Intrinsic value of Mesabi Trust - MSB

Previous Close

$15.05

  Intrinsic Value

$251.95

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

0%

Previous close

$15.05

 
Intrinsic value

$251.95

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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

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 0.2

 

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
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  11
  13
  15
  17
  19
  21
  23
  25
  28
  31
  33
  36
  39
  42
Earnings before tax, $m
  10
  17
  26
  39
  58
  82
  112
  151
  199
  256
  324
  402
  492
  593
  706
  830
  965
  1,112
  1,270
  1,438
  1,617
  1,806
  2,005
  2,213
  2,432
  2,660
  2,898
  3,146
  3,404
  3,672
  3,951
Tax expense, $m
  0
  4
  7
  11
  16
  22
  30
  41
  54
  69
  87
  109
  133
  160
  191
  224
  261
  300
  343
  388
  437
  488
  541
  598
  657
  718
  783
  849
  919
  992
  1,067
Net income, $m
  10
  12
  19
  29
  42
  60
  82
  110
  145
  187
  236
  294
  359
  433
  515
  606
  705
  812
  927
  1,050
  1,180
  1,318
  1,463
  1,616
  1,775
  1,942
  2,116
  2,297
  2,485
  2,681
  2,884

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
  6
  10
  15
  21
  30
  42
  56
  73
  94
  119
  148
  181
  218
  260
  305
  355
  409
  467
  529
  595
  664
  737
  814
  894
  978
  1,066
  1,157
  1,252
  1,350
  1,453
Adjusted assets (=assets-cash), $m
  0
  6
  10
  15
  21
  30
  42
  56
  73
  94
  119
  148
  181
  218
  260
  305
  355
  409
  467
  529
  595
  664
  737
  814
  894
  978
  1,066
  1,157
  1,252
  1,350
  1,453
Revenue / Adjusted assets
  0.000
  3.000
  2.700
  2.733
  2.810
  2.767
  2.714
  2.750
  2.767
  2.766
  2.756
  2.750
  2.751
  2.752
  2.746
  2.751
  2.749
  2.751
  2.749
  2.749
  2.748
  2.750
  2.750
  2.749
  2.751
  2.751
  2.750
  2.750
  2.749
  2.751
  2.750
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
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -20
  -26
  -33
  -41
  -50
  -60
  -71
  -84
  -98
  -112
  -128
  -145
  -163
  -183
  -203
  -224
  -246
  -269
  -293
  -318
  -344
  -371
  -400
Total debt, $m
  0
  2
  5
  9
  15
  23
  33
  46
  62
  81
  103
  129
  159
  192
  230
  271
  316
  364
  416
  472
  531
  594
  659
  729
  801
  876
  955
  1,037
  1,123
  1,211
  1,304
Total liabilities, $m
  4
  6
  9
  13
  19
  27
  37
  50
  66
  85
  107
  133
  163
  196
  234
  275
  320
  368
  420
  476
  535
  598
  663
  733
  805
  880
  959
  1,041
  1,127
  1,215
  1,308
Total equity, $m
  10
  1
  1
  1
  2
  3
  4
  6
  7
  9
  12
  15
  18
  22
  26
  31
  36
  41
  47
  53
  59
  66
  74
  81
  89
  98
  107
  116
  125
  135
  145
Total liabilities and equity, $m
  14
  7
  10
  14
  21
  30
  41
  56
  73
  94
  119
  148
  181
  218
  260
  306
  356
  409
  467
  529
  594
  664
  737
  814
  894
  978
  1,066
  1,157
  1,252
  1,350
  1,453
Debt-to-equity ratio
  0.000
  2.750
  4.950
  6.300
  7.140
  7.680
  8.040
  8.280
  8.450
  8.580
  8.660
  8.730
  8.780
  8.820
  8.850
  8.870
  8.890
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
Adjusted equity ratio
  0.000
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  12
  19
  29
  42
  60
  82
  110
  145
  187
  236
  294
  359
  433
  515
  606
  705
  812
  927
  1,050
  1,180
  1,318
  1,463
  1,616
  1,775
  1,942
  2,116
  2,297
  2,485
  2,681
  2,884
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
  82
  110
  145
  187
  236
  294
  359
  433
  515
  606
  705
  812
  927
  1,050
  1,180
  1,318
  1,463
  1,616
  1,775
  1,942
  2,116
  2,297
  2,485
  2,681
  2,884
Change in working capital, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Cash from operations, $m
  13
  13
  20
  30
  44
  62
  85
  114
  150
  193
  243
  302
  368
  443
  526
  618
  718
  827
  943
  1,067
  1,198
  1,337
  1,484
  1,637
  1,797
  1,965
  2,140
  2,322
  2,511
  2,708
  2,912
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
  20
  30
  44
  62
  85
  114
  150
  193
  243
  302
  368
  443
  526
  618
  718
  827
  943
  1,067
  1,198
  1,337
  1,484
  1,637
  1,797
  1,965
  2,140
  2,322
  2,511
  2,708
  2,912
Issuance/(repayment) of debt, $m
  0
  2
  3
  4
  6
  8
  10
  13
  16
  19
  22
  26
  30
  33
  37
  41
  45
  49
  52
  56
  59
  63
  66
  69
  72
  76
  79
  82
  85
  89
  92
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
  2
  3
  4
  6
  8
  10
  13
  16
  19
  22
  26
  30
  33
  37
  41
  45
  49
  52
  56
  59
  63
  66
  69
  72
  76
  79
  82
  85
  89
  92
Total cash flow (excl. dividends), $m
  18
  15
  23
  35
  50
  70
  95
  127
  166
  212
  265
  327
  398
  477
  564
  659
  763
  875
  995
  1,122
  1,257
  1,400
  1,549
  1,706
  1,870
  2,041
  2,219
  2,404
  2,596
  2,797
  3,005
Retained Cash Flow (-), $m
  -1
  -1
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
Prev. year cash balance distribution, $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
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
 
