Intrinsic value of Reliance Steel&Aluminum - RS

Previous Close

$74.36

  Intrinsic Value

$8.54

stock screener

  Rating & Target

str. sell

-89%

Previous close

$74.36

 
Intrinsic value

$8.54

 
Up/down potential

-89%

 
Rating

str. sell

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
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  8,613
  9,672
  10,791
  11,969
  13,205
  14,497
  15,847
  17,254
  18,719
  20,244
  21,828
  23,475
  25,187
  26,965
  28,814
  30,736
  32,735
  34,814
  36,979
  39,233
  41,581
  44,030
  46,583
  49,247
  52,028
  54,932
  57,967
  61,138
  64,455
  67,924
  71,553
Variable operating expenses, $m
 
  9,079
  10,109
  11,192
  12,328
  13,517
  14,759
  16,053
  17,401
  18,802
  20,260
  21,592
  23,167
  24,802
  26,503
  28,271
  30,109
  32,022
  34,013
  36,086
  38,246
  40,498
  42,846
  45,297
  47,854
  50,526
  53,317
  56,234
  59,285
  62,475
  65,814
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
  9,079
  10,109
  11,192
  12,328
  13,517
  14,759
  16,053
  17,401
  18,802
  20,260
  21,592
  23,167
  24,802
  26,503
  28,271
  30,109
  32,022
  34,013
  36,086
  38,246
  40,498
  42,846
  45,297
  47,854
  50,526
  53,317
  56,234
  59,285
  62,475
  65,814
Operating income, $m
  513
  593
  683
  777
  876
  980
  1,088
  1,201
  1,319
  1,441
  1,568
  1,883
  2,020
  2,163
  2,311
  2,465
  2,626
  2,793
  2,966
  3,147
  3,335
  3,532
  3,736
  3,950
  4,173
  4,406
  4,650
  4,904
  5,170
  5,448
  5,739
EBITDA, $m
  735
  928
  1,035
  1,148
  1,267
  1,391
  1,520
  1,655
  1,796
  1,942
  2,094
  2,252
  2,416
  2,587
  2,764
  2,949
  3,141
  3,340
  3,548
  3,764
  3,989
  4,224
  4,469
  4,725
  4,992
  5,270
  5,561
  5,866
  6,184
  6,517
  6,865
Interest expense (income), $m
  81
  78
  94
  111
  129
  149
  169
  190
  211
  234
  258
  282
  308
  334
  362
  390
  420
  451
  483
  517
  552
  588
  626
  666
  707
  750
  795
  842
  891
  943
  996
Earnings before tax, $m
  429
  516
  589
  666
  747
  832
  920
  1,012
  1,107
  1,207
  1,311
  1,601
  1,713
  1,829
  1,949
  2,075
  2,206
  2,341
  2,483
  2,630
  2,784
  2,943
  3,110
  3,284
  3,466
  3,656
  3,855
  4,062
  4,279
  4,506
  4,743
Tax expense, $m
  120
  139
  159
  180
  202
  225
  248
  273
  299
  326
  354
  432
  462
  494
  526
  560
  595
  632
  670
  710
  752
  795
  840
  887
  936
  987
  1,041
  1,097
  1,155
  1,217
  1,281
Net income, $m
  304
  376
  430
  486
  545
  607
  671
  739
  808
  881
  957
  1,169
  1,250
  1,335
  1,423
  1,515
  1,610
  1,709
  1,812
  1,920
  2,032
  2,149
  2,271
  2,398
  2,530
  2,669
  2,814
  2,965
  3,124
  3,289
  3,462

