Intrinsic value of Kirby - KEX

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$66.35

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of KEX 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 3.5

 

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, %
  -17.55
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,771
  1,806
  1,848
  1,895
  1,949
  2,008
  2,073
  2,143
  2,220
  2,302
  2,390
  2,485
  2,586
  2,693
  2,807
  2,928
  3,057
  3,192
  3,336
  3,488
  3,648
  3,817
  3,996
  4,184
  4,382
  4,590
  4,810
  5,041
  5,284
  5,540
  5,809
Variable operating expenses, $m
 
  1,159
  1,184
  1,213
  1,245
  1,281
  1,320
  1,363
  1,410
  1,460
  1,514
  1,511
  1,573
  1,638
  1,707
  1,781
  1,859
  1,942
  2,029
  2,121
  2,219
  2,322
  2,430
  2,545
  2,665
  2,792
  2,926
  3,066
  3,214
  3,370
  3,533
Fixed operating expenses, $m
 
  408
  418
  429
  439
  450
  462
  473
  485
  497
  509
  522
  535
  549
  562
  576
  591
  606
  621
  636
  652
  668
  685
  702
  720
  738
  756
  775
  795
  814
  835
Total operating expenses, $m
  1,525
  1,567
  1,602
  1,642
  1,684
  1,731
  1,782
  1,836
  1,895
  1,957
  2,023
  2,033
  2,108
  2,187
  2,269
  2,357
  2,450
  2,548
  2,650
  2,757
  2,871
  2,990
  3,115
  3,247
  3,385
  3,530
  3,682
  3,841
  4,009
  4,184
  4,368
Operating income, $m
  245
  240
  246
  254
  264
  277
  291
  307
  325
  345
  367
  451
  478
  506
  537
  571
  607
  645
  686
  730
  777
  827
  880
  937
  997
  1,060
  1,128
  1,200
  1,276
  1,356
  1,441
EBITDA, $m
  446
  470
  480
  492
  508
  525
  545
  568
  594
  621
  652
  685
  721
  760
  802
  846
  894
  945
  1,000
  1,058
  1,120
  1,186
  1,256
  1,330
  1,409
  1,492
  1,581
  1,674
  1,773
  1,877
  1,988
Interest expense (income), $m
  20
  25
  27
  28
  30
  32
  34
  37
  39
  42
  45
  49
  52
  56
  60
  64
  69
  73
  79
  84
  90
  96
  102
  109
  116
  123
  131
  139
  148
  157
  167
Earnings before tax, $m
  228
  215
  219
  226
  234
  245
  256
  270
  286
  303
  322
  403
  426
  451
  478
  507
  538
  572
  608
  646
  687
  731
  778
  828
  881
  937
  997
  1,061
  1,128
  1,199
  1,275
Tax expense, $m
  85
  58
  59
  61
  63
  66
  69
  73
  77
  82
  87
  109
  115
  122
  129
  137
  145
  154
  164
  174
  186
  197
  210
  224
  238
  253
  269
  286
  304
  324
  344
Net income, $m
  141
  157
  160
  165
  171
  179
  187
  197
  208
  221
  235
  294
  311
  329
  349
  370
  393
  417
  444
  472
  502
  534
  568
  604
  643
  684
  728
  774
  823
  875
  930

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  4,290
  4,385
  4,485
  4,601
  4,730
  4,873
  5,031
  5,202
  5,388
  5,587
  5,802
  6,031
  6,276
  6,537
  6,814
  7,108
  7,419
  7,749
  8,097
  8,466
  8,855
  9,265
  9,698
  10,154
  10,635
  11,141
  11,674
  12,235
  12,826
  13,447
  14,100
Adjusted assets (=assets-cash), $m
  4,284
  4,385
  4,485
  4,601
  4,730
  4,873
  5,031
  5,202
  5,388
  5,587
  5,802
  6,031
  6,276
  6,537
  6,814
  7,108
  7,419
  7,749
  8,097
  8,466
  8,855
  9,265
  9,698
  10,154
  10,635
  11,141
  11,674
  12,235
  12,826
  13,447
  14,100
Revenue / Adjusted assets
  0.413
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
Average production assets, $m
  2,850
  2,907
  2,973
  3,050
  3,136
  3,231
  3,335
  3,449
  3,571
  3,704
  3,846
  3,998
  4,160
  4,333
  4,517
  4,712
  4,918
  5,137
  5,368
  5,612
  5,870
  6,142
  6,429
  6,731
  7,050
  7,386
  7,739
  8,111
  8,502
  8,914
  9,347
Working capital, $m
  275
  289
  296
  303
  312
  321
  332
  343
  355
  368
  382
  398
  414
  431
  449
  469
  489
  511
  534
  558
  584
  611
  639
  669
  701
  734
  770
  807
  845
  886
  930
Total debt, $m
  723
  762
  806
  857
  914
  977
  1,047
  1,122
  1,204
  1,292
  1,387
  1,488
  1,596
  1,711
  1,833
  1,962
  2,100
  2,245
  2,399
  2,561
  2,733
  2,914
  3,105
  3,306
  3,518
  3,741
  3,976
  4,224
  4,484
  4,758
  5,046
Total liabilities, $m
  1,881
  1,934
  1,978
  2,029
  2,086
  2,149
  2,219
  2,294
  2,376
  2,464
  2,559
  2,660
  2,768
  2,883
  3,005
  3,134
  3,272
  3,417
  3,571
  3,733
  3,905
  4,086
  4,277
  4,478
  4,690
  4,913
  5,148
  5,396
  5,656
  5,930
  6,218
Total equity, $m
  2,409
  2,451
  2,507
  2,572
  2,644
  2,724
  2,812
  2,908
  3,012
  3,123
  3,243
  3,371
  3,508
  3,654
  3,809
  3,973
  4,147
  4,332
  4,526
  4,732
  4,950
  5,179
  5,421
  5,676
  5,945
  6,228
  6,526
  6,840
  7,170
  7,517
  7,882
Total liabilities and equity, $m
  4,290
  4,385
  4,485
  4,601
  4,730
  4,873
  5,031
  5,202
  5,388
  5,587
  5,802
  6,031
  6,276
  6,537
  6,814
  7,107
  7,419
  7,749
  8,097
  8,465
  8,855
  9,265
  9,698
  10,154
  10,635
  11,141
  11,674
  12,236
  12,826
  13,447
  14,100
Debt-to-equity ratio
  0.300
  0.310
  0.320
  0.330
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.630
  0.640
Adjusted equity ratio
  0.561
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559
  0.559

