Intrinsic value of Argan - AGX

Previous Close

$67.15

  Intrinsic Value

$1,790

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

-39%

Previous close

$67.15

 
Intrinsic value

$1,790

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

-39%

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

We calculate the intrinsic value of AGX 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 2017), $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 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  63.44
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  675
  1,080
  1,669
  2,495
  3,621
  5,108
  7,023
  9,427
  12,378
  15,927
  20,117
  24,981
  30,541
  36,813
  43,800
  51,501
  59,908
  69,009
  78,789
  89,233
  100,324
  112,049
  124,394
  137,351
  150,914
  165,081
  179,853
  195,237
  211,243
  227,885
  245,183
Variable operating expenses, $m
 
  885
  1,365
  2,039
  2,957
  4,171
  5,733
  7,694
  10,101
  12,997
  16,415
  20,380
  24,916
  30,032
  35,733
  42,015
  48,874
  56,298
  64,277
  72,797
  81,846
  91,411
  101,483
  112,053
  123,118
  134,675
  146,727
  159,277
  172,335
  185,912
  200,024
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
  563
  885
  1,365
  2,039
  2,957
  4,171
  5,733
  7,694
  10,101
  12,997
  16,415
  20,380
  24,916
  30,032
  35,733
  42,015
  48,874
  56,298
  64,277
  72,797
  81,846
  91,411
  101,483
  112,053
  123,118
  134,675
  146,727
  159,277
  172,335
  185,912
  200,024
Operating income, $m
  112
  195
  304
  456
  663
  937
  1,290
  1,733
  2,276
  2,930
  3,702
  4,601
  5,625
  6,780
  8,067
  9,486
  11,034
  12,710
  14,512
  16,435
  18,478
  20,638
  22,912
  25,298
  27,796
  30,405
  33,126
  35,960
  38,908
  41,973
  45,159
EBITDA, $m
  115
  200
  309
  463
  671
  947
  1,302
  1,748
  2,295
  2,953
  3,730
  4,632
  5,663
  6,826
  8,122
  9,550
  11,109
  12,797
  14,610
  16,547
  18,604
  20,778
  23,067
  25,470
  27,985
  30,612
  33,351
  36,204
  39,172
  42,258
  45,466
Interest expense (income), $m
  0
  0
  -6
  -3
  3
  9
  18
  30
  45
  62
  84
  109
  139
  173
  211
  253
  300
  351
  406
  465
  529
  596
  667
  742
  821
  903
  989
  1,079
  1,172
  1,269
  1,370
Earnings before tax, $m
  115
  195
  310
  459
  661
  928
  1,272
  1,703
  2,232
  2,868
  3,618
  4,492
  5,486
  6,608
  7,857
  9,233
  10,734
  12,360
  14,106
  15,970
  17,949
  20,042
  22,244
  24,556
  26,975
  29,502
  32,137
  34,881
  37,736
  40,704
  43,789
Tax expense, $m
  38
  53
  84
  124
  178
  251
  343
  460
  603
  774
  977
  1,213
  1,481
  1,784
  2,121
  2,493
  2,898
  3,337
  3,809
  4,312
  4,846
  5,411
  6,006
  6,630
  7,283
  7,966
  8,677
  9,418
  10,189
  10,990
  11,823
Net income, $m
  70
  143
  226
  335
  482
  677
  928
  1,243
  1,629
  2,093
  2,641
  3,279
  4,005
  4,824
  5,735
  6,740
  7,836
  9,022
  10,297
  11,658
  13,103
  14,630
  16,238
  17,926
  19,692
  21,537
  23,460
  25,463
  27,547
  29,714
  31,966