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
  8,183
  9,130
  10,126
  11,171
  12,265
  13,407
  14,597
  15,837
  17,127
  18,467
  19,861
  21,309
  22,813
  24,377
  26,003
  27,694
  29,454
  31,285
  33,192
  35,179
  37,250
  39,410
  41,664
  44,017
  46,474
  49,041
  51,724
  54,530
  57,465
  60,536
Adjusted assets (=assets-cash), $m
  7,288
  8,183
  9,130
  10,126
  11,171
  12,265
  13,407
  14,597
  15,837
  17,127
  18,467
  19,861
  21,309
  22,813
  24,377
  26,003
  27,694
  29,454
  31,285
  33,192
  35,179
  37,250
  39,410
  41,664
  44,017
  46,474
  49,041
  51,724
  54,530
  57,465
  60,536
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
  3,134
  3,496
  3,878
  4,278
  4,697
  5,134
  5,590
  6,065
  6,559
  7,072
  7,606
  8,161
  8,737
  9,336
  9,958
  10,606
  11,280
  11,981
  12,711
  13,472
  14,266
  15,093
  15,956
  16,857
  17,798
  18,781
  19,809
  20,883
  22,007
  23,183
Working capital, $m
  2,033
  2,234
  2,493
  2,765
  3,050
  3,349
  3,661
  3,986
  4,324
  4,676
  5,042
  5,423
  5,818
  6,229
  6,656
  7,100
  7,562
  8,042
  8,542
  9,063
  9,605
  10,171
  10,761
  11,376
  12,018
  12,689
  13,390
  14,123
  14,889
  15,690
  16,529
Total debt, $m
  1,929
  2,235
  2,648
  3,082
  3,538
  4,015
  4,512
  5,031
  5,572
  6,134
  6,719
  7,326
  7,958
  8,614
  9,296
  10,004
  10,742
  11,509
  12,307
  13,139
  14,005
  14,908
  15,850
  16,832
  17,858
  18,930
  20,049
  21,219
  22,442
  23,722
  25,061
Total liabilities, $m
  3,263
  3,568
  3,981
  4,415
  4,871
  5,348
  5,845
  6,364
  6,905
  7,467
  8,052
  8,659
  9,291
  9,947
  10,629
  11,337
  12,075
  12,842
  13,640
  14,472
  15,338
  16,241
  17,183
  18,165
  19,191
  20,263
  21,382
  22,552
  23,775
  25,055
  26,394
Total equity, $m
  4,149
  4,615
  5,149
  5,711
  6,301
  6,917
  7,562
  8,233
  8,932
  9,659
  10,416
  11,201
  12,018
  12,867
  13,749
  14,666
  15,620
  16,612
  17,645
  18,720
  19,841
  21,009
  22,227
  23,498
  24,825
  26,211
  27,659
  29,173
  30,755
  32,410
  34,142
Total liabilities and equity, $m
  7,412
  8,183
  9,130
  10,126
  11,172
  12,265
  13,407
  14,597
  15,837
  17,126
  18,468
  19,860
  21,309
  22,814
  24,378
  26,003
  27,695
  29,454
  31,285
  33,192
  35,179
  37,250
  39,410
  41,663
  44,016
  46,474
  49,041
  51,725
  54,530
  57,465
  60,536
Debt-to-equity ratio
  0.465
  0.480
  0.510
  0.540
  0.560
  0.580
  0.600
  0.610
  0.620
  0.640
  0.650
  0.650
  0.660
  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
  0.720
  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
  376
  430
  486
  545
  607
  671
  739
  808
  881
  957
  1,169
  1,250
  1,335
  1,423
  1,515
  1,610
  1,709
  1,812
  1,920
  2,032
  2,149
  2,271
  2,398
  2,530
  2,669
  2,814
  2,965
  3,124
  3,289
  3,462
Depreciation, amort., depletion, $m
  222
  335
  352
  371
  390
  411
  432
  454
  477
  501
  526
  369
  396
  424
  453
  483
  515
  548
  582
  617
  654
  693
  733
  775
  818
  864
  912
  962
  1,014
  1,068
  1,125
Funds from operations, $m
  640
  711
  782
  857
  936
  1,018
  1,103
  1,193
  1,286
  1,382
  1,483
  1,538
  1,646
  1,759
  1,876
  1,998
  2,125
  2,257
  2,394
  2,537
  2,686
  2,841
  3,003
  3,172
  3,349
  3,533
  3,726
  3,927
  4,137
  4,357
  4,588
Change in working capital, $m
  13
  245
  259
  272
  285
  299
  312
  325
  338
  352
  366
  380
  395
  411
  427
  444
  462
  480
  500
  521
  543
  566
  590
  615
  642
  671
  701
  733
  766
  801
  838
Cash from operations, $m
  627
  467
  524
  585
  650
  719
  792
  868
  947
  1,030
  1,117
  1,157
  1,251
  1,348
  1,449
  1,554
  1,663
  1,776
  1,894
  2,016
  2,143
  2,276
  2,413
  2,557
  2,706
  2,862
  3,025
  3,194
  3,371
  3,556
  3,749
Maintenance CAPEX, $m
  0
  -135
  -152
  -170
  -188
  -208
  -228
  -249
  -271
  -294
  -318
  -343
  -369
  -396
  -424
  -453
  -483
  -515
  -548
  -582
  -617
  -654
  -693
  -733
  -775
  -818
  -864
  -912
  -962
  -1,014
  -1,068
New CAPEX, $m
  -155
  -347
  -363
  -382
  -400
  -419
  -437
  -456
  -475
  -494
  -513
  -534
  -555
  -576
  -599
  -623
  -648
  -674
  -701
  -730
  -761
  -793
  -827
  -863
  -901
  -941
  -983
  -1,028
  -1,075
  -1,124
  -1,176
Cash from investing activities, $m
  -505
  -482
  -515
  -552
  -588
  -627
  -665
  -705
  -746
  -788
  -831
  -877
  -924
  -972
  -1,023
  -1,076
  -1,131
  -1,189
  -1,249
  -1,312
  -1,378
  -1,447
  -1,520
  -1,596
  -1,676
  -1,759
  -1,847
  -1,940
  -2,037
  -2,138
  -2,244
Free cash flow, $m
  122
  -16
  9
  34
  62
  93
  126
  162
  201
  242
  285
  280
  327
  376
  426
  478
  532
  588
  645
  704
  765
  829
  894
  961
  1,031
  1,103
  1,177
  1,255
  1,335
  1,418
  1,505
Issuance/(repayment) of debt, $m
  -1
  389
  413
  434
  456
  477
  498
  519
  540
  562
  585
  608
  631
  656
  682
  709
  737
  767
  798
  831
  866
  903
  942
  983
  1,026
  1,071
  1,119
  1,170
  1,223
  1,280
  1,339
Issuance/(repurchase) of shares, $m
  38
  130
  104
  76
  44
  10
  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
  519
  517
  510
  500
  487
  498
  519
  540
  562
  585
  608
  631
  656
  682
  709
  737
  767
  798
  831
  866
  903
  942
  983
  1,026
  1,071
  1,119
  1,170
  1,223
  1,280
  1,339
Total cash flow (excl. dividends), $m
  139
  503
  526
  544
  562
  579
  624
  682
  742
  804
  869
  888
  959
  1,032
  1,108
  1,187
  1,269
  1,355
  1,444
  1,536
  1,632
  1,732
  1,835
  1,944
  2,056
  2,174
  2,297
  2,425
  2,558
  2,698
  2,844
Retained Cash Flow (-), $m
  -235
  -506
  -534
  -562
  -589
  -617
  -644
  -671
  -699
  -727
  -756
  -786
  -817
  -849
  -882
  -917
  -954
  -992
  -1,033
  -1,076
  -1,121
  -1,168
  -1,218
  -1,271
  -1,327
  -1,386
  -1,448
  -1,513
  -1,582
  -1,655
  -1,732
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
 
