Intrinsic value of Horizon Global - HZN

Previous Close

$17.13

  Intrinsic Value

$46.60

stock screener

  Rating & Target

str. buy

+172%

  Value-price divergence*

+4621%

Previous close

$17.13

 
Intrinsic value

$46.60

 
Up/down potential

+172%

 
Rating

str. buy

 
Value-price divergence*

+4621%

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

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

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 0.4

 

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
  51.20
  46.58
  42.42
  38.68
  35.31
  32.28
  29.55
  27.10
  24.89
  22.90
  21.11
  19.50
  18.05
  16.74
  15.57
  14.51
  13.56
  12.70
  11.93
  11.24
  10.62
  10.06
  9.55
  9.09
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
Revenue, $m
  649
  981
  1,438
  2,049
  2,841
  3,844
  5,085
  6,588
  8,373
  10,457
  12,851
  15,564
  18,599
  21,955
  25,631
  29,622
  33,921
  38,521
  43,415
  48,596
  54,059
  59,798
  65,811
  72,095
  78,652
  85,483
  92,593
  99,986
  107,672
  115,659
  123,958
Variable operating expenses, $m
 
  941
  1,373
  1,951
  2,701
  3,651
  4,825
  6,247
  7,937
  9,909
  12,176
  14,731
  17,604
  20,781
  24,260
  28,037
  32,106
  36,460
  41,092
  45,997
  51,167
  56,599
  62,291
  68,239
  74,445
  80,911
  87,640
  94,638
  101,912
  109,472
  117,328
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
  941
  1,373
  1,951
  2,701
  3,651
  4,825
  6,247
  7,937
  9,909
  12,176
  14,731
  17,604
  20,781
  24,260
  28,037
  32,106
  36,460
  41,092
  45,997
  51,167
  56,599
  62,291
  68,239
  74,445
  80,911
  87,640
  94,638
  101,912
  109,472
  117,328
Operating income, $m
  6
  40
  65
  98
  140
  194
  260
  340
  436
  547
  675
  833
  995
  1,174
  1,371
  1,584
  1,814
  2,060
  2,322
  2,599
  2,892
  3,199
  3,520
  3,856
  4,207
  4,573
  4,953
  5,348
  5,759
  6,187
  6,631
EBITDA, $m
  24
  71
  105
  149
  207
  280
  370
  479
  609
  761
  935
  1,133
  1,354
  1,598
  1,866
  2,156
  2,469
  2,804
  3,160
  3,537
  3,934
  4,352
  4,790
  5,247
  5,724
  6,222
  6,739
  7,277
  7,837
  8,418
  9,022
Interest expense (income), $m
  17
  21
  34
  56
  86
  125
  174
  236
  309
  397
  500
  617
  751
  900
  1,065
  1,246
  1,442
  1,654
  1,880
  2,120
  2,375
  2,644
  2,926
  3,222
  3,531
  3,853
  4,189
  4,539
  4,902
  5,280
  5,673
Earnings before tax, $m
  -16
  20
  31
  41
  54
  68
  86
  105
  126
  150
  176
  215
  244
  274
  306
  339
  372
  407
  443
  479
  516
  555
  594
  635
  676
  719
  764
  809
  857
  906
  957
Tax expense, $m
  -3
  5
  8
  11
  15
  18
  23
  28
  34
  41
  47
  58
  66
  74
  83
  91
  101
  110
  119
  129
  139
  150
  160
  171
  183
  194
  206
  219
  231
  245
  259
Net income, $m
  -12
  15
  23
  30
  39
  50
  62
  77
  92
  110
  128
  157
  178
  200
  223
  247
  272
  297
  323
  350
  377
  405
  434
  463
  494
  525
  557
  591
  626
  662
  699

