory, online material management and emergency response capabilities.

FINANCIAL RATIOS  of  HD Supply Holdings (HDS)

Valuation Ratios
P/E Ratio 37.7
Price to Sales 1
Price to Book 7.7
Price to Tangible Book
Price to Cash Flow 14.4
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.8%
Cap. Spend. - 3 Yr. Gr. Rate -9.2%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 395.6%
Total Debt to Equity 397.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 69.4%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 23%
Return On Equity - 3 Yr. Avg. -6125.8%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 34%
Gross Margin - 3 Yr. Avg. 33.5%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 10.3%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 2.7%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 40.5%
Eff/ Tax Rate - 3 Yr. Avg. -735.8%
Payout Ratio 0%

HDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HDS stock intrinsic value calculation we used $7439 million for the last fiscal year's total revenue generated by HD Supply Holdings. The default revenue input number comes from 2017 income statement of HD Supply Holdings. 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 HDS stock valuation model: a) initial revenue growth rate of 4.4% 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 11%, whose default value for HDS is calculated based on our internal credit rating of HD Supply Holdings, 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 HD Supply Holdings.
    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 HDS stock the variable cost ratio is equal to 91.1%.

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 HDS 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 7.3% for HD Supply Holdings.

Corporate tax rate of 27% is the nominal tax rate for HD Supply Holdings. 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 HDS 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 HDS are equal to 5.7%.

Life of production assets of 32.3 years is the average useful life of capital assets used in HD Supply Holdings 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 HDS is equal to 12.7%. 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 - $960 million for HD Supply Holdings - 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 205.584 million for HD Supply Holdings 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 HD Supply Holdings at the current share price and the inputted number of shares is $7.6 billion.

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COMPANY NEWS

▶ We See Growth Building for HD Supply   [Oct-13-17 07:00AM  Morningstar]
▶ Company News For Sep 7, 2017   [Sep-07-17 10:23AM  Zacks]
▶ HD Supply matches Street 2Q forecasts   [Sep-06-17 11:57PM  Associated Press]
▶ Can you trust Facebook? It's in the Blitz   [01:59PM  CNBC Videos]
▶ JinkoSolar, HD Supply, RH, Beige Book Due: Investing Action Plan   [Sep-05-17 04:03PM  Investor's Business Daily]
Financial statements of HDS
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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