Intrinsic value of Horizon Global - HZN

Previous Close

$8.32

  Intrinsic Value

$45.06

stock screener

  Rating & Target

str. buy

+442%

Previous close

$8.32

 
Intrinsic value

$45.06

 
Up/down potential

+442%

 
Rating

str. buy

We calculate the intrinsic value of HZN 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  12.67
  57.90
  52.61
  47.85
  43.56
  39.71
  36.24
  33.11
  30.30
  27.77
  25.49
  23.45
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
Revenue, $m
  649
  1,025
  1,564
  2,312
  3,320
  4,638
  6,318
  8,410
  10,959
  14,002
  17,572
  21,692
  26,377
  31,637
  37,473
  43,882
  50,855
  58,383
  66,453
  75,052
  84,167
  93,789
  103,907
  114,515
  125,610
  137,191
  149,261
  161,825
  174,895
  188,481
  202,602
Variable operating expenses, $m
 
  982
  1,492
  2,201
  3,154
  4,402
  5,992
  7,972
  10,385
  13,265
  16,644
  20,531
  24,966
  29,945
  35,469
  41,534
  48,135
  55,260
  62,898
  71,037
  79,665
  88,772
  98,349
  108,390
  118,891
  129,853
  141,277
  153,169
  165,539
  178,399
  191,765
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
  643
  982
  1,492
  2,201
  3,154
  4,402
  5,992
  7,972
  10,385
  13,265
  16,644
  20,531
  24,966
  29,945
  35,469
  41,534
  48,135
  55,260
  62,898
  71,037
  79,665
  88,772
  98,349
  108,390
  118,891
  129,853
  141,277
  153,169
  165,539
  178,399
  191,765
Operating income, $m
  6
  43
  72
  112
  166
  236
  326
  438
  574
  737
  928
  1,160
  1,411
  1,692
  2,004
  2,347
  2,720
  3,123
  3,555
  4,015
  4,502
  5,017
  5,558
  6,125
  6,719
  7,338
  7,984
  8,656
  9,355
  10,082
  10,837
EBITDA, $m
  24
  75
  114
  168
  242
  338
  460
  612
  798
  1,019
  1,279
  1,579
  1,920
  2,303
  2,727
  3,194
  3,701
  4,249
  4,837
  5,462
  6,126
  6,826
  7,563
  8,335
  9,142
  9,985
  10,863
  11,778
  12,729
  13,718
  14,746
Interest expense (income), $m
  17
  21
  36
  62
  99
  149
  214
  296
  399
  524
  674
  850
  1,052
  1,283
  1,541
  1,828
  2,143
  2,486
  2,856
  3,253
  3,676
  4,124
  4,598
  5,095
  5,617
  6,162
  6,732
  7,326
  7,943
  8,586
  9,254
Earnings before tax, $m
  -16
  22
  36
  49
  66
  87
  112
  142
  175
  213
  254
  311
  359
  410
  463
  519
  577
  637
  698
  761
  826
  892
  960
  1,030
  1,102
  1,176
  1,252
  1,331
  1,412
  1,496
  1,583
Tax expense, $m
  -3
  6
  10
  13
  18
  24
  30
  38
  47
  57
  69
  84
  97
  111
  125
  140
  156
  172
  188
  206
  223
  241
  259
  278
  298
  317
  338
  359
  381
  404
  427
Net income, $m
  -12
  16
  26
  36
  48
  64
  82
  103
  128
  155
  185
  227
  262
  299
  338
  379
  421
  465
  510
  556
  603
  651
  701
  752
  804
  858
  914
  971
  1,031
  1,092
  1,156