  24
  23
  34
  49
  69
  94
  126
  164
  210
  263
  325
  394
  473
  560
  655
  758
  870
  989
  1,116
  1,251
  1,393
  1,542
  1,698
  1,862
  2,032
  2,210
  2,395
  2,587
  2,787
  2,994
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
 
  23
  21
  30
  41
  54
  68
  85
  102
  120
  138
  154
  168
  180
  188
  192
  193
  189
  182
  172
  159
  144
  128
  111
  95
  79
  64
  51
  40
  30
  23
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, a royalty trust, engages in iron ore mining business primarily in the United States. It produces iron ore pellets. The company has interest in properties aggregating approximately 9,750 contiguous acres in St. Louis County, Minnesota. It also holds interest in the Peter Mitchell mine, an open pit mine located in the Mesabi Iron Range near Babbitt, Minnesota. Mesabi Trust was founded in 1919 and is based in New York, New York.

FINANCIAL RATIOS  of  Mesabi Trust (MSB)

Valuation Ratios
P/E Ratio 19.7
Price to Sales 18
Price to Book 19.7
Price to Tangible Book
Price to Cash Flow 15.2
Price to Free Cash Flow 15.2
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 -10%. 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 12.994 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 $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CLF Cliffs Natural 7.40 23.90  str.buy

COMPANY NEWS

▶ 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]
▶ Tomorrow's Ex-Dividends To Watch: MSB, SKT, LEN   [Jan-27  10:00AM  at TheStreet]
▶ Mesabi Trust Declares Distribution   [04:46PM  Business Wire]
▶ MESABI TRUST Files SEC form 10-Q, Quarterly Report   [Dec-06  04:31PM  EDGAR Online]
▶ MESABI TRUST Files SEC form 8-K, Other Events   [Oct-29  04:16PM  EDGAR Online]
Stock chart of MSB 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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