Intrinsic value of Ferroglobe - GSM

Previous Close

$15.55

  Intrinsic Value

$0.77

stock screener

  Rating & Target

str. sell

-95%

Previous close

$15.55

 
Intrinsic value

$0.77

 
Up/down potential

-95%

 
Rating

str. sell

We calculate the intrinsic value of GSM 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, %
  20.62
  23.80
  21.92
  20.23
  18.71
  17.33
  16.10
  14.99
  13.99
  13.09
  12.28
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
Revenue, $m
  1,556
  1,926
  2,349
  2,824
  3,352
  3,933
  4,566
  5,251
  5,985
  6,769
  7,600
  8,479
  9,403
  10,372
  11,386
  12,445
  13,549
  14,699
  15,895
  17,138
  18,430
  19,773
  21,168
  22,618
  24,126
  25,694
  27,326
  29,024
  30,793
  32,635
  34,556
Variable operating expenses, $m
 
  1,956
  2,379
  2,856
  3,386
  3,969
  4,604
  5,290
  6,028
  6,814
  7,648
  8,506
  9,433
  10,405
  11,423
  12,485
  13,593
  14,746
  15,946
  17,193
  18,489
  19,836
  21,236
  22,691
  24,204
  25,777
  27,414
  29,118
  30,892
  32,740
  34,667
Fixed operating expenses, $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
Total operating expenses, $m
  1,931
  1,956
  2,379
  2,856
  3,386
  3,969
  4,604
  5,290
  6,028
  6,814
  7,648
  8,506
  9,433
  10,405
  11,423
  12,485
  13,593
  14,746
  15,946
  17,193
  18,489
  19,836
  21,236
  22,691
  24,204
  25,777
  27,414
  29,118
  30,892
  32,740
  34,667
Operating income, $m
  -376
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -27
  -30
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -99
  -105
  -111
EBITDA, $m
  -250
  110
  135
  162
  192
  225
  262
  301
  343
  388
  435
  486
  539
  594
  652
  713
  776
  842
  910
  982
  1,056
  1,132
  1,212
  1,295
  1,382
  1,472
  1,565
  1,662
  1,764
  1,869
  1,979
Interest expense (income), $m
  29
  18
  32
  48
  66
  86
  108
  132
  158
  186
  215
  247
  280
  315
  352
  390
  430
  472
  516
  561
  608
  657
  708
  761
  816
  873
  932
  994
  1,058
  1,125
  1,195
Earnings before tax, $m
  -402
  -47
  -62
  -80
  -100
  -122
  -146
  -172
  -200
  -230
  -263
  -274
  -310
  -348
  -388
  -430
  -474
  -519
  -567
  -616
  -667
  -721
  -776
  -834
  -893
  -955
  -1,020
  -1,087
  -1,157
  -1,230
  -1,306
Tax expense, $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
Net income, $m
  -338
  -47
  -62
  -80
  -100
  -122
  -146
  -172
  -200
  -230
  -263
  -274
  -310
  -348
  -388
  -430
  -474
  -519
  -567
  -616
  -667
  -721
  -776
  -834
  -893
  -955
  -1,020
  -1,087
  -1,157
  -1,230
  -1,306

