Intrinsic value of NACCO Industries Cl A - NC

Previous Close

$32.70

  Intrinsic Value

$6.25

stock screener

  Rating & Target

str. sell

-81%

Previous close

$32.70

 
Intrinsic value

$6.25

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of NC 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, %
  -6.55
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  856
  107
  110
  112
  116
  119
  123
  127
  132
  136
  142
  147
  153
  160
  166
  174
  181
  189
  198
  207
  216
  226
  237
  248
  260
  272
  285
  299
  313
  328
  344
Variable operating expenses, $m
 
  161
  165
  169
  174
  179
  185
  191
  197
  204
  212
  216
  225
  234
  244
  255
  266
  277
  290
  303
  317
  332
  347
  364
  381
  399
  418
  438
  459
  482
  505
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
  815
  161
  165
  169
  174
  179
  185
  191
  197
  204
  212
  216
  225
  234
  244
  255
  266
  277
  290
  303
  317
  332
  347
  364
  381
  399
  418
  438
  459
  482
  505
Operating income, $m
  42
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -70
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -161
EBITDA, $m
  61
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
Interest expense (income), $m
  6
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
Earnings before tax, $m
  34
  -57
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181
Tax expense, $m
  4
  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
Net income, $m
  30
  -57
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  668
  350
  358
  367
  378
  389
  402
  415
  430
  446
  463
  481
  501
  522
  544
  567
  592
  619
  646
  676
  707
  740
  774
  811
  849
  889
  932
  977
  1,024
  1,073
  1,126
Adjusted assets (=assets-cash), $m
  599
  350
  358
  367
  378
  389
  402
  415
  430
  446
  463
  481
  501
  522
  544
  567
  592
  619
  646
  676
  707
  740
  774
  811
  849
  889
  932
  977
  1,024
  1,073
  1,126
Revenue / Adjusted assets
  1.429
  0.306
  0.307
  0.305
  0.307
  0.306
  0.306
  0.306
  0.307
  0.305
  0.307
  0.306
  0.305
  0.307
  0.305
  0.307
  0.306
  0.305
  0.307
  0.306
  0.306
  0.305
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
Average production assets, $m
  118
  166
  170
  174
  179
  184
  190
  197
  204
  211
  219
  228
  237
  247
  258
  269
  281
  293
  306
  320
  335
  350
  367
  384
  402
  421
  441
  463
  485
  508
  533
Working capital, $m
  160
  21
  21
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  46
  49
  51
  53
  56
  59
  61
  64
  68
Total debt, $m
  96
  45
  49
  53
  58
  63
  68
  74
  81
  88
  96
  104
  113
  122
  132
  143
  154
  166
  178
  192
  206
  220
  236
  252
  270
  288
  307
  327
  348
  371
  394
Total liabilities, $m
  448
  158
  161
  165
  170
  175
  181
  187
  194
  201
  208
  217
  225
  235
  245
  255
  267
  278
  291
  304
  318
  333
  348
  365
  382
  400
  419
  440
  461
  483
  507
Total equity, $m
  220
  193
  197
  202
  208
  214
  221
  228
  237
  245
  255
  265
  276
  287
  299
  312
  326
  340
  356
  372
  389
  407
  426
  446
  467
  489
  513
  537
  563
  590
  619
Total liabilities and equity, $m
  668
  351
  358
  367
  378
  389
  402
  415
  431
  446
  463
  482
  501
  522
  544
  567
  593
  618
  647
  676
  707
  740
  774
  811
  849
  889
  932
  977
  1,024
  1,073
  1,126
Debt-to-equity ratio
  0.436
  0.230
  0.250
  0.260
  0.280
  0.290
  0.310
  0.330
  0.340
  0.360
  0.380
  0.390
  0.410
  0.430
  0.440
  0.460
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
Adjusted equity ratio
  0.252
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  -57
  -58
  -59
  -61
  -63
  -65
  -67
  -70
  -72
  -75
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181
Depreciation, amort., depletion, $m
  19
  21
  21
  22
  22
  23
  23
  24
  25
  26
  26
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  37
  38
  40
  42
  44
  46
  48
  51
  53
Funds from operations, $m
  107
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -110
  -115
  -121
  -127
Change in working capital, $m
  13
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Cash from operations, $m
  94
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
  -124
  -130
Maintenance CAPEX, $m
  0
  -16
  -17
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
New CAPEX, $m
  -16
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
Cash from investing activities, $m
  -10
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -76
Free cash flow, $m
  84
  -56
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
Issuance/(repayment) of debt, $m
  -42
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
Issuance/(repurchase) of shares, $m
  -6
  62
  62
  64
  67
  69
  72
  75
  78
  81
  85
  84
  88
  92
  96
  101
  106
  111
  116
  122
  128
  135
  141
  148
  156
  164
  172
  181
  190
  199
  209
Cash from financing (excl. dividends), $m  
  -49
  65
  66
  68
  72
  74
  78
  81
  85
  88
  93
  92
  97
  101
  106
  112
  117
  123
  129
  135
  142
  150
  157
  164
  173
  182
  191
  201
  211
  221
  232
Total cash flow (excl. dividends), $m
  35
  9
  9
  9
  10
  10
  11
  11
  12
  13
  13
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
Retained Cash Flow (-), $m
  -19
  -62
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -199
  -209
Prev. year cash balance distribution, $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
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
 
