Intrinsic value of ABM Industries - ABM

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$41.68

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of ABM 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 2.3

 

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, %
  5.04
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.46
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
Revenue, $m
  5,145
  6,869
  8,974
  11,494
  14,457
  17,883
  21,787
  26,176
  31,053
  36,415
  42,256
  48,568
  55,341
  62,562
  70,223
  78,312
  86,823
  95,749
  105,088
  114,837
  125,001
  135,582
  146,589
  158,032
  169,926
  182,285
  195,129
  208,479
  222,358
  236,792
  251,810
Variable operating expenses, $m
 
  6,735
  8,771
  11,209
  14,075
  17,389
  21,165
  25,410
  30,127
  35,314
  40,964
  46,978
  53,529
  60,514
  67,923
  75,748
  83,980
  92,614
  101,647
  111,077
  120,907
  131,142
  141,789
  152,858
  164,362
  176,316
  188,739
  201,652
  215,076
  229,038
  243,565
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
  5,090
  6,735
  8,771
  11,209
  14,075
  17,389
  21,165
  25,410
  30,127
  35,314
  40,964
  46,978
  53,529
  60,514
  67,923
  75,748
  83,980
  92,614
  101,647
  111,077
  120,907
  131,142
  141,789
  152,858
  164,362
  176,316
  188,739
  201,652
  215,076
  229,038
  243,565
Operating income, $m
  55
  134
  203
  285
  382
  494
  622
  766
  926
  1,101
  1,292
  1,590
  1,812
  2,049
  2,299
  2,564
  2,843
  3,135
  3,441
  3,760
  4,093
  4,440
  4,800
  5,175
  5,564
  5,969
  6,390
  6,827
  7,281
  7,754
  8,246
EBITDA, $m
  113
  238
  311
  399
  501
  620
  756
  908
  1,077
  1,263
  1,465
  1,684
  1,919
  2,170
  2,435
  2,716
  3,011
  3,321
  3,645
  3,983
  4,335
  4,702
  5,084
  5,481
  5,893
  6,322
  6,767
  7,230
  7,712
  8,212
  8,733
Interest expense (income), $m
  4
  9
  25
  43
  66
  92
  123
  157
  196
  240
  287
  339
  395
  455
  520
  588
  660
  735
  814
  897
  984
  1,074
  1,168
  1,266
  1,368
  1,474
  1,583
  1,698
  1,816
  1,940
  2,068
Earnings before tax, $m
  52
  124
  178
  242
  316
  402
  500
  609
  729
  862
  1,005
  1,251
  1,417
  1,593
  1,780
  1,977
  2,184
  2,400
  2,627
  2,863
  3,109
  3,365
  3,632
  3,909
  4,196
  4,495
  4,806
  5,129
  5,465
  5,814
  6,178
Tax expense, $m
  -10
  34
  48
  65
  85
  109
  135
  164
  197
  233
  271
  338
  383
  430
  481
  534
  590
  648
  709
  773
  839
  909
  981
  1,055
  1,133
  1,214
  1,298
  1,385
  1,476
  1,570
  1,668
Net income, $m
  57
  91
  130
  176
  231
  294
  365
  444
  532
  629
  734
  913
  1,034
  1,163
  1,299
  1,443
  1,594
  1,752
  1,917
  2,090
  2,270
  2,457
  2,651
  2,853
  3,063
  3,282
  3,508
  3,744
  3,989
  4,244
  4,510

