Intrinsic value of TimkenSteel - TMST

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$13.71

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.71

 
Intrinsic value

$5.17

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

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 0.6

 

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
  41.70
  38.03
  34.73
  31.75
  29.08
  26.67
  24.50
  22.55
  20.80
  19.22
  17.80
  16.52
  15.37
  14.33
  13.40
  12.56
  11.80
  11.12
  10.51
  9.96
  9.46
  9.02
  8.61
  8.25
  7.93
  7.63
  7.37
  7.13
  6.92
  6.73
Revenue, $m
  870
  1,233
  1,702
  2,293
  3,021
  3,899
  4,939
  6,149
  7,536
  9,103
  10,852
  12,784
  14,895
  17,184
  19,646
  22,278
  25,075
  28,034
  31,152
  34,425
  37,853
  41,435
  45,170
  49,061
  53,110
  57,321
  61,697
  66,245
  70,971
  75,882
  80,988
Variable operating expenses, $m
 
  909
  1,254
  1,690
  2,226
  2,873
  3,640
  4,532
  5,554
  6,709
  7,998
  9,422
  10,978
  12,665
  14,479
  16,419
  18,480
  20,661
  22,959
  25,371
  27,898
  30,537
  33,291
  36,158
  39,142
  42,245
  45,471
  48,822
  52,305
  55,925
  59,688
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
  1,284
  1,639
  2,084
  2,630
  3,287
  4,064
  4,967
  6,000
  7,166
  8,467
  9,902
  11,470
  13,170
  14,996
  16,949
  19,023
  21,218
  23,530
  25,956
  28,498
  31,152
  33,921
  36,804
  39,804
  42,924
  46,167
  49,535
  53,036
  56,674
  60,456
Operating income, $m
  -129
  -51
  63
  209
  390
  611
  874
  1,182
  1,536
  1,937
  2,386
  2,882
  3,425
  4,015
  4,650
  5,329
  6,051
  6,816
  7,622
  8,469
  9,356
  10,283
  11,250
  12,257
  13,306
  14,397
  15,531
  16,709
  17,935
  19,208
  20,532
EBITDA, $m
  -54
  55
  209
  406
  650
  946
  1,298
  1,710
  2,183
  2,718
  3,317
  3,979
  4,703
  5,489
  6,336
  7,241
  8,203
  9,222
  10,295
  11,423
  12,604
  13,838
  15,126
  16,467
  17,863
  19,315
  20,825
  22,394
  24,025
  25,720
  27,482
Interest expense (income), $m
  0
  5
  12
  21
  32
  46
  62
  82
  105
  132
  162
  195
  232
  272
  315
  362
  412
  466
  522
  581
  643
  709
  777
  848
  922
  999
  1,079
  1,163
  1,249
  1,339
  1,433
Earnings before tax, $m
  -142
  -56
  51
  188
  359
  566
  812
  1,100
  1,431
  1,805
  2,224
  2,687
  3,194
  3,743
  4,334
  4,967
  5,639
  6,351
  7,100
  7,888
  8,712
  9,574
  10,473
  11,409
  12,384
  13,398
  14,452
  15,547
  16,685
  17,869
  19,100
Tax expense, $m
  -36
  0
  14
  51
  97
  153
  219
  297
  386
  487
  601
  726
  862
  1,011
  1,170
  1,341
  1,523
  1,715
  1,917
  2,130
  2,352
  2,585
  2,828
  3,081
  3,344
  3,617
  3,902
  4,198
  4,505
  4,825
  5,157
Net income, $m
  -106
  -56
  37
  137
  262
  413
  593
  803
  1,044
  1,318
  1,624
  1,962
  2,331
  2,732
  3,164
  3,626
  4,117
  4,636
  5,183
  5,758
  6,360
  6,989
  7,645
  8,329
  9,040
  9,780
  10,550
  11,349
  12,180
  13,044
  13,943

