Intrinsic value of Owens Corning - OC

Previous Close

$96.03

  Intrinsic Value

$141.12

stock screener

  Rating & Target

buy

+47%

Previous close

$96.03

 
Intrinsic value

$141.12

 
Up/down potential

+47%

 
Rating

buy

We calculate the intrinsic value of OC 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, %
  6.11
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  5,677
  6,370
  7,101
  7,870
  8,677
  9,520
  10,401
  11,319
  12,275
  13,269
  14,303
  15,377
  16,493
  17,653
  18,859
  20,112
  21,416
  22,773
  24,185
  25,655
  27,188
  28,785
  30,451
  32,190
  34,004
  35,900
  37,880
  39,951
  42,116
  44,380
  46,749
Variable operating expenses, $m
 
  3,532
  3,922
  4,332
  4,762
  5,212
  5,682
  6,172
  6,682
  7,212
  7,764
  8,203
  8,798
  9,417
  10,061
  10,729
  11,425
  12,148
  12,902
  13,686
  14,504
  15,356
  16,245
  17,172
  18,140
  19,151
  20,208
  21,312
  22,467
  23,675
  24,939
Fixed operating expenses, $m
 
  1,911
  1,958
  2,007
  2,058
  2,109
  2,162
  2,216
  2,271
  2,328
  2,386
  2,446
  2,507
  2,570
  2,634
  2,700
  2,767
  2,836
  2,907
  2,980
  3,054
  3,131
  3,209
  3,289
  3,371
  3,456
  3,542
  3,631
  3,721
  3,815
  3,910
Total operating expenses, $m
  4,979
  5,443
  5,880
  6,339
  6,820
  7,321
  7,844
  8,388
  8,953
  9,540
  10,150
  10,649
  11,305
  11,987
  12,695
  13,429
  14,192
  14,984
  15,809
  16,666
  17,558
  18,487
  19,454
  20,461
  21,511
  22,607
  23,750
  24,943
  26,188
  27,490
  28,849
Operating income, $m
  698
  927
  1,221
  1,531
  1,857
  2,199
  2,557
  2,931
  3,322
  3,729
  4,153
  4,728
  5,188
  5,666
  6,164
  6,683
  7,224
  7,788
  8,376
  8,989
  9,630
  10,298
  10,997
  11,728
  12,493
  13,293
  14,130
  15,008
  15,927
  16,890
  17,900
EBITDA, $m
  1,041
  1,356
  1,684
  2,029
  2,393
  2,774
  3,173
  3,590
  4,024
  4,478
  4,949
  5,441
  5,952
  6,484
  7,039
  7,616
  8,217
  8,843
  9,497
  10,178
  10,890
  11,633
  12,409
  13,220
  14,069
  14,957
  15,886
  16,859
  17,879
  18,947
  20,067
Interest expense (income), $m
  118
  124
  152
  182
  213
  245
  280
  315
  352
  391
  431
  473
  516
  562
  608
  657
  708
  761
  816
  873
  932
  994
  1,059
  1,126
  1,196
  1,270
  1,346
  1,427
  1,510
  1,598
  1,689
Earnings before tax, $m
  590
  803
  1,069
  1,349
  1,644
  1,954
  2,278
  2,616
  2,970
  3,338
  3,722
  4,255
  4,671
  5,105
  5,556
  6,026
  6,516
  7,027
  7,560
  8,117
  8,697
  9,304
  9,939
  10,602
  11,296
  12,023
  12,784
  13,581
  14,417
  15,292
  16,211
Tax expense, $m
  188
  217
  289
  364
  444
  527
  615
  706
  802
  901
  1,005
  1,149
  1,261
  1,378
  1,500
  1,627
  1,759
  1,897
  2,041
  2,191
  2,348
  2,512
  2,683
  2,863
  3,050
  3,246
  3,452
  3,667
  3,892
  4,129
  4,377
Net income, $m
  393
  587
  780
  985
  1,200
  1,426
  1,663
  1,910
  2,168
  2,437
  2,717
  3,106
  3,410
  3,726
  4,056
  4,399
  4,757
  5,130
  5,519
  5,925
  6,349
  6,792
  7,255
  7,740
  8,246
  8,777
  9,332
  9,914
  10,524
  11,163
  11,834

