Intrinsic value of Synalloy - SYNL

Previous Close

$13.15

  Intrinsic Value

$2.51

stock screener

  Rating & Target

str. sell

-81%

Previous close

$13.15

 
Intrinsic value

$2.51

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of SYNL 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, %
  -20.57
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  139
  222
  344
  514
  746
  1,052
  1,446
  1,941
  2,549
  3,280
  4,143
  5,144
  6,289
  7,581
  9,020
  10,605
  12,337
  14,211
  16,225
  18,375
  20,659
  23,074
  25,616
  28,284
  31,077
  33,994
  37,036
  40,204
  43,500
  46,928
  50,490
Variable operating expenses, $m
 
  229
  353
  528
  767
  1,082
  1,487
  1,996
  2,621
  3,373
  4,260
  5,290
  6,467
  7,795
  9,275
  10,905
  12,685
  14,613
  16,684
  18,895
  21,244
  23,726
  26,340
  29,084
  31,956
  34,956
  38,084
  41,341
  44,731
  48,255
  51,917
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  147
  233
  357
  532
  771
  1,087
  1,492
  2,001
  2,626
  3,378
  4,265
  5,295
  6,472
  7,801
  9,281
  10,911
  12,691
  14,619
  16,690
  18,901
  21,251
  23,733
  26,347
  29,091
  31,963
  34,963
  38,092
  41,349
  44,739
  48,263
  51,925
Operating income, $m
  -8
  -10
  -14
  -19
  -26
  -34
  -46
  -60
  -77
  -98
  -122
  -151
  -183
  -220
  -261
  -306
  -355
  -408
  -465
  -526
  -591
  -659
  -731
  -807
  -886
  -969
  -1,055
  -1,145
  -1,238
  -1,335
  -1,436
EBITDA, $m
  -2
  -2
  0
  2
  4
  7
  12
  17
  24
  32
  42
  53
  66
  80
  96
  114
  134
  155
  177
  202
  227
  254
  283
  313
  345
  377
  412
  447
  484
  523
  563
Interest expense (income), $m
  1
  0
  2
  4
  8
  12
  18
  26
  36
  47
  62
  78
  98
  120
  145
  173
  204
  238
  274
  313
  355
  399
  446
  496
  548
  602
  659
  718
  779
  843
  910
Earnings before tax, $m
  -9
  -11
  -16
  -23
  -33
  -47
  -64
  -86
  -113
  -145
  -184
  -229
  -281
  -340
  -406
  -479
  -559
  -646
  -739
  -839
  -946
  -1,059
  -1,178
  -1,303
  -1,434
  -1,571
  -1,714
  -1,863
  -2,018
  -2,179
  -2,346
Tax expense, $m
  -2
  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
  -7
  -11
  -16
  -23
  -33
  -47
  -64
  -86
  -113
  -145
  -184
  -229
  -281
  -340
  -406
  -479
  -559
  -646
  -739
  -839
  -946
  -1,059
  -1,178
  -1,303
  -1,434
  -1,571
  -1,714
  -1,863
  -2,018
  -2,179
  -2,346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
  0
Total assets, $m
  139
  222
  344
  514
  746
  1,052
  1,446
  1,941
  2,549
  3,280
  4,143
  5,144
  6,289
  7,581
  9,020
  10,605
  12,337
  14,211
  16,225
  18,375
  20,659
  23,074
  25,616
  28,284
  31,077
  33,994
  37,036
  40,204
  43,500
  46,928
  50,490
Adjusted assets (=assets-cash), $m
  139
  222
  344
  514
  746
  1,052
  1,446
  1,941
  2,549
  3,280
  4,143
  5,144
  6,289
  7,581
  9,020
  10,605
  12,337
  14,211
  16,225
  18,375
  20,659
  23,074
  25,616
  28,284
  31,077
  33,994
  37,036
  40,204
  43,500
  46,928
  50,490
Revenue / Adjusted assets
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
  1.000
Average production assets, $m
  28
  44
  68
  102
  148
  208
  286
  384
  505
  649
  820
  1,019
  1,245
  1,501
  1,786
  2,100
  2,443
  2,814
  3,212
  3,638
  4,091
  4,569
  5,072
  5,600
  6,153
  6,731
  7,333
  7,960
  8,613
  9,292
  9,997
Working capital, $m
  65
  104
  161
  240
  349
  492
  677
  908
  1,193
  1,535
  1,939
  2,407
  2,943
  3,548
  4,221
  4,963
  5,774
  6,651
  7,593
  8,600
  9,669
  10,798
  11,988
  13,237
  14,544
  15,909
  17,333
  18,816
  20,358
  21,962
  23,629
Total debt, $m
  9
  39
  83
  144
  227
  338
  480
  658
  877
  1,140
  1,450
  1,811
  2,223
  2,688
  3,206
  3,777
  4,400
  5,075
  5,800
  6,574
  7,396
  8,266
  9,181
  10,141
  11,147
  12,197
  13,292
  14,433
  15,619
  16,853
  18,135
Total liabilities, $m
  50
  80
  124
  185
  268
  379
  521
  699
  918
  1,181
  1,491
  1,852
  2,264
  2,729
  3,247
  3,818
  4,441
  5,116
  5,841
  6,615
  7,437
  8,307
  9,222
  10,182
  11,188
  12,238
  13,333
  14,474
  15,660
  16,894
  18,176
Total equity, $m
  89
  142
  220
  329
  477
  673
  926
  1,242
  1,631
  2,099
  2,651
  3,292
  4,025
  4,852
