Intrinsic value of Stantec - STN

Previous Close

$27.15

  Intrinsic Value

$103.00

stock screener

  Rating & Target

str. buy

+279%

Previous close

$27.15

 
Intrinsic value

$103.00

 
Up/down potential

+279%

 
Rating

str. buy

We calculate the intrinsic value of STN 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 3.1

 

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, %
  30.51
  30.50
  27.95
  25.66
  23.59
  21.73
  20.06
  18.55
  17.20
  15.98
  14.88
  13.89
  13.00
  12.20
  11.48
  10.83
  10.25
  9.73
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
Revenue, $m
  2,293
  2,992
  3,829
  4,811
  5,946
  7,238
  8,690
  10,302
  12,073
  14,002
  16,086
  18,320
  20,702
  23,228
  25,895
  28,701
  31,643
  34,720
  37,933
  41,281
  44,767
  48,393
  52,163
  56,081
  60,153
  64,384
  68,782
  73,354
  78,110
  83,057
  88,208
Variable operating expenses, $m
 
  2,679
  3,390
  4,225
  5,189
  6,288
  7,522
  8,892
  10,398
  12,037
  13,808
  15,572
  17,597
  19,744
  22,011
  24,396
  26,896
  29,512
  32,242
  35,089
  38,052
  41,134
  44,338
  47,669
  51,130
  54,726
  58,464
  62,351
  66,393
  70,598
  74,976
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
  2,160
  2,679
  3,390
  4,225
  5,189
  6,288
  7,522
  8,892
  10,398
  12,037
  13,808
  15,572
  17,597
  19,744
  22,011
  24,396
  26,896
  29,512
  32,242
  35,089
  38,052
  41,134
  44,338
  47,669
  51,130
  54,726
  58,464
  62,351
  66,393
  70,598
  74,976
Operating income, $m
  133
  314
  439
  586
  757
  950
  1,168
  1,410
  1,676
  1,965
  2,278
  2,748
  3,105
  3,484
  3,884
  4,305
  4,747
  5,208
  5,690
  6,192
  6,715
  7,259
  7,825
  8,413
  9,023
  9,658
  10,318
  11,004
  11,717
  12,459
  13,232
EBITDA, $m
  133
  495
  634
  796
  984
  1,198
  1,438
  1,705
  1,998
  2,317
  2,662
  3,032
  3,426
  3,844
  4,286
  4,750
  5,237
  5,746
  6,278
  6,832
  7,409
  8,009
  8,633
  9,282
  9,956
  10,656
  11,384
  12,141
  12,928
  13,746
  14,599
Interest expense (income), $m
  -28
  1
  18
  39
  64
  92
  125
  161
  201
  246
  294
  346
  402
  462
  525
  591
  662
  735
  812
  893
  977
  1,064
  1,155
  1,249
  1,347
  1,449
  1,555
  1,665
  1,779
  1,898
  2,022
Earnings before tax, $m
  134
  313
  421
  547
  693
  858
  1,044
  1,249
  1,475
  1,720
  1,984
  2,402
  2,704
  3,023
  3,360
  3,714
  4,085
  4,473
  4,878
  5,300
  5,739
  6,196
  6,670
  7,164
  7,676
  8,209
  8,763
  9,339
  9,938
  10,561
  11,210
Tax expense, $m
  37
  84
  114
  148
  187
  232
  282
  337
  398
  464
  536
  649
  730
  816
  907
  1,003
  1,103
  1,208
  1,317
  1,431
  1,549
  1,673
  1,801
  1,934
  2,073
  2,216
  2,366
  2,521
  2,683
  2,851
  3,027
Net income, $m
  97
  228
  307
  399
  506
  627
  762
  912
  1,076
  1,255
  1,448
  1,754
  1,974
  2,207
  2,453
  2,711
  2,982
  3,265
  3,561
  3,869
  4,189
  4,523
  4,869
  5,229
  5,604
  5,993
  6,397
  6,817
  7,255
  7,709
  8,183

