Intrinsic value of BWX Technologies - BWXT

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$46.53

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of BWXT 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 5.0

 

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, %
  9.53
  11.00
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
Revenue, $m
  1,551
  1,722
  1,901
  2,088
  2,284
  2,488
  2,700
  2,922
  3,151
  3,390
  3,639
  3,897
  4,165
  4,444
  4,734
  5,036
  5,350
  5,676
  6,017
  6,372
  6,742
  7,129
  7,532
  7,953
  8,393
  8,853
  9,334
  9,836
  10,363
  10,913
  11,490
Variable operating expenses, $m
 
  1,285
  1,417
  1,555
  1,698
  1,848
  2,004
  2,167
  2,336
  2,511
  2,693
  2,862
  3,059
  3,264
  3,477
  3,698
  3,929
  4,169
  4,419
  4,680
  4,952
  5,235
  5,531
  5,841
  6,164
  6,501
  6,855
  7,224
  7,610
  8,015
  8,438
Fixed operating expenses, $m
 
  159
  163
  167
  171
  175
  180
  184
  189
  194
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
  295
  302
  309
  317
  325
Total operating expenses, $m
  1,311
  1,444
  1,580
  1,722
  1,869
  2,023
  2,184
  2,351
  2,525
  2,705
  2,891
  3,065
  3,267
  3,478
  3,696
  3,922
  4,159
  4,405
  4,661
  4,928
  5,206
  5,495
  5,798
  6,115
  6,444
  6,788
  7,150
  7,526
  7,919
  8,332
  8,763
Operating income, $m
  239
  277
  321
  367
  414
  464
  516
  571
  627
  686
  747
  832
  898
  967
  1,038
  1,113
  1,191
  1,272
  1,356
  1,445
  1,537
  1,633
  1,734
  1,839
  1,949
  2,064
  2,184
  2,311
  2,443
  2,581
  2,727
EBITDA, $m
  290
  336
  383
  433
  485
  539
  596
  655
  717
  781
  847
  916
  988
  1,063
  1,141
  1,222
  1,307
  1,395
  1,487
  1,583
  1,683
  1,788
  1,897
  2,012
  2,131
  2,256
  2,387
  2,524
  2,668
  2,819
  2,976
Interest expense (income), $m
  7
  17
  19
  24
  29
  35
  41
  47
  54
  60
  67
  75
  82
  90
  98
  107
  116
  125
  134
  144
  155
  166
  177
  189
  201
  214
  227
  241
  256
  271
  288
Earnings before tax, $m
  257
  260
  302
  343
  385
  429
  475
  523
  573
  625
  679
  757
  816
  877
  940
  1,006
  1,075
  1,147
  1,222
  1,300
  1,382
  1,468
  1,557
  1,650
  1,748
  1,850
  1,957
  2,069
  2,187
  2,310
  2,439
Tax expense, $m
  73
  70
  82
  93
  104
  116
  128
  141
  155
  169
  183
  204
  220
  237
  254
  272
  290
  310
  330
  351
  373
  396
  420
  446
  472
  500
  528
  559
  590
  624
  659
Net income, $m
  183
  190
  221
  250
  281
  313
  347
  382
  419
  457
  496
  553
  595
  640
  686
  735
  785
  837
  892
  949
  1,009
  1,071
  1,136
  1,205
  1,276
  1,351
  1,429
  1,511
  1,596
  1,686
  1,781

