Intrinsic value of Worthington Industries - WOR

Previous Close

$44.49

  Intrinsic Value

$115.12

stock screener

  Rating & Target

str. buy

+159%

Previous close

$44.49

 
Intrinsic value

$115.12

 
Up/down potential

+159%

 
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
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  3,014
  3,222
  3,438
  3,663
  3,897
  4,140
  4,394
  4,658
  4,933
  5,220
  5,519
  5,832
  6,158
  6,499
  6,856
  7,228
  7,618
  8,026
  8,452
  8,899
  9,367
  9,857
  10,370
  10,908
  11,472
  12,063
  12,682
  13,332
  14,014
  14,728
  15,478
Variable operating expenses, $m
 
  1,712
  1,824
  1,942
  2,063
  2,190
  2,322
  2,460
  2,603
  2,753
  2,909
  3,039
  3,209
  3,386
  3,572
  3,766
  3,969
  4,182
  4,404
  4,637
  4,881
  5,136
  5,403
  5,684
  5,977
  6,285
  6,608
  6,947
  7,302
  7,674
  8,065
Fixed operating expenses, $m
 
  1,251
  1,278
  1,307
  1,335
  1,365
  1,395
  1,425
  1,457
  1,489
  1,522
  1,555
  1,589
  1,624
  1,660
  1,696
  1,734
  1,772
  1,811
  1,851
  1,891
  1,933
  1,976
  2,019
  2,063
  2,109
  2,155
  2,203
  2,251
  2,301
  2,351
Total operating expenses, $m
  2,801
  2,963
  3,102
  3,249
  3,398
  3,555
  3,717
  3,885
  4,060
  4,242
  4,431
  4,594
  4,798
  5,010
  5,232
  5,462
  5,703
  5,954
  6,215
  6,488
  6,772
  7,069
  7,379
  7,703
  8,040
  8,394
  8,763
  9,150
  9,553
  9,975
  10,416
Operating income, $m
  213
  259
  335
  415
  498
  585
  677
  772
  873
  978
  1,089
  1,238
  1,360
  1,489
  1,624
  1,766
  1,915
  2,072
  2,237
  2,411
  2,595
  2,788
  2,991
  3,205
  3,431
  3,669
  3,919
  4,183
  4,461
  4,753
  5,062
EBITDA, $m
  300
  390
  472
  559
  649
  744
  843
  947
  1,055
  1,169
  1,289
  1,415
  1,547
  1,686
  1,831
  1,985
  2,146
  2,315
  2,493
  2,681
  2,879
  3,087
  3,305
  3,536
  3,779
  4,034
  4,303
  4,587
  4,885
  5,200
  5,531
Interest expense (income), $m
  30
  31
  36
  42
  47
  53
  59
  65
  72
  79
  86
  93
  101
  109
  117
  126
  135
  145
  155
  165
  176
  188
  200
  212
  226
  240
  254
  269
  285
  302
  320
Earnings before tax, $m
  297
  228
  299
  373
  451
  532
  618
  707
  801
  900
  1,003
  1,145
  1,260
  1,380
  1,506
  1,640
  1,780
  1,927
  2,083
  2,246
  2,419
  2,600
  2,791
  2,993
  3,205
  3,429
  3,665
  3,913
  4,175
  4,451
  4,742
Tax expense, $m
  79
  62
  81
  101
  122
  144
  167
  191
  216
  243
  271
  309
  340
  373
  407
  443
  481
  520
  562
  606
  653
  702
  754
  808
  865
  926
  990
  1,057
  1,127
  1,202
  1,280
Net income, $m
  205
  166
  218
  272
  329
  389
  451
  516
  585
  657
  732
  836
  920
  1,007
  1,100
  1,197
  1,299
  1,407
  1,520
  1,640
  1,766
  1,898
  2,038
  2,185
  2,340
  2,503
  2,675
  2,857
  3,048
  3,249
  3,462

