Intrinsic value of HD Supply Holdings - HDS

Previous Close

$38.65

  Intrinsic Value

$27.97

stock screener

  Rating & Target

sell

-28%

Previous close

$38.65

 
Intrinsic value

$27.97

 
Up/down potential

-28%

 
Rating

sell

*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 7.2

 

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
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  7,439
  7,841
  8,261
  8,701
  9,161
  9,643
  10,148
  10,677
  11,232
  11,812
  12,421
  13,060
  13,729
  14,431
  15,167
  15,940
  16,750
  17,600
  18,491
  19,427
  20,409
  21,439
  22,521
  23,655
  24,847
  26,097
  27,409
  28,787
  30,233
  31,751
  33,344
Variable operating expenses, $m
 
  7,127
  7,494
  7,878
  8,279
  8,700
  9,141
  9,602
  10,086
  10,592
  11,124
  11,394
  11,978
  12,590
  13,232
  13,906
  14,613
  15,354
  16,132
  16,949
  17,805
  18,704
  19,648
  20,638
  21,677
  22,768
  23,913
  25,114
  26,376
  27,700
  29,091
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
  7,127
  7,494
  7,878
  8,279
  8,700
  9,141
  9,602
  10,086
  10,592
  11,124
  11,394
  11,978
  12,590
  13,232
  13,906
  14,613
  15,354
  16,132
  16,949
  17,805
  18,704
  19,648
  20,638
  21,677
  22,768
  23,913
  25,114
  26,376
  27,700
  29,091
Operating income, $m
  612
  713
  767
  823
  882
  943
  1,008
  1,075
  1,146
  1,220
  1,298
  1,666
  1,751
  1,841
  1,935
  2,033
  2,137
  2,245
  2,359
  2,478
  2,603
  2,735
  2,873
  3,018
  3,170
  3,329
  3,497
  3,672
  3,857
  4,050
  4,254
EBITDA, $m
  714
  1,015
  1,070
  1,126
  1,186
  1,248
  1,314
  1,382
  1,454
  1,529
  1,608
  1,691
  1,777
  1,868
  1,964
  2,064
  2,169
  2,279
  2,394
  2,515
  2,642
  2,776
  2,916
  3,063
  3,217
  3,379
  3,549
  3,727
  3,914
  4,111
  4,317
Interest expense (income), $m
  296
  277
  296
  315
  336
  357
  379
  403
  427
  453
  480
  508
  538
  569
  602
  636
  672
  709
  749
  790
  834
  879
  927
  977
  1,030
  1,085
  1,143
  1,204
  1,268
  1,335
  1,406
Earnings before tax, $m
  343
  436
  471
  508
  546
  586
  628
  672
  718
  767
  818
  1,158
  1,213
  1,272
  1,333
  1,398
  1,465
  1,536
  1,610
  1,688
  1,770
  1,856
  1,946
  2,041
  2,140
  2,244
  2,353
  2,468
  2,589
  2,715
  2,848
Tax expense, $m
  139
  118
  127
  137
  147
  158
  170
  182
  194
  207
  221
  313
  328
  343
  360
  377
  396
  415
  435
  456
  478
  501
  525
  551
  578
  606
  635
  666
  699
  733
  769
Net income, $m
  196
  318
  344
  371
  399
  428
  459
  491
  525
  560
  597
  845
  886
  928
  973
  1,020
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,421
  1,490
  1,562
  1,638
  1,718
  1,802
  1,890
  1,982
  2,079

