Intrinsic value of Fluor - FLR

Previous Close

$37.62

  Intrinsic Value

$124.79

stock screener

  Rating & Target

str. buy

+232%

  Value-price divergence*

+162%

Previous close

$37.62

 
Intrinsic value

$124.79

 
Up/down potential

+232%

 
Rating

str. buy

 
Value-price divergence*

+162%

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

We calculate the intrinsic value of FLR 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 5.2

 

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, %
  5.10
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  19,037
  20,807
  22,653
  24,575
  26,574
  28,652
  30,812
  33,057
  35,390
  37,814
  40,335
  42,957
  45,684
  48,523
  51,480
  54,560
  57,771
  61,120
  64,614
  68,262
  72,071
  76,052
  80,212
  84,562
  89,113
  93,874
  98,858
  104,075
  109,539
  115,263
  121,259
Variable operating expenses, $m
 
  19,970
  21,737
  23,576
  25,490
  27,479
  29,547
  31,696
  33,928
  36,249
  38,662
  41,118
  43,729
  46,446
  49,276
  52,225
  55,299
  58,504
  61,849
  65,341
  68,987
  72,797
  76,780
  80,944
  85,299
  89,857
  94,627
  99,621
  104,851
  110,330
  116,070
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
  18,490
  19,970
  21,737
  23,576
  25,490
  27,479
  29,547
  31,696
  33,928
  36,249
  38,662
  41,118
  43,729
  46,446
  49,276
  52,225
  55,299
  58,504
  61,849
  65,341
  68,987
  72,797
  76,780
  80,944
  85,299
  89,857
  94,627
  99,621
  104,851
  110,330
  116,070
Operating income, $m
  547
  837
  916
  998
  1,084
  1,173
  1,265
  1,361
  1,461
  1,565
  1,673
  1,838
  1,955
  2,077
  2,203
  2,335
  2,472
  2,616
  2,765
  2,921
  3,084
  3,255
  3,433
  3,619
  3,814
  4,017
  4,231
  4,454
  4,688
  4,933
  5,189
EBITDA, $m
  773
  994
  1,083
  1,175
  1,270
  1,369
  1,473
  1,580
  1,691
  1,807
  1,928
  2,053
  2,183
  2,319
  2,460
  2,608
  2,761
  2,921
  3,088
  3,263
  3,445
  3,635
  3,834
  4,042
  4,259
  4,487
  4,725
  4,974
  5,235
  5,509
  5,796
Interest expense (income), $m
  72
  85
  116
  149
  183
  218
  255
  293
  333
  374
  417
  461
  508
  556
  606
  658
  713
  769
  829
  890
  955
  1,022
  1,092
  1,166
  1,243
  1,323
  1,407
  1,495
  1,588
  1,684
  1,785
Earnings before tax, $m
  547
  752
  800
  850
  901
  955
  1,011
  1,068
  1,129
  1,191
  1,256
  1,377
  1,447
  1,521
  1,597
  1,677
  1,760
  1,846
  1,937
  2,031
  2,130
  2,233
  2,340
  2,453
  2,571
  2,694
  2,823
  2,958
  3,100
  3,248
  3,404
Tax expense, $m
  220
  203
  216
  229
  243
  258
  273
  288
  305
  322
  339
  372
  391
  411
  431
  453
  475
  498
  523
  548
  575
  603
  632
  662
  694
  727
  762
  799
  837
  877
  919
Net income, $m
  281
  549
  584
  620
  658
  697
  738
  780
  824
  870
  917
  1,005
  1,057
  1,110
  1,166
  1,224
  1,285
  1,348
  1,414
  1,483
  1,555
  1,630
  1,708
  1,791
  1,877
  1,967
  2,061
  2,160
  2,263
  2,371
  2,485

