Intrinsic value of Worthington Industries - WOR

Previous Close

$47.75

  Intrinsic Value

$371.93

stock screener

  Rating & Target

str. buy

+679%

Previous close

$47.75

 
Intrinsic value

$371.93

 
Up/down potential

+679%

 
Rating

str. buy

We calculate the intrinsic value of WOR 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.88
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  3,014
  3,605
  4,259
  4,975
  5,753
  6,592
  7,490
  8,446
  9,458
  10,525
  11,647
  12,822
  14,051
  15,333
  16,668
  18,059
  19,504
  21,007
  22,569
  24,192
  25,879
  27,632
  29,455
  31,351
  33,325
  35,379
  37,519
  39,749
  42,073
  44,499
  47,029
Variable operating expenses, $m
 
  2,039
  2,404
  2,805
  3,240
  3,708
  4,210
  4,744
  5,310
  5,906
  6,533
  7,165
  7,851
  8,567
  9,314
  10,091
  10,898
  11,738
  12,611
  13,518
  14,460
  15,440
  16,459
  17,518
  18,621
  19,769
  20,964
  22,210
  23,509
  24,865
  26,279
Fixed operating expenses, $m
 
  1,147
  1,176
  1,205
  1,235
  1,266
  1,298
  1,330
  1,363
  1,397
  1,432
  1,468
  1,505
  1,543
  1,581
  1,621
  1,661
  1,703
  1,745
  1,789
  1,834
  1,879
  1,926
  1,975
  2,024
  2,075
  2,126
  2,180
  2,234
  2,290
  2,347
Total operating expenses, $m
  2,801
  3,186
  3,580
  4,010
  4,475
  4,974
  5,508
  6,074
  6,673
  7,303
  7,965
  8,633
  9,356
  10,110
  10,895
  11,712
  12,559
  13,441
  14,356
  15,307
  16,294
  17,319
  18,385
  19,493
  20,645
  21,844
  23,090
  24,390
  25,743
  27,155
  28,626
Operating income, $m
  213
  419
  679
  965
  1,279
  1,618
  1,982
  2,372
  2,785
  3,222
  3,682
  4,189
  4,695
  5,223
  5,773
  6,347
  6,945
  7,566
  8,213
  8,885
  9,585
  10,313
  11,070
  11,858
  12,680
  13,536
  14,428
  15,359
  16,330
  17,344
  18,404
EBITDA, $m
  300
  519
  793
  1,095
  1,425
  1,781
  2,165
  2,574
  3,009
  3,468
  3,952
  4,459
  4,990
  5,545
  6,124
  6,727
  7,355
  8,008
  8,688
  9,395
  10,130
  10,894
  11,690
  12,518
  13,381
  14,280
  15,218
  16,195
  17,215
  18,281
  19,393
Interest expense (income), $m
  30
  30
  44
  59
  76
  94
  114
  135
  158
  182
  207
  233
  261
  290
  320
  351
  384
  418
  454
  490
  529
  568
  610
  653
  697
  744
  792
  843
  895
  950
  1,007
Earnings before tax, $m
  297
  389
  635
  906
  1,203
  1,524
  1,868
  2,236
  2,627
  3,040
  3,475
  3,956
  4,434
  4,933
  5,453
  5,996
  6,560
  7,148
  7,759
  8,395
  9,056
  9,744
  10,460
  11,206
  11,982
  12,792
  13,636
  14,516
  15,435
  16,394
  17,396
Tax expense, $m
  79
  105
  171
  245
  325
  411
  504
  604
  709
  821
  938
  1,068
  1,197
  1,332
  1,472
  1,619
  1,771
  1,930
  2,095
  2,267
  2,445
  2,631
  2,824
  3,026
  3,235
  3,454
  3,682
  3,919
  4,167
  4,426
  4,697
Net income, $m
  205
  284
  464
  662
  878
  1,112
  1,364
  1,633
  1,918
  2,219
  2,537
  2,888
  3,237
  3,601
  3,981
  4,377
  4,789
  5,218
  5,664
  6,128
  6,611
  7,113
  7,636
  8,180
  8,747
  9,338
  9,954
  10,597
  11,267
  11,968
  12,699