  -21
  -54
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -174
  -182
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
 
  -20
  -49
  -48
  -47
  -46
  -44
  -43
  -41
  -39
  -37
  -35
  -33
  -31
  -29
  -26
  -24
  -21
  -19
  -16
  -14
  -12
  -10
  -8
  -7
  -6
  -4
  -3
  -3
  -2
  -1
Current shareholders' claim on cash, %
  100
  76.1
  58.1
  44.2
  33.6
  25.5
  19.3
  14.6
  11.0
  8.3
  6.2
  4.7
  3.6
  2.7
  2.1
  1.6
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

NACCO Industries, Inc. is a holding company. The Company's principal business includes mining. The Company operates through the NACoal segment. The Company's subsidiary includes The North American Coal Corporation (NACoal). The Company's NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. Coal is surface mined from NACoal's mines in North Dakota, Texas, Mississippi, Louisiana and the Navajo Nation in New Mexico. NACoal's operating coal mining subsidiaries include Bisti Fuels Company, LLC (Bisti), Caddo Creek Resources Company, LLC (Caddo Creek), Camino Real Fuels, LLC (Camino Real), The Coteau Properties Company (Coteau), Coyote Creek Mining Company, LLC (Coyote Creek), Demery Resources Company, LLC (Demery), The Falkirk Mining Company (Falkirk), Liberty Fuels Company, LLC (Liberty), Mississippi Lignite Mining Company (MLMC) and The Sabine Mining Company (Sabine).

FINANCIAL RATIOS  of  NACCO Industries Cl A (NC)

Valuation Ratios
P/E Ratio 7.4
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 2.4
Price to Free Cash Flow 2.8
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.5%
Cap. Spend. - 3 Yr. Gr. Rate -22.4%
Financial Strength
Quick Ratio 35
Current Ratio 1.1
LT Debt to Equity 42.7%
Total Debt to Equity 43.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 24.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 2.8%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 11.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 23.3%

NC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NC stock intrinsic value calculation we used $105 million for the last fiscal year's total revenue generated by NACCO Industries Cl A. The default revenue input number comes from 2016 income statement of NACCO Industries Cl A. 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 NC stock valuation model: a) initial revenue growth rate of 2% 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 NC is calculated based on our internal credit rating of NACCO Industries Cl A, 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 NACCO Industries Cl A.
    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 NC stock the variable cost ratio is equal to 150.8%.

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 NC 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 5.4% for NACCO Industries Cl A.

Corporate tax rate of 27% is the nominal tax rate for NACCO Industries Cl A. 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 NC 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 NC are equal to 154.8%.

