Intrinsic value of AZZ - AZZ

Previous Close

$47.35

  Intrinsic Value

$40.48

stock screener

  Rating & Target

hold

-15%

  Value-price divergence*

+3%

Previous close

$47.35

 
Intrinsic value

$40.48

 
Up/down potential

-15%

 
Rating

hold

 
Value-price divergence*

+3%

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

We calculate the intrinsic value of AZZ 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 2017), $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 1.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.87
  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
  859
  876
  896
  919
  945
  974
  1,005
  1,040
  1,077
  1,117
  1,159
  1,205
  1,254
  1,306
  1,362
  1,420
  1,483
  1,548
  1,618
  1,692
  1,769
  1,852
  1,938
  2,029
  2,125
  2,226
  2,333
  2,445
  2,563
  2,687
  2,818
Variable operating expenses, $m
 
  397
  406
  415
  426
  438
  451
  466
  481
  498
  516
  504
  525
  546
  570
  594
  620
  648
  677
  708
  740
  774
  811
  849
  889
  931
  976
  1,023
  1,072
  1,124
  1,179
Fixed operating expenses, $m
 
  390
  399
  409
  419
  430
  441
  452
  463
  475
  486
  499
  511
  524
  537
  550
  564
  578
  593
  607
  623
  638
  654
  671
  687
  704
  722
  740
  759
  778
  797
Total operating expenses, $m
  761
  787
  805
  824
  845
  868
  892
  918
  944
  973
  1,002
  1,003
  1,036
  1,070
  1,107
  1,144
  1,184
  1,226
  1,270
  1,315
  1,363
  1,412
  1,465
  1,520
  1,576
  1,635
  1,698
  1,763
  1,831
  1,902
  1,976
Operating income, $m
  98
  90
  91
  95
  100
  106
  113
  122
  133
  144
  157
  203
  219
  236
  255
  276
  298
  323
  349
  377
  407
  439
  473
  510
  549
  591
  635
  682
  732
  786
  842
EBITDA, $m
  148
  144
  147
  151
  156
  163
  171
  181
  193
  205
  220
  235
  253
  272
  292
  314
  339
  365
  393
  423
  455
  489
  526
  565
  607
  651
  698
  749
  802
  859
  919
Interest expense (income), $m
  14
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
Earnings before tax, $m
  85
  77
  79
  82
  86
  92
  98
  107
  116
  127
  139
  183
  198
  214
  232
  252
  273
  295
  320
  346
  375
  405
  437
  472
  509
  548
  590
  635
  682
  733
  786
Tax expense, $m
  24
  21
  21
  22
  23
  25
  27
  29
  31
  34
  38
  49
  53
  58
  63
  68
  74
  80
  86
  93
  101
  109
  118
  127
  137
  148
  159
  171
  184
  198
  212
Net income, $m
  61
  56
  58
  60
  63
  67
  72
  78
  85
  93
  101
  134
  145
  156
  170
  184
  199
  216
  234
  253
  273
  296
  319
  344
  371
  400
  431
  463
  498
  535
  574

