Intrinsic value of IES Holdings - IESC

Previous Close

$15.05

  Intrinsic Value

$29.52

stock screener

  Rating & Target

str. buy

+96%

  Value-price divergence*

0%

Previous close

$15.05

 
Intrinsic value

$29.52

 
Up/down potential

+96%

 
Rating

str. buy

 
Value-price divergence*

0%

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

We calculate the intrinsic value of IESC 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 0.3

 

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, %
  21.25
  27.50
  25.25
  23.23
  21.40
  19.76
  18.29
  16.96
  15.76
  14.69
  13.72
  12.85
  12.06
  11.35
  10.72
  10.15
  9.63
  9.17
  8.75
  8.38
  8.04
  7.74
  7.46
  7.22
  6.99
  6.79
  6.62
  6.45
  6.31
  6.18
  6.06
Revenue, $m
  696
  887
  1,111
  1,370
  1,663
  1,991
  2,355
  2,755
  3,189
  3,657
  4,159
  4,693
  5,259
  5,857
  6,484
  7,142
  7,830
  8,548
  9,297
  10,075
  10,885
  11,727
  12,603
  13,512
  14,457
  15,439
  16,461
  17,523
  18,628
  19,779
  20,978
Variable operating expenses, $m
 
  843
  1,055
  1,299
  1,576
  1,886
  2,231
  2,608
  3,019
  3,461
  3,935
  4,436
  4,972
  5,536
  6,129
  6,751
  7,402
  8,080
  8,788
  9,524
  10,289
  11,085
  11,913
  12,772
  13,665
  14,594
  15,559
  16,564
  17,608
  18,696
  19,829
Fixed operating expenses, $m
 
  9
  9
  10
  10
  10
  10
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  18
  18
  18
  19
Total operating expenses, $m
  671
  852
  1,064
  1,309
  1,586
  1,896
  2,241
  2,619
  3,030
  3,472
  3,947
  4,448
  4,984
  5,548
  6,142
  6,764
  7,415
  8,094
  8,802
  9,538
  10,304
  11,100
  11,928
  12,788
  13,681
  14,611
  15,576
  16,582
  17,626
  18,714
  19,848
Operating income, $m
  25
  35
  47
  61
  77
  95
  115
  136
  160
  185
  212
  245
  276
  308
  342
  378
  415
  454
  495
  537
  581
  627
  674
  724
  775
  829
  884
  942
  1,002
  1,064
  1,130
EBITDA, $m
  31
  43
  57
  72
  89
  108
  129
  153
  178
  206
  235
  267
  300
  335
  372
  411
  451
  494
  538
  584
  631
  681
  733
  786
  842
  900
  960
  1,023
  1,088
  1,156
  1,226
Interest expense (income), $m
  1
  2
  4
  7
  10
  14
  18
  23
  28
  34
  40
  47
  54
  61
  69
  77
  86
  95
  104
  114
  124
  134
  145
  157
  169
  181
  194
  207
  221
  235
  250
Earnings before tax, $m
  24
  34
  43
  54
  67
  81
  96
  113
  131
  151
  172
  198
  222
  247
  274
  301
  330
  360
  391
  424
  457
  493
  529
  567
  607
  648
  690
  735
  781
  829
  879
Tax expense, $m
  -97
  9
  12
  15
  18
  22
  26
  30
  35
  41
  46
  54
  60
  67
  74
  81
  89
  97
  106
  114
  124
  133
  143
  153
  164
  175
  186
  198
  211
  224
  237
Net income, $m
  121
  25
  32
  40
  49
  59
  70
  82
  96
  110
  126
  145
  162
  180
  200
  220
  241
  263
  285
  309
  334
  360
  386
  414
  443
  473
  504
  536
  570
  605
  642

