Intrinsic value of Ferroglobe - GSM

Previous Close

$17.32

  Intrinsic Value

$0.78

stock screener

  Rating & Target

str. sell

-95%

Previous close

$17.32

 
Intrinsic value

$0.78

 
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

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 3.0

 

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, %
  20.62
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,556
  1,665
  1,778
  1,896
  2,018
  2,146
  2,278
  2,416
  2,560
  2,710
  2,867
  3,030
  3,201
  3,379
  3,565
  3,760
  3,963
  4,176
  4,399
  4,632
  4,876
  5,132
  5,399
  5,680
  5,974
  6,282
  6,605
  6,944
  7,300
  7,672
  8,063
Variable operating expenses, $m
 
  1,693
  1,807
  1,925
  2,048
  2,176
  2,309
  2,447
  2,592
  2,742
  2,899
  3,040
  3,211
  3,390
  3,577
  3,772
  3,976
  4,189
  4,413
  4,647
  4,892
  5,148
  5,417
  5,698
  5,993
  6,302
  6,627
  6,967
  7,323
  7,697
  8,089
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
  1,693
  1,807
  1,925
  2,048
  2,176
  2,309
  2,447
  2,592
  2,742
  2,899
  3,040
  3,211
  3,390
  3,577
  3,772
  3,976
  4,189
  4,413
  4,647
  4,892
  5,148
  5,417
  5,698
  5,993
  6,302
  6,627
  6,967
  7,323
  7,697
  8,089
Operating income, $m
  -376
  -28
  -29
  -29
  -29
  -30
  -30
  -31
  -31
  -32
  -32
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
EBITDA, $m
  -250
  95
  102
  109
  116
  123
  130
  138
  147
  155
  164
  174
  183
  194
  204
  215
  227
  239
  252
  265
  279
  294
  309
  325
  342
  360
  378
  398
  418
  439
  462
Interest expense (income), $m
  29
  18
  22
  26
  31
  35
  40
  45
  50
  56
  62
  67
  74
  80
  87
  94
  101
  109
  117
  126
  134
  144
  153
  163
  174
  185
  197
  209
  222
  235
  250
Earnings before tax, $m
  -402
  -46
  -51
  -55
  -60
  -65
  -71
  -76
  -82
  -88
  -94
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -218
  -231
  -245
  -260
  -275
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
  -51
  -55
  -60
  -65
  -71
  -76
  -82
  -88
  -94
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -218
  -231
  -245
  -260
  -275

