Intrinsic value of LSB Industries - LXU

Previous Close

$9.33

  Intrinsic Value

$5.52

stock screener

  Rating & Target

sell

-41%

Previous close

$9.33

 
Intrinsic value

$5.52

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of LXU 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -14.38
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  375
  431
  492
  556
  624
  697
  773
  852
  936
  1,023
  1,113
  1,208
  1,306
  1,408
  1,515
  1,625
  1,740
  1,859
  1,983
  2,112
  2,246
  2,385
  2,531
  2,682
  2,840
  3,005
  3,177
  3,356
  3,543
  3,739
  3,943
Variable operating expenses, $m
 
  239
  273
  309
  347
  387
  429
  473
  519
  568
  618
  670
  725
  782
  841
  902
  965
  1,032
  1,100
  1,172
  1,246
  1,324
  1,405
  1,489
  1,576
  1,668
  1,763
  1,863
  1,966
  2,075
  2,189
Fixed operating expenses, $m
 
  280
  287
  294
  301
  309
  317
  325
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
  426
  436
  447
  459
  470
  482
  494
  506
  519
  532
  545
  559
  573
Total operating expenses, $m
  474
  519
  560
  603
  648
  696
  746
  798
  852
  909
  967
  1,028
  1,092
  1,158
  1,227
  1,297
  1,370
  1,447
  1,526
  1,608
  1,693
  1,783
  1,875
  1,971
  2,070
  2,174
  2,282
  2,395
  2,511
  2,634
  2,762
Operating income, $m
  -99
  -88
  -68
  -47
  -23
  1
  27
  55
  84
  114
  146
  179
  214
  250
  288
  328
  369
  412
  457
  503
  552
  603
  656
  712
  770
  831
  895
  962
  1,032
  1,105
  1,182
EBITDA, $m
  -35
  -14
  16
  48
  83
  120
  159
  200
  244
  289
  336
  386
  437
  491
  547
  605
  666
  730
  795
  864
  936
  1,011
  1,089
  1,170
  1,256
  1,345
  1,438
  1,535
  1,637
  1,744
  1,856
Interest expense (income), $m
  28
  24
  29
  35
  41
  47
  54
  61
  69
  76
  85
  93
  102
  111
  121
  131
  141
  152
  163
  175
  187
  200
  213
  227
  241
  256
  272
  288
  305
  322
  341
Earnings before tax, $m
  -130
  -111
  -97
  -81
  -64
  -46
  -27
  -6
  15
  38
  61
  86
  112
  139
  167
  197
  227
  260
  293
  328
  365
  403
  443
  485
  529
  575
  623
  674
  727
  783
  841
Tax expense, $m
  -42
  0
  0
  0
  0
  0
  0
  0
  4
  10
  17
  23
  30
  38
  45
  53
  61
  70
  79
  89
  98
  109
  120
  131
  143
  155
  168
  182
  196
  211
  227
Net income, $m
  112
  -111
  -97
  -81
  -64
  -46
  -27
  -6
  11
  28
  45
  63
  82
  101
  122
  144
  166
  189
  214
  240
  266
  294
  323
  354
  386
  420
  455
  492
  531
  571
  614