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  112
  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
  7,741
  8,561
  9,544
  10,578
  11,662
  12,796
  13,980
  15,214
  16,498
  17,835
  19,224
  20,668
  22,168
  23,727
  25,348
  27,033
  28,785
  30,608
  32,506
  34,483
  36,543
  38,690
  40,929
  43,265
  45,705
  48,253
  50,915
  53,697
  56,607
  59,651
  62,835
Adjusted assets (=assets-cash), $m
  7,629
  8,561
  9,544
  10,578
  11,662
  12,796
  13,980
  15,214
  16,498
  17,835
  19,224
  20,668
  22,168
  23,727
  25,348
  27,033
  28,785
  30,608
  32,506
  34,483
  36,543
  38,690
  40,929
  43,265
  45,705
  48,253
  50,915
  53,697
  56,607
  59,651
  62,835
Revenue / Adjusted assets
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
  0.744
Average production assets, $m
  4,103
  4,605
  5,134
  5,690
  6,273
  6,883
  7,520
  8,184
  8,875
  9,593
  10,341
  11,117
  11,924
  12,763
  13,635
  14,541
  15,484
  16,465
  17,486
  18,549
  19,657
  20,812
  22,016
  23,273
  24,585
  25,956
  27,388
  28,884
  30,450
  32,087
  33,800
Working capital, $m
  623
  580
  646
  716
  790
  866
  946
  1,030
  1,117
  1,207
  1,302
  1,399
  1,501
  1,606
  1,716
  1,830
  1,949
  2,072
  2,201
  2,335
  2,474
  2,619
  2,771
  2,929
  3,094
  3,267
  3,447
  3,636
  3,833
  4,039
  4,254
Total debt, $m
  2,104
  2,578
  3,079
  3,607
  4,160
  4,738
  5,342
  5,971
  6,626
  7,308
  8,016
  8,753
  9,518
  10,313
  11,139
  11,999
  12,892
  13,822
  14,790
  15,798
  16,849
  17,944
  19,086
  20,277
  21,521
  22,821
  24,178
  25,598
  27,082
  28,634
  30,258
Total liabilities, $m
  3,892
  4,366
  4,867
  5,395
  5,948
  6,526
  7,130
  7,759
  8,414
  9,096
  9,804
  10,541
  11,306
  12,101
  12,927
  13,787
  14,680
  15,610
  16,578
  17,586
  18,637
  19,732
  20,874
  22,065
  23,309
  24,609
  25,966
  27,386
  28,870
  30,422
  32,046
Total equity, $m
  3,849
  4,195
  4,677
  5,183
  5,714
  6,270
  6,850
  7,455
  8,084
  8,739
  9,420
  10,127
  10,862
  11,626
  12,420
  13,246
  14,105
  14,998
  15,928
  16,897
  17,906
  18,958
  20,055
  21,200
  22,395
  23,644
  24,948
  26,312
  27,737
  29,229
  30,789
Total liabilities and equity, $m
  7,741
  8,561
  9,544
  10,578
  11,662
  12,796
  13,980
  15,214
  16,498
  17,835
  19,224
  20,668
  22,168
  23,727
  25,347
  27,033
  28,785
  30,608
  32,506
  34,483
  36,543
  38,690
  40,929
  43,265
  45,704
  48,253
  50,914
  53,698
  56,607
  59,651
  62,835
Debt-to-equity ratio
  0.547
  0.610
  0.660
  0.700
  0.730
  0.760
  0.780
  0.800
  0.820
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.970
  0.980
  0.980
  0.980
Adjusted equity ratio
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  393
  587
  780
  985
  1,200
  1,426
  1,663
  1,910
  2,168
  2,437
  2,717
  3,106
  3,410
  3,726
  4,056
  4,399
  4,757
  5,130
  5,519
  5,925
  6,349
  6,792
  7,255
  7,740
  8,246
  8,777
  9,332
  9,914
  10,524
  11,163
  11,834
Depreciation, amort., depletion, $m
  343
  429
  463
  498
  536
  575
  616
  658
  702
  749
  796
  713
  764
  818
  874
  932
  993
  1,055
  1,121
  1,189
  1,260
  1,334
  1,411
  1,492
  1,576
  1,664
  1,756
  1,852
  1,952
  2,057
  2,167
Funds from operations, $m
  951
  1,015
  1,243
  1,483
  1,736
  2,001
  2,278
  2,568
  2,870
  3,185
  3,513
  3,819
  4,174
  4,545
  4,930
  5,331
  5,749
  6,185
  6,640
  7,114
  7,609
  8,126
  8,667
  9,231
  9,822
  10,441
  11,088
  11,766
  12,476
  13,220
  14,001
Change in working capital, $m
  8
  63
  67
  70
  73
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  134
  139
  145
  152
  158
  165
  172
  180
  188
  197
  206
  216
Cash from operations, $m
  943
  952
  1,176
  1,413
  1,662
  1,924
  2,198
  2,485
  2,783
  3,095
  3,419
  3,721
  4,073
  4,439
  4,820
  5,217
  5,631
  6,062
  6,511
  6,980
  7,470
  7,981
  8,515
  9,073
  9,657
  10,268
  10,908
  11,577
  12,279
  13,014
  13,785
Maintenance CAPEX, $m
  0
  -263
  -295
  -329
  -365
  -402
  -441
  -482
  -525
  -569
  -615
  -663
  -713
  -764
  -818
  -874
  -932
  -993
  -1,055
  -1,121
  -1,189
  -1,260
  -1,334
  -1,411
  -1,492
  -1,576
  -1,664
  -1,756
  -1,852
  -1,952
  -2,057
New CAPEX, $m
  -373
  -503
  -529
  -556
  -583
  -610
  -637
  -664
  -691
  -719
  -747
  -777
  -807
  -839
  -872
  -906
  -943
  -981
  -1,021
  -1,063
  -1,108
  -1,155
  -1,205
  -1,257
  -1,312
  -1,370
  -1,432
  -1,497
  -1,565
  -1,637
  -1,713
Cash from investing activities, $m
  -815
  -766
  -824
  -885
  -948
  -1,012
  -1,078
  -1,146
  -1,216
  -1,288
  -1,362
  -1,440
  -1,520
  -1,603
  -1,690
  -1,780
  -1,875
  -1,974
  -2,076
  -2,184
  -2,297
  -2,415
  -2,539
  -2,668
  -2,804
  -2,946
  -3,096
  -3,253
  -3,417
  -3,589
  -3,770
Free cash flow, $m
  128
  187
  352
  528
  715
  912
  1,120
  1,339
  1,568
  1,807
  2,057
  2,282
  2,553
  2,836
  3,130
  3,437
  3,756
  4,089
  4,435
  4,796
  5,173
  5,566
  5,976
  6,405
  6,853
  7,322
  7,812
  8,325
  8,862
  9,425
  10,015
Issuance/(repayment) of debt, $m
  226
  477
  501
  527
  553
  578
  604
  629
  655
  681
  709
  736
  765
  795
  827
  859
  894
  930
  968
  1,008
  1,050
  1,095
  1,142
  1,192
  1,244
  1,299
  1,358
  1,419
  1,484
  1,552
  1,624
Issuance/(repurchase) of shares, $m
  -247
  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  
  -7
  477
  501
  527
  553
  578
  604
  629
  655
  681
  709
  736
  765
  795
  827
  859
  894
  930
  968
  1,008
  1,050
  1,095
  1,142
  1,192
  1,244
  1,299
  1,358
  1,419
  1,484
  1,552
  1,624
Total cash flow (excl. dividends), $m
  103
  664
  854
  1,055
  1,267
  1,490
  1,724
  1,968
  2,223
  2,489
  2,766
  3,018
  3,318
  3,631
  3,957
  4,296
  4,650
  5,018
  5,403
  5,804
  6,223
  6,661
  7,118
  7,597
  8,097
  8,621
  9,170
  9,744
  10,346
  10,977
  11,639
Retained Cash Flow (-), $m
  -110
  -455
  -482
  -507
  -531
  -556
  -580
  -605
  -629
  -655
  -681
  -707
  -735
  -764
  -794
  -826
  -859
  -893
  -930
  -969
  -1,009
  -1,052
  -1,097
  -1,145
  -1,195
  -1,248
  -1,304
  -1,363
  -1,426
  -1,491
  -1,561
Prev. year cash balance distribution, $m
 
