Intrinsic value of Service International - SCI

Previous Close

$37.85

  Intrinsic Value

$26.03

stock screener

  Rating & Target

sell

-31%

Previous close

$37.85

 
Intrinsic value

$26.03

 
Up/down potential

-31%

 
Rating

sell

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

We calculate the intrinsic value of SCI 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 7.1

 

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, %
  1.51
  2.80
  3.02
  3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
Revenue, $m
  3,031
  3,116
  3,210
  3,313
  3,426
  3,548
  3,679
  3,820
  3,971
  4,132
  4,303
  4,485
  4,678
  4,883
  5,100
  5,329
  5,572
  5,828
  6,098
  6,382
  6,683
  6,999
  7,332
  7,683
  8,052
  8,440
  8,849
  9,279
  9,731
  10,206
  10,706
Variable operating expenses, $m
 
  2,544
  2,615
  2,693
  2,779
  2,871
  2,971
  3,078
  3,192
  3,314
  3,444
  3,403
  3,549
  3,705
  3,869
  4,043
  4,227
  4,421
  4,626
  4,842
  5,070
  5,310
  5,562
  5,828
  6,108
  6,403
  6,713
  7,039
  7,382
  7,743
  8,122
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
  2,542
  2,544
  2,615
  2,693
  2,779
  2,871
  2,971
  3,078
  3,192
  3,314
  3,444
  3,403
  3,549
  3,705
  3,869
  4,043
  4,227
  4,421
  4,626
  4,842
  5,070
  5,310
  5,562
  5,828
  6,108
  6,403
  6,713
  7,039
  7,382
  7,743
  8,122
Operating income, $m
  489
  572
  595
  620
  647
  676
  708
  742
  778
  817
  859
  1,082
  1,129
  1,179
  1,231
  1,286
  1,345
  1,407
  1,472
  1,540
  1,613
  1,689
  1,770
  1,854
  1,943
  2,037
  2,136
  2,239
  2,349
  2,463
  2,584
EBITDA, $m
  734
  885
  911
  941
  973
  1,007
  1,044
  1,084
  1,127
  1,173
  1,222
  1,273
  1,328
  1,386
  1,448
  1,513
  1,582
  1,654
  1,731
  1,812
  1,897
  1,987
  2,081
  2,181
  2,286
  2,396
  2,512
  2,634
  2,762
  2,897
  3,039
Interest expense (income), $m
  157
  157
  163
  179
  197
  216
  237
  260
  284
  310
  338
  367
  398
  432
  467
  504
  544
  586
  630
  676
  725
  777
  831
  889
  949
  1,013
  1,080
  1,150
  1,224
  1,302
  1,384
Earnings before tax, $m
  327
  415
  432
  441
  450
  460
  471
  482
  495
  507
  521
  715
  731
  747
  764
  782
  801
  821
  842
  864
  888
  912
  938
  965
  994
  1,024
  1,056
  1,089
  1,124
  1,161
  1,200
Tax expense, $m
  150
  112
  117
  119
  122
  124
  127
  130
  134
  137
  141
  193
  197
  202
  206
  211
  216
  222
  227
  233
  240
  246
  253
  261
  268
  277
  285
  294
  304
  314
  324
Net income, $m
  177
  303
  316
  322
  329
  336
  344
  352
  361
  370
  380
  522
  533
  545
  558
  571
  585
  599
  615
  631
  648
  666
  685
  705
  726
  748
  771
  795
  821
  848
  876

