Intrinsic value of Ducommun - DCO

Previous Close

$30.02

  Intrinsic Value

$2.56

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-127%

Previous close

$30.02

 
Intrinsic value

$2.56

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-127%

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

We calculate the intrinsic value of DCO 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 0.3

 

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, %
  -17.27
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  551
  562
  575
  590
  606
  625
  645
  667
  691
  716
  744
  773
  804
  838
  873
  911
  951
  993
  1,038
  1,085
  1,135
  1,188
  1,243
  1,302
  1,363
  1,428
  1,496
  1,568
  1,644
  1,724
  1,807
Variable operating expenses, $m
 
  637
  652
  668
  687
  707
  730
  754
  781
  809
  840
  863
  898
  935
  975
  1,017
  1,061
  1,108
  1,158
  1,211
  1,267
  1,325
  1,387
  1,452
  1,521
  1,594
  1,670
  1,750
  1,835
  1,923
  2,017
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
  504
  637
  652
  668
  687
  707
  730
  754
  781
  809
  840
  863
  898
  935
  975
  1,017
  1,061
  1,108
  1,158
  1,211
  1,267
  1,325
  1,387
  1,452
  1,521
  1,594
  1,670
  1,750
  1,835
  1,923
  2,017
Operating income, $m
  46
  -75
  -77
  -78
  -80
  -82
  -85
  -87
  -90
  -93
  -96
  -90
  -93
  -97
  -101
  -106
  -110
  -115
  -120
  -126
  -131
  -138
  -144
  -151
  -158
  -165
  -173
  -182
  -190
  -200
  -209
EBITDA, $m
  69
  -49
  -50
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -159
Interest expense (income), $m
  7
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
Earnings before tax, $m
  38
  -81
  -83
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
Tax expense, $m
  13
  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
Net income, $m
  25
  -81
  -83
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  7
  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
  515
  518
  530
  544
  559
  576
  594
  615
  636
  660
  685
  713
  741
  772
  805
  840
  876
  915
  957
  1,000
  1,046
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
  1,446
  1,515
  1,589
  1,666
Adjusted assets (=assets-cash), $m
  508
  518
  530
  544
  559
  576
  594
  615
  636
  660
  685
  713
  741
  772
  805
  840
  876
  915
  957
  1,000
  1,046
  1,095
  1,146
  1,200
  1,256
  1,316
  1,379
  1,446
  1,515
  1,589
  1,666
Revenue / Adjusted assets
  1.085
  1.085
  1.085
  1.085
  1.084
  1.085
  1.086
  1.085
  1.086
  1.085
  1.086
  1.084
  1.085
  1.085
  1.084
  1.085
  1.086
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.084
  1.085
  1.085
  1.085
Average production assets, $m
  206
  210
  214
  220
  226
  233
  241
  249
  258
  267
  277
  288
  300
  313
  326
  340
  355
  370
  387
  405
  423
  443
  464
  486
  508
  533
  558
  585
  613
  643
  674
Working capital, $m
  140
  135
  139
  142
  146
  151
  155
  161
  166
  173
  179
  186
  194
  202
  210
  220
  229
  239
  250
  262
  274
  286
  300
  314
  329
  344
  361
  378
  396
  415
  436
Total debt, $m
  167
  173
  180
  188
  197
  207
  218
  230
  243
  257
  273
  289
  306
  324
  344
  364
  386
  410
  434
  460
  487
  516
  547
  579
  613
  648
  686
  726
  767
  811
  857
Total liabilities, $m
  303
  309
  316
  324
  333
  343
  354
  366
  379
  393
  409
  425
  442
  460
  480
  500
  522
  546
  570
  596
  623
  652
  683
  715
  749
  784
  822
  862
  903
  947
  993
Total equity, $m
  212
  209
  214
  220
  226
  233
  240
  248
  257
  267
  277
  288
  300
  312
  325
  339
  354
  370
  386
  404
  423
  442
  463
  485
  508
  532
  557
  584
  612
  642
  673
Total liabilities and equity, $m
  515
  518
  530
  544
  559
  576
  594
  614
  636
  660
  686
  713
  742
  772
  805
  839
  876
  916
  956
  1,000
  1,046
  1,094
  1,146
  1,200
  1,257
  1,316
  1,379
  1,446
  1,515
  1,589
  1,666
Debt-to-equity ratio
  0.788
  0.830
  0.840
  0.860
  0.870
  0.890
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.020
  1.040
  1.060
  1.070
  1.090
  1.110
  1.120
  1.140
  1.150
  1.170
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
Adjusted equity ratio
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  -81
  -83
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
Depreciation, amort., depletion, $m
  23
  26
  26
  27
  27
  28
  28
  29
  29
  30
  31
  22
  23
  23
  24
  26
  27
  28
  29
  30
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
Funds from operations, $m
  57
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
Change in working capital, $m
  14
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Cash from operations, $m
  43
  -58
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -171
  -179
  -188
  -197
  -207
Maintenance CAPEX, $m
  0
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
New CAPEX, $m
  -17
  -4
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
Cash from investing activities, $m
  35
  -19
  -21
  -22
  -23
  -24
  -26
  -26
  -28
  -29
  -30
  -32
  -34
  -35
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -69
  -72
  -76
  -79
Free cash flow, $m
  78
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -185
  -195
  -204
  -214
  -225
  -236
  -248
  -260
  -273
  -287
Issuance/(repayment) of debt, $m
  -75
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
Issuance/(repurchase) of shares, $m
  -1
  85
  87
  90
  93
  96
  99
  103
  107
  111
  115
  110
  115
  120
  126
  132
  138
  144
  151
  158
  166
  174
  183
  192
  201
  211
  222
  232
  244
  256
  269
Cash from financing (excl. dividends), $m  
  -76
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  126
  132
  138
  146
  153
  160
  167
  176
  184
  193
  203
  213
  224
  235
  247
  260
  272
  286
  300
  315
Total cash flow (excl. dividends), $m
  2
  14
  14
  15
  16
  16
  17
  17
  18
  19
  19
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Retained Cash Flow (-), $m
  -26
  -85
  -87
  -90
  -93
  -96
  -99
  -103
  -107
  -111
  -115
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -222
  -232
  -244
  -256
  -269
Prev. year cash balance distribution, $m
 
