Intrinsic value of James Hardie Industries ADR - JHX

Previous Close

$14.19

  Intrinsic Value

$4.98

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

+537%

Previous close

$14.19

 
Intrinsic value

$4.98

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

+537%

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

We calculate the intrinsic value of JHX 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 2017), $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 6.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.23
  13.30
  12.47
  11.72
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
Revenue, $m
  1,922
  2,178
  2,449
  2,736
  3,039
  3,356
  3,688
  4,035
  4,397
  4,774
  5,167
  5,575
  5,998
  6,439
  6,897
  7,373
  7,867
  8,382
  8,917
  9,474
  10,054
  10,658
  11,287
  11,944
  12,629
  13,344
  14,091
  14,871
  15,686
  16,539
  17,430
Variable operating expenses, $m
 
  1,729
  1,945
  2,173
  2,413
  2,665
  2,929
  3,204
  3,492
  3,791
  4,102
  4,426
  4,763
  5,113
  5,476
  5,854
  6,247
  6,655
  7,080
  7,522
  7,982
  8,462
  8,962
  9,483
  10,027
  10,595
  11,188
  11,807
  12,455
  13,132
  13,840
Fixed operating expenses, $m
 
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
Total operating expenses, $m
  1,528
  1,731
  1,947
  2,175
  2,415
  2,667
  2,931
  3,206
  3,494
  3,793
  4,105
  4,429
  4,766
  5,116
  5,479
  5,857
  6,250
  6,658
  7,083
  7,525
  7,985
  8,465
  8,965
  9,487
  10,031
  10,599
  11,192
  11,811
  12,459
  13,136
  13,844
Operating income, $m
  393
  447
  502
  562
  624
  689
  757
  829
  903
  981
  1,062
  1,146
  1,233
  1,324
  1,418
  1,516
  1,618
  1,724
  1,834
  1,948
  2,068
  2,192
  2,322
  2,457
  2,598
  2,745
  2,899
  3,060
  3,227
  3,403
  3,586
EBITDA, $m
  476
  496
  559
  624
  693
  766
  842
  921
  1,004
  1,090
  1,180
  1,273
  1,370
  1,471
  1,576
  1,685
  1,798
  1,916
  2,038
  2,165
  2,298
  2,436
  2,580
  2,730
  2,887
  3,051
  3,222
  3,400
  3,587
  3,782
  3,986
Interest expense (income), $m
  26
  27
  20
  31
  43
  55
  68
  82
  97
  112
  127
  143
  160
  178
  196
  215
  235
  255
  277
  299
  322
  346
  371
  397
  425
  453
  483
  514
  546
  580
  615
Earnings before tax, $m
  367
  419
  483
  531
  581
  634
  689
  747
  807
  869
  935
  1,002
  1,073
  1,146
  1,222
  1,301
  1,383
  1,468
  1,557
  1,649
  1,746
  1,846
  1,951
  2,060
  2,173
  2,292
  2,416
  2,546
  2,681
  2,823
  2,971
Tax expense, $m
  90
  113
  130
  143
  157
  171
  186
  202
  218
  235
  252
  271
  290
  309
  330
  351
  373
  396
  420
  445
  471
  498
  527
  556
  587
  619
  652
  687
  724
  762
  802
Net income, $m
  277
  306
  353
  387
  424
  463
  503
  545
  589
  635
  682
  732
  783
  836
  892
  949
  1,009
  1,072
  1,137
  1,204
  1,274
  1,348
  1,424
  1,504
  1,587
  1,673
  1,764
  1,859
  1,957
  2,061
  2,169

