Intrinsic value of TimkenSteel - TMST

Previous Close

$18.14

  Intrinsic Value

$3.43

stock screener

  Rating & Target

str. sell

-81%

Previous close

$18.14

 
Intrinsic value

$3.43

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of TMST 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, %
  -21.34
  58.40
  53.06
  48.25
  43.93
  40.04
  36.53
  33.38
  30.54
  27.99
  25.69
  23.62
  21.76
  20.08
  18.57
  17.22
  15.99
  14.90
  13.91
  13.02
  12.21
  11.49
  10.84
  10.26
  9.73
  9.26
  8.83
  8.45
  8.11
  7.79
  7.52
Revenue, $m
  870
  1,378
  2,109
  3,127
  4,501
  6,303
  8,605
  11,478
  14,983
  19,176
  24,102
  29,795
  36,278
  43,563
  51,654
  60,547
  70,231
  80,692
  91,913
  103,876
  116,563
  129,958
  144,050
  158,827
  174,285
  190,423
  207,245
  224,757
  242,974
  261,913
  281,597
Variable operating expenses, $m
 
  1,016
  1,555
  2,305
  3,317
  4,645
  6,342
  8,459
  11,042
  14,133
  17,763
  21,959
  26,737
  32,106
  38,069
  44,623
  51,760
  59,470
  67,740
  76,556
  85,907
  95,779
  106,165
  117,056
  128,448
  140,342
  152,739
  165,646
  179,072
  193,030
  207,537
Fixed operating expenses, $m
 
  375
  385
  394
  404
  414
  424
  435
  446
  457
  469
  480
  492
  505
  517
  530
  543
  557
  571
  585
  600
  615
  630
  646
  662
  679
  696
  713
  731
  749
  768
Total operating expenses, $m
  998
  1,391
  1,940
  2,699
  3,721
  5,059
  6,766
  8,894
  11,488
  14,590
  18,232
  22,439
  27,229
  32,611
  38,586
  45,153
  52,303
  60,027
  68,311
  77,141
  86,507
  96,394
  106,795
  117,702
  129,110
  141,021
  153,435
  166,359
  179,803
  193,779
  208,305
Operating income, $m
  -129
  -13
  170
  428
  780
  1,244
  1,839
  2,584
  3,495
  4,586
  5,870
  7,356
  9,049
  10,953
  13,068
  15,394
  17,928
  20,665
  23,602
  26,734
  30,056
  33,564
  37,255
  41,126
  45,175
  49,403
  53,810
  58,398
  63,172
  68,134
  73,292
EBITDA, $m
  -54
  106
  351
  697
  1,166
  1,784
  2,577
  3,568
  4,780
  6,232
  7,939
  9,913
  12,162
  14,691
  17,500
  20,589
  23,954
  27,589
  31,489
  35,648
  40,058
  44,716
  49,616
  54,755
  60,130
  65,743
  71,593
  77,685
  84,021
  90,609
  97,456
Interest expense (income), $m
  0
  5
  14
  28
  48
  74
  108
  152
  207
  273
  353
  447
  555
  679
  817
  971
  1,141
  1,325
  1,524
  1,738
  1,965
  2,207
  2,462
  2,730
  3,011
  3,306
  3,613
  3,933
  4,266
  4,613
  4,973
Earnings before tax, $m
  -142
  -18
  156
  400
  732
  1,170
  1,731
  2,432
  3,288
  4,313
  5,517
  6,909
  8,493
  10,274
  12,251
  14,422
  16,787
  19,340
  22,078
  24,997
  28,091
  31,357
  34,793
  38,396
  42,164
  46,097
  50,197
  54,465
  58,905
  63,521
  68,319
Tax expense, $m
  -36
  0
  42
  108
  198
  316
  467
  657
  888
  1,164
  1,490
  1,865
  2,293
  2,774
  3,308
  3,894
  4,532
  5,222
  5,961
  6,749
  7,585
  8,467
  9,394
  10,367
  11,384
  12,446
  13,553
  14,706
  15,904
  17,151
  18,446
Net income, $m
  -106
  -18
  114
  292
  534
  854
  1,263
  1,775
  2,400
  3,148
  4,028
  5,043
  6,200
  7,500
  8,943
  10,528
  12,254
  14,118
  16,117
  18,247
  20,506
  22,891
  25,399
  28,029
  30,780
  33,651
  36,644
  39,760
  43,001
  46,371
  49,873

