Intrinsic value of Dycom Industries - DY

Previous Close

$110.41

  Intrinsic Value

$120.63

stock screener

  Rating & Target

hold

+9%

Previous close

$110.41

 
Intrinsic value

$120.63

 
Up/down potential

+9%

 
Rating

hold

We calculate the intrinsic value of DY 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 2017), $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 3.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.74
  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
  3,067
  3,518
  4,001
  4,515
  5,060
  5,635
  6,240
  6,874
  7,536
  8,228
  8,948
  9,698
  10,478
  11,289
  12,132
  13,008
  13,918
  14,864
  15,848
  16,871
  17,936
  19,044
  20,198
  21,401
  22,655
  23,963
  25,328
  26,753
  28,242
  29,797
  31,423
Variable operating expenses, $m
 
  3,119
  3,543
  3,994
  4,473
  4,977
  5,508
  6,064
  6,645
  7,252
  7,884
  8,510
  9,195
  9,906
  10,646
  11,415
  12,213
  13,043
  13,907
  14,804
  15,739
  16,711
  17,724
  18,780
  19,880
  21,028
  22,226
  23,476
  24,782
  26,147
  27,574
Fixed operating expenses, $m
 
  72
  74
  75
  77
  79
  81
  83
  85
  87
  90
  92
  94
  96
  99
  101
  104
  107
  109
  112
  115
  118
  121
  124
  127
  130
  133
  136
  140
  143
  147
Total operating expenses, $m
  2,792
  3,191
  3,617
  4,069
  4,550
  5,056
  5,589
  6,147
  6,730
  7,339
  7,974
  8,602
  9,289
  10,002
  10,745
  11,516
  12,317
  13,150
  14,016
  14,916
  15,854
  16,829
  17,845
  18,904
  20,007
  21,158
  22,359
  23,612
  24,922
  26,290
  27,721
Operating income, $m
  275
  327
  384
  446
  510
  579
  651
  727
  806
  888
  974
  1,096
  1,189
  1,286
  1,387
  1,492
  1,601
  1,714
  1,832
  1,955
  2,082
  2,215
  2,354
  2,498
  2,649
  2,806
  2,970
  3,141
  3,320
  3,507
  3,703
EBITDA, $m
  423
  467
  539
  616
  698
  784
  875
  970
  1,069
  1,173
  1,281
  1,394
  1,511
  1,633
  1,759
  1,891
  2,028
  2,170
  2,318
  2,472
  2,632
  2,799
  2,973
  3,154
  3,343
  3,541
  3,746
  3,961
  4,186
  4,421
  4,666
Interest expense (income), $m
  17
  26
  32
  39
  46
  53
  61
  69
  78
  87
  97
  107
  117
  128
  139
  151
  163
  175
  188
  202
  216
  230
  246
  261
  278
  295
  313
  332
  352
  372
  393
Earnings before tax, $m
  250
  301
  352
  407
  465
  526
  590
  657
  727
  801
  878
  989
  1,072
  1,159
  1,248
  1,342
  1,438
  1,539
  1,644
  1,753
  1,867
  1,985
  2,108
  2,237
  2,371
  2,510
  2,656
  2,809
  2,968
  3,135
  3,309
Tax expense, $m
  93
  81
  95
  110
  125
  142
  159
  177
  196
  216
  237
  267
  290
  313
  337
  362
  388
  416
  444
  473
  504
  536
  569
  604
  640
  678
  717
  758
  801
  846
  893
Net income, $m
  157
  220
  257
  297
  339
  384
  431
  480
  531
  585
  641
  722
  783
  846
  911
  979
  1,050
  1,124
  1,200
  1,280
  1,363
  1,449
  1,539
  1,633
  1,731
  1,833
  1,939
  2,050
  2,167
  2,288
  2,416

