Intrinsic value of Universal Stainless&Alloy Products - USAP

Previous Close

$18.05

  Intrinsic Value

$6.27

stock screener

  Rating & Target

str. sell

-65%

  Value-price divergence*

-63%

Previous close

$18.05

 
Intrinsic value

$6.27

 
Up/down potential

-65%

 
Rating

str. sell

 
Value-price divergence*

-63%

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

We calculate the intrinsic value of USAP 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 0.1

 

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, %
  -14.92
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  154
  189
  228
  271
  320
  372
  429
  491
  557
  626
  700
  778
  859
  945
  1,034
  1,127
  1,224
  1,325
  1,430
  1,539
  1,652
  1,770
  1,893
  2,020
  2,152
  2,290
  2,433
  2,582
  2,738
  2,899
  3,068
Variable operating expenses, $m
 
  221
  266
  317
  374
  435
  502
  574
  651
  732
  818
  909
  1,005
  1,104
  1,209
  1,318
  1,431
  1,549
  1,672
  1,799
  1,932
  2,069
  2,212
  2,361
  2,516
  2,677
  2,844
  3,019
  3,200
  3,389
  3,587
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
  158
  221
  266
  317
  374
  435
  502
  574
  651
  732
  818
  909
  1,005
  1,104
  1,209
  1,318
  1,431
  1,549
  1,672
  1,799
  1,932
  2,069
  2,212
  2,361
  2,516
  2,677
  2,844
  3,019
  3,200
  3,389
  3,587
Operating income, $m
  -4
  -32
  -38
  -46
  -54
  -63
  -73
  -83
  -94
  -106
  -118
  -131
  -145
  -160
  -175
  -190
  -207
  -224
  -242
  -260
  -279
  -299
  -320
  -341
  -364
  -387
  -411
  -436
  -463
  -490
  -519
EBITDA, $m
  15
  -9
  -11
  -13
  -15
  -17
  -20
  -23
  -26
  -29
  -33
  -36
  -40
  -44
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -83
  -89
  -95
  -101
  -107
  -114
  -121
  -128
  -136
  -144
Interest expense (income), $m
  3
  3
  4
  5
  6
  8
  9
  11
  13
  15
  17
  19
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  80
  85
Earnings before tax, $m
  -9
  -35
  -42
  -51
  -60
  -71
  -82
  -94
  -107
  -121
  -135
  -151
  -167
  -184
  -201
  -220
  -239
  -259
  -280
  -301
  -324
  -347
  -371
  -396
  -422
  -450
  -478
  -508
  -538
  -570
  -604
Tax expense, $m
  -4
  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
  -5
  -35
  -42
  -51
  -60
  -71
  -82
  -94
  -107
  -121
  -135
  -151
  -167
  -184
  -201
  -220
  -239
  -259
  -280
  -301
  -324
  -347
  -371
  -396
  -422
  -450
  -478
  -508
  -538
  -570
  -604

