Intrinsic value of Douglas Dynamics - PLOW

Previous Close

$40.20

  Intrinsic Value

$52.29

stock screener

  Rating & Target

buy

+30%

  Value-price divergence*

+21%

Previous close

$40.20

 
Intrinsic value

$52.29

 
Up/down potential

+30%

 
Rating

buy

 
Value-price divergence*

+21%

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

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

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 0.9

 

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, %
  4.00
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  416
  507
  610
  724
  849
  985
  1,133
  1,291
  1,460
  1,640
  1,829
  2,028
  2,237
  2,456
  2,684
  2,922
  3,170
  3,428
  3,696
  3,974
  4,263
  4,564
  4,877
  5,202
  5,540
  5,892
  6,258
  6,639
  7,036
  7,450
  7,882
Variable operating expenses, $m
 
  405
  481
  567
  661
  764
  874
  993
  1,120
  1,255
  1,397
  1,523
  1,680
  1,844
  2,015
  2,194
  2,380
  2,573
  2,775
  2,984
  3,201
  3,427
  3,662
  3,906
  4,159
  4,423
  4,698
  4,984
  5,283
  5,593
  5,918
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
  405
  481
  567
  661
  764
  874
  993
  1,120
  1,255
  1,397
  1,523
  1,680
  1,844
  2,015
  2,194
  2,380
  2,573
  2,775
  2,984
  3,201
  3,427
  3,662
  3,906
  4,159
  4,423
  4,698
  4,984
  5,283
  5,593
  5,918
Operating income, $m
  79
  103
  128
  157
  188
  222
  259
  298
  340
  385
  432
  505
  558
  612
  669
  728
  790
  854
  921
  990
  1,063
  1,137
  1,215
  1,296
  1,381
  1,468
  1,559
  1,654
  1,753
  1,857
  1,964
EBITDA, $m
  96
  137
  165
  195
  229
  266
  306
  349
  394
  443
  494
  548
  604
  663
  725
  789
  856
  926
  998
  1,073
  1,152
  1,233
  1,317
  1,405
  1,496
  1,591
  1,690
  1,793
  1,901
  2,012
  2,129
Interest expense (income), $m
  14
  17
  23
  29
  36
  44
  52
  61
  71
  81
  92
  103
  115
  128
  141
  155
  170
  185
  200
  217
  234
  251
  269
  288
  308
  329
  350
  372
  395
  419
  445
Earnings before tax, $m
  64
  85
  105
  127
  152
  178
  206
  237
  269
  304
  340
  402
  442
  484
  528
  573
  620
  669
  721
  774
  829
  886
  946
  1,008
  1,072
  1,140
  1,209
  1,282
  1,358
  1,437
  1,520
Tax expense, $m
  25
  23
  28
  34
  41
  48
  56
  64
  73
  82
  92
  109
  119
  131
  142
  155
  167
  181
  195
  209
  224
  239
  255
  272
  290
  308
  327
  346
  367
  388
  410
Net income, $m
  39
  62
  77
  93
  111
  130
  151
  173
  197
  222
  248
  294
  323
  353
  385
  418
  453
  489
  526
  565
  605
  647
  691
  736
  783
  832
  883
  936
  991
  1,049
  1,109

