Intrinsic value of Cleveland-Cliffs - CLF

Previous Close

$6.30

  Intrinsic Value

$5.83

stock screener

  Rating & Target

hold

-7%

Previous close

$6.30

 
Intrinsic value

$5.83

 
Up/down potential

-7%

 
Rating

hold

We calculate the intrinsic value of CLF 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 1.9

 

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, %
  4.77
  26.20
  24.08
  22.17
  20.45
  18.91
  17.52
  16.27
  15.14
  14.13
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.54
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
Revenue, $m
  2,109
  2,662
  3,302
  4,035
  4,860
  5,779
  6,791
  7,896
  9,092
  10,376
  11,747
  13,202
  14,741
  16,360
  18,060
  19,839
  21,697
  23,634
  25,651
  27,750
  29,932
  32,201
  34,558
  37,007
  39,553
  42,199
  44,951
  47,815
  50,795
  53,898
  57,131
Variable operating expenses, $m
 
  1,943
  2,411
  2,945
  3,548
  4,219
  4,958
  5,764
  6,637
  7,574
  8,575
  9,638
  10,761
  11,943
  13,184
  14,483
  15,839
  17,253
  18,726
  20,258
  21,851
  23,506
  25,227
  27,015
  28,873
  30,805
  32,814
  34,905
  37,080
  39,346
  41,706
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
  1,702
  1,943
  2,411
  2,945
  3,548
  4,219
  4,958
  5,764
  6,637
  7,574
  8,575
  9,638
  10,761
  11,943
  13,184
  14,483
  15,839
  17,253
  18,726
  20,258
  21,851
  23,506
  25,227
  27,015
  28,873
  30,805
  32,814
  34,905
  37,080
  39,346
  41,706
Operating income, $m
  407
  719
  892
  1,089
  1,312
  1,560
  1,834
  2,132
  2,455
  2,801
  3,172
  3,565
  3,980
  4,417
  4,876
  5,357
  5,858
  6,381
  6,926
  7,493
  8,082
  8,694
  9,331
  9,992
  10,679
  11,394
  12,137
  12,910
  13,715
  14,552
  15,425
EBITDA, $m
  522
  859
  1,066
  1,303
  1,569
  1,866
  2,193
  2,550
  2,936
  3,351
  3,793
  4,263
  4,760
  5,283
  5,832
  6,407
  7,007
  7,632
  8,284
  8,961
  9,666
  10,399
  11,160
  11,951
  12,773
  13,627
  14,516
  15,441
  16,403
  17,405
  18,449
Interest expense (income), $m
  184
  165
  43
  76
  113
  155
  202
  253
  310
  371
  436
  506
  580
  658
  740
  827
  917
  1,012
  1,111
  1,213
  1,320
  1,431
  1,547
  1,667
  1,791
  1,921
  2,055
  2,196
  2,341
  2,493
  2,651
Earnings before tax, $m
  207
  553
  848
  1,013
  1,199
  1,405
  1,632
  1,878
  2,145
  2,431
  2,736
  3,059
  3,400
  3,759
  4,136
  4,530
  4,941
  5,369
  5,815
  6,279
  6,762
  7,263
  7,784
  8,325
  8,888
  9,473
  10,081
  10,714
  11,373
  12,060
  12,775
Tax expense, $m
  -12
  149
  229
  274
  324
  379
  441
  507
  579
  656
  739
  826
  918
  1,015
  1,117
  1,223
  1,334
  1,450
  1,570
  1,695
  1,826
  1,961
  2,102
  2,248
  2,400
  2,558
  2,722
  2,893
  3,071
  3,256
  3,449
Net income, $m
  174
  404
  619
  740
  875
  1,026
  1,191
  1,371
  1,566
  1,775
  1,997
  2,233
  2,482
  2,744
  3,019
  3,307
  3,607
  3,920
  4,245
  4,584
  4,936
  5,302
  5,682
  6,077
  6,488
  6,915
  7,359
  7,822
  8,303
  8,803
  9,325

