Intrinsic value of Steel Partners Holdings - SPLP

Previous Close

$18.30

  Intrinsic Value

$138.44

stock screener

  Rating & Target

str. buy

+656%

  Value-price divergence*

-31%

Previous close

$18.30

 
Intrinsic value

$138.44

 
Up/down potential

+656%

 
Rating

str. buy

 
Value-price divergence*

-31%

Our model is not good at valuating stocks of financial companies, such as SPLP.

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

We calculate the intrinsic value of SPLP 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 0.5

 

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, %
  20.62
  30.80
  28.22
  25.90
  23.81
  21.93
  20.23
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
Revenue, $m
  1,164
  1,523
  1,952
  2,458
  3,043
  3,710
  4,461
  5,296
  6,214
  7,215
  8,296
  9,458
  10,696
  12,010
  13,398
  14,859
  16,391
  17,995
  19,669
  21,414
  23,231
  25,121
  27,086
  29,129
  31,251
  33,457
  35,749
  38,133
  40,612
  43,191
  45,875
Variable operating expenses, $m
 
  1,464
  1,873
  2,353
  2,909
  3,544
  4,257
  5,051
  5,924
  6,875
  7,904
  8,991
  10,168
  11,418
  12,737
  14,126
  15,583
  17,107
  18,698
  20,357
  22,084
  23,881
  25,750
  27,691
  29,709
  31,806
  33,985
  36,251
  38,608
  41,059
  43,611
Fixed operating expenses, $m
 
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
Total operating expenses, $m
  1,126
  1,467
  1,876
  2,356
  2,912
  3,547
  4,260
  5,055
  5,928
  6,879
  7,908
  8,995
  10,172
  11,422
  12,741
  14,130
  15,587
  17,112
  18,703
  20,362
  22,089
  23,886
  25,755
  27,696
  29,714
  31,812
  33,991
  36,257
  38,614
  41,065
  43,617
Operating income, $m
  38
  55
  76
  101
  130
  163
  200
  241
  286
  336
  389
  463
  524
  589
  657
  729
  804
  883
  966
  1,052
  1,141
  1,235
  1,331
  1,432
  1,537
  1,645
  1,758
  1,876
  1,998
  2,125
  2,258
EBITDA, $m
  109
  130
  167
  211
  262
  321
  386
  459
  539
  626
  721
  822
  930
  1,045
  1,166
  1,294
  1,427
  1,567
  1,713
  1,866
  2,024
  2,189
  2,361
  2,539
  2,724
  2,917
  3,117
  3,325
  3,541
  3,766
  4,001
Interest expense (income), $m
  12
  13
  28
  47
  70
  96
  125
  158
  195
  236
  280
  328
  379
  434
  492
  553
  618
  685
  756
  830
  907
  988
  1,071
  1,158
  1,248
  1,342
  1,439
  1,541
  1,646
  1,756
  1,869
Earnings before tax, $m
  22
  43
  48
  54
  60
  67
  75
  83
  91
  100
  109
  135
  145
  155
  165
  176
  187
  198
  210
  222
  234
  247
  260
  274
  289
  304
  319
  335
  352
  370
  388
Tax expense, $m
  24
  12
  13
  15
  16
  18
  20
  22
  25
  27
  29
  36
  39
  42
  45
  47
  50
  53
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  95
  100
  105
Net income, $m
  7
  31
  35
  39
  44
  49
  55
  60
  67
  73
  80
  99
  106
  113
  121
  128
  136
  145
  153
  162
  171
  180
  190
  200
  211
  222
  233
  245
  257
  270
  283