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  613
  889
  1,356
  2,005
  2,879
  4,022
  5,480
  7,294
  9,505
  12,144
  15,240
  18,813
  22,877
  27,439
  32,500
  38,059
  44,107
  50,636
  57,635
  65,092
  72,999
  81,343
  90,119
  99,320
  108,942
  118,986
  129,454
  140,352
  151,687
  163,470
  175,717
Adjusted assets (=assets-cash), $m
  563
  889
  1,356
  2,005
  2,879
  4,022
  5,480
  7,294
  9,505
  12,144
  15,240
  18,813
  22,877
  27,439
  32,500
  38,059
  44,107
  50,636
  57,635
  65,092
  72,999
  81,343
  90,119
  99,320
  108,942
  118,986
  129,454
  140,352
  151,687
  163,470
  175,717
Revenue / Adjusted assets
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
  1.153
Average production assets, $m
  142
  223
  341
  504
  724
  1,011
  1,377
  1,833
  2,389
  3,052
  3,831
  4,729
  5,750
  6,897
  8,169
  9,566
  11,086
  12,727
  14,487
  16,361
  18,348
  20,446
  22,652
  24,964
  27,383
  29,908
  32,539
  35,278
  38,127
  41,089
  44,167
Working capital, $m
  88
  96
  147
  217
  312
  436
  594
  791
  1,030
  1,316
  1,652
  2,039
  2,479
  2,974
  3,522
  4,125
  4,780
  5,488
  6,247
  7,055
  7,912
  8,816
  9,767
  10,764
  11,807
  12,896
  14,031
  15,212
  16,440
  17,717
  19,045
Total debt, $m
  350
  569
  990
  1,574
  2,360
  3,389
  4,701
  6,334
  8,323
  10,699
  13,485
  16,701
  20,358
  24,464
  29,019
  34,022
  39,465
  45,341
  51,640
  58,352
  65,468
  72,978
  80,876
  89,157
  97,817
  106,857
  116,278
  126,085
  136,287
  146,892
  157,914
Total liabilities, $m
  581
  800
  1,221
  1,805
  2,591
  3,620
  4,932
  6,565
  8,554
  10,930
  13,716
  16,932
  20,589
  24,695
  29,250
  34,253
  39,696
  45,572
  51,871
  58,583
  65,699
  73,209
  81,107
  89,388
  98,048
  107,088
  116,509
  126,316
  136,518
  147,123
  158,145
Total equity, $m
  32
  89
  136
  201
  288
  402
  548
  729
  950
  1,214
  1,524
  1,881
  2,288
  2,744
  3,250
  3,806
  4,411
  5,064
  5,763
  6,509
  7,300
  8,134
  9,012
  9,932
  10,894
  11,899
  12,945
  14,035
  15,169
  16,347
  17,572
Total liabilities and equity, $m
  613
  889
  1,357
  2,006
  2,879
  4,022
  5,480
  7,294
  9,504
  12,144
  15,240
  18,813
  22,877
  27,439
  32,500
  38,059
  44,107
  50,636
  57,634
  65,092
  72,999
  81,343
  90,119
  99,320
  108,942
  118,987
  129,454
  140,351
  151,687
  163,470
  175,717
Debt-to-equity ratio
  10.938
  6.400
  7.300
  7.850
  8.200
  8.430
  8.580
  8.680
  8.760
  8.810
  8.850
  8.880
  8.900
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
Adjusted equity ratio
  -0.032
  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
  -12
  16
  26
  36
  48
  64
  82
  103
  128
  155
  185
  227
  262
  299
  338
  379
  421
  465
  510
  556
  603
  651
  701
  752
  804
  858
  914
  971
  1,031
  1,092
  1,156
Depreciation, amort., depletion, $m
  18
  32
  42
  57
  76
  101
  134
  174
  223
  282
  351
  418
  509
  610
  723
  847
  981
  1,126
  1,282
  1,448
  1,624
  1,809
  2,005
  2,209
  2,423
  2,647
  2,880
  3,122
  3,374
  3,636
  3,909