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  355
  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
  1,924
  1,980
  2,457
  3,002
  3,616
  4,300
  5,053
  5,875
  6,765
  7,720
  8,740
  9,823
  10,968
  12,173
  13,438
  14,761
  16,144
  17,585
  19,086
  20,648
  22,271
  23,959
  25,712
  27,535
  29,429
  31,398
  33,446
  35,576
  37,794
  40,103
  42,508
Adjusted assets (=assets-cash), $m
  1,569
  1,980
  2,457
  3,002
  3,616
  4,300
  5,053
  5,875
  6,765
  7,720
  8,740
  9,823
  10,968
  12,173
  13,438
  14,761
  16,144
  17,585
  19,086
  20,648
  22,271
  23,959
  25,712
  27,535
  29,429
  31,398
  33,446
  35,576
  37,794
  40,103
  42,508
Revenue / Adjusted assets
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
  1.344
Average production assets, $m
  1,105
  1,395
  1,730
  2,114
  2,547
  3,028
  3,559
  4,138
  4,764
  5,437
  6,155
  6,918
  7,724
  8,573
  9,464
  10,396
  11,369
  12,384
  13,441
  14,541
  15,685
  16,873
  18,108
  19,392
  20,726
  22,112
  23,554
  25,055
  26,616
  28,243
  29,937
Working capital, $m
  434
  98
  122
  149
  180
  214
  251
  292
  336
  384
  435
  488
  545
  605
  668
  734
  803
  874
  949
  1,027
  1,108
  1,191
  1,279
  1,369
  1,463
  1,561
  1,663
  1,769
  1,879
  1,994
  2,114
Total debt, $m
  2,175
  569
  998
  1,489
  2,041
  2,657
  3,335
  4,075
  4,875
  5,735
  6,653
  7,628
  8,658
  9,743
  10,881
  12,072
  13,316
  14,613
  15,964
  17,370
  18,831
  20,350
  21,928
  23,568
  25,273
  27,045
  28,888
  30,806
  32,801
  34,879
  37,044
Total liabilities, $m
  3,388
  1,782
  2,211
  2,702
  3,254
  3,870
  4,548
  5,288
  6,088
  6,948
  7,866
  8,841
  9,871
  10,956
  12,094
  13,285
  14,529
  15,826
  17,177
  18,583
  20,044
  21,563
  23,141
  24,781
  26,486
  28,258
  30,101
  32,019
  34,014
  36,092
  38,257
Total equity, $m
  -1,464
  198
  246
  300
  362
  430
  505
  588
  676
  772
  874
  982
  1,097
  1,217
  1,344
  1,476
  1,614
  1,758
  1,909
  2,065
  2,227
  2,396
  2,571
  2,753
  2,943
  3,140
  3,345
  3,558
  3,779
  4,010
  4,251
Total liabilities and equity, $m
  1,924
  1,980
  2,457
  3,002
  3,616
  4,300
  5,053
  5,876
  6,764
  7,720
  8,740
  9,823
  10,968
  12,173
  13,438
  14,761
  16,143
  17,584
  19,086
  20,648
  22,271
  23,959
  25,712
  27,534
  29,429
  31,398
  33,446
  35,577
  37,793
  40,102
  42,508
Debt-to-equity ratio
  -1.486
  2.870
  4.060
  4.960
  5.650
  6.180
  6.600
  6.940
  7.210
  7.430
  7.610
  7.770
  7.890
  8.000
  8.100
  8.180
  8.250
  8.310
  8.360
  8.410
  8.460
  8.490
  8.530
  8.560
  8.590
  8.610
  8.640
  8.660
  8.680
  8.700
  8.710
Adjusted equity ratio
  -1.159
  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
  174
  404
  619
  740
  875
  1,026
  1,191
  1,371
  1,566
  1,775
  1,997
  2,233
  2,482
  2,744
  3,019
  3,307
  3,607
  3,920
  4,245
  4,584
  4,936
  5,302
  5,682
  6,077
  6,488
  6,915
  7,359
  7,822
  8,303
  8,803
  9,325
Depreciation, amort., depletion, $m
  115
  141
  175
  214
  257
  306
