Intrinsic value of Materion - MTRN

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$35.00

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.00

 
Intrinsic value

$41.66

 
Up/down potential

+19%

 
Rating

hold

 
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 MTRN 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 0.7

 

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, %
  -5.46
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  969
  1,059
  1,153
  1,251
  1,353
  1,458
  1,568
  1,683
  1,801
  1,925
  2,053
  2,187
  2,325
  2,470
  2,620
  2,777
  2,941
  3,111
  3,289
  3,475
  3,668
  3,871
  4,083
  4,304
  4,536
  4,778
  5,032
  5,298
  5,576
  5,867
  6,172
Variable operating expenses, $m
 
  718
  781
  847
  915
  986
  1,060
  1,136
  1,216
  1,298
  1,384
  1,465
  1,558
  1,655
  1,756
  1,861
  1,970
  2,084
  2,204
  2,328
  2,458
  2,594
  2,736
  2,884
  3,039
  3,202
  3,372
  3,549
  3,736
  3,931
  4,136
Fixed operating expenses, $m
 
  298
  306
  313
  321
  329
  337
  346
  355
  363
  373
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
  501
  514
  526
  539
  553
  567
  581
  596
  610
Total operating expenses, $m
  942
  1,016
  1,087
  1,160
  1,236
  1,315
  1,397
  1,482
  1,571
  1,661
  1,757
  1,847
  1,949
  2,056
  2,167
  2,282
  2,402
  2,527
  2,658
  2,793
  2,935
  3,083
  3,237
  3,398
  3,565
  3,741
  3,925
  4,116
  4,317
  4,527
  4,746
Operating income, $m
  27
  43
  66
  91
  116
  143
  171
  201
  231
  263
  296
  340
  376
  414
  453
  495
  538
  584
  631
  681
  734
  789
  846
  907
  970
  1,037
  1,107
  1,181
  1,259
  1,340
  1,426
EBITDA, $m
  73
  89
  116
  144
  174
  204
  236
  270
  304
  341
  378
  418
  459
  502
  547
  594
  644
  695
  749
  806
  865
  927
  992
  1,061
  1,133
  1,208
  1,287
  1,371
  1,458
  1,550
  1,647
Interest expense (income), $m
  2
  1
  6
  12
  17
  23
  30
  36
  43
  50
  58
  65
  73
  81
  90
  99
  108
  118
  128
  139
  150
  161
  173
  186
  199
  213
  228
  243
  258
  275
  292
Earnings before tax, $m
  25
  42
  60
  79
  99
  120
  142
  164
  188
  213
  239
  274
  303
  332
  363
  396
  430
  466
  503
  543
  584
  627
  673
  721
  771
  824
  880
  939
  1,000
  1,065
  1,134
Tax expense, $m
  -1
  11
  16
  21
  27
  32
  38
  44
  51
  57
  64
  74
  82
  90
  98
  107
  116
  126
  136
  146
  158
  169
  182
  195
  208
  223
  238
  253
  270
  288
  306
Net income, $m
  26
  31
  44
  58
  72
  87
  103
  120
  137
  155
  174
  200
  221
  243
  265
  289
  314
  340
  367
  396
  426
  458
  491
  526
  563
  602
  642
  685
  730
  778
  828

