How does one determine the value of a stock?

A good friend asked me the eternal question of the stock markets "How does one determine the value of the stock?". Took me a day to think about the answer and since it's been qualified as the eternal question every investor asks, it doesn't have the perfect answer. Ofcourse, you can comment and add to this. I've split it up into points in order of priorities.

1.
1.1 Price to Earning: Valuation of the company. If it's a growth company then future P/E as well.
1.2 Growth: Over the last 1- 2 years (if it's a new technology company). Over the last 5 years for other groups.

2.
2.1 Balance sheet: Debt? Possible future dilution? Cash position? One time charges or benefits on balance sheet? Of course all these points need in depth analysis.
2.2 Insider holding. If insiders believe in the company, they will own more equity in the company.
2.3 Gross and Net margins. Are they increasing or decreasing?
2.4 Revenue distribution.
2.5 Price / Sales: Some companies turning the corner after years of poor performance can look expensive from every angle except this one and are sometimes the biggest gainers.
2.6 Personal experiences with the company's product. Don't discount your own instincts :)

3.
3.1 Revenue type: Diversity? Recurring revenue? How high is the risk of revenue being hit if one buyer or one product fails?
3.2 Old vs New age business sectors.

I think that's all for now. Ha!