Intrinsic value of Mechel ADR - MTL

Previous Close

$4.50

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$4.50

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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 1.2

 

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
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
Revenue, $m
  4,694
  4,971
  5,260
  5,561
  5,876
  6,204
  6,547
  6,906
  7,281
  7,673
  8,084
  8,513
  8,963
  9,434
  9,927
  10,444
  10,985
  11,553
  12,148
  12,772
  13,426
  14,112
  14,831
  15,586
  16,378
  17,209
  18,080
  18,995
  19,954
  20,961
  22,018
Variable operating expenses, $m
 
  918
  969
  1,023
  1,079
  1,138
  1,199
  1,263
  1,330
  1,400
  1,473
  1,518
  1,599
  1,683
  1,771
  1,863
  1,959
  2,061
  2,167
  2,278
  2,395
  2,517
  2,645
  2,780
  2,921
  3,069
  3,225
  3,388
  3,559
  3,739
  3,927
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
  4,170
  4,303
  4,440
  4,581
  4,728
  4,879
  5,035
  5,196
  5,363
  5,535
  5,681
  5,866
  6,057
  6,254
  6,458
  6,669
  6,889
  7,116
  7,351
  7,594
  7,846
  8,108
  8,379
  8,660
  8,952
  9,255
  9,568
  9,894
  10,232
  10,583
Operating income, $m
  729
  801
  957
  1,121
  1,294
  1,476
  1,669
  1,871
  2,085
  2,311
  2,549
  2,832
  3,097
  3,377
  3,673
  3,986
  4,316
  4,664
  5,033
  5,421
  5,832
  6,266
  6,724
  7,207
  7,718
  8,257
  8,826
  9,427
  10,061
  10,730
  11,436
EBITDA, $m
  962
  1,060
  1,230
  1,408
  1,595
  1,793
  2,001
  2,220
  2,451
  2,695
  2,952
  3,223
  3,509
  3,811
  4,129
  4,466
  4,821
  5,195
  5,591
  6,008
  6,449
  6,914
  7,405
  7,923
  8,470
  9,048
  9,657
  10,299
  10,977
  11,693
  12,447
Interest expense (income), $m
  589
  577
  253
  274
  296
  319
  343
  368
  394
  421
  450
  480
  511
  544
  578
  614
  652
  691
  732
  776
  821
  869
  919
  971
  1,026
  1,084
  1,144
  1,208
  1,274
  1,344
  1,417
Earnings before tax, $m
  241
  224
  704
  847
  998
  1,157
  1,326
  1,503
  1,691
  1,889
  2,099
  2,352
  2,586
  2,833
  3,095
  3,372
  3,664
  3,973
  4,300
  4,646
  5,011
  5,397
  5,805
  6,236
  6,692
  7,173
  7,682
  8,219
  8,786
  9,386
  10,018
Tax expense, $m
  84
  61
  190
  229
  269
  312
  358
  406
  457
  510
  567
  635
  698
  765
  836
  910
  989
  1,073
  1,161
  1,254
  1,353
  1,457
  1,567
  1,684
  1,807
  1,937
  2,074
  2,219
  2,372
  2,534
  2,705
Net income, $m
  121
  164
  514
  618
  728
  845
  968
  1,097
  1,235
  1,379
  1,532
  1,717
  1,888
  2,068
  2,259
  2,461
  2,675
  2,901
  3,139
  3,391
  3,658
  3,940
  4,238
  4,552
  4,885
  5,236
  5,608
  6,000
  6,414
  6,851
  7,313

