Intrinsic value of Kennametal - KMT

Previous Close

$35.12

  Intrinsic Value

$2.11

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

-149%

Previous close

$35.12

 
Intrinsic value

$2.11

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

-149%

*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 2.8

 

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
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  2,098
  2,228
  2,364
  2,505
  2,652
  2,805
  2,965
  3,133
  3,307
  3,490
  3,680
  3,880
  4,088
  4,307
  4,535
  4,774
  5,025
  5,287
  5,562
  5,850
  6,152
  6,469
  6,801
  7,149
  7,514
  7,897
  8,299
  8,720
  9,162
  9,626
  10,113
Variable operating expenses, $m
 
  2,527
  2,679
  2,837
  3,002
  3,174
  3,353
  3,541
  3,737
  3,941
  4,155
  4,348
  4,582
  4,827
  5,083
  5,351
  5,632
  5,926
  6,234
  6,557
  6,896
  7,250
  7,622
  8,013
  8,422
  8,851
  9,301
  9,773
  10,269
  10,789
  11,334
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
  2,527
  2,679
  2,837
  3,002
  3,174
  3,353
  3,541
  3,737
  3,941
  4,155
  4,348
  4,582
  4,827
  5,083
  5,351
  5,632
  5,926
  6,234
  6,557
  6,896
  7,250
  7,622
  8,013
  8,422
  8,851
  9,301
  9,773
  10,269
  10,789
  11,334
Operating income, $m
  -175
  -299
  -315
  -332
  -350
  -369
  -388
  -408
  -429
  -451
  -474
  -469
  -494
  -520
  -548
  -577
  -607
  -639
  -672
  -707
  -743
  -781
  -822
  -864
  -908
  -954
  -1,002
  -1,053
  -1,107
  -1,163
  -1,222
EBITDA, $m
  -57
  -177
  -187
  -199
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -308
  -324
  -341
  -359
  -378
  -398
  -419
  -441
  -464
  -488
  -513
  -539
  -567
  -596
  -626
  -658
  -691
  -726
  -763
  -802
Interest expense (income), $m
  26
  25
  28
  31
  35
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  83
  89
  95
  101
  108
  115
  122
  130
  138
  146
  155
  164
  174
  184
  194
  206
Earnings before tax, $m
  -199
  -324
  -343
  -364
  -385
  -407
  -430
  -454
  -479
  -505
  -533
  -532
  -562
  -593
  -626
  -660
  -696
  -734
  -773
  -815
  -858
  -904
  -951
  -1,001
  -1,054
  -1,109
  -1,167
  -1,227
  -1,291
  -1,357
  -1,427
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
  -324
  -343
  -364
  -385
  -407
  -430
  -454
  -479
  -505
  -533
  -532
  -562
  -593
  -626
  -660
  -696
  -734
  -773
  -815
  -858
  -904
  -951
  -1,001
  -1,054
  -1,109
  -1,167
  -1,227
  -1,291
  -1,357
  -1,427