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  394
  460
  576
  710
  862
  1,033
  1,222
  1,429
  1,654
  1,897
  2,157
  2,434
  2,728
  3,038
  3,363
  3,705
  4,061
  4,434
  4,822
  5,226
  5,646
  6,083
  6,537
  7,008
  7,498
  8,008
  8,538
  9,089
  9,662
  10,259
  10,881
Adjusted assets (=assets-cash), $m
  361
  460
  576
  710
  862
  1,033
  1,222
  1,429
  1,654
  1,897
  2,157
  2,434
  2,728
  3,038
  3,363
  3,705
  4,061
  4,434
  4,822
  5,226
  5,646
  6,083
  6,537
  7,008
  7,498
  8,008
  8,538
  9,089
  9,662
  10,259
  10,881
Revenue / Adjusted assets
  1.928
  1.928
  1.929
  1.930
  1.929
  1.927
  1.927
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
  1.928
Average production assets, $m
  33
  42
  52
  64
  78
  94
  111
  129
  150
  172
  195
  221
  247
  275
  305
  336
  368
  402
  437
  474
  512
  551
  592
  635
  679
  726
  774
  824
  876
  930
  986
Working capital, $m
  77
  56
  70
  86
  105
  125
  148
  174
  201
  230
  262
  296
  331
  369
  409
  450
  493
  539
  586
  635
  686
  739
  794
  851
  911
  973
  1,037
  1,104
  1,174
  1,246
  1,322
Total debt, $m
  29
  76
  131
  195
  267
  348
  437
  535
  642
  757
  881
  1,012
  1,151
  1,298
  1,452
  1,614
  1,783
  1,960
  2,144
  2,335
  2,534
  2,741
  2,956
  3,180
  3,412
  3,654
  3,905
  4,166
  4,438
  4,721
  5,015
Total liabilities, $m
  171
  218
  273
  337
  409
  490
  579
  677
  784
  899
  1,023
  1,154
  1,293
  1,440
  1,594
  1,756
  1,925
  2,102
  2,286
  2,477
  2,676
  2,883
  3,098
  3,322
  3,554
  3,796
  4,047
  4,308
  4,580
  4,863
  5,157
Total equity, $m
  223
  242
  303
  374
  454
  543
  643
  752
  870
  998
  1,135
  1,280
  1,435
  1,598
  1,769
  1,949
  2,136
  2,332
  2,536
  2,749
  2,970
  3,199
  3,438
  3,686
  3,944
  4,212
  4,491
  4,781
  5,082
  5,396
  5,723
Total liabilities and equity, $m
  394
  460
  576
  711
  863
  1,033
  1,222
  1,429
  1,654
  1,897
  2,158
  2,434
  2,728
  3,038
  3,363
  3,705
  4,061
  4,434
  4,822
  5,226
  5,646
  6,082
  6,536
  7,008
  7,498
  8,008
  8,538
  9,089
  9,662
  10,259
  10,880
Debt-to-equity ratio
  0.130
  0.310
  0.430
  0.520
  0.590
  0.640
  0.680
  0.710
  0.740
  0.760
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.870
  0.870
  0.870
  0.870
  0.870
  0.870
  0.880
Adjusted equity ratio
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526
  0.526

