Intrinsic value of Mercer International - MERC

Previous Close

$14.30

  Intrinsic Value

$105.82

stock screener

  Rating & Target

str. buy

+640%

Previous close

$14.30

 
Intrinsic value

$105.82

 
Up/down potential

+640%

 
Rating

str. buy

We calculate the intrinsic value of MERC 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 0.9

 

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, %
  -9.78
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
Revenue, $m
  932
  1,210
  1,540
  1,927
  2,371
  2,876
  3,441
  4,066
  4,752
  5,497
  6,300
  7,159
  8,074
  9,044
  10,066
  11,140
  12,266
  13,443
  14,671
  15,951
  17,283
  18,668
  20,108
  21,605
  23,160
  24,776
  26,456
  28,203
  30,019
  31,910
  33,878
Variable operating expenses, $m
 
  599
  762
  954
  1,174
  1,423
  1,703
  2,013
  2,352
  2,721
  3,118
  3,544
  3,997
  4,477
  4,983
  5,514
  6,072
  6,654
  7,262
  7,896
  8,555
  9,241
  9,954
  10,694
  11,464
  12,264
  13,096
  13,960
  14,860
  15,795
  16,770
Fixed operating expenses, $m
 
  375
  385
  394
  404
  414
  424
  435
  446
  457
  469
  480
  492
  505
  517
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  679
  696
  713
  731
  749
  768
Total operating expenses, $m
  818
  974
  1,147
  1,348
  1,578
  1,837
  2,127
  2,448
  2,798
  3,178
  3,587
  4,024
  4,489
  4,982
  5,500
  6,044
  6,615
  7,211
  7,833
  8,481
  9,155
  9,856
  10,584
  11,340
  12,126
  12,943
  13,792
  14,673
  15,591
  16,544
  17,538
Operating income, $m
  114
  236
  393
  579
  794
  1,038
  1,313
  1,618
  1,954
  2,319
  2,713
  3,135
  3,585
  4,063
  4,566
  5,096
  5,651
  6,232
  6,838
  7,470
  8,128
  8,813
  9,525
  10,265
  11,034
  11,833
  12,665
  13,529
  14,429
  15,366
  16,341
EBITDA, $m
  186
  330
  513
  728
  977
  1,261
  1,580
  1,934
  2,322
  2,745
  3,201
  3,690
  4,211
  4,764
  5,347
  5,959
  6,602
  7,274
  7,976
  8,707
  9,468
  10,260
  11,083
  11,939
  12,829
  13,754
  14,716
  15,716
  16,756
  17,839
  18,967
Interest expense (income), $m
  50
  50
  67
  89
  114
  142
  175
  211
  251
  296
  344
  395
  451
  510
  572
  638
  707
  780
  856
  935
  1,017
  1,103
  1,192
  1,285
  1,381
  1,481
  1,586
  1,694
  1,806
  1,923
  2,045
Earnings before tax, $m
  59
  186
  326
  490
  680
  896
  1,138
  1,407
  1,702
  2,023
  2,369
  2,740
  3,135
  3,553
  3,994
  4,458
  4,944
  5,452
  5,983
  6,536
  7,111
  7,710
  8,332
  8,980
  9,652
  10,352
  11,079
  11,836
  12,623
  13,442
  14,296
Tax expense, $m
  24
  50
  88
  132
  184
  242
  307
  380
  460
  546
  640
  740
  846
  959
  1,078
  1,204
  1,335
  1,472
  1,615
  1,765
  1,920
  2,082
  2,250
  2,424
  2,606
  2,795
  2,991
  3,196
  3,408
  3,629
  3,860
Net income, $m
  35
  136
  238
  358
  496
  654
  831
  1,027
  1,243
  1,477
  1,729
  2,000
  2,288
  2,594
  2,916
  3,254
  3,609
  3,980
  4,367
  4,771
  5,191
  5,628
  6,083
  6,555
  7,046
  7,557
  8,088
  8,640
  9,215
  9,813
  10,436

