Intrinsic value of L.B. Foster - FSTR

Previous Close

$25.05

  Intrinsic Value

$7.72

stock screener

  Rating & Target

str. sell

-69%

Previous close

$25.05

 
Intrinsic value

$7.72

 
Up/down potential

-69%

 
Rating

str. sell

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

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, %
  -22.56
  13.90
  13.01
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.10
  7.79
  7.51
  7.26
  7.04
  6.83
  6.65
  6.48
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  484
  551
  623
  699
  779
  864
  952
  1,045
  1,142
  1,243
  1,348
  1,457
  1,570
  1,688
  1,811
  1,938
  2,071
  2,209
  2,352
  2,501
  2,656
  2,817
  2,986
  3,161
  3,344
  3,535
  3,734
  3,943
  4,160
  4,388
  4,625
Variable operating expenses, $m
 
  172
  194
  217
  242
  268
  295
  324
  354
  385
  417
  449
  484
  520
  558
  597
  638
  680
  725
  770
  818
  868
  920
  974
  1,030
  1,089
  1,151
  1,215
  1,282
  1,352
  1,425
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
  676
  711
  747
  785
  825
  866
  909
  953
  999
  1,047
  1,095
  1,146
  1,198
  1,253
  1,310
  1,368
  1,429
  1,492
  1,557
  1,624
  1,694
  1,767
  1,842
  1,920
  2,001
  2,086
  2,173
  2,264
  2,359
  2,457
Operating income, $m
  -147
  -125
  -88
  -48
  -6
  39
  87
  136
  189
  244
  301
  363
  425
  490
  558
  629
  703
  780
  860
  944
  1,031
  1,123
  1,219
  1,319
  1,424
  1,534
  1,649
  1,770
  1,896
  2,029
  2,168
EBITDA, $m
  -123
  -101
  -61
  -18
  27
  76
  127
  180
  236
  295
  357
  421
  488
  558
  630
  706
  785
  868
  954
  1,044
  1,138
  1,236
  1,338
  1,446
  1,558
  1,675
  1,798
  1,927
  2,063
  2,205
  2,353
Interest expense (income), $m
  5
  5
  6
  8
  9
  11
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  36
  39
  42
  45
  47
  51
  54
  57
  60
  64
  68
  72
  76
Earnings before tax, $m
  -147
  -130
  -94
  -56
  -15
  29
  74
  123
  173
  226
  282
  342
  402
  465
  531
  599
  671
  746
  823
  905
  990
  1,079
  1,171
  1,269
  1,370
  1,477
  1,589
  1,706
  1,828
  1,957
  2,093
Tax expense, $m
  -5
  0
  0
  0
  0
  8
  20
  33
  47
  61
  76
  92
  109
  126
  143
  162
  181
  201
  222
  244
  267
  291
  316
  343
  370
  399
  429
  461
  494
  528
  565
Net income, $m
  -142
  -130
  -94
  -56
  -15
  21
  54
  90
  127
  165
  206
  249
  294
  340
  388
  438
  490
  544
  601
  660
  723
  787
  855
  926
  1,000
  1,078
  1,160
  1,245
  1,335
  1,429
  1,528

