Intrinsic value of USG - USG

Previous Close

$33.74

  Intrinsic Value

$22.09

stock screener

  Rating & Target

sell

-35%

Previous close

$33.74

 
Intrinsic value

$22.09

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of USG 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 4.8

 

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, %
  3.57
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  3,017
  3,183
  3,356
  3,538
  3,728
  3,926
  4,134
  4,352
  4,580
  4,819
  5,069
  5,331
  5,606
  5,894
  6,197
  6,513
  6,846
  7,194
  7,560
  7,944
  8,346
  8,769
  9,212
  9,677
  10,165
  10,678
  11,215
  11,780
  12,372
  12,994
  13,647
Variable operating expenses, $m
 
  2,540
  2,678
  2,823
  2,975
  3,133
  3,299
  3,473
  3,655
  3,845
  4,045
  4,254
  4,474
  4,704
  4,945
  5,198
  5,463
  5,741
  6,033
  6,339
  6,660
  6,998
  7,351
  7,722
  8,112
  8,521
  8,950
  9,400
  9,873
  10,369
  10,890
Fixed operating expenses, $m
 
  264
  271
  278
  285
  292
  299
  307
  314
  322
  330
  339
  347
  356
  365
  374
  383
  393
  402
  412
  423
  433
  444
  455
  467
  478
  490
  503
  515
  528
  541
Total operating expenses, $m
  2,660
  2,804
  2,949
  3,101
  3,260
  3,425
  3,598
  3,780
  3,969
  4,167
  4,375
  4,593
  4,821
  5,060
  5,310
  5,572
  5,846
  6,134
  6,435
  6,751
  7,083
  7,431
  7,795
  8,177
  8,579
  8,999
  9,440
  9,903
  10,388
  10,897
  11,431
Operating income, $m
  357
  379
  407
  437
  468
  501
  536
  572
  611
  651
  694
  738
  785
  835
  887
  942
  1,000
  1,061
  1,125
  1,192
  1,263
  1,338
  1,417
  1,500
  1,587
  1,679
  1,775
  1,877
  1,984
  2,097
  2,215
EBITDA, $m
  491
  520
  556
  594
  634
  675
  719
  766
  814
  865
  919
  975
  1,034
  1,097
  1,162
  1,231
  1,304
  1,380
  1,460
  1,545
  1,634
  1,727
  1,826
  1,929
  2,038
  2,153
  2,273
  2,400
  2,533
  2,674
  2,821
Interest expense (income), $m
  153
  102
  112
  123
  134
  146
  158
  171
  184
  198
  213
  229
  245
  262
  280
  298
  318
  338
  360
  383
  406
  431
  457
  485
  513
  544
  575
  608
  643
  680
  718
Earnings before tax, $m
  274
  277
  295
  314
  334
  355
  378
  402
  426
  453
  481
  510
  541
  573
  608
  644
  682
  722
  765
  810
  857
  907
  959
  1,015
  1,073
  1,135
  1,200
  1,269
  1,341
  1,417
  1,497
Tax expense, $m
  63
  75
  80
  85
  90
  96
  102
  108
  115
  122
  130
  138
  146
  155
  164
  174
  184
  195
  207
  219
  231
  245
  259
  274
  290
  306
  324
  343
  362
  383
  404
Net income, $m
  510
  202
  215
  229
  244
  259
  276
  293
  311
  331
  351
  372
  395
  418
  444
  470
  498
  527
  558
  591
  626
  662
  700
  741
  784
  829
  876
  926
  979
  1,034
  1,093

