Intrinsic value of Allegheny Technologies - ATI

Previous Close

$24.46

  Intrinsic Value

$1.66

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-61%

Previous close

$24.46

 
Intrinsic value

$1.66

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-61%

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

We calculate the intrinsic value of ATI 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 2.6

 

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, %
  -15.73
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  3,135
  3,401
  3,679
  3,967
  4,266
  4,578
  4,901
  5,238
  5,587
  5,951
  6,329
  6,722
  7,132
  7,560
  8,005
  8,469
  8,954
  9,459
  9,988
  10,539
  11,116
  11,719
  12,350
  13,010
  13,701
  14,424
  15,182
  15,975
  16,807
  17,678
  18,591
Variable operating expenses, $m
 
  1,984
  2,141
  2,304
  2,473
  2,648
  2,831
  3,021
  3,218
  3,423
  3,637
  3,795
  4,026
  4,268
  4,519
  4,781
  5,055
  5,340
  5,638
  5,950
  6,275
  6,616
  6,972
  7,345
  7,735
  8,143
  8,570
  9,018
  9,488
  9,979
  10,495
Fixed operating expenses, $m
 
  2,011
  2,061
  2,113
  2,166
  2,220
  2,275
  2,332
  2,391
  2,450
  2,512
  2,574
  2,639
  2,705
  2,772
  2,842
  2,913
  2,985
  3,060
  3,137
  3,215
  3,295
  3,378
  3,462
  3,549
  3,637
  3,728
  3,822
  3,917
  4,015
  4,115
Total operating expenses, $m
  3,747
  3,995
  4,202
  4,417
  4,639
  4,868
  5,106
  5,353
  5,609
  5,873
  6,149
  6,369
  6,665
  6,973
  7,291
  7,623
  7,968
  8,325
  8,698
  9,087
  9,490
  9,911
  10,350
  10,807
  11,284
  11,780
  12,298
  12,840
  13,405
  13,994
  14,610
Operating income, $m
  -612
  -594
  -524
  -450
  -372
  -290
  -205
  -116
  -22
  77
  180
  353
  467
  587
  714
  847
  987
  1,134
  1,289
  1,453
  1,626
  1,808
  2,001
  2,204
  2,418
  2,644
  2,883
  3,135
  3,402
  3,683
  3,980
EBITDA, $m
  -442
  -380
  -297
  -210
  -119
  -24
  75
  180
  289
  404
  524
  650
  782
  921
  1,067
  1,221
  1,382
  1,552
  1,730
  1,918
  2,117
  2,326
  2,546
  2,778
  3,023
  3,281
  3,553
  3,841
  4,144
  4,464
  4,801
Interest expense (income), $m
  127
  133
  156
  181
  207
  233
  261
  289
  319
  350
  382
  416
  451
  487
  525
  565
  606
  649
  694
  741
  790
  841
  894
  950
  1,009
  1,070
  1,134
  1,201
  1,272
  1,345
  1,423
Earnings before tax, $m
  -734
  -727
  -680
  -631
  -578
  -524
  -466
  -405
  -341
  -273
  -202
  -63
  16
  100
  188
  282
  381
  485
  596
  713
  836
  968
  1,106
  1,253
  1,409
  1,574
  1,749
  1,934
  2,130
  2,338
  2,558
Tax expense, $m
  -107
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  27
  51
  76
  103
  131
  161
  192
  226
  261
  299
  338
  380
  425
  472
  522
  575
  631
  691
Net income, $m
  -641
  -727
  -680
  -631
  -578
  -524
  -466
  -405
  -341
  -273
  -202
  -63
  12
  73
  138
  206
  278
  354
  435
  520
  611
  706
  808
  915
  1,029
  1,149
  1,277
  1,412
  1,555
  1,707
  1,867