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  195
  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
  12,038
  12,171
  12,539
  12,942
  13,382
  13,858
  14,371
  14,921
  15,510
  16,139
  16,808
  17,520
  18,275
  19,075
  19,922
  20,818
  21,765
  22,764
  23,819
  24,931
  26,104
  27,339
  28,640
  30,010
  31,452
  32,969
  34,566
  36,245
  38,011
  39,868
  41,820
Adjusted assets (=assets-cash), $m
  11,843
  12,171
  12,539
  12,942
  13,382
  13,858
  14,371
  14,921
  15,510
  16,139
  16,808
  17,520
  18,275
  19,075
  19,922
  20,818
  21,765
  22,764
  23,819
  24,931
  26,104
  27,339
  28,640
  30,010
  31,452
  32,969
  34,566
  36,245
  38,011
  39,868
  41,820
Revenue / Adjusted assets
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
Average production assets, $m
  1,987
  2,041
  2,103
  2,170
  2,244
  2,324
  2,410
  2,502
  2,601
  2,706
  2,818
  2,938
  3,064
  3,199
  3,341
  3,491
  3,649
  3,817
  3,994
  4,180
  4,377
  4,584
  4,802
  5,032
  5,274
  5,528
  5,796
  6,078
  6,374
  6,685
  7,012
Working capital, $m
  -184
  -274
  -282
  -292
  -301
  -312
  -324
  -336
  -349
  -364
  -379
  -395
  -412
  -430
  -449
  -469
  -490
  -513
  -537
  -562
  -588
  -616
  -645
  -676
  -709
  -743
  -779
  -817
  -856
  -898
  -942
Total debt, $m
  3,308
  3,317
  3,648
  4,011
  4,407
  4,835
  5,297
  5,792
  6,322
  6,888
  7,491
  8,131
  8,810
  9,531
  10,293
  11,099
  11,951
  12,851
  13,800
  14,801
  15,856
  16,968
  18,139
  19,372
  20,670
  22,036
  23,472
  24,984
  26,573
  28,244
  30,001
Total liabilities, $m
  10,945
  10,954
  11,285
  11,648
  12,044
  12,472
  12,934
  13,429
  13,959
  14,525
  15,128
  15,768
  16,447
  17,168
  17,930
  18,736
  19,588
  20,488
  21,437
  22,438
  23,493
  24,605
  25,776
  27,009
  28,307
  29,673
  31,109
  32,621
  34,210
  35,881
  37,638
Total equity, $m
  1,093
  1,217
  1,254
  1,294
  1,338
  1,386
  1,437
  1,492
  1,551
  1,614
  1,681
  1,752
  1,827
  1,908
  1,992
  2,082
  2,176
  2,276
  2,382
  2,493
  2,610
  2,734
  2,864
  3,001
  3,145
  3,297
  3,457
  3,625
  3,801
  3,987
  4,182
Total liabilities and equity, $m
  12,038
  12,171
  12,539
  12,942
  13,382
  13,858
  14,371
  14,921
  15,510
  16,139
  16,809
  17,520
  18,274
  19,076
  19,922
  20,818
  21,764
  22,764
  23,819
  24,931
  26,103
  27,339
  28,640
  30,010
  31,452
  32,970
  34,566
  36,246
  38,011
  39,868
  41,820
Debt-to-equity ratio
  3.027
  2.730
  2.910
  3.100
  3.290
  3.490
  3.690
  3.880
  4.080
  4.270
  4.460
  4.640
  4.820
  5.000
  5.170
  5.330
  5.490
  5.650
  5.790
  5.940
  6.070
  6.210
  6.330
  6.460
  6.570
  6.680
  6.790
  6.890
  6.990
  7.080
  7.170
Adjusted equity ratio
  0.078
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  177
  303
  316
  322
  329
  336
  344
  352
  361
  370
  380
  522
  533
  545
  558
  571
  585
  599
  615
  631
  648
  666
  685
  705
  726
  748
  771
  795
  821
  848
  876
Depreciation, amort., depletion, $m
  245
  312
  316
  321
  326
  331
  336
  342
  349
  356
  363
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  298
  312
  327
  342
  359
  376
  395
  414
  434
  455
Funds from operations, $m
  451
  616
  632
  643
  654
  667
  680
  695
  710
  726
  743
  713
  732
  753
  775
  797
  822
  847
  874
  902
  932
  964
  997
  1,032
  1,068
  1,107
  1,147
  1,190
  1,235
  1,282
  1,331
Change in working capital, $m
  -13
  -7
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
Cash from operations, $m
  464
  623
  640
  652
  664
  678
  692
  707
  723
  740
  758
  729
  749
  771
  794
  818
  843
  870
  898
  927
  959
  991
  1,026
  1,062
  1,101
  1,141
  1,183
  1,228
  1,274
  1,324
  1,375
Maintenance CAPEX, $m
  0
  -129
  -133
  -137
  -141
  -146
  -151
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -284
  -298
  -312
  -327
  -342
  -359
  -376
  -395
  -414
  -434
New CAPEX, $m
  -193
  -54
  -62
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -119
  -127
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -254
  -268
  -282
  -296
  -311
  -327
Cash from investing activities, $m
  -216
  -183
  -195
  -205
  -215
  -226
  -237
  -248
  -261
  -274
  -288
  -302
  -318
  -333
  -350
  -367
  -386
  -405
  -425
  -446
  -468
  -491
  -516
  -542
  -569
  -596
  -627
  -658
  -691
  -725
  -761
Free cash flow, $m
  248
  440
  446
  448
  450
  452
  455
  458
  462
  466
  470
  427
  432
  438
  444
  451
  458
  465
  473
  482
  491
  500
  510
  521
  532
  544
  557
  570
  584
  598
  614
Issuance/(repayment) of debt, $m
  114
  120
  331
  363
  396
  428
  462
  495
  530
  566
  602
  640
  680
  720
  762
  806
  852
  900
  949
  1,001
  1,055
  1,112
  1,171
  1,233
  1,298
  1,366
  1,437
  1,511
  1,589
  1,671
  1,757
Issuance/(repurchase) of shares, $m
  -210
  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  
  -91
  120
  331
  363
  396
  428
  462
  495
  530
  566
  602
  640
  680
  720
  762
  806
  852
  900
  949
  1,001
  1,055
  1,112
  1,171
  1,233
  1,298
  1,366
  1,437
  1,511
  1,589
  1,671
  1,757
Total cash flow (excl. dividends), $m
  158
  560
  777
  811
  845
  880
  917
  954
  992
  1,032
  1,073
  1,067
  1,112
  1,158
  1,206
  1,257
  1,310
  1,365
  1,422
  1,483
  1,546
  1,612
  1,681
  1,754
  1,830
  1,910
  1,993
  2,081
  2,173
  2,269
  2,371
Retained Cash Flow (-), $m
  92
  -208
  -37
  -40
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -124
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
Prev. year cash balance distribution, $m
 