Funds from operations, $m
  52
  48
  68
  93
  125
  165
  216
  278
  351
  437
  536
  645
  771
  909
  1,061
  1,225
  1,402
  1,591
  1,792
  2,004
  2,227
  2,461
  2,706
  2,961
  3,228
  3,505
  3,793
  4,093
  4,405
  4,728
  5,064
Change in working capital, $m
  17
  35
  51
  70
  95
  124
  158
  197
  240
  286
  336
  387
  440
  494
  549
  602
  656
  708
  759
  808
  857
  904
  951
  997
  1,043
  1,089
  1,135
  1,181
  1,229
  1,277
  1,327
Cash from operations, $m
  35
  13
  18
  22
  30
  41
  58
  81
  112
  151
  201
  258
  330
  415
  512
  623
  747
  883
  1,033
  1,195
  1,370
  1,556
  1,755
  1,964
  2,185
  2,416
  2,659
  2,912
  3,176
  3,451
  3,737
Maintenance CAPEX, $m
  0
  -13
  -20
  -30
  -45
  -64
  -89
  -122
  -162
  -211
  -270
  -339
  -418
  -509
  -610
  -723
  -847
  -981
  -1,126
  -1,282
  -1,448
  -1,624
  -1,809
  -2,005
  -2,209
  -2,423
  -2,647
  -2,880
  -3,122
  -3,374
  -3,636
New CAPEX, $m
  -15
  -82
  -118
  -163
  -220
  -287
  -366
  -456
  -556
  -663
  -778
  -898
  -1,021
  -1,147
  -1,272
  -1,397
  -1,520
  -1,641
  -1,759
  -1,875
  -1,987
  -2,097
  -2,206
  -2,313
  -2,419
  -2,525
  -2,631
  -2,739
  -2,849
  -2,962
  -3,078
Cash from investing activities, $m
  -108
  -95
  -138
  -193
  -265
  -351
  -455
  -578
  -718
  -874
  -1,048
  -1,237
  -1,439
  -1,656
  -1,882
  -2,120
  -2,367
  -2,622
  -2,885
  -3,157
  -3,435
  -3,721
  -4,015
  -4,318
  -4,628
  -4,948
  -5,278
  -5,619
  -5,971
  -6,336
  -6,714
Free cash flow, $m
  -73
  -82
  -120
  -171
  -234
  -310
  -398
  -497
  -606
  -724
  -848
  -979
  -1,110
  -1,241
  -1,370
  -1,497
  -1,620
  -1,739
  -1,853
  -1,961
  -2,065
  -2,165
  -2,261
  -2,353
  -2,443
  -2,531
  -2,619
  -2,706
  -2,795
  -2,885
  -2,978
Issuance/(repayment) of debt, $m
  101
  242
  421
  584
  786
  1,029
  1,312
  1,633
  1,989
  2,376
  2,786
  3,216
  3,657
  4,106
  4,555
  5,002
  5,443
  5,876
  6,299
  6,712
  7,116
  7,510
  7,898
  8,281
  8,660
  9,040
  9,421
  9,808
  10,201
  10,605
  11,022
Issuance/(repurchase) of shares, $m
  0
  68
  21
  29
  39
  51
  64
  78
  93
  109
  124
  130
  144
  157
  168
  177
  184
  188
  190
  190
  188
  183
  176
  168
  158
  146
  133
  118
  103
  86
  69
Cash from financing (excl. dividends), $m  
  101
  310
  442
  613
  825
  1,080
  1,376
  1,711
  2,082
  2,485
  2,910
  3,346
  3,801
  4,263
  4,723
  5,179
  5,627
  6,064
  6,489
  6,902
  7,304
  7,693
  8,074
  8,449
  8,818
  9,186
  9,554
  9,926
  10,304
  10,691
  11,091
Total cash flow (excl. dividends), $m
  27
  228
  322
  442
  591
  769
  978
  1,214
  1,476
  1,761
  2,063
  2,367
  2,692
  3,022
  3,353
  3,682
  4,007
  4,325
  4,637
  4,941
  5,238
  5,528
  5,814
  6,095
  6,375
  6,654
  6,935
  7,220
  7,510
  7,807
  8,113
Retained Cash Flow (-), $m
  -30
  -84
  -47
  -65
  -87
  -114
  -146
  -181
  -221
  -264
  -310
  -357
  -406
  -456
  -506
  -556
  -605
  -653
  -700
  -746
  -791
  -834
  -878
  -920
  -962
  -1,004
  -1,047
  -1,090
  -1,133
  -1,178
  -1,225
Prev. year cash balance distribution, $m
 
