Intrinsic value of AK Steel Holding - AKS

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$6.45

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.45

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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
  52
  53
  55
  56
  58
  60
  62
  64
  66
  69
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  159
  167
Interest expense (income), $m
  137
  120
  70
  75
  81
  88
  96
  104
  113
  123
  134
  145
  158
  171
  185
  199
  215
  232
  249
  268
  287
  308
  330
  353
  378
  403
  430
  459
  489
  520
  553
Earnings before tax, $m
  61
  -306
  -260
  -270
  -282
  -294
  -309
  -324
  -341
  -359
  -379
  -397
  -419
  -443
  -468
  -495
  -524
  -554
  -587
  -620
  -656
  -694
  -734
  -776
  -821
  -867
  -917
  -968
  -1,023
  -1,080
  -1,141
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
  -260
  -270
  -282
  -294
  -309
  -324
  -341
  -359
  -379
  -397
  -419
  -443
  -468
  -495
  -524
  -554
  -587
  -620
  -656
  -694
  -734
  -776
  -821
  -867
  -917
  -968
  -1,023
  -1,080
  -1,141

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
  3,940
  4,031
  4,134
  4,251
  4,379
  4,521
  4,675
  4,841
  5,021
  5,214
  5,420
  5,640
  5,874
  6,123
  6,387
  6,667
  6,963
  7,276
  7,608
  7,957
  8,326
  8,715
  9,125
  9,557
  10,012
  10,491
  10,995
  11,526
  12,084
  12,671
Adjusted assets (=assets-cash), $m
  3,863
  3,940
  4,031
  4,134
  4,251
  4,379
  4,521
  4,675
  4,841
  5,021
  5,214
  5,420
  5,640
  5,874
  6,123
  6,387
  6,667
  6,963
  7,276
  7,608
  7,957
  8,326
  8,715
  9,125
  9,557
  10,012
  10,491
  10,995
  11,526
  12,084
  12,671
Revenue / Adjusted assets
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
  1.523
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
  1,055
  1,137
  1,230
  1,334
  1,450
  1,578
  1,716
  1,866
  2,028
  2,201
  2,387
  2,585
  2,796
  3,020
  3,257
  3,509
  3,776
  4,058
  4,356
  4,670
  5,002
  5,352
  5,721
  6,110
  6,520
  6,951
  7,405
  7,882
  8,384
  8,913
Total liabilities, $m
  4,308
  3,546
  3,628
  3,721
  3,825
  3,941
  4,069
  4,207
  4,357
  4,519
  4,692
  4,878
  5,076
  5,287
  5,511
  5,748
  6,000
  6,267
  6,549
  6,847
  7,161
  7,493
  7,843
  8,212
  8,601
  9,011
  9,442
  9,896
  10,373
  10,875
  11,404
Total equity, $m
  -272
  394
  403
  413
  425
  438
  452
  467
  484
  502
  521
  542
  564
  587
  612
  639
  667
  696
  728
  761
  796
  833
  871
  912
  956
  1,001
  1,049
  1,100
  1,153
  1,208
  1,267
Total liabilities and equity, $m
  4,036
  3,940
  4,031
  4,134
  4,250
  4,379
  4,521
  4,674
  4,841
  5,021
  5,213
  5,420
  5,640
  5,874
  6,123
  6,387
  6,667
  6,963
  7,277
  7,608
  7,957
  8,326
  8,714
  9,124
  9,557
  10,012
  10,491
  10,996
  11,526
  12,083
  12,671
Debt-to-equity ratio
  -6.680
  2.680
  2.820
  2.970
  3.140
  3.310
  3.490
  3.670
  3.850
  4.040
  4.220
  4.400
  4.580
  4.760
  4.930
  5.100
  5.260
  5.420
  5.580
  5.730
  5.870
  6.010
  6.140
  6.270
  6.390
  6.510
  6.630
  6.730
  6.840
  6.940
  7.030
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
  -260
  -270
  -282
  -294
  -309
  -324
  -341
  -359
  -379
  -397
  -419
  -443
  -468
  -495
  -524
  -554
  -587
  -620
  -656
  -694
  -734
  -776
  -821
  -867
  -917
  -968
  -1,023
  -1,080
  -1,141
Depreciation, amort., depletion, $m
  235
  238
  243
  249
  256
  264
  273
  282
  292
  302
  314
  323
  336
  350
  365
  380
  397
  415
  433
  453
  474
  496
  519
  543
  569
  596
  625
  655
  686
  720
  755
Funds from operations, $m
  276
  -68
  -16
  -20
  -25
  -30
  -36
  -42
  -49
  -57
  -65
  -74
  -83
  -93
  -104
  -115
  -127
  -140
  -153
  -167
  -183
  -198
  -215
  -233
  -252
  -271
  -292
  -314
  -337
  -361
  -386
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
  -120
  -35
  -42
  -49
  -57
  -65
  -74
  -83
  -94
  -104
  -116
  -128
  -141
  -155
  -169
  -184
  -200
  -217
  -235
  -254
  -274
  -295
  -317
  -340
  -364
  -390
  -417
  -445
  -475
  -506
Maintenance CAPEX, $m
  0
  -230
  -235
  -240
  -246
  -253
  -261
  -269
  -278
  -288
  -299
  -310
  -323
  -336
  -350
  -365
  -380
  -397
  -415
  -433
  -453
  -474
  -496
  -519
  -543
  -569
  -596
  -625
  -655
  -686
  -720
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
  -268
  -283
  -295
  -308
  -321
  -336
  -351
  -366
  -383
  -401
  -419
  -440
  -460
  -482
  -505
  -528
  -554
  -581
  -608
  -638
  -669
  -702
  -736
  -772
  -810
  -850
  -892
  -936
  -982
  -1,031
Free cash flow, $m
  180
  -388
  -318
  -337
  -357
  -378
  -401
  -425
  -450
  -477
  -506
  -536
  -567
  -601
  -636
  -674
  -713
  -754
  -798
  -844
  -892
  -943
  -997
  -1,053
  -1,112
  -1,174
  -1,240
  -1,309
  -1,381
  -1,457
  -1,537
Issuance/(repayment) of debt, $m
  -563
  -762
  82
  93
  105
  116
  127
  139
  150
  162
  173
  186
  198
  211
  224
  238
  252
  267
  282
  298
  315
  332
  350
  369
  389
  409
  431
  454
  478
  502
  528
Issuance/(repurchase) of shares, $m
  600
  1,816
  245
  254
  264
  275
  288
  302
  317
  333
  351
  371
  391
  414
  437
  462
  489
  517
  547
  579
  613
  648
  685
  725
  766
  810
  857
  905
  956
  1,010
  1,067
Cash from financing (excl. dividends), $m  
  -63
  1,054
  327
  347
  369
  391
  415
  441
  467
  495
  524
  557
  589
  625
  661
  700
  741
  784
  829
  877
  928
  980
  1,035
  1,094
  1,155
  1,219
  1,288
  1,359
  1,434
  1,512
  1,595
Total cash flow (excl. dividends), $m
  117
  -1,150
  -236
  -243
  -252
  -262
  -273
  -286
  -300
  -315
  -332
  -350
  -369
  -390
  -412
  -436
  -461
  -488
  -516
  -546
  -578
  -611
  -646
  -684
  -723
  -765
  -809
  -855
  -903
  -955
  -1,008
Retained Cash Flow (-), $m
  -706
  -839
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
Prev. year cash balance distribution, $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
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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  50.0
  30.8
  18.9
  11.6
  7.0
  4.2
  2.5
  1.5
  0.9
  0.5
  0.3
  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

