Intrinsic value of Handy&Harman - HNH

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$28.25

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of HNH 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 0.3

 

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, %
  27.58
  27.60
  25.34
  23.31
  21.48
  19.83
  18.35
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
Revenue, $m
  828
  828
  1,038
  1,280
  1,555
  1,863
  2,205
  2,580
  2,988
  3,428
  3,899
  4,401
  4,934
  5,495
  6,086
  6,705
  7,352
  8,027
  8,731
  9,464
  10,226
  11,018
  11,842
  12,697
  13,587
  14,511
  15,472
  16,471
  17,511
  18,594
  19,722
Variable operating expenses, $m
 
  762
  952
  1,171
  1,420
  1,699
  2,008
  2,347
  2,717
  3,115
  3,542
  3,984
  4,466
  4,974
  5,509
  6,069
  6,655
  7,266
  7,904
  8,567
  9,257
  9,974
  10,719
  11,494
  12,299
  13,135
  14,005
  14,910
  15,851
  16,831
  17,852
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
  813
  762
  952
  1,171
  1,420
  1,699
  2,008
  2,347
  2,717
  3,115
  3,542
  3,984
  4,466
  4,974
  5,509
  6,069
  6,655
  7,266
  7,904
  8,567
  9,257
  9,974
  10,719
  11,494
  12,299
  13,135
  14,005
  14,910
  15,851
  16,831
  17,852
Operating income, $m
  15
  66
  86
  109
  135
  164
  197
  232
  271
  313
  357
  417
  468
  521
  577
  636
  697
  761
  828
  897
  969
  1,045
  1,123
  1,204
  1,288
  1,376
  1,467
  1,561
  1,660
  1,763
  1,870
EBITDA, $m
  55
  92
  115
  142
  172
  206
  244
  286
  331
  380
  432
  488
  546
  609
  674
  743
  814
  889
  967
  1,048
  1,133
  1,220
  1,312
  1,406
  1,505
  1,607
  1,714
  1,824
  1,940
  2,060
  2,185
Interest expense (income), $m
  6
  3
  8
  13
  18
  25
  32
  40
  49
  58
  69
  80
  92
  104
  118
  131
  146
  161
  177
  194
  211
  229
  248
  267
  287
  308
  330
  353
  376
  401
  426
Earnings before tax, $m
  8
  63
  79
  97
  117
  140
  165
  192
  222
  254
  289
  337
  376
  417
  459
  504
  551
  600
  650
  703
  758
  815
  875
  937
  1,001
  1,067
  1,137
  1,209
  1,284
  1,362
  1,443
Tax expense, $m
  14
  17
  21
  26
  32
  38
  45
  52
  60
  69
  78
  91
  101
  112
  124
  136
  149
  162
  176
  190
  205
  220
  236
  253
  270
  288
  307
  326
  347
  368
  390
Net income, $m
  -11
  46
  57
  71
  85
  102
  120
  140
  162
  186
  211
  246
  274
  304
  335
  368
  402
  438
  475
  513
  554
  595
  639
  684
  731
  779
  830
  882
  937
  994
  1,054