  359
  418
  481
  549
  622
  699
  780
  866
  956
  1,050
  1,148
  1,251
  1,358
  1,469
  1,584
  1,704
  1,829
  1,959
  2,093
  2,234
  2,379
  2,531
  2,689
  2,853
  3,024
Funds from operations, $m
  410
  545
  794
  953
  1,133
  1,332
  1,551
  1,789
  2,047
  2,324
  2,619
  2,932
  3,262
  3,610
  3,975
  4,357
  4,755
  5,170
  5,603
  6,053
  6,520
  7,006
  7,511
  8,036
  8,582
  9,149
  9,739
  10,352
  10,991
  11,656
  12,349
Change in working capital, $m
  107
  20
  24
  27
  31
  34
  37
  41
  44
  48
  51
  54
  57
  60
  63
  66
  69
  72
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
Cash from operations, $m
  303
  524
  770
  926
  1,102
  1,298
  1,513
  1,748
  2,003
  2,276
  2,568
  2,878
  3,206
  3,550
  3,912
  4,291
  4,686
  5,099
  5,528
  5,975
  6,440
  6,922
  7,424
  7,946
  8,488
  9,051
  9,637
  10,246
  10,881
  11,541
  12,230
Maintenance CAPEX, $m
  0
  -112
  -141
  -175
  -214
  -257
  -306
  -359
  -418
  -481
  -549
  -622
  -699
  -780
  -866
  -956
  -1,050
  -1,148
  -1,251
  -1,358
  -1,469
  -1,584
  -1,704
  -1,829
  -1,959
  -2,093
  -2,234
  -2,379
  -2,531
  -2,689
  -2,853
New CAPEX, $m
  -69
  -290
  -336
  -384
  -432
  -482
  -530
  -579
  -626
  -673
  -718
  -763
  -806
  -849
  -891
  -932
  -974
  -1,015
  -1,057
  -1,100
  -1,143
  -1,188
  -1,235
  -1,283
  -1,334
  -1,387
  -1,442
  -1,500
  -1,562
  -1,626
  -1,694
Cash from investing activities, $m
  -58
  -402
  -477
  -559
  -646
  -739
  -836
  -938
  -1,044
  -1,154
  -1,267
  -1,385
  -1,505
  -1,629
  -1,757
  -1,888
  -2,024
  -2,163
  -2,308
  -2,458
  -2,612
  -2,772
  -2,939
  -3,112
  -3,293
  -3,480
  -3,676
  -3,879
  -4,093
  -4,315
  -4,547
Free cash flow, $m
  245
  123
  294
  368
  456
  559
  677
  810
  959
  1,122
  1,301
  1,494
  1,701
  1,921
  2,156
  2,403
  2,663
  2,935
  3,220
  3,518
  3,827
  4,150
  4,485
  4,833
  5,195
  5,571
  5,961
  6,367
  6,788
  7,227
  7,683
Issuance/(repayment) of debt, $m
  -401
  -1,606
  429
  490
  553
  615
  678
  740
  801
  860
  918
  975
  1,030
  1,085
  1,138
  1,191
  1,244
  1,297
  1,351
  1,405
  1,461
  1,519
  1,578
  1,640
  1,705
  1,772
  1,843
  1,917
  1,996
  2,078
  2,165
Issuance/(repurchase) of shares, $m
  287
  1,613
  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  
  -206
  7
  429
  490
  553
  615
  678
  740
  801
  860
  918
  975
  1,030
  1,085
  1,138
  1,191
  1,244
  1,297
  1,351
  1,405
  1,461
  1,519
  1,578
  1,640
  1,705
  1,772
  1,843
  1,917
  1,996
  2,078
  2,165
Total cash flow (excl. dividends), $m
  38
  130
  723
  858
  1,009
  1,174
  1,355
  1,550
  1,759
  1,982
  2,219
  2,468
  2,731
  3,006
  3,294
  3,594
  3,907
  4,233
  4,571
  4,923
  5,289
  5,668
  6,063
  6,473
  6,900
  7,343
  7,804
  8,284
  8,784
  9,305
  9,848
Retained Cash Flow (-), $m
  -517
  -2,017
  -48
  -54
  -61
  -68
  -75
  -82
  -89
  -96
  -102
  -108
  -114
  -121
  -126
  -132
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
  -241
Prev. year cash balance distribution, $m
 