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  5,170
  5,357
  5,793
  6,247
  6,719
  7,209
  7,719
  8,248
  8,799
  9,371
  9,967
  10,587
  11,232
  11,905
  12,606
  13,337
  14,100
  14,897
  15,728
  16,597
  17,506
  18,456
  19,449
  20,489
  21,577
  22,716
  23,908
  25,158
  26,467
  27,839
  29,277
Adjusted assets (=assets-cash), $m
  4,940
  5,357
  5,793
  6,247
  6,719
  7,209
  7,719
  8,248
  8,799
  9,371
  9,967
  10,587
  11,232
  11,905
  12,606
  13,337
  14,100
  14,897
  15,728
  16,597
  17,506
  18,456
  19,449
  20,489
  21,577
  22,716
  23,908
  25,158
  26,467
  27,839
  29,277
Revenue / Adjusted assets
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
  0.635
Average production assets, $m
  2,867
  3,109
  3,362
  3,626
  3,900
  4,184
  4,480
  4,787
  5,107
  5,439
  5,785
  6,144
  6,519
  6,909
  7,316
  7,741
  8,184
  8,646
  9,129
  9,633
  10,160
  10,711
  11,288
  11,891
  12,523
  13,184
  13,876
  14,601
  15,361
  16,157
  16,992
Working capital, $m
  1,058
  1,014
  1,096
  1,182
  1,271
  1,364
  1,461
  1,561
  1,665
  1,773
  1,886
  2,003
  2,125
  2,253
  2,385
  2,524
  2,668
  2,819
  2,976
  3,141
  3,313
  3,492
  3,680
  3,877
  4,083
  4,298
  4,524
  4,761
  5,008
  5,268
  5,540
Total debt, $m
  1,877
  2,085
  2,413
  2,754
  3,108
  3,476
  3,859
  4,256
  4,670
  5,100
  5,547
  6,013
  6,497
  7,003
  7,529
  8,078
  8,651
  9,249
  9,874
  10,527
  11,209
  11,922
  12,668
  13,449
  14,266
  15,121
  16,017
  16,956
  17,939
  18,969
  20,049
Total liabilities, $m
  3,815
  4,023
  4,351
  4,692
  5,046
  5,414
  5,797
  6,194
  6,608
  7,038
  7,485
  7,951
  8,435
  8,941
  9,467
  10,016
  10,589
  11,187
  11,812
  12,465
  13,147
  13,860
  14,606
  15,387
  16,204
  17,059
  17,955
  18,894
  19,877
  20,907
  21,987
Total equity, $m
  1,355
  1,334
  1,443
  1,556
  1,673
  1,795
  1,922
  2,054
  2,191
  2,333
  2,482
  2,636
  2,797
  2,964
  3,139
  3,321
  3,511
  3,709
  3,916
  4,133
  4,359
  4,595
  4,843
  5,102
  5,373
  5,656
  5,953
  6,264
  6,590
  6,932
  7,290
Total liabilities and equity, $m
  5,170
  5,357
  5,794
  6,248
  6,719
  7,209
  7,719
  8,248
  8,799
  9,371
  9,967
  10,587
  11,232
  11,905
  12,606
  13,337
  14,100
  14,896
  15,728
  16,598
  17,506
  18,455
  19,449
  20,489
  21,577
  22,715
  23,908
  25,158
  26,467
  27,839
  29,277
Debt-to-equity ratio
  1.385
  1.560
  1.670
  1.770
  1.860
  1.940
  2.010
  2.070
  2.130
  2.190
  2.240
  2.280
  2.320
  2.360
  2.400
  2.430
  2.460
  2.490
  2.520
  2.550
  2.570
  2.590
  2.620
  2.640
  2.660
  2.670
  2.690
  2.710
  2.720
  2.740
  2.750
Adjusted equity ratio
  0.228
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -641
  -727
  -680
  -631
  -578
  -524
  -466
  -405
  -341
  -273
  -202
  -63
  12
  73
  138
  206
  278
  354
  435
  520
  611
  706
  808
  915
  1,029
  1,149
  1,277
  1,412
  1,555
  1,707
  1,867
