Intrinsic value of Ryerson Holding - RYI

Previous Close

$10.90

  Intrinsic Value

$3.16

stock screener

  Rating & Target

str. sell

-71%

Previous close

$10.90

 
Intrinsic value

$3.16

 
Up/down potential

-71%

 
Rating

str. sell

We calculate the intrinsic value of RYI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -9.69
  17.60
  16.34
  15.21
  14.19
  13.27
  12.44
  11.70
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.90
  5.81
  5.73
  5.66
  5.59
Revenue, $m
  2,860
  3,363
  3,913
  4,508
  5,147
  5,830
  6,556
  7,322
  8,130
  8,977
  9,864
  10,791
  11,757
  12,763
  13,810
  14,899
  16,030
  17,206
  18,428
  19,698
  21,018
  22,391
  23,819
  25,306
  26,854
  28,466
  30,147
  31,900
  33,728
  35,637
  37,631
Variable operating expenses, $m
 
  3,247
  3,776
  4,349
  4,964
  5,621
  6,319
  7,057
  7,834
  8,650
  9,504
  10,385
  11,315
  12,283
  13,291
  14,339
  15,428
  16,559
  17,735
  18,957
  20,228
  21,549
  22,924
  24,354
  25,844
  27,396
  29,013
  30,700
  32,460
  34,297
  36,216
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
  2,727
  3,247
  3,776
  4,349
  4,964
  5,621
  6,319
  7,057
  7,834
  8,650
  9,504
  10,385
  11,315
  12,283
  13,291
  14,339
  15,428
  16,559
  17,735
  18,957
  20,228
  21,549
  22,924
  24,354
  25,844
  27,396
  29,013
  30,700
  32,460
  34,297
  36,216
Operating income, $m
  133
  116
  137
  159
  183
  209
  236
  265
  295
  327
  361
  406
  442
  480
  519
  560
  603
  647
  693
  741
  790
  842
  896
  952
  1,010
  1,070
  1,134
  1,199
  1,268
  1,340
  1,415
EBITDA, $m
  176
  167
  195
  224
  256
  290
  326
  364
  404
  447
  491
  537
  585
  635
  687
  741
  797
  856
  917
  980
  1,046
  1,114
  1,185
  1,259
  1,336
  1,416
  1,500
  1,587
  1,678
  1,773
  1,872
Interest expense (income), $m
  89
  85
  83
  106
  131
  157
  186
  216
  248
  282
  318
  355
  394
  434
  476
  520
  566
  613
  662
  713
  766
  822
  879
  939
  1,001
  1,066
  1,133
  1,204
  1,277
  1,354
  1,434
Earnings before tax, $m
  26
  31
  54
  54
  53
  52
  50
  49
  47
  45
  43
  51
  49
  46
  43
  40
  37
  34
  31
  27
  24
  20
  16
  13
  9
  4
  0
  -4
  -9
  -14
  -19
Tax expense, $m
  7
  8
  15
  14
  14
  14
  14
  13
  13
  12
  12
  14
  13
  12
  12
  11
  10
  9
  8
  7
  6
  5
  4
  3
  2
  1
  0
  0
  0
  0
  0
Net income, $m
  19
  23
  40
  39
  38
  38
  37
  36
  34
  33
  31
  37
  35
  34
  31
  29
  27
  25
  22
  20
  17
  15
  12
  9
  6
  3
  0
  -4
  -9
  -14
  -19

