Intrinsic value of Ferro Corp. - FOE

Previous Close

$22.19

  Intrinsic Value

$33.50

stock screener

  Rating & Target

str. buy

+51%

Previous close

$22.19

 
Intrinsic value

$33.50

 
Up/down potential

+51%

 
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
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.69
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
Revenue, $m
  1,145
  1,387
  1,657
  1,956
  2,283
  2,638
  3,021
  3,431
  3,866
  4,328
  4,814
  5,325
  5,860
  6,420
  7,003
  7,612
  8,244
  8,903
  9,587
  10,298
  11,037
  11,805
  12,603
  13,433
  14,296
  15,194
  16,130
  17,104
  18,119
  19,178
  20,282
Variable operating expenses, $m
 
  1,027
  1,224
  1,443
  1,682
  1,941
  2,220
  2,519
  2,838
  3,174
  3,529
  3,888
  4,278
  4,687
  5,113
  5,557
  6,019
  6,500
  6,999
  7,518
  8,058
  8,618
  9,201
  9,807
  10,437
  11,093
  11,776
  12,487
  13,229
  14,001
  14,808
Fixed operating expenses, $m
 
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  338
  346
  355
  364
  373
  382
  391
  401
  411
  422
  432
Total operating expenses, $m
  1,052
  1,238
  1,440
  1,665
  1,909
  2,174
  2,459
  2,764
  3,089
  3,431
  3,793
  4,158
  4,555
  4,971
  5,404
  5,855
  6,325
  6,813
  7,320
  7,847
  8,396
  8,964
  9,556
  10,171
  10,810
  11,475
  12,167
  12,888
  13,640
  14,423
  15,240
Operating income, $m
  94
  148
  216
  291
  374
  464
  562
  666
  778
  896
  1,021
  1,167
  1,305
  1,449
  1,599
  1,756
  1,920
  2,090
  2,266
  2,450
  2,642
  2,840
  3,047
  3,262
  3,486
  3,719
  3,962
  4,216
  4,480
  4,755
  5,043
EBITDA, $m
  141
  204
  280
  364
  457
  557
  666
  783
  907
  1,039
  1,178
  1,325
  1,479
  1,639
  1,807
  1,982
  2,164
  2,354
  2,551
  2,756
  2,969
  3,190
  3,421
  3,661
  3,910
  4,170
  4,441
  4,723
  5,017
  5,324
  5,644
Interest expense (income), $m
  17
  19
  27
  35
  45
  55
  66
  78
  91
  104
  119
  134
  150
  167
  184
  202
  221
  241
  261
  283
  305
  328
  352
  377
  403
  430
  458
  487
  517
  549
  582
Earnings before tax, $m
  62
  129
  189
  256
  329
  409
  496
  588
  687
  792
  902
  1,033
  1,155
  1,282
  1,415
  1,554
  1,698
  1,849
  2,005
  2,168
  2,337
  2,512
  2,695
  2,886
  3,084
  3,290
  3,505
  3,729
  3,963
  4,206
  4,461
Tax expense, $m
  17
  35
  51
  69
  89
  111
  134
  159
  186
  214
  244
  279
  312
  346
  382
  420
  459
  499
  541
  585
  631
  678
  728
  779
  833
  888
  946
  1,007
  1,070
  1,136
  1,204
Net income, $m
  -21
  94
  138
  187
  240
  299
  362
  430
  502
  578
  659
  754
  843
  936
  1,033
  1,134
  1,240
  1,350
  1,464
  1,582
  1,706
  1,834
  1,968
  2,106
  2,251
  2,402
  2,559
  2,722
  2,893
  3,071
  3,256