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  1,070
  1,654
  2,532
  3,754
  5,403
  7,566
  10,330
  13,779
  17,987
  23,021
  28,934
  35,768
  43,551
  52,297
  62,010
  72,686
  84,311
  96,870
  110,340
  124,701
  139,931
  156,012
  172,929
  190,669
  209,226
  228,600
  248,793
  269,817
  291,686
  314,422
  338,051
Adjusted assets (=assets-cash), $m
  1,044
  1,654
  2,532
  3,754
  5,403
  7,566
  10,330
  13,779
  17,987
  23,021
  28,934
  35,768
  43,551
  52,297
  62,010
  72,686
  84,311
  96,870
  110,340
  124,701
  139,931
  156,012
  172,929
  190,669
  209,226
  228,600
  248,793
  269,817
  291,686
  314,422
  338,051
Revenue / Adjusted assets
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
  0.833
Average production assets, $m
  784
  1,242
  1,900
  2,818
  4,055
  5,679
  7,753
  10,341
  13,500
  17,278
  21,716
  26,845
  32,686
  39,250
  46,540
  54,553
  63,278
  72,704
  82,814
  93,592
  105,023
  117,092
  129,789
  143,103
  157,031
  171,572
  186,727
  202,506
  218,920
  235,984
  253,719
Working capital, $m
  159
  211
  323
  478
  689
  964
  1,317
  1,756
  2,292
  2,934
  3,688
  4,559
  5,551
  6,665
  7,903
  9,264
  10,745
  12,346
  14,063
  15,893
  17,834
  19,884
  22,040
  24,301
  26,666
  29,135
  31,708
  34,388
  37,175
  40,073
  43,084
Total debt, $m
  137
  413
  811
  1,365
  2,112
  3,092
  4,344
  5,906
  7,812
  10,092
  12,771
  15,867
  19,392
  23,354
  27,754
  32,591
  37,857
  43,546
  49,648
  56,153
  63,053
  70,338
  78,001
  86,037
  94,443
  103,220
  112,367
  121,891
  131,798
  142,097
  152,801
Total liabilities, $m
  473
  749
  1,147
  1,701
  2,448
  3,428
  4,680
  6,242
  8,148
  10,428
  13,107
  16,203
  19,728
  23,690
  28,090
  32,927
  38,193
  43,882
  49,984
  56,489
  63,389
  70,674
  78,337
  86,373
  94,779
  103,556
  112,703
  122,227
  132,134
  142,433
  153,137
Total equity, $m
  597
  905
  1,385
  2,053
  2,956
  4,139
  5,651
  7,537
  9,839
  12,592
  15,827
  19,565
  23,822
  28,606
  33,919
  39,759
  46,118
  52,988
  60,356
  68,211
  76,542
  85,339
  94,592
  104,296
  114,447
  125,044
  136,090
  147,590
  159,552
  171,989
  184,914
Total liabilities and equity, $m
  1,070
  1,654
  2,532
  3,754
  5,404
  7,567
  10,331
  13,779
  17,987
  23,020
  28,934
  35,768
  43,550
  52,296
  62,009
  72,686
  84,311
  96,870
  110,340
  124,700
  139,931
  156,013
  172,929
  190,669
  209,226
  228,600
  248,793
  269,817
  291,686
  314,422
  338,051
Debt-to-equity ratio
  0.229
  0.460
  0.590
  0.660
  0.710
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
Adjusted equity ratio
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -106
  -18
  114
  292
  534
  854
  1,263
  1,775
  2,400
  3,148
  4,028
  5,043
  6,200
  7,500
  8,943
  10,528
  12,254
  14,118
  16,117
  18,247
  20,506
  22,891
  25,399
  28,029
  30,780
  33,651
  36,644
  39,760
  43,001
  46,371
  49,873
Depreciation, amort., depletion, $m
  75
  118
  181
  268
  386
  541
  738
  985
  1,286
  1,646
  2,068
  2,557
  3,113
  3,738
  4,432
  5,196
  6,027
  6,924
  7,887
  8,914
  10,002
  11,152
  12,361
  13,629
  14,955
  16,340
  17,784
  19,286
  20,850
  22,475
  24,164
