Intrinsic value of Westmoreland Coal - WLB

Previous Close

$2.26

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$2.26

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of WLB 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 0.0

 

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, %
  4.08
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,478
  1,508
  1,542
  1,582
  1,626
  1,676
  1,730
  1,789
  1,852
  1,921
  1,995
  2,074
  2,158
  2,248
  2,343
  2,444
  2,551
  2,664
  2,784
  2,911
  3,045
  3,186
  3,335
  3,491
  3,657
  3,831
  4,014
  4,207
  4,410
  4,624
  4,848
Variable operating expenses, $m
 
  1,667
  1,706
  1,750
  1,799
  1,853
  1,913
  1,978
  2,049
  2,125
  2,206
  2,294
  2,387
  2,486
  2,591
  2,703
  2,821
  2,947
  3,079
  3,219
  3,367
  3,523
  3,688
  3,862
  4,044
  4,237
  4,440
  4,653
  4,877
  5,114
  5,362
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
  1,440
  1,667
  1,706
  1,750
  1,799
  1,853
  1,913
  1,978
  2,049
  2,125
  2,206
  2,294
  2,387
  2,486
  2,591
  2,703
  2,821
  2,947
  3,079
  3,219
  3,367
  3,523
  3,688
  3,862
  4,044
  4,237
  4,440
  4,653
  4,877
  5,114
  5,362
Operating income, $m
  38
  -160
  -163
  -168
  -172
  -178
  -183
  -190
  -196
  -204
  -211
  -220
  -229
  -238
  -248
  -259
  -270
  -282
  -295
  -309
  -323
  -338
  -353
  -370
  -388
  -406
  -425
  -446
  -467
  -490
  -514
EBITDA, $m
  223
  8
  8
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
Interest expense (income), $m
  96
  94
  21
  24
  27
  31
  35
  40
  45
  50
  56
  62
  69
  76
  83
  91
  100
  108
  118
  128
  139
  150
  162
  174
  187
  201
  215
  231
  247
  264
  282
Earnings before tax, $m
  -77
  -254
  -185
  -192
  -200
  -209
  -219
  -229
  -241
  -254
  -267
  -282
  -297
  -314
  -331
  -350
  -370
  -391
  -413
  -437
  -461
  -487
  -515
  -544
  -575
  -607
  -641
  -677
  -714
  -754
  -796
Tax expense, $m
  -48
  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
  -27
  -254
  -185
  -192
  -200
  -209
  -219
  -229
  -241
  -254
  -267
  -282
  -297
  -314
  -331
  -350
  -370
  -391
  -413
  -437
  -461
  -487
  -515
  -544
  -575
  -607
  -641
  -677
  -714
  -754
  -796

