Intrinsic value of Horizon Global - HZN

Previous Close

$17.15

  Intrinsic Value

$59.09

stock screener

  Rating & Target

str. buy

+245%

  Value-price divergence*

-122%

Previous close

$17.15

 
Intrinsic value

$59.09

 
Up/down potential

+245%

 
Rating

str. buy

 
Value-price divergence*

-122%

*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
  39.00
  35.60
  32.54
  29.79
  27.31
  25.08
  23.07
  21.26
  19.64
  18.17
  16.86
  15.67
  14.60
  13.64
  12.78
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
Revenue, $m
  649
  902
  1,223
  1,621
  2,104
  2,679
  3,351
  4,124
  5,000
  5,982
  7,069
  8,261
  9,555
  10,951
  12,444
  14,035
  15,719
  17,495
  19,362
  21,318
  23,363
  25,497
  27,720
  30,034
  32,441
  34,943
  37,543
  40,245
  43,053
  45,972
  49,007
Variable operating expenses, $m
 
  866
  1,170
  1,547
  2,004
  2,548
  3,183
  3,915
  4,745
  5,674
  6,703
  7,819
  9,044
  10,365
  11,779
  13,284
  14,878
  16,559
  18,326
  20,178
  22,113
  24,133
  26,238
  28,428
  30,706
  33,074
  35,535
  38,092
  40,750
  43,513
  46,385
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
  866
  1,170
  1,547
  2,004
  2,548
  3,183
  3,915
  4,745
  5,674
  6,703
  7,819
  9,044
  10,365
  11,779
  13,284
  14,878
  16,559
  18,326
  20,178
  22,113
  24,133
  26,238
  28,428
  30,706
  33,074
  35,535
  38,092
  40,750
  43,513
  46,385
Operating income, $m
  6
  36
  53
  75
  101
  131
  167
  209
  255
  308
  366
  442
  511
  586
  666
  751
  841
  936
  1,036
  1,140
  1,250
  1,364
  1,483
  1,607
  1,735
  1,869
  2,008
  2,153
  2,303
  2,459
  2,621
EBITDA, $m
  24
  66
  89
  118
  153
  195
  244
  300
  364
  435
  515
  601
  695
  797
  906
  1,021
  1,144
  1,273
  1,409
  1,552
  1,700
  1,856
  2,018
  2,186
  2,361
  2,543
  2,732
  2,929
  3,133
  3,346
  3,567
Interest expense (income), $m
  17
  22
  34
  51
  72
  98
  129
  165
  206
  253
  306
  364
  428
  497
  572
  652
  737
  827
  922
  1,022
  1,127
  1,236
  1,351
  1,470
  1,594
  1,722
  1,856
  1,996
  2,140
  2,291
  2,447
Earnings before tax, $m
  -16
  14
  20
  24
  28
  33
  38
  44
  49
  55
  60
  78
  83
  89
  94
  99
  104
  109
  114
  118
  123
  128
  132
  137
  142
  147
  152
  157
  163
  168
  175
Tax expense, $m
  -3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  21
  23
  24
  25
  27
  28
  29
  31
  32
  33
  34
  36
  37
  38
  40
  41
  42
  44
  45
  47
Net income, $m
  -12
  10
  14
  17
  21
  24
  28
  32
  36
  40
  44
  57
  61
  65
  69
  72
  76
  79
  83
  86
  90
  93
  96
  100
  103
  107
  111
  115
  119
  123
  127