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
  2,338
  2,480
  2,628
  2,783
  2,944
  3,112
  3,287
  3,470
  3,662
  3,862
  4,071
  4,290
  4,519
  4,759
  5,010
  5,273
  5,548
  5,837
  6,139
  6,456
  6,788
  7,136
  7,502
  7,885
  8,286
  8,708
  9,150
  9,614
  10,101
  10,611
Adjusted assets (=assets-cash), $m
  2,201
  2,338
  2,480
  2,628
  2,783
  2,944
  3,112
  3,287
  3,470
  3,662
  3,862
  4,071
  4,290
  4,519
  4,759
  5,010
  5,273
  5,548
  5,837
  6,139
  6,456
  6,788
  7,136
  7,502
  7,885
  8,286
  8,708
  9,150
  9,614
  10,101
  10,611
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
  1,083
  1,149
  1,217
  1,289
  1,363
  1,441
  1,522
  1,607
  1,696
  1,789
  1,886
  1,987
  2,093
  2,204
  2,320
  2,442
  2,570
  2,703
  2,843
  2,990
  3,144
  3,305
  3,474
  3,652
  3,838
  4,033
  4,238
  4,453
  4,678
  4,915
Working capital, $m
  648
  519
  551
  584
  618
  654
  691
  730
  771
  813
  858
  904
  953
  1,003
  1,057
  1,112
  1,171
  1,232
  1,296
  1,363
  1,434
  1,507
  1,585
  1,666
  1,751
  1,840
  1,934
  2,032
  2,135
  2,243
  2,356
Total debt, $m
  695
  781
  871
  965
  1,063
  1,165
  1,272
  1,383
  1,500
  1,621
  1,748
  1,881
  2,020
  2,166
  2,318
  2,477
  2,644
  2,819
  3,002
  3,194
  3,395
  3,606
  3,828
  4,060
  4,303
  4,558
  4,826
  5,106
  5,401
  5,710
  6,034
Total liabilities, $m
  1,398
  1,485
  1,575
  1,669
  1,767
  1,869
  1,976
  2,087
  2,204
  2,325
  2,452
  2,585
  2,724
  2,870
  3,022
  3,181
  3,348
  3,523
  3,706
  3,898
  4,099
  4,310
  4,532
  4,764
  5,007
  5,262
  5,530
  5,810
  6,105
  6,414
  6,738
Total equity, $m
  964
  853
  905
  959
  1,016
  1,074
  1,136
  1,200
  1,267
  1,337
  1,410
  1,486
  1,566
  1,649
  1,737
  1,829
  1,925
  2,025
  2,130
  2,241
  2,356
  2,478
  2,605
  2,738
  2,878
  3,025
  3,178
  3,340
  3,509
  3,687
  3,873
Total liabilities and equity, $m
  2,362
  2,338
  2,480
  2,628
  2,783
  2,943
  3,112
  3,287
  3,471
  3,662
  3,862
  4,071
  4,290
  4,519
  4,759
  5,010
  5,273
  5,548
  5,836
  6,139
  6,455
  6,788
  7,137
  7,502
  7,885
  8,287
  8,708
  9,150
  9,614
  10,101
  10,611
Debt-to-equity ratio
  0.721
  0.910
  0.960
  1.010
  1.050
  1.080
  1.120
  1.150
  1.180
  1.210
  1.240
  1.270
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
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
  -324
  -343
  -364
  -385
  -407
  -430
  -454
  -479
  -505
  -533
  -532
  -562
  -593
  -626
  -660
  -696
  -734
  -773
  -815
  -858
  -904
  -951
  -1,001
  -1,054
  -1,109
  -1,167
  -1,227
  -1,291
  -1,357
  -1,427
Depreciation, amort., depletion, $m
  118
  122
  128
  134
  140
  146
  153
  160
  167
  175
  183
  161
  170
  179
  188
  198
  209
  220
  231
  243
  256
  269
  283
  297
  312
  328
  345
  362
  381
  400
  420
Funds from operations, $m
  274
  -202
  -215
  -230
  -245
  -261
  -277
  -294
  -312
  -331
  -350
  -370
  -392
  -414
  -437
  -462
  -487
  -514
  -542
  -572
  -603
  -635
  -669
  -704
  -742
  -781
  -822
  -865
  -910
  -957
  -1,007
Change in working capital, $m
  55
  30
  32
  33
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  94
  98
  103
  108
  113
Cash from operations, $m
  219
  -232
  -247
  -263
  -279
  -296
  -314
  -333
  -353
  -373
  -394
  -417
  -440
  -465
  -491
  -518
  -546
  -575
  -606
  -639
  -673
  -709
  -746
  -786
  -827
  -870
  -915
  -963
  -1,013
  -1,065
  -1,120
Maintenance CAPEX, $m
  0
  -87
  -93
  -98
  -104
  -110
  -117
  -123
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -297
  -312
  -328
  -345
  -362
  -381
  -400
New CAPEX, $m
  -111
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -225
  -237
Cash from investing activities, $m
  -48
  -150
  -159
  -167
  -176
  -185
  -195
  -204
  -215
  -226
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -337
  -354
  -371
  -390
  -410
  -430
  -452
  -474
  -498
  -523
  -550
  -577
  -606
  -637
Free cash flow, $m
  171
  -382
  -405
  -430
  -455
  -481
  -509
  -537
  -568
  -599
  -632
  -667
  -703
  -741
  -781
  -822
  -866
  -912
  -960
  -1,010
  -1,063
  -1,118
  -1,176
  -1,237
  -1,301
  -1,368
  -1,439
  -1,513
  -1,590
  -1,671
  -1,757
Issuance/(repayment) of debt, $m
  -51
  88
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  139
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
  268
  281
  295
  309
  324
Issuance/(repurchase) of shares, $m
  0
  373
  395
  418
  441
  466
  491
  518
  546
  575
  606
  608
  641
  677
  713
  752
  792
  834
  879
  925
  974
  1,025
  1,078
  1,135
  1,194
  1,255
  1,320
  1,388
  1,460
  1,535
  1,614
Cash from financing (excl. dividends), $m  
  -46
  461
  485
  512
  539
  568
  598
  629
  662
  697
  733
  741
  780
  822
  865
  911
  959
  1,009
  1,062
  1,117
  1,175
  1,236
  1,299
  1,367
  1,437
  1,510
  1,588
  1,669
  1,755
  1,844
  1,938
Total cash flow (excl. dividends), $m
  120
  79
  80
  82
  85
  87
  89
  92
  95
  98
  101
  74
  78
  81
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  136
  142
  149
  157
  164
  172
  181
Retained Cash Flow (-), $m
  382
  -373
  -395
  -418
  -441
  -466
  -491
  -518
  -546
  -575
  -606
  -608
  -641
  -677
  -713
  -752
  -792
  -834
  -879
  -925
  -974
  -1,025
  -1,078
  -1,135
  -1,194
  -1,255
  -1,320
  -1,388
  -1,460
  -1,535
  -1,614
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
 
