Intrinsic value of Manitowoc - MTW

Previous Close

$33.59

  Intrinsic Value

$111.11

stock screener

  Rating & Target

str. buy

+231%

Previous close

$33.59

 
Intrinsic value

$111.11

 
Up/down potential

+231%

 
Rating

str. buy

We calculate the intrinsic value of MTW 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -13.56
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
Revenue, $m
  1,613
  1,839
  2,080
  2,335
  2,605
  2,889
  3,187
  3,499
  3,825
  4,164
  4,518
  4,885
  5,268
  5,665
  6,078
  6,507
  6,953
  7,416
  7,898
  8,400
  8,922
  9,466
  10,032
  10,623
  11,239
  11,881
  12,552
  13,253
  13,985
  14,750
  15,550
Variable operating expenses, $m
 
  365
  409
  456
  505
  557
  611
  668
  728
  790
  854
  891
  961
  1,033
  1,109
  1,187
  1,268
  1,353
  1,441
  1,532
  1,627
  1,727
  1,830
  1,938
  2,050
  2,167
  2,290
  2,417
  2,551
  2,690
  2,836
Fixed operating expenses, $m
 
  1,579
  1,618
  1,658
  1,700
  1,742
  1,786
  1,831
  1,876
  1,923
  1,971
  2,021
  2,071
  2,123
  2,176
  2,230
  2,286
  2,343
  2,402
  2,462
  2,523
  2,587
  2,651
  2,718
  2,785
  2,855
  2,926
  3,000
  3,075
  3,151
  3,230
Total operating expenses, $m
  1,843
  1,944
  2,027
  2,114
  2,205
  2,299
  2,397
  2,499
  2,604
  2,713
  2,825
  2,912
  3,032
  3,156
  3,285
  3,417
  3,554
  3,696
  3,843
  3,994
  4,150
  4,314
  4,481
  4,656
  4,835
  5,022
  5,216
  5,417
  5,626
  5,841
  6,066
Operating income, $m
  -230
  -105
  52
  221
  400
  590
  790
  1,000
  1,221
  1,451
  1,692
  1,974
  2,236
  2,509
  2,793
  3,089
  3,398
  3,720
  4,056
  4,406
  4,771
  5,153
  5,551
  5,968
  6,403
  6,859
  7,336
  7,836
  8,359
  8,908
  9,483
EBITDA, $m
  -181
  -41
  121
  294
  479
  674
  879
  1,095
  1,322
  1,559
  1,806
  2,064
  2,333
  2,614
  2,906
  3,210
  3,527
  3,858
  4,202
  4,562
  4,937
  5,328
  5,737
  6,165
  6,612
  7,079
  7,569
  8,082
  8,619
  9,182
  9,772
Interest expense (income), $m
  50
  16
  24
  32
  41
  50
  60
  70
  80
  91
  103
  115
  128
  141
  154
  168
  183
  198
  214
  230
  247
  265
  284
  303
  323
  344
  366
  389
  412
  437
  463
Earnings before tax, $m
  -268
  -121
  29
  189
  359
  540
  730
  931
  1,140
  1,360
  1,589
  1,859
  2,108
  2,368
  2,639
  2,921
  3,216
  3,522
  3,842
  4,176
  4,524
  4,888
  5,268
  5,665
  6,080
  6,515
  6,970
  7,447
  7,947
  8,471
  9,020
Tax expense, $m
  101
  0
  8
  51
  97
  146
  197
  251
  308
  367
  429
  502
  569
  639
  713
  789
  868
  951
  1,037
  1,127
  1,221
  1,320
  1,422
  1,530
  1,642
  1,759
  1,882
  2,011
  2,146
  2,287
  2,435
Net income, $m
  -376
  -121
  21
  138
  262
  394
  533
  679
  833
  993
  1,160
  1,357
  1,539
  1,729
  1,926
  2,133
  2,347
  2,571
  2,805
  3,048
  3,302
  3,568
  3,845
  4,135
  4,439
  4,756
  5,088
  5,436
  5,801
  6,184
  6,584

