Intrinsic value of Albany International Cl A - AIN

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$51.10

  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 AIN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.86
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
Revenue, $m
  780
  938
  1,114
  1,308
  1,520
  1,748
  1,994
  2,255
  2,533
  2,827
  3,135
  3,460
  3,799
  4,153
  4,522
  4,906
  5,306
  5,722
  6,154
  6,603
  7,069
  7,554
  8,059
  8,583
  9,128
  9,696
  10,288
  10,904
  11,546
  12,216
  12,914
Variable operating expenses, $m
 
  560
  662
  774
  897
  1,029
  1,171
  1,323
  1,484
  1,654
  1,833
  2,005
  2,201
  2,406
  2,620
  2,843
  3,075
  3,316
  3,566
  3,826
  4,097
  4,378
  4,670
  4,974
  5,290
  5,619
  5,962
  6,319
  6,691
  7,079
  7,484
Fixed operating expenses, $m
 
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  335
  344
  352
  361
  370
  380
  389
  399
  409
  419
  429
  440
  451
  462
  474
Total operating expenses, $m
  688
  792
  899
  1,017
  1,146
  1,285
  1,433
  1,592
  1,759
  1,936
  2,122
  2,302
  2,505
  2,718
  2,939
  3,170
  3,410
  3,660
  3,918
  4,187
  4,467
  4,758
  5,059
  5,373
  5,699
  6,038
  6,391
  6,759
  7,142
  7,541
  7,958
Operating income, $m
  92
  147
  215
  291
  374
  463
  560
  664
  774
  890
  1,013
  1,158
  1,293
  1,435
  1,582
  1,736
  1,896
  2,062
  2,235
  2,415
  2,602
  2,797
  3,000
  3,210
  3,430
  3,658
  3,897
  4,145
  4,404
  4,674
  4,957
EBITDA, $m
  159
  214
  292
  378
  472
  574
  684
  802
  927
  1,060
  1,199
  1,346
  1,499
  1,660
  1,827
  2,002
  2,183
  2,372
  2,569
  2,773
  2,986
  3,207
  3,436
  3,676
  3,925
  4,184
  4,454
  4,736
  5,030
  5,336
  5,657
Interest expense (income), $m
  0
  15
  20
  26
  32
  38
  46
  53
  62
  70
  80
  89
  100
  110
  121
  133
  145
  158
  171
  184
  199
  213
  229
  244
  261
  278
  296
  315
  334
  354
  375
Earnings before tax, $m
  78
  132
  195
  265
  342
  425
  515
  610
  712
  820
  934
  1,069
  1,194
  1,324
  1,461
  1,603
  1,751
  1,904
  2,064
  2,231
  2,404
  2,584
  2,771
  2,966
  3,169
  3,380
  3,601
  3,830
  4,070
  4,320
  4,581
Tax expense, $m
  25
  36
  53
  72
  92
  115
  139
  165
  192
  221
  252
  289
  322
  358
  394
  433
  473
  514
  557
  602
  649
  698
  748
  801
  856
  913
  972
  1,034
  1,099
  1,166
  1,237
Net income, $m
  53
  96
  142
  194
  250
  310
  376
  446
  520
  599
  682
  780
  872
  967
  1,066
  1,170
  1,278
  1,390
  1,507
  1,629
  1,755
  1,886
  2,023
  2,165
  2,313
  2,468
  2,628
  2,796
  2,971
  3,154
  3,344

