Intrinsic value of L.S. Starrett Cl A - SCX

Previous Close

$6.85

  Intrinsic Value

$3.17

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

-58%

Previous close

$6.85

 
Intrinsic value

$3.17

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

-58%

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

We calculate the intrinsic value of SCX 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 0.0

 

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, %
  -13.22
  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
  210
  214
  219
  225
  231
  238
  246
  254
  263
  273
  283
  295
  307
  319
  333
  347
  362
  379
  396
  414
  433
  453
  474
  496
  520
  544
  570
  598
  627
  657
  689
Variable operating expenses, $m
 
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
Fixed operating expenses, $m
 
  196
  201
  206
  211
  216
  222
  227
  233
  239
  244
  251
  257
  263
  270
  277
  284
  291
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
Total operating expenses, $m
  230
  237
  243
  249
  255
  261
  269
  275
  283
  291
  298
  307
  315
  323
  333
  342
  352
  362
  373
  383
  395
  406
  418
  431
  443
  457
  471
  485
  499
  515
  531
Operating income, $m
  -20
  -22
  -23
  -24
  -24
  -23
  -22
  -21
  -19
  -17
  -15
  -12
  -8
  -4
  0
  5
  11
  17
  23
  30
  38
  46
  56
  65
  76
  88
  100
  113
  127
  142
  158
EBITDA, $m
  -13
  -17
  -18
  -18
  -18
  -17
  -16
  -15
  -13
  -11
  -8
  -5
  -1
  3
  8
  13
  19
  25
  32
  40
  48
  57
  67
  77
  88
  100
  113
  127
  142
  158
  175
Interest expense (income), $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  13
Earnings before tax, $m
  -20
  -23
  -24
  -25
  -25
  -25
  -24
  -23
  -21
  -20
  -17
  -14
  -11
  -8
  -4
  1
  6
  12
  18
  25
  32
  40
  48
  58
  68
  79
  90
  103
  116
  130
  146
Tax expense, $m
  -6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  3
  5
  7
  9
  11
  13
  16
  18
  21
  24
  28
  31
  35
  39
Net income, $m
  -14
  -23
  -24
  -25
  -25
  -25
  -24
  -23
  -21
  -20
  -17
  -14
  -11
  -8
  -4
  1
  4
  9
  13
  18
  23
  29
  35
  42
  49
  57
  66
  75
  85
  95
  106