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  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
  1,899
  2,133
  2,426
  2,738
  3,069
  3,417
  3,784
  4,168
  4,570
  4,989
  5,426
  5,881
  6,354
  6,846
  7,357
  7,888
  8,440
  9,014
  9,611
  10,231
  10,877
  11,549
  12,249
  12,978
  13,739
  14,532
  15,360
  16,224
  17,127
  18,070
  19,056
Adjusted assets (=assets-cash), $m
  1,860
  2,133
  2,426
  2,738
  3,069
  3,417
  3,784
  4,168
  4,570
  4,989
  5,426
  5,881
  6,354
  6,846
  7,357
  7,888
  8,440
  9,014
  9,611
  10,231
  10,877
  11,549
  12,249
  12,978
  13,739
  14,532
  15,360
  16,224
  17,127
  18,070
  19,056
Revenue / Adjusted assets
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
  1.649
Average production assets, $m
  565
  647
  736
  831
  931
  1,037
  1,148
  1,265
  1,387
  1,514
  1,646
  1,784
  1,928
  2,077
  2,232
  2,393
  2,561
  2,735
  2,916
  3,104
  3,300
  3,504
  3,716
  3,938
  4,169
  4,409
  4,660
  4,923
  5,197
  5,483
  5,782
Working capital, $m
  620
  693
  788
  890
  997
  1,110
  1,229
  1,354
  1,485
  1,621
  1,763
  1,911
  2,064
  2,224
  2,390
  2,563
  2,742
  2,928
  3,122
  3,324
  3,533
  3,752
  3,979
  4,216
  4,463
  4,721
  4,990
  5,270
  5,564
  5,870
  6,190
Total debt, $m
  760
  915
  1,105
  1,307
  1,522
  1,747
  1,985
  2,234
  2,494
  2,766
  3,049
  3,344
  3,651
  3,969
  4,301
  4,645
  5,002
  5,374
  5,761
  6,163
  6,581
  7,017
  7,470
  7,943
  8,436
  8,950
  9,486
  10,046
  10,631
  11,242
  11,881
Total liabilities, $m
  1,228
  1,382
  1,572
  1,774
  1,989
  2,214
  2,452
  2,701
  2,961
  3,233
  3,516
  3,811
  4,118
  4,436
  4,768
  5,112
  5,469
  5,841
  6,228
  6,630
  7,048
  7,484
  7,937
  8,410
  8,903
  9,417
  9,953
  10,513
  11,098
  11,709
  12,348
Total equity, $m
  672
  751
  854
  964
  1,080
  1,203
  1,332
  1,467
  1,609
  1,756
  1,910
  2,070
  2,237
  2,410
  2,590
  2,777
  2,971
  3,173
  3,383
  3,601
  3,829
  4,065
  4,312
  4,568
  4,836
  5,115
  5,407
  5,711
  6,029
  6,361
  6,708
Total liabilities and equity, $m
  1,900
  2,133
  2,426
  2,738
  3,069
  3,417
  3,784
  4,168
  4,570
  4,989
  5,426
  5,881
  6,355
  6,846
  7,358
  7,889
  8,440
  9,014
  9,611
  10,231
  10,877
  11,549
  12,249
  12,978
  13,739
  14,532
  15,360
  16,224
  17,127
  18,070
  19,056
Debt-to-equity ratio
  1.131
  1.220
  1.290
  1.360
  1.410
  1.450
  1.490
  1.520
  1.550
  1.580
  1.600
  1.620
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
Adjusted equity ratio
  0.340
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  157
  220
  257
  297
  339
  384
  431
  480
  531
  585
  641
  722
  783
  846
  911
  979
  1,050
  1,124
  1,200
  1,280
  1,363
  1,449
  1,539
  1,633
  1,731
  1,833
  1,939
  2,050
  2,167
  2,288
  2,416
Depreciation, amort., depletion, $m
