Intrinsic value of Ryerson Holding - RYI

Previous Close

$8.95

  Intrinsic Value

$3.46

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

+138%

Previous close

$8.95

 
Intrinsic value

$3.46

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

+138%

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

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

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 0.3

 

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
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  2,860
  3,381
  3,951
  4,571
  5,240
  5,955
  6,717
  7,524
  8,376
  9,270
  10,208
  11,188
  12,211
  13,277
  14,386
  15,540
  16,739
  17,986
  19,281
  20,627
  22,026
  23,481
  24,994
  26,569
  28,208
  29,915
  31,695
  33,550
  35,485
  37,504
  39,612
Variable operating expenses, $m
 
  3,264
  3,813
  4,410
  5,053
  5,742
  6,475
  7,252
  8,071
  8,932
  9,834
  10,768
  11,752
  12,778
  13,845
  14,956
  16,110
  17,309
  18,556
  19,851
  21,198
  22,598
  24,054
  25,570
  27,147
  28,790
  30,503
  32,288
  34,150
  36,094
  38,123
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
  3,264
  3,813
  4,410
  5,053
  5,742
  6,475
  7,252
  8,071
  8,932
  9,834
  10,768
  11,752
  12,778
  13,845
  14,956
  16,110
  17,309
  18,556
  19,851
  21,198
  22,598
  24,054
  25,570
  27,147
  28,790
  30,503
  32,288
  34,150
  36,094
  38,123
Operating income, $m
  133
  117
  138
  162
  187
  214
  242
  273
  305
  338
  374
  421
  459
  499
  541
  584
  629
  676
  725
  776
  828
  883
  940
  999
  1,061
  1,125
  1,192
  1,262
  1,334
  1,410
  1,489
EBITDA, $m
  176
  168
  197
  227
  261
  296
  334
  374
  417
  461
  508
  557
  607
  660
  716
  773
  833
  895
  959
  1,026
  1,096
  1,168
  1,243
  1,322
  1,403
  1,488
  1,577
  1,669
  1,765
  1,866
  1,970
Interest expense (income), $m
  89
  85
  83
  107
  133
  161
  191
  223
  257
  292
  330
  369
  410
  453
  498
  544
  592
  643
  695
  749
  805
  864
  925
  988
  1,054
  1,123
  1,194
  1,269
  1,346
  1,427
  1,512
Earnings before tax, $m
  26
  32
  55
  54
  54
  52
  51
  50
  48
  46
  44
  52
  49
  46
  43
  40
  37
  34
  30
  27
  23
  19
  15
  11
  7
  2
  -2
  -7
  -12
  -17
  -22
Tax expense, $m
  7
  9
  15
  15
  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
  40
  39
  38
  37
  36
  35
  33
  32
  38
  36
  34
  32
  29
  27
  25
  22
  19
  17
  14
  11
  8
  5
  2
  -2
  -7
  -12
  -17
  -22

