Intrinsic value of Knowles - KN

Previous Close

$16.01

  Intrinsic Value

$10.27

stock screener

  Rating & Target

sell

-36%

  Value-price divergence*

+2909%

Previous close

$16.01

 
Intrinsic value

$10.27

 
Up/down potential

-36%

 
Rating

sell

 
Value-price divergence*

+2909%

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

We calculate the intrinsic value of KN 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 1.4

 

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, %
  1.06
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  859
  876
  896
  919
  945
  974
  1,005
  1,040
  1,077
  1,117
  1,159
  1,205
  1,254
  1,306
  1,362
  1,420
  1,483
  1,548
  1,618
  1,692
  1,769
  1,852
  1,938
  2,029
  2,125
  2,226
  2,333
  2,445
  2,563
  2,687
  2,818
Variable operating expenses, $m
 
  838
  855
  874
  897
  921
  948
  977
  1,009
  1,043
  1,079
  1,029
  1,071
  1,115
  1,163
  1,213
  1,266
  1,322
  1,382
  1,444
  1,511
  1,581
  1,655
  1,733
  1,815
  1,901
  1,992
  2,088
  2,188
  2,294
  2,406
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
  812
  838
  855
  874
  897
  921
  948
  977
  1,009
  1,043
  1,079
  1,029
  1,071
  1,115
  1,163
  1,213
  1,266
  1,322
  1,382
  1,444
  1,511
  1,581
  1,655
  1,733
  1,815
  1,901
  1,992
  2,088
  2,188
  2,294
  2,406
Operating income, $m
  47
  39
  42
  45
  49
  53
  57
  62
  68
  74
  80
  176
  183
  191
  199
  208
  217
  226
  237
  247
  259
  271
  283
  297
  311
  325
  341
  357
  375
  393
  412
EBITDA, $m
  121
  146
  150
  153
  158
  163
  168
  173
  180
  186
  193
  201
  209
  218
  227
  237
  247
  258
  270
  282
  295
  309
  323
  339
  355
  372
  389
  408
  428
  448
  470
Interest expense (income), $m
  12
  11
  11
  11
  12
  12
  13
  13
  14
  15
  16
  17
  18
  18
  20
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  47
Earnings before tax, $m
  31
  28
  31
  34
  37
  41
  45
  49
  54
  59
  64
  160
  166
  172
  180
  187
  195
  203
  212
  221
  231
  242
  253
  264
  277
  289
  303
  317
  332
  348
  365
Tax expense, $m
  12
  8
  8
  9
  10
  11
  12
  13
  15
  16
  17
  43
  45
  47
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  98
Net income, $m
  -42
  20
  22
  25
  27
  30
  33
  36
  39
  43
  47
  117
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  242
  254
  266