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  29
  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
  837
  767
  961
  1,185
  1,440
  1,725
  2,041
  2,389
  2,766
  3,174
  3,610
  4,075
  4,568
  5,088
  5,635
  6,208
  6,807
  7,433
  8,085
  8,763
  9,469
  10,202
  10,965
  11,757
  12,580
  13,436
  14,326
  15,251
  16,214
  17,217
  18,261
Adjusted assets (=assets-cash), $m
  808
  767
  961
  1,185
  1,440
  1,725
  2,041
  2,389
  2,766
  3,174
  3,610
  4,075
  4,568
  5,088
  5,635
  6,208
  6,807
  7,433
  8,085
  8,763
  9,469
  10,202
  10,965
  11,757
  12,580
  13,436
  14,326
  15,251
  16,214
  17,217
  18,261
Revenue / Adjusted assets
  1.025
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
  1.080
Average production assets, $m
  217
  164
  206
  253
  308
  369
  437
  511
  592
  679
  772
  871
  977
  1,088
  1,205
  1,328
  1,456
  1,589
  1,729
  1,874
  2,025
  2,182
  2,345
  2,514
  2,690
  2,873
  3,063
  3,261
  3,467
  3,682
  3,905
Working capital, $m
  137
  125
  157
  193
  235
  281
  333
  390
  451
  518
  589
  665
  745
  830
  919
  1,012
  1,110
  1,212
  1,318
  1,429
  1,544
  1,664
  1,788
  1,917
  2,052
  2,191
  2,336
  2,487
  2,644
  2,808
  2,978
Total debt, $m
  275
  217
  359
  522
  707
  914
  1,144
  1,397
  1,671
  1,967
  2,285
  2,623
  2,981
  3,359
  3,757
  4,173
  4,609
  5,064
  5,537
  6,031
  6,544
  7,077
  7,631
  8,207
  8,806
  9,428
  10,075
  10,748
  11,448
  12,177
  12,936
Total liabilities, $m
  670
  557
  699
  862
  1,047
  1,254
  1,484
  1,737
  2,011
  2,307
  2,625
  2,963
  3,321
  3,699
  4,097
  4,513
  4,949
  5,404
  5,877
  6,371
  6,884
  7,417
  7,971
  8,547
  9,146
  9,768
  10,415
  11,088
  11,788
  12,517
  13,276
Total equity, $m
  167
  209
  262
  324
  393
  471
  557
  652
  755
  866
  986
  1,113
  1,247
  1,389
  1,538
  1,695
  1,858
  2,029
  2,207
  2,392
  2,585
  2,785
  2,993
  3,210
  3,434
  3,668
  3,911
  4,164
  4,427
  4,700
  4,985
Total liabilities and equity, $m
  837
  766
  961
  1,186
  1,440
  1,725
  2,041
  2,389
  2,766
  3,173
  3,611
  4,076
  4,568
  5,088
  5,635
  6,208
  6,807
  7,433
  8,084
  8,763
  9,469
  10,202
  10,964
  11,757
  12,580
  13,436
  14,326
  15,252
  16,215
  17,217
  18,261
Debt-to-equity ratio
  1.647
  1.040
  1.370
  1.610
  1.800
  1.940
  2.050
  2.140
  2.210
  2.270
  2.320
  2.360
  2.390
  2.420
  2.440
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.540
  2.550
  2.560
  2.560
  2.570
  2.580
  2.580
  2.590
  2.590
  2.590
Adjusted equity ratio
  0.172
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -11
  46
  57
  71
  85
  102
  120
  140
  162
  186
  211
  246
  274
  304
  335
  368
  402
  438
  475
  513
  554
  595
  639
  684
  731
  779
  830
  882
  937
  994
  1,054
Depreciation, amort., depletion, $m
  40
  25
  29
  33
  37
  42
  47
  53
  60
  67
  74
  70
  79
  88
  97
  107
  117
  128
  139
  151
  163
  176
  189
  203
  217
  232
  247
  263
  280
  297
  315
Funds from operations, $m
  87
  71
  86
  103
  122
  144
  168
  194
  222
  253
  285
  316
  353
  392
  432
  475
  520
  566
  614
  665
  717
  771
  828
  886
  947
  1,011
  1,077
  1,145
  1,217
  1,291
  1,369
Change in working capital, $m
  4
  27
  32
  37
  42
  47
  52
  57
  62
  66
  71
  76
  80
  85
  89
  93
  98
  102
  106
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  163
  170
Cash from operations, $m
  83
  72
  54
  67
  81
  97
  116
  137
  160
  186
  214
  241
  273
  307
  343
  382
  422
  464
  508
  554
  602
  652
  703
  757
  813
  871
  932
  995
  1,060
  1,128
  1,198
Maintenance CAPEX, $m
  0
  -10
  -13
  -17
  -20
  -25
  -30
  -35
  -41
  -48
  -55
  -62
  -70
  -79
  -88
  -97
  -107
  -117
  -128
  -139
  -151
  -163
  -176
  -189
  -203
  -217
  -232
  -247
  -263
  -280
  -297
New CAPEX, $m
  -26
  -35
  -42
  -48
  -54
  -61
  -68
  -74
  -81
  -87
  -93
  -99
  -105
  -111
  -117
  -123
  -128
  -134
  -139
  -145
  -151
  -157
  -163
  -169
  -176
  -183
  -190
  -198
  -206
  -214
  -223
Cash from investing activities, $m
  -242
  -45
  -55
  -65
  -74
  -86
  -98
  -109
  -122
  -135
  -148
  -161
  -175
  -190
  -205
  -220
  -235
  -251
  -267
  -284
  -302
  -320
  -339
  -358
  -379
  -400
  -422
  -445
  -469
  -494
  -520
Free cash flow, $m
  -159
  26
  0
  2
  6
  12
  19
  28
  39
  51
  66
  79
  97
  117
  139
  162
  187
  213
  240
  269
  300
  331
  364
  399
  434
  471
  510
  550
  591
  634
  678
Issuance/(repayment) of debt, $m
  166
  120
  141
  163
  185
  208
  230
  252
  275
  296
  317
  338
  358
  378
  397
  417
  436
  455
  474
  493
  513
  533
  554
  576
  599
  622
  647
  673
  700
  729
  759
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  165
  120
  141
  163
  185
  208
  230
  252
  275
  296
  317
  338
  358
  378
  397
  417
  436
  455
  474
  493
  513
  533
  554
  576
  599
  622
  647
  673
  700
  729
  759
Total cash flow (excl. dividends), $m
  5
  146
  141
  165
  191
  219
  249
  280
  313
  347
  383
  417
  455
  495
  536
  579
  622
  667
  714
  763
  813
  865
  919
  975
  1,033
  1,094
  1,157
  1,222
  1,291
  1,363
  1,437
Retained Cash Flow (-), $m
  18
  -45
  -53
  -61
  -69
  -78
  -86
  -95
  -103
  -111
  -119
  -127
  -135
  -142
  -149
  -156
  -164
  -171
  -178
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -274
  -285
Prev. year cash balance distribution, $m
 
