Intrinsic value of AK Steel Holding - AKS

Previous Close

$4.51

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.51

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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 1.4

 

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
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  5,883
  6,142
  6,416
  6,705
  7,011
  7,334
  7,675
  8,034
  8,413
  8,812
  9,232
  9,674
  10,140
  10,630
  11,145
  11,687
  12,257
  12,856
  13,486
  14,148
  14,844
  15,575
  16,344
  17,151
  18,000
  18,891
  19,828
  20,811
  21,845
  22,930
  24,070
Variable operating expenses, $m
 
  6,332
  6,614
  6,913
  7,228
  7,561
  7,912
  8,282
  8,672
  9,083
  9,516
  9,969
  10,448
  10,953
  11,484
  12,043
  12,630
  13,247
  13,896
  14,579
  15,296
  16,049
  16,841
  17,673
  18,548
  19,466
  20,431
  21,445
  22,510
  23,628
  24,803
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
  6,332
  6,614
  6,913
  7,228
  7,561
  7,912
  8,282
  8,672
  9,083
  9,516
  9,969
  10,448
  10,953
  11,484
  12,043
  12,630
  13,247
  13,896
  14,579
  15,296
  16,049
  16,841
  17,673
  18,548
  19,466
  20,431
  21,445
  22,510
  23,628
  24,803
Operating income, $m
  230
  -190
  -199
  -207
  -217
  -227
  -237
  -248
  -259
  -272
  -284
  -294
  -309
  -324
  -339
  -356
  -373
  -391
  -410
  -431
  -452
  -474
  -497
  -522
  -548
  -575
  -604
  -633
  -665
  -698
  -733
EBITDA, $m
  465
  53
  56
  58
  61
  64
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  180
  189
  199
  208
Interest expense (income), $m
  137
  120
  75
  86
  97
  109
  122
  135
  149
  164
  179
  196
  213
  231
  250
  270
  291
  314
  337
  362
  387
  415
  443
  473
  505
  538
  572
  609
  647
  688
  730
Earnings before tax, $m
  61
  -310
  -274
  -293
  -314
  -336
  -359
  -383
  -408
  -435
  -464
  -490
  -522
  -555
  -589
  -626
  -664
  -705
  -747
  -792
  -839
  -889
  -941
  -995
  -1,052
  -1,113
  -1,176
  -1,242
  -1,312
  -1,386
  -1,463
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
  -310
  -274
  -293
  -314
  -336
  -359
  -383
  -408
  -435
  -464
  -490
  -522
  -555
  -589
  -626
  -664
  -705
  -747
  -792
  -839
  -889
  -941
  -995
  -1,052
  -1,113
  -1,176
  -1,242
  -1,312
  -1,386
  -1,463

