Intrinsic value of NCI Building Systems - NCS

Previous Close

$16.90

  Intrinsic Value

$28.58

stock screener

  Rating & Target

str. buy

+69%

  Value-price divergence*

-7%

Previous close

$16.90

 
Intrinsic value

$28.58

 
Up/down potential

+69%

 
Rating

str. buy

 
Value-price divergence*

-7%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of NCS 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, %
  7.74
  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
  1,685
  1,784
  1,888
  1,996
  2,109
  2,227
  2,350
  2,479
  2,614
  2,754
  2,902
  3,056
  3,217
  3,386
  3,564
  3,749
  3,943
  4,147
  4,361
  4,585
  4,820
  5,066
  5,324
  5,595
  5,879
  6,177
  6,490
  6,818
  7,163
  7,525
  7,904
Variable operating expenses, $m
 
  988
  1,044
  1,103
  1,165
  1,229
  1,296
  1,366
  1,439
  1,516
  1,596
  1,665
  1,753
  1,845
  1,942
  2,043
  2,149
  2,260
  2,376
  2,498
  2,626
  2,760
  2,901
  3,048
  3,203
  3,366
  3,536
  3,715
  3,903
  4,100
  4,307
Fixed operating expenses, $m
 
  673
  690
  708
  725
  743
  762
  781
  800
  821
  841
  862
  884
  906
  928
  952
  975
  1,000
  1,025
  1,050
  1,077
  1,103
  1,131
  1,159
  1,188
  1,218
  1,248
  1,280
  1,312
  1,344
  1,378
Total operating expenses, $m
  1,574
  1,661
  1,734
  1,811
  1,890
  1,972
  2,058
  2,147
  2,239
  2,337
  2,437
  2,527
  2,637
  2,751
  2,870
  2,995
  3,124
  3,260
  3,401
  3,548
  3,703
  3,863
  4,032
  4,207
  4,391
  4,584
  4,784
  4,995
  5,215
  5,444
  5,685
Operating income, $m
  111
  123
  154
  186
  219
  255
  292
  332
  374
  418
  464
  529
  581
  636
  694
  755
  819
  888
  960
  1,036
  1,117
  1,202
  1,292
  1,387
  1,488
  1,594
  1,705
  1,824
  1,948
  2,080
  2,219
EBITDA, $m
  153
  167
  199
  233
  268
  306
  345
  387
  431
  477
  526
  578
  632
  690
  750
  815
  882
  954
  1,030
  1,110
  1,194
  1,283
  1,377
  1,476
  1,581
  1,692
  1,809
  1,932
  2,063
  2,200
  2,345
Interest expense (income), $m
  28
  27
  30
  33
  36
  40
  43
  47
  51
  55
  59
  64
  68
  73
  79
  84
  90
  96
  102
  108
  115
  122
  130
  138
  146
  155
  164
  173
  183
  194
  205
Earnings before tax, $m
  79
  97
  124
  153
  183
  215
  249
  285
  323
  363
  405
  465
  512
  562
  615
  671
  730
  792
  858
  928
  1,002
  1,080
  1,162
  1,249
  1,341
  1,439
  1,542
  1,650
  1,765
  1,886
  2,014
Tax expense, $m
  28
  26
  34
  41
  49
  58
  67
  77
  87
  98
  109
  126
  138
  152
  166
  181
  197
  214
  232
  251
  270
  292
  314
  337
  362
  388
  416
  446
  477
  509
  544
Net income, $m
  51
  71
  91
  112
  134
  157
  182
  208
  236
  265
  296
  340
  374
  410
  449
  490
  533
  578
  627
  677
  731
  788
  848
  912
  979
  1,050
  1,125
  1,205
  1,288
  1,377
  1,470