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  201
  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
  2,019
  2,250
  2,744
  3,299
  3,916
  4,594
  5,334
  6,134
  6,992
  7,908
  8,879
  9,905
  10,984
  12,117
  13,302
  14,539
  15,829
  17,172
  18,569
  20,021
  21,530
  23,099
  24,729
  26,423
  28,185
  30,017
  31,923
  33,907
  35,973
  38,125
  40,369
Adjusted assets (=assets-cash), $m
  1,818
  2,250
  2,744
  3,299
  3,916
  4,594
  5,334
  6,134
  6,992
  7,908
  8,879
  9,905
  10,984
  12,117
  13,302
  14,539
  15,829
  17,172
  18,569
  20,021
  21,530
  23,099
  24,729
  26,423
  28,185
  30,017
  31,923
  33,907
  35,973
  38,125
  40,369
Revenue / Adjusted assets
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
  0.856
Average production assets, $m
  960
  1,189
  1,449
  1,742
  2,068
  2,427
  2,817
  3,240
  3,693
  4,176
  4,689
  5,231
  5,801
  6,400
  7,025
  7,679
  8,360
  9,069
  9,807
  10,574
  11,371
  12,200
  13,061
  13,956
  14,886
  15,853
  16,860
  17,908
  18,999
  20,136
  21,321
Working capital, $m
  235
  351
  427
  514
  610
  716
  831
  956
  1,089
  1,232
  1,383
  1,543
  1,711
  1,888
  2,072
  2,265
  2,466
  2,675
  2,893
  3,119
  3,354
  3,599
  3,853
  4,117
  4,391
  4,676
  4,973
  5,282
  5,604
  5,940
  6,289
Total debt, $m
  519
  569
  855
  1,176
  1,533
  1,926
  2,355
  2,818
  3,314
  3,844
  4,407
  5,001
  5,626
  6,282
  6,968
  7,684
  8,431
  9,208
  10,017
  10,858
  11,732
  12,640
  13,584
  14,565
  15,585
  16,646
  17,749
  18,898
  20,094
  21,341
  22,640
Total liabilities, $m
  1,253
  1,303
  1,589
  1,910
  2,267
  2,660
  3,089
  3,552
  4,048
  4,578
  5,141
  5,735
  6,360
  7,016
  7,702
  8,418
  9,165
  9,942
  10,751
  11,592
  12,466
  13,374
  14,318
  15,299
  16,319
  17,380
  18,483
  19,632
  20,828
  22,075
  23,374
Total equity, $m
  766
  947
  1,155
  1,389
  1,648
  1,934
  2,246
  2,582
  2,944
  3,329
  3,738
  4,170
  4,624
  5,101
  5,600
  6,121
  6,664
  7,229
  7,817
  8,429
  9,064
  9,725
  10,411
  11,124
  11,866
  12,637
  13,439
  14,275
  15,144
  16,051
  16,995
Total liabilities and equity, $m
  2,019
  2,250
  2,744
  3,299
  3,915
  4,594
  5,335
  6,134
  6,992
  7,907
  8,879
  9,905
  10,984
  12,117
  13,302
  14,539
  15,829
  17,171
  18,568
  20,021
  21,530
  23,099
  24,729
  26,423
  28,185
  30,017
  31,922
  33,907
  35,972
  38,126
  40,369
Debt-to-equity ratio
  0.678
  0.600
  0.740
  0.850
  0.930
  1.000
  1.050
  1.090
  1.130
  1.150
  1.180
  1.200
  1.220
  1.230
  1.240
  1.260
  1.270
  1.270
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
  1.320
  1.320
  1.320
  1.330
  1.330
  1.330
Adjusted equity ratio
  0.313
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -338
  -47
  -62
  -80
  -100
  -122
  -146
  -172
  -200
  -230
  -263
  -274
  -310
  -348
  -388
  -430
  -474
  -519
  -567
  -616
  -667
  -721
  -776
  -834
  -893
  -955
  -1,020
  -1,087
  -1,157
  -1,230
  -1,306
Depreciation, amort., depletion, $m
  126
  140
  165
  194
  226
  261
  299
  341
  385
  432
  483
  513
  569
  627
  689
  753
  820
  889
  961
  1,037
  1,115
  1,196
  1,280
  1,368
  1,459
  1,554
  1,653
  1,756
  1,863
  1,974
  2,090
Funds from operations, $m
  224
  93
  103
  114
  126
  139
  154
  169
  185
  202
  220
  239
  258
  279
  300
  323
  346
  370
  395
  421
  447
  475
  504
  535
  566
  599
  633
  668
  705
  744
  784
Change in working capital, $m
  103
  67
  77
  86
  96
  106
  115
  125
  134
  143
  151
  160
  168
  176
  185
  193
  201
  209
  218
  226
  235
  244
  254
  264
  274
  285
  297
  309
  322
  335
  350
Cash from operations, $m
  121
  25
  26
  27
  30
  34
  38
  44
  51
  59
  69
  79
  90
  103
  116
  130
  145
  160
  177
  194
  212
  231
  251
  271
  292
  313
  336
  359
  383
  408
  434
Maintenance CAPEX, $m
  0
  -94
  -117
  -142
  -171
  -203
  -238
  -276
  -318
  -362
  -409
  -460
  -513
  -569
  -627
  -689
  -753
  -820
  -889
  -961
  -1,037
  -1,115
  -1,196
  -1,280
  -1,368
  -1,459
  -1,554
  -1,653
  -1,756
  -1,863
  -1,974
New CAPEX, $m
  -76
  -229
  -261
  -293
  -326
  -358
  -391
  -422
  -453
  -484
  -513
  -542
  -570
  -598
  -626
  -653
  -681
  -709
  -738
  -767
  -797
  -828
  -861
  -895
  -930
  -968
  -1,007
  -1,048
  -1,091
  -1,137
  -1,185
Cash from investing activities, $m
  -84
  -323
  -378
  -435
  -497
  -561
  -629
  -698
  -771
  -846
  -922
  -1,002
  -1,083
  -1,167
  -1,253
  -1,342
  -1,434
  -1,529
  -1,627
  -1,728
  -1,834
  -1,943
  -2,057
  -2,175
  -2,298
  -2,427
  -2,561
  -2,701
  -2,847
  -3,000
  -3,159
Free cash flow, $m
  37
  -298
  -351
  -408
  -467
  -528
  -590
  -654
  -720
  -786
  -854
  -923
  -993
  -1,064
  -1,137
  -1,212
  -1,289
  -1,368
  -1,450
  -1,534
  -1,622
  -1,712
  -1,806
  -1,905
  -2,007
  -2,114
  -2,225
  -2,342
  -2,463
  -2,591
  -2,725
Issuance/(repayment) of debt, $m
  43
  251
  286
  321
  357
  393
  428
  463
  497
  530
  562
  594
  625
  656
  686
  716
  747
  778
  809
  841
  874
  908
  944
  981
  1,020
  1,061
  1,104
  1,149
  1,196
  1,246
  1,299
Issuance/(repurchase) of shares, $m
  0
  228
  270
  314
  359
  407
  457
  508
  561
  616
  672
  706
  765
  825
  887
  951
  1,017
  1,085
  1,155
  1,228
  1,303
  1,381
  1,462
  1,547
  1,635
  1,727
  1,823
  1,923
  2,027
  2,137
  2,251
Cash from financing (excl. dividends), $m  
  105
  479
  556
  635
  716
  800
  885
  971
  1,058
  1,146
  1,234
  1,300
  1,390
  1,481
  1,573
  1,667
  1,764
  1,863
  1,964
  2,069
  2,177
  2,289
  2,406
  2,528
  2,655
  2,788
  2,927
  3,072
  3,223
  3,383
  3,550
Total cash flow (excl. dividends), $m
  135
  182
  204
  227
  250
  273
  295
  317
  339
  360
  380
  377
  397
  417
  436
  455
  474
  494
  514
  534
  555
  577
  600
  623
  648
  674
  701
  730
  760
  792
  825
Retained Cash Flow (-), $m
  387
  -228
  -270
  -314
  -359
  -407
  -457
  -508
  -561
  -616
  -672
  -706
  -765
  -825
  -887
  -951
  -1,017
  -1,085
  -1,155
  -1,228
  -1,303
  -1,381
  -1,462
  -1,547
  -1,635
  -1,727
  -1,823
  -1,923
  -2,027
  -2,137
  -2,251
Prev. year cash balance distribution, $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 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
 
