Intrinsic value of Grupo Simec ADR - SIM

Previous Close

$9.61

  Intrinsic Value

$0.76

stock screener

  Rating & Target

str. sell

-92%

Previous close

$9.61

 
Intrinsic value

$0.76

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of SIM 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, %
  12.42
  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
  1,394
  1,354
  1,385
  1,420
  1,460
  1,504
  1,553
  1,606
  1,663
  1,725
  1,791
  1,862
  1,937
  2,018
  2,103
  2,194
  2,290
  2,392
  2,500
  2,613
  2,734
  2,860
  2,994
  3,135
  3,283
  3,439
  3,604
  3,777
  3,959
  4,151
  4,353
Variable operating expenses, $m
 
  1,479
  1,513
  1,551
  1,595
  1,643
  1,695
  1,753
  1,815
  1,882
  1,953
  2,018
  2,100
  2,187
  2,280
  2,378
  2,482
  2,592
  2,709
  2,832
  2,962
  3,100
  3,245
  3,397
  3,558
  3,727
  3,906
  4,093
  4,291
  4,499
  4,717
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
  1,221
  1,479
  1,513
  1,551
  1,595
  1,643
  1,695
  1,753
  1,815
  1,882
  1,953
  2,018
  2,100
  2,187
  2,280
  2,378
  2,482
  2,592
  2,709
  2,832
  2,962
  3,100
  3,245
  3,397
  3,558
  3,727
  3,906
  4,093
  4,291
  4,499
  4,717
Operating income, $m
  174
  -126
  -128
  -131
  -135
  -138
  -142
  -147
  -152
  -157
  -162
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -219
  -229
  -239
  -251
  -262
  -275
  -288
  -302
  -316
  -332
  -348
  -364
EBITDA, $m
  246
  -31
  -31
  -32
  -33
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -85
  -90
  -94
  -99
Interest expense (income), $m
  2
  0
  0
  1
  1
  2
  3
  4
  5
  5
  6
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  43
  46
Earnings before tax, $m
  267
  -126
  -129
  -132
  -136
  -140
  -145
  -150
  -156
  -162
  -169
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -336
  -353
  -371
  -390
  -411
Tax expense, $m
  47
  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
  146
  -126
  -129
  -132
  -136
  -140
  -145
  -150
  -156
  -162
  -169
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -336
  -353
  -371
  -390
  -411

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  407
  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
  2,110
  1,928
  1,972
  2,023
  2,080
  2,143
  2,212
  2,288
  2,369
  2,457
  2,551
  2,652
  2,760
  2,875
  2,996
  3,126
  3,263
  3,408
  3,561
  3,723
  3,894
  4,074
  4,265
  4,465
  4,677
  4,899
  5,134
  5,381
  5,640
  5,913
  6,201
Adjusted assets (=assets-cash), $m
  1,703
  1,928
  1,972
  2,023
  2,080
  2,143
  2,212
  2,288
  2,369
  2,457
  2,551
  2,652
  2,760
  2,875
  2,996
  3,126
  3,263
  3,408
  3,561
  3,723
  3,894
  4,074
  4,265
  4,465
  4,677
  4,899
  5,134
  5,381
  5,640
  5,913
  6,201
Revenue / Adjusted assets
  0.819
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
  0.702
Average production assets, $m
  40
  827
  846
  868
  892
  919
  949
  981
  1,016
  1,054
  1,094
  1,138
  1,184
  1,233
  1,285
  1,341
  1,399
  1,462
  1,527
  1,597
  1,670
  1,748
  1,829
  1,915
  2,006
  2,101
  2,202
  2,308
  2,419
  2,536
  2,660
Working capital, $m
  886
  242
  248
  254
  261
  269
  278
  287
  298
  309
  321
  333
  347
  361
  377
  393
  410
  428
  447
  468
  489
  512
  536
  561
  588
  616
  645
  676
  709
  743
  779
Total debt, $m
  0
  8
  17
  28
  40
  53
  68
  84
  101
  120
  140
  161
  184
  208
  234
  261
  291
  321
  354
  388
  424
  463
  503
  546
  590
  638
  687
  740
  795
  852
  913
Total liabilities, $m
  422
  409
  418
  429
  441
  454
  469
  485
  502
  521
  541
  562
  585
  609
  635
  663
  692
  722
  755
  789
  826
  864
  904
  947
  991
  1,039
  1,088
  1,141
  1,196
  1,254
  1,315
Total equity, $m
  1,688
  1,519
  1,554
  1,594
  1,639
  1,689
  1,743
  1,803
  1,867
  1,936
  2,010
  2,090
  2,175
  2,265
  2,361
  2,463
  2,571
  2,685
  2,806
  2,934
  3,068
  3,211
  3,361
  3,519
  3,685
  3,861
  4,046
  4,240
  4,445
  4,660
  4,886
Total liabilities and equity, $m
  2,110
  1,928
  1,972
  2,023
  2,080
  2,143
  2,212
  2,288
  2,369
  2,457
  2,551
  2,652
  2,760
  2,874
  2,996
  3,126
  3,263
  3,407
  3,561
  3,723
  3,894
  4,075
  4,265
  4,466
  4,676
  4,900
  5,134
  5,381
  5,641
  5,914
  6,201
Debt-to-equity ratio
  0.000
  0.010
  0.010
  0.020
  0.020
  0.030
  0.040
  0.050
  0.050
  0.060
  0.070
  0.080
  0.080
  0.090
  0.100
  0.110
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
  0.180
  0.180
  0.190
Adjusted equity ratio
  0.752
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788
  0.788

