Intrinsic value of Ampco-Pittsburgh - AP

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$12.55

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of AP 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 0.1

 

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, %
  39.50
  43.10
  39.29
  35.86
  32.77
  30.00
  27.50
  25.25
  23.22
  21.40
  19.76
  18.28
  16.96
  15.76
  14.68
  13.72
  12.84
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
Revenue, $m
  332
  341
  474
  645
  856
  1,112
  1,418
  1,776
  2,189
  2,657
  3,183
  3,765
  4,403
  5,097
  5,845
  6,647
  7,501
  8,405
  9,360
  10,363
  11,414
  12,514
  13,661
  14,857
  16,101
  17,396
  18,741
  20,140
  21,593
  23,103
  24,673
Variable operating expenses, $m
 
  341
  474
  645
  856
  1,112
  1,418
  1,776
  2,189
  2,657
  3,183
  3,765
  4,403
  5,097
  5,845
  6,647
  7,501
  8,405
  9,360
  10,363
  11,414
  12,514
  13,661
  14,857
  16,101
  17,396
  18,741
  20,140
  21,593
  23,103
  24,673
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
  386
  341
  474
  645
  856
  1,112
  1,418
  1,776
  2,189
  2,657
  3,183
  3,765
  4,403
  5,097
  5,845
  6,647
  7,501
  8,405
  9,360
  10,363
  11,414
  12,514
  13,661
  14,857
  16,101
  17,396
  18,741
  20,140
  21,593
  23,103
  24,673
Operating income, $m
  -55
  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
EBITDA, $m
  -35
  17
  24
  33
  43
  56
  72
  90
  111
  134
  161
  190
  223
  258
  296
  336
  379
  425
  473
  524
  577
  633
  691
  751
  814
  880
  948
  1,018
  1,092
  1,168
  1,248
Interest expense (income), $m
  1
  0
  4
  10
  17
  26
  36
  49
  64
  81
  100
  122
  146
  173
  201
  233
  266
  301
  339
  378
  420
  463
  509
  557
  606
  658
  711
  767
  825
  886
  948
Earnings before tax, $m
  -58
  0
  -4
  -10
  -17
  -26
  -36
  -49
  -64
  -81
  -100
  -122
  -146
  -173
  -201
  -233
  -266
  -301
  -339
  -378
  -420
  -463
  -509
  -557
  -606
  -658
  -711
  -767
  -825
  -886
  -948
Tax expense, $m
  22
  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
  -80
  0
  -4
  -10
  -17
  -26
  -36
  -49
  -64
  -81
  -100
  -122
  -146
  -173
  -201
  -233
  -266
  -301
  -339
  -378
  -420
  -463
  -509
  -557
  -606
  -658
  -711
  -767
  -825
  -886
  -948

