Intrinsic value of Chicago Bridge&Iron - CBI

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$13.53

  Intrinsic Value

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  Value-price divergence*

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$13.53

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

We calculate the intrinsic value of CBI 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 1.3

 

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, %
  -17.40
  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
  10,680
  13,189
  13,492
  13,839
  14,228
  14,659
  15,133
  15,648
  16,206
  16,807
  17,452
  18,142
  18,878
  19,662
  20,495
  21,379
  22,316
  23,308
  24,357
  25,465
  26,635
  27,870
  29,172
  30,544
  31,990
  33,513
  35,117
  36,804
  38,580
  40,449
  42,414
Variable operating expenses, $m
 
  12,179
  12,450
  12,761
  13,109
  13,496
  13,919
  14,381
  14,880
  15,418
  15,996
  16,242
  16,901
  17,603
  18,349
  19,141
  19,980
  20,868
  21,807
  22,799
  23,846
  24,952
  26,117
  27,346
  28,640
  30,004
  31,440
  32,951
  34,541
  36,213
  37,973
Fixed operating expenses, $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
Total operating expenses, $m
  10,824
  12,179
  12,450
  12,761
  13,109
  13,496
  13,919
  14,381
  14,880
  15,418
  15,996
  16,242
  16,901
  17,603
  18,349
  19,141
  19,980
  20,868
  21,807
  22,799
  23,846
  24,952
  26,117
  27,346
  28,640
  30,004
  31,440
  32,951
  34,541
  36,213
  37,973
Operating income, $m
  -145
  1,010
  1,042
  1,078
  1,119
  1,164
  1,213
  1,267
  1,326
  1,389
  1,456
  1,900
  1,977
  2,059
  2,146
  2,239
  2,337
  2,441
  2,550
  2,666
  2,789
  2,918
  3,055
  3,198
  3,350
  3,509
  3,677
  3,854
  4,040
  4,235
  4,441
EBITDA, $m
  -22
  1,410
  1,443
  1,480
  1,522
  1,568
  1,618
  1,673
  1,733
  1,797
  1,866
  1,940
  2,019
  2,103
  2,192
  2,286
  2,387
  2,493
  2,605
  2,723
  2,848
  2,980
  3,120
  3,266
  3,421
  3,584
  3,755
  3,936
  4,126
  4,326
  4,536
Interest expense (income), $m
  99
  76
  81
  86
  93
  100
  108
  117
  127
  138
  149
  161
  175
  188
  203
  219
  236
  254
  273
  292
  313
  336
  359
  384
  410
  437
  466
  497
  529
  562
  598
Earnings before tax, $m
  -237
  934
  961
  992
  1,026
  1,063
  1,105
  1,150
  1,198
  1,251
  1,307
  1,738
  1,802
  1,870
  1,943
  2,019
  2,101
  2,187
  2,278
  2,374
  2,475
  2,583
  2,695
  2,814
  2,940
  3,072
  3,211
  3,357
  3,511
  3,673
  3,843
Tax expense, $m
  3
  252
  259
  268
  277
  287
  298
  310
  324
  338
  353
  469
  487
  505
  525
  545
  567
  590
  615
  641
  668
  697
  728
  760
  794
  829
  867
  906
  948
  992
  1,038
Net income, $m
  -313
  682
  702
  724
  749
  776
  807
  839
  875
  913
  954
  1,269
  1,316
  1,365
  1,418
  1,474
  1,534
  1,596
  1,663
  1,733
  1,807
  1,885
  1,968
  2,055
  2,146
  2,242
  2,344
  2,451
  2,563
  2,681
  2,806

