Intrinsic value of NACCO Industries Cl A - NC

Previous Close

$40.05

  Intrinsic Value

$47.11

stock screener

  Rating & Target

hold

+18%

  Value-price divergence*

+547%

Previous close

$40.05

 
Intrinsic value

$47.11

 
Up/down potential

+18%

 
Rating

hold

 
Value-price divergence*

+547%

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

We calculate the intrinsic value of NC 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, %
  -6.55
  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
  856
  873
  893
  916
  942
  970
  1,002
  1,036
  1,073
  1,113
  1,155
  1,201
  1,250
  1,302
  1,357
  1,415
  1,477
  1,543
  1,612
  1,686
  1,763
  1,845
  1,931
  2,022
  2,118
  2,219
  2,325
  2,437
  2,554
  2,678
  2,808
Variable operating expenses, $m
 
  843
  862
  884
  909
  936
  967
  1,000
  1,035
  1,074
  1,115
  1,158
  1,205
  1,255
  1,308
  1,365
  1,425
  1,488
  1,555
  1,626
  1,700
  1,779
  1,862
  1,950
  2,042
  2,139
  2,242
  2,350
  2,463
  2,582
  2,708
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
  815
  843
  862
  884
  909
  936
  967
  1,000
  1,035
  1,074
  1,115
  1,158
  1,205
  1,255
  1,308
  1,365
  1,425
  1,488
  1,555
  1,626
  1,700
  1,779
  1,862
  1,950
  2,042
  2,139
  2,242
  2,350
  2,463
  2,582
  2,708
Operating income, $m
  42
  31
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  45
  46
  48
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
EBITDA, $m
  61
  50
  51
  52
  54
  55
  57
  59
  61
  64
  66
  69
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  115
  121
  127
  133
  139
  146
  153
  160
Interest expense (income), $m
  6
  5
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  12
  14
  15
  16
  17
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  41
Earnings before tax, $m
  34
  26
  26
  27
  27
  28
  28
  29
  29
  30
  31
  32
  33
  34
  35
  36
  37
  38
  39
  41
  42
  43
  45
  46
  48
  50
  51
  53
  55
  57
  60
Tax expense, $m
  4
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  15
  16
Net income, $m
  30
  19
  19
  19
  20
  20
  21
  21
  21
  22
  23
  24
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  81
  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
  668
  599
  613
  628
  646
  666
  687
  711
  736
  763
  792
  824
  857
  893
  931
  971
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,325
  1,387
  1,453
  1,522
  1,595
  1,671
  1,752
  1,837
  1,926
Adjusted assets (=assets-cash), $m
  587
  599
  613
  628
  646
  666
  687
  711
  736
  763
  792
  824
  857
  893
  931
  971
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,325
  1,387
  1,453
  1,522
  1,595
  1,671
  1,752
  1,837
  1,926
Revenue / Adjusted assets
  1.458
  1.457
  1.457
  1.459
  1.458
  1.456
  1.459
  1.457
  1.458
  1.459
  1.458
  1.458
  1.459
  1.458
  1.458
  1.457
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.457
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
Average production assets, $m
  187
  190
  195
  200
  205
  212
  218
  226
  234
  243
  252
  262
  272
  284
  296
  309
  322
  336
  352
  368
  384
  402
  421
  441
  462
  484
  507
  531
  557
  584
  612
Working capital, $m
  160
  95
  97
  100
  103
  106
  109
  113
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  211
  220
  231
  242
  253
  266
  278
  292
  306
Total debt, $m
  135
  130
  140
  151
  164
  179
  195
  212
  231
  251
  273
  296
  320
  347
  375
  404
  436
  469
  504
  541
  581
  622
  666
  712
  760
  812
  865
  922
  982
  1,044
  1,110
Total liabilities, $m
  448
  443
  453
  464
  477
  492
  508
  525
  544
  564
  586
  609
  633
  660
  688
  717
  749
  782
  817
  854
  894
  935
  979
  1,025
  1,073
  1,125
  1,178
  1,235
  1,295
  1,357
  1,423
Total equity, $m
  220
  156
  160
  164
  169
  174
  179
  185
  192
  199
  207
  215
  224
  233
  243
  253
  264
  276
  289
  302
  316
  330
  346
  362
  379
  397
  416
  436
  457
  479
  503
Total liabilities and equity, $m
  668
  599
  613
  628
  646
  666
  687
  710
  736
  763
  793
  824
  857
  893
  931
  970
  1,013
  1,058
  1,106
  1,156
  1,210
  1,265
  1,325
  1,387
  1,452
  1,522
  1,594
  1,671
  1,752
  1,836
  1,926
Debt-to-equity ratio
  0.614
  0.830
  0.870
  0.920
  0.980
  1.030
  1.090
  1.140
  1.200
  1.260
  1.320
  1.380
  1.430
  1.490
  1.540
  1.600
  1.650
  1.700
  1.750
  1.790
  1.840
  1.880
  1.930
  1.970
  2.010
  2.040
  2.080
  2.110
  2.150
  2.180
  2.210
Adjusted equity ratio
  0.237
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261
  0.261