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  566
  588
  819
  1,113
  1,478
  1,921
  2,450
  3,068
  3,781
  4,590
  5,497
  6,502
  7,604
  8,803
  10,095
  11,480
  12,955
  14,517
  16,165
  17,898
  19,714
  21,613
  23,594
  25,659
  27,809
  30,044
  32,368
  34,784
  37,293
  39,902
  42,613
Adjusted assets (=assets-cash), $m
  527
  588
  819
  1,113
  1,478
  1,921
  2,450
  3,068
  3,781
  4,590
  5,497
  6,502
  7,604
  8,803
  10,095
  11,480
  12,955
  14,517
  16,165
  17,898
  19,714
  21,613
  23,594
  25,659
  27,809
  30,044
  32,368
  34,784
  37,293
  39,902
  42,613
Revenue / Adjusted assets
  0.630
  0.580
  0.579
  0.580
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
Average production assets, $m
  187
  212
  295
  401
  532
  692
  882
  1,105
  1,362
  1,653
  1,980
  2,342
  2,739
  3,170
  3,636
  4,134
  4,665
  5,228
  5,822
  6,446
  7,100
  7,784
  8,497
  9,241
  10,015
  10,820
  11,657
  12,527
  13,431
  14,370
  15,346
Working capital, $m
  77
  81
  113
  154
  205
  266
  339
  425
  523
  635
  761
  900
  1,052
  1,218
  1,397
  1,589
  1,793
  2,009
  2,237
  2,477
  2,728
  2,991
  3,265
  3,551
  3,848
  4,158
  4,479
  4,813
  5,161
  5,522
  5,897
Total debt, $m
  52
  122
  280
  482
  732
  1,036
  1,398
  1,823
  2,312
  2,867
  3,489
  4,178
  4,935
  5,757
  6,643
  7,593
  8,605
  9,677
  10,807
  11,996
  13,242
  14,544
  15,904
  17,320
  18,795
  20,328
  21,923
  23,580
  25,301
  27,091
  28,950
Total liabilities, $m
  418
  404
  562
  764
  1,014
  1,318
  1,680
  2,105
  2,594
  3,149
  3,771
  4,460
  5,217
  6,039
  6,925
  7,875
  8,887
  9,959
  11,089
  12,278
  13,524
  14,826
  16,186
  17,602
  19,077
  20,610
  22,205
  23,862
  25,583
  27,373
  29,232
Total equity, $m
  148
  185
  257
  350
  464
  603
  769
  963
  1,187
  1,441
  1,726
  2,042
  2,388
  2,764
  3,170
  3,605
  4,068
  4,558
  5,076
  5,620
  6,190
  6,786
  7,409
  8,057
  8,732
  9,434
  10,164
  10,922
  11,710
  12,529
  13,380
Total liabilities and equity, $m
  566
  589
  819
  1,114
  1,478
  1,921
  2,449
  3,068
  3,781
  4,590
  5,497
  6,502
  7,605
  8,803
  10,095
  11,480
  12,955
  14,517
  16,165
  17,898
  19,714
  21,612
  23,595
  25,659
  27,809
  30,044
  32,369
  34,784
  37,293
  39,902
  42,612
Debt-to-equity ratio
  0.351
  0.660
  1.090
  1.380
  1.580
  1.720
  1.820
  1.890
  1.950
  1.990
  2.020
  2.050
  2.070
  2.080
  2.100
  2.110
  2.120
  2.120
  2.130
  2.130
  2.140
  2.140
  2.150
  2.150
  2.150
  2.150
  2.160
  2.160
  2.160
  2.160
  2.160
Adjusted equity ratio
  0.207
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314
  0.314

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -80
  0
  -4
  -10
  -17
  -26
  -36
  -49
  -64
  -81
  -100
  -122
  -146
  -173
  -201
  -233
  -266
  -301
  -339
  -378
  -420
  -463
  -509
  -557
  -606
  -658
  -711
  -767
  -825
  -886
  -948
Depreciation, amort., depletion, $m
  20
  17
  24
  33
  43
  56
  72
  90
  111
  134
  161
  190
  223
  258
  296
  336
  379
  425
  473
  524
  577
  633
  691
  751
  814
  880
  948
  1,018
  1,092
  1,168
  1,248
Funds from operations, $m
  -8
  17
  20
  23
  26
  31
  35
  41
  47
  53
  61
  68
  76
  85
  94
  104
  114
  124
  135
  146
  157
  169
  182
  195
  208
  222
  236
  251
  267
  283
  300
Change in working capital, $m
  -2
  25
  32
  41
  50
  61
  73
  86
  99
  112
  126
  139
  153
  166
  179
  192
  204
  216
  228
  240
  251
  263
  274
  286
  297
  309
  322
  334
  347
  361
  375
Cash from operations, $m
  -6
  -9
  -12
  -18
  -24
  -31
  -38
  -45
  -52
  -58
  -65
  -71
  -76
  -81
  -85
  -88
  -91
  -92
  -93
  -94
  -94
  -93
  -92
  -91
  -89
  -87
  -85
  -83
  -81
  -78
  -76
Maintenance CAPEX, $m
  0
  -12
  -17
  -24
  -33
  -43
  -56
  -72
  -90
  -111
  -134
  -161
  -190
  -223
  -258
  -296
  -336
  -379
  -425
  -473
  -524
  -577
  -633
  -691
  -751
  -814
  -880
  -948
  -1,018
  -1,092
  -1,168
New CAPEX, $m
  -11
  -64
  -83
  -106
  -131
  -160
  -190
  -223
  -257
  -291
  -327
  -362
  -397
  -432
  -466
  -499
  -531
  -563
  -594
  -624
  -654
  -684
  -714
  -744
  -774
  -805
  -837
  -870
  -904
  -939
  -976
Cash from investing activities, $m
  -41
  -76
  -100
  -130
  -164
  -203
  -246
  -295
  -347
  -402
  -461
  -523
  -587
  -655
  -724
  -795
  -867
  -942
  -1,019
  -1,097
  -1,178
  -1,261
  -1,347
  -1,435
  -1,525
  -1,619
  -1,717
  -1,818
  -1,922
  -2,031
  -2,144
Free cash flow, $m
  -47
  -85
  -113
  -148
  -188
  -234
  -284
  -339
  -398
  -461
  -526
  -594
  -664
  -735
  -808
  -882
  -958
  -1,034
  -1,112
  -1,191
  -1,272
  -1,354
  -1,439
  -1,526
  -1,615
  -1,707
  -1,802
  -1,901
  -2,003
  -2,109
  -2,220
Issuance/(repayment) of debt, $m
  -2
  122
  159
  202
  250
  304
  362
  424
  489
  555
  622
  689
  756
  822
  887
  950
  1,012
  1,072
  1,131
  1,189
  1,246
  1,303
  1,359
  1,417
  1,475
  1,534
  1,594
  1,657
  1,722
  1,789
  1,860
Issuance/(repurchase) of shares, $m
  0
  0
  27
  38
  52
  69
  88
  109
  133
  160
  189
  220
  253
  289
  327
  367
  409
  453
  499
  547
  596
  648
  702
  757
  815
  875
  937
  1,002
  1,069
  1,139
  1,212
Cash from financing (excl. dividends), $m  
  -4
  122
  186
  240
  302
  373
  450
  533
  622
  715
  811
  909
  1,009
  1,111
  1,214
  1,317
  1,421
  1,525
  1,630
  1,736
  1,842
  1,951
  2,061
  2,174
  2,290
  2,409
  2,531
  2,659
  2,791
  2,928
  3,072
Total cash flow (excl. dividends), $m
  -52
  36
  46
  54
  62
  70
  78
  85
  91
  94
  96
  96
  93
  87
  79
  68
  54
  37
  19
  -3
  -26
  -52
  -80
  -109
  -140
  -173
  -208
  -244
  -281
  -320
  -361
Retained Cash Flow (-), $m
  63
  -56
  -73
  -92
  -115
  -139
  -166
  -194
  -224
  -254
  -285
  -316
  -346
  -376
  -406
  -435
  -463
  -491
  -518
  -544
  -570
  -596
  -622
  -648
  -675
  -702
  -730
  -758
  -788
  -819
  -851
Prev. year cash balance distribution, $m
 
