Intrinsic value of Allegheny Technologies - ATI

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$18.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$18.35

 
Intrinsic value

$1.63

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of 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 2.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -15.73
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  3,135
  3,376
  3,627
  3,888
  4,159
  4,440
  4,733
  5,038
  5,355
  5,685
  6,029
  6,387
  6,760
  7,150
  7,556
  7,981
  8,424
  8,888
  9,372
  9,879
  10,408
  10,963
  11,544
  12,151
  12,788
  13,455
  14,154
  14,886
  15,654
  16,459
  17,303
Variable operating expenses, $m
 
  1,970
  2,112
  2,259
  2,412
  2,571
  2,736
  2,908
  3,087
  3,273
  3,467
  3,605
  3,816
  4,036
  4,266
  4,505
  4,756
  5,017
  5,291
  5,577
  5,876
  6,189
  6,517
  6,860
  7,219
  7,596
  7,990
  8,404
  8,837
  9,291
  9,768
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
  3,981
  4,173
  4,372
  4,578
  4,791
  5,011
  5,240
  5,478
  5,723
  5,979
  6,179
  6,455
  6,741
  7,038
  7,347
  7,669
  8,002
  8,351
  8,714
  9,091
  9,484
  9,895
  10,322
  10,768
  11,233
  11,718
  12,226
  12,754
  13,306
  13,883
Operating income, $m
  -612
  -605
  -546
  -484
  -419
  -350
  -278
  -203
  -123
  -39
  50
  207
  305
  409
  518
  634
  756
  885
  1,021
  1,165
  1,318
  1,479
  1,649
  1,830
  2,020
  2,222
  2,435
  2,661
  2,900
  3,152
  3,420
EBITDA, $m
  -442
  -392
  -322
  -248
  -171
  -90
  -5
  84
  178
  276
  380
  489
  604
  725
  852
  986
  1,128
  1,277
  1,435
  1,602
  1,777
  1,963
  2,159
  2,366
  2,585
  2,816
  3,060
  3,318
  3,591
  3,879
  4,183
Interest expense (income), $m
  127
  133
  154
  176
  200
  224
  249
  274
  302
  330
  359
  389
  421
  454
  489
  525
  563
  602
  643
  686
  731
  778
  827
  879
  932
  989
  1,048
  1,110
  1,175
  1,243
  1,315
Earnings before tax, $m
  -734
  -738
  -700
  -660
  -618
  -574
  -527
  -477
  -424
  -368
  -309
  -182
  -116
  -45
  30
  109
  193
  283
  378
  479
  587
  701
  822
  951
  1,088
  1,233
  1,387
  1,551
  1,725
  1,909
  2,105
Tax expense, $m
  -107
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  29
  52
  76
  102
  129
  158
  189
  222
  257
  294
  333
  375
  419
  466
  515
  568
Net income, $m
  -641
  -738
  -700
  -660
  -618
  -574
  -527
  -477
  -424
  -368
  -309
  -182
  -116
  -45
  22
  80
  141
  207
  276
  350
  428
  512
  600
  694
  794
  900
  1,013
  1,132
  1,259
  1,394
  1,537

