Intrinsic value of Century Aluminum - CENX

Previous Close

$20.93

  Intrinsic Value

$2.15

stock screener

  Rating & Target

str. sell

-90%

Previous close

$20.93

 
Intrinsic value

$2.15

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of CENX 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -32.36
  20.10
  18.59
  17.23
  16.01
  14.91
  13.92
  13.02
  12.22
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
Revenue, $m
  1,319
  1,584
  1,879
  2,202
  2,555
  2,936
  3,344
  3,780
  4,242
  4,730
  5,243
  5,781
  6,344
  6,932
  7,544
  8,182
  8,846
  9,535
  10,252
  10,997
  11,772
  12,576
  13,413
  14,283
  15,188
  16,131
  17,112
  18,134
  19,200
  20,312
  21,472
Variable operating expenses, $m
 
  1,095
  1,298
  1,522
  1,765
  2,029
  2,311
  2,612
  2,931
  3,268
  3,623
  3,995
  4,384
  4,790
  5,213
  5,654
  6,112
  6,589
  7,084
  7,599
  8,134
  8,690
  9,268
  9,869
  10,495
  11,146
  11,824
  12,531
  13,267
  14,036
  14,837
Fixed operating expenses, $m
 
  674
  691
  709
  726
  744
  763
  782
  802
  822
  842
  863
  885
  907
  930
  953
  977
  1,001
  1,026
  1,052
  1,078
  1,105
  1,133
  1,161
  1,190
  1,220
  1,250
  1,282
  1,314
  1,347
  1,380
Total operating expenses, $m
  1,553
  1,769
  1,989
  2,231
  2,491
  2,773
  3,074
  3,394
  3,733
  4,090
  4,465
  4,858
  5,269
  5,697
  6,143
  6,607
  7,089
  7,590
  8,110
  8,651
  9,212
  9,795
  10,401
  11,030
  11,685
  12,366
  13,074
  13,813
  14,581
  15,383
  16,217
Operating income, $m
  -234
  -185
  -111
  -28
  63
  163
  270
  386
  509
  640
  778
  923
  1,075
  1,235
  1,401
  1,575
  1,757
  1,945
  2,142
  2,346
  2,559
  2,781
  3,012
  3,252
  3,503
  3,764
  4,037
  4,322
  4,619
  4,930
  5,255
EBITDA, $m
  -149
  -83
  10
  114
  228
  352
  486
  629
  782
  944
  1,115
  1,295
  1,484
  1,681
  1,887
  2,102
  2,326
  2,559
  2,802
  3,054
  3,317
  3,590
  3,875
  4,172
  4,481
  4,803
  5,139
  5,489
  5,855
  6,237
  6,637
Interest expense (income), $m
  20
  19
  31
  45
  60
  76
  93
  112
  132
  153
  175
  199
  224
  249
  276
  304
  334
  364
  395
  428
  462
  498
  535
  573
  613
  654
  697
  742
  789
  838
  889
Earnings before tax, $m
  -251
  -204
  -142
  -73
  3
  87
  177
  274
  377
  487
  602
  724
  852
  985
  1,125
  1,271
  1,423
  1,581
  1,746
  1,918
  2,097
  2,283
  2,477
  2,679
  2,890
  3,110
  3,340
  3,580
  3,830
  4,092
  4,366
Tax expense, $m
  3
  0
  0
  0
  1
  23
  48
  74
  102
  131
  163
  195
  230
  266
  304
  343
  384
  427
  471
  518
  566
  616
  669
  723
  780
  840
  902
  966
  1,034
  1,105
  1,179
Net income, $m
  -252
  -204
  -142
  -73
  2
  63
  129
  200
  275
  355
  440
  529
  622
  719
  821
  928
  1,039
  1,154
  1,275
  1,400
  1,531
  1,667
  1,808
  1,956
  2,110
  2,270
  2,438
  2,613
  2,796
  2,987
  3,187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  132
  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
  1,540
  1,691
  2,005
  2,350
  2,727
  3,133
  3,569
  4,034
  4,527
  5,048
  5,595
  6,170
  6,770
  7,398
  8,052
  8,732
  9,440
  10,177
  10,942
  11,737
  12,563
  13,422
  14,315
  15,243
  16,209
  17,215
  18,262
  19,354
  20,491
  21,678
  22,916
Adjusted assets (=assets-cash), $m
  1,408
  1,691
  2,005
  2,350
  2,727
  3,133
  3,569
  4,034
  4,527
  5,048
  5,595
  6,170
  6,770
  7,398
  8,052
  8,732
  9,440
  10,177
  10,942
  11,737
  12,563
  13,422
  14,315
  15,243
  16,209
  17,215
  18,262
  19,354
  20,491
  21,678
  22,916
Revenue / Adjusted assets
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
  0.937
Average production assets, $m
  1,130
  1,356
  1,608
  1,885
  2,187
  2,513
  2,863
  3,236
  3,631
  4,049
  4,488
  4,949
  5,430
  5,934
  6,458
  7,004
  7,572
  8,162
  8,776
  9,414
  10,076
  10,765
  11,481
  12,226
  13,001
  13,808
  14,648
  15,523
  16,436
  17,387
  18,380
Working capital, $m
  262
  166
  197
  231
  268
  308
  351
  397
  445
  497
  550
  607
  666
  728
  792
  859
  929
  1,001
  1,076
  1,155
  1,236
  1,320
  1,408
  1,500
  1,595
  1,694
  1,797
  1,904
  2,016
  2,133
  2,255
Total debt, $m
  256
  403
  576
  766
  973
  1,196
  1,436
  1,692
  1,963
  2,249
  2,550
  2,866
  3,197
  3,542
  3,901
  4,276
  4,665
  5,070
  5,491
  5,928
  6,383
  6,855
  7,346
  7,857
  8,388
  8,941
  9,517
  10,118
  10,743
  11,396
  12,077
Total liabilities, $m
  784
  930
  1,103
  1,293
  1,500
  1,723
  1,963
  2,219
  2,490
  2,776
  3,077
  3,393
  3,724
  4,069
  4,428
  4,803
  5,192
  5,597
  6,018
  6,455
  6,910
  7,382
  7,873
  8,384
  8,915
  9,468
  10,044
  10,645
  11,270
  11,923
  12,604
Total equity, $m
  757
  761
  902
  1,058
  1,227
  1,410
  1,606
  1,815
  2,037
  2,271
  2,518
  2,776
  3,047
  3,329
  3,623
  3,930
  4,248
  4,579
  4,924
  5,282
  5,653
  6,040
  6,442
  6,859
  7,294
  7,747
  8,218
  8,709
  9,221
  9,755
  10,312
Total liabilities and equity, $m
  1,541
  1,691
  2,005
  2,351
  2,727
  3,133
  3,569
  4,034
  4,527
  5,047
  5,595
  6,169
  6,771
  7,398
  8,051
  8,733
  9,440
  10,176
  10,942
  11,737
  12,563
  13,422
  14,315
  15,243
  16,209
  17,215
  18,262
  19,354
  20,491
  21,678
  22,916
Debt-to-equity ratio
  0.338
  0.530
  0.640
  0.720
  0.790
  0.850
  0.890
  0.930
  0.960
  0.990
  1.010
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
Adjusted equity ratio
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450
  0.450

