Intrinsic value of Miller Industries - MLR

Previous Close

$24.45

  Intrinsic Value

$8.46

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-47%

Previous close

$24.45

 
Intrinsic value

$8.46

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-47%

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

We calculate the intrinsic value of MLR 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 0.3

 

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, %
  11.09
  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
  601
  613
  627
  643
  661
  681
  703
  727
  753
  781
  811
  843
  877
  914
  953
  994
  1,037
  1,083
  1,132
  1,184
  1,238
  1,295
  1,356
  1,420
  1,487
  1,558
  1,632
  1,711
  1,793
  1,880
  1,971
Variable operating expenses, $m
 
  552
  564
  579
  595
  613
  633
  654
  678
  703
  730
  757
  788
  821
  855
  892
  931
  973
  1,017
  1,063
  1,112
  1,163
  1,218
  1,275
  1,335
  1,399
  1,466
  1,536
  1,610
  1,688
  1,770
Fixed operating expenses, $m
 
  31
  32
  32
  33
  34
  35
  36
  37
  37
  38
  39
  40
  41
  42
  43
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  58
  60
  61
  63
Total operating expenses, $m
  570
  583
  596
  611
  628
  647
  668
  690
  715
  740
  768
  796
  828
  862
  897
  935
  976
  1,019
  1,064
  1,111
  1,161
  1,213
  1,270
  1,328
  1,389
  1,455
  1,523
  1,594
  1,670
  1,749
  1,833
Operating income, $m
  31
  31
  31
  32
  33
  34
  36
  37
  39
  41
  43
  47
  49
  52
  55
  58
  61
  65
  69
  73
  77
  82
  87
  92
  97
  103
  109
  116
  123
  130
  138
EBITDA, $m
  36
  36
  37
  38
  39
  40
  42
  43
  45
  47
  50
  52
  55
  58
  61
  65
  68
  72
  76
  81
  85
  90
  96
  101
  107
  114
  120
  127
  135
  143
  151
Interest expense (income), $m
  2
  4
  6
  8
  10
  13
  16
  19
  23
  27
  31
  35
  40
  45
  51
  56
  63
  69
  76
  83
  91
  99
  108
  117
  126
  136
  147
  158
  169
  182
  195
Earnings before tax, $m
  31
  27
  25
  24
  23
  21
  20
  18
  16
  14
  12
  11
  9
  7
  4
  1
  -1
  -4
  -7
  -10
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -57
Tax expense, $m
  11
  7
  7
  7
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  20
  19
  19
  18
  17
  16
  14
  13
  12
  10
  9
  8
  7
  5
  3
  1
  -1
  -4
  -7
  -10
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -57

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  297
  271
  278
  285
  293
  302
  311
  322
  333
  346
  359
  373
  388
  405
  422
  440
  459
  480
  501
  524
  548
  573
  600
  628
  658
  690
  723
  757
  794
  832
  873
Adjusted assets (=assets-cash), $m
  266
  271
  278
  285
  293
  302
  311
  322
  333
  346
  359
  373
  388
  405
  422
  440
  459
  480
  501
  524
  548
  573
  600
  628
  658
  690
  723
  757
  794
  832
  873
Revenue / Adjusted assets
  2.259
  2.262
  2.255
  2.256
  2.256
  2.255
  2.260
  2.258
  2.261
  2.257
  2.259
  2.260
  2.260
  2.257
  2.258
  2.259
  2.259
  2.256
  2.259
  2.260
  2.259
  2.260
  2.260
  2.261
  2.260
  2.258
  2.257
  2.260
  2.258
  2.260
  2.258
Average production assets, $m
  50
  50
  51
  53
  54
  56
  58
  60
  62
  64
  67
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
Working capital, $m
  120
  91
  93
  95
  98
  101
  104
  108
  111
  116
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  265
  278
  292
Total debt, $m
  5
  7
  10
  13
  16
  20
  24
  29
  33
  39
  44
  50
  57
  63
  71
  78
  86
  95
  104
  114
  124
  134
  146
  158
  170
  183
  197
  212
  227
  243
  260
Total liabilities, $m
  113
  114
  117
  120
  123
  127
  131
  136
  140
  146
  151
  157
  164
  170
  178
  185
  193
  202
  211
  221
  231
  241
  253
  265
  277
  290
  304
  319
  334
  350
  367
Total equity, $m
  185
  157
  161
  165
  170
  175
  180
  186
  193
  200
  208
  216
  225
  234
  244
  255
  266
  278
  290
  303
  317
  332
  348
  364
  381
  399
  418
  438
  460
  482
  505
Total liabilities and equity, $m
  298
  271
  278
  285
  293
  302
  311
  322
  333
  346
  359
  373
  389
  404
  422
  440
  459
  480
  501
  524
  548
  573
  601
  629
  658
  689
  722
  757
  794
  832
  872
Debt-to-equity ratio
  0.027
  0.050
  0.060
  0.080
  0.100
  0.110
  0.130
  0.150
  0.170
  0.190
  0.210
  0.230
  0.250
  0.270
  0.290
  0.310
  0.320
  0.340
  0.360
  0.370
  0.390
  0.400
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.490
  0.510
  0.520
Adjusted equity ratio
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579
  0.579