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,270
  1,391
  1,586
  1,794
  2,014
  2,247
  2,492
  2,749
  3,018
  3,299
  3,591
  3,896
  4,213
  4,543
  4,886
  5,242
  5,612
  5,996
  6,396
  6,812
  7,244
  7,695
  8,164
  8,652
  9,162
  9,693
  10,247
  10,826
  11,430
  12,061
  12,721
Adjusted assets (=assets-cash), $m
  1,210
  1,391
  1,586
  1,794
  2,014
  2,247
  2,492
  2,749
  3,018
  3,299
  3,591
  3,896
  4,213
  4,543
  4,886
  5,242
  5,612
  5,996
  6,396
  6,812
  7,244
  7,695
  8,164
  8,652
  9,162
  9,693
  10,247
  10,826
  11,430
  12,061
  12,721
Revenue / Adjusted assets
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
Average production assets, $m
  1,039
  1,194
  1,361
  1,540
  1,729
  1,929
  2,139
  2,360
  2,591
  2,832
  3,083
  3,345
  3,617
  3,900
  4,194
  4,499
  4,817
  5,147
  5,490
  5,847
  6,219
  6,605
  7,008
  7,427
  7,864
  8,320
  8,796
  9,293
  9,811
  10,353
  10,920
Working capital, $m
  61
  26
  30
  34
  38
  42
  47
  52
  57
  62
  68
  74
  80
  86
  92
  99
  106
  113
  121
  129
  137
  146
  154
  164
  173
  183
  194
  205
  216
  228
  241
Total debt, $m
  428
  497
  595
  700
  811
  928
  1,052
  1,181
  1,317
  1,459
  1,606
  1,760
  1,920
  2,086
  2,258
  2,438
  2,624
  2,818
  3,020
  3,229
  3,447
  3,674
  3,911
  4,157
  4,413
  4,681
  4,960
  5,252
  5,557
  5,875
  6,207
Total liabilities, $m
  633
  701
  799
  904
  1,015
  1,132
  1,256
  1,385
  1,521
  1,663
  1,810
  1,964
  2,124
  2,290
  2,462
  2,642
  2,828
  3,022
  3,224
  3,433
  3,651
  3,878
  4,115
  4,361
  4,617
  4,885
  5,164
  5,456
  5,761
  6,079
  6,411
Total equity, $m
  638
  690
  787
  890
  999
  1,114
  1,236
  1,363
  1,497
  1,636
  1,781
  1,933
  2,090
  2,253
  2,423
  2,600
  2,783
  2,974
  3,172
  3,379
  3,593
  3,817
  4,049
  4,292
  4,544
  4,808
  5,082
  5,369
  5,669
  5,982
  6,310
Total liabilities and equity, $m
  1,271
  1,391
  1,586
  1,794
  2,014
  2,246
  2,492
  2,748
  3,018
  3,299
  3,591
  3,897
  4,214
  4,543
  4,885
  5,242
  5,611
  5,996
  6,396
  6,812
  7,244
  7,695
  8,164
  8,653
  9,161
  9,693
  10,246
  10,825
  11,430
  12,061
  12,721
Debt-to-equity ratio
  0.671
  0.720
  0.760
  0.790
  0.810
  0.830
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.484
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  112
  -111
  -97
  -81
  -64
  -46
  -27
  -6
  11
  28
  45
  63
  82
  101
  122
  144
  166
  189
  214
  240
  266
  294
  323
  354
  386
  420
  455
  492
  531
  571
  614
Depreciation, amort., depletion, $m
  64
  74
  84
  95
  107
  119
  132
  146
  160
  175
  190
  206
  223
  241
  259
  278
  297
  318
  339
  361
  384
  408
  433
  458
  485
  514
  543
  574
  606
  639
  674
Funds from operations, $m
  4
  -38
  -13
  14
  43
  73
  105
  139
  171
  202
  235
  269
  305
  342
  381
  421
  463
  507
  553
  600
  650
  702
  756
  813
  872
  933
  998
  1,066
  1,136
  1,211
  1,288
Change in working capital, $m
  28
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
Cash from operations, $m
  -24
  -41
  -17
  10
  38
  69
  101
  134
  166
  197
  230
  264
  299
  336
  374
  415
  456
  500
  545
  593
  642
  693
  747
  803
  862
  923
  987
  1,055
  1,125
  1,199
  1,276
Maintenance CAPEX, $m
  0
  -64
  -74
  -84
  -95
  -107
  -119
  -132
  -146
  -160
  -175
  -190
  -206
  -223
  -241
  -259
  -278
  -297
  -318
  -339
  -361
  -384
  -408
  -433
  -458
  -485
  -514
  -543
  -574
  -606
  -639
New CAPEX, $m
  -213
  -156
  -167
  -178
  -189
  -200
  -210
  -221
  -231
  -241
  -251
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -387
  -403
  -419
  -437
  -456
  -476
  -497
  -519
  -542
  -566
Cash from investing activities, $m
  152
  -220
  -241
  -262
  -284
  -307
  -329
  -353
  -377
  -401
  -426
  -452
  -478
  -506
  -535
  -565
  -596
  -627
  -661
  -696
  -732
  -771
  -811
  -852
  -895
  -941
  -990
  -1,040
  -1,093
  -1,148
  -1,205
Free cash flow, $m
  128
  -261
  -257
  -252
  -246
  -238
  -229
  -218
  -211
  -204
  -196
  -188
  -180
  -170
  -160
  -150
  -139
  -128
  -116
  -103
  -90
  -77
  -63
  -49
  -34
  -18
  -2
  15
  33
  51
  70
Issuance/(repayment) of debt, $m
  -101
  91
  98
  105
  111
  117
  123
  130
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  218
  227
  236
  246
  257
  268
  279
  292
  305
  318
  333
Issuance/(repurchase) of shares, $m
  -72
  201
  193
  184
  173
  161
  148
  134
  122
  112
  100
  88
  76
  62
  48
  33
  17
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -188
  292
  291
  289
  284
  278
  271
  264
  258
  254
  248
  242
  236
  228
  221
  212
  203
  195
  202
  210
  218
  227
  236
  246
  257
  268
  279
  292
  305
  318
  333
Total cash flow (excl. dividends), $m
  -59
  32
  34
  36
  39
  41
  43
  45
  47
  49
  51
  54
  56
  58
  60
  63
  65
  68
  86
  106
  128
  150
  173
  198
  223
  250
  277
  307
  337
  369
  403
Retained Cash Flow (-), $m
  -39
  -201
  -193
  -184
  -173
  -161
  -148
  -134
  -133
  -139
  -145
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -198
  -206
  -215
  -223
  -233
  -242
  -253
  -263
  -275
  -287
  -300
  -313
  -327
Prev. year cash balance distribution, $m
 
