Intrinsic value of American Axle&Manufacturing Holdings - AXL

Previous Close

$13.99

  Intrinsic Value

$144.19

stock screener

  Rating & Target

str. buy

+931%

  Value-price divergence*

+219%

Previous close

$13.99

 
Intrinsic value

$144.19

 
Up/down potential

+931%

 
Rating

str. buy

 
Value-price divergence*

+219%

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

We calculate the intrinsic value of AXL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.1

 

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, %
  1.15
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  3,948
  4,280
  4,625
  4,983
  5,356
  5,743
  6,146
  6,564
  6,999
  7,451
  7,922
  8,412
  8,922
  9,454
  10,008
  10,587
  11,190
  11,820
  12,478
  13,166
  13,885
  14,636
  15,422
  16,245
  17,106
  18,008
  18,952
  19,942
  20,978
  22,064
  23,203
Variable operating expenses, $m
 
  1,997
  2,157
  2,323
  2,496
  2,675
  2,861
  3,055
  3,257
  3,466
  3,684
  3,896
  4,132
  4,378
  4,635
  4,903
  5,182
  5,474
  5,779
  6,097
  6,430
  6,778
  7,142
  7,523
  7,922
  8,340
  8,777
  9,235
  9,715
  10,218
  10,745
Fixed operating expenses, $m
 
  1,812
  1,858
  1,904
  1,952
  2,000
  2,050
  2,102
  2,154
  2,208
  2,263
  2,320
  2,378
  2,437
  2,498
  2,561
  2,625
  2,690
  2,757
  2,826
  2,897
  2,970
  3,044
  3,120
  3,198
  3,278
  3,360
  3,444
  3,530
  3,618
  3,708
Total operating expenses, $m
  3,567
  3,809
  4,015
  4,227
  4,448
  4,675
  4,911
  5,157
  5,411
  5,674
  5,947
  6,216
  6,510
  6,815
  7,133
  7,464
  7,807
  8,164
  8,536
  8,923
  9,327
  9,748
  10,186
  10,643
  11,120
  11,618
  12,137
  12,679
  13,245
  13,836
  14,453
Operating income, $m
  381
  470
  610
  756
  909
  1,068
  1,234
  1,407
  1,588
  1,777
  1,975
  2,197
  2,413
  2,639
  2,875
  3,123
  3,383
  3,656
  3,942
  4,242
  4,558
  4,889
  5,237
  5,602
  5,987
  6,391
  6,816
  7,263
  7,733
  8,228
  8,749
EBITDA, $m
  583
  602
  751
  907
  1,069
  1,239
  1,416
  1,600
  1,793
  1,994
  2,205
  2,425
  2,654
  2,895
  3,147
  3,410
  3,687
  3,976
  4,280
  4,599
  4,934
  5,285
  5,655
  6,042
  6,450
  6,879
  7,329
  7,803
  8,302
  8,826
  9,378
Interest expense (income), $m
  87
  88
  104
  120
  136
  154
  172
  191
  210
  230
  251
  273
  296
  320
  344
  370
  397
  425
  454
  485
  517
  551
  585
  622
  660
  700
  742
  786
  832
  881
  931
Earnings before tax, $m
  299
  382
  506
  636
  772
  914
  1,062
  1,217
  1,378
  1,547
  1,723
  1,923
  2,117
  2,319
  2,531
  2,753
  2,986
  3,231
  3,488
  3,757
  4,040
  4,338
  4,651
  4,980
  5,326
  5,690
  6,074
  6,477
  6,901
  7,348
  7,818
Tax expense, $m
  58
  103
  137
  172
  208
  247
  287
  328
  372
  418
  465
  519
  571
  626
  683
  743
  806
  872
  942
  1,014
  1,091
  1,171
  1,256
  1,345
  1,438
  1,536
  1,640
  1,749
  1,863
  1,984
  2,111
Net income, $m
  241
  279
  370
  465
  564
  667
  775
  888
  1,006
  1,129
  1,258
  1,404
  1,545
  1,693
  1,848
  2,010
  2,180
  2,359
  2,546
  2,743
  2,950
  3,167
  3,395
  3,636
  3,888
  4,154
  4,434
  4,728
  5,038
  5,364
  5,707