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  20
  19
  19
  18
  17
  16
  14
  13
  12
  10
  9
  8
  7
  5
  3
  1
  -1
  -4
  -7
  -10
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -57
Depreciation, amort., depletion, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  7
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
Funds from operations, $m
  14
  25
  24
  23
  22
  21
  20
  19
  18
  17
  16
  14
  12
  11
  9
  8
  6
  3
  0
  -3
  -6
  -9
  -12
  -15
  -19
  -22
  -26
  -30
  -34
  -39
  -43
Change in working capital, $m
  -7
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
Cash from operations, $m
  21
  23
  22
  21
  20
  18
  17
  16
  14
  13
  11
  9
  7
  6
  4
  2
  -1
  -4
  -7
  -10
  -14
  -17
  -21
  -25
  -29
  -33
  -37
  -42
  -47
  -52
  -57
Maintenance CAPEX, $m
  0
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
New CAPEX, $m
  -25
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
Cash from investing activities, $m
  -25
  -5
  -5
  -5
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -9
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Free cash flow, $m
  -4
  18
  17
  15
  14
  12
  11
  9
  7
  5
  3
  1
  -1
  -3
  -6
  -8
  -11
  -14
  -18
  -22
  -26
  -30
  -34
  -39
  -44
  -49
  -54
  -59
  -65
  -71
  -77
Issuance/(repayment) of debt, $m
  5
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  4
  7
  9
  12
  16
  20
  24
  28
  32
  36
  41
  46
  51
  56
  62
  68
  74
  80
Cash from financing (excl. dividends), $m  
  5
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  8
  11
  14
  17
  20
  25
  29
  34
  38
  43
  47
  53
  59
  64
  70
  77
  83
  90
  97
Total cash flow (excl. dividends), $m
  1
  20
  19
  18
  17
  16
  15
  13
  12
  11
  9
  7
  8
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Retained Cash Flow (-), $m
  -11
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -16
  -20
  -24
  -28
  -32
  -36
  -41
  -46
  -51
  -56
  -62
  -68
  -74
  -80
Prev. year cash balance distribution, $m
 
  31
  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
 
  48
  16
  14
  13
  11
  9
  7
  5
  3
  1
  -1
  -1
  -1
  -1
  -2
  -3
  -6
  -9
  -12
  -16
  -19
  -23
  -27
  -31
  -35
  -40
  -45
  -49
  -55
  -60
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  46
  14
  12
  10
  8
  7
  5
  3
  2
  1
  -1
  -1
  -1
  0
  0
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
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
  99.3
  98.0
  96.0
  93.6
  90.5
  87.0
  82.9
  78.6
  74.0
  69.2
  64.4
  59.6
  54.9
  50.3
  45.9
  41.6
  37.7
  34.0
  30.5

Miller Industries, Inc., together with its subsidiaries, engages in the manufacture and sale of towing and recovery equipment. It offers wreckers, such as conventional tow trucks and recovery vehicles used to recover and tow disabled vehicles and other equipment; and car carriers, which are specialized flat-bed vehicles with hydraulic tilt mechanisms used to transport new or disabled vehicles and other equipment. The company also provides transport trailers for moving multiple vehicles, auto auctions, car dealerships, leasing companies, and other similar applications. It markets its products under the Century, Vulcan, Challenger, Holmes, Champion, Chevron, Eagle, Titan, Jige, and Boniface brand names. The company sells its products through independent distributors in the United States, Canada, Mexico, Europe, the Pacific Rim, the Middle East, South America, and Africa; and through prime contractors to governmental entities. Miller Industries, Inc. was founded in 1994 and is based in Ooltewah, Tennessee.

