Intrinsic value of Orbital ATK - OA

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$98.71

  Intrinsic Value

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  Value-price divergence*

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$98.71

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

We calculate the intrinsic value of OA 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 5.7

 

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, %
  31.38
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  4,455
  3,640
  3,891
  4,152
  4,423
  4,705
  4,999
  5,304
  5,623
  5,955
  6,301
  6,662
  7,039
  7,433
  7,844
  8,274
  8,724
  9,194
  9,686
  10,201
  10,740
  11,304
  11,895
  12,515
  13,164
  13,844
  14,557
  15,304
  16,088
  16,911
  17,773
Variable operating expenses, $m
 
  1,734
  1,841
  1,952
  2,068
  2,188
  2,313
  2,443
  2,579
  2,721
  2,868
  2,839
  2,999
  3,167
  3,343
  3,526
  3,717
  3,918
  4,127
  4,347
  4,576
  4,817
  5,069
  5,332
  5,609
  5,899
  6,203
  6,521
  6,855
  7,206
  7,573
Fixed operating expenses, $m
 
  1,518
  1,556
  1,595
  1,635
  1,676
  1,718
  1,760
  1,804
  1,850
  1,896
  1,943
  1,992
  2,042
  2,093
  2,145
  2,199
  2,254
  2,310
  2,368
  2,427
  2,487
  2,550
  2,613
  2,679
  2,746
  2,814
  2,885
  2,957
  3,031
  3,106
Total operating expenses, $m
  3,983
  3,252
  3,397
  3,547
  3,703
  3,864
  4,031
  4,203
  4,383
  4,571
  4,764
  4,782
  4,991
  5,209
  5,436
  5,671
  5,916
  6,172
  6,437
  6,715
  7,003
  7,304
  7,619
  7,945
  8,288
  8,645
  9,017
  9,406
  9,812
  10,237
  10,679
Operating income, $m
  472
  388
  494
  605
  720
  841
  968
  1,101
  1,239
  1,385
  1,537
  1,880
  2,048
  2,224
  2,409
  2,604
  2,808
  3,023
  3,249
  3,487
  3,737
  4,000
  4,277
  4,569
  4,876
  5,199
  5,540
  5,899
  6,276
  6,674
  7,093
EBITDA, $m
  631
  577
  683
  794
  910
  1,032
  1,159
  1,292
  1,431
  1,577
  1,730
  1,891
  2,059
  2,236
  2,421
  2,616
  2,821
  3,037
  3,264
  3,502
  3,753
  4,017
  4,295
  4,588
  4,896
  5,221
  5,562
  5,922
  6,301
  6,700
  7,121
Interest expense (income), $m
  62
  50
  59
  67
  76
  86
  95
  106
  116
  127
  139
  151
  163
  176
  190
  204
  219
  235
  251
  268
  286
  304
  324
  344
  366
  388
  412
  437
  462
  490
  518
Earnings before tax, $m
  404
  338
  435
  537
  644
  756
  873
  995
  1,123
  1,257
  1,398
  1,730
  1,885
  2,048
  2,219
  2,400
  2,589
  2,788
  2,998
  3,219
  3,451
  3,695
  3,953
  4,224
  4,510
  4,811
  5,128
  5,462
  5,814
  6,185
  6,575
Tax expense, $m
  111
  91
  118
  145
  174
  204
  236
  269
  303
  340
  378
  467
  509
  553
  599
  648
  699
  753
  809
  869
  932
  998
  1,067
  1,141
  1,218
  1,299
  1,385
  1,475
  1,570
  1,670
  1,775
Net income, $m
  293
  247
  318
  392
  470
  552
  637
  726
  820
  918
  1,021
  1,263
  1,376
  1,495
  1,620
  1,752
  1,890
  2,035
  2,188
  2,350
  2,519
  2,698
  2,886
  3,084
  3,292
  3,512
  3,743
  3,987
  4,244
  4,515
  4,800