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
  5,828
  6,166
  6,519
  6,888
  7,273
  7,676
  8,096
  8,536
  8,996
  9,477
  9,980
  10,508
  11,060
  11,638
  12,244
  12,879
  13,544
  14,242
  14,973
  15,740
  16,544
  17,387
  18,272
  19,200
  20,174
  21,196
  22,268
  23,393
  24,574
  25,813
Adjusted assets (=assets-cash), $m
  5,504
  5,828
  6,166
  6,519
  6,888
  7,273
  7,676
  8,096
  8,536
  8,996
  9,477
  9,980
  10,508
  11,060
  11,638
  12,244
  12,879
  13,544
  14,242
  14,973
  15,740
  16,544
  17,387
  18,272
  19,200
  20,174
  21,196
  22,268
  23,393
  24,574
  25,813
Revenue / Adjusted assets
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
  0.853
Average production assets, $m
  4,208
  4,454
  4,713
  4,983
  5,265
  5,559
  5,866
  6,188
  6,524
  6,875
  7,243
  7,628
  8,031
  8,453
  8,895
  9,358
  9,843
  10,352
  10,885
  11,444
  12,030
  12,644
  13,289
  13,965
  14,675
  15,419
  16,200
  17,019
  17,879
  18,781
  19,728
Working capital, $m
  -7,510
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
Total debt, $m
  8,388
  3,670
  3,975
  4,293
  4,624
  4,971
  5,333
  5,711
  6,107
  6,521
  6,954
  7,407
  7,882
  8,379
  8,899
  9,444
  10,016
  10,615
  11,242
  11,901
  12,591
  13,315
  14,074
  14,870
  15,705
  16,582
  17,501
  18,466
  19,479
  20,541
  21,657
Total liabilities, $m
  9,962
  5,245
  5,550
  5,868
  6,199
  6,546
  6,908
  7,286
  7,682
  8,096
  8,529
  8,982
  9,457
  9,954
  10,474
  11,019
  11,591
  12,190
  12,817
  13,476
  14,166
  14,890
  15,649
  16,445
  17,280
  18,157
  19,076
  20,041
  21,054
  22,116
  23,232
Total equity, $m
  -4,427
  583
  617
  652
  689
  727
  768
  810
  854
  900
  948
  998
  1,051
  1,106
  1,164
  1,224
  1,288
  1,354
  1,424
  1,497
  1,574
  1,654
  1,739
  1,827
  1,920
  2,017
  2,120
  2,227
  2,339
  2,457
  2,581
Total liabilities and equity, $m
  5,535
  5,828
  6,167
  6,520
  6,888
  7,273
  7,676
  8,096
  8,536
  8,996
  9,477
  9,980
  10,508
  11,060
  11,638
  12,243
  12,879
  13,544
  14,241
  14,973
  15,740
  16,544
  17,388
  18,272
  19,200
  20,174
  21,196
  22,268
  23,393
  24,573
  25,813
Debt-to-equity ratio
  -1.895
  6.300
  6.450
  6.580
  6.710
  6.830
  6.950
  7.050
  7.150
  7.250
  7.340
  7.420
  7.500
  7.580
  7.650
  7.710
  7.780
  7.840
  7.890
  7.950
  8.000
  8.050
  8.090
  8.140
  8.180
  8.220
  8.260
  8.290
  8.330
  8.360
  8.390
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
  164
  514
  618
  728
  845
  968
  1,097
  1,235
  1,379
  1,532
  1,717
  1,888
  2,068
  2,259
  2,461
  2,675
  2,901
  3,139
  3,391
  3,658
  3,940
  4,238
  4,552
  4,885
  5,236
  5,608
  6,000
  6,414
  6,851
  7,313
Depreciation, amort., depletion, $m
  233
  260
  273
  287
  301
  316
  332
  349
  366
  384
  403
  391
  412
  433
  456
  480
  505
  531
  558
  587
  617
  648
  681
  716
  753
  791
  831
  873
  917
  963
  1,012
Funds from operations, $m
  720
  423
  787
  905
  1,030
  1,161
  1,300
  1,446
  1,600
  1,763
  1,935
  2,108
  2,300
  2,502
  2,716
  2,941
  3,180
  3,431
  3,697
  3,978
  4,275
  4,588
  4,919
  5,269
  5,638
  6,027
  6,438
  6,873
  7,331
  7,815
  8,325
Change in working capital, $m
  -185
  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
  3
  3
  3
  3
  3
Cash from operations, $m
  905
  422
  786
  904
  1,029
  1,160
  1,299
  1,445
  1,599
  1,762
  1,934
  2,107
  2,298
  2,500
  2,714
  2,940
  3,178
  3,430
  3,696
  3,976
  4,273
  4,586
  4,917
  5,266
  5,635
  6,025
  6,436
  6,870
  7,328
  7,812
  8,322
Maintenance CAPEX, $m
  0
  -216
  -228
  -242
  -256
  -270
  -285
  -301
  -317
  -335
  -353
  -371
  -391
  -412
  -433
  -456
  -480
  -505
  -531
  -558
  -587
  -617
  -648
  -681
  -716
  -753
  -791
  -831
  -873
  -917
  -963
New CAPEX, $m
  -81
  -246
  -259
  -270
  -282
  -294
  -307
  -321
  -336
  -351
  -368
  -385
  -403
  -422
  -442
  -463
  -485
  -509
  -533
  -559
  -586
  -615
  -645
  -676
  -709
  -744
  -781
  -819
  -860
  -902
  -947
Cash from investing activities, $m
  -85
  -462
  -487
  -512
  -538
  -564
  -592
  -622
  -653
  -686
  -721
  -756
  -794
  -834
  -875
  -919
  -965
  -1,014
  -1,064
  -1,117
  -1,173
  -1,232
  -1,293
  -1,357
  -1,425
  -1,497
  -1,572
  -1,650
  -1,733
  -1,819
  -1,910
Free cash flow, $m
  820
  -39
  298
  392
  491
  596
  706
  823
  946
  1,076
  1,213
  1,350
  1,504
  1,667
  1,839
  2,021
  2,213
  2,416
  2,632
  2,859
  3,100
  3,355
  3,624
  3,909
  4,210
  4,528
  4,864
  5,220
  5,595
  5,992
  6,412
Issuance/(repayment) of debt, $m
  -707
  -4,686
  305
  318
  332
  347
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545
  571
  599
  628
  658
  690
  724
  759
  796
  835
  876
  920
  965
  1,013
  1,063
  1,115
Issuance/(repurchase) of shares, $m
  0
  4,846
  0
  0
  0
  0
  0
  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
  160
  305
  318
  332
  347
  362
  378
  396
  414
  433
  453
  474
  497
  520
  545
  571
  599
  628
  658
  690
  724
  759
  796
  835
  876
  920
  965
  1,013
  1,063
  1,115
Total cash flow (excl. dividends), $m
  10
  121
  603
  710
  823
  942
  1,068
  1,201
  1,341
  1,490
  1,646
  1,804
  1,979
  2,164
  2,359
  2,566
  2,784
  3,015
  3,259
  3,517
  3,790
  4,078
  4,383
  4,705
  5,045
  5,404
  5,784
  6,185
  6,608
  7,055
  7,527
Retained Cash Flow (-), $m
  -128
  -5,010
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -63
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
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
 