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  2,281
  2,971
  3,881
  4,971
  6,253
  7,735
  9,423
  11,322
  13,431
  15,750
  18,277
  21,007
  23,936
  27,060
  30,373
  33,872
  37,553
  41,414
  45,453
  49,670
  54,066
  58,643
  63,403
  68,353
  73,497
  78,843
  84,398
  90,172
  96,175
  102,419
  108,914
Adjusted assets (=assets-cash), $m
  2,225
  2,971
  3,881
  4,971
  6,253
  7,735
  9,423
  11,322
  13,431
  15,750
  18,277
  21,007
  23,936
  27,060
  30,373
  33,872
  37,553
  41,414
  45,453
  49,670
  54,066
  58,643
  63,403
  68,353
  73,497
  78,843
  84,398
  90,172
  96,175
  102,419
  108,914
Revenue / Adjusted assets
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
  2.312
Average production assets, $m
  186
  247
  323
  414
  520
  644
  784
  942
  1,118
  1,311
  1,521
  1,748
  1,992
  2,252
  2,528
  2,819
  3,126
  3,447
  3,783
  4,134
  4,500
  4,881
  5,277
  5,689
  6,117
  6,562
  7,025
  7,505
  8,005
  8,525
  9,065
Working capital, $m
  395
  453
  592
  759
  954
  1,180
  1,438
  1,728
  2,049
  2,403
  2,789
  3,206
  3,652
  4,129
  4,635
  5,169
  5,730
  6,319
  6,936
  7,579
  8,250
  8,948
  9,675
  10,430
  11,215
  12,031
  12,879
  13,760
  14,676
  15,628
  16,619
Total debt, $m
  268
  705
  1,239
  1,879
  2,631
  3,501
  4,492
  5,607
  6,845
  8,207
  9,690
  11,292
  13,012
  14,845
  16,790
  18,844
  21,005
  23,271
  25,642
  28,117
  30,698
  33,384
  36,179
  39,084
  42,104
  45,242
  48,503
  51,892
  55,416
  59,081
  62,894
Total liabilities, $m
  1,307
  1,744
  2,278
  2,918
  3,670
  4,540
  5,531
  6,646
  7,884
  9,246
  10,729
  12,331
  14,051
  15,884
  17,829
  19,883
  22,044
  24,310
  26,681
  29,156
  31,737
  34,423
  37,218
  40,123
  43,143
  46,281
  49,542
  52,931
  56,455
  60,120
  63,933
Total equity, $m
  974
  1,227
  1,603
  2,053
  2,582
  3,194
  3,892
  4,676
  5,547
  6,505
  7,548
  8,676
  9,886
  11,176
  12,544
  13,989
  15,509
  17,104
  18,772
  20,514
  22,329
  24,219
  26,186
  28,230
  30,354
  32,562
  34,857
  37,241
  39,720
  42,299
  44,982
Total liabilities and equity, $m
  2,281
  2,971
  3,881
  4,971
  6,252
  7,734
  9,423
  11,322
  13,431
  15,751
  18,277
  21,007
  23,937
  27,060
  30,373
  33,872
  37,553
  41,414
  45,453
  49,670
  54,066
  58,642
  63,404
  68,353
  73,497
  78,843
  84,399
  90,172
  96,175
  102,419
  108,915
Debt-to-equity ratio
  0.275
  0.570
  0.770
  0.920
  1.020
  1.100
  1.150
  1.200
  1.230
  1.260
  1.280
  1.300
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.370
  1.370
  1.370
  1.380
  1.380
  1.380
  1.390
  1.390
  1.390
  1.390
  1.400
  1.400
  1.400
Adjusted equity ratio
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  91
  130
  176
  231
  294
  365
  444
  532
  629
  734
  913
  1,034
  1,163
  1,299
  1,443
  1,594
  1,752
  1,917
  2,090
  2,270
  2,457
  2,651
  2,853
  3,063
  3,282
  3,508
  3,744
  3,989
  4,244
  4,510
Depreciation, amort., depletion, $m
  58
