Intrinsic value of Kennametal - KMT

Previous Close

$37.15

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$37.15

 
Intrinsic value

$2.05

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of KMT 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 3.0

 

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, %
  -20.74
  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
  2,098
  2,140
  2,189
  2,245
  2,309
  2,379
  2,455
  2,539
  2,630
  2,727
  2,832
  2,944
  3,063
  3,190
  3,326
  3,469
  3,621
  3,782
  3,952
  4,132
  4,322
  4,522
  4,733
  4,956
  5,191
  5,438
  5,698
  5,972
  6,260
  6,563
  6,882
Variable operating expenses, $m
 
  2,428
  2,483
  2,546
  2,617
  2,696
  2,782
  2,876
  2,977
  3,086
  3,204
  3,299
  3,433
  3,576
  3,727
  3,888
  4,058
  4,239
  4,430
  4,631
  4,844
  5,068
  5,305
  5,555
  5,818
  6,095
  6,386
  6,693
  7,016
  7,356
  7,713
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
  2,273
  2,428
  2,483
  2,546
  2,617
  2,696
  2,782
  2,876
  2,977
  3,086
  3,204
  3,299
  3,433
  3,576
  3,727
  3,888
  4,058
  4,239
  4,430
  4,631
  4,844
  5,068
  5,305
  5,555
  5,818
  6,095
  6,386
  6,693
  7,016
  7,356
  7,713
Operating income, $m
  -175
  -288
  -294
  -301
  -309
  -317
  -326
  -337
  -347
  -359
  -372
  -356
  -370
  -385
  -402
  -419
  -437
  -457
  -477
  -499
  -522
  -546
  -572
  -599
  -627
  -657
  -688
  -721
  -756
  -793
  -831
EBITDA, $m
  -57
  -170
  -174
  -178
  -183
  -189
  -195
  -201
  -208
  -216
  -224
  -233
  -243
  -253
  -264
  -275
  -287
  -300
  -313
  -327
  -343
  -358
  -375
  -393
  -411
  -431
  -452
  -473
  -496
  -520
  -545
Interest expense (income), $m
  26
  25
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  58
  62
  65
  69
  74
  78
  83
  88
  94
  99
  105
  111
  118
  125
  132
Earnings before tax, $m
  -199
  -313
  -320
  -328
  -337
  -347
  -358
  -370
  -383
  -397
  -412
  -398
  -415
  -434
  -453
  -473
  -495
  -518
  -543
  -569
  -596
  -625
  -655
  -687
  -721
  -756
  -793
  -833
  -874
  -918
  -963
Tax expense, $m
  25
  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
  -226
  -313
  -320
  -328
  -337
  -347
  -358
  -370
  -383
  -397
  -412
  -398
  -415
  -434
  -453
  -473
  -495
  -518
  -543
  -569
  -596
  -625
  -655
  -687
  -721
  -756
  -793
  -833
  -874
  -918
  -963

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  162
  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
  2,363
  2,245
  2,297
  2,356
  2,422
  2,496
  2,576
  2,664
  2,759
  2,862
  2,971
  3,089
  3,214
  3,348
  3,490
  3,640
  3,800
  3,968
  4,147
  4,336
  4,535
  4,745
  4,967
  5,200
  5,447
  5,706
  5,979
  6,266
  6,569
  6,887
  7,221
Adjusted assets (=assets-cash), $m
  2,201
  2,245
  2,297
  2,356
  2,422
  2,496
  2,576
  2,664
  2,759
  2,862
  2,971
  3,089
  3,214
  3,348
  3,490
  3,640
  3,800
  3,968
  4,147
  4,336
  4,535
  4,745
  4,967
  5,200
  5,447
  5,706
  5,979
  6,266
  6,569
  6,887
  7,221
Revenue / Adjusted assets
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
  0.953
Average production assets, $m
  1,020
  1,040
  1,064
  1,091
  1,122
  1,156
  1,193
  1,234
  1,278
  1,325
  1,376
  1,431
  1,489
  1,551
  1,616
  1,686
  1,760
  1,838
  1,921
  2,008
  2,100
  2,198
  2,300
  2,409
  2,523
  2,643
  2,769
  2,902
  3,042
  3,190
  3,345
Working capital, $m
  648
  499
  510
  523
  538
  554
  572
  592
  613
  635
  660
  686
  714
  743
  775
  808
  844
  881
  921
  963
  1,007
  1,054
  1,103
  1,155
  1,209
  1,267
  1,328
  1,391
  1,459
  1,529
  1,604
Total debt, $m
  695
  722
  755
  792
  834
  881
  932
  988
  1,048
  1,113
  1,183
  1,257
  1,337
  1,422
  1,512
  1,607
  1,709
  1,816
  1,929
  2,049
  2,176
  2,309
  2,450
  2,598
  2,755
  2,919
  3,093
  3,275
  3,467
  3,669
  3,882
Total liabilities, $m
  1,398
  1,426
  1,459
  1,496
  1,538
  1,585
  1,636
  1,692
  1,752
  1,817
  1,887
  1,961
  2,041
  2,126
  2,216
  2,311
  2,413
  2,520
  2,633
  2,753
  2,880
  3,013
  3,154
  3,302
  3,459
  3,623
  3,797
  3,979
  4,171
  4,373
  4,586
Total equity, $m
  964
  820
  838
  860
  884
  911
  940
  972
  1,007
  1,044
  1,085
  1,127
  1,173
  1,222
  1,274
  1,329
  1,387
  1,448
  1,514
  1,583
  1,655
  1,732
  1,813
  1,898
  1,988
  2,083
  2,182
  2,287
  2,398
  2,514
  2,636
Total liabilities and equity, $m
  2,362
  2,246
  2,297
  2,356
  2,422
  2,496
  2,576
  2,664
  2,759
  2,861
  2,972
  3,088
  3,214
  3,348
  3,490
  3,640
  3,800
  3,968
  4,147
  4,336
  4,535
  4,745
  4,967
  5,200
  5,447
  5,706
  5,979
  6,266
  6,569
  6,887
  7,222
Debt-to-equity ratio
  0.721
  0.880
  0.900
  0.920
  0.940
  0.970
  0.990
  1.020
  1.040
  1.070
  1.090
  1.120
  1.140
  1.160
  1.190
  1.210
  1.230
  1.250
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
Adjusted equity ratio
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365
  0.365