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
  5,317
  5,712
  6,123
  6,549
  6,993
  7,454
  7,934
  8,433
  8,952
  9,494
  10,058
  10,646
  11,259
  11,900
  12,568
  13,266
  13,996
  14,759
  15,557
  16,391
  17,265
  18,179
  19,136
  20,139
  21,189
  22,290
  23,443
  24,652
  25,919
  27,248
Adjusted assets (=assets-cash), $m
  4,940
  5,317
  5,712
  6,123
  6,549
  6,993
  7,454
  7,934
  8,433
  8,952
  9,494
  10,058
  10,646
  11,259
  11,900
  12,568
  13,266
  13,996
  14,759
  15,557
  16,391
  17,265
  18,179
  19,136
  20,139
  21,189
  22,290
  23,443
  24,652
  25,919
  27,248
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
  3,086
  3,315
  3,554
  3,801
  4,059
  4,326
  4,605
  4,894
  5,196
  5,510
  5,837
  6,179
  6,535
  6,906
  7,294
  7,700
  8,123
  8,566
  9,029
  9,513
  10,020
  10,551
  11,106
  11,688
  12,298
  12,937
  13,606
  14,308
  15,043
  15,815
Working capital, $m
  1,058
  1,006
  1,081
  1,159
  1,239
  1,323
  1,411
  1,501
  1,596
  1,694
  1,797
  1,903
  2,015
  2,131
  2,252
  2,378
  2,510
  2,648
  2,793
  2,944
  3,102
  3,267
  3,440
  3,621
  3,811
  4,010
  4,218
  4,436
  4,665
  4,905
  5,156
Total debt, $m
  1,877
  2,055
  2,352
  2,660
  2,981
  3,314
  3,660
  4,020
  4,395
  4,785
  5,192
  5,615
  6,057
  6,518
  6,999
  7,501
  8,025
  8,573
  9,146
  9,745
  10,372
  11,028
  11,714
  12,433
  13,186
  13,975
  14,801
  15,668
  16,576
  17,527
  18,525
Total liabilities, $m
  3,815
  3,993
  4,290
  4,598
  4,919
  5,252
  5,598
  5,958
  6,333
  6,723
  7,130
  7,553
  7,995
  8,456
  8,937
  9,439
  9,963
  10,511
  11,084
  11,683
  12,310
  12,966
  13,652
  14,371
  15,124
  15,913
  16,739
  17,606
  18,514
  19,465
  20,463
Total equity, $m
  1,355
  1,324
  1,422
  1,525
  1,631
  1,741
  1,856
  1,975
  2,100
  2,229
  2,364
  2,504
  2,651
  2,804
  2,963
  3,129
  3,303
  3,485
  3,675
  3,874
  4,081
  4,299
  4,527
  4,765
  5,015
  5,276
  5,550
  5,837
  6,138
  6,454
  6,785
Total liabilities and equity, $m
  5,170
  5,317
  5,712
  6,123
  6,550
  6,993
  7,454
  7,933
  8,433
  8,952
  9,494
  10,057
  10,646
  11,260
  11,900
  12,568
  13,266
  13,996
  14,759
  15,557
  16,391
  17,265
  18,179
  19,136
  20,139
  21,189
  22,289
  23,443
  24,652
  25,919
  27,248
Debt-to-equity ratio
  1.385
  1.550
  1.650
  1.740
  1.830
  1.900
  1.970
  2.040
  2.090
  2.150
  2.200
  2.240
  2.280
  2.320
  2.360
  2.400
  2.430
  2.460
  2.490
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.650
  2.670
  2.680
  2.700
  2.720
  2.730
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
  -738
  -700
  -660
  -618
  -574
  -527
  -477
  -424
  -368
  -309
  -182
  -116
  -45
  22
  80
  141
  207
  276
  350
  428
  512
  600
  694
  794
  900
  1,013
  1,132
  1,259
  1,394
  1,537
Depreciation, amort., depletion, $m
  170
  213
  224
  236
  248
  260
  273
  287
  301
  315
  330
  282
  298
  316
  334
  352
  372
  392
  414
  436
  460
  484
  510
  537
  565
  594
  625
  657
  691
  727
  764
Funds from operations, $m
  18
  -525
  -476
  -424
  -370
  -314
  -254
  -190
  -124
  -53
  21
  100
  183
  270
  355
  432
  513
  599
  690
  786
  888
  996
  1,110
  1,231
  1,359
  1,494
  1,638
  1,789
  1,950
  2,120
  2,301
Change in working capital, $m
  62
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  107
  111
  116
  121
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  251
Cash from operations, $m
  -44
  -816
  -550
  -502
  -451
  -397
  -341
  -281
  -218
  -152
  -81
  -7
  71
  154
  234
  305
  381
  461
  546
  635
  730
  830
  937
  1,050
  1,169
  1,295
  1,429
  1,571
  1,722
  1,881
  2,049
Maintenance CAPEX, $m
  0
  -138
  -149
  -160
  -172
  -184
  -196
  -209
  -222
  -236
  -251
  -266
  -282
  -298
  -316
  -334
  -352
  -372
  -392
  -414
  -436
  -460
  -484
  -510
  -537
  -565
  -594
  -625
  -657
  -691
  -727
New CAPEX, $m
  -202
  -220
  -229
  -238
  -248
  -257
  -268
  -278
  -290
  -302
  -314
  -327
  -341
  -356
  -372
  -388
  -405
  -424
  -443
  -463
  -484
  -507
  -531
  -556
  -582
  -610
  -639
  -669
  -702
  -736
  -771
Cash from investing activities, $m
  -200
  -358
  -378
  -398
  -420
  -441
  -464
  -487
  -512
  -538
  -565
  -593
  -623
  -654
  -688
  -722
  -757
  -796
  -835
  -877
  -920
  -967
  -1,015
  -1,066
  -1,119
  -1,175
  -1,233
  -1,294
  -1,359
  -1,427
  -1,498
Free cash flow, $m
  -244
  -1,174
  -929
  -901
  -870
  -839
  -805
  -769
  -730
  -690
  -647
  -601
  -552
  -500
  -453
  -416
  -377
  -335
  -290
  -242
  -191
  -136
  -78
  -16
  51
  121
  197
  277
  363
  454
  551
Issuance/(repayment) of debt, $m
  388
  283
  297
  308
  320
  333
  346
  360
  375
  390
  406
  424
  442
  461
  481
  502
  524
  548
  573
  599
  627
  656
  687
  719
  753
  789
  826
  866
  908
  952
  998
Issuance/(repurchase) of shares, $m
  0
  860
  731
  694
  656
  616
  573
  528
  480
  429
  375
  318
  257
  192
  132
  81
  26
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  350
  1,143
  1,028
  1,002
  976
  949
  919
  888
  855
  819
  781
  742
  699
  653
  613
  583
  550
  548
  573
  599
  627
  656
  687
  719
  753
  789
  826
  866
  908
  952
  998
Total cash flow (excl. dividends), $m
  106
  -891
  -632
  -592
  -550
  -505
  -458
  -408
  -355
  -299
  -240
  -177
  -110
  -40
  28
  86
  148
  213
  283
  357
  436
  520
  609
  703
  803
  910
  1,023
  1,143
  1,270
  1,406
  1,549
Retained Cash Flow (-), $m
  728
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -140
  -146
  -153
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -217
  -228
  -238
  -250
  -262
  -274
  -287
  -301
  -316
  -331
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  32
  93
  159
  228
  302
  381
  465
  554
  648
  749
  856
  969
  1,090
  1,218
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  67.9
  49.4
  37.2
  28.8
  22.9
  18.7
  15.7
  13.5
  11.9
  10.7
  9.8
  9.1
  8.7
  8.4
  8.3
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2
  8.2