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  71
  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
  1,050
  1,037
  1,097
  1,160
  1,226
  1,294
  1,366
  1,440
  1,519
  1,600
  1,686
  1,776
  1,869
  1,968
  2,071
  2,178
  2,291
  2,410
  2,534
  2,664
  2,800
  2,943
  3,094
  3,251
  3,416
  3,589
  3,771
  3,962
  4,162
  4,372
  4,593
Adjusted assets (=assets-cash), $m
  979
  1,037
  1,097
  1,160
  1,226
  1,294
  1,366
  1,440
  1,519
  1,600
  1,686
  1,776
  1,869
  1,968
  2,071
  2,178
  2,291
  2,410
  2,534
  2,664
  2,800
  2,943
  3,094
  3,251
  3,416
  3,589
  3,771
  3,962
  4,162
  4,372
  4,593
Revenue / Adjusted assets
  1.721
  1.720
  1.721
  1.721
  1.720
  1.721
  1.720
  1.722
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
  1.721
Average production assets, $m
  281
  296
  313
  331
  350
  370
  390
  412
  434
  457
  482
  507
  534
  562
  592
  622
  655
  688
  724
  761
  800
  841
  884
  929
  976
  1,025
  1,077
  1,132
  1,189
  1,249
  1,312
Working capital, $m
  178
  114
  121
  128
  135
  143
  150
  159
  167
  176
  186
  196
  206
  217
  228
  240
  252
  265
  279
  293
  308
  324
  341
  358
  376
  395
  415
  436
  458
  482
  506
Total debt, $m
  397
  442
  489
  539
  590
  644
  700
  759
  820
  884
  952
  1,022
  1,096
  1,173
  1,253
  1,338
  1,427
  1,520
  1,617
  1,719
  1,826
  1,939
  2,056
  2,180
  2,310
  2,446
  2,588
  2,738
  2,895
  3,060
  3,233
Total liabilities, $m
  769
  814
  861
  911
  962
  1,016
  1,072
  1,131
  1,192
  1,256
  1,324
  1,394
  1,468
  1,545
  1,625
  1,710
  1,799
  1,892
  1,989
  2,091
  2,198
  2,311
  2,428
  2,552
  2,682
  2,818
  2,960
  3,110
  3,267
  3,432
  3,605
Total equity, $m
  281
  223
  236
  249
  263
  278
  294
  310
  327
  344
  363
  382
  402
  423
  445
  468
  493
  518
  545
  573
  602
  633
  665
  699
  734
  772
  811
  852
  895
  940
  987
Total liabilities and equity, $m
  1,050
  1,037
  1,097
  1,160
  1,225
  1,294
  1,366
  1,441
  1,519
  1,600
  1,687
  1,776
  1,870
  1,968
  2,070
  2,178
  2,292
  2,410
  2,534
  2,664
  2,800
  2,944
  3,093
  3,251
  3,416
  3,590
  3,771
  3,962
  4,162
  4,372
  4,592
Debt-to-equity ratio
  1.413
  1.980
  2.070
  2.160
  2.240
  2.310
  2.380
  2.450
  2.510
  2.570
  2.620
  2.680
  2.730
  2.770
  2.820
  2.860
  2.900
  2.930
  2.970
  3.000
  3.030
  3.060
  3.090
  3.120
  3.140
  3.170
  3.190
  3.210
  3.240
  3.260
  3.270
Adjusted equity ratio
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215
  0.215

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  71
  91
  112
  134
  157
  182
  208
  236
  265
  296
  340
  374
  410
  449
  490
  533
  578
  627
  677
  731
  788
  848
  912
  979
  1,050
  1,125
  1,205
  1,288
  1,377
  1,470
Depreciation, amort., depletion, $m
  42
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  49
  51
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
  126
Funds from operations, $m
  32
  114
  136
  159
  183
  208
  235
  263
  293
  324
  357
  388
  425
  464
  506
  550
  596
  645
  696
  751
  808
  869
  933
  1,001
  1,073
  1,149
  1,229
  1,314
  1,403
  1,497
  1,597
Change in working capital, $m
  -37
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  69
  108
  129
  152
  176
  201
  227
  255
  284
  315
  348
  378
  415
  454
  495
  538
  583
  632
  682
  736
  793
  853
  917
  984
  1,055
  1,130
  1,209
  1,292
  1,381
  1,474
  1,572
Maintenance CAPEX, $m
  0
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -114
  -120
New CAPEX, $m
  -21
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
Cash from investing activities, $m
  -10
  -43
  -45
  -48
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -76
  -79
  -83
  -88
  -92
  -97
  -101
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -151
  -158
  -166
  -174
  -183
Free cash flow, $m
  59
  65
  84
  104
  125
  147
  171
  196
  222
  250
  280
  307
  339
  374
  411
  450
  491
  535
  581
  630
  681
  736
  793
  854
  918
  986
  1,058
  1,134
  1,215
  1,300
  1,389
Issuance/(repayment) of debt, $m
  -41
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  157
  165
  173
Issuance/(repurchase) of shares, $m
  -51
  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 from financing (excl. dividends), $m  
  -93
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  157
  165
  173
Total cash flow (excl. dividends), $m
  -34
  110
  131
  153
  177
  201
  227
  255
  284
  314
  347
  377
  413
  451
  492
  535
  580
  628
  678
  732
  788
  848
  911
  978
  1,048
  1,122
  1,201
  1,284
  1,372
  1,464
  1,562
Retained Cash Flow (-), $m
  -9
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Prev. year cash balance distribution, $m
 
