Intrinsic value of Ferro Corp. - FOE

Previous Close

$18.97

  Intrinsic Value

$23.89

stock screener

  Rating & Target

buy

+26%

  Value-price divergence*

-111%

Previous close

$18.97

 
Intrinsic value

$23.89

 
Up/down potential

+26%

 
Rating

buy

 
Value-price divergence*

-111%

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

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

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
  15.90
  14.81
  13.83
  12.95
  12.15
  11.44
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
Revenue, $m
  1,145
  1,327
  1,524
  1,734
  1,959
  2,197
  2,448
  2,712
  2,989
  3,279
  3,581
  3,897
  4,225
  4,566
  4,921
  5,290
  5,673
  6,071
  6,485
  6,915
  7,363
  7,829
  8,313
  8,818
  9,344
  9,893
  10,465
  11,062
  11,685
  12,336
  13,016
Variable operating expenses, $m
 
  984
  1,127
  1,281
  1,445
  1,619
  1,802
  1,995
  2,197
  2,409
  2,630
  2,845
  3,084
  3,334
  3,593
  3,862
  4,142
  4,432
  4,734
  5,049
  5,375
  5,715
  6,069
  6,438
  6,822
  7,223
  7,640
  8,076
  8,531
  9,006
  9,503
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
  1,195
  1,343
  1,503
  1,672
  1,852
  2,041
  2,240
  2,448
  2,666
  2,894
  3,115
  3,361
  3,618
  3,884
  4,160
  4,448
  4,745
  5,055
  5,378
  5,713
  6,061
  6,424
  6,802
  7,195
  7,605
  8,031
  8,477
  8,942
  9,428
  9,935
Operating income, $m
  94
  132
  180
  231
  287
  345
  407
  472
  541
  613
  688
  782
  863
  949
  1,037
  1,129
  1,225
  1,325
  1,429
  1,537
  1,650
  1,767
  1,889
  2,017
  2,150
  2,288
  2,433
  2,585
  2,743
  2,908
  3,081
EBITDA, $m
  141
  186
  240
  298
  359
  425
  494
  568
  645
  725
  809
  897
  989
  1,084
  1,183
  1,286
  1,394
  1,505
  1,621
  1,742
  1,868
  1,999
  2,136
  2,278
  2,427
  2,582
  2,744
  2,913
  3,089
  3,274
  3,467
Interest expense (income), $m
  17
  19
  25
  31
  38
  45
  52
  60
  68
  77
  86
  95
  105
  116
  126
  137
  149
  161
  173
  186
  199
  213
  228
  243
  259
  275
  292
  310
  329
  348
  368
Earnings before tax, $m
  62
  113
  155
  200
  249
  300
  355
  412
  473
  536
  602
  686
  758
  833
  911
  992
  1,077
  1,165
  1,256
  1,351
  1,450
  1,554
  1,661
  1,774
  1,891
  2,013
  2,141
  2,275
  2,414
  2,560
  2,713
Tax expense, $m
  17
  30
  42
  54
  67
  81
  96
  111
  128
  145
  163
  185
  205
  225
  246
  268
  291
  314
  339
  365
  392
  420
  449
  479
  511
  544
  578
  614
  652
  691
  732
Net income, $m
  -21
  82
  113
  146
  182
  219
  259
  301
  345
  391
  440
  501
  553
  608
  665
  724
  786
  850
  917
  986
  1,059
  1,134
  1,213
  1,295
  1,380
  1,470
  1,563
  1,660
  1,762
  1,869
  1,980