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  81
  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
  1,559
  1,738
  2,022
  2,330
  2,660
  3,013
  3,388
  3,784
  4,201
  4,639
  5,098
  5,577
  6,076
  6,596
  7,137
  7,700
  8,284
  8,892
  9,523
  10,180
  10,862
  11,572
  12,310
  13,078
  13,878
  14,711
  15,580
  16,486
  17,431
  18,417
  19,447
Adjusted assets (=assets-cash), $m
  1,478
  1,738
  2,022
  2,330
  2,660
  3,013
  3,388
  3,784
  4,201
  4,639
  5,098
  5,577
  6,076
  6,596
  7,137
  7,700
  8,284
  8,892
  9,523
  10,180
  10,862
  11,572
  12,310
  13,078
  13,878
  14,711
  15,580
  16,486
  17,431
  18,417
  19,447
Revenue / Adjusted assets
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
  1.935
Average production assets, $m
  438
  515
  599
  690
  788
  892
  1,003
  1,120
  1,244
  1,374
  1,509
  1,651
  1,799
  1,953
  2,113
  2,280
  2,453
  2,633
  2,819
  3,014
  3,216
  3,426
  3,644
  3,872
  4,109
  4,355
  4,612
  4,881
  5,160
  5,452
  5,757
Working capital, $m
  666
  710
  826
  951
  1,086
  1,230
  1,383
  1,545
  1,715
  1,894
  2,081
  2,277
  2,481
  2,693
  2,914
  3,144
  3,382
  3,630
  3,888
  4,156
  4,435
  4,724
  5,026
  5,339
  5,666
  6,006
  6,361
  6,731
  7,117
  7,519
  7,940
Total debt, $m
  964
  918
  1,174
  1,451
  1,748
  2,066
  2,403
  2,760
  3,135
  3,529
  3,942
  4,373
  4,822
  5,290
  5,777
  6,284
  6,810
  7,357
  7,925
  8,516
  9,130
  9,768
  10,433
  11,124
  11,844
  12,594
  13,376
  14,191
  15,042
  15,929
  16,857
Total liabilities, $m
  1,610
  1,564
  1,820
  2,097
  2,394
  2,712
  3,049
  3,406
  3,781
  4,175
  4,588
  5,019
  5,468
  5,936
  6,423
  6,930
  7,456
  8,003
  8,571
  9,162
  9,776
  10,414
  11,079
  11,770
  12,490
  13,240
  14,022
  14,837
  15,688
  16,575
  17,503
Total equity, $m
  -51
  174
  202
  233
  266
  301
  339
  378
  420
  464
  510
  558
  608
  660
  714
  770
  828
  889
  952
  1,018
  1,086
  1,157
  1,231
  1,308
  1,388
  1,471
  1,558
  1,649
  1,743
  1,842
  1,945
Total liabilities and equity, $m
  1,559
  1,738
  2,022
  2,330
  2,660
  3,013
  3,388
  3,784
  4,201
  4,639
  5,098
  5,577
  6,076
  6,596
  7,137
  7,700
  8,284
  8,892
  9,523
  10,180
  10,862
  11,571
  12,310
  13,078
  13,878
  14,711
  15,580
  16,486
  17,431
  18,417
  19,448
Debt-to-equity ratio
  -18.902
  5.280
  5.810
  6.230
  6.570
  6.860
  7.090
  7.290
  7.460
  7.610
  7.730
  7.840
  7.940
  8.020
  8.090
  8.160
  8.220
  8.270
  8.320
  8.370
  8.410
  8.440
  8.480
  8.510
  8.530
  8.560
  8.590
  8.610
  8.630
  8.650
  8.670
Adjusted equity ratio
  -0.089
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  23
  40
  39
  38
  38
  37
  36
  34
  33
  31
  37
  35
  34
  31
  29
  27
  25
  22
  20
  17
  15
  12
  9
  6
  3