Allegheny Technologies Incorporated produces and sells specialty materials and components worldwide. The company operates through two segments, High Performance Materials & Components; and Flat-Rolled Products. The High Performance Materials & Components segment provides various high performance materials, including titanium and titanium-based alloys; nickel-and cobalt-based alloys and superalloys; zirconium and related alloys, such as hafnium and niobium, advanced powder alloys, and other specialty materials, in long product forms of ingots, billets, bars, rods, wires, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components, and machined parts. This segment serves aerospace and defense, oil and gas/chemical, hydrocarbon processing, electrical energy, and medical markets. The Flat-Rolled Products segment produces, converts, and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys in various forms, including plate, sheet, engineered strip, and Precision Rolled Strip products, as well as grain-oriented electrical steel. This segment serves oil and gas/chemical and hydrocarbon processing industry, electrical energy, automotive, food processing equipment and appliances, construction and mining, electronics, communication equipment and computers, and aerospace and defense markets. Allegheny Technologies Incorporated was founded in 1960 and is based in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  Allegheny Technologies (ATI)

Valuation Ratios
P/E Ratio -3.1
Price to Sales 0.6
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -45.4
Price to Free Cash Flow -8.1
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 7.7% 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 109.131 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 $2.0 billion.


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COMPANY NEWS

▶ 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]
▶ 4 momentum stocks that are breaking out   [Jan-26-17 02:11PM  at MarketWatch]
▶ Should You Avoid TopBuild Corp (BLD)?   [04:59AM  at Insider Monkey]
▶ ATI Receives Consensus Buy Rating (ATI)   [Nov-09-16 01:22PM  at Investopedia]
▶ Will ATI's Per-Share Price Decline in 2017? (ATI)   [Nov-08-16 02:23PM  at Investopedia]
▶ Are Investors Worried About Allegheny? (ATI)   [Nov-07-16 05:05PM  at Investopedia]
▶ Allegheny Suffers Net Loss in 3Q16 (ATI)   [Oct-28-16 01:55PM  at Investopedia]
▶ ATI Announces Third Quarter 2016 Results   [07:15AM  Business Wire]
Stock chart of ATI 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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