Intrinsic value of Ferroglobe - GSM

Previous Close

$7.98

  Intrinsic Value

$0.69

stock screener

  Rating & Target

str. sell

-91%

Previous close

$7.98

 
Intrinsic value

$0.69

 
Up/down potential

-91%

 
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
  20.60
  19.04
  17.64
  16.37
  15.24
  14.21
  13.29
  12.46
  11.72
  11.04
  10.44
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
Revenue, $m
  1,556
  1,877
  2,234
  2,628
  3,058
  3,524
  4,025
  4,560
  5,128
  5,729
  6,361
  7,025
  7,720
  8,447
  9,204
  9,993
  10,813
  11,666
  12,553
  13,475
  14,433
  15,428
  16,463
  17,539
  18,658
  19,823
  21,036
  22,300
  23,617
  24,991
  26,424
Variable operating expenses, $m
 
  1,904
  2,261
  2,655
  3,085
  3,550
  4,051
  4,585
  5,153
  5,753
  6,385
  7,019
  7,714
  8,440
  9,196
  9,984
  10,804
  11,657
  12,543
  13,464
  14,421
  15,415
  16,449
  17,524
  18,643
  19,807
  21,019
  22,282
  23,598
  24,970
  26,402
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
  1,904
  2,261
  2,655
  3,085
  3,550
  4,051
  4,585
  5,153
  5,753
  6,385
  7,019
  7,714
  8,440
  9,196
  9,984
  10,804
  11,657
  12,543
  13,464
  14,421
  15,415
  16,449
  17,524
  18,643
  19,807
  21,019
  22,282
  23,598
  24,970
  26,402
Operating income, $m
  -376
  -28
  -27
  -27
  -27
  -26
  -26
  -26
  -25
  -25
  -24
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  15
  16
  17
  19
  20
  21
  22
EBITDA, $m
  -250
  155
  185
  217
  253
  291
  333
  377
  424
  473
  526
  581
  638
  698
  761
  826
  893
  964
  1,037
  1,113
  1,193
  1,275
  1,360
  1,449
  1,542
  1,638
  1,738
  1,843
  1,952
  2,065
  2,183
Interest expense (income), $m
  29
  23
  37
  52
  70
  88
  109
  130
  154
  178
  204
  232
  261
  291
  323
  356
  390
  426
  463
  501
  541
  583
  626
  671
  718
  767
  817
  870
  925
  982
  1,042
Earnings before tax, $m
  -402
  -51
  -64
  -80
  -96
  -115
  -135
  -156
  -179
  -203
  -228
  -226
  -254
  -284
  -315
  -347
  -381
  -416
  -452
  -490
  -529
  -570
  -612
  -657
  -702
  -750
  -800
  -852
  -905
  -962
  -1,020
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
  -51
  -64
  -80
  -96
  -115
  -135
  -156
  -179
  -203
  -228
  -226
  -254
  -284
  -315
  -347
  -381
  -416
  -452
  -490
  -529
  -570
  -612
  -657
  -702
  -750
  -800
  -852
  -905
  -962
  -1,020

