Intrinsic value of Hexcel - HXL

Previous Close

$59.39

  Intrinsic Value

$28.31

stock screener

  Rating & Target

str. sell

-52%

  Value-price divergence*

-1%

Previous close

$59.39

 
Intrinsic value

$28.31

 
Up/down potential

-52%

 
Rating

str. sell

 
Value-price divergence*

-1%

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

We calculate the intrinsic value of HXL 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 5.3

 

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, %
  7.68
  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
  2,004
  2,044
  2,091
  2,145
  2,205
  2,272
  2,345
  2,425
  2,512
  2,605
  2,705
  2,812
  2,926
  3,047
  3,177
  3,314
  3,459
  3,612
  3,775
  3,947
  4,128
  4,319
  4,521
  4,734
  4,958
  5,194
  5,443
  5,704
  5,979
  6,269
  6,574
Variable operating expenses, $m
 
  1,643
  1,681
  1,724
  1,773
  1,827
  1,886
  1,950
  2,019
  2,094
  2,175
  2,261
  2,352
  2,450
  2,554
  2,664
  2,781
  2,904
  3,035
  3,173
  3,319
  3,473
  3,635
  3,806
  3,986
  4,176
  4,376
  4,586
  4,808
  5,040
  5,285
Fixed operating expenses, $m
 
  34
  35
  36
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  47
  48
  49
  50
  51
  53
  54
  55
  57
  58
  60
  61
  63
  64
  66
  68
  69
Total operating expenses, $m
  1,644
  1,677
  1,716
  1,760
  1,809
  1,864
  1,924
  1,989
  2,059
  2,135
  2,217
  2,304
  2,396
  2,495
  2,601
  2,712
  2,830
  2,954
  3,086
  3,226
  3,373
  3,528
  3,692
  3,864
  4,046
  4,237
  4,439
  4,650
  4,874
  5,108
  5,354
Operating income, $m
  360
  367
  375
  385
  396
  408
  421
  436
  452
  469
  488
  508
  529
  552
  576
  602
  629
  658
  688
  721
  755
  791
  829
  870
  912
  957
  1,004
  1,054
  1,106
  1,161
  1,219
EBITDA, $m
  453
  460
  471
  483
  496
  512
  528
  547
  567
  588
  611
  636
  663
  691
  721
  753
  787
  823
  861
  901
  943
  988
  1,036
  1,086
  1,138
  1,194
  1,252
  1,314
  1,379
  1,447
  1,519
Interest expense (income), $m
  0
  24
  25
  26
  27
  28
  29
  31
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  60
  63
  67
  71
  75
  79
  83
  88
  93
  98
  104
  110
Earnings before tax, $m
  338
  343
  350
  359
  369
  380
  392
  405
  420
  435
  452
  470
  489
  509
  531
  554
  579
  605
  632
  661
  692
  724
  759
  795
  833
  873
  916
  961
  1,008
  1,057
  1,109
Tax expense, $m
  91
  93
  95
  97
  100
  103
  106
  109
  113
  117
  122
  127
  132
  138
  143
  150
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  272
  285
  300
Net income, $m
  250
  250
  256
  262
  269
  277
  286
  296
  306
  318
  330
  343
  357
  372
  388
  404
  422
  441
  461
  483
  505
  529
  554
  580
  608
  638
  669
  701
  736
  772
  810

