Intrinsic value of Hydrogenics - HYGS

Previous Close

$7.35

  Intrinsic Value

$3.16

stock screener

  Rating & Target

str. sell

-57%

  Value-price divergence*

-66%

Previous close

$7.35

 
Intrinsic value

$3.16

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence*

-66%

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

We calculate the intrinsic value of HYGS 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 0.1

 

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, %
  -19.44
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  29
  46
  72
  107
  156
  219
  302
  405
  532
  684
  864
  1,073
  1,312
  1,582
  1,882
  2,213
  2,574
  2,965
  3,385
  3,834
  4,310
  4,814
  5,344
  5,901
  6,484
  7,092
  7,727
  8,388
  9,076
  9,791
  10,534
Variable operating expenses, $m
 
  46
  71
  106
  154
  217
  298
  400
  525
  675
  853
  1,058
  1,294
  1,560
  1,856
  2,182
  2,538
  2,924
  3,338
  3,781
  4,251
  4,748
  5,271
  5,820
  6,394
  6,995
  7,620
  8,272
  8,950
  9,656
  10,389
Fixed operating expenses, $m
 
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
Total operating expenses, $m
  37
  54
  79
  115
  163
  226
  307
  410
  535
  685
  863
  1,068
  1,305
  1,571
  1,867
  2,194
  2,550
  2,936
  3,350
  3,794
  4,264
  4,761
  5,285
  5,834
  6,408
  7,010
  7,635
  8,288
  8,966
  9,672
  10,406
Operating income, $m
  -8
  -8
  -8
  -8
  -7
  -6
  -6
  -4
  -3
  -1
  1
  4
  7
  11
  15
  19
  24
  29
  34
  40
  46
  53
  60
  67
  75
  83
  91
  100
  109
  119
  129
EBITDA, $m
  -7
  -7
  -7
  -6
  -5
  -3
  -1
  1
  4
  8
  12
  17
  23
  30
  37
  46
  55
  65
  75
  86
  98
  111
  125
  139
  153
  169
  185
  202
  219
  237
  256
Interest expense (income), $m
  1
  0
  2
  6
  11
  18
  27
  39
  53
  72
  93
  119
  149
  183
  221
  264
  311
  362
  418
  478
  541
  609
  681
  756
  835
  918
  1,005
  1,095
  1,189
  1,287
  1,389
Earnings before tax, $m
  -10
  -8
  -10
  -14
  -18
  -24
  -33
  -43
  -56
  -72
  -92
  -115
  -141
  -172
  -206
  -245
  -287
  -333
  -384
  -437
  -495
  -556
  -621
  -689
  -761
  -835
  -914
  -995
  -1,080
  -1,169
  -1,260
Tax expense, $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
Net income, $m
  -10
  -8
  -10
  -14
  -18
  -24
  -33
  -43
  -56
  -72
  -92
  -115
  -141
  -172
  -206
  -245
  -287
  -333
  -384
  -437
  -495
  -556
  -621
  -689
  -761
  -835
  -914
  -995
  -1,080
  -1,169
  -1,260