  21
  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
 
  122
  88
  104
  122
  141
  162
  185
  210
  236
  264
  290
  321
  353
  387
  422
  459
  497
  536
  577
  620
  665
  711
  758
  808
  860
  914
  970
  1,028
  1,089
  1,152
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
 
  117
  80
  90
  100
  109
  118
  125
  131
  136
  138
  138
  137
  134
  130
  124
  117
  108
  99
  89
  79
  69
  59
  50
  41
  33
  27
  21
  16
  12
  9
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

Handy & Harman Ltd. manufactures and sells engineered niche industrial products in the United States and internationally. It operates through Joining Materials, Tubing, Building Materials, Performance Materials, and Kasco Blades and Route Repair Services segments. The Joining Materials segment fabricates precious metals and their alloys into brazing alloys, including gold, silver, palladium, copper, nickel, aluminum, and tin. The Tubing segment provides seamless stainless steel tubing coils for petrochemical infrastructure and shipbuilding markets; small diameter coil tubing to the aerospace, defense, and semiconductor fabrication markets; and welded carbon steel tubing products in coiled and straight lengths for transportation, appliance and heating, and oil and gas industries. The Building Materials segment offers fasteners and fastening systems for the commercial low slope roofing industry; and engineered specialty fasteners for the building products industry. The Performance Materials segment manufactures sheet and mechanically formed glass and aramid materials for specialty applications. The Kasco Blades and Route Repair Services segment provides meat-room blade products, repair services, and resale products for the meat and deli departments of supermarkets, restaurants, and meat and fish processing plants, as well as for distributors of electrical saws and cutting equipment; and wood cutting blade products for the pallet manufacturing, pallet recycler, and portable saw mill industries. The company sells its products and services through direct sales forces, distributors, and manufacturerÂ’s representatives to the construction, electrical, electronics, transportation, utility, medical, oil and gas exploration, aerospace and defense, and food industries. The company was founded in 1852 and is based in White Plains, New York. Handy & Harman Ltd. is a subsidiary of Steel Partners Holdings L.P.

FINANCIAL RATIOS  of  Handy&Harman (HNH)

Valuation Ratios
P/E Ratio -31.4
Price to Sales 0.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 6.1
Growth Rates
Sales Growth Rate 27.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 73.3%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio 7
Current Ratio 0
LT Debt to Equity 162.3%
Total Debt to Equity 164.7%
Interest Coverage 2
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital -3%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity -6.3%
Return On Equity - 3 Yr. Avg. 37.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 27.5%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 1.8%
Oper. Margin - 3 Yr. Avg. 5.4%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin -1.3%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 175%
Eff/ Tax Rate - 3 Yr. Avg. 87.1%
Payout Ratio 0%

HNH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HNH stock intrinsic value calculation we used $649 million for the last fiscal year's total revenue generated by Handy&Harman. The default revenue input number comes from 2016 income statement of Handy&Harman. 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 HNH stock valuation model: a) initial revenue growth rate of 27.6% 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 HNH is calculated based on our internal credit rating of Handy&Harman, 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 Handy&Harman.
    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 HNH stock the variable cost ratio is equal to 92.4%.

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 HNH 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 3.5% for Handy&Harman.

Corporate tax rate of 27% is the nominal tax rate for Handy&Harman. 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 HNH 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 HNH are equal to 19.8%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Handy&Harman 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 HNH is equal to 15.1%. 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 - $185 million for Handy&Harman - 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 12.215 million for Handy&Harman 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 Handy&Harman at the current share price and the inputted number of shares is $0.3 billion.


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COMPANY NEWS

▶ ETFs with exposure to Handy & Harman Ltd. : May 8, 2017   [May-08-17 04:41PM  Capital Cube]
▶ Handy & Harman posts 1Q profit   [May-02-17 07:09PM  Associated Press]
▶ Handy & Harman reports 4Q loss   [06:23PM  Associated Press]
▶ Handy & Harman Ltd. Acquires ElectroMagnetic Enterprise   [Oct-03-16 09:00AM  Business Wire]
▶ [$$] Bruce Geller Finds Beauty In Microcap Stocks   [Jun-25-16 12:01AM  at Barrons.com]
▶ What You Need to Know About These Hot Stocks   [Apr-07-16 12:53PM  at Insider Monkey]
▶ [$$] Handy & Harman to Buy SL Industries   [09:06AM  at The Wall Street Journal]
▶ SL Industries Spikes On Buyout Offer   [Feb-09-16 01:50PM  Benzinga]
▶ Is Nanometrics Incorporated (NANO) A Good Stock To Buy?   [Nov-27  09:59AM  at Insider Monkey]
Stock chart of HNH Financial statements of HNH Annual reports of HNH
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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