  38
  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
 
  -132
  -159
  -148
  -135
  -121
  -105
  -89
  -86
  -90
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -123
  -112
  -100
  -87
  -73
  -59
  -45
  -30
  -14
  3
  20
  38
  56
  76
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  -122
  -134
  -113
  -93
  -74
  -57
  -42
  -35
  -31
  -28
  -24
  -20
  -17
  -14
  -11
  -9
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  67.6
  48.3
  36.2
  28.3
  23.0
  19.3
  16.7
  14.8
  13.4
  12.3
  11.5
  10.9
  10.5
  10.1
  9.9
  9.9
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8
  9.8

LSB Industries, Inc. is a holding company. The Company, through its subsidiaries, is engaged in the manufacture and sale of chemical products. The Company operates through chemical business segment. It is a manufacturer and distributor of nitrogen fertilizer and other nitrogen products in North America. Its principal nitrogen products are ammonia (AN), fertilizer grade ammonium nitrate (high density ammonium nitrate prills used in the agricultural industry (HDAN)), urea ammonia nitrate (UAN), and AN solution for agricultural applications, high purity and commercial grade ammonia, high purity AN, sulfuric acids, concentrated, blended and regular nitric acid, mixed nitrating acids, carbon dioxide, and diesel exhaust fluid for industrial applications, and industrial grade AN (low density ammonium nitrate prills used in the mining industry (LDAN)) and 83% AN solution (AN solution) for the mining industry. Its customers include cooperatives and independent fertilizer distributors.

