Intrinsic value of Worthington Industries - WOR

Previous Close

$52.11

  Intrinsic Value

$8.11

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-81%

Previous close

$52.11

 
Intrinsic value

$8.11

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-81%

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

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

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 3.3

 

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, %
  -16.67
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
Revenue, $m
  2,820
  3,065
  3,321
  3,586
  3,862
  4,149
  4,447
  4,757
  5,079
  5,414
  5,762
  6,125
  6,502
  6,895
  7,305
  7,732
  8,177
  8,642
  9,128
  9,635
  10,165
  10,719
  11,298
  11,904
  12,538
  13,202
  13,897
  14,625
  15,388
  16,187
  17,025
Variable operating expenses, $m
 
  3,008
  3,257
  3,515
  3,784
  4,063
  4,353
  4,655
  4,968
  5,294
  5,633
  5,961
  6,328
  6,711
  7,110
  7,525
  7,959
  8,411
  8,884
  9,377
  9,893
  10,432
  10,996
  11,586
  12,203
  12,849
  13,526
  14,235
  14,977
  15,755
  16,570
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
  2,691
  3,008
  3,257
  3,515
  3,784
  4,063
  4,353
  4,655
  4,968
  5,294
  5,633
  5,961
  6,328
  6,711
  7,110
  7,525
  7,959
  8,411
  8,884
  9,377
  9,893
  10,432
  10,996
  11,586
  12,203
  12,849
  13,526
  14,235
  14,977
  15,755
  16,570
Operating income, $m
  129
  57
  64
  71
  79
  86
  94
  103
  111
  120
  129
  164
  174
  184
  195
  207
  219
  231
  244
  257
  272
  286
  302
  318
  335
  353
  371
  391
  411
  433
  455
EBITDA, $m
  214
  149
  161
  174
  188
  202
  216
  231
  247
  263
  280
  298
  316
  335
  355
  376
  397
  420
  444
  468
  494
  521
  549
  579
  609
  642
  676
  711
  748
  787
  828
Interest expense (income), $m
  30
  28
  33
  38
  44
  50
  56
  63
  69
  76
  83
  91
  99
  107
  115
  124
  133
  143
  153
  163
  174
  186
  198
  210
  223
  237
  251
  266
  282
  298
  315
Earnings before tax, $m
  217
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  73
  75
  77
  80
  82
  85
  88
  91
  94
  97
  101
  104
  108
  112
  116
  120
  125
  130
  135
  140
Tax expense, $m
  59
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  20
  20
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  36
  38
Net income, $m
  144
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  53
  55
  56
  58
  60
  62
  64
  66
  69
  71
  74
  76
  79
  82
  85
  88
  91
  95
  98
  102

