Intrinsic value of Russel Metals Inc. - RUS

Previous Close

$31.20

  Intrinsic Value

$3.23

stock screener

  Rating & Target

str. sell

-90%

Previous close

$31.20

 
Intrinsic value

$3.23

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of RUS 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -17.13
  33.20
  30.38
  27.84
  25.56
  23.50
  21.65
  19.99
  18.49
  17.14
  15.93
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.23
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
Revenue, $m
  2,579
  3,435
  4,479
  5,726
  7,189
  8,879
  10,801
  12,960
  15,356
  17,988
  20,853
  23,946
  27,262
  30,797
  34,544
  38,500
  42,660
  47,022
  51,585
  56,347
  61,311
  66,479
  71,854
  77,442
  83,250
  89,285
  95,557
  102,076
  108,853
  115,902
  123,237
Variable operating expenses, $m
 
  3,531
  4,602
  5,883
  7,386
  9,121
  11,095
  13,312
  15,773
  18,476
  21,418
  24,591
  27,997
  31,627
  35,475
  39,537
  43,810
  48,290
  52,975
  57,866
  62,964
  68,271
  73,791
  79,529
  85,494
  91,691
  98,132
  104,827
  111,787
  119,026
  126,559
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
  2,460
  3,531
  4,602
  5,883
  7,386
  9,121
  11,095
  13,312
  15,773
  18,476
  21,418
  24,591
  27,997
  31,627
  35,475
  39,537
  43,810
  48,290
  52,975
  57,866
  62,964
  68,271
  73,791
  79,529
  85,494
  91,691
  98,132
  104,827
  111,787
  119,026
  126,559
Operating income, $m
  119
  -95
  -123
  -157
  -196
  -242
  -294
  -352
  -417
  -488
  -565
  -645
  -735
  -830
  -931
  -1,038
  -1,150
  -1,267
  -1,390
  -1,519
  -1,653
  -1,792
  -1,937
  -2,087
  -2,244
  -2,407
  -2,576
  -2,751
  -2,934
  -3,124
  -3,322
EBITDA, $m
  154
  -50
  -65
  -83
  -104
  -129
  -157
  -188
  -223
  -261
  -302
  -347
  -395
  -447
  -501
  -558
  -619
  -682
  -748
  -817
  -889
  -964
  -1,042
  -1,123
  -1,207
  -1,295
  -1,386
  -1,481
  -1,579
  -1,681
  -1,787
Interest expense (income), $m
  23
  19
  33
  50
  70
  93
  120
  151
  186
  225
  267
  313
  363
  417
  473
  534
  598
  665
  735
  808
  885
  965
  1,048
  1,135
  1,225
  1,318
  1,416
  1,517
  1,622
  1,731
  1,844
Earnings before tax, $m
  97
  -114
  -156
  -207
  -266
  -335
  -414
  -503
  -603
  -712
  -832
  -959
  -1,098
  -1,247
  -1,405
  -1,571
  -1,747
  -1,932
  -2,125
  -2,327
  -2,538
  -2,757
  -2,985
  -3,222
  -3,469
  -3,725
  -3,991
  -4,268
  -4,555
  -4,855
  -5,166
Tax expense, $m
  34
  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
Net income, $m
  63
  -114
  -156
  -207
  -266
  -335
  -414
  -503
  -603
  -712
  -832
  -959
  -1,098
  -1,247
  -1,405
  -1,571
  -1,747
  -1,932
  -2,125
  -2,327
  -2,538
  -2,757
  -2,985
  -3,222
  -3,469
  -3,725
  -3,991
  -4,268
  -4,555
  -4,855
  -5,166