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,961
  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
  9,216
  7,930
  8,633
  9,365
  10,127
  10,919
  11,742
  12,598
  13,487
  14,411
  15,372
  16,371
  17,410
  18,492
  19,619
  20,793
  22,016
  23,293
  24,624
  26,014
  27,466
  28,983
  30,569
  32,227
  33,961
  35,775
  37,674
  39,663
  41,745
  43,926
  46,212
Adjusted assets (=assets-cash), $m
  7,255
  7,930
  8,633
  9,365
  10,127
  10,919
  11,742
  12,598
  13,487
  14,411
  15,372
  16,371
  17,410
  18,492
  19,619
  20,793
  22,016
  23,293
  24,624
  26,014
  27,466
  28,983
  30,569
  32,227
  33,961
  35,775
  37,674
  39,663
  41,745
  43,926
  46,212
Revenue / Adjusted assets
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
  2.624
Average production assets, $m
  955
  1,040
  1,133
  1,229
  1,329
  1,433
  1,541
  1,653
  1,769
  1,891
  2,017
  2,148
  2,284
  2,426
  2,574
  2,728
  2,889
  3,056
  3,231
  3,413
  3,604
  3,803
  4,011
  4,228
  4,456
  4,694
  4,943
  5,204
  5,477
  5,763
  6,063
Working capital, $m
  1,794
  -83
  -91
  -98
  -106
  -115
  -123
  -132
  -142
  -151
  -161
  -172
  -183
  -194
  -206
  -218
  -231
  -244
  -258
  -273
  -288
  -304
  -321
  -338
  -356
  -375
  -395
  -416
  -438
  -461
  -485
Total debt, $m
  1,600
  2,075
  2,657
  3,264
  3,894
  4,550
  5,232
  5,940
  6,676
  7,441
  8,237
  9,064
  9,925
  10,820
  11,753
  12,725
  13,739
  14,795
  15,898
  17,049
  18,251
  19,507
  20,820
  22,193
  23,628
  25,131
  26,703
  28,350
  30,074
  31,880
  33,772
Total liabilities, $m
  6,091
  6,566
  7,148
  7,755
  8,385
  9,041
  9,723
  10,431
  11,167
  11,932
  12,728
  13,555
  14,416
  15,311
  16,244
  17,216
  18,230
  19,286
  20,389
  21,540
  22,742
  23,998
  25,311
  26,684
  28,119
  29,622
  31,194
  32,841
  34,565
  36,371
  38,263
Total equity, $m
  3,125
  1,364
  1,485
  1,611
  1,742
  1,878
  2,020
  2,167
  2,320
  2,479
  2,644
  2,816
  2,995
  3,181
  3,374
  3,576
  3,787
  4,006
  4,235
  4,474
  4,724
  4,985
  5,258
  5,543
  5,841
  6,153
  6,480
  6,822
  7,180
  7,555
  7,948
Total liabilities and equity, $m
  9,216
  7,930
  8,633
  9,366
  10,127
  10,919
  11,743
  12,598
  13,487
  14,411
  15,372
  16,371
  17,411
  18,492
  19,618
  20,792
  22,017
  23,292
  24,624
  26,014
  27,466
  28,983
  30,569
  32,227
  33,960
  35,775
  37,674
  39,663
  41,745
  43,926
  46,211
Debt-to-equity ratio
  0.512
  1.520
  1.790
  2.030
  2.240
  2.420
  2.590
  2.740
  2.880
  3.000
  3.120
  3.220
  3.310
  3.400
  3.480
  3.560
  3.630
  3.690
  3.750
  3.810
  3.860
  3.910
  3.960
  4.000
  4.050
  4.080
  4.120
  4.160
  4.190
  4.220
  4.250
Adjusted equity ratio
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172
  0.172