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
  296
  363
  438
  522
  615
  716
  826
  944
  1,070
  1,204
  1,346
  1,496
  1,653
  1,817
  1,989
  2,168
  2,354
  2,548
  2,750
  2,960
  3,178
  3,404
  3,639
  3,884
  4,139
  4,403
  4,679
  4,966
  5,264
  5,576
  5,901
Adjusted assets (=assets-cash), $m
  296
  363
  438
  522
  615
  716
  826
  944
  1,070
  1,204
  1,346
  1,496
  1,653
  1,817
  1,989
  2,168
  2,354
  2,548
  2,750
  2,960
  3,178
  3,404
  3,639
  3,884
  4,139
  4,403
  4,679
  4,966
  5,264
  5,576
  5,901
Revenue / Adjusted assets
  0.520
  0.521
  0.521
  0.519
  0.520
  0.520
  0.519
  0.520
  0.521
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
  0.520
Average production assets, $m
  188
  230
  278
  331
  390
  455
  524
  599
  680
  765
  855
  950
  1,049
  1,154
  1,263
  1,376
  1,495
  1,618
  1,746
  1,879
  2,018
  2,161
  2,311
  2,466
  2,628
  2,796
  2,971
  3,153
  3,343
  3,540
  3,746
Working capital, $m
  85
  94
  114
  136
  160
  186
  215
  245
  278
  313
  350
  389
  430
  472
  517
  564
  612
  663
  715
  770
  826
  885
  946
  1,010
  1,076
  1,145
  1,216
  1,291
  1,369
  1,450
  1,534
Total debt, $m
  73
  99
  128
  161
  197
  237
  279
  325
  374
  426
  482
  540
  601
  665
  732
  801
  874
  949
  1,028
  1,109
  1,194
  1,282
  1,374
  1,469
  1,568
  1,671
  1,778
  1,890
  2,006
  2,127
  2,253
Total liabilities, $m
  115
  141
  170
  203
  239
  279
  321
  367
  416
  468
  524
  582
  643
  707
  774
  843
  916
  991
  1,070
  1,151
  1,236
  1,324
  1,416
  1,511
  1,610
  1,713
  1,820
  1,932
  2,048
  2,169
  2,295
Total equity, $m
  181
  222
  268
  319
  376
  438
  505
  577
  654
  736
  823
  914
  1,010
  1,110
  1,215
  1,324
  1,438
  1,557
  1,680
  1,808
  1,942
  2,080
  2,224
  2,373
  2,529
  2,690
  2,859
  3,034
  3,217
  3,407
  3,605
Total liabilities and equity, $m
  296
  363
  438
  522
  615
  717
  826
  944
  1,070
  1,204
  1,347
  1,496
  1,653
  1,817
  1,989
  2,167
  2,354
  2,548
  2,750
  2,959
  3,178
  3,404
  3,640
  3,884
  4,139
  4,403
  4,679
  4,966
  5,265
  5,576
  5,900
Debt-to-equity ratio
  0.403
  0.450
  0.480
  0.500
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.630
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -5
  -35
  -42
  -51
  -60
  -71
  -82
  -94
  -107
  -121
  -135
  -151
  -167
  -184
  -201
  -220
  -239
  -259
  -280
  -301
  -324
  -347
  -371
  -396
  -422
  -450
  -478
  -508
  -538
  -570
  -604
Depreciation, amort., depletion, $m
  19
  23
  28
  33
  39
  45
  52
  60
  68
  76
  85
  95
  105
  115
  126
  138
  149
  162
  175
  188
  202
  216
  231
  247
  263
  280
  297
  315
  334
  354
  375
Funds from operations, $m
  5
  -12
  -15
  -18
  -21
  -25
  -30
  -34
  -39
  -44
  -50
  -56
  -62
  -68
  -75
  -82
  -89
  -97
  -105
  -113
  -122
  -131
  -140
  -150
  -160
  -170
  -181
  -192
  -204
  -216
  -229
Change in working capital, $m
  -3
  17
  20
  22
  24
  26
  29
  31
  33
  35
  37
  39
  41
  43
  45
  47
  48
  50
  52
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  81
  84
Cash from operations, $m
  8
  -29
  -34
  -40
  -46
  -52
  -58
  -65
  -72
  -79
  -87
  -95
  -103
  -111
  -120
  -129
  -138
  -148
  -157
  -168
  -179
  -190
  -201
  -213
  -226
  -239
  -253
  -267
  -282
  -297
  -313
Maintenance CAPEX, $m
  0
  -19
  -23
  -28
  -33
  -39
  -45
  -52
  -60
  -68
  -76
  -85
  -95
  -105
  -115
  -126
  -138
  -149
  -162
  -175
  -188
  -202
  -216
  -231
  -247
  -263
  -280
  -297
  -315
  -334
  -354
New CAPEX, $m
  -4
  -42
  -48
  -53
  -59
  -64
  -70
  -75
  -80
  -85
  -90
  -95
  -100
  -104
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -155
  -162
  -168
  -175
  -182
  -190
  -198
  -206
Cash from investing activities, $m
  -3
  -61
  -71
  -81
  -92
  -103
  -115
  -127
  -140
  -153
  -166
  -180
  -195
  -209
  -224
  -240
  -256
  -272
  -290
  -308
  -326
  -346
  -365
  -386
  -409
  -431
  -455
  -479
  -505
  -532
  -560
Free cash flow, $m
  5
  -90
  -105
  -121
  -138
  -155
  -173
  -192
  -212
  -232
  -253
  -275
  -297
  -320
  -344
  -369
  -394
  -420
  -447
  -476
  -505
  -535
  -567
  -600
  -634
  -670
  -707
  -746
  -787
  -829
  -874
Issuance/(repayment) of debt, $m
  -6
  26
  29
  33
  36
  39
  43
  46
  49
  52
  55
  58
  61
  64
  67
  70
  73
  75
  78
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
  121
  126
Issuance/(repurchase) of shares, $m
  1
  75
  88
  102
  117
  133
  149
  166
  184
  203
  222
  242
  263
  284
  306
  329
  353
  377
  403
  429
  457
  485
  515
  546
  578
  611
  646
  683
  721
  761
  802
Cash from financing (excl. dividends), $m  
  -6
  101
  117
  135
  153
  172
  192
  212
  233
  255
  277
  300
  324
  348
  373
  399
  426
  452
  481
  511
  542
  573
  607
  641
  677
  714
  753
  795
  837
  882
  928
Total cash flow (excl. dividends), $m
  0
  11
  13
  14
  16
  17
  19
  20
  21
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  55
Retained Cash Flow (-), $m
  4
  -75
  -88
  -102
  -117
  -133
  -149
  -166
  -184
  -203
  -222
  -242
  -263
  -284
  -306
  -329
  -353
  -377
  -403
  -429
  -457
  -485
  -515
  -546
  -578
  -611
  -646
  -683
  -721
  -761
  -802
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
 