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  0
  0
  0
  0
  0
  0
  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
  741
  776
  845
  916
  991
  1,068
  1,149
  1,233
  1,320
  1,410
  1,504
  1,602
  1,704
  1,809
  1,920
  2,035
  2,154
  2,279
  2,409
  2,545
  2,688
  2,836
  2,991
  3,153
  3,323
  3,501
  3,686
  3,881
  4,085
  4,298
  4,522
Adjusted assets (=assets-cash), $m
  710
  776
  845
  916
  991
  1,068
  1,149
  1,233
  1,320
  1,410
  1,504
  1,602
  1,704
  1,809
  1,920
  2,035
  2,154
  2,279
  2,409
  2,545
  2,688
  2,836
  2,991
  3,153
  3,323
  3,501
  3,686
  3,881
  4,085
  4,298
  4,522
Revenue / Adjusted assets
  1.365
  1.365
  1.364
  1.366
  1.365
  1.365
  1.365
  1.365
  1.364
  1.365
  1.365
  1.365
  1.364
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
  1.365
Average production assets, $m
  270
  295
  322
  349
  377
  407
  438
  469
  503
  537
  573
  610
  649
  689
  731
  775
  820
  868
  918
  969
  1,024
  1,080
  1,139
  1,201
  1,266
  1,333
  1,404
  1,478
  1,556
  1,637
  1,722
Working capital, $m
  255
  246
  268
  290
  314
  338
  364
  390
  418
  447
  476
  507
  539
  573
  608
  644
  682
  722
  763
  806
  851
  898
  947
  999
  1,052
  1,109
  1,167
  1,229
  1,294
  1,361
  1,432
Total debt, $m
  4
  25
  49
  74
  100
  127
  155
  184
  214
  245
  277
  311
  346
  383
  421
  461
  502
  546
  591
  638
  687
  738
  792
  848
  907
  968
  1,032
  1,100
  1,170
  1,244
  1,322
Total liabilities, $m
  247
  268
  292
  317
  343
  370
  398
  427
  457
  488
  520
  554
  589
  626
  664
  704
  745
  789
  834
  881
  930
  981
  1,035
  1,091
  1,150
  1,211
  1,275
  1,343
  1,413
  1,487
  1,565
Total equity, $m
  494
  507
  552
  599
  648
  699
  751
  806
  863
  922
  984
  1,048
  1,114
  1,183
  1,255
  1,331
  1,409
  1,491
  1,576
  1,665
  1,758
  1,855
  1,956
  2,062
  2,173
  2,289
  2,411
  2,538
  2,671
  2,811
  2,957
Total liabilities and equity, $m
  741
  775
  844
  916
  991
  1,069
  1,149
  1,233
  1,320
  1,410
  1,504
  1,602
  1,703
  1,809
  1,919
  2,035
  2,154
  2,280
  2,410
  2,546
  2,688
  2,836
  2,991
  3,153
  3,323
  3,500
  3,686
  3,881
  4,084
  4,298
  4,522
Debt-to-equity ratio
  0.008
  0.050
  0.090
  0.120
  0.150
  0.180
  0.210
  0.230
  0.250
  0.270
  0.280
  0.300
  0.310
  0.320
  0.340
  0.350
  0.360
  0.370
  0.370
  0.380
  0.390
  0.400
  0.400
  0.410
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.450
Adjusted equity ratio
  0.652
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654
  0.654

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  26
  31
  44
  58
  72
  87
  103
  120
  137
  155
  174
  200
  221
  243
  265
  289
  314
  340
  367
  396
  426
  458
  491
  526
  563
  602
  642
  685
  730
  778
  828
Depreciation, amort., depletion, $m
  46
  47
  50
  53
  57
  61
  65
  69
  73
  78
  82
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  138
  146
  154
  162
  171
  180
  189
  199
  210
  221
Funds from operations, $m
  69
  77
  94
  111
  129
  148
  168
  189
  210
  233
  256
  279
  304
  331
  359
  388
  419
  451
  485
  520
  557
  596
  637
  680
  725
  773
  822
  875
  930
  988
  1,049
Change in working capital, $m
  2
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
Cash from operations, $m
  67
  49
  72
  88
  106
  124
  143
  162
  183
  204
  227
  248
  272
  298
  324
  352
  381
  412
  444
  477
  512
  549
  588
  629
  671
  716
  763
  813
  865
  920
  978
Maintenance CAPEX, $m
  0
  -35
  -38
  -41
  -45
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -210
New CAPEX, $m
  -27
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -81
  -85
Cash from investing activities, $m
  -37
  -60
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -98
  -105
  -110
  -117
  -123
  -130
  -138
  -145
  -153
  -161
  -170
  -178
  -188
  -197
  -208
  -219
  -230
  -242
  -254
  -267
  -280
  -295
Free cash flow, $m
  30
  -11
  8
  20
  33
  46
  60
  74
  90
  105
  122
  137
  155
  174
  194
  215
  236
  259
  283
  308
  334
  362
  391
  421
  453
  486
  522
  559
  598
  639
  683
Issuance/(repayment) of debt, $m
  -10
  22
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
Issuance/(repurchase) of shares, $m
  -4
  2
  13
  2
  0
  0
  0
  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  
  -14
  24
  37
  27
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
Total cash flow (excl. dividends), $m
  15
  12
  32
  45
  58
  73
  88
  103
  120
  137
  155
  171
  190
  211
  232
  254
  278
  302
  328
  355
  383
  413
  444
  477
  512
  548
  586
  626
  669
  713
  760
Retained Cash Flow (-), $m
  -11
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -127
  -133
  -140
  -146
Prev. year cash balance distribution, $m
 
  30
  0
  0
  0
  0
  0
  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
  10
  22
  35
  49
  63
  78
  93
  107
  124
  141
  160
  179
  199
  221
  243
  266
  290
  316
  343
  371
  401
  432
  465
  499
  535
  574
  614
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
 
