Intrinsic value of Ampco-Pittsburgh - AP

Previous Close

$13.05

  Intrinsic Value

$14.67

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  Rating & Target

hold

+12%

Previous close

$13.05

 
Intrinsic value

$14.67

 
Up/down potential

+12%

 
Rating

hold

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 0.2

 

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
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  332
  396
  468
  546
  630
  721
  818
  922
  1,032
  1,147
  1,269
  1,396
  1,528
  1,667
  1,811
  1,962
  2,118
  2,280
  2,449
  2,625
  2,807
  2,996
  3,193
  3,398
  3,612
  3,834
  4,065
  4,306
  4,557
  4,820
  5,093
Variable operating expenses, $m
 
  388
  458
  534
  617
  706
  801
  903
  1,010
  1,123
  1,242
  1,366
  1,496
  1,632
  1,773
  1,920
  2,073
  2,232
  2,398
  2,569
  2,748
  2,933
  3,126
  3,327
  3,536
  3,753
  3,980
  4,216
  4,462
  4,718
  4,986
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
  388
  458
  534
  617
  706
  801
  903
  1,010
  1,123
  1,242
  1,366
  1,496
  1,632
  1,773
  1,920
  2,073
  2,232
  2,398
  2,569
  2,748
  2,933
  3,126
  3,327
  3,536
  3,753
  3,980
  4,216
  4,462
  4,718
  4,986
Operating income, $m
  -55
  8
  10
  11
  13
  15
  17
  19
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  81
  85
  90
  96
  101
  107
EBITDA, $m
  -35
  32
  38
  44
  51
  59
  67
  75
  84
  93
  103
  114
  124
  136
  148
  160
  172
  186
  199
  214
  229
  244
  260
  277
  294
  312
  331
  351
  371
  392
  415
Interest expense (income), $m
  1
  1
  4
  6
  10
  13
  17
  21
  25
  30
  34
  39
  45
  50
  56
  62
  68
  74
  81
  88
  95
  103
  111
  119
  127
  136
  145
  155
  165
  175
  186
Earnings before tax, $m
  -58
  7
  6
  5
  4
  2
  0
  -2
  -4
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -44
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -79
Tax expense, $m
  22
  2
  2
  1
  1
  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
Net income, $m
  -80
  5
  5
  4
  3
  1
  0
  -2
  -4
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -44
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -79

