Intrinsic value of Argan - AGX

Previous Close

$43.70

  Intrinsic Value

$1,733

stock screener

  Rating & Target

str. buy

+999%

Previous close

$43.70

 
Intrinsic value

$1,733

 
Up/down potential

+999%

 
Rating

str. buy

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 0.7

 

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
  59.50
  54.05
  49.15
  44.73
  40.76
  37.18
  33.96
  31.07
  28.46
  26.11
  24.00
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
Revenue, $m
  675
  1,077
  1,659
  2,474
  3,580
  5,039
  6,913
  9,261
  12,138
  15,592
  19,664
  24,384
  29,774
  35,845
  42,603
  50,045
  58,163
  66,945
  76,377
  86,444
  97,130
  108,422
  120,309
  132,782
  145,834
  159,466
  173,678
  188,478
  203,875
  219,884
  236,523
Variable operating expenses, $m
 
  882
  1,357
  2,022
  2,924
  4,115
  5,643
  7,559
  9,906
  12,724
  16,046
  19,893
  24,290
  29,243
  34,757
  40,828
  47,450
  54,615
  62,310
  70,522
  79,240
  88,453
  98,150
  108,325
  118,974
  130,095
  141,689
  153,763
  166,324
  179,385
  192,959
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
  882
  1,357
  2,022
  2,924
  4,115
  5,643
  7,559
  9,906
  12,724
  16,046
  19,893
  24,290
  29,243
  34,757
  40,828
  47,450
  54,615
  62,310
  70,522
  79,240
  88,453
  98,150
  108,325
  118,974
  130,095
  141,689
  153,763
  166,324
  179,385
  192,959
Operating income, $m
  112
  195
  302
  452
  656
  925
  1,270
  1,702
  2,232
  2,868
  3,618
  4,491
  5,484
  6,602
  7,847
  9,218
  10,713
  12,330
  14,068
  15,922
  17,890
  19,970
  22,159
  24,456
  26,861
  29,371
  31,989
  34,715
  37,551
  40,499
  43,564
EBITDA, $m
  115
  200
  308
  459
  664
  934
  1,282
  1,717
  2,251
  2,891
  3,646
  4,522
  5,521
  6,647
  7,900
  9,280
  10,786
  12,414
  14,163
  16,030
  18,011
  20,105
  22,310
  24,622
  27,043
  29,571
  32,206
  34,950
  37,806
  40,774
  43,860
Interest expense (income), $m
  0
  0
  -6
  -3
  2
  8
  16
  27
  40
  56
  76
  99
  125
  156
  190
  228
  270
  316
  366
  419
  476
  536
  600
  667
  737
  811
  888
  968
  1,052
  1,139
  1,229
Earnings before tax, $m
  115
  195
  308
  455
  654
  917
  1,254
  1,675
  2,192
  2,812
  3,543
  4,393
  5,359
  6,446
  7,657
  8,989
  10,443
  12,014
  13,702
  15,503
  17,414
  19,434
  21,559
  23,789
  26,123
  28,560
  31,101
  33,747
  36,499
  39,361
  42,335
Tax expense, $m
  38
  53
  83
  123
  177
  248
  338
  452
  592
  759
  957
  1,186
  1,447
  1,741
  2,067
  2,427
  2,819
  3,244
  3,700
  4,186
  4,702
  5,247
  5,821
  6,423
  7,053
  7,711
  8,397
  9,112
  9,855
  10,627
  11,430
Net income, $m
  70
  142
  225
  332
  478
  669
  915
  1,223
  1,600
  2,053
  2,586
  3,207
  3,912
  4,706
  5,589
  6,562
  7,623
  8,770
  10,002
  11,317
  12,712
  14,187
  15,738
  17,366
  19,070
  20,849
  22,704
  24,635
  26,644
  28,733
  30,904