  0
  0
  0
  8
  17
  25
  33
  39
  45
  49
  51
  53
  54
  54
  53
  51
  48
  45
  41
  37
  33
  28
  24
  20
  17
  14
  11
  8
  6
  5
Current shareholders' claim on cash, %
  100
  99.7
  98.0
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7

Materion Corporation manufactures and sells advanced engineered materials used in consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance markets worldwide. The company operates through four segments: Performance Alloys and Composites, Advanced Materials, Precision Coatings, and Other. The Performance Alloys and Composites segment provides strip products, including thin gauge precision strips, and small diameter rod and wire; copper, nickel, and beryllium alloys manufactured in plate, rod, bar, tube, and other customized forms; beryllium hydroxide; and beryllium products, such as beryllium and aluminum metal matrix composites, beryllia ceramics, and bulk metallic glass materials. This segment also produces strip metal products with clad inlay and overlay metals consisting of precious and base metals electroplated systems, electron beam welded systems, contour profiled systems, and solder-coated metal systems. The Advanced Materials segment provides advanced chemicals, microelectronics packaging, precious metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal pre-forms, high temperature braze materials, and ultra-fine wire. Its products are used in the consumer electronics, industrial components, and telecommunications infrastructure end markets. The Precision Coatings segment produces sputter-coated precision thin film coatings and optical filter materials. Materion Corporation distributes its products through a combination of company-owned facilities, and independent distributors and agents. The company was formerly known as Brush Engineered Materials Inc. and changed its name to Materion Corporation in 2011. Materion Corporation was founded in 1931 and is headquartered in Mayfield Heights, Ohio.

FINANCIAL RATIOS  of  Materion (MTRN)

Valuation Ratios
P/E Ratio 26.9
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 17.5
Growth Rates
Sales Growth Rate -5.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate -0.7%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 0.6%
Total Debt to Equity 0.8%
Interest Coverage 14
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 18.9%
Gross Margin - 3 Yr. Avg. 18.6%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 4.1%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate -4%
Eff/ Tax Rate - 3 Yr. Avg. 15.1%
Payout Ratio 30.8%

MTRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTRN stock intrinsic value calculation we used $969 million for the last fiscal year's total revenue generated by Materion. The default revenue input number comes from 2016 income statement of Materion. 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 MTRN stock valuation model: a) initial revenue growth rate of 9.3% 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 MTRN is calculated based on our internal credit rating of Materion, 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 Materion.
    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 MTRN stock the variable cost ratio is equal to 67.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $291 million in the base year in the intrinsic value calculation for MTRN 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 23.5% for Materion.

Corporate tax rate of 27% is the nominal tax rate for Materion. 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 MTRN 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 MTRN are equal to 27.9%.

Life of production assets of 7.8 years is the average useful life of capital assets used in Materion 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 MTRN is equal to 23.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $494 million for Materion - 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 20.557 million for Materion 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 Materion at the current share price and the inputted number of shares is $0.7 billion.


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COMPANY NEWS

▶ Materion Corporation Conference Call Scheduled   [Apr-17-17 11:36AM  Business Wire]
▶ Materion misses Street 4Q forecasts   [07:58AM  Associated Press]
▶ Materion Corporation Conference Call Scheduled   [Feb-03-17 08:40AM  Business Wire]
▶ Materion ProIRTM Filters Allow Rapid R&D Prototyping   [Jan-30-17 01:00PM  Business Wire]
▶ Should You Avoid Materion Corp (MTRN)?   [Dec-14-16 11:20AM  at Insider Monkey]
▶ Materion Corporation Conference Call Scheduled   [Oct-18-16 01:51PM  Business Wire]
▶ Introducing Materion COVERexpress   [Oct-04-16 11:00AM  Business Wire]
▶ Materion Corporation Declares Third Quarter Dividend   [Aug-03-16 04:05PM  Business Wire]
▶ Materion Corporation Conference Call Scheduled   [Jul-19-16 01:45PM  Business Wire]
▶ Materion Receives Best Supplier Award   [May-19-16 10:00AM  Business Wire]
▶ Materion Introduces New ToughMet® Products   [May-02-16 09:05AM  Business Wire]
▶ Materion posts 1Q profit   [08:11AM  AP]
▶ Materion Recognized for Excellence   [Apr-25-16 10:09AM  Business Wire]
▶ Materion Corporation Conference Call Scheduled   [Apr-21-16 03:40PM  Business Wire]
▶ Materion Corporation Conference Call Scheduled   [Feb-11-16 04:29PM  Business Wire]
Stock chart of MTRN Financial statements of MTRN
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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