Intrinsic value of L.B. Foster - FSTR

Previous Close

$18.30

  Intrinsic Value

$2.90

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-54%

Previous close

$18.30

 
Intrinsic value

$2.90

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-54%

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

We calculate the intrinsic value of FSTR 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 0.2

 

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, %
  -22.56
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  484
  494
  505
  518
  533
  549
  566
  586
  607
  629
  653
  679
  707
  736
  767
  800
  835
  872
  912
  953
  997
  1,043
  1,092
  1,143
  1,197
  1,254
  1,314
  1,378
  1,444
  1,514
  1,588
Variable operating expenses, $m
 
  154
  157
  161
  166
  171
  176
  182
  189
  196
  203
  209
  218
  227
  236
  247
  257
  269
  281
  294
  307
  321
  336
  352
  369
  386
  405
  424
  445
  466
  489
Fixed operating expenses, $m
 
  504
  517
  530
  543
  557
  571
  585
  599
  614
  630
  646
  662
  678
  695
  713
  730
  749
  767
  787
  806
  826
  847
  868
  890
  912
  935
  958
  982
  1,007
  1,032
Total operating expenses, $m
  631
  658
  674
  691
  709
  728
  747
  767
  788
  810
  833
  855
  880
  905
  931
  960
  987
  1,018
  1,048
  1,081
  1,113
  1,147
  1,183
  1,220
  1,259
  1,298
  1,340
  1,382
  1,427
  1,473
  1,521
Operating income, $m
  -147
  -165
  -169
  -173
  -176
  -179
  -181
  -181
  -182
  -181
  -180
  -176
  -173
  -169
  -164
  -159
  -152
  -145
  -136
  -127
  -116
  -105
  -91
  -77
  -61
  -44
  -25
  -5
  17
  41
  67
EBITDA, $m
  -123
  -143
  -147
  -151
  -153
  -155
  -156
  -156
  -155
  -154
  -152
  -149
  -144
  -140
  -134
  -127
  -119
  -110
  -100
  -89
  -76
  -63
  -48
  -31
  -13
  6
  27
  50
  75
  101
  130
Interest expense (income), $m
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  23
  24
Earnings before tax, $m
  -147
  -170
  -175
  -179
  -182
  -185
  -187
  -188
  -189
  -189
  -188
  -184
  -182
  -178
  -174
  -169
  -163
  -157
  -149
  -140
  -130
  -119
  -107
  -93
  -79
  -62
  -45
  -25
  -4
  18
  43
Tax expense, $m
  -5
  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
  5
  12
Net income, $m
  -142
  -170
  -175
  -179
  -182
  -185
  -187
  -188
  -189
  -189
  -188
  -184
  -182
  -178
  -174
  -169
  -163
  -157
  -149
  -140
  -130
  -119
  -107
  -93
  -79
  -62
  -45
  -25
  -4
  13
  31

