Intrinsic value of Nucor - NUE

Previous Close

$56.15

  Intrinsic Value

$9.85

stock screener

  Rating & Target

str. sell

-82%

Previous close

$56.15

 
Intrinsic value

$9.85

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of NUE 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 17.9

 

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, %
  -1.41
  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
  16,208
  16,532
  16,912
  17,347
  17,835
  18,376
  18,969
  19,615
  20,314
  21,068
  21,876
  22,741
  23,664
  24,647
  25,691
  26,799
  27,974
  29,217
  30,532
  31,921
  33,388
  34,935
  36,567
  38,288
  40,100
  42,009
  44,019
  46,135
  48,361
  50,703
  53,167
Variable operating expenses, $m
 
  16,115
  16,481
  16,899
  17,369
  17,889
  18,460
  19,081
  19,754
  20,479
  21,258
  21,885
  22,773
  23,718
  24,724
  25,790
  26,920
  28,117
  29,382
  30,719
  32,130
  33,619
  35,190
  36,845
  38,590
  40,427
  42,361
  44,397
  46,540
  48,793
  51,164
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
  14,766
  16,115
  16,481
  16,899
  17,369
  17,889
  18,460
  19,081
  19,754
  20,479
  21,258
  21,885
  22,773
  23,718
  24,724
  25,790
  26,920
  28,117
  29,382
  30,719
  32,130
  33,619
  35,190
  36,845
  38,590
  40,427
  42,361
  44,397
  46,540
  48,793
  51,164
Operating income, $m
  1,442
  417
  432
  448
  466
  487
  509
  534
  560
  588
  619
  857
  891
  928
  968
  1,009
  1,054
  1,101
  1,150
  1,202
  1,258
  1,316
  1,377
  1,442
  1,510
  1,582
  1,658
  1,738
  1,822
  1,910
  2,003
EBITDA, $m
  2,129
  1,126
  1,152
  1,182
  1,215
  1,252
  1,293
  1,337
  1,384
  1,436
  1,491
  1,550
  1,612
  1,679
  1,751
  1,826
  1,906
  1,991
  2,080
  2,175
  2,275
  2,380
  2,492
  2,609
  2,732
  2,862
  2,999
  3,144
  3,295
  3,455
  3,623
Interest expense (income), $m
  183
  157
  163
  169
  177
  185
  195
  205
  216
  228
  242
  256
  271
  287
  304
  322
  341
  362
  384
  406
  431
  456
  483
  512
  542
  573
  606
  641
  678
  717
  758
Earnings before tax, $m
  1,299
  260
  269
  279
  290
  302
  315
  329
  344
  360
  377
  601
  621
  642
  664
  687
  712
  739
  766
  796
  827
  860
  894
  931
  969
  1,009
  1,052
  1,096
  1,143
  1,193
  1,245
Tax expense, $m
  399
  70
  73
  75
  78
  81
  85
  89
  93
  97
  102
  162
  168
  173
  179
  186
  192
  199
  207
  215
  223
  232
  241
  251
  262
  272
  284
  296
  309
  322
  336
Net income, $m
  796
  190
  196
  204
  212
  220
  230
  240
  251
  263
  275
  439
  453
  468
  485
  502
  520
  539
  560
  581
  604
  628
  653
  679
  707
  737
  768
  800
  835
  871
  909

