Intrinsic value of Douglas Dynamics - PLOW

Previous Close

$48.60

  Intrinsic Value

$41.46

stock screener

  Rating & Target

hold

-15%

Previous close

$48.60

 
Intrinsic value

$41.46

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of PLOW 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, %
  4.00
  14.10
  13.19
  12.37
  11.63
  10.97
  10.37
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  416
  542
  613
  689
  770
  854
  943
  1,035
  1,132
  1,233
  1,338
  1,448
  1,561
  1,679
  1,802
  1,930
  2,063
  2,200
  2,344
  2,493
  2,648
  2,810
  2,979
  3,154
  3,337
  3,528
  3,728
  3,936
  4,154
  4,381
  4,619
Variable operating expenses, $m
 
  434
  485
  540
  598
  659
  722
  789
  859
  932
  1,008
  1,044
  1,126
  1,211
  1,300
  1,392
  1,487
  1,587
  1,690
  1,798
  1,910
  2,026
  2,148
  2,275
  2,407
  2,544
  2,688
  2,838
  2,995
  3,159
  3,331
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
  337
  434
  485
  540
  598
  659
  722
  789
  859
  932
  1,008
  1,044
  1,126
  1,211
  1,300
  1,392
  1,487
  1,587
  1,690
  1,798
  1,910
  2,026
  2,148
  2,275
  2,407
  2,544
  2,688
  2,838
  2,995
  3,159
  3,331
Operating income, $m
  79
  108
  128
  150
  172
  195
  220
  246
  273
  301
  331
  404
  435
  468
  503
  538
  575
  614
  654
  695
  739
  784
  831
  880
  931
  984
  1,040
  1,098
  1,158
  1,222
  1,288
EBITDA, $m
  96
  206
  233
  262
  293
  325
  359
  394
  431
  469
  509
  551
  594
  639
  686
  735
  785
  837
  892
  949
  1,008
  1,070
  1,134
  1,200
  1,270
  1,343
  1,419
  1,498
  1,581
  1,668
  1,758
Interest expense (income), $m
  14
  18
  22
  26
  30
  34
  38
  43
  48
  53
  58
  63
  69
  75
  81
  88
  94
  101
  109
  116
  124
  132
  140
  149
  158
  168
  178
  188
  199
  211
  223
Earnings before tax, $m
  64
  90
  107
  124
  142
  162
  182
  203
  225
  249
  273
  340
  366
  393
  421
  451
  481
  512
  545
  579
  615
  652
  690
  730
  772
  816
  862
  909
  959
  1,011
  1,066
Tax expense, $m
  25
  24
  29
  33
  38
  44
  49
  55
  61
  67
  74
  92
  99
  106
  114
  122
  130
  138
  147
  156
  166
  176
  186
  197
  209
  220
  233
  246
  259
  273
  288
Net income, $m
  39
  66
  78
  91
  104
  118
  133
  148
  165
  181
  199
  248
  267
  287
  308
  329
  351
  374
  398
  423
  449
  476
  504
  533
  564
  596
  629
  664
  700
  738
  778

