Intrinsic value of Russel Metals Inc. - RUS

Previous Close

$25.32

  Intrinsic Value

$3.23

stock screener

  Rating & Target

str. sell

-87%

  Value-price divergence*

-150%

Previous close

$25.32

 
Intrinsic value

$3.23

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence*

-150%

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

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

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 1.6

 

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
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
Revenue, $m
  2,579
  3,133
  3,755
  4,445
  5,202
  6,025
  6,914
  7,866
  8,880
  9,954
  11,088
  12,281
  13,531
  14,838
  16,202
  17,624
  19,104
  20,643
  22,243
  23,906
  25,634
  27,430
  29,297
  31,238
  33,256
  35,357
  37,544
  39,821
  42,194
  44,668
  47,249
Variable operating expenses, $m
 
  3,221
  3,859
  4,568
  5,345
  6,190
  7,103
  8,080
  9,122
  10,225
  11,390
  12,612
  13,895
  15,238
  16,639
  18,099
  19,618
  21,199
  22,842
  24,550
  26,325
  28,169
  30,086
  32,080
  34,153
  36,310
  38,555
  40,894
  43,331
  45,872
  48,522
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
  3,221
  3,859
  4,568
  5,345
  6,190
  7,103
  8,080
  9,122
  10,225
  11,390
  12,612
  13,895
  15,238
  16,639
  18,099
  19,618
  21,199
  22,842
  24,550
  26,325
  28,169
  30,086
  32,080
  34,153
  36,310
  38,555
  40,894
  43,331
  45,872
  48,522
Operating income, $m
  119
  -87
  -104
  -123
  -143
  -165
  -189
  -215
  -242
  -271
  -302
  -331
  -365
  -400
  -437
  -475
  -515
  -556
  -600
  -644
  -691
  -739
  -790
  -842
  -896
  -953
  -1,012
  -1,073
  -1,137
  -1,204
  -1,273
EBITDA, $m
  154
  -45
  -54
  -64
  -75
  -87
  -100
  -114
  -129
  -144
  -161
  -178
  -196
  -215
  -235
  -256
  -277
  -299
  -323
  -347
  -372
  -398
  -425
  -453
  -482
  -513
  -545
  -578
  -612
  -648
  -685
Interest expense (income), $m
  23
  19
  28
  38
  49
  61
  74
  89
  104
  120
  138
  156
  175
  195
  216
  238
  261
  285
  310
  336
  362
  390
  419
  449
  481
  513
  547
  582
  619
  657
  697
Earnings before tax, $m
  97
  -106
  -132
  -160
  -192
  -226
  -264
  -303
  -346
  -391
  -439
  -487
  -540
  -595
  -653
  -713
  -776
  -841
  -909
  -980
  -1,053
  -1,130
  -1,209
  -1,291
  -1,377
  -1,466
  -1,559
  -1,655
  -1,756
  -1,861
  -1,970
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
  -106
  -132
  -160
  -192
  -226
  -264
  -303
  -346
  -391
  -439
  -487
  -540
  -595
  -653
  -713
  -776
  -841
  -909
  -980
  -1,053
  -1,130
  -1,209
  -1,291
  -1,377
  -1,466
  -1,559
  -1,655
  -1,756
  -1,861
  -1,970