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
  851
  1,248
  1,777
  2,464
  3,334
  4,410
  5,714
  7,262
  9,069
  11,146
  13,499
  16,131
  19,042
  22,230
  25,691
  29,420
  33,409
  37,654
  42,147
  46,885
  51,863
  57,078
  62,529
  68,215
  74,140
  80,306
  86,718
  93,384
  100,311
  107,510
Adjusted assets (=assets-cash), $m
  563
  851
  1,248
  1,777
  2,464
  3,334
  4,410
  5,714
  7,262
  9,069
  11,146
  13,499
  16,131
  19,042
  22,230
  25,691
  29,420
  33,409
  37,654
  42,147
  46,885
  51,863
  57,078
  62,529
  68,215
  74,140
  80,306
  86,718
  93,384
  100,311
  107,510
Revenue / Adjusted assets
  1.153
  1.153
  1.152
  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
  214
  314
  447
  619
  838
  1,109
  1,436
  1,825
  2,280
  2,802
  3,393
  4,054
  4,786
  5,588
  6,458
  7,395
  8,398
  9,464
  10,594
  11,785
  13,036
  14,347
  15,717
  17,146
  18,635
  20,185
  21,797
  23,472
  25,214
  27,023
Working capital, $m
  88
  92
  135
  193
  267
  361
  478
  619
  787
  983
  1,208
  1,463
  1,748
  2,064
  2,409
  2,784
  3,189
  3,621
  4,081
  4,568
  5,082
  5,621
  6,186
  6,777
  7,393
  8,035
  8,704
  9,399
  10,121
  10,872
  11,652
Total debt, $m
  350
  535
  892
  1,368
  1,987
  2,770
  3,738
  4,911
  6,305
  7,931
  9,800
  11,918
  14,287
  16,907
  19,776
  22,891
  26,247
  29,837
  33,657
  37,702
  41,966
  46,446
  51,139
  56,045
  61,163
  66,495
  72,044
  77,816
  83,815
  90,049
  96,528
Total liabilities, $m
  581
  766
  1,123
  1,599
  2,218
  3,001
  3,969
  5,142
  6,536
  8,162
  10,031
  12,149
  14,518
  17,138
  20,007
  23,122
  26,478
  30,068
  33,888
  37,933
  42,197
  46,677
  51,370
  56,276
  61,394
  66,726
  72,275
  78,047
  84,046
  90,280
  96,759
Total equity, $m
  32
  85
  125
  178
  246
  333
  441
  571
  726
  907
  1,115
  1,350
  1,613
  1,904
  2,223
  2,569
  2,942
  3,341
  3,765
  4,215
  4,689
  5,186
  5,708
  6,253
  6,822
  7,414
  8,031
  8,672
  9,338
  10,031
  10,751
Total liabilities and equity, $m
  613
  851
  1,248
  1,777
  2,464
  3,334
  4,410
  5,713
  7,262
  9,069
  11,146
  13,499
  16,131
  19,042
  22,230
  25,691
  29,420
  33,409
  37,653
  42,148
  46,886
  51,863
  57,078
  62,529
  68,216
  74,140
  80,306
  86,719
  93,384
  100,311
  107,510
Debt-to-equity ratio
  10.938
  6.290
  7.150
  7.700
  8.060
  8.310
  8.480
  8.600
  8.680
  8.750
  8.790
  8.830
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
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
  15
  23
  30
  39
  50
  62
  77
  92
  110
  128
  157
  178
  200
  223
  247
  272
  297
  323
  350
  377
  405
  434
  463
  494
  525
  557
  591
  626
  662
  699
Depreciation, amort., depletion, $m
  18
  31
  40
  52
  67
  86
  110
  139
  174
  214
  260
  300
  359
  424
  494
  571
  654
  743
  838
  938
  1,043
  1,154
  1,270
  1,391
  1,517
  1,649
  1,786
  1,929
  2,077
  2,231
  2,391
Funds from operations, $m
  52
  45
  63
  82
  106
  136
  173
  216
  266
  323
  388
  457
  537
  624
  718
  819
  926
  1,040
  1,161
  1,287
  1,420
  1,559
  1,703
  1,854
  2,011
  2,174
  2,344
  2,520
  2,703
  2,893
  3,090
Change in working capital, $m
  17
  31
  43
  57
  74
  94
  117
  141
  168
  196
  225
  255
  285
  316
  346
  375
  404
  432
  460
  487
  513
  539
  565
  591
  616
  642
  668
  695
  722
  751
  780
Cash from operations, $m
  35
  14
  20
  24
  32
  42
  56
  74
  98
  127
  163
  202
  252
  308
  372
  444
  522
  608
  701
  800
  906
  1,019
  1,138
  1,263
  1,395
  1,532
  1,675
  1,825
  1,980
  2,142
  2,310
Maintenance CAPEX, $m
  0
  -13
  -19
  -28
  -40
  -55
  -74
  -98
  -127
  -162
  -202
  -248
  -300
  -359
  -424
  -494
  -571
  -654
  -743
  -838
  -938
  -1,043
  -1,154
  -1,270
  -1,391
  -1,517
  -1,649
  -1,786
  -1,929
  -2,077
  -2,231
New CAPEX, $m
  -15
  -72
  -100
  -133
  -173
  -219
  -271
  -328
  -389
  -454
  -522
  -591
  -662
  -732
  -801
  -870
  -937
  -1,003
  -1,067
  -1,130
  -1,191
  -1,251
  -1,311
  -1,370
  -1,429
  -1,489
  -1,550
  -1,612
  -1,675
  -1,741
  -1,809
Cash from investing activities, $m
  -108
  -85
  -119
  -161
  -213
  -274
  -345
  -426
  -516
  -616
  -724
  -839
  -962
  -1,091
  -1,225
  -1,364
  -1,508
  -1,657
  -1,810
  -1,968
  -2,129
  -2,294
  -2,465
  -2,640
  -2,820
  -3,006
  -3,199
  -3,398
  -3,604
  -3,818
  -4,040
Free cash flow, $m
  -73
  -71
  -99
  -136
  -181
  -232
  -289
  -351
  -418
  -488
  -561
  -637
  -710
  -782
  -853
  -921
  -987
  -1,049
  -1,109
  -1,167
  -1,222
  -1,275
  -1,326
  -1,376
  -1,426
  -1,474
  -1,524
  -1,573
  -1,624
  -1,676
  -1,730
Issuance/(repayment) of debt, $m
  101
  208
  357
  476
  619
  783
  969
  1,173
  1,393
  1,627
  1,869
  2,117
  2,369
  2,620
  2,869
  3,115
  3,356
  3,591
  3,820
  4,044
  4,264
  4,480
  4,693
  4,906
  5,118
  5,332
  5,549
  5,771
  5,999
  6,234
  6,479
Issuance/(repurchase) of shares, $m
  0
  66
  17
  23
  29
  37
  45
  54
  63
  71
  79
  78
  85
  91
  96
  99
  101
  102
  101
  100
  97
  93
  88
  82
  75
  67
  59
  50
  41
  31
  21
Cash from financing (excl. dividends), $m  
  101
  274
  374
  499
  648
  820
  1,014
  1,227
  1,456
  1,698
  1,948
  2,195
  2,454
  2,711
  2,965
  3,214
  3,457
  3,693
  3,921
  4,144
  4,361
  4,573
  4,781
  4,988
  5,193
  5,399
  5,608
  5,821
  6,040
  6,265
  6,500
Total cash flow (excl. dividends), $m
  27
  203
  275
  363
  467
  588
  725
  875
  1,038
  1,209
  1,388
  1,559
  1,744
  1,929
  2,112
  2,293
  2,470
  2,643
  2,812
  2,977
  3,139
  3,298
  3,455
  3,611
  3,768
  3,925
  4,085
  4,248
  4,416
  4,589
  4,769
Retained Cash Flow (-), $m
  -30
  -80
  -40
  -53
  -69
  -87
  -108
  -130
  -155
  -181
  -208
  -235
  -263
  -291
  -319
  -346
  -373
  -399
  -424
  -449
  -474
  -498
  -521
  -545
  -569
  -592
  -617
  -641
  -667
  -693
  -720
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
 