  148
  140
  155
  171
  187
  205
  224
  243
  263
  285
  307
  297
  321
  346
  372
  399
  427
  456
  486
  517
  550
  584
  619
  656
  695
  735
  777
  820
  866
  914
  964
Funds from operations, $m
  170
  360
  412
  468
  527
  589
  654
  723
  794
  869
  947
  1,020
  1,104
  1,192
  1,283
  1,378
  1,477
  1,579
  1,686
  1,797
  1,913
  2,033
  2,158
  2,289
  2,425
  2,567
  2,716
  2,871
  3,033
  3,202
  3,379
Change in working capital, $m
  -86
  89
  95
  101
  107
  113
  119
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  227
  237
  247
  258
  269
  281
  293
  306
  320
Cash from operations, $m
  256
  271
  317
  366
  419
  475
  535
  598
  664
  733
  805
  872
  951
  1,032
  1,117
  1,206
  1,298
  1,393
  1,492
  1,596
  1,703
  1,815
  1,931
  2,052
  2,178
  2,310
  2,447
  2,590
  2,740
  2,896
  3,059
Maintenance CAPEX, $m
  0
  -94
  -108
  -123
  -138
  -155
  -173
  -191
  -211
  -231
  -252
  -274
  -297
  -321
  -346
  -372
  -399
  -427
  -456
  -486
  -517
  -550
  -584
  -619
  -656
  -695
  -735
  -777
  -820
  -866
  -914
New CAPEX, $m
  -201
  -82
  -89
  -95
  -100
  -106
  -111
  -117
  -122
  -127
  -133
  -138
  -144
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -196
  -204
  -212
  -221
  -231
  -241
  -251
  -262
  -274
  -286
  -299
Cash from investing activities, $m
  -209
  -176
  -197
  -218
  -238
  -261
  -284
  -308
  -333
  -358
  -385
  -412
  -441
  -470
  -501
  -533
  -566
  -601
  -637
  -674
  -713
  -754
  -796
  -840
  -887
  -936
  -986
  -1,039
  -1,094
  -1,152
  -1,213
Free cash flow, $m
  47
  95
  120
  149
  180
  214
  251
  290
  331
  375
  420
  460
  510
  562
  616
  673
  731
  792
  856
  921
  990
  1,061
  1,135
  1,211
  1,291
  1,374
  1,461
  1,551
  1,645
  1,743
  1,846
Issuance/(repayment) of debt, $m
  21
  177
  190
  202
  214
  226
  238
  249
  260
  272
  283
  295
  307
  319
  331
  344
  358
  372
  387
  402
  418
  436
  454
  473
  493
  514
  536
  560
  585
  611
  639
Issuance/(repurchase) of shares, $m
  -61
  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 from financing (excl. dividends), $m  
  -42
  177
  190
  202
  214
  226
  238
  249
  260
  272
  283
  295
  307
  319
  331
  344
  358
  372
  387
  402
  418
  436
  454
  473
  493
  514
  536
  560
  585
  611
  639
Total cash flow (excl. dividends), $m
  5
  272
  310
  351
  395
  440
  489
  539
  592
  646
  704
  754
  816
  880
  947
  1,017
  1,089
  1,164
  1,242
  1,323
  1,408
  1,496
  1,588
  1,684
  1,784
  1,888
  1,997
  2,111
  2,230
  2,355
  2,485
Retained Cash Flow (-), $m
  -115
  -96
  -103
  -110
  -116
  -123
  -129
  -135
  -141
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -237
  -246
  -257
  -268
  -279
  -291
  -304
  -318
  -332
  -347
Prev. year cash balance distribution, $m
 
