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

Previous Close

$8.60

  Intrinsic Value

$3.11

stock screener

  Rating & Target

str. sell

-64%

Previous close

$8.60

 
Intrinsic value

$3.11

 
Up/down potential

-64%

 
Rating

str. sell

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 2017), $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 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -1.43
  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
  207
  211
  216
  222
  228
  235
  242
  251
  259
  269
  279
  290
  302
  315
  328
  342
  357
  373
  390
  408
  426
  446
  467
  489
  512
  537
  562
  589
  618
  648
  679
Variable operating expenses, $m
 
  232
  237
  243
  250
  257
  266
  275
  284
  295
  306
  318
  331
  345
  359
  375
  391
  408
  427
  446
  467
  488
  511
  535
  561
  587
  615
  645
  676
  709
  743
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
  208
  232
  237
  243
  250
  257
  266
  275
  284
  295
  306
  318
  331
  345
  359
  375
  391
  408
  427
  446
  467
  488
  511
  535
  561
  587
  615
  645
  676
  709
  743
Operating income, $m
  -1
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
EBITDA, $m
  6
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
Interest expense (income), $m
  1
  0
  0
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
Earnings before tax, $m
  2
  -21
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
Tax expense, $m
  1
  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
Net income, $m
  1
  -21
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  193
  182
  186
  190
  196
  202
  208
  215
  223
  231
  240
  250
  260
  271
  282
  294
  307
  321
  335
  351
  367
  384
  402
  420
  440
  461
  483
  507
  531
  557
  584
Adjusted assets (=assets-cash), $m
  178
  182
  186
  190
  196
  202
  208
  215
  223
  231
  240
  250
  260
  271
  282
  294
  307
  321
  335
  351
  367
  384
  402
  420
  440
  461
  483
  507
  531
  557
  584
Revenue / Adjusted assets
  1.163
  1.159
  1.161
  1.168
  1.163
  1.163
  1.163
  1.167
  1.161
  1.165
  1.163
  1.160
  1.162
  1.162
  1.163
  1.163
  1.163
  1.162
  1.164
  1.162
  1.161
  1.161
  1.162
  1.164
  1.164
  1.165
  1.164
  1.162
  1.164
  1.163
  1.163
Average production assets, $m
  29
  29
  30
  31
  31
  32
  33
  35
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
  94
Working capital, $m
  79
  77
  79
  81
  84
  86
  89
  92
  95
  99
  103
  107
  111
  116
  120
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  197
  206
  216
  227
  238
  249
Total debt, $m
  18
  8
  10
  12
  15
  18
  21
  25
  29
  33
  37
  42
  47
  52
  58
  64
  71
  77
  85
  92
  100
  109
  118
  127
  137
  148
  159
  170
  183
  195
  209
Total liabilities, $m
  101
  91
  93
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  266
  278
  292
Total equity, $m
  92
  91
  93
  95
  98
  101
  104
  108
  112
  116
  120
  125
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  253
  266
  278
  292
Total liabilities and equity, $m
  193
  182
  186
  190
  196
  202
  208
  216
  224
  232
  240
  250
  260
  270
  282
  294
  308
  320
  336
  350
  366
  384
  402
  420
  440
  462
  484
  506
  532
  556
  584
Debt-to-equity ratio
  0.196
  0.090
  0.110
  0.130
  0.150
  0.180
  0.200
  0.230
  0.260
  0.280
  0.310
  0.340
  0.360
  0.390
  0.410
  0.440
  0.460
  0.480
  0.500
  0.530
  0.550
  0.570
  0.590
  0.610
  0.620
  0.640
  0.660
  0.670
  0.690
  0.700
  0.720
Adjusted equity ratio
  0.433
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  -21
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -29
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
Depreciation, amort., depletion, $m
  7
  6
  6
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
Funds from operations, $m
  0
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
Change in working capital, $m
  -3
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
Cash from operations, $m
  3
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
New CAPEX, $m
  -6
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -4
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -10
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -19
  -20
  -20
  -21
  -22
Free cash flow, $m
  -1
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
Issuance/(repayment) of debt, $m
  -1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
Issuance/(repurchase) of shares, $m
  0
  23
  23
  24
  25
  26
  28
  29
  30
  32
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
Cash from financing (excl. dividends), $m  
  -1
  25
  25
  26
  28
  29
  31
  33
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  55
  59
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
Total cash flow (excl. dividends), $m
  -2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Retained Cash Flow (-), $m
  0
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  3
  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
 
  -18
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -76
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
 
  -17
  -19
  -19
  -19
  -18
  -18
  -17
  -16
  -16
  -15
  -14
  -13
  -13
  -12
  -11
  -10
  -9
  -8
  -7
  -6
  -5
  -4
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  73.4
  53.6
  39.0
  28.2
  20.4
  14.6
  10.5
  7.5
  5.3
  3.8
  2.7
  1.9
  1.3
  0.9
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

The L.S. Starrett Company is engaged in the business of manufacturing over 5,000 variations of precision tools, gages, measuring instruments and saw blades for industrial, professional and consumer markets across the world. The Company's product line includes precision measuring tools (micrometers, calipers and rules, among others.), levels, electronic gages, dial indicators, gage blocks and granite surface plates and custom-engineered products. The Company offers metrology equipment, including optical measuring projectors, vision systems and multi-sensor measuring systems. The precision group also includes M1 lubricant, precision ground flat stock and drill rod. The Company offers a range of metrology products, such as Precision Measuring Tools, Force and Material Measurement, Laser Measurement Systems, Webber Gage Blocks, Custom Gaging Solutions, Metrology Equipment, Roundness Measurement, Tru-Stone Precision Granite and Precision Ground Stock.

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

Valuation Ratios
P/E Ratio 60.5
Price to Sales 0.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow -20.2
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 6.5%
Total Debt to Equity 19.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. -1.1%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity 1.1%
Return On Equity - 3 Yr. Avg. -2.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 30%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 4.8%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin -0.5%
Oper. Margin - 3 Yr. Avg. -2.1%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. -1.5%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -1.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 43.3%
Payout Ratio 300%

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 $207 million for the last fiscal year's total revenue generated by L.S. Starrett Cl A. The default revenue input number comes from 2017 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 109.7%.

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 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 5.4% 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 13.8%.

Life of production assets of 4.6 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 36.7%. 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 6.998 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 $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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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]
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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