Intrinsic value of Ferro Corp. - FOE

Previous Close

$21.68

  Intrinsic Value

$42.66

stock screener

  Rating & Target

str. buy

+97%

Previous close

$21.68

 
Intrinsic value

$42.66

 
Up/down potential

+97%

 
Rating

str. buy

We calculate the intrinsic value of FOE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  6.51
  22.00
  20.30
  18.77
  17.39
  16.15
  15.04
  14.03
  13.13
  12.32
  11.59
  10.93
  10.33
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
Revenue, $m
  1,145
  1,704
  2,050
  2,435
  2,859
  3,321
  3,820
  4,356
  4,928
  5,535
  6,176
  6,851
  7,559
  8,300
  9,074
  9,880
  10,720
  11,594
  12,502
  13,446
  14,428
  15,447
  16,507
  17,608
  18,754
  19,946
  21,187
  22,479
  23,825
  25,228
  26,692
Variable operating expenses, $m
 
  1,338
  1,602
  1,895
  2,218
  2,570
  2,951
  3,360
  3,796
  4,259
  4,748
  5,225
  5,765
  6,330
  6,920
  7,535
  8,175
  8,841
  9,534
  10,254
  11,002
  11,780
  12,588
  13,428
  14,302
  15,211
  16,157
  17,142
  18,169
  19,239
  20,355
Fixed operating expenses, $m
 
  152
  156
  159
  163
  166
  170
  174
  177
  181
  185
  189
  193
  198
  202
  207
  211
  216
  220
  225
  230
  235
  240
  246
  251
  257
  262
  268
  274
  280
  286
Total operating expenses, $m
  1,052
  1,490
  1,758
  2,054
  2,381
  2,736
  3,121
  3,534
  3,973
  4,440
  4,933
  5,414
  5,958
  6,528
  7,122
  7,742
  8,386
  9,057
  9,754
  10,479
  11,232
  12,015
  12,828
  13,674
  14,553
  15,468
  16,419
  17,410
  18,443
  19,519
  20,641
Operating income, $m
  94
  214
  293
  381
  478
  584
  699
  822
  954
  1,095
  1,243
  1,437
  1,601
  1,773
  1,952
  2,139
  2,334
  2,537
  2,748
  2,967
  3,195
  3,432
  3,678
  3,935
  4,201
  4,479
  4,768
  5,069
  5,382
  5,710
  6,051
EBITDA, $m
  141
  329
  423
  528
  645
  771
  909
  1,056
  1,214
  1,381
  1,558
  1,745
  1,941
  2,146
  2,360
  2,583
  2,815
  3,057
  3,309
  3,571
  3,843
  4,126
  4,420
  4,725
  5,043
  5,374
  5,719
  6,078
  6,452
  6,842
  7,249
Interest expense (income), $m
  17
  41
  57
  74
  94
  116
  140
  166
  194
  223
  255
  288
  323
  359
  398
  438
  479
  523
  568
  615
  664
  715
  767
  822
  879
  938
  1,000
  1,064
  1,131
  1,201
  1,273
Earnings before tax, $m
  62
  173
  236
  306
  384
  468
  559
  656
  761
  871
  988
  1,149
  1,278
  1,413
  1,555
  1,702
  1,855
  2,014
  2,180
  2,352
  2,531
  2,717
  2,911
  3,113
  3,322
  3,540
  3,768
  4,005
  4,251
  4,509
  4,778
Tax expense, $m
  17
  47
  64
  83
  104
  126
  151
  177
  205
  235
  267
  310
  345
  382
  420
  459
  501
  544
  589
  635
  683
  734
  786
  840
  897
  956
  1,017
  1,081
  1,148
  1,217
  1,290
Net income, $m
  -21
  127
  173
  224
  280
  341
  408
  479
  555
  636
  721
  839
  933
  1,032
  1,135
  1,242
  1,354
  1,470
  1,591
  1,717
  1,848
  1,984
  2,125
  2,272
  2,425
  2,585
  2,750
  2,923
  3,104
  3,291
  3,488

