Intrinsic value of AK Steel Holding - AKS

Previous Close

$6.46

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-136%

Previous close

$6.46

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-136%

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

We calculate the intrinsic value of AKS 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 2.0

 

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, %
  -12.10
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,883
  6,001
  6,139
  6,296
  6,474
  6,670
  6,885
  7,120
  7,373
  7,647
  7,940
  8,254
  8,589
  8,946
  9,325
  9,727
  10,154
  10,605
  11,082
  11,586
  12,119
  12,680
  13,273
  13,897
  14,555
  15,248
  15,978
  16,746
  17,554
  18,404
  19,298
Variable operating expenses, $m
 
  6,187
  6,329
  6,491
  6,674
  6,876
  7,098
  7,340
  7,601
  7,883
  8,185
  8,506
  8,851
  9,218
  9,609
  10,023
  10,463
  10,928
  11,419
  11,939
  12,488
  13,066
  13,677
  14,320
  14,998
  15,712
  16,464
  17,255
  18,088
  18,964
  19,885
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
  5,652
  6,187
  6,329
  6,491
  6,674
  6,876
  7,098
  7,340
  7,601
  7,883
  8,185
  8,506
  8,851
  9,218
  9,609
  10,023
  10,463
  10,928
  11,419
  11,939
  12,488
  13,066
  13,677
  14,320
  14,998
  15,712
  16,464
  17,255
  18,088
  18,964
  19,885
Operating income, $m
  230
  -186
  -190
  -195
  -200
  -206
  -213
  -220
  -228
  -236
  -245
  -251
  -261
  -272
  -284
  -296
  -309
  -323
  -337
  -353
  -369
  -386
  -404
  -423
  -443
  -464
  -486
  -510
  -534
  -560
  -587
EBITDA, $m
  465
  26
  27
  27
  28
  29
  30
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  63
  66
  70
  73
  77
  80
  84
Interest expense (income), $m
  137
  120
  80
  86
  92
  99
  107
  116
  126
  136
  147
  159
  172
  186
  200
  216
  232
  249
  268
  287
  308
  329
  352
  376
  402
  429
  457
  487
  518
  551
  585
Earnings before tax, $m
  61
  -306
  -270
  -281
  -292
  -306
  -320
  -336
  -353
  -372
  -392
  -410
  -433
  -458
  -484
  -512
  -541
  -572
  -605
  -640
  -677
  -715
  -756
  -799
  -845
  -893
  -943
  -996
  -1,052
  -1,111
  -1,173
Tax expense, $m
  3
  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
Net income, $m
  -8
  -306
  -270
  -281
  -292
  -306
  -320
  -336
  -353
  -372
  -392
  -410
  -433
  -458
  -484
  -512
  -541
  -572
  -605
  -640
  -677
  -715
  -756
  -799
  -845
  -893
  -943
  -996
  -1,052
  -1,111
  -1,173