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  157
  160
  165
  171
  179
  187
  197
  208
  221
  235
  294
  311
  329
  349
  370
  393
  417
  444
  472
  502
  534
  568
  604
  643
  684
  728
  774
  823
  875
  930
Depreciation, amort., depletion, $m
  201
  230
  234
  238
  243
  249
  255
  261
  269
  276
  285
  234
  243
  253
  264
  276
  288
  300
  314
  328
  343
  359
  376
  394
  412
  432
  453
  474
  497
  521
  547
Funds from operations, $m
  402
  386
  394
  403
  414
  427
  442
  459
  477
  497
  520
  528
  554
  582
  613
  645
  680
  718
  757
  800
  845
  893
  944
  998
  1,055
  1,116
  1,180
  1,248
  1,320
  1,397
  1,477
Change in working capital, $m
  -12
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
Cash from operations, $m
  414
  452
  387
  396
  406
  418
  432
  447
  465
  484
  506
  513
  538
  565
  594
  626
  660
  696
  735
  776
  819
  866
  915
  968
  1,024
  1,083
  1,145
  1,212
  1,282
  1,356
  1,434
Maintenance CAPEX, $m
  0
  -167
  -170
  -174
  -178
  -183
  -189
  -195
  -202
  -209
  -217
  -225
  -234
  -243
  -253
  -264
  -276
  -288
  -300
  -314
  -328
  -343
  -359
  -376
  -394
  -412
  -432
  -453
  -474
  -497
  -521
New CAPEX, $m
  -231
  -57
  -67
  -76
  -86
  -95
  -104
  -114
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -195
  -206
  -219
  -231
  -244
  -258
  -272
  -287
  -302
  -319
  -336
  -353
  -372
  -391
  -412
  -433
Cash from investing activities, $m
  -350
  -224
  -237
  -250
  -264
  -278
  -293
  -309
  -325
  -341
  -359
  -377
  -396
  -416
  -437
  -459
  -482
  -507
  -531
  -558
  -586
  -615
  -646
  -678
  -713
  -748
  -785
  -825
  -865
  -909
  -954
Free cash flow, $m
  64
  229
  150
  145
  142
  139
  138
  139
  140
  143
  147
  136
  142
  149
  157
  167
  178
  190
  203
  218
  233
  251
  269
  290
  311
  335
  360
  387
  416
  447
  480
Issuance/(repayment) of debt, $m
  -53
  39
  44
  51
  57
  63
  69
  76
  82
  88
  95
  101
  108
  115
  122
  130
  137
  145
  154
  162
  172
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
Issuance/(repurchase) of shares, $m
  -2
  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 from financing (excl. dividends), $m  
  -65
  39
  44
  51
  57
  63
  69
  76
  82
  88
  95
  101
  108
  115
  122
  130
  137
  145
  154
  162
  172
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
Total cash flow (excl. dividends), $m
  0
  267
  195
  196
  199
  203
  208
  214
  222
  231
  241
  237
  250
  264
  280
  297
  315
  335
  357
  380
  405
  432
  460
  491
  523
  558
  595
  634
  676
  721
  768
Retained Cash Flow (-), $m
  -140
  -48
  -56
  -64
  -72
  -80
  -88
  -96
  -104
  -112
  -120
  -128
  -137
  -146
  -155
  -164
  -174
  -184
  -195
  -206
  -217
  -229
  -242
  -255
  -269
  -283
  -298
  -314
  -330
  -347
  -365
Prev. year cash balance distribution, $m
 
