Intrinsic value of Albany International Cl A - AIN

Previous Close

$50.40

  Intrinsic Value

$104.01

stock screener

  Rating & Target

str. buy

+106%

  Value-price divergence*

+1856%

Previous close

$50.40

 
Intrinsic value

$104.01

 
Up/down potential

+106%

 
Rating

str. buy

 
Value-price divergence*

+1856%

*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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  780
  902
  1,034
  1,176
  1,326
  1,486
  1,654
  1,831
  2,016
  2,210
  2,412
  2,622
  2,841
  3,069
  3,306
  3,553
  3,808
  4,074
  4,351
  4,638
  4,937
  5,248
  5,572
  5,909
  6,261
  6,627
  7,010
  7,409
  7,825
  8,260
  8,715
Variable operating expenses, $m
 
  539
  615
  697
  785
  877
  974
  1,077
  1,184
  1,296
  1,414
  1,520
  1,647
  1,779
  1,916
  2,059
  2,207
  2,361
  2,521
  2,688
  2,861
  3,041
  3,229
  3,424
  3,628
  3,841
  4,062
  4,293
  4,535
  4,787
  5,050
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
  771
  852
  940
  1,034
  1,133
  1,236
  1,346
  1,459
  1,578
  1,703
  1,817
  1,951
  2,091
  2,235
  2,386
  2,542
  2,705
  2,873
  3,049
  3,231
  3,421
  3,618
  3,823
  4,037
  4,260
  4,491
  4,733
  4,986
  5,249
  5,524
Operating income, $m
  92
  132
  182
  235
  292
  353
  417
  485
  556
  631
  709
  806
  891
  979
  1,071
  1,167
  1,266
  1,369
  1,477
  1,589
  1,706
  1,827
  1,954
  2,086
  2,224
  2,368
  2,518
  2,675
  2,839
  3,011
  3,191
EBITDA, $m
  159
  197
  254
  315
  380
  450
  523
  600
  682
  767
  856
  948
  1,045
  1,146
  1,250
  1,359
  1,472
  1,590
  1,713
  1,841
  1,973
  2,112
  2,256
  2,407
  2,563
  2,727
  2,898
  3,077
  3,264
  3,459
  3,663
Interest expense (income), $m
  0
  15
  19
  23
  28
  32
  37
  43
  48
  54
  60
  67
  73
  80
  87
  95
  102
  111
  119
  128
  137
  146
  156
  166
  177
  188
  199
  211
  224
  237
  251
Earnings before tax, $m
  78
  117
  163
  212
  265
  321
  380
  443
  508
  577
  649
  740
  818
  899
  984
  1,072
  1,164
  1,259
  1,358
  1,462
  1,569
  1,681
  1,798
  1,920
  2,047
  2,180
  2,319
  2,464
  2,615
  2,774
  2,940
Tax expense, $m
  25
  32
  44
  57
  71
  87
  103
  119
  137
  156
  175
  200
  221
  243
  266
  289
  314
  340
  367
  395
  424
  454
  486
  518
  553
  589
  626
  665
  706
  749
  794
Net income, $m
  53
  85
  119
  155
  193
  234
  277
  323
  371
  421
  474
  540
  597
  656
  718
  782
  849
  919
  991
  1,067
  1,145
  1,227
  1,313
  1,402
  1,495
  1,591
  1,693
  1,799
  1,909
  2,025
  2,146