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
  1,499
  1,791
  2,114
  2,468
  2,852
  3,266
  3,709
  4,180
  4,679
  5,204
  5,757
  6,335
  6,940
  7,571
  8,229
  8,913
  9,625
  10,364
  11,133
  11,932
  12,762
  13,625
  14,522
  15,455
  16,426
  17,438
  18,491
  19,589
  20,733
  21,927
Adjusted assets (=assets-cash), $m
  1,238
  1,499
  1,791
  2,114
  2,468
  2,852
  3,266
  3,709
  4,180
  4,679
  5,204
  5,757
  6,335
  6,940
  7,571
  8,229
  8,913
  9,625
  10,364
  11,133
  11,932
  12,762
  13,625
  14,522
  15,455
  16,426
  17,438
  18,491
  19,589
  20,733
  21,927
Revenue / Adjusted assets
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
Average production assets, $m
  384
  465
  555
  655
  765
  884
  1,012
  1,149
  1,295
  1,450
  1,613
  1,784
  1,963
  2,151
  2,346
  2,550
  2,762
  2,982
  3,212
  3,450
  3,697
  3,955
  4,222
  4,500
  4,789
  5,090
  5,403
  5,730
  6,070
  6,425
  6,795
Working capital, $m
  336
  372
  444
  524
  612
  707
  810
  919
  1,036
  1,160
  1,290
  1,427
  1,571
  1,720
  1,877
  2,040
  2,210
  2,386
  2,569
  2,760
  2,958
  3,164
  3,378
  3,600
  3,831
  4,072
  4,323
  4,584
  4,856
  5,140
  5,436
Total debt, $m
  574
  772
  1,013
  1,279
  1,571
  1,887
  2,228
  2,593
  2,981
  3,392
  3,825
  4,281
  4,757
  5,256
  5,776
  6,317
  6,881
  7,468
  8,077
  8,710
  9,369
  10,053
  10,764
  11,503
  12,272
  13,072
  13,906
  14,773
  15,678
  16,621
  17,605
Total liabilities, $m
  1,037
  1,235
  1,476
  1,742
  2,034
  2,350
  2,691
  3,056
  3,444
  3,855
  4,288
  4,744
  5,220
  5,719
  6,239
  6,780
  7,344
  7,931
  8,540
  9,173
  9,832
  10,516
  11,227
  11,966
  12,735
  13,535
  14,369
  15,236
  16,141
  17,084
  18,068
Total equity, $m
  247
  264
  315
  372
  434
  502
  575
  653
  736
  823
  916
  1,013
  1,115
  1,221
  1,333
  1,448
  1,569
  1,694
  1,824
  1,959
  2,100
  2,246
  2,398
  2,556
  2,720
  2,891
  3,069
  3,254
  3,448
  3,649
  3,859
Total liabilities and equity, $m
  1,284
  1,499
  1,791
  2,114
  2,468
  2,852
  3,266
  3,709
  4,180
  4,678
  5,204
  5,757
  6,335
  6,940
  7,572
  8,228
  8,913
  9,625
  10,364
  11,132
  11,932
  12,762
  13,625
  14,522
  15,455
  16,426
  17,438
  18,490
  19,589
  20,733
  21,927
Debt-to-equity ratio
  2.324
  2.930
  3.210
  3.440
  3.620
  3.760
  3.880
  3.970
  4.050
  4.120
  4.180
  4.220
  4.270
  4.300
  4.330
  4.360
  4.390
  4.410
  4.430
  4.450
  4.460
  4.480
  4.490
  4.500
  4.510
  4.520
  4.530
  4.540
  4.550
  4.550
  4.560
Adjusted equity ratio
  0.171
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -21
  94
  138
  187
  240
  299
  362
  430
  502
  578
  659
  754
  843
  936
  1,033
  1,134
  1,240
  1,350
  1,464
  1,582
  1,706
  1,834
  1,968
  2,106
  2,251
  2,402
  2,559
  2,722
  2,893
  3,071
  3,256
Depreciation, amort., depletion, $m
  47
  56
  64
  73
  82
  93
  104
  117
  129
  143
  158
  158
  174
  190
  208
  226
  244
  264
  284
  305
  327
  350
  374
  398
  424
  450
  478
  507
  537
  569
  601
Funds from operations, $m
  38
  150
  202
  260
  323
  392
  466
  546
  631
  721
  816
  912
  1,017
  1,126
  1,241
  1,360
  1,484
  1,614
  1,748
  1,888
  2,033
  2,184
  2,341
  2,505
  2,675
  2,852
  3,037
  3,229
  3,430
  3,639
  3,858
Change in working capital, $m
  -25
  65
  72
  80
  88
  95
  103
  110
  117
  124
  130
  137
  143
  150
  156
  163
  170
  176
  183
  191
  198
  206
  214
  222
  231
  241
  251
  261
  272
  284
  296
Cash from operations, $m
  63
  85
  129
  179
  235
  297
  364
  436
  514
  597
  686
  775
  873
  977
  1,084
  1,197
  1,315
  1,437
  1,565