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  978
  987
  1,009
  1,035
  1,064
  1,097
  1,132
  1,171
  1,212
  1,257
  1,306
  1,357
  1,412
  1,471
  1,533
  1,599
  1,670
  1,744
  1,822
  1,905
  1,993
  2,085
  2,182
  2,285
  2,393
  2,507
  2,627
  2,753
  2,886
  3,026
  3,173
Adjusted assets (=assets-cash), $m
  967
  987
  1,009
  1,035
  1,064
  1,097
  1,132
  1,171
  1,212
  1,257
  1,306
  1,357
  1,412
  1,471
  1,533
  1,599
  1,670
  1,744
  1,822
  1,905
  1,993
  2,085
  2,182
  2,285
  2,393
  2,507
  2,627
  2,753
  2,886
  3,026
  3,173
Revenue / Adjusted assets
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.889
  0.889
  0.887
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
  0.888
Average production assets, $m
  264
  269
  275
  282
  290
  299
  309
  319
  331
  343
  356
  370
  385
  401
  418
  436
  455
  475
  497
  519
  543
  568
  595
  623
  652
  684
  716
  751
  787
  825
  865
Working capital, $m
  155
  164
  168
  172
  177
  182
  188
  194
  201
  209
  217
  225
  235
  244
  255
  266
  277
  290
  303
  316
  331
  346
  362
  379
  397
  416
  436
  457
  479
  503
  527
Total debt, $m
  271
  269
  279
  291
  304
  319
  335
  352
  371
  391
  413
  436
  461
  488
  516
  546
  578
  611
  647
  684
  724
  765
  809
  856
  905
  956
  1,010
  1,068
  1,128
  1,191
  1,257
Total liabilities, $m
  448
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  613
  638
  665
  693
  723
  755
  788
  824
  861
  901
  942
  986
  1,033
  1,082
  1,133
  1,187
  1,245
  1,305
  1,368
  1,434
Total equity, $m
  530
  541
  553
  567
  583
  601
  620
  642
  664
  689
  715
  744
  774
  806
  840
  877
  915
  956
  999
  1,044
  1,092
  1,143
  1,196
  1,252
  1,312
  1,374
  1,440
  1,509
  1,582
  1,658
  1,739
Total liabilities and equity, $m
  978
  987
  1,009
  1,035
  1,064
  1,097
  1,132
  1,171
  1,212
  1,257
  1,305
  1,357
  1,412
  1,471
  1,533
  1,600
  1,670
  1,744
  1,823
  1,905
  1,993
  2,085
  2,182
  2,285
  2,394
  2,507
  2,627
  2,754
  2,887
  3,026
  3,173
Debt-to-equity ratio
  0.511
  0.500
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
Adjusted equity ratio
  0.537
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  56
  58
  60
  63
  67
  72
  78
  85
  93
  101
  134
  145
  156
  170
  184
  199
  216
  234
  253
  273
  296
  319
  344
  371
  400
  431
  463
  498
  535
  574
Depreciation, amort., depletion, $m
  50
  55
  55
  56
  56
  57
  58
  59
  60
  61
  62
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  77
Funds from operations, $m
  96
  111
  113
  115
  119
  124
  130
  137
  145
  154
  164
  166
  179
  192
  207
  222
  239
  258
  278
  299
  321
  346
  372
  400
  429
  461
  494
  530
  568
  608
  650
Change in working capital, $m
  -15
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  111
  108
  109
  111
  114
  119
  124
  130
  138
  146
  156
  158
  169
  182
  196
  211
  228
  245
  264
  285
  307
  331
  356
  383
  411
  442
  474
  509
  546
  585
  626
Maintenance CAPEX, $m
  0
  -23
  -24
  -24
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
New CAPEX, $m
  -41
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Cash from investing activities, $m
  -63
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -70
  -73
  -77
  -81
  -84
  -89
  -93
  -97
  -102
  -108
  -113
Free cash flow, $m
  48
  79
  79
  80
  81
  84
  88
  93
  98
  105
  112
  112
  122
  132
  144
  156
  170
  185
  201
  218
  237
  257
  279
  302
  327
  353
  381
  411
  443
  477
  513
Issuance/(repayment) of debt, $m
  -55
  9
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  35
  37
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
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  
  -60
  9
  10
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  35
  37
  40
  42
  44
  46
  49
  51
  54
  57
  60
  63
  66
Total cash flow (excl. dividends), $m
  -12
  88
  89
  91
  95
  99
  104
  110
  117
  125
  134
  136
  147
  159
  172
  186
  202
  218
  236
  256
  277
  299
  323
  348
  375
  404
  435
  468
  503
  540
  579
Retained Cash Flow (-), $m
  -49
  -11
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
Prev. year cash balance distribution, $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 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
 
  78
  77
  77
  79
  81
  85
  89
  94
  100
  107
  107
  116
  127
  138
  150
  163
  178
  193
  210
  229
  248
  269
  292
  316
  342
  370
  399
  430
  463
  499
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  74
  69
  65
  63
  60
  58
  56
  54
  52
  50
  45
  43
  41
  38
  35
  33
  30
  26
  23
  20
  17
  14
  12
  10
  8
  6
  4
  3
  2
  2
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

