Intrinsic value of Horizon Global - HZN

Previous Close

$5.55

  Intrinsic Value

$94.12

stock screener

  Rating & Target

str. buy

+999%

Previous close

$5.55

 
Intrinsic value

$94.12

 
Up/down potential

+999%

 
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
  37.60
  34.34
  31.41
  28.77
  26.39
  24.25
  22.32
  20.59
  19.03
  17.63
  16.37
  15.23
  14.21
  13.29
  12.46
  11.71
  11.04
  10.44
  9.89
  9.40
  8.96
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
Revenue, $m
  649
  1,229
  1,651
  2,169
  2,793
  3,530
  4,386
  5,365
  6,470
  7,702
  9,060
  10,543
  12,148
  13,874
  15,718
  17,676
  19,746
  21,926
  24,214
  26,610
  29,112
  31,721
  34,439
  37,267
  40,207
  43,263
  46,438
  49,738
  53,168
  56,734
  60,441
Variable operating expenses, $m
 
  1,078
  1,440
  1,885
  2,421
  3,053
  3,788
  4,629
  5,577
  6,635
  7,800
  9,050
  10,429
  11,910
  13,493
  15,174
  16,951
  18,823
  20,787
  22,844
  24,992
  27,232
  29,565
  31,992
  34,516
  37,140
  39,866
  42,699
  45,643
  48,704
  51,887
Fixed operating expenses, $m
 
  74
  75
  77
  79
  80
  82
  84
  86
  88
  90
  91
  93
  96
  98
  100
  102
  104
  107
  109
  111
  114
  116
  119
  121
  124
  127
  130
  132
  135
  138
Total operating expenses, $m
  643
  1,152
  1,515
  1,962
  2,500
  3,133
  3,870
  4,713
  5,663
  6,723
  7,890
  9,141
  10,522
  12,006
  13,591
  15,274
  17,053
  18,927
  20,894
  22,953
  25,103
  27,346
  29,681
  32,111
  34,637
  37,264
  39,993
  42,829
  45,775
  48,839
  52,025
Operating income, $m
  6
  78
  136
  207
  294
  397
  516
  653
  807
  980
  1,170
  1,401
  1,626
  1,868
  2,127
  2,402
  2,693
  2,999
  3,321
  3,657
  4,009
  4,376
  4,758
  5,156
  5,569
  5,999
  6,446
  6,910
  7,393
  7,894
  8,416
EBITDA, $m
  24
  145
  218
  308
  417
  546
  697
  869
  1,063
  1,280
  1,519
  1,780
  2,063
  2,368
  2,693
  3,038
  3,404
  3,788
  4,192
  4,615
  5,057
  5,518
  5,998
  6,497
  7,017
  7,556
  8,117
  8,701
  9,307
  9,937
  10,592
Interest expense (income), $m
  17
  20
  34
  52
  73
  100
  131
  167
  208
  254
  306
  363
  425
  492
  565
  642
  725
  812
  903
  999
  1,100
  1,205
  1,314
  1,429
  1,547
  1,671
  1,799
  1,933
  2,071
  2,215
  2,365
Earnings before tax, $m
  -16
  58
  102
  156
  221
  297
  385
  486
  600
  726
  864
  1,038
  1,201
  1,376
  1,562
  1,759
  1,968
  2,187
  2,417
  2,658
  2,909
  3,171
  3,444
  3,727
  4,022
  4,328
  4,647
  4,977
  5,321
  5,679
  6,051
Tax expense, $m
  -3
  16
  27
  42
  60
  80
  104
  131
  162
  196
  233
  280
  324
  371
  422
  475
  531
  591
  653
  718
  785
  856
  930
  1,006
  1,086
  1,169
  1,255
  1,344
  1,437
  1,533
  1,634
Net income, $m
  -12
  42
  74
  114
  161
  217
  281
  355
  438
  530
  631
  758
  877
  1,004
  1,140
  1,284
  1,437
  1,597
  1,765
  1,940
  2,124
  2,315
  2,514
  2,721
  2,936
  3,160
  3,392
  3,634
  3,885
  4,146
  4,417