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  393
  370
  379
  389
  400
  412
  425
  439
  455
  472
  490
  509
  530
  552
  576
  600
  627
  655
  684
  715
  748
  783
  819
  858
  898
  941
  986
  1,034
  1,083
  1,136
  1,191
Adjusted assets (=assets-cash), $m
  363
  370
  379
  389
  400
  412
  425
  439
  455
  472
  490
  509
  530
  552
  576
  600
  627
  655
  684
  715
  748
  783
  819
  858
  898
  941
  986
  1,034
  1,083
  1,136
  1,191
Revenue / Adjusted assets
  1.333
  1.335
  1.332
  1.332
  1.333
  1.333
  1.332
  1.335
  1.334
  1.333
  1.333
  1.334
  1.334
  1.333
  1.332
  1.333
  1.332
  1.331
  1.333
  1.333
  1.333
  1.332
  1.333
  1.332
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
Average production assets, $m
  215
  219
  224
  230
  236
  244
  252
  260
  269
  279
  290
  302
  314
  327
  341
  355
  371
  387
  405
  423
  443
  463
  485
  508
  532
  557
  584
  612
  641
  672
  705
Working capital, $m
  118
  100
  102
  105
  108
  111
  114
  118
  123
  127
  132
  137
  143
  149
  155
  162
  169
  176
  184
  193
  201
  211
  221
  231
  242
  253
  266
  278
  292
  306
  321
Total debt, $m
  160
  155
  161
  168
  175
  184
  193
  203
  214
  225
  238
  251
  265
  280
  297
  314
  332
  351
  371
  393
  415
  439
  464
  491
  519
  548
  579
  612
  646
  683
  721
Total liabilities, $m
  260
  255
  261
  268
  275
  284
  293
  303
  314
  325
  338
  351
  365
  380
  397
  414
  432
  451
  471
  493
  515
  539
  564
  591
  619
  648
  679
  712
  746
  783
  821
Total equity, $m
  133
  115
  118
  121
  124
  128
  132
  137
  142
  147
  152
  158
  165
  172
  179
  187
  195
  204
  213
  222
  233
  243
  255
  267
  279
  293
  307
  321
  337
  353
  370
Total liabilities and equity, $m
  393
  370
  379
  389
  399
  412
  425
  440
  456
  472
  490
  509
  530
  552
  576
  601
  627
  655
  684
  715
  748
  782
  819
  858
  898
  941
  986
  1,033
  1,083
  1,136
  1,191
Debt-to-equity ratio
  1.203
  1.350
  1.370
  1.390
  1.410
  1.430
  1.460
  1.480
  1.510
  1.530
  1.560
  1.580
  1.610
  1.630
  1.660
  1.680
  1.700
  1.720
  1.750
  1.770
  1.790
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.900
  1.920
  1.930
  1.950
Adjusted equity ratio
  0.284
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -142
  -170
  -175
  -179
  -182
  -185
  -187
  -188
  -189
  -189
  -188
  -184
  -182
  -178
  -174
  -169
  -163
  -157
  -149
  -140
  -130
  -119
  -107
  -93
  -79
  -62
  -45
  -25
  -4
  13
  31
Depreciation, amort., depletion, $m
  24
  22
  22
  23
  23
  24
  25
  25
  26
  27
  28
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
Funds from operations, $m
  12
  -148
  -153
  -156
  -159
  -161
  -162
  -163
  -163
  -161
  -160
  -157
  -153
  -149
  -143
  -137
  -130
  -122
  -112
  -102
  -90
  -77
  -63
  -48
  -31
  -12
  8
  30
  53
  74
  95
Change in working capital, $m
  -6
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  15
Cash from operations, $m
  18
  -150
  -155
  -159
  -162
  -164
  -166
  -167
  -167
  -166
  -164
  -162
  -159
  -155
  -150
  -144
  -137
  -129
  -120
  -110
  -99
  -87
  -73
  -58
  -42
  -24
  -4
  17
  40
  60
  80
Maintenance CAPEX, $m
  0
  -19
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
New CAPEX, $m
  -8
  -4
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
Cash from investing activities, $m
  -8
  -23
  -25
  -26
  -27
  -28
  -30
  -32
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -49
  -52
  -54
  -57
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -94
Free cash flow, $m
  10
  -174
  -180
  -185
  -189
  -193
  -196
  -198
  -199
  -200
  -200
  -200
  -198
  -196
  -193
  -189
  -185
  -179
  -173
  -165
  -157
  -147
  -136
  -124
  -111
  -97
  -81
  -64
  -45
  -29
  -13
Issuance/(repayment) of debt, $m
  -9
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
  38
Issuance/(repurchase) of shares, $m
  0
  172
  177
  182
  186
  189
  191
  193
  194
  194
  193
  190
  188
  185
  181
  177
  172
  165
  158
  150
  140
  130
  118
  105
  91
  76
  59
  40
  20
  3
  0
Cash from financing (excl. dividends), $m  
  -12
  177
  183
  189
  194
  197
  200
  203
  205
  206
  205
  203
  202
  200
  197
  194
  190
  184
  178
  171
  163
  154
  143
  132
  119
  105
  90
  73
  54
  39
  38
Total cash flow (excl. dividends), $m
  -2
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  25
Retained Cash Flow (-), $m
  150
  -172
  -177
  -182
  -186
  -189
  -191
  -193
  -194
  -194
  -193
  -190
  -188
  -185
  -181
  -177
  -172
  -165
  -158
  -150
  -140
  -130
  -118
  -105
  -91
  -76
  -59
  -40
  -20
  -16
  -17
Prev. year cash balance distribution, $m
 
  20
  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
 
  -149
  -174
  -178
  -182
  -185
  -187
  -188
  -189
  -189
  -188
  -186
  -184
  -181
  -177
  -172
  -166
  -160
  -152
  -144
  -134
  -123
  -111
  -98
  -83
  -67
  -50
  -31
  -10
  -6
  7
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  -138
  -149
  -140
  -129
  -118
  -106
  -95
  -83
  -72
  -61
  -51
  -42
  -34
  -27
  -20
  -15
  -11
  -8
  -6
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  47.0
  22.0
  10.3
  4.8
  2.3
  1.1
  0.5
  0.3
  0.1
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0

