Intrinsic value of Barnes Group - B

Previous Close

$72.44

  Intrinsic Value

$195.38

stock screener

  Rating & Target

str. buy

+170%

  Value-price divergence*

+422%

Previous close

$72.44

 
Intrinsic value

$195.38

 
Up/down potential

+170%

 
Rating

str. buy

 
Value-price divergence*

+422%

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

We calculate the intrinsic value of B 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 3.9

 

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, %
  3.10
  18.60
  17.24
  16.02
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
Revenue, $m
  1,231
  1,460
  1,712
  1,986
  2,282
  2,600
  2,938
  3,298
  3,677
  4,076
  4,495
  4,933
  5,390
  5,866
  6,363
  6,879
  7,415
  7,973
  8,552
  9,155
  9,780
  10,431
  11,108
  11,812
  12,545
  13,308
  14,104
  14,933
  15,798
  16,700
  17,642
Variable operating expenses, $m
 
  502
  578
  660
  749
  845
  947
  1,055
  1,169
  1,289
  1,414
  1,483
  1,620
  1,763
  1,912
  2,068
  2,229
  2,396
  2,571
  2,752
  2,940
  3,135
  3,339
  3,550
  3,771
  4,000
  4,239
  4,489
  4,748
  5,020
  5,303
Fixed operating expenses, $m
 
  637
  652
  669
  685
  703
  720
  738
  757
  776
  795
  815
  835
  856
  877
  899
  922
  945
  969
  993
  1,018
  1,043
  1,069
  1,096
  1,123
  1,151
  1,180
  1,210
  1,240
  1,271
  1,303
Total operating expenses, $m
  1,039
  1,139
  1,230
  1,329
  1,434
  1,548
  1,667
  1,793
  1,926
  2,065
  2,209
  2,298
  2,455
  2,619
  2,789
  2,967
  3,151
  3,341
  3,540
  3,745
  3,958
  4,178
  4,408
  4,646
  4,894
  5,151
  5,419
  5,699
  5,988
  6,291
  6,606
Operating income, $m
  192
  321
  481
  657
  847
  1,052
  1,272
  1,505
  1,752
  2,012
  2,286
  2,635
  2,935
  3,247
  3,573
  3,912
  4,264
  4,631
  5,013
  5,410
  5,823
  6,253
  6,700
  7,166
  7,651
  8,157
  8,684
  9,235
  9,809
  10,409
  11,037
EBITDA, $m
  272
  440
  609
  795
  997
  1,214
  1,446
  1,693
  1,954
  2,230
  2,519
  2,822
  3,138
  3,469
  3,813
  4,172
  4,545
  4,933
  5,336
  5,756
  6,193
  6,647
  7,120
  7,612
  8,125
  8,660
  9,218
  9,799
  10,407
  11,041
  11,703
Interest expense (income), $m
  11
  16
  22
  29
  36
  44
  53
  62
  71
  82
  92
  103
  115
  127
  140
  153
  167
  181
  196
  211
  227
  244
  261
  279
  298
  318
  338
  359
  381
  404
  428
Earnings before tax, $m
  183
  305
  459
  628
  811
  1,008
  1,219
  1,443
  1,681
  1,931
  2,193
  2,532
  2,820
  3,120
  3,433
  3,759
  4,098
  4,450
  4,817
  5,199
  5,596
  6,009
  6,439
  6,886
  7,353
  7,839
  8,346
  8,876
  9,428
  10,005
  10,608
Tax expense, $m
  47
  82
  124
  169
  219
  272
  329
  390
  454
  521
  592
  684
  761
  842
  927
  1,015
  1,106
  1,202
  1,301
  1,404
  1,511
  1,622
  1,738
  1,859
  1,985
  2,117
  2,254
  2,396
  2,546
  2,701
  2,864
Net income, $m
  136
  223
  335
  458
  592
  736
  890
  1,054
  1,227
  1,409
  1,601
  1,848
  2,058
  2,278
  2,506
  2,744
  2,991
  3,249
  3,517
  3,795
  4,085
  4,386
  4,700
  5,027
  5,368
  5,723
  6,093
  6,479
  6,883
  7,304
  7,744