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -226
  -313
  -320
  -328
  -337
  -347
  -358
  -370
  -383
  -397
  -412
  -398
  -415
  -434
  -453
  -473
  -495
  -518
  -543
  -569
  -596
  -625
  -655
  -687
  -721
  -756
  -793
  -833
  -874
  -918
  -963
Depreciation, amort., depletion, $m
  118
  119
  121
  123
  126
  129
  132
  135
  139
  143
  147
  122
  127
  133
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  216
  226
  237
  248
  260
  273
  286
Funds from operations, $m
  274
  -195
  -199
  -205
  -211
  -219
  -226
  -235
  -244
  -254
  -265
  -276
  -288
  -301
  -315
  -329
  -345
  -361
  -379
  -397
  -416
  -437
  -458
  -481
  -505
  -530
  -557
  -585
  -614
  -645
  -678
Change in working capital, $m
  55
  10
  11
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  74
Cash from operations, $m
  219
  -287
  -211
  -218
  -226
  -235
  -244
  -254
  -265
  -277
  -289
  -302
  -316
  -331
  -346
  -363
  -380
  -399
  -418
  -439
  -461
  -483
  -508
  -533
  -560
  -588
  -617
  -648
  -681
  -716
  -752
Maintenance CAPEX, $m
  0
  -87
  -89
  -91
  -93
  -96
  -99
  -102
  -105
  -109
  -113
  -118
  -122
  -127
  -133
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -273
New CAPEX, $m
  -111
  -20
  -24
  -27
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
Cash from investing activities, $m
  -48
  -107
  -113
  -118
  -124
  -130
  -136
  -143
  -149
  -156
  -164
  -172
  -180
  -189
  -199
  -208
  -218
  -228
  -240
  -251
  -264
  -277
  -291
  -305
  -320
  -336
  -352
  -370
  -388
  -407
  -428
Free cash flow, $m
  171
  -395
  -324
  -337
  -350
  -365
  -380
  -397
  -415
  -433
  -453
  -474
  -496
  -520
  -544
  -571
  -598
  -627
  -658
  -690
  -724
  -760
  -798
  -838
  -879
  -923
  -970
  -1,018
  -1,069
  -1,123
  -1,179
Issuance/(repayment) of debt, $m
  -51
  29
  33
  37
  42
  47
  51
  56
  60
  65
  70
  75
  80
  85
  90
  96
  101
  107
  113
  120
  127
  133
  141
  148
  156
  165
  173
  182
  192
  202
  212
Issuance/(repurchase) of shares, $m
  0
  221
  310
  321
  332
  345
  359
  373
  389
  406
  423
  442
  462
  484
  506
  530
  555
  582
  610
  639
  671
  704
  738
  775
  813
  853
  896
  941
  988
  1,037
  1,089
Cash from financing (excl. dividends), $m  
  -46
  250
  343
  358
  374
  392
  410
  429
  449
  471
  493
  517
  542
  569
  596
  626
  656
  689
  723
  759
  798
  837
  879
  923
  969
  1,018
  1,069
  1,123
  1,180
  1,239
  1,301
Total cash flow (excl. dividends), $m
  120
  -366
  -291
  -299
  -308
  -318
  -329
  -341
  -354
  -368
  -383
  -399
  -417
  -435
  -454
  -475
  -497
  -520
  -545
  -571
  -598
  -627
  -657
  -689
  -723
  -759
  -796
  -836
  -877
  -921
  -967
Retained Cash Flow (-), $m
  382
  -16
  -19
  -22
  -24
  -27
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
Prev. year cash balance distribution, $m
 
