Intrinsic value of Argan - AGX

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$66.85

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$66.85

 
Intrinsic value

$2,212

 
Up/down potential

+999%

 
Rating

str. buy

 
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*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 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 1.0

 

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, %
  7.83
  53.50
  48.65
  44.29
  40.36
  36.82
  33.64
  30.77
  28.20
  25.88
  23.79
  21.91
  20.22
  18.70
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.55
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
Revenue, $m
  413
  634
  942
  1,360
  1,908
  2,611
  3,489
  4,563
  5,850
  7,364
  9,116
  11,113
  13,360
  15,858
  18,606
  21,601
  24,838
  28,312
  32,018
  35,950
  40,103
  44,472
  49,056
  53,852
  58,859
  64,079
  69,514
  75,168
  81,047
  87,156
  93,505
Variable operating expenses, $m
 
  420
  623
  897
  1,258
  1,719
  2,296
  3,002
  3,847
  4,842
  5,993
  7,302
  8,778
  10,420
  12,225
  14,193
  16,320
  18,602
  21,037
  23,620
  26,349
  29,220
  32,232
  35,383
  38,673
  42,103
  45,674
  49,389
  53,251
  57,265
  61,437
Fixed operating expenses, $m
 
  68
  69
  71
  73
  75
  77
  78
  80
  82
  84
  87
  89
  91
  93
  96
  98
  100
  103
  106
  108
  111
  114
  116
  119
  122
  125
  129
  132
  135
  138
Total operating expenses, $m
  339
  488
  692
  968
  1,331
  1,794
  2,373
  3,080
  3,927
  4,924
  6,077
  7,389
  8,867
  10,511
  12,318
  14,289
  16,418
  18,702
  21,140
  23,726
  26,457
  29,331
  32,346
  35,499
  38,792
  42,225
  45,799
  49,518
  53,383
  57,400
  61,575
Operating income, $m
  74
  146
  250
  392
  578
  817
  1,117
  1,483
  1,922
  2,439
  3,038
  3,725
  4,493
  5,348
  6,288
  7,313
  8,421
  9,610
  10,878
  12,224
  13,645
  15,141
  16,711
  18,352
  20,067
  21,854
  23,715
  25,651
  27,664
  29,756
  31,930
EBITDA, $m
  76
  151
  255
  398
  585
  825
  1,126
  1,494
  1,936
  2,456
  3,057
  3,744
  4,516
  5,375
  6,319
  7,349
  8,462
  9,657
  10,932
  12,285
  13,713
  15,216
  16,793
  18,443
  20,166
  21,962
  23,833
  25,778
  27,801
  29,903
  32,088
Interest expense (income), $m
  0
  0
  0
  3
  7
  13
  20
  29
  40
  54
  69
  87
  108
  131
  157
  185
  216
  249
  285
  323
  364
  406
  451
  498
  548
  599
  653
  709
  767
  828
  891
Earnings before tax, $m
  76
  146
  250
  389
  571
  804
  1,096
  1,454
  1,882
  2,386
  2,969
  3,638
  4,386
  5,217
  6,131
  7,128
  8,205
  9,360
  10,593
  11,901
  13,282
  14,735
  16,259
  17,854
  19,519
  21,255
  23,062
  24,942
  26,897
  28,928
  31,039
Tax expense, $m
  26
  39
  68
  105
  154
  217
  296
  392
  508
  644
  802
  982
  1,184
  1,409
  1,655
  1,925
  2,215
  2,527
  2,860
  3,213
  3,586
  3,978
  4,390
  4,821
  5,270
  5,739
  6,227
  6,734
  7,262
  7,811
  8,381
Net income, $m
  36
  107
  183
  284
  417
  587
  800
  1,061
  1,374
  1,742
  2,167
  2,655
  3,201
  3,808
  4,476
  5,203
  5,989
  6,833
  7,733
  8,688
  9,696
  10,757
  11,869
  13,033
  14,249
  15,516
  16,835
  18,208
  19,634
  21,117
  22,659