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  2,401
  2,413
  2,469
  2,532
  2,604
  2,682
  2,769
  2,863
  2,965
  3,075
  3,193
  3,320
  3,454
  3,598
  3,750
  3,912
  4,084
  4,265
  4,457
  4,660
  4,874
  5,100
  5,338
  5,589
  5,854
  6,132
  6,426
  6,735
  7,060
  7,402
  7,761
Adjusted assets (=assets-cash), $m
  2,366
  2,413
  2,469
  2,532
  2,604
  2,682
  2,769
  2,863
  2,965
  3,075
  3,193
  3,320
  3,454
  3,598
  3,750
  3,912
  4,084
  4,265
  4,457
  4,660
  4,874
  5,100
  5,338
  5,589
  5,854
  6,132
  6,426
  6,735
  7,060
  7,402
  7,761
Revenue / Adjusted assets
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
  0.847
Average production assets, $m
  1,564
  1,594
  1,631
  1,673
  1,720
  1,772
  1,829
  1,892
  1,959
  2,032
  2,110
  2,193
  2,282
  2,377
  2,478
  2,585
  2,698
  2,818
  2,945
  3,078
  3,220
  3,369
  3,527
  3,693
  3,867
  4,051
  4,245
  4,449
  4,664
  4,890
  5,127
Working capital, $m
  335
  311
  318
  326
  335
  345
  356
  369
  382
  396
  411
  427
  445
  463
  483
  504
  526
  549
  574
  600
  627
  657
  687
  720
  754
  790
  827
  867
  909
  953
  999
Total debt, $m
  689
  708
  735
  766
  801
  839
  882
  927
  977
  1,031
  1,088
  1,150
  1,215
  1,285
  1,359
  1,438
  1,522
  1,610
  1,704
  1,802
  1,907
  2,017
  2,133
  2,255
  2,384
  2,519
  2,662
  2,813
  2,971
  3,138
  3,313
Total liabilities, $m
  1,156
  1,175
  1,202
  1,233
  1,268
  1,306
  1,349
  1,394
  1,444
  1,498
  1,555
  1,617
  1,682
  1,752
  1,826
  1,905
  1,989
  2,077
  2,171
  2,269
  2,374
  2,484
  2,600
  2,722
  2,851
  2,986
  3,129
  3,280
  3,438
  3,605
  3,780
Total equity, $m
  1,245
  1,238
  1,267
  1,299
  1,336
  1,376
  1,421
  1,469
  1,521
  1,578
  1,638
  1,703
  1,772
  1,846
  1,924
  2,007
  2,095
  2,188
  2,286
  2,390
  2,500
  2,616
  2,738
  2,867
  3,003
  3,146
  3,296
  3,455
  3,622
  3,797
  3,981
Total liabilities and equity, $m
  2,401
  2,413
  2,469
  2,532
  2,604
  2,682
  2,770
  2,863
  2,965
  3,076
  3,193
  3,320
  3,454
  3,598
  3,750
  3,912
  4,084
  4,265
  4,457
  4,659
  4,874
  5,100
  5,338
  5,589
  5,854
  6,132
  6,425
  6,735
  7,060
  7,402
  7,761
Debt-to-equity ratio
  0.553
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.830
Adjusted equity ratio
  0.511
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513
  0.513

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  250
  256
  262
  269
  277
  286
  296
  306
  318
  330
  343
  357
  372
  388
  404
  422
  441
  461
  483
  505
  529
  554
  580
  608
  638
  669
  701
  736
  772
  810
Depreciation, amort., depletion, $m
  93
  93
  95
  98
  101
  104
  107
  111
  115
  119
  123
  128
  133
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  216
  226
  237
  248
  260
  273
  286
  300
Funds from operations, $m
  381
  344
  351
  360
  370
  381
  393
  406
  421
  436
  453
  471
  490
  511
  533
  556
  580
  606
  634
  663
  693
  726
  760
  796
  834
  875
  917
  961
  1,008
  1,058
  1,110
Change in working capital, $m
  -20
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
Cash from operations, $m
  401
  337
  344
  352
  361
  371
  382
  394
  408
  422
  438
  455
  473
  492
  513
  535
  558
  583
  609
  637
  666
  697
  729
  764
  800
  839
  879
  922
  966
  1,014
  1,063
Maintenance CAPEX, $m
  0
  -91
  -93
  -95
  -98
  -101
  -104
  -107
  -111
  -115
  -119
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -273
  -286
New CAPEX, $m
  -328
  -30
  -37
  -42
  -47
  -52
  -57
  -62
  -67
  -73
  -78
  -83
  -89
  -95
  -101
  -107
  -113
  -120
  -127
  -134
  -141
  -149
  -157
  -166
  -175
  -184
  -194
  -204
  -215
  -226
  -238
Cash from investing activities, $m
  -367
  -121
  -130
  -137
  -145
  -153
  -161
  -169
  -178
  -188
  -197
  -206
  -217
  -228
  -240
  -252
  -264
  -278
  -292
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -431
  -452
  -475
  -499
  -524
Free cash flow, $m
  34
  216
  214
  215
  216
  218
  221
  225
  230
  235
  241
  248
  256
  264
  273
  283
  294
  305
  317
  330
  344
  359
  375
  392
  410
  428
  448
  469
  492
  515
  540
Issuance/(repayment) of debt, $m
  104
  23
  27
  31
  35
  38
  42
  46
  50
  54
  57
  61
  66
  70
  74
  79
  83
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  167
  175
Issuance/(repurchase) of shares, $m
  -111
  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  
  -7
  23
  27
  31
  35
  38
  42
  46
  50
  54
  57
  61
  66
  70
  74
  79
  83
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  167
  175
Total cash flow (excl. dividends), $m
  23
  239
  241
  245
  251
  257
  263
  271
  279
  289
  299
  310
  321
  334
  347
  362
  377
  393
  411
  429
  449
  469
  491
  514
  538
  564
  591
  620
  650
  682
  715
Retained Cash Flow (-), $m
  -65
  -24
  -28
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  31
  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
 
