Intrinsic value of Kirby - KEX

Previous Close

$60.15

  Intrinsic Value

$30.02

stock screener

  Rating & Target

str. sell

-50%

  Value-price divergence*

-58%

Previous close

$60.15

 
Intrinsic value

$30.02

 
Up/down potential

-50%

 
Rating

str. sell

 
Value-price divergence*

-58%

*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 3.2

 

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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  1,771
  1,899
  2,031
  2,169
  2,312
  2,461
  2,616
  2,777
  2,945
  3,121
  3,303
  3,494
  3,693
  3,900
  4,117
  4,344
  4,580
  4,828
  5,087
  5,358
  5,642
  5,939
  6,251
  6,577
  6,918
  7,276
  7,652
  8,045
  8,458
  8,890
  9,344
Variable operating expenses, $m
 
  1,215
  1,295
  1,379
  1,466
  1,557
  1,651
  1,749
  1,851
  1,958
  2,069
  2,125
  2,246
  2,372
  2,504
  2,642
  2,786
  2,937
  3,094
  3,259
  3,432
  3,613
  3,802
  4,000
  4,208
  4,426
  4,654
  4,893
  5,144
  5,407
  5,683
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
  1,623
  1,713
  1,808
  1,905
  2,007
  2,113
  2,222
  2,336
  2,455
  2,578
  2,647
  2,781
  2,921
  3,066
  3,218
  3,377
  3,543
  3,715
  3,895
  4,084
  4,281
  4,487
  4,702
  4,928
  5,164
  5,410
  5,668
  5,939
  6,221
  6,518
Operating income, $m
  245
  276
  318
  361
  407
  454
  503
  555
  609
  666
  725
  847
  911
  979
  1,051
  1,125
  1,204
  1,286
  1,372
  1,463
  1,558
  1,658
  1,764
  1,874
  1,991
  2,113
  2,241
  2,377
  2,519
  2,668
  2,826
EBITDA, $m
  446
  514
  569
  625
  684
  745
  809
  876
  946
  1,019
  1,095
  1,175
  1,259
  1,346
  1,438
  1,534
  1,635
  1,740
  1,851
  1,967
  2,089
  2,217
  2,352
  2,493
  2,641
  2,797
  2,961
  3,134
  3,315
  3,505
  3,705
Interest expense (income), $m
  20
  25
  30
  35
  40
  45
  51
  57
  63
  69
  76
  82
  89
  97
  105
  113
  121
  130
  139
  149
  159
  169
  180
  192
  204
  217
  230
  244
  259
  274
  290
Earnings before tax, $m
  228
  251
  288
  326
  366
  409
  452
  498
  546
  597
  649
  764
  822
  882
  946
  1,013
  1,083
  1,156
  1,233
  1,314
  1,399
  1,489
  1,583
  1,682
  1,786
  1,896
  2,011
  2,132
  2,260
  2,394
  2,536
Tax expense, $m
  85
  68
  78
  88
  99
  110
  122
  135
  148
  161
  175
  206
  222
  238
  255
  273
  292
  312
  333
  355
  378
  402
  427
  454
  482
  512
  543
  576
  610
  646
  685
Net income, $m
  141
  183
  210
  238
  268
  298
  330
  364
  399
  436
  474
  558
  600
  644
  691
  739
  790
  844
  900
  959
  1,022
  1,087
  1,156
  1,228
  1,304
  1,384
  1,468
  1,557
  1,650
  1,748
  1,851