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  275
  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
  410
  207
  308
  444
  624
  854
  1,141
  1,492
  1,912
  2,407
  2,980
  3,633
  4,368
  5,184
  6,083
  7,062
  8,120
  9,255
  10,467
  11,752
  13,110
  14,538
  16,037
  17,604
  19,241
  20,948
  22,724
  24,573
  26,494
  28,492
  30,567
Adjusted assets (=assets-cash), $m
  135
  207
  308
  444
  624
  854
  1,141
  1,492
  1,912
  2,407
  2,980
  3,633
  4,368
  5,184
  6,083
  7,062
  8,120
  9,255
  10,467
  11,752
  13,110
  14,538
  16,037
  17,604
  19,241
  20,948
  22,724
  24,573
  26,494
  28,492
  30,567
Revenue / Adjusted assets
  3.059
  3.063
  3.058
  3.063
  3.058
  3.057
  3.058
  3.058
  3.060
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
  3.059
Average production assets, $m
  15
  23
  34
  49
  69
  94
  126
  164
  211
  265
  328
  400
  481
  571
  670
  778
  894
  1,019
  1,153
  1,294
  1,444
  1,601
  1,766
  1,939
  2,119
  2,307
  2,503
  2,706
  2,918
  3,138
  3,366
Working capital, $m
  163
  -172
  -255
  -368
  -517
  -708
  -946
  -1,237
  -1,585
  -1,996
  -2,470
  -3,012
  -3,621
  -4,298
  -5,042
  -5,854
  -6,731
  -7,673
  -8,677
  -9,742
  -10,868
  -12,052
  -13,294
  -14,594
  -15,951
  -17,365
  -18,838
  -20,371
  -21,964
  -23,619
  -25,340
Total debt, $m
  0
  -4
  86
  209
  370
  577
  836
  1,152
  1,530
  1,976
  2,491
  3,079
  3,740
  4,475
  5,283
  6,164
  7,117
  8,139
  9,229
  10,386
  11,608
  12,893
  14,242
  15,653
  17,126
  18,662
  20,261
  21,925
  23,654
  25,452
  27,319
Total liabilities, $m
  191
  187
  277
  400
  561
  768
  1,027
  1,343
  1,721
  2,167
  2,682
  3,270
  3,931
  4,666
  5,474
  6,355
  7,308
  8,330
  9,420
  10,577
  11,799
  13,084
  14,433
  15,844
  17,317
  18,853
  20,452
  22,116
  23,845
  25,643
  27,510
Total equity, $m
  219
  21
  31
  44
  62
  85
  114
  149
  191
  241
  298
  363
  437
  518
  608
  706
  812
  926
  1,047
  1,175
  1,311
  1,454
  1,604
  1,760
  1,924
  2,095
  2,272
  2,457
  2,649
  2,849
  3,057
Total liabilities and equity, $m
  410
  208
  308
  444
  623
  853
  1,141
  1,492
  1,912
  2,408
  2,980
  3,633
  4,368
  5,184
  6,082
  7,061
  8,120
  9,256
  10,467
  11,752
  13,110
  14,538
  16,037
  17,604
  19,241
  20,948
  22,724
  24,573
  26,494
  28,492
  30,567
Debt-to-equity ratio
  0.000
  -0.220
  2.800
  4.700
  5.940
  6.760
  7.330
  7.720
  8.000
  8.210
  8.360
  8.470
  8.560
  8.630
  8.690
  8.730
  8.760
  8.790
  8.820
  8.840
  8.850
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
Adjusted equity ratio
  -0.415
  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
  36
  107
  183
  284
  417
  587
  800
  1,061
  1,374
  1,742
  2,167
  2,655
  3,201
  3,808
  4,476
  5,203
  5,989
  6,833
  7,733
  8,688
  9,696
  10,757
  11,869
  13,033
  14,249
  15,516
  16,835
  18,208
  19,634
  21,117
  22,659
Depreciation, amort., depletion, $m
  2
  5
  5
  6
  7
  8
  10
  11
  14
  16
  19
  19
  23
  27
  31
  37
  42
  48
  54
  61
  68
  75
  83
  91
  99
  108
  117
  127
  137
  147
  158
Funds from operations, $m
  -124
  111
  188
  290
  423
  595
  810
  1,073
  1,387
  1,758
  2,187
  2,674
  3,224
  3,835
  4,507
  5,240
  6,031
  6,881
  7,787
  8,748
  9,764
  10,832
  11,952
  13,124
  14,348
  15,624
  16,953
  18,335
  19,771
  21,265
  22,817
Change in working capital, $m
  -90
  -60
  -84
  -113
  -149
  -190
  -238
  -291
  -349
  -410
  -475
  -541
  -609
  -677
  -745
  -812
  -877
  -941
  -1,004
  -1,065
  -1,125
  -1,184
  -1,242
  -1,300
  -1,357
  -1,415
  -1,473
  -1,532
  -1,593
  -1,656
  -1,721
Cash from operations, $m
  -34
  177
  272
  403
  572
  786
  1,048
  1,364
  1,736
  2,168
  2,661
  3,216
  3,833
  4,512
  5,252
  6,051
  6,909
  7,822
  8,791
  9,814
  10,889
  12,016
  13,194
  14,424
  15,705
  17,039
  18,426
  19,867
  21,364
  22,920
  24,537
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -19
  -23
  -27
  -31
  -37
  -42
  -48
  -54
  -61
  -68
  -75
  -83
  -91
  -99
  -108
  -117
  -127
  -137
  -147
New CAPEX, $m
  -3
  -8
  -11
  -15
  -20
  -25
  -32
  -39
  -46
  -54
  -63
  -72
  -81
  -90
  -99
  -108
  -117
  -125
  -133
  -142
  -150
  -157
  -165
  -173
  -180
  -188
  -196
  -204
  -212
  -220
  -229
Cash from investing activities, $m
  -131
  -9
  -12
  -17
  -22
  -28
  -36
  -45
  -54
  -64
  -75
  -87
  -100
  -113
  -126
  -139
  -154
  -167
  -181
  -196
  -211
  -225
  -240
  -256
  -271
  -287
  -304
  -321
  -339
  -357
  -376
Free cash flow, $m
  -165
  169
  259
  386
  550
  757
  1,012
  1,319
  1,682
  2,104
  2,586
  3,128
  3,733
  4,400
  5,126
  5,912
  6,756
  7,655
  8,610
  9,618
  10,679
  11,791
  12,954
  14,169
  15,434
  16,751
  18,122
  19,546
  21,026
  22,563
  24,161
Issuance/(repayment) of debt, $m
  0
  -4
  91
  123
  161
  207
  258
  316
  379
  445
  515
  588
  661
  735
  808
  881
  952
  1,022
  1,090
  1,157
  1,222
  1,286
  1,349
  1,411
  1,473
  1,536
  1,599
  1,663
  1,729
  1,797
  1,868
Issuance/(repurchase) of shares, $m
  2
  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  
  1
  -4
  91
  123
  161
  207
  258
  316
  379
  445
  515
  588
  661
  735
  808
  881
  952
  1,022
  1,090
  1,157
  1,222
  1,286
  1,349
  1,411
  1,473
  1,536
  1,599
  1,663
  1,729
  1,797
  1,868
Total cash flow (excl. dividends), $m
  -163
  164
  350
  509
  712
  964
  1,270
  1,635
  2,061
  2,549
  3,101
  3,716
  4,394
  5,135
  5,935
  6,793
  7,708
  8,678
  9,700
  10,775
  11,900
  13,076
  14,303
  15,580
  16,907
  18,287
  19,721
  21,209
  22,755
  24,361
  26,029
Retained Cash Flow (-), $m
  -34
  -77
  -10
  -14
  -18
  -23
  -29
  -35
  -42
  -49
  -57
  -65
  -73
  -82
  -90
  -98
  -106
  -114
  -121
  -129
  -136
  -143
  -150
  -157
  -164
  -171
  -178
  -185
  -192
  -200
  -208
Prev. year cash balance distribution, $m
 
