Intrinsic value of Century Aluminum - CENX

Previous Close

$14.83

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$14.83

 
Intrinsic value

$2.13

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

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

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, %
  -32.36
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  1,319
  1,513
  1,721
  1,942
  2,176
  2,424
  2,684
  2,956
  3,241
  3,538
  3,848
  4,171
  4,506
  4,855
  5,218
  5,594
  5,986
  6,393
  6,816
  7,256
  7,713
  8,190
  8,687
  9,204
  9,743
  10,306
  10,893
  11,506
  12,146
  12,815
  13,514
Variable operating expenses, $m
 
  1,045
  1,189
  1,342
  1,504
  1,675
  1,854
  2,043
  2,240
  2,445
  2,659
  2,882
  3,114
  3,355
  3,605
  3,866
  4,136
  4,417
  4,710
  5,014
  5,330
  5,659
  6,002
  6,360
  6,733
  7,121
  7,527
  7,950
  8,393
  8,855
  9,338
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
  1,719
  1,880
  2,051
  2,230
  2,419
  2,617
  2,825
  3,042
  3,267
  3,501
  3,745
  3,999
  4,262
  4,535
  4,819
  5,113
  5,418
  5,736
  6,066
  6,408
  6,764
  7,135
  7,521
  7,923
  8,341
  8,777
  9,232
  9,707
  10,202
  10,718
Operating income, $m
  -234
  -207
  -160
  -109
  -54
  4
  66
  131
  200
  272
  347
  425
  508
  593
  682
  776
  873
  974
  1,080
  1,190
  1,305
  1,426
  1,551
  1,683
  1,820
  1,965
  2,115
  2,274
  2,439
  2,613
  2,796
EBITDA, $m
  -149
  -110
  -49
  16
  86
  160
  239
  322
  408
  499
  594
  694
  798
  906
  1,018
  1,136
  1,258
  1,386
  1,518
  1,657
  1,802
  1,953
  2,110
  2,275
  2,448
  2,628
  2,817
  3,014
  3,221
  3,438
  3,665
Interest expense (income), $m
  20
  19
  28
  38
  48
  59
  70
  82
  94
  107
  121
  135
  150
  165
  181
  198
  215
  233
  252
  271
  291
  312
  334
  357
  380
  405
  431
  458
  486
  515
  546
Earnings before tax, $m
  -251
  -226
  -188
  -146
  -102
  -54
  -4
  50
  106
  164
  226
  290
  358
  428
  501
  578
  658
  741
  828
  919
  1,014
  1,114
  1,217
  1,326
  1,440
  1,560
  1,685
  1,816
  1,954
  2,098
  2,250
Tax expense, $m
  3
  0
  0
  0
  0
  0
  0
  13
  28
  44
  61
  78
  97
  116
  135
  156
  178
  200
  224
  248
  274
  301
  329
  358
  389
  421
  455
  490
  527
  567
  608
Net income, $m
  -252
  -226
  -188
  -146
  -102
  -54
  -4
  36
  77
  120
  165
  212
  261
  312
  366
  422
  480
  541
  605
  671
  740
  813
  889
  968
  1,051
  1,138
  1,230
  1,326
  1,426
  1,532
  1,643