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,585
  1,556
  1,592
  1,632
  1,678
  1,729
  1,785
  1,846
  1,912
  1,983
  2,059
  2,140
  2,227
  2,319
  2,418
  2,522
  2,633
  2,750
  2,873
  3,004
  3,142
  3,288
  3,441
  3,603
  3,774
  3,953
  4,143
  4,342
  4,551
  4,772
  5,003
Adjusted assets (=assets-cash), $m
  1,525
  1,556
  1,592
  1,632
  1,678
  1,729
  1,785
  1,846
  1,912
  1,983
  2,059
  2,140
  2,227
  2,319
  2,418
  2,522
  2,633
  2,750
  2,873
  3,004
  3,142
  3,288
  3,441
  3,603
  3,774
  3,953
  4,143
  4,342
  4,551
  4,772
  5,003
Revenue / Adjusted assets
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
  0.969
Average production assets, $m
  820
  837
  856
  878
  903
  930
  960
  993
  1,028
  1,066
  1,107
  1,151
  1,198
  1,247
  1,300
  1,356
  1,416
  1,479
  1,545
  1,616
  1,690
  1,768
  1,851
  1,938
  2,029
  2,126
  2,228
  2,335
  2,448
  2,566
  2,691
Working capital, $m
  -1
  26
  26
  27
  28
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
Total debt, $m
  1,109
  236
  268
  305
  347
  392
  443
  497
  557
  620
  689
  762
  840
  923
  1,012
  1,106
  1,205
  1,311
  1,422
  1,540
  1,664
  1,795
  1,933
  2,079
  2,232
  2,394
  2,564
  2,743
  2,932
  3,130
  3,339
Total liabilities, $m
  2,273
  1,400
  1,432
  1,469
  1,511
  1,556
  1,607
  1,661
  1,721
  1,784
  1,853
  1,926
  2,004
  2,087
  2,176
  2,270
  2,369
  2,475
  2,586
  2,704
  2,828
  2,959
  3,097
  3,243
  3,396
  3,558
  3,728
  3,907
  4,096
  4,294
  4,503
Total equity, $m
  -688
  156
  159
  163
  168
  173
  179
  185
  191
  198
  206
  214
  223
  232
  242
  252
  263
  275
  287
  300
  314
  329
  344
  360
  377
  395
  414
  434
  455
  477
  500
Total liabilities and equity, $m
  1,585
  1,556
  1,591
  1,632
  1,679
  1,729
  1,786
  1,846
  1,912
  1,982
  2,059
  2,140
  2,227
  2,319
  2,418
  2,522
  2,632
  2,750
  2,873
  3,004
  3,142
  3,288
  3,441
  3,603
  3,773
  3,953
  4,142
  4,341
  4,551
  4,771
  5,003
Debt-to-equity ratio
  -1.612
  1.520
  1.690
  1.870
  2.060
  2.270
  2.480
  2.690
  2.910
  3.130
  3.350
  3.560
  3.770
  3.980
  4.190
  4.380
  4.580
  4.770
  4.950
  5.130
  5.300
  5.460
  5.620
  5.770
  5.920
  6.060
  6.190
  6.320
  6.440
  6.560
  6.670
Adjusted equity ratio
  -0.490
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -27
  -254
  -185
  -192
  -200
  -209
  -219
  -229
  -241
  -254
  -267
  -282
  -297
  -314
  -331
  -350
  -370
  -391
  -413
  -437
  -461
  -487
  -515
  -544
  -575
  -607
  -641
  -677
  -714
  -754
  -796
Depreciation, amort., depletion, $m
  185
  167
  171
  176
  181
  186
  192
  199
  206
  213
  221
  230
  240
  249
  260
  271
  283
  296
  309
  323
  338
  354
  370
  388
  406
  425
  446
  467
  490
  513
  538
Funds from operations, $m
  150
  -87
  -14
  -16
  -19
  -23
  -27
  -31
  -35
  -40
  -46
  -52
  -58
  -64
  -71
  -79
  -87
  -95
  -104
  -113
  -123
  -134
  -145
  -157
  -169
  -182
  -195
  -210
  -225
  -241
  -257
Change in working capital, $m
  -2
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
Cash from operations, $m
  152
  -87
  -14
  -17
  -20
  -24
  -28
  -32
  -37
  -42
  -47
  -53
  -59
  -66
  -73
  -81
  -89
  -97
  -106
  -116
  -126
  -136
  -147
  -159
  -172
  -185
  -199
  -213
  -228
  -244
  -261
Maintenance CAPEX, $m
  0
  -164
  -167
  -171
  -176
  -181
  -186
  -192
  -199
  -206
  -213
  -221
  -230
  -240
  -249
  -260
  -271
  -283
  -296
  -309
  -323
  -338
  -354
  -370
  -388
  -406
  -425
  -446
  -467
  -490
  -513
New CAPEX, $m
  -46
  -17
  -19
  -22
  -25
  -27
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -67
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
Cash from investing activities, $m
  -156
  -181
  -186
  -193
  -201
  -208
  -216
  -225
  -234
  -244
  -254
  -265
  -277
  -290
  -302
  -316
  -330
  -346
  -363
  -379
  -397
  -416
  -437
  -457
  -480
  -503
  -527
  -553
  -580
  -609
  -638
Free cash flow, $m
  -4
  -268
  -201
  -210
  -220
  -232
  -244
  -257
  -271
  -285
  -301
  -318
  -336
  -355
  -375
  -397
  -419
  -443
  -468
  -495
  -523
  -552
  -584
  -616
  -651
  -687
  -725
  -766
  -808
  -852
  -899
Issuance/(repayment) of debt, $m
  50
  -813
  32
  37
  41
  46
  50
  55
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  138
  146
  154
  162
  170
  179
  189
  198
  209
Issuance/(repurchase) of shares, $m
  0
  1,098
  188
  196
  204
  214
  224
  236
  248
  261
  275
  290
  306
  323
  341
  361
  381
  403
  425
  450
  475
  502
  530
  560
  592
  625
  660
  697
  735
  776
  819
Cash from financing (excl. dividends), $m  
  40
  285
  220
  233
  245
  260
  274
  291
  307
  325
  343
  363
  384
  406
  429
  455
  480
  508
  536
  568
  599
  633
  668
  706
  746
  787
  830
  876
  924
  974
  1,028
Total cash flow (excl. dividends), $m
  37
  17
  20
  23
  25
  28
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
  68
  72
  76
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
Retained Cash Flow (-), $m
  24
  -1,098
  -188
  -196
  -204
  -214
  -224
  -236
  -248
  -261
  -275
  -290
  -306
  -323
  -341
  -361
  -381
  -403
  -425
  -450
  -475
  -502
  -530
  -560
  -592
  -625
  -660
  -697
  -735
  -776
  -819
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
 