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  1,159
  1,326
  1,689
  2,113
  2,600
  3,153
  3,773
  4,458
  5,210
  6,027
  6,907
  7,850
  8,853
  9,916
  11,037
  12,215
  13,450
  14,740
  16,087
  17,490
  18,951
  20,470
  22,048
  23,689
  25,395
  27,167
  29,009
  30,924
  32,916
  34,989
  37,147
Adjusted assets (=assets-cash), $m
  1,022
  1,326
  1,689
  2,113
  2,600
  3,153
  3,773
  4,458
  5,210
  6,027
  6,907
  7,850
  8,853
  9,916
  11,037
  12,215
  13,450
  14,740
  16,087
  17,490
  18,951
  20,470
  22,048
  23,689
  25,395
  27,167
  29,009
  30,924
  32,916
  34,989
  37,147
Revenue / Adjusted assets
  0.912
  0.913
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
  0.912
Average production assets, $m
  759
  985
  1,254
  1,568
  1,930
  2,341
  2,801
  3,310
  3,868
  4,474
  5,128
  5,828
  6,573
  7,362
  8,194
  9,068
  9,985
  10,943
  11,942
  12,984
  14,068
  15,196
  16,368
  17,586
  18,852
  20,168
  21,535
  22,957
  24,436
  25,975
  27,577
Working capital, $m
  309
  224
  285
  356
  439
  532
  637
  752
  879
  1,017
  1,165
  1,324
  1,494
  1,673
  1,862
  2,061
  2,269
  2,487
  2,714
  2,951
  3,197
  3,454
  3,720
  3,997
  4,285
  4,584
  4,894
  5,217
  5,554
  5,903
  6,267
Total debt, $m
  644
  876
  1,153
  1,476
  1,848
  2,270
  2,743
  3,266
  3,839
  4,463
  5,134
  5,854
  6,619
  7,430
  8,285
  9,184
  10,126
  11,111
  12,138
  13,209
  14,323
  15,482
  16,687
  17,939
  19,240
  20,592
  21,998
  23,459
  24,979
  26,561
  28,207
Total liabilities, $m
  780
  1,012
  1,289
  1,612
  1,984
  2,406
  2,879
  3,402
  3,975
  4,599
  5,270
  5,990
  6,755
  7,566
  8,421
  9,320
  10,262
  11,247
  12,274
  13,345
  14,459
  15,618
  16,823
  18,075
  19,376
  20,728
  22,134
  23,595
  25,115
  26,697
  28,343
Total equity, $m
  379
  314
  400
  501
  616
  747
  894
  1,057
  1,235
  1,428
  1,637
  1,860
  2,098
  2,350
  2,616
  2,895
  3,188
  3,493
  3,813
  4,145
  4,491
  4,851
  5,225
  5,614
  6,018
  6,438
  6,875
  7,329
  7,801
  8,292
  8,804
Total liabilities and equity, $m
  1,159
  1,326
  1,689
  2,113
  2,600
  3,153
  3,773
  4,459
  5,210
  6,027
  6,907
  7,850
  8,853
  9,916
  11,037
  12,215
  13,450
  14,740
  16,087
  17,490
  18,950
  20,469
  22,048
  23,689
  25,394
  27,166
  29,009
  30,924
  32,916
  34,989
  37,147
Debt-to-equity ratio
  1.699
  2.790
  2.880
  2.950
  3.000
  3.040
  3.070
  3.090
  3.110
  3.120
  3.140
  3.150
  3.150
  3.160
  3.170
  3.170
  3.180
  3.180
  3.180
  3.190
  3.190
  3.190
  3.190
  3.200
  3.200
  3.200
  3.200
  3.200
  3.200
  3.200
  3.200
Adjusted equity ratio
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  35
  136
  238
  358
  496
  654
  831
  1,027
  1,243
  1,477
  1,729
  2,000
  2,288
  2,594
  2,916
  3,254
  3,609
  3,980
  4,367
  4,771
  5,191
  5,628
  6,083
  6,555
  7,046
  7,557
  8,088
  8,640
  9,215
  9,813
  10,436
Depreciation, amort., depletion, $m
  72
  94
  119
  149
  184
  223
  267