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  202
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  255
  266
  277
  288
  301
  314
  328
  343
  358
  375
  392
  411
  430
  450
  472
  494
  518
  543
  569
  597
Adjusted assets (=assets-cash), $m
  182
  186
  190
  195
  200
  206
  213
  220
  228
  237
  246
  255
  266
  277
  288
  301
  314
  328
  343
  358
  375
  392
  411
  430
  450
  472
  494
  518
  543
  569
  597
Revenue / Adjusted assets
  1.154
  1.151
  1.153
  1.154
  1.155
  1.155
  1.155
  1.155
  1.154
  1.152
  1.150
  1.157
  1.154
  1.152
  1.156
  1.153
  1.153
  1.155
  1.155
  1.156
  1.155
  1.156
  1.153
  1.153
  1.156
  1.153
  1.154
  1.154
  1.155
  1.155
  1.154
Average production assets, $m
  50
  51
  52
  53
  55
  56
  58
  60
  62
  64
  67
  70
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  123
  128
  135
  141
  148
  155
  163
Working capital, $m
  99
  83
  85
  87
  89
  92
  95
  98
  102
  105
  109
  114
  118
  123
  128
  134
  140
  146
  153
  160
  167
  175
  183
  191
  201
  210
  220
  231
  242
  254
  266
Total debt, $m
  19
  19
  22
  24
  28
  31
  35
  40
  44
  49
  55
  60
  67
  73
  80
  87
  95
  104
  112
  122
  131
  142
  152
  164
  176
  189
  202
  216
  231
  247
  263
Total liabilities, $m
  110
  110
  113
  115
  119
  122
  126
  131
  135
  140
  146
  151
  158
  164
  171
  178
  186
  195
  203
  213
  222
  233
  243
  255
  267
  280
  293
  307
  322
  338
  354
Total equity, $m
  92
  76
  77
  79
  81
  84
  87
  90
  93
  96
  100
  104
  108
  113
  117
  122
  128
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  211
  221
  232
  243
Total liabilities and equity, $m
  202
  186
  190
  194
  200
  206
  213
  221
  228
  236
  246
  255
  266
  277
  288
  300
  314
  329
  343
  359
  375
  393
  410
  430
  450
  472
  494
  518
  543
  570
  597
Debt-to-equity ratio
  0.207
  0.250
  0.280
  0.310
  0.340
  0.370
  0.410
  0.440
  0.480
  0.510
  0.550
  0.580
  0.620
  0.650
  0.680
  0.710
  0.750
  0.780
  0.800
  0.830
  0.860
  0.890
  0.910
  0.940
  0.960
  0.980
  1.000
  1.030
  1.050
  1.060
  1.080
Adjusted equity ratio
  0.396
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  -23
  -24
  -25
  -25
  -25
  -24
  -23
  -21
  -20
  -17
  -14
  -11
  -8
  -4
  1
  4
  9
  13
  18
  23
  29
  35
  42
  49
  57
  66
  75
  85
  95
  106
Depreciation, amort., depletion, $m
  7
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
Funds from operations, $m
  38
  -18
  -19
  -19
  -19
  -19
  -18
  -17
  -15
  -13
  -10
  -7
  -4
  0
  4
  9
  13
  17
  22
  28
  33
  40
  47
  54
  62
  70
  79
  89
  100
  111
  123
Change in working capital, $m
  24
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
Cash from operations, $m
  14
  -19
  -21
  -21
  -22
  -21
  -21
  -20
  -18
  -17
  -14
  -12
  -9
  -5
  -1
  3
  7
  11
  16
  21
  26
  32
  38
  45
  53
  61
  69
  78
  88
  99
  110
Maintenance CAPEX, $m
  0
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
New CAPEX, $m
  -8
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -8
Cash from investing activities, $m
  -1
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
  -8
  -8
  -10
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -13
  -14
  -15
  -16
  -16
  -18
  -18
  -19
  -19
  -21
  -22
  -24
Free cash flow, $m
  13
  -25
  -27
  -28
  -28
  -29
  -28
  -28
  -27
  -25
  -23
  -21
  -18
  -15
  -12
  -8
  -5
  -1
  3
  7
  12
  17
  23
  29
  35
  43
  50
  59
  67
  77
  87
Issuance/(repayment) of debt, $m
  -1
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
Issuance/(repurchase) of shares, $m
  0
  25
  26
  27
  27
  27
  27
  26
  25
  23
  21
  18
  15
  12
  8
  4
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -1
  27
  29
  30
  30
  31
  31
  30
  30
  28
  26
  24
  21
  19
  15
  11
  9
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
Total cash flow (excl. dividends), $m
  12
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  7
  12
  16
  22
  27
  34
  40
  47
  55
  64
  73
  82
  93
  104
Retained Cash Flow (-), $m
  22
  -25
  -26
  -27
  -27
  -27
  -27
  -26
  -25
  -23
  -21
  -18
  -15
  -12
  -8
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
Prev. year cash balance distribution, $m
 
  18
  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
 
  -5
  -24
  -25
  -25
  -25
  -24
  -23
  -22
  -20
  -18
  -15
  -12
  -9
  -5
  -1
  -1
  1
  6
  10
  15
  20
  26
  32
  39
  47
  54
  63
  72
  82
  92
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -5
  -22
  -22
  -21
  -19
  -18
  -16
  -14
  -12
  -9
  -7
  -5
  -3
  -2
  0
  0
  0
  1
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
Current shareholders' claim on cash, %
  100
  67.7
  45.5
  30.5
  20.5
  13.9
  9.5
  6.7
  4.8
  3.5
  2.7
  2.1
  1.8
  1.5
  1.4
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3
  1.3

