Intrinsic value of Kirby - KEX

Previous Close

$63.40

  Intrinsic Value

$29.39

stock screener

  Rating & Target

str. sell

-54%

Previous close

$63.40

 
Intrinsic value

$29.39

 
Up/down potential

-54%

 
Rating

str. sell

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 3.4

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  1,771
  1,895
  2,024
  2,158
  2,297
  2,442
  2,593
  2,750
  2,914
  3,085
  3,263
  3,449
  3,643
  3,846
  4,058
  4,279
  4,511
  4,753
  5,006
  5,272
  5,550
  5,841
  6,145
  6,465
  6,800
  7,150
  7,518
  7,904
  8,308
  8,732
  9,177
Variable operating expenses, $m
 
  1,212
  1,291
  1,372
  1,457
  1,545
  1,637
  1,733
  1,832
  1,936
  2,045
  2,098
  2,216
  2,339
  2,468
  2,603
  2,744
  2,891
  3,045
  3,206
  3,375
  3,552
  3,738
  3,932
  4,136
  4,349
  4,573
  4,807
  5,053
  5,311
  5,582
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
  1,620
  1,709
  1,801
  1,896
  1,995
  2,099
  2,206
  2,317
  2,433
  2,554
  2,620
  2,751
  2,888
  3,030
  3,179
  3,335
  3,497
  3,666
  3,842
  4,027
  4,220
  4,423
  4,634
  4,856
  5,087
  5,329
  5,582
  5,848
  6,125
  6,417
Operating income, $m
  245
  275
  315
  357
  401
  447
  495
  545
  597
  652
  709
  829
  892
  958
  1,027
  1,100
  1,176
  1,256
  1,341
  1,429
  1,522
  1,620
  1,722
  1,830
  1,944
  2,063
  2,189
  2,321
  2,460
  2,607
  2,760
EBITDA, $m
  446
  513
  565
  620
  677
  736
  798
  863
  931
  1,002
  1,076
  1,154
  1,235
  1,320
  1,409
  1,503
  1,601
  1,704
  1,812
  1,925
  2,044
  2,169
  2,301
  2,439
  2,584
  2,736
  2,896
  3,065
  3,242
  3,428
  3,624
Interest expense (income), $m
  20
  25
  30
  35
  40
  45
  50
  56
  62
  68
  74
  81
  88
  95
  103
  110
  119
  127
  136
  146
  156
  166
  177
  188
  200
  212
  225
  239
  254
  269
  284
Earnings before tax, $m
  228
  249
  285
  322
  361
  402
  444
  489
  535
  584
  635
  748
  804
  863
  925
  990
  1,058
  1,129
  1,204
  1,283
  1,366
  1,454
  1,546
  1,642
  1,744
  1,851
  1,964
  2,082
  2,207
  2,338
  2,476
Tax expense, $m
  85
  67
  77
  87
  97
  108
  120
  132
  144
  158
  171
  202
  217
  233
  250
  267
  286
  305
  325
  346
  369
  393
  417
  443
  471
  500
  530
  562
  596
  631
  669
Net income, $m
  141
  182
  208
  235
  264
  293
  324
  357
  391
  426
  463
  546
  587
  630
  675
  722
  772
  824
  879
  937
  997
  1,061
  1,128
  1,199
  1,273
  1,351
  1,433
  1,520
  1,611
  1,707
  1,808

