Intrinsic value of Kaiser Aluminum - KALU

Previous Close

$96.67

  Intrinsic Value

$11.34

stock screener

  Rating & Target

str. sell

-88%

Previous close

$96.67

 
Intrinsic value

$11.34

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of KALU 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 1.6

 

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, %
  -4.38
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  1,331
  1,380
  1,433
  1,490
  1,550
  1,614
  1,683
  1,755
  1,832
  1,913
  1,999
  2,090
  2,186
  2,288
  2,394
  2,507
  2,626
  2,751
  2,882
  3,021
  3,166
  3,320
  3,481
  3,651
  3,829
  4,016
  4,213
  4,420
  4,638
  4,867
  5,107
Variable operating expenses, $m
 
  1,724
  1,790
  1,860
  1,935
  2,016
  2,101
  2,191
  2,287
  2,388
  2,495
  2,605
  2,725
  2,851
  2,984
  3,124
  3,272
  3,428
  3,592
  3,764
  3,946
  4,137
  4,338
  4,549
  4,772
  5,005
  5,251
  5,509
  5,780
  6,065
  6,365
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
  1,164
  1,724
  1,790
  1,860
  1,935
  2,016
  2,101
  2,191
  2,287
  2,388
  2,495
  2,605
  2,725
  2,851
  2,984
  3,124
  3,272
  3,428
  3,592
  3,764
  3,946
  4,137
  4,338
  4,549
  4,772
  5,005
  5,251
  5,509
  5,780
  6,065
  6,365
Operating income, $m
  167
  -344
  -357
  -370
  -385
  -401
  -418
  -436
  -455
  -475
  -496
  -515
  -538
  -563
  -590
  -617
  -646
  -677
  -710
  -744
  -780
  -817
  -857
  -899
  -943
  -989
  -1,037
  -1,088
  -1,142
  -1,198
  -1,258
EBITDA, $m
  204
  -304
  -316
  -328
  -341
  -355
  -371
  -386
  -403
  -421
  -440
  -460
  -481
  -504
  -527
  -552
  -578
  -606
  -635
  -665
  -697
  -731
  -766
  -804
  -843
  -884
  -928
  -973
  -1,021
  -1,072
  -1,125
Interest expense (income), $m
  18
  24
  25
  27
  29
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  112
  119
  125
  132
Earnings before tax, $m
  147
  -367
  -382
  -397
  -414
  -432
  -450
  -470
  -491
  -514
  -538
  -559
  -585
  -613
  -643
  -674
  -706
  -741
  -777
  -815
  -855
  -897
  -942
  -989
  -1,038
  -1,089
  -1,144
  -1,201
  -1,261
  -1,324
  -1,390
Tax expense, $m
  55
  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
Net income, $m
  92
  -367
  -382
  -397
  -414
  -432
  -450
  -470
  -491
  -514
  -538
  -559
  -585
  -613
  -643
  -674
  -706
  -741
  -777
  -815
  -855
  -897
  -942
  -989
  -1,038
  -1,089
  -1,144
  -1,201
  -1,261
  -1,324
  -1,390