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  5,418
  5,609
  5,996
  6,397
  6,815
  7,250
  7,702
  8,173
  8,664
  9,176
  9,709
  10,266
  10,846
  11,453
  12,087
  12,749
  13,442
  14,166
  14,924
  15,718
  16,548
  17,418
  18,329
  19,283
  20,283
  21,331
  22,430
  23,582
  24,790
  26,056
  27,385
Adjusted assets (=assets-cash), $m
  5,218
  5,609
  5,996
  6,397
  6,815
  7,250
  7,702
  8,173
  8,664
  9,176
  9,709
  10,266
  10,846
  11,453
  12,087
  12,749
  13,442
  14,166
  14,924
  15,718
  16,548
  17,418
  18,329
  19,283
  20,283
  21,331
  22,430
  23,582
  24,790
  26,056
  27,385
Revenue / Adjusted assets
  0.854
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
Average production assets, $m
  912
  87
  93
  100
  106
  113
  120
  127
  135
  143
  151
  160
  169
  178
  188
  199
  209
  221
  232
  245
  258
  271
  285
  300
  316
  332
  349
  367
  386
  406
  427
Working capital, $m
  893
  1,296
  1,385
  1,478
  1,575
  1,675
  1,780
  1,888
  2,002
  2,120
  2,243
  2,372
  2,506
  2,646
  2,793
  2,946
  3,106
  3,273
  3,448
  3,631
  3,823
  4,024
  4,235
  4,455
  4,686
  4,928
  5,182
  5,448
  5,727
  6,020
  6,327
Total debt, $m
  1,438
  1,675
  1,923
  2,181
  2,449
  2,728
  3,019
  3,321
  3,636
  3,965
  4,307
  4,664
  5,037
  5,427
  5,834
  6,259
  6,704
  7,169
  7,655
  8,165
  8,698
  9,256
  9,841
  10,454
  11,096
  11,769
  12,474
  13,213
  13,989
  14,802
  15,655
Total liabilities, $m
  3,612
  3,601
  3,849
  4,107
  4,375
  4,654
  4,945
  5,247
  5,562
  5,891
  6,233
  6,590
  6,963
  7,353
  7,760
  8,185
  8,630
  9,095
  9,581
  10,091
  10,624
  11,182
  11,767
  12,380
  13,022
  13,695
  14,400
  15,139
  15,915
  16,728
  17,581
Total equity, $m
  1,806
  2,008
  2,146
  2,290
  2,440
  2,595
  2,757
  2,926
  3,102
  3,285
  3,476
  3,675
  3,883
  4,100
  4,327
  4,564
  4,812
  5,072
  5,343
  5,627
  5,924
  6,236
  6,562
  6,903
  7,261
  7,637
  8,030
  8,442
  8,875
  9,328
  9,804
Total liabilities and equity, $m
  5,418
  5,609
  5,995
  6,397
  6,815
  7,249
  7,702
  8,173
  8,664
  9,176
  9,709
  10,265
  10,846
  11,453
  12,087
  12,749
  13,442
  14,167
  14,924
  15,718
  16,548
  17,418
  18,329
  19,283
  20,283
  21,332
  22,430
  23,581
  24,790
  26,056
  27,385
Debt-to-equity ratio
  0.796
  0.830
  0.900
  0.950
  1.000
  1.050
  1.090
  1.140
  1.170
  1.210
  1.240
  1.270
  1.300
  1.320
  1.350
  1.370
  1.390
  1.410
  1.430
  1.450
  1.470
  1.480
  1.500
  1.510
  1.530
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
Adjusted equity ratio
  0.308
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  293
  247
  318
  392
  470
  552
  637
  726
  820
  918
  1,021
  1,263
  1,376
  1,495
  1,620
  1,752
  1,890
  2,035
  2,188
  2,350
  2,519
  2,698
  2,886
  3,084
  3,292
  3,512
  3,743
  3,987
  4,244
  4,515
  4,800
Depreciation, amort., depletion, $m
  159
  189
  189
  190
  190
  190
  191
  191
  192
  192
  193
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
Funds from operations, $m
  527
  435
  507
  582
  660
  742
  828
  918
  1,012
  1,110
  1,214
  1,273
  1,387
  1,506
  1,632
  1,764
  1,903
  2,050
  2,203
  2,365
  2,536
  2,715
  2,904
  3,103
  3,313
  3,533
  3,766
  4,011
  4,269
  4,541
  4,827
Change in working capital, $m
  8
  86
  89
  93
  97
  100
  105
  109
  113
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
  293
  307
Cash from operations, $m
  519
  267
  418
  489
  564
  642
  723
  809
  898
  992
  1,091
  1,144
  1,253
  1,366
  1,486
  1,611
  1,743
  1,882
  2,028
  2,182
  2,344
  2,514
  2,694
  2,882
  3,081
  3,291
  3,512
  3,745
  3,990
  4,248
  4,520
Maintenance CAPEX, $m
  0
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
New CAPEX, $m
  -187
  -5
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -183
  -10
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -19
  -19
  -20
  -21
  -22
  -24
  -24
  -26
  -27
  -29
  -31
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
Free cash flow, $m
  336
  257
  406
  477
  551
  628
  709
  794
  883
  976
  1,073
  1,126
  1,233
  1,346
  1,464
  1,589
  1,720
  1,857
  2,002
  2,155
  2,315
  2,484
  2,662
  2,849
  3,047
  3,255
  3,474
  3,704
  3,947
  4,204
  4,474
Issuance/(repayment) of debt, $m
  -40
  239
  248
  258
  268
  279
  290
  302
  315
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  509
  533
  558
  585
  613
  642
  673
  705
  740
  775
  813
  853
Issuance/(repurchase) of shares, $m
  -134
  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  
  -170
  239
  248
  258
  268
  279
  290
  302
  315
  328
  342
  357
  373
  389
  407
  425
  445
  465
  487
  509
  533
  558
  585
  613
  642
  673
  705
  740
  775
  813
  853
Total cash flow (excl. dividends), $m
  166
  496
  654
  735
  819
  907
  999
  1,096
  1,198
  1,304
  1,416
  1,483
  1,606
  1,735
  1,871
  2,014
  2,164
  2,323
  2,489
  2,664
  2,848
  3,042
  3,247
  3,462
  3,689
  3,927
  4,179
  4,444
  4,723
  5,017
  5,327
Retained Cash Flow (-), $m
  -131
  -135
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -284
  -297
  -311
  -326
  -342
  -358
  -375
  -393
  -412
  -432
  -453
  -476
Prev. year cash balance distribution, $m
 
