Intrinsic value of American Axle&Manufacturing Holdings - AXL

Previous Close

$14.72

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$14.72

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,948
  4,027
  4,120
  4,225
  4,344
  4,476
  4,621
  4,778
  4,948
  5,132
  5,329
  5,539
  5,764
  6,004
  6,258
  6,528
  6,814
  7,117
  7,437
  7,775
  8,133
  8,510
  8,907
  9,326
  9,768
  10,233
  10,722
  11,238
  11,780
  12,350
  12,951
Variable operating expenses, $m
 
  1,880
  1,923
  1,972
  2,027
  2,088
  2,155
  2,228
  2,307
  2,392
  2,483
  2,565
  2,669
  2,780
  2,898
  3,023
  3,156
  3,296
  3,444
  3,601
  3,766
  3,941
  4,125
  4,319
  4,523
  4,739
  4,966
  5,204
  5,455
  5,719
  5,997
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
  3,692
  3,781
  3,876
  3,979
  4,088
  4,205
  4,330
  4,461
  4,600
  4,746
  4,885
  5,047
  5,217
  5,396
  5,584
  5,781
  5,986
  6,201
  6,427
  6,663
  6,911
  7,169
  7,439
  7,721
  8,017
  8,326
  8,648
  8,985
  9,337
  9,705
Operating income, $m
  381
  334
  339
  349
  366
  387
  415
  448
  487
  532
  582
  654
  717
  786
  862
  944
  1,034
  1,131
  1,235
  1,348
  1,469
  1,599
  1,739
  1,887
  2,046
  2,216
  2,397
  2,590
  2,795
  3,013
  3,245
EBITDA, $m
  583
  529
  537
  552
  574
  602
  636
  676
  722
  775
  835
  900
  973
  1,053
  1,140
  1,234
  1,337
  1,447
  1,566
  1,694
  1,831
  1,977
  2,134
  2,302
  2,480
  2,671
  2,873
  3,089
  3,318
  3,562
  3,820
Interest expense (income), $m
  87
  88
  76
  80
  85
  90
  95
  101
  108
  115
  123
  132
  141
  150
  160
  171
  183
  195
  208
  221
  236
  251
  267
  284
  302
  321
  341
  361
  383
  406
  431
Earnings before tax, $m
  299
  246
  263
  269
  281
  298
  320
  347
  379
  416
  459
  523
  576
  636
  701
  773
  851
  936
  1,028
  1,127
  1,234
  1,348
  1,471
  1,603
  1,745
  1,895
  2,057
  2,228
  2,412
  2,606
  2,814
Tax expense, $m
  58
  66
  71
  73
  76
  80
  86
  94
  102
  112
  124
  141
  156
  172
  189
  209
  230
  253
  277
  304
  333
  364
  397
  433
  471
  512
  555
  602
  651
  704
  760
Net income, $m
  241
  180
  192
  197
  205
  217
  233
  253
  277
  304
  335
  382
  421
  464
  512
  564
  621
  683
  750
  823
  900
  984
  1,074
  1,170
  1,274
  1,384
  1,501
  1,627
  1,760
  1,903
  2,054