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,196
  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
  15,224
  13,290
  13,595
  13,945
  14,337
  14,771
  15,248
  15,768
  16,330
  16,935
  17,585
  18,281
  19,023
  19,813
  20,652
  21,543
  22,487
  23,486
  24,543
  25,660
  26,839
  28,083
  29,395
  30,778
  32,235
  33,769
  35,385
  37,086
  38,876
  40,758
  42,739
Adjusted assets (=assets-cash), $m
  13,028
  13,290
  13,595
  13,945
  14,337
  14,771
  15,248
  15,768
  16,330
  16,935
  17,585
  18,281
  19,023
  19,813
  20,652
  21,543
  22,487
  23,486
  24,543
  25,660
  26,839
  28,083
  29,395
  30,778
  32,235
  33,769
  35,385
  37,086
  38,876
  40,758
  42,739
Revenue / Adjusted assets
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
  1.244
Average production assets, $m
  5,236
  5,340
  5,463
  5,603
  5,761
  5,935
  6,127
  6,336
  6,562
  6,805
  7,066
  7,345
  7,644
  7,961
  8,298
  8,656
  9,036
  9,437
  9,862
  10,310
  10,784
  11,284
  11,811
  12,367
  12,952
  13,569
  14,218
  14,902
  15,621
  16,377
  17,173
Working capital, $m
  4,116
  2,596
  2,655
  2,723
  2,800
  2,885
  2,978
  3,080
  3,189
  3,308
  3,435
  3,570
  3,715
  3,870
  4,034
  4,208
  4,392
  4,587
  4,793
  5,012
  5,242
  5,485
  5,741
  6,011
  6,296
  6,595
  6,911
  7,243
  7,593
  7,960
  8,347
Total debt, $m
  4,357
  3,870
  4,028
  4,208
  4,411
  4,635
  4,881
  5,149
  5,439
  5,752
  6,087
  6,446
  6,829
  7,236
  7,670
  8,129
  8,616
  9,132
  9,677
  10,254
  10,862
  11,504
  12,181
  12,894
  13,646
  14,438
  15,272
  16,149
  17,073
  18,044
  19,066
Total liabilities, $m
  7,344
  6,857
  7,015
  7,195
  7,398
  7,622
  7,868
  8,136
  8,426
  8,739
  9,074
  9,433
  9,816
  10,223
  10,657
  11,116
  11,603
  12,119
  12,664
  13,241
  13,849
  14,491
  15,168
  15,881
  16,633
  17,425
  18,259
  19,136
  20,060
  21,031
  22,053
Total equity, $m
  7,880
  6,432
  6,580
  6,749
  6,939
  7,149
  7,380
  7,632
  7,904
  8,197
  8,511
  8,848
  9,207
  9,589
  9,996
  10,427
  10,884
  11,367
  11,879
  12,419
  12,990
  13,592
  14,227
  14,896
  15,602
  16,344
  17,126
  17,950
  18,816
  19,727
  20,685
Total liabilities and equity, $m
  15,224
  13,289
  13,595
  13,944
  14,337
  14,771
  15,248
  15,768
  16,330
  16,936
  17,585
  18,281
  19,023
  19,812
  20,653
  21,543
  22,487
  23,486
  24,543
  25,660
  26,839
  28,083
  29,395
  30,777
  32,235
  33,769
  35,385
  37,086
  38,876
  40,758
  42,738
Debt-to-equity ratio
  0.553
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
Adjusted equity ratio
  0.438
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  796
  190
  196
  204
  212
  220
  230
  240
  251
  263
  275
  439
  453
  468
  485
  502
  520
  539
  560
  581
  604
  628
  653
  679
  707
  737
  768
  800
  835
  871
  909
Depreciation, amort., depletion, $m
  687
  709
  721
  734
  749
  765
  783
  803
  824
  847
  872
  693
  721
  751
  783
  817
  852
  890
  930
  973
  1,017
  1,065
  1,114
  1,167
  1,222
  1,280
  1,341
  1,406
  1,474
  1,545
  1,620
Funds from operations, $m
  1,758
  899
  917
  938
  960
  985
  1,013
  1,043
  1,075
  1,110
  1,147
  1,132
  1,174
  1,219
  1,267
  1,318
  1,372
  1,429
  1,490
  1,554
  1,621
  1,692
  1,767
  1,846
  1,929
  2,017
  2,109
  2,206
  2,308
  2,416
  2,529
Change in working capital, $m
  20
  51
  60
  68
  77
  85
  93
  101
  110
  118
  127
  136
  145
  154
  164
  174
  184
  195
  206
  218
  230
  243
  256
  270
  285
  300
  316
  332
  350
  368
  387
Cash from operations, $m
  1,738
  848
  857
  869
  884
  901
  920
  941
  965
  992
  1,020
  996
  1,029
  1,065
  1,103
  1,144
  1,188
  1,234
  1,283
  1,336
  1,391
  1,449
  1,511
  1,576
  1,645
  1,717
  1,793
  1,874
  1,959
  2,048
  2,142
Maintenance CAPEX, $m
  0
  -494
  -504
  -515
  -529
  -543
  -560
  -578
  -598
  -619
  -642
  -667
  -693
  -721
  -751
  -783
  -817
  -852
  -890
  -930
  -973
  -1,017
  -1,065
  -1,114
  -1,167
  -1,222
  -1,280
  -1,341
  -1,406
  -1,474
  -1,545
New CAPEX, $m
  -605
  -104
  -123
  -140
  -158
  -175
  -192
  -209
  -226
  -243
  -261
  -279
  -298
  -317
  -337
  -358
  -379
  -402
  -425
  -449
  -474
  -500
  -527
  -556
  -585
  -617
  -649
  -683
  -719
  -757
  -796
Cash from investing activities, $m
  -1,025
  -598
  -627
  -655
  -687
  -718
  -752
  -787
  -824
  -862
  -903
  -946
  -991
  -1,038
  -1,088
  -1,141
  -1,196
  -1,254
  -1,315
  -1,379
  -1,447
  -1,517
  -1,592
  -1,670
  -1,752
  -1,839
  -1,929
  -2,024
  -2,125
  -2,231
  -2,341
Free cash flow, $m
  713
  250
  231
  214
  197
  182
  168
  155
  142
  129
  117
  50
  38
  27
  15
  4
  -8
  -20
  -31
  -43
  -56
  -68
  -81
  -94
  -108
  -121
  -136
  -151
  -166
  -182
  -199
Issuance/(repayment) of debt, $m
  -33
  131
  158
  180
  202
  224
  246
  268
  290
  312
  335
  359
  383
  408
  433
  460
  487
  516
  545
  576
  608
  642
  677
  714
  752
  792
  834
  878
  923
  971
  1,022
Issuance/(repurchase) of shares, $m
  11
  0
  0
  0
  0
  0
  1
  12
  21
  30
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  6
  14
  23
  32
  41
  50
Cash from financing (excl. dividends), $m  
  -133
  131
  158
  180
  202
  224
  247
  280
  311
  342
  374
  359
  383
  408
  433
  460
  487
  516
  545
  576
  608
  642
  677
  714
  752
  798
  848
  901
  955
  1,012
  1,072
Total cash flow (excl. dividends), $m
  587
  381
  389
  394
  400
  407
  416
  434
  453
  472
  492
  409
  421
  434
  448
  463
  479
  496
  514
  533
  553
  574
  596
  620
  644
  676
  712
  750
  789
  830
  873
Retained Cash Flow (-), $m
  -402
  -130
  -148
  -169
  -190
  -210
  -231
  -251
  -272
  -293
  -315
  -337
  -359
  -382
  -406
  -431
  -457
  -484
  -511
  -540
  -571
  -602
  -635
  -669
  -705
  -743
  -782
  -823
  -866
  -911
  -958
Prev. year cash balance distribution, $m
 