  6
  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
 
  225
  138
  132
  126
  122
  120
  119
  118
  119
  122
  109
  113
  118
  125
  132
  141
  151
  162
  174
  187
  202
  218
  236
  255
  275
  297
  321
  346
  373
  402
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
 
  216
  127
  115
  104
  95
  87
  80
  74
  69
  64
  52
  48
  45
  42
  39
  36
  33
  30
  27
  24
  21
  18
  15
  13
  11
  9
  7
  5
  4
  3
Current shareholders' claim on cash, %
  100
  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
  100.0

Kirby Corporation operates domestic tank barges in the United States. The company’s Marine Transportation segment provides marine transportation services and towing vessels transporting bulk liquid products, as well as operates tank barges throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along three United States coasts, and in Alaska and Hawaii. This segment transports petrochemicals, black oil, refined petroleum products, and agricultural chemicals by tank barges. This segment also operates offshore dry-bulk barge and tugboat units that are engaged in the offshore transportation of dry-bulk cargoes in the United States coastal trade. As of February 22, 2017, this segment owned or operated 876 inland tank barges with 17.9 million barrels of capacity, 230 inland towboats, 69 coastal tank barges with 6.2 million barrels of capacity, 75 coastal tugboats, 6 offshore dry-bulk cargo barges, 6 offshore tugboats, and 1 docking tugboat. Its Diesel Engine Services segment sells replacement parts; provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, and pumps; rebuilds component parts or entire diesel engines, transmissions, and reduction gears; and manufactures and remanufactures oilfield service equipment, including pressure pumping units. This segment serves inland and offshore barge operators, oilfield service companies, oil and gas operators and producers, offshore fishing companies, and marine and on-highway transportation companies, as well as the United States government; and power generation, nuclear, and industrial companies. The company was formerly known as Kirby Exploration Company, Inc. and changed its name to Kirby Corporation in 1990. Kirby Corporation was founded in 1921 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Kirby (KEX)

Valuation Ratios
P/E Ratio 25.3
Price to Sales 2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 19.5
Growth Rates
Sales Growth Rate -17.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 30%
Total Debt to Equity 30%
Interest Coverage 12
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 36.4%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin 25.4%
EBITDA Margin - 3 Yr. Avg. 25.7%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 15.8%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 9.8%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 0%

KEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEX stock intrinsic value calculation we used $1771 million for the last fiscal year's total revenue generated by Kirby. The default revenue input number comes from 2016 income statement of Kirby. 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 KEX stock valuation model: a) initial revenue growth rate of 2% 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 KEX is calculated based on our internal credit rating of Kirby, 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 Kirby.
    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 KEX stock the variable cost ratio is equal to 64.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $398 million in the base year in the intrinsic value calculation for KEX 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 3.5% for Kirby.

Corporate tax rate of 27% is the nominal tax rate for Kirby. 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 KEX 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 KEX are equal to 160.9%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Kirby 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 KEX is equal to 16%. 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 - $2409 million for Kirby - 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 53.058 million for Kirby 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 Kirby at the current share price and the inputted number of shares is $3.5 billion.


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COMPANY NEWS

▶ Kirby Corp. to buy Houston-based manufacturer for $710M   [05:40PM  American City Business Journals]
▶ ETFs with exposure to Kirby Corp. : June 8, 2017   [Jun-08-17 01:42PM  Capital Cube]
▶ Kirby misses 1Q profit forecasts   [Apr-26-17 06:40PM  Associated Press]
▶ Kirby Corp. Value Analysis (NYSE:KEX) : April 17, 2017   [Apr-17-17 01:32PM  Capital Cube]
▶ Time to Bulk Up on Shipper Kirby Corp.   [Feb-07-17 10:33AM  TheStreet.com]
▶ Kirby tops Street 4Q forecasts   [Feb-01-17 06:10PM  Associated Press]
▶ New Strong Sell Stocks for January 25th   [Jan-25-17 11:36AM  Zacks]
▶ Here is What Hedge Funds Think About Kirby Corporation (KEX)   [Dec-02-16 07:25AM  at Insider Monkey]
▶ Hedge Funds Are Selling Tempur Sealy International Inc (TPX)   [Nov-25-16 06:18PM  at Insider Monkey]
▶ 3 Top Shipping Stocks to Buy Today   [09:20AM  at Motley Fool]
▶ These Stocks Were Getting Some Analyst Love On Tuesday   [Sep-21-16 10:37AM  at Insider Monkey]
▶ Heres Why These Five Stocks Are Trending Today   [Jun-21-16 02:07PM  at Insider Monkey]
▶ Kirby misses Street 1Q forecasts   [Apr-27-16 06:57PM  AP]
▶ Kirby (KEX) Stock Price Target Upped at Jefferies   [Mar-09-16 09:21AM  at TheStreet]
Stock chart of KEX Financial statements of KEX Annual reports of KEX
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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