The L.S. Starrett Company manufactures and sells industrial, professional, and consumer measuring and cutting tools and related products in North America, Brazil, China, and the United Kingdom. Its products include precision tools, electronic gages, gage blocks, optical vision and laser measuring equipment, custom engineered granite solutions, tape measures, levels, chalk products, squares, band saw blades, hole saws, hacksaw blades, jig saw blades, and reciprocating saw blades, as well as M1 lubricant and precision ground flat stock products. The company’s measuring tool products comprise micrometers, vernier calipers, height gages, depth gages, dial indicators, steel rules, and combination squares, as well as offers custom, non-contact, and in-process gaging products, such as optical, vision, and laser measurement systems; and force measurement and material test equipment. In addition, it provides hand tools for measuring, marking, and layout activities to building trades. The company primarily distributes its precision hand tools, and saw and construction products through distributors and resellers. It serves metalworking, aerospace, medical, and automotive industries; marine and farm equipment shops, and do-it-yourselfers, as well as tradesmen, such as builders, carpenters, plumbers, and electricians. The company was founded in 1880 and is headquartered in Athol, Massachusetts.

FINANCIAL RATIOS  of  L.S. Starrett Cl A (SCX)

Valuation Ratios
P/E Ratio -3.4
Price to Sales 0.2
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 8
Growth Rates
Sales Growth Rate -13.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 10
Current Ratio 0.2
LT Debt to Equity 18.5%
Total Debt to Equity 20.7%
Interest Coverage -19
Management Effectiveness
Return On Assets -6.4%
Ret/ On Assets - 3 Yr. Avg. -0.2%
Return On Total Capital -11.4%
Ret/ On T. Cap. - 3 Yr. Avg. -1.2%
Return On Equity -13.6%
Return On Equity - 3 Yr. Avg. -1.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 22.4%
Gross Margin - 3 Yr. Avg. 29%
EBITDA Margin -5.7%
EBITDA Margin - 3 Yr. Avg. 3.7%
Operating Margin -9.5%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin -9.5%
Pre-Tax Margin - 3 Yr. Avg. -0.2%
Net Profit Margin -6.7%
Net Profit Margin - 3 Yr. Avg. -0.6%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 40.6%
Payout Ratio -21.4%

SCX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCX stock intrinsic value calculation we used $210 million for the last fiscal year's total revenue generated by L.S. Starrett Cl A. The default revenue input number comes from 2016 income statement of L.S. Starrett Cl A. 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 SCX 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 4.3%, whose default value for SCX is calculated based on our internal credit rating of L.S. Starrett Cl A, 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 L.S. Starrett Cl A.
    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 SCX stock the variable cost ratio is equal to 19%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $191 million in the base year in the intrinsic value calculation for SCX 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 5.1% for L.S. Starrett Cl A.

Corporate tax rate of 27% is the nominal tax rate for L.S. Starrett Cl A. 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 SCX 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 SCX are equal to 23.6%.