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  481
  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
  3,448
  3,543
  3,828
  4,125
  4,434
  4,754
  5,087
  5,434
  5,794
  6,168
  6,558
  6,963
  7,386
  7,826
  8,285
  8,764
  9,263
  9,785
  10,330
  10,899
  11,494
  12,116
  12,767
  13,448
  14,161
  14,907
  15,689
  16,508
  17,366
  18,265
  19,208
Adjusted assets (=assets-cash), $m
  2,967
  3,543
  3,828
  4,125
  4,434
  4,754
  5,087
  5,434
  5,794
  6,168
  6,558
  6,963
  7,386
  7,826
  8,285
  8,764
  9,263
  9,785
  10,330
  10,899
  11,494
  12,116
  12,767
  13,448
  14,161
  14,907
  15,689
  16,508
  17,366
  18,265
  19,208
Revenue / Adjusted assets
  1.331
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
  1.208
Average production assets, $m
  1,070
  1,160
  1,253
  1,350
  1,451
  1,556
  1,665
  1,779
  1,897
  2,019
  2,147
  2,280
  2,418
  2,562
  2,712
  2,869
  3,033
  3,203
  3,382
  3,568
  3,763
  3,966
  4,179
  4,402
  4,636
  4,880
  5,136
  5,404
  5,685
  5,979
  6,288
Working capital, $m
  685
  223
  240
  259
  279
  299
  320
  341
  364
  387
  412
  437
  464
  492
  520
  551
  582
  615
  649
  685
  722
  761
  802
  845
  890
  936
  986
  1,037
  1,091
  1,147
  1,207
Total debt, $m
  1,404
  1,646
  1,901
  2,166
  2,441
  2,727
  3,024
  3,333
  3,654
  3,988
  4,336
  4,697
  5,074
  5,467
  5,876
  6,303
  6,749
  7,214
  7,700
  8,208
  8,738
  9,294
  9,874
  10,482
  11,118
  11,783
  12,481
  13,211
  13,977
  14,779
  15,619
Total liabilities, $m
  2,918
  3,160
  3,415
  3,680
  3,955
  4,241
  4,538
  4,847
  5,168
  5,502
  5,850
  6,211
  6,588
  6,981
  7,390
  7,817
  8,263
  8,728
  9,214
  9,722
  10,252
  10,808
  11,388
  11,996
  12,632
  13,297
  13,995
  14,725
  15,491
  16,293
  17,133
Total equity, $m
  530
  383
  413
  446
  479
  513
  549
  587
  626
  666
  708
  752
  798
  845
  895
  946
  1,000
  1,057
  1,116
  1,177
  1,241
  1,309
  1,379
  1,452
  1,529
  1,610
  1,694
  1,783
  1,876
  1,973
  2,074
Total liabilities and equity, $m
  3,448
  3,543
  3,828
  4,126
  4,434
  4,754
  5,087
  5,434
  5,794
  6,168
  6,558
  6,963
  7,386
  7,826
  8,285
  8,763
  9,263
  9,785
  10,330
  10,899
  11,493
  12,117
  12,767
  13,448
  14,161
  14,907
  15,689
  16,508
  17,367
  18,266
  19,207
Debt-to-equity ratio
  2.649
  4.300
  4.600
  4.860
  5.100
  5.310
  5.500
  5.680
  5.840
  5.990
  6.120
  6.250
  6.360
  6.470
  6.570
  6.660
  6.750
  6.830
  6.900
  6.970
  7.040
  7.100
  7.160
  7.220
  7.270
  7.320
  7.370
  7.410
  7.450
  7.490
  7.530
Adjusted equity ratio
  0.017
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  241
  279
  370
  465
  564
  667
  775
  888
  1,006
  1,129
  1,258
  1,404
  1,545
  1,693
  1,848