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
  629
  742
  866
  1,000
  1,145
  1,299
  1,464
  1,638
  1,821
  2,014
  2,215
  2,426
  2,646
  2,875
  3,114
  3,362
  3,620
  3,888
  4,166
  4,455
  4,756
  5,069
  5,394
  5,733
  6,085
  6,452
  6,835
  7,234
  7,650
  8,084
Adjusted assets (=assets-cash), $m
  527
  629
  742
  866
  1,000
  1,145
  1,299
  1,464
  1,638
  1,821
  2,014
  2,215
  2,426
  2,646
  2,875
  3,114
  3,362
  3,620
  3,888
  4,166
  4,455
  4,756
  5,069
  5,394
  5,733
  6,085
  6,452
  6,835
  7,234
  7,650
  8,084
Revenue / Adjusted assets
  0.630
  0.630
  0.631
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Average production assets, $m
  187
  223
  263
  307
  354
  405
  460
  518
  580
  645
  713
  784
  859
  937
  1,018
  1,102
  1,190
  1,282
  1,376
  1,475
  1,577
  1,684
  1,795
  1,910
  2,030
  2,154
  2,284
  2,420
  2,561
  2,709
  2,862
Working capital, $m
  77
  78
  92
  107
  123
  141
  160
  181
  202
  225
  249
  274
  300
  327
  355
  384
  415
  447
  480
  514
  550
  587
  626
  666
  708
  751
  797
  844
  893
  945
  998
Total debt, $m
  52
  101
  185
  277
  376
  483
  598
  720
  849
  985
  1,128
  1,278
  1,434
  1,597
  1,767
  1,944
  2,128
  2,320
  2,519
  2,725
  2,940
  3,163
  3,395
  3,636
  3,888
  4,149
  4,422
  4,705
  5,002
  5,310
  5,633
Total liabilities, $m
  418
  467
  551
  643
  742
  849
  964
  1,086
  1,215
  1,351
  1,494
  1,644
  1,800
  1,963
  2,133
  2,310
  2,494
  2,686
  2,885
  3,091
  3,306
  3,529
  3,761
  4,002
  4,254
  4,515
  4,788
  5,071
  5,368
  5,676
  5,999
Total equity, $m
  148
  162
  191
  223
  258
  295
  335
  378
  422
  470
  519
  572
  626
  683
  742
  803
  867
  934
  1,003
  1,075
  1,149
  1,227
  1,308
  1,392
  1,479
  1,570
  1,665
  1,763
  1,866
  1,974
  2,086
Total liabilities and equity, $m
  566
  629
  742
  866
  1,000
  1,144
  1,299
  1,464
  1,637
  1,821
  2,013
  2,216
  2,426
  2,646
  2,875
  3,113
  3,361
  3,620
  3,888
  4,166
  4,455
  4,756
  5,069
  5,394
  5,733
  6,085
  6,453
  6,834
  7,234
  7,650
  8,085
Debt-to-equity ratio
  0.351
  0.620
  0.960
  1.240
  1.460
  1.640
  1.780
  1.910
  2.010
  2.100
  2.170
  2.240
  2.290
  2.340
  2.380
  2.420
  2.450
  2.480
  2.510
  2.540
  2.560
  2.580
  2.600
  2.610
  2.630
  2.640
  2.660
  2.670
  2.680
  2.690
  2.700
Adjusted equity ratio
  0.207
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258
  0.258

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -80
  5
  5
  4
  3
  1
  0
  -2
  -4
  -6
  -8
  -10
  -13
  -15
  -18
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -44
  -47
  -51
  -56
  -60
  -64
  -69
  -74
  -79
Depreciation, amort., depletion, $m
  20
  24
  28
  33
  38
  44
  49
  56
  62
  69
  77
  84
  92
  101
  109
  119
  128
  138
  148
  159
  170
  181
  193
  205
  218
  232
  246
  260
  275
  291
  308
Funds from operations, $m
  -8
  29
  33
  37
  41
  45
  50
  54
  59
  64
  69
  74
  80
  86
  92
  98
  104
  111
  118
  126
  133
  141
  149
  158
  167
  176
  186
  196
  206
  217
  229
Change in working capital, $m
  -2
  13
  14
  15
  17
  18
  19
  20
  21
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  54
Cash from operations, $m
  -6
  17
  19
  21
  24
  27
  31
  34
  37
  41
  45
  49
  54
  58
  63
  68
  74
  79
  85
  91
  97
  104
  111
  118
  125
  133
  140
  149
  157
  166
  175
Maintenance CAPEX, $m
  0
  -20
  -24
  -28
  -33
  -38
  -44
  -49
  -56
  -62
  -69
  -77
  -84
  -92
  -101
  -109
  -119
  -128
  -138
  -148
  -159
  -170
  -181
  -193
  -205
  -218
  -232
  -246
  -260
  -275
  -291
New CAPEX, $m
  -11
  -36
  -40
  -44
  -48
  -51
  -55
  -58
  -62
  -65
  -68
  -71
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
Cash from investing activities, $m
  -41
  -56
  -64
  -72
  -81
  -89
  -99
  -107
  -118
  -127
  -137
  -148
  -159
  -170
  -182
  -193
  -207
  -219
  -233
  -247
  -261
  -276
  -292
  -308
  -325
  -343
  -362
  -381
  -401
  -422
  -445
Free cash flow, $m
  -47
  -40
  -45
  -51
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -119
  -125
  -133
  -140
  -147
  -155
  -164
  -172
  -181
  -190
  -200
  -210
  -221
  -232
  -244
  -257
  -270
Issuance/(repayment) of debt, $m
  -2
  76
  84
  92
  100
  107
  115
  122
  129
  136
  143
  150
  156
  163
  170
  177
  184
  191
  199
  207
  215
  223
  232
  241
  251
  262
  272
  284
  296
  309
  322
Issuance/(repurchase) of shares, $m
  0
  21
  25
  28
  32
  36
  40
  44
  48
  53
  58
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  118
  124
  131
  139
  146
  155
  163
  172
  181
  191
Cash from financing (excl. dividends), $m  
  -4
  97
  109
  120
  132
  143
  155
  166
  177
  189
  201
  212
  223
  235
  247
  259
  272
  284
  298
  312
  326
  341
  356
  372
  390
  408
  427
  447
  468
  490
  513
Total cash flow (excl. dividends), $m
  -52
  57
  63
  69
  75
  81
  87
  92
  98
  103
  108
  113
  118
  123
  128
  134
  139
  145
  150
  156
  162
  169
  175
  182
  190
  198
  206
  214
  224
  233
  243
Retained Cash Flow (-), $m
  63
  -26
  -29
  -32
  -35
  -37
  -40
  -44
  -48
  -53
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -139
  -146
  -155
  -163
  -172
  -181
  -191
Prev. year cash balance distribution, $m
 