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
  644
  193
  297
  443
  642
  903
  1,239
  1,660
  2,176
  2,795
  3,525
  4,371
  5,337
  6,425
  7,636
  8,970
  10,425
  12,000
  13,690
  15,495
  17,410
  19,434
  21,565
  23,800
  26,140
  28,583
  31,131
  33,783
  36,543
  39,413
  42,395
Adjusted assets (=assets-cash), $m
  121
  193
  297
  443
  642
  903
  1,239
  1,660
  2,176
  2,795
  3,525
  4,371
  5,337
  6,425
  7,636
  8,970
  10,425
  12,000
  13,690
  15,495
  17,410
  19,434
  21,565
  23,800
  26,140
  28,583
  31,131
  33,783
  36,543
  39,413
  42,395
Revenue / Adjusted assets
  5.579
  5.580
  5.586
  5.585
  5.576
  5.580
  5.579
  5.579
  5.578
  5.579
  5.578
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
  5.579
Average production assets, $m
  15
  23
  35
  52
  75
  106
  145
  194
  255
  327
  413
  512
  625
  753
  895
  1,051
  1,221
  1,406
  1,604
  1,815
  2,040
  2,277
  2,526
  2,788
  3,063
  3,349
  3,647
  3,958
  4,281
  4,618
  4,967
Working capital, $m
  237
  -456
  -703
  -1,049
  -1,518
  -2,137
  -2,931
  -3,927
  -5,146
  -6,611
  -8,338
  -10,339
  -12,624
  -15,198
  -18,064
  -21,219
  -24,661
  -28,385
  -32,384
  -36,652
  -41,183
  -45,971
  -51,011
  -56,299
  -61,834
  -67,614
  -73,640
  -79,915
  -86,443
  -93,231
  -100,286
Total debt, $m
  0
  -178
  -84
  47
  226
  461
  763
  1,142
  1,606
  2,163
  2,820
  3,582
  4,451
  5,431
  6,521
  7,721
  9,031
  10,448
  11,969
  13,593
  15,317
  17,139
  19,056
  21,068
  23,174
  25,373
  27,666
  30,053
  32,537
  35,120
  37,804
Total liabilities, $m
  353
  174
  268
  399
  578
  813
  1,115
  1,494
  1,958
  2,515
  3,172
  3,934
  4,803
  5,783
  6,873
  8,073
  9,383
  10,800
  12,321
  13,945
  15,669
  17,491
  19,408
  21,420
  23,526
  25,725
  28,018
  30,405
  32,889
  35,472
  38,156
Total equity, $m
  292
  19
  30
  44
  64
  90
  124
  166
  218
  279
  352
  437
  534
  643
  764
  897
  1,043
  1,200
  1,369
  1,549
  1,741
  1,943
  2,156
  2,380
  2,614
  2,858
  3,113
  3,378
  3,654
  3,941
  4,240
Total liabilities and equity, $m
  645
  193
  298
  443
  642
  903
  1,239
  1,660
  2,176
  2,794
  3,524
  4,371
  5,337
  6,426
  7,637
  8,970
  10,426
  12,000
  13,690
  15,494
  17,410
  19,434
  21,564
  23,800
  26,140
  28,583
  31,131
  33,783
  36,543
  39,413
  42,396
Debt-to-equity ratio
  0.000
  -9.240
  -2.840
  1.060
  3.510
  5.100
  6.160
  6.880
  7.380
  7.740
  8.000
  8.190
  8.340
  8.450
  8.540
  8.610
  8.660
  8.710
  8.740
  8.770
  8.800
  8.820
  8.840
  8.850
  8.870
  8.880
  8.890
  8.900
  8.900
  8.910
  8.920
Adjusted equity ratio
  -1.909
  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
  142
  225
  332
  478
  669
  915
  1,223
  1,600
  2,053
  2,586
  3,207
  3,912
  4,706
  5,589
  6,562
  7,623
  8,770
  10,002
  11,317
  12,712
  14,187
  15,738
  17,366
  19,070
  20,849
  22,704
  24,635
  26,644
  28,733
  30,904
Depreciation, amort., depletion, $m
  3
  5
  6
  7
  8
  10
  12
  15
  19
  23
  28
  30
  37
  45
  53
  63
  73
  84
  95
  108
  121
  136
  150
  166
  182
  199
  217
  236
  255
  275
  296
Funds from operations, $m
  431
  147
  231
  339
  486
  679
  927
  1,238
  1,619
  2,076
  2,614
  3,237
  3,949
  4,751
  5,643
  6,625
  7,696
  8,854
  10,098
  11,425
  12,834
  14,322
  15,889
  17,532
  19,252
  21,048
  22,921
  24,871
  26,899
  29,008
  31,200
Change in working capital, $m
  172
  -170
  -247
  -346
  -469
  -619
  -794
  -995
  -1,220
  -1,465
  -1,726
  -2,001
  -2,285
  -2,574
  -2,865
  -3,155
  -3,442
  -3,724
  -3,999
  -4,268
  -4,531
  -4,788
  -5,040
  -5,288
  -5,534
  -5,780
  -6,026
  -6,275
  -6,528
  -6,788
  -7,055
Cash from operations, $m
  259
  317
  477
  684
  955
  1,298
  1,722
  2,234
  2,839
  3,541
  4,341
  5,238
  6,234
  7,325
  8,508
  9,780
  11,138
  12,578
  14,097
  15,693
  17,365
  19,110
  20,929
  22,821
  24,787
  26,828
  28,947
  31,146
  33,427
  35,796
  38,255
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -6
  -9
  -12
  -15
  -19
  -25
  -30
  -37
  -45
  -53
  -63
  -73
  -84
  -95
  -108
  -121
  -136
  -150
  -166
  -182
  -199
  -217
  -236
  -255
  -275
New CAPEX, $m
  -3
  -8
  -12
  -17
  -23
  -31
  -39
  -49
  -60
  -73
  -86
  -99
  -113
  -128
  -142
  -156
  -170
  -184
  -198
  -211
  -224
  -237
  -250
  -262
  -274
  -286
  -298
  -311
  -323
  -336
  -349
Cash from investing activities, $m
  -244
  -9
  -13
  -19
  -26
  -35
  -45
  -58
  -72
  -88
  -105
  -124
  -143
  -165
  -187
  -209
  -233
  -257
  -282
  -306
  -332
  -358
  -386
  -412
  -440
  -468
  -497
  -528
  -559
  -591
  -624
Free cash flow, $m
  15
  308
  464
  665
  928
  1,263
  1,676
  2,176
  2,767
  3,453
  4,236
  5,115
  6,090
  7,160
  8,321
  9,571
  10,905
  12,321
  13,815
  15,386
  17,032
  18,752
  20,544
  22,408
  24,347
  26,359
  28,449
  30,618
  32,868
  35,205
  37,631
Issuance/(repayment) of debt, $m
  0
  -178
  94
  131
  178
  235
  302
  379
  464
  557
  657
  761
  869
  979
  1,090
  1,201
  1,310
  1,417
  1,522
  1,624
  1,724
  1,822
  1,918
  2,012
  2,106
  2,199
  2,293
  2,387
  2,484
  2,583
  2,684
Issuance/(repurchase) of shares, $m
  16
  108
  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
  -70
  94
  131
  178
  235
  302
  379
  464
  557
  657
  761
  869
  979
  1,090
  1,201
  1,310
  1,417
  1,522
  1,624
  1,724
  1,822
  1,918
  2,012
  2,106
  2,199
  2,293
  2,387
  2,484
  2,583
  2,684
Total cash flow (excl. dividends), $m
  21
  238
  558
  797
  1,107
  1,498
  1,978
  2,554
  3,231
  4,010
  4,893
  5,876
  6,960
  8,140
  9,412
  10,771
  12,214
  13,737
  15,337
  17,010
  18,756
  20,573
  22,461
  24,420
  26,452
  28,559
  30,742
  33,005
  35,352
  37,787
  40,315
Retained Cash Flow (-), $m
  -73
  -250
  -10
  -15
  -20
  -26
  -34
  -42
  -52
  -62
  -73
  -85
  -97
  -109
  -121
  -133
  -146
  -157
  -169
  -180
  -192
  -202
  -213
  -224
  -234
  -244
  -255
  -265
  -276
  -287
  -298
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
 