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  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
  1,509
  1,768
  2,305
  2,947
  3,700
  4,570
  5,559
  6,670
  7,903
  9,258
  10,732
  12,324
  14,031
  15,850
  17,779
  19,815
  21,956
  24,201
  26,549
  29,000
  31,555
  34,215
  36,981
  39,857
  42,846
  45,952
  49,180
  52,535
  56,023
  59,651
  63,426
Adjusted assets (=assets-cash), $m
  1,327
  1,768
  2,305
  2,947
  3,700
  4,570
  5,559
  6,670
  7,903
  9,258
  10,732
  12,324
  14,031
  15,850
  17,779
  19,815
  21,956
  24,201
  26,549
  29,000
  31,555
  34,215
  36,981
  39,857
  42,846
  45,952
  49,180
  52,535
  56,023
  59,651
  63,426
Revenue / Adjusted assets
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
  1.943
Average production assets, $m
  315
  419
  546
  699
  877
  1,083
  1,318
  1,581
  1,873
  2,195
  2,544
  2,921
  3,326
  3,757
  4,214
  4,697
  5,205
  5,737
  6,293
  6,874
  7,480
  8,110
  8,766
  9,448
  10,156
  10,893
  11,658
  12,453
  13,280
  14,140
  15,035
Working capital, $m
  818
  893
  1,165
  1,489
  1,869
  2,309
  2,808
  3,370
  3,993
  4,677
  5,422
  6,226
  7,088
  8,007
  8,981
  10,010
  11,092
  12,226
  13,412
  14,650
  15,941
  17,284
  18,682
  20,135
  21,645
  23,214
  24,845
  26,540
  28,302
  30,135
  32,042
Total debt, $m
  331
  512
  774
  1,088
  1,456
  1,882
  2,365
  2,909
  3,512
  4,174
  4,895
  5,674
  6,508
  7,398
  8,341
  9,336
  10,383
  11,481
  12,629
  13,828
  15,077
  16,378
  17,731
  19,137
  20,599
  22,118
  23,696
  25,337
  27,042
  28,816
  30,662
Total liabilities, $m
  683
  865
  1,127
  1,441
  1,809
  2,235
  2,718
  3,262
  3,865
  4,527
  5,248
  6,027
  6,861
  7,751
  8,694
  9,689
  10,736
  11,834
  12,982
  14,181
  15,430
  16,731
  18,084
  19,490
  20,952
  22,471
  24,049
  25,690
  27,395
  29,169
  31,015
Total equity, $m
  825
  903
  1,178
  1,506
  1,891
  2,335
  2,841
  3,408
  4,039
  4,731
  5,484
  6,298
  7,170
  8,099
  9,085
  10,125
  11,219
  12,367
  13,567
  14,819
  16,125
  17,484
  18,897
  20,367
  21,894
  23,482
  25,131
  26,845
  28,628
  30,482
  32,411
Total liabilities and equity, $m
  1,508
  1,768
  2,305
  2,947
  3,700
  4,570
  5,559
  6,670
  7,904
  9,258
  10,732
  12,325
  14,031
  15,850
  17,779
  19,814
  21,955
  24,201
  26,549
  29,000
  31,555
  34,215
  36,981
  39,857
  42,846
  45,953
  49,180
  52,535
  56,023
  59,651
  63,426
Debt-to-equity ratio
  0.401
  0.570
  0.660
  0.720
  0.770
  0.810
  0.830
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
Adjusted equity ratio
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511
  0.511