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  49
  65
  100
  150
  217
  307
  421
  566
  743
  956
  1,207
  1,499
  1,833
  2,209
  2,628
  3,090
  3,595
  4,141
  4,728
  5,354
  6,020
  6,723
  7,464
  8,242
  9,055
  9,906
  10,792
  11,715
  12,675
  13,674
  14,712
Adjusted assets (=assets-cash), $m
  39
  65
  100
  150
  217
  307
  421
  566
  743
  956
  1,207
  1,499
  1,833
  2,209
  2,628
  3,090
  3,595
  4,141
  4,728
  5,354
  6,020
  6,723
  7,464
  8,242
  9,055
  9,906
  10,792
  11,715
  12,675
  13,674
  14,712
Revenue / Adjusted assets
  0.744
  0.708
  0.720
  0.713
  0.719
  0.713
  0.717
  0.716
  0.716
  0.715
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
  0.716
Average production assets, $m
  4
  6
  9
  13
  19
  27
  37
  49
  64
  83
  105
  130
  159
  191
  228
  268
  311
  359
  410
  464
  522
  582
  647
  714
  785
  858
  935
  1,015
  1,098
  1,185
  1,275
Working capital, $m
  14
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  453
  546
  649
  763
  888
  1,023
  1,168
  1,323
  1,487
  1,661
  1,844
  2,036
  2,237
  2,447
  2,666
  2,894
  3,131
  3,378
  3,634
Total debt, $m
  6
  20
  49
  89
  144
  217
  310
  428
  572
  746
  951
  1,189
  1,461
  1,767
  2,109
  2,486
  2,897
  3,342
  3,820
  4,331
  4,873
  5,447
  6,050
  6,684
  7,347
  8,040
  8,762
  9,515
  10,297
  11,111
  11,957
Total liabilities, $m
  39
  53
  82
  122
  177
  250
  343
  461
  605
  779
  984
  1,222
  1,494
  1,800
  2,142
  2,519
  2,930
  3,375
  3,853
  4,364
  4,906
  5,480
  6,083
  6,717
  7,380
  8,073
  8,795
  9,548
  10,330
  11,144
  11,990
Total equity, $m
  10
  12
  19
  28
  40
  57
  78
  105
  137
  177
  223
  277
  339
  409
  486
  572
  665
  766
  875
  991
  1,114
  1,244
  1,381
  1,525
  1,675
  1,833
  1,997
  2,167
  2,345
  2,530
  2,722
Total liabilities and equity, $m
  49
  65
  101
  150
  217
  307
  421
  566
  742
  956
  1,207
  1,499
  1,833
  2,209
  2,628
  3,091
  3,595
  4,141
  4,728
  5,355
  6,020
  6,724
  7,464
  8,242
  9,055
  9,906
  10,792
  11,715
  12,675
  13,674
  14,712
Debt-to-equity ratio
  0.600
  1.650
  2.620
  3.210
  3.580
  3.820
  3.980
  4.090
  4.170
  4.220
  4.260
  4.290
  4.310
  4.320
  4.340
  4.350
  4.360
  4.360
  4.370
  4.370
  4.380
  4.380
  4.380
  4.380
  4.390
  4.390
  4.390
  4.390
  4.390
  4.390
  4.390
Adjusted equity ratio
  0.051
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185
  0.185

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  -8
  -10
  -14
  -18
  -24
  -33
  -43
  -56
  -72
  -92
  -115
  -141
  -172
  -206
  -245
  -287
  -333
  -384
  -437
  -495
  -556
  -621
  -689
  -761
  -835
  -914
  -995
  -1,080
  -1,169
  -1,260
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  2
  3
  4
  5
  7
  9
  11
  13
  16
  19
  23
  27
  31
  36
  41
  46
  52
  58
  65
  71
  78
  86
  93
  101
  110
  118
  127
Funds from operations, $m
  -18
  -7
  -9
  -12
  -16
  -21
  -29
  -38
  -49
  -64
  -81
  -102
  -125
  -153
  -183
  -218
  -256
  -297
  -343
  -391
  -443
  -498
  -556
  -618
  -682
  -750
  -820
  -894
  -970
  -1,050
  -1,133
Change in working capital, $m
  -5
  6
  9
  12
  17
  22
  28
  36
  44
  53
  62
  72
  82
  93
  104
  114
  125
  135
  145
  155
  164
  174
  183
  192
  201
  210
  219
  228
  237
  247
  256
Cash from operations, $m
  -13
  -13
  -18
  -24
  -33
  -43
  -57
  -73
  -93
  -116
  -143
  -174
  -208
  -246
  -287
  -332
  -381
  -432
  -488
  -546
  -607
  -672
  -739
  -810
  -883
  -960
  -1,039
  -1,122
  -1,208
  -1,297
  -1,389
Maintenance CAPEX, $m
  0
  0
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -10
  -13
  -16
  -19
  -23
  -27
  -31
  -36
  -41
  -46
  -52
  -58
  -65
  -71
  -78
  -86
  -93
  -101
  -110
  -118
New CAPEX, $m
  -3
  -2
  -3
  -4
  -6
  -8
  -10
  -12
  -15
  -18
  -22
  -25
  -29
  -33
  -36
  -40
  -44
  -47
  -51
  -54
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -80
  -83
  -87
  -90
Cash from investing activities, $m
  -2
  -2
  -4
  -5
  -7
  -10
  -13
  -16
  -20
  -24
  -30
  -35
  -42
  -49
  -55
  -63
  -71
  -78
  -87
  -95
  -104
  -113
  -122
  -132
  -142
  -152
  -163
  -173
  -184
  -197
  -208
Free cash flow, $m
  -15
  -15
  -21
  -29
  -40
  -53
  -70
  -90
  -113
  -141
  -173
  -209
  -250
  -294
  -343
  -395
  -451
  -511
  -574
  -641
  -711
  -785
  -862
  -942
  -1,025
  -1,112
  -1,202
  -1,295
  -1,392
  -1,493
  -1,598
Issuance/(repayment) of debt, $m
  2
  20
  29
  40
  55
  73
  94
  118
  144
  174
  205
  238
  272
  307
  342
  377
  411
  445
  478
  511
  542
  573
  604
  634
  663
  693
  722
  752
  783
  814
  846
Issuance/(repurchase) of shares, $m
  0
  12
  17
  23
  31
  41
  54
  70
  89
  112
  138
  169
  203
  241
  284
  330
  380
  434
  492
  553
  618
  686
  758
  833
  911
  993
  1,078
  1,166
  1,258
  1,353
  1,452
Cash from financing (excl. dividends), $m  
  2
  32
  46
  63
  86
  114
  148
  188
  233
  286
  343
  407
  475
  548
  626
  707
  791
  879
  970
  1,064
  1,160
  1,259
  1,362
  1,467
  1,574
  1,686
  1,800
  1,918
  2,041
  2,167
  2,298
Total cash flow (excl. dividends), $m
  -13
  17
  24
  34
  46
  61
  78
  98
  120
  144
  170
  197
  225
  254
  283
  312
  341
  369
  396
  423
  449
  475
  500
  525
  549
  574
  598
  623
  648
  674
  701
Retained Cash Flow (-), $m
  10
  -12
  -17
  -23
  -31
  -41
  -54
  -70
  -89
  -112
  -138
  -169
  -203
  -241
  -284
  -330
  -380
  -434
  -492
  -553
  -618
  -686
  -758
  -833
  -911
  -993
  -1,078
  -1,166
  -1,258
  -1,353
  -1,452
Prev. year cash balance distribution, $m
 