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  146
  -126
  -129
  -132
  -136
  -140
  -145
  -150
  -156
  -162
  -169
  -163
  -171
  -179
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -276
  -290
  -304
  -320
  -336
  -353
  -371
  -390
  -411
Depreciation, amort., depletion, $m
  72
  95
  97
  99
  102
  104
  107
  110
  114
  118
  122
  114
  118
  123
  129
  134
  140
  146
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
Funds from operations, $m
  4
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
Change in working capital, $m
  -170
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
Cash from operations, $m
  174
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -56
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -99
  -104
  -110
  -117
  -123
  -130
  -138
  -145
  -154
  -162
  -171
  -181
Maintenance CAPEX, $m
  0
  -81
  -83
  -85
  -87
  -89
  -92
  -95
  -98
  -102
  -105
  -109
  -114
  -118
  -123
  -129
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -210
  -220
  -231
  -242
  -254
New CAPEX, $m
  -157
  -16
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -82
  -86
  -91
  -95
  -101
  -106
  -111
  -117
  -123
Cash from investing activities, $m
  -160
  -97
  -102
  -107
  -111
  -116
  -122
  -127
  -133
  -140
  -145
  -152
  -160
  -167
  -175
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -257
  -269
  -283
  -296
  -311
  -326
  -342
  -359
  -377
Free cash flow, $m
  14
  -133
  -139
  -146
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -262
  -276
  -290
  -305
  -321
  -337
  -355
  -373
  -392
  -413
  -434
  -456
  -480
  -504
  -530
  -558
Issuance/(repayment) of debt, $m
  0
  8
  9
  11
  12
  13
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
Issuance/(repurchase) of shares, $m
  48
  156
  164
  172
  181
  190
  200
  210
  220
  231
  243
  243
  256
  269
  283
  298
  314
  330
  347
  366
  385
  405
  426
  448
  471
  495
  521
  548
  576
  606
  637
Cash from financing (excl. dividends), $m  
  46
  164
  173
  183
  193
  203
  215
  226
  237
  250
  263
  264
  279
  293
  309
  325
  343
  361
  380
  400
  421
  443
  466
  491
  516
  542
  571
  600
  631
  664
  698
Total cash flow (excl. dividends), $m
  66
  30
  34
  37
  40
  43
  46
  49
  52
  55
  58
  49
  53
  56
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
Retained Cash Flow (-), $m
  -342
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -243
  -256
  -269
  -283
  -298
  -314
  -330
  -347
  -366
  -385
  -405
  -426
  -448
  -471
  -495
  -521
  -548
  -576
  -606
  -637
Prev. year cash balance distribution, $m
 
  118
  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
 
  -8
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -185
  -194
  -203
  -213
  -224
  -235
  -247
  -259
  -273
  -286
  -301
  -316
  -333
  -350
  -368
  -387
  -406
  -427
  -449
  -472
  -497
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
 
  -7
  -119
  -118
  -116
  -114
  -112
  -109
  -105
  -101
  -97
  -92
  -87
  -81
  -75
  -69
  -63
  -56
  -50
  -44
  -38
  -33
  -28
  -23
  -19
  -15
  -12
  -9
  -7
  -5
  -4
Current shareholders' claim on cash, %
  100
  96.5
  93.1
  89.7
  86.3
  83.0
  79.8
  76.6
  73.5
  70.5
  67.6
  64.9
  62.3
  59.8
  57.3
  54.9
  52.6
  50.4
  48.2
  46.2
  44.2
  42.3
  40.4
  38.7
  37.0
  35.3
  33.8
  32.3
  30.8
  29.5
  28.1