  -64
  -76
  -88
  -101
  -116
  -131
  -146
  -163
  -180
  -198
  -217
  -236
  -256
  -277
  -299
  -321
  -345
  -369
  -394
  -420
  -447
  -475
  -505
  -535
  -567
  -600
  -634
  -670
  -708
  -747
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  -60
  -66
  -71
  -75
  -78
  -79
  -79
  -78
  -76
  -73
  -68
  -63
  -57
  -51
  -45
  -39
  -33
  -27
  -22
  -18
  -14
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  63.3
  40.7
  26.6
  17.6
  11.8
  8.0
  5.5
  3.8
  2.7
  1.9
  1.3
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Universal Stainless & Alloy Products, Inc., and its subsidiaries manufacture and market semi-finished and finished specialty steel products in the United States and internationally. The company’s products include stainless steel, nickel alloys, tool steel, and various other alloyed steels. It produces specialty steel products in the form of semi-finished long products, such as ingots, blooms, billets, and bars; and flat rolled products, which include slabs and plates. The company’s semi-finished long products are primarily used to produce finished bar, rod, and wire and plate products; finished bar products that are principally used by original equipment manufacturers (OEMs) and by service center customers for distribution to a variety of end users; and customized shapes primarily for OEMs, which are cold rolled from purchased coiled strip, flat bar, or extruded bar. Its products are also used in aerospace, oil and gas, power generation, and automotive industries, as well as in the manufacturing of equipment for food handling, health and medical, chemical processing, and pollution control; and manufacturing of metals, plastics, paper and aluminum extrusions, pharmaceuticals, electronics, and optics. In addition, the company offers conversion services on materials supplied by its customers. Universal Stainless & Alloy Products, Inc. sells its products to service centers, forgers, rerollers, OEMs, and wire redrawers. The company was founded in 1994 and is headquartered in Bridgeville, Pennsylvania.

FINANCIAL RATIOS  of  Universal Stainless&Alloy Products (USAP)

Valuation Ratios
P/E Ratio -26.1
Price to Sales 0.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 32.6
Growth Rates
Sales Growth Rate -14.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -60%
Cap. Spend. - 3 Yr. Gr. Rate -19.7%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 37.6%
Total Debt to Equity 40.3%
Interest Coverage -2
Management Effectiveness
Return On Assets -1.1%
Ret/ On Assets - 3 Yr. Avg. -1.8%
Return On Total Capital -1.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.7%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. -3.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 9.1%
Gross Margin - 3 Yr. Avg. 10%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin -2.6%
Oper. Margin - 3 Yr. Avg. -4.6%
Pre-Tax Margin -5.8%
Pre-Tax Margin - 3 Yr. Avg. -6.9%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. -4.3%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 41.2%
Payout Ratio 0%

USAP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the USAP stock intrinsic value calculation we used $154 million for the last fiscal year's total revenue generated by Universal Stainless&Alloy Products. The default revenue input number comes from 2016 income statement of Universal Stainless&Alloy Products. 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 USAP stock valuation model: a) initial revenue growth rate of 22.5% 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 6.8%, whose default value for USAP is calculated based on our internal credit rating of Universal Stainless&Alloy Products, 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 Universal Stainless&Alloy Products.
    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 USAP stock the variable cost ratio is equal to 116.9%.

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 USAP 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 4% for Universal Stainless&Alloy Products.

Corporate tax rate of 27% is the nominal tax rate for Universal Stainless&Alloy Products. 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 USAP 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 USAP are equal to 122.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Universal Stainless&Alloy Products 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 USAP is equal to 50%. 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 - $181 million for Universal Stainless&Alloy Products - 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 7.214 million for Universal Stainless&Alloy Products 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 Universal Stainless&Alloy Products at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Universal Stainless posts 2Q profit   [Jul-26-17 09:56PM  Associated Press]
▶ Universal Stainless rejects unsolicited offer   [Jun-29-17 06:05PM  American City Business Journals]
▶ Universal Stainless reports 1Q loss   [Apr-26-17 08:04AM  Associated Press]
▶ Universal Stainless Announces Stainless Base Price Increase   [Mar-20-17 07:00AM  GlobeNewswire]
▶ Universal Stainless reports 4Q loss   [07:25AM  Associated Press]
▶ What Do Hedge Funds Think of Vuzix Corporation (VUZI)?   [Nov-29  05:09AM  at Insider Monkey]
▶ Is Key Technology, Inc. (KTEC) A Good Stock To Buy?   [Nov-26  08:40AM  at Insider Monkey]
▶ Universal Stainless to report loss in 3Q   [12:25PM  at bizjournals.com]
Financial statements of USAP
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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