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  70
  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
  1,518
  1,651
  1,867
  2,096
  2,339
  2,594
  2,861
  3,141
  3,433
  3,738
  4,055
  4,385
  4,729
  5,085
  5,456
  5,841
  6,241
  6,657
  7,090
  7,540
  8,009
  8,497
  9,006
  9,536
  10,089
  10,665
  11,268
  11,896
  12,554
  13,240
  13,959
Adjusted assets (=assets-cash), $m
  1,448
  1,651
  1,867
  2,096
  2,339
  2,594
  2,861
  3,141
  3,433
  3,738
  4,055
  4,385
  4,729
  5,085
  5,456
  5,841
  6,241
  6,657
  7,090
  7,540
  8,009
  8,497
  9,006
  9,536
  10,089
  10,665
  11,268
  11,896
  12,554
  13,240
  13,959
Revenue / Adjusted assets
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
  1.114
Average production assets, $m
  476
  542
  614
  689
  769
  852
  940
  1,032
  1,128
  1,228
  1,333
  1,441
  1,554
  1,671
  1,793
  1,919
  2,051
  2,188
  2,330
  2,478
  2,632
  2,792
  2,960
  3,134
  3,315
  3,505
  3,703
  3,910
  4,125
  4,351
  4,587
Working capital, $m
  337
  318
  360
  404
  451
  500
  551
  605
  662
  720
  782
  845
  911
  980
  1,051
  1,126
  1,203
  1,283
  1,366
  1,453
  1,544
  1,638
  1,736
  1,838
  1,944
  2,055
  2,172
  2,293
  2,419
  2,552
  2,690
Total debt, $m
  282
  398
  535
  680
  833
  994
  1,163
  1,340
  1,525
  1,717
  1,918
  2,127
  2,343
  2,569
  2,803
  3,046
  3,299
  3,562
  3,836
  4,120
  4,417
  4,725
  5,047
  5,382
  5,731
  6,096
  6,476
  6,874
  7,289
  7,723
  8,177
Total liabilities, $m
  927
  1,043
  1,180
  1,325
  1,478
  1,639
  1,808
  1,985
  2,170
  2,362
  2,563
  2,772
  2,988
  3,214
  3,448
  3,691
  3,944
  4,207
  4,481
  4,765
  5,062
  5,370
  5,692
  6,027
  6,376
  6,741
  7,121
  7,519
  7,934
  8,368
  8,822
Total equity, $m
  591
  607
  687
  771
  861
  954
  1,053
  1,156
  1,263
  1,376
  1,492
  1,614
  1,740
  1,871
  2,008
  2,149
  2,297
  2,450
  2,609
  2,775
  2,947
  3,127
  3,314
  3,509
  3,713
  3,925
  4,146
  4,378
  4,620
  4,872
  5,137
Total liabilities and equity, $m
  1,518
  1,650
  1,867
  2,096
  2,339
  2,593
  2,861
  3,141
  3,433
  3,738
  4,055
  4,386
  4,728
  5,085
  5,456
  5,840
  6,241
  6,657
  7,090
  7,540
  8,009
  8,497
  9,006
  9,536
  10,089
  10,666
  11,267
  11,897
  12,554
  13,240
  13,959
Debt-to-equity ratio
  0.477
  0.660
  0.780
  0.880
  0.970
  1.040
  1.100
  1.160
  1.210
  1.250
  1.290
  1.320
  1.350
  1.370
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.590
Adjusted equity ratio
  0.360
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -376
  -121
  21
  138
  262
  394
  533
  679
  833
  993
  1,160
  1,357
  1,539
  1,729
  1,926
  2,133
  2,347
  2,571
  2,805
  3,048
  3,302
  3,568
  3,845
  4,135
  4,439
  4,756
  5,088
  5,436
  5,801
