Intrinsic value of Mechel ADR - MTL

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$6.01

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.01

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of MTL 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 2015), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.73
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  4,305
  4,464
  4,635
  4,818
  5,013
  5,221
  5,442
  5,677
  5,925
  6,189
  6,467
  6,761
  7,071
  7,399
  7,744
  8,109
  8,492
  8,896
  9,322
  9,770
  10,241
  10,737
  11,259
  11,807
  12,384
  12,990
  13,628
  14,298
  15,002
  15,742
  16,519
Variable operating expenses, $m
 
  4,445
  4,614
  4,795
  4,987
  5,193
  5,411
  5,643
  5,888
  6,148
  6,423
  6,677
  6,983
  7,307
  7,648
  8,008
  8,387
  8,786
  9,206
  9,648
  10,114
  10,603
  11,118
  11,660
  12,230
  12,829
  13,458
  14,120
  14,815
  15,546
  16,313
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
  3,896
  4,445
  4,614
  4,795
  4,987
  5,193
  5,411
  5,643
  5,888
  6,148
  6,423
  6,677
  6,983
  7,307
  7,648
  8,008
  8,387
  8,786
  9,206
  9,648
  10,114
  10,603
  11,118
  11,660
  12,230
  12,829
  13,458
  14,120
  14,815
  15,546
  16,313
Operating income, $m
  409
  19
  21
  24
  26
  29
  31
  34
  37
  41
  44
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
  196
  206
EBITDA, $m
  649
  286
  296
  308
  321
  334
  348
  363
  379
  396
  414
  432
  452
  473
  495
  519
  543
  569
  596
  625
  655
  687
  720
  755
  792
  831
  872
  915
  960
  1,007
  1,057
Interest expense (income), $m
  14
  302
  129
  136
  144
  152
  161
  170
  180
  190
  201
  213
  226
  239
  253
  267
  282
  299
  316
  334
  353
  372
  393
  415
  438
  463
  488
  515
  543
  573
  604
Earnings before tax, $m
  -1,822
  -283
  -107
  -112
  -118
  -123
  -129
  -136
  -143
  -150
  -157
  -129
  -138
  -147
  -156
  -166
  -177
  -188
  -200
  -212
  -225
  -239
  -253
  -268
  -284
  -301
  -319
  -337
  -357
  -377
  -399
Tax expense, $m
  142
  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
  -1,959
  -283
  -107
  -112
  -118
  -123
  -129
  -136
  -143
  -150
  -157
  -129
  -138
  -147
  -156
  -166
  -177
  -188
  -200
  -212
  -225
  -239
  -253
  -268
  -284
  -301
  -319
  -337
  -357
  -377
  -399