  -47
  -66
  -86
  -109
  -135
  -162
  -191
  -223
  -256
  -291
  -329
  -368
  -409
  -451
  -496
  -542
  -591
  -641
  -693
  -748
  -804
  -863
  -924
  -987
  -1,053
  -1,121
  -1,193
  -1,267
  -1,345
  -1,426
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  -43
  -57
  -69
  -80
  -89
  -96
  -101
  -104
  -104
  -102
  -99
  -93
  -86
  -78
  -69
  -60
  -51
  -42
  -35
  -28
  -21
  -16
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  92.2
  85.3
  79.2
  73.8
  69.0
  64.7
  60.8
  57.3
  54.1
  51.1
  48.6
  46.2
  43.9
  41.9
  40.0
  38.2
  36.5
  34.9
  33.4
  32.0
  30.7
  29.4
  28.3
  27.1
  26.1
  25.0
  24.1
  23.1
  22.2
  21.4

Ferroglobe PLC, formerly VeloNewco Limited, is engaged in silicon and specialty metals industry. The Company produces silicon metal and silicon- and manganese-based alloy, which serves customers in the chemical, aluminum, solar, steel and ductile iron foundry industries. It operates through two segments: Electrometallurgy and Energy. It Electrometallurgy segment includes its coal and quartz mining operations and its silicon metal and ferroalloy production, whereas the Energy segment consists of its hydroelectric power operations. It currently operates approximately 20 production smelting facilities in the field of electrometallurgy: approximately five in Spain, over five in the United States of America, over six in France, over three in South Africa, one in Venezuela, one in Poland, one in Canada, one in Argentina and one in China. It diversifies its production base across approximately five continents, such as Africa, Asia, Europe, North America and South America.

FINANCIAL RATIOS  of  Ferroglobe (GSM)

Valuation Ratios
P/E Ratio -7.9
Price to Sales 1.7
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 59.4
Growth Rates
Sales Growth Rate 20.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.1%
Cap. Spend. - 3 Yr. Gr. Rate 13.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 35.2%
Total Debt to Equity 67.8%
Interest Coverage -13
Management Effectiveness
Return On Assets -14.2%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -22.8%
Ret/ On T. Cap. - 3 Yr. Avg. -7.6%
Return On Equity -35.2%
Return On Equity - 3 Yr. Avg. -11.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin -15.9%
EBITDA Margin - 3 Yr. Avg. 1.4%
Operating Margin -24.1%
Oper. Margin - 3 Yr. Avg. -6.4%
Pre-Tax Margin -25.8%
Pre-Tax Margin - 3 Yr. Avg. -7%
Net Profit Margin -21.7%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 11.4%
Eff/ Tax Rate - 3 Yr. Avg. -131.7%
Payout Ratio -16.3%

GSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSM stock intrinsic value calculation we used $1556 million for the last fiscal year's total revenue generated by Ferroglobe. The default revenue input number comes from 2016 income statement of Ferroglobe. 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 GSM stock valuation model: a) initial revenue growth rate of 23.8% 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 7.1%, whose default value for GSM is calculated based on our internal credit rating of Ferroglobe, 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 Ferroglobe.
    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 GSM stock the variable cost ratio is equal to 101.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for GSM 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 5.6% for Ferroglobe.

