Intrinsic value of Primoris Services - PRIM

Previous Close

$29.52

  Intrinsic Value

$35.80

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

+22%

Previous close

$29.52

 
Intrinsic value

$35.80

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

+22%

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

We calculate the intrinsic value of PRIM 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 1.6

 

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, %
  3.53
  38.10
  34.79
  31.81
  29.13
  26.72
  24.55
  22.59
  20.83
  19.25
  17.82
  16.54
  15.39
  14.35
  13.41
  12.57
  11.81
  11.13
  10.52
  9.97
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.38
  7.14
  6.92
  6.73
  6.56
Revenue, $m
  1,997
  2,758
  3,717
  4,900
  6,327
  8,018
  9,985
  12,241
  14,791
  17,638
  20,782
  24,220
  27,947
  31,957
  36,243
  40,800
  45,620
  50,699
  56,033
  61,618
  67,454
  73,542
  79,882
  86,480
  93,341
  100,473
  107,884
  115,585
  123,589
  131,909
  140,561
Variable operating expenses, $m
 
  2,656
  3,576
  4,710
  6,078
  7,699
  9,585
  11,748
  14,192
  16,922
  19,935
  23,218
  26,791
  30,635
  34,744
  39,112
  43,733
  48,602
  53,715
  59,070
  64,664
  70,500
  76,578
  82,903
  89,481
  96,317
  103,422
  110,805
  118,478
  126,454
  134,748
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
  1,939
  2,656
  3,576
  4,710
  6,078
  7,699
  9,585
  11,748
  14,192
  16,922
  19,935
  23,218
  26,791
  30,635
  34,744
  39,112
  43,733
  48,602
  53,715
  59,070
  64,664
  70,500
  76,578
  82,903
  89,481
  96,317
  103,422
  110,805
  118,478
  126,454
  134,748
Operating income, $m
  58
  101
  141
  190
  249
  319
  400
  494
  599
  717
  847
  1,002
  1,156
  1,322
  1,499
  1,687
  1,887
  2,097
  2,317
  2,549
  2,790
  3,042
  3,304
  3,577
  3,861
  4,156
  4,462
  4,781
  5,112
  5,456
  5,814
EBITDA, $m
  126
  181
  244
  322
  415
  526
  656
  804
  971
  1,158
  1,365
  1,590
  1,835
  2,098
  2,380
  2,679
  2,996
  3,329
  3,680
  4,046
  4,430
  4,829
  5,246
  5,679
  6,129
  6,598
  7,084
  7,590
  8,116
  8,662
  9,230
Interest expense (income), $m
  9
  7
  15
  26
  38
  54
  72
  93
  118
  145
  176
  210
  247
  287
  331
  377
  426
  478
  533
  590
  651
  714
  780
  848
  919
  993
  1,070
  1,150
  1,233
  1,320
  1,410
Earnings before tax, $m
  49
  94
  126
  164
  211
  265
  328
  400
  481
  572
  671
  792
  909
  1,034
  1,168
  1,311
  1,461
  1,619
  1,785
  1,958
  2,139
  2,328
  2,524
  2,729
  2,941
  3,162
  3,392
  3,630
  3,878
  4,136
  4,404
Tax expense, $m
  21
  25
  34
  44
  57
  72
  89
  108
  130
  154
  181
  214
  245
  279
  315
  354
  394
  437
  482
  529
  578
  629
  682
  737
  794
  854
  916
  980
  1,047
  1,117
  1,189
Net income, $m
  27
  69
  92
  120
  154
  193
  240
  292
  351
  417
  490
  578
  663
  755
  853
  957
  1,066
  1,182
  1,303
  1,429
  1,562
  1,699
  1,843
  1,992
  2,147
  2,308
  2,476
  2,650
  2,831
  3,019
  3,215