Funds from operations, $m
  113
  101
  295
  560
  921
  1,395
  2,002
  2,760
  3,686
  4,794
  6,096
  7,600
  9,313
  11,238
  13,375
  15,724
  18,281
  21,043
  24,004
  27,161
  30,509
  34,043
  37,760
  41,658
  45,735
  49,991
  54,427
  59,046
  63,850
  68,845
  74,036
Change in working capital, $m
  39
  78
  112
  156
  210
  276
  352
  439
  536
  642
  754
  871
  992
  1,115
  1,238
  1,361
  1,482
  1,601
  1,717
  1,830
  1,941
  2,050
  2,156
  2,261
  2,365
  2,469
  2,574
  2,679
  2,787
  2,898
  3,012
Cash from operations, $m
  74
  23
  183
  405
  710
  1,119
  1,649
  2,320
  3,150
  4,152
  5,342
  6,729
  8,321
  10,123
  12,137
  14,363
  16,799
  19,442
  22,287
  25,331
  28,567
  31,993
  35,604
  39,397
  43,370
  47,522
  51,854
  56,367
  61,063
  65,948
  71,025
Maintenance CAPEX, $m
  0
  -75
  -118
  -181
  -268
  -386
  -541
  -738
  -985
  -1,286
  -1,646
  -2,068
  -2,557
  -3,113
  -3,738
  -4,432
  -5,196
  -6,027
  -6,924
  -7,887
  -8,914
  -10,002
  -11,152
  -12,361
  -13,629
  -14,955
  -16,340
  -17,784
  -19,286
  -20,850
  -22,475
New CAPEX, $m
  -43
  -458
  -659
  -917
  -1,238
  -1,624
  -2,075
  -2,588
  -3,158
  -3,778
  -4,438
  -5,129
  -5,841
  -6,564
  -7,290
  -8,012
  -8,726
  -9,425
  -10,110
  -10,778
  -11,431
  -12,069
  -12,696
  -13,315
  -13,928
  -14,540
  -15,156
  -15,779
  -16,414
  -17,064
  -17,735
Cash from investing activities, $m
  -43
  -533
  -777
  -1,098
  -1,506
  -2,010
  -2,616
  -3,326
  -4,143
  -5,064
  -6,084
  -7,197
  -8,398
  -9,677
  -11,028
  -12,444
  -13,922
  -15,452
  -17,034
  -18,665
  -20,345
  -22,071
  -23,848
  -25,676
  -27,557
  -29,495
  -31,496
  -33,563
  -35,700
  -37,914
  -40,210
Free cash flow, $m
  31
  -509
  -594
  -694
  -796
  -891
  -966
  -1,006
  -994
  -912
  -742
  -468
  -76
  446
  1,109
  1,918
  2,878
  3,990
  5,253
  6,665
  8,223
  9,921
  11,756
  13,721
  15,813
  18,026
  20,358
  22,804
  25,363
  28,034
  30,816
Issuance/(repayment) of debt, $m
  -44
  276
  398
  554
  747
  980
  1,252
  1,562
  1,906
  2,280
  2,679
  3,096
  3,525
  3,962
  4,400
  4,836
  5,266
  5,689
  6,102
  6,505
  6,899
  7,285
  7,663
  8,036
  8,407
  8,776
  9,148
  9,524
  9,907
  10,299
  10,704
Issuance/(repurchase) of shares, $m
  0
  351
  366
  376
  368
  329
  249
  111
  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  
  -49
  627
  764
  930
  1,115
  1,309
  1,501
  1,673
  1,906
  2,280
  2,679
  3,096
  3,525
  3,962
  4,400
  4,836
  5,266
  5,689
  6,102
  6,505
  6,899
  7,285
  7,663
  8,036
  8,407
  8,776
  9,148
  9,524
  9,907
  10,299
  10,704
Total cash flow (excl. dividends), $m
  -17
  119
  170
  236
  319
  419
  535
  667
  913
  1,369
  1,937
  2,628
  3,449
  4,408
  5,509
  6,754
  8,145
  9,679
  11,355
  13,171
  15,122
  17,206
  19,419
  21,758
  24,219
  26,803
  29,505
  32,328
  35,270
  38,333
  41,520
Retained Cash Flow (-), $m
  85
  -351
  -480
  -668
  -902
  -1,183
  -1,512
  -1,886
  -2,302
  -2,754
  -3,235
  -3,738
  -4,257
  -4,784
  -5,313
  -5,840
  -6,359
  -6,869
  -7,368
  -7,855
  -8,331
  -8,796
  -9,253
  -9,704
  -10,151
  -10,597
  -11,046
  -11,500
  -11,962
  -12,437
  -12,925
Prev. year cash balance distribution, $m
 