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  140
  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
  1,580
  1,599
  1,765
  1,939
  2,121
  2,310
  2,507
  2,713
  2,926
  3,148
  3,379
  3,618
  3,867
  4,126
  4,395
  4,676
  4,967
  5,271
  5,587
  5,917
  6,260
  6,619
  6,993
  7,384
  7,793
  8,220
  8,666
  9,133
  9,622
  10,133
  10,668
Adjusted assets (=assets-cash), $m
  1,440
  1,599
  1,765
  1,939
  2,121
  2,310
  2,507
  2,713
  2,926
  3,148
  3,379
  3,618
  3,867
  4,126
  4,395
  4,676
  4,967
  5,271
  5,587
  5,917
  6,260
  6,619
  6,993
  7,384
  7,793
  8,220
  8,666
  9,133
  9,622
  10,133
  10,668
Revenue / Adjusted assets
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
  1.077
Average production assets, $m
  371
  411
  454
  499
  546
  595
  645
  698
  753
  810
  870
  931
  995
  1,062
  1,131
  1,203
  1,279
  1,357
  1,438
  1,523
  1,611
  1,704
  1,800
  1,901
  2,006
  2,116
  2,231
  2,351
  2,477
  2,608
  2,746
Working capital, $m
  254
  157
  173
  190
  208
  226
  246
  266
  287
  309
  331
  355
  379
  404
  431
  458
  487
  517
  548
  580
  614
  649
  685
  724
  764
  806
  849
  895
  943
  993
  1,046
Total debt, $m
  525
  534
  683
  840
  1,003
  1,174
  1,352
  1,536
  1,729
  1,928
  2,136
  2,351
  2,576
  2,809
  3,051
  3,303
  3,565
  3,839
  4,123
  4,420
  4,729
  5,052
  5,389
  5,741
  6,109
  6,493
  6,895
  7,315
  7,755
  8,215
  8,696
Total liabilities, $m
  1,430
  1,439
  1,588
  1,745
  1,908
  2,079
  2,257
  2,441
  2,634
  2,833
  3,041
  3,256
  3,481
  3,714
  3,956
  4,208
  4,470
  4,744
  5,028
  5,325
  5,634
  5,957
  6,294
  6,646
  7,014
  7,398
  7,800
  8,220
  8,660
  9,120
  9,601
Total equity, $m
  150
  160
  176
  194
  212
  231
  251
  271
  293
  315
  338
  362
  387
  413
  440
  468
  497
  527
  559
  592
  626
  662
  699
  738
  779
  822
  867
  913
  962
  1,013
  1,067
Total liabilities and equity, $m
  1,580
  1,599
  1,764
  1,939
  2,120
  2,310
  2,508
  2,712
  2,927
  3,148
  3,379
  3,618
  3,868
  4,127
  4,396
  4,676
  4,967
  5,271
  5,587
  5,917
  6,260
  6,619
  6,993
  7,384
  7,793
  8,220
  8,667
  9,133
  9,622
  10,133
  10,668
Debt-to-equity ratio
  3.500
  3.340
  3.870
  4.330
  4.730
  5.080
  5.390
  5.660
  5.910
  6.130
  6.320
  6.500
  6.660
  6.810
  6.940
  7.060
  7.180
  7.280
  7.380
  7.470
  7.550
  7.630
  7.710
  7.770
  7.840
  7.900
  7.960
  8.010
  8.060
  8.110
  8.150
Adjusted equity ratio
  0.007
  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
  183
  190
  221
  250
  281
  313
  347
  382
  419
  457
  496
  553
  595
  640
  686
  735
  785
  837
  892
  949
  1,009
  1,071
  1,136
  1,205
  1,276
  1,351
  1,429
  1,511
  1,596
  1,686
  1,781
Depreciation, amort., depletion, $m
  51
  59
  62
  66
  71
  75
  80
  85
  90
  95
  100
  85
  90
  97
  103
  109
  116
  123
  131
  138
  146
  155
  164
  173
  182
  192
  203
  214
  225
  237
  250
Funds from operations, $m
  229
  248
  283
  317
  352
  388
  427
  467
  508
  551
  596
  637
  686
  736
  789
  844
  901
  961
  1,023
  1,088
  1,155
  1,226
  1,300
  1,377
  1,458
  1,543
  1,632
  1,724
  1,822
  1,923
  2,030
Change in working capital, $m
  -11
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  52
Cash from operations, $m
  240
  277
  267
  300
  334
  370
  407
  446
  487
  530
  574
  614
  661
  711
  763
  816
  873
  931
  992
  1,055
  1,122
  1,191
  1,263
  1,339
  1,418
  1,501
  1,588
  1,679
  1,774
  1,873
  1,978
Maintenance CAPEX, $m
  0
  -34
  -37
  -41
  -45
  -50
  -54
  -59
  -63
  -68
  -74
  -79
  -85
  -90
  -97
  -103
  -109
  -116
  -123
  -131
  -138
  -146
  -155
  -164
  -173
  -182
  -192
  -203
  -214
  -225
  -237
New CAPEX, $m
  -53
  -40
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
Cash from investing activities, $m
  -180
  -74
  -80
  -86
  -92
  -99
  -105
  -112
  -118
  -125
  -133
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -216
  -226
  -238
  -251
  -265
  -278
  -292
  -307
  -323
  -340
  -357
  -375
Free cash flow, $m
  60
  202
  187
  213
  242
  272
  303
  335
  369
  404
  441
  473
  513
  554
  597
  642
  688
  737
  787
  840
  895
  952
  1,012
  1,075
  1,140
  1,209
  1,281
  1,356
  1,434
  1,517
  1,603
Issuance/(repayment) of debt, $m
  234
  36
  150
  157
  164
  171
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  285
  297
  309
  323
  337
  352
  368
  384
  402
  420
  440
  460
  482
Issuance/(repurchase) of shares, $m
  -275
  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  
  -52
  36
  150
  157
  164
  171
  178
  185
  192
  200
  208
  216
  224
  233
  242
  252
  262
  273
  285
  297
  309
  323
  337
  352
  368
  384
  402
  420
  440
  460
  482
Total cash flow (excl. dividends), $m
  8
  238
  336
  370
  405
  442
  480
  520
  561
  604
  648
  689
  737
  787
  839
  894
  950
  1,010
  1,072
  1,137
  1,204
  1,275
  1,349
  1,427
  1,508
  1,593
  1,682
  1,776
  1,874
  1,977
  2,085
Retained Cash Flow (-), $m
  116
  -123
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
Prev. year cash balance distribution, $m
 