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
  4,033
  4,213
  4,403
  4,604
  4,816
  5,039
  5,275
  5,524
  5,786
  6,062
  6,352
  6,658
  6,979
  7,318
  7,674
  8,048
  8,441
  8,855
  9,290
  9,746
  10,227
  10,731
  11,262
  11,819
  12,404
  13,019
  13,665
  14,343
  15,056
  15,804
Adjusted assets (=assets-cash), $m
  3,863
  4,033
  4,213
  4,403
  4,604
  4,816
  5,039
  5,275
  5,524
  5,786
  6,062
  6,352
  6,658
  6,979
  7,318
  7,674
  8,048
  8,441
  8,855
  9,290
  9,746
  10,227
  10,731
  11,262
  11,819
  12,404
  13,019
  13,665
  14,343
  15,056
  15,804
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
  2,137
  2,233
  2,333
  2,440
  2,552
  2,671
  2,796
  2,928
  3,067
  3,213
  3,367
  3,529
  3,699
  3,878
  4,067
  4,265
  4,474
  4,693
  4,923
  5,166
  5,420
  5,688
  5,969
  6,264
  6,574
  6,900
  7,242
  7,602
  7,980
  8,376
Working capital, $m
  959
  823
  860
  899
  940
  983
  1,028
  1,077
  1,127
  1,181
  1,237
  1,296
  1,359
  1,424
  1,493
  1,566
  1,642
  1,723
  1,807
  1,896
  1,989
  2,087
  2,190
  2,298
  2,412
  2,531
  2,657
  2,789
  2,927
  3,073
  3,225
Total debt, $m
  1,817
  1,138
  1,300
  1,471
  1,652
  1,843
  2,044
  2,257
  2,481
  2,716
  2,965
  3,226
  3,501
  3,790
  4,095
  4,415
  4,752
  5,106
  5,478
  5,870
  6,281
  6,713
  7,167
  7,644
  8,146
  8,673
  9,226
  9,807
  10,418
  11,059
  11,733
Total liabilities, $m
  4,308
  3,629
  3,791
  3,962
  4,143
  4,334
  4,535
  4,748
  4,972
  5,207
  5,456
  5,717
  5,992
  6,281
  6,586
  6,906
  7,243
  7,597
  7,969
  8,361
  8,772
  9,204
  9,658
  10,135
  10,637
  11,164
  11,717
  12,298
  12,909
  13,550
  14,224
Total equity, $m
  -272
  403
  421
  440
  460
  482
  504
  528
  552
  579
  606
  635
  666
  698
  732
  767
  805
  844
  885
  929
  975
  1,023
  1,073
  1,126
  1,182
  1,240
  1,302
  1,366
  1,434
  1,506
  1,580
Total liabilities and equity, $m
  4,036
  4,032
  4,212
  4,402
  4,603
  4,816
  5,039
  5,276
  5,524
  5,786
  6,062
  6,352
  6,658
  6,979
  7,318
  7,673
  8,048
  8,441
  8,854
  9,290
  9,747
  10,227
  10,731
  11,261
  11,819
  12,404
  13,019
  13,664
  14,343
  15,056
  15,804
Debt-to-equity ratio
  -6.680
  2.820
  3.090
  3.340
  3.590
  3.830
  4.060
  4.280
  4.490
  4.690
  4.890
  5.080
  5.260
  5.430
  5.600
  5.750
  5.900
  6.050
  6.190
  6.320
  6.440
  6.560
  6.680
  6.790
  6.890
  6.990
  7.090
  7.180
  7.260
  7.350
  7.420
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
  -310
  -274
  -293
  -314
  -336
  -359
  -383
  -408
  -435
  -464
  -490
  -522
  -555
  -589
  -626
  -664
  -705
  -747
  -792
  -839
  -889
  -941
  -995
  -1,052
  -1,113
  -1,176
  -1,242
  -1,312
  -1,386
  -1,463
Depreciation, amort., depletion, $m
  235
  243
  254
  265
  277
  290
  303
  317
  332
  348
  364
  378
  396
  416
  436
  457
  479
  503
  527
  553
  580
  609
  639
  671
  704
  739
  775
  814
  854
  897
  941
Funds from operations, $m
  276
  -67
  -20
  -28
  -36
  -46
  -55
  -65
  -76
  -87
  -99
  -112
  -125
  -139
  -154
  -169
  -185
  -202
  -220
  -239
  -259
  -280
  -301
  -324
  -349
  -374
  -401
  -429
  -458
  -489
  -521
Change in working capital, $m
  -29
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
  76
  80
  84
  89
  93
  98
  103
  108
  114
  119
  125
  132
  138
  145
  153
Cash from operations, $m
  305
  -101
  -56
  -67
  -77
  -89
  -101
  -113
  -127
  -141
  -156
  -171
  -187
  -205
  -223
  -242
  -262
  -283
  -305
  -328
  -352
  -378
  -404
  -433
  -462
  -493
  -526
  -560
  -597
  -634
  -674
Maintenance CAPEX, $m
  0
  -230
  -240
  -251
  -262
  -274
  -287
  -300
  -314
  -329
  -345
  -361
  -378
  -396
  -416
  -436
  -457
  -479
  -503
  -527
  -553
  -580
  -609
  -639
  -671
  -704
  -739
  -775
  -814
  -854
  -897
New CAPEX, $m
  -128
  -87
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -198
  -209
  -219
  -230
  -242
  -255
  -267
  -281
  -295
  -310
  -326
  -342
  -360
  -378
  -397
Cash from investing activities, $m
  -125
  -317
  -335
  -352
  -368
  -386
  -406
  -425
  -446
  -468
  -491
  -515
  -540
  -566
  -595
  -625
  -655
  -688
  -722
  -757
  -795
  -835
  -876
  -920
  -966
  -1,014
  -1,065
  -1,117
  -1,174
  -1,232
  -1,294
Free cash flow, $m
  180
  -419
  -392
  -418
  -446
  -475
  -506
  -539
  -573
  -609
  -646
  -686
  -728
  -772
  -818
  -866
  -917
  -970
  -1,026
  -1,085
  -1,147
  -1,213
  -1,281
  -1,353
  -1,428
  -1,507
  -1,591
  -1,678
  -1,770
  -1,866
  -1,967
Issuance/(repayment) of debt, $m
  -563
  -679
  162
  171
  181
  191
  201
  212
  224
  236
  248
  261
  275
  289
  304
  320
  337
  354
  372
  391
  411
  432
  454
  477
  501
  527
  553
  581
  611
  641
  674
Issuance/(repurchase) of shares, $m
  600
  1,158
  292
  312
  334
  357
  381
  406
  433
  461
  491
  519
  552
  587
  623
  662
  702
  744
  789
  836
  885
  937
  991
  1,048
  1,108
  1,171
  1,237
  1,307
  1,380
  1,457
  1,537
Cash from financing (excl. dividends), $m  
  -63
  479
  454
  483
  515
  548
  582
  618
  657
  697
  739
  780
  827
  876
  927
  982
  1,039
  1,098
  1,161
  1,227
  1,296
  1,369
  1,445
  1,525
  1,609
  1,698
  1,790
  1,888
  1,991
  2,098
  2,211
Total cash flow (excl. dividends), $m
  117
  61
  62
  65
  69
  72
  76
  80
  84
  89
  93
  95
  99
  105
  110
  116
  122
  128
  135
  142
  149
  156
  164
  173
  181
  190
  200
  210
  221
  232
  244
Retained Cash Flow (-), $m
  -706
  -1,158
  -292
  -312
  -334
  -357
  -381
  -406
  -433
  -461
  -491
  -519
  -552
  -587
  -623
  -662
  -702
  -744
  -789
  -836
  -885
  -937
  -991
  -1,048
  -1,108
  -1,171
  -1,237
  -1,307
  -1,380
  -1,457
  -1,537
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
 