  511
  547
  782
  1,087
  1,472
  1,945
  2,512
  3,179
  3,948
  4,820
  5,791
  6,863
  8,031
  9,290
  10,638
  12,069
  13,580
  15,168
  16,830
  18,565
  20,371
  22,248
  24,197
  26,218
  28,314
  30,487
  32,740
  35,076
  37,500
  40,016
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
 
  490
  501
  681
  895
  1,141
  1,411
  1,697
  1,987
  2,268
  2,527
  2,750
  2,929
  3,054
  3,119
  3,123
  3,067
  2,955
  2,793
  2,591
  2,359
  2,107
  1,846
  1,586
  1,335
  1,101
  889
  703
  543
  409
  301
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 9.7
Price to Sales 1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 2.6
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 13.3%
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 59.5% 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 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 15.521 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 $0.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Argan, Inc. : December 11, 2017   [Dec-11-17 01:23PM  Capital Cube]
▶ Has Argan Inc (AGX) Improved Earnings Growth In Recent Times?   [Dec-06-17 07:17PM  Simply Wall St.]
▶ Argan posts 3Q profit   [04:29PM  Associated Press]
▶ Argan, Inc. Reports Third Quarter Results   [04:15PM  Business Wire]
▶ ETFs with exposure to Argan, Inc. : December 1, 2017   [Dec-01-17 10:22AM  Capital Cube]
▶ Is Argan Inc (AGX) Worth $57.9 Based On Its Intrinsic Value?   [Nov-17-17 07:04PM  Simply Wall St.]
▶ Argan, Inc. Value Analysis (NYSE:AGX) : November 15, 2017   [Nov-15-17 12:53PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : November 9, 2017   [Nov-09-17 11:41AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : October 24, 2017   [Oct-24-17 09:34AM  Capital Cube]
▶ 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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