Intrinsic value of MRC Global - MRC

Previous Close

$16.73

  Intrinsic Value

$1.68

stock screener

  Rating & Target

str. sell

-90%

Previous close

$16.73

 
Intrinsic value

$1.68

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of MRC 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, %
  -32.85
  20.90
  19.31
  17.88
  16.59
  15.43
  14.39
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
Revenue, $m
  3,041
  3,677
  4,387
  5,171
  6,029
  6,959
  7,960
  9,031
  10,169
  11,374
  12,643
  13,976
  15,372
  16,831
  18,353
  19,938
  21,588
  23,304
  25,087
  26,940
  28,865
  30,866
  32,947
  35,110
  37,360
  39,702
  42,140
  44,680
  47,328
  50,088
  52,967
Variable operating expenses, $m
 
  3,898
  4,642
  5,463
  6,361
  7,335
  8,384
  9,505
  10,697
  11,958
  13,287
  14,635
  16,097
  17,625
  19,219
  20,879
  22,606
  24,402
  26,269
  28,210
  30,226
  32,322
  34,500
  36,765
  39,122
  41,574
  44,127
  46,787
  49,559
  52,449
  55,465
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
  3,098
  3,898
  4,642
  5,463
  6,361
  7,335
  8,384
  9,505
  10,697
  11,958
  13,287
  14,635
  16,097
  17,625
  19,219
  20,879
  22,606
  24,402
  26,269
  28,210
  30,226
  32,322
  34,500
  36,765
  39,122
  41,574
  44,127
  46,787
  49,559
  52,449
  55,465
Operating income, $m
  -57
  -222
  -255
  -292
  -332
  -376
  -424
  -474
  -528
  -584
  -644
  -659
  -725
  -794
  -865
  -940
  -1,018
  -1,099
  -1,183
  -1,270
  -1,361
  -1,455
  -1,553
  -1,655
  -1,762
  -1,872
  -1,987
  -2,107
  -2,231
  -2,362
  -2,497
EBITDA, $m
  12
  -131
  -156
  -184
  -215
  -248
  -283
  -322
  -362
  -405
  -450
  -498
  -547
  -599
  -654
  -710
  -769
  -830
  -893
  -959
  -1,028
  -1,099
  -1,173
  -1,250
  -1,330
  -1,414
  -1,501
  -1,591
  -1,685
  -1,784
  -1,886
Interest expense (income), $m
  30
  26
  40
  55
  72
  91
  112
  133
  157
  182
  208
  236
  265
  295
  327
  360
  395
  431
  468
  507
  548
  590
  634
  679
  726
  775
  827
  880
  935
  993
  1,053
Earnings before tax, $m
  -91
  -248
  -295
  -347
  -405
  -468
  -535
  -607
  -684
  -766
  -852
  -895
  -990
  -1,089
  -1,192
  -1,300
  -1,413
  -1,530
  -1,651
  -1,778
  -1,909
  -2,045
  -2,187
  -2,334
  -2,488
  -2,647
  -2,813
  -2,986
  -3,167
  -3,355
  -3,551
Tax expense, $m
  -8
  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
  -83
  -248
  -295
  -347
  -405
  -468
  -535
  -607
  -684
  -766
  -852
  -895
  -990
  -1,089
  -1,192
  -1,300
  -1,413
  -1,530
  -1,651
  -1,778
  -1,909
  -2,045
  -2,187
  -2,334
  -2,488
  -2,647
  -2,813
  -2,986
  -3,167
  -3,355
  -3,551