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
  2,486
  2,653
  2,826
  3,007
  3,195
  3,390
  3,594
  3,806
  4,028
  4,259
  4,500
  4,752
  5,015
  5,290
  5,577
  5,878
  6,193
  6,522
  6,867
  7,228
  7,606
  8,002
  8,417
  8,852
  9,308
  9,786
  10,287
  10,813
  11,364
  11,943
Adjusted assets (=assets-cash), $m
  2,047
  2,486
  2,653
  2,826
  3,007
  3,195
  3,390
  3,594
  3,806
  4,028
  4,259
  4,500
  4,752
  5,015
  5,290
  5,577
  5,878
  6,193
  6,522
  6,867
  7,228
  7,606
  8,002
  8,417
  8,852
  9,308
  9,786
  10,287
  10,813
  11,364
  11,943
Revenue / Adjusted assets
  1.472
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
  1.296
Average production assets, $m
  666
  976
  1,042
  1,110
  1,181
  1,255
  1,331
  1,411
  1,495
  1,582
  1,672
  1,767
  1,866
  1,969
  2,077
  2,190
  2,308
  2,432
  2,561
  2,696
  2,838
  2,987
  3,142
  3,305
  3,476
  3,655
  3,843
  4,040
  4,246
  4,463
  4,690
Working capital, $m
  670
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -77
Total debt, $m
  579
  675
  773
  876
  982
  1,093
  1,209
  1,329
  1,455
  1,586
  1,722
  1,865
  2,014
  2,169
  2,332
  2,501
  2,679
  2,865
  3,060
  3,263
  3,477
  3,700
  3,934
  4,180
  4,437
  4,706
  4,989
  5,285
  5,596
  5,922
  6,263
Total liabilities, $m
  1,374
  1,469
  1,568
  1,670
  1,777
  1,888
  2,004
  2,124
  2,250
  2,380
  2,517
  2,659
  2,808
  2,964
  3,126
  3,296
  3,474
  3,660
  3,854
  4,058
  4,271
  4,495
  4,729
  4,974
  5,231
  5,501
  5,783
  6,080
  6,390
  6,716
  7,058
Total equity, $m
  952
  1,017
  1,085
  1,156
  1,230
  1,307
  1,387
  1,470
  1,557
  1,647
  1,742
  1,840
  1,943
  2,051
  2,164
  2,281
  2,404
  2,533
  2,667
  2,808
  2,956
  3,111
  3,273
  3,442
  3,620
  3,807
  4,002
  4,207
  4,422
  4,648
  4,885
Total liabilities and equity, $m
  2,326
  2,486
  2,653
  2,826
  3,007
  3,195
  3,391
  3,594
  3,807
  4,027
  4,259
  4,499
  4,751
  5,015
  5,290
  5,577
  5,878
  6,193
  6,521
  6,866
  7,227
  7,606
  8,002
  8,416
  8,851
  9,308
  9,785
  10,287
  10,812
  11,364
  11,943
Debt-to-equity ratio
  0.608
  0.660
  0.710
  0.760
  0.800
  0.840
  0.870
  0.900
  0.930
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.110
  1.130
  1.150
  1.160
  1.180
  1.190
  1.200
  1.210
  1.230
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
Adjusted equity ratio
  0.329
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409
  0.409

