Intrinsic value of Cleveland-Cliffs - CLF

Previous Close

$9.96

  Intrinsic Value

$9.72

stock screener

  Rating & Target

hold

-2%

Previous close

$9.96

 
Intrinsic value

$9.72

 
Up/down potential

-2%

 
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

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, %
  4.77
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  2,109
  2,575
  2,831
  3,098
  3,378
  3,668
  3,971
  4,286
  4,613
  4,952
  5,306
  5,673
  6,054
  6,451
  6,864
  7,293
  7,740
  8,206
  8,692
  9,198
  9,727
  10,278
  10,854
  11,455
  12,084
  12,741
  13,428
  14,147
  14,900
  15,688
  16,513
Variable operating expenses, $m
 
  1,128
  1,240
  1,357
  1,479
  1,607
  1,739
  1,877
  2,020
  2,169
  2,324
  2,485
  2,652
  2,825
  3,006
  3,194
  3,390
  3,594
  3,807
  4,029
  4,260
  4,502
  4,754
  5,017
  5,293
  5,581
  5,882
  6,197
  6,526
  6,871
  7,233
Fixed operating expenses, $m
 
  956
  977
  998
  1,020
  1,042
  1,065
  1,089
  1,113
  1,137
  1,162
  1,188
  1,214
  1,241
  1,268
  1,296
  1,324
  1,354
  1,383
  1,414
  1,445
  1,477
  1,509
  1,542
  1,576
  1,611
  1,646
  1,683
  1,720
  1,757
  1,796
Total operating expenses, $m
  1,702
  2,084
  2,217
  2,355
  2,499
  2,649
  2,804
  2,966
  3,133
  3,306
  3,486
  3,673
  3,866
  4,066
  4,274
  4,490
  4,714
  4,948
  5,190
  5,443
  5,705
  5,979
  6,263
  6,559
  6,869
  7,192
  7,528
  7,880
  8,246
  8,628
  9,029
Operating income, $m
  407
  491
  614
  743
  878
  1,019
  1,166
  1,320
  1,479
  1,646
  1,819
  2,000
  2,188
  2,385
  2,589
  2,803
  3,026
  3,258
  3,502
  3,756
  4,021
  4,300
  4,591
  4,895
  5,215
  5,549
  5,900
  6,268
  6,654
  7,059
  7,484
EBITDA, $m
  522
  604
  738
  879
  1,026
  1,179
  1,340
  1,507
  1,681
  1,862
  2,051
  2,248
  2,453
  2,667
  2,889
  3,122
  3,364
  3,617
  3,881
  4,158
  4,446
  4,749
  5,065
  5,396
  5,743
  6,106
  6,487
  6,886
  7,305
  7,745
  8,206
Interest expense (income), $m
  184
  136
  71
  84
  98
  113
  128
  144
  161
  178
  196
  214
  234
  254
  275
  296
  319
  342
  367
  392
  419
  447
  476
  506
  538
  571
  605
  641
  679
  719
  760
Earnings before tax, $m
  207
  355
  543
  659
  780
  906
  1,038
  1,175
  1,319
  1,468
  1,624
  1,786
  1,955
  2,131
  2,315
  2,506
  2,707
  2,916
  3,135
  3,363
  3,602
  3,853
  4,115
  4,389
  4,677
  4,979
  5,295
  5,627
  5,975
  6,340
  6,724
Tax expense, $m
  -12
  96
  147
  178
  211
  245
  280
  317
  356
  396
  438
  482
  528
  575
  625
  677
  731
  787
  846
  908
  973
  1,040
  1,111
  1,185
  1,263
  1,344
  1,430
  1,519
  1,613
  1,712
  1,815
Net income, $m
  174
  259
  397
  481
  569
  661
  758
  858
  963
  1,072
  1,185
  1,304
  1,427
  1,556
  1,690
  1,830
  1,976
  2,129
  2,288
  2,455
  2,630
  2,812
  3,004
  3,204
  3,414
  3,634
  3,865
  4,108
  4,362
  4,628
  4,908