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
  3,026
  3,095
  3,175
  3,264
  3,363
  3,471
  3,590
  3,718
  3,856
  4,004
  4,162
  4,331
  4,511
  4,702
  4,905
  5,119
  5,347
  5,588
  5,842
  6,110
  6,393
  6,692
  7,007
  7,339
  7,688
  8,056
  8,443
  8,850
  9,279
  9,730
Adjusted assets (=assets-cash), $m
  2,967
  3,026
  3,095
  3,175
  3,264
  3,363
  3,471
  3,590
  3,718
  3,856
  4,004
  4,162
  4,331
  4,511
  4,702
  4,905
  5,119
  5,347
  5,588
  5,842
  6,110
  6,393
  6,692
  7,007
  7,339
  7,688
  8,056
  8,443
  8,850
  9,279
  9,730
Revenue / Adjusted assets
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
Average production assets, $m
  1,070
  1,091
  1,116
  1,145
  1,177
  1,213
  1,252
  1,295
  1,341
  1,391
  1,444
  1,501
  1,562
  1,627
  1,696
  1,769
  1,847
  1,929
  2,015
  2,107
  2,204
  2,306
  2,414
  2,527
  2,647
  2,773
  2,906
  3,045
  3,192
  3,347
  3,510
Working capital, $m
  685
  209
  214
  220
  226
  233
  240
  248
  257
  267
  277
  288
  300
  312
  325
  339
  354
  370
  387
  404
  423
  443
  463
  485
  508
  532
  558
  584
  613
  642
  673
Total debt, $m
  1,404
  1,209
  1,272
  1,343
  1,424
  1,513
  1,610
  1,717
  1,832
  1,956
  2,089
  2,232
  2,384
  2,546
  2,718
  2,900
  3,094
  3,298
  3,515
  3,744
  3,985
  4,240
  4,509
  4,792
  5,091
  5,405
  5,736
  6,085
  6,451
  6,837
  7,243
Total liabilities, $m
  2,918
  2,723
  2,786
  2,857
  2,938
  3,027
  3,124
  3,231
  3,346
  3,470
  3,603
  3,746
  3,898
  4,060
  4,232
  4,414
  4,608
  4,812
  5,029
  5,258
  5,499
  5,754
  6,023
  6,306
  6,605
  6,919
  7,250
  7,599
  7,965
  8,351
  8,757
Total equity, $m
  530
  303
  310
  317
  326
  336
  347
  359
  372
  386
  400
  416
  433
  451
  470
  490
  512
  535
  559
  584
  611
  639
  669
  701
  734
  769
  806
  844
  885
  928
  973
Total liabilities and equity, $m
  3,448
  3,026
  3,096
  3,174
  3,264
  3,363
  3,471
  3,590
  3,718
  3,856
  4,003
  4,162
  4,331
  4,511
  4,702
  4,904
  5,120
  5,347
  5,588
  5,842
  6,110
  6,393
  6,692
  7,007
  7,339
  7,688
  8,056
  8,443
  8,850
  9,279
  9,730
Debt-to-equity ratio
  2.649
  4.000
  4.110
  4.230
  4.360
  4.500
  4.640
  4.780
  4.930
  5.070
  5.220
  5.360
  5.500
  5.640
  5.780
  5.910
  6.040
  6.170
  6.290
  6.410
  6.520
  6.630
  6.740
  6.840
  6.940
  7.030
  7.120
  7.210
  7.290
  7.370
  7.440
Adjusted equity ratio
  0.017
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  241
  180
  192
  197
  205
  217
  233
  253
  277
  304
  335
  382
  421
  464
  512
  564
  621
  683
  750
  823
  900
  984
  1,074
  1,170
  1,274
  1,384
  1,501
  1,627
  1,760
  1,903
  2,054
Depreciation, amort., depletion, $m
  202
  194
  198
  203
  208
  214
  221
  228
  235
  243
  252
  246
  256
  267
  278
  290
  303
  316
  330
  345
  361
  378
  396
  414
  434
  455
  476
  499
  523
  549
  575
Funds from operations, $m
  324
  374
  390
  400
  413
  432
  454
  481
  512
  547
  587
  628
  677
  731
  790
  854
  924
  999
  1,081
  1,168
  1,262
  1,362
  1,470
  1,585
  1,707
  1,838
  1,978
  2,126
  2,284
  2,451
  2,630
Change in working capital, $m
  -84
  4
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
Cash from operations, $m
  408
  394
  385
  394
  407
  425
  447
  473
  503
  538
  577
  617
  665
  719
  777
  840
  909
  984
  1,064
  1,150
  1,243
  1,343
  1,449
  1,563
  1,685
  1,814
  1,952
  2,099
  2,256
  2,422
  2,598
Maintenance CAPEX, $m
  0
  -175
  -179
  -183
  -188
  -193
  -199
  -205
  -212
  -220
  -228
  -237
  -246
  -256
  -267
  -278
  -290
  -303
  -316
  -330
  -345
  -361
  -378
  -396
  -414
  -434
  -455
  -476
  -499
  -523
  -549
New CAPEX, $m
  -228
  -21
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
Cash from investing activities, $m
  -228
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -258
  -270
  -281
  -294
  -307
  -321
  -336
  -351
  -368
  -385
  -403
  -422
  -442
  -463
  -486
  -510
  -534
  -560
  -588
  -616
  -646
  -678
  -712
Free cash flow, $m
  180
  197
  181
  182
  187
  196
  209
  225
  245
  268
  296
  323
  358
  398
  441
  489
  542
  599
  661
  728
  801
  879
  963
  1,054
  1,151
  1,254
  1,365
  1,483
  1,609
  1,744
  1,887
Issuance/(repayment) of debt, $m
  23
  -192
  63
  72
  80
  89
  98
  106
  115
  124
  133
  142
  152
  162
  172
  183
  193
  205
  217
  229
  242
  255
  269
  283
  299
  314
  331
  348
  367
  386
  406
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
  -192
  63
  72
  80
  89
  98
  106
  115
  124
  133
  142
  152
  162
  172
  183
  193
  205
  217
  229
  242
  255
  269
  283
  299
  314
  331
  348
  367
  386
  406
Total cash flow (excl. dividends), $m
  199
  5
  244
  254
  268
  285
  306
  331
  360
  392
  429
  465
  510
  559
  613
  672
  735
  804
  878
  957
  1,043
  1,134
  1,232
  1,337
  1,449
  1,569
  1,696
  1,832
  1,976
  2,130
  2,293
Retained Cash Flow (-), $m
  -228
  -251
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  478
  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
 
  233
  237
  246
  259
  275
  295
  319
  347
  379
  414
  450
  493
  541
  594
  651
  714
  781
  853
  932
  1,016
  1,106
  1,202
  1,306
  1,416
  1,534
  1,659
  1,793
  1,935
  2,087
  2,248
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
 
  220
  211
  206
  201
  198
  195
  192
  189
  185
  180
  172
  165
  156
  146
  135
  123
  110
  97
  84
  72
  60
  50
  40
  31
  24
  18
  13
  10
  7
  4
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 4.7
Price to Sales 0.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 6.3
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 2% 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 6.1 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
TOWR Tower Internat 21.40 prem.  prem.
DAN Dana 21.18 prem.  prem.
MGA Magna Internat 45.09 prem.  prem.
MPG Metaldyne Perf 23.45 prem.  prem.
BWA BorgWarner 41.20 prem.  prem.
TEN Tenneco 54.64 prem.  prem.
SRI Stoneridge 14.67 prem.  prem.
LEA Lear Corp. 138.02 prem.  prem.

COMPANY NEWS

▶ 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]
▶ AAM Names Donald E. Wright VP and CIO   [08:30AM  PR Newswire]
Stock chart of AXL Financial statements of AXL Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.