  82
  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
 
  63
  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, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  60
  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
  100.0
  83.1
  68.7
  56.7
  46.9
  39.0
  32.5
  27.2
  22.9
  19.3
  16.4
  13.9
  11.9
  10.2
  8.8
  7.6
  6.5
  5.7
  4.9
  4.3
  3.7
  3.3
  2.8
  2.5
  2.2
  1.9
  1.7
  1.5
  1.3
  1.1

Ampco-Pittsburgh Corporation, together with its subsidiaries, manufactures and sells custom designed engineering products to commercial and industrial users worldwide. It operates in two segments, Forged and Cast Engineered Products, and Air and Liquid Processing. The Forged and Cast Engineered Products segment produces forged hardened steel rolls that are used in cold rolling by producers of steel, aluminum, and other metals; ingot and open die forged products for use in the gas and oil, and the aluminum and plastic extrusion industries; and cast rolls for hot and cold strip mills, medium/heavy section mills, and plate mills in various iron and steel qualities. This segment also offers forged rolls for cluster mills and Z-Hi mills; work rolls for narrow and wide strip and aluminum mills; back-up rolls for narrow strip mills; leveling rolls and shafts; and bearings, bushings, and key and keyless bearing sleeves, as well as provides a range of services, including rebuild of mill spare parts, chock inspection and repair, and onsite inspections and installations. The Air and Liquid Processing segment produces custom-engineered finned tube heat exchange coils and related heat transfer products for various industries, including fossil fuel and nuclear power generation, automotive, industrial process, and HVAC; and air handling systems for use in commercial, institutional, and industrial buildings. This segment also provides centrifugal pumps for the refrigeration, power generation, and marine defense industries. Ampco-Pittsburgh Corporation was founded in 1929 and is headquartered in Carnegie, Pennsylvania.

