Intrinsic value of Valmont Industries - VMI

Previous Close

$138.10

  Intrinsic Value

$140.81

stock screener

  Rating & Target

hold

+2%

Previous close

$138.10

 
Intrinsic value

$140.81

 
Up/down potential

+2%

 
Rating

hold

We calculate the intrinsic value of VMI 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, %
  -3.70
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  2,522
  2,990
  3,245
  3,510
  3,785
  4,071
  4,368
  4,677
  4,998
  5,332
  5,679
  6,041
  6,417
  6,808
  7,216
  7,641
  8,084
  8,547
  9,030
  9,534
  10,061
  10,612
  11,188
  11,790
  12,421
  13,080
  13,771
  14,494
  15,252
  16,046
  16,877
Variable operating expenses, $m
 
  2,681
  2,905
  3,138
  3,381
  3,633
  3,895
  4,167
  4,449
  4,743
  5,049
  5,320
  5,651
  5,996
  6,355
  6,729
  7,120
  7,527
  7,952
  8,397
  8,861
  9,346
  9,853
  10,383
  10,938
  11,519
  12,128
  12,765
  13,432
  14,131
  14,863
Fixed operating expenses, $m
 
  13
  14
  14
  14
  14
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  21
  22
  22
  23
  23
  24
  24
  25
Total operating expenses, $m
  2,278
  2,694
  2,919
  3,152
  3,395
  3,647
  3,910
  4,182
  4,464
  4,759
  5,065
  5,337
  5,668
  6,013
  6,373
  6,747
  7,138
  7,546
  7,971
  8,417
  8,881
  9,367
  9,874
  10,404
  10,960
  11,541
  12,151
  12,788
  13,456
  14,155
  14,888
Operating income, $m
  244
  296
  326
  357
  390
  424
  459
  495
  533
  573
  614
  704
  749
  795
  843
  894
  946
  1,001
  1,058
  1,118
  1,181
  1,246
  1,314
  1,386
  1,460
  1,539
  1,620
  1,706
  1,796
  1,890
  1,989
EBITDA, $m
  326
  451
  490
  531
  574
  618
  664
  711
  761
  812
  866
  922
  980
  1,040
  1,103
  1,169
  1,237
  1,309
  1,383
  1,461
  1,543
  1,628
  1,717
  1,810
  1,907
  2,009
  2,116
  2,228
  2,345
  2,468
  2,597
Interest expense (income), $m
  46
  44
  52
  60
  68
  77
  86
  95
  105
  115
  125
  136
  147
  159
  171
  184
  197
  211
  225
  240
  256
  272
  290
  307
  326
  346
  366
  388
  410
  434
  459
Earnings before tax, $m
  220
  251
  274
  297
  322
  347
  373
  400
  429
  458
  489
  568
  602
  636
  672
  710
  749
  790
  833
  878
  925
  974
  1,025
  1,078
  1,134
  1,193
  1,254
  1,318
  1,386
  1,456
  1,530
Tax expense, $m
  42
  68
  74
  80
  87
  94
  101
  108
  116
  124
  132
  153
  162
  172
  182
  192
  202
  213
  225
  237
  250
  263
  277
  291
  306
  322
  339
  356
  374
  393
  413
Net income, $m
  173
  184
  200
  217
  235
  253
  272
  292
  313
  335
  357
  415
  439
  465
  491
  518
  547
  577
  608
  641
  675
  711
  748
  787
  828
  871
  915
  962
  1,012
  1,063
  1,117