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
  1,615
  1,836
  2,072
  2,323
  2,586
  2,864
  3,155
  3,459
  3,776
  4,107
  4,451
  4,809
  5,182
  5,568
  5,970
  6,388
  6,822
  7,274
  7,743
  8,232
  8,741
  9,271
  9,823
  10,398
  10,999
  11,625
  12,279
  12,962
  13,676
  14,423
Adjusted assets (=assets-cash), $m
  1,408
  1,615
  1,836
  2,072
  2,323
  2,586
  2,864
  3,155
  3,459
  3,776
  4,107
  4,451
  4,809
  5,182
  5,568
  5,970
  6,388
  6,822
  7,274
  7,743
  8,232
  8,741
  9,271
  9,823
  10,398
  10,999
  11,625
  12,279
  12,962
  13,676
  14,423
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
  1,295
  1,473
  1,662
  1,863
  2,075
  2,297
  2,530
  2,774
  3,029
  3,294
  3,570
  3,857
  4,156
  4,466
  4,789
  5,124
  5,472
  5,834
  6,211
  6,603
  7,011
  7,436
  7,878
  8,340
  8,822
  9,324
  9,849
  10,397
  10,969
  11,568
Working capital, $m
  262
  159
  181
  204
  229
  254
  282
  310
  340
  372
  404
  438
  473
  510
  548
  587
  628
  671
  716
  762
  810
  860
  912
  966
  1,023
  1,082
  1,144
  1,208
  1,275
  1,346
  1,419
Total debt, $m
  256
  361
  483
  613
  750
  896
  1,048
  1,208
  1,375
  1,550
  1,732
  1,921
  2,118
  2,323
  2,536
  2,757
  2,986
  3,225
  3,474
  3,732
  4,001
  4,280
  4,572
  4,875
  5,192
  5,522
  5,867
  6,227
  6,602
  6,995
  7,405
Total liabilities, $m
  784
  888
  1,010
  1,140
  1,277
  1,423
  1,575
  1,735
  1,902
  2,077
  2,259
  2,448
  2,645
  2,850
  3,063
  3,284
  3,513
  3,752
  4,001
  4,259
  4,528
  4,807
  5,099
  5,402
  5,719
  6,049
  6,394
  6,754
  7,129
  7,522
  7,932
Total equity, $m
  757
  727
  826
  933
  1,045
  1,164
  1,289
  1,420
  1,557
  1,699
  1,848
  2,003
  2,164
  2,332
  2,506
  2,687
  2,875
  3,070
  3,273
  3,485
  3,704
  3,933
  4,172
  4,420
  4,679
  4,949
  5,231
  5,526
  5,833
  6,154
  6,490
Total liabilities and equity, $m
  1,541
  1,615
  1,836
  2,073
  2,322
  2,587
  2,864
  3,155
  3,459
  3,776
  4,107
  4,451
  4,809
  5,182
  5,569
  5,971
  6,388
  6,822
  7,274
  7,744
  8,232
  8,740
  9,271
  9,822
  10,398
  10,998
  11,625
  12,280
  12,962
  13,676
  14,422
Debt-to-equity ratio
  0.338
  0.500
  0.580
  0.660
  0.720
  0.770
  0.810
  0.850
  0.880
  0.910
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
Adjusted equity ratio
  0.444
  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
  -226
  -188
  -146
  -102
  -54
  -4
  36
  77
  120
  165
  212
  261
  312
  366
  422
  480
  541
  605
  671
  740
  813
  889
  968
  1,051
  1,138
  1,230
  1,326
  1,426
  1,532
  1,643
Depreciation, amort., depletion, $m
  85
  97
  111
  125
  140
  156
  173
  190
  209
  228
  248
  268
  290
  312
  336
  360
  385
  411
  439
  467
  496
  527
  559
  592
  627
  663
  701
  741
  782
  825
  870
Funds from operations, $m
  84
  -129
  -77
  -21
  38
  102
  169
  226
  286
  348
  413
  480
  551
  625
  702
  782
  865
  952
  1,043
  1,138
  1,237
  1,340
  1,448
  1,561
  1,678
  1,802
  1,931
  2,066
  2,208
  2,356
  2,512
Change in working capital, $m
  46
  20
  22
  23
  25
  26
  27
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
Cash from operations, $m
  38
  -252
  -99
  -44
  14
  76
  142
  198
  256
  316
  380
  447
  516
  588
  664
  742
  824
  910
  999
  1,092
  1,189
  1,290
  1,396
  1,506
  1,622
  1,743
  1,869
  2,002
  2,141
  2,286
  2,439
Maintenance CAPEX, $m
  0
  -85
  -97
  -111
  -125
  -140
  -156
  -173
  -190
  -209
  -228
  -248
  -268
  -290
  -312
  -336
  -360
  -385
  -411
  -439
  -467
  -496
  -527
  -559
  -592
  -627
  -663
  -701
  -741
  -782
  -825
New CAPEX, $m
  -22
  -166
  -178
  -189
  -201
  -212
  -223
  -233
  -244
  -255
  -265
  -276
  -287
  -299
  -310
  -322
  -335
  -348
  -362
  -377
  -392
  -408
  -425
  -443
  -462
  -482
  -503
  -525
  -548
  -573
  -599
Cash from investing activities, $m
  -21
  -251
  -275
  -300
  -326
  -352
  -379
  -406
  -434
  -464
  -493
  -524
  -555
  -589
  -622
  -658
  -695
  -733
  -773
  -816
  -859
  -904
  -952
  -1,002
  -1,054
  -1,109
  -1,166
  -1,226
  -1,289
  -1,355
  -1,424
Free cash flow, $m
  17
  -502
  -374
  -345
  -312
  -276
  -237
  -208
  -178
  -147
  -113
  -77
  -40
  0
  41
  84
  129
  176
  225
  276
  330
  385
  444
  504
  568
  634
  703
  776
  852
  932
  1,016
Issuance/(repayment) of debt, $m
  0
  113
  122
  130
  138
  145
  153
  160
  167
  175
  182
  189
  197
  205
  213
  221
  230
  239
  248
  258
  269
  280
  291
  304
  317
  330
  345
  360
  376
  393
  410
Issuance/(repurchase) of shares, $m
  0
  359
  352
  321
  287
  249
  209
  179
  148
  115
  80
  43
  4
  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
  472
  474
  451
  425
  394
  362
  339
  315
  290
  262
  232
  201
  205
  213
  221
  230
  239
  248
  258
  269
  280
  291
  304
  317
  330
  345
  360
  376
  393
  410
Total cash flow (excl. dividends), $m
  17
  -389
  -252
  -215
  -174
  -131
  -84
  -48
  -11
  28
  69
  112
  157
  204
  254
  305
  359
  415
  474
  535
  599
  665
  735
  808
  884
  964
  1,048
  1,136
  1,228
  1,325
  1,426
Retained Cash Flow (-), $m
  252
  -94
  -100
  -106
  -113
  -119
  -125
  -131
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -238
  -248
  -259
  -270
  -282
  -294
  -307
  -321
  -336
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  37
  80
  124
  171
  220
  270
  323
  379
  436
  497
  560
  625
  694
  766
  842
  921
  1,003
  1,090
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  15
  19
  21
  22
  21
  19
  17
  14
  12
  9
  7
  5
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  75.5
  59.1
  48.3
  41.1
  36.1
  32.7
  30.3
  28.6
  27.5
  26.7
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4
  26.4