  109
  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
 
  318
  372
  549
  736
  935
  1,144
  1,363
  1,593
  1,834
  2,085
  2,310
  2,583
  2,867
  3,163
  3,471
  3,791
  4,125
  4,473
  4,836
  5,214
  5,609
  6,021
  6,452
  6,902
  7,373
  7,865
  8,381
  8,920
  9,486
  10,079
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  302
  335
  464
  583
  688
  778
  851
  906
  942
  960
  945
  929
  898
  854
  798
  734
  663
  589
  515
  441
  372
  307
  248
  197
  153
  116
  86
  62
  44
  30
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

Owens Corning is engaged in the business of composite and building materials systems, delivering a range of products and services. The Company's products range from glass fiber used to reinforce composite materials for transportation, electronics, marine, infrastructure, wind-energy and other markets to insulation and roofing for residential, commercial and industrial applications. The Company's segments include Composites, Insulation and Roofing. The Composites segment sells glass fiber and/or glass mat directly to a small number of shingle manufacturers. Its insulating products include thermal and acoustical batts, loosefill insulation, foam sheathing and accessories, and these are sold under brand names, such as Owens Corning PINK FIBERGLAS Insulation. The primary products in the Roofing segment are laminate and strip asphalt roofing shingles. Its other products include oxidized asphalt, roofing components and synthetic packaging materials.

