Intrinsic value of Ferroglobe - GSM

Previous Close

$13.28

  Intrinsic Value

$0.80

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-64%

Previous close

$13.28

 
Intrinsic value

$0.80

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-64%

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

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

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 2.2

 

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, %
  20.62
  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
  1,556
  1,587
  1,624
  1,665
  1,712
  1,764
  1,821
  1,883
  1,950
  2,023
  2,100
  2,183
  2,272
  2,366
  2,466
  2,573
  2,686
  2,805
  2,931
  3,064
  3,205
  3,354
  3,511
  3,676
  3,850
  4,033
  4,226
  4,429
  4,643
  4,868
  5,104
Variable operating expenses, $m
 
  1,615
  1,652
  1,694
  1,741
  1,793
  1,850
  1,912
  1,979
  2,052
  2,130
  2,190
  2,279
  2,374
  2,474
  2,581
  2,694
  2,814
  2,941
  3,074
  3,216
  3,365
  3,522
  3,688
  3,862
  4,046
  4,240
  4,443
  4,658
  4,883
  5,121
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
  1,615
  1,652
  1,694
  1,741
  1,793
  1,850
  1,912
  1,979
  2,052
  2,130
  2,190
  2,279
  2,374
  2,474
  2,581
  2,694
  2,814
  2,941
  3,074
  3,216
  3,365
  3,522
  3,688
  3,862
  4,046
  4,240
  4,443
  4,658
  4,883
  5,121
Operating income, $m
  -376
  -28
  -28
  -28
  -29
  -29
  -29
  -29
  -29
  -30
  -30
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
EBITDA, $m
  -250
  91
  93
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  136
  141
  147
  154
  161
  168
  176
  184
  192
  201
  211
  220
  231
  242
  254
  266
  279
  292
Interest expense (income), $m
  29
  18
  19
  20
  22
  24
  26
  28
  30
  33
  35
  38
  41
  45
  48
  52
  56
  61
  65
  70
  75
  80
  86
  92
  98
  105
  112
  119
  127
  135
  143
Earnings before tax, $m
  -402
  -46
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -45
  -49
  -52
  -56
  -60
  -65
  -70
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -118
  -125
  -133
  -141
  -150
  -160
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
  -46
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -45
  -49
  -52
  -56
  -60
  -65
  -70
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -118
  -125
  -133
  -141
  -150
  -160