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  63
  -114
  -156
  -207
  -266
  -335
  -414
  -503
  -603
  -712
  -832
  -959
  -1,098
  -1,247
  -1,405
  -1,571
  -1,747
  -1,932
  -2,125
  -2,327
  -2,538
  -2,757
  -2,985
  -3,222
  -3,469
  -3,725
  -3,991
  -4,268
  -4,555
  -4,855
  -5,166
Depreciation, amort., depletion, $m
  35
  45
  58
  74
  92
  113
  137
  164
  194
  227
  262
  298
  339
  383
  430
  479
  531
  585
  642
  701
  763
  828
  895
  964
  1,036
  1,112
  1,190
  1,271
  1,355
  1,443
  1,534
Funds from operations, $m
  227
  -69
  -98
  -133
  -174
  -222
  -277
  -339
  -409
  -486
  -570
  -661
  -759
  -863
  -974
  -1,092
  -1,216
  -1,347
  -1,483
  -1,626
  -1,774
  -1,929
  -2,090
  -2,258
  -2,432
  -2,613
  -2,801
  -2,997
  -3,200
  -3,412
  -3,632
Change in working capital, $m
  55
  223
  271
  324
  380
  439
  500
  561
  623
  684
  745
  804
  862
  919
  974
  1,028
  1,082
  1,134
  1,186
  1,238
  1,291
  1,344
  1,398
  1,453
  1,510
  1,569
  1,631
  1,695
  1,762
  1,833
  1,907
Cash from operations, $m
  172
  -291
  -369
  -457
  -554
  -661
  -777
  -901
  -1,032
  -1,170
  -1,314
  -1,465
  -1,621
  -1,782
  -1,949
  -2,121
  -2,298
  -2,481
  -2,669
  -2,864
  -3,065
  -3,273
  -3,488
  -3,711
  -3,942
  -4,182
  -4,432
  -4,692
  -4,963
  -5,245
  -5,539
Maintenance CAPEX, $m
  0
  -32
  -43
  -56
  -71
  -89
  -111
  -134
  -161
  -191
  -224
  -260
  -298
  -339
  -383
  -430
  -479
  -531
  -585
  -642
  -701
  -763
  -828
  -895
  -964
  -1,036
  -1,112
  -1,190
  -1,271
  -1,355
  -1,443
New CAPEX, $m
  -17
  -105
  -127
  -152
  -179
  -206
  -235
  -263
  -292
  -321
  -349
  -377
  -405
  -431
  -457
  -483
  -508
  -532
  -557
  -581
  -606
  -630
  -656
  -682
  -709
  -736
  -765
  -795
  -827
  -860
  -895
Cash from investing activities, $m
  26
  -137
  -170
  -208
  -250
  -295
  -346
  -397
  -453
  -512
  -573
  -637
  -703
  -770
  -840
  -913
  -987
  -1,063
  -1,142
  -1,223
  -1,307
  -1,393
  -1,484
  -1,577
  -1,673
  -1,772
  -1,877
  -1,985
  -2,098
  -2,215
  -2,338
Free cash flow, $m
  198
  -428
  -539
  -665
  -804
  -957
  -1,122
  -1,298
  -1,486
  -1,682
  -1,888
  -2,102
  -2,323
  -2,553
  -2,789
  -3,033
  -3,285
  -3,544
  -3,811
  -4,087
  -4,372
  -4,666
  -4,971
  -5,287
  -5,615
  -5,955
  -6,309
  -6,677
  -7,060
  -7,460
  -7,876
Issuance/(repayment) of debt, $m
  -60
  216
  263
  314
  368
  425
  484
  543
  603
  662
  721
  778
  835
  890
  943
  996
  1,047
  1,098
  1,148
  1,199
  1,249
  1,301
  1,353
  1,406
  1,462
  1,519
  1,578
  1,641
  1,706
  1,774
  1,846
Issuance/(repurchase) of shares, $m
  1
  340
  431
  535
  651
  780
  920
  1,071
  1,233
  1,404
  1,585
  1,772
  1,970
  2,176
  2,390
  2,612
  2,841
  3,079
  3,325
  3,580
  3,843
  4,116
  4,399
  4,692
  4,996
  5,312
  5,641
  5,982
  6,338
  6,709
  7,095
Cash from financing (excl. dividends), $m  
  -59
  556
  694
  849
  1,019
  1,205
  1,404
  1,614
  1,836
  2,066
  2,306
  2,550
  2,805
  3,066
  3,333
  3,608
  3,888
  4,177
  4,473
  4,779
  5,092
  5,417
  5,752
  6,098
  6,458
  6,831
  7,219
  7,623
  8,044
  8,483
  8,941
Total cash flow (excl. dividends), $m
  132
  127
  154
  184
  215
  248
  282
  316
  350
  385
  418
  449
  481
  513
  544
  574
  604
  633
  662
  691
  720
  750
  780
  811
  843
  876
  910
  946
  984
  1,023
  1,064
Retained Cash Flow (-), $m
  44
  -340
  -431
  -535
  -651
  -780
  -920
  -1,071
  -1,233
  -1,404
  -1,585
  -1,772
  -1,970
  -2,176
  -2,390
  -2,612
  -2,841
  -3,079
  -3,325
  -3,580
  -3,843
  -4,116
  -4,399
  -4,692
  -4,996
  -5,312
  -5,641
  -5,982
  -6,338
  -6,709
  -7,095
Prev. year cash balance distribution, $m
 
