Intrinsic value of Kennametal - KMT

Previous Close

$42.79

  Intrinsic Value

$2.21

stock screener

  Rating & Target

str. sell

-95%

Previous close

$42.79

 
Intrinsic value

$2.21

 
Up/down potential

-95%

 
Rating

str. sell

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 2017), $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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -1.91
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  2,058
  2,231
  2,411
  2,598
  2,792
  2,994
  3,204
  3,422
  3,648
  3,884
  4,129
  4,385
  4,651
  4,928
  5,217
  5,519
  5,833
  6,162
  6,505
  6,863
  7,238
  7,629
  8,039
  8,468
  8,917
  9,387
  9,879
  10,395
  10,935
  11,502
  12,095
Variable operating expenses, $m
 
  2,416
  2,608
  2,808
  3,016
  3,232
  3,456
  3,689
  3,932
  4,184
  4,446
  4,689
  4,974
  5,270
  5,579
  5,901
  6,238
  6,589
  6,956
  7,339
  7,740
  8,159
  8,597
  9,056
  9,536
  10,038
  10,565
  11,116
  11,694
  12,300
  12,934
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
  1,945
  2,416
  2,608
  2,808
  3,016
  3,232
  3,456
  3,689
  3,932
  4,184
  4,446
  4,689
  4,974
  5,270
  5,579
  5,901
  6,238
  6,589
  6,956
  7,339
  7,740
  8,159
  8,597
  9,056
  9,536
  10,038
  10,565
  11,116
  11,694
  12,300
  12,934
Operating income, $m
  113
  -185
  -197
  -210
  -224
  -238
  -252
  -267
  -283
  -300
  -317
  -304
  -323
  -342
  -362
  -383
  -405
  -427
  -451
  -476
  -502
  -529
  -558
  -587
  -619
  -651
  -685
  -721
  -759
  -798
  -839
EBITDA, $m
  221
  -66
  -71
  -77
  -82
  -88
  -94
  -101
  -107
  -114
  -122
  -129
  -137
  -145
  -154
  -163
  -172
  -182
  -192
  -202
  -213
  -225
  -237
  -249
  -263
  -277
  -291
  -306
  -322
  -339
  -356
Interest expense (income), $m
  28
  28
  32
  37
  42
  48
  53
  59
  65
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  149
  158
  168
  179
  190
  202
  214
  227
  240
  254
  269
  284
Earnings before tax, $m
  82
  -213
  -230
  -248
  -266
  -285
  -306
  -326
  -348
  -371
  -394
  -388
  -414
  -440
  -468
  -496
  -526
  -558
  -590
  -625
  -660
  -698
  -737
  -778
  -820
  -865
  -912
  -961
  -1,013
  -1,067
  -1,123
Tax expense, $m
  30
  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
  49
  -213
  -230
  -248
  -266
  -285
  -306
  -326
  -348
  -371
  -394
  -388
  -414
  -440
  -468
  -496
  -526
  -558
  -590
  -625
  -660
  -698
  -737
  -778
  -820
  -865
  -912
  -961
  -1,013
  -1,067
  -1,123