  17
  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
 
  193
  207
  241
  278
  318
  360
  404
  450
  499
  550
  594
  650
  707
  767
  830
  895
  962
  1,032
  1,105
  1,181
  1,260
  1,342
  1,427
  1,516
  1,609
  1,706
  1,807
  1,913
  2,023
  2,138
Discount rate, %
 
  6.10
  6.41
  6.73
  7.06
  7.41
  7.79
  8.17
  8.58
  9.01
  9.46
  9.94
  10.43
  10.95
  11.50
  12.08
  12.68
  13.32
  13.98
  14.68
  15.41
  16.19
  16.99
  17.84
  18.74
  19.67
  20.66
  21.69
  22.77
  23.91
  25.11
PV of cash for distribution, $m
 
  182
  183
  199
  212
  222
  229
  233
  233
  229
  223
  210
  197
  183
  167
  150
  132
  115
  98
  82
  67
  54
  42
  33
  25
  18
  13
  9
  6
  4
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Dycom Industries, Inc. is a provider of specialty contracting services throughout the United States and in Canada. The Company, through its subsidiaries, provides program management, engineering, construction, maintenance and installation services for telecommunications providers, underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. The Company provides the labor, tools and equipment necessary to design, engineer, locate, maintain, expand, install and upgrade the telecommunications infrastructure of its customers. The Company also provides tower construction, lines and antenna installation, and foundation and equipment pad construction for wireless carriers, as well as equipment installation and material fabrication, and site testing services. The Company's subsidiaries include CertusView Technologies, LLC and Dycom Investments, Inc.

FINANCIAL RATIOS  of  Dycom Industries (DY)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 1.1
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 62.4
Growth Rates
Sales Growth Rate 14.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.1%
Cap. Spend. - 3 Yr. Gr. Rate 17.7%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 109.8%
Total Debt to Equity 113.1%
Interest Coverage 16
Management Effectiveness
Return On Assets 9.3%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 25.5%
Return On Equity - 3 Yr. Avg. 22.2%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 21.6%
Gross Margin - 3 Yr. Avg. 21.6%
EBITDA Margin 13.5%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 0%

DY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DY stock intrinsic value calculation we used $3067 million for the last fiscal year's total revenue generated by Dycom Industries. The default revenue input number comes from 2017 income statement of Dycom Industries. 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 DY 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 6.1%, whose default value for DY is calculated based on our internal credit rating of Dycom Industries, 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 Dycom Industries.
    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 DY stock the variable cost ratio is equal to 88.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $70 million in the base year in the intrinsic value calculation for DY 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 Dycom Industries.

Corporate tax rate of 27% is the nominal tax rate for Dycom Industries. 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 DY 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 DY are equal to 18.4%.

Life of production assets of 6 years is the average useful life of capital assets used in Dycom Industries 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 DY is equal to 19.7%. 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 - $672 million for Dycom Industries - 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 31.135 million for Dycom Industries 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 Dycom Industries at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Company News For Nov 21, 2017   [10:13AM  Zacks]
▶ Dycom Industries tops Street 1Q forecasts   [06:17AM  Associated Press]
▶ Bull of the Day: MasTec (MTZ)   [06:00AM  Zacks]
▶ New Strong Sell Stocks for September 13th   [Sep-13-17 08:15AM  Zacks]
▶ New Strong Sell Stocks for September 7th   [Sep-07-17 10:02AM  Zacks]
▶ Dycom Industries tops 4Q profit forecasts   [Aug-31-17 08:03PM  Associated Press]
▶ Dycom Stock Pummeled On Weak July-Quarter Sales, Guidance   [04:16PM  Investor's Business Daily]
▶ Dycom: You Call This a Hiccup?!?!   [01:49PM  Barrons.com]
▶ The Mystery of Dycom's Earnings Date?   [Aug-21-17 01:10PM  Barrons.com]
▶ 3 Value Stocks You Haven't Thought Of   [Jun-19-17 02:33PM  Motley Fool]
▶ New Strong Sell Stocks for June 14th   [Jun-14-17 10:17AM  Zacks]
▶ Dycom Crashes On Weak Sales, Earnings Outlook   [04:08PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [12:41PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:11AM  Briefing.com]
▶ Stocks Open Higher, With One Tech Breakout, One Breakdown   [09:44AM  Investor's Business Daily]
▶ Dycom Industries beats Street 3Q forecasts   [06:13AM  Associated Press]
Financial statements of DY
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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