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,263
  1,300
  1,544
  1,812
  2,105
  2,421
  2,761
  3,124
  3,508
  3,915
  4,343
  4,792
  5,261
  5,752
  6,263
  6,795
  7,349
  7,925
  8,523
  9,145
  9,791
  10,463
  11,161
  11,888
  12,643
  13,430
  14,249
  15,102
  15,992
  16,919
  17,887
Adjusted assets (=assets-cash), $m
  1,081
  1,300
  1,544
  1,812
  2,105
  2,421
  2,761
  3,124
  3,508
  3,915
  4,343
  4,792
  5,261
  5,752
  6,263
  6,795
  7,349
  7,925
  8,523
  9,145
  9,791
  10,463
  11,161
  11,888
  12,643
  13,430
  14,249
  15,102
  15,992
  16,919
  17,887
Revenue / Adjusted assets
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
Average production assets, $m
  423
  254
  302
  355
  412
  474
  540
  611
  686
  766
  850
  938
  1,029
  1,125
  1,225
  1,330
  1,438
  1,551
  1,668
  1,789
  1,916
  2,047
  2,184
  2,326
  2,474
  2,628
  2,788
  2,955
  3,129
  3,310
  3,500
Working capital, $m
  301
  205
  244
  287
  333
  383
  437
  494
  555
  619
  687
  758
  832
  909
  990
  1,074
  1,162
  1,253
  1,348
  1,446
  1,548
  1,654
  1,765
  1,880
  1,999
  2,123
  2,253
  2,388
  2,529
  2,675
  2,828
Total debt, $m
  485
  575
  733
  908
  1,098
  1,304
  1,525
  1,760
  2,010
  2,275
  2,553
  2,845
  3,150
  3,469
  3,801
  4,147
  4,507
  4,881
  5,270
  5,674
  6,094
  6,531
  6,985
  7,457
  7,948
  8,459
  8,992
  9,546
  10,125
  10,727
  11,357
Total liabilities, $m
  756
  845
  1,003
  1,178
  1,368
  1,574
  1,795
  2,030
  2,280
  2,545
  2,823
  3,115
  3,420
  3,739
  4,071
  4,417
  4,777
  5,151
  5,540
  5,944
  6,364
  6,801
  7,255
  7,727
  8,218
  8,729
  9,262
  9,816
  10,395
  10,997
  11,627
Total equity, $m
  508
  455
  540
  634
  737
  847
  966
  1,093
  1,228
  1,370
  1,520
  1,677
  1,841
  2,013
  2,192
  2,378
  2,572
  2,774
  2,983
  3,201
  3,427
  3,662
  3,907
  4,161
  4,425
  4,700
  4,987
  5,286
  5,597
  5,922
  6,260
Total liabilities and equity, $m
  1,264
  1,300
  1,543
  1,812
  2,105
  2,421
  2,761
  3,123
  3,508
  3,915
  4,343
  4,792
  5,261
  5,752
  6,263
  6,795
  7,349
  7,925
  8,523
  9,145
  9,791
  10,463
  11,162
  11,888
  12,643
  13,429
  14,249
  15,102
  15,992
  16,919
  17,887
Debt-to-equity ratio
  0.955
  1.260
  1.360
  1.430
  1.490
  1.540
  1.580
  1.610
  1.640
  1.660
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
  1.800
  1.810
  1.810
  1.810
  1.810
Adjusted equity ratio
  0.302
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  96
  142
  194
  250
  310
  376
  446
  520
  599
  682
  780
  872
  967
  1,066
  1,170
  1,278
  1,390
  1,507
  1,629
  1,755
  1,886
  2,023
  2,165
  2,313
  2,468
  2,628
  2,796
  2,971
  3,154
  3,344
Depreciation, amort., depletion, $m
  67
  67
  76
  87
  98
  111
  124
  138
  153
  169
  186
  188
  206
  225
  245
  266
  288
  310
  334
  358
  383
  409
  437
  465
  495
  526
  558
  591
  626
  662
  700
Funds from operations, $m
  48
  163
  219
  280
  348
  421
  500
  584
  673
  768
  867
  968
  1,077
  1,192
  1,311
  1,436
  1,566
  1,700
  1,841
  1,986
  2,138
  2,296
  2,460
  2,630
  2,808
  2,993
  3,186
  3,387
  3,597
  3,816
  4,044
Change in working capital, $m
  -32
  35
  39
  42
  46
  50
  54
  57
  61
  64
  68
  71
  74
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  135
  141
  147
  153
Cash from operations, $m
  80
  -17
  180
  238
  302
  371
  446
  526
  612
  704
  800
  897
  1,003
  1,114
  1,231
  1,352
  1,478
  1,609
  1,746
  1,888
  2,036
  2,189
  2,349
  2,516
  2,689
  2,869
  3,056
  3,252
  3,456
  3,669
  3,891
Maintenance CAPEX, $m
  0
  -42
  -51
  -60
  -71
  -82
  -95
  -108
  -122
  -137
  -153
  -170
  -188
  -206
  -225
  -245
  -266
  -288
  -310
  -334
  -358
  -383
  -409
  -437
  -465
  -495
  -526
  -558
  -591
  -626
  -662
New CAPEX, $m
  -73
  -43
  -48
  -53
  -57
  -62
  -66
  -71
  -75
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -126
  -131
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -189
Cash from investing activities, $m
  -254
  -85
  -99
  -113
  -128
  -144
  -161
  -179
  -197
  -217
  -237
  -258
  -280
  -302
  -325
  -349
  -374
  -401
  -427
  -456
  -484
  -514
  -546
  -579
  -613
  -649
  -686
  -725
  -765
  -808
  -851
Free cash flow, $m
  -174
  -102
  82
  125
  173
  227
  285
  347
  415
  487
  563
  639
  724
  813
  905
  1,003
  1,104
  1,209
  1,319
  1,433
  1,551
  1,675
  1,803
  1,937
  2,076
  2,220
  2,371
  2,528
  2,691
  2,862
  3,040
Issuance/(repayment) of debt, $m
  202
  142
  159
  175
  190
  206
  221
  236
  250
  264
  278
  292
  305
  319
  332
  346
  360
  374
  389
  404
  420
  437
  454
  472
  491
  511
  532
  555
  578
  603
  629
Issuance/(repurchase) of shares, $m
  1
  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  
  195
  142
  159
  175
  190
  206
  221
  236
  250
  264
  278
  292
  305
  319
  332
  346
  360
  374
  389
  404
  420
  437
  454
  472
  491
  511
  532
  555
  578
  603
  629
Total cash flow (excl. dividends), $m
  19
  40
  240
  300
  364
  432
  506
  583
  665
  751
  841
  931
  1,029
  1,131
  1,238
  1,349
  1,464
  1,583
  1,708
  1,837
  1,972
  2,111
  2,257
  2,409
  2,567
  2,731
  2,903
  3,082
  3,269
  3,465
  3,669
Retained Cash Flow (-), $m
  -9
  -77
  -85
  -94
  -102
  -111
  -119
  -127
  -135
  -142
  -150
  -157
  -164
  -172
  -179
  -186
  -194
  -202
  -209
  -218
  -226
  -235
  -244
  -254
  -264
  -275
  -287
  -299
  -311
  -325
  -339
Prev. year cash balance distribution, $m
 