  26
  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
 
  -207
  -310
  -432
  -583
  -765
  -977
  -1,219
  -1,389
  -1,385
  -1,298
  -1,111
  -808
  -376
  196
  915
  1,785
  2,810
  3,987
  5,316
  6,791
  8,410
  10,166
  12,054
  14,069
  16,205
  18,460
  20,828
  23,308
  25,897
  28,594
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  -197
  -280
  -367
  -463
  -566
  -669
  -767
  -798
  -720
  -606
  -462
  -296
  -120
  54
  216
  356
  467
  545
  589
  601
  585
  547
  492
  428
  360
  293
  231
  177
  131
  94
Current shareholders' claim on cash, %
  100
  68.2
  52.3
  43.3
  38.2
  35.2
  33.7
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2
  33.2

TimkenSteel Corporation manufactures alloy steel, as well as carbon and micro-alloy steel. The Company's portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. In addition, the Company supplies machining and thermal treatment services, as well as manage raw material recycling programs, which are used as a feeder system for its melt operations. The Company's products include SBQ Steel and Seamless Mechanical Steel Tubing, and Value-added Precision Products and Services. Its focus is on alloy steel. The Company manufactures carbon, micro-alloy and alloy steel, sold as ingots, bars and tubes. In addition to its customized steels, the Company also manufactures custom-make precision components. Its products and services are used in a range of demanding applications in the market sectors, such as oil and gas, industrial equipment, mining and power generation.

FINANCIAL RATIOS  of  TimkenSteel (TMST)

Valuation Ratios
P/E Ratio -7.6
Price to Sales 0.9
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate -21.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.9%
Cap. Spend. - 3 Yr. Gr. Rate -25.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 22.9%
Total Debt to Equity 22.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -9.6%
Ret/ On Assets - 3 Yr. Avg. -3.1%
Return On Total Capital -13.1%
Ret/ On T. Cap. - 3 Yr. Avg. -4.3%
Return On Equity -16.6%
Return On Equity - 3 Yr. Avg. -5.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin -3.1%
Gross Margin - 3 Yr. Avg. 4.4%
EBITDA Margin -7.7%
EBITDA Margin - 3 Yr. Avg. -0%
Operating Margin -14.7%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin -16.3%
Pre-Tax Margin - 3 Yr. Avg. -6.2%
Net Profit Margin -12.2%
Net Profit Margin - 3 Yr. Avg. -4.5%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 0%

TMST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TMST stock intrinsic value calculation we used $870 million for the last fiscal year's total revenue generated by TimkenSteel. The default revenue input number comes from 2016 income statement of TimkenSteel. 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 TMST stock valuation model: a) initial revenue growth rate of 58.4% 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 5.1%, whose default value for TMST is calculated based on our internal credit rating of TimkenSteel, 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 TimkenSteel.
    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 TMST stock the variable cost ratio is equal to 73.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $366 million in the base year in the intrinsic value calculation for TMST 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 TimkenSteel.

Corporate tax rate of 27% is the nominal tax rate for TimkenSteel. 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 TMST 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 TMST are equal to 90.1%.

Life of production assets of 10.5 years is the average useful life of capital assets used in TimkenSteel 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 TMST is equal to 15.3%. 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 - $597 million for TimkenSteel - 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 43.535 million for TimkenSteel 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 TimkenSteel at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ What Analysts Recommend for CLF ahead of 4Q17 Results   [Jan-17-18 10:31AM  Market Realist]
▶ KeyBanc Issues Stronger Forecast For 3 Steel Names   [Jan-11-18 01:47PM  Benzinga]
▶ TimkenSteel Corp to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ ETFs with exposure to TimkenSteel Corp. : October 5, 2017   [Oct-05-17 11:22AM  Capital Cube]
▶ TimkenSteel Announces Second-Quarter 2017 Results   [Jul-31-17 04:15PM  PR Newswire]
▶ ETFs with exposure to TimkenSteel Corp. : June 29, 2017   [Jun-29-17 03:20PM  Capital Cube]
▶ Why TimkenSteel Stock Fell Nearly 11% in May   [Jun-06-17 11:45AM  Motley Fool]
▶ ETFs with exposure to TimkenSteel Corp. : May 30, 2017   [May-30-17 12:47PM  Capital Cube]
▶ ETFs with exposure to TimkenSteel Corp. : May 15, 2017   [May-15-17 04:46PM  Capital Cube]
▶ ETFs with exposure to TimkenSteel Corp. : May 2, 2017   [May-02-17 04:44PM  Capital Cube]
▶ Timken Steel Has Been Building on Breakout   [Feb-22-17 01:16PM  TheStreet.com]
▶ Here is What Hedge Funds Think About Timkensteel Corp (TMST)   [Dec-13-16 05:46AM  at Insider Monkey]
Financial statements of TMST
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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