  315
  368
  426
  488
  555
  626
  701
  780
  864
  951
  1,042
  1,137
  1,237
  1,340
  1,447
  1,559
  1,675
  1,795
  1,921
  2,051
  2,186
  2,327
  2,474
  2,626
Funds from operations, $m
  151
  230
  357
  507
  680
  877
  1,098
  1,342
  1,611
  1,903
  2,218
  2,555
  2,914
  3,295
  3,696
  4,118
  4,560
  5,022
  5,505
  6,008
  6,531
  7,075
  7,642
  8,230
  8,842
  9,478
  10,139
  10,826
  11,542
  12,287
  13,062
Change in working capital, $m
  10
  51
  61
  71
  82
  93
  105
  116
  127
  138
  149
  159
  169
  179
  189
  199
  208
  218
  227
  237
  246
  256
  266
  277
  288
  299
  311
  323
  336
  350
  364
Cash from operations, $m
  141
  178
  296
  436
  598
  784
  993
  1,227
  1,484
  1,765
  2,069
  2,396
  2,745
  3,115
  3,507
  3,919
  4,352
  4,805
  5,278
  5,771
  6,285
  6,819
  7,375
  7,953
  8,554
  9,179
  9,828
  10,503
  11,206
  11,937
  12,698
Maintenance CAPEX, $m
  0
  -72
  -94
  -119
  -149
  -184
  -223
  -267
  -315
  -368
  -426
  -488
  -555
  -626
  -701
  -780
  -864
  -951
  -1,042
  -1,137
  -1,237
  -1,340
  -1,447
  -1,559
  -1,675
  -1,795
  -1,921
  -2,051
  -2,186
  -2,327
  -2,474
New CAPEX, $m
  -44
  -226
  -269
  -315
  -362
  -411
  -460
  -509
  -558
  -606
  -654
  -700
  -745
  -789
  -832
  -875
  -916
  -958
  -1,000
  -1,042
  -1,084
  -1,128
  -1,172
  -1,218
  -1,266
  -1,316
  -1,367
  -1,422
  -1,479
  -1,539
  -1,602
Cash from investing activities, $m
  -44
  -298
  -363
  -434
  -511
  -595
  -683
  -776
  -873
  -974
  -1,080
  -1,188
  -1,300
  -1,415
  -1,533
  -1,655
  -1,780
  -1,909
  -2,042
  -2,179
  -2,321
  -2,468
  -2,619
  -2,777
  -2,941
  -3,111
  -3,288
  -3,473
  -3,665
  -3,866
  -4,076
Free cash flow, $m
  97
  -120
  -67
  2
  87
  189
  310
  451
  611
  790
  990
  1,208
  1,445
  1,700
  1,974
  2,264
  2,572
  2,896
  3,236
  3,592
  3,964
  4,352
  4,756
  5,176
  5,613
  6,068
  6,540
  7,030
  7,540
  8,071
  8,622
Issuance/(repayment) of debt, $m
  -34
  232
  277
  323
  372
  422
  473
  523
  574
  623
  672
  719
  766
  811
  855
  899
  942
  985
  1,028
  1,071
  1,114
  1,159
  1,205
  1,252
  1,301
  1,352
  1,405
  1,461
  1,520
  1,582
  1,647
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -32
  232
  277
  323
  372
  422
  473
  523
  574
  623
  672
  719
  766
  811
  855
  899
  942
  985
  1,028
  1,071
  1,114
  1,159
  1,205
  1,252
  1,301
  1,352
  1,405
  1,461
  1,520
  1,582
  1,647
Total cash flow (excl. dividends), $m
  62
  112
  210
  325
  459
  611
  783
  974
  1,184
  1,414
  1,661
  1,927
  2,211
  2,511
  2,829
  3,163
  3,514
  3,880
  4,263
  4,662
  5,078
  5,511
  5,960
  6,428
  6,914
  7,420
  7,945
  8,492
  9,060
  9,652
  10,269
Retained Cash Flow (-), $m
  4
  -72
  -86
  -100
  -116
  -131
  -147
  -163
  -178
  -194
  -209
  -223
  -238
  -252
  -266
  -279
  -293
  -306
  -319
  -333
  -346
  -360
  -374
  -389
  -404
  -420
  -437
  -454
  -472
  -491
  -511
Prev. year cash balance distribution, $m
 
