Intrinsic value of Reliance Steel&Aluminum - RS

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$76.94

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$76.94

 
Intrinsic value

$46.45

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence* premium content

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*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 5.6

 

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, %
  -7.89
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8,613
  8,785
  8,987
  9,218
  9,478
  9,765
  10,080
  10,424
  10,795
  11,195
  11,625
  12,085
  12,575
  13,097
  13,652
  14,241
  14,865
  15,526
  16,225
  16,963
  17,742
  18,565
  19,432
  20,346
  21,309
  22,324
  23,392
  24,516
  25,699
  26,944
  28,253
Variable operating expenses, $m
 
  8,263
  8,449
  8,662
  8,900
  9,164
  9,454
  9,770
  10,112
  10,480
  10,875
  11,115
  11,567
  12,047
  12,557
  13,099
  13,673
  14,281
  14,923
  15,602
  16,319
  17,076
  17,873
  18,714
  19,600
  20,533
  21,516
  22,550
  23,638
  24,783
  25,987
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
  8,263
  8,449
  8,662
  8,900
  9,164
  9,454
  9,770
  10,112
  10,480
  10,875
  11,115
  11,567
  12,047
  12,557
  13,099
  13,673
  14,281
  14,923
  15,602
  16,319
  17,076
  17,873
  18,714
  19,600
  20,533
  21,516
  22,550
  23,638
  24,783
  25,987
Operating income, $m
  513
  522
  538
  557
  578
  601
  626
  653
  683
  715
  750
  969
  1,009
  1,051
  1,095
  1,142
  1,192
  1,245
  1,301
  1,361
  1,423
  1,489
  1,559
  1,632
  1,709
  1,791
  1,876
  1,967
  2,061
  2,161
  2,266
EBITDA, $m
  735
  843
  862
  884
  909
  937
  967
  1,000
  1,036
  1,074
  1,115
  1,159
  1,206
  1,257
  1,310
  1,366
  1,426
  1,490
  1,557
  1,627
  1,702
  1,781
  1,864
  1,952
  2,044
  2,142
  2,244
  2,352
  2,466
  2,585
  2,711
Interest expense (income), $m
  81
  78
  80
  83
  87
  91
  95
  100
  105
  111
  117
  124
  131
  139
  147
  156
  165
  174
  185
  195
  207
  219
  232
  245
  259
  274
  290
  306
  324
  342
  361
Earnings before tax, $m
  429
  444
  458
  473
  491
  510
  531
  553
  578
  604
  632
  845
  877
  912
  948
  987
  1,028
  1,071
  1,117
  1,165
  1,216
  1,270
  1,327
  1,387
  1,450
  1,516
  1,586
  1,660
  1,738
  1,819
  1,905
Tax expense, $m
  120
  120
  124
  128
  132
  138
  143
  149
  156
  163
  171
  228
  237
  246
  256
  266
  277
  289
  302
  315
  328
  343
  358
  374
  392
  409
  428
  448
  469
  491
  514
Net income, $m
  304
  324
  334
  346
  358
  372
  387
  404
  422
  441
  462
  617
  641
  666
  692
  720
  750
  782
  815
  851
  888
  927
  969
  1,012
  1,059
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391