  -4,889
  569
  675
  786
  904
  1,028
  1,159
  1,298
  1,444
  1,598
  1,753
  1,926
  2,108
  2,301
  2,505
  2,721
  2,949
  3,190
  3,444
  3,713
  3,998
  4,299
  4,616
  4,952
  5,307
  5,682
  6,077
  6,495
  6,937
  7,403
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
 
  -4,281
  431
  436
  428
  408
  378
  342
  302
  260
  218
  178
  142
  110
  83
  61
  43
  30
  20
  13
  8
  5
  3
  2
  1
  0
  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, formerly Mechel OAO, is a holding company. The Company operates in the mining, steel and power industry segments. Its segments include Steel segment, comprising production and sales of semi-finished steel products, carbon and specialty long products, carbon and stainless flat products, and value-added downstream metal products, including forgings, stampings, and hardware, and ferrosilicon; Mining segment, comprising production and sales of coal (coking and steam), and middlings, coke and chemical products, and iron ore, which supplies raw materials to the Steel and Power segments, and also sells raw materials to third parties, and Power segment, comprising generation and sales of electricity and heat power, which supplies electricity and heat power to the Steel and Mining segments, and also sells a portion of electricity and heat power to third parties. It has freight seaports in Russia on the Sea of Japan and on the Sea of Azov, and a freight river port on the Kama River.

FINANCIAL RATIOS  of  Mechel ADR (MTL)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 0.4
Price to Book -0.4
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 2.3
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 5.9% 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 256.654 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 $1.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Mechel Reports the 9M 2017 Financial Results   [04:00AM  GlobeNewswire]
▶ Mechel Reports 9M2017 Operational Results   [03:00AM  GlobeNewswire]
▶ Mechel Reports Reversal of Court Decision   [Nov-22-17 09:30AM  GlobeNewswire]
▶ ETFs with exposure to Mechel PAO : November 1, 2017   [Nov-01-17 12:26PM  Capital Cube]
▶ Mechel Reports Restructuring Debt With Vnesheconombank   [Sep-28-17 11:00AM  GlobeNewswire]
▶ ETFs with exposure to Mechel PAO : September 22, 2017   [Sep-22-17 11:15AM  Capital Cube]
▶ Mechel Reports Court Decisions Entry Into Force   [Sep-14-17 10:40AM  GlobeNewswire]
▶ Mechel Reports 1H2017 Operational Results   [06:00AM  GlobeNewswire]
▶ Mechel Reports the 1H 2017 Financial Results   [05:00AM  GlobeNewswire]
▶ 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]
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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