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  491
  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
  7,839
  8,816
  9,019
  9,250
  9,511
  9,799
  10,115
  10,460
  10,833
  11,235
  11,666
  12,127
  12,619
  13,143
  13,700
  14,291
  14,917
  15,580
  16,281
  17,022
  17,804
  18,629
  19,500
  20,417
  21,384
  22,402
  23,474
  24,602
  25,789
  27,038
  28,352
Adjusted assets (=assets-cash), $m
  7,348
  8,816
  9,019
  9,250
  9,511
  9,799
  10,115
  10,460
  10,833
  11,235
  11,666
  12,127
  12,619
  13,143
  13,700
  14,291
  14,917
  15,580
  16,281
  17,022
  17,804
  18,629
  19,500
  20,417
  21,384
  22,402
  23,474
  24,602
  25,789
  27,038
  28,352
Revenue / Adjusted assets
  1.453
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
  1.496
Average production assets, $m
  315
  884
  904
  927
  953
  982
  1,014
  1,048
  1,086
  1,126
  1,169
  1,216
  1,265
  1,317
  1,373
  1,432
  1,495
  1,562
  1,632
  1,706
  1,785
  1,867
  1,955
  2,046
  2,143
  2,245
  2,353
  2,466
  2,585
  2,710
  2,842
Working capital, $m
  -1,994
  -1,266
  -1,295
  -1,329
  -1,366
  -1,407
  -1,453
  -1,502
  -1,556
  -1,613
  -1,675
  -1,742
  -1,812
  -1,888
  -1,968
  -2,052
  -2,142
  -2,238
  -2,338
  -2,445
  -2,557
  -2,675
  -2,800
  -2,932
  -3,071
  -3,217
  -3,371
  -3,533
  -3,704
  -3,883
  -4,072
Total debt, $m
  2,199
  2,177
  2,332
  2,510
  2,710
  2,931
  3,173
  3,438
  3,724
  4,032
  4,363
  4,716
  5,094
  5,496
  5,923
  6,376
  6,857
  7,365
  7,903
  8,471
  9,071
  9,704
  10,371
  11,075
  11,816
  12,597
  13,419
  14,285
  15,195
  16,153
  17,161
Total liabilities, $m
  6,426
  6,762
  6,917
  7,095
  7,295
  7,516
  7,758
  8,023
  8,309
  8,617
  8,948
  9,301
  9,679
  10,081
  10,508
  10,961
  11,442
  11,950
  12,488
  13,056
  13,656
  14,289
  14,956
  15,660
  16,401
  17,182
  18,004
  18,870
  19,780
  20,738
  21,746
Total equity, $m
  1,414
  2,054
  2,101
  2,155
  2,216
  2,283
  2,357
  2,437
  2,524
  2,618
  2,718
  2,826
  2,940
  3,062
  3,192
  3,330
  3,476
  3,630
  3,794
  3,966
  4,148
  4,341
  4,543
  4,757
  4,982
  5,220
  5,469
  5,732
  6,009
  6,300
  6,606
Total liabilities and equity, $m
  7,840
  8,816
  9,018
  9,250
  9,511
  9,799
  10,115
  10,460
  10,833
  11,235
  11,666
  12,127
  12,619
  13,143
  13,700
  14,291
  14,918
  15,580
  16,282
  17,022
  17,804
  18,630
  19,499
  20,417
  21,383
  22,402
  23,473
  24,602
  25,789
  27,038
  28,352
Debt-to-equity ratio
  1.555
  1.060
  1.110
  1.160
  1.220
  1.280
  1.350
  1.410
  1.480
  1.540
  1.610
  1.670
  1.730
  1.790
  1.860
  1.910
  1.970
  2.030
  2.080
  2.140
  2.190
  2.240
  2.280
  2.330
  2.370
  2.410
  2.450
  2.490
  2.530
  2.560
  2.600
Adjusted equity ratio
  0.181
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -313
  682
  702
  724
  749
  776
  807
  839
  875
  913
  954
  1,269
  1,316
  1,365
  1,418
  1,474
  1,534
  1,596
  1,663
  1,733
  1,807
  1,885
  1,968
  2,055
  2,146
  2,242
  2,344
  2,451
  2,563
  2,681
  2,806
Depreciation, amort., depletion, $m
  123
  401
  401
  402
  403
  404
  405
  406
  407
  409
  410
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
Funds from operations, $m
  665
  1,083
  1,103
  1,126
  1,152
  1,180
  1,212
  1,246
  1,282
  1,322
  1,364
  1,309
  1,358
  1,409
  1,464
  1,522
  1,583
  1,648
  1,717
  1,790
  1,867
  1,948
  2,033
  2,123
  2,218
  2,317
  2,422
  2,533
  2,649
  2,772
  2,900
Change in working capital, $m
  11
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -106
  -112
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -189
Cash from operations, $m
  654
  649
  1,132
  1,159
  1,189
  1,222
  1,257
  1,295
  1,336
  1,380
  1,426
  1,376
  1,428
  1,485
  1,544
  1,607
  1,673
  1,744
  1,818
  1,896
  1,979
  2,066
  2,158
  2,255
  2,356
  2,464
  2,576
  2,695
  2,820
  2,951
  3,089
Maintenance CAPEX, $m
  0
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
New CAPEX, $m
  -52
  -14
  -20
  -23
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
Cash from investing activities, $m
  -169
  -43
  -49
  -53
  -57
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
Free cash flow, $m
  485
  606
  1,082
  1,106
  1,132
  1,161
  1,193
  1,227
  1,264
  1,303
  1,345
  1,290
  1,339
  1,390
  1,444
  1,502
  1,563
  1,627
  1,696
  1,768
  1,844
  1,924
  2,008
  2,097
  2,191
  2,290
  2,394
  2,503
  2,619
  2,740
  2,867
Issuance/(repayment) of debt, $m
  -396
  134
  156
  178
  200
  221
  243
  264
  286
  308
  331
  354
  378
  402
  427
  453
  480
  508
  538
  568
  600
  633
  668
  704
  741
  781
  822
  865
  911
  958
  1,008
Issuance/(repurchase) of shares, $m
  -190
  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  
  -453
  134
  156
  178
  200
  221
  243
  264
  286
  308
  331
  354
  378
  402
  427
  453
  480
  508
  538
  568
  600
  633
  668
  704
  741
  781
  822
  865
  911
  958
  1,008
Total cash flow (excl. dividends), $m
  -16
  740
  1,238
  1,284
  1,332
  1,382
  1,435
  1,491
  1,550
  1,611
  1,676
  1,644
  1,716
  1,792
  1,871
  1,955
  2,043
  2,136
  2,233
  2,336
  2,444
  2,557
  2,676
  2,801
  2,933
  3,071
  3,216
  3,369
  3,529
  3,698
  3,875
Retained Cash Flow (-), $m
  600
  -40
  -47
  -54
  -61
  -67
  -74
  -80
  -87
  -94
  -100
  -107
  -115
  -122
  -130
  -138
  -146
  -154
  -163
  -173
  -182
  -192
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
  -306
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
 
