Intrinsic value of Mechel ADR - MTL

Previous Close

$5.00

  Intrinsic Value

$3.05

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

0%

Previous close

$5.00

 
Intrinsic value

$3.05

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

0%

*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 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 1.3

 

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, %
  9.04
  9.00
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
Revenue, $m
  4,694
  5,116
  5,556
  6,014
  6,490
  6,985
  7,500
  8,034
  8,589
  9,167
  9,767
  10,392
  11,042
  11,719
  12,424
  13,158
  13,925
  14,724
  15,559
  16,430
  17,340
  18,292
  19,286
  20,326
  21,415
  22,554
  23,746
  24,995
  26,303
  27,673
  29,109
Variable operating expenses, $m
 
  944
  1,022
  1,104
  1,189
  1,277
  1,369
  1,464
  1,563
  1,666
  1,773
  1,853
  1,969
  2,090
  2,216
  2,347
  2,484
  2,626
  2,775
  2,930
  3,093
  3,262
  3,440
  3,625
  3,819
  4,023
  4,235
  4,458
  4,691
  4,936
  5,192
Fixed operating expenses, $m
 
  3,252
  3,334
  3,417
  3,502
  3,590
  3,680
  3,772
  3,866
  3,963
  4,062
  4,163
  4,267
  4,374
  4,483
  4,595
  4,710
  4,828
  4,949
  5,073
  5,199
  5,329
  5,463
  5,599
  5,739
  5,883
  6,030
  6,180
  6,335
  6,493
  6,656
Total operating expenses, $m
  3,965
  4,196
  4,356
  4,521
  4,691
  4,867
  5,049
  5,236
  5,429
  5,629
  5,835
  6,016
  6,236
  6,464
  6,699
  6,942
  7,194
  7,454
  7,724
  8,003
  8,292
  8,591
  8,903
  9,224
  9,558
  9,906
  10,265
  10,638
  11,026
  11,429
  11,848
Operating income, $m
  729
  920
  1,201
  1,493
  1,799
  2,118
  2,451
  2,798
  3,160
  3,538
  3,932
  4,375
  4,805
  5,254
  5,724
  6,216
  6,731
  7,270
  7,835
  8,427
  9,048
  9,700
  10,384
  11,102
  11,856
  12,649
  13,482
  14,357
  15,277
  16,244
  17,262
EBITDA, $m
  962
  1,187
  1,487
  1,801
  2,129
  2,470
  2,827
  3,199
  3,586
  3,990
  4,412
  4,853
  5,312
  5,793
  6,295
  6,821
  7,371
  7,947
  8,550
  9,182
  9,845
  10,540
  11,270
  12,036
  12,840
  13,685
  14,573
  15,505
  16,485
  17,516
  18,599
Interest expense (income), $m
  589
  579
  266
  298
  332
  367
  403
  441
  480
  520
  563
  607
  652
  700
  749
  801
  855
  911
  970
  1,031
  1,095
  1,161
  1,231
  1,304
  1,380
  1,460
  1,543
  1,630
  1,722
  1,818
  1,918
Earnings before tax, $m
  241
  342
  935
  1,195
  1,467
  1,752
  2,048
  2,358
  2,681
  3,018
  3,370
  3,768
  4,153
  4,555
  4,975
  5,415
  5,876
  6,359
  6,865
  7,396
  7,954
  8,539
  9,153
  9,798
  10,477
  11,189
  11,939
  12,726
  13,555
  14,427
  15,344
Tax expense, $m
  84
  92
  252
  323
  396
  473
  553
  637
  724
  815
  910
  1,017
  1,121
  1,230
  1,343
  1,462
  1,587
  1,717
  1,854
  1,997
  2,148
  2,305
  2,471
  2,646
  2,829
  3,021
  3,223
  3,436
  3,660
  3,895
  4,143
Net income, $m
  121
  249
  682
  873
  1,071
  1,279
  1,495
  1,721
  1,957
  2,203
  2,460
  2,751
  3,031
  3,325
  3,632
  3,953
  4,289
  4,642
  5,012
  5,399
  5,806
  6,233
  6,682
  7,153
  7,648
  8,168
  8,715
  9,290
  9,895
  10,532
  11,201