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  666
  782
  885
  995
  1,110
  1,232
  1,360
  1,494
  1,634
  1,779
  1,931
  2,089
  2,253
  2,423
  2,601
  2,785
  2,976
  3,175
  3,382
  3,598
  3,822
  4,055
  4,298
  4,552
  4,816
  5,092
  5,379
  5,680
  5,994
  6,322
  6,666
Adjusted assets (=assets-cash), $m
  647
  782
  885
  995
  1,110
  1,232
  1,360
  1,494
  1,634
  1,779
  1,931
  2,089
  2,253
  2,423
  2,601
  2,785
  2,976
  3,175
  3,382
  3,598
  3,822
  4,055
  4,298
  4,552
  4,816
  5,092
  5,379
  5,680
  5,994
  6,322
  6,666
Revenue / Adjusted assets
  0.643
  0.693
  0.693
  0.692
  0.694
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
Average production assets, $m
  210
  551
  624
  701
  783
  868
  959
  1,053
  1,151
  1,254
  1,361
  1,472
  1,588
  1,708
  1,833
  1,963
  2,098
  2,238
  2,384
  2,535
  2,693
  2,858
  3,029
  3,208
  3,394
  3,588
  3,791
  4,003
  4,225
  4,456
  4,698
Working capital, $m
  125
  72
  81
  91
  102
  113
  124
  137
  149
  163
  177
  191
  206
  222
  238
  255
  272
  290
  309
  329
  350
  371
  393
  416
  441
  466
  492
  520
  548
  578
  610
Total debt, $m
  310
  376
  440
  509
  581
  657
  737
  821
  908
  999
  1,094
  1,193
  1,295
  1,402
  1,513
  1,628
  1,747
  1,872
  2,001
  2,136
  2,276
  2,422
  2,573
  2,732
  2,897
  3,069
  3,249
  3,437
  3,633
  3,839
  4,053
Total liabilities, $m
  446
  489
  553
  622
  694
  770
  850
  934
  1,021
  1,112
  1,207
  1,306
  1,408
  1,515
  1,625
  1,741
  1,860
  1,985
  2,114
  2,248
  2,389
  2,534
  2,686
  2,845
  3,010
  3,182
  3,362
  3,550
  3,746
  3,951
  4,166
Total equity, $m
  220
  293
  332
  373
  416
  462
  510
  560
  613
  667
  724
  783
  845
  909
  975
  1,044
  1,116
  1,191
  1,268
  1,349
  1,433
  1,521
  1,612
  1,707
  1,806
  1,909
  2,017
  2,130
  2,248
  2,371
  2,500
Total liabilities and equity, $m
  666
  782
  885
  995
  1,110
  1,232
  1,360
  1,494
  1,634
  1,779
  1,931
  2,089
  2,253
  2,424
  2,600
  2,785
  2,976
  3,176
  3,382
  3,597
  3,822
  4,055
  4,298
  4,552
  4,816
  5,091
  5,379
  5,680
  5,994
  6,322
  6,666
Debt-to-equity ratio
  1.409
  1.280
  1.330
  1.360
  1.400
  1.420
  1.450
  1.470
  1.480
  1.500
  1.510
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.570
  1.580
  1.580
  1.590
  1.590
  1.600
  1.600
  1.600
  1.610
  1.610
  1.610
  1.620
  1.620
  1.620
Adjusted equity ratio
  0.311
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  66
  78
  91
  104
  118
  133
  148
  165
  181
  199
  248
  267
  287
  308
  329
  351
  374
  398
  423
  449
  476
  504
  533
  564
  596
  629
  664
  700
  738
  778
Depreciation, amort., depletion, $m
  17
  98
  105
  113
  121
  130
  139
  148
  158
  168
  179
  147
  159
  171
  183
  196
  210
  224
  238
  254
  269
  286
  303
  321
  339
  359
  379
  400
  422
  446
  470
Funds from operations, $m
  76
  164
  183
  203
  225
  248
  271
  296
  322
  350
  378
  396
  426
  458
  491
  525
  561
  598
  636
  676
  718
  762
  807
  854
  903
  955
  1,008
  1,064
  1,123
  1,184
  1,248
Change in working capital, $m
  6
  9
  9
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
Cash from operations, $m
  70
  155
  173
  193
  214
  236
  260
  284
  310
  336
  364
  381
  411
  442
  475
  508
  543
  580
  617
  657
  698
  740
  785
  831
  879
  929
  982
  1,037
  1,094
  1,154
  1,216
Maintenance CAPEX, $m
  0
  -48
  -55
  -62
  -70
  -78
  -87
  -96
  -105
  -115
  -125
  -136
  -147
  -159
  -171
  -183
  -196
  -210
  -224
  -238
  -254
  -269
  -286
  -303
  -321
  -339
  -359
  -379
  -400
  -422
  -446
New CAPEX, $m
  -10
  -68
  -73
  -77
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -179
  -186
  -194
  -203
  -212
  -221
  -231
  -242
Cash from investing activities, $m
  -191
  -116
  -128
  -139
  -152
  -164
  -177
  -190
  -203
  -218
  -232
  -247
  -263
  -279
  -296
  -313
  -331
  -350
  -370
  -390
  -412
  -433
  -457
  -482
  -507
  -533
  -562
  -591
  -621
  -653
  -688
Free cash flow, $m
  -121
  38
  46
  54
  63
  72
  83
  94
  106
  118
  132
  134
  148
  163
  179
  195
  212
  230
  248
  267
  286
  306
  327
  349
  372
  396
  420
  446
  472
  500
  529
Issuance/(repayment) of debt, $m
  127
  61
  64
  68
  72
  76
  80
  84
  87
  91
  95
  99
  103
  107
  111
  115
  120
  124
  129
  135
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  124
  61
  64
  68
  72
  76
  80
  84
  87
  91
  95
  99
  103
  107
  111
  115
  120
  124
  129
  135
  140
  146
  152
  158
  165
  172
  180
  188
  196
  205
  215
Total cash flow (excl. dividends), $m
  3
  99
  110
  122
  135
  149
  163
  178
  193
  209
  226
  232
  251
  270
  290
  310
  332
  354
  377
  401
  426
  452
  479
  508
  537
  568
  600
  634
  669
  705
  743
Retained Cash Flow (-), $m
  -19
  -36
  -39
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
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
 
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  19
  20
  21
  22
  23
  25
  26
  28
  29
  31
Cash available for distribution, $m
 
  63
  71
  81
  92
  103
  115
  127
  141
  155
  169
  173
  189
  206
  223
  241
  260
  279
  299
  320
  342
  365
  388
  413
  438
  465
  492
  521
  551
  582
  615
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  59
  62
  64
  66
  67
  67
  66
  64
  61
  57
  50
  45
  41
  36
  31
  26
  22
  18
  14
  11
  8
  6
  5
  3
  2
  1
  1
  1
  0
  0
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

