Intrinsic value of Mesabi Trust - MSB

Previous Close

$23.40

  Intrinsic Value

$241.34

stock screener

  Rating & Target

str. buy

+931%

Previous close

$23.40

 
Intrinsic value

$241.34

 
Up/down potential

+931%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as MSB.

We calculate the intrinsic value of MSB 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 0.3

 

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, %
  10.00
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  11
  18
  27
  41
  59
  83
  114
  154
  202
  260
  328
  407
  498
  600
  714
  839
  976
  1,125
  1,284
  1,454
  1,635
  1,826
  2,027
  2,238
  2,459
  2,690
  2,931
  3,182
  3,442
  3,714
  3,996
Variable 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
Fixed operating expenses, $m
 
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Total operating expenses, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Operating income, $m
  10
  17
  26
  40
  58
  82
  113
  152
  200
  258
  327
  406
  496
  599
  712
  838
  975
  1,123
  1,282
  1,453
  1,633
  1,824
  2,025
  2,237
  2,458
  2,688
  2,929
  3,180
  3,440
  3,712
  3,993
EBITDA, $m
  10
  17
  26
  40
  58
  82
  113
  152
  200
  258
  327
  406
  496
  599
  712
  838
  975
  1,123
  1,282
  1,453
  1,633
  1,824
  2,025
  2,237
  2,458
  2,688
  2,929
  3,180
  3,440
  3,712
  3,993
Interest expense (income), $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
Earnings before tax, $m
  10
  17
  26
  40
  58
  82
  113
  153
  201
  258
  327
  406
  497
  599
  713
  838
  975
  1,123
  1,283
  1,453
  1,633
  1,824
  2,026
  2,237
  2,458
  2,688
  2,929
  3,180
  3,441
  3,712
  3,994
Tax expense, $m
  0
  4
  7
  11
  16
  22
  31
  41
  54
  70
  88
  110
  134
  162
  192
  226
  263
  303
  346
  392
  441
  493
  547
  604
  664
  726
  791
  859
  929
  1,002
  1,078
Net income, $m
  10
  12
  19
  29
  42
  60
  83
  111
  146
  189
  238
  296
  362
  437
  520
  612
  712
  820
  936
  1,060
  1,192
  1,332
  1,479
  1,633
  1,794
  1,963
  2,138
  2,321
  2,512
  2,710
  2,915

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  14
  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
  14
  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
Adjusted assets (=assets-cash), $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
Revenue / Adjusted assets
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Average production assets, $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
Working capital, $m
  12
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -91
  -109
  -130
  -153
  -178
  -205
  -234
  -265
  -298
  -332
  -369
  -407
  -448
  -490
  -533
  -579
  -627
  -676
  -727
Total debt, $m
  0
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
Total liabilities, $m
  4
  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 equity, $m
  10
  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 liabilities and equity, $m
  14
  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
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  12
  19
  29
  42
  60
  83
  111
  146
  189
  238
  296
  362
  437
  520
  612
  712
  820
  936
  1,060
  1,192
  1,332
  1,479
  1,633
  1,794
  1,963
  2,138
  2,321
  2,512
  2,710
  2,915
Depreciation, amort., depletion, $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
Funds from operations, $m
  13
  12
  19
  29
  42
  60
  83
  111
  146
  189
  238
  296
  362
  437
  520
  612
  712
  820
  936
  1,060
  1,192
  1,332
  1,479
  1,633
  1,794
  1,963
  2,138
  2,321
  2,512
  2,710
  2,915
Change in working capital, $m
  0
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from operations, $m
  13
  13
  21
  31
  46
  64
  88
  119
  155
  199
  251
  311
  379
  456
  541
  635
  737
  847
  965
  1,091
  1,225
  1,367
  1,515
  1,671
  1,834
  2,005
  2,182
  2,367
  2,559
  2,759
  2,967
Maintenance CAPEX, $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
New CAPEX, $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 investing activities, $m
  6
  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
Free cash flow, $m
  19
  13
  21
  31
  46
  64
  88
  119
  155
  199
  251
  311
  379
  456
  541
  635
  737
  847
  965
  1,091
  1,225
  1,367
  1,515
  1,671
  1,834
  2,005
  2,182
  2,367
  2,559
  2,759
  2,967
Issuance/(repayment) of debt, $m
  0
  -4
  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
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  
  0
  -4
  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 cash flow (excl. dividends), $m
  18
  9
  21
  31
  46
  64
  88
  119
  155
  199
  251
  311
  379
  456
  541
  635
  737
  847
  965
  1,091
  1,225
  1,367
  1,515
  1,671
  1,834
  2,005
  2,182
  2,367
  2,559
  2,759
  2,967
Retained Cash Flow (-), $m
  -1
  -4
  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
Prev. year cash balance distribution, $m
 
  14
  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
 
  19
  21
  31
  46
  64
  88
  119
  155
  199
  251
  311
  379
  456
  541
  635
  737
  847
  965
  1,091
  1,225
  1,367
  1,515
  1,671
  1,834
  2,005
  2,182
  2,367
  2,559
  2,759
  2,967
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
 
  19
  19
  27
  38
  50
  64
  80
  97
  114
  132
  148
  162
  173
  182
  186
  187
  184
  178
  168
  156
  141
  126
  110
  93
  78
  64
  51
  40
  30
  22
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

Mesabi Trust is a royalty trust. The purpose of the Trust is to conserve and protect the Trust Estate. The Trust operates in the iron ore mining segment. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The lessee/operator of Mesabi Trust's mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc. (Cliffs). NMC produces iron ore from Mesabi Trust Lands. The principal assets of Mesabi Trust consist of two different interests in certain properties in the Mesabi Iron Range: Mesabi Trust's interest as assignor in the Amended Assignment of Peters Lease and the Amended Assignment of Cloquet Lease and Mesabi Trust's ownership of the entire beneficial interest in the Mesabi Land Trust, which has interest as fee owner in the Peters Lease Lands and a fee ownership in certain non-mineral-bearing lands adjacent to the Peters and Cloquet Lease Lands.