  2,010
  2,180
  2,359
  2,546
  2,743
  2,950
  3,167
  3,395
  3,636
  3,888
  4,154
  4,434
  4,728
  5,038
  5,364
  5,707
Depreciation, amort., depletion, $m
  202
  131
  141
  150
  161
  171
  182
  193
  205
  217
  230
  228
  242
  256
  271
  287
  303
  320
  338
  357
  376
  397
  418
  440
  464
  488
  514
  540
  569
  598
  629
Funds from operations, $m
  324
  410
  510
  615
  724
  838
  957
  1,081
  1,211
  1,347
  1,488
  1,632
  1,787
  1,949
  2,119
  2,297
  2,483
  2,679
  2,884
  3,100
  3,326
  3,563
  3,813
  4,076
  4,352
  4,642
  4,947
  5,268
  5,606
  5,962
  6,336
Change in working capital, $m
  -84
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
Cash from operations, $m
  408
  393
  492
  596
  705
  818
  936
  1,060
  1,189
  1,323
  1,464
  1,607
  1,760
  1,921
  2,090
  2,267
  2,452
  2,646
  2,850
  3,064
  3,288
  3,524
  3,772
  4,033
  4,307
  4,595
  4,898
  5,217
  5,552
  5,905
  6,277
Maintenance CAPEX, $m
  0
  -107
  -116
  -125
  -135
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -228
  -242
  -256
  -271
  -287
  -303
  -320
  -338
  -357
  -376
  -397
  -418
  -440
  -464
  -488
  -514
  -540
  -569
  -598
New CAPEX, $m
  -228
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -178
  -186
  -195
  -204
  -213
  -223
  -233
  -244
  -256
  -268
  -281
  -294
  -309
Cash from investing activities, $m
  -228
  -197
  -209
  -222
  -236
  -250
  -265
  -280
  -296
  -313
  -330
  -348
  -366
  -386
  -406
  -428
  -451
  -474
  -498
  -524
  -552
  -580
  -610
  -641
  -673
  -708
  -744
  -782
  -821
  -863
  -907
Free cash flow, $m
  180
  196
  283
  374
  469
  568
  672
  780
  893
  1,011
  1,134
  1,259
  1,394
  1,536
  1,684
  1,839
  2,001
  2,172
  2,351
  2,539
  2,737
  2,944
  3,163
  3,392
  3,633
  3,887
  4,154
  4,435
  4,731
  5,043
  5,370
Issuance/(repayment) of debt, $m
  23
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  362
  377
  393
  409
  427
  446
  465
  486
  508
  531
  555
  581
  608
  636
  666
  697
  730
  765
  802
  841
Issuance/(repurchase) of shares, $m
  -5
  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 from financing (excl. dividends), $m  
  18
  245
  255
  265
  275
  286
  297
  309
  321
  334
  348
  362
  377
  393
  409
  427
  446
  465
  486
  508
  531
  555
  581
  608
  636
  666
  697
  730
  765
  802
  841
Total cash flow (excl. dividends), $m
  199
  441
  538
  639
  744
  854
  969
  1,089
  1,214
  1,345
  1,482
  1,621
  1,771
  1,928
  2,093
  2,266
  2,447
  2,637
  2,837
  3,047
  3,268
  3,499
  3,743
  4,000
  4,269
  4,553
  4,852
  5,166
  5,496
  5,845
  6,211
Retained Cash Flow (-), $m
  -228
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
Prev. year cash balance distribution, $m
 