  5,772
  6,787
  7,895
  9,095
  10,384
  11,760
  13,222
  14,767
  16,394
  18,102
  19,889
  21,756
  23,703
  25,731
  27,840
  30,034
  32,313
Total liabilities and equity, $m
  139
  222
  344
  514
  745
  1,052
  1,447
  1,941
  2,549
  3,280
  4,142
  5,144
  6,289
  7,581
  9,019
  10,605
  12,336
  14,211
  16,225
  18,375
  20,659
  23,074
  25,616
  28,284
  31,077
  33,994
  37,036
  40,205
  43,500
  46,928
  50,489
Debt-to-equity ratio
  0.101
  0.270
  0.380
  0.440
  0.480
  0.500
  0.520
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Adjusted equity ratio
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -11
  -16
  -23
  -33
  -47
  -64
  -86
  -113
  -145
  -184
  -229
  -281
  -340
  -406
  -479
  -559
  -646
  -739
  -839
  -946
  -1,059
  -1,178
  -1,303
  -1,434
  -1,571
  -1,714
  -1,863
  -2,018
  -2,179
  -2,346
Depreciation, amort., depletion, $m
  6
  9
  14
  20
  30
  42
  57
  77
  101
  130
  164
  204
  249
  300
  357
  420
  489
  563
  642
  728
  818
  914
  1,014
  1,120
  1,231
  1,346
  1,467
  1,592
  1,723
  1,858
  1,999
Funds from operations, $m
  4
  -2
  -2
  -3
  -4
  -5
  -7
  -9
  -12
  -15
  -20
  -25
  -32
  -40
  -49
  -59
  -70
  -83
  -97
  -112
  -128
  -145
  -163
  -183
  -203
  -225
  -247
  -270
  -295
  -320
  -347
Change in working capital, $m
  3
  39
  57
  80
  108
  143
  184
  232
  284
  342
  404
  469
  536
  604
  673
  742
  810
  877
  943
  1,006
  1,069
  1,130
  1,190
  1,249
  1,307
  1,365
  1,424
  1,483
  1,543
  1,604
  1,667
Cash from operations, $m
  1
  -41
  -59
  -83
  -112
  -148
  -191
  -240
  -296
  -357
  -424
  -494
  -568
  -644
  -722
  -801
  -880
  -960
  -1,039
  -1,118
  -1,197
  -1,275
  -1,353
  -1,431
  -1,510
  -1,590
  -1,671
  -1,753
  -1,837
  -1,924
  -2,014
Maintenance CAPEX, $m
  0
  -6
  -9
  -14
  -20
  -30
  -42
  -57
  -77
  -101
  -130
  -164
  -204
  -249
  -300
  -357
  -420
  -489
  -563
  -642
  -728
  -818
  -914
  -1,014
  -1,120
  -1,231
  -1,346
  -1,467
  -1,592
  -1,723
  -1,858
New CAPEX, $m
  -3
  -17
  -24
  -34
  -46
  -61
  -78
  -98
  -120
  -145
  -171
  -198
  -227
  -256
  -285
  -314
  -343
  -371
  -399
  -426
  -452
  -478
  -503
  -528
  -553
  -578
  -602
  -627
  -653
  -679
  -705
Cash from investing activities, $m
  18
  -23
  -33
  -48
  -66
  -91
  -120
  -155
  -197
  -246
  -301
  -362
  -431
  -505
  -585
  -671
  -763
  -860
  -962
  -1,068
  -1,180
  -1,296
  -1,417
  -1,542
  -1,673
  -1,809
  -1,948
  -2,094
  -2,245
  -2,402
  -2,563
Free cash flow, $m
  19
  -63
  -92
  -130
  -178
  -238
  -311
  -396
  -493
  -603
  -724
  -856
  -998
  -1,149
  -1,307
  -1,472
  -1,643
  -1,820
  -2,001
  -2,186
  -2,377
  -2,571
  -2,770
  -2,974
  -3,183
  -3,398
  -3,619
  -3,847
  -4,082
  -4,326
  -4,578
Issuance/(repayment) of debt, $m
  -19
  30
  44
  61
  83
  110
  142
  178
  219
  263
  311
  361
  412
  465
  518
  571
  623
  675
  725
  774
  822
  869
  915
  961
  1,005
  1,050
  1,095
  1,140
  1,187
  1,234
  1,282
Issuance/(repurchase) of shares, $m
  0
  64
  94
  132
  182
  243
  316
  402
  502
  613
  736
  870
  1,014
  1,166
  1,327
  1,494
  1,667
  1,845
  2,028
  2,216
  2,408
  2,604
  2,805
  3,010
  3,221
  3,438
  3,661
  3,890
  4,127
  4,372
  4,626
Cash from financing (excl. dividends), $m  
  -19
  94
  138
  193
  265
  353
  458
  580
  721
  876
  1,047
  1,231
  1,426
  1,631
  1,845
  2,065
  2,290
  2,520
  2,753
  2,990
  3,230
  3,473
  3,720
  3,971
  4,226
  4,488
  4,756
  5,030
  5,314
  5,606
  5,908
Total cash flow (excl. dividends), $m
  0
  31
  45
  64
  87
  115
  147
  185
  227
  273
  322
  374
  428
  482
  538
  592
  647
  700
  752
  803
  853
  902
  950
  997
  1,043
  1,090
  1,136
  1,184
  1,231
  1,280
  1,331
Retained Cash Flow (-), $m
  6
  -64
  -94
  -132
  -182
  -243
  -316
  -402
  -502
  -613
  -736
  -870
  -1,014
  -1,166
  -1,327
  -1,494
  -1,667
  -1,845
  -2,028
  -2,216
  -2,408
  -2,604
  -2,805
  -3,010
  -3,221
  -3,438
  -3,661
  -3,890
  -4,127
  -4,372
  -4,626
Prev. year cash balance distribution, $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 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
 