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
  4,588
  4,900
  5,225
  5,562
  5,913
  6,279
  6,659
  7,056
  7,470
  7,901
  8,351
  8,821
  9,312
  9,825
  10,361
  10,922
  11,508
  12,122
  12,765
  13,437
  14,142
  14,880
  15,653
  16,464
  17,313
  18,204
  19,137
  20,117
  21,143
  22,220
Adjusted assets (=assets-cash), $m
  4,284
  4,588
  4,900
  5,225
  5,562
  5,913
  6,279
  6,659
  7,056
  7,470
  7,901
  8,351
  8,821
  9,312
  9,825
  10,361
  10,922
  11,508
  12,122
  12,765
  13,437
  14,142
  14,880
  15,653
  16,464
  17,313
  18,204
  19,137
  20,117
  21,143
  22,220
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
  3,049
  3,256
  3,472
  3,696
  3,929
  4,172
  4,425
  4,689
  4,964
  5,250
  5,549
  5,862
  6,188
  6,529
  6,885
  7,258
  7,648
  8,055
  8,482
  8,929
  9,398
  9,888
  10,402
  10,940
  11,505
  12,097
  12,717
  13,368
  14,050
  14,766
Working capital, $m
  275
  288
  308
  328
  349
  371
  394
  418
  443
  469
  496
  524
  554
  585
  617
  650
  686
  722
  761
  801
  844
  888
  934
  983
  1,034
  1,087
  1,143
  1,201
  1,263
  1,327
  1,395
Total debt, $m
  723
  856
  993
  1,136
  1,284
  1,438
  1,598
  1,765
  1,940
  2,121
  2,311
  2,508
  2,714
  2,930
  3,155
  3,391
  3,637
  3,894
  4,164
  4,446
  4,741
  5,050
  5,374
  5,714
  6,070
  6,442
  6,833
  7,243
  7,673
  8,124
  8,597
Total liabilities, $m
  1,881
  2,014
  2,151
  2,294
  2,442
  2,596
  2,756
  2,923
  3,098
  3,279
  3,469
  3,666
  3,872
  4,088
  4,313
  4,549
  4,795
  5,052
  5,322
  5,604
  5,899
  6,208
  6,532
  6,872
  7,228
  7,600
  7,991
  8,401
  8,831
  9,282
  9,755
Total equity, $m
  2,409
  2,574
  2,749
  2,931
  3,120
  3,317
  3,522
  3,736
  3,958
  4,190
  4,432
  4,685
  4,949
  5,224
  5,512
  5,813
  6,127
  6,456
  6,801
  7,161
  7,538
  7,934
  8,348
  8,781
  9,236
  9,713
  10,212
  10,736
  11,285
  11,861
  12,466
Total liabilities and equity, $m
  4,290
  4,588
  4,900
  5,225
  5,562
  5,913
  6,278
  6,659
  7,056
  7,469
  7,901
  8,351
  8,821
  9,312
  9,825
  10,362
  10,922
  11,508
  12,123
  12,765
  13,437
  14,142
  14,880
  15,653
  16,464
  17,313
  18,203
  19,137
  20,116
  21,143
  22,221
Debt-to-equity ratio
  0.300
  0.330
  0.360
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  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
  182
  208
  235
  264
  293
  324
  357
  391
  426
  463
  546
  587
  630
  675
  722
  772
  824
  879
  937
  997
  1,061
  1,128
  1,199
  1,273
  1,351
  1,433
  1,520
  1,611
  1,707
  1,808
Depreciation, amort., depletion, $m
  201
  238
  250
  263
  276
  290
  304
  319
  334
  350
  367
  325
  343
  362
  382
  403
  424
  447
  471
  496
  522
  550
  578
  608
  640
  673
  707
  744
  782
  822
  864
Funds from operations, $m
  402
  420
  458
  498
  540
  583
  628
  675
  725
  776
  830
  871
  930
  992
  1,057
  1,125
  1,197
  1,272
  1,350
  1,433
  1,520
  1,611
  1,707
  1,807
  1,913
  2,024
  2,141
  2,264
  2,393
  2,528
  2,671
Change in working capital, $m
  -12
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  53
  56
  59
  61
  64
  68
Cash from operations, $m
  414
  401
  439
  478
  518
  561
  605
  651
  700
  750
  803
  842
  900
  961
  1,025
  1,091
  1,161
  1,235
  1,312
  1,393
  1,477
  1,567
  1,660
  1,759
  1,862
  1,971
  2,085
  2,205
  2,331
  2,464
  2,603
Maintenance CAPEX, $m
  0
  -167
  -178
  -190
  -203
  -216
  -230
  -244
  -259
  -274
  -290
  -307
  -325
  -343
  -362
  -382
  -403
  -424
  -447
  -471
  -496
  -522
  -550
  -578
  -608
  -640
  -673
  -707
  -744
  -782
  -822
New CAPEX, $m
  -231
  -199
  -207
  -216
  -224
  -233
  -243
  -253
  -264
  -275
  -287
  -299
  -312
  -326
  -341
  -356
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -514
  -539
  -564
  -592
  -620
  -651
  -682
  -716
Cash from investing activities, $m
  -350
  -366
  -385
  -406
  -427
  -449
  -473
  -497
  -523
  -549
  -577
  -606
  -637
  -669
  -703
  -738
  -776
  -814
  -855
  -898
  -943
  -990
  -1,040
  -1,092
  -1,147
  -1,204
  -1,265
  -1,327
  -1,395
  -1,464
  -1,538
Free cash flow, $m
  64
  36
  53
  72
  91
  111
  132
  154
  177
  201
  226
  236
  264
  292
  322
  353
  386
  420
  457
  495
  534
  576
  620
  666
  715
  766
  820
  877
  937
  1,000
  1,066
Issuance/(repayment) of debt, $m
  -53
  133
  137
  142
  148
  154
  160
  167
  174
  182
  189
  198
  206
  215
  225
  235
  246
  258
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
  430
  451
  473
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
  133
  137
  142
  148
  154
  160
  167
  174
  182
  189
  198
  206
  215
  225
  235
  246
  258
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
  430
  451
  473
Total cash flow (excl. dividends), $m
  0
  169
  190
  214
  239
  265
  293
  322
  352
  383
  416
  434
  470
  508
  547
  589
  632
  678
  726
  777
  830
  886
  944
  1,006
  1,071
  1,139
  1,211
  1,287
  1,367
  1,451
  1,539
Retained Cash Flow (-), $m
  -140
  -171
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -242
  -253
  -264
  -275
  -288
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -414
  -434
  -455
  -477
  -500
  -524
  -549
  -576
  -604
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
 
  4
  15
  32
  50
  69
  88
  108
  129
  151
  174
  181
  206
  232
  259
  288
  318
  349
  382
  416
  452
  490
  530
  572
  616
  663
  712
  763
  817
  874
  935
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
 
  4
  14
  28
  41
  53
  64
  73
  81
  87
  91
  86
  88
  88
  87
  85
  81
  76
  70
  64
  57
  51
  44
  37
  31
  26
  21
  16
  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 is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. Its engine services segment, sells replacement parts, provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, pumps and compression products, maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines.

FINANCIAL RATIOS  of  Kirby (KEX)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 1.9
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 18.7
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% 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 54.038 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 $3.4 billion.

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COMPANY NEWS

▶ Kirby Corp. Value Analysis (NYSE:KEX) : November 13, 2017   [Nov-13-17 02:10PM  Capital Cube]
▶ Kirby Corporation to Host Earnings Call   [Nov-02-17 07:05AM  ACCESSWIRE]
▶ Kirby beats Street 3Q forecasts   [05:49AM  Associated Press]
▶ Kirby Corporation Announces 2017 Third Quarter Results   [Nov-01-17 05:54PM  PR Newswire]
▶ Houston energy company buys Conroe company, hires former Kirby CFO   [Sep-05-17 12:45PM  American City Business Journals]
▶ ETFs with exposure to Kirby Corp. : August 23, 2017   [Aug-23-17 04:29PM  Capital Cube]
▶ 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]
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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