Corporate tax rate of 27% is the nominal tax rate for Ferroglobe. 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 GSM 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 GSM are equal to 61.7%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Ferroglobe 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 GSM is equal to 18.2%. 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 - $766 million for Ferroglobe - 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 174.074 million for Ferroglobe 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 Ferroglobe at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Stocks With Rising Composite Ratings: Ferroglobe   [Dec-12-17 03:00AM  Investor's Business Daily]
▶ Ferroglobe Announces Insider Buying   [Dec-06-17 09:18AM  GlobeNewswire]
▶ Ferroglobe PLC to Host Earnings Call   [Nov-28-17 07:30AM  ACCESSWIRE]
▶ Globe Specialty Metals reports 3Q loss   [Nov-27-17 05:59PM  Associated Press]
▶ Ferroglobe Update on Silicon Metal Trade Case in Canada   [Nov-03-17 09:15AM  GlobeNewswire]
▶ A Well-Defined Niche: Steel-Alloy Stocks Rebound In New Era   [Oct-27-17 12:38PM  Investor's Business Daily]
▶ Ferroglobe Announces General Meeting of Shareholders   [Oct-02-17 03:01PM  GlobeNewswire]
▶ Ferroglobe Announces Inaugural Investor Day   [Sep-22-17 11:05AM  GlobeNewswire]
▶ Your first trade for Friday, September 15   [Sep-15-17 08:38AM  CNBC]
▶ "Fast Money" final trades: XOM, VSTO and more   [Sep-14-17 05:59PM  CNBC Videos]
▶ Investor Network: Ferroglobe PLC to Host Earnings Call   [Aug-30-17 07:00AM  ACCESSWIRE]
▶ Globe Specialty Metals tops 2Q profit forecasts   [Aug-29-17 07:52PM  Associated Press]
▶ Ferroglobe Update on Sale of Hydro-Electric Assets in Spain   [Jul-26-17 12:00PM  GlobeNewswire]
▶ Four stocks the traders would buy for their dad   [Jun-16-17 05:25PM  CNBC Videos]
▶ Ferroglobe Announces Insider Buying   [Jun-15-17 11:28AM  GlobeNewswire]
▶ Why Ferroglobe PLC Stock Just Jumped 9%   [11:51AM  Motley Fool]
▶ Globe Specialty Metals reports 1Q loss   [05:14AM  Associated Press]
▶ Ferroglobe Reports Results for First Quarter 2017   [May-21-17 06:06PM  GlobeNewswire]
▶ [$$] US anti-dumping cases fuelled by Trump trade threats   [May-07-17 12:13PM  Financial Times]
▶ ETFs with exposure to Ferroglobe PLC : May 5, 2017   [May-05-17 04:11PM  Capital Cube]
▶ Ferroglobe Files Annual Report, SEC Form 20-F   [May-01-17 05:35PM  GlobeNewswire]
▶ Fiat CEO: Jeep and Ram brands can stand on own   [Apr-26-17 12:31PM  CNBC Videos]
▶ Update on Investigation Involving Javier López Madrid   [Apr-24-17 09:02AM  GlobeNewswire]
▶ Ferrari's stock is off to the races   [Apr-03-17 07:26PM  CNBC Videos]
▶ Globe Specialty Metals reports 4Q loss   [Mar-16-17 07:16PM  Associated Press]
▶ Get Ready to Buy The Dip on These Strong Stocks   [Feb-17-17 09:59AM  at Investopedia]
▶ The Junk-Bond Golden Parachute Failure   [Feb-16-17 11:11AM  at Bloomberg]
▶ Why Ferroglobe PLC's Shares Popped 19% Today   [01:09PM  at Motley Fool]
▶ Why Ferroglobe PLC Stock Slumped 14% Today   [01:28PM  at Motley Fool]
▶ Ferroglobe Reports Results for Third Quarter 2016   [Nov-13-16 05:17PM  GlobeNewswire]
▶ Why Ferroglobe PLC Stock Soared 17.3% Today   [Nov-10-16 04:30PM  at Motley Fool]
▶ Ferroglobe PLC Forms Insurance Trust   [Nov-07-16 10:02PM  GlobeNewswire]
Financial statements of GSM
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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