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  19
  19
  19
  20
  20
  21
  21
  21
  22
  23
  24
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
Depreciation, amort., depletion, $m
  19
  19
  20
  20
  21
  21
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
  57
  60
Funds from operations, $m
  107
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  51
  53
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  103
Change in working capital, $m
  13
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  94
  36
  37
  37
  38
  38
  39
  40
  41
  42
  43
  44
  46
  47
  48
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  73
  76
  79
  82
  86
  89
Maintenance CAPEX, $m
  0
  -18
  -19
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
New CAPEX, $m
  -16
  -3
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
Cash from investing activities, $m
  -10
  -21
  -23
  -24
  -26
  -26
  -28
  -28
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -82
  -85
Free cash flow, $m
  84
  15
  14
  13
  13
  12
  12
  11
  11
  10
  10
  10
  9
  9
  9
  8
  8
  8
  7
  7
  7
  7
  6
  6
  6
  5
  5
  5
  4
  4
  4
Issuance/(repayment) of debt, $m
  -42
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
Issuance/(repurchase) of shares, $m
  -6
  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  
  -49
  9
  10
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  66
Total cash flow (excl. dividends), $m
  35
  23
  24
  25
  26
  27
  27
  28
  30
  31
  32
  33
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
Retained Cash Flow (-), $m
  -19
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
Prev. year cash balance distribution, $m
 
  67
  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
 
  87
  20
  21
  21
  21
  22
  22
  23
  23
  24
  25
  25
  26
  27
  28
  28
  29
  30
  31
  32
  33
  35
  36
  37
  38
  40
  41
  43
  45
  46
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
 
  83
  18
  18
  17
  17
  16
  15
  14
  13
  13
  12
  11
  10
  9
  8
  7
  6
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  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

NACCO Industries, Inc. is a holding company. The Company's principal business includes mining. The Company operates through the NACoal segment. The Company's subsidiary includes The North American Coal Corporation (NACoal). The Company's NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. Coal is surface mined from NACoal's mines in North Dakota, Texas, Mississippi, Louisiana and the Navajo Nation in New Mexico. NACoal's operating coal mining subsidiaries include Bisti Fuels Company, LLC (Bisti), Caddo Creek Resources Company, LLC (Caddo Creek), Camino Real Fuels, LLC (Camino Real), The Coteau Properties Company (Coteau), Coyote Creek Mining Company, LLC (Coyote Creek), Demery Resources Company, LLC (Demery), The Falkirk Mining Company (Falkirk), Liberty Fuels Company, LLC (Liberty), Mississippi Lignite Mining Company (MLMC) and The Sabine Mining Company (Sabine).