  699
  1,190
  1,230
  1,271
  1,315
  1,361
  1,411
  1,463
  1,518
  1,576
  1,537
  1,601
  1,670
  1,742
  1,817
  1,897
  1,981
  2,070
  2,163
  2,261
  2,365
  2,473
  2,587
  2,707
  2,834
  2,966
  3,106
  3,253
  3,407
  3,569
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  664
  1,068
  1,037
  1,002
  962
  919
  873
  823
  770
  715
  618
  565
  512
  459
  407
  356
  308
  263
  221
  183
  149
  120
  94
  73
  55
  41
  29
  21
  14
  10
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

Chicago Bridge & Iron Company N.V. provides conceptual design, technology, engineering, procurement, fabrication, modularization, construction, commissioning, maintenance, program management, and environmental services worldwide. It operates in four segments: Engineering & Construction, Fabrication Services, Technology, and Capital Services. The Engineering & Construction segment provides engineering, procurement, and construction services for energy infrastructure facilities, such as upstream and downstream process facilities for the oil and gas industry, as well as liquefied natural gas liquefaction and regasification terminals, and fossil electric generating plants for the power generation industry. The Fabrication Services segment is involved in the fabrication and erection of steel plate structures; fabrication of piping systems and process modules; and manufacturing and distribution of pipes and fittings, and engineered products for the oil and gas, petrochemical, power generation, water and wastewater, mining and mineral processing industries. The Technology segment provides process technologies and catalysts for use in petrochemical facilities and oil refineries; and offers process planning, project development, and aftermarket support services. The Capital Services segment offers integrated maintenance, environmental engineering and remediation, infrastructure EPC, program management, and disaster response and recovery services for private-sector customers and governments. The company was founded in 1889 and is headquartered in The Hague, the Netherlands.

FINANCIAL RATIOS  of  Chicago Bridge&Iron (CBI)

Valuation Ratios
P/E Ratio -4.3
Price to Sales 0.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 2.2
Growth Rates
Sales Growth Rate -17.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.2%
Cap. Spend. - 3 Yr. Gr. Rate -19.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 91%
Total Debt to Equity 155.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -2.5%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital -7.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -18.3%
Return On Equity - 3 Yr. Avg. -6%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 9.6%
Gross Margin - 3 Yr. Avg. 10.9%
EBITDA Margin -0.1%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -1.3%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -2.2%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin -2.9%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate -1.3%
Eff/ Tax Rate - 3 Yr. Avg. 14.8%
Payout Ratio -9.3%

CBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBI stock intrinsic value calculation we used $12930 million for the last fiscal year's total revenue generated by Chicago Bridge&Iron. The default revenue input number comes from 2016 income statement of Chicago Bridge&Iron. 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 CBI 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 5.3%, whose default value for CBI is calculated based on our internal credit rating of Chicago Bridge&Iron, 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 Chicago Bridge&Iron.
    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 CBI stock the variable cost ratio is equal to 92.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBI 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 3.7% for Chicago Bridge&Iron.

Corporate tax rate of 27% is the nominal tax rate for Chicago Bridge&Iron. 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 CBI 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 CBI are equal to 6.7%.

Life of production assets of 30 years is the average useful life of capital assets used in Chicago Bridge&Iron 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 CBI is equal to -9.6%. 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 - $2014 million for Chicago Bridge&Iron - 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 98.063 million for Chicago Bridge&Iron 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 Chicago Bridge&Iron at the current share price and the inputted number of shares is $1.3 billion.


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Stock chart of CBI Financial statements of CBI Annual reports of CBI
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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