Intrinsic value of Ducommun - DCO

Previous Close

$27.21

  Intrinsic Value

$2.47

stock screener

  Rating & Target

str. sell

-91%

Previous close

$27.21

 
Intrinsic value

$2.47

 
Up/down potential

-91%

 
Rating

str. sell

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
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  551
  584
  619
  654
  692
  731
  772
  815
  859
  906
  955
  1,006
  1,059
  1,115
  1,174
  1,235
  1,300
  1,367
  1,438
  1,512
  1,589
  1,671
  1,756
  1,845
  1,939
  2,038
  2,141
  2,250
  2,363
  2,483
  2,608
Variable operating expenses, $m
 
  662
  700
  740
  782
  826
  871
  919
  969
  1,021
  1,075
  1,122
  1,182
  1,244
  1,310
  1,378
  1,450
  1,525
  1,604
  1,687
  1,773
  1,864
  1,959
  2,059
  2,164
  2,274
  2,389
  2,510
  2,637
  2,770
  2,910
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
  662
  700
  740
  782
  826
  871
  919
  969
  1,021
  1,075
  1,122
  1,182
  1,244
  1,310
  1,378
  1,450
  1,525
  1,604
  1,687
  1,773
  1,864
  1,959
  2,059
  2,164
  2,274
  2,389
  2,510
  2,637
  2,770
  2,910
Operating income, $m
  46
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -110
  -115
  -121
  -117
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -194
  -203
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -302
EBITDA, $m
  69
  -51
  -54
  -57
  -61
  -64
  -68
  -72
  -75
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
Interest expense (income), $m
  7
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
Earnings before tax, $m
  38
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -269
  -282
  -297
  -312
  -328
  -345
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
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -269
  -282
  -297
  -312
  -328
  -345

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
  538
  570
  603
  638
  674
  711
  751
  792
  835
  880
  927
  976
  1,028
  1,082
  1,138
  1,198
  1,260
  1,325
  1,393
  1,465
  1,540
  1,618
  1,701
  1,787
  1,878
  1,973
  2,073
  2,178
  2,288
  2,404
Adjusted assets (=assets-cash), $m
  508
  538
  570
  603
  638
  674
  711
  751
  792
  835
  880
  927
  976
  1,028
  1,082
  1,138
  1,198
  1,260
  1,325
  1,393
  1,465
  1,540
  1,618
  1,701
  1,787
  1,878
  1,973
  2,073
  2,178
  2,288
  2,404
Revenue / Adjusted assets
  1.085
  1.086
  1.086
  1.085
  1.085
  1.085
  1.086
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
  1.085
Average production assets, $m
  206
  218
  231
  244
  258
  273
  288
  304
  321
  338
  356
  375
  395
  416
  438
  461
  485
  510
  536
  564
  593
  623
  655
  688
  723
  760
  799
  839
  882
  926
  973
Working capital, $m
  140
  141
  149
  158
  167
  176
  186
  196
  207
  218
  230
  242
  255
  269
  283
  298
  313
  329
  346
  364
  383
  403
  423
  445
  467
  491
  516
  542
  570
  598
  629
Total debt, $m
  167
  185
  204
  223
  244
  266
  288
  311
  336
  362
  388
  417
  446
  477
  509
  543
  578
  615
  654
  694
  737
  782
  829
  878
  929
  983
  1,040
  1,100
  1,162
  1,228
  1,297
Total liabilities, $m
  303
  321
  340
  359
  380
  402
  424
  447
  472
  498
  524
  553
  582
  613
  645
  679
  714
  751
  790
  830
  873
  918
  965
  1,014
  1,065
  1,119
  1,176
  1,236
  1,298
  1,364
  1,433
Total equity, $m
  212
  217
  230
  244
  258
  272
  287
  303
  320
  337
  356
  375
  394
  415
  437
  460
  484
  509
  535
  563
  592
  622
  654
  687
  722
  759
  797
  838
  880
  924
  971
Total liabilities and equity, $m
  515
  538
  570
  603
  638
  674
  711
  750
  792
  835
  880
  928
  976
  1,028
  1,082
  1,139
  1,198
  1,260
  1,325
  1,393
  1,465
  1,540
  1,619
  1,701
  1,787
  1,878
  1,973
  2,074
  2,178
  2,288
  2,404
Debt-to-equity ratio
  0.788
  0.850
  0.880
  0.920
  0.950
  0.980
  1.000
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.330
  1.340
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
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -269
  -282
  -297
  -312
  -328
  -345
Depreciation, amort., depletion, $m
  23
  26
  27
  28
  29
  31
  32
  33
  34
  35
  37
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
Funds from operations, $m
  57
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -172
  -182
  -191
  -201
  -211
  -222
  -234
  -246
  -259
  -272
Change in working capital, $m
  14
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
Cash from operations, $m
  43
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -156
  -165
  -173
  -183
  -192
  -202
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -302
Maintenance CAPEX, $m
  0
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
New CAPEX, $m
  -17
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
Cash from investing activities, $m
  35
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -96
  -100
  -105
  -111
  -117
Free cash flow, $m
  78
  -93
  -98
  -104
  -110
  -116
  -123
  -129
  -137
  -144
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
  -281
  -295
  -310
  -326
  -343
  -361
  -379
  -398
  -419
Issuance/(repayment) of debt, $m
  -75
  18
  19
  20
  21
  21
  22
  23
  25
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  63
  66
  69
Issuance/(repurchase) of shares, $m
  -1
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  149
  157
  166
  174
  184
  193
  204
  214
  226
  237
  250
  263
  276
  290
  305
  321
  337
  355
  373
  392
Cash from financing (excl. dividends), $m  
  -76
  114
  120
  126
  133
  139
  146
  153
  162
  170
  178
  177
  186
  197
  206
  218
  228
  241
  253
  267
  280
  295
  310
  325
  342
  359
  378
  397
  418
  439
  461
Total cash flow (excl. dividends), $m
  2
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
  38
  40
  42
Retained Cash Flow (-), $m
  -26
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -149
  -157
  -166
  -174
  -184
  -193
  -204
  -214
  -226
  -237
  -250
  -263
  -276
  -290
  -305
  -321
  -337
  -355
  -373
  -392
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
 