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  523
  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
  653
  208
  321
  481
  697
  984
  1,353
  1,816
  2,384
  3,068
  3,875
  4,811
  5,882
  7,090
  8,436
  9,919
  11,538
  13,291
  15,175
  17,187
  19,323
  21,581
  23,959
  26,454
  29,067
  31,795
  34,640
  37,603
  40,686
  43,892
  47,223
Adjusted assets (=assets-cash), $m
  130
  208
  321
  481
  697
  984
  1,353
  1,816
  2,384
  3,068
  3,875
  4,811
  5,882
  7,090
  8,436
  9,919
  11,538
  13,291
  15,175
  17,187
  19,323
  21,581
  23,959
  26,454
  29,067
  31,795
  34,640
  37,603
  40,686
  43,892
  47,223
Revenue / Adjusted assets
  5.192
  5.192
  5.199
  5.187
  5.195
  5.191
  5.191
  5.191
  5.192
  5.191
  5.191
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
  5.192
Average production assets, $m
  15
  23
  35
  52
  76
  107
  147
  198
  260
  334
  422
  525
  641
  773
  920
  1,082
  1,258
  1,449
  1,655
  1,874
  2,107
  2,353
  2,612
  2,884
  3,169
  3,467
  3,777
  4,100
  4,436
  4,786
  5,149
Working capital, $m
  237
  -458
  -707
  -1,058
  -1,535
  -2,166
  -2,978
  -3,997
  -5,248
  -6,753
  -8,530
  -10,592
  -12,950
  -15,609
  -18,571
  -21,836
  -25,401
  -29,260
  -33,407
  -37,835
  -42,537
  -47,509
  -52,743
  -58,237
  -63,988
  -69,994
  -76,258
  -82,780
  -89,567
  -96,623
  -103,958
Total debt, $m
  0
  -174
  -72
  72
  267
  524
  856
  1,273
  1,785
  2,400
  3,126
  3,969
  4,933
  6,020
  7,231
  8,566
  10,024
  11,601
  13,297
  15,107
  17,030
  19,062
  21,202
  23,448
  25,799
  28,255
  30,815
  33,482
  36,257
  39,141
  42,140
Total liabilities, $m
  361
  187
  289
  433
  628
  885
  1,217
  1,634
  2,146
  2,761
  3,487
  4,330
  5,294
  6,381
  7,592
  8,927
  10,385
  11,962
  13,658
  15,468
  17,391
  19,423
  21,563
  23,809
  26,160
  28,616
  31,176
  33,843
  36,618
  39,502
  42,501
Total equity, $m
  292
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,518
  1,719
  1,932
  2,158
  2,396
  2,645
  2,907
  3,180
  3,464
  3,760
  4,069
  4,389
  4,722
Total liabilities and equity, $m
  653
  208
  321
  481
  698
  983
  1,352
  1,816
  2,384
  3,068
  3,874
  4,811
  5,882
  7,090
  8,436
  9,919
  11,539
  13,291
  15,176
  17,187
  19,323
  21,581
  23,959
  26,454
  29,067
  31,796
  34,640
  37,603
  40,687
  43,891
  47,223
Debt-to-equity ratio
  0.000
  -8.350
  -2.230
  1.490
  3.820
  5.330
  6.330
  7.010
  7.490
  7.820
  8.070
  8.250
  8.390
  8.490
  8.570
  8.640
  8.690
  8.730
  8.760
  8.790
  8.810
  8.830
  8.850
  8.860
  8.880
  8.890
  8.900
  8.900
  8.910
  8.920
  8.920
Adjusted equity ratio
  -1.777
  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
  70
  143
  226
  335
  482
  677
  928
  1,243
  1,629
  2,093
  2,641
  3,279
  4,005
  4,824
  5,735
  6,740
  7,836
  9,022
  10,297
  11,658
  13,103
  14,630
  16,238
  17,926
  19,692
  21,537
  23,460
  25,463
  27,547
  29,714
  31,966
Depreciation, amort., depletion, $m
  3
  5
  6
  7
  8
  10
  12
  15
  19
