Intrinsic value of Patrick Industries - PATK

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$66.20

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$66.20

 
Intrinsic value

$115.20

 
Up/down potential

+74%

 
Rating

str. buy

 
Value-price divergence* premium content

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

We calculate the intrinsic value of PATK 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 1.1

 

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, %
  32.83
  30.10
  27.59
  25.33
  23.30
  21.47
  19.82
  18.34
  17.01
  15.80
  14.72
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
Revenue, $m
  1,222
  1,590
  2,028
  2,542
  3,135
  3,808
  4,562
  5,399
  6,317
  7,315
  8,392
  9,547
  10,776
  12,079
  13,453
  14,898
  16,413
  17,997
  19,650
  21,373
  23,167
  25,032
  26,971
  28,986
  31,080
  33,257
  35,519
  37,871
  40,317
  42,862
  45,512
Variable operating expenses, $m
 
  1,466
  1,867
  2,337
  2,879
  3,495
  4,185
  4,951
  5,791
  6,705
  7,690
  8,735
  9,860
  11,052
  12,310
  13,632
  15,018
  16,467
  17,980
  19,556
  21,197
  22,904
  24,678
  26,522
  28,438
  30,430
  32,499
  34,652
  36,890
  39,219
  41,644
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
  1,131
  1,466
  1,867
  2,337
  2,879
  3,495
  4,185
  4,951
  5,791
  6,705
  7,690
  8,735
  9,860
  11,052
  12,310
  13,632
  15,018
  16,467
  17,980
  19,556
  21,197
  22,904
  24,678
  26,522
  28,438
  30,430
  32,499
  34,652
  36,890
  39,219
  41,644
Operating income, $m
  91
  124
  161
  205
  255
  313
  377
  448
  526
  611
  702
  811
  916
  1,027
  1,144
  1,266
  1,395
  1,530
  1,670
  1,817
  1,969
  2,128
  2,293
  2,464
  2,642
  2,827
  3,019
  3,219
  3,427
  3,643
  3,869
EBITDA, $m
  115
  156
  199
  249
  307
  373
  447
  529
  619
  717
  823
  936
  1,056
  1,184
  1,319
  1,461
  1,609
  1,764
  1,926
  2,095
  2,271
  2,454
  2,644
  2,842
  3,047
  3,260
  3,482
  3,713
  3,953
  4,202
  4,462
Interest expense (income), $m
  7
  9
  13
  17
  22
  28
  35
  42
  50
  60
  69
  80
  91
  103
  116
  130
  144
  159
  175
  191
  208
  225
  244
  263
  283
  303
  325
  347
  370
  394
  419
Earnings before tax, $m
  84
  115
  148
  188
  233
  284
  342
  406
  475
  551
  633
  732
  825
  923
  1,027
  1,137
  1,251
  1,371
  1,496
  1,626
  1,761
  1,902
  2,049
  2,201
  2,359
  2,523
  2,694
  2,872
  3,057
  3,249
  3,449
Tax expense, $m
  28
  31
  40
  51
  63
  77
  92
  110
  128
  149
  171
  198
  223
  249
  277
  307
  338
  370
  404
  439
  476
  514
  553
  594
  637
  681
  727
  775
  825
  877
  931
Net income, $m
  56
  84
  108
  137
  170
  208
  250
  296
  347
  402
  462
  534
  602
  674
  750
  830
  913
  1,001
  1,092
  1,187
  1,286
  1,389
  1,496
  1,607
  1,722
  1,842
  1,967
  2,097
  2,231
  2,372
  2,518

