Intrinsic value of Huntington Ingalls Industries - HII

Previous Close

$202.84

  Intrinsic Value

$213.53

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

+29%

Previous close

$202.84

 
Intrinsic value

$213.53

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

+29%

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

We calculate the intrinsic value of HII 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 9.4

 

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, %
  0.68
  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
  7,068
  7,209
  7,375
  7,565
  7,778
  8,013
  8,272
  8,554
  8,859
  9,187
  9,540
  9,917
  10,319
  10,748
  11,203
  11,687
  12,199
  12,741
  13,314
  13,920
  14,560
  15,235
  15,946
  16,697
  17,487
  18,319
  19,196
  20,119
  21,089
  22,111
  23,185
Variable operating expenses, $m
 
  6,414
  6,559
  6,724
  6,910
  7,115
  7,341
  7,587
  7,853
  8,140
  8,447
  8,653
  9,004
  9,378
  9,775
  10,197
  10,644
  11,117
  11,617
  12,146
  12,704
  13,293
  13,914
  14,568
  15,258
  15,984
  16,749
  17,554
  18,401
  19,293
  20,230
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
  6,210
  6,414
  6,559
  6,724
  6,910
  7,115
  7,341
  7,587
  7,853
  8,140
  8,447
  8,653
  9,004
  9,378
  9,775
  10,197
  10,644
  11,117
  11,617
  12,146
  12,704
  13,293
  13,914
  14,568
  15,258
  15,984
  16,749
  17,554
  18,401
  19,293
  20,230
Operating income, $m
  858
  795
  817
  841
  868
  898
  931
  967
  1,006
  1,048
  1,093
  1,264
  1,315
  1,370
  1,428
  1,490
  1,555
  1,624
  1,697
  1,774
  1,856
  1,942
  2,032
  2,128
  2,229
  2,335
  2,447
  2,564
  2,688
  2,818
  2,955
EBITDA, $m
  1,044
  1,050
  1,074
  1,102
  1,133
  1,167
  1,205
  1,246
  1,290
  1,338
  1,390
  1,445
  1,503
  1,566
  1,632
  1,702
  1,777
  1,856
  1,939
  2,028
  2,121
  2,219
  2,323
  2,432
  2,547
  2,668
  2,796
  2,930
  3,072
  3,221
  3,377
Interest expense (income), $m
  71
  72
  77
  83
  90
  98
  107
  116
  127
  138
  150
  163
  177
  192
  208
  225
  243
  262
  283
  304
  326
  350
  375
  402
  430
  459
  490
  523
  557
  593
  631
Earnings before tax, $m
  784
  724
  740
  758
  778
  800
  824
  851
  879
  909
  942
  1,101
  1,138
  1,177
  1,220
  1,264
  1,312
  1,362
  1,414
  1,470
  1,529
  1,592
  1,657
  1,726
  1,799
  1,876
  1,957
  2,041
  2,131
  2,225
  2,324
Tax expense, $m
  211
  195
  200
  205
  210
  216
  223
  230
  237
  246
  254
  297
  307
  318
  329
  341
  354
  368
  382
  397
  413
  430
  447
  466
  486
  506
  528
  551
  575
  601
  627
Net income, $m
  573
  528
  540
  553
  568
  584
  602
  621
  642
  664
  688
  803
  831
  860
  890
  923
  957
  994
  1,033
  1,073
  1,116
  1,162
  1,210
  1,260
  1,313
  1,369
  1,428
  1,490
  1,556
  1,624
  1,696