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
  5,935
  6,254
  6,587
  6,935
  7,300
  7,682
  8,083
  8,502
  8,942
  9,403
  9,886
  10,393
  10,924
  11,482
  12,066
  12,680
  13,323
  13,998
  14,706
  15,450
  16,229
  17,048
  17,907
  18,809
  19,755
  20,749
  21,792
  22,886
  24,035
  25,242
Adjusted assets (=assets-cash), $m
  5,632
  5,935
  6,254
  6,587
  6,935
  7,300
  7,682
  8,083
  8,502
  8,942
  9,403
  9,886
  10,393
  10,924
  11,482
  12,066
  12,680
  13,323
  13,998
  14,706
  15,450
  16,229
  17,048
  17,907
  18,809
  19,755
  20,749
  21,792
  22,886
  24,035
  25,242
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
  447
  471
  496
  522
  550
  578
  609
  640
  673
  708
  744
  783
  823
  865
  909
  955
  1,003
  1,054
  1,107
  1,163
  1,222
  1,284
  1,348
  1,416
  1,488
  1,562
  1,641
  1,723
  1,810
  1,901
Working capital, $m
  1,004
  996
  1,049
  1,105
  1,163
  1,225
  1,289
  1,356
  1,426
  1,500
  1,578
  1,659
  1,744
  1,833
  1,926
  2,024
  2,127
  2,235
  2,348
  2,467
  2,592
  2,723
  2,860
  3,004
  3,156
  3,314
  3,481
  3,656
  3,840
  4,032
  4,235
Total debt, $m
  3,812
  4,051
  4,318
  4,598
  4,890
  5,197
  5,518
  5,854
  6,207
  6,576
  6,964
  7,369
  7,795
  8,241
  8,710
  9,201
  9,716
  10,256
  10,823
  11,418
  12,043
  12,698
  13,385
  14,107
  14,864
  15,659
  16,494
  17,370
  18,289
  19,255
  20,268
Total liabilities, $m
  4,747
  4,986
  5,253
  5,533
  5,825
  6,132
  6,453
  6,789
  7,142
  7,511
  7,899
  8,304
  8,730
  9,176
  9,645
  10,136
  10,651
  11,191
  11,758
  12,353
  12,978
  13,633
  14,320
  15,042
  15,799
  16,594
  17,429
  18,305
  19,224
  20,190
  21,203
Total equity, $m
  960
  950
  1,001
  1,054
  1,110
  1,168
  1,229
  1,293
  1,360
  1,431
  1,504
  1,582
  1,663
  1,748
  1,837
  1,931
  2,029
  2,132
  2,240
  2,353
  2,472
  2,597
  2,728
  2,865
  3,009
  3,161
  3,320
  3,487
  3,662
  3,846
  4,039
Total liabilities and equity, $m
  5,707
  5,936
  6,254
  6,587
  6,935
  7,300
  7,682
  8,082
  8,502
  8,942
  9,403
  9,886
  10,393
  10,924
  11,482
  12,067
  12,680
  13,323
  13,998
  14,706
  15,450
  16,230
  17,048
  17,907
  18,808
  19,755
  20,749
  21,792
  22,886
  24,036
  25,242
Debt-to-equity ratio
  3.971
  4.270
  4.320
  4.360
  4.410
  4.450
  4.490
  4.530
  4.560
  4.600
  4.630
  4.660
  4.690
  4.720
  4.740
  4.770
  4.790
  4.810
  4.830
  4.850
  4.870
  4.890
  4.910
  4.920
  4.940
  4.950
  4.970
  4.980
  4.990
  5.010
  5.020
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
  318
  344
  371
  399
  428
  459
  491
  525
  560
  597
  845
  886
  928
  973
  1,020
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,421
  1,490
  1,562
  1,638
  1,718
  1,802
  1,890
  1,982
  2,079
Depreciation, amort., depletion, $m
  102
  302
  303
  303
  304
  305
  306
  307
  308
  309
  311
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
Funds from operations, $m
  389
  620
  647
  674
  703
  733
  765
  798
  833
  869
  907
  870
  912
  956
  1,002
  1,051
  1,101
  1,155
  1,211
  1,269
  1,331
  1,395
  1,463
  1,535
  1,609
  1,688
  1,770
  1,856
  1,947
  2,042
  2,142
Change in working capital, $m
  -124
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
  159
  167
  175
  184
  193
  202
Cash from operations, $m
  513
  569
  593
  618
  645
  672
  701
  731
  762
  795
  830
  789
  827
  867
  909
  952
  998
  1,047
  1,097
  1,150
  1,206
  1,265
  1,326
  1,390
  1,458
  1,529
  1,603
  1,682
  1,764
  1,850
  1,940
Maintenance CAPEX, $m
  0
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
New CAPEX, $m
  -81
  -21
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
Cash from investing activities, $m
  -21
  -35
  -39
  -41
  -43
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -118
  -125
  -131
  -137
  -144
  -151
Free cash flow, $m
  492
  534
  554
  578
  602
  627
  654
  681
  710
  741
  773
  729
  764
  801
  839
  880
  922
  966
  1,013
  1,062
  1,113
  1,167
  1,224
  1,283
  1,345
  1,410
  1,479
  1,551
  1,626
  1,706
  1,789
Issuance/(repayment) of debt, $m
  -664
  253
  267
  280
  293
  307
  321
  336
  352
  369
  387
  406
  426
  446
  468
  491
  515
  540
  567
  595
  624
  655
  688
  722
  757
  795
  834
  876
  920
  965
  1,013
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
  253
  267
  280
  293
  307
  321
  336
  352
  369
  387
  406
  426
  446
  468
  491
  515
  540
  567
  595
  624
  655
  688
  722
  757
  795
  834
  876
  920
  965
  1,013
Total cash flow (excl. dividends), $m
  -194
  787
  822
  857
  895
  934
  975
  1,018
  1,063
  1,110
  1,160
  1,135
  1,190
  1,247
  1,307
  1,371
  1,437
  1,507
  1,580
  1,657
  1,738
  1,822
  1,911
  2,005
  2,103
  2,205
  2,313
  2,427
  2,546
  2,671
  2,802
Retained Cash Flow (-), $m
  -216
  -51
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
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
 
  797
  771
  804
  839
  875
  914
  954
  996
  1,040
  1,086
  1,057
  1,108
  1,162
  1,218
  1,277
  1,339
  1,404
  1,472
  1,544
  1,619
  1,698
  1,780
  1,867
  1,958
  2,054
  2,155
  2,260
  2,371
  2,487
  2,609
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
 
  718
  619
  570
  519
  467
  415
  364
  315
  268
  225
  173
  140
  112
  87
  66
  50
  36
  26
  18
  12
  8
  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 39.6
Price to Sales 1
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 18
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 5.4% 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 186.667 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 $7.2 billion.

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COMPANY NEWS

▶ 3 High-Growth Stocks That Could Soar   [09:15AM  Motley Fool]
▶ HD Supply tops Street 3Q forecasts   [06:13AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for November 3rd   [Nov-03-17 07:27AM  Zacks]
▶ 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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