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  84
  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
  2,061
  2,150
  2,329
  2,515
  2,708
  2,910
  3,119
  3,336
  3,562
  3,797
  4,041
  4,295
  4,560
  4,835
  5,123
  5,422
  5,734
  6,060
  6,401
  6,756
  7,128
  7,517
  7,923
  8,348
  8,793
  9,258
  9,746
  10,256
  10,791
  11,352
  11,939
Adjusted assets (=assets-cash), $m
  1,977
  2,150
  2,329
  2,515
  2,708
  2,910
  3,119
  3,336
  3,562
  3,797
  4,041
  4,295
  4,560
  4,835
  5,123
  5,422
  5,734
  6,060
  6,401
  6,756
  7,128
  7,517
  7,923
  8,348
  8,793
  9,258
  9,746
  10,256
  10,791
  11,352
  11,939
Revenue / Adjusted assets
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
  1.426
Average production assets, $m
  656
  711
  770
  832
  896
  963
  1,032
  1,104
  1,178
  1,256
  1,337
  1,421
  1,508
  1,600
  1,695
  1,794
  1,897
  2,005
  2,118
  2,235
  2,358
  2,487
  2,621
  2,762
  2,909
  3,063
  3,224
  3,393
  3,570
  3,755
  3,950
Working capital, $m
  485
  441
  478
  516
  556
  597
  640
  685
  731
  780
  830
  882
  936
  993
  1,052
  1,113
  1,178
  1,244
  1,314
  1,387
  1,464
  1,543
  1,627
  1,714
  1,805
  1,901
  2,001
  2,106
  2,216
  2,331
  2,452
Total debt, $m
  581
  687
  801
  920
  1,044
  1,172
  1,306
  1,445
  1,589
  1,739
  1,895
  2,058
  2,227
  2,403
  2,586
  2,778
  2,977
  3,186
  3,403
  3,630
  3,868
  4,116
  4,376
  4,647
  4,931
  5,229
  5,540
  5,867
  6,209
  6,567
  6,942
Total liabilities, $m
  1,268
  1,374
  1,488
  1,607
  1,731
  1,859
  1,993
  2,132
  2,276
  2,426
  2,582
  2,745
  2,914
  3,090
  3,273
  3,465
  3,664
  3,873
  4,090
  4,317
  4,555
  4,803
  5,063
  5,334
  5,618
  5,916
  6,227
  6,554
  6,896
  7,254
  7,629
Total equity, $m
  793
  776
  841
  908
  978
  1,050
  1,126
  1,204
  1,286
  1,371
  1,459
  1,551
  1,646
  1,746
  1,849
  1,957
  2,070
  2,188
  2,311
  2,439
  2,573
  2,713
  2,860
  3,014
  3,174
  3,342
  3,518
  3,702
  3,896
  4,098
  4,310
Total liabilities and equity, $m
  2,061
  2,150
  2,329
  2,515
  2,709
  2,909
  3,119
  3,336
  3,562
  3,797
  4,041
  4,296
  4,560
  4,836
  5,122
  5,422
  5,734
  6,061
  6,401
  6,756
  7,128
  7,516
  7,923
  8,348
  8,792
  9,258
  9,745
  10,256
  10,792
  11,352
  11,939
Debt-to-equity ratio
  0.733
  0.880
  0.950
  1.010
  1.070
  1.120
  1.160
  1.200
  1.240
  1.270
  1.300
  1.330
  1.350
  1.380
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
Adjusted equity ratio
  0.360
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  144
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  53
  55
  56
  58
  60
  62
  64
  66
  69
  71
  74
  76
  79
  82
  85
  88
  91
  95
  98
  102
Depreciation, amort., depletion, $m
  85
  92
  97
  103
  109
  115
  122
  129
  136
  143
  151
  134
  142
  151
  160
  169
  179
  189
  200
  211
  222
  235
  247
  261
  274
  289
  304
  320
  337
  354
  373
Funds from operations, $m
  584
  113
  120
  127
  134
  142
  150
  158
  166
  175
  184
  187
  197
  207
  218
  229
  241
  253
  266
  280
  294
  308
  323
  339
  356
  374
  392
  411
  431
  453
  475
Change in working capital, $m
  171
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  96
  100
  105
  110
  115
  121
Cash from operations, $m
  413
  78
  83
  89
  95
  101
  107
  113
  120
  127
  134
  135
  143
  151
  159
  168
  177
  186
  196
  207
  217
  228
  240
  252
  265
  278
  292
  306
  322
  337
  354
Maintenance CAPEX, $m
  0
  -62
  -67
  -73
  -78
  -85
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -179
  -189
  -200
  -211
  -222
  -235
  -247
  -261
  -274
  -289
  -304
  -320
  -337
  -354
New CAPEX, $m
  -97
  -56
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -134
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
Cash from investing activities, $m
  -127
  -118
  -126
  -135
  -142
  -152
  -160
  -169
  -179
  -189
  -199
  -210
  -222
  -233
  -246
  -259
  -272
  -287
  -302
  -318
  -334
  -351
  -369
  -388
  -408
  -428
  -450
  -473
  -497
  -522
  -548
Free cash flow, $m
  286
  -40
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -167
  -175
  -185
  -195
Issuance/(repayment) of debt, $m
  -86
  110
  114
  119
  124
  129
  134
  139
  144
  150
  156
  162
  169
  176
  184
  191
  200
  208
  218
  227
  237
  248
  260
  272
  284
  298
  312
  326
  342
  358
  375
Issuance/(repurchase) of shares, $m
  -91
  41
  42
  43
  45
  46
  48
  49
  51
  53
  55
  39
  41
  43
  45
  48
  51
  53
  56
  60
  63
  67
  70
  75
  79
  83
  88
  93
  98
  104
  110
Cash from financing (excl. dividends), $m  
  -186
  151
  156
  162
  169
  175
  182
  188
  195
  203
  211
  201
  210
  219
  229
  239
  251
  261
  274
  287
  300
  315
  330
  347
  363
  381
  400
  419
  440
  462
  485
Total cash flow (excl. dividends), $m
  100
  111
  113
  117
  120
  124
  128
  132
  136
  141
  146
  126
  131
  136
  142
  148
  155
  161
  169
  176
  184
  192
  201
  210
  220
  230
  241
  253
  265
  277
  291
Retained Cash Flow (-), $m
  -44
  -63
  -65
  -67
  -70
  -73
  -75
  -78
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -147
  -153
  -161
  -168
  -176
  -184
  -193
  -202
  -212
Prev. year cash balance distribution, $m
 