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  205
  166
  218
  272
  329
  389
  451
  516
  585
  657
  732
  836
  920
  1,007
  1,100
  1,197
  1,299
  1,407
  1,520
  1,640
  1,766
  1,898
  2,038
  2,185
  2,340
  2,503
  2,675
  2,857
  3,048
  3,249
  3,462
Depreciation, amort., depletion, $m
  87
  131
  137
  144
  151
  158
  166
  174
  182
  191
  200
  177
  187
  197
  208
  219
  231
  243
  256
  270
  284
  299
  314
  331
  348
  366
  384
  404
  425
  446
  469
Funds from operations, $m
  334
  297
  355
  416
  480
  547
  617
  690
  767
  848
  933
  1,013
  1,106
  1,204
  1,307
  1,416
  1,530
  1,650
  1,776
  1,909
  2,049
  2,197
  2,352
  2,515
  2,687
  2,869
  3,060
  3,261
  3,473
  3,696
  3,931
Change in working capital, $m
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
Cash from operations, $m
  336
  298
  356
  417
  481
  548
  618
  692
  769
  849
  934
  1,014
  1,108
  1,206
  1,309
  1,418
  1,532
  1,652
  1,779
  1,912
  2,052
  2,199
  2,354
  2,518
  2,690
  2,872
  3,063
  3,264
  3,476
  3,699
  3,934
Maintenance CAPEX, $m
  0
  -91
  -98
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -270
  -284
  -299
  -314
  -331
  -348
  -366
  -384
  -404
  -425
  -446
New CAPEX, $m
  -68
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -129
  -135
  -142
  -148
  -156
  -163
  -171
  -179
  -188
  -197
  -206
  -217
  -227
Cash from investing activities, $m
  -63
  -154
  -164
  -172
  -182
  -192
  -202
  -213
  -224
  -236
  -249
  -262
  -276
  -290
  -305
  -321
  -337
  -355
  -372
  -391
  -412
  -432
  -455
  -477
  -502
  -527
  -554
  -581
  -610
  -642
  -673
Free cash flow, $m
  273
  144
  193
  245
  299
  356
  416
  479
  544
  613
  685
  752
  832
  916
  1,004
  1,097
  1,195
  1,298
  1,406
  1,520
  1,640
  1,767
  1,900
  2,041
  2,189
  2,345
  2,509
  2,683
  2,866
  3,058
  3,261
Issuance/(repayment) of debt, $m
  -3
  96
  99
  103
  107
  111
  116
  120
  126
  131
  137
  143
  149
  155
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  257
  269
  283
  296
  311
  326
  342
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
  96
  99
  103
  107
  111
  116
  120
  126
  131
  137
  143
  149
  155
  163
  170
  178
  186
  195
  204
  213
  223
  234
  245
  257
  269
  283
  296
  311
  326
  342
Total cash flow (excl. dividends), $m
  245
  239
  292
  348
  406
  467
  532
  599
  670
  744
  822
  895
  981
  1,072
  1,167
  1,267
  1,373
  1,484
  1,601
  1,724
  1,854
  1,990
  2,134
  2,286
  2,446
  2,614
  2,792
  2,979
  3,176
  3,384
  3,603
Retained Cash Flow (-), $m
  -159
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -94
  -99
  -103
  -108
  -112
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
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
 
  15
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  63
  67
  70
  74
Cash available for distribution, $m
 
  175
  224
  277
  332
  391
  452
  516
  583
  653
  727
  796
  878
  964
  1,054
  1,149
  1,250
  1,355
  1,466
  1,583
  1,706
  1,836
  1,972
  2,116
  2,268
  2,428
  2,596
  2,774
  2,961
  3,158
  3,366
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
 
  167
  205
  241
  274
  303
  328
  348
  364
  375
  381
  378
  375
  367
  354
  337
  318
  295
  270
  244
  217
  190
  164
  139
  116
  94
  76
  60
  46
  34
  25
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 13.6
Price to Sales 0.9
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 10.4
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 6.9% 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 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 53.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1224 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 5.4% 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 0.5%.

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 30.3%.

Life of production assets of 10 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 -0.5%. 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 62 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 $2.8 billion.

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COMPANY NEWS

▶ Worthington: Fiscal 4Q Earnings Snapshot   [Jun-27-18 05:18PM  Associated Press]
▶ Is Worthington Industries' Rally for Real?   [Apr-19-18 04:16PM  TheStreet.com]
▶ Worthington Industries, Inc. to Host Earnings Call   [Mar-29-18 10:00AM  ACCESSWIRE]
▶ Worthington misses 3Q profit forecasts   [08:50AM  Associated Press]
▶ Worthington Industries Declares Quarterly Dividend   [Mar-28-18 04:05PM  GlobeNewswire]
▶ [$$] Fuel Compression Startup Simple-Fill Taps $1.7 Million   [01:15PM  The Wall Street Journal]
▶ 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]
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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