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  79
  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
  2,013
  2,280
  2,565
  2,865
  3,182
  3,514
  3,862
  4,226
  4,605
  4,999
  5,410
  5,837
  6,281
  6,742
  7,222
  7,720
  8,238
  8,777
  9,337
  9,920
  10,527
  11,160
  11,819
  12,507
  13,224
  13,973
  14,755
  15,572
  16,425
  17,318
  18,252
Adjusted assets (=assets-cash), $m
  1,934
  2,280
  2,565
  2,865
  3,182
  3,514
  3,862
  4,226
  4,605
  4,999
  5,410
  5,837
  6,281
  6,742
  7,222
  7,720
  8,238
  8,777
  9,337
  9,920
  10,527
  11,160
  11,819
  12,507
  13,224
  13,973
  14,755
  15,572
  16,425
  17,318
  18,252
Revenue / Adjusted assets
  0.994
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
  0.955
Average production assets, $m
  440
  499
  561
  627
  696
  769
  845
  924
  1,007
  1,093
  1,183
  1,277
  1,374
  1,475
  1,579
  1,688
  1,802
  1,919
  2,042
  2,169
  2,302
  2,441
  2,585
  2,735
  2,892
  3,056
  3,227
  3,405
  3,592
  3,787
  3,992
Working capital, $m
  203
  200
  225
  252
  280
  309
  339
  371
  405
  439
  475
  513
  552
  592
  635
  678
  724
  771
  820
  872
  925
  981
  1,038
  1,099
  1,162
  1,228
  1,296
  1,368
  1,443
  1,522
  1,604
Total debt, $m
  617
  444
  700
  971
  1,256
  1,555
  1,868
  2,195
  2,536
  2,891
  3,261
  3,646
  4,045
  4,460
  4,892
  5,340
  5,806
  6,291
  6,795
  7,320
  7,867
  8,436
  9,029
  9,648
  10,294
  10,968
  11,671
  12,406
  13,175
  13,978
  14,818
Total liabilities, $m
  2,225
  2,052
  2,308
  2,579
  2,864
  3,163
  3,476
  3,803
  4,144
  4,499
  4,869
  5,254
  5,653
  6,068
  6,500
  6,948
  7,414
  7,899
  8,403
  8,928
  9,475
  10,044
  10,637
  11,256
  11,902
  12,576
  13,279
  14,014
  14,783
  15,586
  16,426
Total equity, $m
  -212
  228
  256
  287
  318
  351
  386
  423
  460
  500
  541
  584
  628
  674
  722
  772
  824
  878
  934
  992
  1,053
  1,116
  1,182
  1,251
  1,322
  1,397
  1,475
  1,557
  1,643
  1,732
  1,825
Total liabilities and equity, $m
  2,013
  2,280
  2,564
  2,866
  3,182
  3,514
  3,862
  4,226
  4,604
  4,999
  5,410
  5,838
  6,281
  6,742
  7,222
  7,720
  8,238
  8,777
  9,337
  9,920
  10,528
  11,160
  11,819
  12,507
  13,224
  13,973
  14,754
  15,571
  16,426
  17,318
  18,251
Debt-to-equity ratio
  -2.910
  1.950
  2.730
  3.390
  3.950
  4.420
  4.840
  5.190
  5.510
  5.780
  6.030
  6.250
  6.440
  6.620
  6.770
  6.920
  7.050
  7.170
  7.280
  7.380
  7.470
  7.560
  7.640
  7.710
  7.780
  7.850
  7.910
  7.970
  8.020
  8.070
  8.120
Adjusted equity ratio
  -0.150
  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
  277
  306
  353
  387
  424
  463
  503
  545
  589
  635
  682
  732
  783
  836
  892
  949
  1,009
  1,072
  1,137
  1,204
  1,274
  1,348
  1,424
  1,504
  1,587
  1,673
  1,764
  1,859
  1,957
  2,061
  2,169
Depreciation, amort., depletion, $m
  83
  50
  56
  63
  70
  77
  84
  92
  101
  109
  118
  128
  137
  147
  158
  169
  180
  192
  204
  217
  230
  244
  258
  274
  289
  306
  323
  341
  359
  379
  399
Funds from operations, $m
  217
  356
  409
  450
  494
  540
  587
  638
  690
  744
  801
  859
  920
  984
  1,050
  1,118
  1,190
  1,264
  1,341
  1,421
  1,505
  1,592
  1,682
  1,777
  1,876
  1,979
  2,087
  2,199
  2,317
  2,440
  2,568
Change in working capital, $m
  -75
  24
  25
  26
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  66
  69
  72
  75
  78
  82
Cash from operations, $m
  292
  333
  384
  424
  466
  510
  557
  606
  656
  709
  764
  822
  881
  943
  1,008
  1,075
  1,144
  1,216
  1,292
  1,370
  1,451
  1,536
  1,624
  1,717
  1,813
  1,913
  2,018
  2,127
  2,242
  2,361
  2,486
Maintenance CAPEX, $m
  0
  -44
  -50
  -56
  -63
  -70
  -77
  -84
  -92
  -101
  -109
  -118
  -128
  -137
  -147
  -158
  -169
  -180
  -192
  -204
  -217
  -230
  -244
  -258
  -274
  -289
  -306
  -323
  -341
  -359
  -379
New CAPEX, $m
  -107
  -59
  -62
  -66
  -69
  -73
  -76
  -79
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -195
  -204
Cash from investing activities, $m
  -109
  -103
  -112
  -122
  -132
  -143
  -153
  -163
  -175
  -187
  -199
  -211
  -225
  -238
  -252
  -267
  -282
  -298
  -315
  -332
  -350
  -368
  -388
  -408
  -431
  -453
  -477
  -502
  -528
  -554
  -583
Free cash flow, $m
  183
  229
  272
  302
  334
  368
  404
  442
  481
  522
  565
  610
  657
  705
  755
  808
  862
  918
  977
  1,038
  1,101
  1,167
  1,236
  1,308
  1,382
  1,460
  1,541
  1,626
  1,714
  1,807
  1,903
Issuance/(repayment) of debt, $m
  62
  -173
  256
  271
  285
  299
  313
  327
  341
  355
  370
  384
  400
  415
  431
  448
  466
  485
  504
  525
  547
  569
  593
  619
  646
  674
  704
  735
  768
  803
  840
Issuance/(repurchase) of shares, $m
  -100
  134
  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  
  -36
  -39
  256
  271
  285
  299
  313
  327
  341
  355
  370
  384
  400
  415
  431
  448
  466
  485
  504
  525
  547
  569
  593
  619
  646
  674
  704
  735
  768
  803
  840
Total cash flow (excl. dividends), $m
  149
  190
  527
  572
  619
  667
  717
  769
  822
  878
  935
  994
  1,056
  1,120
  1,187
  1,256
  1,328
  1,403
  1,481
  1,563
  1,648
  1,737
  1,830
  1,927
  2,028
  2,134
  2,245
  2,361
  2,483
  2,610
  2,744
Retained Cash Flow (-), $m
  -13
  -440
  -28
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
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
 