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
  1,747
  2,042
  2,362
  2,708
  3,078
  3,471
  3,889
  4,329
  4,791
  5,275
  5,782
  6,311
  6,861
  7,435
  8,031
  8,651
  9,295
  9,964
  10,660
  11,383
  12,135
  12,917
  13,731
  14,578
  15,460
  16,380
  17,338
  18,338
  19,382
  20,471
Adjusted assets (=assets-cash), $m
  1,478
  1,747
  2,042
  2,362
  2,708
  3,078
  3,471
  3,889
  4,329
  4,791
  5,275
  5,782
  6,311
  6,861
  7,435
  8,031
  8,651
  9,295
  9,964
  10,660
  11,383
  12,135
  12,917
  13,731
  14,578
  15,460
  16,380
  17,338
  18,338
  19,382
  20,471
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
  517
  605
  699
  802
  911
  1,028
  1,151
  1,281
  1,418
  1,562
  1,712
  1,868
  2,031
  2,201
  2,378
  2,561
  2,752
  2,950
  3,156
  3,370
  3,593
  3,824
  4,065
  4,316
  4,577
  4,849
  5,133
  5,429
  5,738
  6,061
Working capital, $m
  666
  713
  834
  965
  1,106
  1,257
  1,417
  1,588
  1,767
  1,956
  2,154
  2,361
  2,577
  2,801
  3,035
  3,279
  3,532
  3,795
  4,068
  4,352
  4,647
  4,954
  5,274
  5,606
  5,952
  6,312
  6,688
  7,079
  7,487
  7,913
  8,358
Total debt, $m
  964
  926
  1,192
  1,480
  1,791
  2,124
  2,478
  2,854
  3,250
  3,666
  4,102
  4,558
  5,034
  5,529
  6,045
  6,582
  7,140
  7,719
  8,322
  8,948
  9,599
  10,275
  10,979
  11,711
  12,474
  13,268
  14,096
  14,958
  15,858
  16,798
  17,778
Total liabilities, $m
  1,610
  1,572
  1,838
  2,126
  2,437
  2,770
  3,124
  3,500
  3,896
  4,312
  4,748
  5,204
  5,680
  6,175
  6,691
  7,228
  7,786
  8,365
  8,968
  9,594
  10,245
  10,921
  11,625
  12,357
  13,120
  13,914
  14,742
  15,604
  16,504
  17,444
  18,424
Total equity, $m
  -51
  175
  204
  236
  271
  308
  347
  389
  433
  479
  528
  578
  631
  686
  743
  803
  865
  929
  996
  1,066
  1,138
  1,213
  1,292
  1,373
  1,458
  1,546
  1,638
  1,734
  1,834
  1,938
  2,047
Total liabilities and equity, $m
  1,559
  1,747
  2,042
  2,362
  2,708
  3,078
  3,471
  3,889
  4,329
  4,791
  5,276
  5,782
  6,311
  6,861
  7,434
  8,031
  8,651
  9,294
  9,964
  10,660
  11,383
  12,134
  12,917
  13,730
  14,578
  15,460
  16,380
  17,338
  18,338
  19,382
  20,471
Debt-to-equity ratio
  -18.902
  5.300
  5.840
  6.270
  6.610
  6.900
  7.140
  7.340
  7.510
  7.650
  7.780
  7.880
  7.980
  8.060
  8.130
  8.200
  8.250
  8.300
  8.350
  8.390
  8.430
  8.470
  8.500
  8.530
  8.560
  8.580
  8.610
  8.630
  8.650
  8.670
  8.680
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
  40
  39
  38
  37
  36
  35
  33
  32
  38
  36
  34
  32
  29
  27
  25
  22
  19
  17
  14
  11
  8
  5
  2
  -2
  -7
  -12
  -17
  -22
Depreciation, amort., depletion, $m
  43
  51
  58
  66
  74
  83
  92
  102
  112
  123
  134
  136
  148
  161
  175
  189
  203
  218
  234
  250
  267
  285
  303
  323
  343
  363
  385
  407
  431
  455
  481
Funds from operations, $m
  -15
  75
  98
  105
  113
  121
  129
  138
  147
  156
  166
  173
  184
  195
  206
  218
  230
  243
  256
  270
  284
  299
  314
  331
  347
  365
  382
  400
  419
  438
  459
Change in working capital, $m
  -40
  110
  120
  131
  141
  151
  161
  170
  180
  189
  198
  207
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
  319
  332
  346
  360
  375
  391
  408
  426
  445
Cash from operations, $m
  25
  -35
  -22
  -25
  -28
  -30
  -32
  -32
  -33
  -32
  -32
  -33
  -32
  -30
  -28
  -25
  -23
  -20
  -17
  -14
  -11
  -8
  -5
  -2
  1
  5
  7
  9
  11
  12
  14
Maintenance CAPEX, $m
  0
  -35
  -41
  -48
  -56
  -64
  -72
  -82
  -91
  -102
  -113
  -124
  -136
  -148
  -161
  -175
  -189
  -203
  -218
  -234
  -250
  -267
  -285
  -303
  -323
  -343
  -363
  -385
  -407
  -431
  -455
New CAPEX, $m
  -23
  -79
  -87
  -95
  -102
  -110
  -117
  -123
  -130
  -137
  -143
  -150
  -156
  -163
  -170
  -177
  -183
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -323
Cash from investing activities, $m
  -21
  -114
  -128
  -143
  -158
  -174
  -189
  -205
  -221
  -239
  -256
  -274
  -292
  -311
  -331
  -352
  -372
  -394
  -416
  -440
  -464
  -490
  -517
  -544
  -574
  -604
  -635
  -669
  -703
  -740
  -778
Free cash flow, $m
  4
  -149
  -150
  -168
  -186
  -203
  -220
  -237
  -254
  -271
  -288
  -307
  -324
  -341
  -359
  -377
  -395
  -414
  -434
  -454
  -476
  -498
  -521
  -546
  -572
  -599
  -628
  -660
  -693
  -728
  -764
Issuance/(repayment) of debt, $m
  -54
  -19
  265
  288
  311
  333
  354
  375
  396
  416
  436
  456
  476
  496
  516
  537
  558
  580
  602
  626
  651
  677
  704
  732
  762
  794
  828
  863
  900
  939
  981
Issuance/(repurchase) of shares, $m
  72
  265
  0
  0
  0
  0
  2
  6
  9
  13
  17
  13
  17
  21
  26
  30
  35
  40
  45
  50
  56
  61
  67
  73
  80
  87
  94
  103
  112
  121
  131
Cash from financing (excl. dividends), $m  
  12
  246
  265
  288
  311
  333
  356
  381
  405
  429
  453
  469
  493
  517
  542
  567
  593
  620
  647
  676
  707
  738
  771
  805
  842
  881
  922
  966
  1,012
  1,060
  1,112
Total cash flow (excl. dividends), $m
  18
  97
  115
  120
  125
  130
  136
  143
  151
  158
  165
  162
  169
  176
  183
  190
  198
  206
  214
  222
  231
  240
  250
  260
  270
  282
  293
  306
  319
  333
  348
Retained Cash Flow (-), $m
  -91
  -288
  -29
  -32
  -35
  -37
  -39
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -94
  -103
  -112
  -121
  -131
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
 
  -129
  86
  88
  91
  93
  97
  102
  107
  112
  116
  111
  116
  121
  126
  131
  136
  141
  147
  152
  158
  165
  171
  178
  186
  193
  199
  203
  207
  212
  216
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
 
  -113
  64
  56
  48
  41
  35
  29
  24
  19
  15
  11
  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
  49.7
  48.9
  47.8
  46.4
  44.8
  43.8
  42.5
  41.1
  39.6
  38.1
  36.5
  34.9
  33.3
  31.7
  30.1
  28.6
  27.1
  25.6
  24.2
  22.9
  21.5
  20.3
  19.0
  17.9
  16.7

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 17.5
Price to Sales 0.1
Price to Book -6.5
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 166.2
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 18.2% 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 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 35.342 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 $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
RS Reliance Steel 77.12 8.49  str.sell
ZEUS Olympic Steel 19.76 5.77  str.sell
WOR Worthington In 45.74 334.74  str.buy
NUE Nucor 60.00 4.55  str.sell
STLD Steel Dynamics 38.90 2.60  str.sell
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COMPANY NEWS

▶ 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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