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  2,164
  2,484
  2,964
  3,494
  4,073
  4,702
  5,379
  6,102
  6,871
  7,685
  8,543
  9,443
  10,387
  11,373
  12,401
  13,472
  14,587
  15,746
  16,950
  18,202
  19,504
  20,856
  22,261
  23,723
  25,243
  26,826
  28,473
  30,189
  31,978
  33,843
  35,789
Adjusted assets (=assets-cash), $m
  2,055
  2,484
  2,964
  3,494
  4,073
  4,702
  5,379
  6,102
  6,871
  7,685
  8,543
  9,443
  10,387
  11,373
  12,401
  13,472
  14,587
  15,746
  16,950
  18,202
  19,504
  20,856
  22,261
  23,723
  25,243
  26,826
  28,473
  30,189
  31,978
  33,843
  35,789
Revenue / Adjusted assets
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
  1.480
Average production assets, $m
  503
  607
  724
  853
  995
  1,148
  1,313
  1,490
  1,678
  1,877
  2,086
  2,306
  2,536
  2,777
  3,028
  3,290
  3,562
  3,845
  4,139
  4,445
  4,763
  5,093
  5,436
  5,793
  6,164
  6,551
  6,953
  7,372
  7,809
  8,264
  8,740
Working capital, $m
  684
  706
  842
  993
  1,158
  1,336
  1,528
  1,734
  1,953
  2,184
  2,427
  2,683
  2,952
  3,232
  3,524
  3,828
  4,145
  4,474
  4,817
  5,172
  5,542
  5,926
  6,326
  6,741
  7,173
  7,623
  8,091
  8,579
  9,087
  9,617
  10,170
Total debt, $m
  414
  623
  865
  1,132
  1,425
  1,743
  2,084
  2,450
  2,838
  3,249
  3,682
  4,137
  4,613
  5,111
  5,630
  6,171
  6,734
  7,320
  7,928
  8,560
  9,217
  9,900
  10,610
  11,348
  12,116
  12,915
  13,747
  14,614
  15,517
  16,459
  17,441
Total liabilities, $m
  1,046
  1,255
  1,497
  1,764
  2,057
  2,375
  2,716
  3,082
  3,470
  3,881
  4,314
  4,769
  5,245
  5,743
  6,262
  6,803
  7,366
  7,952
  8,560
  9,192
  9,849
  10,532
  11,242
  11,980
  12,748
  13,547
  14,379
  15,246
  16,149
  17,091
  18,073
Total equity, $m
  1,118
  1,230
  1,467
  1,729
  2,016
  2,328
  2,662
  3,020
  3,401
  3,804
  4,229
  4,674
  5,141
  5,629
  6,138
  6,669
  7,220
  7,794
  8,390
  9,010
  9,654
  10,324
  11,019
  11,743
  12,496
  13,279
  14,094
  14,944
  15,829
  16,752
  17,715
Total liabilities and equity, $m
  2,164
  2,485
  2,964
  3,493
  4,073
  4,703
  5,378
  6,102
  6,871
  7,685
  8,543
  9,443
  10,386
  11,372
  12,400
  13,472
  14,586
  15,746
  16,950
  18,202
  19,503
  20,856
  22,261
  23,723
  25,244
  26,826
  28,473
  30,190
  31,978
  33,843
  35,788
Debt-to-equity ratio
  0.370
  0.510
  0.590
  0.650
  0.710
  0.750
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.491
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -83
  -248
  -295
  -347
  -405
  -468
  -535
  -607
  -684
  -766
  -852
  -895
  -990
  -1,089
  -1,192
  -1,300
  -1,413
  -1,530
  -1,651
  -1,778
  -1,909
  -2,045
  -2,187
  -2,334
  -2,488
  -2,647
  -2,813
  -2,986
  -3,167
  -3,355
  -3,551
Depreciation, amort., depletion, $m
  69
  91
  99
  108
  118
  128
  140
  152
  166
  179
  194
  161
  177
  194
  212
  230
  249
  269
  289
  311
  333
  356
  380
  405
  431
  458
  486
  516
  546
  578
  611
Funds from operations, $m
  484
  -157
  -196
  -239
  -287
  -339
  -395
  -455
  -519
  -587
  -658
  -733
  -812
  -895
  -981
  -1,070
  -1,164
  -1,261
  -1,362
  -1,467
  -1,576
  -1,689
  -1,807
  -1,929
  -2,057
  -2,189
  -2,327
  -2,471
  -2,621
  -2,777
  -2,940
Change in working capital, $m
  231
  122
  136
  151
  165
  179
  192
  206
  219
  231
  244
  256
  268
  280
  292
  304
  317
  329
  342
  356
  370
  384
  399
  415
  432
  450
  468
  488
  508
  530
  553
Cash from operations, $m
  253
  -279
  -332
  -390
  -452
  -518
  -587
  -661
  -737
  -818
  -902
  -989
  -1,080
  -1,175
  -1,273
  -1,375
  -1,480
  -1,590
  -1,704
  -1,823
  -1,946
  -2,073
  -2,206
  -2,345
  -2,489
  -2,639
  -2,795
  -2,959
  -3,129
  -3,307
  -3,492
Maintenance CAPEX, $m
  0
  -35
  -42
  -51
  -60
  -70
  -80
  -92
  -104
  -117
  -131
  -146
  -161
  -177
  -194
  -212
  -230
  -249
  -269
  -289
  -311
  -333
  -356
  -380
  -405
  -431
  -458
  -486
  -516
  -546
  -578
New CAPEX, $m
  -33
  -104
  -117
  -129
  -142
  -154
  -165
  -177
  -188
  -199
  -209
  -220
  -230
  -241
  -251
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -371
  -386
  -402
  -419
  -437
  -455
  -475
Cash from investing activities, $m
  16
  -139
  -159
  -180
  -202
  -224
  -245
  -269
  -292
  -316
  -340
  -366
  -391
  -418
  -445
  -474
  -502
  -532
  -563
  -595
  -629
  -663
  -699
  -737
  -776
  -817
  -860
  -905
  -953
  -1,001
  -1,053
Free cash flow, $m
  269
  -418
  -492
  -570
  -653
  -741
  -833
  -929
  -1,030
  -1,134
  -1,243
  -1,355
  -1,472
  -1,593
  -1,718
  -1,848
  -1,983
  -2,122
  -2,267
  -2,418
  -2,574
  -2,737
  -2,906
  -3,082
  -3,265
  -3,456
  -3,656
  -3,864
  -4,081
  -4,308
  -4,546
Issuance/(repayment) of debt, $m
  -108
  217
  242
  268
  293
  317
  342
  365
  388
  411
  433
  455
  476
  498
  519
  541
  563
  585
  608
  632
  657
  683
  710
  738
  768
  799
  832
  867
  903
  942
  983
Issuance/(repurchase) of shares, $m
  -94
  460
  532
  610
  692
  779
  870
  965
  1,065
  1,169
  1,277
  1,340
  1,457
  1,577
  1,701
  1,831
  1,965
  2,103
  2,248
  2,397
  2,553
  2,715
  2,883
  3,058
  3,240
  3,431
  3,629
  3,836
  4,052
  4,278
  4,514
Cash from financing (excl. dividends), $m  
  -202
  677
  774
  878
  985
  1,096
  1,212
  1,330
  1,453
  1,580
  1,710
  1,795
  1,933
  2,075
  2,220
  2,372
  2,528
  2,688
  2,856
  3,029
  3,210
  3,398
  3,593
  3,796
  4,008
  4,230
  4,461
  4,703
  4,955
  5,220
  5,497
Total cash flow (excl. dividends), $m
  64
  258
  283
  307
  331
  355
  379
  402
  424
  446
  467
  440
  461
  482
  503
  523
  545
  566
  589
  612
  636
  661
  687
  714
  743
  773
  805
  839
  874
  911
  951
Retained Cash Flow (-), $m
  193
  -460
  -532
  -610
  -692
  -779
  -870
  -965
  -1,065
  -1,169
  -1,277
  -1,340
  -1,457
  -1,577
  -1,701
  -1,831
  -1,965
  -2,103
  -2,248
  -2,397
  -2,553
  -2,715
  -2,883
  -3,058
  -3,240
  -3,431
  -3,629
  -3,836
  -4,052
  -4,278
  -4,514
Prev. year cash balance distribution, $m
 