Century Aluminum Company, together with its subsidiaries, produces primary aluminum in the United States and Iceland. It produces standard grade and value-added primary aluminum products; and carbon products, such as anodes and cathodes. The company was founded in 1995 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Century Aluminum (CENX)

Valuation Ratios
P/E Ratio -5.1
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 34.1
Price to Free Cash Flow 80.9
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 14.7% 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 89.009 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 $1.3 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
AA Alcoa 33.09 prem.  prem.
KALU Kaiser Aluminu 83.08 prem.  prem.
ACH Aluminum Corp. 11.53 prem.  prem.

COMPANY NEWS

▶ Three Stocks Starting Another Move Higher   [01:00PM  Investopedia]
▶ Analyzing Chinas Aluminum Production Data   [10:33AM  Market Realist]
▶ Can Aluminum Break the $2,000 Price Level?   [10:33AM  Market Realist]
▶ ETFs with exposure to Century Aluminum Co. : May 22, 2017   [May-22-17 01:27PM  Capital Cube]
▶ Aluminum Prices: Did Trump Effect Really Help the Rally?   [May-18-17 04:24PM  Market Realist]
▶ ETFs with exposure to Century Aluminum Co. : May 11, 2017   [May-11-17 04:19PM  Capital Cube]
▶ Aluminums Outlook and Its Implications for Alcoa Investors   [May-04-17 09:06AM  Market Realist]
▶ Trump Won't 'Terminate Nafta At This Time'   [Apr-26-17 11:34PM  Investor's Business Daily]
▶ Century reports 1Q loss   [Apr-25-17 05:10PM  Associated Press]
▶ Analysts View on Norsk Hydros 1Q17 Earnings   [Apr-11-17 11:05AM  Market Realist]
▶ Aluminum Prices: Why Aluminum Is Hot in 2017   [07:44AM  Market Realist]
▶ [$$] Buy Alcoa Before It Gets Bought   [Apr-10-17 01:00PM  Barrons.com]
▶ Can Century Aluminum Continue Its Rise?   [Mar-23-17 10:36AM  Market Realist]
▶ How Are Analysts Rating Aluminum Stocks in 1Q17?   [Mar-21-17 05:03PM  Market Realist]
▶ Analyzing Aluminum Producers 4Q16 Cash Flows   [11:04AM  Market Realist]
▶ Aluminum Stocks Surge on Reports of a Chinese Output Cut   [Mar-01-17 04:09PM  at Motley Fool]
▶ Is Century Aluminum's 76% Stock Surge Deserved?   [Jan-29-17 07:50PM  at Investopedia]
Stock chart of CENX Financial statements of CENX Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.