  23
  29
  31
  38
  46
  55
  64
  75
  86
  98
  112
  125
  140
  155
  172
  189
  206
  225
  244
  264
  285
  306
Funds from operations, $m
  431
  148
  232
  341
  490
  687
  941
  1,258
  1,648
  2,117
  2,670
  3,310
  4,043
  4,870
  5,790
  6,804
  7,911
  9,109
  10,396
  11,770
  13,229
  14,770
  16,394
  18,098
  19,881
  21,743
  23,685
  25,707
  27,811
  29,999
  32,273
Change in working capital, $m
  172
  -172
  -250
  -351
  -477
  -631
  -812
  -1,019
  -1,251
  -1,505
  -1,777
  -2,062
  -2,358
  -2,659
  -2,963
  -3,265
  -3,565
  -3,859
  -4,147
  -4,428
  -4,703
  -4,971
  -5,235
  -5,494
  -5,751
  -6,007
  -6,263
  -6,523
  -6,787
  -7,056
  -7,334
Cash from operations, $m
  259
  319
  481
  692
  968
  1,318
  1,752
  2,278
  2,899
  3,622
  4,446
  5,372
  6,401
  7,529
  8,753
  10,069
  11,475
  12,968
  14,542
  16,198
  17,931
  19,742
  21,628
  23,591
  25,631
  27,750
  29,948
  32,230
  34,598
  37,055
  39,607
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -5
  -6
  -9
  -12
  -15
  -20
  -25
  -31
  -38
  -46
  -55
  -64
  -75
  -86
  -98
  -112
  -125
  -140
  -155
  -172
  -189
  -206
  -225
  -244
  -264
  -285
New CAPEX, $m
  -3
  -8
  -12
  -17
  -24
  -31
  -40
  -50
  -62
  -75
  -88
  -102
  -117
  -132
  -147
  -162
  -177
  -191
  -205
  -219
  -233
  -246
  -259
  -272
  -285
  -297
  -310
  -323
  -336
  -349
  -363
Cash from investing activities, $m
  -244
  -9
  -13
  -19
  -27
  -36
  -46
  -59
  -74
  -90
  -108
  -127
  -148
  -170
  -193
  -217
  -241
  -266
  -291
  -317
  -345
  -371
  -399
  -427
  -457
  -486
  -516
  -548
  -580
  -613
  -648
Free cash flow, $m
  15
  310
  468
  673
  941
  1,282
  1,706
  2,218
  2,826
  3,532
  4,338
  5,245
  6,253
  7,359
  8,560
  9,853
  11,235
  12,702
  14,251
  15,880
  17,587
  19,370
  21,229
  23,164
  25,175
  27,264
  29,432
  31,682
  34,018
  36,442
  38,959
Issuance/(repayment) of debt, $m
  0
  -174
  102
  143
  195
  258
  332
  417
  512
  615
  726
  843
  964
  1,087
  1,211
  1,335
  1,457
  1,578
  1,695
  1,810
  1,923
  2,032
  2,140
  2,246
  2,351
  2,456
  2,561
  2,667
  2,775
  2,885
  2,998
Issuance/(repurchase) of shares, $m
  16
  109
  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  
  6
  -65
  102
  143
  195
  258
  332
  417
  512
  615
  726
  843
  964
  1,087
  1,211
  1,335
  1,457
  1,578
  1,695
  1,810
  1,923
  2,032
  2,140
  2,246
  2,351
  2,456
  2,561
  2,667
  2,775
  2,885
  2,998
Total cash flow (excl. dividends), $m
  21
  246
  570
  816
  1,136
  1,540
  2,038
  2,635
  3,337
  4,147
  5,065
  6,088
  7,217
  8,446
  9,771
  11,188
  12,692
  14,279
  15,946
  17,690
  19,509
  21,402
  23,369
  25,410
  27,526
  29,719
  31,993
  34,349
  36,792
  39,327
  41,957
Retained Cash Flow (-), $m
  -73
  -252
  -11
  -16
  -22
  -29
  -37
  -46
  -57
  -68
  -81
  -94
  -107
  -121
  -135
  -148
  -162
  -175
  -188
  -201
  -214
  -226
  -238
  -250
  -261
  -273
  -285
  -296
  -308
  -321
  -333
Prev. year cash balance distribution, $m
 
