Intrinsic value of Harsco - HSC

Previous Close

$14.90

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$14.90

 
Intrinsic value

$6.63

 
Up/down potential

-55%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of HSC 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 1.2

 

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, %
  -15.79
  5.70
  5.63
  5.57
  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
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,451
  1,534
  1,620
  1,710
  1,804
  1,903
  2,006
  2,114
  2,227
  2,345
  2,468
  2,598
  2,733
  2,875
  3,024
  3,180
  3,344
  3,515
  3,695
  3,884
  4,082
  4,289
  4,507
  4,735
  4,975
  5,227
  5,491
  5,768
  6,058
  6,363
  6,684
Variable operating expenses, $m
 
  1,193
  1,258
  1,325
  1,396
  1,471
  1,548
  1,629
  1,714
  1,803
  1,896
  1,955
  2,057
  2,164
  2,276
  2,394
  2,517
  2,646
  2,781
  2,923
  3,072
  3,228
  3,392
  3,564
  3,745
  3,934
  4,133
  4,341
  4,560
  4,790
  5,031
Fixed operating expenses, $m
 
  306
  314
  322
  330
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
Total operating expenses, $m
  1,423
  1,499
  1,572
  1,647
  1,726
  1,809
  1,895
  1,984
  2,078
  2,176
  2,279
  2,347
  2,459
  2,576
  2,698
  2,827
  2,961
  3,101
  3,247
  3,401
  3,562
  3,730
  3,907
  4,092
  4,286
  4,488
  4,701
  4,923
  5,157
  5,402
  5,658
Operating income, $m
  28
  35
  48
  63
  78
  94
  111
  129
  148
  168
  189
  250
  274
  299
  325
  353
  383
  414
  448
  483
  520
  559
  600
  644
  690
  738
  790
  844
  901
  962
  1,026
EBITDA, $m
  169
  162
  181
  201
  221
  243
  266
  290
  316
  343
  371
  401
  433
  466
  502
  539
  578
  619
  663
  709
  757
  808
  862
  919
  979
  1,043
  1,110
  1,180
  1,254
  1,333
  1,415
Interest expense (income), $m
  50
  40
  39
  44
  50
  55
  61
  67
  74
  80
  88
  95
  103
  111
  119
  128
  138
  147
  158
  168
  180
  192
  204
  217
  231
  245
  260
  276
  292
  310
  328
Earnings before tax, $m
  -79
  -6
  9
  19
  29
  39
  50
  62
  74
  88
  102
  155
  171
  188
  206
  225
  246
  267
  290
  314
  340
  367
  396
  427
  459
  493
  530
  568
  609
  652
  698
Tax expense, $m
  7
  0
  3
  5
  8
  11
  14
  17
  20
  24
  28
  42
  46
  51
  56
  61
  66
  72
  78
  85
  92
  99
  107
  115
  124
  133
  143
  153
  164
  176
  188
Net income, $m
  -86
  -6
  7
  14
  21
  28
  37
  45
  54
  64
  74
  113
  125
  137
  151
  164
  179
  195
  212
  229
  248
  268
  289
  311
  335
  360
  387
  415
  445
  476
  509