  -1,081
  -169
  -173
  -179
  -186
  -193
  -202
  -211
  -222
  -233
  -245
  -258
  -272
  -287
  -303
  -320
  -338
  -357
  -377
  -399
  -421
  -445
  -471
  -497
  -526
  -555
  -586
  -619
  -654
  -691
Discount rate, %
 
  14.00
  14.70
  15.44
  16.21
  17.02
  17.87
  18.76
  19.70
  20.68
  21.72
  22.80
  23.94
  25.14
  26.40
  27.72
  29.10
  30.56
  32.09
  33.69
  35.38
  37.15
  39.00
  40.95
  43.00
  45.15
  47.41
  49.78
  52.27
  54.88
  57.63
PV of cash for distribution, $m
 
  -948
  -128
  -113
  -98
  -85
  -72
  -61
  -50
  -41
  -33
  -26
  -20
  -15
  -11
  -8
  -5
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  22.6
  10.1
  4.5
  2.0
  0.9
  0.4
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Westmoreland Coal Company is an energy company. The Company operates through six segments: Coal-U.S., Coal-Canada, Coal-(WMLP), Power, Heritage and Corporate. The Coal-U.S. segment includes the operations of coal mines located in Montana, North Dakota, Ohio, Texas and New Mexico. The Coal-Canada segment includes the operations of coal mines located in Alberta and Saskatchewan. The Coal-WMLP segment includes the operations of Westmoreland Resource Partners, LP, a coal master limited partnership. The Power segment includes its Roanoke Valley Power Facility (ROVA) operations located in North Carolina. The Heritage segment includes the benefits it provides to former mining operation employees, as well as other administrative costs associated with providing those benefits and cost containment efforts. It produces and sells thermal coal primarily to investment grade utility customers under cost-protected contracts, as well as to industrial customers and barbeque briquettes manufacturers.

FINANCIAL RATIOS  of  Westmoreland Coal (WLB)

Valuation Ratios
P/E Ratio -1.6
Price to Sales 0
Price to Book -0.1
Price to Tangible Book
Price to Cash Flow 0.3
Price to Free Cash Flow 0.4
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41%
Cap. Spend. - 3 Yr. Gr. Rate 9.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity -148.7%
Total Debt to Equity -161.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital -6.9%
Ret/ On T. Cap. - 3 Yr. Avg. -32.1%
Return On Equity 4%
Return On Equity - 3 Yr. Avg. 36.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 21.7%
Gross Margin - 3 Yr. Avg. 18.9%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 4.5%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. -5.6%
Pre-Tax Margin -5.2%
Pre-Tax Margin - 3 Yr. Avg. -12.6%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. -10.8%
Effective Tax Rate 62.3%
Eff/ Tax Rate - 3 Yr. Avg. 23.6%
Payout Ratio 0%

