Intrinsic value of Reliance Steel&Aluminum - RS

Previous Close

$74.38

  Intrinsic Value

$10.45

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

-12%

Previous close

$74.38

 
Intrinsic value

$10.45

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

-12%

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

We calculate the intrinsic value of RS 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 5.4

 

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, %
  -7.89
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
  6.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
Revenue, $m
  8,613
  9,629
  10,700
  11,824
  13,002
  14,232
  15,515
  16,852
  18,242
  19,688
  21,191
  22,753
  24,377
  26,064
  27,817
  29,641
  31,538
  33,512
  35,568
  37,709
  39,941
  42,268
  44,696
  47,230
  49,877
  52,641
  55,530
  58,550
  61,710
  65,015
  68,474
Variable operating expenses, $m
 
  9,040
  10,025
  11,059
  12,142
  13,273
  14,453
  15,683
  16,962
  18,292
  19,674
  20,928
  22,421
  23,973
  25,586
  27,263
  29,008
  30,824
  32,715
  34,685
  36,737
  38,878
  41,111
  43,442
  45,876
  48,419
  51,076
  53,854
  56,760
  59,800
  62,981
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
  8,101
  9,040
  10,025
  11,059
  12,142
  13,273
  14,453
  15,683
  16,962
  18,292
  19,674
  20,928
  22,421
  23,973
  25,586
  27,263
  29,008
  30,824
  32,715
  34,685
  36,737
  38,878
  41,111
  43,442
  45,876
  48,419
  51,076
  53,854
  56,760
  59,800
  62,981
Operating income, $m
  513
  590
  676
  766
  860
  959
  1,062
  1,169
  1,281
  1,397
  1,517
  1,825
  1,955
  2,091
  2,231
  2,378
  2,530
  2,688
  2,853
  3,025
  3,204
  3,390
  3,585
  3,788
  4,001
  4,222
  4,454
  4,696
  4,950
  5,215
  5,492
EBITDA, $m
  735
  924
  1,027
  1,134
  1,247
  1,365
  1,489
  1,617
  1,750
  1,889
  2,033
  2,183
  2,339
  2,501
  2,669
  2,844
  3,026
  3,215
  3,412
  3,618
  3,832
  4,055
  4,288
  4,531
  4,785
  5,050
  5,328
  5,617
  5,920
  6,238
  6,569
Interest expense (income), $m
  81
  78
  93
  110
  127
  145
  165
  184
  205
  227
  249
  272
  297
  322
  348
  375
  403
  433
  463
  495
  528
  563
  599
  636
  676
  717
  760
  804
  851
  900
  951
Earnings before tax, $m
  429
  512
  582
  656
  733
  813
  897
  985
  1,075
  1,170
  1,268
  1,553
  1,659
  1,769
  1,883
  2,003
  2,127
  2,255
  2,390
  2,530
  2,676
  2,828
  2,986
  3,152
  3,325
  3,506
  3,695
  3,892
  4,099
  4,315
  4,541
Tax expense, $m
  120
  138
  157
  177
  198
  220
  242
  266
  290
  316
  342
  419
  448
  478
  509
  541
  574
  609
  645
  683
  722
  763
  806
  851
  898
  947
  998
  1,051
  1,107
  1,165
  1,226
Net income, $m
  304
  374
  425
  479
  535
  594
  655
  719
  785
  854
  926
  1,134
  1,211
  1,291
  1,375
  1,462
  1,552
  1,646
  1,745
  1,847
  1,953
  2,064
  2,180
  2,301
  2,427
  2,559
  2,697
  2,841
  2,992
  3,150
  3,315

