Intrinsic value of Harsco - HSC

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$15.65

  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 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
  134
  151
  169
  188
  208
  229
  251
  275
  299
  325
  353
  382
  413
  445
  479
  516
  554
  594
  636
  681
  728
  778
  831
  887
  945
  1,007
  1,072
  1,141
  1,214
  1,291
Interest expense (income), $m
  50
  42
  43
  49
  54
  60
  67
  73
  80
  87
  94
  102
  110
  119
  128
  137
  147
  157
  168
  179
  191
  203
  216
  230
  244
  259
  275
  292
  309
  327
  346
Earnings before tax, $m
  -79
  -8
  5
  14
  24
  34
  45
  56
  68
  81
  95
  148
  164
  180
  198
  217
  236
  258
  280
  304
  329
  355
  384
  414
  445
  479
  515
  552
  592
  635
  679
Tax expense, $m
  7
  0
  1
  4
  6
  9
  12
  15
  18
  22
  26
  40
  44
  49
  53
  58
  64
  70
  76
  82
  89
  96
  104
  112
  120
  129
  139
  149
  160
  171
  183
Net income, $m
  -86
  -8
  4
  10
  17
  25
  33
  41
  50
  59
  70
  108
  120
  132
  144
  158
  173
  188
  204
  222
  240
  259
  280
  302
  325
  350
  376
  403
  432
  463
  496

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
  1,671
  1,765
  1,863
  1,966
  2,073
  2,185
  2,303
  2,425
  2,554
  2,689
  2,830
  2,977
  3,132
  3,294
  3,464
  3,642
  3,829
  4,025
  4,231
  4,446
  4,672
  4,910
  5,158
  5,420
  5,694
  5,981
  6,283
  6,600
  6,932
  7,281
Adjusted assets (=assets-cash), $m
  1,509
  1,671
  1,765
  1,863
  1,966
  2,073
  2,185
  2,303
  2,425
  2,554
  2,689
  2,830
  2,977
  3,132
  3,294
  3,464
  3,642
  3,829
  4,025
  4,231
  4,446
  4,672
  4,910
  5,158
  5,420
  5,694
  5,981
  6,283
  6,600
  6,932
  7,281
Revenue / Adjusted assets
  0.962
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
  0.918
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
  678
  762
  851
  943
  1,040
  1,141
  1,246
  1,357
  1,473
  1,594
  1,721
  1,854
  1,993
  2,139
  2,292
  2,452
  2,620
  2,797
  2,982
  3,176
  3,379
  3,593
  3,817
  4,052
  4,298
  4,557
  4,829
  5,114
  5,413
  5,727
Total liabilities, $m
  1,485
  1,504
  1,588
  1,677
  1,769
  1,866
  1,967
  2,072
  2,183
  2,299
  2,420
  2,547
  2,680
  2,819
  2,965
  3,118
  3,278
  3,446
  3,623
  3,808
  4,002
  4,205
  4,419
  4,643
  4,878
  5,124
  5,383
  5,655
  5,940
  6,239
  6,553
Total equity, $m
  96
  167
  176
  186
  197
  207
  219
  230
  243
  255
  269
  283
  298
  313
  329
  346
  364
  383
  403
  423
  445
  467
  491
  516
  542
  569
  598
  628
  660
  693
  728
Total liabilities and equity, $m
  1,581
  1,671
  1,764
  1,863
  1,966
  2,073
  2,186
  2,302
  2,426
  2,554
  2,689
  2,830
  2,978
  3,132
  3,294
  3,464
  3,642
  3,829
  4,026
  4,231
  4,447
  4,672
  4,910
  5,159
  5,420
  5,693
  5,981
  6,283
  6,600
  6,932
  7,281
Debt-to-equity ratio
  6.865
  4.060
  4.320
  4.570
  4.800
  5.020
  5.220
  5.410
  5.590
  5.770
  5.930
  6.080
  6.230
  6.360
  6.490
  6.620
  6.730
  6.840
  6.950
  7.050
  7.140
  7.230
  7.320
  7.400
  7.480
  7.550
  7.620
  7.690
  7.750
  7.810
  7.870
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
  -8
  4
  10
  17
  25
  33
  41
  50
  59
  70
  108
  120
  132
  144
  158
  173
  188
  204
  222
  240
  259
  280
  302
  325
  350
  376
  403
  432
  463
  496
Depreciation, amort., depletion, $m
  141
  99
  102
  106
  110
  114
  118
  122
  126
  131
  136
  103
  108
  114
  120
  126
  132
  139
  146
  154
  162
  170
  178
  188
  197
  207
  217
  228
  240
  252
  265
Funds from operations, $m
  175
  91
  106
  116
  127
  138
  150
  163
  176
  190
  205
  211
  228
  245
  264
  284
  305
  327
  351
  375
  402
  429
  459
  489
  522
  557
  593
  632
  672
  715
  761
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
  87
  101
  111
  122
  133
  145
  157
  170
  184
  199
  204
  220
  238
  256
  275
  296
  318
  341
  365
  391
  418
  447
  477
  509
  543
  579
  616
  656
  699
  743
Maintenance CAPEX, $m
  0
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -178
  -188
  -197
  -207
  -217
  -228
  -240
  -252
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
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -182
  -191
  -200
  -210
  -221
  -232
  -244
  -256
  -268
  -283
  -297
  -312
  -327
  -343
  -361
  -379
Free cash flow, $m
  283
  -3
  6
  11
  17
  22
  28
  35
  42
  49
  57
  55
  64
  73
  83
  94
  105
  117
  130
  144
  159
  174
  191
  208
  227
  246
  267
  289
  313
  338
  364
Issuance/(repayment) of debt, $m
  -261
  19
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  247
  259
  272
  285
  299
  314
Issuance/(repurchase) of shares, $m
  0
  79
  6
  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
  98
  91
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  203
  213
  224
  235
  247
  259
  272
  285
  299
  314
Total cash flow (excl. dividends), $m
  -4
  94
  97
  100
  109
  119
  129
  141
  152
  165
  178
  182
  197
  212
  229
  247
  266
  286
  307
  329
  353
  378
  404
  432
  462
  493
  526
  561
  598
  637
  678
Retained Cash Flow (-), $m
  176
  -79
  -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
  -35
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
 
  15
  87
  90
  99
  108
  118
  129
  140
  152
  165
  168
  182
  197
  213
  230
  248
  267
  287
  308
  331
  355
  380
  407
  435
  465
  497
  531
  566
  604
  643
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
 
  14
  71
  66
  63
  61
  57
  53
  48
  43
  38
  31
  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
  92.4
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1
  92.1

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 -14.6
Price to Sales 0.9
Price to Book 13.1
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 13.8
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 10 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 78.767 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.


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COMPANY NEWS

▶ ETFs with exposure to Harsco Corp. : June 13, 2017   [Jun-13-17 12:37PM  Capital Cube]
▶ 10 things you need to know before the opening bell   [Jun-07-17 06:38AM  Business Insider]
▶ Harscos Metals & Minerals Division Lands Global Slag Award   [Jun-06-17 03:31PM  GlobeNewswire]
▶ ETFs with exposure to Harsco Corp. : May 31, 2017   [May-31-17 12:36PM  Capital Cube]
▶ 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]
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.

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