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
  789
  948
  1,125
  1,320
  1,532
  1,762
  2,008
  2,271
  2,550
  2,844
  3,154
  3,479
  3,819
  4,174
  4,544
  4,930
  5,331
  5,747
  6,181
  6,631
  7,098
  7,585
  8,090
  8,616
  9,163
  9,732
  10,325
  10,943
  11,586
  12,258
Adjusted assets (=assets-cash), $m
  647
  789
  948
  1,125
  1,320
  1,532
  1,762
  2,008
  2,271
  2,550
  2,844
  3,154
  3,479
  3,819
  4,174
  4,544
  4,930
  5,331
  5,747
  6,181
  6,631
  7,098
  7,585
  8,090
  8,616
  9,163
  9,732
  10,325
  10,943
  11,586
  12,258
Revenue / Adjusted assets
  0.643
  0.643
  0.643
  0.644
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
Average production assets, $m
  210
  256
  307
  365
  428
  497
  571
  651
  736
  826
  922
  1,022
  1,128
  1,238
  1,353
  1,473
  1,598
  1,727
  1,863
  2,003
  2,149
  2,300
  2,458
  2,622
  2,792
  2,969
  3,154
  3,346
  3,546
  3,755
  3,972
Working capital, $m
  125
  133
  160
  190
  222
  258
  297
  338
  383
  430
  479
  531
  586
  643
  703
  766
  830
  898
  968
  1,041
  1,117
  1,196
  1,278
  1,363
  1,451
  1,544
  1,640
  1,739
  1,843
  1,952
  2,065
Total debt, $m
  310
  404
  513
  635
  768
  914
  1,071
  1,240
  1,420
  1,611
  1,812
  2,025
  2,247
  2,480
  2,723
  2,977
  3,241
  3,515
  3,801
  4,098
  4,406
  4,726
  5,059
  5,406
  5,766
  6,140
  6,530
  6,936
  7,360
  7,801
  8,261
Total liabilities, $m
  446
  540
  649
  771
  904
  1,050
  1,207
  1,376
  1,556
  1,747
  1,948
  2,161
  2,383
  2,616
  2,859
  3,113
  3,377
  3,651
  3,937
  4,234
  4,542
  4,862
  5,195
  5,542
  5,902
  6,276
  6,666
  7,072
  7,496
  7,937
  8,397
Total equity, $m
  220
  248
  299
  354
  416
  483
  555
  633
  715
  803
  896
  994
  1,096
  1,203
  1,315
  1,431
  1,553
  1,679
  1,810
  1,947
  2,089
  2,236
  2,389
  2,548
  2,714
  2,886
  3,066
  3,252
  3,447
  3,650
  3,861
Total liabilities and equity, $m
  666
  788
  948
  1,125
  1,320
  1,533
  1,762
  2,009
  2,271
  2,550
  2,844
  3,155
  3,479
  3,819
  4,174
  4,544
  4,930
  5,330
  5,747
  6,181
  6,631
  7,098
  7,584
  8,090
  8,616
  9,162
  9,732
  10,324
  10,943
  11,587
  12,258
Debt-to-equity ratio
  1.409
  1.630
  1.720
  1.790
  1.850
  1.890
  1.930
  1.960
  1.980
  2.010
  2.020
  2.040
  2.050
  2.060
  2.070
  2.080
  2.090
  2.090
  2.100
  2.100
  2.110
  2.110
  2.120
  2.120
  2.120
  2.130
  2.130
  2.130
  2.140
  2.140
  2.140
Adjusted equity ratio
  0.311
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  39
  62
  77
  93
  111
  130
  151
  173
  197
  222
  248
  294
  323
  353
  385
  418
  453
  489
  526
  565
  605
  647
  691
  736
  783
  832
  883
  936
  991
  1,049
  1,109
Depreciation, amort., depletion, $m
  17
  34
  37
  39
  42
  44
  47
  51
  54
  58
  62
  42
  47
  51
  56
  61
  66
  72
  77
  83
  89
  95
  102
  109
  116
  123
  131
  139
  147
  156
  165
Funds from operations, $m
  76
  97
  113
  132
  152
  174
  198
  224
  251
  280
  310
  336
  370
  405
  441
  479
  519
  560
  603
  648
  694
  742
  793
  845
  899
  955
  1,014
  1,075
  1,139
  1,205
  1,274
Change in working capital, $m
  6
  24
  27
  30
  33
  36
  39
  42
  44
  47
  50
  52
  55
  57
  60
  62
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
Cash from operations, $m
  70
  73
  86
  102
  119
  139
  160
  182
  207
  233
  261
  284
  315
  347
  381
  417
  454
  493
  533
  575
  618
  664
  711
  759
  810
  863
  918
  975
  1,034
  1,096
  1,161
Maintenance CAPEX, $m
  0
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -31
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -66
  -72
  -77
  -83
  -89
  -95
  -102
  -109
  -116
  -123
  -131
  -139
  -147
  -156
New CAPEX, $m
  -10
  -46
  -52
  -57
  -63
  -69
  -74
  -80
  -85
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -192
  -200
  -209
  -218
Cash from investing activities, $m
  -191
  -55
  -63
  -70
  -78
  -87
  -95
  -104
  -112
  -121
  -129
  -138
  -147
  -157
  -166
  -176
  -186
  -196
  -207
  -217
  -229
  -241
  -253
  -266
  -279
  -293
  -307
  -323
  -339
  -356
  -374
Free cash flow, $m
  -121
  18
  24
  32
  41
  52
  65
  79
  95
  112
  131
  145
  167
  190
  215
  241
  268
  297
  326
  357
  389
  423
  458
  494
  531
  570
  610
  652
  695
  741
  788
Issuance/(repayment) of debt, $m
  127
  97
  109
  121
  133
  145
  157
  169
  180
  191
  202
  212
  223
  233
  243
  254
  264
  275
  285
  297
  308
  320
  333
  346
  360
  375
  390
  406
  423
  441
  460
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
  97
  109
  121
  133
  145
  157
  169
  180
  191
  202
  212
  223
  233
  243
  254
  264
  275
  285
  297
  308
  320
  333
  346
  360
  375
  390
  406
  423
  441
  460
Total cash flow (excl. dividends), $m
  3
  115
  133
  153
  175
  197
  222
  248
  275
  303
  333
  357
  390
  423
  458
  494
  532
  571
  612
  654
  698
  743
  791
  840
  891
  945
  1,000
  1,058
  1,119
  1,182
  1,248
Retained Cash Flow (-), $m
  -19
  -44
  -50
  -56
  -61
  -67
  -72
  -78
  -83
  -88
  -93
  -98
  -102
  -107
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -172
  -179
  -187
  -195
  -203
  -212
Prev. year cash balance distribution, $m
 
  16
  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
 
  87
  83
  97
  113
  131
  149
  170
  192
  215
  240
  260
  287
  316
  346
  378
  411
  445
  481
  518
  556
  596
  638
  681
  726
  772
  821
  871
  924
  979
  1,036
Discount rate, %
 
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
 
  80
  70
  75
  79
  81
  82
  82
  80
  77
  72
  65
  59
  53
  46
  40
  33
  27
  22
  17
  13
  10
  7
  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 23.2
Price to Sales 2.2
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 15.1
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 $416 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 21.9% 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 8.2%, 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 80.8%.

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 5.7% 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%.

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 50.4%.

Life of production assets of 24.1 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 26.2%. 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 - $220 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 22.656 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 $0.9 billion.

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COMPANY NEWS

▶ 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]
▶ 3 Small-Cap Stocks to Buy in February   [Jan-28-17 07:27PM  at Motley Fool]
▶ Small Caps With Big Yields   [Dec-14-16 09:30AM  at Forbes]
▶ Is Douglas Dynamics Inc (PLOW) A Good Stock To Buy?   [Dec-11-16 09:54AM  at Insider Monkey]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Dec-09-16 07:00AM  GlobeNewswire]
▶ Douglas Dynamics Declares Quarterly Cash Dividend   [Sep-09-16 07:00AM  GlobeNewswire]
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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