  84
  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
 
  436
  740
  770
  801
  833
  865
  899
  933
  969
  1,006
  996
  1,036
  1,078
  1,122
  1,167
  1,215
  1,265
  1,317
  1,371
  1,428
  1,488
  1,551
  1,617
  1,686
  1,758
  1,834
  1,913
  1,996
  2,084
  2,176
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  395
  602
  556
  509
  459
  410
  361
  313
  268
  225
  178
  145
  116
  91
  70
  53
  39
  28
  20
  13
  9
  6
  4
  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

Service Corporation International is a provider of deathcare products and services, with a network of funeral service locations and cemeteries. The Company's segments include Funeral, Cemetery and Corporate. It conducts both funeral and cemetery operations in the United States and Canada. As December 31, 2016, it operated 1,502 funeral service locations and 470 cemeteries, including 281 funeral service/cemetery combination locations, which are geographically diversified across 45 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. It offers various brands, such as Dignity Memorial, Dignity Planning, National Cremation Society, Advantage Funeral and Cremation Services, and Funeraria del Angel. Its funeral service and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and related businesses. It sells cemetery property, and funeral and cemetery merchandise and services.

FINANCIAL RATIOS  of  Service International (SCI)

Valuation Ratios
P/E Ratio 40.5
Price to Sales 2.4
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 15.5
Price to Free Cash Flow 26.5
Growth Rates
Sales Growth Rate 1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 27.8%
Cap. Spend. - 3 Yr. Gr. Rate 11.3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 292.5%
Total Debt to Equity 302.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 25.7%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 17.9%
Pre-Tax Margin 10.8%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 45.9%
Eff/ Tax Rate - 3 Yr. Avg. 46.1%
Payout Ratio 55.4%

SCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCI stock intrinsic value calculation we used $3031 million for the last fiscal year's total revenue generated by Service International. The default revenue input number comes from 2016 income statement of Service International. 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 SCI stock valuation model: a) initial revenue growth rate of 2.8% 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 10.4%, whose default value for SCI is calculated based on our internal credit rating of Service International, 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 Service International.
    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 SCI stock the variable cost ratio is equal to 81.8%.

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 SCI 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 4.9% for Service International.

Corporate tax rate of 27% is the nominal tax rate for Service International. 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 SCI 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 SCI are equal to 65.5%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Service International 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 SCI is equal to -8.8%. 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 - $1093 million for Service International - 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 187.3 million for Service International 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 Service International at the current share price and the inputted number of shares is $7.1 billion.

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COMPANY NEWS

▶ Service Corp. tops 3Q profit forecasts   [Oct-25-17 05:39PM  Associated Press]
▶ Grave Concern for Cemetery Operator   [Oct-06-17 02:19PM  The Wall Street Journal]
▶ Service Corporation International Awards 2017 Scholarships   [Sep-27-17 04:05PM  GlobeNewswire]
▶ [$$] Funeral Stock Is Not Dead Yet   [Sep-26-17 01:25AM  The Wall Street Journal]
▶ [$$] Funeral Stock Is Not Dead Yet   [Sep-25-17 03:58PM  The Wall Street Journal]
▶ [$$] Oil Prices Retreat as Market Waits for OPEC News   [Aug-08-17 12:07AM  The Wall Street Journal]
▶ [$$] Oil Gains Ahead of U.S. Rig-Count Data   [06:30AM  The Wall Street Journal]
▶ Service Corp. beats 2Q profit forecasts   [Jul-26-17 11:24PM  Associated Press]
▶ Service Corp. tops Street 1Q forecasts   [Apr-26-17 05:44PM  Associated Press]
▶ Sticker shock: Why people spend $10,000 on funerals   [Mar-07-17 02:35PM  MarketWatch]
▶ The Experts Say You Should Buy These Stocks. So Should You?   [Feb-16-17 01:49PM  Insider Monkey]
▶ Is Core Laboratories N.V. (CLB) A Good Stock to Buy?   [Nov-30-16 04:11PM  at Insider Monkey]
Financial statements of SCI
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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