Intrinsic value of World Fuel Services - INT

Previous Close

$35.26

  Intrinsic Value

$183.88

stock screener

  Rating & Target

str. buy

+422%

  Value-price divergence*

+356%

Previous close

$35.26

 
Intrinsic value

$183.88

 
Up/down potential

+422%

 
Rating

str. buy

 
Value-price divergence*

+356%

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

We calculate the intrinsic value of INT 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 2.5

 

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, %
  -11.08
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  27,016
  32,933
  39,588
  46,987
  55,125
  63,994
  73,579
  83,867
  94,839
  106,481
  118,776
  131,714
  145,285
  159,484
  174,309
  189,764
  205,855
  222,594
  239,998
  258,085
  276,881
  296,415
  316,716
  337,823
  359,774
  382,613
  406,386
  431,143
  456,937
  483,825
  511,867
Variable operating expenses, $m
 
  32,354
  38,876
  46,126
  54,101
  62,791
  72,184
  82,265
  93,017
  104,424
  116,473
  129,067
  142,366
  156,279
  170,807
  185,951
  201,718
  218,121
  235,175
  252,899
  271,318
  290,458
  310,352
  331,035
  352,545
  374,925
  398,220
  422,479
  447,755
  474,103
  501,582
Fixed operating expenses, $m
 
  275
  282
  289
  296
  303
  311
  319
  327
  335
  343
  352
  360
  369
  379
  388
  398
  408
  418
  428
  439
  450
  461
  473
  485
  497
  509
  522
  535
  548
  562
Total operating expenses, $m
  26,827
  32,629
  39,158
  46,415
  54,397
  63,094
  72,495
  82,584
  93,344
  104,759
  116,816
  129,419
  142,726
  156,648
  171,186
  186,339
  202,116
  218,529
  235,593
  253,327
  271,757
  290,908
  310,813
  331,508
  353,030
  375,422
  398,729
  423,001
  448,290
  474,651
  502,144
Operating income, $m
  189
  303
  430
  572
  728
  899
  1,084
  1,283
  1,496
  1,721
  1,960
  2,295
  2,559
  2,835
  3,124
  3,425
  3,739
  4,065
  4,405
  4,758
  5,125
  5,506
  5,903
  6,315
  6,745
  7,192
  7,657
  8,142
  8,647
  9,174
  9,724
EBITDA, $m
  271
  427
  562
  713
  879
  1,061
  1,258
  1,469
  1,695
  1,935
  2,189
  2,457
  2,737
  3,031
  3,338
  3,658
  3,991
  4,338
  4,699
  5,074
  5,464
  5,870
  6,291
  6,730
  7,186
  7,661
  8,155
  8,670
  9,207
  9,767
  10,351
Interest expense (income), $m
  41
  49
  81
  117
  157
  201
  249
  301
  356
  416
  478
  545
  615
  688
  765
  845
  928
  1,015
  1,106
  1,200
  1,297
  1,399
  1,504
  1,614
  1,728
  1,847
  1,970
  2,098
  2,232
  2,371
  2,517
Earnings before tax, $m
  142
  254
  349
  455
  571
  698
  835
  982
  1,139
  1,306
  1,482
  1,750
  1,944
  2,147
  2,359
  2,580
  2,810
  3,050
  3,299
  3,558
  3,827
  4,107
  4,399
  4,702
  5,017
  5,345
  5,687
  6,043
  6,415
  6,802
  7,207
Tax expense, $m
  16
  69
  94
  123
  154
  188
  225
  265
  308
  353
  400
  473
  525
  580
  637
  697
  759
  823
  891
  961
  1,033
  1,109
  1,188
  1,269
  1,355
  1,443
  1,535
  1,632
  1,732
  1,837
  1,946
Net income, $m
  126
  186
  255
  332
  417
  510
  610
  717
  832
  953
  1,082
  1,278
  1,419
  1,568
  1,722
  1,884
  2,052
  2,226
  2,408
  2,597
  2,794
  2,998
  3,211
  3,432
  3,662
  3,902
  4,151
  4,412
  4,683
  4,966
  5,261