  1,578
  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
 
  1,829
  241
  225
  210
  196
  185
  183
  181
  179
  177
  72
  62
  52
  42
  32
  22
  12
  2
  -8
  -18
  -28
  -39
  -50
  -61
  -66
  -70
  -73
  -77
  -81
  -86
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
 
  1,754
  220
  196
  173
  152
  134
  124
  113
  103
  93
  34
  26
  20
  14
  9
  6
  3
  0
  -1
  -2
  -3
  -3
  -3
  -3
  -3
  -2
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.8
  99.6
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.3
  99.2
  99.1
  99.0

Nucor Corporation (Nucor) manufactures steel and steel products. The Company produces direct reduced iron (DRI) for use in its steel mills. It operates in three segments: steel mills, steel products and raw materials. The steel mills segment produces and distributes sheet steel (hot-rolled, cold-rolled and galvanized), plate steel, structural steel (wide-flange beams, beam blanks, H-piling and sheet piling) and bar steel (blooms, billets, concrete reinforcing bar, merchant bar, wire rod and special bar quality). The steel products segment produces steel joists and joist girders, steel deck, fabricated concrete reinforcing steel and cold finished steel. The raw materials produces DRI; brokers ferrous and nonferrous metals, pig iron, HBI and DRI; supplies ferro-alloys, and processes ferrous and nonferrous scrap metal. It also processes ferrous and nonferrous metals and brokers ferrous and nonferrous metals, pig iron, hot briquetted iron (HBI) and DRI.

FINANCIAL RATIOS  of  Nucor (NUE)

Valuation Ratios
P/E Ratio 22.5
Price to Sales 1.1
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 15.8
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.8%
Cap. Spend. - 3 Yr. Gr. Rate -12.8%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 47.4%
Total Debt to Equity 55.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.3%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 12.6%
Gross Margin - 3 Yr. Avg. 9.4%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 30.7%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 60.4%

NUE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NUE stock intrinsic value calculation we used $16208 million for the last fiscal year's total revenue generated by Nucor. The default revenue input number comes from 2016 income statement of Nucor. 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 NUE 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 NUE is calculated based on our internal credit rating of Nucor, 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 Nucor.
    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 NUE stock the variable cost ratio is equal to 97.5%.