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  136
  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
  1,171
  1,430
  1,927
  2,540
  3,280
  4,156
  5,177
  6,346
  7,668
  9,144
  10,774
  12,556
  14,488
  16,566
  18,789
  21,151
  23,650
  26,283
  29,048
  31,943
  34,969
  38,124
  41,411
  44,832
  48,388
  52,085
  55,927
  59,920
  64,069
  68,382
  72,868
Adjusted assets (=assets-cash), $m
  1,035
  1,430
  1,927
  2,540
  3,280
  4,156
  5,177
  6,346
  7,668
  9,144
  10,774
  12,556
  14,488
  16,566
  18,789
  21,151
  23,650
  26,283
  29,048
  31,943
  34,969
  38,124
  41,411
  44,832
  48,388
  52,085
  55,927
  59,920
  64,069
  68,382
  72,868
Revenue / Adjusted assets
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
  1.929
Average production assets, $m
  315
  436
  587
  774
  1,000
  1,267
  1,578
  1,934
  2,337
  2,787
  3,284
  3,827
  4,416
  5,049
  5,726
  6,446
  7,208
  8,010
  8,853
  9,736
  10,658
  11,620
  12,621
  13,664
  14,748
  15,875
  17,046
  18,262
  19,527
  20,842
  22,209
Working capital, $m
  281
  281
  379
  500
  645
  818
  1,019
  1,249
  1,509
  1,799
  2,120
  2,470
  2,851
  3,260
  3,697
  4,162
  4,653
  5,171
  5,715
  6,285
  6,880
  7,501
  8,148
  8,821
  9,521
  10,248
  11,004
  11,790
  12,606
  13,455
  14,337
Total debt, $m
  262
  439
  735
  1,099
  1,540
  2,061
  2,668
  3,364
  4,150
  5,029
  5,998
  7,059
  8,208
  9,445
  10,767
  12,173
  13,660
  15,226
  16,871
  18,594
  20,394
  22,272
  24,228
  26,263
  28,379
  30,579
  32,865
  35,240
  37,709
  40,275
  42,944
Total liabilities, $m
  673
  851
  1,147
  1,511
  1,952
  2,473
  3,080
  3,776
  4,562
  5,441
  6,410
  7,471
  8,620
  9,857
  11,179
  12,585
  14,072
  15,638
  17,283
  19,006
  20,806
  22,684
  24,640
  26,675
  28,791
  30,991
  33,277
  35,652
  38,121
  40,687
  43,356
Total equity, $m
  497
  579
  780
  1,029
  1,328
  1,683
  2,096
  2,570
  3,105
  3,703
  4,363
  5,085
  5,867
  6,709
  7,609
  8,566
  9,578
  10,644
  11,764
  12,937
  14,162
  15,440
  16,772
  18,157
  19,597
  21,095
  22,651
  24,267
  25,948
  27,695
  29,511
Total liabilities and equity, $m
  1,170
  1,430
  1,927
  2,540
  3,280
  4,156
  5,176
  6,346
  7,667
  9,144
  10,773
  12,556
  14,487
  16,566
  18,788
  21,151
  23,650
  26,282
  29,047
  31,943
  34,968
  38,124
  41,412
  44,832
  48,388
  52,086
  55,928
  59,919
  64,069
  68,382
  72,867
Debt-to-equity ratio
  0.527
  0.760
  0.940
  1.070
  1.160
  1.220
  1.270
  1.310
  1.340
  1.360
  1.370
  1.390
  1.400
  1.410
  1.410
  1.420
  1.430
  1.430
  1.430
  1.440
  1.440
  1.440
  1.440
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.460
Adjusted equity ratio
  0.349
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  27
  69
  92
  120
  154
  193
  240
  292
  351
  417
  490
  578
  663
  755
  853
  957
  1,066
  1,182
  1,303
  1,429
  1,562
  1,699
  1,843
  1,992
  2,147
  2,308
  2,476
  2,650
  2,831
  3,019
  3,215
Depreciation, amort., depletion, $m
  68
  80
  103
  132
  166
  208
  255
  310
  372
  441
  518
  589