  3
  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
 
  7
  7
  11
  15
  20
  24
  28
  31
  32
  32
  28
  22
  13
  -1
  -18
  -40
  -66
  -96
  -130
  -169
  -211
  -258
  -308
  -362
  -419
  -479
  -543
  -610
  -679
  -752
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
 
  7
  7
  10
  13
  15
  17
  19
  19
  19
  17
  14
  9
  5
  0
  -5
  -10
  -14
  -18
  -20
  -21
  -22
  -21
  -20
  -18
  -16
  -14
  -12
  -9
  -7
  -6
Current shareholders' claim on cash, %
  100
  84.9
  73.9
  65.3
  58.4
  52.6
  47.8
  43.6
  40.0
  36.8
  34.0
  31.4
  29.1
  27.1
  25.2
  23.5
  21.9
  20.5
  19.2
  18.0
  16.9
  15.8
  14.9
  14.0
  13.1
  12.3
  11.6
  10.9
  10.3
  9.7
  9.1

Hydrogenics Corporation, together with its subsidiaries, designs, develops, and manufactures hydrogen generation products based on water electrolysis technology; and fuel cell products based on proton exchange membrane technology. It operates in two segments, OnSite Generation and Power Systems. The OnSite Generation segment develops products for industrial gas, hydrogen fueling, and renewable energy storage markets. It offers HySTAT Hydrogen Stations that supply on-site hydrogen for various hydrogen applications, including vehicle fueling, distributed power, and various industrial processes; and provides spare parts and services. This segment sells its products to original equipment manufacturers (OEMs), merchant gas companies, end users, and oil and gas companies, as well as to electric power utilities. The Power Systems segment develops products for energy storage, stationary, and motive power applications. This segment offers HyPM fuel cell products comprising HyPM fuel cell power modules that produce direct current (DC) power in standard outputs of 2.5, 5, 8, 12, 16, 30, 90, 120, and 180 kW; and HyPX Fuel Cell Power Pack, which includes a standard HyPM power module integrated with hydrogen storage tanks and ultracapacitors to provide higher power in short bursts. Its HyPM fuel cell products also consists of integrated fuel cell systems that are used for portable and stationary applications, including portable and auxiliary power units for military applications, and DC or DC backup power system for cellular tower sites, as well as provides engineering development services for new or custom products. This segment sells its products primarily to OEMs and other integrators, as well as to military, aerospace, and other early adopters of emerging technologies. The company markets its products through direct sales force and a network of distributors worldwide. Hydrogenics Corporation was founded in 1988 and is headquartered in Mississauga, Canada.