  246
  213
  213
  214
  216
  219
  223
  227
  232
  238
  245
  252
  260
  269
  279
  289
  300
  312
  325
  339
  353
  369
  385
  403
  421
  441
  461
  483
  506
  531
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  235
  194
  184
  175
  166
  157
  148
  139
  130
  121
  112
  104
  95
  86
  78
  69
  61
  53
  46
  39
  33
  27
  22
  18
  14
  11
  8
  6
  5
  3
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

Hexcel Corporation is a composites company. The Company develops, manufactures, and markets lightweight, structural materials, including carbon fibers, specialty reinforcements, prepregs and other fiber-reinforced matrix materials, honeycomb, adhesives, engineered honeycomb and structures, for use in Commercial Aerospace, Space and Defense and Industrial markets. It operates in two segments: Composite Materials and Engineered Products. The Composite Materials segment consists of its carbon fiber, specialty reinforcements, resins, prepregs and other fiber-reinforced matrix materials, and honeycomb core product lines. The Engineered Products segment consists of lightweight structures, molded components, engineered core and honeycomb products with added functionality. Its products are used in a range of end applications, such as commercial and military aircraft, space launch vehicles and satellites, wind turbine blades, automotive, and recreational products.

FINANCIAL RATIOS  of  Hexcel (HXL)

Valuation Ratios
P/E Ratio 21.7
Price to Sales 2.7
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 74.4
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.5%
Cap. Spend. - 3 Yr. Gr. Rate 11%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 55%
Total Debt to Equity 55.3%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.9%
Ret/ On Assets - 3 Yr. Avg. 11%
Return On Total Capital 13.5%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity 20.6%
Return On Equity - 3 Yr. Avg. 19.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 20.8%
Operating Margin 18%
Oper. Margin - 3 Yr. Avg. 17.4%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 16.7%
Net Profit Margin 12.5%
Net Profit Margin - 3 Yr. Avg. 12.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 16%

HXL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HXL stock intrinsic value calculation we used $2004 million for the last fiscal year's total revenue generated by Hexcel. The default revenue input number comes from 2016 income statement of Hexcel. 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 HXL 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 4.5%, whose default value for HXL is calculated based on our internal credit rating of Hexcel, 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 Hexcel.
    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 HXL stock the variable cost ratio is equal to 80.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $33 million in the base year in the intrinsic value calculation for HXL 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 Hexcel.

Corporate tax rate of 27% is the nominal tax rate for Hexcel. 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 HXL 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 HXL are equal to 78%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Hexcel 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 HXL is equal to 15.2%. 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 - $1245 million for Hexcel - 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 89.96 million for Hexcel 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 Hexcel at the current share price and the inputted number of shares is $5.3 billion.

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COMPANY NEWS

▶ Hexcel Completes Structil Acquisition   [Oct-02-17 08:15AM  GlobeNewswire]
▶ Hexcel Sees Relative Strength Rating Rise To 73   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ Hexcel Corp. Value Analysis (NYSE:HXL) : August 29, 2017   [Aug-28-17 08:47PM  Capital Cube]
▶ ETFs with exposure to Hexcel Corp. : August 8, 2017   [Aug-08-17 04:38PM  Capital Cube]
▶ Hexcel misses 2Q profit forecasts   [Jul-24-17 10:09PM  Associated Press]
▶ Hexcel Reports 2017 Second Quarter Results   [04:18PM  GlobeNewswire]
▶ Stocks With Rising Relative Strength: Hexcel   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Hexcel Corp. : June 15, 2017   [Jun-15-17 02:13PM  Capital Cube]
▶ Hexcel Corp. Value Analysis (NYSE:HXL) : June 14, 2017   [Jun-14-17 02:07PM  Capital Cube]
▶ ETFs with exposure to Hexcel Corp. : April 24, 2017   [Apr-24-17 02:32PM  Capital Cube]
▶ Hexcel misses 1Q profit forecasts   [Apr-19-17 05:20PM  Associated Press]
▶ Hexcel Reports 2017 First Quarter Results   [04:17PM  GlobeNewswire]
▶ Hexcel Declares Quarterly Dividend   [04:16PM  GlobeNewswire]
▶ Hexcel Corp. Value Analysis (NYSE:HXL) : April 17, 2017   [Apr-17-17 01:31PM  Capital Cube]
▶ ETFs with exposure to Hexcel Corp. : April 7, 2017   [Apr-07-17 04:49PM  Capital Cube]
▶ HEXCEL Prices $400 Million of 3.95% Senior Notes Due 2027   [Feb-13-17 05:05PM  GlobeNewswire]
▶ Hexcel Declares Quarterly Dividend   [04:15PM  GlobeNewswire]
▶ Hexcel Declares Quarterly Dividend   [04:14PM  GlobeNewswire]
▶ Is Penske Automotive Group, Inc. (PAG) A Good Stock To Buy?   [Dec-11-16 07:56AM  at Insider Monkey]
Financial statements of HXL
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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