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
  852
  1,155
  1,531
  1,987
  2,530
  3,164
  3,894
  4,722
  5,649
  6,675
  7,801
  9,023
  10,340
  11,751
  13,253
  14,843
  16,520
  18,283
  20,130
  22,061
  24,076
  26,176
  28,361
  30,634
  32,996
  35,452
  38,003
  40,654
  43,411
  46,276
Adjusted assets (=assets-cash), $m
  563
  852
  1,155
  1,531
  1,987
  2,530
  3,164
  3,894
  4,722
  5,649
  6,675
  7,801
  9,023
  10,340
  11,751
  13,253
  14,843
  16,520
  18,283
  20,130
  22,061
  24,076
  26,176
  28,361
  30,634
  32,996
  35,452
  38,003
  40,654
  43,411
  46,276
Revenue / Adjusted assets
  1.153
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
  1.059
Average production assets, $m
  142
  197
  267
  353
  459
  584
  730
  899
  1,090
  1,304
  1,541
  1,801
  2,083
  2,387
  2,713
  3,060
  3,427
  3,814
  4,221
  4,647
  5,093
  5,558
  6,043
  6,548
  7,072
  7,618
  8,184
  8,773
  9,386
  10,022
  10,683
Working capital, $m
  88
  85
  115
  152
  198
  252
  315
  388
  470
  562
  665
  777
  898
  1,029
  1,170
  1,319
  1,478
  1,645
  1,820
  2,004
  2,196
  2,397
  2,606
  2,823
  3,049
  3,285
  3,529
  3,783
  4,047
  4,321
  4,607
Total debt, $m
  350
  536
  809
  1,147
  1,557
  2,046
  2,617
  3,273
  4,019
  4,853
  5,777
  6,790
  7,890
  9,075
  10,345
  11,696
  13,128
  14,637
  16,224
  17,886
  19,624
  21,438
  23,327
  25,294
  27,339
  29,466
  31,675
  33,972
  36,358
  38,839
  41,418
Total liabilities, $m
  581
  767
  1,040
  1,378
  1,788
  2,277
  2,848
  3,504
  4,250
  5,084
  6,008
  7,021
  8,121
  9,306
  10,576
  11,927
  13,359
  14,868
  16,455
  18,117
  19,855
  21,669
  23,558
  25,525
  27,570
  29,697
  31,906
  34,203
  36,589
  39,070
  41,649
Total equity, $m
  32
  85
  116
  153
  199
  253
  316
  389
  472
  565
  668
  780
  902
  1,034
  1,175
  1,325
  1,484
  1,652
  1,828
  2,013
  2,206
  2,408
  2,618
  2,836
  3,063
  3,300
  3,545
  3,800
  4,065
  4,341
  4,628
Total liabilities and equity, $m
  613
  852
  1,156
  1,531
  1,987
  2,530
  3,164
  3,893
  4,722
  5,649
  6,676
  7,801
  9,023
  10,340
  11,751
  13,252
  14,843
  16,520
  18,283
  20,130
  22,061
  24,077
  26,176
  28,361
  30,633
  32,997
  35,451
  38,003
  40,654
  43,411
  46,277
Debt-to-equity ratio
  10.938
  6.290
  7.000
  7.490
  7.840
  8.090
  8.270
  8.410
  8.510
  8.590
  8.650
  8.700
  8.740
  8.780
  8.800
  8.830
  8.840
  8.860
  8.870
  8.890
  8.900
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.950
  8.950
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
  10
  14
  17
  21
  24
  28
  32
  36
  40
  44
  57
  61
  65
  69
  72
  76
  79
  83
  86
  90
  93
  96
  100
  103
  107
  111
  115
  119
  123
  127
Depreciation, amort., depletion, $m
  18
  29
  36
  43
  53
  64
  77
  92
  108
  127
  148
  159
  184
  211
  240
  271
  303
  338
  374
  411
  451
  492
  535
  579
  626
  674
  724
  776
  831
  887
  945
Funds from operations, $m
  52
  40
  50
  61
  73
  88
  105
  123
  144
  167
  192
  216
  245
  276
  309
  343
  379
  417
  456
  498
  540
  585
  631
  679
  729
  781
  835
  891
  949
  1,010
  1,073
Change in working capital, $m
  17
  24
  30
  37
  45
  54
  63
  73
  82
  92
  102
  112
  122
  131
  140
  149
  158
  167
  175
  184
  192
  201
  209
  218
  226
  235
  244
  254
  264
  274
  285
Cash from operations, $m
  35
  16
  20
  23
  28
  34
  41
  51
  62
  75
  90
  104
  124
  145
  168
  194
  221
  250
  281
  314
  348
  384
  422
  462
  503
  546
  591
  637
  685
  736
  788
Maintenance CAPEX, $m
  0
  -13
  -17
  -24
  -31
  -41
  -52
  -65
  -80
  -96
  -115
  -136
  -159
  -184
  -211
  -240
  -271
  -303
  -338
  -374
  -411
  -451
  -492
  -535
  -579
  -626
  -674
  -724
  -776
  -831
  -887
New CAPEX, $m
  -15
  -55
  -70
  -87
  -105
  -125
  -146
  -169
  -191
  -214
  -237
  -260
  -282
  -304
  -326
  -347
  -367
  -387
  -407
  -426
  -446
  -465
  -485
  -504
  -525
  -545
  -567
  -589
  -612
  -636
  -662
Cash from investing activities, $m
  -108
  -68
  -87
  -111
  -136
  -166
  -198
  -234
  -271
  -310
  -352
  -396
  -441
  -488
  -537
  -587
  -638
  -690
  -745
  -800
  -857
  -916
  -977
  -1,039
  -1,104
  -1,171
  -1,241
  -1,313
  -1,388
  -1,467
  -1,549
Free cash flow, $m
  -73
  -52
  -68
  -87
  -109
  -132
  -157
  -182
  -209
  -235
  -262
  -292
  -318
  -344
  -369
  -393
  -417
  -441
  -464
  -486
  -509
  -532
  -554
  -577
  -601
  -625
  -650
  -676
  -703
  -731
  -761
Issuance/(repayment) of debt, $m
  101
  186
  273
  338
  410
  488
  571
  657
  745
  834
  924
  1,013
  1,100
  1,186
  1,270
  1,351
  1,431
  1,510
  1,586
  1,662
  1,738
  1,814
  1,890
  1,967
  2,045
  2,126
  2,210
  2,296
  2,386
  2,481
  2,579
Issuance/(repurchase) of shares, $m
  0
  43
  16
  20
  25
  30
  35
  41
  47
  53
  59
  56
  61
  67
  73
  78
  83
  88
  93
  98
  103
  108
  113
  119
  124
  129
  135
  140
  146
  153
  159
Cash from financing (excl. dividends), $m  
  101
  229
  289
  358
  435
  518
  606
  698
  792
  887
  983
  1,069
  1,161
  1,253
  1,343
  1,429
  1,514
  1,598
  1,679
  1,760
  1,841
  1,922
  2,003
  2,086
  2,169
  2,255
  2,345
  2,436
  2,532
  2,634
  2,738
Total cash flow (excl. dividends), $m
  27
  177
  221
  271
  327
  386
  450
  516
  583
  652
  720
  776
  843
  909
  973
  1,036
  1,097
  1,157
  1,216
  1,275
  1,332
  1,390
  1,449
  1,508
  1,568
  1,630
  1,694
  1,761
  1,830
  1,902
  1,977
Retained Cash Flow (-), $m
  -30
  -53
  -30
  -38
  -46
  -54
  -63
  -73
  -83
  -93
  -103
  -113
  -122
  -132
  -141
  -150
  -159
  -168
  -176
  -185
  -193
  -202
  -210
  -219
  -227
  -236
  -246
  -255
  -265
  -276
  -287
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
 