  101
  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
 
  -101
  -250
  -302
  -360
  -423
  -491
  -564
  -641
  -723
  -809
  -900
  -995
  -1,095
  -1,199
  -1,307
  -1,420
  -1,537
  -1,659
  -1,785
  -1,917
  -2,054
  -2,196
  -2,344
  -2,497
  -2,657
  -2,824
  -2,997
  -3,178
  -3,366
  -3,563
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  -94
  -218
  -244
  -267
  -286
  -300
  -309
  -312
  -309
  -301
  -288
  -271
  -250
  -227
  -202
  -176
  -151
  -127
  -104
  -84
  -66
  -51
  -38
  -28
  -20
  -14
  -9
  -6
  -4
  -2
Current shareholders' claim on cash, %
  100
  75.8
  58.0
  44.9
  35.0
  27.5
  21.7
  17.3
  13.8
  11.1
  9.0
  7.4
  6.0
  5.0
  4.1
  3.4
  2.8
  2.3
  1.9
  1.6
  1.3
  1.1
  0.9
  0.8
  0.6
  0.5
  0.5
  0.4
  0.3
  0.3
  0.2

MRC Global Inc. is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company's segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region. It provides services, such as product testing, manufacturer assessments, daily deliveries, volume purchasing, inventory and zone store management and warehousing, technical support, training, just-in-time delivery, truck stocking, order consolidation, product tagging and system interfaces customized to customer and supplier specifications for tracking and replenishing inventory, engineering of control packages, and valve inspection and repair. The Company's principal product types include valves, automation, measurement and instrumentation; carbon steel fittings and flanges; stainless steel and alloy fittings, flanges and pipe; gas products; line pipe, and other.