  -33
  -48
  -69
  -95
  -128
  -169
  -217
  -274
  -340
  -414
  -496
  -586
  -684
  -789
  -901
  -1,020
  -1,145
  -1,276
  -1,412
  -1,554
  -1,702
  -1,855
  -2,014
  -2,178
  -2,348
  -2,524
  -2,707
  -2,896
  -3,092
  -3,295
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  -31
  -42
  -56
  -71
  -88
  -105
  -121
  -136
  -149
  -158
  -164
  -165
  -163
  -156
  -147
  -134
  -120
  -105
  -89
  -74
  -60
  -48
  -37
  -28
  -20
  -14
  -10
  -7
  -4
  -3
Current shareholders' claim on cash, %
  100
  64.2
  42.6
  29.1
  20.4
  14.7
  10.8
  8.1
  6.2
  4.8
  3.8
  3.0
  2.4
  2.0
  1.6
  1.4
  1.1
  1.0
  0.8
  0.7
  0.6
  0.5
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2

Synalloy Corporation is a chemical manufacturing company. The Company operates through two segments: the Metals Segment and the Specialty Chemicals Segment. The Company's Metals Segment comprises three subsidiaries: Synalloy Metals, Inc., which owns Bristol Metals, LLC (BRISMET), located in Bristol, Tennessee; Palmer of Texas Tanks, Inc. (Palmer), located in Andrews, Texas; and Specialty Pipe & Tube, Inc. (Specialty), located in Mineral Ridge, Ohio and Houston, Texas. The Company's Metals Segment manufactures stainless steel, other alloy pipe, storage solutions and separation equipment. The Company's Specialty Chemicals segment consists of the Company's subsidiary, Manufacturers Soap and Chemical Company (MS&C). The Specialty Chemicals Segment manufactures lubricants, surfactants, reaction intermediaries, sulfated fats and oils, and chemical tolling manufacturing resources.