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  1,515
  1,478
  1,512
  1,550
  1,594
  1,642
  1,695
  1,753
  1,816
  1,883
  1,955
  2,032
  2,115
  2,203
  2,296
  2,395
  2,500
  2,611
  2,729
  2,853
  2,984
  3,122
  3,268
  3,422
  3,584
  3,755
  3,934
  4,123
  4,322
  4,532
  4,752
Adjusted assets (=assets-cash), $m
  1,449
  1,478
  1,512
  1,550
  1,594
  1,642
  1,695
  1,753
  1,816
  1,883
  1,955
  2,032
  2,115
  2,203
  2,296
  2,395
  2,500
  2,611
  2,729
  2,853
  2,984
  3,122
  3,268
  3,422
  3,584
  3,755
  3,934
  4,123
  4,322
  4,532
  4,752
Revenue / Adjusted assets
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
  0.593
Average production assets, $m
  288
  294
  300
  308
  317
  326
  337
  348
  361
  374
  388
  404
  420
  438
  456
  476
  497
  519
  542
  567
  593
  620
  649
  680
  712
  746
  782
  819
  859
  900
  944
Working capital, $m
  181
  128
  131
  134
  138
  142
  147
  152
  157
  163
  169
  176
  183
  191
  199
  207
  216
  226
  236
  247
  258
  270
  283
  296
  310
  325
  341
  357
  374
  392
  411
Total debt, $m
  311
  310
  322
  335
  350
  367
  385
  405
  426
  449
  474
  500
  528
  558
  590
  624
  660
  698
  738
  781
  826
  873
  923
  975
  1,031
  1,089
  1,150
  1,215
  1,283
  1,355
  1,430
Total liabilities, $m
  507
  505
  517
  530
  545
  562
  580
  600
  621
  644
  669
  695
  723
  753
  785
  819
  855
  893
  933
  976
  1,021
  1,068
  1,118
  1,170
  1,226
  1,284
  1,345
  1,410
  1,478
  1,550
  1,625
Total equity, $m
  1,009
  972
  995
  1,020
  1,049
  1,081
  1,116
  1,154
  1,195
  1,239
  1,286
  1,337
  1,392
  1,449
  1,511
  1,576
  1,645
  1,718
  1,796
  1,877
  1,963
  2,054
  2,150
  2,252
  2,358
  2,470
  2,589
  2,713
  2,844
  2,982
  3,127
Total liabilities and equity, $m
  1,516
  1,477
  1,512
  1,550
  1,594
  1,643
  1,696
  1,754
  1,816
  1,883
  1,955
  2,032
  2,115
  2,202
  2,296
  2,395
  2,500
  2,611
  2,729
  2,853
  2,984
  3,122
  3,268
  3,422
  3,584
  3,754
  3,934
  4,123
  4,322
  4,532
  4,752
Debt-to-equity ratio
  0.308
  0.320
  0.320
  0.330
  0.330
  0.340
  0.340
  0.350
  0.360
  0.360
  0.370
  0.370
  0.380
  0.390
  0.390
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.460
Adjusted equity ratio
  0.651
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -42
  20
  22
  25
  27
  30
  33
  36
  39
  43
  47
  117
  121
  126
  131
  136
  142
  148
  155
  162
  169
  177
  185
  193
  202
  211
  221
  232
  242
  254
  266
Depreciation, amort., depletion, $m
  74
  108
  108
  109
  109
  110
  110
  111
  112
  113
  113
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
  56
  58
Funds from operations, $m
  130
  128
  130
  133
  136
  139
  143
  147
  151
  156
  160
  141
  147
  153
  159
  166
  173
  180
  188
  197
  205
  215
  225
  235
  246
  257
  269
  282
  295
  310
  324
Change in working capital, $m
  22
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
Cash from operations, $m
  108
  126
  127
  130
  132
  135
  138
  142
  146
  150
  154
  135
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  278
  291
  305
Maintenance CAPEX, $m
  0
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
New CAPEX, $m
  -39
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from investing activities, $m
  6
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
  -100
Free cash flow, $m
  114
  102
  103
  103
  105
  106
  108
  110
  112
  114
  117
  95
  99
  102
  106
  109
  114
  118
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
Issuance/(repayment) of debt, $m
  -142
  9
  12
  13
  15
  17
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
Issuance/(repurchase) of shares, $m
  39
  0
  0
  1
  2
  2
  2
  2
  2
  1
  1
  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  
  -110
  9
  12
  14
  17
  19
  20
  22
  23
  24
  26
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  61
  65
  68
  72
  75
Total cash flow (excl. dividends), $m
  3
  112
  114
  118
  121
  125
  128
  131
  135
  138
  142
  122
  127
  132
  137
  143
  150
  156
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  268
  281
Retained Cash Flow (-), $m
  -2
  -19
  -22
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
Prev. year cash balance distribution, $m
 
  56
  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
 
  148
  92
  92
  93
  93
  93
  93
  94
  94
  94
  71
  72
  74
  76
  78
  80
  83
  86
  89
  92
  95
  99
  102
  106
  111
  115
  120
  125
  131
  136
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  141
  83
  78
  74
  69
  64
  59
  54
  50
  45
  30
  27
  24
  22
  19
  17
  14
  12
  10
  8
  7
  6
  4
  3
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  99.9
  99.8
  99.7
  99.5
  99.4
  99.3
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2
  99.2

Knowles Corporation is a global supplier of micro-acoustic, audio processing and specialty component solutions, serving the mobile consumer electronics, communications, medical, military, aerospace and industrial markets. The Company operates through two segments: Mobile Consumer Electronics (MCE) and Specialty Components (SC). MCE designs and manufactures acoustic products, including microphones and audio processing technologies used in mobile handsets, wearables and other consumer electronic devices. SC specializes in the design and manufacture of specialized electronic components used in medical and life science applications, as well as solutions and components used in communications infrastructure and a range of other markets. It has sales, support and engineering facilities in North America, Europe and Asia, and manufacturing facilities in Asia. It also offers acoustics components used in hearing aids, as well as high-end oscillators (timing devices) and capacitors.