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  3,171
  3,912
  5,005
  6,289
  7,772
  9,461
  11,359
  13,466
  15,782
  18,304
  21,027
  23,948
  27,062
  30,364
  33,850
  37,517
  41,363
  45,386
  49,585
  53,962
  58,519
  63,259
  68,187
  73,309
  78,631
  84,162
  89,911
  95,888
  102,104
  108,572
  115,304
Adjusted assets (=assets-cash), $m
  2,999
  3,912
  5,005
  6,289
  7,772
  9,461
  11,359
  13,466
  15,782
  18,304
  21,027
  23,948
  27,062
  30,364
  33,850
  37,517
  41,363
  45,386
  49,585
  53,962
  58,519
  63,259
  68,187
  73,309
  78,631
  84,162
  89,911
  95,888
  102,104
  108,572
  115,304
Revenue / Adjusted assets
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
  0.765
Average production assets, $m
  355
  464
  593
  746
  922
  1,122
  1,347
  1,597
  1,871
  2,170
  2,493
  2,840
  3,209
  3,600
  4,014
  4,449
  4,905
  5,382
  5,880
  6,399
  6,939
  7,501
  8,085
  8,693
  9,324
  9,980
  10,661
  11,370
  12,107
  12,874
  13,672
Working capital, $m
  377
  359
  459
  577
  714
  869
  1,043
  1,236
  1,449
  1,680
  1,930
  2,198
  2,484
  2,787
  3,107
  3,444
  3,797
  4,166
  4,552
  4,954
  5,372
  5,807
  6,260
  6,730
  7,218
  7,726
  8,254
  8,802
  9,373
  9,967
  10,585
Total debt, $m
  92
  523
  1,121
  1,823
  2,634
  3,558
  4,596
  5,749
  7,016
  8,395
  9,885
  11,483
  13,186
  14,992
  16,899
  18,905
  21,009
  23,209
  25,506
  27,900
  30,393
  32,986
  35,681
  38,483
  41,394
  44,420
  47,564
  50,834
  54,234
  57,772
  61,454
Total liabilities, $m
  1,709
  2,140
  2,738
  3,440
  4,251
  5,175
  6,213
  7,366
  8,633
  10,012
  11,502
  13,100
  14,803
  16,609
  18,516
  20,522
  22,626
  24,826
  27,123
  29,517
  32,010
  34,603
  37,298
  40,100
  43,011
  46,037
  49,181
  52,451
  55,851
  59,389
  63,071
Total equity, $m
  1,462
  1,772
  2,267
  2,849
  3,521
  4,286
  5,146
  6,100
  7,149
  8,292
  9,525
  10,848
  12,259
  13,755
  15,334
  16,995
  18,737
  20,560
  22,462
  24,445
  26,509
  28,656
  30,889
  33,209
  35,620
  38,125
  40,730
  43,437
  46,253
  49,183
  52,233
Total liabilities and equity, $m
  3,171
  3,912
  5,005
  6,289
  7,772
  9,461
  11,359
  13,466
  15,782
  18,304
  21,027
  23,948
  27,062
  30,364
  33,850
  37,517
  41,363
  45,386
  49,585
  53,962
  58,519
  63,259
  68,187
  73,309
  78,631
  84,162
  89,911
  95,888
  102,104
  108,572
  115,304
Debt-to-equity ratio
  0.063
  0.290
  0.490
  0.640
  0.750
  0.830
  0.890
  0.940
  0.980
  1.010
  1.040
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
  1.180
Adjusted equity ratio
  0.430
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  97
  228
  307
  399
  506
  627
  762
  912
  1,076
  1,255
  1,448
  1,754
  1,974
  2,207
  2,453
  2,711
  2,982
  3,265
  3,561
  3,869
  4,189
  4,523
  4,869
  5,229
  5,604
  5,993
  6,397
  6,817
  7,255
  7,709
  8,183
Depreciation, amort., depletion, $m
  0
  182
  195
  210
  227
  247
  270
  295
  322
  352
  385
  284
  321
  360
  401
  445
  490
  538
  588
  640
  694
  750
  809
  869
  932
  998
  1,066
  1,137
  1,211
  1,287
  1,367
Funds from operations, $m
  -1,410
  410
  502
  609
  733
  874
  1,032
  1,207
  1,399
  1,608
  1,833
  2,038
  2,294
  2,567
  2,854
  3,156
  3,472
  3,803
  4,149
  4,509
  4,883
  5,273
  5,678
  6,099
  6,536
  6,991
  7,463
  7,954
  8,465
  8,997
  9,550
Change in working capital, $m
  -1,621
  84
  100
  118
  136
  155
  174
  193
  213
  231
  250
  268
  286
  303
  320
  337
  353
  369
  386
  402
  418
  435
  452
  470
  489
  508
  528
  549
  571
  594
  618
Cash from operations, $m
  211
  326
  401
  491
  597
  719
  858
  1,013
  1,186
  1,376
  1,583
  1,769
  2,009
  2,264
  2,534
  2,819
  3,119
  3,434
  3,763
  4,107
  4,465
  4,838
  5,225
  5,629
  6,048
  6,483
  6,935
  7,406
  7,895
  8,403
  8,932
Maintenance CAPEX, $m
  0
  -36
  -46
  -59
  -75
  -92
  -112
  -135
  -160
  -187
  -217
  -249
  -284
  -321
  -360
  -401
  -445
  -490
  -538
  -588
  -640
  -694
  -750
  -809
  -869
  -932
  -998
  -1,066
  -1,137
  -1,211
  -1,287
New CAPEX, $m
  -43
  -109
  -130
  -152
  -176
  -200
  -225
  -250
  -275
  -299
  -323
  -346
  -369
  -392
  -413
  -435
  -456
  -477
  -498
  -519
  -540
  -562
  -584
  -607
  -631
  -656
  -682
  -709
  -737
  -767
  -798
Cash from investing activities, $m
  -841
  -145
  -176
  -211
  -251
  -292
  -337
  -385
  -435
  -486
  -540
  -595
  -653
  -713
  -773
  -836
  -901
  -967
  -1,036
  -1,107
  -1,180
  -1,256
  -1,334
  -1,416
  -1,500
  -1,588
  -1,680
  -1,775
  -1,874
  -1,978
  -2,085
Free cash flow, $m
  -630
  182
  225
  280
  347
  427
  520
  629
  752
  890
  1,043
  1,174
  1,355
  1,551
  1,761
  1,983
  2,219
  2,467
  2,727
  3,000
  3,285
  3,582
  3,891
  4,213
  4,547
  4,895
  5,256
  5,631
  6,020
  6,425
  6,847
Issuance/(repayment) of debt, $m
  360
  501
  598
  702
  811
  924
  1,038
  1,153
  1,267
  1,379
  1,490
  1,598
  1,703
  1,806
  1,907
  2,006
  2,104
  2,200
  2,297
  2,394
  2,493
  2,593
  2,696
  2,802
  2,911
  3,025
  3,145
  3,269
  3,400
  3,538
  3,683
Issuance/(repurchase) of shares, $m
  437
  184
  188
  182
  166
  139
  98
  43
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  771
  685
  786
  884
  977
  1,063
  1,136
  1,196
  1,267
  1,379
  1,490
  1,598
  1,703
  1,806
  1,907
  2,006
  2,104
  2,200
  2,297
  2,394
  2,493
  2,593
  2,696
  2,802
  2,911
  3,025
  3,145
  3,269
  3,400
  3,538
  3,683
Total cash flow (excl. dividends), $m
  140
  866
  1,012
  1,164
  1,324
  1,489
  1,656
  1,824
  2,019
  2,269
  2,533
  2,771
  3,059
  3,357
  3,668
  3,989
  4,322
  4,667
  5,024
  5,394
  5,777
  6,175
  6,587
  7,014
  7,458
  7,920
  8,400
  8,900
  9,421
  9,963
  10,529
Retained Cash Flow (-), $m
  -483
  -412
  -495
  -582
  -672
  -765
  -860
  -955
  -1,049
  -1,142
  -1,234
  -1,323
  -1,411
  -1,496
  -1,579
  -1,661
  -1,742
  -1,822
  -1,902
  -1,983
  -2,064
  -2,147
  -2,232
  -2,320
  -2,411
  -2,506
  -2,604
  -2,708
  -2,816
  -2,930
  -3,050
Prev. year cash balance distribution, $m
 