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  281
  549
  584
  620
  658
  697
  738
  780
  824
  870
  917
  1,005
  1,057
  1,110
  1,166
  1,224
  1,285
  1,348
  1,414
  1,483
  1,555
  1,630
  1,708
  1,791
  1,877
  1,967
  2,061
  2,160
  2,263
  2,371
  2,485
Depreciation, amort., depletion, $m
  226
  157
  166
  176
  186
  196
  207
  218
  230
  242
  255
  215
  228
  243
  257
  273
  289
  306
  323
  341
  360
  380
  401
  423
  446
  469
  494
  520
  548
  576
  606
Funds from operations, $m
  844
  706
  750
  796
  844
  894
  945
  998
  1,054
  1,112
  1,172
  1,220
  1,285
  1,353
  1,423
  1,497
  1,573
  1,653
  1,737
  1,824
  1,915
  2,010
  2,109
  2,213
  2,322
  2,436
  2,555
  2,680
  2,811
  2,948
  3,091
Change in working capital, $m
  138
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Cash from operations, $m
  706
  713
  758
  804
  852
  902
  954
  1,007
  1,063
  1,122
  1,182
  1,231
  1,296
  1,364
  1,435
  1,509
  1,586
  1,667
  1,751
  1,838
  1,930
  2,026
  2,126
  2,231
  2,340
  2,455
  2,575
  2,701
  2,833
  2,971
  3,115
Maintenance CAPEX, $m
  0
  -95
  -104
  -113
  -123
  -133
  -143
  -154
  -165
  -177
  -189
  -202
  -215
  -228
  -243
  -257
  -273
  -289
  -306
  -323
  -341
  -360
  -380
  -401
  -423
  -446
  -469
  -494
  -520
  -548
  -576
New CAPEX, $m
  -236
  -86
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -161
  -167
  -175
  -182
  -190
  -199
  -208
  -218
  -228
  -238
  -249
  -261
  -273
  -286
  -300
Cash from investing activities, $m
  -741
  -181
  -196
  -209
  -223
  -237
  -251
  -266
  -282
  -298
  -315
  -333
  -351
  -370
  -391
  -411
  -434
  -456
  -481
  -505
  -531
  -559
  -588
  -619
  -651
  -684
  -718
  -755
  -793
  -834
  -876
Free cash flow, $m
  -35
  532
  562
  595
  629
  665
  702
  741
  781
  823
  867
  898
  945
  994
  1,045
  1,098
  1,153
  1,210
  1,270
  1,333
  1,398
  1,467
  1,538
  1,612
  1,690
  1,771
  1,857
  1,946
  2,039
  2,137
  2,239
Issuance/(repayment) of debt, $m
  184
  557
  582
  606
  631
  656
  682
  708
  736
  765
  795
  827
  861
  896
  933
  972
  1,013
  1,057
  1,103
  1,151
  1,202
  1,256
  1,313
  1,373
  1,436
  1,502
  1,573
  1,646
  1,724
  1,806
  1,892
Issuance/(repurchase) of shares, $m
  3
  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  
  108
  557
  582
  606
  631
  656
  682
  708
  736
  765
  795
  827
  861
  896
  933
  972
  1,013
  1,057
  1,103
  1,151
  1,202
  1,256
  1,313
  1,373
  1,436
  1,502
  1,573
  1,646
  1,724
  1,806
  1,892
Total cash flow (excl. dividends), $m
  19
  1,089
  1,144
  1,201
  1,260
  1,321
  1,384
  1,449
  1,518
  1,588
  1,662
  1,725
  1,805
  1,890
  1,978
  2,070
  2,166
  2,267
  2,373
  2,484
  2,600
  2,723
  2,851
  2,985
  3,126
  3,274
  3,429
  3,592
  3,763
  3,943
  4,131
Retained Cash Flow (-), $m
  -128
  -118
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -220
  -229
  -239
  -250
  -261
  -273
  -285
  -298
  -312
  -327
  -342
  -358
  -375
  -393
Prev. year cash balance distribution, $m
 
  1,879
  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
 
  2,850
  1,023
  1,075
  1,129
  1,185
  1,242
  1,302
  1,365
  1,429
  1,497
  1,553
  1,627
  1,703
  1,784
  1,868
  1,956
  2,048
  2,144
  2,245
  2,351
  2,462
  2,578
  2,700
  2,828
  2,962
  3,103
  3,250
  3,405
  3,568
  3,738
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,732
  936
  936
  930
  918
  902
  880
  853
  821
  785
  738
  694
  648
  599
  548
  497
  446
  395
  346
  299
  255
  214
  177
  144
  115
  91
  70
  53
  39
  28
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

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project management services worldwide. It operates through four segments: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Maintenance, Modification & Asset Integrity (MMAI); and Government. The Energy, Chemicals & Mining segment offers a range of design, engineering, procurement, construction, fabrication, and project management services to upstream, downstream, chemical, petrochemical, offshore and onshore oil and gas production, liquefied natural gas, pipeline, and metals and mining markets. It also provides consulting services, such as feasibility studies, process assessment, and project finance structuring and studies. The Industrial, Infrastructure & Power segment offers design, engineering, procurement, construction, and project management services to the transportation, life sciences, manufacturing, water, and power sectors. The MMAI segment provides facility start-up and management, plant and facility maintenance, operations support, and asset management services to the oil and gas, chemicals, life sciences, mining and metals, consumer products, and manufacturing industries. The Government segment offers engineering, construction, logistics, base and facilities operations and maintenance, contingency response, and environmental and nuclear services to the United States government, as well as governments internationally. This segment also provides engineering and construction services, logistics, and life-support services, as well as contingency operations support services to the defense sector. The company also offers unionized management and construction services in the United States and Canada. Fluor Corporation was founded in 1912 and is headquartered in Irving, Texas.