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
  7,433
  7,603
  7,799
  8,018
  8,261
  8,528
  8,819
  9,133
  9,472
  9,835
  10,224
  10,639
  11,081
  11,550
  12,049
  12,577
  13,135
  13,727
  14,351
  15,010
  15,706
  16,440
  17,213
  18,028
  18,887
  19,790
  20,741
  21,742
  22,795
  23,903
Adjusted assets (=assets-cash), $m
  7,288
  7,433
  7,603
  7,799
  8,018
  8,261
  8,528
  8,819
  9,133
  9,472
  9,835
  10,224
  10,639
  11,081
  11,550
  12,049
  12,577
  13,135
  13,727
  14,351
  15,010
  15,706
  16,440
  17,213
  18,028
  18,887
  19,790
  20,741
  21,742
  22,795
  23,903
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
  2,846
  2,912
  2,987
  3,071
  3,164
  3,266
  3,377
  3,498
  3,627
  3,767
  3,915
  4,074
  4,244
  4,423
  4,614
  4,816
  5,030
  5,257
  5,496
  5,749
  6,015
  6,296
  6,592
  6,904
  7,233
  7,579
  7,943
  8,327
  8,730
  9,154
Working capital, $m
  2,033
  2,029
  2,076
  2,129
  2,189
  2,256
  2,329
  2,408
  2,494
  2,586
  2,685
  2,792
  2,905
  3,026
  3,154
  3,290
  3,434
  3,587
  3,748
  3,918
  4,098
  4,288
  4,489
  4,700
  4,922
  5,157
  5,404
  5,663
  5,937
  6,224
  6,526
Total debt, $m
  1,929
  1,908
  1,982
  2,067
  2,163
  2,269
  2,385
  2,512
  2,649
  2,797
  2,955
  3,125
  3,306
  3,498
  3,703
  3,920
  4,150
  4,394
  4,652
  4,924
  5,212
  5,515
  5,835
  6,172
  6,527
  6,902
  7,296
  7,710
  8,147
  8,606
  9,089
Total liabilities, $m
  3,263
  3,241
  3,315
  3,400
  3,496
  3,602
  3,718
  3,845
  3,982
  4,130
  4,288
  4,458
  4,639
  4,831
  5,036
  5,253
  5,483
  5,727
  5,985
  6,257
  6,545
  6,848
  7,168
  7,505
  7,860
  8,235
  8,629
  9,043
  9,480
  9,939
  10,422
Total equity, $m
  4,149
  4,192
  4,288
  4,399
  4,522
  4,659
  4,810
  4,974
  5,151
  5,342
  5,547
  5,766
  6,000
  6,250
  6,514
  6,795
  7,093
  7,408
  7,742
  8,094
  8,466
  8,858
  9,272
  9,708
  10,168
  10,652
  11,162
  11,698
  12,263
  12,856
  13,481
Total liabilities and equity, $m
  7,412
  7,433
  7,603
  7,799
  8,018
  8,261
  8,528
  8,819
  9,133
  9,472
  9,835
  10,224
  10,639
  11,081
  11,550
  12,048
  12,576
  13,135
  13,727
  14,351
  15,011
  15,706
  16,440
  17,213
  18,028
  18,887
  19,791
  20,741
  21,743
  22,795
  23,903
Debt-to-equity ratio
  0.465
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
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
  324
  334
  346
  358
  372
  387
  404
  422
  441
  462
  617
  641
  666
  692
  720
  750
  782
  815
  851
  888
  927
  969
  1,012
  1,059
  1,107
  1,158
  1,212
  1,268
  1,328
  1,391
Depreciation, amort., depletion, $m
  222
  321
  324
  328
  332
  336
  341
  347
  352
  359
  366
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  306
  320
  335
  351
  368
  386
  404
  424
  444
Funds from operations, $m
  640
  645
  658
  673
  690
  708
  729
  750
  774
  800
  827
  807
  838
  872
  907
  944
  984
  1,026
  1,070
  1,117
  1,167
  1,219
  1,274
  1,332
  1,394
  1,458
  1,526
  1,597
  1,673
  1,752
  1,835
Change in working capital, $m
  13
  40
  47
  53
  60
  66
  73
  79
  86
  92
  99
  106
  113
  121
  128
  136
  144
  153
  161
  171
  180
  190
  200
  211
  223
  234
  247
  260
  273
  288
  302
Cash from operations, $m
  627
  632
  612
  620
  630
  642
  656
  671
  688
  707
  728
  701
  725
  751
  779
  808
  840
  873
  909
  947
  987
  1,029
  1,074
  1,121
  1,171
  1,224
  1,279
  1,338
  1,399
  1,464
  1,532
Maintenance CAPEX, $m
  0
  -135
  -138
  -141
  -145
  -149
  -154
  -159
  -164
  -170
  -176
  -183
  -190
  -198
  -206
  -215
  -224
  -234
  -244
  -255
  -267
  -279
  -292
  -306
  -320
  -335
  -351
  -368
  -386
  -404
  -424
New CAPEX, $m
  -155
  -60
  -65
  -75
  -84
  -93
  -102
  -111
  -120
  -130
  -139
  -149
  -159
  -169
  -180
  -191
  -202
  -214
  -226
  -239
  -253
  -266
  -281
  -296
  -312
  -329
  -346
  -364
  -383
  -403
  -424
Cash from investing activities, $m
  -505
  -195
  -203
  -216
  -229
  -242
  -256
  -270
  -284
  -300
  -315
  -332
  -349
  -367
  -386
  -406
  -426
  -448
  -470
  -494
  -520
  -545
  -573
  -602
  -632
  -664
  -697
  -732
  -769
  -807
  -848
Free cash flow, $m
  122
  437
  408
  404
  401
  400
  400
  401
  404
  408
  413
  369
  376
  384
  393
  403
  414
  426
  439
  453
  468
  484
  501
  519
  539
  560
  582
  606
  630
  657
  685
Issuance/(repayment) of debt, $m
  -1
  62
  75
  85
  96
  106
  116
  127
  137
  148
  158
  170
  181
  193
  205
  217
  230
  244
  258
  272
  287
  303
  320
  337
  355
  374
  394
  415
  436
  459
  483
Issuance/(repurchase) of shares, $m
  38
  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  
  20
  62
  75
  85
  96
  106
  116
  127
  137
  148
  158
  170
  181
  193
  205
  217
  230
  244
  258
  272
  287
  303
  320
  337
  355
  374
  394
  415
  436
  459
  483
Total cash flow (excl. dividends), $m
  139
  498
  483
  489
  497
  506
  516
  528
  541
  555
  571
  539
  557
  577
  598
  620
  644
  669
  696
  725
  755
  787
  821
  857
  894
  934
  976
  1,020
  1,067
  1,116
  1,167
Retained Cash Flow (-), $m
  -235
  -83
  -96
  -110
  -124
  -137
  -150
  -164
  -177
  -191
  -205
  -219
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -352
  -372
  -392
  -414
  -436
  -460
  -484
  -510
  -536
  -564
  -594
  -625
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
 
  455
  386
  379
  373
  369
  366
  364
  364
  364
  366
  319
  323
  327
  333
  339
  346
  354
  363
  373
  383
  395
  407
  420
  435
  450
  466
  484
  502
  522
  543
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
 
  431
  344
  315
  289
  264
  240
  218
  196
  176
  157
  120
  106
  92
  80
  68
  58
  48
  40
  32
  26
  21
  16
  12
  9
  7
  5
  3
  2
  2
  1
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

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 18.4
Price to Sales 0.6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 11.8
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 2% 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 72.732 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 $5.6 billion.


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COMPANY NEWS

▶ 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
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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