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  5,818
  5,976
  6,205
  6,450
  6,711
  6,990
  7,286
  7,600
  7,932
  8,285
  8,657
  9,051
  9,466
  9,905
  10,367
  10,855
  11,369
  11,910
  12,479
  13,079
  13,710
  14,374
  15,072
  15,806
  16,578
  17,390
  18,243
  19,140
  20,083
  21,073
  22,114
Adjusted assets (=assets-cash), $m
  5,765
  5,976
  6,205
  6,450
  6,711
  6,990
  7,286
  7,600
  7,932
  8,285
  8,657
  9,051
  9,466
  9,905
  10,367
  10,855
  11,369
  11,910
  12,479
  13,079
  13,710
  14,374
  15,072
  15,806
  16,578
  17,390
  18,243
  19,140
  20,083
  21,073
  22,114
Revenue / Adjusted assets
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
  0.747
Average production assets, $m
  4,412
  4,576
  4,751
  4,939
  5,139
  5,352
  5,578
  5,819
  6,074
  6,343
  6,628
  6,930
  7,248
  7,584
  7,938
  8,311
  8,705
  9,119
  9,555
  10,014
  10,497
  11,006
  11,540
  12,102
  12,694
  13,315
  13,968
  14,655
  15,377
  16,135
  16,932
Working capital, $m
  -8,800
  -272
  -283
  -294
  -306
  -319
  -332
  -346
  -361
  -378
  -394
  -412
  -431
  -451
  -472
  -495
  -518
  -543
  -569
  -596
  -625
  -655
  -687
  -720
  -755
  -792
  -831
  -872
  -915
  -960
  -1,008
Total debt, $m
  8,674
  3,680
  3,886
  4,106
  4,341
  4,592
  4,858
  5,141
  5,440
  5,757
  6,092
  6,447
  6,821
  7,215
  7,632
  8,070
  8,533
  9,020
  9,532
  10,072
  10,640
  11,237
  11,866
  12,527
  13,221
  13,952
  14,720
  15,527
  16,375
  17,267
  18,204
Total liabilities, $m
  10,373
  5,379
  5,585
  5,805
  6,040
  6,291
  6,557
  6,840
  7,139
  7,456
  7,791
  8,146
  8,520
  8,914
  9,331
  9,769
  10,232
  10,719
  11,231
  11,771
  12,339
  12,936
  13,565
  14,226
  14,920
  15,651
  16,419
  17,226
  18,074
  18,966
  19,903
Total equity, $m
  -4,555
  598
  621
  645
  671
  699
  729
  760
  793
  828
  866
  905
  947
  990
  1,037
  1,085
  1,137
  1,191
  1,248
  1,308
  1,371
  1,437
  1,507
  1,581
  1,658
  1,739
  1,824
  1,914
  2,008
  2,107
  2,211
Total liabilities and equity, $m
  5,818
  5,977
  6,206
  6,450
  6,711
  6,990
  7,286
  7,600
  7,932
  8,284
  8,657
  9,051
  9,467
  9,904
  10,368
  10,854
  11,369
  11,910
  12,479
  13,079
  13,710
  14,373
  15,072
  15,807
  16,578
  17,390
  18,243
  19,140
  20,082
  21,073
  22,114
Debt-to-equity ratio
  -1.904
  6.160
  6.260
  6.370
  6.470
  6.570
  6.670
  6.760
  6.860
  6.950
  7.040
  7.120
  7.210
  7.280
  7.360
  7.430
  7.510
  7.570
  7.640
  7.700
  7.760
  7.820
  7.870
  7.930
  7.980
  8.020
  8.070
  8.110
  8.150
  8.190
  8.230
Adjusted equity ratio
  -0.799
  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
  -1,959
  -283
  -107
  -112
  -118
  -123
  -129
  -136
  -143
  -150
  -157
  -129
  -138
  -147
  -156
  -166
  -177
  -188
  -200
  -212
  -225
  -239
  -253
  -268
  -284
  -301
  -319
  -337
  -357
  -377
  -399
Depreciation, amort., depletion, $m
  240
  266
  275
  285
  295
  305
  317
  329
  342
  355
  369
  348
  364
  381
  399
  418
  437
  458
  480
  503
  528
  553
  580
  608
  638
  669
  702
  736
  773
  811
  851
Funds from operations, $m
  -388
  -16
  168
  172
  177
  182
  187
  193
  199
  205
  212
  219
  227
  235
  243
  252
  261
  270
  281
  291
  303
  314
  327
  340
  354
  368
  383
  399
  416
  434
  452
Change in working capital, $m
  -558
  -10
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  170
  -92
  178
  183
  189
  195
  201
  207
  214
  221
  229
  237
  246
  255
  264
  274
  284
  295
  307
  319
  331
  345
  359
  373
  389
  405
  422
  440
  459
  479
  500
Maintenance CAPEX, $m
  0
  -222
  -230
  -239
  -248
  -258
  -269
  -280
  -292
  -305
  -319
  -333
  -348
  -364
  -381
  -399
  -418
  -437
  -458
  -480
  -503
  -528
  -553
  -580
  -608
  -638
  -669
  -702
  -736
  -773
  -811
New CAPEX, $m
  -88
  -164
  -175
  -188
  -200
  -213
  -227
  -240
  -255
  -270
  -285
  -301
  -318
  -336
  -354
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -562
  -591
  -622
  -653
  -687
  -722
  -758
  -797
Cash from investing activities, $m
  -171
  -386
  -405
  -427
  -448
  -471
  -496
  -520
  -547
  -575
  -604
  -634
  -666
  -700
  -735
  -772
  -811
  -851
  -894
  -939
  -986
  -1,036
  -1,088
  -1,142
  -1,199
  -1,260
  -1,322
  -1,389
  -1,458
  -1,531
  -1,608
Free cash flow, $m
  -1
  -478
  -227
  -243
  -259
  -277
  -295
  -313
  -333
  -353
  -375
  -397
  -421
  -446
  -471
  -498
  -527
  -557
  -588
  -621
  -655
  -691
  -729
  -769
  -810
  -854
  -900
  -948
  -999
  -1,052
  -1,108
Issuance/(repayment) of debt, $m
  -12
  -4,941
  206
  220
  235
  250
  266
  283
  299
  317
  335
  354
  374
  395
  416
  439
  462
  487
  513
  540
  568
  597
  628
  661
  695
  731
  768
  807
  848
  891
  937
Issuance/(repurchase) of shares, $m
  0
  10,572
  44
  47
  50
  54
  58
  62
  67
  72
  77
  82
  88
  95
  101
  108
  116
  124
  132
  141
  150
  160
  170
  181
  193
  205
  218
  231
  245
  260
  275
Cash from financing (excl. dividends), $m  
  -12
  5,631
  250
  267
  285
  304
  324
  345
  366
  389
  412
  436
  462
  490
  517
  547
  578
  611
  645
  681
  718
  757
  798
  842
  888
  936
  986
  1,038
  1,093
  1,151
  1,212
Total cash flow (excl. dividends), $m
  -8
  -5,419
  -21
  -23
  -24
  -26
  -28
  -31
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -60
  -65
  -70
  -75
  -81
  -87
  -94
  -101
  -108
  -116
  -124
  -132
  -141
  -151
  -161
  -171
Retained Cash Flow (-), $m
  1,924
  -5,153
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
Prev. year cash balance distribution, $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 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
 