FINANCIAL RATIOS  of  Miller Industries (MLR)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 0.5
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow -69.4
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 108.3%
Cap. Spend. - 3 Yr. Gr. Rate 65.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 2.7%
Total Debt to Equity 2.7%
Interest Coverage 17
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 9.8%
Return On Equity 11.1%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 10.6%
Gross Margin - 3 Yr. Avg. 10.7%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 5.9%
Operating Margin 5.2%
Oper. Margin - 3 Yr. Avg. 4.9%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 35.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 40%

MLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MLR stock intrinsic value calculation we used $601 million for the last fiscal year's total revenue generated by Miller Industries. The default revenue input number comes from 2016 income statement of Miller 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 MLR 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 4.3%, whose default value for MLR is calculated based on our internal credit rating of Miller 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 Miller 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 MLR stock the variable cost ratio is equal to 90%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $30 million in the base year in the intrinsic value calculation for MLR 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 80% for Miller Industries.

Corporate tax rate of 27% is the nominal tax rate for Miller 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 MLR 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 MLR are equal to 8.2%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Miller 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 MLR is equal to 14.8%. 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 - $185 million for Miller 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 11.08 million for Miller 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 Miller Industries at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Miller Industries posts 2Q profit   [Aug-09-17 11:00PM  Associated Press]
▶ Miller Industries Announces Webcast   [Aug-03-17 04:15PM  PR Newswire]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Miller Industries posts 1Q profit   [May-03-17 07:35PM  Associated Press]
▶ Cummins Breaks Out On Heavy-Duty Earnings Growth   [May-02-17 04:47PM  Investor's Business Daily]
▶ Miller Industries Announces Webcast   [Apr-27-17 04:15PM  PR Newswire]
▶ Miller Industries posts 4Q profit   [Mar-15-17 05:11PM  Associated Press]
▶ Miller Industries Announces Webcast   [Mar-02-17 04:15PM  PR Newswire]
▶ Miller Industries Announces Webcast   [Nov-03-16 04:15PM  PR Newswire]
▶ Miller Industries Announces Webcast   [Jul-28-16 04:15PM  PR Newswire]
▶ Miller Industries Announces Webcast   [Apr-28-16 04:20PM  PR Newswire]
▶ Miller Industries Announces Webcast   [Mar-03-16 04:15PM  PR Newswire]
▶ Attunity Ltd (ATTU): Hedge Funds Are Snapping Up   [Dec-01  05:18PM  at Insider Monkey]
▶ Miller Industries Announces Webcast   [Oct-29  04:15PM  PR Newswire]
▶ 10-Q for Miller Industries, Inc. (Tennessee)   [Aug-07  08:12PM  at Company Spotlight]
▶ Miller Industries Announces Webcast   [Jul-30  04:15PM  PR Newswire]
▶ 10-Q for Miller Industries, Inc. (Tennessee)   [May-08  08:09PM  at Company Spotlight]
▶ Miller Industries Announces Webcast   [Apr-30  04:45PM  PR Newswire]
▶ 10-K for Miller Industries, Inc. (Tennessee)   [Mar-06  07:08PM  at Company Spotlight]
▶ Miller Industries Announces Webcast   [Feb-26  09:15AM  PR Newswire]
▶ Making Money With Charles Payne: 02/20/15   [Feb-20  06:00PM  at Fox Business]
▶ 10-Q for Miller Industries, Inc. (Tennessee)   [Nov-07  07:08PM  Company Spotlight]
▶ Miller Industries Announces Webcast   [Oct-30  04:45PM  PR Newswire]
▶ 3 Stocks Driving The Automotive Industry Higher   [Oct-15  04:33PM  at TheStreet]
Stock chart of MLR Financial statements of MLR
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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