FINANCIAL RATIOS  of  Owens Corning (OC)

Valuation Ratios
P/E Ratio 27.5
Price to Sales 1.9
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 19
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7%
Cap. Spend. - 3 Yr. Gr. Rate 2.5%
Financial Strength
Quick Ratio 37
Current Ratio 0.1
LT Debt to Equity 54.6%
Total Debt to Equity 54.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 24.9%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 18.5%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 12.3%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 10.4%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 5.8%
Effective Tax Rate 31.9%
Eff/ Tax Rate - 3 Yr. Avg. 20.2%
Payout Ratio 20.6%

OC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OC stock intrinsic value calculation we used $5677 million for the last fiscal year's total revenue generated by Owens Corning. The default revenue input number comes from 2016 income statement of Owens Corning. 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 OC stock valuation model: a) initial revenue growth rate of 12.2% 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 5.2%, whose default value for OC is calculated based on our internal credit rating of Owens Corning, 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 Owens Corning.
    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 OC stock the variable cost ratio is equal to 55.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1864 million in the base year in the intrinsic value calculation for OC 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 5.9% for Owens Corning.

Corporate tax rate of 27% is the nominal tax rate for Owens Corning. 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 OC 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 OC are equal to 72.3%.

Life of production assets of 15.6 years is the average useful life of capital assets used in Owens Corning 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 OC is equal to 9.1%. 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 - $3849 million for Owens Corning - 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 112.247 million for Owens Corning 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 Owens Corning at the current share price and the inputted number of shares is $10.8 billion.

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COMPANY NEWS

▶ Now Is the Time to Buy These Growth Stocks   [Dec-20-17 04:34PM  Motley Fool]
▶ Owens Corning Declares Fourth-Quarter 2017 Dividend   [Dec-07-17 04:30PM  Business Wire]
▶ New Strong Buy Stocks for December 1st   [Dec-01-17 09:12AM  Zacks]
▶ 3 Top Building-Materials Stocks to Buy Now   [Nov-30-17 08:30AM  Motley Fool]
▶ Cramer Remix: Amazon is the Death Star   [Nov-17-17 07:25PM  CNBC Videos]
▶ Owens Corning Facing a Pause in Uptrend   [Nov-15-17 12:42PM  TheStreet.com]
▶ ETFs with exposure to Owens Corning : November 6, 2017   [Nov-06-17 12:14PM  Capital Cube]
▶ ETFs with exposure to Owens Corning : October 27, 2017   [Oct-27-17 11:08AM  Capital Cube]
▶ Stocks To Watch: Owens Corning Sees RS Rating Jump To 92   [03:00AM  Investor's Business Daily]
▶ Owens Corning misses 3Q profit forecasts   [07:41AM  Associated Press]
▶ Owens Corning to Host Earnings Call   [07:20AM  ACCESSWIRE]
▶ New Strong Buy Stocks for October 20th   [Oct-20-17 10:56AM  Zacks]
▶ 5 Stocks With Strong Earnings Beat Potential   [Oct-12-17 07:49AM  Zacks]
▶ How to Trade 4 Home Repair Stocks   [Oct-09-17 04:25PM  Investopedia]
▶ Owens Corning Stock Higher on Announced Price Hikes   [Oct-06-17 11:52AM  TheStreet.com]
▶ 5 Top-Ranked Dividend Growth Stocks On Sale   [Oct-05-17 07:41AM  Zacks]
▶ 3 Stocks Set for Higher Highs   [Sep-28-17 05:40PM  Zacks]
▶ Owens Corning Declares Third-Quarter 2017 Dividend   [Sep-21-17 04:30PM  Business Wire]
▶ 5 Unbeatable Dividend Stocks for Assured Growth   [Sep-15-17 10:21AM  Zacks]
▶ Owens Corning Rally Should Continue After This Pullback   [Sep-11-17 10:34AM  TheStreet.com]
▶ 5 Top-Ranked Dividend Stocks for Solid Returns   [Aug-31-17 11:01AM  Zacks]
▶ ETFs with exposure to Owens Corning : August 8, 2017   [Aug-08-17 04:59PM  Capital Cube]
Financial statements of OC
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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