  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
Discount rate, %
 
  14.90
  15.65
  16.43
  17.25
  18.11
  19.02
  19.97
  20.97
  22.01
  23.11
  24.27
  25.48
  26.76
  28.10
  29.50
  30.98
  32.52
  34.15
  35.86
  37.65
  39.53
  41.51
  43.59
  45.77
  48.05
  50.46
  52.98
  55.63
  58.41
  61.33
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  50.0
  46.6
  43.3
  40.2
  37.2
  34.3
  31.6
  29.1
  26.7
  24.4
  22.3
  20.3
  18.5
  16.7
  15.2
  13.7
  12.4
  11.1
  10.0
  9.0
  8.0
  7.2
  6.4
  5.7
  5.1
  4.5
  4.0
  3.6
  3.1
  2.8

Mechel PAO, together with its subsidiaries, engages in mining and steel businesses in Asia, the Russian Federation, the Commonwealth of Independent States, Europe, the Middle East, the United States, and internationally. The company operates through three segments: Mining, Steel, and Power. The Mining segment produces and sells metallurgical and steam coal, coke, iron ore, and limestone, as well as coal tar, naphthalene, and other compounds. The Steel segment produces and sells semi-finished steel products, carbon and specialty long products, carbon and stainless flat products, wire products, forgings, hardware, and stampings and others, as well as ferrosilicon. The Power segment generates, distributes, and sells value-added products made from steam coal, such as electricity and heat energy. The company, formerly known as Mechel Steel Group OAO, was founded in 2003 and is based in Moscow, the Russian Federation.

FINANCIAL RATIOS  of  Mechel ADR (MTL)

Valuation Ratios
P/E Ratio -1.3
Price to Sales 0.6
Price to Book -0.5
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 30.5
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -54.4%
Cap. Spend. - 3 Yr. Gr. Rate -37.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -1.8%
Total Debt to Equity -190.4%
Interest Coverage -129
Management Effectiveness
Return On Assets -32.1%
Ret/ On Assets - 3 Yr. Avg. -28.1%
Return On Total Capital -46.2%
Ret/ On T. Cap. - 3 Yr. Avg. -42.8%
Return On Equity 54.5%
Return On Equity - 3 Yr. Avg. -2.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 40.2%
Gross Margin - 3 Yr. Avg. 36.1%
EBITDA Margin -36.4%
EBITDA Margin - 3 Yr. Avg. -29.6%
Operating Margin 9.5%
Oper. Margin - 3 Yr. Avg. 0.4%
Pre-Tax Margin -42.3%
Pre-Tax Margin - 3 Yr. Avg. -38.4%
Net Profit Margin -45.5%
Net Profit Margin - 3 Yr. Avg. -44.8%
Effective Tax Rate -7.8%
Eff/ Tax Rate - 3 Yr. Avg. -2%
Payout Ratio 0%

MTL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTL stock intrinsic value calculation we used $4305 million for the last fiscal year's total revenue generated by Mechel ADR. The default revenue input number comes from 2015 income statement of Mechel ADR. 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 MTL stock valuation model: a) initial revenue growth rate of 3.7% 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 14.9%, whose default value for MTL is calculated based on our internal credit rating of Mechel ADR, 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 Mechel ADR.
    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 MTL stock the variable cost ratio is equal to 99.6%.