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  2,138
  2,458
  2,882
  3,343
  3,842
  4,377
  4,947
  5,552
  6,190
  6,862
  7,567
  8,304
  9,074
  9,876
  10,711
  11,580
  12,484
  13,422
  14,398
  15,412
  16,465
  17,561
  18,700
  19,886
  21,120
  22,405
  23,744
  25,140
  26,595
  28,114
  29,700
Adjusted assets (=assets-cash), $m
  2,072
  2,458
  2,882
  3,343
  3,842
  4,377
  4,947
  5,552
  6,190
  6,862
  7,567
  8,304
  9,074
  9,876
  10,711
  11,580
  12,484
  13,422
  14,398
  15,412
  16,465
  17,561
  18,700
  19,886
  21,120
  22,405
  23,744
  25,140
  26,595
  28,114
  29,700
Revenue / Adjusted assets
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
Average production assets, $m
  847
  1,004
  1,178
  1,366
  1,570
  1,789
  2,022
  2,269
  2,530
  2,804
  3,092
  3,394
  3,708
  4,036
  4,377
  4,733
  5,102
  5,485
  5,884
  6,298
  6,729
  7,177
  7,642
  8,127
  8,631
  9,156
  9,703
  10,274
  10,869
  11,490
  12,138
Working capital, $m
  306
  324
  380
  441
  507
  577
  652
  732
  816
  905
  998
  1,095
  1,197
  1,302
  1,412
  1,527
  1,646
  1,770
  1,899
  2,032
  2,171
  2,316
  2,466
  2,622
  2,785
  2,954
  3,131
  3,315
  3,507
  3,707
  3,917
Total debt, $m
  501
  642
  833
  1,042
  1,267
  1,509
  1,767
  2,040
  2,329
  2,633
  2,951
  3,285
  3,632
  3,995
  4,373
  4,765
  5,174
  5,598
  6,039
  6,497
  6,973
  7,469
  7,983
  8,519
  9,077
  9,658
  10,263
  10,894
  11,552
  12,239
  12,955
Total liabilities, $m
  969
  1,111
  1,302
  1,511
  1,736
  1,978
  2,236
  2,509
  2,798
  3,102
  3,420
  3,754
  4,101
  4,464
  4,842
  5,234
  5,643
  6,067
  6,508
  6,966
  7,442
  7,938
  8,452
  8,988
  9,546
  10,127
  10,732
  11,363
  12,021
  12,708
  13,424
Total equity, $m
  1,168
  1,347
  1,579
  1,832
  2,105
  2,398
  2,711
  3,042
  3,392
  3,761
  4,147
  4,551
  4,973
  5,412
  5,870
  6,346
  6,841
  7,355
  7,890
  8,446
  9,023
  9,623
  10,248
  10,897
  11,574
  12,278
  13,012
  13,776
  14,574
  15,407
  16,276
Total liabilities and equity, $m
  2,137
  2,458
  2,881
  3,343
  3,841
  4,376
  4,947
  5,551
  6,190
  6,863
  7,567
  8,305
  9,074
  9,876
  10,712
  11,580
  12,484
  13,422
  14,398
  15,412
  16,465
  17,561
  18,700
  19,885
  21,120
  22,405
  23,744
  25,139
  26,595
  28,115
  29,700
Debt-to-equity ratio
  0.429
  0.480
  0.530
  0.570
  0.600
  0.630
  0.650
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
Adjusted equity ratio
  0.547
  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
  136
  223
  335
  458
  592
  736
  890
  1,054
  1,227
  1,409
  1,601
  1,848
  2,058
  2,278
  2,506
  2,744
  2,991
  3,249
  3,517
  3,795
  4,085
  4,386
  4,700
  5,027
  5,368
  5,723
  6,093
  6,479
  6,883
  7,304
  7,744
Depreciation, amort., depletion, $m
  80
  118
  128
  138
  150
  162
  174
  188
  202
  217