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -252
  -204
  -142
  -73
  2
  63
  129
  200
  275
  355
  440
  529
  622
  719
  821
  928
  1,039
  1,154
  1,275
  1,400
  1,531
  1,667
  1,808
  1,956
  2,110
  2,270
  2,438
  2,613
  2,796
  2,987
  3,187
Depreciation, amort., depletion, $m
  85
  102
  121
  142
  164
  189
  215
  243
  273
  304
  337
  372
  408
  446
  486
  527
  569
  614
  660
  708
  758
  809
  863
  919
  978
  1,038
  1,101
  1,167
  1,236
  1,307
  1,382
Funds from operations, $m
  84
  -102
  -21
  69
  167
  252
  344
  443
  548
  660
  777
  901
  1,030
  1,166
  1,307
  1,454
  1,608
  1,768
  1,935
  2,108
  2,288
  2,476
  2,672
  2,875
  3,087
  3,309
  3,539
  3,780
  4,032
  4,294
  4,569
Change in working capital, $m
  46
  28
  31
  34
  37
  40
  43
  46
  49
  51
  54
  57
  59
  62
  64
  67
  70
  72
  75
  78
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
Cash from operations, $m
  38
  -130
  -52
  35
  130
  212
  302
  397
  500
  608
  723
  844
  971
  1,104
  1,243
  1,387
  1,538
  1,696
  1,859
  2,030
  2,207
  2,392
  2,584
  2,784
  2,992
  3,210
  3,436
  3,673
  3,920
  4,178
  4,447
Maintenance CAPEX, $m
  0
  -85
  -102
  -121
  -142
  -164
  -189
  -215
  -243
  -273
  -304
  -337
  -372
  -408
  -446
  -486
  -527
  -569
  -614
  -660
  -708
  -758
  -809
  -863
  -919
  -978
  -1,038
  -1,101
  -1,167
  -1,236
  -1,307
New CAPEX, $m
  -22
  -227
  -252
  -277
  -302
  -326
  -350
  -373
  -395
  -418
  -439
  -461
  -482
  -503
  -524
  -546
  -568
  -590
  -614
  -638
  -663
  -689
  -716
  -745
  -775
  -807
  -840
  -875
  -912
  -952
  -993
Cash from investing activities, $m
  -21
  -312
  -354
  -398
  -444
  -490
  -539
  -588
  -638
  -691
  -743
  -798
  -854
  -911
  -970
  -1,032
  -1,095
  -1,159
  -1,228
  -1,298
  -1,371
  -1,447
  -1,525
  -1,608
  -1,694
  -1,785
  -1,878
  -1,976
  -2,079
  -2,188
  -2,300
Free cash flow, $m
  17
  -442
  -406
  -363
  -314
  -278
  -237
  -191
  -139
  -82
  -20
  46
  117
  192
  272
  356
  444
  536
  632
  732
  836
  945
  1,058
  1,176
  1,298
  1,425
  1,558
  1,696
  1,840
  1,990
  2,147
Issuance/(repayment) of debt, $m
  0
  155
  173
  190
  207
  224
  240
  256
  271
  286
  301
  316
  330
  345
  360
  374
  389
  405
  421
  437
  454
  472
  491
  511
  531
  553
  576
  600
  626
  653
  681
Issuance/(repurchase) of shares, $m
  0
  332
  284
  228
  167
  120
  67
  9
  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  
  0
  487
  457
  418
  374
  344
  307
  265
  271
  286
  301
  316
  330
  345
  360
  374
  389
  405
  421
  437
  454
  472
  491
  511
  531
  553
  576
  600
  626
  653
  681
Total cash flow (excl. dividends), $m
  17
  45
  50
  55
  60
  65
  70
  74
  132
  204
  281
  362
  447
  537
  632
  730
  833
  941
  1,053
  1,169
  1,291
  1,417
  1,549
  1,686
  1,829
  1,979
  2,134
  2,296
  2,466
  2,643
  2,828
Retained Cash Flow (-), $m
  252
  -332
  -284
  -228
  -169
  -183
  -196
  -209
  -222
  -234
  -246
  -258
  -270
  -282
  -294
  -306
  -319
  -331
  -344
  -358
  -372
  -386
  -402
  -418
  -435
  -453
  -471
  -491
  -512
  -534
  -557
Prev. year cash balance distribution, $m
 