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  25
  32
  40
  49
  59
  70
  82
  96
  110
  126
  145
  162
  180
  200
  220
  241
  263
  285
  309
  334
  360
  386
  414
  443
  473
  504
  536
  570
  605
  642
Depreciation, amort., depletion, $m
  6
  8
  9
  10
  12
  13
  15
  17
  19
  21
  23
  22
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  86
  91
  97
Funds from operations, $m
  19
  33
  41
  50
  60
  72
  85
  99
  115
  131
  149
  167
  186
  207
  230
  253
  277
  302
  328
  356
  384
  414
  444
  476
  509
  544
  580
  617
  656
  696
  739
Change in working capital, $m
  -6
  12
  14
  16
  18
  21
  23
  25
  27
  30
  32
  34
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
  62
  64
  67
  70
  72
  76
Cash from operations, $m
  25
  21
  27
  34
  42
  51
  62
  74
  87
  102
  117
  133
  151
  170
  190
  211
  233
  257
  281
  307
  333
  361
  389
  419
  450
  482
  516
  550
  586
  624
  663
Maintenance CAPEX, $m
  0
  -3
  -4
  -5
  -6
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -39
  -43
  -46
  -50
  -54
  -58
  -62
  -67
  -71
  -76
  -81
  -86
  -91
New CAPEX, $m
  -3
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
Cash from investing activities, $m
  -61
  -12
  -15
  -17
  -20
  -23
  -26
  -30
  -33
  -37
  -41
  -44
  -49
  -52
  -57
  -61
  -65
  -70
  -74
  -80
  -84
  -90
  -95
  -101
  -106
  -113
  -119
  -126
  -133
  -140
  -147
Free cash flow, $m
  -36
  8
  12
  16
  22
  28
  36
  44
  54
  65
  77
  89
  103
  118
  133
  150
  168
  187
  207
  227
  249
  271
  294
  318
  343
  369
  396
  424
  454
  484
  516
Issuance/(repayment) of debt, $m
  20
  47
  55
  63
  72
  81
  90
  98
  107
  115
  123
  131
  139
  147
  154
  162
  169
  177
  184
  191
  199
  207
  215
  224
  232
  242
  251
  261
  272
  283
  295
Issuance/(repurchase) of shares, $m
  0
  27
  29
  31
  31
  31
  29
  27
  23
  18
  11
  1
  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  
  19
  74
  84
  94
  103
  112
  119
  125
  130
  133
  134
  132
  139
  147
  154
  162
  169
  177
  184
  191
  199
  207
  215
  224
  232
  242
  251
  261
  272
  283
  295
Total cash flow (excl. dividends), $m
  -16
  83
  97
  111
  125
  140
  154
  169
  183
  198
  211
  221
  242
  264
  288
  312
  337
  364
  391
  419
  448
  478
  509
  542
  576
  611
  647
  686
  725
  767
  810
Retained Cash Flow (-), $m
  -122
  -52
  -61
  -70
  -80
  -90
  -99
  -109
  -118
  -128
  -137
  -146
  -154
  -163
  -171
  -180
  -188
  -196
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -279
  -290
  -302
  -314
  -327
Prev. year cash balance distribution, $m
 
  33
  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
 
  64
  35
  40
  45
  50
  55
  60
  65
  70
  74
  75
  87
  101
  117
  133
  150
  168
  186
  206
  227
  248
  270
  294
  318
  343
  369
  396
  424
  453
  483
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
 
  61
  32
  35
  37
  39
  40
  41
  41
  40
  39
  36
  37
  39
  39
  39
  38
  36
  34
  32
  29
  26
  22
  19
  16
  13
  11
  8
  7
  5
  4
Current shareholders' claim on cash, %
  100
  90.5
  83.1
  77.4
  73.0
  69.6
  67.0
  65.0
  63.6
  62.7
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2
  62.2

IES Holdings, Inc. engages in communications, residential, commercial and industrial, and infrastructure solutions businesses in the United States. The company’s Communications segment provides network infrastructure services for data centers and other mission critical environments. This segment designs, installs, and maintains network infrastructure for financial, medical, hospitality, government, high-tech manufacturing, educational, and information technology industries; and designs and installs audio/visual, telephone, fire, wireless access, and intrusion alarm systems; and designs/builds, services, and maintains data network systems. Its Residential segment offers electrical installation services to single-family housing and multi-family apartment complexes; and cable television cabling installation services to residential and light commercial applications, as well as installs residential solar power for new construction and existing residences. The company’s Commercial & Industrial segment provides electrical and mechanical design, construction, and maintenance services for office buildings, manufacturing facilities, data centers, chemical plants, refineries, wind farms, solar facilities, municipal infrastructures, and health care facilities. Its Infrastructure Solutions segment maintains and repairs alternating and direct current electric motors and generators, and power generating and distribution equipment; manufactures, remanufactures, and repairs industrial lifting magnets; maintains and repairs railroad main and auxiliary generators, main alternators, and traction motors; and manufactures electro mechanical components used in power distribution. The company was formerly known as Integrated Electrical Services, Inc. and changed its name to IES Holdings, Inc. in May 2016. The company was founded in 1997 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  IES Holdings (IESC)