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  535
  688
  878
  1,101
  1,357
  1,648
  1,975
  2,337
  2,735
  3,167
  3,633
  4,133
  4,665
  5,229
  5,824
  6,449
  7,105
  7,791
  8,507
  9,252
  10,029
  10,836
  11,676
  12,548
  13,455
  14,397
  15,376
  16,394
  17,453
  18,555
  19,702
Adjusted assets (=assets-cash), $m
  529
  688
  878
  1,101
  1,357
  1,648
  1,975
  2,337
  2,735
  3,167
  3,633
  4,133
  4,665
  5,229
  5,824
  6,449
  7,105
  7,791
  8,507
  9,252
  10,029
  10,836
  11,676
  12,548
  13,455
  14,397
  15,376
  16,394
  17,453
  18,555
  19,702
Revenue / Adjusted assets
  2.310
  2.311
  2.310
  2.309
  2.310
  2.311
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
  2.310
Average production assets, $m
  179
  232
  296
  371
  458
  556
  666
  788
  922
  1,068
  1,225
  1,394
  1,573
  1,763
  1,964
  2,175
  2,396
  2,628
  2,869
  3,120
  3,382
  3,655
  3,938
  4,232
  4,538
  4,855
  5,186
  5,529
  5,886
  6,258
  6,645
Working capital, $m
  87
  126
  160
  201
  248
  301
  360
  427
  499
  578
  663
  754
  851
  954
  1,063
  1,177
  1,297
  1,422
  1,552
  1,688
  1,830
  1,978
  2,131
  2,290
  2,455
  2,627
  2,806
  2,992
  3,185
  3,386
  3,595
Total debt, $m
  273
  370
  494
  638
  805
  994
  1,207
  1,442
  1,701
  1,981
  2,285
  2,609
  2,955
  3,322
  3,709
  4,115
  4,541
  4,987
  5,452
  5,937
  6,442
  6,967
  7,512
  8,079
  8,669
  9,281
  9,917
  10,579
  11,268
  11,984
  12,729
Total liabilities, $m
  350
  447
  571
  715
  882
  1,071
  1,284
  1,519
  1,778
  2,058
  2,362
  2,686
  3,032
  3,399
  3,786
  4,192
  4,618
  5,064
  5,529
  6,014
  6,519
  7,044
  7,589
  8,156
  8,746
  9,358
  9,994
  10,656
  11,345
  12,061
  12,806
Total equity, $m
  185
  241
  307
  385
  475
  577
  691
  818
  957
  1,108
  1,272
  1,446
  1,633
  1,830
  2,038
  2,257
  2,487
  2,727
  2,977
  3,238
  3,510
  3,793
  4,087
  4,392
  4,709
  5,039
  5,382
  5,738
  6,109
  6,494
  6,896
Total liabilities and equity, $m
  535
  688
  878
  1,100
  1,357
  1,648
  1,975
  2,337
  2,735
  3,166
  3,634
  4,132
  4,665
  5,229
  5,824
  6,449
  7,105
  7,791
  8,506
  9,252
  10,029
  10,837
  11,676
  12,548
  13,455
  14,397
  15,376
  16,394
  17,454
  18,555
  19,702
Debt-to-equity ratio
  1.476
  1.540
  1.610
  1.660
  1.700
  1.720
  1.750
  1.760
  1.780
  1.790
  1.800
  1.800
  1.810
  1.820
  1.820
  1.820
  1.830
  1.830
  1.830
  1.830
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.850
  1.850
Adjusted equity ratio
  0.338
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  56
  84
  108
  137
  170
  208
  250
  296
  347
  402
  462
  534
  602
  674
  750
  830
  913
  1,001
  1,092
  1,187
  1,286
  1,389
  1,496
  1,607
  1,722
  1,842
  1,967
  2,097
  2,231
  2,372
  2,518
Depreciation, amort., depletion, $m
  24
  32
  37
  44
  52
  61
