Intrinsic value of Deltic Timber - DEL

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$79.29

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$79.29

 
Intrinsic value

$5.05

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of DEL 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 1.0

 

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, %
  12.89
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  219
  254
  292
  332
  376
  422
  470
  521
  575
  631
  689
  750
  813
  879
  948
  1,019
  1,093
  1,170
  1,250
  1,333
  1,419
  1,509
  1,603
  1,701
  1,802
  1,908
  2,019
  2,134
  2,254
  2,380
  2,511
Variable operating expenses, $m
 
  152
  175
  199
  225
  252
  281
  312
  344
  377
  412
  448
  486
  526
  567
  609
  654
  700
  747
  797
  849
  903
  959
  1,017
  1,078
  1,141
  1,207
  1,276
  1,348
  1,423
  1,502
Fixed operating expenses, $m
 
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  91
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
Total operating expenses, $m
  198
  223
  247
  273
  301
  330
  361
  394
  428
  463
  500
  539
  579
  621
  664
  709
  756
  805
  855
  907
  962
  1,019
  1,078
  1,139
  1,203
  1,269
  1,338
  1,410
  1,486
  1,564
  1,647
Operating income, $m
  22
  31
  45
  59
  75
  91
  109
  127
  147
  167
  189
  211
  234
  258
  283
  310
  337
  365
  395
  426
  458
  491
  526
  562
  600
  639
  680
  723
  768
  815
  865
EBITDA, $m
  45
  58
  76
  94
  114
  136
  158
  182
  207
  234
  261
  290
  320
  351
  383
  417
  452
  488
  526
  566
  607
  649
  694
  740
  789
  840
  892
  948
  1,005
  1,065
  1,129
Interest expense (income), $m
  9
  9
  11
  13
  16
  18
  20
  23
  26
  29
  32
  35
  38
  42
  45
  49
  53
  57
  61
  65
  70
  74
  79
  84
  90
  95
  101
  107
  113
  120
  126
Earnings before tax, $m
  13
  22
  34
  46
  59
  74
  89
  104
  121
  139
  157
  176
  196
  217
  238
  261
  284
  309
  334
  360
  388
  416
  446
  478
  510
  544
  579
  617
  655
  696
  738
Tax expense, $m
  4
  6
  9
  12
  16
  20
  24
  28
  33
  37
  42
  48
  53
  59
  64
  70
  77
  83
  90
  97
  105
  112
  121
  129
  138
  147
  156
  166
  177
  188
  199
Net income, $m
  9
  16
  24
  34
  43
  54
  65
  76
  88
  101
  115
  129
  143
  158
  174
  190
  207
  225
  244
  263
  283
  304
  326
  349
  372
  397
  423
  450
  478
  508
  539