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  286
  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
  1,444
  1,201
  1,247
  1,296
  1,349
  1,405
  1,464
  1,528
  1,594
  1,665
  1,740
  1,819
  1,903
  1,991
  2,084
  2,182
  2,285
  2,394
  2,508
  2,629
  2,756
  2,889
  3,030
  3,177
  3,332
  3,495
  3,667
  3,847
  4,037
  4,236
  4,445
Adjusted assets (=assets-cash), $m
  1,158
  1,201
  1,247
  1,296
  1,349
  1,405
  1,464
  1,528
  1,594
  1,665
  1,740
  1,819
  1,903
  1,991
  2,084
  2,182
  2,285
  2,394
  2,508
  2,629
  2,756
  2,889
  3,030
  3,177
  3,332
  3,495
  3,667
  3,847
  4,037
  4,236
  4,445
Revenue / Adjusted assets
  1.149
  1.149
  1.149
  1.150
  1.149
  1.149
  1.150
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
  1.149
Average production assets, $m
  541
  560
  582
  605
  629
  655
  683
  713
  744
  777
  812
  849
  888
  929
  972
  1,018
  1,066
  1,117
  1,170
  1,226
  1,286
  1,348
  1,413
  1,482
  1,555
  1,631
  1,711
  1,795
  1,883
  1,976
  2,074
Working capital, $m
  491
  213
  221
  229
  239
  249
  259
  270
  282
  295
  308
  322
  337
  352
  369
  386
  404
  424
  444
  465
  488
  511
  536
  562
  590
  619
  649
  681
  714
  750
  787
Total debt, $m
  369
  393
  418
  446
  475
  506
  538
  573
  610
  649
  691
  734
  780
  829
  880
  934
  991
  1,051
  1,115
  1,181
  1,251
  1,325
  1,402
  1,484
  1,569
  1,659
  1,754
  1,854
  1,958
  2,068
  2,184
Total liabilities, $m
  639
  663
  688
  716
  745
  776
  808
  843
  880
  919
  961
  1,004
  1,050
  1,099
  1,150
  1,204
  1,261
  1,321
  1,385
  1,451
  1,521
  1,595
  1,672
  1,754
  1,839
  1,929
  2,024
  2,124
  2,228
  2,338
  2,454
Total equity, $m
  805
  538
  559
  581
  604
  629
  656
  684
  714
  746
  780
  815
  852
  892
  934
  977
  1,024
  1,072
  1,124
  1,178
  1,235
  1,294
  1,357
  1,423
  1,493
  1,566
  1,643
  1,724
  1,808
  1,898
  1,991
Total liabilities and equity, $m
  1,444
  1,201
  1,247
  1,297
  1,349
  1,405
  1,464
  1,527
  1,594
  1,665
  1,741
  1,819
  1,902
  1,991
  2,084
  2,181
  2,285
  2,393
  2,509
  2,629
  2,756
  2,889
  3,029
  3,177
  3,332
  3,495
  3,667
  3,848
  4,036
  4,236
  4,445
Debt-to-equity ratio
  0.458
  0.730
  0.750
  0.770
  0.790
  0.800
  0.820
  0.840
  0.850
  0.870
  0.890
  0.900
  0.920
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  -367
  -382
  -397
  -414
  -432
  -450
  -470
  -491
  -514
  -538
  -559
  -585
  -613
  -643
  -674
  -706
  -741
  -777
  -815
  -855
  -897
  -942
  -989
  -1,038
  -1,089
  -1,144
  -1,201
  -1,261
  -1,324
  -1,390
Depreciation, amort., depletion, $m
  37
  40
  41
  42
  44
  46
  47
  49
  51
  53
  56
  54
  57
  60
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  133
Funds from operations, $m
  145
  -328
  -341
  -355
  -370
  -386
  -403
  -421
  -440
  -460
  -482
  -504
  -528
  -554
  -580
  -608
  -638
  -669
  -702
  -736
  -773
  -811
  -851
  -894
  -938
  -985
  -1,034
  -1,086
  -1,140
  -1,197
  -1,257
Change in working capital, $m
  -19
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  34
  35
  37
Cash from operations, $m
  164
  -335
  -349
  -364
  -379
  -396
  -413
  -432
  -452
  -473
  -495
  -518
  -543
  -569
  -597
  -626
  -656
  -688
  -722
  -758
  -795
  -835
  -876
  -920
  -966
  -1,014
  -1,064
  -1,118
  -1,173
  -1,232
  -1,294
Maintenance CAPEX, $m
  0
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
New CAPEX, $m
  -76
  -19
  -21
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -93
  -98
Cash from investing activities, $m
  -276
  -54
  -57
  -60
  -64
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -144
  -151
  -160
  -167
  -176
  -185
  -194
  -203
  -214
  -225
Free cash flow, $m
  -112
  -389
  -406
  -424
  -442
  -462
  -483
  -505
  -529
  -554
  -580
  -607
  -637
  -667
  -700
  -734
  -770
  -807
  -847
  -889
  -933
  -979
  -1,028
  -1,079
  -1,133
  -1,189
  -1,249
  -1,311
  -1,377
  -1,446
  -1,518
Issuance/(repayment) of debt, $m
  -206
  24
  25
  27
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  77
  81
  86
  90
  95
  100
  105
  110
  115
Issuance/(repurchase) of shares, $m
  340
  386
  402
  419
  437
  457
  477
  499
  521
  546
  571
  594
  623
  653
  684
  718
  753
  789
  828
  869
  912
  957
  1,005
  1,055
  1,107
  1,162
  1,220
  1,281
  1,346
  1,413
  1,484
Cash from financing (excl. dividends), $m  
  127
  410
  427
  446
  466
  488
  510
  534
  558
  585
  612
  638
  669
  702
  735
  772
  810
  849
  891
  936
  982
  1,031
  1,082
  1,136
  1,193
  1,252
  1,315
  1,381
  1,451
  1,523
  1,599
Total cash flow (excl. dividends), $m
  15
  21
  21
  23
  24
  25
  27
  28
  30
  31
  33
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
Retained Cash Flow (-), $m
  -30
  -386
  -402
  -419
  -437
  -457
  -477
  -499
  -521
  -546
  -571
  -594
  -623
  -653
  -684
  -718
  -753
  -789
  -828
  -869
  -912
  -957
  -1,005
  -1,055
  -1,107
  -1,162
  -1,220
  -1,281
  -1,346
  -1,413
  -1,484
Prev. year cash balance distribution, $m
 