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
  4,597
  4,918
  5,251
  5,598
  5,959
  6,334
  6,725
  7,132
  7,556
  7,998
  8,459
  8,941
  9,443
  9,968
  10,517
  11,090
  11,690
  12,318
  12,974
  13,661
  14,381
  15,135
  15,924
  16,752
  17,619
  18,527
  19,480
  20,479
  21,526
  22,625
Adjusted assets (=assets-cash), $m
  4,284
  4,597
  4,918
  5,251
  5,598
  5,959
  6,334
  6,725
  7,132
  7,556
  7,998
  8,459
  8,941
  9,443
  9,968
  10,517
  11,090
  11,690
  12,318
  12,974
  13,661
  14,381
  15,135
  15,924
  16,752
  17,619
  18,527
  19,480
  20,479
  21,526
  22,625
Revenue / Adjusted assets
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
Average production assets, $m
  2,850
  3,055
  3,268
  3,490
  3,720
  3,960
  4,209
  4,469
  4,739
  5,021
  5,315
  5,621
  5,941
  6,275
  6,624
  6,989
  7,370
  7,768
  8,185
  8,622
  9,078
  9,556
  10,057
  10,582
  11,132
  11,708
  12,312
  12,945
  13,609
  14,305
  15,035
Working capital, $m
  275
  289
  309
  330
  351
  374
  398
  422
  448
  474
  502
  531
  561
  593
  626
  660
  696
  734
  773
  814
  858
  903
  950
  1,000
  1,052
  1,106
  1,163
  1,223
  1,286
  1,351
  1,420
Total debt, $m
  723
  860
  1,001
  1,147
  1,300
  1,458
  1,623
  1,794
  1,973
  2,159
  2,353
  2,556
  2,767
  2,988
  3,218
  3,459
  3,711
  3,974
  4,249
  4,538
  4,839
  5,155
  5,486
  5,833
  6,196
  6,577
  6,975
  7,394
  7,832
  8,292
  8,774
Total liabilities, $m
  1,881
  2,018
  2,159
  2,305
  2,458
  2,616
  2,781
  2,952
  3,131
  3,317
  3,511
  3,714
  3,925
  4,146
  4,376
  4,617
  4,869
  5,132
  5,407
  5,696
  5,997
  6,313
  6,644
  6,991
  7,354
  7,735
  8,133
  8,552
  8,990
  9,450
  9,932
Total equity, $m
  2,409
  2,579
  2,759
  2,946
  3,141
  3,343
  3,553
  3,773
  4,001
  4,239
  4,487
  4,746
  5,016
  5,298
  5,592
  5,900
  6,222
  6,558
  6,910
  7,279
  7,664
  8,068
  8,491
  8,934
  9,398
  9,884
  10,394
  10,928
  11,489
  12,076
  12,693
Total liabilities and equity, $m
  4,290
  4,597
  4,918
  5,251
  5,599
  5,959
  6,334
  6,725
  7,132
  7,556
  7,998
  8,460
  8,941
  9,444
  9,968
  10,517
  11,091
  11,690
  12,317
  12,975
  13,661
  14,381
  15,135
  15,925
  16,752
  17,619
  18,527
  19,480
  20,479
  21,526
  22,625
Debt-to-equity ratio
  0.300
  0.330
  0.360
  0.390
  0.410
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.540
  0.550
  0.560
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  183
  210
  238
  268
  298
  330
  364
  399
  436
  474
  558
  600
  644
  691
  739
  790
  844
  900
  959
  1,022
  1,087
  1,156
  1,228
  1,304
  1,384
  1,468
  1,557
  1,650
  1,748
  1,851
Depreciation, amort., depletion, $m
  201
  238
  251
  264
  277
  291
  306
  321
  337
  353
  371
  329
  347
  367
  387
  409
  431
  454
  479
  504
  531
  559
  588
  619
  651
  685
  720
  757
  796
  837
  879
Funds from operations, $m
  402
  421
  461
  502
  545
  590
  636
  685
  736
  789
  845
  887
  947
  1,011
  1,078
  1,148
  1,221
  1,298
  1,379
  1,464
  1,552
  1,646
  1,744
  1,847
  1,955
  2,069
  2,188
  2,314
  2,446
  2,584
  2,730
Change in working capital, $m
  -12
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
Cash from operations, $m
  414
  402
  441
  481
  523
  567
  613
  660
  710
  762
  817
  858
  917
  980
  1,045
  1,113
  1,185
  1,261
  1,339
  1,422
  1,509
  1,601
  1,697
  1,797
  1,903
  2,014
  2,131
  2,254
  2,383
  2,519
  2,661
Maintenance CAPEX, $m
  0
  -167
  -179
  -191
  -204
  -218
  -232
  -246
  -261
  -277
  -294
  -311
  -329
  -347
  -367
  -387
  -409
  -431
  -454
  -479
  -504
  -531
  -559
  -588
  -619
  -651
  -685
  -720
  -757
  -796
  -837
New CAPEX, $m
  -231
  -205
  -213
  -222
  -230
  -240
  -249
  -260
  -270
  -282
  -294
  -307
  -320
  -334
  -349
  -365
  -381
  -399
  -417
  -436
  -457
  -478
  -501
  -525
  -550
  -576
  -604
  -633
  -664
  -696
  -730
Cash from investing activities, $m
  -350
  -372
  -392
  -413
  -434
  -458
  -481
  -506
  -531
  -559
  -588
  -618
  -649
  -681
  -716
  -752
  -790
  -830
  -871
  -915
  -961
  -1,009
  -1,060
  -1,113
  -1,169
  -1,227
  -1,289
  -1,353
  -1,421
  -1,492
  -1,567
Free cash flow, $m
  64
  31
  49
  68
  89
  110
  132
  155
  178
  203
  229
  240
  269
  298
  329
  362
  395
  431
  468
  507
  548
  592
  637
  684
  735
  787
  843
  901
  962
  1,027
  1,095
Issuance/(repayment) of debt, $m
  -53
  137
  141
  146
  152
  158
  165
  172
  179
  186
  194
  202
  211
  221
  230
  241
  252
  263
  275
  288
  302
  316
  331
  347
  363
  381
  399
  418
  439
  460
  482
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
  137
  141
  146
  152
  158
  165
  172
  179
  186
  194
  202
  211
  221
  230
  241
  252
  263
  275
  288
  302
  316
  331
  347
  363
  381
  399
  418
  439
  460
  482
Total cash flow (excl. dividends), $m
  0
  168
  190
  215
  241
  268
  296
  326
  357
  390
  423
  443
  480
  519
  560
  602
  647
  694
  744
  796
  850
  907
  968
  1,031
  1,098
  1,168
  1,242
  1,319
  1,401
  1,487
  1,577
Retained Cash Flow (-), $m
  -140
  -176
  -180
  -187
  -195
  -202
  -211
  -219
  -228
  -238
  -248
  -259
  -270
  -282
  -295
  -308
  -322
  -336
  -352
  -368
  -386
  -404
  -423
  -443
  -464
  -486
  -510
  -534
  -560
  -588
  -616
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
 
  -2
  10
  28
  46
  66
  86
  107
  129
  152
  175
  184
  210
  237
  265
  295
  325
  358
  392
  427
  465
  504
  545
  588
  634
  681
  732
  785
  840
  899
  961
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
 
  -2
  9
  24
  38
  51
  62
  72
  81
  87
  92
  87
  90
  90
  89
  86
  83
  78
  72
  66
  59
  52
  45
  39
  32
  27
  21
  17
  13
  10
  7
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 23
Price to Sales 1.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 17.7
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 7.2% 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 15.2%. 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 - $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 $3.2 billion.

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COMPANY NEWS

▶ Kirby Corp. CFO to resign   [Aug-18-17 10:00AM  American City Business Journals]
▶ Kirby tops 2Q profit forecasts   [Jul-26-17 10:35PM  Associated Press]
▶ 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]
Stock chart of KEX Financial statements 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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