  7
  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
 
  -65
  -73
  -75
  -77
  -80
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
  -189
  -199
  -208
  -219
  -229
  -241
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  -60
  -63
  -59
  -55
  -52
  -48
  -44
  -40
  -36
  -32
  -28
  -25
  -21
  -18
  -15
  -12
  -10
  -8
  -6
  -5
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.9
  62.1
  48.9
  38.4
  30.1
  23.6
  18.5
  14.5
  11.3
  8.8
  7.0
  5.6
  4.4
  3.5
  2.8
  2.2
  1.8
  1.4
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

Ducommun Incorporated provides engineering and manufacturing products and services primarily to the aerospace, defense, industrial, natural resources, medical, and other industries. The company operates in two segments, Electronic Systems (ES) and Structural Systems (SS). The ES segment offers cable assemblies and interconnect systems; printed circuit board assemblies; higher-level electronic, electromechanical, and mechanical assemblies; radar enclosures; aircraft avionics racks; shipboard communications and control enclosures; cable assemblies; wire harnesses; and interconnect systems. It also provides illuminated pushbutton switches and panels for aviation and test systems; microwave and millimeter switches and filters for radio frequency systems and test instrumentation; and motors and resolvers for motion control. This segment also provides engineering expertise for aerospace system design, development, integration, and test. It serves commercial and military fixed-wing and rotary-wing aircraft, and space programs, as well as non-aerospace applications for the industrial automation, natural resources, medical, and other end-use markets. The SS segment offers contoured aluminum, titanium, and Inconel aero structure components; structural assembly products, such as winglets, engine components, and fuselage structural panels; and metal and composite bonded structures and assemblies comprising aircraft wing spoilers, large fuselage skins, rotor blades on rotary-wing aircraft and components, flight control surfaces, and engine components. The company’s products are also used in industrial test systems, energy exploration systems, semiconductor fabrication units, glass electronic manufacturing systems, mine automation and control systems, patient monitoring devices, respiratory care devices, biodecontamination equipment, and other technology-driven products. Ducommun Incorporated was founded in 1849 and is headquartered in Carson, California.