  12
  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
 
  43
  34
  37
  41
  44
  47
  48
  49
  50
  50
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  51
  52
  52
  53
Discount rate, %
 
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
 
  40
  30
  31
  31
  30
  29
  27
  25
  22
  20
  17
  15
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  87.6
  77.0
  67.8
  59.9
  53.1
  47.3
  42.2
  37.8
  33.9
  30.5
  27.4
  24.8
  22.4
  20.3
  18.4
  16.8
  15.3
  13.9
  12.7
  11.6
  10.6
  9.7
  8.9
  8.1
  7.5
  6.8
  6.3
  5.8
  5.3
  4.9

Ampco-Pittsburgh Corporation is engaged in manufacturing and selling specialty metal products and customized equipment utilized by industry throughout the world. The Company operates through two segments: the Forged and Cast Engineered Products segment, and the Air and Liquid Processing segment. The Forged and Cast Engineered Products segment consists of Union Electric Steel Corporation (Union Electric Steel or UES) and Union Electric Steel UK Limited (UES-UK). The Air and Liquid Processing segment includes Aerofin, Buffalo Air Handling and Buffalo Pumps, all divisions of Air & Liquid Systems Corporation (Air and Liquid), a subsidiary of the Company. Union Electric Steel produces ingot and forged products that service a range of industries across the globe. UES-UK produces cast rolls for hot and cold strip mills, medium/heavy section mills and plate mills in a range of iron and steel qualities.

FINANCIAL RATIOS  of  Ampco-Pittsburgh (AP)

Valuation Ratios
P/E Ratio -2
Price to Sales 0.5
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -26.7
Price to Free Cash Flow -9.4
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 $332 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 19.4% 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 6.3%, 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 97.9%.

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 56.2%.

Life of production assets of 9.3 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 19.6%. 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 - $148 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 12.361 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 $0.2 billion.

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COMPANY NEWS

▶ Ampco-Pittsburgh reports 3Q loss   [08:41AM  Associated Press]
▶ Ampco-Pittsburgh Third Quarter Results Conference Call   [Oct-20-17 08:20AM  Business Wire]
▶ Ampco-Pittsburgh Announces Customer Contract Win   [Oct-05-17 04:22PM  Business Wire]
▶ Ampco-Pittsburgh reports 2Q loss   [Aug-08-17 10:23PM  Associated Press]
▶ Ampco-Pittsburgh Second Quarter Results Conference Call   [Jul-24-17 04:23PM  Business Wire]
▶ 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]
Financial statements 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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