  105
  109
  114
  119
  126
  133
  142
  151
  162
  173
  94
  107
  121
  136
  152
  168
  185
  203
  222
  242
  262
  284
  306
  329
  353
  378
  404
  430
  458
  487
Funds from operations, $m
  -5
  195
  239
  290
  350
  420
  498
  586
  684
  791
  907
  1,007
  1,141
  1,284
  1,435
  1,595
  1,762
  1,937
  2,121
  2,312
  2,512
  2,719
  2,935
  3,159
  3,392
  3,634
  3,886
  4,148
  4,420
  4,703
  4,997
Change in working capital, $m
  -89
  114
  139
  166
  196
  226
  258
  290
  322
  354
  386
  417
  447
  477
  506
  534
  562
  589
  616
  643
  671
  698
  726
  755
  785
  816
  848
  881
  916
  953
  991
Cash from operations, $m
  84
  82
  100
  124
  155
  193
  241
  297
  362
  437
  521
  591
  695
  808
  930
  1,061
  1,200
  1,348
  1,505
  1,669
  1,841
  2,021
  2,208
  2,404
  2,607
  2,819
  3,038
  3,267
  3,504
  3,750
  4,006
Maintenance CAPEX, $m
  0
  -10
  -13
  -17
  -22
  -28
  -35
  -42
  -51
  -60
  -70
  -82
  -94
  -107
  -121
  -136
  -152
  -168
  -185
  -203
  -222
  -242
  -262
  -284
  -306
  -329
  -353
  -378
  -404
  -430
  -458
New CAPEX, $m
  -44
  -62
  -76
  -91
  -107
  -123
  -141
  -158
  -176
  -193
  -210
  -227
  -244
  -260
  -276
  -291
  -306
  -321
  -336
  -351
  -366
  -381
  -396
  -412
  -428
  -445
  -462
  -481
  -500
  -520
  -541
Cash from investing activities, $m
  -135
  -72
  -89
  -108
  -129
  -151
  -176
  -200
  -227
  -253
  -280
  -309
  -338
  -367
  -397
  -427
  -458
  -489
  -521
  -554
  -588
  -623
  -658
  -696
  -734
  -774
  -815
  -859
  -904
  -950
  -999
Free cash flow, $m
  -51
  10
  10
  16
  26
  42
  65
  96
  136
  184
  241
  282
  357
  440
  533
  634
  742
  859
  983
  1,114
  1,253
  1,398
  1,550
  1,708
  1,873
  2,045
  2,223
  2,408
  2,601
  2,800
  3,007
Issuance/(repayment) of debt, $m
  110
  437
  534
  640
  752
  870
  991
  1,114
  1,238
  1,361
  1,483
  1,603
  1,719
  1,833
  1,945
  2,054
  2,161
  2,266
  2,371
  2,475
  2,580
  2,686
  2,795
  2,905
  3,020
  3,138
  3,261
  3,389
  3,524
  3,665
  3,813
Issuance/(repurchase) of shares, $m
  -41
  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  
  90
  437
  534
  640
  752
  870
  991
  1,114
  1,238
  1,361
  1,483
  1,603
  1,719
  1,833
  1,945
  2,054
  2,161
  2,266
  2,371
  2,475
  2,580
  2,686
  2,795
  2,905
  3,020
  3,138
  3,261
  3,389
  3,524
  3,665
  3,813
Total cash flow (excl. dividends), $m
  35
  447
  545
  655
  778
  912
  1,056
  1,211
  1,374
  1,545
  1,724
  1,884
  2,076
  2,274
  2,478
  2,687
  2,903
  3,125
  3,354
  3,590
  3,833
  4,084
  4,344
  4,614
  4,893
  5,183
  5,484
  5,798
  6,124
  6,465
  6,820
Retained Cash Flow (-), $m
  34
  -309
  -376
  -450
  -529
  -612
  -697
  -784
  -871
  -958
  -1,043
  -1,128
  -1,210
  -1,290
  -1,368
  -1,445
  -1,520
  -1,595
  -1,668
  -1,742
  -1,815
  -1,890
  -1,966
  -2,044
  -2,125
  -2,208
  -2,294
  -2,385
  -2,479
  -2,578
  -2,683
Prev. year cash balance distribution, $m
 