FINANCIAL RATIOS  of  NACCO Industries Cl A (NC)

Valuation Ratios
P/E Ratio 9.1
Price to Sales 0.3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 3.5
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.5%
Cap. Spend. - 3 Yr. Gr. Rate -22.4%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 55%
Total Debt to Equity 61.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 8.3%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 24.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 2.8%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 11.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 23.3%

NC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NC stock intrinsic value calculation we used $856 million for the last fiscal year's total revenue generated by NACCO Industries Cl A. The default revenue input number comes from 2016 income statement of NACCO Industries Cl A. 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 NC 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 4.3%, whose default value for NC is calculated based on our internal credit rating of NACCO Industries Cl A, 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 NACCO Industries Cl A.
    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 NC stock the variable cost ratio is equal to 96.5%.

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 NC 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 3.9% for NACCO Industries Cl A.

Corporate tax rate of 27% is the nominal tax rate for NACCO Industries Cl A. 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 NC 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 NC are equal to 21.8%.

Life of production assets of 10.2 years is the average useful life of capital assets used in NACCO Industries Cl A 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 NC is equal to 10.9%. 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 - $220 million for NACCO Industries Cl A - 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 6.763 million for NACCO Industries Cl A 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 NACCO Industries Cl A at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ NetCents Releases White Paper for Currency   [Oct-10-17 06:20PM  CNW Group]
▶ NACCO Industries, Inc. Announces Completion Of Spin-off   [Oct-02-17 12:58PM  PR Newswire]
▶ NETCENTS Commences Pre-Launch of Currency   [Sep-19-17 09:22AM  CNW Group]
▶ When Should You Buy NACCO Industries Inc (NC)?   [Sep-13-17 03:13PM  Simply Wall St.]
▶ NetCents Continues to Increase Processing Volumes   [Sep-08-17 01:37PM  CNW Group]
▶ 3 Stocks Well in the Green   [Aug-21-17 03:34PM  GuruFocus.com]
▶ NetCents Signs More Merchants   [Aug-17-17 11:30AM  CNW Group]
▶ Nacco posts 2Q profit   [12:51AM  Associated Press]
▶ NETCENTS Announces Contract with LottoGopher   [Jul-31-17 08:30AM  CNW Group]
▶ NetCents Launches eCommerce Plugin for Prestashop   [Jul-26-17 09:00AM  CNW Group]
▶ NetCents Announces Extension of Warrants   [Jul-05-17 03:45PM  CNW Group]
▶ NetCents Announces Financing   [Jun-07-17 06:00PM  CNW Group]
▶ NetCents Adds Flexepin   [Jun-06-17 09:00AM  CNW Group]
▶ NetCents Corporate Update   [Jun-05-17 07:46PM  CNW Group]
▶ NetCents Clarifies Statement   [11:18AM  CNW Group]
▶ NetCents Corporate Update   [Jun-02-17 08:30AM  CNW Group]
▶ NETCENTS Confirms Resignation of Director   [May-12-17 06:24PM  PR Newswire]
▶ NetCents Creates U.K. Subsidiary   [May-11-17 09:00AM  CNW Group]
▶ NACCO Industries Declares Quarterly Dividend   [May-10-17 11:14AM  PR Newswire]
▶ Nacco posts 1Q profit   [May-02-17 06:47AM  Associated Press]
▶ NetCents & MasterCard to allow direct purchase of BTC   [Apr-24-17 05:36PM  CNW Group]
▶ Nacco posts 4Q profit   [Mar-01-17 06:43PM  Associated Press]
▶ NetCents Announces Shares for Debt   [Feb-06-17 03:50PM  CNW Group]
▶ NetCents Announces Shares for Debt   [Jan-04-17 04:45PM  CNW Group]
▶ NetCents adds premium global services   [Dec-21-16 11:10AM  CNW Group]
▶ NetCents - Adopts PCI standards   [Dec-15-16 09:15AM  CNW Group]
▶ NetCents Boosts Gross Revenue Growth   [Dec-12-16 09:15AM  CNW Group]
▶ NACCO Industries Declares Quarterly Dividend   [Nov-18-16 01:23PM  PR Newswire]
▶ NetCents surpasses processing $1,000,000 milestone   [Nov-17-16 08:00AM  CNW Group]
Financial statements of NC
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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