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  555
  637
  732
  833
  942
  1,057
  1,178
  1,306
  1,440
  1,580
  1,727
  1,879
  2,038
  2,203
  2,375
  2,554
  2,739
  2,932
  3,132
  3,341
  3,557
  3,783
  4,018
  4,262
  4,517
  4,782
  5,059
  5,348
  5,649
  5,964
  6,294
Adjusted assets (=assets-cash), $m
  549
  637
  732
  833
  942
  1,057
  1,178
  1,306
  1,440
  1,580
  1,727
  1,879
  2,038
  2,203
  2,375
  2,554
  2,739
  2,932
  3,132
  3,341
  3,557
  3,783
  4,018
  4,262
  4,517
  4,782
  5,059
  5,348
  5,649
  5,964
  6,294
Revenue / Adjusted assets
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
  0.399
Average production assets, $m
  456
  528
  607
  692
  782
  877
  978
  1,084
  1,195
  1,312
  1,433
  1,560
  1,692
  1,829
  1,971
  2,119
  2,273
  2,433
  2,600
  2,773
  2,952
  3,139
  3,334
  3,537
  3,748
  3,969
  4,199
  4,438
  4,689
  4,950
  5,223
Working capital, $m
  10
  5
  5
  6
  7
  8
  8
  9
  10
  11
  12
  13
  15
  16
  17
  18
  20
  21
  22
  24
  26
  27
  29
  31
  32
  34
  36
  38
  41
  43
  45
Total debt, $m
  241
  290
  342
  399
  459
  523
  590
  661
  735
  813
  894
  978
  1,066
  1,158
  1,253
  1,352
  1,455
  1,561
  1,672
  1,788
  1,908
  2,033
  2,163
  2,298
  2,439
  2,586
  2,740
  2,900
  3,067
  3,241
  3,424
Total liabilities, $m
  304
  353
  405
  462
  522
  586
  653
  724
  798
  876
  957
  1,041
  1,129
  1,221
  1,316
  1,415
  1,518
  1,624
  1,735
  1,851
  1,971
  2,096
  2,226
  2,361
  2,502
  2,649
  2,803
  2,963
  3,130
  3,304
  3,487
Total equity, $m
  251
  284
  326
  372
  420
  471
  526
  583
  642
  705
  770
  838
  909
  983
  1,059
  1,139
  1,222
  1,308
  1,397
  1,490
  1,587
  1,687
  1,792
  1,901
  2,014
  2,133
  2,256
  2,385
  2,520
  2,660
  2,807
Total liabilities and equity, $m
  555
  637
  731
  834
  942
  1,057
  1,179
  1,307
  1,440
  1,581
  1,727
  1,879
  2,038
  2,204
  2,375
  2,554
  2,740
  2,932
  3,132
  3,341
  3,558
  3,783
  4,018
  4,262
  4,516
  4,782
  5,059
  5,348
  5,650
  5,964
  6,294
Debt-to-equity ratio
  0.960
  1.020
  1.050
  1.070
  1.090
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.170
  1.180
  1.180
  1.190
  1.190
  1.190
  1.200
  1.200
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
Adjusted equity ratio
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  16
  24
  34
  43
  54
  65
  76
  88
  101
  115
  129
  143
  158
  174
  190
  207
  225
  244
  263
  283
  304
  326
  349
  372
  397
  423
  450
  478
  508
  539
Depreciation, amort., depletion, $m
  23
  27
  31
  35
  39
  44
  49
  55
  60
  66
  72
  79
  85
  92
  100
  107
  115
  123
  131
  140
  149
  159
  168
  179
  189
  200
  212
  224
  237
  250
  264
Funds from operations, $m
  52
  43
  55
  69
  83
  98
  114
  131
  149
  167
  187
  207
  228
  251
  274
  297
  322
  348
  375
  403
  432
  463
  494
  527
  562
  598
  635
  674
  715
  758
  803
Change in working capital, $m
  8
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  44
  50
  54
  68
  82
  97
  113
  130
  148
  166
  186
  206
  227
  249
  272
  296
  321
  347
  374
  402
  431
  461
  493
  525
  560
  596
  633
  672
  713
  756
  800
Maintenance CAPEX, $m
  0
  -23
  -27
  -31
  -35
  -39
  -44
  -49
  -55
  -60
  -66
  -72
  -79
  -85
  -92
  -100
  -107
  -115
  -123
  -131
  -140
  -149
  -159
  -168
  -179
  -189
  -200
  -212
  -224
  -237
  -250
New CAPEX, $m
  -39
  -73
  -79
  -84
  -90
  -95
  -101
  -106
  -111
  -116
  -121
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -195
  -203
  -211
  -220
  -230
  -240
  -250
  -261
  -273
Cash from investing activities, $m
  -41
  -96
  -106
  -115
  -125
  -134
  -145
  -155
  -166
  -176
  -187
  -199
  -211
  -222
  -235
  -248
  -261
  -275
  -289
  -304
  -320
  -336
  -354
  -371
  -390
  -409
  -430
  -452
  -474
  -498
  -523
Free cash flow, $m
  3
  -46
  -51
  -47
  -43
  -38
  -32
  -25
  -18
  -10
  -2
  7
  17
  27
  37
  48
  60
  72
  84
  97
  111
  125
  139
  154
  170
  186
  203
  220
  239
  258
  277
Issuance/(repayment) of debt, $m
  17
  49
  53
  56
  60
  64
  67
  71
  74
  78
  81
  85
  88
  92
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  175
  182
Issuance/(repurchase) of shares, $m
  -13
  31
  41
  36
  31
  25
  19
  12
  4
  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  
  3
  80
  94
  92
  91
  89
  86
  83
  78
  78
  81
  85
  88
  92
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  175
  182
Total cash flow (excl. dividends), $m
  5
  2
  2
  9
  17
  26
  35
  45
  56
  67
  79
  92
  105
  118
  133
  147
  163
  179
  195
  213
  231
  250
  269
  290
  311
  333
  356
  380
  406
  432
  460
Retained Cash Flow (-), $m
  3
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -129
  -135
  -140
  -147
Prev. year cash balance distribution, $m
 