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  173
  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
  4,036
  4,116
  4,210
  4,319
  4,440
  4,575
  4,722
  4,883
  5,057
  5,245
  5,446
  5,661
  5,891
  6,136
  6,396
  6,672
  6,964
  7,274
  7,601
  7,947
  8,312
  8,697
  9,103
  9,532
  9,983
  10,458
  10,959
  11,485
  12,039
  12,623
  13,236
Adjusted assets (=assets-cash), $m
  3,863
  4,116
  4,210
  4,319
  4,440
  4,575
  4,722
  4,883
  5,057
  5,245
  5,446
  5,661
  5,891
  6,136
  6,396
  6,672
  6,964
  7,274
  7,601
  7,947
  8,312
  8,697
  9,103
  9,532
  9,983
  10,458
  10,959
  11,485
  12,039
  12,623
  13,236
Revenue / Adjusted assets
  1.523
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
Average production assets, $m
  2,050
  2,088
  2,136
  2,191
  2,253
  2,321
  2,396
  2,478
  2,566
  2,661
  2,763
  2,873
  2,989
  3,113
  3,245
  3,385
  3,533
  3,691
  3,857
  4,032
  4,217
  4,413
  4,619
  4,836
  5,065
  5,306
  5,560
  5,827
  6,109
  6,404
  6,716
Working capital, $m
  959
  804
  823
  844
  867
  894
  923
  954
  988
  1,025
  1,064
  1,106
  1,151
  1,199
  1,250
  1,303
  1,361
  1,421
  1,485
  1,553
  1,624
  1,699
  1,779
  1,862
  1,950
  2,043
  2,141
  2,244
  2,352
  2,466
  2,586
Total debt, $m
  1,817
  1,213
  1,298
  1,396
  1,505
  1,626
  1,759
  1,904
  2,061
  2,229
  2,410
  2,604
  2,811
  3,031
  3,265
  3,514
  3,777
  4,055
  4,350
  4,661
  4,990
  5,336
  5,702
  6,088
  6,494
  6,921
  7,372
  7,846
  8,345
  8,869
  9,421
Total liabilities, $m
  4,308
  3,704
  3,789
  3,887
  3,996
  4,117
  4,250
  4,395
  4,552
  4,720
  4,901
  5,095
  5,302
  5,522
  5,756
  6,005
  6,268
  6,546
  6,841
  7,152
  7,481
  7,827
  8,193
  8,579
  8,985
  9,412
  9,863
  10,337
  10,836
  11,360
  11,912
Total equity, $m
  -272
  412
  421
  432
  444
  457
  472
  488
  506
  524
  545
  566
  589
  614
  640
  667
  696
  727
  760
  795
  831
  870
  910
  953
  998
  1,046
  1,096
  1,149
  1,204
  1,262
  1,324
Total liabilities and equity, $m
  4,036
  4,116
  4,210
  4,319
  4,440
  4,574
  4,722
  4,883
  5,058
  5,244
  5,446
  5,661
  5,891
  6,136
  6,396
  6,672
  6,964
  7,273
  7,601
  7,947
  8,312
  8,697
  9,103
  9,532
  9,983
  10,458
  10,959
  11,486
  12,040
  12,622
  13,236
Debt-to-equity ratio
  -6.680
  2.950
  3.080
  3.230
  3.390
  3.550
  3.730
  3.900
  4.070
  4.250
  4.430
  4.600
  4.770
  4.940
  5.110
  5.270
  5.420
  5.580
  5.720
  5.870
  6.000
  6.140
  6.260
  6.390
  6.500
  6.620
  6.730
  6.830
  6.930
  7.030
  7.120
Adjusted equity ratio
  -0.115
  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
  -8
  -306
  -270
  -281
  -292
  -306
  -320
  -336
  -353
  -372
  -392
  -410
  -433
  -458
  -484
  -512
  -541
  -572
  -605
  -640
  -677
  -715
  -756
  -799
  -845
  -893
  -943
  -996
  -1,052
  -1,111
  -1,173
Depreciation, amort., depletion, $m
  235
  212
  217
  222
  229
  235
  243
  251
  260
  269
  280
  287
  299
  311
  325
  339
  353
  369
  386
  403
  422
  441
  462
  484
  507
  531
  556
  583
  611
  640
  672
Funds from operations, $m
  276
  -94
  -53
  -58
  -64
  -70
  -77
  -85
  -93
  -103
  -113
  -123
  -134
  -147
  -159
  -173
  -188
  -203
  -219
  -237
  -255
  -274
  -294
  -316
  -338
  -362
  -387
  -414
  -441
  -470
  -501
Change in working capital, $m
  -29
  16
  18
  21
  24
  26
  29
  31
  34
  37
  39
  42
  45
  48
  51
  54
  57
  60
  64
  68
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
Cash from operations, $m
  305
  -110
  -72
  -79
  -88
  -97
  -106
  -116
  -128
  -139
  -152
  -165
  -179
  -194
  -210
  -227
  -245
  -263
  -283
  -304
  -326
  -349
  -374
  -399
  -426
  -455
  -485
  -516
  -550
  -584
  -621
Maintenance CAPEX, $m
  0
  -205
  -209
  -214
  -219
  -225
  -232
  -240
  -248
  -257
  -266
  -276
  -287
  -299
  -311
  -325
  -339
  -353
  -369
  -386
  -403
  -422
  -441
  -462
  -484
  -507
  -531
  -556
  -583
  -611
  -640
New CAPEX, $m
  -128
  -38
  -48
  -55
  -62
  -68
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
Cash from investing activities, $m
  -125
  -243
  -257
  -269
  -281
  -293
  -307
  -322
  -336
  -352
  -368
  -385
  -404
  -423
  -443
  -465
  -487
  -510
  -535
  -561
  -588
  -617
  -647
  -679
  -713
  -748
  -785
  -823
  -864
  -907
  -951
Free cash flow, $m
  180
  -353
  -329
  -348
  -368
  -390
  -413
  -438
  -464
  -491
  -520
  -551
  -583
  -617
  -653
  -691
  -732
  -774
  -818
  -865
  -915
  -967
  -1,021
  -1,079
  -1,139
  -1,203
  -1,269
  -1,340
  -1,413
  -1,491
  -1,573
Issuance/(repayment) of debt, $m
  -563
  -604
  85
  97
  109
  121
  133
  145
  157
  169
  181
  194
  207
  220
  234
  248
  263
  279
  295
  311
  329
  347
  366
  385
  406
  428
  450
  474
  499
  525
  552
Issuance/(repurchase) of shares, $m
  600
  989
  280
  291
  305
  319
  335
  352
  371
  391
  412
  432
  456
  482
  510
  539
  570
  603
  638
  674
  713
  754
  797
  842
  890
  940
  993
  1,049
  1,108
  1,169
  1,234
Cash from financing (excl. dividends), $m  
  -63
  385
  365
  388
  414
  440
  468
  497
  528
  560
  593
  626
  663
  702
  744
  787
  833
  882
  933
  985
  1,042
  1,101
  1,163
  1,227
  1,296
  1,368
  1,443
  1,523
  1,607
  1,694
  1,786
Total cash flow (excl. dividends), $m
  117
  33
  36
  41
  46
  50
  55
  59
  64
  69
  73
  75
  80
  85
  90
  96
  102
  108
  114
  120
  127
  134
  141
  149
  157
  165
  174
  183
  193
  203
  213
Retained Cash Flow (-), $m
  -706
  -989
  -280
  -291
  -305
  -319
  -335
  -352
  -371
  -391
  -412
  -432
  -456
  -482
  -510
  -539
  -570
  -603
  -638
  -674
  -713
  -754
  -797
  -842
  -890
  -940
  -993
  -1,049
  -1,108
  -1,169
  -1,234
Prev. year cash balance distribution, $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 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
 