  1,697
  1,835
  1,978
  2,127
  2,282
  2,444
  2,611
  2,786
  2,968
  3,158
  3,355
  3,562
Maintenance CAPEX, $m
  0
  -34
  -41
  -49
  -58
  -68
  -78
  -90
  -102
  -115
  -128
  -143
  -158
  -174
  -190
  -208
  -226
  -244
  -264
  -284
  -305
  -327
  -350
  -374
  -398
  -424
  -450
  -478
  -507
  -537
  -569
New CAPEX, $m
  -25
  -81
  -91
  -100
  -110
  -119
  -128
  -137
  -146
  -155
  -163
  -171
  -179
  -187
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -257
  -267
  -278
  -289
  -301
  -313
  -326
  -340
  -355
  -370
Cash from investing activities, $m
  -151
  -115
  -132
  -149
  -168
  -187
  -206
  -227
  -248
  -270
  -291
  -314
  -337
  -361
  -386
  -412
  -438
  -464
  -493
  -522
  -553
  -584
  -617
  -652
  -687
  -725
  -763
  -804
  -847
  -892
  -939
Free cash flow, $m
  -88
  -29
  -2
  30
  68
  110
  157
  209
  267
  328
  395
  461
  536
  615
  699
  786
  877
  972
  1,071
  1,175
  1,282
  1,394
  1,510
  1,631
  1,756
  1,887
  2,022
  2,163
  2,311
  2,464
  2,623
Issuance/(repayment) of debt, $m
  93
  215
  241
  266
  292
  317
  341
  365
  388
  411
  433
  455
  477
  498
  520
  542
  564
  586
  609
  633
  658
  684
  711
  739
  769
  800
  833
  868
  904
  943
  984
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
  215
  241
  266
  292
  317
  341
  365
  388
  411
  433
  455
  477
  498
  520
  542
  564
  586
  609
  633
  658
  684
  711
  739
  769
  800
  833
  868
  904
  943
  984
Total cash flow (excl. dividends), $m
  -13
  186
  239
  296
  359
  426
  498
  574
  655
  739
  828
  916
  1,013
  1,114
  1,219
  1,328
  1,441
  1,559
  1,681
  1,808
  1,940
  2,078
  2,221
  2,370
  2,525
  2,687
  2,855
  3,031
  3,215
  3,407
  3,607
Retained Cash Flow (-), $m
  69
  -46
  -51
  -57
  -62
  -68
  -73
  -78
  -83
  -88
  -93
  -97
  -102
  -106
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
Prev. year cash balance distribution, $m
 
  29
  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
 
  169
  187
  240
  297
  359
  425
  496
  572
  651
  735
  819
  911
  1,007
  1,107
  1,212
  1,320
  1,433
  1,551
  1,673
  1,800
  1,932
  2,069
  2,212
  2,361
  2,516
  2,678
  2,846
  3,022
  3,205
  3,397
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  154
  154
  177
  195
  207
  213
  213
  208
  197
  183
  166
  147
  127
  108
  89
  72
  56
  43
  32
  23
  16
  11
  7
  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 -88.1
Price to Sales 1.6
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 29.4
Price to Free Cash Flow 48.7
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 $1145 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 21.1% 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 9.6%, 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 74.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $206 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 3.5% 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%.

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 33.5%.

Life of production assets of 11.3 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 26.8%. 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 - $247 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 83.934 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 $1.9 billion.

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COMPANY NEWS

▶ 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]
▶ Hedge Funds Arent Crazy About Ferro Corporation (FOE) Anymore   [Dec-07-16 10:19AM  at Insider Monkey]
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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