  -134
  -315
  -335
  -357
  -379
  -402
  -426
  -451
  -478
  -505
  -534
  -564
  -595
  -628
  -663
  -699
  -737
  -776
  -818
  -862
  -907
  -955
  -1,005
  -1,058
  -1,113
  -1,171
  -1,232
  -1,295
  -1,362
  -1,433
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
 
  -127
  -279
  -277
  -273
  -266
  -258
  -248
  -236
  -222
  -207
  -191
  -175
  -157
  -140
  -123
  -107
  -91
  -76
  -63
  -51
  -41
  -32
  -24
  -18
  -13
  -10
  -7
  -5
  -3
  -2
Current shareholders' claim on cash, %
  100
  86.1
  74.1
  63.9
  55.1
  47.5
  41.0
  35.4
  30.5
  26.4
  22.8
  19.8
  17.2
  15.0
  13.0
  11.3
  9.8
  8.5
  7.4
  6.4
  5.6
  4.9
  4.2
  3.7
  3.2
  2.8
  2.4
  2.1
  1.8
  1.6
  1.4

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 -12.4
Price to Sales 1.3
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow 25.9
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 6.2% 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 78.907 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 $2.8 billion.

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COMPANY NEWS

▶ Kennametal misses 4Q profit forecasts   [02:12AM  Associated Press]
▶ ETFs with exposure to Kennametal, Inc. : July 24, 2017   [Jul-24-17 04:54PM  Capital Cube]
▶ ETFs with exposure to Kennametal, Inc. : July 14, 2017   [Jul-14-17 03:14PM  Capital Cube]
▶ ETFs with exposure to Kennametal, Inc. : July 3, 2017   [Jul-03-17 03:20PM  Capital Cube]
▶ Rossi appointed CEO at Kennametal   [Jun-29-17 08:20AM  American City Business Journals]
▶ ETFs with exposure to Kennametal, Inc. : June 19, 2017   [Jun-19-17 03:37PM  Capital Cube]
▶ Kennametal Foundation Announces 2017 Scholarship Winners   [May-22-17 04:15PM  PR Newswire]
▶ Kennametal tops Street 3Q forecasts   [Apr-25-17 05:30PM  Associated Press]
Financial statements 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.

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