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
  1,480
  2,043
  2,752
  3,626
  4,680
  5,929
  7,382
  9,046
  10,928
  13,028
  15,347
  17,881
  20,629
  23,585
  26,744
  30,102
  33,654
  37,397
  41,327
  45,442
  49,742
  54,226
  58,897
  63,758
  68,812
  74,066
  79,526
  85,199
  91,095
  97,225
Adjusted assets (=assets-cash), $m
  1,044
  1,480
  2,043
  2,752
  3,626
  4,680
  5,929
  7,382
  9,046
  10,928
  13,028
  15,347
  17,881
  20,629
  23,585
  26,744
  30,102
  33,654
  37,397
  41,327
  45,442
  49,742
  54,226
  58,897
  63,758
  68,812
  74,066
  79,526
  85,199
  91,095
  97,225
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
  1,111
  1,533
  2,066
  2,721
  3,513
  4,450
  5,540
  6,790
  8,202
  9,778
  11,518
  13,421
  15,483
  17,701
  20,072
  22,593
  25,259
  28,068
  31,017
  34,106
  37,333
  40,699
  44,204
  47,852
  51,646
  55,589
  59,687
  63,945
  68,370
  72,970
Working capital, $m
  159
  189
  260
  351
  462
  597
  756
  941
  1,153
  1,393
  1,660
  1,956
  2,279
  2,629
  3,006
  3,409
  3,836
  4,289
  4,766
  5,267
  5,792
  6,340
  6,911
  7,506
  8,126
  8,770
  9,440
  10,135
  10,859
  11,610
  12,391
Total debt, $m
  137
  334
  589
  911
  1,307
  1,784
  2,350
  3,008
  3,762
  4,614
  5,566
  6,616
  7,764
  9,009
  10,348
  11,779
  13,300
  14,909
  16,605
  18,385
  20,249
  22,197
  24,228
  26,345
  28,546
  30,836
  33,216
  35,689
  38,259
  40,930
  43,707
Total liabilities, $m
  473
  670
  925
  1,247
  1,643
  2,120
  2,686
  3,344
  4,098
  4,950
  5,902
  6,952
  8,100
  9,345
  10,684
  12,115
  13,636
  15,245
  16,941
  18,721
  20,585
  22,533
  24,564
  26,681
  28,882
  31,172
  33,552
  36,025
  38,595
  41,266
  44,043
Total equity, $m
  597
  810
  1,117
  1,505
  1,983
  2,560
  3,243
  4,038
  4,948
  5,978
  7,126
  8,395
  9,781
  11,284
  12,901
  14,629
  16,466
  18,409
  20,456
  22,606
  24,857
  27,209
  29,662
  32,217
  34,876
  37,640
  40,514
  43,500
  46,604
  49,829
  53,182
Total liabilities and equity, $m
  1,070
  1,480
  2,042
  2,752
  3,626
  4,680
  5,929
  7,382
  9,046
  10,928
  13,028
  15,347
  17,881
  20,629
  23,585
  26,744
  30,102
  33,654
  37,397
  41,327
  45,442
  49,742
  54,226
  58,898
  63,758
  68,812
  74,066
  79,525
  85,199
  91,095
  97,225
Debt-to-equity ratio
  0.229
  0.410
  0.530
  0.600
  0.660
  0.700
  0.720
  0.740
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.800
  0.810
  0.810
  0.810
  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
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
  -56
  37
  137
  262
  413
  593
  803
  1,044
  1,318
  1,624
  1,962
  2,331
  2,732
  3,164
  3,626
  4,117
  4,636
  5,183
  5,758
  6,360
  6,989
  7,645
  8,329
  9,040
  9,780
  10,550
  11,349
  12,180
  13,044
  13,943
Depreciation, amort., depletion, $m
  75
  106
  146
  197
  259
  335
  424
  528
  647
  781
  931
  1,097
  1,278
  1,475
  1,686
  1,912
  2,152
  2,406
  2,673
  2,954
  3,248
  3,556
  3,876
  4,210
  4,557
  4,919
  5,294
  5,684
  6,090
  6,511
  6,950
Funds from operations, $m
  113
  50
  183
  334
  521
  747
  1,017
  1,331
  1,691
  2,099
  2,555
  3,059
  3,610
  4,207
  4,850
  5,537
  6,268
  7,042
  7,856
  8,712
  9,608
  10,544
  11,521
  12,539
  13,598
  14,699
  15,844
  17,034
  18,270
  19,556
  20,892
Change in working capital, $m
  39
  56
  72
  90
  111
  134
  159
  185
  212
  240
  268
  295
  323
  350
  377
  403
  428
  453
  477
  501
  524
  548
  572
  595
  619
  644
  670
  696
  723
  751
  781
Cash from operations, $m
  74
  -22
  112
  244
  410
  613
  857
  1,145
  1,479
  1,859
  2,287
  2,763
  3,286
  3,857
  4,473
  5,135
  5,840
  6,589
  7,379
  8,211
  9,084
  9,996
  10,950
  11,943
  12,978
  14,055
  15,174
  16,338
  17,547
  18,804
  20,111
Maintenance CAPEX, $m
  0
  -75
  -106
  -146
  -197
  -259
  -335
  -424
  -528
  -647
  -781
  -931
  -1,097
  -1,278
  -1,475
  -1,686
  -1,912
  -2,152
  -2,406
  -2,673
  -2,954
  -3,248
  -3,556
  -3,876
  -4,210
  -4,557
  -4,919
  -5,294
  -5,684
  -6,090
  -6,511
New CAPEX, $m
  -43
  -327
  -422
  -532
  -656
  -791
  -937
  -1,090
  -1,249
  -1,412
  -1,576
  -1,740
  -1,902
  -2,062
  -2,218
  -2,371
  -2,520
  -2,666
  -2,809
  -2,949
  -3,089
  -3,227
  -3,366
  -3,506
  -3,648
  -3,793
  -3,943
  -4,098
  -4,258
  -4,425
  -4,600
Cash from investing activities, $m
  -43
  -402
  -528
  -678
  -853
  -1,050
  -1,272
  -1,514
  -1,777
  -2,059
  -2,357
  -2,671
  -2,999
  -3,340
  -3,693
  -4,057
  -4,432
  -4,818
  -5,215
  -5,622
  -6,043
  -6,475
  -6,922
  -7,382
  -7,858
  -8,350
  -8,862
  -9,392
  -9,942
  -10,515
  -11,111
Free cash flow, $m
  31
  -424
  -416
  -435
  -443
  -438
  -414
  -369
  -298
  -200
  -70
  92
  287
  517
  780
  1,078
  1,408
  1,771
  2,165
  2,588
  3,041
  3,521
  4,028
  4,562
  5,120
  5,704
  6,313
  6,946
  7,605
  8,289
  8,999
Issuance/(repayment) of debt, $m
  -44
  197
  255
  321
  396
  478
  565
  658
  754
  852
  951
  1,050
  1,148
  1,245
  1,339
  1,431
  1,521
  1,609
  1,695
  1,780
  1,864
  1,948
  2,032
  2,116
  2,202
  2,290
  2,380
  2,473
  2,570
  2,671
  2,777
Issuance/(repurchase) of shares, $m
  0
  439
  469
  501
  525
  537
  531
  505
  455
  376
  268
  126
  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
  636
  724
  822
  921
  1,015
  1,096
  1,163
  1,209
  1,228
  1,219
  1,176
  1,148
  1,245
  1,339
  1,431
  1,521
  1,609
  1,695
  1,780
  1,864
  1,948
  2,032
  2,116
  2,202
  2,290
  2,380
  2,473
  2,570
  2,671
  2,777
Total cash flow (excl. dividends), $m
  -17
  -226
  -162
  -113
  -47
  40
  151
  289
  456
  653
  881
  1,142
  1,435
  1,761
  2,119
  2,509
  2,930
  3,380
  3,860
  4,369
  4,905
  5,469
  6,060
  6,678
  7,322
  7,994
  8,692
  9,419
  10,175
  10,960
  11,776
Retained Cash Flow (-), $m
  85
  -239
  -308
  -388
  -478
  -577
  -683
  -795
  -911
  -1,029
  -1,149
  -1,268
  -1,387
  -1,503
  -1,617
  -1,728
  -1,837
  -1,943
  -2,047
  -2,150
  -2,251
  -2,352
  -2,453
  -2,555
  -2,659
  -2,765
  -2,874
  -2,986
  -3,103
  -3,225
  -3,353
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  49
  258
  502
  781
  1,093
  1,437
  1,813
  2,219
  2,654
  3,117
  3,607
  4,122
  4,663
  5,229
  5,819
  6,433
  7,071
  7,735
  8,423
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
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  18
  83
  139
  184
  218
  239
  248
  246
  235
  217
  194
  168
  142
  116
  92
  71
  54
  39
  28
Current shareholders' claim on cash, %
  100
  56.5
  35.7
  24.6
  18.2
  14.4
  11.9
  10.3
  9.2
  8.6
  8.2
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1
  8.1