  -250
  499
  542
  587
  634
  682
  732
  784
  838
  894
  952
  1,012
  1,074
  1,139
  1,206
  1,276
  1,349
  1,425
  1,505
  1,587
  1,674
  1,764
  1,858
  1,956
  2,059
  2,167
  2,279
  2,397
  2,521
  2,650
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -231
  424
  420
  410
  396
  378
  356
  331
  303
  274
  243
  213
  184
  156
  130
  106
  85
  66
  51
  38
  28
  20
  14
  9
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

James Hardie Industries plc, together with its subsidiaries, manufactures and sells fiber cement products and systems for internal and external building construction applications primarily in the United States, Canada, Australia, New Zealand, the Philippines, and Europe. The company operates through USA and Europe Fiber Cement, and Asia Pacific Fiber Cement segments. Its products principally include fiber cement interior linings, exterior siding products, and related accessories products. The company offers fiber cement products with various patterned profiles and surface finishes for a range of applications, including external siding and soffit lining, internal linings, facades, floor and tile underlay, ceilings, roofing, lattice, decorative columns, and fencing applications. Its products are used in various markets, such as new residential construction, which include single and multi-family housing; manufactured housing; repair and remodeling; and various commercial and industrial applications. It markets its fiber cement products and systems under various Hardie brand names, such as HardieBacker; and other brand names, such as Artisan by James Hardie, Cemplank and Prevail, Scyon, and Stria. The company sells its products directly, as well as through distributors, large home center retailers, small to medium size dealer outlets, and specialist distributors to dealers or lumber yards, consumers, builders, real estate developers, and distributor/hardware stores. James Hardie Industries plc was founded in 1888 and is based in Dublin, Ireland.