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  489
  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
  3,869
  3,564
  3,759
  3,962
  4,174
  4,397
  4,629
  4,873
  5,129
  5,396
  5,676
  5,970
  6,278
  6,601
  6,939
  7,294
  7,666
  8,057
  8,466
  8,896
  9,347
  9,820
  10,316
  10,837
  11,383
  11,957
  12,559
  13,191
  13,855
  14,551
  15,282
Adjusted assets (=assets-cash), $m
  3,380
  3,564
  3,759
  3,962
  4,174
  4,397
  4,629
  4,873
  5,129
  5,396
  5,676
  5,970
  6,278
  6,601
  6,939
  7,294
  7,666
  8,057
  8,466
  8,896
  9,347
  9,820
  10,316
  10,837
  11,383
  11,957
  12,559
  13,191
  13,855
  14,551
  15,282
Revenue / Adjusted assets
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
  0.893
Average production assets, $m
  1,740
  1,837
  1,937
  2,041
  2,151
  2,265
  2,385
  2,511
  2,643
  2,780
  2,925
  3,076
  3,235
  3,401
  3,575
  3,758
  3,950
  4,151
  4,362
  4,584
  4,816
  5,060
  5,315
  5,584
  5,865
  6,161
  6,471
  6,797
  7,139
  7,498
  7,874
Working capital, $m
  527
  41
  44
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
  77
  81
  85
  89
  94
  98
  103
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
Total debt, $m
  1,083
  1,192
  1,306
  1,426
  1,550
  1,681
  1,817
  1,961
  2,110
  2,267
  2,432
  2,604
  2,785
  2,975
  3,173
  3,382
  3,600
  3,829
  4,070
  4,322
  4,586
  4,864
  5,155
  5,461
  5,782
  6,119
  6,472
  6,843
  7,233
  7,641
  8,071
Total liabilities, $m
  1,983
  2,092
  2,206
  2,326
  2,450
  2,581
  2,717
  2,861
  3,010
  3,167
  3,332
  3,504
  3,685
  3,875
  4,073
  4,282
  4,500
  4,729
  4,970
  5,222
  5,486
  5,764
  6,055
  6,361
  6,682
  7,019
  7,372
  7,743
  8,133
  8,541
  8,971
Total equity, $m
  1,886
  1,472
  1,552
  1,636
  1,724
  1,816
  1,912
  2,013
  2,118
  2,229
  2,344
  2,466
  2,593
  2,726
  2,866
  3,012
  3,166
  3,327
  3,496
  3,674
  3,860
  4,055
  4,260
  4,476
  4,701
  4,938
  5,187
  5,448
  5,722
  6,010
  6,311
Total liabilities and equity, $m
  3,869
  3,564
  3,758
  3,962
  4,174
  4,397
  4,629
  4,874
  5,128
  5,396
  5,676
  5,970
  6,278
  6,601
  6,939
  7,294
  7,666
  8,056
  8,466
  8,896
  9,346
  9,819
  10,315
  10,837
  11,383
  11,957
  12,559
  13,191
  13,855
  14,551
  15,282
Debt-to-equity ratio
  0.574
  0.810
  0.840
  0.870
  0.900
  0.930
  0.950
  0.970
  1.000
  1.020
  1.040
  1.060
  1.070
  1.090
  1.110
  1.120
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
  1.250
  1.260
  1.260
  1.270
  1.280
Adjusted equity ratio
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  510
  202
  215
  229
  244
  259
  276
  293
  311
  331
  351
  372
  395
  418
  444
  470
  498
  527
  558
  591
  626
  662
  700
  741
  784
  829
  876
  926
  979
  1,034
  1,093
Depreciation, amort., depletion, $m
  134
  141
  149
  157
  165
  174
  183
  193
  203
  214
  225
  237
  249
  262
  275
  289
  304
  319
  336
  353
  370
  389
  409
  430
  451
  474
  498
  523
  549
  577
  606
Funds from operations, $m
  214
  343
  364
  386
  409
  434
  459
  486
  515
  544
  576
  609
  643
  680
  719
  759
  802
  847
  894
  944
  996
  1,051
  1,109
  1,170
  1,235
  1,303
  1,374
  1,449
  1,528
  1,611
  1,699
Change in working capital, $m
  -159
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
Cash from operations, $m
  373
  341
  362
  384
  407
  431
  457
  483
  512
  541
  573
  605
  640
  676
  715
  755
  797
  842
  889
  939
  991
  1,046
  1,104
  1,164
  1,228
  1,296
  1,367
  1,442
  1,520
  1,603
  1,690
Maintenance CAPEX, $m
  0
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -275
  -289
  -304
  -319
  -336
  -353
  -370
  -389
  -409
  -430
  -451
  -474
  -498
  -523
  -549
  -577
New CAPEX, $m
  -83
  -97
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -159
  -166
  -174
  -183
  -192
  -201
  -211
  -221
  -232
  -244
  -256
  -268
  -282
  -296
  -310
  -326
  -342
  -359
  -377
Cash from investing activities, $m
  746
  -231
  -241
  -254
  -267
  -280
  -294
  -309
  -325
  -341
  -358
  -376
  -396
  -415
  -436
  -458
  -481
  -505
  -530
  -557
  -585
  -614
  -645
  -677
  -712
  -747
  -784
  -824
  -865
  -908
  -954
Free cash flow, $m
  1,119
  110
  121
  130
  140
  151
  162
  174
  187
  200
  214
  229
  245
  261
  279
  297
  317
  337
  359
  382
  406
  432
  459
  487
  517
  549
  583
  618
  656
  695
  737
Issuance/(repayment) of debt, $m
  -1,131
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  172
  181
  189
  199
  208
  218
  229
  240
  252
  265
  278
  291
  306
  321
  337
  353
  371
  389
  409
  429
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -1,129
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  172
  181
  189
  199
  208
  218
  229
  240
  252
  265
  278
  291
  306
  321
  337
  353
  371
  389
  409
  429
Total cash flow (excl. dividends), $m
  -15
  220
  235
  249
  265
  282
  299
  317
  337
  357
  379
  401
  425
  451
  477
  505
  535
  566
  599
  634
  671
  709
  750
  793
  838
  886
  936
  989
  1,045
  1,104
  1,166
Retained Cash Flow (-), $m
  -450
  -75
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
  -147
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -249
  -261
  -274
  -288
  -302
Prev. year cash balance distribution, $m
 