  176
  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
 
  589
  507
  607
  711
  819
  933
  1,051
  1,175
  1,304
  1,440
  1,577
  1,725
  1,881
  2,043
  2,214
  2,393
  2,581
  2,778
  2,986
  3,203
  3,432
  3,673
  3,926
  4,192
  4,472
  4,767
  5,077
  5,404
  5,748
  6,109
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  557
  452
  507
  553
  589
  616
  633
  641
  638
  626
  604
  576
  541
  501
  457
  411
  363
  316
  270
  227
  187
  151
  120
  93
  70
  52
  38
  27
  18
  12
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

American Axle & Manufacturing Holdings, Inc., together with its subsidiaries, designs, engineers, validates, and manufactures driveline and drivetrain systems, and related components and chassis modules for the automotive industry in the United States, Canada, Mexico, South America, Asia, Europe, and internationally. It offers axles, driveheads, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, transmission parts, electric drive systems, and metal-formed products that transfer power from the transmission to the drive wheels. The company offers its products for light trucks, sport utility vehicles, passenger cars, and crossover and commercial vehicles. American Axle & Manufacturing Holdings, Inc. was founded in 1994 and is headquartered in Detroit, Michigan.

FINANCIAL RATIOS  of  American Axle&Manufacturing Holdings (AXL)

Valuation Ratios
P/E Ratio 4.4
Price to Sales 0.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 2.6
Price to Free Cash Flow 5.9
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.5%
Cap. Spend. - 3 Yr. Gr. Rate -2%
Financial Strength
Quick Ratio 160
Current Ratio 0
LT Debt to Equity 264.3%
Total Debt to Equity 264.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 9.4%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 57.9%
Return On Equity - 3 Yr. Avg. 119.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 16.3%
EBITDA Margin 14.9%
EBITDA Margin - 3 Yr. Avg. 14%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 7.6%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 6.1%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 17.4%
Payout Ratio 0%

AXL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXL stock intrinsic value calculation we used $3948 million for the last fiscal year's total revenue generated by American Axle&Manufacturing Holdings. The default revenue input number comes from 2016 income statement of American Axle&Manufacturing Holdings. 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 AXL stock valuation model: a) initial revenue growth rate of 8.4% 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 5.6%, whose default value for AXL is calculated based on our internal credit rating of American Axle&Manufacturing Holdings, 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 American Axle&Manufacturing Holdings.
    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 AXL stock the variable cost ratio is equal to 46.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1768 million in the base year in the intrinsic value calculation for AXL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.3% for American Axle&Manufacturing Holdings.

Corporate tax rate of 27% is the nominal tax rate for American Axle&Manufacturing Holdings. 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 AXL 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 AXL are equal to 27.1%.

Life of production assets of 10 years is the average useful life of capital assets used in American Axle&Manufacturing Holdings 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 AXL is equal to 5.2%. 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 - $530 million for American Axle&Manufacturing Holdings - 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 75.369 million for American Axle&Manufacturing Holdings 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 American Axle&Manufacturing Holdings at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ American Axle tops 2Q profit forecasts   [Jul-28-17 11:22PM  Associated Press]
▶ New Strong Sell Stocks for July 10th   [Jul-10-17 10:21AM  Zacks]
▶ AAM Recognizes Key Suppliers with Excellence Awards   [Jun-22-17 10:53AM  PR Newswire]
▶ AAM Names Tolga Oal Senior Vice President   [Jun-01-17 09:00AM  PR Newswire]
▶ American Axle tops 1Q profit forecasts   [May-05-17 08:11AM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 13th   [Apr-13-17 11:57AM  Zacks]
▶ Why is P/B Ratio a Great Valuation Metric?   [Apr-12-17 08:24AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 11th   [Apr-11-17 12:10PM  Zacks]
▶ AAM Completes Acquisition of MPG   [Apr-06-17 09:00AM  PR Newswire]
▶ Top Ranked Value Stocks to Buy for March 29th   [Mar-29-17 10:13AM  Zacks]
▶ AAM Announces Proposed Private Offering of Senior Notes   [Mar-06-17 04:25PM  GlobeNewswire]
Stock chart of AXL Financial statements of AXL
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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