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
  910
  1,222
  1,606
  2,067
  2,613
  3,247
  3,971
  4,789
  5,701
  6,706
  7,804
  8,992
  10,270
  11,634
  13,083
  14,616
  16,229
  17,923
  19,696
  21,549
  23,480
  25,492
  27,584
  29,761
  32,023
  34,373
  36,816
  39,355
  41,994
  44,738
Adjusted assets (=assets-cash), $m
  563
  910
  1,222
  1,606
  2,067
  2,613
  3,247
  3,971
  4,789
  5,701
  6,706
  7,804
  8,992
  10,270
  11,634
  13,083
  14,616
  16,229
  17,923
  19,696
  21,549
  23,480
  25,492
  27,584
  29,761
  32,023
  34,373
  36,816
  39,355
  41,994
  44,738
Revenue / Adjusted assets
  1.153
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
  1.351
Average production assets, $m
  142
  442
  594
  781
  1,006
  1,271
  1,579
  1,932
  2,329
  2,773
  3,262
  3,795
  4,373
  4,995
  5,658
  6,363
  7,108
  7,893
  8,717
  9,579
  10,480
  11,420
  12,398
  13,416
  14,474
  15,575
  16,718
  17,906
  19,140
  20,424
  21,759
Working capital, $m
  88
  45
  61
  80
  103
  131
  162
  199
  239
  285
  335
  390
  449
  513
  582
  654
  731
  811
  896
  985
  1,077
  1,174
  1,274
  1,379
  1,488
  1,601
  1,718
  1,840
  1,967
  2,099
  2,236
Total debt, $m
  350
  471
  717
  1,020
  1,384
  1,814
  2,313
  2,884
  3,529
  4,247
  5,039
  5,904
  6,840
  7,847
  8,922
  10,064
  11,272
  12,543
  13,878
  15,275
  16,735
  18,257
  19,842
  21,491
  23,206
  24,988
  26,841
  28,765
  30,766
  32,846
  35,008
Total liabilities, $m
  581
  717
  963
  1,265
  1,629
  2,059
  2,558
  3,130
  3,774
  4,492
  5,284
  6,149
  7,086
  8,092
  9,168
  10,310
  11,517
  12,789
  14,123
  15,521
  16,980
  18,502
  20,087
  21,737
  23,451
  25,234
  27,086
  29,011
  31,011
  33,091
  35,254
Total equity, $m
  32
  193
  259
  340
  438
  554
  688
  842
  1,015
  1,209
  1,422
  1,654
  1,906
  2,177
  2,466
  2,774
  3,099
  3,441
  3,800
  4,176
  4,568
  4,978
  5,404
  5,848
  6,309
  6,789
  7,287
  7,805
  8,343
  8,903
  9,485
Total liabilities and equity, $m
  613
  910
  1,222
  1,605
  2,067
  2,613
  3,246
  3,972
  4,789
  5,701
  6,706
  7,803
  8,992
  10,269
  11,634
  13,084
  14,616
  16,230
  17,923
  19,697
  21,548
  23,480
  25,491
  27,585
  29,760
  32,023
  34,373
  36,816
  39,354
  41,994
  44,739
Debt-to-equity ratio
  10.938
  2.440
  2.770
  3.000
  3.160
  3.270
  3.360
  3.430
  3.480
  3.510
  3.540
  3.570
  3.590
  3.600
  3.620
  3.630
  3.640
  3.650
  3.650
  3.660
  3.660
  3.670
  3.670
  3.680
  3.680
  3.680
  3.680
  3.690
  3.690
  3.690
  3.690
Adjusted equity ratio
  -0.032
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212
  0.212