FINANCIAL RATIOS  of  Mesabi Trust (MSB)

Valuation Ratios
P/E Ratio 30.7
Price to Sales 27.9
Price to Book 30.7
Price to Tangible Book
Price to Cash Flow 23.6
Price to Free Cash Flow 23.6
Growth Rates
Sales Growth Rate 10%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 83.3%
Ret/ On Assets - 3 Yr. Avg. 145.5%
Return On Total Capital 105.3%
Ret/ On T. Cap. - 3 Yr. Avg. 645.2%
Return On Equity 105.3%
Return On Equity - 3 Yr. Avg. 645.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 90.9%
EBITDA Margin - 3 Yr. Avg. 92.4%
Operating Margin 90.9%
Oper. Margin - 3 Yr. Avg. 92.4%
Pre-Tax Margin 90.9%
Pre-Tax Margin - 3 Yr. Avg. 92.4%
Net Profit Margin 90.9%
Net Profit Margin - 3 Yr. Avg. 92.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 70%

MSB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSB stock intrinsic value calculation we used $11 million for the last fiscal year's total revenue generated by Mesabi Trust. The default revenue input number comes from 2017 income statement of Mesabi Trust. 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 MSB stock valuation model: a) initial revenue growth rate of 60% 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 MSB is calculated based on our internal credit rating of Mesabi Trust, 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 Mesabi Trust.
    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 MSB stock the variable cost ratio is equal to 0%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1 million in the base year in the intrinsic value calculation for MSB 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 3.5% for Mesabi Trust.

Corporate tax rate of 27% is the nominal tax rate for Mesabi Trust. 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 MSB 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 MSB are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Mesabi Trust 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 MSB is equal to -18.2%. 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 - $10 million for Mesabi Trust - 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 13.12 million for Mesabi Trust 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 Mesabi Trust at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
CLF Cleveland-Clif 7.02 5.83  hold

COMPANY NEWS

▶ Mesabi Trust Press Release   [Oct-13-17 04:15PM  Business Wire]
▶ At $22.05, Is It Time To Buy Mesabi Trust (MSB)?   [Sep-28-17 02:20PM  Simply Wall St.]
▶ Stocks To Watch: Arconic Sees Relative Strength Rating Jump To 82   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ Mesabi posts 2Q profit   [Sep-08-17 09:39PM  Associated Press]
▶ Vedanta Sees Its Composite Rating Rise To 97   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ Mesabi posts 1Q profit   [Jun-09-17 10:16AM  Associated Press]
▶ Mesabi Trust Press Release   [Apr-14-17 04:36PM  Business Wire]
▶ 3 Top Iron Ore Stocks to Buy in 2017   [Mar-25-17 02:15PM  Motley Fool]
▶ 3 Top Iron Ore Stocks to Buy in 2017   [02:15PM  at Motley Fool]
▶ Mesabi Trust Press Release   [Jan-19-17 05:00PM  Business Wire]
▶ Mesabi Trust Press Release   [Oct-14-16 04:15PM  Business Wire]
▶ Don't Shy Away From A Rebuy Even If A Good Stock's 1st Breakout Sours   [Aug-09-16 01:06PM  Investor's Business Daily]
▶ Mesabi Trust Press Release   [Jul-14-16 04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [Apr-15-16 04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [Mar-14-16 05:13PM  Business Wire]
▶ Mesabi Trust Press Release   [Feb-01-16 04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [Jan-15-16 04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [Nov-17  03:57PM  Business Wire]
▶ Mesabi Trust Press Release   [Nov-02  04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [04:15PM  Business Wire]
▶ Mesabi Trust Press Release   [Jul-17  04:15PM  Business Wire]
▶ 10-Q for Mesabi Trust   [Jun-07  08:09PM  at Company Spotlight]
▶ 10-K for Mesabi Trust   [Apr-22  08:10PM  at Company Spotlight]
▶ Mesabi Trust Press Release   [04:17PM  Business Wire]
▶ Mesabi Trust Declares Distribution   [04:20PM  Business Wire]
▶ 10-Q for Mesabi Trust   [Dec-07  07:07PM  Company Spotlight]
▶ Mesabi Trust Declares Distribution   [Oct-14  05:21PM  Business Wire]
▶ Mesabi Trust Declares Distribution   [Jul-11  04:20PM  Business Wire]
▶ Mesabi Trust Announces Results of Special Meeting   [Jun-05  04:18PM  Business Wire]
▶ MESABI TRUST Files SEC form 10-K, Annual Report   [Apr-15  04:06PM  EDGAR Online]
▶ Mesabi Trust Declares Distribution   [Apr-11  04:15PM  Business Wire]
Financial statements of MSB
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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