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  2,325
  2,449
  2,893
  3,380
  3,909
  4,478
  5,088
  5,738
  6,425
  7,150
  7,912
  8,711
  9,545
  10,416
  11,324
  12,268
  13,250
  14,271
  15,332
  16,435
  17,581
  18,772
  20,010
  21,298
  22,639
  24,035
  25,488
  27,003
  28,582
  30,230
  31,949
Adjusted assets (=assets-cash), $m
  2,047
  2,449
  2,893
  3,380
  3,909
  4,478
  5,088
  5,738
  6,425
  7,150
  7,912
  8,711
  9,545
  10,416
  11,324
  12,268
  13,250
  14,271
  15,332
  16,435
  17,581
  18,772
  20,010
  21,298
  22,639
  24,035
  25,488
  27,003
  28,582
  30,230
  31,949
Revenue / Adjusted assets
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
Average production assets, $m
  666
  797
  941
  1,100
  1,272
  1,457
  1,655
  1,867
  2,090
  2,326
  2,574
  2,834
  3,105
  3,389
  3,684
  3,991
  4,310
  4,643
  4,988
  5,346
  5,719
  6,107
  6,510
  6,929
  7,365
  7,819
  8,292
  8,784
  9,298
  9,834
  10,394
Working capital, $m
  670
  476
  562
  657
  759
  870
  989
  1,115
  1,248
  1,389
  1,537
  1,693
  1,855
  2,024
  2,200
  2,384
  2,575
  2,773
  2,979
  3,193
  3,416
  3,647
  3,888
  4,138
  4,399
  4,670
  4,952
  5,247
  5,554
  5,874
  6,208
Total debt, $m
  579
  839
  1,136
  1,460
  1,813
  2,193
  2,600
  3,033
  3,492
  3,975
  4,484
  5,016
  5,573
  6,154
  6,759
  7,389
  8,044
  8,725
  9,433
  10,168
  10,932
  11,727
  12,553
  13,412
  14,306
  15,237
  16,207
  17,217
  18,271
  19,369
  20,516
Total liabilities, $m
  1,374
  1,633
  1,930
  2,254
  2,607
  2,987
  3,394
  3,827
  4,286
  4,769
  5,278
  5,810
  6,367
  6,948
  7,553
  8,183
  8,838
  9,519
  10,227
  10,962
  11,726
  12,521
  13,347
  14,206
  15,100
  16,031
  17,001
  18,011
  19,065
  20,163
  21,310
Total equity, $m
  952
  815
  963
  1,126
  1,302
  1,491
  1,694
  1,911
  2,140
  2,381
  2,635
  2,901
  3,179
  3,469
  3,771
  4,085
  4,412
  4,752
  5,106
  5,473
  5,854
  6,251
  6,663
  7,092
  7,539
  8,004
  8,488
  8,992
  9,518
  10,067
  10,639
Total liabilities and equity, $m
  2,326
  2,448
  2,893
  3,380
  3,909
  4,478
  5,088
  5,738
  6,426
  7,150
  7,913
  8,711
  9,546
  10,417
  11,324
  12,268
  13,250
  14,271
  15,333
  16,435
  17,580
  18,772
  20,010
  21,298
  22,639
  24,035
  25,489
  27,003
  28,583
  30,230
  31,949
Debt-to-equity ratio
  0.608
  1.030
  1.180
  1.300
  1.390
  1.470
  1.530
  1.590
  1.630
  1.670
  1.700
  1.730
  1.750
  1.770
  1.790
  1.810
  1.820
  1.840
  1.850
  1.860
  1.870
  1.880
  1.880
  1.890
  1.900
  1.900
  1.910
  1.910
  1.920
  1.920
  1.930
Adjusted equity ratio
  0.329
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  205
  284
  464
  662
  878
  1,112
  1,364
  1,633
  1,918
  2,219
  2,537
  2,888
  3,237
  3,601
  3,981
  4,377
  4,789
  5,218
  5,664
  6,128
  6,611
  7,113
  7,636
  8,180
  8,747
  9,338
  9,954
  10,597
  11,267
  11,968
  12,699
Depreciation, amort., depletion, $m
  87
  101
  114
  130