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
  2,437
  2,901
  3,413
  3,971
  4,577
  5,227
  5,922
  6,660
  7,440
  8,261
  9,124
  10,027
  10,970
  11,953
  12,977
  14,043
  15,151
  16,303
  17,500
  18,744
  20,036
  21,380
  22,777
  24,231
  25,744
  27,320
  28,961
  30,672
  32,456
  34,317
Adjusted assets (=assets-cash), $m
  1,818
  2,437
  2,901
  3,413
  3,971
  4,577
  5,227
  5,922
  6,660
  7,440
  8,261
  9,124
  10,027
  10,970
  11,953
  12,977
  14,043
  15,151
  16,303
  17,500
  18,744
  20,036
  21,380
  22,777
  24,231
  25,744
  27,320
  28,961
  30,672
  32,456
  34,317
Revenue / Adjusted assets
  0.856
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  960
  1,535
  1,827
  2,150
  2,501
  2,883
  3,292
  3,730
  4,195
  4,686
  5,203
  5,747
  6,315
  6,909
  7,529
  8,174
  8,845
  9,543
  10,269
  11,022
  11,806
  12,620
  13,466
  14,347
  15,262
  16,215
  17,208
  18,242
  19,319
  20,443
  21,615
Working capital, $m
  235
  154
  183
  215
  251
  289
  330
  374
  420
  470
  522
  576
  633
  693
  755
  819
  887
  957
  1,029
  1,105
  1,183
  1,265
  1,350
  1,438
  1,530
  1,625
  1,725
  1,829
  1,937
  2,049
  2,167
Total debt, $m
  519
  684
  972
  1,289
  1,636
  2,011
  2,414
  2,845
  3,302
  3,786
  4,295
  4,830
  5,390
  5,974
  6,584
  7,219
  7,880
  8,567
  9,281
  10,023
  10,794
  11,596
  12,429
  13,295
  14,197
  15,135
  16,112
  17,129
  18,190
  19,296
  20,450
Total liabilities, $m
  1,253
  1,511
  1,799
  2,116
  2,462
  2,837
  3,241
  3,671
  4,129
  4,613
  5,122
  5,657
  6,216
  6,801
  7,411
  8,046
  8,707
  9,394
  10,108
  10,850
  11,621
  12,422
  13,256
  14,122
  15,023
  15,961
  16,938
  17,956
  19,017
  20,123
  21,277
Total equity, $m
  766
  926
  1,102
  1,297
  1,509
  1,739
  1,986
  2,250
  2,531
  2,827
  3,139
  3,467
  3,810
  4,168
  4,542
  4,931
  5,336
  5,757
  6,195
  6,650
  7,123
  7,614
  8,124
  8,655
  9,208
  9,783
  10,382
  11,005
  11,655
  12,333
  13,041
Total liabilities and equity, $m
  2,019
  2,437
  2,901
  3,413
  3,971
  4,576
  5,227
  5,921
  6,660
  7,440
  8,261
  9,124
  10,026
  10,969
  11,953
  12,977
  14,043
  15,151
  16,303
  17,500
  18,744
  20,036
  21,380
  22,777
  24,231
  25,744
  27,320
  28,961
  30,672
  32,456
  34,318
Debt-to-equity ratio
  0.678
  0.740
  0.880
  0.990
  1.080
  1.160
  1.220
  1.260
  1.300
  1.340
  1.370
  1.390
  1.410
  1.430
  1.450
  1.460
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.540
  1.540
  1.550
  1.550
  1.560
  1.560
  1.560
  1.570
Adjusted equity ratio
  0.313
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -338
  -51
  -64
  -80
  -96
  -115
  -135
  -156
  -179
  -203
  -228
  -226
  -254
  -284
  -315
  -347
  -381
  -416
  -452
  -490
  -529
  -570
  -612
  -657
  -702
  -750
  -800
  -852
  -905
  -962
  -1,020
Depreciation, amort., depletion, $m
  126
  183
  212
  244
  279
  318
  359
  402
  449
  498
  550
  575
  632
  691
  753
  817
  885
  954
  1,027
  1,102
  1,181
  1,262
  1,347
  1,435
  1,526
  1,622
  1,721
  1,824
  1,932
  2,044
  2,162
Funds from operations, $m
  224
  132
  148
  165
  183
  203
  224
  246
  270
  295
  321
  349
  377
  407
  438
  470
  504
  538
  575
  612
  651
  692
  734
  778
  824
  871
  921
  973
  1,027
  1,083
  1,141
Change in working capital, $m
  103
  26
  29
  32
  35
  38
  41
  44
  47
  49
  52
  54
  57
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  99
  104
  108
  113
  118
Cash from operations, $m
  121
  106
  118
  132
  148
  165
  183
  203
  224
  246
  269
  294
  320
  347
  376
  405
  436
  469
  502
  537
  573
  610
  649
  690
  732
  776
  821
  869
  919
  970
  1,024
Maintenance CAPEX, $m
  0
  -127
  -154
  -183
  -215
  -250
  -288
  -329
  -373
  -419
  -469
  -520
  -575
  -632
  -691
  -753
  -817
  -885
  -954
  -1,027
  -1,102
  -1,181
  -1,262
  -1,347
  -1,435
  -1,526
  -1,622
  -1,721
  -1,824
  -1,932
  -2,044
New CAPEX, $m
  -76
  -263
  -292
  -322
  -352
  -381
  -410
  -438
  -465
  -491
  -518
  -543
  -569
  -594
  -619
  -645
  -671
  -698
  -725
  -754
  -783
  -814
  -846
  -880
  -916
  -953
  -992
  -1,034
  -1,078
  -1,124
  -1,172
Cash from investing activities, $m
  -84
  -390
  -446
  -505
  -567
  -631
  -698
  -767
  -838
  -910
  -987
  -1,063
  -1,144
  -1,226
  -1,310
  -1,398
  -1,488
  -1,583
  -1,679
  -1,781
  -1,885
  -1,995
  -2,108
  -2,227
  -2,351
  -2,479
  -2,614
  -2,755
  -2,902
  -3,056
  -3,216
Free cash flow, $m
  37
  -284
  -327
  -373
  -419
  -467
  -515
  -564
  -614
  -665
  -717
  -769
  -823
  -878
  -935
  -993
  -1,052
  -1,114
  -1,178
  -1,244
  -1,313
  -1,384
  -1,459
  -1,537
  -1,618
  -1,703
  -1,792
  -1,886
  -1,983
  -2,085
  -2,193
Issuance/(repayment) of debt, $m
  43
  258
  288
  317
  346
  375
  403
  431
  458
  484
  509
  535
  560
  585
  610
  635
  661
  687
  714
  742
  771
  801
  833
  866
  901
  938
  977
  1,018
  1,061
  1,106
  1,154
Issuance/(repurchase) of shares, $m
  0
  211
  241
  274
  309
  345
  382
  420
  459
  499
  541
  554
  597
  642
  689
  736
  786
  837
  890
  945
  1,002
  1,061
  1,123
  1,188
  1,255
  1,325
  1,399
  1,475
  1,555
  1,639
  1,727
Cash from financing (excl. dividends), $m  
  105
  469
  529
  591
  655
  720
  785
  851
  917
  983
  1,050
  1,089
  1,157
  1,227
  1,299
  1,371
  1,447
  1,524
  1,604
  1,687
  1,773
  1,862
  1,956
  2,054
  2,156
  2,263
  2,376
  2,493
  2,616
  2,745
  2,881
Total cash flow (excl. dividends), $m
  135
  184
  201
  219
  236
  253
  270
  286
  302
  318
  333
  319
  334
  349
  364
  379
  394
  410
  426
  443
  460
  478
  497
  517
  538
  560
  583
  607
  633
  660
  689
Retained Cash Flow (-), $m
  387
  -211
  -241
  -274
  -309
  -345
  -382
  -420
  -459
  -499
  -541
  -554
  -597
  -642
  -689
  -736
  -786
  -837
  -890
  -945
  -1,002
  -1,061
  -1,123
  -1,188
  -1,255
  -1,325
  -1,399
  -1,475
  -1,555
  -1,639
  -1,727
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
 