FINANCIAL RATIOS  of  LSB Industries (LXU)

Valuation Ratios
P/E Ratio 2.4
Price to Sales 0.7
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -11
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -14.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -51.5%
Cap. Spend. - 3 Yr. Gr. Rate 6.3%
Financial Strength
Quick Ratio 3
Current Ratio 0.3
LT Debt to Equity 63.6%
Total Debt to Equity 67.1%
Interest Coverage -4
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 18.1%
Return On Equity - 3 Yr. Avg. 5.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin -13.1%
Gross Margin - 3 Yr. Avg. 1.5%
EBITDA Margin -10.1%
EBITDA Margin - 3 Yr. Avg. -1.8%
Operating Margin -26.4%
Oper. Margin - 3 Yr. Avg. -12.1%
Pre-Tax Margin -34.7%
Pre-Tax Margin - 3 Yr. Avg. -17%
Net Profit Margin 29.9%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 39.5%
Payout Ratio 7.1%

LXU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LXU stock intrinsic value calculation we used $375 million for the last fiscal year's total revenue generated by LSB Industries. The default revenue input number comes from 2016 income statement of LSB Industries. 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 LXU stock valuation model: a) initial revenue growth rate of 15% 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 8.4%, whose default value for LXU is calculated based on our internal credit rating of LSB Industries, 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 LSB Industries.
    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 LXU stock the variable cost ratio is equal to 55.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $273 million in the base year in the intrinsic value calculation for LXU 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 5.8% for LSB Industries.

Corporate tax rate of 27% is the nominal tax rate for LSB Industries. 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 LXU 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 LXU are equal to 276.9%.

Life of production assets of 16.2 years is the average useful life of capital assets used in LSB Industries 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 LXU is equal to 6.1%. 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 - $638 million for LSB Industries - 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 28.892 million for LSB Industries 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 LSB Industries at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
CF CF Industries 39.56 104.69  str.buy
TNH Terra Nitrogen 84.25 106.73  buy
AGU Agrium 115.00 161.21  buy
CVI CVR Energy 38.92 308.45  str.buy
UTX United Technol 134.42 194.86  str.buy
OCIP OCI Partners 8.55 0.45  str.sell

COMPANY NEWS

▶ Should You Buy LSB Industries Inc (NYSE:LXU) At $9.35?   [Jan-03-18 07:18AM  Simply Wall St.]
▶ LSB Industries, Inc. to Host Earnings Call   [Oct-31-17 08:15AM  ACCESSWIRE]
▶ LSB reports 3Q loss   [Oct-30-17 06:37PM  Associated Press]
▶ Is It Time To Buy LSB Industries Inc (LXU)?   [Sep-21-17 04:27PM  Simply Wall St.]
▶ LSB reports 2Q loss   [Jul-25-17 10:09PM  Associated Press]
▶ ETFs with exposure to LSB Industries, Inc. : July 4, 2017   [Jul-04-17 03:08PM  Capital Cube]
▶ ETFs with exposure to LSB Industries, Inc. : May 29, 2017   [May-29-17 12:49PM  Capital Cube]
▶ ETFs with exposure to LSB Industries, Inc. : May 18, 2017   [May-18-17 01:51PM  Capital Cube]
▶ ETFs with exposure to LSB Industries, Inc. : May 5, 2017   [May-05-17 04:17PM  Capital Cube]
▶ LSB reports 1Q loss   [Apr-24-17 04:39PM  Associated Press]
▶ Why Shares of LSB Industries, Inc. Jumped Today   [Feb-28-17 05:28PM  Motley Fool]
▶ LSB reports 4Q loss   [Feb-27-17 06:01PM  Associated Press]
▶ Should You Avoid LSB Industries, Inc. (LXU)?   [Dec-14-16 05:39AM  at Insider Monkey]
▶ Tontine Asset Managements Bets on Small-Caps Help Offset Losses   [Sep-26-16 07:30AM  at Insider Monkey]
Financial statements of LXU
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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