  355
  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
 
  -1,532
  675
  804
  947
  1,106
  1,279
  1,468
  1,670
  1,887
  2,117
  2,360
  2,616
  2,885
  3,167
  3,462
  3,769
  4,088
  4,421
  4,767
  5,126
  5,500
  5,888
  6,291
  6,710
  7,146
  7,599
  8,071
  8,562
  9,074
  9,607
Discount rate, %
 
  14.50
  15.23
  15.99
  16.79
  17.62
  18.51
  19.43
  20.40
  21.42
  22.49
  23.62
  24.80
  26.04
  27.34
  28.71
  30.14
  31.65
  33.23
  34.90
  36.64
  38.47
  40.40
  42.42
  44.54
  46.76
  49.10
  51.56
  54.14
  56.84
  59.68
PV of cash for distribution, $m
 
  -1,338
  509
  515
  509
  491
  462
  423
  378
  329
  278
  229
  183
  142
  107
  79
  56
  38
  25
  16
  10
  6
  3
  2
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Cleveland-Cliffs Inc, formerly Cliffs Natural Resources Inc., is a mining and natural resources company. The Company is a supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. The Company's segments include U.S. Iron Ore and Asia Pacific Iron Ore. The Company is a producer of iron ore pellets, primarily selling production from U.S. Iron Ore to integrated steel companies in the United States, Canada and Mexico. Its Asia Pacific Iron Ore operations are located in Western Australia and consist of its Koolyanobbing operation. The Koolyanobbing operations serve the Asian iron ore markets with direct-shipped fines and lump ore. In addition, the Company operates an iron ore mining complex in Western Australia. In the United States, the Company owned four operational iron ore mines and one indefinitely idled mine.

FINANCIAL RATIOS  of  Cleveland-Cliffs (CLF)

Valuation Ratios
P/E Ratio 8.4
Price to Sales 0.7
Price to Book -1
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 6.3
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.8%
Cap. Spend. - 3 Yr. Gr. Rate -39.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity -148.6%
Total Debt to Equity -148.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 18.2%
Ret/ On Assets - 3 Yr. Avg. -34.3%
Return On Total Capital 24.4%
Ret/ On T. Cap. - 3 Yr. Avg. -61.3%
Return On Equity -10.1%
Return On Equity - 3 Yr. Avg. -92.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 18.4%
Gross Margin - 3 Yr. Avg. 18.8%
EBITDA Margin 24%
EBITDA Margin - 3 Yr. Avg. 25%
Operating Margin 19.3%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 9.8%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. -81%
Effective Tax Rate -5.8%
Eff/ Tax Rate - 3 Yr. Avg. 159.4%
Payout Ratio 0%

CLF stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLF stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Cleveland-Cliffs. The default revenue input number comes from 2016 income statement of Cleveland-Cliffs. 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 CLF stock valuation model: a) initial revenue growth rate of 26.2% 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 14.5%, whose default value for CLF is calculated based on our internal credit rating of Cleveland-Cliffs, 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 Cleveland-Cliffs.
    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 CLF stock the variable cost ratio is equal to 73%.

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 CLF 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 7.6% for Cleveland-Cliffs.