  523
  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
 
  517
  558
  800
  1,114
  1,512
  2,001
  2,589
  3,280
  4,079
  4,984
  5,995
  7,110
  8,325
  9,636
  11,040
  12,530
  14,104
  15,758
  17,489
  19,296
  21,177
  23,131
  25,160
  27,265
  29,446
  31,708
  34,053
  36,484
  39,006
  41,624
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
 
  495
  511
  696
  917
  1,172
  1,452
  1,749
  2,050
  2,343
  2,613
  2,847
  3,034
  3,165
  3,235
  3,241
  3,184
  3,069
  2,902
  2,693
  2,452
  2,190
  1,919
  1,649
  1,389
  1,146
  925
  731
  564
  426
  313
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Argan, Inc. is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc. (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company's power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets. Through SMC, the telecommunications infrastructure services segment of the Company provides project management, construction, installation and maintenance services to commercial, local government and federal government customers. Through Roberts, the Company's industrial fabrication and field services segment produces, delivers and installs fabricated steel components specializing in pressure vessels and heat exchangers for industrial plants.

FINANCIAL RATIOS  of  Argan (AGX)

Valuation Ratios
P/E Ratio 14.8
Price to Sales 1.5
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 4.1
Growth Rates
Sales Growth Rate 63.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.2%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 27.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 27.4%
Return On Equity - 3 Yr. Avg. 20.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin 17%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 21.4%

AGX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGX stock intrinsic value calculation we used $675 million for the last fiscal year's total revenue generated by Argan. The default revenue input number comes from 2017 income statement of Argan. 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 AGX stock valuation model: a) initial revenue growth rate of 60% 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 AGX is calculated based on our internal credit rating of Argan, 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 Argan.
    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 AGX stock the variable cost ratio is equal to 82.1%.

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 AGX 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 Argan.

Corporate tax rate of 27% is the nominal tax rate for Argan. 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 AGX 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 AGX are equal to 2.1%.

Life of production assets of 16.8 years is the average useful life of capital assets used in Argan 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 AGX is equal to -42.4%. 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 - $292 million for Argan - 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 15.572 million for Argan 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 Argan at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Argan, Inc. : October 13, 2017   [Oct-13-17 10:28AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : October 2, 2017   [Oct-02-17 10:39AM  Capital Cube]
▶ Should You Buy Argan Inc (AGX) At $66.95?   [Sep-29-17 05:07PM  Simply Wall St.]
▶ ETFs with exposure to Argan, Inc. : September 13, 2017   [Sep-13-17 05:13PM  Capital Cube]
▶ Argan posts 2Q profit   [Sep-07-17 09:34PM  Associated Press]
▶ Argan, Inc. Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Argan, Inc. Value Analysis (NYSE:AGX) : August 1, 2017   [Aug-01-17 05:41PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : July 10, 2017   [Jul-10-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : June 27, 2017   [Jun-27-17 02:49PM  Capital Cube]
▶ Argan and Sturm Ruger Show High Profit and Low Debt   [Jun-20-17 06:06PM  GuruFocus.com]
▶ ETFs with exposure to Argan, Inc. : June 16, 2017   [Jun-16-17 03:19PM  Capital Cube]
▶ Argan posts 1Q profit   [Jun-07-17 04:31PM  Associated Press]
▶ Argan, Inc. Reports First Quarter Results   [04:15PM  Business Wire]
▶ ETFs with exposure to Argan, Inc. : June 6, 2017   [Jun-06-17 11:36AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : May 23, 2017   [May-23-17 12:24PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : May 1, 2017   [May-01-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : April 17, 2017   [Apr-17-17 12:45PM  Capital Cube]
▶ Argan posts 4Q profit   [Apr-10-17 04:22PM  Associated Press]
▶ 3 Growth Stocks That Could Soar More Than Nvidia   [Mar-01-17 11:10AM  Motley Fool]
▶ Top Ranked Value Stocks to Buy for January 19th   [Jan-19-17 10:03AM  Zacks]
▶ Gemma Power Systems Celebrates 20th Anniversary   [Jan-18-17 10:25AM  Business Wire]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [Dec-16-16 01:59PM  at Insider Monkey]
▶ Argan, Inc. Reports Third Quarter Results   [04:05PM  Business Wire]
Financial statements of AGX
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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