FINANCIAL RATIOS  of  Hydrogenics (HYGS)

Valuation Ratios
P/E Ratio -9.2
Price to Sales 3.2
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow -7.1
Price to Free Cash Flow -5.8
Growth Rates
Sales Growth Rate -19.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 60%
Interest Coverage -9
Management Effectiveness
Return On Assets -16.7%
Ret/ On Assets - 3 Yr. Avg. -16.2%
Return On Total Capital -43.5%
Ret/ On T. Cap. - 3 Yr. Avg. -42.6%
Return On Equity -66.7%
Return On Equity - 3 Yr. Avg. -59%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 20.4%
EBITDA Margin -27.6%
EBITDA Margin - 3 Yr. Avg. -21.4%
Operating Margin -27.6%
Oper. Margin - 3 Yr. Avg. -18.8%
Pre-Tax Margin -34.5%
Pre-Tax Margin - 3 Yr. Avg. -25.3%
Net Profit Margin -34.5%
Net Profit Margin - 3 Yr. Avg. -25.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

HYGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HYGS stock intrinsic value calculation we used $29 million for the last fiscal year's total revenue generated by Hydrogenics. The default revenue input number comes from 2016 income statement of Hydrogenics. 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 HYGS stock valuation model: a) initial revenue growth rate of 60% 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 HYGS is calculated based on our internal credit rating of Hydrogenics, 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 Hydrogenics.
    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 HYGS stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $8 million in the base year in the intrinsic value calculation for HYGS 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 12.5% for Hydrogenics.

Corporate tax rate of 27% is the nominal tax rate for Hydrogenics. 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 HYGS 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 HYGS are equal to 12.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Hydrogenics 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 HYGS is equal to 34.5%. 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 - $10 million for Hydrogenics - 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 12.739 million for Hydrogenics 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 Hydrogenics at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Hydrogenics reports 2Q loss   [Aug-02-17 09:37PM  Associated Press]
▶ Hydrogenics Announces Upcoming Investor Events   [May-17-17 06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Election of Directors   [May-15-17 06:30AM  GlobeNewswire]
▶ Hydrogenics reports 1Q loss   [06:46AM  Associated Press]
▶ Hydrogenics Announces US$21 million Private Placement   [Apr-28-17 06:30AM  GlobeNewswire]
▶ Hydrogenics Unveils 3 Megawatt PEM Electrolyzer Stack   [Apr-25-17 06:30AM  GlobeNewswire]
▶ Hydrogenics Awarded 2.4 MW Power-to-Gas Plant in Germany   [Mar-22-17 06:30AM  GlobeNewswire]
▶ Hydrogenics reports 4Q loss   [Mar-08-17 06:38AM  Associated Press]
▶ Hydrogenics Chosen for Fuel Cell Award in China   [Dec-29-16 06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Funding of Debt Facility   [Nov-07-16 06:15PM  GlobeNewswire]
▶ Hydrogenics Announces New Debt Facility   [Nov-04-16 06:00PM  GlobeNewswire]
▶ Hydrogenics Reports Second Quarter 2016 Results   [Aug-03-16 08:57AM  GlobeNewswire]
▶ Hydrogenics Announces Upcoming Investor Events   [May-25-16 06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Election of Directors   [May-12-16 06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Board of Directors Appointment   [Jan-19-16 06:30AM  GlobeNewswire]
▶ Hydrogenics Raises $15.3 Million as Market Value Plunges   [Dec-11  02:49PM  at Bloomberg]
▶ Hydrogenics Announces Upcoming Investor Events   [Jul-30  06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Election of Directors   [May-08  06:30AM  GlobeNewswire]
▶ Hydrogenics Announces Agreement on Debt Facility   [May-06  10:00PM  GlobeNewswire]
Stock chart of HYGS Financial statements of HYGS
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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