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  1,284
  2,053
  2,470
  2,934
  3,444
  4,001
  4,602
  5,248
  5,937
  6,669
  7,441
  8,254
  9,107
  10,000
  10,932
  11,904
  12,916
  13,969
  15,063
  16,200
  17,383
  18,611
  19,888
  21,215
  22,595
  24,032
  25,526
  27,083
  28,705
  30,396
  32,159
Adjusted assets (=assets-cash), $m
  1,238
  2,053
  2,470
  2,934
  3,444
  4,001
  4,602
  5,248
  5,937
  6,669
  7,441
  8,254
  9,107
  10,000
  10,932
  11,904
  12,916
  13,969
  15,063
  16,200
  17,383
  18,611
  19,888
  21,215
  22,595
  24,032
  25,526
  27,083
  28,705
  30,396
  32,159
Revenue / Adjusted assets
  0.925
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
Average production assets, $m
  384
  765
  921
  1,093
  1,284
  1,491
  1,715
  1,956
  2,213
  2,485
  2,773
  3,076
  3,394
  3,727
  4,074
  4,436
  4,813
  5,206
  5,614
  6,037
  6,478
  6,936
  7,412
  7,906
  8,421
  8,956
  9,513
  10,093
  10,697
  11,328
  11,985
Working capital, $m
  336
  138
  166
  197
  232
  269
  309
  353
  399
  448
  500
  555
  612
  672
  735
  800
  868
  939
  1,013
  1,089
  1,169
  1,251
  1,337
  1,426
  1,519
  1,616
  1,716
  1,821
  1,930
  2,043
  2,162
Total debt, $m
  574
  1,047
  1,378
  1,747
  2,153
  2,595
  3,073
  3,587
  4,135
  4,716
  5,330
  5,977
  6,655
  7,365
  8,106
  8,878
  9,683
  10,519
  11,390
  12,294
  13,234
  14,210
  15,225
  16,280
  17,378
  18,520
  19,708
  20,946
  22,235
  23,579
  24,981
Total liabilities, $m
  1,037
  1,632
  1,964
  2,332
  2,738
  3,180
  3,659
  4,172
  4,720
  5,302
  5,916
  6,562
  7,240
  7,950
  8,691
  9,464
  10,268
  11,105
  11,975
  12,879
  13,819
  14,796
  15,811
  16,866
  17,963
  19,105
  20,294
  21,531
  22,820
  24,165
  25,566
Total equity, $m
  247
  421
  506
  601
  706
  820
  943
  1,076
  1,217
  1,367
  1,525
  1,692
  1,867
  2,050
  2,241
  2,440
  2,648
  2,864
  3,088
  3,321
  3,563
  3,815
  4,077
  4,349
  4,632
  4,926
  5,233
  5,552
  5,885
  6,231
  6,593
Total liabilities and equity, $m
  1,284
  2,053
  2,470
  2,933
  3,444
  4,000
  4,602
  5,248
  5,937
  6,669
  7,441
  8,254
  9,107
  10,000
  10,932
  11,904
  12,916
  13,969
  15,063
  16,200
  17,382
  18,611
  19,888
  21,215
  22,595
  24,031
  25,527
  27,083
  28,705
  30,396
  32,159
Debt-to-equity ratio
  2.324
  2.490
  2.720
  2.900
  3.050
  3.160
  3.260
  3.330
  3.400
  3.450
  3.490
  3.530
  3.560
  3.590
  3.620
  3.640
  3.660
  3.670
  3.690
  3.700
  3.710
  3.720
  3.730
  3.740
  3.750
  3.760
  3.770
  3.770
  3.780
  3.780
  3.790
Adjusted equity ratio
  0.171
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  127
  173
  224
  280
  341
  408
  479
  555
  636
  721
  839
  933
  1,032
  1,135
  1,242
  1,354
  1,470
  1,591
  1,717
  1,848
  1,984
  2,125
  2,272
  2,425
  2,585
  2,750
  2,923
  3,104
  3,291
  3,488
Depreciation, amort., depletion, $m
  47
  115
  130
  148
  167
  187
  210
  234
  260
  287
  316
  308
  339
  373
  407
  444
  481
  521
  561