  150
  235
  310
  399
  501
  617
  745
  883
  1,029
  1,180
  1,323
  1,481
  1,638
  1,793
  1,947
  2,097
  2,244
  2,388
  2,528
  2,665
  2,800
  2,933
  3,066
  3,199
  3,333
  3,468
  3,607
  3,749
  3,897
  4,049
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
 
  133
  184
  211
  233
  249
  256
  254
  244
  226
  203
  175
  147
  120
  95
  72
  53
  38
  26
  18
  11
  7
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  43.3
  42.4
  41.7
  41.0
  40.4
  39.8
  39.4
  38.9
  38.5
  38.2
  37.9
  37.7
  37.5
  37.3
  37.1
  37.0
  36.9
  36.8
  36.7
  36.6
  36.5
  36.4
  36.4
  36.4
  36.3
  36.3
  36.3
  36.2
  36.2
  36.2

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 -29.8
Price to Sales 0.6
Price to Book 11.2
Price to Tangible Book
Price to Cash Flow 10.2
Price to Free Cash Flow 17.9
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 51.2% 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 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 25.114 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 $0.4 billion.

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COMPANY NEWS

▶ 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]
▶ Why Horizon Global Is Falling Today   [Jan-25-17 12:50PM  at Motley Fool]
▶ Horizon Global to Present at Baird Industrial Conference   [Oct-31-16 05:00PM  Business Wire]
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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