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  0
  0
  0
  0
  0
  0
  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
  5,536
  6,034
  6,552
  7,092
  7,654
  8,237
  8,844
  9,474
  10,129
  10,810
  11,518
  12,254
  13,021
  13,819
  14,650
  15,517
  16,421
  17,363
  18,347
  19,375
  20,448
  21,570
  22,743
  23,970
  25,253
  26,597
  28,003
  29,475
  31,018
  32,634
  34,327
Adjusted assets (=assets-cash), $m
  5,504
  6,034
  6,552
  7,092
  7,654
  8,237
  8,844
  9,474
  10,129
  10,810
  11,518
  12,254
  13,021
  13,819
  14,650
  15,517
  16,421
  17,363
  18,347
  19,375
  20,448
  21,570
  22,743
  23,970
  25,253
  26,597
  28,003
  29,475
  31,018
  32,634
  34,327
Revenue / Adjusted assets
  0.853
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
Average production assets, $m
  4,208
  4,584
  4,979
  5,389
  5,815
  6,259
  6,720
  7,198
  7,696
  8,213
  8,751
  9,311
  9,893
  10,500
  11,132
  11,790
  12,477
  13,193
  13,941
  14,721
  15,537
  16,389
  17,280
  18,213
  19,188
  20,208
  21,277
  22,396
  23,567
  24,795
  26,082
Working capital, $m
  -7,510
  15
  17
  18
  19
  21
  22
  24
  26
  28
  29
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
Total debt, $m
  8,388
  3,855
  4,322
  4,808
  5,313
  5,839
  6,384
  6,952
  7,541
  8,154
  8,791
  9,454
  10,144
  10,862
  11,610
  12,390
  13,204
  14,052
  14,938
  15,862
  16,829
  17,838
  18,894
  19,998
  21,153
  22,362
  23,628
  24,953
  26,341
  27,795
  29,319
Total liabilities, $m
  9,962
  5,430
  5,897
  6,383
  6,888
  7,414
  7,959
  8,527
  9,116
  9,729
  10,366
  11,029
  11,719
  12,437
  13,185
  13,965
  14,779
  15,627
  16,513
  17,437
  18,404
  19,413
  20,469
  21,573
  22,728
  23,937
  25,203
  26,528
  27,916
  29,370
  30,894
Total equity, $m
  -4,427
  603
  655
  709
  765
  824
  884
  947
  1,013
  1,081
  1,152
  1,225
  1,302
  1,382
  1,465
  1,552
  1,642
  1,736
  1,835
  1,937
  2,045
  2,157
  2,274
  2,397
  2,525
  2,660
  2,800
  2,948
  3,102
  3,263
  3,433
Total liabilities and equity, $m
  5,535
  6,033
  6,552
  7,092
  7,653
  8,238
  8,843
  9,474
  10,129
  10,810
  11,518
  12,254
  13,021
  13,819
  14,650
  15,517
  16,421
  17,363
  18,348
  19,374
  20,449
  21,570
  22,743
  23,970
  25,253
  26,597
  28,003
  29,476
  31,018
  32,633
  34,327
Debt-to-equity ratio
  -1.895
  6.390
  6.600
  6.780
  6.940
  7.090
  7.220
  7.340
  7.450
  7.540
  7.630
  7.710
  7.790
  7.860
  7.920
  7.980
  8.040
  8.090
  8.140
  8.190
  8.230
  8.270
  8.310
  8.340
  8.380
  8.410
  8.440
  8.470
  8.490
  8.520
  8.540
Adjusted equity ratio
  -0.810
  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
  121
  249
  682
  873
  1,071
  1,279
  1,495
  1,721
  1,957
  2,203
  2,460
  2,751
  3,031
  3,325
  3,632
  3,953
  4,289
  4,642
  5,012
  5,399
  5,806
  6,233
  6,682
  7,153
  7,648
  8,168
  8,715
  9,290
  9,895
  10,532
  11,201
Depreciation, amort., depletion, $m
  233
  266
  287
  308
  329
  352
  376
  400
  426
  452
  480
  477
  507
  538
  571
  605
  640
  677
  715
  755
  797
  840
  886
  934
  984
  1,036
  1,091
  1,148
  1,209
  1,272
  1,338
Funds from operations, $m
  720
  516
  969
  1,180
  1,401
  1,631
  1,871
  2,121
  2,383
  2,655
  2,940
  3,228
  3,539
  3,863
  4,203
  4,558
  4,929
  5,319
  5,727
  6,154
  6,603
  7,074
  7,568
  8,087
  8,632
  9,204
  9,806
  10,439
  11,104
  11,803
  12,539
Change in working capital, $m
  -185
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
Cash from operations, $m
  905
  514
  967
  1,179
  1,399
  1,629
  1,869
  2,120
  2,381
  2,654
  2,938
  3,227
  3,537
  3,861
  4,200
  4,555
  4,927
  5,316
  5,724
  6,152
  6,600
  7,071
  7,565
  8,084
  8,629
  9,201
  9,803
  10,435
  11,100
  11,799
  12,534
Maintenance CAPEX, $m
  0
  -216
  -235
  -255
  -276
  -298
  -321
  -345
  -369
  -395
  -421
  -449
  -477
  -507
  -538
  -571
  -605
  -640
  -677
  -715
  -755
  -797
  -840
  -886
  -934
  -984
  -1,036
  -1,091
  -1,148
  -1,209
  -1,272
New CAPEX, $m
  -81
  -376
  -394
  -410
  -427
  -443
  -461
  -479
  -498
  -517
  -538
  -560
  -582
  -606
  -632
  -658
  -687
  -716
  -748
  -781
  -816
  -852
  -891
  -932
  -975
  -1,021
  -1,068
  -1,119
  -1,172
  -1,228
  -1,286
Cash from investing activities, $m
  -85
  -592
  -629
  -665
  -703
  -741
  -782
  -824
  -867
  -912
  -959
  -1,009
  -1,059
  -1,113
  -1,170
  -1,229
  -1,292
  -1,356
  -1,425
  -1,496
  -1,571
  -1,649
  -1,731
  -1,818
  -1,909
  -2,005
  -2,104
  -2,210
  -2,320
  -2,437
  -2,558
Free cash flow, $m
  820
  -78
  338
  513
  696
  888
  1,088
  1,296
  1,514
  1,742
  1,979
  2,218
  2,477
  2,747
  3,030
  3,326
  3,636
  3,960
  4,300
  4,656
  5,030
  5,422
  5,833
  6,265
  6,719
  7,196
  7,698
  8,225
  8,780
  9,363
  9,976
Issuance/(repayment) of debt, $m
  -707
  -4,533
  467
  486
  505
  525
  546
  567
  589
  613
  637
  663
  690
  718
  748
  780
  813
  848
  886
  925
  966
  1,010
  1,056
  1,104
  1,155
  1,209
  1,266
  1,325
  1,388
  1,454
  1,524
Issuance/(repurchase) of shares, $m
  0
  4,781
  0
  0
  0
  0
  0
  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  
  -780
  248
  467
  486
  505
  525
  546
  567
  589
  613
  637
  663
  690
  718
  748
  780
  813
  848
  886
  925
  966
  1,010
  1,056
  1,104
  1,155
  1,209
  1,266
  1,325
  1,388
  1,454
  1,524
Total cash flow (excl. dividends), $m
  10
  170
  805
  999
  1,202
  1,413
  1,633
  1,864
  2,104
  2,354
  2,616
  2,881
  3,167
  3,466
  3,779
  4,106
  4,449
  4,809
  5,185
  5,581
  5,996
  6,431
  6,889
  7,369
  7,875
  8,405
  8,964
  9,550
  10,168
  10,817
  11,500
Retained Cash Flow (-), $m
  -128
  -5,030
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -128
  -134
  -141
  -147
  -154
  -162
  -169
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
 