Depreciation, amort., depletion, $m
  170
  214
  227
  239
  253
  266
  281
  295
  311
  327
  344
  297
  315
  334
  353
  374
  395
  418
  441
  465
  491
  517
  545
  574
  605
  637
  670
  705
  742
  781
  821
Funds from operations, $m
  18
  -512
  -453
  -391
  -326
  -257
  -185
  -110
  -30
  54
  142
  234
  327
  407
  491
  580
  673
  772
  876
  986
  1,101
  1,224
  1,353
  1,489
  1,634
  1,786
  1,947
  2,117
  2,297
  2,487
  2,688
Change in working capital, $m
  62
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
  144
  151
  157
  164
  172
  180
  188
  197
  206
  216
  226
  236
  248
  260
  272
Cash from operations, $m
  -44
  -592
  -536
  -477
  -415
  -350
  -282
  -210
  -134
  -55
  29
  117
  205
  280
  358
  441
  529
  621
  718
  821
  930
  1,044
  1,165
  1,293
  1,428
  1,570
  1,721
  1,881
  2,049
  2,228
  2,416
Maintenance CAPEX, $m
  0
  -138
  -150
  -162
  -175
  -188
  -202
  -216
  -231
  -247
  -263
  -279
  -297
  -315
  -334
  -353
  -374
  -395
  -418
  -441
  -465
  -491
  -517
  -545
  -574
  -605
  -637
  -670
  -705
  -742
  -781
New CAPEX, $m
  -202
  -242
  -253
  -263
  -274
  -285
  -296
  -307
  -319
  -332
  -346
  -360
  -375
  -390
  -407
  -424
  -443
  -462
  -483
  -504
  -527
  -551
  -577
  -603
  -631
  -661
  -692
  -725
  -760
  -796
  -835
Cash from investing activities, $m
  -200
  -380
  -403
  -425
  -449
  -473
  -498
  -523
  -550
  -579
  -609
  -639
  -672
  -705
  -741
  -777
  -817
  -857
  -901
  -945
  -992
  -1,042
  -1,094
  -1,148
  -1,205
  -1,266
  -1,329
  -1,395
  -1,465
  -1,538
  -1,616
Free cash flow, $m
  -244
  -973
  -939
  -903
  -864
  -823
  -779
  -733
  -685
  -634
  -580
  -523
  -467
  -426
  -382
  -336
  -288
  -237
  -182
  -124
  -63
  2
  71
  144
  222
  304
  392
  485
  584
  689
  801
Issuance/(repayment) of debt, $m
  388
  313
  328
  341
  354
  368
  383
  398
  413
  430
  447
  466
  485
  505
  527
  549
  573
  598
  625
  653
  682
  713
  746
  781
  817
  855
  896
  938
  983
  1,030
  1,080
Issuance/(repurchase) of shares, $m
  0
  831
  789
  744
  696
  646
  593
  537
  478
  416
  350
  217
  149
  94
  37
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  350
  1,144
  1,117
  1,085
  1,050
  1,014
  976
  935
  891
  846
  797
  683
  634
  599
  564
  549
  573
  598
  625
  653
  682
  713
  746
  781
  817
  855
  896
  938
  983
  1,030
  1,080
Total cash flow (excl. dividends), $m
  106
  171
  177
  181
  186
  191
  196
  201
  206
  212
  218
  160
  167
  174
  181
  213
  285
  362
  443
  528
  619
  715
  817
  925
  1,039
  1,160
  1,288
  1,424
  1,567
  1,720
  1,881
Retained Cash Flow (-), $m
  728
  -831
  -789
  -744
  -696
  -646
  -593
  -537
  -478
  -416
  -350
  -217
  -161
  -167
  -175
  -182
  -190
  -198
  -207
  -216
  -226
  -236
  -247
  -259
  -271
  -284
  -297
  -311
  -326
  -342
  -358
Prev. year cash balance distribution, $m
 