  70
  81
  93
  106
  120
  124
  140
  157
  175
  194
  214
  235
  256
  279
  302
  326
  352
  378
  405
  434
  463
  494
  526
  559
  593
Funds from operations, $m
  107
  116
  146
  181
  222
  268
  320
  378
  440
  509
  583
  658
  742
  831
  925
  1,024
  1,127
  1,235
  1,348
  1,466
  1,588
  1,715
  1,847
  1,985
  2,127
  2,276
  2,430
  2,590
  2,757
  2,931
  3,111
Change in working capital, $m
  10
  29
  35
  41
  47
  53
  60
  66
  73
  79
  85
  91
  97
  103
  109
  114
  120
  125
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  193
  201
  209
Cash from operations, $m
  97
  158
  111
  141
  175
  215
  261
  311
  368
  430
  497
  567
  645
  729
  817
  910
  1,008
  1,110
  1,217
  1,329
  1,446
  1,568
  1,694
  1,825
  1,962
  2,104
  2,251
  2,404
  2,564
  2,729
  2,902
Maintenance CAPEX, $m
  0
  -16
  -21
  -26
  -33
  -41
  -50
  -59
  -70
  -82
  -95
  -109
  -124
  -140
  -157
  -175
  -194
  -214
  -235
  -256
  -279
  -302
  -326
  -352
  -378
  -405
  -434
  -463
  -494
  -526
  -559
New CAPEX, $m
  -15
  -54
  -64
  -75
  -86
  -98
  -110
  -122
  -134
  -146
  -157
  -169
  -179
  -190
  -201
  -211
  -221
  -231
  -241
  -252
  -262
  -272
  -283
  -294
  -306
  -318
  -330
  -343
  -357
  -372
  -387
Cash from investing activities, $m
  -154
  -70
  -85
  -101
  -119
  -139
  -160
  -181
  -204
  -228
  -252
  -278
  -303
  -330
  -358
  -386
  -415
  -445
  -476
  -508
  -541
  -574
  -609
  -646
  -684
  -723
  -764
  -806
  -851
  -898
  -946
Free cash flow, $m
  -57
  88
  26
  39
  56
  76
  101
  130
  163
  202
  245
  289
  341
  398
  459
  523
  592
  665
  741
  822
  906
  993
  1,085
  1,180
  1,278
  1,381
  1,487
  1,598
  1,713
  1,832
  1,956
Issuance/(repayment) of debt, $m
  69
  103
  123
  145
  167
  189
  212
  235
  258
  281
  303
  325
  346
  367
  387
  407
  426
  446
  465
  485
  505
  525
  546
  567
  589
  612
  637
  662
  688
  716
  746
Issuance/(repurchase) of shares, $m
  -3
  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  
  63
  103
  123
  145
  167
  189
  212
  235
  258
  281
  303
  325
  346
  367
  387
  407
  426
  446
  465
  485
  505
  525
  546
  567
  589
  612
  637
  662
  688
  716
  746
Total cash flow (excl. dividends), $m
  6
  192
  150
  184
  222
  265
  313
  365
  422
  483
  548
  614
  687
  764
  845
  930
  1,018
  1,111
  1,207
  1,307
  1,410
  1,518
  1,630
  1,747
  1,868
  1,993
  2,124
  2,260
  2,401
  2,548
  2,702
Retained Cash Flow (-), $m
  -56
  -56
  -66
  -78
  -90
  -102
  -114
  -127
  -139
  -151
  -163
  -175
  -186
  -197
  -208
  -219
  -230
  -240
  -250
  -261
  -272
  -283
  -294
  -305
  -317
  -330
  -343
  -356
  -371
  -386
  -401
Prev. year cash balance distribution, $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 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
 