AZZ incorporated provides galvanizing services, welding solutions, specialty electrical equipment, and engineered services to the power generation, transmission, distribution, and industrial markets. The company operates through two segments, Energy and Galvanizing Services. The Energy segment provides specialized products and services designed to support industrial, nuclear, and electrical applications. This segment offers custom switchgear, electrical enclosures, medium and high voltage bus ducts, explosion proof and hazardous duty lighting, nuclear safety-related equipment, and tubular products to multi-national companies, and small independent companies. It also supplies safety related equipment for the nuclear industry. This segment sells its products through manufacturersÂ’ representatives, distributors, agents, and internal sales force. The Galvanizing Services segment offers hot dip galvanizing services to the steel fabrication industry. This segment serves fabricators or manufacturers that provide services to the electrical and telecommunications, bridge and highway, petrochemical, and general industrial markets, as well as original equipment manufacturers. As of February 29, 2016, the company operated 43 galvanizing plants located in Alabama, Arkansas, Arizona, Colorado, Indiana, Illinois, Louisiana, Kentucky, Minnesota, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Tennessee, Texas, Virginia, and West Virginia in the United States; and Ontario, Quebec, and Nova Scotia, Canada. AZZ incorporated was founded in 1956 and is based in Fort Worth, Texas.

FINANCIAL RATIOS  of  AZZ (AZZ)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 1.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 17.6
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.5%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 47.9%
Total Debt to Equity 51.1%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 7.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.6%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 24.8%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 18.1%
Operating Margin 11.4%
Oper. Margin - 3 Yr. Avg. 12.7%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 10.8%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 27.3%
Payout Ratio 27.9%

AZZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZZ stock intrinsic value calculation we used $859 million for the last fiscal year's total revenue generated by AZZ. The default revenue input number comes from 2017 income statement of AZZ. 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 AZZ 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 5.1%, whose default value for AZZ is calculated based on our internal credit rating of AZZ, 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 AZZ.
    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 AZZ stock the variable cost ratio is equal to 45.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $380 million in the base year in the intrinsic value calculation for AZZ 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 4.7% for AZZ.

Corporate tax rate of 27% is the nominal tax rate for AZZ. 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 AZZ 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 AZZ are equal to 30.7%.

Life of production assets of 11.3 years is the average useful life of capital assets used in AZZ 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 AZZ is equal to 18.7%. 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 AZZ - 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 25.103 million for AZZ 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 AZZ at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to AZZ, Inc. : July 11, 2017   [Jul-11-17 02:06PM  Capital Cube]
▶ AZZ Inc. Disappoints, but Management Remains Optimistic   [Jul-07-17 05:01PM  Motley Fool]
▶ AZZ posts 1Q profit   [Jul-06-17 09:54PM  Associated Press]
▶ AZZ Inc. Acquires Enhanced Powder Coating, Ltd.   [Jun-30-17 04:02PM  PR Newswire]
▶ AZZ, Inc. Value Analysis (NYSE:AZZ) : June 13, 2017   [Jun-13-17 01:17PM  Capital Cube]
▶ AZZ Inc. Announces New Powder Coating Facility in Texas   [May-31-17 06:45AM  PR Newswire]
▶ ETFs with exposure to AZZ, Inc. : April 26, 2017   [Apr-26-17 03:06PM  Capital Cube]
▶ Why AZZ Inc. Missed Guidance   [11:36AM  Motley Fool]
▶ AZZ posts 4Q profit   [Apr-20-17 06:50AM  Associated Press]
▶ Should You Get Rid of AZZ (AZZ) Now?   [Jan-18-17 08:40AM  Zacks]
▶ Azz Inc. Reports Another Weak Quarter   [Jan-09-17 10:57AM  at Motley Fool]
▶ Hedge Funds Are Betting On AZZ Inc (AZZ)   [Dec-12-16 10:50AM  at Insider Monkey]
▶ AZZ Incorporated Feels the Heat From Oil and Gas   [Oct-06-16 11:13AM  at Motley Fool]
▶ Why Salesforce, AZZ, and Gigamon Slumped Today   [Oct-05-16 09:06PM  at Motley Fool]
Stock chart of AZZ Financial statements of AZZ
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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