Life of production assets of 10 years is the average useful life of capital assets used in NACCO Industries Cl A 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 NC is equal to 19.6%. 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 - $219 million for NACCO Industries Cl A - 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 7 million for NACCO Industries Cl A 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 NACCO Industries Cl A at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Best Cheap Stocks To Buy   [Jun-08-18 10:02AM  Simply Wall St.]
▶ NACCO Industries Declares Quarterly Dividend   [May-16-18 02:40PM  PR Newswire]
▶ Top Undervalued NasdaqCM Stocks This Month   [May-05-18 10:02AM  Simply Wall St.]
▶ Nacco: 1Q Earnings Snapshot   [May-02-18 06:47PM  Associated Press]
▶ NACCO Industries, Inc. Class A to Host Earnings Call   [Mar-08-18 06:00AM  ACCESSWIRE]
▶ Nacco posts 4Q profit   [Mar-07-18 06:50PM  Associated Press]
▶ NetCents Technology Names Clarity PR Agency of Record   [Mar-06-18 09:00AM  CNW Group]
▶ IIROC Trade Resumption - NC   [Feb-15-18 10:37AM  PR Newswire]
▶ IIROC Trade Resumption - NC   [10:37AM  CNW Group]
▶ IIROC Trading Halt - NC   [10:24AM  PR Newswire]
▶ February Best Undervalued Stocks   [Feb-09-18 09:02AM  Simply Wall St.]
▶ NetCents Technology Adds Litecoin to the NC Exchange   [Feb-01-18 09:00AM  CNW Group]
▶ How to Find Safe FCF Yields: Go Where the Competition Isn't   [Jan-31-18 06:31PM  GuruFocus.com]
▶ How to Find Mispriced Stocks   [Jan-24-18 11:23AM  GuruFocus.com]
▶ NetCents Technology Appoints Chief Financial Officer   [Jan-09-18 09:00AM  CNW Group]
▶ IIROC Trade Resumption - NC   [Dec-27-17 12:07PM  PR Newswire]
▶ IIROC Trading Halt - NC   [12:04PM  PR Newswire]
▶ IIROC Trading Halt - NC   [12:04PM  CNW Group]
▶ ScanSource And Other Top Undervalued Stocks   [Dec-19-17 08:02AM  Simply Wall St.]
▶ IIROC Trade Resumption - NC   [Dec-13-17 03:10PM  CNW Group]
▶ IIROC Trading Halt - NC   [03:04PM  PR Newswire]
▶ The NetCents Technology NC Exchange is Now Live   [Dec-06-17 09:00AM  CNW Group]
▶ NetCents Technology Announces Exchange Launch   [Nov-30-17 09:00AM  CNW Group]
▶ NetCents Technology Inc. Company Appointments   [Nov-16-17 09:00AM  CNW Group]
▶ NACCO Industries Declares Quarterly Dividend   [Nov-07-17 05:36PM  PR Newswire]
▶ NACCO Industries, Inc. Class A to Host Earnings Call   [Nov-02-17 06:40AM  ACCESSWIRE]
▶ Nacco posts 3Q profit   [05:49AM  Associated Press]
▶ NETCENTS Issues a Clarification   [03:24PM  CNW Group]
▶ NetCents Confirms Resignation of Director   [Oct-31-17 05:37PM  CNW Group]
▶ Currency Sales Exceed Original Projections   [Oct-25-17 08:00AM  CNW Group]
▶ NetCents Releases White Paper for Currency   [Oct-10-17 06:20PM  CNW Group]
▶ NACCO Industries, Inc. Announces Completion Of Spin-off   [Oct-02-17 12:58PM  PR Newswire]
▶ NETCENTS Commences Pre-Launch of Currency   [Sep-19-17 09:22AM  CNW Group]
▶ When Should You Buy NACCO Industries Inc (NC)?   [Sep-13-17 03:13PM  Simply Wall St.]
▶ NetCents Continues to Increase Processing Volumes   [Sep-08-17 01:37PM  CNW Group]
▶ 3 Stocks Well in the Green   [Aug-21-17 03:34PM  GuruFocus.com]
▶ NetCents Signs More Merchants   [Aug-17-17 11:30AM  CNW Group]
▶ Nacco posts 2Q profit   [12:51AM  Associated Press]
▶ NETCENTS Announces Contract with LottoGopher   [Jul-31-17 08:30AM  CNW Group]
▶ NetCents Launches eCommerce Plugin for Prestashop   [Jul-26-17 09:00AM  CNW Group]
▶ NetCents Announces Extension of Warrants   [Jul-05-17 03:45PM  CNW Group]
▶ NetCents Announces Financing   [Jun-07-17 06:00PM  CNW Group]
Financial statements of NC
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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