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
  414
  467
  524
  585
  648
  715
  784
  857
  932
  1,011
  1,093
  1,178
  1,267
  1,359
  1,454
  1,554
  1,657
  1,764
  1,876
  1,992
  2,114
  2,240
  2,371
  2,509
  2,652
  2,802
  2,958
  3,121
  3,292
  3,470
Adjusted assets (=assets-cash), $m
  363
  414
  467
  524
  585
  648
  715
  784
  857
  932
  1,011
  1,093
  1,178
  1,267
  1,359
  1,454
  1,554
  1,657
  1,764
  1,876
  1,992
  2,114
  2,240
  2,371
  2,509
  2,652
  2,802
  2,958
  3,121
  3,292
  3,470
Revenue / Adjusted assets
  1.333
  1.331
  1.334
  1.334
  1.332
  1.333
  1.331
  1.333
  1.333
  1.334
  1.333
  1.333
  1.333
  1.332
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
  1.333
Average production assets, $m
  215
  245
  277
  310
  346
  384
  423
  464
  507
  552
  598
  647
  697
  750
  804
  861
  919
  981
  1,044
  1,110
  1,179
  1,251
  1,326
  1,404
  1,485
  1,570
  1,658
  1,751
  1,847
  1,948
  2,054
Working capital, $m
  118
  111
  126
  141
  157
  174
  192
  211
  231
  251
  272
  294
  317
  341
  366
  392
  418
  446
  475
  505
  536
  569
  603
  639
  676
  714
  754
  796
  840
  886
  934
Total debt, $m
  160
  185
  222
  261
  303
  347
  392
  440
  490
  542
  597
  653
  712
  773
  836
  902
  970
  1,042
  1,116
  1,193
  1,273
  1,356
  1,443
  1,534
  1,629
  1,727
  1,830
  1,938
  2,050
  2,168
  2,291
Total liabilities, $m
  260
  285
  322
  361
  403
  447
  492
  540
  590
  642
  697
  753
  812
  873
  936
  1,002
  1,070
  1,142
  1,216
  1,293
  1,373
  1,456
  1,543
  1,634
  1,729
  1,827
  1,930
  2,038
  2,150
  2,268
  2,391
Total equity, $m
  133
  129
  145
  163
  182
  202
  222
  244
  266
  290
  314
  340
  366
  394
  423
  452
  483
  515
  549
  583
  620
  657
  697
  738
  780
  825
  871
  920
  971
  1,024
  1,079
Total liabilities and equity, $m
  393
  414
  467
  524
  585
  649
  714
  784
  856
  932
  1,011
  1,093
  1,178
  1,267
  1,359
  1,454
  1,553
  1,657
  1,765
  1,876
  1,993
  2,113
  2,240
  2,372
  2,509
  2,652
  2,801
  2,958
  3,121
  3,292
  3,470
Debt-to-equity ratio
  1.203
  1.440
  1.530
  1.600
  1.670
  1.720
  1.770
  1.810
  1.840
  1.870
  1.900
  1.920
  1.940
  1.960
  1.980
  1.990
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
  2.070
  2.080
  2.090
  2.090
  2.100
  2.110
  2.110
  2.120
  2.120
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
  -130
  -94
  -56
  -15
  21
  54
  90
  127
  165
  206
  249
  294
  340
  388
  438
  490
  544
  601
  660
  723
  787
  855
  926
  1,000
  1,078
  1,160
  1,245
  1,335
  1,429
  1,528
Depreciation, amort., depletion, $m
  24
  24
  27
  30
  33
  36
  40
  44
  48
  52
  56
  58
  63
  68
  72
  78
  83
  88
  94
  100
  106
  113
  119
  126
  134
  141
  149
  158
  166
  176
  185
Funds from operations, $m
  12
  -106
  -67
  -26
  18
  57
  94
  133
  174
  217
  262
  308
  356
  407
  460
  515
  573
  633
  695
  761
  829
  900
  975
  1,053
  1,134
  1,220
  1,309
  1,403
  1,501
  1,604
  1,713
Change in working capital, $m
  -6
  14
  14
  15
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
Cash from operations, $m
  18
  -120
  -82
  -41
  2
  40
  76
  115
  155
  196
  240
  286
  333
  383
  435
  489
  546
  605
  666
  730
  797
  867
  941
  1,017
  1,097
  1,181
  1,269
  1,361
  1,457
  1,558
  1,665
Maintenance CAPEX, $m
  0
  -19
  -22
  -25
  -28
  -31
  -35
  -38
  -42
  -46
  -50
  -54
  -58
  -63
  -68
  -72
  -78
  -83
  -88
  -94
  -100
  -106
  -113
  -119
  -126
  -134
  -141
  -149
  -158
  -166
  -176
New CAPEX, $m
  -8
  -30
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -48
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -92
  -97
  -101
  -106
Cash from investing activities, $m
  -8
  -49
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -91
  -97
  -102
  -108
  -115
  -122
  -129
  -137
  -144
  -152
  -160
  -169
  -178
  -188
  -197
  -207
  -219
  -230
  -241
  -255
  -267
  -282
Free cash flow, $m
  10
  -169
  -136
  -100
  -62
  -28
  3
  35
  70
  106
  144
  183
  225
  268
  313
  360
  410
  461
  514
  570
  629
  689
  753
  820
  889
  962
  1,039
  1,119
  1,203
  1,291
  1,383
Issuance/(repayment) of debt, $m
  -9
  35
  37
  39
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  112
  118
  123
Issuance/(repurchase) of shares, $m
  0
  146
  111
  74
  34
  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  
  -12
  181
  148
  113
  76
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  112
  118
  123
Total cash flow (excl. dividends), $m
  -2
  12
  12
  13
  13
  15
  48
  83
  120
  158
  198
  240
  283
  329
  377
  426
  478
  532
  588
  647
  709
  773
  840
  910
  984
  1,061
  1,142
  1,227
  1,315
  1,409
  1,506
Retained Cash Flow (-), $m
  150
  -146
  -111
  -74
  -34
  -20
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
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
 
  -114
  -99
  -61
  -20
  -4
  28
  62
  97
  135
  174
  214
  257
  301
  348
  397
  447
  500
  555
  612
  673
  735
  801
  870
  941
  1,017
  1,095
  1,178
  1,265
  1,356
  1,451
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
 
  -106
  -84
  -48
  -14
  -3
  16
  31
  43
  51
  56
  58
  58
  56
  52
  47
  42
  36
  30
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  59.7
  41.2
  32.5
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4
  29.4

L.B. Foster Company is a manufacturer, fabricator and distributor of products and services for the rail, construction, energy and utility markets. The Company's segments include Rail Products and Services, Construction Products, and Tubular and Energy Services. Its Rail Products segment provides a range of new and used rail, trackwork and accessories to railroads, mines and industry. The Rail segment designs and produces concrete railroad ties, insulated rail joints, power rail, track fasteners, coverboards and special accessories for mass transit and other rail systems. The Construction Products segment sells and rents steel sheet piling, H-bearing pile and other piling products for foundation and earth retention requirements. The Tubular and Energy Services segment supplies pipe coatings for natural gas pipelines and utilities, blending, injection and metering equipment for the oil and gas market, and produces threaded pipe products for industrial water well and irrigation markets.

FINANCIAL RATIOS  of  L.B. Foster (FSTR)

Valuation Ratios
P/E Ratio -1.8
Price to Sales 0.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 25.8
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 13.9% 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 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 10.15 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 $0.3 billion.

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COMPANY NEWS

▶ ETFs with exposure to L.B. Foster Co. : December 15, 2017   [Dec-15-17 01:24PM  Capital Cube]
▶ ETFs with exposure to L.B. Foster Co. : December 5, 2017   [Dec-05-17 12:50PM  Capital Cube]
▶ L.B. Foster posts 3Q profit   [Nov-07-17 06:31PM  Associated Press]
▶ ETFs with exposure to L.B. Foster Co. : October 12, 2017   [Oct-12-17 10:30AM  Capital Cube]
▶ ETFs with exposure to L.B. Foster Co. : August 25, 2017   [Aug-25-17 04:28PM  Capital Cube]
▶ L.B. FosterĀ® Announces New CFO   [Aug-24-17 11:03AM  GlobeNewswire]
▶ 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]
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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