FINANCIAL RATIOS  of  Ampco-Pittsburgh (AP)

Valuation Ratios
P/E Ratio -1.9
Price to Sales 0.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow -25.7
Price to Free Cash Flow -9.1
Growth Rates
Sales Growth Rate 39.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 22.2%
Cap. Spend. - 3 Yr. Gr. Rate -1.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 16.9%
Total Debt to Equity 35.1%
Interest Coverage -57
Management Effectiveness
Return On Assets -14.7%
Ret/ On Assets - 3 Yr. Avg. -4.9%
Return On Total Capital -37.7%
Ret/ On T. Cap. - 3 Yr. Avg. -12.6%
Return On Equity -44.6%
Return On Equity - 3 Yr. Avg. -14.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 16.6%
Gross Margin - 3 Yr. Avg. 18%
EBITDA Margin -11.1%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin -16.3%
Oper. Margin - 3 Yr. Avg. -4.7%
Pre-Tax Margin -17.5%
Pre-Tax Margin - 3 Yr. Avg. -5.2%
Net Profit Margin -24.1%
Net Profit Margin - 3 Yr. Avg. -8%
Effective Tax Rate -37.9%
Eff/ Tax Rate - 3 Yr. Avg. 40.7%
Payout Ratio -6.3%

AP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AP stock intrinsic value calculation we used $238 million for the last fiscal year's total revenue generated by Ampco-Pittsburgh. The default revenue input number comes from 2016 income statement of Ampco-Pittsburgh. 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 AP stock valuation model: a) initial revenue growth rate of 43.1% 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 4.3%, whose default value for AP is calculated based on our internal credit rating of Ampco-Pittsburgh, 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 Ampco-Pittsburgh.
    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 AP stock the variable cost ratio is equal to 100%.

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 AP 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 Ampco-Pittsburgh.

Corporate tax rate of 27% is the nominal tax rate for Ampco-Pittsburgh. 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 AP 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 AP are equal to 62.2%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Ampco-Pittsburgh 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 AP is equal to 23.9%. 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 - $211 million for Ampco-Pittsburgh - 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 11.943 million for Ampco-Pittsburgh 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 Ampco-Pittsburgh at the current share price and the inputted number of shares is $0.1 billion.


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COMPANY NEWS

▶ Ampco-Pittsburgh suspends quarterly dividend   [Jun-15-17 08:45AM  American City Business Journals]
▶ Ampco-Pittsburgh reports 1Q loss   [May-09-17 07:50AM  Associated Press]
▶ Ampco-Pittsburgh First Quarter Results Conference Call   [Apr-24-17 04:21PM  Business Wire]
▶ Outstanding CEOs and Top Executives Winner: Rose Hoover   [Apr-14-17 09:52AM  American City Business Journals]
▶ Top Ranked Income Stocks to Buy for March 22nd   [Mar-22-17 11:23AM  Zacks]
▶ Ampco-Pittsburgh reports 4Q loss   [08:26AM  Associated Press]
▶ Ampco-Pittsburgh Corporation Announces Quarterly Dividend   [Mar-09-17 04:12PM  Business Wire]
▶ Ampco-Pittsburgh Fourth Quarter Results Conference Call   [Feb-28-17 04:29PM  Business Wire]
▶ How YuMe Inc (YUME) Stacks Up Against Its Peers   [Dec-12-16 11:17PM  at Insider Monkey]
▶ Ampco-Pittsburgh Corporation Announces Quarterly Dividend   [Dec-08-16 04:17PM  Business Wire]
▶ United States Steel shares soar following Trump election   [Nov-10-16 12:20PM  at bizjournals.com]
▶ Ampco-Pittsburgh Announces Acquisition of ASW Steel, Inc.   [Nov-01-16 04:12PM  Business Wire]
▶ Ampco-Pittsburgh Third Quarter Results Conference Call   [Oct-18-16 04:29PM  Business Wire]
▶ Why Ampco-Pittsburgh Declined 7% Friday (AP)   [Oct-10-16 11:26AM  at Investopedia]
▶ Ampco-Pittsburgh Corporation Announces Quarterly Dividend   [Sep-22-16 04:33PM  Business Wire]
▶ Ampco-Pittsburgh Second Quarter Results Conference Call   [Jul-19-16 04:22PM  Business Wire]
▶ Ampco-Pittsburgh Corporation Announces Quarterly Dividend   [Jul-06-16 04:21PM  Business Wire]
▶ Stocks to Watch: Antero, Wendy's, Global Blood Therapeutics, Mattress Firm   [Jun-10-16 09:33AM  at The Wall Street Journal]
▶ Ampco-Pittsburgh First Quarter Results Conference Call   [Apr-25-16 05:16PM  Business Wire]
▶ Ampco-Pittsburgh Announces 2015 Earnings   [06:12PM  Business Wire]
▶ Ampco-Pittsburgh Fourth Quarter Results Conference Call   [Feb-18-16 04:39PM  Business Wire]
▶ Ampco-Pittsburgh Corporation Announces Quarterly Dividend   [Dec-17  04:56PM  Business Wire]
Stock chart of AP Financial statements of AP Annual reports of AP
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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