  604
  648
  694
  741
  791
  842
  896
  951
  1,009
  1,070
  1,133
  1,198
Funds from operations, $m
  38
  241
  303
  371
  447
  529
  618
  713
  815
  923
  1,037
  1,147
  1,273
  1,405
  1,542
  1,686
  1,835
  1,991
  2,153
  2,321
  2,496
  2,677
  2,866
  3,063
  3,267
  3,480
  3,702
  3,933
  4,173
  4,424
  4,686
Change in working capital, $m
  -25
  25
  28
  31
  34
  37
  40
  43
  46
  49
  52
  55
  57
  60
  63
  65
  68
  71
  74
  76
  79
  83
  86
  89
  93
  97
  100
  105
  109
  114
  119
Cash from operations, $m
  63
  217
  275
  340
  412
  491
  577
  670
  769
  874
  985
  1,092
  1,215
  1,345
  1,480
  1,620
  1,767
  1,920
  2,079
  2,244
  2,416
  2,595
  2,780
  2,974
  3,174
  3,384
  3,601
  3,828
  4,064
  4,311
  4,568
Maintenance CAPEX, $m
  0
  -63
  -77
  -92
  -109
  -128
  -149
  -172
  -196
  -221
  -249
  -277
  -308
  -339
  -373
  -407
  -444
  -481
  -521
  -561
  -604
  -648
  -694
  -741
  -791
  -842
  -896
  -951
  -1,009
  -1,070
  -1,133
New CAPEX, $m
  -25
  -139
  -155
  -173
  -190
  -207
  -224
  -241
  -257
  -273
  -288
  -303
  -318
  -333
  -347
  -362
  -377
  -392
  -408
  -424
  -441
  -458
  -476
  -495
  -514
  -535
  -557
  -580
  -604
  -630
  -657
Cash from investing activities, $m
  -151
  -202
  -232
  -265
  -299
  -335
  -373
  -413
  -453
  -494
  -537
  -580
  -626
  -672
  -720
  -769
  -821
  -873
  -929
  -985
  -1,045
  -1,106
  -1,170
  -1,236
  -1,305
  -1,377
  -1,453
  -1,531
  -1,613
  -1,700
  -1,790
Free cash flow, $m
  -88
  15
  43
  75
  113
  156
  204
  257
  316
  380
  449
  512
  590
  672
  759
  851
  946
  1,046
  1,151
  1,259
  1,372
  1,489
  1,611
  1,738
  1,869
  2,006
  2,149
  2,297
  2,450
  2,611
  2,778
Issuance/(repayment) of debt, $m
  93
  295
  331
  369
  406
  442
  478
  513
  548
  581
  614
  646
  678
  710
  741
  773
  804
  837
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,142
  1,188
  1,238
  1,289
  1,344
  1,402
Issuance/(repurchase) of shares, $m
  -10
  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  
  82
  295
  331
  369
  406
  442
  478
  513
  548
  581
  614
  646
  678
  710
  741
  773
  804
  837
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,142
  1,188
  1,238
  1,289
  1,344
  1,402
Total cash flow (excl. dividends), $m
  -13
  310
  374
  444
  518
  598
  682
  771
  864
  961
  1,063
  1,158
  1,268
  1,382
  1,501
  1,623
  1,751
  1,883
  2,021
  2,163
  2,312
  2,466
  2,626
  2,793
  2,967
  3,148
  3,337
  3,534
  3,740
  3,955
  4,179
Retained Cash Flow (-), $m
  69
  -76
  -85
  -95
  -105
  -114
  -123
  -132
  -141
  -150
  -158
  -167
  -175
  -183
  -191
  -199
  -207
  -216
  -224
  -233
  -242
  -252
  -262
  -272
  -283
  -294
  -306
  -319
  -332
  -347
  -361
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  11
  14
  16
  19
  23
  27
  31
  35
  39
  44
  49
  55
  60
  66
  73
  79
  86
  93
  100
  108
  115
  124
  132
  141
  150
  160
  169
  180
  191
  202
Cash available for distribution, $m
 