Grupo Simec, S.A.B. de C.V. is a manufacturer, processor and distributor of special bar quality (SBQ) steel and structural steel products. The Company operates through two segments Mexican and USA. The Mexican segment includes the plants in Mexicali, Guadalajara, Tlaxcala and San Luis Potosi. The USA segment includes approximately seven Republic Steel, Inc. (Republic) plants of which over six are located in the United States (distributed in the states of Ohio, Indiana and New York) and approximately one in Canada (Ontario). The Company produces a range of SBQ steel, long steel and medium-sized structural steel products. In its Mexican facilities, it produces I-beams, channels, structural and commercial angles, hot rolled bars, flat bars, rebars, cold finished bars and wire rods. In its United States facilities, the Company produces hot rolled bars, cold finished bars, semi-finished tube rounds and other semi-finished trade products.

FINANCIAL RATIOS  of  Grupo Simec ADR (SIM)

Valuation Ratios
P/E Ratio 32.8
Price to Sales 3.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 27.5
Price to Free Cash Flow 281.4
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 375.8%
Cap. Spend. - 3 Yr. Gr. Rate -0.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 135
Management Effectiveness
Return On Assets 7.9%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital 9.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 9.6%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 9.3%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 8.8%
Operating Margin 12.4%
Oper. Margin - 3 Yr. Avg. 1.5%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 10.5%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 17.6%
Eff/ Tax Rate - 3 Yr. Avg. 3.4%
Payout Ratio 0%

SIM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SIM stock intrinsic value calculation we used $1327 million for the last fiscal year's total revenue generated by Grupo Simec ADR. The default revenue input number comes from 2016 income statement of Grupo Simec ADR. 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 SIM 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 SIM is calculated based on our internal credit rating of Grupo Simec ADR, 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 Grupo Simec ADR.
    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 SIM stock the variable cost ratio is equal to 109.3%.

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 SIM 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 Grupo Simec ADR.

Corporate tax rate of 27% is the nominal tax rate for Grupo Simec ADR. 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 SIM 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 SIM are equal to 61.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Grupo Simec ADR 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 SIM is equal to 17.9%. 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 - $1607 million for Grupo Simec ADR - 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 487 million for Grupo Simec ADR 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 Grupo Simec ADR at the current share price and the inputted number of shares is $4.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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STLD Steel Dynamics 46.96 124.21  str.buy
MT ArcelorMittal 29.22 20.02  sell
GGB Gerdau ADR 4.22 0.59  str.sell
TMST TimkenSteel 17.71 3.07  str.sell

COMPANY NEWS

▶ Grupo Simec (SIM) Catches Eye: Stock Jumps 7.1%   [Jul-18-18 08:49AM  Zacks]
▶ SimCorp A/S Completion of Capital Reduction   [Jun-29-18 05:15AM  GlobeNewswire]
▶ SimCorp A/S - Major shareholder announcement   [07:30AM  GlobeNewswire]
▶ Notice of extraordinary general meeting in SimCorp A/S   [May-09-18 09:00AM  GlobeNewswire]
▶ SimCorp A/S Announcement of Managers Transactions   [Mar-26-18 04:15AM  GlobeNewswire]
▶ SimCorp A/S Announcement of Managers Transactions   [Mar-13-18 07:30AM  GlobeNewswire]
▶ SimCorp A/S Announcement of Managers Transactions   [Mar-08-18 08:15AM  GlobeNewswire]
▶ SimCorp A/S Announcement of Managers Transactions   [Feb-22-18 03:41AM  GlobeNewswire]
▶ Retirement Systems of Alabama Now Live on SimCorp Dimension   [Feb-21-18 09:00AM  GlobeNewswire]
▶ Invitation to Presentation of SimCorps Annual Report 2017   [Feb-08-18 04:00AM  GlobeNewswire]
▶ Grupo Simec posts 2Q profit   [Jul-20-17 10:33PM  Associated Press]
▶ Business Confidence in Mexico Is Recovering   [May-26-17 01:35PM  Market Realist]
▶ John Mack Weighs in on Financial Technology   [Apr-20-17 07:38AM  Market Realist]
▶ Grupo Simec Files Amended 6-K   [Feb-27-17 04:34PM  PR Newswire]
▶ 5 Great Emerging Market Picks for 2017   [Jan-03-17 01:12PM  Zacks]
Financial statements of SIM
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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