  -925
  -230
  -247
  -265
  -284
  -305
  -326
  -349
  -373
  -398
  -425
  -453
  -482
  -513
  -546
  -580
  -616
  -654
  -694
  -736
  -780
  -827
  -876
  -927
  -981
  -1,037
  -1,097
  -1,159
  -1,225
  -1,294
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
 
  -816
  -177
  -164
  -150
  -134
  -119
  -104
  -88
  -74
  -61
  -49
  -39
  -30
  -22
  -16
  -12
  -8
  -5
  -4
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  29.0
  16.7
  9.5
  5.3
  3.0
  1.6
  0.9
  0.5
  0.3
  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
  0.0

AK Steel Holding Corporation is a producer of flat-rolled carbon, stainless and electrical steels, and tubular products through its subsidiary, AK Steel Corporation (AK Steel). The Company also operates blast furnaces and electric arc furnaces. As of December 31, 2016, its operations included eight steelmaking and finishing plants, two coke plants and two tube manufacturing plants across states, including Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia, and a tube manufacturing plant in Mexico. These operations produce flat-rolled carbon, specialty stainless and electrical steels that it sells in sheet and strip form, and carbon and stainless steel that it finishes into welded steel tubing. It also produces metallurgical coal through its subsidiary, AK Coal Resources, Inc. In addition, the Company operates trading companies in Mexico and Europe that buy and sell steel and steel products and other materials.

FINANCIAL RATIOS  of  AK Steel Holding (AKS)

Valuation Ratios
P/E Ratio -177.1
Price to Sales 0.2
Price to Book -5.2
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 8
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 4.4% 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 315.024 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 $1.4 billion.

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COMPANY NEWS

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▶ Analysts Turned Bearish on AK Steel after Its 3Q17 Earnings   [Nov-09-17 01:45PM  Market Realist]
▶ Why U.S. Steel Is Counting on the Trump Administration   [Nov-06-17 10:31AM  Market Realist]
▶ A Deeper Dive into U.S. Steels 3Q17 Financial Performance   [Nov-03-17 07:33AM  Market Realist]
▶ Cast the First Stone? U.S. Steel Tops AK Steel   [Nov-02-17 01:30PM  Barrons.com]
▶ What Weighed down AK Steels 3Q17 Performance?   [02:07PM  Market Realist]
▶ U.S. Steel: Now That Wasn't So Bad, Was It?   [Oct-31-17 07:00PM  Barrons.com]
▶ Why AK Steel Stock Collapsed 15% Today   [01:38PM  Motley Fool]
▶ AK Steel reports 3Q loss   [08:36AM  Associated Press]
▶ Key Things to Watch for in AK Steels 3Q17 Call   [Oct-27-17 10:43AM  Market Realist]
▶ This Could Drive AK Steels 3Q17 Performance   [09:04AM  Market Realist]
▶ Behind AK Steels 3Q17 Earnings Expectations   [Oct-26-17 04:41PM  Market Realist]
▶ Do Analysts See High Value in AK Steel This Earnings Season?   [Oct-18-17 07:42AM  Market Realist]
▶ Why Last Week Was Big for US Steel   [Oct-16-17 02:33PM  Market Realist]
▶ How Chinas Communist Party Congress Could Affect US Steel   [Oct-11-17 09:09AM  Market Realist]
▶ Could US Steel Stocks Regain Momentum in October?   [Oct-09-17 04:53PM  Market Realist]
▶ AK Steel Changes Surcharge for Stainless Steel Products   [Oct-06-17 04:40PM  Marketwired]
▶ AK Steel Announces Third Quarter 2017 Earnings Date   [Oct-05-17 02:30PM  Marketwired]
▶ AK Steels Ratings: Key Takeaways for Investors   [Oct-04-17 09:09AM  Market Realist]
▶ A Look at Analysts Top 5 US Steel Producers   [Oct-03-17 09:08AM  Market Realist]
▶ UAW Members Ratify Labor Agreement For Rockport Works   [Sep-28-17 08:25AM  Marketwired]
▶ China Could Be U.S. Steel Corporations Biggest Challenge   [Sep-27-17 07:41AM  Market Realist]
▶ Strong Coking Coal Prices Impact U.S. Steel Corporation   [Sep-25-17 07:38AM  Market Realist]
▶ AK Steels 3Q17: Why Analysts Are Predicting Lower Profits   [Sep-20-17 10:37AM  Market Realist]
▶ Should US Steelmakers Be Asking for More?   [07:39AM  Market Realist]
▶ Bulls or Bears: Whos Take the Trophy for U.S. Steel?   [Sep-14-17 10:39AM  Market Realist]
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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