FINANCIAL RATIOS  of  Ducommun (DCO)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 0.6
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 12.9
Growth Rates
Sales Growth Rate -17.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 7.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 78.8%
Total Debt to Equity 78.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.9%
Return On Equity 12.6%
Return On Equity - 3 Yr. Avg. -4.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 19.2%
Gross Margin - 3 Yr. Avg. 17.8%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 8.5%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. -1.9%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. -1.3%
Effective Tax Rate 34.2%
Eff/ Tax Rate - 3 Yr. Avg. 29.1%
Payout Ratio 0%

DCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCO stock intrinsic value calculation we used $551 million for the last fiscal year's total revenue generated by Ducommun. The default revenue input number comes from 2016 income statement of Ducommun. 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 DCO stock valuation model: a) initial revenue growth rate of 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 7.5%, whose default value for DCO is calculated based on our internal credit rating of Ducommun, 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 Ducommun.
    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 DCO stock the variable cost ratio is equal to 113.4%.

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 DCO 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 3.5% for Ducommun.

Corporate tax rate of 27% is the nominal tax rate for Ducommun. 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 DCO 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 DCO are equal to 37.3%.

Life of production assets of 13.3 years is the average useful life of capital assets used in Ducommun 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 DCO is equal to 24.1%. 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 - $212 million for Ducommun - 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 10.95 million for Ducommun 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 Ducommun at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Ducommun posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ Ducommun Announces Upcoming Investor Events   [Jul-26-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Ducommun, Inc. : July 24, 2017   [Jul-24-17 03:19PM  Capital Cube]
▶ Ducommun Announces Second Quarter Conference Call   [Jul-21-17 07:00AM  GlobeNewswire]
▶ ETFs with exposure to Ducommun, Inc. : July 14, 2017   [Jul-14-17 01:53PM  Capital Cube]
▶ ETFs with exposure to Ducommun, Inc. : June 2, 2017   [Jun-02-17 02:01PM  Capital Cube]
▶ ETFs with exposure to Ducommun, Inc. : May 22, 2017   [May-22-17 01:33PM  Capital Cube]
▶ The Market In 5 Minutes   [May-05-17 09:02AM  Benzinga]
▶ Ducommun misses 1Q profit forecasts   [05:02AM  Associated Press]
▶ The Best Aerospace Stocks to Buy in 2017   [Apr-24-17 11:03AM  Motley Fool]
▶ Ducommun, Inc. Value Analysis (NYSE:DCO) : April 13, 2017   [Apr-13-17 12:49PM  Capital Cube]
▶ Should You Get Rid of Ducommun (DCO) Now?   [Apr-05-17 08:45AM  Zacks]
▶ New Strong Sell Stocks for April 4th   [Apr-04-17 10:34AM  Zacks]
▶ Ducommun beats Street 4Q forecasts   [05:02PM  Associated Press]
▶ Ducommun Announces Fourth Quarter Conference Call   [Feb-16-17 07:00AM  GlobeNewswire]
▶ Ducommun Wins Additional Work from Airbus for A320neo   [Jan-25-17 07:30AM  GlobeNewswire]
▶ Is Ducommun Incorporated (DCO) A Good Stock To Buy?   [Dec-20-16 03:05PM  at Insider Monkey]
▶ Ducommun Announces Third Quarter Conference Call   [Oct-17-16 07:00AM  GlobeNewswire]
Stock chart of DCO Financial statements of DCO
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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