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  699
  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
  5,413
  5,746
  6,908
  8,199
  9,619
  11,166
  12,839
  14,634
  16,548
  18,580
  20,725
  22,983
  25,351
  27,828
  30,415
  33,112
  35,920
  38,840
  41,877
  45,033
  48,313
  51,721
  55,264
  58,947
  62,777
  66,762
  70,910
  75,230
  79,731
  84,422
  89,316
Adjusted assets (=assets-cash), $m
  4,714
  5,746
  6,908
  8,199
  9,619
  11,166
  12,839
  14,634
  16,548
  18,580
  20,725
  22,983
  25,351
  27,828
  30,415
  33,112
  35,920
  38,840
  41,877
  45,033
  48,313
  51,721
  55,264
  58,947
  62,777
  66,762
  70,910
  75,230
  79,731
  84,422
  89,316
Revenue / Adjusted assets
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
  5.731
Average production assets, $m
  515
  626
  752
  893
  1,047
  1,216
  1,398
  1,593
  1,802
  2,023
  2,257
  2,503
  2,760
  3,030
  3,312
  3,606
  3,911
  4,229
  4,560
  4,904
  5,261
  5,632
  6,018
  6,419
  6,836
  7,270
  7,721
  8,192
  8,682
  9,193
  9,725
Working capital, $m
  1,654
  1,186
  1,425
  1,692
  1,984
  2,304
  2,649
  3,019
  3,414
  3,833
  4,276
  4,742
  5,230
  5,741
  6,275
  6,831
  7,411
  8,013
  8,640
  9,291
  9,968
  10,671
  11,402
  12,162
  12,952
  13,774
  14,630
  15,521
  16,450
  17,418
  18,427
Total debt, $m
  1,186
  1,933
  2,789
  3,740
  4,787
  5,927
  7,160
  8,483
  9,894
  11,391
  12,972
  14,636
  16,382
  18,207
  20,114
  22,101
  24,171
  26,323
  28,561
  30,887
  33,305
  35,817
  38,427
  41,142
  43,965
  46,902
  49,959
  53,142
  56,460
  59,917
  63,524
Total liabilities, $m
  3,488
  4,235
  5,091
  6,042
  7,089
  8,229
  9,462
  10,785
  12,196
  13,693
  15,274
  16,938
  18,684
  20,509
  22,416
  24,403
  26,473
  28,625
  30,863
  33,189
  35,607
  38,119
  40,729
  43,444
  46,267
  49,204
  52,261
  55,444
  58,762
  62,219
  65,826
Total equity, $m
  1,925
  1,511
  1,817
  2,156
  2,530
  2,937
  3,377
  3,849
  4,352
  4,886
  5,451
  6,044
  6,667
  7,319
  7,999
  8,708
  9,447
  10,215
  11,014
  11,844
  12,706
  13,603
  14,534
  15,503
  16,510
  17,558
  18,649
  19,785
  20,969
  22,203
  23,490
Total liabilities and equity, $m
  5,413
  5,746
  6,908
  8,198
  9,619
  11,166
  12,839
  14,634
  16,548
  18,579
  20,725
  22,982
  25,351
  27,828
  30,415
  33,111
  35,920
  38,840
  41,877
  45,033
  48,313
  51,722
  55,263
  58,947
  62,777
  66,762
  70,910
  75,229
  79,731
  84,422
  89,316
Debt-to-equity ratio
  0.616
  1.280
  1.540
  1.730
  1.890
  2.020
  2.120
  2.200
  2.270
  2.330
  2.380
  2.420
  2.460
  2.490
  2.510
  2.540
  2.560
  2.580
  2.590
  2.610
  2.620
  2.630
  2.640
  2.650
  2.660
  2.670
  2.680
  2.690
  2.690
  2.700
  2.700
Adjusted equity ratio
  0.260
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263
  0.263

