Intrinsic value of MYR Group - MYRG

Previous Close

$34.88

  Intrinsic Value

$60.20

stock screener

  Rating & Target

str. buy

+73%

Previous close

$34.88

 
Intrinsic value

$60.20

 
Up/down potential

+73%

 
Rating

str. buy

We calculate the intrinsic value of MYRG 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 0.6

 

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, %
  7.53
  35.90
  32.81
  30.03
  27.53
  25.27
  23.25
  21.42
  19.78
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
Revenue, $m
  1,142
  1,552
  2,061
  2,680
  3,418
  4,282
  5,277
  6,407
  7,675
  9,079
  10,620
  12,296
  14,103
  16,038
  18,100
  20,285
  22,589
  25,012
  27,552
  30,207
  32,978
  35,866
  38,872
  41,999
  45,249
  48,626
  52,136
  55,784
  59,576
  63,518
  67,618
Variable operating expenses, $m
 
  1,485
  1,971
  2,561
  3,265
  4,089
  5,038
  6,117
  7,326
  8,665
  10,135
  11,729
  13,452
  15,299
  17,265
  19,349
  21,548
  23,859
  26,281
  28,814
  31,458
  34,212
  37,080
  40,062
  43,162
  46,384
  49,732
  53,212
  56,828
  60,589
  64,500
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,104
  1,485
  1,971
  2,561
  3,265
  4,089
  5,038
  6,117
  7,326
  8,665
  10,135
  11,729
  13,452
  15,299
  17,265
  19,349
  21,548
  23,859
  26,281
  28,814
  31,458
  34,212
  37,080
  40,062
  43,162
  46,384
  49,732
  53,212
  56,828
  60,589
  64,500
Operating income, $m
  39
  67
  90
  119
  153
  193
  239
  291
  349
  414
  485
  567
  650
  740
  835
  935
  1,042
  1,153
  1,271
  1,393
  1,521
  1,654
  1,793
  1,937
  2,087
  2,242
  2,404
  2,573
  2,747
  2,929
  3,118
EBITDA, $m
  78
  113
  151
  196
  250
  313
  385
  468
  560
  663
  776
  898
  1,030
  1,171
  1,322
  1,481
  1,650
  1,827
  2,012
  2,206
  2,408
  2,619
  2,839
  3,067
  3,304
  3,551
  3,807
  4,074
  4,351
  4,638
  4,938
Interest expense (income), $m
  1
  2
  6
  11
  17
  24
  32
  42
  52
  64
  78
  92
  108
  125
  144
  163
  184
  206
  229
  253
  279
  305
  332
  361
  391
  422
  454
  487
  522
  558
  595
Earnings before tax, $m
  38
  65
  84
  108
  136
  169
  207
  249
  297
  350
  407
  475
  542
  614
  691
  772
  857
  947
  1,041
  1,140
  1,242
  1,349
  1,460
  1,576
  1,696
  1,821
  1,951
  2,085
  2,226
  2,371
  2,523
Tax expense, $m
  17
  17
  23
  29
  37
  46
  56
  67
  80
  94
  110
  128
  146
  166
  187
  208
  232
  256
  281
  308
  335
  364
  394
  425
  458
  492
  527
  563
  601
  640
  681
Net income, $m
  21
  47
  61
  79
  99
  123
  151
  182
  217
  255
  297
  347
  396
  448
  504
  564
  626
  692
  760
  832
  907
  985
  1,066
  1,150
  1,238
  1,329
  1,424
  1,522
  1,625
  1,731
  1,842