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  720
  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
  6,352
  5,745
  5,877
  6,028
  6,197
  6,385
  6,591
  6,816
  7,059
  7,320
  7,601
  7,902
  8,223
  8,564
  8,927
  9,312
  9,720
  10,152
  10,609
  11,092
  11,601
  12,139
  12,706
  13,304
  13,934
  14,597
  15,296
  16,031
  16,804
  17,618
  18,474
Adjusted assets (=assets-cash), $m
  5,632
  5,745
  5,877
  6,028
  6,197
  6,385
  6,591
  6,816
  7,059
  7,320
  7,601
  7,902
  8,223
  8,564
  8,927
  9,312
  9,720
  10,152
  10,609
  11,092
  11,601
  12,139
  12,706
  13,304
  13,934
  14,597
  15,296
  16,031
  16,804
  17,618
  18,474
Revenue / Adjusted assets
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
Average production assets, $m
  2,428
  2,480
  2,537
  2,602
  2,675
  2,757
  2,846
  2,942
  3,047
  3,160
  3,282
  3,411
  3,550
  3,697
  3,854
  4,020
  4,196
  4,383
  4,580
  4,789
  5,009
  5,241
  5,486
  5,744
  6,016
  6,302
  6,603
  6,921
  7,255
  7,606
  7,976
Working capital, $m
  799
  79
  81
  83
  86
  88
  91
  94
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  146
  153
  160
  168
  175
  184
  192
  202
  211
  221
  232
  243
  255
Total debt, $m
  1,278
  1,370
  1,480
  1,606
  1,747
  1,904
  2,076
  2,263
  2,466
  2,684
  2,919
  3,169
  3,437
  3,722
  4,024
  4,345
  4,686
  5,046
  5,427
  5,829
  6,255
  6,703
  7,176
  7,675
  8,200
  8,753
  9,336
  9,949
  10,594
  11,273
  11,986
Total liabilities, $m
  4,699
  4,791
  4,901
  5,027
  5,168
  5,325
  5,497
  5,684
  5,887
  6,105
  6,340
  6,590
  6,858
  7,143
  7,445
  7,766
  8,107
  8,467
  8,848
  9,250
  9,676
  10,124
  10,597
  11,096
  11,621
  12,174
  12,757
  13,370
  14,015
  14,694
  15,407
Total equity, $m
  1,653
  954
  976
  1,001
  1,029
  1,060
  1,094
  1,131
  1,172
  1,215
  1,262
  1,312
  1,365
  1,422
  1,482
  1,546
  1,614
  1,685
  1,761
  1,841
  1,926
  2,015
  2,109
  2,208
  2,313
  2,423
  2,539
  2,661
  2,790
  2,925
  3,067
Total liabilities and equity, $m
  6,352
  5,745
  5,877
  6,028
  6,197
  6,385
  6,591
  6,815
  7,059
  7,320
  7,602
  7,902
  8,223
  8,565
  8,927
  9,312
  9,721
  10,152
  10,609
  11,091
  11,602
  12,139
  12,706
  13,304
  13,934
  14,597
  15,296
  16,031
  16,805
  17,619
  18,474
Debt-to-equity ratio
  0.773
  1.440
  1.520
  1.610
  1.700
  1.800
  1.900
  2.000
  2.100
  2.210
  2.310
  2.420
  2.520
  2.620
  2.720
  2.810
  2.900
  2.990
  3.080
  3.170
  3.250
  3.330
  3.400
  3.480
  3.550
  3.610
  3.680
  3.740
  3.800
  3.850
  3.910
Adjusted equity ratio
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  573
  528
  540
  553
  568
  584
  602
  621
  642
  664
  688
  803
  831
  860
  890
  923
  957
  994
  1,033
  1,073
  1,116
  1,162
  1,210
  1,260
  1,313
  1,369
  1,428
  1,490
  1,556
  1,624
  1,696
Depreciation, amort., depletion, $m
  186
  255
  258
  261
  265
  269
  274
  279
  285
  291
  297
  180
  188
  196
  204
  213
  222
  232
  242
  253
  265
  277
  290
  304
  318
  333
  349
  366
  384
  402
  422
Funds from operations, $m
  759
  783
  798
  814
  833
  853
  876
  900
  926
  955
  985
  984
  1,018
  1,055
  1,094
  1,136
  1,179
  1,226
  1,275
  1,327
  1,381
  1,439
  1,500
  1,564
  1,632
  1,703
  1,778
  1,856
  1,939
  2,027
  2,118
Change in working capital, $m
  -63
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  822
  782
  796
  812
  831
  851
  873
  897
  923
  951
  981
  980
  1,014
  1,050
  1,089
  1,130
  1,174
  1,220
  1,269
  1,320
  1,374
  1,432
  1,492
  1,556
  1,623
  1,694
  1,768
  1,846
  1,929
  2,015
  2,107
Maintenance CAPEX, $m
  0
  -128
  -131
  -134
  -138
  -142
  -146
  -151
  -156
  -161
  -167
  -174
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -242
  -253
  -265
  -277
  -290
  -304
  -318
  -333
  -349
  -366
  -384
  -402
New CAPEX, $m
  -285
  -52
  -57
  -65
  -73
  -81
  -89
  -97
  -105
  -113
  -121
  -130
  -138
  -147
  -157
  -166
  -176
  -186
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -286
  -302
  -317
  -334
  -351
  -370
Cash from investing activities, $m
  -653
  -180
  -188
  -199
  -211
  -223
  -235
  -248
  -261
  -274
  -288
  -304
  -318
  -335
  -353
  -370
  -389
  -408
  -429
  -450
  -473
  -497
  -522
  -548
  -576
  -604
  -635
  -666
  -700
  -735
  -772
Free cash flow, $m
  169
  601
  608
  613
  620
  628
  638
  649
  662
  677
  692
  676
  695
  715
  737
  760
  785
  811
  839
  869
  901
  935
  970
  1,008
  1,047
  1,089
  1,133
  1,180
  1,229
  1,280
  1,335
Issuance/(repayment) of debt, $m
  0
  92
  110
  126
  141
  157
  172
  187
  203
  218
  234
  251
  267
  285
  303
  321
  340
  360
  381
  403
  425
  448
  473
  499
  525
  553
  582
  613
  645
  679
  714
Issuance/(repurchase) of shares, $m
  -194
  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 from financing (excl. dividends), $m  
  -245
  92
  110
  126
  141
  157
  172
  187
  203
  218
  234
  251
  267
  285
  303
  321
  340
  360
  381
  403
  425
  448
  473
  499
  525
  553
  582
  613
  645
  679
  714
Total cash flow (excl. dividends), $m
  -76
  693
  718
  739
  761
  785
  810
  837
  865
  895
  927
  927
  963
  1,000
  1,040
  1,081
  1,125
  1,172
  1,220
  1,272
  1,326
  1,383
  1,443
  1,506
  1,572
  1,642
  1,716
  1,793
  1,874
  1,959
  2,049
Retained Cash Flow (-), $m
  -163
  -21
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -122
  -128
  -135
  -142
Prev. year cash balance distribution, $m
 