  64
  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
 
  425
  516
  591
  669
  752
  838
  928
  1,022
  1,121
  1,225
  1,284
  1,398
  1,518
  1,644
  1,777
  1,917
  2,063
  2,218
  2,380
  2,551
  2,731
  2,921
  3,120
  3,331
  3,552
  3,786
  4,031
  4,290
  4,563
  4,851
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  398
  451
  479
  499
  511
  516
  513
  502
  485
  462
  418
  387
  354
  318
  282
  245
  209
  176
  145
  117
  92
  71
  54
  40
  29
  20
  14
  9
  6
  4
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

Orbital ATK, Inc. develops and produces aerospace, defense, and aviation-related products to the U.S. Government, allied nations, prime contractors, and other customers in the United States and internationally. It operates through three segments: Flight Systems Group, Defense Systems Group, and Space Systems Group. The Flight Systems Group segment develops rockets that are used as small-and medium-class space launch vehicles to place satellites into Earth orbit and escape trajectories; interceptor and target vehicles for missile defense systems; suborbital launch vehicles that place payloads into various high-altitude trajectories; rocket propulsion systems for human and cargo launch vehicles; strategic missiles; missile defense interceptors and target vehicles; composite structures for military and commercial aircraft and launch structures markets; and illuminating flares and aircraft countermeasures. The Defense Systems Group segment develops and produces military ammunition; small-caliber commercial ammunition; precision weapons and munitions; high-performance gun systems; propellant and energetic materials; propulsion systems for tactical missiles and missile defense applications; strike weapons; aircraft survivability systems; fuzes and warheads; special mission aircraft; airborne missile warning systems; and defense electronics. The Space Systems Group segment offers small-and medium-class satellites that are used to enable global and regional communications and broadcasting; conduct space-related scientific research; and perform other activities related to national security. This segment also provides human-rated space systems for Earth-orbit and deep-space exploration, including re-supplying the international space station; and spacecraft components and subsystems, as well as specialized engineering and operations services. The company is headquartered in Dulles, Virginia.

FINANCIAL RATIOS  of  Orbital ATK (OA)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 10.9
Price to Free Cash Flow 17.1
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 78.1%
Cap. Spend. - 3 Yr. Gr. Rate 12%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 77.4%
Total Debt to Equity 79.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 9.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 16.8%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 22.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 10.6%
Oper. Margin - 3 Yr. Avg. 8.9%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 27.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 23.9%

OA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OA stock intrinsic value calculation we used $3399 million for the last fiscal year's total revenue generated by Orbital ATK. The default revenue input number comes from 2016 income statement of Orbital ATK. 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 OA stock valuation model: a) initial revenue growth rate of 7.1% 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 6.6%, whose default value for OA is calculated based on our internal credit rating of Orbital ATK, 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 Orbital ATK.
    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 OA stock the variable cost ratio is equal to 48%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1481 million in the base year in the intrinsic value calculation for OA 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 Orbital ATK.

Corporate tax rate of 27% is the nominal tax rate for Orbital ATK. 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 OA 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 OA are equal to 2.4%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Orbital ATK 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 OA is equal to 35.6%. 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 - $1937 million for Orbital ATK - 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 57.922 million for Orbital ATK 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 Orbital ATK at the current share price and the inputted number of shares is $5.7 billion.


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COMPANY NEWS

▶ Orbital ATK sees big 'expansion' potential in heavy launch rocket market   [Jun-09-17 02:10PM  American City Business Journals]
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▶ After deadly explosion, Independence ammo plant keeps churning with $76M order   [May-24-17 01:50PM  American City Business Journals]
▶ Orbital ATK Inc Is Right on Target   [May-11-17 12:27PM  Motley Fool]
▶ Orbital ATK misses 1Q profit forecasts   [06:06AM  Associated Press]
▶ The Top Earnings Charts to Finish the Week   [May-10-17 04:38PM  Zacks]
▶ ETFs with exposure to Orbital ATK, Inc. : May 4, 2017   [May-04-17 04:13PM  Capital Cube]
▶ Phoenix wants to create high-tech manufacturing corridor on new freeway   [Apr-26-17 01:10PM  American City Business Journals]
▶ How Amazon CEO Jeff Bezos Is Funding Blue Origin   [Apr-23-17 10:13AM  Motley Fool]
▶ Will Orbital ATK Build a New Space Rocket?   [Mar-18-17 08:13AM  at Motley Fool]
▶ Now That MDA Is Buying DigitalGlobe, Should You Buy MDA?   [Mar-12-17 02:13PM  at Motley Fool]
▶ Orbital ATK Upgraded After Earnings: What You Need to Know   [Mar-09-17 11:35AM  at Motley Fool]
▶ Orbital ATK Inc Earnings Rocket Higher   [12:18PM  at Motley Fool]
Stock chart of OA Financial statements of OA Annual reports of OA
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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