  679
  777
  881
  992
  1,109
  1,232
  1,362
  1,498
  1,640
  1,788
  1,942
  2,102
  2,269
  2,442
  2,622
  2,810
  3,004
  3,206
  3,417
Funds from operations, $m
  19
  149
  195
  252
  320
  401
  495
  602
  724
  859
  1,008
  1,167
  1,343
  1,532
  1,734
  1,948
  2,175
  2,414
  2,665
  2,927
  3,201
  3,487
  3,785
  4,094
  4,416
  4,751
  5,098
  5,460
  5,835
  6,226
  6,632
Change in working capital, $m
  -44
  78
  98
  121
  146
  172
  201
  230
  260
  290
  321
  351
  380
  409
  437
  465
  492
  518
  544
  570
  595
  621
  647
  673
  700
  727
  756
  786
  816
  849
  883
Cash from operations, $m
  63
  71
  97
  131
  175
  229
  294
  372
  464
  568
  687
  816
  963
  1,123
  1,297
  1,484
  1,684
  1,896
  2,121
  2,357
  2,606
  2,866
  3,138
  3,421
  3,716
  4,023
  4,342
  4,674
  5,019
  5,377
  5,749
Maintenance CAPEX, $m
  0
  -48
  -67
  -90
  -119
  -154
  -195
  -243
  -298
  -360
  -429
  -505
  -589
  -679
  -777
  -881
  -992
  -1,109
  -1,232
  -1,362
  -1,498
  -1,640
  -1,788
  -1,942
  -2,102
  -2,269
  -2,442
  -2,622
  -2,810
  -3,004
  -3,206
New CAPEX, $m
  -58
  -121
  -152
  -187
  -226
  -267
  -311
  -356
  -403
  -450
  -497
  -543
  -589
  -634
  -677
  -720
  -762
  -802
  -843
  -882
  -922
  -962
  -1,002
  -1,042
  -1,084
  -1,127
  -1,171
  -1,217
  -1,265
  -1,315
  -1,367
Cash from investing activities, $m
  -59
  -169
  -219
  -277
  -345
  -421
  -506
  -599
  -701
  -810
  -926
  -1,048
  -1,178
  -1,313
  -1,454
  -1,601
  -1,754
  -1,911
  -2,075
  -2,244
  -2,420
  -2,602
  -2,790
  -2,984
  -3,186
  -3,396
  -3,613
  -3,839
  -4,075
  -4,319
  -4,573
Free cash flow, $m
  4
  -98
  -122
  -146
  -170
  -192
  -212
  -227
  -237
  -241
  -239
  -232
  -215
  -190
  -157
  -117
  -70
  -15
  46
  113
  186
  265
  348
  437
  530
  628
  729
  835
  945
  1,058
  1,176
Issuance/(repayment) of debt, $m
  -14
  235
  296
  365
  440
  521
  607
  696
  787
  878
  970
  1,060
  1,150
  1,237
  1,322
  1,405
  1,487
  1,567
  1,645
  1,723
  1,800
  1,878
  1,956
  2,035
  2,116
  2,200
  2,286
  2,375
  2,469
  2,566
  2,669
Issuance/(repurchase) of shares, $m
  -4
  91
  110
  128
  146
  161
  174
  181
  184
  181
  170
  144
  119
  87
  47
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -17
  326
  406
  493
  586
  682
  781
  877
  971
  1,059
  1,140
  1,204
  1,269
  1,324
  1,369
  1,405
  1,487
  1,567
  1,645
  1,723
  1,800
  1,878
  1,956
  2,035
  2,116
  2,200
  2,286
  2,375
  2,469
  2,566
  2,669
Total cash flow (excl. dividends), $m
  -14
  228
  284
  347
  416
  491
  569
  650
  734
  818
  901
  972
  1,054
  1,134
  1,212
  1,288
  1,417
  1,551
  1,691
  1,836
  1,986
  2,142
  2,304
  2,472
  2,646
  2,827
  3,015
  3,210
  3,413
  3,625
  3,844
Retained Cash Flow (-), $m
  -14
  -160
  -201
  -248
  -300
  -355
  -413
  -474
  -535
  -598
  -660
  -722
  -782
  -842
  -900
  -957
  -1,012
  -1,066
  -1,120
  -1,173
  -1,225
  -1,278
  -1,331
  -1,385
  -1,440
  -1,497
  -1,556
  -1,617
  -1,680
  -1,747
  -1,817
Prev. year cash balance distribution, $m
 