  6
  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
 
  0
  0
  0
  0
  0
  0
  0
  0
  5
  14
  24
  34
  45
  56
  68
  80
  93
  106
  120
  134
  149
  165
  181
  197
  215
  233
  252
  271
  292
  313
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  6
  7
  7
  7
  7
  6
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.9
  93.5
  90.9
  89.0
  87.7
  86.8
  86.3
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2
  86.2

Deltic Timber Corporation, a natural resources company, engages in the growing and harvesting of timber; and manufacturing and marketing of lumber and medium density fiberboards (MDF) in the United States. The company’s Woodlands segment harvests pine and hardwood pulpwood for sale to third parties for use in the manufacture of paper products; and provides timberland management services, such as harvesting and thinning operations, reforestation, cull timber removal programs, and introducing genetically improved seedlings. This segment also leases oil and gas, hunting land, and other rights on its timberlands; and provides harvest planning, silvicultural improvement, and maintenance works for timberlands. This segment owns approximately 530,000 acres of timberland primarily in Arkansas and north Louisiana. Its Manufacturing segment owns and operates two sawmills that manufacture and sell various softwood lumber products, such as dimension lumber, boards, and timbers primarily to wholesale distributors, large retailers, lumber treaters, industrial accounts, and truss manufacturers, as well as used in residential construction, roof trusses, remanufactured products, and laminated beams. This segment also produces wood chips, shavings, sawdust, and bark as by-products. In addition, the Manufacturing segment manufactures and markets MDF under the Solidium trade name for use in furniture, kitchen cabinets, laminate flooring, store fixtures, door parts, and moldings. This segment sells MDF to wholesalers, retailers, and manufacturers. The company’s Real Estate segment develops and markets residential lots for homebuilders and individuals; and commercial sites for developers and businesses, as well as sells undeveloped acreage. It also leases retail and office space to third parties; resells existing homes; and operates a country club. Deltic Timber Corporation was founded in 1996 and is headquartered in El Dorado, Arkansas.

FINANCIAL RATIOS  of  Deltic Timber (DEL)

Valuation Ratios
P/E Ratio 107.4
Price to Sales 4.4
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 193.3
Growth Rates
Sales Growth Rate 12.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 96%
Total Debt to Equity 96%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 3.6%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 20.5%
EBITDA Margin - 3 Yr. Avg. 19.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 10.1%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 55.6%

DEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEL stock intrinsic value calculation we used $219 million for the last fiscal year's total revenue generated by Deltic Timber. The default revenue input number comes from 2016 income statement of Deltic Timber. 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 DEL stock valuation model: a) initial revenue growth rate of 16% 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 DEL is calculated based on our internal credit rating of Deltic Timber, 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 Deltic Timber.
    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 DEL stock the variable cost ratio is equal to 59.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $69 million in the base year in the intrinsic value calculation for DEL 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 3.9% for Deltic Timber.

Corporate tax rate of 27% is the nominal tax rate for Deltic Timber. 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 DEL 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 DEL are equal to 208%.

Life of production assets of 19.8 years is the average useful life of capital assets used in Deltic Timber 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 DEL is equal to 1.8%. 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 - $251 million for Deltic Timber - 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 12.442 million for Deltic Timber 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 Deltic Timber at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ Deltic Schedules First Quarter Conference Call   [Apr-17-17 06:15PM  Business Wire]
▶ Deltic posts 4Q profit   [06:45AM  Associated Press]
▶ Deltic Issues Statement   [01:30PM  PR Newswire]
▶ Deltic Schedules Fourth Quarter Conference Call   [Jan-17-17 02:23PM  Business Wire]
▶ Deltic Timber Corporation Announces Executive Transition   [Oct-10-16 04:15PM  PR Newswire]
▶ Deltic Schedules Third Quarter Conference Call   [Oct-03-16 03:16PM  Business Wire]
▶ Deltic Timber Declares Quarterly Dividend   [Sep-22-16 12:32PM  Business Wire]
▶ Deltic Schedules Second Quarter Conference Call   [Jul-12-16 09:31AM  Business Wire]
▶ Deltic Schedules Second Quarter Conference Call   [Jul-06-16 05:18PM  Business Wire]
▶ Deltic Timber Declares Quarterly Dividend   [10:56AM  Business Wire]
▶ Deltic posts 1Q profit   [04:48PM  AP]
▶ Deltic Schedules First Quarter Conference Call   [Mar-31-16 10:52AM  Business Wire]
▶ Deltic Expands Its Common Stock Repurchase Program   [Feb-18-16 04:40PM  Business Wire]
▶ Deltic Schedules Fourth Quarter Conference Call   [Jan-11-16 10:57AM  Business Wire]
Stock chart of DEL Financial statements of DEL
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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