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
  2,549
  2,803
  3,068
  3,344
  3,632
  3,932
  4,243
  4,567
  4,903
  5,253
  5,616
  5,994
  6,387
  6,796
  7,221
  7,664
  8,125
  8,606
  9,107
  9,630
  10,176
  10,746
  11,342
  11,964
  12,615
  13,295
  14,007
  14,752
  15,533
  16,349
Adjusted assets (=assets-cash), $m
  1,569
  2,549
  2,803
  3,068
  3,344
  3,632
  3,932
  4,243
  4,567
  4,903
  5,253
  5,616
  5,994
  6,387
  6,796
  7,221
  7,664
  8,125
  8,606
  9,107
  9,630
  10,176
  10,746
  11,342
  11,964
  12,615
  13,295
  14,007
  14,752
  15,533
  16,349
Revenue / Adjusted assets
  1.344
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
Average production assets, $m
  1,105
  1,125
  1,237
  1,354
  1,476
  1,603
  1,735
  1,873
  2,016
  2,164
  2,319
  2,479
  2,646
  2,819
  2,999
  3,187
  3,383
  3,586
  3,798
  4,020
  4,250
  4,491
  4,743
  5,006
  5,281
  5,568
  5,868
  6,182
  6,511
  6,856
  7,216
Working capital, $m
  434
  165
  181
  198
  216
  235
  254
  274
  295
  317
  340
  363
  387
  413
  439
  467
  495
  525
  556
  589
  622
  658
  695
  733
  773
  815
  859
  905
  954
  1,004
  1,057
Total debt, $m
  2,175
  1,201
  1,429
  1,668
  1,917
  2,176
  2,445
  2,726
  3,017
  3,320
  3,635
  3,962
  4,302
  4,655
  5,023
  5,406
  5,804
  6,219
  6,652
  7,103
  7,574
  8,065
  8,578
  9,114
  9,674
  10,260
  10,873
  11,513
  12,184
  12,886
  13,621
Total liabilities, $m
  3,388
  2,294
  2,523
  2,761
  3,010
  3,269
  3,538
  3,819
  4,110
  4,413
  4,728
  5,055
  5,395
  5,748
  6,116
  6,499
  6,897
  7,313
  7,745
  8,196
  8,667
  9,159
  9,672
  10,208
  10,768
  11,353
  11,966
  12,607
  13,277
  13,979
  14,714
Total equity, $m
  -1,464
  255
  280
  307
  334
  363
  393
  424
  457
  490
  525
  562
  599
  639
  680
  722
  766
  813
  861
  911
  963
  1,018
  1,075
  1,134
  1,196
  1,261
  1,330
  1,401
  1,475
  1,553
  1,635
Total liabilities and equity, $m
  1,924
  2,549
  2,803
  3,068
  3,344
  3,632
  3,931
  4,243
  4,567
  4,903
  5,253
  5,617
  5,994
  6,387
  6,796
  7,221
  7,663
  8,126
  8,606
  9,107
  9,630
  10,177
  10,747
  11,342
  11,964
  12,614
  13,296
  14,008
  14,752
  15,532
  16,349
Debt-to-equity ratio
  -1.486
  4.710
  5.100
  5.440
  5.730
  5.990
  6.220
  6.420
  6.610
  6.770
  6.920
  7.050
  7.180
  7.290
  7.390
  7.490
  7.570
  7.650
  7.730
  7.800
  7.860
  7.930
  7.980
  8.040
  8.090
  8.130
  8.180
  8.220
  8.260
  8.300
  8.330
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
  259
  397
  481
  569
  661
  758
  858
  963
  1,072
  1,185
  1,304
  1,427
  1,556
  1,690
  1,830
  1,976
  2,129
  2,288
  2,455
  2,630
  2,812
  3,004
  3,204
  3,414
  3,634
  3,865
  4,108
  4,362
  4,628
  4,908
Depreciation, amort., depletion, $m
  115
  113
  124
  135
  148
  160
  174
  187
  202
  216
  232
  248
  265
  282
  300
  319
  338
  359
  380
  402
  425
  449
  474
  501
  528
  557
  587
  618
  651
  686
  722
Funds from operations, $m
  410
  372
  520
  616
  717
  822
  931
  1,045
  1,164
  1,288
  1,417
  1,551
  1,691
  1,837
  1,990
  2,148
  2,314
  2,487
  2,668
  2,857
  3,055
  3,262
  3,478
  3,705
  3,942
  4,191
  4,452
  4,726
  5,013
  5,314
  5,630
Change in working capital, $m
  107
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
Cash from operations, $m
  303
  356
  504
  599
  699
  803
  912
  1,025
  1,143
  1,266
  1,394
  1,528
  1,667
  1,812
  1,963
  2,121
  2,286
  2,457
  2,637
  2,825
  3,021
  3,226
  3,441
  3,666
  3,902
  4,149
  4,408
  4,680
  4,965
  5,264
  5,577
Maintenance CAPEX, $m
  0
  -102
  -113
  -124
  -135
  -148
  -160
  -174
  -187
  -202
  -216
  -232
  -248
  -265
  -282
  -300
  -319
  -338
  -359
  -380
  -402
  -425
  -449
  -474
  -501
  -528
  -557
  -587
  -618
  -651
  -686
New CAPEX, $m
  -69
  -107
  -112
  -117
  -122
  -127
  -132
  -137
  -143
  -149
  -154
  -160
  -167
  -173
  -180
  -188
  -195
  -204
  -212
  -221
  -231
  -241
  -252
  -263
  -275
  -287
  -300
  -314
  -329
  -344
  -361
Cash from investing activities, $m
  -58
  -209
  -225
  -241
  -257
  -275
  -292
  -311
  -330
  -351
  -370
  -392
  -415
  -438
  -462
  -488
  -514
  -542
  -571
  -601
  -633
  -666
  -701
  -737
  -776
  -815
  -857
  -901
  -947
  -995
  -1,047
Free cash flow, $m
  245
  147
  280
  359
  442
  528
  619
  714
  813
  916
  1,024
  1,136
  1,252
  1,374
  1,501
  1,633
  1,771
  1,916
  2,066
  2,224
  2,388
  2,560
  2,740
  2,929
  3,127
  3,334
  3,551
  3,779
  4,017
  4,268
  4,531
Issuance/(repayment) of debt, $m
  -401
  -1,103
  228
  239
  249
  259
  270
  280
  291
  303
  315
  327
  340
  354
  368
  383
  399
  415
  433
  451
  471
  491
  513
  536
  560
  586
  612
  641
  671
  702
  735
Issuance/(repurchase) of shares, $m
  287
  1,086
  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
  -17
  228
  239
  249
  259
  270
  280
  291
  303
  315
  327
  340
  354
  368
  383
  399
  415
  433
  451
  471
  491
  513
  536
  560
  586
  612
  641
  671
  702
  735
Total cash flow (excl. dividends), $m
  38
  130
  508
  597
  690
  788
  889
  995
  1,104
  1,219
  1,338
  1,463
  1,592
  1,728
  1,869
  2,016
  2,170
  2,331
  2,499
  2,675
  2,859
  3,052
  3,254
  3,465
  3,687
  3,919
  4,163
  4,419
  4,688
  4,970
  5,266
Retained Cash Flow (-), $m
  -517
  -1,345
  -25
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
Prev. year cash balance distribution, $m
 