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  7,411
  8,147
  9,053
  10,004
  11,000
  12,041
  13,126
  14,257
  15,433
  16,657
  17,928
  19,250
  20,623
  22,050
  23,534
  25,077
  26,682
  28,352
  30,091
  31,903
  33,791
  35,760
  37,814
  39,958
  42,197
  44,536
  46,980
  49,535
  52,208
  55,004
  57,930
Adjusted assets (=assets-cash), $m
  7,288
  8,147
  9,053
  10,004
  11,000
  12,041
  13,126
  14,257
  15,433
  16,657
  17,928
  19,250
  20,623
  22,050
  23,534
  25,077
  26,682
  28,352
  30,091
  31,903
  33,791
  35,760
  37,814
  39,958
  42,197
  44,536
  46,980
  49,535
  52,208
  55,004
  57,930
Revenue / Adjusted assets
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
Average production assets, $m
  2,787
  3,120
  3,467
  3,831
  4,213
  4,611
  5,027
  5,460
  5,910
  6,379
  6,866
  7,372
  7,898
  8,445
  9,013
  9,604
  10,218
  10,858
  11,524
  12,218
  12,941
  13,695
  14,482
  15,303
  16,160
  17,056
  17,992
  18,970
  19,994
  21,065
  22,185
Working capital, $m
  2,033
  2,224
  2,472
  2,731
  3,003
  3,288
  3,584
  3,893
  4,214
  4,548
  4,895
  5,256
  5,631
  6,021
  6,426
  6,847
  7,285
  7,741
  8,216
  8,711
  9,226
  9,764
  10,325
  10,910
  11,521
  12,160
  12,827
  13,525
  14,255
  15,018
  15,817
Total debt, $m
  1,929
  2,219
  2,614
  3,029
  3,463
  3,917
  4,390
  4,883
  5,396
  5,929
  6,484
  7,060
  7,659
  8,281
  8,928
  9,601
  10,300
  11,029
  11,787
  12,577
  13,400
  14,258
  15,154
  16,089
  17,065
  18,084
  19,150
  20,264
  21,430
  22,649
  23,925
Total liabilities, $m
  3,263
  3,552
  3,947
  4,362
  4,796
  5,250
  5,723
  6,216
  6,729
  7,262
  7,817
  8,393
  8,992
  9,614
  10,261
  10,934
  11,633
  12,362
  13,120
  13,910
  14,733
  15,591
  16,487
  17,422
  18,398
  19,417
  20,483
  21,597
  22,763
  23,982
  25,258
Total equity, $m
  4,149
  4,595
  5,106
  5,642
  6,204
  6,791
  7,403
  8,041
  8,704
  9,394
  10,112
  10,857
  11,631
  12,436
  13,273
  14,143
  15,049
  15,991
  16,971
  17,993
  19,058
  20,169
  21,327
  22,536
  23,799
  25,118
  26,497
  27,938
  29,445
  31,022
  32,673
Total liabilities and equity, $m
  7,412
  8,147
  9,053
  10,004
  11,000
  12,041
  13,126
  14,257
  15,433
  16,656
  17,929
  19,250
  20,623
  22,050
  23,534
  25,077
  26,682
  28,353
  30,091
  31,903
  33,791
  35,760
  37,814
  39,958
  42,197
  44,535
  46,980
  49,535
  52,208
  55,004
  57,931
Debt-to-equity ratio
  0.465
  0.480
  0.510
  0.540
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.552
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  304
  374
  425
  479
  535
  594
  655
  719
  785
  854
  926
  1,134
  1,211
  1,291
  1,375
  1,462
  1,552
  1,646
  1,745
  1,847
  1,953
  2,064
  2,180
  2,301
  2,427
  2,559
  2,697
  2,841
  2,992
  3,150
  3,315
Depreciation, amort., depletion, $m
  222
  334
  351
  369
  387
  407
  427
  448
  470
  492
  516
  358
  383
  410
  438
  466
  496
  527
  559
  593
  628
  665
  703
  743
  784
  828
  873
  921
  971
  1,023
  1,077
Funds from operations, $m
  640
  708
  776
  848
  922
  1,000
  1,082
  1,167
  1,255
  1,346
  1,442
  1,491
  1,594
  1,701
  1,812
  1,928
  2,048
  2,174
  2,304
  2,440
  2,581
  2,729
  2,883
  3,044
  3,212
  3,387
  3,570
  3,762
  3,963
  4,172
  4,392
Change in working capital, $m
  13
  235
  247
  260
  272
  284
  296
  309
  321
  334
  347
  361
  375
  390
  405
  421
  438
  456
  475
  495
  516
  538
  561
  585
  611
  639
  667
  698
  730
  763
  799
Cash from operations, $m
  627
  473
  529
  588
  650
  716
  785
  858
  933
  1,012
  1,094
  1,131
  1,219
  1,312
  1,407
  1,507
  1,610
  1,718
  1,829
  1,945
  2,066
  2,191
  2,322
  2,458
  2,600
  2,749
  2,903
  3,064
  3,233
  3,409
  3,593
Maintenance CAPEX, $m
  0
  -135
  -151
  -168
  -186
  -204
  -224
  -244
  -265
  -287
  -310
  -333
  -358
  -383
  -410
  -438
  -466
  -496
  -527
  -559
  -593
  -628
  -665
  -703
  -743
  -784
  -828
  -873
  -921
  -971
  -1,023
New CAPEX, $m
  -155
  -333
  -347
  -364
  -381
  -399
  -416
  -433
  -451
  -469
  -487
  -506
  -526
  -547
  -568
  -591
  -615
  -640
  -666
  -694
  -723
  -754
  -787
  -821
  -857
  -896
  -936
  -979
  -1,024
  -1,071
  -1,121
Cash from investing activities, $m
  -505
  -468
  -498
  -532
  -567
  -603
  -640
  -677
  -716
  -756
  -797
  -839
  -884
  -930
  -978
  -1,029
  -1,081
  -1,136
  -1,193
  -1,253
  -1,316
  -1,382
  -1,452
  -1,524
  -1,600
  -1,680
  -1,764
  -1,852
  -1,945
  -2,042
  -2,144
Free cash flow, $m
  122
  5
  30
  55
  83
  113
  146
  181
  218
  257
  298
  291
  336
  382
  429
  478
  529
  582
  636
  692
  750
  809
  871
  934
  1,000
  1,068
  1,139
  1,212
  1,289
  1,368
  1,450
Issuance/(repayment) of debt, $m
  -1
  373
  395
  415
  434
  454
  473
  493
  513
  533
  554
  576
  599
  622
  647
  673
  700
  728
  758
  790
  823
  858
  896
  935
  976
  1,020
  1,066
  1,114
  1,165
  1,219
  1,276
Issuance/(repurchase) of shares, $m
  38
  112
  86
  58
  27
  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  
  20
  485
  481
  473
  461
  454
  473
  493
  513
  533
  554
  576
  599
  622
  647
  673
  700
  728
  758
  790
  823
  858
  896
  935
  976
  1,020
  1,066
  1,114
  1,165
  1,219
  1,276
Total cash flow (excl. dividends), $m
  139
  489
  511
  528
  544
  567
  619
  674
  731
  790
  852
  867
  934
  1,004
  1,076
  1,151
  1,229
  1,310
  1,394
  1,482
  1,573
  1,668
  1,766
  1,869
  1,976
  2,088
  2,205
  2,327
  2,454
  2,587
  2,726
Retained Cash Flow (-), $m
  -235
  -486
  -511
  -537
  -562
  -587
  -612
  -638
  -664
  -690
  -717
  -745
  -775
  -805
  -837
  -870
  -905
  -942
  -981
  -1,022
  -1,065
  -1,110
  -1,158
  -1,209
  -1,263
  -1,319
  -1,379
  -1,441
  -1,507
  -1,577
  -1,650
Prev. year cash balance distribution, $m
 