FINANCIAL RATIOS  of  Knowles (KN)

Valuation Ratios
P/E Ratio -33.8
Price to Sales 1.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 20.6
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39.1%
Cap. Spend. - 3 Yr. Gr. Rate -19.3%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 29.8%
Total Debt to Equity 30.8%
Interest Coverage 4
Management Effectiveness
Return On Assets -2.2%
Ret/ On Assets - 3 Yr. Avg. -6.1%
Return On Total Capital -3%
Ret/ On T. Cap. - 3 Yr. Avg. -7.7%
Return On Equity -4.2%
Return On Equity - 3 Yr. Avg. -10.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 38.4%
Gross Margin - 3 Yr. Avg. 38.4%
EBITDA Margin 13.6%
EBITDA Margin - 3 Yr. Avg. 21.8%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 3.6%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin -4.9%
Net Profit Margin - 3 Yr. Avg. -14%
Effective Tax Rate 38.7%
Eff/ Tax Rate - 3 Yr. Avg. 24.9%
Payout Ratio 0%

KN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KN stock intrinsic value calculation we used $859 million for the last fiscal year's total revenue generated by Knowles. The default revenue input number comes from 2016 income statement of Knowles. 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 KN stock valuation model: a) initial revenue growth rate of 2% 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 5%, whose default value for KN is calculated based on our internal credit rating of Knowles, 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 Knowles.
    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 KN stock the variable cost ratio is equal to 95.8%.

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 KN 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 Knowles.

Corporate tax rate of 27% is the nominal tax rate for Knowles. 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 KN 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 KN are equal to 33.5%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Knowles 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 KN is equal to 14.6%. 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 - $1009 million for Knowles - 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 90.292 million for Knowles 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 Knowles at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ ETFs with exposure to Knowles Corp. : October 16, 2017   [Oct-16-17 09:55AM  Capital Cube]
▶ Taylor, Lafferty on Emerging Markets and Commodities   [Oct-04-17 09:26AM  Bloomberg Video]
▶ ETFs with exposure to Knowles Corp. : September 28, 2017   [Sep-28-17 10:15AM  Capital Cube]
▶ ETFs with exposure to Knowles Corp. : August 17, 2017   [Aug-17-17 03:41PM  Capital Cube]
▶ Knowles Appoints Dr. Cheryl Shavers To Board of Directors   [Aug-03-17 03:35PM  Business Wire]
▶ Natixis CEO Says on Track to Reach All 2017 Objectives   [Aug-02-17 03:21AM  Bloomberg Video]
▶ Delayed iPhone Production Hits Apple Supplier Knowles   [Jul-27-17 10:57AM  Investor's Business Daily]
▶ Knowles reports 2Q loss   [Jul-26-17 11:03PM  Associated Press]
▶ ETFs with exposure to Knowles Corp. : July 5, 2017   [Jul-05-17 12:52PM  Capital Cube]
▶ ETFs with exposure to Knowles Corp. : June 15, 2017   [Jun-15-17 02:21PM  Capital Cube]
▶ ETFs with exposure to Knowles Corp. : May 15, 2017   [May-15-17 04:00PM  Capital Cube]
▶ Economist Says France Stopped Improving 20 Years Ago   [May-08-17 11:34AM  Bloomberg Video]
▶ ETFs with exposure to Knowles Corp. : May 3, 2017   [May-03-17 04:02PM  Capital Cube]
▶ Why Shares of Knowles Corp Are Lower Today   [Apr-27-17 05:40PM  Motley Fool]
▶ Knowles reports 1Q loss   [Apr-26-17 05:12PM  Associated Press]
▶ Knowles to Present at the ROTH Conference on March 14   [Mar-09-17 09:00AM  Business Wire]
▶ Natixis Sees Inflows Coming Back to U.S. Affiliate Fund   [Feb-10-17 02:29AM  Bloomberg Video]
▶ My Portfolio's Uninvited Guests   [Dec-14-16 08:01AM  at Kiplinger]
▶ Is Knowles Corp (KN) A Good Stock To Buy?   [Dec-12-16 01:13PM  at Insider Monkey]
▶ Knowles reports 3Q loss   [04:34PM  AP]
Financial statements of KN
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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