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
  1,250
  1,433
  1,629
  1,837
  2,058
  2,291
  2,536
  2,792
  3,060
  3,340
  3,632
  3,936
  4,251
  4,579
  4,920
  5,275
  5,643
  6,026
  6,424
  6,838
  7,269
  7,718
  8,185
  8,672
  9,179
  9,709
  10,261
  10,838
  11,441
  12,071
Adjusted assets (=assets-cash), $m
  1,081
  1,250
  1,433
  1,629
  1,837
  2,058
  2,291
  2,536
  2,792
  3,060
  3,340
  3,632
  3,936
  4,251
  4,579
  4,920
  5,275
  5,643
  6,026
  6,424
  6,838
  7,269
  7,718
  8,185
  8,672
  9,179
  9,709
  10,261
  10,838
  11,441
  12,071
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
  489
  561
  637
  719
  805
  896
  992
  1,093
  1,198
  1,307
  1,421
  1,540
  1,664
  1,792
  1,925
  2,064
  2,208
  2,358
  2,514
  2,676
  2,845
  3,020
  3,203
  3,393
  3,592
  3,799
  4,016
  4,241
  4,477
  4,724
Working capital, $m
  301
  198
  227
  258
  290
  325
  362
  401
  441
  484
  528
  574
  622
  672
  724
  778
  834
  892
  953
  1,016
  1,081
  1,149
  1,220
  1,294
  1,371
  1,451
  1,535
  1,623
  1,714
  1,809
  1,909
Total debt, $m
  485
  542
  661
  789
  924
  1,068
  1,219
  1,378
  1,545
  1,719
  1,901
  2,091
  2,288
  2,493
  2,707
  2,928
  3,159
  3,398
  3,647
  3,906
  4,175
  4,455
  4,746
  5,050
  5,367
  5,697
  6,041
  6,400
  6,775
  7,167
  7,576
Total liabilities, $m
  756
  812
  931
  1,059
  1,194
  1,338
  1,489
  1,648
  1,815
  1,989
  2,171
  2,361
  2,558
  2,763
  2,977
  3,198
  3,429
  3,668
  3,917
  4,176
  4,445
  4,725
  5,016
  5,320
  5,637
  5,967
  6,311
  6,670
  7,045
  7,437
  7,846
Total equity, $m
  508
  437
  501
  570
  643
  720
  802
  887
  977
  1,071
  1,169
  1,271
  1,377
  1,488
  1,603
  1,722
  1,846
  1,975
  2,109
  2,248
  2,393
  2,544
  2,701
  2,865
  3,035
  3,213
  3,398
  3,591
  3,793
  4,004
  4,225
Total liabilities and equity, $m
  1,264
  1,249
  1,432
  1,629
  1,837
  2,058
  2,291
  2,535
  2,792
  3,060
  3,340
  3,632
  3,935
  4,251
  4,580
  4,920
  5,275
  5,643
  6,026
  6,424
  6,838
  7,269
  7,717
  8,185
  8,672
  9,180
  9,709
  10,261
  10,838
  11,441
  12,071
Debt-to-equity ratio
  0.955
  1.240
  1.320
  1.380
  1.440
  1.480
  1.520
  1.550
  1.580
  1.610
  1.630
  1.640
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.740
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.790
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
  85
  119
  155
  193
  234
  277
  323
  371
  421
  474
  540
  597
  656
  718
  782
  849
  919
  991
  1,067
  1,145
  1,227
  1,313
  1,402
  1,495
  1,591
  1,693
  1,799
  1,909
  2,025
  2,146
Depreciation, amort., depletion, $m
  67
  65
  72
  80
  88
  97
  106
  115
  125
  136
  147
  142
  154
  166
  179
  193
  206
  221
  236
  251
  268
  284
  302
  320
  339
  359
  380
  402
  424
  448
  472
Funds from operations, $m
  48
  150
  191
  234
  281
  331
  383
  438
  496
  557
  620
  682
  751
  823
  897
  975
  1,056
  1,140
  1,227
  1,318
  1,413
  1,512
  1,615
  1,722
  1,834
  1,951
  2,073
  2,200
  2,333
  2,473
  2,618
Change in working capital, $m
  -32
  27
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
Cash from operations, $m
  80
  123
  162
  203
  248
  296
  346
  400
  456
  514
  576
  636
  703
  773
  845
  921
  1,000
  1,082
  1,167
  1,255
  1,348
  1,444
  1,544
  1,648
  1,757
  1,870
  1,989
  2,113
  2,242
  2,377
  2,519
Maintenance CAPEX, $m
  0
  -42
  -49
  -56
  -64
  -72
  -81
  -90
  -99
  -109
  -120
  -131
  -142
  -154
  -166
  -179
  -193
  -206
  -221
  -236
  -251
  -268
  -284
  -302
  -320
  -339
  -359
  -380
  -402
  -424
  -448
New CAPEX, $m
  -73
  -67
  -72
  -77
  -82
  -86
  -91
  -96
  -100
  -105
  -110
  -114
  -119
  -124
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -246
Cash from investing activities, $m
  -254
  -109
  -121
  -133
  -146
  -158
  -172
  -186
  -199
  -214
  -230
  -245
  -261
  -278
  -294
  -312
  -332
  -350
  -371
  -392
  -413
  -437
  -460
  -485
  -511
  -538
  -566
  -596
  -628
  -660
  -694
Free cash flow, $m
  -174
  14
  41
  71
  103
  137
  175
  214
  256
  300
  347
  391
  442
  495
  551
  608
  669
  731
  796
  864
  934
  1,007
  1,084
  1,163
  1,246
  1,332
  1,423
  1,517
  1,615
  1,717
  1,825
Issuance/(repayment) of debt, $m
  202
  109
  119
  127
  136
  144
  151
  159
  167
  174
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  316
  330
  344
  359
  375
  392
  409
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
  109
  119
  127
  136
  144
  151
  159
  167
  174
  182
  190
  197
  205
  213
  222
  230
  239
  249
  259
  269
  280
  292
  304
  316
  330
  344
  359
  375
  392
  409
Total cash flow (excl. dividends), $m
  19
  124
  160
  198
  238
  281
  326
  373
  423
  475
  529
  581
  639
  700
  764
  830
  899
  970
  1,045
  1,123
  1,203
  1,288
  1,375
  1,467
  1,563
  1,662
  1,767
  1,876
  1,990
  2,109
  2,234
Retained Cash Flow (-), $m
  -9
  -59
  -64
  -69
  -73
  -77
  -82
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -164
  -170
  -178
  -185
  -193
  -202
  -211
  -220
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
 
  194
  96
  130
  165
  204
  244
  288
  333
  381
  431
  479
  533
  590
  649
  711
  775
  842
  911
  983
  1,058
  1,137
  1,218
  1,303
  1,392
  1,485
  1,581
  1,682
  1,788
  1,898
  2,014
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
 
  184
  86
  109
  129
  147
  163
  175
  183
  188
  190
  186
  181
  173
  163
  151
  137
  122
  107
  93
  78
  65
  53
  42
  33
  25
  19
  14
  10
  7
  4
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 30.5
Price to Sales 2.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 231.2
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 15.7% 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 54.2%.

Life of production assets of 10 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 posts 2Q profit   [Aug-02-17 12:14AM  Associated Press]
▶ Albany International Announces CEO Succession Plan   [Aug-01-17 05:05PM  Business Wire]
▶ The Best Stock in New Hampshire: Albany International   [Jul-20-17 08:50AM  Kiplinger]
▶ 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]
Stock chart of AIN Financial statements 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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