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  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
  1,581
  1,594
  1,684
  1,778
  1,876
  1,978
  2,085
  2,197
  2,314
  2,437
  2,566
  2,700
  2,841
  2,989
  3,144
  3,306
  3,476
  3,654
  3,841
  4,037
  4,243
  4,459
  4,685
  4,922
  5,172
  5,433
  5,708
  5,995
  6,298
  6,615
  6,948
Adjusted assets (=assets-cash), $m
  1,509
  1,594
  1,684
  1,778
  1,876
  1,978
  2,085
  2,197
  2,314
  2,437
  2,566
  2,700
  2,841
  2,989
  3,144
  3,306
  3,476
  3,654
  3,841
  4,037
  4,243
  4,459
  4,685
  4,922
  5,172
  5,433
  5,708
  5,995
  6,298
  6,615
  6,948
Revenue / Adjusted assets
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
Average production assets, $m
  575
  607
  642
  677
  715
  754
  794
  837
  882
  928
  977
  1,029
  1,082
  1,139
  1,198
  1,259
  1,324
  1,392
  1,463
  1,538
  1,616
  1,699
  1,785
  1,875
  1,970
  2,070
  2,174
  2,284
  2,399
  2,520
  2,647
Working capital, $m
  122
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  260
  274
  287
  302
  317
  333
  350
  368
Total debt, $m
  659
  609
  690
  774
  862
  954
  1,051
  1,152
  1,257
  1,367
  1,483
  1,604
  1,731
  1,864
  2,003
  2,149
  2,302
  2,463
  2,631
  2,807
  2,993
  3,187
  3,390
  3,604
  3,828
  4,064
  4,311
  4,570
  4,842
  5,127
  5,427
Total liabilities, $m
  1,485
  1,435
  1,516
  1,600
  1,688
  1,780
  1,877
  1,978
  2,083
  2,193
  2,309
  2,430
  2,557
  2,690
  2,829
  2,975
  3,128
  3,289
  3,457
  3,633
  3,819
  4,013
  4,216
  4,430
  4,654
  4,890
  5,137
  5,396
  5,668
  5,953
  6,253
Total equity, $m
  96
  159
  168
  178
  188
  198
  209
  220
  231
  244
  257
  270
  284
  299
  314
  331
  348
  365
  384
  404
  424
  446
  468
  492
  517
  543
  571
  600
  630
  661
  695
Total liabilities and equity, $m
  1,581
  1,594
  1,684
  1,778
  1,876
  1,978
  2,086
  2,198
  2,314
  2,437
  2,566
  2,700
  2,841
  2,989
  3,143
  3,306
  3,476
  3,654
  3,841
  4,037
  4,243
  4,459
  4,684
  4,922
  5,171
  5,433
  5,708
  5,996
  6,298
  6,614
  6,948
Debt-to-equity ratio
  6.865
  3.820
  4.100
  4.350
  4.600
  4.820
  5.040
  5.240
  5.430
  5.610
  5.780
  5.940
  6.090
  6.240
  6.370
  6.500
  6.620
  6.740
  6.850
  6.950
  7.050
  7.150
  7.240
  7.320
  7.400
  7.480
  7.550
  7.620
  7.690
  7.750
  7.810
Adjusted equity ratio
  0.019
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -86
  -6
  7
  14
  21
  28
  37
  45
  54
  64
  74
  113
  125
  137
  151
  164
  179
  195
  212
  229
  248
  268
  289
  311
  335
  360
  387
  415
  445
  476
  509
Depreciation, amort., depletion, $m
  141
  128
  133
  138
  143
  149
  155
  161
  168
  175
  182
  151
  159
  167
  176
  185
  195
  205
  215
  226
  238
  250
  262
  276
  290
  304
  320
  336
  353
  371
  389
Funds from operations, $m
  175
  122
  139
  151
  164
  177
  192
  207
  222
  239
  256
  265
  284
  305
  327
  350
  374
  400
  427
  456
  486
  518
  552
  587
  625
  665
  706
  751
  797
  847
  899
Change in working capital, $m
  15
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
Cash from operations, $m
  160
  75
  135
  146
  159
  172
  186
  201
  216
  232
  250
  257
  277
  297
  318
  341
  365
  390
  417
  445
  475
  506
  540
  575
  612
  651
  692
  735
  781
  830
  881
Maintenance CAPEX, $m
  0
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -215
  -226
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -336
  -353
  -371
New CAPEX, $m
  -69
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -115
  -121
  -127
Cash from investing activities, $m
  123
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -304
  -320
  -336
  -352
  -371
  -390
  -409
  -430
  -451
  -474
  -498
Free cash flow, $m
  283
  -42
  11
  16
  22
  28
  34
  41
  48
  56
  64
  62
  72
  82
  92
  103
  115
  128
  141
  155
  170
  186
  204
  222
  241
  261
  283
  306
  330
  356
  384
Issuance/(repayment) of debt, $m
  -261
  -20
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  204
  214
  224
  235
  247
  259
  272
  285
  300
Issuance/(repurchase) of shares, $m
  0
  126
  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  
  -288
  106
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  204
  214
  224
  235
  247
  259
  272
  285
  300
Total cash flow (excl. dividends), $m
  -4
  -63
  92
  101
  110
  120
  131
  142
  154
  166
  180
  184
  199
  214
  231
  249
  268
  288
  309
  332
  356
  381
  407
  435
  465
  497
  530
  565
  602
  642
  683
Retained Cash Flow (-), $m
  176
  -105
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
Prev. year cash balance distribution, $m
 
  42
  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
 
  0
  83
  91
  100
  110
  120
  131
  142
  154
  167
  170
  184
  200
  216
  233
  251
  270
  291
  312
  335
  359
  385
  412
  440
  471
  503
  536
  572
  610
  650
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  0
  68
  67
  64
  62
  58
  54
  49
  44
  39
  32
  27
  23
  19
  15
  12
  9
  7
  5
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1
  81.1