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 MTL 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 Mechel ADR.

Corporate tax rate of 27% is the nominal tax rate for Mechel ADR. 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 MTL 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 MTL are equal to 102.5%.

Life of production assets of 19.9 years is the average useful life of capital assets used in Mechel ADR 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 MTL is equal to -6.1%. 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 - $-4555 million for Mechel ADR - 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 259.398 million for Mechel ADR 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 Mechel ADR at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ Why Mechel PAO's Shares Popped 14% Today   [Apr-27-17 01:09PM  Motley Fool]
▶ Mechel Reports the 2016 Financial Results   [06:34AM  GlobeNewswire]
▶ Trade Port Posiet Named 2016 Best Stevedore Company   [Apr-03-17 08:30AM  GlobeNewswire]
▶ Mechel Reports Launch of New Longwall at Southern Kuzbass   [Mar-13-17 07:00AM  GlobeNewswire]
▶ Yakutugol Launches Open Mining at Dzhebariki-Khaya   [Mar-09-17 07:30AM  GlobeNewswire]
▶ Why Mechel OAO Stock Collapsed 20% in February   [Mar-07-17 08:09AM  Motley Fool]
▶ 2 Experts: Why Russian Ruble May Weaken   [Mar-06-17 04:13PM  Barrons.com]
▶ Russia's Mechel says Q4 steel output up 10 pct q/q   [Feb-13-17 08:37AM  Reuters]
▶ Mechel Reports 2016 Operational Results   [08:30AM  GlobeNewswire]
▶ The Best Mining Stocks of 2016   [Jan-08-17 09:44AM  at Motley Fool]
▶ Mechel Has Completed Restructuring With Russian State Banks   [Dec-26-16 06:07AM  GlobeNewswire]
▶ Mechel Increases Exports of Elga Coal   [08:00AM  GlobeNewswire]
▶ Is Seabridge Gold, Inc. (USA) (SA) A Good Stock To Buy?   [Dec-17-16 03:45PM  at Insider Monkey]
▶ Why Is Mechel PAO Stock Up a Red Hot 20% Today?   [Dec-12-16 12:18PM  at Motley Fool]
▶ Hedge Funds Are Still Buying Novanta Inc (USA) (NOVT)   [Dec-06-16 08:06PM  at Insider Monkey]
▶ Mechel Reports 9M2016 Operational Results   [04:30AM  GlobeNewswire]
▶ Mechel Reports the 9M 2016 Financial Results   [04:00AM  GlobeNewswire]
▶ Why Is Mechel PAO Stock Up a Red-Hot 19% Today?   [Nov-14-16 01:14PM  at Motley Fool]
▶ Why Mechel PAO's Stock Rocketed 36% Higher in September   [Oct-11-16 08:58AM  at Motley Fool]
▶ Mechel Reports the 1H 2016 Financial Results   [03:00AM  GlobeNewswire]
▶ Mechel Reports 1Q2016 Operational Results   [Jun-23-16 10:01AM  GlobeNewswire]
▶ Mechel Reports Change in Management   [Jun-15-16 06:00AM  GlobeNewswire]
▶ Mechel Announces Change in Management   [May-24-16 11:00AM  GlobeNewswire]
▶ Mechel Reports the 2015 Financial Results   [07:00AM  GlobeNewswire]
▶ Mechel Reports 2015 Operational Results   [04:00AM  GlobeNewswire]
▶ Your first trade for Wednesday, April 13   [Apr-12-16 06:29PM  at CNBC]
▶ Traders: These 4 stocks could take off   [Apr-08-16 06:57PM  at CNBC]
▶ Mechel Reports Changes in Management   [Mar-17-16 10:05AM  GlobeNewswire]
Stock chart of MTL Financial statements of MTL
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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