  40
  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
 
  44
  0
  -9
  -18
  -20
  7
  36
  67
  100
  135
  122
  160
  199
  239
  281
  324
  368
  413
  460
  508
  557
  608
  660
  714
  769
  826
  885
  946
  1,010
  1,075
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  41
  0
  -7
  -14
  -14
  5
  22
  36
  48
  58
  46
  52
  56
  57
  57
  54
  50
  45
  40
  34
  29
  24
  19
  15
  11
  8
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  97.9
  96.6
  95.7
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4
  95.4

Reliance Steel & Aluminum Co. operates as a metals service center company. The company provides metals processing services and distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products. Its primary processing services comprise cutting, leveling, sawing, machining, and electro polishing. The company also fabricates and distributes structural steel components and parts; provides metal components and inventory management services; distributes alloy, carbon, and stainless steel bar and plate products; and steel and non-ferrous and aerospace metals, including aluminum, steel, titanium, nickel alloys, and aluminum bronze, offering full or cut to size materials Reliance Steel & Aluminum Co. serves general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, heavy, and auto industries. The company sells its products to original equipment manufacturers, small machine shops, and fabricators. It operates through a network of metals service centers in approximately 300 locations in 39 states in the United States, as well as in Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates, and the United Kingdom. The company was founded in 1939 and is headquartered in Los Angeles, California.

FINANCIAL RATIOS  of  Reliance Steel&Aluminum (RS)

Valuation Ratios
P/E Ratio 17.8
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 44.5%
Total Debt to Equity 46.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 27.5%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 5.9%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 39.5%

RS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RS stock intrinsic value calculation we used $8613 million for the last fiscal year's total revenue generated by Reliance Steel&Aluminum. The default revenue input number comes from 2016 income statement of Reliance Steel&Aluminum. 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 RS stock valuation model: a) initial revenue growth rate of 11.8% 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 5.7%, whose default value for RS is calculated based on our internal credit rating of Reliance Steel&Aluminum, 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 Reliance Steel&Aluminum.
    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 RS stock the variable cost ratio is equal to 94.1%.

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 RS 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 4.2% for Reliance Steel&Aluminum.

Corporate tax rate of 27% is the nominal tax rate for Reliance Steel&Aluminum. 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 RS 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 RS are equal to 32.4%.

Life of production assets of 20.6 years is the average useful life of capital assets used in Reliance Steel&Aluminum 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 RS is equal to 23.1%. 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 - $4149 million for Reliance Steel&Aluminum - 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 72.296 million for Reliance Steel&Aluminum 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 Reliance Steel&Aluminum at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ Reliance Steel tops Street 2Q forecasts   [Jul-27-17 03:45PM  Associated Press]
▶ Third Avenue Value Fund's 2nd Quarter Portfolio Commentary   [Jul-21-17 07:28PM  GuruFocus.com]
▶ Parexel, Lennar rise; Teladoc, Chipotle Mexican Grill fall   [Jun-20-17 04:28PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:54AM  Briefing.com]
▶ Reliance Steel beats Street 1Q forecasts   [06:58AM  Associated Press]
▶ Steel supplier moves headquarters to Elk Grove   [Jan-05-17 03:29PM  at bizjournals.com]
▶ Should You Buy Avnet, Inc. (AVT)?   [Dec-08-16 02:11AM  at Insider Monkey]
▶ Hedge Funds Are Dumping Reliance Steel & Aluminum Co (RS) Too   [Nov-30-16 12:57PM  at Insider Monkey]
▶ Reliance Steel Falls on Q3 Miss, Guidance (RS)   [Oct-21-16 09:50AM  at Investopedia]
▶ A Tale of 3 Steel Stocks   [11:33AM  at Barrons.com]
Stock chart of RS Financial statements of RS Annual reports of RS
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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