  286
  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
 
  -79
  -381
  -397
  -413
  -431
  -450
  -470
  -492
  -515
  -538
  -564
  -590
  -619
  -648
  -680
  -713
  -747
  -784
  -822
  -863
  -906
  -950
  -998
  -1,047
  -1,099
  -1,154
  -1,212
  -1,272
  -1,336
  -1,403
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
 
  -76
  -349
  -345
  -340
  -334
  -327
  -318
  -307
  -296
  -282
  -268
  -252
  -235
  -218
  -200
  -181
  -163
  -144
  -127
  -110
  -94
  -79
  -65
  -53
  -43
  -34
  -26
  -20
  -15
  -11
Current shareholders' claim on cash, %
  100
  73.2
  53.5
  39.1
  28.5
  20.8
  15.1
  11.0
  8.0
  5.8
  4.2
  3.1
  2.2
  1.6
  1.2
  0.9
  0.6
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Kaiser Aluminum Corporation manufactures and sells semi-fabricated specialty aluminum mill products. The Company operates in the Fabricated Products segment. The Company's Fabricated Products segment focuses on producing rolled, extruded and drawn aluminum products used principally for aerospace and defense, automotive and general engineering products that include consumer durables, electronics, electrical and machinery and equipment applications. The Company offers its products for various end market applications, such as aerospace and high strength (Aero/HS products); automotive (Automotive Extrusions); general engineering (GE products), and other industrial (Other products). The Company's fabricated aluminum mill products include flat-rolled (plate and sheet), extruded (rod, bar, hollows and shapes), drawn (rod, bar, pipe and tube) and cast aluminum products.

FINANCIAL RATIOS  of  Kaiser Aluminum (KALU)

Valuation Ratios
P/E Ratio 18.5
Price to Sales 1.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate -4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 45.8%
Total Debt to Equity 45.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. -0.7%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity 11.6%
Return On Equity - 3 Yr. Avg. -2.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 23%
Gross Margin - 3 Yr. Avg. 20.1%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 1.5%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. -0.7%
Pre-Tax Margin 11%
Pre-Tax Margin - 3 Yr. Avg. -2.6%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 34.8%

KALU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KALU stock intrinsic value calculation we used $1331 million for the last fiscal year's total revenue generated by Kaiser Aluminum. The default revenue input number comes from 2016 income statement of Kaiser Aluminum. 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 KALU stock valuation model: a) initial revenue growth rate of 3.7% 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 KALU is calculated based on our internal credit rating of Kaiser Aluminum, 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 Kaiser Aluminum.
    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 KALU stock the variable cost ratio is equal to 124.9%.

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 KALU 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 6.4% for Kaiser Aluminum.

Corporate tax rate of 27% is the nominal tax rate for Kaiser Aluminum. 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 KALU 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 KALU are equal to 40.6%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Kaiser Aluminum 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 KALU is equal to 15.4%. 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 - $805 million for Kaiser Aluminum - 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 16.925 million for Kaiser Aluminum 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 Kaiser Aluminum at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
AA Alcoa 42.21 7.45  str.sell
ACH Aluminum Corp. 16.42 2.32  str.sell
CENX Century Alumin 13.50 2.17  str.sell

COMPANY NEWS

▶ Kaiser misses Street 3Q forecasts   [07:02AM  Associated Press]
▶ Is It Time To Sell Kaiser Aluminum Corporation (KALU)?   [Oct-15-17 11:57AM  Simply Wall St.]
▶ The Market In 5 Minutes   [Aug-07-17 08:45AM  Benzinga]
▶ Is Kaiser Aluminum (KALU) a Great Growth Stock?   [Aug-03-17 08:42AM  Zacks]
▶ Kaiser beats Street 2Q forecasts   [Jul-19-17 09:58PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for May 9th   [May-09-17 11:04AM  Zacks]
▶ Kaiser beats Street 1Q forecasts   [Apr-19-17 05:20PM  Associated Press]
▶ 3 Top Aluminum Stocks to Buy in 2017   [Apr-08-17 08:07AM  Motley Fool]
▶ New Strong Sell Stocks for March 24th   [Mar-24-17 08:47AM  Zacks]
▶ Aluminum Stocks Surge on Reports of a Chinese Output Cut   [Mar-01-17 04:09PM  at Motley Fool]
▶ Kaiser beats Street 4Q forecasts   [Feb-21-17 06:02PM  Associated Press]
▶ Hedge Funds Are Betting On Kaiser Aluminum Corp. (KALU)   [Dec-05-16 03:19AM  at Insider Monkey]
▶ Kaiser Aluminum Falls on Q3 Earnings Miss (KALU)   [Oct-24-16 12:37PM  at Investopedia]
Financial statements of KALU
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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