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
  1,854
  1,897
  1,946
  2,000
  2,061
  2,127
  2,200
  2,278
  2,363
  2,453
  2,550
  2,654
  2,764
  2,881
  3,006
  3,137
  3,277
  3,424
  3,580
  3,744
  3,918
  4,101
  4,294
  4,497
  4,711
  4,937
  5,174
  5,424
  5,686
  5,963
Adjusted assets (=assets-cash), $m
  1,818
  1,854
  1,897
  1,946
  2,000
  2,061
  2,127
  2,200
  2,278
  2,363
  2,453
  2,550
  2,654
  2,764
  2,881
  3,006
  3,137
  3,277
  3,424
  3,580
  3,744
  3,918
  4,101
  4,294
  4,497
  4,711
  4,937
  5,174
  5,424
  5,686
  5,963
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
  979
  1,002
  1,028
  1,056
  1,088
  1,124
  1,162
  1,203
  1,248
  1,296
  1,347
  1,402
  1,460
  1,522
  1,587
  1,657
  1,731
  1,808
  1,891
  1,978
  2,069
  2,166
  2,268
  2,375
  2,488
  2,607
  2,733
  2,865
  3,003
  3,149
Working capital, $m
  235
  287
  294
  301
  310
  319
  330
  341
  353
  366
  380
  395
  411
  428
  446
  466
  486
  508
  531
  555
  580
  607
  635
  665
  697
  730
  765
  802
  840
  881
  924
Total debt, $m
  517
  338
  362
  390
  422
  457
  496
  538
  583
  632
  685
  741
  801
  864
  932
  1,004
  1,081
  1,161
  1,247
  1,337
  1,432
  1,533
  1,639
  1,750
  1,868
  1,992
  2,122
  2,260
  2,404
  2,556
  2,716
Total liabilities, $m
  1,253
  1,074
  1,098
  1,126
  1,158
  1,193
  1,232
  1,274
  1,319
  1,368
  1,421
  1,477
  1,537
  1,600
  1,668
  1,740
  1,817
  1,897
  1,983
  2,073
  2,168
  2,269
  2,375
  2,486
  2,604
  2,728
  2,858
  2,996
  3,140
  3,292
  3,452
Total equity, $m
  766
  781
  799
  819
  842
  868
  896
  926
  959
  995
  1,033
  1,074
  1,117
  1,164
  1,213
  1,265
  1,321
  1,380
  1,442
  1,507
  1,576
  1,649
  1,727
  1,808
  1,893
  1,984
  2,078
  2,178
  2,283
  2,394
  2,510
Total liabilities and equity, $m
  2,019
  1,855
  1,897
  1,945
  2,000
  2,061
  2,128
  2,200
  2,278
  2,363
  2,454
  2,551
  2,654
  2,764
  2,881
  3,005
  3,138
  3,277
  3,425
  3,580
  3,744
  3,918
  4,102
  4,294
  4,497
  4,712
  4,936
  5,174
  5,423
  5,686
  5,962
Debt-to-equity ratio
  0.675
  0.430
  0.450
  0.480
  0.500
  0.530
  0.550
  0.580
  0.610
  0.640
  0.660
  0.690
  0.720
  0.740
  0.770
  0.790
  0.820
  0.840
  0.860
  0.890
  0.910
  0.930
  0.950
  0.970
  0.990
  1.000
  1.020
  1.040
  1.050
  1.070
  1.080
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
  -46
  -47
  -49
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -45
  -49
  -52
  -56
  -60
  -65
  -70
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -118
  -125
  -133
  -141
  -150
  -160
Depreciation, amort., depletion, $m
  126
  119
  121
  124
  127
  130
  133
  137
  141
  145
  150
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
  212
  222
  233
  244
  256
  268
  281
  294
  309
Funds from operations, $m
  224
  73
  74
  75
  76
  77
  79
  80
  82
  83
  85
  87
  89
  91
  93
  95
  98
  100
  103
  106
  109
  112
  115
  119
  122
  126
  130
  135
  139
  144
  149
Change in working capital, $m
  103
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
Cash from operations, $m
  121
  68
  67
  68
  68
  68
  68
  69
  69
  70
  71
  72
  73
  74
  75
  76
  77
  79
  80
  82
  83
  85
  87
  89
  91
  93
  96
  98
  101
  103
  106
Maintenance CAPEX, $m
  0
  -94
  -96
  -98
  -101
  -104
  -107
  -110
  -114
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -156
  -162
  -170
  -177
  -185
  -194
  -203
  -212
  -222
  -233
  -244
  -256
  -268
  -281
  -294
New CAPEX, $m
  -76
  -19
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -45
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -74
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
Cash from investing activities, $m
  -84
  -113
  -119
  -124
  -130
  -136
  -142
  -148
  -155
  -163
  -170
  -178
  -187
  -195
  -205
  -215
  -226
  -236
  -248
  -259
  -272
  -286
  -300
  -314
  -329
  -346
  -363
  -381
  -400
  -420
  -440
Free cash flow, $m
  37
  -46
  -51
  -56
  -62
  -68
  -73
  -80
  -86
  -93
  -99
  -107
  -114
  -122
  -130
  -139
  -148
  -158
  -168
  -178
  -189
  -201
  -213
  -225
  -239
  -253
  -267
  -283
  -299
  -316
  -334
Issuance/(repayment) of debt, $m
  43
  22
  25
  28
  32
  35
  39
  42
  45
  49
  53
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  100
  106
  112
  118
  124
  131
  137
  145
  152
  160
Issuance/(repurchase) of shares, $m
  0
  60
  65
  69
  73
  78
  82
  87
  92
  98
  103
  86
  92
  99
  106
  113
  120
  128
  137
  145
  154
  164
  174
  185
  196
  208
  220
  233
  247
  261
  276
Cash from financing (excl. dividends), $m  
  105
  82
  90
  97
  105
  113
  121
  129
  137
  147
  156
  142
  152
  163
  174
  185
  196
  209
  222
  235
  249
  264
  280
  297
  314
  332
  351
  370
  392
  413
  436
Total cash flow (excl. dividends), $m
  135
  36
  39
  41
  43
  45
  48
  50
  52
  54
  56
  36
  38
  41
  43
  46
  49
  51
  54
  57
  61
  64
  67
  71
  75
  79
  83
  87
  92
  97
  102
Retained Cash Flow (-), $m
  387
  -60
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -98
  -103
  -86
  -92
  -99
  -106
  -113
  -120
  -128
  -137
  -145
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -233
  -247
  -261
  -276
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
 
