Intrinsic value of Ferro Corp. - FOE

Previous Close

$23.40

  Intrinsic Value

$25.87

stock screener

  Rating & Target

hold

+11%

Previous close

$23.40

 
Intrinsic value

$25.87

 
Up/down potential

+11%

 
Rating

hold

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 2.0

 

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
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  1,145
  1,341
  1,554
  1,784
  2,030
  2,293
  2,572
  2,866
  3,175
  3,499
  3,838
  4,191
  4,560
  4,944
  5,343
  5,758
  6,190
  6,638
  7,104
  7,588
  8,092
  8,615
  9,160
  9,727
  10,318
  10,933
  11,575
  12,244
  12,942
  13,672
  14,433
Variable operating expenses, $m
 
  994
  1,149
  1,317
  1,497
  1,689
  1,892
  2,107
  2,333
  2,569
  2,817
  3,060
  3,329
  3,610
  3,901
  4,204
  4,519
  4,846
  5,186
  5,540
  5,907
  6,290
  6,687
  7,101
  7,533
  7,982
  8,451
  8,939
  9,449
  9,981
  10,537
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
  1,205
  1,365
  1,539
  1,724
  1,922
  2,131
  2,352
  2,584
  2,826
  3,081
  3,330
  3,606
  3,894
  4,192
  4,502
  4,825
  5,159
  5,507
  5,869
  6,245
  6,636
  7,042
  7,465
  7,906
  8,364
  8,842
  9,340
  9,860
  10,403
  10,969
Operating income, $m
  94
  136
  188
  245
  306
  371
  440
  514
  591
  672
  757
  861
  954
  1,051
  1,151
  1,256
  1,365
  1,478
  1,596
  1,719
  1,847
  1,979
  2,118
  2,262
  2,412
  2,569
  2,733
  2,904
  3,082
  3,269
  3,464
EBITDA, $m
  141
  191
  249
  313
  381
  454
  531
  614
  700
  791
  886
  985
  1,089
  1,197
  1,310
  1,427
  1,548
  1,675
  1,807
  1,944
  2,086
  2,235
  2,389
  2,550
  2,718
  2,893
  3,076
  3,267
  3,466
  3,674
  3,892
Interest expense (income), $m
  17
  19
  26
  32
  39
  47
  55
  64
  73
  83
  93
  103
  114
  126
  138
  150
  163
  177
  191
  205
  220
  236
  252
  269
  287
  305
  325
  345
  366
  387
  410
Earnings before tax, $m
  62
  116
  163
  213
  266
  324
  385
  450
  518
  590
  665
  758
  839
  925
  1,013
  1,106
  1,202
  1,302
  1,405
  1,514
  1,626
  1,743
  1,865
  1,993
  2,125
  2,264
  2,408
  2,559
  2,717
  2,881
  3,054
Tax expense, $m
  17
  31
  44
  57
  72
  87
  104
  121
  140
  159
  179
  205
  227
  250
  274
  299
  324
  351
  379
  409
  439
  471
  504
  538
  574
  611
  650
  691
  734
  778
  824
Net income, $m
  -21
  85
  119
  155
  195
  237
  281
  328
  378
  430
  485
  553
  613
  675
  740
  807
  877
  950
  1,026
  1,105
  1,187
  1,273
  1,362
  1,455
  1,552
  1,653
  1,758
  1,868
  1,983
  2,103
  2,229