  71
  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
 
  168
  118
  140
  162
  186
  212
  239
  267
  297
  328
  358
  393
  430
  470
  511
  556
  602
  652
  704
  759
  817
  879
  944
  1,013
  1,085
  1,162
  1,243
  1,329
  1,419
  1,515
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  158
  103
  112
  119
  125
  128
  128
  127
  124
  119
  111
  103
  94
  85
  75
  65
  55
  46
  38
  30
  24
  18
  14
  10
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  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
  100.0

NCI Building Systems, Inc., together with its subsidiaries, designs, engineers, manufactures, and markets metal products for the nonresidential construction industry in North America. It operates through three segments: Engineered Building Systems, Metal Components, and Metal Coil Coating. The Engineered Building Systems segment offers engineered structural members and panels; and self-storage building systems under the Metallic, Mid-West Steel, A & S, All American, Mesco, Star, Ceco, Robertson, Garco, Heritage, and SteelBuilding.com brands to builders, general contractors, developers, and end users directly, as well as through private label companies. The Metal Components segment offers metal roof and wall systems, metal partitions, metal trims, doors, insulated panels, and other related accessories for use in new construction, and in repair and retrofit applications; manufactures roll-up doors; and sells interior and exterior walk doors under the MBCI, American Building Components, Eco-ficient, Metl-Span, CENTRIA, Metal Depots, and Doors and Buildings Components brands to manufacturers, contractors, subcontractors, distributors, lumberyards, cooperative buying groups, and other customers. The Metal Coil Coating segment engages in cleaning, treating, and painting various flat-rolled metals in coil form, as well as in slitting and/or embossing the metal, before the metal is fabricated for use by various industrial users. It also cleans, treats, and coats heavy gauge and light gauge metal coils for third parties for use in various applications, including construction products, heating and air conditioning systems, water heaters, lighting fixtures, ceiling grids, office furniture, appliances, and other products; and provides toll coating and painted metal package services under the Metal Coaters and Metal Prep brands. This segment principally serves original equipment manufacturers. NCI Building Systems, Inc. was founded in 1984 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  NCI Building Systems (NCS)

Valuation Ratios
P/E Ratio 23.5
Price to Sales 0.7
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate 7.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 141.3%
Total Debt to Equity 141.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.2%
Return On Equity 18.4%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 25.3%
Gross Margin - 3 Yr. Avg. 23.5%
EBITDA Margin 8.8%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 35.4%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

NCS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCS stock intrinsic value calculation we used $1685 million for the last fiscal year's total revenue generated by NCI Building Systems. The default revenue input number comes from 2016 income statement of NCI Building Systems. 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 NCS 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 6.9%, whose default value for NCS is calculated based on our internal credit rating of NCI Building Systems, 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 NCI Building Systems.
    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 NCS stock the variable cost ratio is equal to 55.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $657 million in the base year in the intrinsic value calculation for NCS 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 6.7% for NCI Building Systems.

Corporate tax rate of 27% is the nominal tax rate for NCI Building Systems. 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 NCS 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 NCS are equal to 16.6%.

Life of production assets of 10.4 years is the average useful life of capital assets used in NCI Building Systems 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 NCS is equal to 6.4%. 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 - $281 million for NCI Building Systems - 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 71.125 million for NCI Building Systems 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 NCI Building Systems at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ NCI Building posts 2Q profit   [04:37PM  Associated Press]
▶ 5 Stocks Set to Pop on New Analyst Coverage   [Apr-28-17 09:09AM  Zacks]
▶ NCI Building posts 1Q profit   [04:29PM  Associated Press]
▶ Do Hedge Funds Love MacroGenics Inc (MGNX)?   [12:28PM  at Insider Monkey]
▶ What Smart Money Thinks about NCI Building Systems, Inc. (NCS)?   [Dec-07-16 05:40PM  at Insider Monkey]
Stock chart of NCS Financial statements of NCS
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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