  0
  -4
  -9
  -14
  -19
Depreciation, amort., depletion, $m
  43
  51
  58
  65
  73
  81
  90
  99
  109
  119
  130
  131
  143
  155
  168
  181
  195
  209
  224
  239
  255
  272
  289
  307
  326
  346
  366
  387
  410
  433
  457
Funds from operations, $m
  -15
  74
  97
  104
  111
  119
  127
  135
  143
  152
  161
  168
  178
  188
  199
  210
  222
  234
  246
  259
  273
  287
  301
  316
  332
  349
  366
  383
  401
  419
  438
Change in working capital, $m
  -40
  106
  116
  126
  135
  144
  153
  162
  170
  179
  187
  196
  204
  212
  221
  230
  239
  248
  258
  268
  279
  290
  301
  314
  327
  340
  355
  370
  386
  403
  421
Cash from operations, $m
  25
  -32
  -19
  -21
  -24
  -25
  -26
  -27
  -27
  -27
  -26
  -27
  -26
  -24
  -22
  -19
  -17
  -14
  -12
  -9
  -6
  -3
  0
  3
  6
  9
  11
  13
  15
  16
  18
Maintenance CAPEX, $m
  0
  -35
  -41
  -48
  -55
  -63
  -71
  -80
  -89
  -99
  -109
  -120
  -131
  -143
  -155
  -168
  -181
  -195
  -209
  -224
  -239
  -255
  -272
  -289
  -307
  -326
  -346
  -366
  -387
  -410
  -433
New CAPEX, $m
  -23
  -77
  -84
  -91
  -98
  -104
  -111
  -117
  -124
  -130
  -136
  -142
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -194
  -202
  -210
  -219
  -227
  -237
  -247
  -257
  -268
  -280
  -292
  -305
Cash from investing activities, $m
  -21
  -112
  -125
  -139
  -153
  -167
  -182
  -197
  -213
  -229
  -245
  -262
  -279
  -297
  -315
  -335
  -354
  -375
  -396
  -418
  -441
  -465
  -491
  -516
  -544
  -573
  -603
  -634
  -667
  -702
  -738
Free cash flow, $m
  4
  -144
  -144
  -160
  -176
  -192
  -208
  -224
  -239
  -255
  -270
  -289
  -305
  -321
  -337
  -354
  -371
  -389
  -407
  -427
  -447
  -468
  -491
  -514
  -538
  -564
  -591
  -621
  -652
  -685
  -720
Issuance/(repayment) of debt, $m
  -54
  -27
  256
  277
  297
  318
  337
  357
  376
  394
  413
  431
  449
  468
  487
  506
  526
  547
  568
  591
  614
  639
  664
  691
  720
  750
  782
  815
  851
  888
  927
Issuance/(repurchase) of shares, $m
  72
  264
  0
  0
  0
  0
  1
  4
  7
  11
  14
  11
  15
  18
  23
  27
  31
  36
  41
  46
  51
  56
  62
  68
  74
  80
  87
  95
  103
  112
  122
Cash from financing (excl. dividends), $m  
  12
  237
  256
  277
  297
  318
  338
  361
  383
  405
  427
  442
  464
  486
  510
  533
  557
  583
  609
  637
  665
  695
  726
  759
  794
  830
  869
  910
  954
  1,000
  1,049
Total cash flow (excl. dividends), $m
  18
  94
  112
  117
  121
  125
  130
  137
  143
  150
  157
  153
  159
  166
  173
  180
  187
  194
  202
  209
  218
  226
  236
  245
  255
  266
  277
  289
  302
  315
  329
Retained Cash Flow (-), $m
  -91
  -287
  -28
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -95
  -103
  -112
  -122
Prev. year cash balance distribution, $m
 