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 NUE 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 4.2% for Nucor.

Corporate tax rate of 27% is the nominal tax rate for Nucor. 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 NUE 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 NUE are equal to 32.3%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Nucor 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 NUE is equal to 15.7%. 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 - $7880 million for Nucor - 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 319.5 million for Nucor 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 Nucor at the current share price and the inputted number of shares is $17.9 billion.

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COMPANY NEWS

▶ What Can Investors Expect in 4Q17?   [Nov-23-17 10:32AM  Market Realist]
▶ Nucor plans new $250M steel plant in Missouri   [05:55PM  American City Business Journals]
▶ Nucor plans mill in Missouri, looks to Southeast for a new project   [04:05PM  American City Business Journals]
▶ Nucor plans $180M expansion at Illinois plant   [Nov-20-17 01:20PM  American City Business Journals]
▶ How Much Cash Did U.S. Steel Generate in 3Q17   [Nov-17-17 10:31AM  Market Realist]
▶ Why ArcelorMittals 3Q17 Shipments Profile Looks Encouraging   [Nov-15-17 04:34PM  Market Realist]
▶ Is United States Steel Corporation a Buy?   [08:02AM  Motley Fool]
▶ Nucor Corp. Value Analysis (NYSE:NUE) : November 14, 2017   [Nov-14-17 03:33PM  Capital Cube]
▶ Steel Giant Nucor is Built to Lead   [Nov-13-17 11:36AM  Motley Fool]
▶ How Analysts View Nucor after Its 3Q17 Earnings Beat   [Nov-09-17 12:13PM  Market Realist]
▶ Why U.S. Steel Is Counting on the Trump Administration   [Nov-06-17 10:31AM  Market Realist]
▶ Top 3 Steel Stocks of 2017   [Nov-04-17 09:28AM  Investopedia]
▶ "Fast Money" final trades: QCOM, MAT and more   [Nov-01-17 05:59PM  CNBC Videos]
▶ Nucor Could Rally 19% From Here   [12:11PM  TheStreet.com]
▶ US Steel Mills Are Pushing for Price Hikes   [09:03AM  Market Realist]
▶ It's The Perfect Storm for a Rally in Steel Stocks   [Oct-28-17 12:00PM  TheStreet.com]
▶ Key Things to Watch for in AK Steels 3Q17 Call   [Oct-27-17 10:43AM  Market Realist]
▶ Behind AK Steels 3Q17 Earnings Expectations   [Oct-26-17 04:41PM  Market Realist]
▶ US Steel Producers Push for a Price Hike   [Oct-23-17 01:06PM  Market Realist]
▶ Nucors 3Q17 Earnings: Some Key Takeaways   [09:09AM  Market Realist]
▶ Nucor Q3 earnings top expectations at $268.5M   [Oct-19-17 01:45PM  American City Business Journals]
▶ Nucor tops 3Q profit forecasts   [09:15AM  Associated Press]
▶ How Markets See Nucor ahead of Its 3Q17 Results   [Oct-17-17 05:35PM  Market Realist]
▶ [$$] Rising concern over weak prices knocks steelmakers   [Oct-16-17 04:26PM  Financial Times]
▶ Why Last Week Was Big for US Steel   [02:33PM  Market Realist]
▶ The Correction in Nucor Has Run Its Course   [08:17AM  TheStreet.com]
▶ Nucor: S&P 500s Top Gainer on October 11   [08:38AM  Market Realist]
▶ The Hot Stock: Nucor Gains 3.6%   [Oct-11-17 04:39PM  Barrons.com]
▶ Could US Steel Stocks Regain Momentum in October?   [Oct-09-17 04:53PM  Market Realist]
▶ What US Steel Investors Can Expect in 4Q17   [07:38AM  Market Realist]
▶ Lower Scrap Prices Might Please Nucor and Steel Dynamics   [Oct-05-17 01:07PM  Market Realist]
▶ Is Nucor Losing Its Charm?   [Oct-03-17 12:36PM  Market Realist]
▶ A Look at Analysts Top 5 US Steel Producers   [09:08AM  Market Realist]
▶ ETFs with exposure to Nucor Corp. : September 28, 2017   [Sep-28-17 10:17AM  Capital Cube]
Financial statements of NUE
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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