  489
  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
 
  633
  154
  166
  177
  190
  203
  217
  231
  247
  263
  280
  298
  317
  338
  359
  381
  405
  430
  456
  484
  514
  545
  578
  612
  649
  687
  728
  771
  816
  864
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
 
  607
  141
  144
  146
  147
  147
  146
  145
  142
  138
  133
  127
  121
  113
  105
  97
  88
  79
  70
  62
  53
  45
  38
  31
  25
  20
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

USG Corporation, through its subsidiaries, is a manufacturer and distributor of building materials. The Company's segments include Gypsum, Ceilings and USG Boral Building Products (UBBP). It produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. Its products are distributed through building materials dealers, home improvement centers and other retailers, specialty wallboard distributors, and contractors. Gypsum segment manufactures and markets gypsum and related products in the United States, Canada, Mexico and Latin America. Ceilings segment manufactures and markets interior systems products in the United States, Canada, Mexico and Latin America. The UBBP segment manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East.

FINANCIAL RATIOS  of  USG (USG)

Valuation Ratios
P/E Ratio 9.7
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 17
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 57.4%
Total Debt to Equity 57.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 18.9%
Return On Total Capital 15.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 30.7%
Return On Equity - 3 Yr. Avg. 48.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 16.9%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate 23%
Eff/ Tax Rate - 3 Yr. Avg. -91.8%
Payout Ratio 0%

USG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the USG stock intrinsic value calculation we used $3017 million for the last fiscal year's total revenue generated by USG. The default revenue input number comes from 2016 income statement of USG. 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 USG stock valuation model: a) initial revenue growth rate of 5.5% 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 USG is calculated based on our internal credit rating of USG, 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 USG.
    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 USG stock the variable cost ratio is equal to 79.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $258 million in the base year in the intrinsic value calculation for USG 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 9.4% for USG.

Corporate tax rate of 27% is the nominal tax rate for USG. 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 USG 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 USG are equal to 57.7%.

Life of production assets of 13 years is the average useful life of capital assets used in USG 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 USG is equal to 1.3%. 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 - $1886 million for USG - 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 143.45 million for USG 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 USG at the current share price and the inputted number of shares is $4.8 billion.

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COMPANY NEWS

▶ Stocks With Rising Relative Strength: USG   [03:00AM  Investor's Business Daily]
▶ Stocks Generating Improved Relative Strength: USG   [03:00AM  Investor's Business Daily]
▶ Trending: Insurance ETFs in Luck as Irma Shows Mercy   [Sep-14-17 08:00AM  ETF Database]
▶ USG Corp. Value Analysis (NYSE:USG) : September 2, 2017   [Sep-02-17 12:18AM  Capital Cube]
▶ ETFs with exposure to USG Corp. : September 2, 2017   [Sep-01-17 09:05PM  Capital Cube]
▶ ETFs with exposure to USG Corp. : August 22, 2017   [Aug-22-17 04:18PM  Capital Cube]
▶ ETFs with exposure to USG Corp. : August 11, 2017   [Aug-11-17 07:09PM  Capital Cube]
▶ USG misses Street 2Q forecasts   [Jul-26-17 09:56PM  Associated Press]
▶ USG Corp. Value Analysis (NYSE:USG) : June 30, 2017   [Jun-30-17 04:12PM  Capital Cube]
▶ ETFs with exposure to USG Corp. : June 12, 2017   [Jun-12-17 02:32PM  Capital Cube]
▶ 3 Stocks for Warren Buffett Fans   [Jun-02-17 08:32AM  Motley Fool]
▶ ETFs with exposure to USG Corp. : June 1, 2017   [Jun-01-17 02:06PM  Capital Cube]
▶ ETFs with exposure to USG Corp. : May 15, 2017   [May-15-17 04:50PM  Capital Cube]
▶ What Morningstar Readers Would Ask Buffett   [May-07-17 06:00AM  Morningstar]
▶ ETFs with exposure to USG Corp. : May 2, 2017   [May-02-17 04:47PM  Capital Cube]
▶ USG misses 1Q profit forecasts   [Apr-27-17 08:10AM  Associated Press]
▶ Earnings Season's Back: Stocks With Big Upside   [Apr-14-17 03:31PM  Benzinga]
▶ 3 Warren Buffett Stocks to Buy in April   [Apr-11-17 02:22PM  Motley Fool]
▶ Moat Investing: 2 Companies With a Material Edge   [Mar-16-17 07:02AM  Motley Fool]
▶ Warren Buffett's 5 Best-Performing Stocks of the Past Year   [Feb-20-17 08:18AM  at Motley Fool]
Financial statements of USG
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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