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 -253.3
Price to Sales 0.3
Price to Book -7.4
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 11.4
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 8.9 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 312.935 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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COMPANY NEWS

▶ Steel Earnings Started with a Bang but Ended with a Whimper   [Apr-27-17 05:54PM  Market Realist]
▶ U.S. Steel Is In Full Meltdown After Stunning Loss   [04:29PM  Investor's Business Daily]
▶ Why AK Steel Stock Plummeted 10% on Tuesday   [Apr-25-17 06:08PM  Motley Fool]
▶ AK Steel tops Street 1Q forecasts   [08:36AM  Associated Press]
▶ U.S. Steel: All For One, One For All   [11:57AM  Barrons.com]
▶ AK Steel Stock Rising on Macquarie Upgrade   [09:59AM  TheStreet.com]
▶ Nucors 1Q17 Earnings: What You Need to Know   [Apr-21-17 12:30PM  Market Realist]
▶ Now That's a Steel Rally!   [11:05AM  Barrons.com]
▶ U.S. Steels 2017 Guidance: What Investors Should Expect   [Apr-19-17 10:37AM  Market Realist]
▶ These Cincinnati public companies have the most cash on hand: SLIDESHOW   [Apr-17-17 02:35PM  American City Business Journals]
▶ Can AK Steel Regain Its Lost Mojo in 1Q17?   [10:36AM  Market Realist]
▶ US Steel: Has the Trump Effect Run Its Course?   [Apr-13-17 12:35PM  Market Realist]
▶ Heres how much AK Steel's 5 highest-paid executives earned   [11:35AM  American City Business Journals]
▶ Heres how much the 5 highest-paid AK Steel executives earned   [07:15AM  American City Business Journals]
▶ Trump trade in trouble?   [Apr-12-17 05:05PM  CNBC Videos]
▶ What to Watch in U.S. Steel Corporations 1Q17 Earnings   [Apr-11-17 10:36AM  Market Realist]
▶ AK Steel opens $36M research center   [07:05AM  American City Business Journals]
▶ U.S. Steel: Look Out Below!   [Apr-05-17 03:52PM  Barrons.com]
▶ What a Fall in Scrap Prices Means for US Steel Producers   [Apr-03-17 07:36AM  Market Realist]
▶ Do US Steelmakers Really Need Trumps Infrastructure Boost?   [Mar-31-17 09:06AM  Market Realist]
▶ Steel Stocks Rise Amid Commerce Department's Dumping Findings   [Mar-30-17 04:22PM  Investor's Business Daily]
▶ Is AK Steel a Great Stock for Value Investors?   [09:46AM  at Investopedia]
▶ The Pros and Cons of Investing in Nucor   [09:07AM  Market Realist]
▶ Why AK Steel Holding Corporation Dropped 10% on Tuesday   [Mar-21-17 05:05PM  at Motley Fool]
Stock chart of AKS Financial statements 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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