L.B. Foster Company manufactures, fabricates, and distributes products and services for the rail, construction, energy, and utility markets worldwide. Its Rail Products and Services segment offers new rail primarily for passenger and shortline freight railroads, industrial companies, and rail contractors; used rail; rail accessories, such as bolts, angle bars, and other products; power rail, direct fixation fasteners, coverboards, and special accessories; and trackwork products, as well as engineers and fabricates insulated rail joints and related accessories. This segment also provides friction management products and application systems, railroad condition monitoring equipment, wheel impact load detection, railroad condition monitoring systems, rail anchors and spikes, and wayside data collection and management systems; and concrete railroad ties. In addition, this segment offers telecommunications and security systems; and application engineering solutions. The company’s Construction segment sells and rents steel sheet piling, H-bearing pile, and other piling products; manufactures and sells fabricated steel and aluminum products primarily for the highway, bridge, and transit industries; and produces precast concrete buildings, and pre-stressed and precast concrete products. Its Tubular and Energy Services segment supplies pipe coatings for natural gas pipelines and utilities; provides blending, injection, and metering equipment for the oil and gas market; offers upstream test and inspection services; provides precision measurement systems, and tubular management services for the oil and gas market; and produces threaded pipe products for the oil and gas, and industrial water well and irrigation markets. The company markets its products directly, as well as through a network of agents. L.B. Foster Company was founded in 1902 and is headquartered in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  L.B. Foster (FSTR)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 0.4
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 18.9
Growth Rates
Sales Growth Rate -22.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.7%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 112.8%
Total Debt to Equity 120.3%
Interest Coverage -28
Management Effectiveness
Return On Assets -28.6%
Ret/ On Assets - 3 Yr. Avg. -10.2%
Return On Total Capital -38.1%
Ret/ On T. Cap. - 3 Yr. Avg. -13.8%
Return On Equity -68.3%
Return On Equity - 3 Yr. Avg. -24.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 18.6%
Gross Margin - 3 Yr. Avg. 20%
EBITDA Margin -24.4%
EBITDA Margin - 3 Yr. Avg. -6.4%
Operating Margin -30.4%
Oper. Margin - 3 Yr. Avg. -10.6%
Pre-Tax Margin -30.4%
Pre-Tax Margin - 3 Yr. Avg. -10.7%
Net Profit Margin -29.3%
Net Profit Margin - 3 Yr. Avg. -10.7%
Effective Tax Rate 3.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.8%
Payout Ratio -0.7%

FSTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSTR stock intrinsic value calculation we used $484 million for the last fiscal year's total revenue generated by L.B. Foster. The default revenue input number comes from 2016 income statement of L.B. Foster. 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 FSTR stock valuation model: a) initial revenue growth rate of 2% 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 7.7%, whose default value for FSTR is calculated based on our internal credit rating of L.B. Foster, 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 L.B. Foster.
    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 FSTR stock the variable cost ratio is equal to 31.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $492 million in the base year in the intrinsic value calculation for FSTR 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 L.B. Foster.

Corporate tax rate of 27% is the nominal tax rate for L.B. Foster. 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 FSTR 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 FSTR are equal to 44.4%.

Life of production assets of 11.1 years is the average useful life of capital assets used in L.B. Foster 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 FSTR is equal to 20.2%. 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 - $133 million for L.B. Foster - 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 9.83 million for L.B. Foster 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 L.B. Foster at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ L.B. Foster posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ L.B. Foster posts 2Q profit   [05:04AM  Associated Press]
▶ L.B. Foster Reports Second Quarter Operating Results   [Aug-03-17 04:01PM  GlobeNewswire]
▶ ETFs with exposure to L.B. Foster Co. : May 25, 2017   [May-25-17 12:40PM  Capital Cube]
▶ ETFs with exposure to L.B. Foster Co. : May 11, 2017   [May-11-17 04:42PM  Capital Cube]
▶ L.B. Foster reports 1Q loss   [May-02-17 06:12PM  Associated Press]
▶ ETFs with exposure to L.B. Foster Co. : April 5, 2017   [Apr-05-17 04:47PM  Capital Cube]
▶ Insider Invests in L.B. Foster   [Mar-27-17 12:46PM  GuruFocus.com]
▶ 9 Stocks Mario Gabelli Continues to Buy   [Mar-23-17 04:54PM  GuruFocus.com]
▶ L.B. Foster reports 4Q loss   [Mar-02-17 05:10PM  Associated Press]
▶ How ArQule, Inc. (ARQL) Stacks Up Against Its Peers   [Dec-20-16 02:02PM  at Insider Monkey]
▶ Is L.B. Foster Co (FSTR) A Good Stock To Buy?   [Dec-12-16 05:00AM  at Insider Monkey]
▶ L.B. Foster Announces Appointment of Senior Vice President   [Aug-08-16 12:37PM  GlobeNewswire]
▶ L.B. Foster Company Declares Quarterly Dividend   [Jul-28-16 04:01PM  GlobeNewswire]
▶ L.B. Foster Company Amends Credit Agreement   [10:54AM  GlobeNewswire]
▶ L.B. Foster Company Declares Quarterly Dividend   [May-26-16 10:30AM  GlobeNewswire]
Stock chart of FSTR Financial statements of FSTR
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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