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
  1,435
  1,647
  1,875
  2,118
  2,375
  2,647
  2,932
  3,232
  3,545
  3,872
  4,213
  4,567
  4,936
  5,320
  5,719
  6,133
  6,563
  7,011
  7,476
  7,960
  8,463
  8,987
  9,533
  10,102
  10,695
  11,313
  11,959
  12,633
  13,336
  14,071
Adjusted assets (=assets-cash), $m
  1,238
  1,435
  1,647
  1,875
  2,118
  2,375
  2,647
  2,932
  3,232
  3,545
  3,872
  4,213
  4,567
  4,936
  5,320
  5,719
  6,133
  6,563
  7,011
  7,476
  7,960
  8,463
  8,987
  9,533
  10,102
  10,695
  11,313
  11,959
  12,633
  13,336
  14,071
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
  445
  510
  581
  656
  736
  820
  909
  1,001
  1,098
  1,200
  1,305
  1,415
  1,530
  1,648
  1,772
  1,900
  2,034
  2,172
  2,317
  2,467
  2,623
  2,785
  2,954
  3,130
  3,314
  3,506
  3,706
  3,914
  4,133
  4,360
Working capital, $m
  336
  356
  408
  465
  525
  589
  656
  727
  801
  879
  960
  1,044
  1,132
  1,224
  1,319
  1,418
  1,520
  1,627
  1,738
  1,853
  1,973
  2,098
  2,228
  2,363
  2,504
  2,651
  2,805
  2,965
  3,132
  3,306
  3,488
Total debt, $m
  574
  719
  894
  1,082
  1,282
  1,494
  1,718
  1,953
  2,200
  2,458
  2,727
  3,008
  3,300
  3,604
  3,921
  4,249
  4,590
  4,945
  5,314
  5,697
  6,096
  6,511
  6,943
  7,392
  7,861
  8,350
  8,859
  9,391
  9,946
  10,526
  11,132
Total liabilities, $m
  1,037
  1,182
  1,357
  1,545
  1,745
  1,957
  2,181
  2,416
  2,663
  2,921
  3,190
  3,471
  3,763
  4,067
  4,384
  4,712
  5,053
  5,408
  5,777
  6,160
  6,559
  6,974
  7,406
  7,855
  8,324
  8,813
  9,322
  9,854
  10,409
  10,989
  11,595
Total equity, $m
  247
  252
  290
  330
  373
  418
  466
  516
  569
  624
  681
  741
  804
  869
  936
  1,006
  1,079
  1,155
  1,234
  1,316
  1,401
  1,490
  1,582
  1,678
  1,778
  1,882
  1,991
  2,105
  2,223
  2,347
  2,477
Total liabilities and equity, $m
  1,284
  1,434
  1,647
  1,875
  2,118
  2,375
  2,647
  2,932
  3,232
  3,545
  3,871
  4,212
  4,567
  4,936
  5,320
  5,718
  6,132
  6,563
  7,011
  7,476
  7,960
  8,464
  8,988
  9,533
  10,102
  10,695
  11,313
  11,959
  12,632
  13,336
  14,072
Debt-to-equity ratio
  2.324
  2.850
  3.080
  3.280
  3.440
  3.570
  3.690
  3.780
  3.870
  3.940
  4.000
  4.060
  4.110
  4.150
  4.190
  4.220
  4.250
  4.280
  4.310
  4.330
  4.350
  4.370
  4.390
  4.410
  4.420
  4.440
  4.450
  4.460
  4.470
  4.480
  4.490
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
  82
  113
  146
  182
  219
  259
  301
  345
  391
  440
  501
  553
  608
  665
  724
  786
  850
  917
  986
  1,059
  1,134
  1,213
  1,295
  1,380
  1,470
  1,563
  1,660
  1,762
  1,869
  1,980
Depreciation, amort., depletion, $m
  47
  54
  60
  66
  73
  80
  87
  95
  103
  112
  121
  116
  125
  135
  146
  157
  168
  180
  192
  205
  218
  232
  246
  261
  277
  293
  310
  328
  346
  366
  386
Funds from operations, $m
  38
  136
  173
  212
  254
  299
  346
  396
  449
  503
  561
  616
  679
  743
  811
  881
  954
  1,030
  1,109
  1,191
  1,277
  1,366
  1,459
  1,556
  1,657
  1,763
  1,873
  1,988
  2,109
  2,235
  2,366
Change in working capital, $m
  -25
  49
  53
  56
  60
  64
  67
  71
  74
  78
  81
  84
  88
  91
  95
  99
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
Cash from operations, $m
  63
  88
  120
  156
  194
  235
  279
  325
  374
  426
  480
  532
  591
  652
  716
  782
  851
  923
  998
  1,076
  1,157
  1,242
  1,329
  1,421
  1,516
  1,616
  1,720
  1,828
  1,942
  2,060
  2,184
Maintenance CAPEX, $m
  0
  -34
  -39
  -45
  -51
  -58
  -65
  -73
  -80
  -89
  -97
  -106
  -116
  -125
  -135
  -146
  -157
  -168
  -180
  -192
  -205
  -218
  -232
  -246
  -261
  -277
  -293
  -310
  -328
  -346
  -366
New CAPEX, $m
  -25
  -61
  -66
  -71
  -75
  -80
  -84
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -119
  -124
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -218
  -228
Cash from investing activities, $m
  -151
  -95
  -105
  -116
  -126
  -138
  -149
  -162
  -173
  -186
  -198
  -212
  -226
  -239
  -254
  -270
  -285
  -301
  -319
  -336
  -355
  -374
  -394
  -415
  -437
  -461
  -485
  -510
  -537
  -564
  -594
Free cash flow, $m
  -88
  -7
  15
  40
  68
  98
  130
  164
  201
  240
  281
  320
  365
  412
  462
  513
  566
  622
  680
  740
  802
  867
  935
  1,005
  1,079
  1,155
  1,235
  1,318
  1,405
  1,496
  1,590
Issuance/(repayment) of debt, $m
  93
  162
  175
  188
  200
  212
  224
  235
  247
  258
  269
  281
  292
  304
  316
  328
  341
  355
  369
  383
  399
  415
  432
  450
  469
  489
  510
  532
  555
  580
  606
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
  162
  175
  188
  200
  212
  224
  235
  247
  258
  269
  281
  292
  304
  316
  328
  341
  355
  369
  383
  399
  415
  432
  450
  469
  489
  510
  532
  555
  580
  606
Total cash flow (excl. dividends), $m
  -13
  155
  190
  228
  268
  310
  354
  400
  448
  498
  550
  601
  658
  716
  778
  841
  908
  977
  1,048
  1,123
  1,201
  1,282
  1,367
  1,455
  1,547
  1,644
  1,745
  1,850
  1,960
  2,076
  2,196
Retained Cash Flow (-), $m
  69
  -34
  -37
  -40
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -114
  -119
  -124
  -129
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
 
