Intrinsic value of Chicago Bridge&Iron - CBI

Previous Close

$9.78

  Intrinsic Value

$0.35

stock screener

  Rating & Target

str. sell

-96%

  Value-price divergence*

+28%

Previous close

$9.78

 
Intrinsic value

$0.35

 
Up/down potential

-96%

 
Rating

str. sell

 
Value-price divergence*

+28%

*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 1.0

 

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, %
  -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
  10,894
  11,144
  11,431
  11,752
  12,108
  12,499
  12,925
  13,386
  13,882
  14,415
  14,985
  15,593
  16,241
  16,929
  17,659
  18,433
  19,252
  20,118
  21,034
  22,000
  23,020
  24,095
  25,229
  26,423
  27,681
  29,006
  30,400
  31,867
  33,410
  35,033
Variable operating expenses, $m
 
  11,247
  11,500
  11,788
  12,112
  12,470
  12,864
  13,292
  13,756
  14,256
  14,792
  15,085
  15,697
  16,349
  17,041
  17,777
  18,556
  19,380
  20,252
  21,174
  22,147
  23,173
  24,256
  25,397
  26,599
  27,865
  29,199
  30,602
  32,079
  33,632
  35,266
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
  11,247
  11,500
  11,788
  12,112
  12,470
  12,864
  13,292
  13,756
  14,256
  14,792
  15,085
  15,697
  16,349
  17,041
  17,777
  18,556
  19,380
  20,252
  21,174
  22,147
  23,173
  24,256
  25,397
  26,599
  27,865
  29,199
  30,602
  32,079
  33,632
  35,266
Operating income, $m
  -145
  -354
  -356
  -357
  -360
  -362
  -365
  -367
  -370
  -374
  -377
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
  -233
EBITDA, $m
  -22
  -62
  -63
  -65
  -66
  -68
  -71
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
  -198
Interest expense (income), $m
  99
  70
  75
  81
  87
  95
  103
  112
  121
  132
  143
  155
  168
  182
  197
  213
  229
  247
  266
  285
  306
  328
  352
  376
  402
  429
  458
  488
  520
  553
  588
Earnings before tax, $m
  -237
  -424
  -431
  -438
  -447
  -457
  -467
  -479
  -492
  -506
  -521
  -255
  -272
  -290
  -310
  -330
  -352
  -375
  -399
  -425
  -453
  -481
  -512
  -544
  -578
  -613
  -651
  -690
  -732
  -776
  -822
Tax expense, $m
  3
  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
Net income, $m
  -313
  -424
  -431
  -438
  -447
  -457
  -467
  -479
  -492
  -506
  -521
  -255
  -272
  -290
  -310
  -330
  -352
  -375
  -399
  -425
  -453
  -481
  -512
  -544
  -578
  -613
  -651
  -690
  -732
  -776
  -822