  136
  83
  106
  133
  163
  199
  238
  283
  331
  385
  439
  501
  567
  637
  711
  789
  871
  956
  1,045
  1,139
  1,236
  1,336
  1,441
  1,550
  1,663
  1,781
  1,903
  2,031
  2,163
  2,300
Discount rate, %
 
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
PV of cash for distribution, $m
 
  126
  71
  83
  95
  105
  114
  121
  125
  127
  126
  122
  116
  107
  98
  87
  75
  64
  53
  43
  34
  26
  20
  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

Patrick Industries, Inc. manufactures and distributes building products and materials for the recreational vehicle, manufactured housing, and industrial markets in the United States and Canada. Its Manufacturing segment manufactures and fabricates decorative vinyl and paper laminated panels; fabricated aluminum products; wrapped vinyl, paper, and hardwood profile moldings; solid surface, granite, and quartz countertops; cabinet doors and components; hardwood furniture; fiberglass bath and shower surrounds and fixtures; fiberglass marine helms; fiberglass and plastic component products; slide-out trim and fascia; interior passage doors; RV paintings; softwoods lumber; simulated wood and stone products; slotwall panels and components; and others. It also offers custom fabrication, edge-banding, drilling, boring, and cut-to-size services. The company’s Distribution segment distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, electronics, wiring products, electrical and plumbing products, cement siding products, fiber reinforced polyester products, interior passage doors, roofing products, laminate and ceramic flooring products, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and others. The company markets its products under the Adorn, Custom Vinyls, Patrick Distribution, AIA Countertops, Quest Audio Video, Interior Components Plus, Gravure Ink, Praxis Group, Infinity Graphics, Décor Manufacturing, Gustafson Lighting, Creative Wood Designs, Middlebury Hardwood Products, Frontline Manufacturing, Premier Concepts, West Side Furniture, Precision Painting, Carrera Custom Painting, Millennium Paint, Foremost Fabricators, PolyDyn3, Charleston, Better Way Products, SCI, North American, and Decorative Dynamics brand names. Patrick Industries, Inc. offers its products through a network of manufacturing and distribution centers. The company was founded in 1959 and is based in Elkhart, Indiana.

FINANCIAL RATIOS  of  Patrick Industries (PATK)

Valuation Ratios
P/E Ratio 18.1
Price to Sales 0.8
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate 32.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.5%
Cap. Spend. - 3 Yr. Gr. Rate 10.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 138.9%
Total Debt to Equity 147.6%
Interest Coverage 13
Management Effectiveness
Return On Assets 13.2%
Ret/ On Assets - 3 Yr. Avg. 14.1%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 16%
Return On Equity 35.7%
Return On Equity - 3 Yr. Avg. 35.1%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 16.5%
Gross Margin - 3 Yr. Avg. 16.4%
EBITDA Margin 9.4%
EBITDA Margin - 3 Yr. Avg. 9.1%
Operating Margin 7.4%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 4.6%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 33.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.5%
Payout Ratio 0%

PATK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PATK stock intrinsic value calculation we used $1222 million for the last fiscal year's total revenue generated by Patrick Industries. The default revenue input number comes from 2016 income statement of Patrick Industries. 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 PATK stock valuation model: a) initial revenue growth rate of 30.1% 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 7.6%, whose default value for PATK is calculated based on our internal credit rating of Patrick Industries, 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 Patrick Industries.
    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 PATK stock the variable cost ratio is equal to 92.4%.

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 PATK 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 Patrick Industries.

Corporate tax rate of 27% is the nominal tax rate for Patrick Industries. 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 PATK 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 PATK are equal to 14.6%.

Life of production assets of 11.2 years is the average useful life of capital assets used in Patrick Industries 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 PATK is equal to 7.9%. 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 - $185 million for Patrick Industries - 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 17.207 million for Patrick Industries 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 Patrick Industries at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ Patrick Industries posts 4Q profit   [08:43AM  Associated Press]
▶ Boomers Head Out On That Highway, And Patrick Poised To Profit   [Dec-19-16 04:30PM  Investor's Business Daily]
▶ Has The Time Come to Buy New Senior Investment Group Inc (SNR)?   [Dec-08-16 01:18PM  at Insider Monkey]
▶ Patrick Industries, Inc. Announces Officer Promotions   [Sep-26-16 02:06PM  PR Newswire]
▶ Indiana Public Company of the Year finalists named   [Aug-30-16 09:15AM  GlobeNewswire]
▶ [$$] Patrick Industries Buys Mishawaka Sheet Metal From Hall Capital   [Jun-20-16 01:31PM  at The Wall Street Journal]
Stock chart of PATK Financial statements of PATK
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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