  -26
  -40
  -55
  -73
  -91
  -112
  -134
  -157
  -181
  -207
  -235
  -263
  -293
  -325
  -358
  -392
  -427
  -464
  -502
  -542
  -583
  -626
  -671
  -717
  -765
  -816
  -868
  -922
  -979
  -1,039
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -25
  -36
  -48
  -60
  -71
  -81
  -90
  -98
  -104
  -109
  -111
  -112
  -112
  -109
  -105
  -99
  -93
  -85
  -77
  -69
  -60
  -52
  -44
  -37
  -30
  -24
  -19
  -14
  -11
  -8
Current shareholders' claim on cash, %
  100
  86.7
  75.7
  66.5
  58.7
  52.1
  46.4
  41.5
  37.2
  33.5
  30.3
  27.6
  25.2
  23.0
  21.1
  19.3
  17.7
  16.3
  15.0
  13.8
  12.8
  11.8
  10.9
  10.1
  9.3
  8.6
  8.0
  7.4
  6.9
  6.4
  5.9

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 -4.1
Price to Sales 0.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 30.5
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 20.6% 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 4.3%, 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 5.4% 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 81.8%.

Life of production assets of 10 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 8.2%. 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 172 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 $1.4 billion.

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COMPANY NEWS

▶ Is Ferroglobe PLC (NASDAQ:GSM) A Good Dividend Stock?   [Jun-26-18 03:30PM  Simply Wall St.]
▶ Ferroglobe Appoints Phillip Murnane Chief Financial Officer   [Jun-25-18 08:27AM  GlobeNewswire]
▶ Ferroglobe Announces Insider Buying   [Jun-07-18 11:54AM  GlobeNewswire]
▶ When Can We Expect A Profit From Ferroglobe PLC (NASDAQ:GSM)?   [May-22-18 07:55AM  Simply Wall St.]
▶ Globe Specialty Metals: 1Q Earnings Snapshot   [May-21-18 06:35PM  Associated Press]
▶ Ferroglobe Files Annual Report, SEC Form 20-F   [Apr-30-18 03:08PM  GlobeNewswire]
▶ Ferroglobe PLC to Host Earnings Call   [Feb-27-18 07:30AM  ACCESSWIRE]
▶ Globe Specialty Metals misses 4Q profit forecasts   [Feb-26-18 07:17PM  Associated Press]
▶ 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]
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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