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
  1,613
  1,933
  2,288
  2,677
  3,101
  3,558
  4,048
  4,570
  5,123
  5,707
  6,321
  6,964
  7,637
  8,339
  9,070
  9,832
  10,624
  11,448
  12,304
  13,193
  14,117
  15,078
  16,077
  17,116
  18,197
  19,322
  20,495
  21,716
  22,989
  24,317
Adjusted assets (=assets-cash), $m
  1,327
  1,613
  1,933
  2,288
  2,677
  3,101
  3,558
  4,048
  4,570
  5,123
  5,707
  6,321
  6,964
  7,637
  8,339
  9,070
  9,832
  10,624
  11,448
  12,304
  13,193
  14,117
  15,078
  16,077
  17,116
  18,197
  19,322
  20,495
  21,716
  22,989
  24,317
Revenue / Adjusted assets
  1.943
  1.942
  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
  382
  458
  542
  635
  735
  843
  960
  1,083
  1,214
  1,353
  1,498
  1,651
  1,810
  1,977
  2,150
  2,331
  2,518
  2,714
  2,917
  3,127
  3,346
  3,574
  3,811
  4,057
  4,314
  4,580
  4,858
  5,148
  5,450
  5,764
Working capital, $m
  818
  815
  976
  1,156
  1,353
  1,567
  1,798
  2,045
  2,309
  2,588
  2,883
  3,193
  3,518
  3,858
  4,213
  4,582
  4,967
  5,367
  5,783
  6,216
  6,665
  7,132
  7,617
  8,122
  8,647
  9,193
  9,761
  10,353
  10,970
  11,614
  12,285
Total debt, $m
  331
  436
  592
  766
  956
  1,163
  1,387
  1,627
  1,882
  2,152
  2,438
  2,738
  3,052
  3,381
  3,725
  4,082
  4,455
  4,842
  5,245
  5,663
  6,098
  6,550
  7,020
  7,509
  8,017
  8,545
  9,096
  9,669
  10,266
  10,889
  11,538
Total liabilities, $m
  683
  789
  945
  1,119
  1,309
  1,516
  1,740
  1,980
  2,235
  2,505
  2,791
  3,091
  3,405
  3,734
  4,078
  4,435
  4,808
  5,195
  5,598
  6,016
  6,451
  6,903
  7,373
  7,862
  8,370
  8,898
  9,449
  10,022
  10,619
  11,242
  11,891
Total equity, $m
  825
  824
  988
  1,169
  1,368
  1,585
  1,818
  2,069
  2,335
  2,618
  2,916
  3,230
  3,559
  3,902
  4,261
  4,635
  5,024
  5,429
  5,850
  6,287
  6,742
  7,214
  7,705
  8,215
  8,746
  9,299
  9,874
  10,473
  11,097
  11,748
  12,426
Total liabilities and equity, $m
  1,508
  1,613
  1,933
  2,288
  2,677
  3,101
  3,558
  4,049
  4,570
  5,123
  5,707
  6,321
  6,964
  7,636
  8,339
  9,070
  9,832
  10,624
  11,448
  12,303
  13,193
  14,117
  15,078
  16,077
  17,116
  18,197
  19,323
  20,495
  21,716
  22,990
  24,317
Debt-to-equity ratio
  0.401
  0.530
  0.600
  0.650
  0.700
  0.730
  0.760
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.920
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
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
  -106
  -132
  -160
  -192
  -226
  -264
  -303
  -346
  -391
  -439
  -487
  -540
  -595
  -653
  -713
  -776
  -841
  -909
  -980
  -1,053
  -1,130
  -1,209
  -1,291
  -1,377
  -1,466
  -1,559
  -1,655
  -1,756
  -1,861
  -1,970
Depreciation, amort., depletion, $m
  35
  42
  49
  58
  67
  78
  89
  101
  113
  127
  141
  153
  168
  185
  202
  219
  238
  257
  277
  298
  319
  341
  365
  389
  414
  440
  467
  496
  525
  556
  588
Funds from operations, $m
  227
  -64
  -82
  -102
  -124
  -149
  -175
  -203
  -233
  -265
  -299
  -334
  -371
  -411
  -451
  -494
  -538
  -585
  -633
  -682
  -734
  -788
  -844
  -902
  -963
  -1,026
  -1,091
  -1,160
  -1,231
  -1,305
  -1,382
Change in working capital, $m
  55
  144
  162
  179
  197
  214
  231
  248
  264
  279
  295
  310
  325
  340
  355
  370
  385
  400
  416
  432
  449
  467
  485
  505
  525
  546
  569
  592
  617
  643
  671
Cash from operations, $m
  172
  -209
  -244
  -282
  -321
  -363
  -406
  -450
  -497
  -544
  -593
  -644
  -696
  -750
  -806
  -864
  -923
  -985
  -1,049
  -1,115
  -1,184
  -1,255
  -1,329
  -1,407
  -1,488
  -1,572
  -1,660
  -1,752
  -1,848
  -1,948
  -2,053
Maintenance CAPEX, $m
  0
  -32
  -39
  -47
  -55
  -65
  -75
  -86
  -98
  -111
  -124
  -138
  -153
  -168
  -185
  -202
  -219
  -238
  -257
  -277
  -298
  -319
  -341
  -365
  -389
  -414
  -440
  -467
  -496
  -525
  -556
New CAPEX, $m
  -17
  -68
  -76
  -84
  -92
  -100
  -108
  -116
  -124
  -131
  -138
  -145
  -152
  -159
  -166
  -173
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -267
  -278
  -290
  -302
  -315
Cash from investing activities, $m
  26
  -100
  -115
  -131
  -147
  -165
  -183
  -202
  -222
  -242
  -262
  -283
  -305
  -327
  -351
  -375
  -400
  -426
  -452
  -480
  -509
  -538
  -569
  -602
  -635
  -670
  -707
  -745
  -786
  -827
  -871
Free cash flow, $m
  198
  -308
  -359
  -413
  -469
  -528
  -589
  -653
  -718
  -786
  -856
  -928
  -1,002
  -1,078
  -1,157
  -1,239
  -1,323
  -1,410
  -1,501
  -1,595
  -1,692
  -1,793
  -1,899
  -2,008
  -2,123
  -2,242
  -2,367
  -2,497
  -2,633
  -2,775
  -2,924
Issuance/(repayment) of debt, $m
  -60
  140
  157
  174
  191
  207
  224
  240
  255
  270
  285
  300
  315
  329
  343
  358
  372
  387
  403
  419
  435
  452
  470
  488
  508
  529
  550
  573
  597
  623
  649
Issuance/(repurchase) of shares, $m
  1
  252
  295
  342
  391
  443
  497
  554
  613
  674
  738
  801
  869
  939
  1,012
  1,087
  1,165
  1,246
  1,330
  1,417
  1,508
  1,602
  1,700
  1,802
  1,908
  2,018
  2,134
  2,254
  2,380
  2,512
  2,649
Cash from financing (excl. dividends), $m  
  -59
  392
  452
  516
  582
  650
  721
  794
  868
  944
  1,023
  1,101
  1,184
  1,268
  1,355
  1,445
  1,537
  1,633
  1,733
  1,836
  1,943
  2,054
  2,170
  2,290
  2,416
  2,547
  2,684
  2,827
  2,977
  3,135
  3,298
Total cash flow (excl. dividends), $m
  132
  83
  93
  103
  113
  122
  132
  141
  150
  159
  167
  173
  181
  190
  198
  206
  215
  223
  232
  241
  251
  261
  271
  282
  293
  305
  317
  330
  344
  359
  374
Retained Cash Flow (-), $m
  44
  -252
  -295
  -342
  -391
  -443
  -497
  -554
  -613
  -674
  -738
  -801
  -869
  -939
  -1,012
  -1,087
  -1,165
  -1,246
  -1,330
  -1,417
  -1,508
  -1,602
  -1,700
  -1,802
  -1,908
  -2,018
  -2,134
  -2,254
  -2,380
  -2,512
  -2,649
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
 