  -957
  -243
  -251
  -259
  -269
  -280
  -293
  -307
  -322
  -339
  -357
  -376
  -397
  -419
  -443
  -468
  -495
  -524
  -554
  -586
  -620
  -655
  -693
  -733
  -775
  -819
  -866
  -915
  -966
  -1,021
Discount rate, %
 
  13.30
  13.97
  14.66
  15.40
  16.17
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.75
  23.88
  25.08
  26.33
  27.65
  29.03
  30.48
  32.01
  33.61
  35.29
  37.05
  38.91
  40.85
  42.89
  45.04
  47.29
  49.65
  52.14
  54.74
PV of cash for distribution, $m
 
  -844
  -187
  -166
  -146
  -127
  -109
  -93
  -78
  -64
  -52
  -41
  -32
  -25
  -18
  -13
  -9
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  29.8
  17.6
  10.3
  6.0
  3.5
  2.0
  1.1
  0.6
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0

AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless, and electrical steels and tubular products in the United States and internationally. It produces flat-rolled carbon steel products, including coated, cold-rolled, and hot-rolled carbon steel products; specialty stainless and electrical steels in sheet and strip forms; and carbon and stainless steel that is finished into welded steel tubing. The company also buys and sells steel and steel products, and other materials; and produces metallurgical coal from reserves in Pennsylvania. It sells its flat-rolled carbon steel products primarily to automotive manufacturers and to customers in the infrastructure and manufacturing markets, including electrical transmission, heating, ventilation and air conditioning equipment, and appliances; and carbon steel products to distributors, service centers, and converters. The company also sells its stainless steel products to manufacturers and their suppliers in the automotive industry; manufacturers of food handling, chemical processing, pollution control, and medical and health equipment; and distributors and service centers, as well electrical steel products to manufacturers of power transmission and distribution transformers, and electrical motors and generators. AK Steel Holding Corporation was founded in 1993 and is headquartered in West Chester, Ohio.

FINANCIAL RATIOS  of  AK Steel Holding (AKS)

Valuation Ratios
P/E Ratio -253.7
Price to Sales 0.3
Price to Book -7.5
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -12.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 29.3%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -668%
Total Debt to Equity -668%
Interest Coverage 1
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. -0.9%
Return On Total Capital -0.5%
Ret/ On T. Cap. - 3 Yr. Avg. -12.5%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 32.6%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 14.3%
Gross Margin - 3 Yr. Avg. 10.5%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 4.2%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -1.7%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 4.9%
Eff/ Tax Rate - 3 Yr. Avg. -14.1%
Payout Ratio 0%

AKS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AKS stock intrinsic value calculation we used $5883 million for the last fiscal year's total revenue generated by AK Steel Holding. The default revenue input number comes from 2016 income statement of AK Steel Holding. 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 AKS stock valuation model: a) initial revenue growth rate of 2% 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 13.3%, whose default value for AKS is calculated based on our internal credit rating of AK Steel Holding, 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 AK Steel Holding.
    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 AKS stock the variable cost ratio is equal to 103.1%.

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 AKS 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 6.6% for AK Steel Holding.

Corporate tax rate of 27% is the nominal tax rate for AK Steel Holding. 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 AKS 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 AKS are equal to 34.8%.