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  191
  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
  2,416
  2,412
  2,606
  2,808
  3,018
  3,236
  3,463
  3,699
  3,944
  4,199
  4,464
  4,740
  5,028
  5,328
  5,640
  5,966
  6,306
  6,661
  7,032
  7,419
  7,825
  8,248
  8,691
  9,155
  9,640
  10,148
  10,681
  11,238
  11,822
  12,434
  13,076
Adjusted assets (=assets-cash), $m
  2,225
  2,412
  2,606
  2,808
  3,018
  3,236
  3,463
  3,699
  3,944
  4,199
  4,464
  4,740
  5,028
  5,328
  5,640
  5,966
  6,306
  6,661
  7,032
  7,419
  7,825
  8,248
  8,691
  9,155
  9,640
  10,148
  10,681
  11,238
  11,822
  12,434
  13,076
Revenue / Adjusted assets
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
  0.925
Average production assets, $m
  937
  1,015
  1,097
  1,182
  1,270
  1,362
  1,458
  1,557
  1,660
  1,767
  1,879
  1,995
  2,116
  2,242
  2,374
  2,511
  2,654
  2,804
  2,960
  3,123
  3,293
  3,471
  3,658
  3,853
  4,057
  4,271
  4,495
  4,730
  4,976
  5,233
  5,503
Working capital, $m
  653
  502
  542
  584
  628
  674
  721
  770
  821
  874
  929
  987
  1,046
  1,109
  1,174
  1,242
  1,312
  1,386
  1,464
  1,544
  1,628
  1,717
  1,809
  1,905
  2,006
  2,112
  2,223
  2,339
  2,460
  2,588
  2,721
Total debt, $m
  696
  812
  934
  1,061
  1,192
  1,330
  1,472
  1,620
  1,774
  1,934
  2,101
  2,274
  2,455
  2,643
  2,839
  3,044
  3,257
  3,480
  3,713
  3,956
  4,211
  4,477
  4,755
  5,046
  5,351
  5,670
  6,004
  6,354
  6,721
  7,106
  7,509
Total liabilities, $m
  1,398
  1,515
  1,637
  1,764
  1,895
  2,033
  2,175
  2,323
  2,477
  2,637
  2,804
  2,977
  3,158
  3,346
  3,542
  3,747
  3,960
  4,183
  4,416
  4,659
  4,914
  5,180
  5,458
  5,749
  6,054
  6,373
  6,707
  7,057
  7,424
  7,809
  8,212
Total equity, $m
  1,017
  897
  969
  1,045
  1,123
  1,204
  1,288
  1,376
  1,467
  1,562
  1,661
  1,763
  1,870
  1,982
  2,098
  2,219
  2,346
  2,478
  2,616
  2,760
  2,911
  3,068
  3,233
  3,406
  3,586
  3,775
  3,973
  4,181
  4,398
  4,626
  4,864
Total liabilities and equity, $m
  2,415
  2,412
  2,606
  2,809
  3,018
  3,237
  3,463
  3,699
  3,944
  4,199
  4,465
  4,740
  5,028
  5,328
  5,640
  5,966
  6,306
  6,661
  7,032
  7,419
  7,825
  8,248
  8,691
  9,155
  9,640
  10,148
  10,680
  11,238
  11,822
  12,435
  13,076
Debt-to-equity ratio
  0.684
  0.900
  0.960
  1.020
  1.060
  1.100
  1.140
  1.180
  1.210
  1.240
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.400
  1.420
  1.430
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.530
  1.540
  1.540
Adjusted equity ratio
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372
  0.372

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  -213
  -230
  -248
  -266
  -285
  -306
  -326
  -348
  -371
  -394
  -388
  -414
  -440
  -468
  -496
  -526
  -558
  -590
  -625
  -660
  -698
  -737
  -778
  -820
  -865
  -912
  -961
  -1,013
  -1,067
  -1,123
Depreciation, amort., depletion, $m
  108
  119
  126
  134
  142
  150
  158
  167
  176
  185
  195
  175
  186
  197
  208
  220
  233
  246
  260
  274
  289
  305
  321
  338
  356
  375
  394
  415
  436
  459
  483
Funds from operations, $m
  195
  -94
  -103
  -114
  -125
  -136
  -148
  -160
  -172
  -185
  -199
  -213
  -228
  -243
  -259
  -276
  -294
  -312
  -331
  -351
  -371
  -393
  -416
  -440
  -465
  -491
  -518
  -546
  -576
  -608
  -641
Change in working capital, $m
  3
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  106
  111
  116
  122
  127
  134
Cash from operations, $m
  192
  -132
  -144
  -156
  -168
  -181
  -195
  -209
  -223
  -238
  -254
  -271
  -288
  -306
  -324
  -344
  -364
  -386
  -408
  -431
  -456
  -481
  -508
  -536
  -566
  -596
  -629
  -662
  -698
  -735
  -774
Maintenance CAPEX, $m
  0
  -82
  -89
  -96
  -104
  -111
  -119
  -128
  -137
  -146
  -155
  -165
  -175
  -186
  -197
  -208
  -220
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -375
  -394
  -415
  -436
  -459
New CAPEX, $m
  -118
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -126
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
  -235
  -246
  -258
  -270
Cash from investing activities, $m
  -113
  -161
  -171
  -181
  -192
  -203
  -214
  -227
  -240
  -253
  -267
  -281
  -296
  -312
  -328
  -345
  -363
  -382
  -402
  -423
  -444
  -467
  -491
  -516
  -542
  -570
  -599
  -629
  -661
  -694
  -729
Free cash flow, $m
  79
  -293
  -315
  -337
  -360
  -385
  -410
  -436
  -463
  -491
  -521
  -552
  -584
  -618
  -653
  -689
  -728
  -768
  -810
  -854
  -900
  -949
  -999
  -1,052
  -1,108
  -1,166
  -1,227
  -1,291
  -1,359
  -1,429
  -1,503
Issuance/(repayment) of debt, $m
  -1
  117
  122
  127
  132
  137
  142
  148
  154
  160
  167
  173
  181
  188
  196
  205
  214
  223
  233
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
  384
  403
Issuance/(repurchase) of shares, $m
  0
  283
  302
  323
  344
  367
  390
  414
  439
  465
  493
  491
  521
  552
  584
  618
  653
  690
  728
  769
  811
  855
  902
  950
  1,001
  1,054
  1,110
  1,169
  1,230
  1,294
  1,362
Cash from financing (excl. dividends), $m  
  14
  400
  424
  450
  476
  504
  532
  562
  593
  625
  660
  664
  702
  740
  780
  823
  867
  913
  961
  1,012
  1,065
  1,121
  1,180
  1,241
  1,306
  1,373
  1,444
  1,519
  1,597
  1,678
  1,765
Total cash flow (excl. dividends), $m
  93
  106
  109
  113
  116
  119
  123
  126
  130
  134
  138
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  173
  181
  189
  198
  207
  217
  227
  238
  250
  262
Retained Cash Flow (-), $m
  -53
  -283
  -302
  -323
  -344
  -367
  -390
  -414
  -439
  -465
  -493
  -491
  -521
  -552
  -584
  -618
  -653
  -690
  -728
  -769
  -811
  -855
  -902
  -950
  -1,001
  -1,054
  -1,110
  -1,169
  -1,230
  -1,294
  -1,362
Prev. year cash balance distribution, $m
 