  62
  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
 
  -131
  84
  86
  88
  90
  92
  97
  102
  106
  111
  105
  109
  114
  119
  123
  128
  133
  138
  144
  150
  155
  162
  168
  175
  183
  190
  194
  198
  202
  207
Discount rate, %
 
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
 
  -114
  63
  55
  47
  40
  33
  28
  23
  18
  14
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  49.9
  49.3
  48.3
  47.1
  45.7
  44.8
  43.6
  42.3
  40.9
  39.4
  37.9
  36.3
  34.7
  33.2
  31.6
  30.0
  28.5
  27.0
  25.6
  24.2
  22.8
  21.5
  20.2
  19.0
  17.8

Ryerson Holding Corporation is a service center company for carbon and stainless steel, as well as aluminum. The Company operates through metal service centers segment. In addition to providing a range of flat and long metals products, it offers various value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting, edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to radius and beveling to process materials to a specified thickness, length, width, shape and surface quality pursuant to specific customer orders. Its services include just-in-time inventory programs, production of kits containing multiple products for ease of assembly by the customer, consignment arrangements and the placement of its employees at a customer's site for inventory management, and production and technical assistance.

FINANCIAL RATIOS  of  Ryerson Holding (RYI)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 0.1
Price to Book -7.9
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 202.4
Growth Rates
Sales Growth Rate -9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.5%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity -1852.9%
Total Debt to Equity -1890.2%
Interest Coverage 1
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.1%
Return On Equity -19.7%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 20%
Gross Margin - 3 Yr. Avg. 18.1%
EBITDA Margin 5.5%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin 0.9%
Pre-Tax Margin - 3 Yr. Avg. 0.1%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 76.9%
Payout Ratio 0%

RYI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RYI stock intrinsic value calculation we used $2860 million for the last fiscal year's total revenue generated by Ryerson Holding. The default revenue input number comes from 2016 income statement of Ryerson Holding. 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 RYI stock valuation model: a) initial revenue growth rate of 17.6% 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 14.6%, whose default value for RYI is calculated based on our internal credit rating of Ryerson Holding, 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 Ryerson Holding.
    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 RYI stock the variable cost ratio is equal to 96.6%.

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 RYI 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 9% for Ryerson Holding.

Corporate tax rate of 27% is the nominal tax rate for Ryerson Holding. 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 RYI 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 RYI are equal to 15.3%.

Life of production assets of 12.6 years is the average useful life of capital assets used in Ryerson Holding 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 RYI is equal to 21.1%. 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 - $-51 million for Ryerson Holding - 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 36.819 million for Ryerson Holding 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 Ryerson Holding at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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WOR Worthington In 45.97 371.93  str.buy
NUE Nucor 66.95 9.78  str.sell
STLD Steel Dynamics 48.00 2.63  str.sell
MT ArcelorMittal 34.95 6.07  str.sell

COMPANY NEWS

▶ Ryerson meets 3Q profit forecasts   [Nov-07-17 07:44PM  Associated Press]
▶ Ryerson misses 2Q profit forecasts   [Aug-05-17 01:13AM  Associated Press]
▶ Ryerson Reports Second Quarter 2017 Results   [Aug-03-17 04:28PM  PR Newswire]
▶ What To Look For In Steel Stock Earnings   [Jul-19-17 10:35AM  Barrons.com]
▶ ETFs with exposure to Ryerson Holding Corp. : May 8, 2017   [May-08-17 05:09PM  Capital Cube]
▶ Ryerson beats Street 1Q forecasts   [May-04-17 05:03AM  Associated Press]
▶ Ryerson Reports First Quarter 2017 Results   [May-03-17 04:30PM  PR Newswire]
▶ Company News for April 10, 2017   [Apr-10-17 10:42AM  Zacks]
▶ Story Stocks from Briefing.com   [08:09AM  Briefing.com]
▶ What Happened in the Stock Market Today   [Apr-07-17 04:52PM  Motley Fool]
▶ Insiders Invest in Ryerson Holding   [Mar-29-17 03:06PM  GuruFocus.com]
▶ Ryerson reports 4Q loss   [Mar-13-17 04:56PM  Associated Press]
▶ Ryerson Acquires Guy Metals   [Feb-15-17 04:34PM  PR Newswire]
▶ Ryerson Acquires Laserflex   [Jan-19-17 04:31PM  PR Newswire]
▶ Heres What Smart Money Thinks of Ryerson Holding Corp (RYI)   [Dec-08-16 01:23PM  at Insider Monkey]
▶ Ryerson Reports Third Quarter 2016 Results   [Nov-02-16 06:01PM  PR Newswire]
▶ Cramer: A stock with $1 downside and a $3 upside   [Sep-09-16 07:32PM  at CNBC]
Financial statements of RYI
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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