  124
  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
 
  -163
  -233
  -173
  -109
  -118
  -127
  -135
  -90
  -30
  34
  103
  177
  255
  337
  424
  515
  610
  708
  812
  919
  1,031
  1,147
  1,269
  1,395
  1,526
  1,663
  1,805
  1,954
  2,109
  2,271
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -153
  -204
  -140
  -81
  -80
  -77
  -74
  -44
  -13
  13
  33
  48
  58
  64
  65
  64
  60
  54
  47
  40
  33
  27
  21
  16
  11
  8
  6
  4
  2
  2
Current shareholders' claim on cash, %
  100
  82.3
  71.4
  64.6
  60.7
  58.4
  57.2
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1
  57.1

Century Aluminum Company (Century) is a holding company, which is a producer of primary aluminum and operates aluminum reduction facilities, or smelters, in the United States and Iceland. The Company operates through primary aluminum segment. The Company's primary aluminum facilities produce standard grade primary aluminum products. As of December 31, 2016, its annual primary aluminum production capacity was approximately 1,012,000 tons per year (tpy). The Company's principal subsidiaries are Century Kentucky, Inc. (CAKY), Nordural ehf (Nordural), Century Aluminum Sebree LLC (Century Sebree), Century Aluminum of South Carolina (CASC) and Century Aluminum of West Virginia, Inc. (Century of West Virginia). Its CAKY operates a primary aluminum reduction facility in Hawesville, Kentucky (Hawesville). Nordural Grundartangi ehf, a subsidiary of Nordural, operates a primary aluminum reduction facility in Grundartangi, Iceland (Grundartangi).

FINANCIAL RATIOS  of  Century Aluminum (CENX)

Valuation Ratios
P/E Ratio -7.2
Price to Sales 1.4
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 48.1
Price to Free Cash Flow 114.1
Growth Rates
Sales Growth Rate -32.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -14.1%
Financial Strength
Quick Ratio 17
Current Ratio 0.1
LT Debt to Equity 32.8%
Total Debt to Equity 33.8%
Interest Coverage -12
Management Effectiveness
Return On Assets -14.1%
Ret/ On Assets - 3 Yr. Avg. -2.8%
Return On Total Capital -22.1%
Ret/ On T. Cap. - 3 Yr. Avg. -5.7%
Return On Equity -28.5%
Return On Equity - 3 Yr. Avg. -7.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin -0.8%
Gross Margin - 3 Yr. Avg. 3.9%
EBITDA Margin -11.1%
EBITDA Margin - 3 Yr. Avg. 1.3%
Operating Margin -17.7%
Oper. Margin - 3 Yr. Avg. -4.2%
Pre-Tax Margin -19%
Pre-Tax Margin - 3 Yr. Avg. -4.6%
Net Profit Margin -19.1%
Net Profit Margin - 3 Yr. Avg. -5.2%
Effective Tax Rate -1.2%
Eff/ Tax Rate - 3 Yr. Avg. -3.5%
Payout Ratio 0%