Life of production assets of 10 years is the average useful life of capital assets used in AK Steel Holding 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 AKS is equal to 13.4%. 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 - $-272 million for AK Steel Holding - 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 312.357 million for AK Steel Holding 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 AK Steel Holding at the current share price and the inputted number of shares is $2.0 billion.

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RYI Ryerson Holdin 9.00 3.06  str.sell
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AP Ampco-Pittsbur 14.90 38.41  str.buy

COMPANY NEWS

▶ Can U.S. Steel Start Covering Lost Ground in 2Q17?   [Jul-20-17 01:19PM  Market Realist]
▶ What To Look For In Steel Stock Earnings   [10:35AM  Barrons.com]
▶ How Are AK Steels 2Q17 Earnings Estimates?   [Jul-18-17 10:41AM  Market Realist]
▶ AK Steel to make $360M acquisition   [Jul-17-17 04:10PM  American City Business Journals]
▶ AK Steel buying Precision Partners for $350M   [01:00PM  American City Business Journals]
▶ Steel Stocks Spike As Trump Says He's Mulling Steel 'Quotas And Tariffs'   [Jul-13-17 04:27PM  Investor's Business Daily]
▶ What to Expect from the Global Steel Industry   [Jul-10-17 03:35PM  Market Realist]
▶ Steel: Possible US Solution to a Global Issue   [12:05PM  Market Realist]
▶ Why Cliffs Natural Resources Needs Tariffs Too   [Jul-07-17 11:46AM  Barrons.com]
▶ After Steel, Will Aluminum Be on President Trumps Radar?   [Jul-06-17 07:36AM  Market Realist]
▶ One of Greater Cincinnatis largest public companies makes acquisition   [Jul-03-17 03:17PM  American City Business Journals]
▶ Stocks to Watch: Tesla, Chesapeake Energy, EQT, Caterpillar   [09:28AM  The Wall Street Journal]
▶ Could Rising Chinese Steel Prices Help US Steelmakers?   [Jun-28-17 10:37AM  Market Realist]
▶ U.S. Steel: No More Whack-a-Mole?   [10:02AM  Barrons.com]
▶ Steel Stocks on Fire: Do Indicators Support the Optimism?   [Jun-27-17 03:39PM  Market Realist]
▶ Steel stocks surge as speculation mounts on Wall Street   [11:10AM  American City Business Journals]
▶ U.S. Steel: What Goes Down Must Go Up?   [02:23PM  Barrons.com]
▶ What Analysts Think about AK Steel in 2Q17   [Jun-22-17 12:35PM  Market Realist]
▶ Why AK Steel Offers a Unique Proposition to Investors   [Jun-21-17 07:36AM  Market Realist]
▶ U.S. Steel: Very Impressed?   [11:19AM  Barrons.com]
▶ Steel Dynamics 2Q17 Guidance: Why the Significant Fall?   [Jun-19-17 06:05PM  Market Realist]
▶ Steel Stocks Could Have Up to 50% Upside   [09:03AM  TheStreet.com]
▶ AK Steel Announces Second Quarter 2017 Earnings Date   [Jun-15-17 04:30PM  Marketwired]
▶ Steel Stocks Near Upside Breakout Points   [Jun-14-17 01:00PM  Investopedia]
▶ U.S. Steel: Here We Go Again?   [10:46AM  Barrons.com]
▶ Are Nucor and AK Steel Staring at a Demand Slowdown?   [Jun-09-17 09:05AM  Market Realist]
▶ What Could Spur Chinese Steel Exports in the Coming Months?   [Jun-08-17 10:36AM  Market Realist]
▶ Why ArcelorMittal Is Looking Weak after a Solid 1Q17   [Jun-07-17 03:35PM  Market Realist]
▶ What US Steel Investors Are Watching in June   [10:37AM  Market Realist]
▶ Have US Steel Prices Bottomed Out?   [09:07AM  Market Realist]
▶ This Has Markets Jittery over AK Steel Stock   [Jun-02-17 04:05PM  Market Realist]
▶ Why Steel Stocks Traded Down in May   [02:11PM  Market Realist]
▶ Is June Looking Better for U.S. Steel?   [12:37PM  Market Realist]
▶ Is Slower Chinese Demand a Concern for US Steel?   [Jun-01-17 07:36AM  Market Realist]
▶ Short-Term Challenges for Metal Stocks   [May-31-17 09:06AM  Market Realist]
▶ U.S. Steel or AK Steel: Which Stock Are Analysts Bullish On?   [May-30-17 01:05PM  Market Realist]
Stock chart of AKS Financial statements of AKS Annual reports of AKS
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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