  113
  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
 
  228
  320
  353
  387
  423
  460
  499
  540
  581
  625
  665
  712
  761
  812
  866
  921
  979
  1,040
  1,104
  1,170
  1,239
  1,312
  1,388
  1,467
  1,550
  1,638
  1,729
  1,825
  1,926
  2,031
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  217
  286
  297
  304
  308
  309
  306
  300
  291
  280
  263
  247
  228
  209
  189
  168
  147
  127
  108
  91
  74
  60
  48
  37
  28
  21
  15
  11
  7
  5
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

BWX Technologies, Inc. provides nuclear components, fuels, and assemblies to the United States government. The company operates in three segments: Nuclear Operations, Technical Services, and Nuclear Energy. The Nuclear Operations segment designs and manufactures precision naval nuclear components and reactors; close-tolerance and equipment for nuclear applications; and components for defense applications. This segment also converts or downblends high-enriched uranium into low-enriched fuel for use in commercial reactors to generate electricity. The Technical Services segment provides uranium processing, environmental site restoration services, and management and operating services to support governments in the operation of complex facilities and environmental remediation activities. The Nuclear Energy segment designs, licenses, manufactures, and delivers commercial nuclear steam generators, pressure vessels, reactor components, heat exchangers, and other auxiliary equipment, including containers for the storage of spent nuclear fuel. This segment also offers engineering and licensing services for new nuclear plant designs; services for steam generators and balance of plant equipment; and nondestructive examination and tooling/repair solutions for other plant systems and components. The company was formerly known as The Babcock & Wilcox Company and changed its name to BWX Technologies, Inc. in June 2015. BWX Technologies, Inc. was founded in 1867 and is based in Lynchburg, Virginia.

FINANCIAL RATIOS  of  BWX Technologies (BWXT)

Valuation Ratios
P/E Ratio 25.2
Price to Sales 3
Price to Book 30.8
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 24.7
Growth Rates
Sales Growth Rate 9.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.1%
Cap. Spend. - 3 Yr. Gr. Rate -4.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.9
LT Debt to Equity 332%
Total Debt to Equity 350%
Interest Coverage 38
Management Effectiveness
Return On Assets 12.7%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 29.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.4%
Return On Equity 88%
Return On Equity - 3 Yr. Avg. 37.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 17.3%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 10.6%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 11.5%
Net Profit Margin 11.8%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 28.4%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 20.2%

BWXT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BWXT stock intrinsic value calculation we used $1551 million for the last fiscal year's total revenue generated by BWX Technologies. The default revenue input number comes from 2016 income statement of BWX 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 BWXT stock valuation model: a) initial revenue growth rate of 11% 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 5.4%, whose default value for BWXT is calculated based on our internal credit rating of BWX 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 BWX 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 BWXT stock the variable cost ratio is equal to 74.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $155 million in the base year in the intrinsic value calculation for BWXT 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 BWX Technologies.

Corporate tax rate of 27% is the nominal tax rate for BWX 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 BWXT 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 BWXT are equal to 23.9%.

Life of production assets of 11 years is the average useful life of capital assets used in BWX 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 BWXT is equal to 9.1%. 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 - $150 million for BWX 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 107.894 million for BWX 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 BWX Technologies at the current share price and the inputted number of shares is $5.0 billion.


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COMPANY NEWS

▶ Top 3 Nuclear Stocks for 2017   [Jun-22-17 06:42PM  Investopedia]
▶ BWX posts 1Q profit   [May-01-17 05:06PM  Associated Press]
▶ Why General Electrics Aviation Segment Revenue Rose in 1Q17   [Apr-26-17 09:09AM  Market Realist]
▶ What Makes a Competitive Advantage Durable?   [Mar-27-17 06:16PM  GuruFocus.com]
▶ How Catalysts Can Boost Your Annual Returns   [Mar-04-17 07:19PM  GuruFocus.com]
▶ What Does Warren Buffett See in Apple?   [Mar-02-17 03:43PM  GuruFocus.com]
▶ Babcock & Wilcox misses earnings expectations by wide margin   [06:32AM  American City Business Journals]
▶ Why BWX Technologies Inc. Bounced 12% Higher   [12:42PM  at Motley Fool]
▶ Top 3 Nuclear Stocks for 2017   [Jan-26-17 11:12AM  at Investopedia]
▶ BWXT to Present at CJS Securities Investor Conference   [Jan-05-17 04:30PM  Business Wire]
▶ Hedge Funds Are Crazy About BWX Technologies Inc (BWXT)   [Nov-26-16 08:25AM  at Insider Monkey]
Stock chart of BWXT Financial statements of BWXT Annual reports of BWXT
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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