Valuation Ratios
P/E Ratio 2.7
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 14.7
Growth Rates
Sales Growth Rate 21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 13%
Total Debt to Equity 13%
Interest Coverage 25
Management Effectiveness
Return On Assets 40.7%
Ret/ On Assets - 3 Yr. Avg. 17.4%
Return On Total Capital 66.9%
Ret/ On T. Cap. - 3 Yr. Avg. 29.6%
Return On Equity 74.7%
Return On Equity - 3 Yr. Avg. 33.1%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 18.2%
Gross Margin - 3 Yr. Avg. 17.3%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 2.8%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin 17.4%
Net Profit Margin - 3 Yr. Avg. 7.1%
Effective Tax Rate -404.2%
Eff/ Tax Rate - 3 Yr. Avg. -132.9%
Payout Ratio 0%

IESC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IESC stock intrinsic value calculation we used $696 million for the last fiscal year's total revenue generated by IES Holdings. The default revenue input number comes from 2016 income statement of IES Holdings. 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 IESC stock valuation model: a) initial revenue growth rate of 27.5% 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 IESC is calculated based on our internal credit rating of IES Holdings, 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 IES Holdings.
    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 IESC stock the variable cost ratio is equal to 95.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $9 million in the base year in the intrinsic value calculation for IESC 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 5.3% for IES Holdings.

Corporate tax rate of 27% is the nominal tax rate for IES Holdings. 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 IESC 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 IESC are equal to 4.7%.

Life of production assets of 10.2 years is the average useful life of capital assets used in IES Holdings 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 IESC is equal to 6.3%. 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 - $223 million for IES Holdings - 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 20.383 million for IES Holdings 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 IES Holdings at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Integrated Electrical Services posts 3Q profit   [Aug-04-17 11:41PM  Associated Press]
▶ Integrated Electrical Services posts 3Q profit   [08:39AM  Associated Press]
▶ IES Holdings Acquires NEXT Electric   [Jul-14-17 07:35AM  GlobeNewswire]
▶ ETFs with exposure to IES Holdings, Inc. : July 10, 2017   [Jul-10-17 02:39PM  Capital Cube]
▶ ETFs with exposure to IES Holdings, Inc. : June 19, 2017   [Jun-19-17 03:31PM  Capital Cube]
▶ Integrated Electrical Services posts 2Q profit   [May-05-17 08:12AM  Associated Press]
▶ IES Holdings Amends and Expands Credit Facility   [Apr-10-17 04:30PM  GlobeNewswire]
▶ Houston electromechanical company scoops up Cincinnati co.   [Mar-17-17 09:35AM  at bizjournals.com]
▶ Houston electromechanical company scoops up Cincinnati co.   [09:35AM  American City Business Journals]
▶ Integrated Electrical Services posts 1Q profit   [Feb-08-17 06:12PM  Associated Press]
▶ Here is What Hedge Funds Think About Exactech, Inc. (EXAC)   [Dec-11-16 04:31AM  at Insider Monkey]
▶ Is Sonus Networks, Inc. (SONS) Going to Burn Investors?   [Dec-08-16 01:46PM  at Insider Monkey]
▶ Tontine Asset Managements Bets on Small-Caps Help Offset Losses   [Sep-26-16 07:30AM  at Insider Monkey]
▶ Term Sheet Friday, June 17   [Jun-17-16 10:23AM  at Fortune]
▶ IES Holdings Announces Management Appointments   [Jun-06-16 04:30PM  GlobeNewswire]
▶ Forced Into Bearishness   [Apr-20-16 11:01AM  at TheStreet]
▶ Integrated Electrical Services Announces Name Change   [Apr-01-16 08:33AM  GlobeNewswire]
Stock chart of IESC Financial statements of IESC
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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