Intrinsic value of USG - USG

Previous Close

$25.85

  Intrinsic Value

$18.52

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

+307%

Previous close

$25.85

 
Intrinsic value

$18.52

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

+307%

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

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 3.8

 

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
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  3,017
  3,098
  3,189
  3,289
  3,399
  3,517
  3,645
  3,783
  3,931
  4,088
  4,256
  4,435
  4,625
  4,826
  5,039
  5,264
  5,503
  5,754
  6,020
  6,300
  6,596
  6,907
  7,235
  7,580
  7,944
  8,326
  8,729
  9,152
  9,598
  10,066
  10,559
Variable operating expenses, $m
 
  2,473
  2,545
  2,625
  2,712
  2,807
  2,909
  3,019
  3,137
  3,262
  3,396
  3,539
  3,690
  3,851
  4,021
  4,201
  4,391
  4,592
  4,804
  5,027
  5,263
  5,512
  5,773
  6,049
  6,339
  6,644
  6,966
  7,304
  7,659
  8,033
  8,426
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
  2,737
  2,816
  2,903
  2,997
  3,099
  3,208
  3,326
  3,451
  3,584
  3,726
  3,878
  4,037
  4,207
  4,386
  4,575
  4,774
  4,985
  5,206
  5,439
  5,686
  5,945
  6,217
  6,504
  6,806
  7,122
  7,456
  7,807
  8,174
  8,561
  8,967
Operating income, $m
  357
  361
  373
  387
  402
  419
  437
  457
  480
  504
  529
  557
  587
  619
  653
  690
  729
  770
  814
  860
  910
  962
  1,017
  1,076
  1,138
  1,204
  1,273
  1,346
  1,424
  1,505
  1,592
EBITDA, $m
  491
  499
  515
  533
  553
  575
  599
  625
  654
  685
  718
  754
  792
  833
  877
  923
  973
  1,025
  1,081
  1,140
  1,202
  1,268
  1,338
  1,412
  1,491
  1,573
  1,660
  1,752
  1,850
  1,952
  2,060
Interest expense (income), $m
  153
  102
  107
  112
  119
  125
  133
  141
  149
  158
  168
  178
  189
  201
  214
  227
  241
  255
  271
  287
  305
  323
  342
  362
  384
  406
  430
  455
  481
  508
  537
Earnings before tax, $m
  274
  260
  266
  274
  283
  293
  304
  317
  330
  345
  361
  379
  398
  418
  440
  463
  488
  514
  543
  573
  605
  639
  675
  713
  754
  797
  843
  891
  943
  997
  1,054
Tax expense, $m
  63
  70
  72
  74
  76
  79
  82
  86
  89
  93
  98
  102
  107
  113
  119
  125
  132
  139
  147
  155
  163
  173
  182
  193
  204
  215
  228
  241
  255
  269
  285
Net income, $m
  510
  190
  194
  200
  207
  214
  222
  231
  241
  252
  264
  277
  290
  305
  321
  338
  356
  375
  396
  418
  442
  466
  493
  521
  551
  582
  615
  651
  688
  728
  770