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
  7,497
  7,670
  7,867
  8,088
  8,333
  8,602
  8,895
  9,213
  9,554
  9,921
  10,313
  10,732
  11,177
  11,651
  12,154
  12,686
  13,250
  13,846
  14,476
  15,141
  15,843
  16,583
  17,363
  18,185
  19,051
  19,963
  20,922
  21,932
  22,994
  24,111
Adjusted assets (=assets-cash), $m
  7,348
  7,497
  7,670
  7,867
  8,088
  8,333
  8,602
  8,895
  9,213
  9,554
  9,921
  10,313
  10,732
  11,177
  11,651
  12,154
  12,686
  13,250
  13,846
  14,476
  15,141
  15,843
  16,583
  17,363
  18,185
  19,051
  19,963
  20,922
  21,932
  22,994
  24,111
Revenue / Adjusted assets
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
  1.453
Average production assets, $m
  315
  316
  323
  331
  341
  351
  362
  375
  388
  403
  418
  435
  452
  471
  491
  512
  535
  558
  583
  610
  638
  668
  699
  732
  766
  803
  841
  882
  924
  969
  1,016
Working capital, $m
  -1,994
  -1,089
  -1,114
  -1,143
  -1,175
  -1,211
  -1,250
  -1,292
  -1,339
  -1,388
  -1,441
  -1,498
  -1,559
  -1,624
  -1,693
  -1,766
  -1,843
  -1,925
  -2,012
  -2,103
  -2,200
  -2,302
  -2,410
  -2,523
  -2,642
  -2,768
  -2,901
  -3,040
  -3,187
  -3,341
  -3,503
Total debt, $m
  2,199
  1,832
  1,971
  2,130
  2,309
  2,507
  2,725
  2,961
  3,218
  3,494
  3,790
  4,107
  4,445
  4,805
  5,188
  5,594
  6,024
  6,480
  6,962
  7,471
  8,008
  8,575
  9,173
  9,804
  10,468
  11,167
  11,904
  12,679
  13,495
  14,353
  15,256
Total liabilities, $m
  6,426
  6,058
  6,197
  6,356
  6,535
  6,733
  6,951
  7,187
  7,444
  7,720
  8,016
  8,333
  8,671
  9,031
  9,414
  9,820
  10,250
  10,706
  11,188
  11,697
  12,234
  12,801
  13,399
  14,030
  14,694
  15,393
  16,130
  16,905
  17,721
  18,579
  19,482
Total equity, $m
  1,414
  1,439
  1,473
  1,510
  1,553
  1,600
  1,652
  1,708
  1,769
  1,834
  1,905
  1,980
  2,060
  2,146
  2,237
  2,333
  2,436
  2,544
  2,658
  2,779
  2,907
  3,042
  3,184
  3,334
  3,492
  3,658
  3,833
  4,017
  4,211
  4,415
  4,629
Total liabilities and equity, $m
  7,840
  7,497
  7,670
  7,866
  8,088
  8,333
  8,603
  8,895
  9,213
  9,554
  9,921
  10,313
  10,731
  11,177
  11,651
  12,153
  12,686
  13,250
  13,846
  14,476
  15,141
  15,843
  16,583
  17,364
  18,186
  19,051
  19,963
  20,922
  21,932
  22,994
  24,111
Debt-to-equity ratio
  1.555
  1.270
  1.340
  1.410
  1.490
  1.570
  1.650
  1.730
  1.820
  1.900
  1.990
  2.070
  2.160
  2.240
  2.320
  2.400
  2.470
  2.550
  2.620
  2.690
  2.750
  2.820
  2.880
  2.940
  3.000
  3.050
  3.110
  3.160
  3.200
  3.250
  3.300
Adjusted equity ratio
  0.181
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -313
  -424
  -431
  -438
  -447
  -457
  -467
  -479
  -492
  -506
  -521
  -255
  -272
  -290
  -310
  -330
  -352
  -375
  -399
  -425
  -453
  -481
  -512
  -544
  -578
  -613
  -651
  -690
  -732
  -776
  -822
Depreciation, amort., depletion, $m
  123
  292
  293
  293
  293
  293
  294
  294
  295
  295
  296
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
Funds from operations, $m
  665
  -132
  -138
  -145
  -154
  -163
  -173
  -185
  -197
  -210
  -225
  -240
  -257
  -274
  -293
  -313
  -334
  -356
  -379
  -404
  -431
  -459
  -488
  -519
  -551
  -586
  -622
  -660
  -700
  -742
  -787
Change in working capital, $m
  11
  -21
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
  -147
  -154
  -162
Cash from operations, $m
  654
  -110
  -113
  -117
  -122
  -128
  -134
  -142
  -151
  -161
  -171
  -183
  -196
  -209
  -224
  -240
  -256
  -274
  -293
  -313
  -334
  -357
  -380
  -405
  -432
  -460
  -489
  -521
  -553
  -588
  -624
Maintenance CAPEX, $m
  0
  -11
  -11
  -11
  -11
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
New CAPEX, $m
  -52
  -1
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
Cash from investing activities, $m
  -169
  -12
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -66
  -69
  -73
  -77
  -80
Free cash flow, $m
  485
  -122
  -131
  -136
  -142
  -150
  -158
  -167
  -177
  -189
  -201
  -214
  -228
  -244
  -260
  -278
  -296
  -316
  -337
  -359
  -383
  -408
  -434
  -462
  -492
  -523
  -555
  -590
  -626
  -664
  -705
Issuance/(repayment) of debt, $m
  -396
  124
  139
  159
  179
  198
  217
  237
  256
  276
  296
  317
  338
  360
  383
  406
  430
  456
  482
  509
  537
  567
  598
  630
  664
  700
  737
  775
  816
  858
  903
Issuance/(repurchase) of shares, $m
  -190
  449
  464
  476
  489
  504
  519
  535
  553
  571
  591
  330
  352
  376
  401
  427
  454
  483
  514
  546
  580
  616
  654
  694
  736
  780
  826
  874
  926
  979
  1,036
Cash from financing (excl. dividends), $m  
  -453
  573
  603
  635
  668
  702
  736
  772
  809
  847
  887
  647
  690
  736
  784
  833
  884
  939
  996
  1,055
  1,117
  1,183
  1,252
  1,324
  1,400
  1,480
  1,563
  1,649
  1,742
  1,837
  1,939
Total cash flow (excl. dividends), $m
  -16
  451
  472
  499
  526
  552
  579
  605
  632
  659
  686
  433
  462
  492
  523
  555
  588
  623
  659
  696
  735
  775
  818
  862
  908
  956
  1,007
  1,060
  1,115
  1,173
  1,234
Retained Cash Flow (-), $m
  600
  -449
  -464
  -476
  -489
  -504
  -519
  -535
  -553
  -571
  -591
  -330
  -352
  -376
  -401
  -427
  -454
  -483
  -514
  -546
  -580
  -616
  -654
  -694
  -736
  -780
  -826
  -874
  -926
  -979
  -1,036
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
 