  80
  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
 
  128
  49
  50
  51
  52
  53
  54
  55
  56
  57
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  60
  62
  65
  68
  72
  75
  79
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  122
  44
  42
  40
  38
  36
  34
  31
  29
  26
  14
  13
  12
  10
  9
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.6
  97.3
  96.1
  95.0
  93.9
  92.9
  91.9
  91.0
  90.1
  89.2
  88.6
  88.1
  87.5
  87.0
  86.4
  85.9
  85.3
  84.8
  84.3
  83.7
  83.2
  82.7
  82.2
  81.7
  81.1
  80.6
  80.1
  79.6
  79.1
  78.6

Worthington Industries, Inc., a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Europe, Mexico, Canada, and internationally. The company operates through Steel Processing, Pressure Cylinders, Engineered Cabs, and Other segments. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, hardware, HVAC, lawn and garden, leisure and recreation, and office furniture and equipment markets. It also toll processes steel for steel mills, large end-users, service centers, and other processors; and designs and manufactures reusable custom steel platforms, racks, and pallets for supporting, protecting, and handling products in the shipping process for customers in industries, such as automotive, lawn and garden, and recreational vehicles. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, oil and gas equipment, and various accessories and related products for a range of end-use market applications, including industrial products, consumer products, alternative fuels, oil and gas equipment, and cryogenics. The Engineered Cabs segment designs and manufactures custom-engineered open and enclosed cabs, as well as operator stations and custom fabrications for heavy mobile equipment used in agricultural, construction, forestry, military, and mining industries; and machined structural components, complex and painted weldments, engine doors, boom components, and complete frames. The Other segment develops energy solutions for entities in North America and Asia. Worthington Industries, Inc. was founded in 1955 and is headquartered in Columbus, Ohio.

FINANCIAL RATIOS  of  Worthington Industries (WOR)

Valuation Ratios
P/E Ratio 22.9
Price to Sales 1.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate -16.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1%
Cap. Spend. - 3 Yr. Gr. Rate 16.6%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 72.8%
Total Debt to Equity 73.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 10.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.7%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 15.4%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 16.1%
Gross Margin - 3 Yr. Avg. 15.2%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 4.6%
Oper. Margin - 3 Yr. Avg. 3.6%
Pre-Tax Margin 7.7%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 27.2%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 32.6%

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 $2820 million for the last fiscal year's total revenue generated by Worthington Industries. The default revenue input number comes from 2016 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 8.7% 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 5.2%, 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 98.2%.

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 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 4.8% 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 23.2%.

Life of production assets of 10.6 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 14.4%. 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 - $793 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 62.549 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 $3.3 billion.

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COMPANY NEWS

▶ Top Ranked Momentum Stocks to Buy for July 18th   [Jul-18-17 06:01AM  Zacks]
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▶ 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]
▶ Worthington misses 3Q profit forecasts   [Mar-29-17 05:08PM  Associated Press]
▶ That's a Whole Lot of Steel Stock Downgrades!   [Nov-29-16 12:09PM  at Barrons.com]
Stock chart of WOR Financial statements of WOR Annual reports 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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