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  400
  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
  2,392
  2,736
  2,969
  3,211
  3,463
  3,725
  3,997
  4,279
  4,573
  4,878
  5,196
  5,527
  5,871
  6,229
  6,602
  6,991
  7,397
  7,820
  8,262
  8,723
  9,205
  9,709
  10,236
  10,787
  11,364
  11,967
  12,599
  13,261
  13,954
  14,680
  15,441
Adjusted assets (=assets-cash), $m
  1,992
  2,736
  2,969
  3,211
  3,463
  3,725
  3,997
  4,279
  4,573
  4,878
  5,196
  5,527
  5,871
  6,229
  6,602
  6,991
  7,397
  7,820
  8,262
  8,723
  9,205
  9,709
  10,236
  10,787
  11,364
  11,967
  12,599
  13,261
  13,954
  14,680
  15,441
Revenue / Adjusted assets
  1.266
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
Average production assets, $m
  683
  1,077
  1,168
  1,263
  1,363
  1,466
  1,573
  1,684
  1,799
  1,920
  2,045
  2,175
  2,310
  2,451
  2,598
  2,751
  2,910
  3,077
  3,251
  3,432
  3,622
  3,820
  4,028
  4,245
  4,471
  4,709
  4,958
  5,218
  5,491
  5,776
  6,076
Working capital, $m
  903
  209
  227
  246
  265
  285
  306
  327
  350
  373
  398
  423
  449
  477
  505
  535
  566
  598
  632
  667
  704
  743
  783
  825
  869
  916
  964
  1,015
  1,068
  1,123
  1,181
Total debt, $m
  756
  883
  1,018
  1,158
  1,303
  1,454
  1,611
  1,774
  1,943
  2,120
  2,303
  2,494
  2,692
  2,899
  3,114
  3,339
  3,573
  3,817
  4,072
  4,338
  4,616
  4,907
  5,211
  5,529
  5,862
  6,210
  6,575
  6,956
  7,356
  7,775
  8,214
Total liabilities, $m
  1,448
  1,579
  1,713
  1,853
  1,998
  2,149
  2,306
  2,469
  2,639
  2,815
  2,998
  3,189
  3,387
  3,594
  3,809
  4,034
  4,268
  4,512
  4,767
  5,033
  5,311
  5,602
  5,906
  6,224
  6,557
  6,905
  7,270
  7,652
  8,052
  8,471
  8,910
Total equity, $m
  943
  1,157
  1,256
  1,358
  1,465
  1,576
  1,691
  1,810
  1,934
  2,064
  2,198
  2,338
  2,483
  2,635
  2,793
  2,957
  3,129
  3,308
  3,495
  3,690
  3,894
  4,107
  4,330
  4,563
  4,807
  5,062
  5,329
  5,609
  5,903
  6,210
  6,532
Total liabilities and equity, $m
  2,391
  2,736
  2,969
  3,211
  3,463
  3,725
  3,997
  4,279
  4,573
  4,879
  5,196
  5,527
  5,870
  6,229
  6,602
  6,991
  7,397
  7,820
  8,262
  8,723
  9,205
  9,709
  10,236
  10,787
  11,364
  11,967
  12,599
  13,261
  13,955
  14,681
  15,442
Debt-to-equity ratio
  0.802
  0.760
  0.810
  0.850
  0.890
  0.920
  0.950
  0.980
  1.000
  1.030
  1.050
  1.070
  1.080
  1.100
  1.120
  1.130
  1.140
  1.150
  1.170
  1.180
  1.190
  1.190
  1.200
  1.210
  1.220
  1.230
  1.230
  1.240
  1.250
  1.250
  1.260
Adjusted equity ratio
  0.273
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423
  0.423

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  173
  184
  200
  217
  235
  253
  272
  292
  313
  335
  357
  415
  439
  465
  491
  518
  547
  577
  608
  641
  675
  711
  748
  787
  828
  871
  915
  962
  1,012
  1,063
  1,117
Depreciation, amort., depletion, $m
  82
  155
  164
  174
  184
  194
  205
  216
  228
  240
  252
  217
  231
  245
  260
  275
  291
  308
  325
  343
  362
  382
  403
  424
  447
  471
  496
  522
  549
  578
  608
Funds from operations, $m
  205
  339
  364
  391
  419
  447
  477
  508
  541
  574
  609
  632
  670
  710
  751
  793
  838
  885
  933
  984
  1,037
  1,093
  1,151
  1,211
  1,275
  1,342
  1,411
  1,484
  1,561
  1,641
  1,725
Change in working capital, $m
  -14
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  56
  58
Cash from operations, $m
  219
  322
  347
  372
  399
  427
  456
  487
  518
  551
  585
  607
  644
  682
  722
  764
  807
  852
  899
  949
  1,000
  1,054
  1,110
  1,169
  1,231
  1,295
  1,363
  1,434
  1,508
  1,585
  1,667
Maintenance CAPEX, $m
  0
  -99
  -108
  -117
  -126
  -136
  -147
  -157
  -168
  -180
  -192
  -204
  -217
  -231
  -245
  -260
  -275
  -291
  -308
  -325
  -343
  -362
  -382
  -403
  -424
  -447
  -471
  -496
  -522
  -549
  -578
New CAPEX, $m
  -58
  -87
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -249
  -260
  -273
  -286
  -299
Cash from investing activities, $m
  -53
  -186
  -200
  -212
  -225
  -239
  -254
  -268
  -284
  -300
  -317
  -334
  -352
  -372
  -392
  -413
  -435
  -458
  -482
  -507
  -533
  -560
  -589
  -620
  -651
  -684
  -720
  -756
  -795
  -835
  -877
Free cash flow, $m
  166
  136
  147
  160
  174
  188
  203
  218
  234
  251
  268
  273
  291
  310
  330
  351
  372
  395
  418
  442
  467
  494
  521
  550
  580
  611
  643
  677
  713
  750
  789
Issuance/(repayment) of debt, $m
  -2
  130
  134
  140
  145
  151
  157
  163
  170
  176
  183
  191
  198
  207
  215
  224
  234
  244
  255
  266
  278
  291
  304
  318
  333
  348
  365
  382
  400
  419
  439
Issuance/(repurchase) of shares, $m
  -45
  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  
  -61
  130
  134
  140
  145
  151
  157
  163
  170
  176
  183
  191
  198
  207
  215
  224
  234
  244
  255
  266
  278
  291
  304
  318
  333
  348
  365
  382
  400
  419
  439
Total cash flow (excl. dividends), $m
  85
  265
  282
  300
  319
  339
  360
  381
  404
  427
  451
  463
  490
  517
  546
  575
  606
  639
  673
  708
  746
  784
  825
  868
  912
  959
  1,008
  1,059
  1,113
  1,169
  1,229
Retained Cash Flow (-), $m
  -25
  -94
  -98
  -102
  -107
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -152
  -158
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -223
  -233
  -244
  -255
  -267
  -280
  -293
  -307
  -322
Prev. year cash balance distribution, $m
 