  6,184
  6,584
Depreciation, amort., depletion, $m
  49
  64
  69
  73
  78
  84
  89
  95
  101
  107
  114
  91
  98
  105
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  209
  220
  233
  246
  259
  274
  289
Funds from operations, $m
  -191
  -57
  89
  211
  341
  478
  622
  774
  933
  1,100
  1,274
  1,447
  1,637
  1,834
  2,039
  2,253
  2,476
  2,709
  2,951
  3,204
  3,468
  3,744
  4,031
  4,332
  4,647
  4,977
  5,321
  5,682
  6,061
  6,457
  6,873
Change in working capital, $m
  -19
  39
  42
  44
  47
  49
  52
  54
  56
  59
  61
  64
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  111
  116
  121
  127
  132
  138
Cash from operations, $m
  -172
  -96
  48
  167
  294
  429
  571
  720
  877
  1,041
  1,213
  1,384
  1,570
  1,765
  1,968
  2,179
  2,399
  2,629
  2,868
  3,117
  3,378
  3,650
  3,933
  4,230
  4,541
  4,865
  5,205
  5,561
  5,934
  6,325
  6,735
Maintenance CAPEX, $m
  0
  -30
  -34
  -39
  -43
  -48
  -54
  -59
  -65
  -71
  -77
  -84
  -91
  -98
  -105
  -113
  -121
  -129
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -209
  -220
  -233
  -246
  -259
  -274
New CAPEX, $m
  -46
  -66
  -71
  -75
  -80
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -190
  -198
  -207
  -216
  -226
  -236
Cash from investing activities, $m
  -42
  -96
  -105
  -114
  -123
  -132
  -142
  -151
  -161
  -171
  -181
  -192
  -204
  -215
  -227
  -240
  -253
  -266
  -280
  -295
  -310
  -326
  -343
  -360
  -379
  -399
  -418
  -440
  -462
  -485
  -510
Free cash flow, $m
  -214
  -193
  -57
  53
  171
  297
  429
  569
  716
  870
  1,031
  1,191
  1,367
  1,550
  1,741
  1,940
  2,147
  2,363
  2,588
  2,823
  3,068
  3,324
  3,591
  3,870
  4,162
  4,467
  4,787
  5,122
  5,472
  5,840
  6,225
Issuance/(repayment) of debt, $m
  -1,125
  128
  137
  145
  153
  161
  169
  177
  185
  193
  200
  209
  217
  225
  234
  243
  253
  263
  274
  285
  296
  308
  321
  335
  349
  365
  381
  397
  415
  434
  454
Issuance/(repurchase) of shares, $m
  9
  196
  59
  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  
  219
  324
  196
  145
  153
  161
  169
  177
  185
  193
  200
  209
  217
  225
  234
  243
  253
  263
  274
  285
  296
  308
  321
  335
  349
  365
  381
  397
  415
  434
  454
Total cash flow (excl. dividends), $m
  7
  131
  138
  198
  324
  458
  598
  746
  901
  1,063
  1,232
  1,400
  1,584
  1,776
  1,975
  2,183
  2,400
  2,626
  2,861
  3,107
  3,364
  3,632
  3,912
  4,205
  4,511
  4,832
  5,167
  5,519
  5,887
  6,274
  6,679
Retained Cash Flow (-), $m
  251
  -196
  -80
  -84
  -89
  -94
  -98
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -172
  -180
  -187
  -195
  -203
  -212
  -222
  -231
  -242
  -253
  -264
Prev. year cash balance distribution, $m
 