  36
  -8
  -18
  -28
  -38
  -20
  10
  42
  77
  113
  102
  142
  183
  226
  270
  316
  363
  411
  460
  511
  563
  617
  673
  730
  788
  849
  911
  976
  1,043
  1,112
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
 
  34
  -7
  -15
  -22
  -27
  -13
  6
  23
  37
  49
  38
  46
  52
  54
  54
  53
  49
  45
  40
  35
  29
  24
  19
  15
  12
  9
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  97.6
  96.0
  94.9
  94.4
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2
  94.2

Reliance Steel & Aluminum Co. is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company's network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom). As of December 31, 2016, it provided metals processing services and distributes a range of more than 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products in a range of industries. Its various metals service centers process and distribute only specialty metals. It delivers a range of products from facilities located across the United States and Canada. It provides a range of processing services for its customers' and delivers products to fabricators, manufacturers and other end users.

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 12.3% 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 72.873 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 & ALUMINUM CO to Host Earnings Call   [Oct-26-17 08:45AM  ACCESSWIRE]
▶ Reliance Steel beats Street 3Q forecasts   [07:05AM  Associated Press]
▶ Hedge Fund Bullishness on Metal Stocks Hits 3-Year High   [Oct-09-17 08:00AM  Insider Monkey]
▶ Third Avenue Value Fund Buys Reliance Steel & Aluminum   [Sep-30-17 11:42AM  GuruFocus.com]
▶ It may be time to get bullish on these steel stocks   [12:23PM  American City Business Journals]
▶ Reliance Steel & Aluminum: Most Analysts Gave It a Buy   [Aug-04-17 09:08AM  Market Realist]
▶ 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]
Financial statements 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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