  89
  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
 
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
Cash available for distribution, $m
 
  260
  183
  198
  213
  228
  245
  262
  279
  298
  317
  324
  344
  365
  388
  411
  435
  460
  486
  513
  542
  571
  602
  635
  668
  704
  741
  779
  820
  862
  907
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
 
  249
  168
  172
  175
  177
  178
  177
  175
  171
  166
  154
  147
  139
  130
  121
  110
  100
  89
  79
  69
  59
  50
  42
  34
  27
  22
  17
  13
  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

Valmont Industries, Inc. is a producer of fabricated metal products, and steel, aluminum and composite pole, tower and other structures, and mechanized irrigation systems. The Company's segments are Engineered Support Structures (ESS); Utility Support Structures; Energy and Mining; Coatings; Irrigation, and Other. The ESS segment manufactures steel, aluminum, and composite poles and structures. The Utility Support Structures Segment manufactures steel and concrete pole structures for electrical transmission, substation and distribution applications. The Energy and Mining Segment produces access systems, which are engineered structures and components that allow people to move safely in an industrial, infrastructure or commercial facility. The Coatings Segment consists of galvanizing, anodizing and powder coating services on a global basis. The Irrigation Segment manufactures and distributes mechanical irrigation equipment and related service parts under the Valley brand name.

FINANCIAL RATIOS  of  Valmont Industries (VMI)

Valuation Ratios
P/E Ratio 18
Price to Sales 1.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 19.3
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.9%
Cap. Spend. - 3 Yr. Gr. Rate -11.5%
Financial Strength
Quick Ratio 200
Current Ratio 0
LT Debt to Equity 80%
Total Debt to Equity 80.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 26%
Gross Margin - 3 Yr. Avg. 25.2%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 11.8%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 8.7%
Pre-Tax Margin 8.7%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 19.1%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 19.7%

VMI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VMI stock intrinsic value calculation we used $2746 million for the last fiscal year's total revenue generated by Valmont Industries. The default revenue input number comes from 2016 income statement of Valmont Industries. 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 VMI stock valuation model: a) initial revenue growth rate of 8.9% 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 VMI is calculated based on our internal credit rating of Valmont Industries, 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 Valmont Industries.
    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 VMI stock the variable cost ratio is equal to 89.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $13 million in the base year in the intrinsic value calculation for VMI 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 5.9% for Valmont Industries.

Corporate tax rate of 27% is the nominal tax rate for Valmont Industries. 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 VMI stock is equal to 0.4%.

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 VMI are equal to 36%.

Life of production assets of 10 years is the average useful life of capital assets used in Valmont Industries 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 VMI is equal to 7%. 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 - $1152 million for Valmont Industries - 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 23 million for Valmont Industries 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 Valmont Industries at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Rock Gate Partners Sells Walpar to Valmont Industries   [Aug-09-18 04:06PM  PR Newswire]
▶ [$$] Valmont Industries Acquires Rock Gate's Walpar   [Aug-07-18 12:48PM  The Wall Street Journal]
▶ Valmont: 2Q Earnings Snapshot   [Jul-23-18 06:33PM  Associated Press]
▶ New Strong Sell Stocks for July 17th   [Jul-17-18 08:06AM  Zacks]
▶ Valmont Board Declares Quarterly Dividend   [Jun-04-18 11:00PM  PR Newswire]
▶ Valmont Completes Divestiture of Donhad Pty. Ltd.   [Apr-30-18 05:30PM  PR Newswire]
▶ Valmont: 1Q Earnings Snapshot   [Apr-18-18 06:14PM  Associated Press]
▶ Gabelli & Companys 12th Annual Omaha Research Trip   [Apr-09-18 07:30AM  Business Wire]
▶ Valmont Board Declares Quarterly Dividend   [Mar-05-18 11:00PM  PR Newswire]
▶ Valmont reports 4Q loss   [05:03AM  Associated Press]
▶ Valmont Board Declares Quarterly Dividend   [Dec-04-17 11:00PM  PR Newswire]
▶ Valmont misses 3Q profit forecasts   [07:02AM  Associated Press]
▶ Valmont Reports Third Quarter 2017 Results   [Oct-18-17 05:30PM  PR Newswire]
▶ Valmont Board Declares Quarterly Dividend   [Sep-05-17 11:00PM  PR Newswire]
▶ Valmont Announces Sale of Mining Consumables Business   [Aug-24-17 11:00PM  PR Newswire]
▶ Valmont beats Street 2Q forecasts   [Jul-19-17 10:56PM  Associated Press]
▶ Valmont Board Declares Quarterly Dividend   [Jun-05-17 11:30PM  PR Newswire]
Financial statements of VMI
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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