WLB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLB stock intrinsic value calculation we used $1478 million for the last fiscal year's total revenue generated by Westmoreland Coal. The default revenue input number comes from 2016 income statement of Westmoreland Coal. 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 WLB stock valuation model: a) initial revenue growth rate of 2% 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 14%, whose default value for WLB is calculated based on our internal credit rating of Westmoreland Coal, 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 Westmoreland Coal.
    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 WLB stock the variable cost ratio is equal to 110.6%.

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 WLB 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% for Westmoreland Coal.

Corporate tax rate of 27% is the nominal tax rate for Westmoreland Coal. 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 WLB 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 WLB are equal to 55.5%.

Life of production assets of 4.4 years is the average useful life of capital assets used in Westmoreland Coal 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 WLB is equal to 1.7%. 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 - $-688 million for Westmoreland Coal - 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 19.616 million for Westmoreland Coal 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 Westmoreland Coal at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ How Weather Affects Natural Gas Prices   [09:14AM  Market Realist]
▶ How Natural Gas Inventory Affected Coal on September 29   [Oct-12-17 07:41AM  Market Realist]
▶ What Is Westmoreland Coal Companys (WLB) Share Price Doing?   [Sep-13-17 07:07PM  Simply Wall St.]
▶ Westmoreland Adopts Tax Benefits Preservation Plan   [Sep-05-17 08:15AM  GlobeNewswire]
▶ What to Expect in 2H17 for Westmoreland Coal   [Aug-18-17 07:37AM  Market Realist]
▶ Westmoreland Coal Posts Net Losses in 2Q17   [09:06AM  Market Realist]
▶ Westmoreland Coals 2Q17 Revenues Beat Analyst Estimates   [Aug-16-17 10:36AM  Market Realist]
▶ Why Westmoreland Coals Shipments Fell in 2Q17   [09:08AM  Market Realist]
▶ How Low Demand Affected Westmorelands 1Q17 Cash Flows   [Jul-31-17 09:07AM  Market Realist]
▶ A Look at Westmoreland Coal Companys Earnings   [Jul-28-17 10:38AM  Market Realist]
▶ How Westmoreland Coal Stock Has Fared Recently   [Jul-27-17 04:47PM  Market Realist]
▶ Teck Resources 2Q17 Earnings: Whats the Word on Wall Street?   [Jul-21-17 10:41AM  Market Realist]
▶ Coal Stocks Volatile As Trump Mulls Paris Climate Accord   [May-31-17 04:27PM  TheStreet.com]
▶ Westmoreland Coal Earnings and the Troubles Ahead for Coal   [May-15-17 10:35AM  24/7 Wall St.]
▶ Westmoreland reports 1Q loss   [08:40AM  Associated Press]
▶ Westmoreland to Release First Quarter 2017 Results   [May-05-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Westmoreland Coal Co. : May 2, 2017   [May-02-17 04:51PM  Capital Cube]
▶ Buyer beware: Coal stocks?   [05:18PM  CNBC Videos]
▶ Westmoreland reports 4Q loss   [04:54PM  Associated Press]
▶ Why Analysts Turned Bearish on TECK after Its 4Q16 Earnings   [Feb-28-17 10:37AM  Market Realist]
▶ 3 Reasons Deregulation Won't Save Coal Stocks   [Feb-21-17 09:52AM  at Motley Fool]
▶ The 10 Best Stocks in the Nasdaq in 2016   [Jan-15-17 07:42AM  at Motley Fool]
▶ Do Hedge Funds Love Westmoreland Coal Company (WLB)?   [Dec-11-16 03:57AM  at Insider Monkey]
▶ Westmoreland Announces CFO Transition   [08:00AM  GlobeNewswire]
Financial statements of WLB
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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