  102
  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
 
  556
  516
  583
  652
  724
  797
  870
  970
  1,127
  1,299
  1,448
  1,648
  1,862
  2,088
  2,328
  2,580
  2,845
  3,122
  3,411
  3,713
  4,027
  4,354
  4,694
  5,047
  5,415
  5,796
  6,193
  6,605
  7,033
  7,479
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
 
  533
  473
  507
  537
  561
  578
  588
  606
  647
  681
  688
  703
  708
  701
  683
  656
  619
  575
  525
  472
  417
  361
  308
  257
  211
  169
  133
  102
  77
  56
Current shareholders' claim on cash, %
  100
  94.0
  89.5
  86.2
  83.9
  82.4
  81.5
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2
  81.2

Stantec Inc. is a provider of professional services in the area of infrastructure and facilities for clients in the public and private sectors. The Company's operates through four segments Consulting Services-Canada, Consulting Services-United States, Consulting Services-Global and Construction Services. The Company's services include engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, construction services, project management, and project economics, from initial project concept and planning through to design, construction, commissioning, maintenance, decommissioning and remediation. The Company provides professional consulting services in engineering, architecture, interior design, landscape architecture, surveying, environmental services, project management and project economics in the area of infrastructure and facilities, principally under fee-for-service agreements with clients.