FINANCIAL RATIOS  of  MRC Global (MRC)

Valuation Ratios
P/E Ratio -19.1
Price to Sales 0.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 7.2
Growth Rates
Sales Growth Rate -32.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.4%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio 14
Current Ratio 0.1
LT Debt to Equity 36.3%
Total Debt to Equity 37%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.4%
Ret/ On Assets - 3 Yr. Avg. -2.2%
Return On Total Capital -4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -6.8%
Return On Equity - 3 Yr. Avg. -6.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 0.3%
EBITDA Margin - 3 Yr. Avg. 0.6%
Operating Margin -1.9%
Oper. Margin - 3 Yr. Avg. -1%
Pre-Tax Margin -3%
Pre-Tax Margin - 3 Yr. Avg. -2.2%
Net Profit Margin -2.7%
Net Profit Margin - 3 Yr. Avg. -2.5%
Effective Tax Rate 8.8%
Eff/ Tax Rate - 3 Yr. Avg. 16%
Payout Ratio -28.9%

MRC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRC stock intrinsic value calculation we used $3041 million for the last fiscal year's total revenue generated by MRC Global. The default revenue input number comes from 2016 income statement of MRC Global. 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 MRC stock valuation model: a) initial revenue growth rate of 20.9% 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 6.7%, whose default value for MRC is calculated based on our internal credit rating of MRC Global, 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 MRC Global.
    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 MRC stock the variable cost ratio is equal to 106.3%.

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 MRC 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 6.4% for MRC Global.

Corporate tax rate of 27% is the nominal tax rate for MRC Global. 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 MRC 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 MRC are equal to 16.5%.

Life of production assets of 14.3 years is the average useful life of capital assets used in MRC Global 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 MRC is equal to 19.2%. 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 - $1118 million for MRC Global - 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 94.563 million for MRC Global 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 MRC Global at the current share price and the inputted number of shares is $1.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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SLB Schlumberger 66.28 87.18  buy
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COMPANY NEWS

▶ MRC Global Inc. to Host Earnings Call   [07:40AM  ACCESSWIRE]
▶ MRC misses Street 4Q forecasts   [Feb-15-18 04:53PM  Associated Press]
▶ MRC Global Inc (MRC): Time For A Financial Health Check   [Dec-11-17 08:38AM  Simply Wall St.]
▶ Is It Time To Buy MRC Global Inc (MRC)?   [Nov-09-17 04:55PM  Simply Wall St.]
▶ ETFs with exposure to MRC Global, Inc. : November 7, 2017   [Nov-07-17 10:31AM  Capital Cube]
▶ MRC Global Inc. to Host Earnings Call   [08:15AM  ACCESSWIRE]
▶ MRC misses Street 3Q forecasts   [Nov-02-17 04:54PM  Associated Press]
▶ ExxonMobil Selects MRC Global as Primary Valve Provider   [Aug-22-17 04:15PM  PR Newswire]
▶ MRC misses 2Q profit forecasts   [Aug-03-17 05:30PM  Associated Press]
▶ MRC Global Renews Global PVF Contract with Chevron   [Jun-07-17 04:15PM  PR Newswire]
▶ MRC Global leases its largest distribution center   [May-18-17 12:40PM  American City Business Journals]
▶ ETFs with exposure to MRC Global, Inc. : May 11, 2017   [May-11-17 05:09PM  Capital Cube]
▶ MRC Global Inc. Bounces Back Big-Time   [May-05-17 09:00AM  Motley Fool]
▶ MRC tops Street 1Q forecasts   [May-04-17 07:47PM  Associated Press]
▶ Marathon Shifts Assets to MLP to Appease Activist   [Mar-01-17 01:25PM  TheStreet.com]
Financial statements of MRC
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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