  234
  289
  349
  414
  484
  559
  638
  723
  811
  904
  991
  1,093
  1,199
  1,309
  1,424
  1,543
  1,667
  1,796
  1,930
  2,069
  2,214
  2,364
  2,521
  2,684
  2,854
  3,031
  3,215
  3,407
  3,608
  3,818
Discount rate, %
 
  9.70
  10.19
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.38
  29.79
  31.28
  32.85
  34.49
  36.21
  38.03
  39.93
PV of cash for distribution, $m
 
  214
  238
  257
  270
  277
  277
  271
  260
  243
  223
  197
  173
  149
  125
  102
  82
  64
  48
  36
  26
  18
  12
  8
  5
  3
  2
  1
  1
  0
  0
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

Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company's segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets. The Company's products fall into two general categories: functional coatings, which perform specific functions in the manufacturing processes and end products of its customers, and color solutions, which provide aesthetic and performance characteristics to its customers' products. Its products are used in a range of product applications in markets, including appliances, automobiles, building and renovation, electronics, household furnishings, industrial products and packaging.

FINANCIAL RATIOS  of  Ferro Corp. (FOE)

Valuation Ratios
P/E Ratio -86.1
Price to Sales 1.6
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 28.7
Price to Free Cash Flow 47.6
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.9%
Cap. Spend. - 3 Yr. Gr. Rate -6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 225.5%
Total Debt to Equity 232.4%
Interest Coverage 5
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity -7.5%
Return On Equity - 3 Yr. Avg. 14%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 27.4%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 0%

FOE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOE stock intrinsic value calculation we used $1397 million for the last fiscal year's total revenue generated by Ferro Corp.. The default revenue input number comes from 2016 income statement of Ferro Corp.. 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 FOE stock valuation model: a) initial revenue growth rate of 22% 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 9.7%, whose default value for FOE is calculated based on our internal credit rating of Ferro Corp., 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 Ferro Corp..
    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 FOE stock the variable cost ratio is equal to 79%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $149 million in the base year in the intrinsic value calculation for FOE 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 5.4% for Ferro Corp..

Corporate tax rate of 27% is the nominal tax rate for Ferro Corp.. 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 FOE stock is equal to 0.8%.

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 FOE are equal to 44.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Ferro Corp. 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 FOE is equal to 8.1%. 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 - $345 million for Ferro Corp. - 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 84 million for Ferro Corp. 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 Ferro Corp. at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ What is Behind FERRO SAs (WSE:FRO) Superior ROE?   [Jun-27-18 07:45AM  Simply Wall St.]
▶ Are Ferro Corporations (NYSE:FOE) Interest Costs Too High?   [Jun-22-18 08:24AM  Simply Wall St.]
▶ Play 5 Top-Ranked Stocks With Rising P/E   [Jun-13-18 07:59AM  Zacks]
▶ Ferro: 1Q Earnings Snapshot   [May-01-18 05:52PM  Associated Press]
▶ Former Tronc Chairman Ferro selling all of his company stock   [Apr-14-18 02:48PM  Associated Press]
▶ Tronc Holder Ferro Selling Shares to McCormick Media   [Apr-13-18 05:34PM  Bloomberg]
▶ Free Research Report as Green Plains EPS Soared 111%   [Mar-09-18 07:10AM  ACCESSWIRE]
▶ Ferro Corporation to Host Earnings Call   [Mar-01-18 08:45AM  ACCESSWIRE]
▶ Ferro reports 4Q loss   [Feb-28-18 06:29PM  Associated Press]
▶ Gabelli & Companys 9th Specialty Chemicals Conference   [Feb-15-18 07:30AM  Business Wire]
▶ ETFs with exposure to Ferro Corp. : December 21, 2017   [Dec-21-17 11:28AM  Capital Cube]
▶ Ferro Corp. Value Analysis (NYSE:FOE) : December 19, 2017   [Dec-19-17 02:25PM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 28, 2017   [Nov-28-17 12:16PM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 17, 2017   [Nov-17-17 11:56AM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 6, 2017   [Nov-06-17 11:36AM  Capital Cube]
▶ Ferro 2017 Investor Day Webcast and App   [Nov-03-17 05:00PM  Business Wire]
▶ Ferro Corporation to Host Earnings Call   [Nov-02-17 09:05AM  ACCESSWIRE]
▶ Ferro Acquisition of Endeka Completed   [Nov-01-17 06:43PM  Business Wire]
▶ Ferro tops Street 3Q forecasts   [06:42PM  Associated Press]
▶ Ferro Announces Marran Ogilvie Joins Its Board of Directors   [Oct-19-17 09:25AM  Business Wire]
▶ Ferro Will Host Investor Day on Thursday, November 9, 2017   [Oct-13-17 11:01AM  Business Wire]
▶ ETFs with exposure to Ferro Corp. : September 29, 2017   [Sep-29-17 10:28AM  Capital Cube]
▶ Why Venezuela Sanctions May Only Have a Limited Impact   [Aug-25-17 03:08PM  Bloomberg Video]
▶ ETFs with exposure to Ferro Corp. : August 14, 2017   [Aug-14-17 04:36PM  Capital Cube]
▶ What Venezuela's Crisis Means for Investors   [Aug-01-17 03:01PM  Bloomberg Video]
▶ Ferro beats 2Q profit forecasts   [12:58AM  Associated Press]
▶ Ferro Reports Strong Second Quarter Results   [Jul-26-17 04:38PM  Business Wire]
▶ The ethics of owning Venezuelan debt: CIO   [May-31-17 02:39PM  CNBC Videos]
▶ ETFs with exposure to Ferro Corp. : May 23, 2017   [May-23-17 12:43PM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : April 28, 2017   [Apr-28-17 03:52PM  Capital Cube]
▶ Ferro beats Street 1Q forecasts   [Apr-25-17 05:36PM  Associated Press]
▶ Ferro reports 4Q loss   [Mar-01-17 06:23PM  Associated Press]
Financial statements of FOE
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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