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  504
  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
  1,967
  1,982
  2,542
  3,200
  3,962
  4,831
  5,808
  6,895
  8,091
  9,394
  10,803
  12,315
  13,927
  15,638
  17,446
  19,348
  21,343
  23,431
  25,610
  27,883
  30,248
  32,710
  35,269
  37,928
  40,692
  43,564
  46,549
  49,652
  52,880
  56,238
  59,733
Adjusted assets (=assets-cash), $m
  1,463
  1,982
  2,542
  3,200
  3,962
  4,831
  5,808
  6,895
  8,091
  9,394
  10,803
  12,315
  13,927
  15,638
  17,446
  19,348
  21,343
  23,431
  25,610
  27,883
  30,248
  32,710
  35,269
  37,928
  40,692
  43,564
  46,549
  49,652
  52,880
  56,238
  59,733
Revenue / Adjusted assets
  0.796
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
Average production assets, $m
  442
  579
  742
  934
  1,156
  1,410
  1,695
  2,012
  2,361
  2,742
  3,153
  3,594
  4,065
  4,564
  5,091
  5,647
  6,229
  6,838
  7,474
  8,137
  8,828
  9,546
  10,293
  11,069
  11,875
  12,714
  13,585
  14,490
  15,432
  16,412
  17,432
Working capital, $m
  450
  14
  18
  22
  27
  33
  40
  48
  56
  65
  75
  85
  96
  108
  121
  134
  148
  162
  177
  193
  209
  226
  244
  262
  281
  301
  322
  343
  366
  389
  413
Total debt, $m
  394
  746
  1,246
  1,834
  2,514
  3,290
  4,163
  5,133
  6,201
  7,365
  8,623
  9,973
  11,413
  12,941
  14,555
  16,254
  18,035
  19,900
  21,846
  23,875
  25,988
  28,186
  30,471
  32,846
  35,314
  37,878
  40,544
  43,315
  46,198
  49,196
  52,318
Total liabilities, $m
  1,418
  1,770
  2,270
  2,858
  3,538
  4,314
  5,187
  6,157
  7,225
  8,389
  9,647
  10,997
  12,437
  13,965
  15,579
  17,278
  19,059
  20,924
  22,870
  24,899
  27,012
  29,210
  31,495
  33,870
  36,338
  38,902
  41,568
  44,339
  47,222
  50,220
  53,342
Total equity, $m
  549
  212
  272
  342
  424
  517
  621
  738
  866
  1,005
  1,156
  1,318
  1,490
  1,673
  1,867
  2,070
  2,284
  2,507
  2,740
  2,983
  3,237
  3,500
  3,774
  4,058
  4,354
  4,661
  4,981
  5,313
  5,658
  6,017
  6,391
Total liabilities and equity, $m
  1,967
  1,982
  2,542
  3,200
  3,962
  4,831
  5,808
  6,895
  8,091
  9,394
  10,803
  12,315
  13,927
  15,638
  17,446
  19,348
  21,343
  23,431
  25,610
  27,882
  30,249
  32,710
  35,269
  37,928
  40,692
  43,563
  46,549
  49,652
  52,880
  56,237
  59,733
Debt-to-equity ratio
  0.718
  3.520
  4.580
  5.360
  5.930
  6.360
  6.700
  6.960
  7.160
  7.330
  7.460
  7.570
  7.660
  7.730
  7.800
  7.850
  7.900
  7.940
  7.970
  8.000
  8.030
  8.050
  8.070
  8.090
  8.110
  8.130
  8.140
  8.150
  8.160
  8.180
  8.190
Adjusted equity ratio
  0.031
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107
  0.107

