Intrinsic value of Cleveland-Cliffs - CLF

Previous Close

$6.86

  Intrinsic Value

$2.72

stock screener

  Rating & Target

str. sell

-60%

  Value-price divergence*

+675%

Previous close

$6.86

 
Intrinsic value

$2.72

 
Up/down potential

-60%

 
Rating

str. sell

 
Value-price divergence*

+675%

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

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 2.1

 

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
  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
  2,109
  2,419
  2,751
  3,105
  3,480
  3,875
  4,291
  4,727
  5,182
  5,658
  6,153
  6,669
  7,205
  7,763
  8,343
  8,945
  9,571
  10,221
  10,898
  11,601
  12,333
  13,095
  13,889
  14,716
  15,579
  16,478
  17,417
  18,397
  19,420
  20,490
  21,608
Variable operating expenses, $m
 
  1,766
  2,008
  2,267
  2,540
  2,829
  3,132
  3,450
  3,783
  4,130
  4,492
  4,868
  5,260
  5,667
  6,090
  6,530
  6,987
  7,462
  7,955
  8,469
  9,003
  9,560
  10,139
  10,743
  11,372
  12,029
  12,714
  13,430
  14,177
  14,958
  15,774
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
  1,766
  2,008
  2,267
  2,540
  2,829
  3,132
  3,450
  3,783
  4,130
  4,492
  4,868
  5,260
  5,667
  6,090
  6,530
  6,987
  7,462
  7,955
  8,469
  9,003
  9,560
  10,139
  10,743
  11,372
  12,029
  12,714
  13,430
  14,177
  14,958
  15,774
Operating income, $m
  407
  653
  743
  838
  940
  1,046
  1,159
  1,276
  1,399
  1,528
  1,661
  1,801
  1,945
  2,096
  2,252
  2,415
  2,584
  2,760
  2,942
  3,132
  3,330
  3,536
  3,750
  3,973
  4,206
  4,449
  4,703
  4,967
  5,244
  5,532
  5,834
EBITDA, $m
  522
  781
  888
  1,003
  1,124
  1,251
  1,386
  1,526
  1,673
  1,827
  1,987
  2,154
  2,327
  2,507
  2,694
  2,889
  3,091
  3,301
  3,519
  3,746
  3,983
  4,229
  4,485
  4,752
  5,031
  5,321
  5,624
  5,941
  6,271
  6,617
  6,978
Interest expense (income), $m
  184
  165
  31
  48
  66
  85
  105
  126
  148
  172
  196
  221
  247
  275
  303
  332
  363
  395
  428
  462
  498
  535
  574
  615
  657
  701
  746
  794
  844
  896
  951
Earnings before tax, $m
  207
  488
  712
  790
  874
  961
  1,053
  1,150
  1,251
  1,356
  1,466
  1,580
  1,698
  1,822
  1,950
  2,083
  2,221
  2,365
  2,514
  2,670
  2,832
  3,000
  3,176
  3,359
  3,549
  3,748
  3,956
  4,173
  4,399
  4,636
  4,884
Tax expense, $m
  -12
  132
  192
  213
  236
  260
  284
  310
  338
  366
  396
  427
  459
  492
  526
  562
  600
  639
  679
  721
  765
  810
  857
  907
  958
  1,012
  1,068
  1,127
  1,188
  1,252
  1,319
Net income, $m
  174
  356
  520
  577
  638
  702
  769
  839
  913
  990
  1,070
  1,153
  1,240
  1,330
  1,423
  1,520
  1,621
  1,726
  1,835
  1,949
  2,067
  2,190
  2,318
  2,452
  2,591
  2,736
  2,888
  3,046
  3,212
  3,384
  3,565