  124
  191
  234
  281
  332
  386
  443
  500
  559
  618
  664
  721
  777
  832
  886
  938
  990
  1,040
  1,090
  1,139
  1,189
  1,239
  1,289
  1,341
  1,394
  1,449
  1,505
  1,564
  1,626
  1,691
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
 
  110
  149
  159
  164
  165
  160
  151
  138
  123
  106
  88
  72
  57
  44
  33
  24
  17
  12
  8
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.2
  86.6
  85.1
  83.7
  82.5
  81.3
  80.3
  79.3
  78.5
  77.7
  77.0
  76.4
  75.9
  75.3
  74.8
  74.4
  73.9
  73.5
  73.1
  72.7
  72.4
  72.0
  71.7
  71.4
  71.1
  70.8
  70.5
  70.3
  70.0
  69.8

Horizon Global Corporation designs, manufactures, and distributes a range of towing, trailering, cargo management, and other related accessory products to the automotive aftermarket, retail, and original equipment channels worldwide. It operates through two segments, Cequent Americas and Cequent APEA. The company provides towing products, such as hitches, fifth wheels, gooseneck hitches, weight distribution systems, wiring harnesses, draw bars, ball mounts, crossbars, towbars, security, and other towing accessories for attaching a trailer, camper, etc. It also offers trailering products, including control devices and components of the trailer itself comprising brake controls, jacks, winches, couplers, interior and exterior vehicle lighting, and brake replacement parts. In addition, the company provides cargo management products consisting of bike racks, roof cross bar systems, cargo carriers, luggage boxes, car interior protective products, rope, tie-downs, tarps, tarp straps, bungee cords, loading ramps, and interior travel organizers. Further, it offers other products comprising commercial brooms and brushes, skid plates, oil pans, tubular push bars, side steps, and sports bars. The company provides its products under the Reese, Hayman-Reese, and Draw-Tite, as well as Aqua Clear, Bulldog, BTM, DHF, Engetran, Fulton, Harper, Hidden Hitch, Highland, Kovil, Laitner, Parkside, Pro Series, Reese Secure, Reese Explorer, Reese Power Sports, Reese Towpower, ROLA, Tekonsha, Trojan, WesBarg, and Witter Towbar Systems brands. Horizon Global Corporation offers its products through original equipment manufacturers, original equipment suppliers, retail, and aftermarket customers in the agricultural, automotive, construction, horse/livestock, industrial, marine, military, recreational, trailer, and utility markets, as well as serves end-user through retailers. Horizon Global Corporation was incorporated in 2015 is headquartered in Troy, Michigan.

FINANCIAL RATIOS  of  Horizon Global (HZN)

Valuation Ratios
P/E Ratio -29.9
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 39% 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 24.564 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

▶ 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]
Stock chart of HZN 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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