TimkenSteel Corporation manufactures and sells alloy steel, and carbon and micro-alloy steel products worldwide. The company operates through two segments, Industrial & Mobile and Energy & Distribution. It offers air-melted alloy steel bars, tubes, and precision components; and value-added services, such as thermal treatment and machining. The company’s products are used in engines, transmission and driveline components, hydraulic system components, military ordnance, mining and construction drilling applications, and other types of equipment, as well as in offshore and land-based drilling rig activities. It sells its products and services to the oil and gas, automotive, industrial equipment, mining, construction, rail, aerospace and defense, heavy truck, agriculture, and power generation sectors. TimkenSteel Corporation is headquartered in Canton, Ohio.

FINANCIAL RATIOS  of  TimkenSteel (TMST)

Valuation Ratios
P/E Ratio -5.7
Price to Sales 0.7
Price to Book 1
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 19.5
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 41.7% 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 43.425 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 $0.6 billion.


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COMPANY NEWS

▶ 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]
▶ Why TimkenSteel Corporation Stock Fell By 33% in May   [Jun-08-16 05:28PM  at Motley Fool]
▶ Why Shares of TimkenSteel Corp. Plunged 17% Today   [May-25-16 12:37PM  at Motley Fool]
▶ TimkenSteel Prices Offering of Convertible Senior Notes   [May-24-16 08:30PM  PR Newswire]
Stock chart of TMST Financial statements of TMST Annual reports 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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