FINANCIAL RATIOS  of  Stantec (STN)

Valuation Ratios
P/E Ratio 31.9
Price to Sales 1.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 18.4
Growth Rates
Sales Growth Rate 30.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 53.6%
Cap. Spend. - 3 Yr. Gr. Rate 2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 1.5%
Total Debt to Equity 6.3%
Interest Coverage -4
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 11.7%
Return On Equity 7.9%
Return On Equity - 3 Yr. Avg. 12.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 54.1%
Gross Margin - 3 Yr. Avg. 54.5%
EBITDA Margin 4.6%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 5.8%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 5.8%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 26.6%
Payout Ratio 35.1%

STN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STN stock intrinsic value calculation we used $2293 million for the last fiscal year's total revenue generated by Stantec. The default revenue input number comes from 2016 income statement of Stantec. 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 STN stock valuation model: a) initial revenue growth rate of 30.5% 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 STN is calculated based on our internal credit rating of Stantec, 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 Stantec.
    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 STN stock the variable cost ratio is equal to 90.9%.

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 STN 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 3.5% for Stantec.

Corporate tax rate of 27% is the nominal tax rate for Stantec. 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 STN 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 STN are equal to 15.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Stantec 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 STN is equal to 12%. 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 - $1462 million for Stantec - 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 113.835 million for Stantec 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 Stantec at the current share price and the inputted number of shares is $3.1 billion.

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PWR Quanta Service 39.12 3.45  str.sell

COMPANY NEWS

▶ New Strong Sell Stocks for December 13th   [Dec-13-17 09:06AM  Zacks]
▶ Stantec misses Street 3Q forecasts   [07:03AM  Associated Press]
▶ Stantec acquires North State Resources, Inc.   [Oct-30-17 08:45AM  Marketwired]
▶ ETFs with exposure to Stantec, Inc. : October 16, 2017   [Oct-16-17 10:00AM  Capital Cube]
▶ ETFs with exposure to Stantec, Inc. : October 3, 2017   [Oct-03-17 11:37AM  Capital Cube]
▶ New Strong Buy Stocks for October 2nd   [Oct-02-17 11:31AM  Zacks]
▶ New Strong Buy Stocks for September 27th   [Sep-27-17 07:54AM  Zacks]
▶ New Strong Buy Stocks for September 7th   [Sep-07-17 11:33AM  Zacks]
▶ Stantec, Inc. Value Analysis (NYSE:STN) : August 19, 2017   [Aug-18-17 09:02PM  Capital Cube]
▶ Stantec tops 2Q profit forecasts   [Aug-09-17 05:13PM  Associated Press]
▶ Texas A&M investing $46M for new San Antonio STEM building (slideshow)   [Jul-06-17 01:14PM  American City Business Journals]
▶ Stantec to Acquire RNL Design   [Jun-22-17 06:45AM  Marketwired]
▶ ETFs with exposure to Stantec, Inc. : June 20, 2017   [Jun-20-17 03:16PM  Capital Cube]
▶ Stantec 2017 Annual Meeting of Shareholders Results   [May-12-17 08:45AM  Marketwired]
▶ Stantec reports 1Q loss   [May-11-17 07:22AM  Associated Press]
▶ Aviation Authority votes on Phase 2 funding for Tampa International expansion (Video)   [May-04-17 02:45PM  American City Business Journals]
▶ International architecture, engineering firm expands to Hawaii   [Mar-21-17 06:32PM  at bizjournals.com]
▶ International architecture, engineering firm expands to Hawaii   [06:32PM  American City Business Journals]
▶ Stantec Signs Agreement to Sell Innovyze   [06:45AM  Marketwired]
▶ Stantec misses 4Q profit forecasts   [Feb-23-17 11:37AM  Associated Press]
▶ Should You Buy Pan American Silver Corp. (USA) (PAAS)?   [Dec-07-16 05:12PM  at Insider Monkey]
▶ Brooklyn Village development team hosting additional meetings   [Oct-17-16 01:05PM  at bizjournals.com]
▶ Balfour Beatty wins $110M project with Highland Park ISD   [Oct-04-16 01:20PM  at bizjournals.com]
▶ Diverse mix of retail anticipated to activate Brooklyn Village   [Sep-27-16 03:45PM  at bizjournals.com]
Financial statements of STN
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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