  233
  186
  204
  222
  241
  260
  280
  301
  323
  346
  370
  394
  420
  447
  474
  503
  533
  564
  597
  631
  667
Funds from operations, $m
  211
  341
  463
  597
  741
  897
  1,064
  1,241
  1,429
  1,627
  1,834
  2,035
  2,262
  2,499
  2,746
  3,004
  3,272
  3,550
  3,840
  4,141
  4,455
  4,781
  5,120
  5,474
  5,842
  6,226
  6,626
  7,044
  7,480
  7,935
  8,411
Change in working capital, $m
  -7
  51
  56
  61
  66
  71
  75
  80
  84
  89
  93
  97
  101
  106
  110
  115
  119
  124
  129
  134
  139
  144
  150
  156
  163
  169
  177
  184
  192
  200
  209
Cash from operations, $m
  218
  290
  407
  536
  676
  827
  989
  1,162
  1,345
  1,538
  1,741
  1,938
  2,161
  2,394
  2,636
  2,889
  3,153
  3,426
  3,711
  4,007
  4,316
  4,636
  4,970
  5,317
  5,679
  6,056
  6,449
  6,860
  7,288
  7,735
  8,202
Maintenance CAPEX, $m
  0
  -47
  -55
  -65
  -75
  -86
  -98
  -111
  -125
  -139
  -154
  -170
  -186
  -204
  -222
  -241
  -260
  -280
  -301
  -323
  -346
  -370
  -394
  -420
  -447
  -474
  -503
  -533
  -564
  -597
  -631
New CAPEX, $m
  -48
  -158
  -173
  -189
  -204
  -219
  -233
  -247
  -261
  -275
  -288
  -301
  -315
  -328
  -341
  -355
  -369
  -384
  -399
  -414
  -431
  -448
  -466
  -484
  -504
  -525
  -547
  -570
  -595
  -621
  -648
Cash from investing activities, $m
  -180
  -205
  -228
  -254
  -279
  -305
  -331
  -358
  -386
  -414
  -442
  -471
  -501
  -532
  -563
  -596
  -629
  -664
  -700
  -737
  -777
  -818
  -860
  -904
  -951
  -999
  -1,050
  -1,103
  -1,159
  -1,218
  -1,279
Free cash flow, $m
  38
  86
  179
  282
  397
  522
  658
  803
  959
  1,125
  1,299
  1,466
  1,660
  1,862
  2,073
  2,294
  2,523
  2,762
  3,011
  3,270
  3,539
  3,819
  4,110
  4,413
  4,728
  5,057
  5,399
  5,756
  6,128
  6,517
  6,922
Issuance/(repayment) of debt, $m
  -10
  174
  192
  209
  225
  242
  258
  273
  289
  304
  319
  333
  348
  363
  378
  393
  408
  424
  441
  458
  476
  495
  515
  536
  558
  581
  605
  631
  658
  687
  717
Issuance/(repurchase) of shares, $m
  -16
  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  
  -26
  174
  192
  209
  225
  242
  258
  273
  289
  304
  319
  333
  348
  363
  378
  393
  408
  424
  441
  458
  476
  495
  515
  536
  558
  581
  605
  631
  658
  687
  717
Total cash flow (excl. dividends), $m
  10
  260
  370
  491
  622
  764
  915
  1,077
  1,248
  1,428
  1,618
  1,800
  2,008
  2,225
  2,451
  2,686
  2,932
  3,187
  3,452
  3,728
  4,015
  4,314
  4,625
  4,949
  5,286
  5,638
  6,004
  6,387
  6,786
  7,203
  7,639
Retained Cash Flow (-), $m
  -40
  -212
  -232
  -253
  -273
  -293
  -313
  -331
  -350
  -368
  -386
  -404
  -422
  -440
  -458
  -476
  -495
  -514
  -535
  -556
  -577
  -600
  -624
  -650
  -676
  -704
  -734
  -765
  -798
  -832
  -869
Prev. year cash balance distribution, $m
 