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
  3,470
  3,571
  3,683
  3,806
  3,939
  4,082
  4,236
  4,402
  4,578
  4,766
  4,966
  5,179
  5,404
  5,643
  5,895
  6,162
  6,444
  6,741
  7,055
  7,386
  7,734
  8,102
  8,488
  8,896
  9,324
  9,775
  10,249
  10,748
  11,272
  11,824
Adjusted assets (=assets-cash), $m
  3,380
  3,470
  3,571
  3,683
  3,806
  3,939
  4,082
  4,236
  4,402
  4,578
  4,766
  4,966
  5,179
  5,404
  5,643
  5,895
  6,162
  6,444
  6,741
  7,055
  7,386
  7,734
  8,102
  8,488
  8,896
  9,324
  9,775
  10,249
  10,748
  11,272
  11,824
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
  1,788
  1,840
  1,898
  1,961
  2,029
  2,103
  2,183
  2,268
  2,359
  2,456
  2,559
  2,668
  2,784
  2,907
  3,037
  3,175
  3,320
  3,473
  3,635
  3,806
  3,985
  4,174
  4,374
  4,584
  4,804
  5,037
  5,281
  5,538
  5,808
  6,092
Working capital, $m
  527
  40
  41
  43
  44
  46
  47
  49
  51
  53
  55
  58
  60
  63
  66
  68
  72
  75
  78
  82
  86
  90
  94
  99
  103
  108
  113
  119
  125
  131
  137
Total debt, $m
  1,083
  1,137
  1,196
  1,262
  1,334
  1,412
  1,496
  1,587
  1,684
  1,787
  1,898
  2,015
  2,140
  2,272
  2,412
  2,560
  2,717
  2,882
  3,057
  3,241
  3,435
  3,640
  3,856
  4,083
  4,322
  4,573
  4,838
  5,116
  5,409
  5,717
  6,040
Total liabilities, $m
  1,983
  2,037
  2,096
  2,162
  2,234
  2,312
  2,396
  2,487
  2,584
  2,687
  2,798
  2,915
  3,040
  3,172
  3,312
  3,460
  3,617
  3,782
  3,957
  4,141
  4,335
  4,540
  4,756
  4,983
  5,222
  5,473
  5,738
  6,016
  6,309
  6,617
  6,940
Total equity, $m
  1,886
  1,433
  1,475
  1,521
  1,572
  1,627
  1,686
  1,750
  1,818
  1,891
  1,968
  2,051
  2,139
  2,232
  2,330
  2,435
  2,545
  2,661
  2,784
  2,914
  3,050
  3,194
  3,346
  3,506
  3,674
  3,851
  4,037
  4,233
  4,439
  4,655
  4,883
Total liabilities and equity, $m
  3,869
  3,470
  3,571
  3,683
  3,806
  3,939
  4,082
  4,237
  4,402
  4,578
  4,766
  4,966
  5,179
  5,404
  5,642
  5,895
  6,162
  6,443
  6,741
  7,055
  7,385
  7,734
  8,102
  8,489
  8,896
  9,324
  9,775
  10,249
  10,748
  11,272
  11,823
Debt-to-equity ratio
  0.574
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.020
  1.040
  1.050
  1.070
  1.080
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.220
  1.230
  1.240
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
  190
  194
  200
  207
  214
  222
  231
  241
  252
  264
  277
  290
  305
  321
  338
  356
  375
  396
  418
  442
  466
  493
  521
  551
  582
  615
  651
  688
  728
  770
Depreciation, amort., depletion, $m
  134
  138
  142
  146
  151
  156
  162
  168
  174
  181
  189
  197
  205
  214
  224
  234
  244
  255
  267
  280
  293
  307
  321
  336
  353
  370
  387
  406
  426
  447
  469
Funds from operations, $m
  214
  327
  336
  346
  358
  370
  384
  399
  416
  434
  453
  473
  496
  519
  545
  572
  600
  631
  663
  698
  734
  773
  814
  857
  903
  952
  1,003
  1,057
  1,114
  1,175
  1,238
Change in working capital, $m
  -159
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
Cash from operations, $m
  373
  326
  335
  345
  356
  369
  382
  397
  414
  432
  451
  471
  493
  517
  542
  569
  597
  628
  660
  694
  730
  769
  810
  853
  898
  947
  998
  1,052
  1,108
  1,168
  1,232
Maintenance CAPEX, $m
  0
  -134
  -138
  -142
  -146
  -151
  -156
  -162
  -168
  -174
  -181
  -189
  -197
  -205
  -214
  -224
  -234
  -244
  -255
  -267
  -280
  -293
  -307
  -321
  -336
  -353
  -370
  -387
  -406
  -426
  -447
New CAPEX, $m
  -83
  -48
  -52
  -58
  -63
  -68
  -74
  -79
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -137
  -145
  -153
  -162
  -170
  -180
  -189
  -199
  -210
  -221
  -232
  -244
  -257
  -270
  -284
Cash from investing activities, $m
  746
  -182
  -190
  -200
  -209
  -219
  -230
  -241
  -253
  -265
  -278
  -292
  -306
  -321
  -337
  -354
  -371
  -389
  -408
  -429
  -450
  -473
  -496
  -520
  -546
  -574
  -602
  -631
  -663
  -696
  -731
Free cash flow, $m
  1,119
  144
  145
  146
  147
  149
  152
  156
  161
  166
  172
  179
  187
  195
  205
  215
  226
  238
  251
  265
  280
  297
  314
  332
  352
  373
  396
  420
  445
  472
  501
Issuance/(repayment) of debt, $m
  -1,131
  54
  60
  66
  72
  78
  84
  91
  97
  104
  110
  117
  125
  132
  140
  148
  157
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  278
  293
  308
  324
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
  54
  60
  66
  72
  78
  84
  91
  97
  104
  110
  117
  125
  132
  140
  148
  157
  165
  175
  184
  194
  205
  216
  227
  239
  252
  265
  278
  293
  308
  324
Total cash flow (excl. dividends), $m
  -15
  198
  205
  211
  219
  227
  237
  247
  258
  270
  283
  297
  312
  328
  345
  363
  383
  404
  426
  449
  475
  501
  529
  559
  591
  625
  660
  698
  738
  780
  825
Retained Cash Flow (-), $m
  -450
  -36
  -42
  -46
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -217
  -228
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
 