FINANCIAL RATIOS  of  Synalloy (SYNL)

Valuation Ratios
P/E Ratio -16.3
Price to Sales 0.8
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 114
Price to Free Cash Flow -57
Growth Rates
Sales Growth Rate -20.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -72.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 10.1%
Total Debt to Equity 10.1%
Interest Coverage -8
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. -2.5%
Return On Total Capital -6.3%
Ret/ On T. Cap. - 3 Yr. Avg. -3.9%
Return On Equity -7.6%
Return On Equity - 3 Yr. Avg. -4.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 12.2%
Gross Margin - 3 Yr. Avg. 14.3%
EBITDA Margin -1.4%
EBITDA Margin - 3 Yr. Avg. 3.3%
Operating Margin -5.8%
Oper. Margin - 3 Yr. Avg. -0.3%
Pre-Tax Margin -6.5%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin -5%
Net Profit Margin - 3 Yr. Avg. -3.1%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 8.3%
Payout Ratio 0%

SYNL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SYNL stock intrinsic value calculation we used $139 million for the last fiscal year's total revenue generated by Synalloy. The default revenue input number comes from 2016 income statement of Synalloy. 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 SYNL stock valuation model: a) initial revenue growth rate of 60% 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 6.5%, whose default value for SYNL is calculated based on our internal credit rating of Synalloy, 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 Synalloy.
    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 SYNL stock the variable cost ratio is equal to 102.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for SYNL 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 Synalloy.

Corporate tax rate of 27% is the nominal tax rate for Synalloy. 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 SYNL 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 SYNL are equal to 19.8%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Synalloy 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 SYNL is equal to 46.8%. 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 - $89 million for Synalloy - 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 8.782 million for Synalloy 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 Synalloy at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Small-Cap Investor Chuck Royce Boosts Bets on 3 Stocks   [Jan-18-18 03:51PM  GuruFocus.com]
▶ ETFs with exposure to Synalloy Corp. : December 29, 2017   [Dec-29-17 12:33PM  Capital Cube]
▶ Synalloy reports 3Q loss   [Nov-07-17 07:35AM  Associated Press]
▶ Synalloy Announces Third Quarter Earnings Conference Call   [Oct-30-17 10:00AM  GlobeNewswire]
▶ Synalloy Corporation Announces Dividend Payment   [Oct-05-17 12:57PM  GlobeNewswire]
▶ Synalloy posts 2Q profit   [Aug-08-17 05:48PM  Associated Press]
▶ Synalloy Announces Second Quarter Earnings Conference Call   [Jul-20-17 11:43AM  GlobeNewswire]
▶ Universal Stainless rejects unsolicited offer   [Jun-29-17 06:05PM  American City Business Journals]
▶ Synalloy posts 1Q profit   [May-09-17 09:49AM  Associated Press]
▶ Synalloy Announces First Quarter Earnings Conference Call   [May-01-17 04:25PM  GlobeNewswire]
▶ Privet Fund Management Loads Up on Synalloy   [Apr-06-17 03:40PM  GuruFocus.com]
▶ Synalloy reports 4Q loss   [07:24AM  Associated Press]
▶ Synalloy Announces Fourth Quarter Earnings Conference Call   [Feb-27-17 02:00PM  GlobeNewswire]
▶ ETFs with exposure to Synalloy Corp. : December 13, 2016   [Dec-13-16 11:53AM  Capital Cube]
▶ Synalloy Announces Third Quarter Earnings Conference Call   [Nov-01-16 01:00PM  GlobeNewswire]
▶ Synalloy Announces Second Quarter Earnings Conference Call   [Aug-01-16 01:00PM  GlobeNewswire]
▶ Synalloy Announces First Quarter Earnings Conference Call   [May-02-16 02:00PM  GlobeNewswire]
▶ Do Hedge Funds Love Synalloy Corporation (SYNL)?   [Nov-25  12:46PM  at Insider Monkey]
▶ Synalloy Announces Annual Dividend Payment   [Nov-18  10:59AM  GlobeNewswire]
Financial statements of SYNL
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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