Life of production assets of 10 years is the average useful life of capital assets used in L.S. Starrett Cl A 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 SCX is equal to 38.6%. 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 - $92 million for L.S. Starrett Cl A - 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 7.017 million for L.S. Starrett Cl A 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 L.S. Starrett Cl A at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to The L.S. Starrett Co. : May 3, 2017   [May-03-17 04:18PM  Capital Cube]
▶ Chuck Royce Trims Starrett Stake   [Jan-26-17 02:38PM  GuruFocus.com]
▶ Is Alimera Sciences Inc (ALIM) A Good Stock To Buy?   [Dec-18-16 11:35AM  Insider Monkey]
▶ Hedge Funds Are Dumping Pixelworks, Inc. (PXLW)   [Nov-27  06:27AM  at Insider Monkey]
▶ Is OHA Investment Corp (OHAI) A Good Stock To Buy?   [Nov-24  03:40PM  at Insider Monkey]
▶ 10-Q for The L.S. Starrett Co.   [May-06  08:12PM  at Company Spotlight]
▶ 10-Q for The L.S. Starrett Co.   [Feb-07  07:07PM  at Company Spotlight]
▶ 10-Q for The L.S. Starrett Co.   [Nov-07  07:08PM  Company Spotlight]
▶ Measure Twice and Cut Once For a Trade   [Jul-17  04:06PM  Yahoo Finance Contributors]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [May-05  12:13PM  EDGAR Online]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Jan-30  02:38PM  EDGAR Online]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Nov-05  04:03PM  EDGAR Online]
▶ STARRETT L S CO Files SEC form 10-K, Annual Report   [Sep-05  04:49PM  EDGAR Online]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [May-10  07:20AM  EDGAR Online]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Feb-07  12:02PM  EDGAR Online]
▶ Cash Dividend On The Way From L.S. Starrett   [Dec-12-12 11:56AM  at Forbes]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Nov-06-12 04:12PM  EDGAR Online]
▶ CSX Growth Derailed As Cheap Natgas Displaces Coal   [Oct-17-12 12:58PM  at Investor's Business Daily]
▶ L.S. Starrett Company Stock Downgraded (SCX)   [Sep-19-12 05:00AM  at TheStreet]
▶ Capital Goods Sector Wrap   [Jul-23-12 05:39PM  at Fox Business]
▶ Ex-Div Reminder for L.S. Starrett Co.   [Jun-13-12 10:00AM  at Forbes]
▶ Capital Goods Sector Wrap   [May-24-12 05:54PM  at Fox Business]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [May-08-12 01:19PM  EDGAR Online]
▶ Forbes Earnings Preview: Snap-on   [Apr-17-12 12:57PM  at Forbes]
▶ Capital Goods Sector Wrap   [Apr-11-12 05:12PM  at Fox Business]
▶ Sunoco Uplifts Eagle Point   [Mar-14-12 01:45PM  Zacks]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Feb-07-12 05:01PM  EDGAR Online]
▶ LS Starrett Reaches Its Intrinsic Value   [Feb-01-12 12:03PM  at Seeking Alpha]
▶ Forbes Earnings Preview: Snap-on   [Jan-30-12 10:26AM  at Forbes]
▶ Snap-on Inc. Fourth Quarter Earnings Sneak Peek   [09:54AM  Wall St. Cheat Sheet]
▶ 1 Dividend Winner and 1 Tech Stock Ready for a Rebound   [Dec-19-11 09:05PM  at Motley Fool]
▶ Good Yields With Ex-Dividend Date Tomorrow 2011-12-16   [Dec-15-11 03:17PM  at Motley Fool]
▶ Ex-Div Reminder for L.S. Starrett Co.   [Dec-14-11 10:24AM  at Forbes]
▶ STARRETT L S CO Financials   [Nov-15-11 01:05PM  EDGAR Online Financials]
▶ STARRETT L S CO Files SEC form 10-Q, Quarterly Report   [Nov-08-11 03:30PM  EDGAR Online]
▶ Snap-on, Inc. Third Quarter Earnings Sneak Peek   [Oct-17-11 11:39AM  Wall St. Cheat Sheet]
▶ L.S. Starrett: A Cheap Company, Owned And Operated By Employees   [Sep-21-11 08:41AM  at Seeking Alpha]
▶ STARRETT L S CO Files SEC form 10-K, Annual Report   [Sep-14-11 06:04AM  EDGAR Online]
Stock chart of SCX Financial statements of SCX
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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