  2
  8
  23
  36
  49
  60
  70
  79
  88
  95
  103
  110
  116
  123
  128
  134
  139
  145
  150
  154
  159
  164
  168
  172
  177
  181
  185
  190
  194
  198
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  2
  7
  19
  27
  33
  37
  39
  39
  38
  37
  34
  31
  28
  24
  21
  18
  15
  12
  9
  7
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  68.8
  47.1
  32.2
  22.0
  15.1
  10.3
  7.0
  4.8
  3.3
  2.3
  1.8
  1.4
  1.1
  0.9
  0.7
  0.6
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0

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 -3.1
Price to Sales 0.1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 1.5
Price to Free Cash Flow 1.6
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 $10680 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 6.5%, 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 103.3%.

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 4.1% 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 2.9%.

Life of production assets of 29.1 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 -10%. 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 - $1414 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 $1.0 billion.

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COMPANY NEWS

▶ CB&I Wins Storage Project in Saudi Arabia   [08:00AM  PR Newswire]
▶ What Investors Missed in the Market This Week   [Aug-13-17 07:04AM  Motley Fool]
▶ Chicago Bridge & Iron: ConcernedAnd Rightfully So?   [Aug-11-17 12:32PM  Barrons.com]
▶ Chicago Bridge & Iron reports 2Q loss   [Aug-09-17 10:22PM  Associated Press]
▶ Benzinga's Option Alert Recap From August 4   [Aug-04-17 04:23PM  Benzinga]
▶ 2 of the Best Dividend Stocks You Can Find   [Jul-25-17 10:36AM  Motley Fool]
▶ CB&I Schedules Conference Call and Webcast for August 7   [Jul-11-17 08:00AM  PR Newswire]
▶ [$$] Chicago Bridge's Next Catalyst   [Jul-05-17 02:12PM  Barrons.com]
▶ Jon Najarian: Watch this Stock   [Jun-30-17 02:13PM  CNBC Videos]
▶ Beware of this big run   [12:00AM  CNBC]
▶ CBI: Former Buffett Stock Worth Buying Now   [11:17AM  GuruFocus.com]
▶ What Happened in the Stock Market Today   [Jun-27-17 05:05PM  Motley Fool]
▶ Why Chicago Bridge & Iron is Soaring   [02:35PM  Barrons.com]
▶ Qatar National Bank sees no big deposit outflows   [Jun-14-17 11:38AM  Reuters]
▶ CB&I Announces Multi-Technology Contract in Kazakhstan   [Jun-12-17 08:00AM  PR Newswire]
▶ 3 Cheap Stocks You Can Buy Right Now   [May-24-17 09:00AM  Motley Fool]
▶ New CEO, New Approach for Chicago Bridge & Iron   [May-22-17 07:00AM  Morningstar]
Stock chart of CBI Financial statements 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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