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  126
  186
  255
  332
  417
  510
  610
  717
  832
  953
  1,082
  1,278
  1,419
  1,568
  1,722
  1,884
  2,052
  2,226
  2,408
  2,597
  2,794
  2,998
  3,211
  3,432
  3,662
  3,902
  4,151
  4,412
  4,683
  4,966
  5,261
Depreciation, amort., depletion, $m
  82
  124
  132
  141
  151
  162
  174
  186
  200
  214
  229
  161
  178
  195
  214
  233
  252
  273
  294
  316
  339
  363
  388
  414
  441
  469
  498
  528
  560
  593
  627
Funds from operations, $m
  222
  310
  387
  473
  568
  672
  783
  904
  1,032
  1,167
  1,311
  1,439
  1,597
  1,763
  1,936
  2,116
  2,304
  2,499
  2,702
  2,914
  3,133
  3,362
  3,599
  3,846
  4,103
  4,371
  4,650
  4,940
  5,243
  5,559
  5,889
Change in working capital, $m
  17
  213
  240
  266
  293
  319
  345
  370
  395
  419
  443
  466
  489
  511
  534
  556
  579
  603
  627
  651
  677
  703
  731
  760
  790
  822
  856
  891
  929
  968
  1,010
Cash from operations, $m
  205
  97
  147
  207
  275
  352
  438
  533
  637
  748
  868
  973
  1,109
  1,252
  1,402
  1,560
  1,725
  1,897
  2,076
  2,263
  2,457
  2,659
  2,868
  3,086
  3,313
  3,549
  3,794
  4,049
  4,314
  4,591
  4,879
Maintenance CAPEX, $m
  0
  -33
  -40
  -49
  -58
  -68
  -78
  -90
  -103
  -116
  -131
  -146
  -161
  -178
  -195
  -214
  -233
  -252
  -273
  -294
  -316
  -339
  -363
  -388
  -414
  -441
  -469
  -498
  -528
  -560
  -593
New CAPEX, $m
  -36
  -111
  -126
  -141
  -155
  -169
  -182
  -195
  -208
  -221
  -234
  -246
  -258
  -270
  -282
  -294
  -306
  -318
  -331
  -344
  -357
  -371
  -386
  -401
  -417
  -434
  -452
  -470
  -490
  -511
  -533
Cash from investing activities, $m
  -429
  -144
  -166
  -190
  -213
  -237
  -260
  -285
  -311
  -337
  -365
  -392
  -419
  -448
  -477
  -508
  -539
  -570
  -604
  -638
  -673
  -710
  -749
  -789
  -831
  -875
  -921
  -968
  -1,018
  -1,071
  -1,126
Free cash flow, $m
  -224
  -47
  -19
  18
  63
  116
  178
  248
  325
  411
  504
  582
  690
  804
  925
  1,053
  1,186
  1,326
  1,472
  1,625
  1,783
  1,948
  2,119
  2,297
  2,482
  2,674
  2,873
  3,080
  3,296
  3,520
  3,753
Issuance/(repayment) of debt, $m
  402
  762
  856
  951
  1,047
  1,140
  1,233
  1,323
  1,411
  1,497
  1,581
  1,664
  1,745
  1,826
  1,907
  1,987
  2,069
  2,153
  2,238
  2,326
  2,417
  2,512
  2,611
  2,714
  2,823
  2,937
  3,057
  3,184
  3,317
  3,458
  3,606
Issuance/(repurchase) of shares, $m
  -41
  85
  51
  8
  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  
  358
  847
  907
  959
  1,047
  1,140
  1,233
  1,323
  1,411
  1,497
  1,581
  1,664
  1,745
  1,826
  1,907
  1,987
  2,069
  2,153
  2,238
  2,326
  2,417
  2,512
  2,611
  2,714
  2,823
  2,937
  3,057
  3,184
  3,317
  3,458
  3,606
Total cash flow (excl. dividends), $m
  133
  799
  887
  977
  1,110
  1,257
  1,411
  1,570
  1,736
  1,908
  2,085
  2,246
  2,435
  2,630
  2,832
  3,040
  3,256
  3,479
  3,711
  3,951
  4,200
  4,460
  4,730
  5,011
  5,305
  5,611
  5,930
  6,264
  6,613
  6,978
  7,359
Retained Cash Flow (-), $m
  -29
  -270
  -305
  -340
  -373
  -407
  -440
  -472
  -504
  -534
  -564
  -594
  -623
  -652
  -680
  -709
  -738
  -768
  -799
  -830
  -863
  -896
  -932
  -969
  -1,007
  -1,048
  -1,091
  -1,136
  -1,184
  -1,234
  -1,287
Prev. year cash balance distribution, $m
 