  78
  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
 
  146
  83
  99
  117
  136
  156
  177
  198
  220
  241
  250
  271
  292
  312
  332
  405
  485
  571
  663
  761
  864
  973
  1,087
  1,206
  1,330
  1,459
  1,594
  1,733
  1,878
  2,028
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  140
  76
  86
  96
  105
  113
  119
  124
  126
  127
  119
  116
  111
  105
  97
  103
  106
  105
  102
  97
  89
  81
  71
  61
  52
  43
  34
  27
  20
  15
Current shareholders' claim on cash, %
  100
  93.7
  88.5
  84.2
  80.7
  77.7
  75.3
  73.4
  71.8
  70.5
  69.5
  68.8
  68.3
  68.0
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9
  67.9

Primoris Services Corporation is a holding company. The Company holds various subsidiaries, through which it operates as a specialty contractor and infrastructure company. The Company provides a range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to public utilities, petrochemical companies, energy companies, municipalities, state departments of transportation and other customers. It operates in three segments: the West Construction Services segment (West segment), the East Construction Services segment (East segment) and the Energy segment. The Company installs, replaces, repairs and rehabilitates natural gas, refined product, water and wastewater pipeline systems; large diameter gas and liquid pipeline facilities, and heavy civil projects, earthwork and site development.

FINANCIAL RATIOS  of  Primoris Services (PRIM)

Valuation Ratios
P/E Ratio 56.4
Price to Sales 0.8
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 304.5
Growth Rates
Sales Growth Rate 3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 41%
Total Debt to Equity 52.7%
Interest Coverage 6
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.1%
Return On Equity 5.5%
Return On Equity - 3 Yr. Avg. 9.4%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 10.1%
Gross Margin - 3 Yr. Avg. 10.9%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 7.1%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 2.5%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 42.9%
Eff/ Tax Rate - 3 Yr. Avg. 39.8%
Payout Ratio 40.7%

PRIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRIM stock intrinsic value calculation we used $1997 million for the last fiscal year's total revenue generated by Primoris Services. The default revenue input number comes from 2016 income statement of Primoris Services. 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 PRIM stock valuation model: a) initial revenue growth rate of 38.1% 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 4.3%, whose default value for PRIM is calculated based on our internal credit rating of Primoris Services, 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 Primoris Services.
    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 PRIM stock the variable cost ratio is equal to 96.5%.

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 PRIM 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 Primoris Services.

Corporate tax rate of 27% is the nominal tax rate for Primoris Services. 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 PRIM 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 PRIM are equal to 15.8%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Primoris Services 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 PRIM is equal to 10.2%. 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 - $497 million for Primoris Services - 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 54.383 million for Primoris Services 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 Primoris Services at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Primoris Services tops Street 2Q forecasts   [Aug-08-17 04:46PM  Associated Press]
▶ Primoris Services meets 1Q profit forecasts   [May-08-17 05:58PM  Associated Press]
▶ Primoris Services misses 4Q profit forecasts   [06:45AM  Associated Press]
▶ Is Primoris Services Corp (PRIM) A Good Stock To Buy?   [Dec-12-16 07:24AM  at Insider Monkey]
Financial statements of PRIM
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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