Douglas Dynamics, Inc. is a manufacturer and up-fitter of commercial vehicle attachments and equipment. The Company's portfolio includes snow and ice management attachments sold under the BLIZZARD, FISHER, HENDERSON, SNOWEX and WESTERN brands, turf care equipment under the TURFEX brand and industrial maintenance equipment under the SWEEPEX brand. The Company operates through two segments: Work Truck Attachments and Work Truck Solutions. The Work Truck Attachments segment includes snow and ice management attachments sold under the FISHER, WESTERN, HENDERSON and SNOWEX brands. The Work Truck Solutions segment includes the up-fit of attachments and storage solutions for commercial work vehicles under the DEJANA brand and its related sub-brands. In its Work Truck Attachments segment, the Company offers a product line of snowplows, and sand and salt spreaders for light and heavy duty trucks. Its Work Truck Solutions products consist of truck and vehicle up-fits.

FINANCIAL RATIOS  of  Douglas Dynamics (PLOW)

Valuation Ratios
P/E Ratio 28
Price to Sales 2.6
Price to Book 5
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 18.2
Growth Rates
Sales Growth Rate 4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 27.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 139.5%
Total Debt to Equity 140.9%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 22.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 32.2%
Gross Margin - 3 Yr. Avg. 34.5%
EBITDA Margin 22.8%
EBITDA Margin - 3 Yr. Avg. 23.7%
Operating Margin 19%
Oper. Margin - 3 Yr. Avg. 20.5%
Pre-Tax Margin 15.4%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 39.1%
Eff/ Tax Rate - 3 Yr. Avg. 36%
Payout Ratio 53.8%

PLOW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLOW stock intrinsic value calculation we used $475 million for the last fiscal year's total revenue generated by Douglas Dynamics. The default revenue input number comes from 2016 income statement of Douglas Dynamics. 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 PLOW stock valuation model: a) initial revenue growth rate of 14.1% 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 7.4%, whose default value for PLOW is calculated based on our internal credit rating of Douglas Dynamics, 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 Douglas Dynamics.
    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 PLOW stock the variable cost ratio is equal to 81.1%.

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 PLOW 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 5.8% for Douglas Dynamics.

Corporate tax rate of 27% is the nominal tax rate for Douglas Dynamics. 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 PLOW stock is equal to 0.7%.

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 PLOW are equal to 101.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Douglas Dynamics 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 PLOW is equal to 13.2%. 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 - $257 million for Douglas Dynamics - 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 23 million for Douglas Dynamics 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 Douglas Dynamics at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Jun-07-18 08:00AM  GlobeNewswire]
▶ Why the Long Winter Could Help Douglas Dynamics' Future   [May-08-18 07:54AM  Motley Fool]
▶ Douglas Dynamics: 1Q Earnings Snapshot   [May-07-18 07:31PM  Associated Press]
▶ New Strong Buy Stocks for April 13th   [Apr-13-18 10:47AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for April 6th   [Apr-06-18 11:56AM  Zacks]
▶ Douglas Dynamics, Inc. to Host Earnings Call   [Feb-27-18 08:30AM  ACCESSWIRE]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Dec-07-17 04:30PM  GlobeNewswire]
▶ New Strong Sell Stocks for November 14th   [Nov-14-17 09:10AM  Zacks]
▶ Natural Disasters Hit Douglas Dynamics   [09:04AM  Motley Fool]
▶ Douglas Dynamics misses 3Q profit forecasts   [Nov-06-17 06:51PM  Associated Press]
▶ 2 Top Dividend Stocks in Industrial Machinery   [Sep-14-17 02:31PM  Motley Fool]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Sep-07-17 04:30PM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 31st   [Aug-31-17 11:02AM  Zacks]
▶ Douglas Dynamics Announces Management Transition   [Aug-23-17 08:30AM  GlobeNewswire]
▶ Top Ranked Income Stocks to Buy for August 14th   [Aug-14-17 08:32AM  Zacks]
▶ Douglas Dynamics Gets Balance From Business Diversity   [Aug-08-17 07:30AM  Motley Fool]
▶ Douglas Dynamics beats 2Q profit forecasts   [Aug-07-17 07:16PM  Associated Press]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Jun-08-17 04:15PM  GlobeNewswire]
▶ Tampa real estate lawyer facing insider charges vows to fight   [Jun-06-17 08:00AM  American City Business Journals]
▶ New Strong Sell Stocks for May 11th   [May-11-17 09:14AM  Zacks]
▶ Douglas Dynamics Looks Forward to Better Times Ahead   [May-08-17 09:39PM  Motley Fool]
▶ Douglas Dynamics reports 1Q loss   [06:32PM  Associated Press]
▶ Southeast Wisconsin stocks that could extend bull-market runs   [Apr-07-17 03:35PM  American City Business Journals]
▶ Douglas Dynamics meets 4Q expectations despite lower snowfall   [11:35AM  American City Business Journals]
▶ Douglas Dynamics Overcomes a Weak Winter   [Mar-06-17 09:49PM  Motley Fool]
▶ Douglas Dynamics misses 4Q revenue forecasts   [06:26PM  Associated Press]
Financial statements of PLOW
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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