  651
  163
  165
  168
  172
  177
  183
  189
  197
  205
  214
  224
  235
  246
  259
  273
  287
  303
  320
  338
  357
  378
  400
  423
  448
  474
  502
  532
  563
  597
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
 
  624
  149
  144
  139
  134
  129
  124
  118
  113
  107
  102
  96
  89
  83
  76
  69
  62
  56
  49
  43
  37
  31
  26
  22
  17
  14
  11
  8
  6
  4
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, manufactures and sells building materials worldwide. The company’s Gypsum segment manufactures and markets gypsum and related products to construct walls, ceilings, roofs, and floors of residential, commercial, and institutional buildings, as well as for various industrial applications. This segment offers gypsum panels, as well as joint compounds, corner beads, joint tapes, and plasters for wallboard joints finishing under the Sheetrock brand; cement board under the Durock brand; backerboard that includes abuse-resistant interior wall panels, tile backer boards, and flooring underlayments under the Fiberock brand; poured gypsum flooring systems under the Levelrock brand; roof boards under the Securock brand; and air-water barrier system and industrial gypsum under the ExoAir 430 brand. It also provides construction plaster products under the Red Top, Imperial, Diamond, and Supremo brands; and gypsum-based products for agricultural and industrial customers. The company’s Ceilings segment manufactures and markets interior systems products, including ceiling tiles under the Radar, Eclipse, Mars, and Halcyon brands; and ceiling grids under the Donn, DX, Fineline, Centricitee, Identitee DXI, Curvatura, and Compasso brands. Its USG Boral Building Products segment manufactures, distributes, and sells various building products, mines raw gypsum, and sells natural and synthetic gypsum. This segment offers plasterboards under the USG Boral Sheetrock brand; and ceiling suspension systems under the USG Boral NextGen, Elephant, Jayaboard, Durock, and Donn DX brands, as well as mineral fiber ceiling tiles, steel grids, and joint compounds for wall, ceiling, floor lining, and exterior systems. The company distributes its products through building material dealers, home improvement centers and other retailers, specialty wallboard distributors, and contractors. USG Corporation was founded in 1901 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  USG (USG)

Valuation Ratios
P/E Ratio 7.4
Price to Sales 1.3
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 13
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 2.7% 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 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 145.312 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 $3.8 billion.

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COMPANY NEWS

▶ 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]
▶ USG Corporation (USG): Are Hedge Funds Right About This Stock?   [Dec-01-16 06:35AM  at Insider Monkey]
▶ 7 Stocks That Are Ridiculously Cheap Right Now   [Nov-22-16 02:43PM  at Motley Fool]
▶ 3 Cheap Stocks With Shifting Moats   [Nov-09-16 06:00AM  at Morningstar]
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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