  58
  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
 
  -6
  58
  114
  235
  364
  500
  643
  793
  951
  1,115
  1,279
  1,458
  1,644
  1,839
  2,041
  2,253
  2,473
  2,702
  2,942
  3,192
  3,452
  3,725
  4,010
  4,308
  4,620
  4,946
  5,288
  5,646
  6,021
  6,415
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  -6
  50
  89
  168
  235
  289
  329
  356
  369
  371
  360
  343
  318
  289
  256
  222
  188
  155
  126
  99
  76
  57
  42
  30
  21
  14
  9
  6
  3
  2
Current shareholders' claim on cash, %
  100
  84.5
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7
  80.7

The Manitowoc Company, Inc. is a provider of engineered lifting equipment for the construction industry. The Company operates through the Crane business segment. It designs, manufactures and distributes a line of crawler-mounted lattice-boom cranes, which it sells under the Manitowoc brand name. It also designs and manufactures a line of top-slewing and self-erecting tower cranes, which it sells under the Potain brand name. It designs and manufactures mobile telescopic cranes, which it sells under the Grove brand name and a line of hydraulically powered telescopic boom trucks, which it sells under the National Crane brand name. It also provides crane product parts and services and crane rebuilding, remanufacturing and training services, which are delivered under the Manitowoc Crane Care brand name. Its crane products are used in a range of applications, including energy production/distribution and utilities, petrochemical and industrial projects, and infrastructure applications.

FINANCIAL RATIOS  of  Manitowoc (MTW)

Valuation Ratios
P/E Ratio -3.1
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow -6.8
Price to Free Cash Flow -5.4
Growth Rates
Sales Growth Rate -13.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.4%
Cap. Spend. - 3 Yr. Gr. Rate -16.2%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 45.7%
Total Debt to Equity 47.7%
Interest Coverage -4
Management Effectiveness
Return On Assets -12.1%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital -24.2%
Ret/ On T. Cap. - 3 Yr. Avg. -5%
Return On Equity -52.5%
Return On Equity - 3 Yr. Avg. -8.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 17.9%
EBITDA Margin -10.5%
EBITDA Margin - 3 Yr. Avg. -0.6%
Operating Margin -14.3%
Oper. Margin - 3 Yr. Avg. -3.8%
Pre-Tax Margin -16.6%
Pre-Tax Margin - 3 Yr. Avg. -7.8%
Net Profit Margin -23.3%
Net Profit Margin - 3 Yr. Avg. -4.5%
Effective Tax Rate -37.7%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

MTW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTW stock intrinsic value calculation we used $1613 million for the last fiscal year's total revenue generated by Manitowoc. The default revenue input number comes from 2016 income statement of Manitowoc. 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 MTW stock valuation model: a) initial revenue growth rate of 14% 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 7.5%, whose default value for MTW is calculated based on our internal credit rating of Manitowoc, 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 Manitowoc.
    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 MTW stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1540 million in the base year in the intrinsic value calculation for MTW 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% for Manitowoc.

Corporate tax rate of 27% is the nominal tax rate for Manitowoc. 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 MTW 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 MTW are equal to 29.5%.

Life of production assets of 15.9 years is the average useful life of capital assets used in Manitowoc 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 MTW is equal to 17.3%. 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 - $591 million for Manitowoc - 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 35.333 million for Manitowoc 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 Manitowoc at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Manitowoc shares jump 8% after company posts GAAP profit   [Feb-08-18 05:19PM  MarketWatch]
▶ Manitowoc Earnings Preview   [11:04AM  Benzinga]
▶ Carl Icahn: Once Cleaned Up, Xerox Should Be Acquired   [Dec-12-17 09:33AM  TheStreet.com]
▶ Manitowoc beats Street 3Q forecasts   [Nov-06-17 05:31PM  Associated Press]
▶ Here's Why Manitowoc Company Soared 40% in August   [Sep-11-17 07:07AM  Motley Fool]
▶ Manitowoc tops 2Q profit forecasts   [Aug-07-17 11:59PM  Associated Press]
▶ Why Manitowoc Company Stock Just Jumped 15%   [Aug-02-17 04:04PM  Motley Fool]
▶ Manitowoc reports 1Q loss   [May-08-17 05:00PM  Associated Press]
Financial statements of MTW
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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