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
  1,945
  2,077
  2,215
  2,358
  2,507
  2,662
  2,823
  2,991
  3,166
  3,349
  3,540
  3,739
  3,947
  4,165
  4,392
  4,630
  4,878
  5,139
  5,411
  5,696
  5,995
  6,308
  6,635
  6,979
  7,339
  7,717
  8,112
  8,527
  8,963
  9,419
Adjusted assets (=assets-cash), $m
  1,818
  1,945
  2,077
  2,215
  2,358
  2,507
  2,662
  2,823
  2,991
  3,166
  3,349
  3,540
  3,739
  3,947
  4,165
  4,392
  4,630
  4,878
  5,139
  5,411
  5,696
  5,995
  6,308
  6,635
  6,979
  7,339
  7,717
  8,112
  8,527
  8,963
  9,419
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
  1,027
  1,097
  1,170
  1,245
  1,324
  1,406
  1,491
  1,580
  1,672
  1,769
  1,870
  1,975
  2,085
  2,200
  2,320
  2,445
  2,577
  2,714
  2,858
  3,008
  3,166
  3,331
  3,505
  3,686
  3,876
  4,076
  4,285
  4,504
  4,734
  4,975
Working capital, $m
  235
  303
  324
  345
  367
  391
  415
  440
  466
  493
  522
  552
  583
  615
  649
  684
  721
  760
  801
  843
  887
  934
  983
  1,034
  1,087
  1,143
  1,202
  1,264
  1,329
  1,396
  1,467
Total debt, $m
  519
  392
  469
  548
  631
  717
  807
  900
  998
  1,099
  1,205
  1,316
  1,431
  1,552
  1,677
  1,809
  1,947
  2,091
  2,241
  2,399
  2,564
  2,737
  2,918
  3,108
  3,307
  3,515
  3,734
  3,963
  4,203
  4,455
  4,720
Total liabilities, $m
  1,253
  1,126
  1,203
  1,282
  1,365
  1,451
  1,541
  1,634
  1,732
  1,833
  1,939
  2,050
  2,165
  2,286
  2,411
  2,543
  2,681
  2,825
  2,975
  3,133
  3,298
  3,471
  3,652
  3,842
  4,041
  4,249
  4,468
  4,697
  4,937
  5,189
  5,454
Total equity, $m
  766
  819
  875
  932
  993
  1,055
  1,121
  1,188
  1,259
  1,333
  1,410
  1,490
  1,574
  1,662
  1,753
  1,849
  1,949
  2,054
  2,163
  2,278
  2,398
  2,524
  2,656
  2,794
  2,938
  3,090
  3,249
  3,415
  3,590
  3,773
  3,966
Total liabilities and equity, $m
  2,019
  1,945
  2,078
  2,214
  2,358
  2,506
  2,662
  2,822
  2,991
  3,166
  3,349
  3,540
  3,739
  3,948
  4,164
  4,392
  4,630
  4,879
  5,138
  5,411
  5,696
  5,995
  6,308
  6,636
  6,979
  7,339
  7,717
  8,112
  8,527
  8,962
  9,420
Debt-to-equity ratio
  0.678
  0.480
  0.540
  0.590
  0.640
  0.680
  0.720
  0.760
  0.790
  0.820
  0.850
  0.880
  0.910
  0.930
  0.960
  0.980
  1.000
  1.020
  1.040
  1.050
  1.070
  1.080
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
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
  -51
  -55
  -60
  -65
  -71
  -76
  -82
  -88
  -94
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -218
  -231
  -245
  -260
  -275
Depreciation, amort., depletion, $m
  126
  124
  131
  138
  145
  153
  161
  169
  178
  187
  196
  183
  194
  204
  216
  227
  240
  253
  266
  280
  295
  310
  327
  344
  361
  380
  400
  420
  442
  464
  488
Funds from operations, $m
  224
  78
  80
  82
  85
  88
  90
  93
  96
  99
  103
  106
  110
  113
  117
  121
  126
  130
  135
  140
  145
  150
  156
  162
  168
  175
  181
  189
  196
  204
  212
Change in working capital, $m
  103
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Cash from operations, $m
  121
  58
  59
  61
  63
  64
  66
  68
  70
  72
  74
  76
  79
  81
  83
  86
  89
  91
  94
  97
  100
  104
  107
  111
  115
  119
  123
  127
  131
  136
  141
Maintenance CAPEX, $m
  0
  -94
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -194
  -204
  -216
  -227
  -240
  -253
  -266
  -280
  -295
  -310
  -327
  -344
  -361
  -380
  -400
  -420
  -442
  -464
New CAPEX, $m
  -76
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -230
  -241
Cash from investing activities, $m
  -84
  -161
  -171
  -181
  -191
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -288
  -304
  -319
  -336
  -353
  -371
  -390
  -410
  -431
  -453
  -475
  -500
  -525
  -551
  -579
  -609
  -639
  -672
  -705
Free cash flow, $m
  37
  -104
  -111
  -119
  -128
  -136
  -145
  -155
  -165
  -175
  -186
  -198
  -210
  -223
  -236
  -250
  -264
  -280
  -296
  -313
  -330
  -349
  -368
  -389
  -410
  -433
  -457
  -482
  -508
  -535
  -564
Issuance/(repayment) of debt, $m
  43
  74
  77
  80
  83
  86
  90
  93
  97
  102
  106
  110
  115
  120
  126
  132
  138
  144
  151
  158
  165
  173
  181
  190
  199
  208
  219
  229
  240
  252
  264
Issuance/(repurchase) of shares, $m
  0
  99
  106
  113
  120
  128
  136
  144
  152
  161
  171
  158
  168
  179
  190
  202
  214
  227
  241
  255
  270
  286
  302
  320
  338
  357
  377
  398
  420
  443
  468
Cash from financing (excl. dividends), $m  
  105
  173
  183
  193
  203
  214
  226
  237
  249
  263
  277
  268
  283
  299
  316
  334
  352
  371
  392
  413
  435
  459
  483
  510
  537
  565
  596
  627
  660
  695
  732
Total cash flow (excl. dividends), $m
  135
  70
  72
  74
  76
  78
  80
  82
  85
  87
  90
  70
  73
  77
  80
  84
  87
  91
  96
  100
  105
  110
  115
  121
  126
  132
  139
  146
  153
  160
  168
Retained Cash Flow (-), $m
  387
  -99
  -106
  -113
  -120
  -128
  -136
  -144
  -152
  -161
  -171
  -158
  -168
  -179
  -190
  -202
  -214
  -227
  -241
  -255
  -270
  -286
  -302
  -320
  -338
  -357
  -377
  -398
  -420
  -443
  -468
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
 
  -29
  -35
  -40
  -45
  -50
  -56
  -62
  -68
  -74
  -81
  -87
  -95
  -102
  -110
  -118
  -127
  -136
  -145
  -155
  -165
  -176
  -187
  -199
  -212
  -225
  -238
  -252
  -267
  -283
  -300
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
 
  -28
  -30
  -32
  -33
  -33
  -33
  -33
  -32
  -30
  -28
  -26
  -24
  -21
  -19
  -16
  -14
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.8
  93.6
  90.6
  87.7
  84.9
  82.2
  79.5
  77.0
  74.5
  72.1
  70.1
  68.2
  66.2
  64.3
  62.5
  60.7
  58.9
  57.2
  55.5
  53.8
  52.2
  50.7
  49.2
  47.7
  46.2
  44.8
  43.4
  42.1
  40.8
  39.5

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 -8.8
Price to Sales 1.9
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 24.6
Price to Free Cash Flow 66.1
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 7% 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 171.711 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 $3.0 billion.

RELATED COMPANIES Price Int.Val. Rating
CRS Carpenter Tech 50.65 5.01  str.sell
HAYN Haynes Interna 31.28 6.12  str.sell
GLW Corning 32.57 10.62  str.sell
NGG National Grid 59.33 32.88  sell
ATI Allegheny Tech 23.42 1.64  str.sell

COMPANY NEWS

▶ 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]
▶ Ferroglobe Announces Insider Buying   [Sep-08-16 11:38AM  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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.