  146
  164
  182
  203
  224
  246
  270
  270
  296
  323
  351
  380
  411
  442
  475
  509
  545
  582
  620
  660
  701
  745
  790
  837
  886
  937
  990
Funds from operations, $m
  334
  385
  578
  791
  1,024
  1,276
  1,546
  1,835
  2,142
  2,466
  2,807
  3,158
  3,532
  3,924
  4,332
  4,757
  5,200
  5,660
  6,139
  6,637
  7,156
  7,695
  8,256
  8,840
  9,449
  10,083
  10,744
  11,433
  12,153
  12,904
  13,689
Change in working capital, $m
  -2
  78
  86
  95
  103
  111
  119
  126
  134
  141
  148
  155
  162
  169
  176
  183
  191
  198
  206
  214
  223
  231
  241
  250
  260
  271
  282
  294
  307
  320
  334
Cash from operations, $m
  336
  307
  492
  697
  921
  1,165
  1,428
  1,709
  2,008
  2,325
  2,659
  3,003
  3,370
  3,755
  4,156
  4,574
  5,009
  5,462
  5,933
  6,423
  6,933
  7,463
  8,015
  8,590
  9,188
  9,811
  10,461
  11,139
  11,846
  12,584
  13,355
Maintenance CAPEX, $m
  0
  -63
  -76
  -90
  -105
  -121
  -139
  -158
  -178
  -199
  -222
  -245
  -270
  -296
  -323
  -351
  -380
  -411
  -442
  -475
  -509
  -545
  -582
  -620
  -660
  -701
  -745
  -790
  -837
  -886
  -937
New CAPEX, $m
  -68
  -131
  -145
  -158
  -172
  -185
  -198
  -211
  -224
  -236
  -248
  -260
  -272
  -283
  -295
  -307
  -320
  -332
  -345
  -359
  -373
  -387
  -403
  -419
  -436
  -454
  -473
  -493
  -514
  -536
  -559
Cash from investing activities, $m
  -63
  -194
  -221
  -248
  -277
  -306
  -337
  -369
  -402
  -435
  -470
  -505
  -542
  -579
  -618
  -658
  -700
  -743
  -787
  -834
  -882
  -932
  -985
  -1,039
  -1,096
  -1,155
  -1,218
  -1,283
  -1,351
  -1,422
  -1,496
Free cash flow, $m
  273
  113
  271
  449
  644
  859
  1,091
  1,340
  1,607
  1,890
  2,189
  2,498
  2,829
  3,175
  3,538
  3,915
  4,309
  4,719
  5,146
  5,589
  6,051
  6,531
  7,031
  7,551
  8,092
  8,656
  9,244
  9,856
  10,496
  11,163
  11,859
Issuance/(repayment) of debt, $m
  -3
  267
  296
  325
  353
  380
  407
  433
  459
  484
  508
  533
  557
  581
  605
  630
  655
  681
  708
  735
  764
  794
  826
  859
  894
  931
  970
  1,010
  1,053
  1,099
  1,147
Issuance/(repurchase) of shares, $m
  -9
  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  
  -28
  267
  296
  325
  353
  380
  407
  433
  459
  484
  508
  533
  557
  581
  605
  630
  655
  681
  708
  735
  764
  794
  826
  859
  894
  931
  970
  1,010
  1,053
  1,099
  1,147
Total cash flow (excl. dividends), $m
  245
  380
  568
  773
  997
  1,239
  1,498
  1,773
  2,065
  2,374
  2,697
  3,030
  3,386
  3,756
  4,143
  4,545
  4,964
  5,400
  5,853
  6,325
  6,815
  7,326
  7,857
  8,410
  8,986
  9,587
  10,213
  10,867
  11,549
  12,262
  13,006
Retained Cash Flow (-), $m
  -159
  -134
  -148
  -162
  -176
  -190
  -203
  -216
  -229
  -241
  -254
  -266
  -278
  -290
  -302
  -314
  -327
  -340
  -353
  -367
  -382
  -397
  -412
  -429
  -446
  -465
  -484
  -504
  -526
  -549
  -573
Prev. year cash balance distribution, $m
 