  -24
  -26
  -28
  -30
  -32
  -35
  -38
  -40
  -44
  -47
  -50
  -54
  -58
  -62
  -67
  -72
  -77
  -82
  -88
  -94
  -100
  -107
  -114
  -121
  -129
  -137
  -146
  -155
  -164
  -174
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
 
  -23
  -23
  -22
  -22
  -21
  -21
  -20
  -19
  -18
  -16
  -15
  -14
  -12
  -11
  -9
  -8
  -7
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.4
  94.7
  91.9
  89.2
  86.5
  83.7
  81.0
  78.4
  75.7
  73.1
  71.1
  69.0
  67.0
  65.0
  63.0
  61.0
  59.0
  57.1
  55.2
  53.3
  51.5
  49.7
  47.9
  46.2
  44.6
  42.9
  41.3
  39.8
  38.3
  36.8

Ferroglobe PLC operates in the silicon and specialty metals industry in the United States, Europe, and internationally. It operates in two segments, Electrometallurgy and Energy. The company offers silicon metal that is used by aluminum and silicone chemical producers, as well as used in the production of polysilicon; silicomanganese, which is used as deoxidizing agent in the steel manufacturing process; and ferromanganese, which is used as a deoxidizing, desulphurizing, and degassing agent in the removal of nitrogen and other harmful elements from steel, as well as powdered products. It also provides ferrosilicon products for use in the production of electrodes, stainless steel, carbon steel, and various other steel alloys; removal of oxygen from the steel; enhancing the quality and strength of iron and steel products, as well as in the production of aluminum; silico calcium for use in the deoxidation and desulfurization of liquid steel; nodularizers and inoculants, which are used in the production of iron; and silica fume that used in the production of concrete and mortar. In addition, it generates and supplies hydroelectric power; and operates quartz mines located in Spain and South Africa. As of December 31, 2015, the company operated 12 hydroelectric power plants with a combined power generation installed capacity of 192 megawatts in Spain; and 2 hydroelectric power plants with a combined installed capacity of 20 megawatts in France. Its customers include silicone chemical, aluminum and steel manufacturers, auto companies and their suppliers, ductile iron foundries, manufacturers of photovoltaic solar cells and computer chips, and concrete producers. The company was formerly known as VeloNewco Limited. Ferroglobe PLC was incorporated in 2015 and is headquartered in London, the United Kingdom. Ferroglobe PLC is a subsidiary of Grupo Villar Mir, S.A.

FINANCIAL RATIOS  of  Ferroglobe (GSM)

Valuation Ratios
P/E Ratio -6.8
Price to Sales 1.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 50.7
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 35.1%
Total Debt to Equity 67.5%
Interest Coverage -13
Management Effectiveness
Return On Assets -14.2%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -22.9%
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 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 7.1%, 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 18.1%. 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 168.44 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 $2.2 billion.

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COMPANY NEWS

▶ 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]
▶ Ferroglobe Announces Insider Buying   [Sep-08-16 11:38AM  GlobeNewswire]
▶ Ferroglobe Reports Results for Second Quarter 2016   [Aug-25-16 08:30PM  GlobeNewswire]
▶ Ferroglobe PLC Announces Dividend   [Aug-03-16 03:33PM  GlobeNewswire]
▶ Ferroglobe PLC Announces Dividend   [Jul-28-16 08:44PM  GlobeNewswire]
Stock chart of GSM 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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