  -22
  -202
  -239
  -278
  -321
  -366
  -413
  -463
  -515
  -570
  -628
  -687
  -749
  -814
  -881
  -951
  -1,023
  -1,098
  -1,176
  -1,257
  -1,341
  -1,429
  -1,520
  -1,615
  -1,714
  -1,817
  -1,924
  -2,036
  -2,153
  -2,275
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
 
  -21
  -185
  -208
  -229
  -249
  -265
  -279
  -289
  -296
  -299
  -298
  -293
  -285
  -273
  -259
  -242
  -223
  -202
  -181
  -160
  -139
  -119
  -100
  -82
  -67
  -53
  -41
  -31
  -23
  -17
Current shareholders' claim on cash, %
  100
  83.6
  70.3
  59.5
  50.6
  43.2
  37.1
  32.0
  27.6
  24.0
  20.9
  18.3
  16.0
  14.0
  12.4
  10.9
  9.6
  8.5
  7.5
  6.7
  5.9
  5.3
  4.7
  4.2
  3.7
  3.3
  3.0
  2.6
  2.4
  2.1
  1.9

Russel Metals Inc. processes and distributes steel and other metal products in Canada and the United States. The company operates in three segments: Metals Service Centers, Energy Products, and Steel Distributors. The Metals Service Centers segment sells plates, and flat rolled carbon and other general line carbon steel products comprising structurals, bars, sheets, pipes, tubing, and hollow structural steel tubing products, as well as stainless steel, aluminum, and other non-ferrous specialty metal products in various sizes, shapes, and specifications. It also provides customized processing services. This segment serves end users in various industries, including machinery and equipment manufacturing, construction, and shipbuilding, as well as natural resources industries, such as mining and petroleum. The Energy Products segment distributes oil country tubular goods, line pipes, tubes, flanges, valves, and fittings, as well as processes and distributes steel pipe products. This segment serves energy, construction, manufacturing, pulp and paper, mining, and ski industries, as well as oil and gas, industrial, and resource markets. The Steel Distributors segment distributes steel products comprising carbon steel, plates, beams, channels, flat rolled products, and rail and pipe products to other steel service centers and large equipment manufacturers. Russel Metals Inc. was founded in 1929 and is headquartered in Mississauga, Canada.

FINANCIAL RATIOS  of  Russel Metals Inc. (RUS)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 0.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 10.1
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 21.5% 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 61.864 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 $1.6 billion.

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Stock chart of RUS 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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