  130
  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
 
  93
  155
  206
  261
  322
  387
  456
  530
  609
  691
  774
  865
  960
  1,059
  1,162
  1,270
  1,382
  1,498
  1,619
  1,745
  1,876
  2,013
  2,155
  2,302
  2,456
  2,616
  2,784
  2,958
  3,140
  3,330
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  88
  138
  172
  204
  233
  257
  277
  292
  301
  305
  301
  294
  282
  266
  247
  225
  201
  177
  153
  129
  107
  87
  70
  54
  41
  31
  22
  16
  11
  7
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

Albany International Corp. engages in the textile and materials processing businesses worldwide. The company operates through Machine Clothing (MC) and Albany Engineered Composites (AEC) segments. The MC segment designs, manufactures, and markets paper machine clothing. This segment offers forming, pressing, dryer fabrics, and process belts. It also provides customized and consumable fabrics that are used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, tannery, and textile industries; and sells its products directly to customer end-users. The AEC segment offers composite structures based on proprietary technology to customers in the aerospace and defense industries. The company was founded in 1895 and is based in Rochester, New Hampshire.

FINANCIAL RATIOS  of  Albany International Cl A (AIN)

Valuation Ratios
P/E Ratio 31
Price to Sales 2.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 234.4
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 85.2%
Total Debt to Equity 95.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.6%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 17.4%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 8.8%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.5%
Payout Ratio 41.5%

AIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIN stock intrinsic value calculation we used $780 million for the last fiscal year's total revenue generated by Albany International Cl A. The default revenue input number comes from 2016 income statement of Albany International Cl A. 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 AIN stock valuation model: a) initial revenue growth rate of 20.3% 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 5.5%, whose default value for AIN is calculated based on our internal credit rating of Albany International Cl A, 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 Albany International Cl A.
    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 AIN stock the variable cost ratio is equal to 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for AIN 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 Albany International Cl A.

Corporate tax rate of 27% is the nominal tax rate for Albany International Cl A. 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 AIN 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 AIN are equal to 27.1%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Albany International Cl A 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 AIN is equal to 21.9%. 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 - $508 million for Albany International Cl A - 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 31.013 million for Albany International Cl A 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 Albany International Cl A at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ Albany International Declares Dividend   [May-12-17 09:45AM  Business Wire]
▶ Albany International posts 1Q profit   [May-05-17 05:02AM  Associated Press]
▶ Albany International Reports First-Quarter Results   [May-04-17 05:00PM  Business Wire]
▶ Albany International Announces Earnings Release Date   [Apr-12-17 11:00AM  Business Wire]
▶ Albany International Declares Dividend   [Feb-24-17 12:30PM  Business Wire]
▶ Albany International posts 4Q profit   [05:01AM  Associated Press]
▶ Albany International Declares Dividend   [Dec-16-16 10:15AM  Business Wire]
▶ Is Albany International Corp. (AIN) Going to Burn Investors?   [Dec-09-16 04:04PM  at Insider Monkey]
▶ Albany International Announces Earnings Release Date   [Oct-13-16 09:00AM  Business Wire]
▶ Albany International Declares Dividend   [Sep-09-16 11:30AM  Business Wire]
▶ Albany International Announces Earnings Release Date   [Jul-13-16 11:00AM  Business Wire]
▶ Albany International Declares Dividend   [May-13-16 08:45AM  Business Wire]
▶ Albany International posts 1Q profit   [May-02-16 06:25PM  AP]
▶ Albany International Announces Earnings Release Date   [Apr-13-16 11:45AM  Business Wire]
▶ Albany International Declares Dividend   [09:15AM  Business Wire]
Stock chart of AIN Financial statements of AIN Annual reports of AIN
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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