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  574
  748
  993
  1,291
  1,646
  2,062
  2,542
  3,086
  3,697
  4,373
  5,116
  5,923
  6,793
  7,726
  8,719
  9,771
  10,881
  12,048
  13,272
  14,551
  15,886
  17,277
  18,725
  20,231
  21,796
  23,423
  25,114
  26,871
  28,697
  30,596
  32,571
Adjusted assets (=assets-cash), $m
  550
  748
  993
  1,291
  1,646
  2,062
  2,542
  3,086
  3,697
  4,373
  5,116
  5,923
  6,793
  7,726
  8,719
  9,771
  10,881
  12,048
  13,272
  14,551
  15,886
  17,277
  18,725
  20,231
  21,796
  23,423
  25,114
  26,871
  28,697
  30,596
  32,571
Revenue / Adjusted assets
  2.076
  2.075
  2.076
  2.076
  2.077
  2.077
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
  2.076
Average production assets, $m
  169
  230
  305
  397
  506
  634
  781
  948
  1,136
  1,344
  1,572
  1,820
  2,087
  2,374
  2,679
  3,002
  3,343
  3,702
  4,078
  4,471
  4,881
  5,308
  5,753
  6,216
  6,697
  7,197
  7,716
  8,256
  8,817
  9,401
  10,008
Working capital, $m
  130
  146
  194
  252
  321
  402
  496
  602
  721
  853
  998
  1,156
  1,326
  1,508
  1,701
  1,907
  2,123
  2,351
  2,590
  2,839
  3,100
  3,371
  3,654
  3,948
  4,253
  4,571
  4,901
  5,244
  5,600
  5,971
  6,356
Total debt, $m
  64
  175
  313
  481
  682
  916
  1,187
  1,494
  1,838
  2,220
  2,638
  3,093
  3,584
  4,110
  4,670
  5,264
  5,890
  6,548
  7,238
  7,960
  8,712
  9,497
  10,314
  11,163
  12,046
  12,964
  13,917
  14,908
  15,938
  17,009
  18,123
Total liabilities, $m
  310
  422
  560
  728
  929
  1,163
  1,434
  1,741
  2,085
  2,467
  2,885
  3,340
  3,831
  4,357
  4,917
  5,511
  6,137
  6,795
  7,485
  8,207
  8,959
  9,744
  10,561
  11,410
  12,293
  13,211
  14,164
  15,155
  16,185
  17,256
  18,370
Total equity, $m
  263
  326
  433
  563
  718
  899
  1,108
  1,346
  1,612
  1,907
  2,230
  2,582
  2,962
  3,368
  3,801
  4,260
  4,744
  5,253
  5,786
  6,344
  6,926
  7,533
  8,164
  8,821
  9,503
  10,212
  10,950
  11,716
  12,512
  13,340
  14,201
Total liabilities and equity, $m
  573
  748
  993
  1,291
  1,647
  2,062
  2,542
  3,087
  3,697
  4,374
  5,115
  5,922
  6,793
  7,725
  8,718
  9,771
  10,881
  12,048
  13,271
  14,551
  15,885
  17,277
  18,725
  20,231
  21,796
  23,423
  25,114
  26,871
  28,697
  30,596
  32,571
Debt-to-equity ratio
  0.243
  0.540
  0.720
  0.850
  0.950
  1.020
  1.070
  1.110
  1.140
  1.160
  1.180
  1.200
  1.210
  1.220
  1.230
  1.240
  1.240
  1.250
  1.250
  1.250
  1.260
  1.260
  1.260
  1.270
  1.270
  1.270
  1.270
  1.270
  1.270
  1.280
  1.280
Adjusted equity ratio
  0.435
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436
  0.436

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  47
  61
  79
  99
  123
  151
  182
  217
  255
  297
  347
  396
  448
  504
  564
  626
  692
  760
  832
  907
  985
  1,066
  1,150
  1,238
  1,329
  1,424
  1,522
  1,625
  1,731
  1,842
Depreciation, amort., depletion, $m
  39
  46
  60
  77
  97
  120
  147
  177
  211
  249
  290
  331
  379
  432
  487
  546
  608
  673
  741
  813
  887
  965
  1,046
  1,130
  1,218
  1,308
  1,403
  1,501
  1,603
  1,709
  1,820
Funds from operations, $m
  40
  94
  122
  156
  196
  243
  298
  359
  428
  504
  588
  677
  775
  880
  991
  1,109
  1,234
  1,365
  1,502
  1,645
  1,794
  1,950
  2,112
  2,280
  2,456
  2,638
  2,827
  3,023
  3,228
  3,440
  3,661
Change in working capital, $m
  -14
  39
  48
  58
  69
  81
  94
  106
  119
  132
  145
  157
  170
  182
  194
  205
  217
  228
  239
  250
  260
  271
  283
  294
  306
  318
  330
  343
  356
  371
  385
Cash from operations, $m
  54
  55
  74
  97
  127
  162
  204
  253
  309
  372
  443
  520
  605
  698
  798
  904
  1,017
  1,137
  1,263
  1,395
  1,534
  1,678
  1,829
  1,987
  2,150
  2,320
  2,497
  2,681
  2,871
  3,070
  3,276
Maintenance CAPEX, $m
  0
  -31
  -42
  -55
  -72
  -92
  -115
  -142
  -172
  -207
  -244
  -286
  -331
  -379
  -432
  -487
  -546
  -608
  -673
  -741
  -813
  -887
  -965
  -1,046
  -1,130
  -1,218
  -1,308
  -1,403
  -1,501
  -1,603
  -1,709
New CAPEX, $m
  -25
  -61
  -75
  -92
  -109
  -128
  -147
  -167
  -188
  -208
  -228
  -248
  -267
  -287
  -305
  -323
  -341
  -359
  -376
  -393
  -410
  -427
  -445
  -463
  -481
  -500
  -519
  -540
  -561
  -583
  -607
Cash from investing activities, $m
  -34
  -92
  -117
  -147
  -181
  -220
  -262
  -309
  -360
  -415
  -472
  -534
  -598
  -666
  -737
  -810
  -887
  -967
  -1,049
  -1,134
  -1,223
  -1,314
  -1,410
  -1,509
  -1,611
  -1,718
  -1,827
  -1,943
  -2,062
  -2,186
  -2,316
Free cash flow, $m
  20
  -36
  -43
  -50
  -55
  -58
  -59
  -56
  -51
  -42
  -29
  -14
  7
  32
  61
  94
  130
  170
  214
  261
  311
  364
  419
  478
  539
  603
  669
  738
  809
  883
  960
Issuance/(repayment) of debt, $m
  58
  112
  138
  168
  200
  235
  270
  307
  344
  382
  419
  455
  491
  526
  560
  593
  626
  658
  690
  721
  753
  785
  817
  849
  883
  918
  954
  991
  1,030
  1,071
  1,114
Issuance/(repurchase) of shares, $m
  -95
  39
  45
  51
  56
  58
  58
  55
  49
  40
  26
  5
  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  
  -36
  151
  183
  219
  256
  293
  328
  362
  393
  422
  445
  460
  491
  526
  560
  593
  626
  658
  690
  721
  753
  785
  817
  849
  883
  918
  954
  991
  1,030
  1,071
  1,114
Total cash flow (excl. dividends), $m
  -16
  114
  140
  170
  201
  235
  270
  306
  343
  379
  416
  447
  498
  558
  621
  687
  756
  829
  904
  982
  1,064
  1,148
  1,236
  1,327
  1,422
  1,520
  1,623
  1,729
  1,839
  1,954
  2,074
Retained Cash Flow (-), $m
  67
  -86
  -107
  -130
  -155
  -181
  -209
  -237
  -266
  -295
  -324
  -352
  -380
  -407
  -433
  -459
  -484
  -509
  -533
  -558
  -582
  -606
  -631
  -657
  -683
  -709
  -737
  -766
  -796
  -828
  -861
Prev. year cash balance distribution, $m
 