  56
  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
 
  194
  169
  205
  249
  300
  359
  427
  503
  587
  680
  757
  866
  984
  1,109
  1,242
  1,383
  1,531
  1,686
  1,848
  2,018
  2,194
  2,378
  2,569
  2,768
  2,975
  3,190
  3,413
  3,645
  3,886
  4,137
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
 
  186
  155
  179
  205
  232
  261
  288
  314
  337
  357
  359
  370
  374
  372
  365
  351
  333
  310
  285
  256
  227
  197
  168
  141
  116
  93
  73
  56
  42
  31
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

ABM Industries Incorporated provides integrated facility solutions in the United States and internationally. It offers carpet cleaning and dusting, floor cleaning and finishing, window washing, and other building cleaning services for commercial office buildings, data centers, educational institutions, government buildings, health facilities, industrial buildings, retail stores, sport event facilities, and transportation hubs. The company also provides onsite mechanical engineering and technical services and solutions relating to a range of facilities and infrastructure systems; and parking and transportation services for clients at various locations, including commercial office buildings, educational institutions, health facilities, hotels, sport event facilities, and transportation hubs. In addition, it offers custom energy solutions, HVAC, electrical, lighting, and other general maintenance and repair services comprising bundled energy solutions, energy efficiency upgrades, installations, preventative maintenance, retro-commissioning, and retrofits for clients in the private and public sectors; construction management, energy efficiency upgrades, healthcare support, leadership development, military base operations, and other mission support to the U.S. government entities; and facility management and environmental, food and nutrition, healthcare technology management, and patient and guest services to healthcare systems and hospitals. Further, the company franchises engineering services under the Linc Service and TEGG brands through individual and area franchises; and provides facility solutions to airlines and airports related to access control, aircraft cabin cleaning, shuttle bus operations, and passenger assistance. The company was founded in 1909 and is headquartered in New York, New York.

FINANCIAL RATIOS  of  ABM Industries (ABM)

Valuation Ratios
P/E Ratio 40.7
Price to Sales 0.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 57.9
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 27.5%
Total Debt to Equity 27.5%
Interest Coverage 14
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.7%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 7.2%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 10.1%
Gross Margin - 3 Yr. Avg. 10.2%
EBITDA Margin 2.2%
EBITDA Margin - 3 Yr. Avg. 2.9%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate -19.2%
Eff/ Tax Rate - 3 Yr. Avg. 15.1%
Payout Ratio 64.9%

ABM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ABM stock intrinsic value calculation we used $5145 million for the last fiscal year's total revenue generated by ABM Industries. The default revenue input number comes from 2016 income statement of ABM Industries. 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 ABM stock valuation model: a) initial revenue growth rate of 33.5% 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 ABM is calculated based on our internal credit rating of ABM Industries, 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 ABM Industries.
    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 ABM stock the variable cost ratio is equal to 98.5%.

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 ABM 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 3.5% for ABM Industries.

Corporate tax rate of 27% is the nominal tax rate for ABM Industries. 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 ABM 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 ABM are equal to 3.6%.

Life of production assets of 18.6 years is the average useful life of capital assets used in ABM Industries 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 ABM is equal to 6.6%. 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 - $974 million for ABM Industries - 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 54.435 million for ABM Industries 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 ABM Industries at the current share price and the inputted number of shares is $2.3 billion.


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COMPANY NEWS

▶ McLean contractor buys ABM Industries' government services business   [Jun-08-17 02:55PM  American City Business Journals]
▶ ABM Industries beats 2Q profit forecasts   [Jun-07-17 04:39PM  Associated Press]
▶ ABM Announces COO Succession Plan   [04:35PM  Business Wire]
▶ ABM Industries reports 1Q loss   [05:01PM  Associated Press]
▶ Should You Avoid VeriFone Systems Inc (PAY)?   [Dec-02-16 04:19AM  at Insider Monkey]
▶ ABM Announces New Contracts   [Nov-02-16 01:00PM  GlobeNewswire]
Stock chart of ABM Financial statements of ABM Annual reports of ABM
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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