  -68
  -79
  -84
  -89
  -95
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -211
  -222
  -234
  -246
  -259
  -272
  -286
  -301
  -316
  -333
  -350
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
 
  -63
  -68
  -66
  -64
  -61
  -58
  -54
  -50
  -46
  -42
  -37
  -33
  -28
  -24
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  75.6
  57.3
  43.5
  33.0
  25.1
  19.1
  14.6
  11.1
  8.5
  6.5
  5.0
  3.9
  3.0
  2.3
  1.8
  1.4
  1.1
  0.8
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Ducommun Incorporated is a global provider of engineering and manufacturing services for various products and failure applications used primarily in the aerospace, defense, industrial, natural resources, medical and other industries. The Company is a solution-based provider, offering a range of value-added products and services in its primary businesses of electronics, structures and integrated solutions. The Company operates through two segments: Electronic Systems (ES) and Structural Systems (SS). The ES has over three product offerings in electronics manufacturing for various applications, including complex cable assemblies and interconnect systems, printed circuit board assemblies, and electronic, electromechanical and mechanical assemblies. The SS segment offers over three product offerings to support a customer base, including commercial aircraft, military fixed-wing aircraft, and military and commercial rotary-wing aircraft.

FINANCIAL RATIOS  of  Ducommun (DCO)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 0.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow 11.7
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 6% 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 11.319 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

▶ ETFs with exposure to Ducommun, Inc. : November 27, 2017   [Nov-27-17 01:05PM  Capital Cube]
▶ ETFs with exposure to Ducommun, Inc. : November 17, 2017   [Nov-17-17 11:42AM  Capital Cube]
▶ ETFs with exposure to Ducommun, Inc. : November 7, 2017   [Nov-07-17 10:07AM  Capital Cube]
▶ Ducommun posts 3Q profit   [05:47AM  Associated Press]
▶ Ducommun Closes on Strategic Acquisition   [Sep-11-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to Ducommun, Inc. : September 1, 2017   [Sep-01-17 07:32PM  Capital Cube]
▶ 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]
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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