  720
  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
 
  1,392
  696
  714
  733
  754
  776
  799
  825
  852
  880
  877
  909
  943
  979
  1,017
  1,058
  1,100
  1,145
  1,192
  1,241
  1,294
  1,349
  1,407
  1,468
  1,532
  1,600
  1,671
  1,745
  1,824
  1,906
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
 
  1,335
  637
  621
  603
  584
  563
  540
  515
  489
  461
  417
  388
  359
  329
  299
  269
  239
  211
  183
  158
  134
  112
  92
  75
  60
  47
  36
  27
  20
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Huntington Ingalls Industries, Inc. engages in designing, building, overhauling, and repairing of ships in the United States. It operates through three segments: Ingalls, Newport News, and Technical Solutions. The company is involved in the design and construction of non-nuclear ships comprising amphibious assault ships that include deck amphibious ships and transport dock ships; surface combatants; and national security cutters for the U.S. Navy and U.S. Coast Guard. It also provides nuclear-powered ships, such as aircraft carriers and submarines; refueling and overhaul, and inactivation services for nuclear-powered ships. In addition, the company offers naval nuclear support services, including fleet services comprising design, construction, maintenance, and disposal activities for in service U.S. Navy nuclear ships; and maintenance services on nuclear reactor prototypes. Further, it provides fleet support services comprising ship technical and waterfront; naval architecture and marine engineering; integrated logistics support; technical documentation development; warehousing, asset management, and material readiness; operational and maintenance training development and delivery; software design and development; IT infrastructure support and data delivery and management; and cyber security and information assurance services, as well as undersea vehicle and specialized craft development and prototyping services. Additionally, the company offers integrated missions solutions services; nuclear and environmental services; engineering, procurement, and construction management services to the oil and gas industry; environmental, nuclear, and technical consulting and engineering services to the Department of Energy and Department of Defense, as well as to the private sector; and unmanned underwater vehicles designing and building services. Huntington Ingalls Industries, Inc. was incorporated in 2010 and is headquartered in Newport News, Virginia.

FINANCIAL RATIOS  of  Huntington Ingalls Industries (HII)

Valuation Ratios
P/E Ratio 16.4
Price to Sales 1.3
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.6%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 77.3%
Total Debt to Equity 77.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.9%
Return On Equity 36.5%
Return On Equity - 3 Yr. Avg. 29.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 20.8%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 17.1%

HII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HII stock intrinsic value calculation we used $7068 million for the last fiscal year's total revenue generated by Huntington Ingalls Industries. The default revenue input number comes from 2016 income statement of Huntington Ingalls Industries. 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 HII 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 4.3%, whose default value for HII is calculated based on our internal credit rating of Huntington Ingalls Industries, 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 Huntington Ingalls Industries.
    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 HII stock the variable cost ratio is equal to 89%.

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 HII 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 Huntington Ingalls Industries.

Corporate tax rate of 27% is the nominal tax rate for Huntington Ingalls Industries. 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 HII 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 HII are equal to 34.4%.

Life of production assets of 18.9 years is the average useful life of capital assets used in Huntington Ingalls Industries 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 HII is equal to 1.1%. 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 - $1653 million for Huntington Ingalls Industries - 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 46.111 million for Huntington Ingalls Industries 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 Huntington Ingalls Industries at the current share price and the inputted number of shares is $9.4 billion.

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COMPANY NEWS

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Stock chart of HII Financial statements of HII Annual reports of HII
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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