  -4,860
  753
  945
  1,145
  1,355
  1,573
  1,801
  2,038
  2,286
  2,545
  2,807
  3,090
  3,386
  3,695
  4,019
  4,359
  4,714
  5,087
  5,478
  5,888
  6,319
  6,772
  7,247
  7,746
  8,271
  8,823
  9,403
  10,013
  10,655
  11,331
Discount rate, %
 
  14.20
  14.91
  15.66
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
  25.50
  26.78
  28.12
  29.52
  31.00
  32.55
  34.17
  35.88
  37.68
  39.56
  41.54
  43.62
  45.80
  48.09
  50.49
  53.02
  55.67
  58.45
PV of cash for distribution, $m
 
  -4,256
  570
  611
  623
  611
  579
  532
  475
  412
  348
  285
  227
  177
  133
  98
  69
  48
  32
  21
  13
  8
  4
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

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 17.2
Price to Sales 0.4
Price to Book -0.5
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow 2.5
Growth Rates
Sales Growth Rate 9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8%
Cap. Spend. - 3 Yr. Gr. Rate -31.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -18.8%
Total Debt to Equity -189.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. -14.8%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. -30.8%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. 67.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 47%
Gross Margin - 3 Yr. Avg. 41.5%
EBITDA Margin 22.6%
EBITDA Margin - 3 Yr. Avg. -14%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. -30.3%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. -32.4%
Effective Tax Rate 34.9%
Eff/ Tax Rate - 3 Yr. Avg. 11.3%
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 $4694 million for the last fiscal year's total revenue generated by Mechel ADR. The default revenue input number comes from 2016 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 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 14.2%, 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 18.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3173 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 6.9% 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 89.6%.

Life of production assets of 19.5 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 0.3%. 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 - $-4427 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 266.417 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 $1.3 billion.

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COMPANY NEWS

▶ Mechel Begins Development of Bulk Ingot Market   [Jul-20-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Mechel PAO : June 22, 2017   [Jun-22-17 04:02PM  Capital Cube]
▶ Why Mechel PAO Stock Just Jumped 10%   [12:12PM  Motley Fool]
▶ Mechel Reports the 1Q 2017 Financial Results   [06:00AM  GlobeNewswire]
▶ Mechel Reports 1Q2017 Operational Results   [04:00AM  GlobeNewswire]
▶ ETFs with exposure to Mechel PAO : May 25, 2017   [May-25-17 12:44PM  Capital Cube]
▶ ETFs with exposure to Mechel PAO : May 11, 2017   [May-11-17 05:10PM  Capital Cube]
▶ Why Mechel PAO Shares Jumped 13% in April   [May-03-17 01:51PM  Motley Fool]
▶ 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]
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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