  125
  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
 
  -535
  -612
  -562
  -510
  -455
  -397
  -336
  -271
  -204
  -132
  -57
  6
  6
  7
  31
  95
  163
  236
  312
  393
  479
  570
  666
  768
  876
  991
  1,112
  1,241
  1,378
  1,523
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  -487
  -502
  -412
  -330
  -258
  -194
  -140
  -96
  -60
  -32
  -11
  1
  1
  1
  2
  5
  6
  6
  5
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  74.2
  56.8
  44.9
  36.5
  30.4
  26.0
  22.7
  20.3
  18.5
  17.1
  16.4
  15.9
  15.7
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6
  15.6

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts. The FRP segment produces, converts and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys, in a range of product forms, including plate, sheet, engineered strip, and Precision Rolled Strip products.

FINANCIAL RATIOS  of  Allegheny Technologies (ATI)

Valuation Ratios
P/E Ratio -4.2
Price to Sales 0.8
Price to Book 2
Price to Tangible Book
Price to Cash Flow -60.6
Price to Free Cash Flow -10.8
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate -19.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 130.8%
Total Debt to Equity 138.5%
Interest Coverage -5
Management Effectiveness
Return On Assets -9.8%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital -18.8%
Ret/ On T. Cap. - 3 Yr. Avg. -9.6%
Return On Equity -37.3%
Return On Equity - 3 Yr. Avg. -17.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 5.2%
Gross Margin - 3 Yr. Avg. 5.2%
EBITDA Margin -13.9%
EBITDA Margin - 3 Yr. Avg. -3.9%
Operating Margin -19.5%
Oper. Margin - 3 Yr. Avg. -9%
Pre-Tax Margin -23.4%
Pre-Tax Margin - 3 Yr. Avg. -12.1%
Net Profit Margin -20.4%
Net Profit Margin - 3 Yr. Avg. -10.2%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. -120.7%
Payout Ratio -4.1%

ATI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATI stock intrinsic value calculation we used $3135 million for the last fiscal year's total revenue generated by Allegheny Technologies. The default revenue input number comes from 2016 income statement of Allegheny Technologies. 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 ATI stock valuation model: a) initial revenue growth rate of 8.5% 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 9.9%, whose default value for ATI is calculated based on our internal credit rating of Allegheny Technologies, 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 Allegheny Technologies.
    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 ATI stock the variable cost ratio is equal to 58.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1962 million in the base year in the intrinsic value calculation for ATI 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 7.5% for Allegheny Technologies.

Corporate tax rate of 27% is the nominal tax rate for Allegheny Technologies. 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 ATI 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 ATI are equal to 91.4%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Allegheny Technologies 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 ATI is equal to 29.8%. 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 - $1355 million for Allegheny Technologies - 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 107.317 million for Allegheny Technologies 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 Allegheny Technologies at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ ATI Comments on Third Quarter 2017 Financial Results   [Oct-12-17 07:30AM  Business Wire]
▶ Arnold Van Den Berg: Bullish on Oil and Gas   [Sep-25-17 06:20PM  GuruFocus.com]
▶ Allegheny Technologies Joins Elite Club Of Stocks With RS Ratings Over 90   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-24-17 07:00AM  Business Wire]
▶ 3 Hot Titanium Stocks to Buy In August   [Aug-18-17 09:08AM  Motley Fool]
▶ Have Analysts Turned Bullish on Arconic after Its 2Q17 Beat?   [Aug-11-17 07:37AM  Market Realist]
▶ Why This Niche Chemical Market Was Red-Hot in July   [Aug-03-17 02:16PM  Motley Fool]
▶ ATI Announces Investor Relations Leadership Transition   [Jul-28-17 09:00AM  Business Wire]
▶ What Arconic Management Has to Say about the Grenfell Tower   [Jul-26-17 10:41AM  Market Realist]
▶ Allegheny Technologies tops Street 2Q forecasts   [Jul-25-17 09:59PM  Associated Press]
▶ ATI Announces Second Quarter 2017 Results   [07:20AM  Business Wire]
▶ ATI, GE Aviation form joint venture   [Jul-14-17 11:40AM  American City Business Journals]
▶ 5 Best Titanium Stocks to Buy   [Jun-13-17 01:45PM  Motley Fool]
▶ How Analysts Are Rating AK Steel after 1Q17 Earnings   [May-15-17 09:06AM  Market Realist]
▶ Why U.S. Steel Might Have to Hope for a Trump Second Term   [May-01-17 10:36AM  Market Realist]
▶ 5 Material Stocks Ready To Jump On Earnings   [Apr-28-17 11:24AM  Benzinga]
▶ Allegheny Technologies beats Street 1Q forecasts   [07:46AM  Associated Press]
▶ ATI Announces First Quarter 2017 Results   [07:30AM  Business Wire]
▶ Can Arconic Improve Profit Margins in 1Q17?   [Apr-20-17 05:05PM  Market Realist]
▶ These 3 Stocks Are Undeniably Cheap   [Mar-06-17 12:51PM  Motley Fool]
▶ These 3 Stocks Are Undeniably Cheap   [12:51PM  at Motley Fool]
▶ Unusual Item In Allegheny Technologies' 10-K   [Mar-03-17 02:50PM  Forbes]
Financial statements of ATI
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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