  147
  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
 
  -66
  -276
  -351
  -436
  -532
  -638
  -755
  -882
  -1,020
  -1,167
  -1,323
  -1,489
  -1,663
  -1,846
  -2,038
  -2,238
  -2,446
  -2,663
  -2,888
  -3,123
  -3,366
  -3,618
  -3,881
  -4,153
  -4,436
  -4,730
  -5,036
  -5,354
  -5,686
  -6,030
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
 
  -63
  -253
  -305
  -359
  -412
  -463
  -510
  -552
  -586
  -612
  -628
  -635
  -632
  -620
  -598
  -569
  -532
  -490
  -445
  -397
  -348
  -300
  -254
  -212
  -173
  -138
  -108
  -83
  -62
  -45
Current shareholders' claim on cash, %
  100
  82.3
  68.4
  57.2
  48.3
  41.0
  35.1
  30.2
  26.2
  22.8
  19.9
  17.5
  15.4
  13.7
  12.1
  10.8
  9.6
  8.6
  7.7
  6.9
  6.2
  5.6
  5.1
  4.6
  4.2
  3.8
  3.4
  3.1
  2.8
  2.6
  2.3

Russel Metals Inc. is a metals distribution and processing company. The Company primarily distributes steel products. The Company operates through three segments: metals service centers, energy products and steel distributors. The Company provides processing and distribution services to a base of approximately 43,000 end users through a network of 50 locations in Canada and 14 locations in the United States. The Company's network of metals service centers carries a line of metal products in a range of sizes, shapes and specifications, including carbon hot rolled and cold finished steel, pipe and tubular products, stainless steel, aluminum and other non-ferrous specialty metals. The Company's energy products operations distribute oil country tubular goods (OCTG), line pipe, tubes, flanges, valves and fittings to the energy industry. The Company's steel distributors segment is engaged in selling steel to other steel service centers and equipment manufacturers.

FINANCIAL RATIOS  of  Russel Metals Inc. (RUS)

Valuation Ratios
P/E Ratio 30.6
Price to Sales 0.7
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate -17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.3%
Cap. Spend. - 3 Yr. Gr. Rate -8.8%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 35.9%
Total Debt to Equity 40.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 7.4%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 19.5%
Gross Margin - 3 Yr. Avg. 17.8%
EBITDA Margin 6%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin 4.6%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 3.8%
Pre-Tax Margin - 3 Yr. Avg. 1.7%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 149.2%

RUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RUS stock intrinsic value calculation we used $2579 million for the last fiscal year's total revenue generated by Russel Metals Inc.. The default revenue input number comes from 2016 income statement of Russel Metals Inc.. 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 RUS stock valuation model: a) initial revenue growth rate of 33.2% 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 RUS is calculated based on our internal credit rating of Russel Metals Inc., 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 Russel Metals Inc..
    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 RUS stock the variable cost ratio is equal to 102.8%.

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 RUS 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 6.4% for Russel Metals Inc..

Corporate tax rate of 27% is the nominal tax rate for Russel Metals Inc.. 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 RUS 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 RUS are equal to 12.2%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Russel Metals Inc. 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 RUS is equal to 26%. 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 - $825 million for Russel Metals Inc. - 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 61.707 million for Russel Metals Inc. 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 Russel Metals Inc. at the current share price and the inputted number of shares is $1.9 billion.

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Financial statements of RUS
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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