Corporate tax rate of 27% is the nominal tax rate for Cleveland-Cliffs. 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 CLF 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 CLF are equal to 52.4%.

Life of production assets of 9.9 years is the average useful life of capital assets used in Cleveland-Cliffs 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 CLF is equal to 3.7%. 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 - $-1464 million for Cleveland-Cliffs - 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 296.296 million for Cleveland-Cliffs 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 Cleveland-Cliffs at the current share price and the inputted number of shares is $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
MT ArcelorMittal 28.93 6.09  str.sell
VALE Vale ADR 10.46 1.73  str.sell
BHP BHP Billiton A 41.66 5.26  str.sell
BBL BHP Billiton A 36.79 4.65  str.sell
ALE Allete 78.51 61.22  sell
RIO Rio Tinto ADR 48.05 6.29  str.sell

COMPANY NEWS

▶ Analyzing Key Steel Industry Developments Last Week   [Nov-20-17 10:35AM  Market Realist]
▶ Your Key Steel Events to Follow This Week   [Nov-14-17 07:32AM  Market Realist]
▶ These Catalysts Could Drive Vales Valuation in 2018   [Nov-09-17 07:30AM  Market Realist]
▶ Why US Steelmakers Cant Ask for More from China   [Nov-08-17 10:32AM  Market Realist]
▶ Why Vale Believes the Iron Ore Market Is in Balance   [Nov-07-17 12:15PM  Market Realist]
▶ Chinas Property Market: Gauging the Impact on Iron Ore   [Oct-31-17 10:30AM  Market Realist]
▶ Key Highlights from Cleveland-Cliffs 3Q17 Results   [Oct-26-17 09:11AM  Market Realist]
▶ Is Cleveland-Cliffs Weak 4Q17 Outlook Temporary?   [Oct-25-17 04:54PM  Market Realist]
▶ Cliffs tops Street 3Q forecasts   [08:11AM  Associated Press]
▶ Why Analysts Expect a Bump in CLFs 3Q17 Revenues   [Oct-17-17 10:38AM  Market Realist]
▶ How Chinas Steel Demand Could Affect Iron Ore Demand   [Oct-11-17 10:37AM  Market Realist]
▶ Why Chinas Iron Ore Demand Could Wane in 4Q17   [09:07AM  Market Realist]
▶ Could Seaborne Iron Ore Prices Soften More?   [07:36AM  Market Realist]
▶ The Outlook for US Steel Prices in 4Q17   [Oct-10-17 10:38AM  Market Realist]
▶ Why the US Steel Industrys 4Q17 Outlook Is Hazy   [Oct-05-17 09:50AM  Market Realist]
▶ China Property Sales Growth Slows Down in August   [Oct-03-17 09:07AM  Market Realist]
▶ Cleveland-Cliffs: Let's Make a Deal!   [Oct-02-17 01:56PM  Barrons.com]
▶ Can Chinas Iron Ore Imports Support Prices?   [09:13AM  Market Realist]
▶ Iron Ore Prices Are in a Bear Market: Whats Next?   [Sep-29-17 02:31PM  Market Realist]
▶ Bulls bank on this financial stock   [Sep-27-17 01:32PM  CNBC Videos]
▶ Why the US Is the Largest Steel Importer   [Sep-22-17 09:09AM  Market Realist]
▶ Top 10 Steel Consumers: Where Does the United States Stand?   [Sep-18-17 05:06PM  Market Realist]
▶ Bulls or Bears: Whos Take the Trophy for U.S. Steel?   [Sep-14-17 10:39AM  Market Realist]
▶ What Could Do the Trick for US Steel Prices   [Sep-13-17 09:07AM  Market Realist]
▶ This Could Drive U.S. Steels 2018 Performance   [07:37AM  Market Realist]
▶ Behind U.S. Steels Price-to-Earnings Ratio among Peers   [Sep-12-17 09:07AM  Market Realist]
Financial statements of CLF
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.