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
  1,450
  1,680
  1,928
  2,195
  2,479
  2,780
  3,098
  3,432
  3,782
  4,149
  4,531
  4,930
  5,345
  5,777
  6,225
  6,692
  7,176
  7,680
  8,203
  8,748
  9,314
  9,903
  10,516
  11,154
  11,820
  12,513
  13,237
  13,992
  14,780
  15,603
Adjusted assets (=assets-cash), $m
  1,238
  1,450
  1,680
  1,928
  2,195
  2,479
  2,780
  3,098
  3,432
  3,782
  4,149
  4,531
  4,930
  5,345
  5,777
  6,225
  6,692
  7,176
  7,680
  8,203
  8,748
  9,314
  9,903
  10,516
  11,154
  11,820
  12,513
  13,237
  13,992
  14,780
  15,603
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
  449
  521
  598
  680
  768
  861
  960
  1,064
  1,172
  1,286
  1,404
  1,528
  1,656
  1,790
  1,929
  2,074
  2,224
  2,380
  2,542
  2,711
  2,886
  3,069
  3,259
  3,456
  3,663
  3,878
  4,102
  4,336
  4,580
  4,835
Working capital, $m
  336
  359
  416
  478
  544
  615
  689
  768
  851
  938
  1,028
  1,123
  1,222
  1,325
  1,432
  1,543
  1,659
  1,779
  1,904
  2,034
  2,169
  2,309
  2,455
  2,607
  2,765
  2,930
  3,102
  3,281
  3,469
  3,664
  3,868
Total debt, $m
  574
  731
  921
  1,126
  1,346
  1,580
  1,828
  2,090
  2,365
  2,654
  2,956
  3,271
  3,599
  3,941
  4,297
  4,667
  5,051
  5,450
  5,865
  6,297
  6,745
  7,211
  7,697
  8,202
  8,728
  9,276
  9,848
  10,444
  11,066
  11,716
  12,394
Total liabilities, $m
  1,037
  1,194
  1,384
  1,589
  1,809
  2,043
  2,291
  2,553
  2,828
  3,117
  3,419
  3,734
  4,062
  4,404
  4,760
  5,130
  5,514
  5,913
  6,328
  6,760
  7,208
  7,674
  8,160
  8,665
  9,191
  9,739
  10,311
  10,907
  11,529
  12,179
  12,857
Total equity, $m
  247
  255
  296
  339
  386
  436
  489
  545
  604
  666
  730
  798
  868
  941
  1,017
  1,096
  1,178
  1,263
  1,352
  1,444
  1,540
  1,639
  1,743
  1,851
  1,963
  2,080
  2,202
  2,330
  2,463
  2,601
  2,746
Total liabilities and equity, $m
  1,284
  1,449
  1,680
  1,928
  2,195
  2,479
  2,780
  3,098
  3,432
  3,783
  4,149
  4,532
  4,930
  5,345
  5,777
  6,226
  6,692
  7,176
  7,680
  8,204
  8,748
  9,313
  9,903
  10,516
  11,154
  11,819
  12,513
  13,237
  13,992
  14,780
  15,603
Debt-to-equity ratio
  2.324
  2.870
  3.120
  3.320
  3.480
  3.620
  3.740
  3.830
  3.920
  3.990
  4.050
  4.100
  4.150
  4.190
  4.230
  4.260
  4.290
  4.320
  4.340
  4.360
  4.380
  4.400
  4.420
  4.430
  4.450
  4.460
  4.470
  4.480
  4.490
  4.500
  4.510
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
  85
  119
  155
  195
  237
  281
  328
  378
  430
  485
  553
  613
  675
  740
  807
  877
  950
  1,026
  1,105
  1,187
  1,273
  1,362
  1,455
  1,552
  1,653
  1,758
  1,868
  1,983
  2,103
  2,229
Depreciation, amort., depletion, $m
  47
  55
  61
  68
  75
  83
  91
  100
  109
  119
  129
  124
  135
  147
  158
  171
  184
  197
  211
  225
  240
  255
  272
  288
  306
  324
  343
  363
  384
  405
  428
Funds from operations, $m
  38
  140
  180
  223
  270
  319
  372
  428
  487
  549
  614
  677
  748
  822
  898
  978
  1,061
  1,147
  1,237
  1,330
  1,427
  1,528
  1,633
  1,743
  1,857
  1,977
  2,101
  2,231
  2,367
  2,509
  2,657
Change in working capital, $m
  -25
  52
  57
  62
  66
  70
  75
  79
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
Cash from operations, $m
  63
  87
  122
  161
  203
  249
  298
  349
  404
  462
  523
  583
  649
  719
  791
  867
  945
  1,027
  1,112
  1,200
  1,292
  1,388
  1,487
  1,591
  1,699
  1,812
  1,929
  2,052
  2,180
  2,313
  2,453
Maintenance CAPEX, $m
  0
  -34
  -40
  -46
  -53
  -60
  -68
  -76
  -85
  -94
  -104
  -114
  -124
  -135
  -147
  -158
  -171
  -184
  -197
  -211
  -225
  -240
  -255
  -272
  -288
  -306
  -324
  -343
  -363
  -384
  -405
New CAPEX, $m
  -25
  -65
  -71
  -77
  -83
  -88
  -93
  -98
  -104
  -109
  -114
  -119
  -124
  -129
  -134
  -139
  -145
  -150
  -156
  -162
  -169
  -175
  -183
  -190
  -198
  -206
  -215
  -224
  -234
  -244
  -255
Cash from investing activities, $m
  -151
  -99
  -111
  -123
  -136
  -148
  -161
  -174
  -189
  -203
  -218
  -233
  -248
  -264
  -281
  -297
  -316
  -334
  -353
  -373
  -394
  -415
  -438
  -462
  -486
  -512
  -539
  -567
  -597
  -628
  -660
Free cash flow, $m
  -88
  -12
  11
  38
  68
  101
  136
  175
  216
  259
  306
  350
  401
  455
  511
  569
  630
  693
  759
  827
  898
  972
  1,049
  1,129
  1,213
  1,300
  1,390
  1,484
  1,583
  1,685
  1,793
Issuance/(repayment) of debt, $m
  93
  174
  190
  205
  220
  234
  248
  262
  275
  289
  302
  315
  328
  342
  356
  370
  384
  399
  415
  431
  448
  466
  485
  505
  526
  548
  572
  596
  622
  649
  678
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
  174
  190
  205
  220
  234
  248
  262
  275
  289
  302
  315
  328
  342
  356
  370
  384
  399
  415
  431
  448
  466
  485
  505
  526
  548
  572
  596
  622
  649
  678
Total cash flow (excl. dividends), $m
  -13
  162
  201
  243
  288
  335
  384
  436
  491
  548
  607
  665
  730
  797
  866
  939
  1,014
  1,092
  1,174
  1,259
  1,347
  1,439
  1,535
  1,635
  1,739
  1,848
  1,962
  2,081
  2,205
  2,335
  2,471
Retained Cash Flow (-), $m
  69
  -37
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -139
  -145
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
 
  154
  161
  199
  241
  285
  331
  381
  432
  486
  543
  598
  660
  724
  790
  860
  932
  1,007
  1,085
  1,167
  1,251
  1,339
  1,431
  1,527
  1,627
  1,731
  1,840
  1,953
  2,072
  2,196
  2,326
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
 
  141
  133
  147
  158
  164
  166
  163
  157
  147
  135
  121
  106
  92
  77
  63
  51
  40
  30
  22
  16
  11
  8
  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 (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company's segments include Performance Coatings; Performance Colors and Glass, and Pigments, Powders and Oxides. 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 -92.9
Price to Sales 1.7
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 31
Price to Free Cash Flow 51.4
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 17.1% 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 83.58 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 $2.0 billion.

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COMPANY NEWS

▶ 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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