  647
  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
 
  -569
  482
  571
  663
  759
  859
  963
  1,072
  1,185
  1,303
  1,426
  1,555
  1,688
  1,828
  1,974
  2,126
  2,285
  2,451
  2,625
  2,807
  2,997
  3,197
  3,406
  3,625
  3,854
  4,095
  4,348
  4,614
  4,892
  5,185
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  -526
  409
  440
  461
  472
  473
  464
  448
  424
  394
  359
  322
  283
  244
  207
  171
  139
  110
  86
  65
  48
  35
  24
  17
  11
  7
  4
  3
  2
  1
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 13.3
Price to Sales 1.1
Price to Book -1.6
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow 9.9
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 $2330 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 10.5% 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 8.2%, 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 43.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $935 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 5.9% 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 43.7%.

Life of production assets of 10 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 6.4%. 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 - $-444 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 288 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 $2.9 billion.

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COMPANY NEWS

▶ Cleveland-Cliffs: 2Q Earnings Snapshot   [08:14AM  Associated Press]
▶ Earnings Preview For Cliffs Natural Resources   [Jul-19-18 02:52PM  Benzinga]
▶ Cleveland-Cliffs Inc. Addresses False Report   [02:56PM  Business Wire]
▶ 3 Stocks the World's Best Investors Are Buying Right Now   [Jun-14-18 12:54PM  Motley Fool]
▶ U.S. Steel Corporation Is Primed for a Massive Breakout   [Jun-13-18 11:26AM  InvestorPlace]
▶ Cleveland-Cliffs Stock Upgraded: What You Need to Know   [Jun-06-18 12:58PM  Motley Fool]
▶ 5 Breakout Stocks Offering Extraordinary Returns   [May-24-18 10:00AM  InvestorPlace]
▶ Cleveland-Cliffs Could Ride Commodity Wave   [10:35AM  Investopedia]
▶ 8 Contrarian Stock Picks for a Rocky Market: CS   [Apr-13-18 01:02PM  Investopedia]
▶ Have Metals Stocks Topped Out?   [Apr-03-18 09:49AM  Investopedia]
▶ Cleveland-Cliffs Foresees Great Things in Its Future   [Mar-13-18 10:16AM  Motley Fool]
▶ Why Trump Is Right On Tariffs   [Mar-04-18 09:00PM  Forbes]
▶ Cleveland-Cliffs Has A Bullish Technical Setup   [Feb-14-18 02:24PM  Benzinga]
▶ Finding Opportunity In Steel ETFs   [Feb-12-18 02:08PM  Benzinga]
▶ Markets Confront the New Normal   [Feb-07-18 09:10AM  Barrons.com]
▶ Analyzing U.S. Steel Corporations 4Q17 Earnings Call   [Jan-26-18 10:32AM  Market Realist]
▶ Cleveland-Cliffs Ends 2017 on a Promising Note   [Jan-25-18 02:16PM  Motley Fool]
▶ BHP Billiton Outlook: Iron Ore Volumes Flat   [07:35AM  Market Realist]
▶ US Corporate Tax Rate Likely to Impact BHP Billiton   [Jan-24-18 04:47PM  Market Realist]
▶ 3 Great Stocks Under $10   [Jan-22-18 07:47PM  Motley Fool]
▶ These Factors Could Affect CLFs Valuation   [Jan-19-18 10:30AM  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.

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