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  42
  74
  114
  161
  217
  281
  355
  438
  530
  631
  758
  877
  1,004
  1,140
  1,284
  1,437
  1,597
  1,765
  1,940
  2,124
  2,315
  2,514
  2,721
  2,936
  3,160
  3,392
  3,634
  3,885
  4,146
  4,417
Depreciation, amort., depletion, $m
  18
  67
  82
  101
  123
  150
  181
  216
  256
  300
  349
  380
  437
  499
  566
  636
  711
  789
  872
  958
  1,048
  1,142
  1,240
  1,342
  1,447
  1,557
  1,672
  1,791
  1,914
  2,042
  2,176
Funds from operations, $m
  52
  109
  156
  215
  284
  367
  462
  571
  693
  830
  980
  1,137
  1,314
  1,504
  1,706
  1,921
  2,148
  2,386
  2,636
  2,898
  3,172
  3,457
  3,754
  4,062
  4,383
  4,717
  5,064
  5,424
  5,799
  6,188
  6,593
Change in working capital, $m
  17
  12
  16
  19
  23
  27
  32
  36
  41
  46
  50
  55
  59
  64
  68
  72
  77
  81
  85
  89
  93
  97
  101
  105
  109
  113
  117
  122
  127
  132
  137
Cash from operations, $m
  35
  97
  141
  195
  261
  339
  430
  535
  653
  784
  930
  1,082
  1,255
  1,440
  1,638
  1,848
  2,071
  2,305
  2,552
  2,810
  3,079
  3,360
  3,653
  3,958
  4,275
  4,604
  4,946
  5,302
  5,672
  6,056
  6,456
Maintenance CAPEX, $m
  0
  -32
  -44
  -59
  -78
  -101
  -127
  -158
  -193
  -233
  -277
  -326
  -380
  -437
  -499
  -566
  -636
  -711
  -789
  -872
  -958
  -1,048
  -1,142
  -1,240
  -1,342
  -1,447
  -1,557
  -1,672
  -1,791
  -1,914
  -2,042
New CAPEX, $m
  -15
  -121
  -152
  -187
  -225
  -265
  -308
  -353
  -398
  -443
  -489
  -534
  -578
  -621
  -664
  -705
  -745
  -785
  -824
  -862
  -901
  -939
  -978
  -1,018
  -1,058
  -1,100
  -1,143
  -1,188
  -1,235
  -1,284
  -1,335
Cash from investing activities, $m
  -108
  -153
  -196
  -246
  -303
  -366
  -435
  -511
  -591
  -676
  -766
  -860
  -958
  -1,058
  -1,163
  -1,271
  -1,381
  -1,496
  -1,613
  -1,734
  -1,859
  -1,987
  -2,120
  -2,258
  -2,400
  -2,547
  -2,700
  -2,860
  -3,026
  -3,198
  -3,377
Free cash flow, $m
  -73
  -57
  -55
  -51
  -41
  -27
  -5
  24
  62
  108
  163
  222
  297
  381
  475
  578
  689
  810
  939
  1,076
  1,220
  1,373
  1,533
  1,700
  1,875
  2,056
  2,246
  2,442
  2,646
  2,859
  3,079
Issuance/(repayment) of debt, $m
  101
  196
  246
  302
  364
  430
  499
  571
  644
  718
  792
  865
  937
  1,007
  1,075
  1,142
  1,207
  1,272
  1,335
  1,397
  1,460
  1,522
  1,585
  1,649
  1,715
  1,782
  1,852
  1,925
  2,000
  2,080
  2,163
Issuance/(repurchase) of shares, $m
  0
  11
  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  
  101
  207
  246
  302
  364
  430
  499
  571
  644
  718
  792
  865
  937
  1,007
  1,075
  1,142
  1,207
  1,272
  1,335
  1,397
  1,460
  1,522
  1,585
  1,649
  1,715
  1,782
  1,852
  1,925
  2,000
  2,080
  2,163
Total cash flow (excl. dividends), $m
  27
  150
  191
  252
  322
  403
  494
  595
  706
  826
  955
  1,087
  1,233
  1,388
  1,550
  1,720
  1,897
  2,081
  2,273
  2,473
  2,680
  2,895
  3,118
  3,349
  3,589
  3,839
  4,098
  4,367
  4,647
  4,938
  5,242
Retained Cash Flow (-), $m
  -30
  -53
  -66
  -81
  -98
  -116
  -134
  -154
  -173
  -193
  -213
  -233
  -252
  -271
  -289
  -307
  -325
  -342
  -359
  -376
  -393
  -409
  -426
  -444
  -461
  -480
  -498
  -518
  -538
  -560
  -582
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
 
  4
  5
  7
  9
  11
  14
  18
  21
  26
  31
  36
  42
  49
  55
  63
  71
  79
  88
  97
  106
  116
  127
  138
  149
  161
  173
  186
  199
  213
  227
Cash available for distribution, $m
 
  97
  125
  170
  225
  288
  360
  442
  533
  633
  742
  855
  982
  1,117
  1,261
  1,412
  1,572
  1,739
  1,914
  2,097
  2,287
  2,485
  2,691
  2,906
  3,128
  3,359
  3,600
  3,849
  4,109
  4,379
  4,660
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  88
  102
  125
  146
  164
  178
  186
  190
  187
  180
  168
  153
  136
  117
  99
  81
  64
  50
  38
  27
  19
  13
  9
  6
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8
  92.8

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 -9.7
Price to Sales 0.2
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 5.8
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 $893 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 37.6% 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 9.8%, 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 88.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $72 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 7.2% 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 0.4%.

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 36%.

Life of production assets of 10 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 3.7%. 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 - $140 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 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 $0.1 billion.

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COMPANY NEWS

▶ When Should You Buy Horizon Global Corporation (NYSE:HZN)?   [Jun-26-18 09:45AM  Simply Wall St.]
▶ [$$] Big equity funds accused of breaching EU disclosure rules   [Jun-03-18 11:00PM  Financial Times]
▶ Horizon Global's Troubles Continue   [May-09-18 10:23AM  Motley Fool]
▶ Should You Buy Horizon Global Corporation (NYSE:HZN) At $5.92?   [May-08-18 02:51PM  Simply Wall St.]
▶ Horizon Global: 1Q Earnings Snapshot   [May-03-18 06:49AM  Associated Press]
▶ Horizon Global Corporation (NYSE:HZN): Is Breakeven Near?   [Mar-12-18 05:02PM  Simply Wall St.]
▶ Horizon Global Announces Corporate Governance Changes   [Mar-02-18 01:15PM  Business Wire]
▶ Horizon Global reports 4Q loss   [06:59AM  Associated Press]
▶ 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]
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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