  150
  153
  188
  225
  264
  306
  349
  395
  443
  493
  541
  595
  652
  710
  771
  835
  901
  970
  1,041
  1,116
  1,193
  1,275
  1,359
  1,447
  1,539
  1,636
  1,736
  1,842
  1,952
  2,067
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
 
  137
  126
  139
  148
  152
  153
  150
  143
  134
  123
  109
  96
  82
  69
  57
  45
  35
  27
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  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, together with its subsidiaries, produces specialty materials in the United States and internationally. It operates through four business units: Tile Coating Systems; Porcelain Enamel; Performance Colors and Glass; and Pigments, Powders and Oxides. The company’s products include frits, porcelain and other glass enamels, glazes, stains, decorating colors, pigments, inks, polishing materials, specialty dielectrics, electronic glasses, and other specialty coatings. Its products are used in appliances, automobiles, building and renovation, electronics, household furnishings, industrial products, and packaging. The company markets and sells its products to manufacturers of ceramic tile, major appliances, construction materials, automobile parts, automobile, architectural and container glass, and electronic components and devices, as well as through agents and distributors. Ferro Corporation was founded in 1919 and is headquartered in Mayfield Heights, Ohio.

FINANCIAL RATIOS  of  Ferro Corp. (FOE)

Valuation Ratios
P/E Ratio -75.3
Price to Sales 1.4
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 41.6
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 $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 15.9% 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 83.275 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 $1.6 billion.

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COMPANY NEWS

▶ 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]
▶ Why Sprint, Ferro, and 3D Systems Slumped Today   [Jul-18-16 06:17PM  at Motley Fool]
Stock chart of FOE 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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