FINANCIAL RATIOS  of  James Hardie Industries ADR (JHX)

Valuation Ratios
P/E Ratio 22.6
Price to Sales 3.3
Price to Book -29.5
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 33.8
Growth Rates
Sales Growth Rate 11.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.3
LT Debt to Equity -266.5%
Total Debt to Equity -291%
Interest Coverage 15
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 13.9%
Return On Total Capital 75.6%
Ret/ On T. Cap. - 3 Yr. Avg. 402%
Return On Equity -126.8%
Return On Equity - 3 Yr. Avg. -128.5%
Asset Turnover 1
Profitability Ratios
Gross Margin 35.1%
Gross Margin - 3 Yr. Avg. 35.7%
EBITDA Margin 24.8%
EBITDA Margin - 3 Yr. Avg. 24.6%
Operating Margin 20.5%
Oper. Margin - 3 Yr. Avg. 20.4%
Pre-Tax Margin 19.1%
Pre-Tax Margin - 3 Yr. Avg. 19.2%
Net Profit Margin 14.4%
Net Profit Margin - 3 Yr. Avg. 15.4%
Effective Tax Rate 24.5%
Eff/ Tax Rate - 3 Yr. Avg. 20.2%
Payout Ratio 63.9%

JHX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JHX stock intrinsic value calculation we used $1922 million for the last fiscal year's total revenue generated by James Hardie Industries ADR. The default revenue input number comes from 2017 income statement of James Hardie Industries ADR. 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 JHX stock valuation model: a) initial revenue growth rate of 13.3% 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 8.1%, whose default value for JHX is calculated based on our internal credit rating of James Hardie Industries ADR, 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 James Hardie Industries ADR.
    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 JHX stock the variable cost ratio is equal to 79.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2 million in the base year in the intrinsic value calculation for JHX 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 4.4% for James Hardie Industries ADR.

Corporate tax rate of 27% is the nominal tax rate for James Hardie Industries ADR. 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 JHX 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 JHX are equal to 22.9%.

Life of production assets of 10 years is the average useful life of capital assets used in James Hardie Industries ADR 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 JHX is equal to 9.2%. 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 - $-212 million for James Hardie Industries ADR - 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 443.57 million for James Hardie Industries ADR 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 James Hardie Industries ADR at the current share price and the inputted number of shares is $6.3 billion.

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COMPANY NEWS

▶ James Hardie posts 1Q profit   [Aug-08-17 10:35PM  Associated Press]
▶ James Hardie posts 3Q profit   [Feb-03-17 05:00AM  Associated Press]
▶ Barclays Rated Mohawk Industries as Overweight   [Jan-10-17 09:07AM  Market Realist]
▶ James Hardie buys back shares worth $US35m   [Sep-05-16 04:34AM  Other]
▶ James Hardie posts 1Q profit   [Aug-12-16 06:25AM  AP]
▶ James Hardie expects strong FY17   [Aug-11-16 01:42AM  AAP]
▶ Mohawk Industries Top and Bottom Lines Rose in 1Q16   [May-09-16 06:00PM  Market Realist]
▶ Why the James Hardie Industries plc share price is soaring   [Feb-18-16 07:54PM  at Motley Fool]
▶ 2 Stocks to Play a Falling Aussie Dollar   [04:28AM  at Barrons.com]
▶ 5 Foreign Stocks to Trade for Gains at Home   [Aug-04  09:50AM  at TheStreet]
▶ NEWS.2015.Appointment of Non Executive Director   [Mar-22  07:25PM  at noodls]
▶ NEWS.2015.Q3FY15 Results Notification   [Feb-12  05:54PM  Other]
▶ What Makes Owens Corning (OC) a Strong Sell?   [Jul-10  07:04AM  Zacks]
▶ Quanex Building Cuts Q2 Loss, Misses Ests   [Jun-06  09:20AM  Zacks]
Stock chart of JHX Financial statements of JHX
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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