  137
  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
 
  177
  124
  225
  343
  480
  636
  812
  1,006
  1,220
  1,453
  1,704
  1,973
  2,259
  2,563
  2,884
  3,221
  3,574
  3,944
  4,330
  4,732
  5,151
  5,586
  6,039
  6,510
  7,000
  7,509
  8,038
  8,588
  9,161
  9,757
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  164
  106
  177
  246
  310
  368
  415
  451
  474
  483
  479
  464
  437
  402
  361
  317
  272
  227
  185
  147
  114
  86
  63
  45
  31
  21
  14
  9
  5
  3
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

Mercer International Inc. is a producer of northern bleached softwood kraft (NBSK) pulp, which is pulp that is sold on the open market. The Company also produces and sells tall oil, a by-product of its production process, which is used as both a chemical additive and as a green energy source. It produces and sells NBSK pulp, which is a bleached kraft pulp manufactured using northern softwood. As of December 31, 2016, the Company operated two mills in Eastern Germany and one mill in Western Canada. As of December 31, 2016, its three NBSK pulp mills had consolidated annual production capacity of approximately 1.5 million air-dried metric tons (ADMTs) of NBSK pulp and were capable of generating 305 megawatts (MW) of electricity. Additionally, its German mills generate tall oil from black liquor, which is sold to third parties for use in various applications, including bio-fuels. The Company's mills generate and sell energy to regional utilities.

FINANCIAL RATIOS  of  Mercer International (MERC)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 9.5
Growth Rates
Sales Growth Rate -9.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 169.9%
Total Debt to Equity 169.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.5%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 18.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 18.4%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 20.7%
Operating Margin 12.2%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 6.9%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.3%
Payout Ratio 85.7%

MERC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MERC stock intrinsic value calculation we used $932 million for the last fiscal year's total revenue generated by Mercer International. The default revenue input number comes from 2016 income statement of Mercer International. 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 MERC stock valuation model: a) initial revenue growth rate of 29.8% 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 7.5%, whose default value for MERC is calculated based on our internal credit rating of Mercer International, 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 Mercer International.
    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 MERC stock the variable cost ratio is equal to 49.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $366 million in the base year in the intrinsic value calculation for MERC 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 7.7% for Mercer International.

Corporate tax rate of 27% is the nominal tax rate for Mercer International. 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 MERC 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 MERC are equal to 81.4%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Mercer International 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 MERC is equal to 18.5%. 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 - $379 million for Mercer International - 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 65.017 million for Mercer International 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 Mercer International at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Mercer International reports 2Q loss   [Jul-28-17 08:04PM  Associated Press]
▶ Mercer International posts 1Q profit   [Apr-27-17 06:04PM  Associated Press]
▶ Peter Kellogg Invests in Mercer International   [Apr-18-17 01:54PM  GuruFocus.com]
▶ Mercer International posts 4Q profit   [Feb-09-17 07:31PM  Associated Press]
▶ Do Hedge Funds Love Mercer International Inc. (MERC)?   [Dec-10-16 12:57PM  at Insider Monkey]
▶ Gates Capital Loves Material Stocks, Especially These Five   [Oct-03-16 09:33AM  at Insider Monkey]
Financial statements of MERC
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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