FINANCIAL RATIOS  of  Fluor (FLR)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 0.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 11.1
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.7%
Cap. Spend. - 3 Yr. Gr. Rate -3.9%
Financial Strength
Quick Ratio 24
Current Ratio 0.1
LT Debt to Equity 48.6%
Total Debt to Equity 51.2%
Interest Coverage 9
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 4.1%
Gross Margin - 3 Yr. Avg. 5.6%
EBITDA Margin 4.4%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 1.5%
Net Profit Margin - 3 Yr. Avg. 2%
Effective Tax Rate 40.2%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 42%

FLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLR stock intrinsic value calculation we used $19037 million for the last fiscal year's total revenue generated by Fluor. The default revenue input number comes from 2016 income statement of Fluor. 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 FLR stock valuation model: a) initial revenue growth rate of 9.3% 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 4.3%, whose default value for FLR is calculated based on our internal credit rating of Fluor, 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 Fluor.
    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 FLR stock the variable cost ratio is equal to 96%.

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 FLR 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 5.6% for Fluor.

Corporate tax rate of 27% is the nominal tax rate for Fluor. 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 FLR 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 FLR are equal to 5%.

Life of production assets of 10 years is the average useful life of capital assets used in Fluor 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 FLR is equal to -0.4%. 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 - $3125 million for Fluor - 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 137.383 million for Fluor 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 Fluor at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Layoffs from V.C. Summer cancellation hit Rock Hill   [Aug-21-17 02:54PM  American City Business Journals]
▶ Texas Central taps Fluor, Lane Construction on $15B bullet train venture   [Aug-14-17 03:58PM  American City Business Journals]
▶ Fluor Announces Agreement with Texas Central   [06:31AM  Business Wire]
▶ ETFs with exposure to Fluor Corp. : August 11, 2017   [Aug-11-17 05:31PM  Capital Cube]
▶ Weight Watchers and Yelp climb, while Viacom and Fluor slip   [Aug-04-17 04:24PM  Associated Press]
▶ Fluor reports 2Q loss   [03:10AM  Associated Press]
▶ Fluor Corp. Value Analysis (NYSE:FLR) : August 4, 2017   [Aug-03-17 10:29PM  Capital Cube]
▶ Fluor Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Fluor Corporation Announces Quarterly Dividend   [Aug-02-17 07:06PM  Business Wire]
▶ ETFs with exposure to Fluor Corp. : July 24, 2017   [Jul-24-17 03:55PM  Capital Cube]
▶ Fluor Selects Bruce Stanski as New Chief Financial Officer   [Jul-18-17 06:57AM  Business Wire]
▶ ETFs with exposure to Fluor Corp. : July 14, 2017   [Jul-14-17 02:24PM  Capital Cube]
▶ ETFs with exposure to Fluor Corp. : June 27, 2017   [Jun-27-17 03:13PM  Capital Cube]
▶ The 3 Top Stocks for Your IRA in June   [Jun-26-17 08:28AM  Motley Fool]
▶ ETFs with exposure to Fluor Corp. : June 9, 2017   [Jun-09-17 01:31PM  Capital Cube]
▶ Report: Bechtel, Fluor will bid to take over construction of Vogtle nuclear project   [May-27-17 08:11AM  American City Business Journals]
▶ [$$] BlackRock defeats investor challenge over pay policy   [May-26-17 09:26AM  Financial Times]
▶ The Biggest Loser: Fluor Flops 4.8%   [May-05-17 05:53PM  Barrons.com]
▶ Fluor misses 1Q profit forecasts   [May-04-17 04:54PM  Associated Press]
▶ Fluor Reports First Quarter Results   [04:15PM  Business Wire]
▶ Fluor Corporation Announces Quarterly Dividend   [May-03-17 07:01PM  Business Wire]
▶ Fluor to Present at Wells Fargo Industrials Conference   [Apr-25-17 04:30PM  Business Wire]
▶ Fluor Awarded Offshore Compression Platform FEED by BP   [Apr-24-17 07:04AM  Business Wire]
▶ Marathon Petroleum selects Fluor for more work on major refinery project   [Apr-11-17 02:40PM  American City Business Journals]
▶ Trumps Wall Is 30 Feet of Scary Politics for Builders   [Mar-24-17 05:01AM  Bloomberg]
▶ Fluor Announces Executive Transition Plan   [Mar-08-17 06:03PM  Business Wire]
Financial statements of FLR
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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