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  31
  35
  39
  44
  49
  55
  60
  67
  73
  80
  99
  106
  113
  121
  128
  136
  145
  153
  162
  171
  180
  190
  200
  211
  222
  233
  245
  257
  270
  283
Depreciation, amort., depletion, $m
  71
  75
  91
  110
  132
  158
  186
  218
  253
  291
  332
  359
  406
  456
  509
  565
  623
  684
  747
  814
  883
  955
  1,029
  1,107
  1,188
  1,271
  1,358
  1,449
  1,543
  1,641
  1,743
Funds from operations, $m
  266
  106
  126
  150
  176
  207
  241
  278
  319
  364
  412
  458
  512
  569
  630
  693
  759
  828
  901
  976
  1,054
  1,135
  1,219
  1,307
  1,398
  1,493
  1,591
  1,694
  1,800
  1,911
  2,027
Change in working capital, $m
  71
  3
  4
  5
  5
  6
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
Cash from operations, $m
  195
  103
  122
  145
  171
  201
  234
  271
  311
  355
  402
  448
  501
  558
  617
  680
  745
  814
  885
  960
  1,037
  1,118
  1,202
  1,289
  1,379
  1,473
  1,571
  1,672
  1,778
  1,888
  2,002
Maintenance CAPEX, $m
  0
  -44
  -58
  -74
  -93
  -116
  -141
  -170
  -201
  -236
  -274
  -315
  -359
  -406
  -456
  -509
  -565
  -623
  -684
  -747
  -814
  -883
  -955
  -1,029
  -1,107
  -1,188
  -1,271
  -1,358
  -1,449
  -1,543
  -1,641
New CAPEX, $m
  -34
  -137
  -163
  -192
  -222
  -254
  -285
  -317
  -349
  -380
  -411
  -441
  -471
  -499
  -527
  -555
  -582
  -609
  -636
  -663
  -690
  -718
  -747
  -776
  -807
  -838
  -871
  -906
  -942
  -980
  -1,020
Cash from investing activities, $m
  -161
  -181
  -221
  -266
  -315
  -370
  -426
  -487
  -550
  -616
  -685
  -756
  -830
  -905
  -983
  -1,064
  -1,147
  -1,232
  -1,320
  -1,410
  -1,504
  -1,601
  -1,702
  -1,805
  -1,914
  -2,026
  -2,142
  -2,264
  -2,391
  -2,523
  -2,661
Free cash flow, $m
  34
  -78
  -99
  -121
  -145
  -168
  -192
  -216
  -239
  -262
  -283
  -309
  -329
  -348
  -367
  -384
  -401
  -418
  -434
  -451
  -467
  -483
  -500
  -517
  -534
  -553
  -572
  -592
  -613
  -635
  -659
Issuance/(repayment) of debt, $m
  147
  416
  500
  588
  680
  776
  873
  971
  1,068
  1,164
  1,258
  1,350
  1,440
  1,528
  1,614
  1,698
  1,782
  1,864
  1,946
  2,029
  2,113
  2,198
  2,285
  2,375
  2,468
  2,565
  2,666
  2,771
  2,882
  2,999
  3,121
Issuance/(repurchase) of shares, $m
  -28
  18
  25
  31
  37
  44
  50
  56
  61
  66
  71
  63
  67
  70
  73
  75
  77
  79
  80
  81
  82
  83
  84
  84
  85
  86
  86
  87
  88
  89
  91
Cash from financing (excl. dividends), $m  
  231
  434
  525
  619
  717
  820
  923
  1,027
  1,129
  1,230
  1,329
  1,413
  1,507
  1,598
  1,687
  1,773
  1,859
  1,943
  2,026
  2,110
  2,195
  2,281
  2,369
  2,459
  2,553
  2,651
  2,752
  2,858
  2,970
  3,088
  3,212
Total cash flow (excl. dividends), $m
  264
  357
  425
  498
  573
  651
  731
  811
  890
  969
  1,046
  1,104
  1,178
  1,250
  1,320
  1,389
  1,457
  1,525
  1,592
  1,660
  1,728
  1,798
  1,869
  1,943
  2,019
  2,098
  2,180
  2,267
  2,357
  2,453
  2,553
Retained Cash Flow (-), $m
  9
  -50
  -60
  -70
  -82
  -93
  -105
  -116
  -128
  -139
  -151
  -162
  -173
  -183
  -193
  -204
  -213
  -223
  -233
  -243
  -253
  -263
  -274
  -285
  -296
  -307
  -319
  -332
  -345
  -359
  -374
Prev. year cash balance distribution, $m
 
  387
  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
 
  693
  365
  427
  492
  558
  626
  694
  762
  829
  895
  943
  1,005
  1,067
  1,127
  1,186
  1,244
  1,301
  1,359
  1,417
  1,475
  1,534
  1,595
  1,658
  1,723
  1,791
  1,861
  1,935
  2,012
  2,093
  2,179
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
 