Harsco Corporation provides industrial services and engineered products worldwide. The company operates through three segments: Harsco Metals & Minerals, Harsco Industrial, and Harsco Rail. The Harsco Metals & Minerals segment provides on-site services of material logistics, product quality improvement, and resource recovery for iron, steel, and metals manufacturing; and value added environmental solutions for industrial co-products, as well as manufactures industrial abrasives and roofing granules. The Harsco Industrial segment manufactures and supplies custom-engineered and manufactured air-cooled heat exchangers for the natural gas, natural gas processing, and petrochemical industries; industrial grating products, which include a range of metal bar grating configurations for industrial flooring, and safety and security applications in the energy, paper, chemical, refining, and processing industries, as well as offers GrateGuard, a fencing solution for first-line physical security; and heat transfer products, such as boilers and water heaters for commercial and institutional applications. The Harsco Rail segment designs and manufactures safety systems for transportation and industrial applications; and equipment, after-market parts, and services for the maintenance, repair, and construction of railway track. This segment serves private and government-owned railroads, and urban mass transit systems. Harsco Corporation was founded in 1853 and is headquartered in Camp Hill, Pennsylvania.

FINANCIAL RATIOS  of  Harsco (HSC)

Valuation Ratios
P/E Ratio -13.9
Price to Sales 0.8
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 13.1
Growth Rates
Sales Growth Rate -15.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.4%
Cap. Spend. - 3 Yr. Gr. Rate -22.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 655.2%
Total Debt to Equity 686.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.7%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -8.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -46.7%
Return On Equity - 3 Yr. Avg. -16.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 20.4%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin -5.4%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin -5.9%
Net Profit Margin - 3 Yr. Avg. -2.2%
Effective Tax Rate -8.9%
Eff/ Tax Rate - 3 Yr. Avg. 95.1%
Payout Ratio -4.7%

HSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HSC stock intrinsic value calculation we used $1451 million for the last fiscal year's total revenue generated by Harsco. The default revenue input number comes from 2016 income statement of Harsco. 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 HSC stock valuation model: a) initial revenue growth rate of 5.7% 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 10.1%, whose default value for HSC is calculated based on our internal credit rating of Harsco, 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 Harsco.
    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 HSC stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $299 million in the base year in the intrinsic value calculation for HSC 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 6.4% for Harsco.

Corporate tax rate of 27% is the nominal tax rate for Harsco. 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 HSC 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 HSC are equal to 39.6%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Harsco 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 HSC is equal to 5.5%. 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 - $96 million for Harsco - 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 81.1 million for Harsco 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 Harsco at the current share price and the inputted number of shares is $1.2 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
GE General Electr 27.45 prem.  prem.

COMPANY NEWS

▶ ETFs with exposure to Harsco Corp. : May 8, 2017   [May-08-17 04:42PM  Capital Cube]
▶ Harsco beats 1Q profit forecasts   [07:30AM  Associated Press]
▶ Harsco Corp. Value Analysis (NYSE:HSC) : April 27, 2017   [Apr-27-17 04:53PM  Capital Cube]
▶ ETFs with exposure to Harsco Corp. : April 20, 2017   [Apr-20-17 02:20PM  Capital Cube]
▶ IIROC Trading Halt - HSC   [Mar-06-17 09:16AM  PR Newswire]
▶ Harsco reports 4Q loss   [07:56AM  Associated Press]
▶ 10 things you need to know today   [Feb-21-17 06:34AM  Business Insider]
▶ Here is What Hedge Funds Think About Carmike Cinemas, Inc. (CKEC)   [Dec-07-16 06:50AM  at Insider Monkey]
▶ Harsco Appoints Jeswant Gill to Lead Its Rail Business   [Oct-19-16 10:57AM  GlobeNewswire]
▶ A Closer Look at Five Stocks Gaining Ground on Friday   [Sep-16-16 12:02PM  at Insider Monkey]
▶ [$$] Harsco Sells Stake in CD&R Portfolio Company   [Sep-15-16 06:40PM  at The Wall Street Journal]
▶ Harsco Sells Interest in Brand Energy JV   [04:15PM  GlobeNewswire]
▶ Harsco Announces Leadership Updates   [Aug-16-16 04:15PM  GlobeNewswire]
▶ Why Cree, Harsco, and Valeant Pharmaceuticals Jumped Today   [Jul-14-16 06:34PM  at Motley Fool]
Stock chart of HSC Financial statements of HSC Annual reports of HSC
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.