  27
  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
 
  171
  275
  377
  503
  655
  832
  1,033
  1,255
  1,497
  1,754
  2,010
  2,286
  2,566
  2,847
  3,127
  3,402
  3,673
  3,937
  4,195
  4,447
  4,694
  4,936
  5,175
  5,413
  5,650
  5,888
  6,130
  6,376
  6,628
  6,889
Discount rate, %
 
  12.40
  13.02
  13.67
  14.35
  15.07
  15.83
  16.62
  17.45
  18.32
  19.24
  20.20
  21.21
  22.27
  23.38
  24.55
  25.78
  27.07
  28.42
  29.84
  31.33
  32.90
  34.55
  36.27
  38.09
  39.99
  41.99
  44.09
  46.29
  48.61
  51.04
PV of cash for distribution, $m
 
  152
  215
  257
  294
  325
  345
  352
  347
  329
  302
  266
  227
  188
  150
  116
  87
  63
  44
  29
  19
  12
  7
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  32.9
  31.8
  30.8
  29.9
  29.2
  28.5
  27.9
  27.4
  26.9
  26.5
  26.1
  25.8
  25.6
  25.3
  25.1
  25.0
  24.8
  24.7
  24.5
  24.4
  24.3
  24.3
  24.2
  24.1
  24.1
  24.0
  24.0
  24.0
  24.0
  24.0

Horizon Global Corporation is a designer, manufacturer and distributor of a range of custom-engineered towing, trailering, cargo management and other products serving the automotive aftermarket, retail and original equipment (OE) channels. The Company operates through three segments: Horizon Americas, Horizon Asia-Pacific, and Horizon Europe-Africa. Its towing product category includes devices and accessories installed on a tow-vehicle for the purpose of attaching a trailer and camper, among others, such as hitches and other towing accessories. Its trailering product category includes control devices and components of the trailer itself, such as brake controls and brake replacement parts. Its cargo management product category includes a range of products used to facilitate the transportation of various forms of cargo, to secure that cargo or to organize items. Its other product category includes a range of items, such as tubular push bars, side steps, and commercial brooms and brushes.

FINANCIAL RATIOS  of  Horizon Global (HZN)

Valuation Ratios
P/E Ratio -14.5
Price to Sales 0.3
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate 12.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.5%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 1021.9%
Total Debt to Equity 1093.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. 3.3%
Return On Total Capital -4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity -70.6%
Return On Equity - 3 Yr. Avg. -18.1%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 24.7%
Gross Margin - 3 Yr. Avg. 24.6%
EBITDA Margin 2.9%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 0.9%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin -2.5%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 0.7%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 11%
Payout Ratio 0%

HZN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HZN stock intrinsic value calculation we used $649 million for the last fiscal year's total revenue generated by Horizon Global. The default revenue input number comes from 2016 income statement of Horizon Global. 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 HZN stock valuation model: a) initial revenue growth rate of 57.9% 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 12.4%, whose default value for HZN is calculated based on our internal credit rating of Horizon Global, 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 Horizon Global.
    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 HZN stock the variable cost ratio is equal to 96.5%.

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 HZN 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 6.3% for Horizon Global.

Corporate tax rate of 27% is the nominal tax rate for Horizon Global. 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 HZN 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 HZN are equal to 21.8%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Horizon Global 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 HZN is equal to 9.4%. 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 - $32 million for Horizon Global - 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 25.525 million for Horizon Global 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 Horizon Global at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy Horizon Global Corporation (HZN)?   [Nov-28-17 10:06AM  Simply Wall St.]
▶ Horizon Global Appoints Jay Goldbaum as General Counsel   [Nov-13-17 04:01PM  Business Wire]
▶ Horizon Global Tops Expectations   [Nov-01-17 01:18PM  Motley Fool]
▶ Horizon Global tops Street 3Q forecasts   [Oct-31-17 06:40AM  Associated Press]
▶ Pres Trump set to unveil new tax plan   [Sep-27-17 09:11AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 27th, 2017   [07:20AM  Yahoo Finance Video]
▶ Is Horizon Global Corporation (HZN) Undervalued?   [Sep-13-17 05:55PM  Simply Wall St.]
▶ Horizon Global to Present at J.P. Morgan Auto Conference   [Aug-02-17 04:01PM  Business Wire]
▶ Horizon Global tops Street 2Q forecasts   [Aug-01-17 10:56PM  Associated Press]
▶ 4 Auto Stocks On Track to Beat in Q2   [Jul-21-17 01:08PM  Zacks]
▶ ETFs with exposure to Horizon Global Corp. : May 8, 2017   [May-08-17 04:43PM  Capital Cube]
▶ Horizon Global reports 1Q loss   [May-04-17 05:03AM  Associated Press]
▶ Here's Why Horizon Global Is Plunging Today   [11:39AM  at Motley Fool]
▶ Horizon Global reports 4Q loss   [06:44AM  Associated Press]
Financial statements of HZN
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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