  160
  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
 
  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
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for 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
Current shareholders' claim on cash, %
  100
  91.9
  82.0
  73.1
  65.1
  57.9
  51.4
  45.6
  40.5
  35.9
  31.8
  28.1
  24.8
  22.0
  19.4
  17.1
  15.1
  13.3
  11.7
  10.4
  9.1
  8.0
  7.1
  6.2
  5.5
  4.8
  4.2
  3.7
  3.3
  2.9
  2.5

Kennametal Inc. provides wear-resistant products, application engineering, and services of material science to the industrial production, transportation, earthworks, energy, construction, process industries, and aerospace sectors worldwide. The company operates through two segments, Industrial and Infrastructure. Its product offering includes a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems, and services, as well as high-performance materials, such as cemented tungsten carbide products, super alloys, coatings, and investment castings to address customer demands. The company also supplies tooling, engineered components, and advanced materials consumed in production processes. In addition, it develops and manufactures metalworking tools and wear-resistant engineered components and coatings using a specialized type of powder metallurgy; manufactures and markets a line of tool holders, tool-holding systems, and rotary-cutting tools by machining and fabricating steel bars and other metal alloys; and produces specialized compacts and metallurgical powders, as well as products made from tungsten carbide or other hard materials that are used for custom-engineered and challenging applications, including mining and highway construction. Further, the company develops, manufactures, and markets engineered components and surface technology solutions with proprietary metal cladding capabilities. It sells its products through its direct sales force; and network of independent distributors and sales agents; and integrated supply channels, as well as via the Internet. Kennametal Inc. was founded in 1938 and is based in Pittsburgh, Pennsylvania.

FINANCIAL RATIOS  of  Kennametal (KMT)

Valuation Ratios
P/E Ratio -13.1
Price to Sales 1.4
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 13.5
Price to Free Cash Flow 27.4
Growth Rates
Sales Growth Rate -20.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 9.9%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 81
Current Ratio 0.2
LT Debt to Equity 71.9%
Total Debt to Equity 72.1%
Interest Coverage -7
Management Effectiveness
Return On Assets -7.5%
Ret/ On Assets - 3 Yr. Avg. -4.3%
Return On Total Capital -12%
Ret/ On T. Cap. - 3 Yr. Avg. -7%
Return On Equity -19.6%
Return On Equity - 3 Yr. Avg. -11.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 29.4%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin -2.6%
EBITDA Margin - 3 Yr. Avg. 0.9%
Operating Margin -8.3%
Oper. Margin - 3 Yr. Avg. -4.2%
Pre-Tax Margin -9.5%
Pre-Tax Margin - 3 Yr. Avg. -5.4%
Net Profit Margin -10.8%
Net Profit Margin - 3 Yr. Avg. -6.4%
Effective Tax Rate -12.6%
Eff/ Tax Rate - 3 Yr. Avg. 7%
Payout Ratio -28.3%

KMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMT stock intrinsic value calculation we used $2098 million for the last fiscal year's total revenue generated by Kennametal. The default revenue input number comes from 2016 income statement of Kennametal. 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 KMT 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 6%, whose default value for KMT is calculated based on our internal credit rating of Kennametal, 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 Kennametal.
    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 KMT stock the variable cost ratio is equal to 113.5%.

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 KMT 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 3.6% for Kennametal.

Corporate tax rate of 27% is the nominal tax rate for Kennametal. 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 KMT 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 KMT are equal to 48.6%.

Life of production assets of 11.7 years is the average useful life of capital assets used in Kennametal 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 KMT is equal to 23.3%. 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 - $964 million for Kennametal - 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 81.315 million for Kennametal 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 Kennametal at the current share price and the inputted number of shares is $3.0 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
HURC Hurco 28.70 prem.  prem.
HDNG Hardinge 11.59 prem.  prem.
LECO Lincoln Electr 87.04 prem.  prem.
AME Ametek 59.14 prem.  prem.
ATI Allegheny Tech 14.89 prem.  prem.
ATU Actuant Cl A 24.95 prem.  prem.

COMPANY NEWS

▶ Kennametal tops Street 3Q forecasts   [Apr-25-17 05:30PM  Associated Press]
▶ [$$] U.S. Factories Are Working Again; Factory Workers, Not So Much   [Dec-19-16 12:06AM  at The Wall Street Journal]
▶ Is Meredith Corporation (MDP) a Good Stock to Buy?   [Dec-10-16 12:39PM  at Insider Monkey]
▶ Is Kennametal Inc. (KMT) Going to Burn These Hedge Funds?   [Nov-28-16 05:11AM  at Insider Monkey]
▶ Kennametal to attend Global Mizuho Investor Conference   [Nov-09-16 05:00PM  PR Newswire]
Stock chart of KMT Financial statements of KMT Annual reports of KMT
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.