CENX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CENX stock intrinsic value calculation we used $1319 million for the last fiscal year's total revenue generated by Century Aluminum. The default revenue input number comes from 2016 income statement of Century Aluminum. 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 CENX stock valuation model: a) initial revenue growth rate of 20.1% 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 6.7%, whose default value for CENX is calculated based on our internal credit rating of Century Aluminum, 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 Century Aluminum.
    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 CENX stock the variable cost ratio is equal to 69.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $658 million in the base year in the intrinsic value calculation for CENX 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 7.8% for Century Aluminum.

Corporate tax rate of 27% is the nominal tax rate for Century Aluminum. 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 CENX 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 CENX are equal to 85.6%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Century Aluminum 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 CENX is equal to 10.5%. 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 - $757 million for Century Aluminum - 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 88.086 million for Century Aluminum 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 Century Aluminum at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
AA Alcoa 46.70 7.39  str.sell
KALU Kaiser Aluminu 105.02 11.21  str.sell
ACH Aluminum Corp. 16.06 1.93  str.sell

COMPANY NEWS

▶ Century beats 4Q profit forecasts   [05:00AM  Associated Press]
▶ Century Aluminum Q4 Earnings Preview   [11:34AM  Benzinga]
▶ [$$] The Benefits, and Costs, of Higher Metal Tariffs   [Feb-20-18 05:52PM  The Wall Street Journal]
▶ [$$] The Benefits, and Costs, of Higher Metal Tariffs   [Feb-17-18 11:28AM  The Wall Street Journal]
▶ Why Century Aluminum Stock Popped 8% on Friday   [Feb-16-18 06:16PM  Motley Fool]
▶ Chinas Supply-Side Reforms Could Impact Aluminum in 2018   [Jan-22-18 03:00PM  Market Realist]
▶ Why Alcoa Corp Stock Is a Solid Buy on This Earnings Dip   [Jan-18-18 02:16PM  InvestorPlace]
▶ How Alcoa Fared in 4Q17   [07:36AM  Market Realist]
▶ Why Alcoas 2018 Guidance Miffed Analysts   [06:26AM  Market Realist]
▶ Aluminum Exports: Chinas Numbers Dont Add Up   [Jan-16-18 09:02AM  Market Realist]
▶ How Wall Street Sees Alcoa ahead of Its 4Q17 Earnings   [Jan-12-18 10:32AM  Market Realist]
▶ Can Alcoa Deliver Higher Profits in 4Q17?   [Jan-11-18 03:20PM  Market Realist]
▶ Century Aluminum Scores Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Aluminum Supply: What Investors Should Watch in 2018   [Dec-21-17 12:15PM  Market Realist]
▶ Stocks Generating Improved Relative Strength: Century Aluminum   [Dec-15-17 03:00AM  Investor's Business Daily]
▶ How Rising Physical Premiums Could Impact Aluminum Producers   [Dec-04-17 07:35AM  Market Realist]
▶ Why Century Aluminum Stock Dropped 11% on Monday   [Nov-20-17 05:23PM  Motley Fool]
▶ New Strong Sell Stocks for November 14th   [Nov-14-17 09:10AM  Zacks]
▶ Norsk Hydro: Analysts Ratings amid Higher Aluminum Prices   [Nov-08-17 01:05PM  Market Realist]
▶ Stocks To Watch: Century Aluminum Sees Relative Strength Rating Jump To 80   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Why Century Aluminum Stock Slumped 11% Today   [Oct-30-17 07:35PM  Motley Fool]
▶ Century misses 3Q profit forecasts   [Oct-26-17 06:11PM  Associated Press]
▶ Alcoa Continues Its Rally as China Keeps Its Commitment   [Oct-16-17 02:06PM  Market Realist]
▶ CNA Announces New Member to Board of Directors   [Oct-13-17 04:30PM  PR Newswire]
▶ Is It Time To Buy Century Aluminum Company (CENX)?   [Oct-12-17 04:14PM  Simply Wall St.]
▶ Alcoa Receives a Boost, Chinas Aluminum Production Fell   [Sep-26-17 10:38AM  Market Realist]
▶ Alcoa Could Rise above $50: What Wall Street Thinks   [Sep-25-17 02:06PM  Market Realist]
▶ Can Alcoa Continue Its Good Run in 4Q17?   [12:12PM  Market Realist]
▶ This stock could be trucking higher   [Sep-20-17 01:59PM  CNBC Videos]
▶ Bulls bet on FedEx and Century Aluminum   [12:57PM  CNBC Videos]
Financial statements of CENX
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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