  684
  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
 
  1,213
  582
  637
  736
  850
  971
  1,098
  1,233
  1,374
  1,521
  1,652
  1,812
  1,978
  2,151
  2,331
  2,517
  2,711
  2,912
  3,121
  3,338
  3,564
  3,798
  4,043
  4,297
  4,563
  4,839
  5,128
  5,429
  5,744
  6,073
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  1,158
  527
  546
  593
  640
  679
  710
  731
  741
  742
  722
  703
  675
  640
  597
  550
  498
  445
  391
  338
  287
  240
  197
  158
  125
  96
  73
  54
  39
  27
Current shareholders' claim on cash, %
  100
  95.0
  92.6
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3

World Fuel Services Corporation is engaged in providing aviation, marine and land energy, logistics and technology solutions to customers and suppliers around the world. The Company operates through three segments: Aviation, Marine and Land. In its Aviation segment, the Company offers fuel and related products and services. In its land segment, it offers fuel, crude oil, lubricants, power solutions through its global energy management service offerings, natural gas and related products and services to customers. Under marine segment, it offers fuel, lubricants and related products and services to customers, including international container and tanker fleets, commercial cruise lines, yachts and time charter operators, offshore rig owners and operators, the United States and foreign Governments, as well as other fuel suppliers. It offers solutions, such as oil and energy procurement, distribution and storage, financial solutions and consulting services.

FINANCIAL RATIOS  of  World Fuel Services (INT)

Valuation Ratios
P/E Ratio 19.6
Price to Sales 0.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 12
Price to Free Cash Flow 14.6
Growth Rates
Sales Growth Rate -11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.4%
Cap. Spend. - 3 Yr. Gr. Rate -15.4%
Financial Strength
Quick Ratio 47
Current Ratio 0.1
LT Debt to Equity 60.8%
Total Debt to Equity 61.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 5.4
Profitability Ratios
Gross Margin 3.3%
Gross Margin - 3 Yr. Avg. 2.7%
EBITDA Margin 1%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 0.7%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. 0.6%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 11.3%
Eff/ Tax Rate - 3 Yr. Avg. 17.5%
Payout Ratio 13.5%

INT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INT stock intrinsic value calculation we used $27016 million for the last fiscal year's total revenue generated by World Fuel Services. The default revenue input number comes from 2016 income statement of World Fuel Services. 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 INT stock valuation model: a) initial revenue growth rate of 21.9% 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 4.8%, whose default value for INT is calculated based on our internal credit rating of World Fuel Services, 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 World Fuel Services.
    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 INT stock the variable cost ratio is equal to 98.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $268 million in the base year in the intrinsic value calculation for INT 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 4.2% for World Fuel Services.

Corporate tax rate of 27% is the nominal tax rate for World Fuel Services. 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 INT 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 INT are equal to 1.9%.

Life of production assets of 15.5 years is the average useful life of capital assets used in World Fuel Services 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 INT is equal to 3.6%. 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 - $1925 million for World Fuel Services - 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 70.288 million for World Fuel Services 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 World Fuel Services at the current share price and the inputted number of shares is $2.5 billion.

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Financial statements of INT
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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