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
  1,800
  2,047
  2,310
  2,589
  2,883
  3,193
  3,517
  3,856
  4,210
  4,578
  4,962
  5,361
  5,776
  6,207
  6,655
  7,121
  7,605
  8,108
  8,632
  9,177
  9,744
  10,334
  10,950
  11,591
  12,261
  12,959
  13,688
  14,450
  15,246
  16,077
Adjusted assets (=assets-cash), $m
  1,569
  1,800
  2,047
  2,310
  2,589
  2,883
  3,193
  3,517
  3,856
  4,210
  4,578
  4,962
  5,361
  5,776
  6,207
  6,655
  7,121
  7,605
  8,108
  8,632
  9,177
  9,744
  10,334
  10,950
  11,591
  12,261
  12,959
  13,688
  14,450
  15,246
  16,077
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
  1,268
  1,442
  1,627
  1,823
  2,031
  2,248
  2,477
  2,715
  2,965
  3,224
  3,495
  3,776
  4,068
  4,372
  4,687
  5,015
  5,356
  5,710
  6,079
  6,463
  6,862
  7,278
  7,711
  8,163
  8,635
  9,126
  9,640
  10,176
  10,737
  11,323
Working capital, $m
  434
  90
  102
  115
  129
  143
  159
  175
  192
  209
  228
  247
  267
  287
  309
  331
  354
  378
  403
  429
  456
  485
  514
  545
  576
  610
  644
  681
  719
  758
  800
Total debt, $m
  2,175
  407
  629
  866
  1,117
  1,382
  1,660
  1,952
  2,257
  2,576
  2,907
  3,253
  3,612
  3,985
  4,374
  4,777
  5,196
  5,632
  6,085
  6,556
  7,046
  7,556
  8,088
  8,642
  9,219
  9,821
  10,450
  11,106
  11,792
  12,508
  13,257
Total liabilities, $m
  3,388
  1,620
  1,842
  2,079
  2,330
  2,595
  2,873
  3,165
  3,470
  3,789
  4,120
  4,466
  4,825
  5,198
  5,587
  5,990
  6,409
  6,845
  7,298
  7,769
  8,259
  8,769
  9,301
  9,855
  10,432
  11,034
  11,663
  12,319
  13,005
  13,721
  14,470
Total equity, $m
  -1,464
  180
  205
  231
  259
  288
  319
  352
  386
  421
  458
  496
  536
  578
  621
  666
  712
  761
  811
  863
  918
  974
  1,033
  1,095
  1,159
  1,226
  1,296
  1,369
  1,445
  1,525
  1,608
Total liabilities and equity, $m
  1,924
  1,800
  2,047
  2,310
  2,589
  2,883
  3,192
  3,517
  3,856
  4,210
  4,578
  4,962
  5,361
  5,776
  6,208
  6,656
  7,121
  7,606
  8,109
  8,632
  9,177
  9,743
  10,334
  10,950
  11,591
  12,260
  12,959
  13,688
  14,450
  15,246
  16,078
Debt-to-equity ratio
  -1.486
  2.260
  3.070
  3.750
  4.310
  4.790
  5.200
  5.550
  5.850
  6.120
  6.350
  6.560
  6.740
  6.900
  7.050
  7.180
  7.300
  7.410
  7.500
  7.590
  7.680
  7.760
  7.830
  7.890
  7.950
  8.010
  8.060
  8.110
  8.160
  8.200
  8.250
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
  356
  520
  577
  638
  702
  769
  839
  913
  990
  1,070
  1,153
  1,240
  1,330
  1,423
  1,520
  1,621
  1,726
  1,835
  1,949
  2,067
  2,190
  2,318
  2,452
  2,591
  2,736
  2,888
  3,046
  3,212
  3,384
  3,565
Depreciation, amort., depletion, $m
  115
  128
  146
  164
  184
  205
  227
  250
  274
  299
  326
  353
  381
  411
  442
  473
  507
  541
  577
  614
  653
  693
  735
  779
  825
  872
  922
  974
  1,028
  1,085
  1,144
Funds from operations, $m
  410
  484
  665
  741
  822
  907
  996
  1,090
  1,187
  1,289
  1,396
  1,506
  1,621
  1,741
  1,865
  1,994
  2,128
  2,267
  2,412
  2,563
  2,720
  2,883
  3,053
  3,231
  3,416
  3,609
  3,810
  4,020
  4,239
  4,469
  4,709
Change in working capital, $m
  107
  11
  12
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  41
Cash from operations, $m
  303
  473
  653
  728
  808
  892
  981
  1,074
  1,171
  1,272
  1,377
  1,487
  1,601
  1,720
  1,843
  1,972
  2,105
  2,243
  2,387
  2,537
  2,693
  2,855
  3,024
  3,200
  3,384
  3,575
  3,775
  3,984
  4,202
  4,429
  4,667
Maintenance CAPEX, $m
  0
  -112
  -128
  -146
  -164
  -184
  -205
  -227
  -250
  -274
  -299
  -326
  -353
  -381
  -411
  -442
  -473
  -507
  -541
  -577
  -614
  -653
  -693
  -735
  -779
  -825
  -872
  -922
  -974
  -1,028
  -1,085
New CAPEX, $m
  -69
  -163
  -174
  -185
  -196
  -207
  -218
  -228
  -239
  -249
  -260
  -270
  -281
  -292
  -304
  -316
  -328
  -341
  -354
  -369
  -384
  -399
  -416
  -433
  -452
  -471
  -492
  -514
  -536
  -560
  -586
Cash from investing activities, $m
  -58
  -275
  -302
  -331
  -360
  -391
  -423
  -455
  -489
  -523
  -559
  -596
  -634
  -673
  -715
  -758
  -801
  -848
  -895
  -946
  -998
  -1,052
  -1,109
  -1,168
  -1,231
  -1,296
  -1,364
  -1,436
  -1,510
  -1,588
  -1,671
Free cash flow, $m
  245
  199
  351
  397
  447
  501
  558
  618
  682
  748
  818
  891
  967
  1,046
  1,129
  1,214
  1,303
  1,396
  1,492
  1,592
  1,695
  1,803
  1,915
  2,032
  2,153
  2,279
  2,411
  2,548
  2,692
  2,841
  2,997
Issuance/(repayment) of debt, $m
  -401
  -1,768
  222
  237
  251
  265
  278
  292
  305
  318
  332
  345
  359
  373
  388
  403
  419
  436
  453
  471
  490
  510
  532
  554
  577
  602
  629
  656
  685
  716
  749
Issuance/(repurchase) of shares, $m
  287
  1,643
  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
  -125
  222
  237
  251
  265
  278
  292
  305
  318
  332
  345
  359
  373
  388
  403
  419
  436
  453
  471
  490
  510
  532
  554
  577
  602
  629
  656
  685
  716
  749
Total cash flow (excl. dividends), $m
  38
  73
  573
  634
  698
  766
  836
  910
  987
  1,067
  1,150
  1,236
  1,326
  1,420
  1,517
  1,618
  1,722
  1,831
  1,945
  2,063
  2,185
  2,313
  2,447
  2,586
  2,730
  2,882
  3,040
  3,205
  3,377
  3,557
  3,746
Retained Cash Flow (-), $m
  -517
  -1,999
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -80
  -83
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
 