  23
  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
 
  51
  34
  40
  46
  54
  61
  69
  76
  84
  92
  95
  118
  151
  188
  228
  272
  320
  371
  425
  482
  542
  605
  671
  739
  811
  885
  963
  1,043
  1,126
  1,213
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
 
  49
  31
  35
  38
  42
  44
  46
  48
  48
  48
  45
  51
  58
  63
  67
  69
  70
  68
  65
  61
  56
  50
  44
  38
  32
  26
  21
  16
  12
  9
Current shareholders' claim on cash, %
  100
  93.1
  87.5
  83.1
  79.5
  76.6
  74.4
  72.8
  71.6
  70.8
  70.3
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2
  70.2

MYR Group Inc. is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada. The Company's T&D segment serves the T&D sector of the electric utility industry. The Company provides a range of services on electric transmission and distribution networks and substation facilities, such as design, engineering, procurement, construction and upgrade. The Company's C&I segment provides services, such as the design, installation, maintenance and repair of commercial and industrial wiring, installation of traffic networks and the installation of bridge, roadway and tunnel lighting.

FINANCIAL RATIOS  of  MYR Group (MYRG)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 0.5
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 19.6
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.8%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 24%
Total Debt to Equity 24.3%
Interest Coverage 39
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 8.9%
Return On Equity 7.1%
Return On Equity - 3 Yr. Avg. 9.1%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 11.8%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 44.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.9%
Payout Ratio 0%

MYRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MYRG stock intrinsic value calculation we used $1142 million for the last fiscal year's total revenue generated by MYR Group. The default revenue input number comes from 2016 income statement of MYR Group. 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 MYRG stock valuation model: a) initial revenue growth rate of 35.9% 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 4.3%, whose default value for MYRG is calculated based on our internal credit rating of MYR Group, 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 MYR Group.
    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 MYRG stock the variable cost ratio is equal to 95.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MYRG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for MYR Group.

Corporate tax rate of 27% is the nominal tax rate for MYR Group. 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 MYRG 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 MYRG are equal to 14.8%.

Life of production assets of 5.5 years is the average useful life of capital assets used in MYR Group 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 MYRG is equal to 9.4%. 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 - $263 million for MYR Group - 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 16.492 million for MYR Group 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 MYR Group at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to MYR Group, Inc. : November 8, 2017   [Nov-08-17 06:24PM  Capital Cube]
▶ New Strong Sell Stocks for November 3rd   [Nov-03-17 07:20AM  Zacks]
▶ MYR Group Inc. to Host Earnings Call   [Nov-02-17 08:35AM  ACCESSWIRE]
▶ MYR misses 3Q profit forecasts   [Nov-01-17 05:22PM  Associated Press]
▶ Investor Network: MYR Group Inc. to Host Earnings Call   [Aug-03-17 08:35AM  ACCESSWIRE]
▶ MYR misses 2Q profit forecasts   [Aug-02-17 10:49PM  Associated Press]
▶ ETFs with exposure to MYR Group, Inc. : June 19, 2017   [Jun-19-17 03:46PM  Capital Cube]
▶ Why MYR Group Inc.'s Shares Plunged 20% Today   [May-04-17 02:49PM  Motley Fool]
▶ MYR misses Street 1Q forecasts   [May-03-17 05:04PM  Associated Press]
▶ Is MYR Group Inc (MYRG) A Good Investment?   [Dec-08-16 04:29PM  at Insider Monkey]
▶ [$$] Three Picks to Play Oil Pipelines   [Aug-04-16 11:14AM  at Barrons.com]
Financial statements of MYRG
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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