  665
  335
  372
  405
  433
  454
  469
  476
  476
  469
  448
  429
  406
  378
  348
  316
  283
  250
  218
  187
  159
  132
  109
  88
  70
  54
  42
  31
  23
  16
Current shareholders' claim on cash, %
  100
  88.5
  78.0
  68.9
  61.2
  54.7
  49.2
  44.6
  40.7
  37.4
  34.6
  32.5
  30.7
  29.1
  27.7
  26.5
  25.4
  24.4
  23.6
  22.8
  22.1
  21.5
  20.9
  20.4
  19.9
  19.4
  19.0
  18.6
  18.3
  18.0
  17.7

Steel Partners Holdings L.P., through its subsidiaries, engages in industrial products, energy, defense, supply chain management and logistics, banking, food products and services, sports, training, education, and the entertainment and lifestyle businesses. It operates through Diversified Industrial, Energy, Financial Services, and Corporate and Other segments. The company fabricates precious metals and alloys into brazing alloys; manufactures seamless stainless steel tubing coils; offers supplies fasteners and fastening systems for the commercial low slope roofing industry; manufactures sheet and mechanically formed glass and aramid materials for specialty applications; and provides specialty fasteners for the building products industry. It also provides meat-room blade products, repair services, and resale products for the meat and deli departments of supermarkets, restaurants, meat, fish processing plants, and for electrical saws and cutting equipment distributors; and wood cutting blade products for the pallet manufacturing, pallet recycler, and portable saw mill industries. In addition, the company offers foils, films, and laminates for enhancing the visual appeal and authenticating brands and packaging; and holographic products for use on branded goods in various industries, as well as use in government and institutional documents and currencies. Further, the company offers banking services, including originating consumer and small business loans, issuing credit cards, and taking deposits; and participating in syndicated commercial and industrial, and asset based credit facilities and asset based securitizations. Additionally, it provides buildings on rent; drilling and production services to the oil and gas industry; and event-based sports services and other health-related services. Steel Partners Holdings GP Inc. serves as the general partner of the company. Steel Partners Holdings L.P. was founded in 1992 and is based in New York, New York.

FINANCIAL RATIOS  of  Steel Partners Holdings (SPLP)

Valuation Ratios
P/E Ratio 68.4
Price to Sales 0.4
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 3
Growth Rates
Sales Growth Rate 20.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.8%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 60.1%
Total Debt to Equity 71.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 0.3%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 1.3%
Return On Equity - 3 Yr. Avg. 8.6%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 9%
EBITDA Margin - 3 Yr. Avg. 8.7%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 109.1%
Eff/ Tax Rate - 3 Yr. Avg. -46.1%
Payout Ratio 0%

SPLP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPLP stock intrinsic value calculation we used $1164 million for the last fiscal year's total revenue generated by Steel Partners Holdings. The default revenue input number comes from 2016 income statement of Steel Partners Holdings. 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 SPLP stock valuation model: a) initial revenue growth rate of 30.8% 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 SPLP is calculated based on our internal credit rating of Steel Partners Holdings, 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 Steel Partners Holdings.
    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 SPLP stock the variable cost ratio is equal to 96.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $3 million in the base year in the intrinsic value calculation for SPLP 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 3.8% for Steel Partners Holdings.

Corporate tax rate of 27% is the nominal tax rate for Steel Partners Holdings. 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 SPLP 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 SPLP are equal to 38%.

Life of production assets of 10 years is the average useful life of capital assets used in Steel Partners Holdings 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 SPLP is equal to 0.9%. 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 - $549 million for Steel Partners Holdings - 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 26.004 million for Steel Partners Holdings 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 Steel Partners Holdings at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ Steel Partners reports 1Q loss   [May-10-17 05:02AM  Associated Press]
▶ Steel Partners reports 4Q loss   [Mar-14-17 05:26PM  Associated Press]
▶ Hedge fund Steel Partners launching $500 mln fund   [Jan-24-17 01:10PM  Reuters]
▶ Handy & Harman Ltd. Acquires ElectroMagnetic Enterprise   [Oct-03-16 09:00AM  Business Wire]
Stock chart of SPLP Financial statements of SPLP
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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