  271
  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
 
  517
  420
  611
  821
  1,049
  1,294
  1,557
  1,836
  2,132
  2,444
  2,765
  3,108
  3,466
  3,841
  4,231
  4,637
  5,060
  5,500
  5,958
  6,434
  6,929
  7,444
  7,981
  8,540
  9,122
  9,729
  10,362
  11,023
  11,713
  12,433
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
 
  495
  384
  532
  676
  813
  939
  1,052
  1,148
  1,225
  1,281
  1,313
  1,326
  1,318
  1,289
  1,242
  1,178
  1,101
  1,013
  917
  818
  717
  618
  523
  435
  355
  284
  222
  171
  128
  94
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

Worthington Industries, Inc. is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company's segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, and oil and gas equipment along with various accessories and related products for end use market applications. The Engineered Cabs is a non-captive designer and manufacturer of custom-engineered open and enclosed cabs and operator stations and custom fabrications for heavy mobile equipment used in the agricultural, construction, forestry, mining and military industries. The Other segment includes Construction Services and Worthington Energy Innovations.

FINANCIAL RATIOS  of  Worthington Industries (WOR)

Valuation Ratios
P/E Ratio 14.6
Price to Sales 1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 11.2
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio 40
Current Ratio 0
LT Debt to Equity 60.1%
Total Debt to Equity 60.8%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 14.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 23.5%
Return On Equity - 3 Yr. Avg. 17.3%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 15.9%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 24.9%

WOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WOR stock intrinsic value calculation we used $3014 million for the last fiscal year's total revenue generated by Worthington Industries. The default revenue input number comes from 2017 income statement of Worthington 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 WOR stock valuation model: a) initial revenue growth rate of 19.6% 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 WOR is calculated based on our internal credit rating of Worthington 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 Worthington 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 WOR stock the variable cost ratio is equal to 56.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1119 million in the base year in the intrinsic value calculation for WOR 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 5.2% for Worthington Industries.

Corporate tax rate of 27% is the nominal tax rate for Worthington 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 WOR 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 WOR are equal to 22.1%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Worthington 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 WOR is equal to 13.2%. 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 - $952 million for Worthington 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 64.004 million for Worthington 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 Worthington Industries at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Worthington misses 2Q profit forecasts   [08:59AM  Associated Press]
▶ WAVE to Sell European and Pacific Rim Businesses   [Nov-20-17 08:26AM  GlobeNewswire]
▶ Worthington misses 1Q profit forecasts   [Sep-27-17 11:19PM  Associated Press]
▶ Worthington Industries Sees IBD RS Rating Rise To 71   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for September 7th   [Sep-07-17 11:33AM  Zacks]
▶ 5 of the Best Manufacturing Stocks Right Now   [Sep-05-17 12:30PM  Zacks]
▶ Worthington Industries Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for July 18th   [Jul-18-17 06:01AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for July 6th   [Jul-06-17 11:32AM  Zacks]
▶ Worthington beats 4Q profit forecasts   [Jun-28-17 09:55PM  Associated Press]
▶ Worthington Industries makes biggest acquisition in company history   [Jun-02-17 01:37PM  American City Business Journals]
▶ Worthington Industries Acquires Amtrol   [09:01AM  GlobeNewswire]
▶ WorleyParsons Jumps on Dar Group Stake Acquisition   [Apr-09-17 10:16PM  Barrons.com]
▶ Examining Worthington's Big Earnings Miss   [Apr-06-17 02:44PM  Investopedia]
Financial statements of WOR
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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