  33
  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
 
  81
  138
  238
  349
  471
  603
  745
  898
  1,060
  1,232
  1,396
  1,586
  1,785
  1,993
  2,210
  2,437
  2,672
  2,917
  3,173
  3,438
  3,714
  4,001
  4,299
  4,610
  4,933
  5,271
  5,622
  5,989
  6,371
  6,770
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  77
  125
  205
  282
  357
  425
  486
  538
  579
  609
  620
  627
  622
  607
  582
  548
  508
  463
  414
  364
  315
  267
  222
  181
  145
  113
  87
  65
  47
  34
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

Barnes Group Inc. is an industrial and aerospace manufacturer and service provider, serving a range of end markets and customers. The Company's engineered products, industrial technologies, and solutions are used in applications that provide transportation, manufacturing, healthcare products and technology to the world. Its segments include Industrial and Aerospace. The Industrial segment is engaged in the manufacturing of precision parts, products and systems for applications serving a customer base in end-markets, such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices and energy. The Industrial segment includes the Molding Solutions, Nitrogen Gas Products and Engineered Components business units. The Aerospace segment includes the original equipment manufacturer (OEM) business and the aftermarket business, which includes maintenance repair and overhaul services and the manufacture and delivery of aerospace aftermarket spare parts.

FINANCIAL RATIOS  of  Barnes Group (B)

Valuation Ratios
P/E Ratio 28.7
Price to Sales 3.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 22.9
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.3%
Cap. Spend. - 3 Yr. Gr. Rate -3.4%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 40.1%
Total Debt to Equity 42.9%
Interest Coverage 18
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 11.8%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 34.8%
EBITDA Margin 22.3%
EBITDA Margin - 3 Yr. Avg. 21.1%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 14.6%
Pre-Tax Margin 14.9%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 11%
Net Profit Margin - 3 Yr. Avg. 10.2%
Effective Tax Rate 25.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 19.9%

B stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the B stock intrinsic value calculation we used $1231 million for the last fiscal year's total revenue generated by Barnes Group. The default revenue input number comes from 2016 income statement of Barnes Group. 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 B stock valuation model: a) initial revenue growth rate of 18.6% 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 4.7%, whose default value for B is calculated based on our internal credit rating of Barnes Group, 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 Barnes Group.
    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 B stock the variable cost ratio is equal to 35.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $621 million in the base year in the intrinsic value calculation for B 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 3.5% for Barnes Group.

Corporate tax rate of 27% is the nominal tax rate for Barnes Group. 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 B 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 B are equal to 68.8%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Barnes Group 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 B is equal to 22.2%. 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 - $1168 million for Barnes Group - 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 54.152 million for Barnes Group 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 Barnes Group at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ Barnes Group Inc. Hosts Inaugural Investor Day   [Sep-07-17 06:45AM  Business Wire]
▶ How Will Harvey Impact Oil And Gasoline Prices?   [Aug-28-17 10:28AM  Benzinga]
▶ New Strong Buy Stocks for August 1st   [Aug-01-17 10:21AM  Zacks]
▶ Barnes Group beats Street 2Q forecasts   [Jul-28-17 09:57PM  Associated Press]
▶ Barnes Group Inc. Declares Quarterly Dividend   [Jul-20-17 09:56AM  Business Wire]
▶ Barnes Group Inc. to Host Inaugural Investor Day   [Jun-20-17 10:35AM  Business Wire]
▶ ETFs with exposure to Barnes Group, Inc. : June 8, 2017   [Jun-08-17 01:24PM  Capital Cube]
▶ ETFs with exposure to Barnes Group, Inc. : May 25, 2017   [May-25-17 12:35PM  Capital Cube]
▶ Berkshire Hathaway Shares Testing Major Top Support   [May-15-17 07:00AM  TheStreet.com]
▶ ETFs with exposure to Barnes Group, Inc. : May 8, 2017   [May-08-17 04:09PM  Capital Cube]
▶ Barnes Group Inc. Declares Quarterly Dividend   [May-05-17 09:40AM  Business Wire]
▶ ETFs with exposure to Barnes Group, Inc. : April 28, 2017   [Apr-28-17 03:42PM  Capital Cube]
▶ Barnes Group tops Street 1Q forecasts   [06:36AM  Associated Press]
▶ Barnes Group Inc. to Acquire Gammaflux L.P.   [Mar-06-17 11:30AM  Business Wire]
▶ Barnes Group Inc. Declares Quarterly Dividend   [Feb-08-17 10:07AM  Business Wire]
▶ Hedge Funds Are Betting On Barnes Group Inc. (B)   [Dec-02-16 10:39AM  at Insider Monkey]
▶ Barnes Group Increases Net Sales in 3Q16 (B)   [02:31AM  at Investopedia]
Financial statements of B
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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