  275
  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
 
  363
  340
  495
  694
  941
  1,242
  1,600
  2,019
  2,500
  3,044
  3,651
  4,321
  5,053
  5,845
  6,695
  7,602
  8,564
  9,579
  10,646
  11,765
  12,934
  14,153
  15,423
  16,744
  18,117
  19,543
  21,025
  22,563
  24,161
  25,822
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
 
  348
  311
  431
  571
  729
  901
  1,081
  1,262
  1,436
  1,596
  1,734
  1,844
  1,921
  1,962
  1,966
  1,932
  1,863
  1,764
  1,639
  1,495
  1,338
  1,174
  1,011
  853
  705
  570
  451
  349
  264
  194
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

Argan, Inc., through its subsidiaries, provides engineering, procurement, construction, commissioning, operations management, maintenance, development, and consulting services to the power generation and renewable energy markets. It operates through Power Industry Services, Industrial Fabrication and Field Services, and Telecommunications Infrastructure Services segments. The Power Industry Services segment offers engineering, procurement, and construction contracting services to the owners of alternative energy facilities, including biomass plants, wind farms, and solar fields; and design, construction, start-up, and operation services for approximately 76 facilities with approximately 14,000 megawatts of power-generating capacity. This segment serves independent power project owners, public utilities, municipalities, public institutions, and private industry. The Industrial Fabrication and Field Services segment provides industrial fabrication and construction services to light and heavy industrial organizations that include pulp and paper, petrochemical, and power companies in the southern United States. The Telecommunications Infrastructure Services segment engages in the outside plant cabling services, such as trench-less directional boring and excavation for underground communication and power networks; aerial cabling services; and the installation of buried cable, high and low voltage electric lines, and private area outdoor lighting systems. This segment also offers inside premises wiring services, which include structuring, cabling, terminations, and connectivity that provide the physical transport for high speed data, voice, video, and security networks. It serves state and local government agencies, regional communications service providers, electric utilities, other commercial customers, and federal government facilities, including cleared facilities in the mid-Atlantic region. The company was founded in 1961 and is headquartered in Rockville, Maryland.

FINANCIAL RATIOS  of  Argan (AGX)

Valuation Ratios
P/E Ratio 27.6
Price to Sales 2.4
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow -29.2
Price to Free Cash Flow -26.8
Growth Rates
Sales Growth Rate 7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -15.6%
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 9%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 17.8%
Ret/ On T. Cap. - 3 Yr. Avg. 21.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 21.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 26.9%
EBITDA Margin 18.9%
EBITDA Margin - 3 Yr. Avg. 22.2%
Operating Margin 17.9%
Oper. Margin - 3 Yr. Avg. 21.1%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 21.8%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.9%
Payout Ratio 27.8%

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 $413 million for the last fiscal year's total revenue generated by Argan. The default revenue input number comes from 2016 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 53.5% 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 66.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $66 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 3.6%.

Life of production assets of 21.3 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 -27.1%. 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 - $219 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 15.42 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. : 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]
▶ Argan, Inc. Reports First Quarter Results   [05:22PM  Business Wire]
Stock chart of AGX 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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