  -1,571
  549
  608
  670
  736
  805
  877
  953
  1,031
  1,113
  1,198
  1,286
  1,378
  1,474
  1,573
  1,676
  1,783
  1,894
  2,010
  2,131
  2,257
  2,388
  2,524
  2,666
  2,815
  2,970
  3,132
  3,301
  3,478
  3,662
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
 
  -1,372
  413
  390
  360
  327
  291
  253
  216
  180
  146
  116
  90
  68
  50
  36
  25
  17
  11
  7
  4
  2
  1
  1
  0
  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 9.2
Price to Sales 0.8
Price to Book -1.1
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 6.8
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 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 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 300.512 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 $2.1 billion.

RELATED COMPANIES Price Int.Val. Rating
MT ArcelorMittal 25.59 6.05  str.sell
VALE Vale ADR 10.16 1.75  str.sell
BHP BHP Billiton A 41.68 5.61  str.sell
BBL BHP Billiton A 36.36 4.89  str.sell
ALE Allete 76.91 60.87  sell
RIO Rio Tinto ADR 47.82 6.24  str.sell

COMPANY NEWS

▶ 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]
▶ [$$] Three Steel Stocks With Support   [11:55AM  Barrons.com]
▶ How Do Seaborne Iron Ore Prices Impact Cleveland-Cliffs?   [Sep-08-17 10:36AM  Market Realist]
▶ U.S. Steel Keeps Both Bulls and Bears Interested   [Sep-06-17 05:36PM  Market Realist]
▶ What Challenges Could AK Steel Face in 4Q17?   [10:37AM  Market Realist]
▶ Why Markets Have Been Apprehensive about AK Steel This Year   [Sep-05-17 02:35PM  Market Realist]
▶ Could US Steel Bears Be In for a Rough Ride?   [07:37AM  Market Realist]
▶ Could Higher Iron Ore Prices Boost ArcelorMittal Stock?   [Aug-31-17 09:07AM  Market Realist]
▶ How Do US Steel Prices Look in 3Q17?   [Aug-30-17 03:36PM  Market Realist]
▶ Chinese Steel Demand: What Recent Indicators Tell Us   [Aug-28-17 10:36AM  Market Realist]
▶ Has US Steel Demand Started to Moderate?   [09:06AM  Market Realist]
▶ Key Indicators US Steel Investors Should Track in 3Q17   [Aug-25-17 07:38AM  Market Realist]
▶ 3 Top Stocks You Can Buy on Sale   [Aug-24-17 08:05PM  Motley Fool]
▶ Stocks: Stop Watching Trump And Watch Copper   [Aug-22-17 01:54PM  Forbes]
▶ Are the Markets Getting a Little Bearish on US Steel?   [Aug-21-17 10:35AM  Market Realist]
▶ Outlook for US Steel during the Delayed Imports Probe   [Aug-18-17 10:36AM  Market Realist]
▶ Steel Mills Make Merry as Margins Rise on Higher Spreads   [Aug-17-17 09:06AM  Market Realist]
▶ Outlook for Chinese Steel: Implications for US Steel   [Aug-16-17 12:06PM  Market Realist]
▶ Cleveland-Cliffs' Management Charts a New Course   [Aug-15-17 10:33AM  Motley Fool]
▶ A Look at Chinas Steel Demand Indicators   [Aug-07-17 10:36AM  Market Realist]
▶ US Steel Prices: The Outlook for Cliffs Natural Resources   [Aug-04-17 10:37AM  Market Realist]
▶ Why Cliffs Natural Resources Stock Was Up 11.5% in July   [Aug-03-17 04:40PM  Motley Fool]
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.