  190
  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
 
  13
  -193
  -210
  -229
  -248
  -267
  -288
  -309
  -331
  -354
  -378
  -403
  -429
  -456
  -485
  -514
  -545
  -577
  -611
  -646
  -683
  -721
  -761
  -803
  -847
  -893
  -941
  -992
  -1,045
  -1,100
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  13
  -172
  -176
  -179
  -179
  -178
  -175
  -170
  -164
  -156
  -147
  -137
  -126
  -115
  -103
  -91
  -79
  -68
  -58
  -48
  -39
  -31
  -25
  -19
  -14
  -11
  -8
  -5
  -4
  -2
Current shareholders' claim on cash, %
  100
  90.9
  82.7
  75.3
  68.7
  62.6
  57.2
  52.3
  47.8
  43.7
  40.0
  36.8
  33.9
  31.2
  28.7
  26.4
  24.3
  22.4
  20.6
  18.9
  17.4
  16.1
  14.8
  13.6
  12.5
  11.5
  10.6
  9.8
  9.0
  8.3
  7.6

Kennametal Inc. is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense. The Infrastructure segment generally serves customers that operate in the earthworks and energy sectors supporting primary industries, such as oil and gas, power generation, underground, surface and hard-rock mining, highway construction and road maintenance. It provides wear-resistant products, application engineering and services backed by material science serving customers across various sectors. The Company's product offerings include a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, as well as materials, such as cemented tungsten carbide products and super alloys.

FINANCIAL RATIOS  of  Kennametal (KMT)

Valuation Ratios
P/E Ratio 70.4
Price to Sales 1.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 18
Price to Free Cash Flow 46.6
Growth Rates
Sales Growth Rate -1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.2%
Financial Strength
Quick Ratio 191
Current Ratio 0.1
LT Debt to Equity 68.3%
Total Debt to Equity 68.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -7.9%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -12.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 32%
Gross Margin - 3 Yr. Avg. 30.6%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. -0.2%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. -6.7%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 36.6%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 130.6%

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 $2058 million for the last fiscal year's total revenue generated by Kennametal. The default revenue input number comes from 2017 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 8.4% 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 5.5%, 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 108.4%.

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 4% 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 45.5%.

Life of production assets of 11.4 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 22.5%. 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 - $1017 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 80.86 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 $3.5 billion.

RELATED COMPANIES Price Int.Val. Rating
HURC Hurco 45.05 6.91  str.sell
HDNG Hardinge 15.41 2.88  str.sell
LECO Lincoln Electr 95.90 38.81  str.sell
AME Ametek 68.58 93.07  buy
ATI Allegheny Tech 24.62 1.64  str.sell

COMPANY NEWS

▶ Stocks To Watch: Kennametal Sees Relative Strength Rating Rise To 81   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Kennametal   [Sep-20-17 03:00AM  Investor's Business Daily]
▶ Weekly CEO Buys Highlights   [Aug-28-17 12:26PM  GuruFocus.com]
▶ ETFs with exposure to Kennametal, Inc. : August 25, 2017   [Aug-25-17 04:45PM  Capital Cube]
▶ 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.

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.