Intrinsic value of Olympic Steel - ZEUS

Previous Close

$24.47

  Intrinsic Value

$5.71

stock screener

  Rating & Target

str. sell

-77%

Previous close

$24.47

 
Intrinsic value

$5.71

 
Up/down potential

-77%

 
Rating

str. sell

We calculate the intrinsic value of ZEUS 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, %
  -10.29
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  1,055
  1,303
  1,585
  1,902
  2,253
  2,640
  3,060
  3,514
  4,000
  4,519
  5,069
  5,649
  6,259
  6,899
  7,569
  8,268
  8,996
  9,754
  10,543
  11,363
  12,215
  13,100
  14,020
  14,977
  15,971
  17,006
  18,082
  19,202
  20,369
  21,584
  22,851
Variable operating expenses, $m
 
  1,333
  1,621
  1,946
  2,305
  2,700
  3,130
  3,594
  4,092
  4,623
  5,185
  5,779
  6,403
  7,058
  7,743
  8,458
  9,203
  9,978
  10,785
  11,624
  12,496
  13,402
  14,343
  15,321
  16,339
  17,397
  18,498
  19,644
  20,837
  22,081
  23,377
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
  1,049
  1,333
  1,621
  1,946
  2,305
  2,700
  3,130
  3,594
  4,092
  4,623
  5,185
  5,779
  6,403
  7,058
  7,743
  8,458
  9,203
  9,978
  10,785
  11,624
  12,496
  13,402
  14,343
  15,321
  16,339
  17,397
  18,498
  19,644
  20,837
  22,081
  23,377
Operating income, $m
  6
  -30
  -36
  -44
  -52
  -61
  -70
  -81
  -92
  -104
  -117
  -130
  -144
  -159
  -174
  -190
  -207
  -224
  -242
  -261
  -281
  -301
  -322
  -344
  -367
  -391
  -416
  -442
  -468
  -496
  -526
EBITDA, $m
  25
  -7
  -8
  -10
  -11
  -13
  -15
  -18
  -20
  -23
  -26
  -28
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -62
  -66
  -71
  -75
  -81
  -86
  -91
  -97
  -103
  -109
  -115
Interest expense (income), $m
  4
  6
  8
  11
  14
  18
  22
  26
  30
  35
  40
  46
  52
  58
  64
  71
  78
  85
  93
  100
  109
  117
  126
  135
  145
  155
  165
  176
  187
  199
  211
Earnings before tax, $m
  0
  -36
  -45
  -55
  -66
  -78
  -92
  -107
  -122
  -139
  -157
  -176
  -196
  -216
  -238
  -261
  -285
  -309
  -335
  -362
  -390
  -418
  -448
  -480
  -512
  -546
  -581
  -617
  -655
  -695
  -736
Tax expense, $m
  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
Net income, $m
  -1
  -36
  -45
  -55
  -66
  -78
  -92
  -107
  -122
  -139
  -157
  -176
  -196
  -216
  -238
  -261
  -285
  -309
  -335
  -362
  -390
  -418
  -448
  -480
  -512
  -546
  -581
  -617
  -655
  -695
  -736

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2
  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
  556
  684
  832
  999
  1,183
  1,386
  1,607
  1,845
  2,101
  2,373
  2,662
  2,967
  3,288
  3,624
  3,975
  4,342
  4,725
  5,123
  5,537
  5,968
  6,415
  6,880
  7,364
  7,866
  8,388
  8,931
  9,497
  10,085
  10,698
  11,336
  12,002
Adjusted assets (=assets-cash), $m
  554
  684
  832
  999
  1,183
  1,386
  1,607
  1,845
  2,101
  2,373
  2,662
  2,967
  3,288
  3,624
  3,975
  4,342
  4,725
  5,123
  5,537
  5,968
  6,415
  6,880
  7,364
  7,866
  8,388
  8,931
  9,497
  10,085
  10,698
  11,336
  12,002
Revenue / Adjusted assets
  1.904
  1.905
  1.905
  1.904
  1.904
  1.905
  1.904
  1.905
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
  1.904
Average production assets, $m
  186
  229
  279
  335
  397
  465
  539
  618
  704
  795
  892
  994
  1,102
  1,214
  1,332
  1,455
  1,583
  1,717
  1,856
  2,000
  2,150
  2,306
  2,468
  2,636
  2,811
  2,993
  3,182
  3,380
  3,585
  3,799
  4,022
Working capital, $m
  260
  321
  390
  468
  554
  649
  753
  864
  984
  1,112
  1,247
  1,390
  1,540
  1,697
  1,862
  2,034
  2,213
  2,400
  2,594
  2,795
  3,005
  3,223
  3,449
  3,684
  3,929
  4,183
  4,448
  4,724
  5,011
  5,310
  5,621
Total debt, $m
  166
  235
  315
  405
  506
  616
  736
  865
  1,004
  1,152
  1,309
  1,474
  1,648
  1,831
  2,022
  2,221
  2,429
  2,645
  2,870
  3,104
  3,347
  3,599
  3,861
  4,134
  4,418
  4,713
  5,020
  5,339
  5,672
  6,019
  6,380
Total liabilities, $m
  303
  372
  452
  542
  643
  753
  873
  1,002
  1,141
  1,289
  1,446
  1,611
  1,785
  1,968
  2,159
  2,358
  2,566
  2,782
  3,007
  3,241
  3,484
  3,736
  3,998
  4,271
  4,555
  4,850
  5,157
  5,476
  5,809
  6,156
  6,517
Total equity, $m
  253
  313
  380
  456
  541
  634
  734
  843
  960
  1,085
  1,217
  1,356
  1,502
  1,656
  1,817
  1,984
  2,159
  2,341
  2,530
  2,727
  2,932
  3,144
  3,365
  3,595
  3,833
  4,082
  4,340
  4,609
  4,889
  5,181
  5,485
Total liabilities and equity, $m
  556
  685
  832
  998
  1,184
  1,387
  1,607
  1,845
  2,101
  2,374
  2,663
  2,967
  3,287
  3,624
  3,976
  4,342
  4,725
  5,123
  5,537
  5,968
  6,416
  6,880
  7,363
  7,866
  8,388
  8,932
  9,497
  10,085
  10,698
  11,337
  12,002
Debt-to-equity ratio
  0.656
  0.750
  0.830
  0.890
  0.930
  0.970
  1.000
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
Adjusted equity ratio
  0.453
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457
  0.457

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -1
  -36
  -45
  -55
  -66
  -78
  -92
  -107
  -122
  -139
  -157
  -176
  -196
  -216
  -238
  -261
  -285
  -309
  -335
  -362
  -390
  -418
  -448
  -480
  -512
  -546
  -581
  -617
  -655
  -695
  -736
Depreciation, amort., depletion, $m
  19
  23
  28
  34
  40
  47
  55
  63
  72
  81
  91
  101
  112
  124
  136
  148
  162
  175
  189
  204
  219
  235
  252
  269
  287
  305
  325
  345
  366
  388
  410
Funds from operations, $m
  -37
  -12
  -16
  -21
  -26
  -31
  -37
  -43
  -50
  -58
  -66
  -74
  -83
  -92
  -102
  -112
  -123
  -134
  -146
  -158
  -170
  -183
  -197
  -211
  -225
  -240
  -256
  -272
  -290
  -307
  -326
Change in working capital, $m
  -27
  61
  69
  78
  86
  95
  103
  112
  120
  128
  135
  143
  150
  157
  165
  172
  179
  187
  194
  202
  210
  218
  226
  235
  245
  254
  265
  276
  287
  299
  312
Cash from operations, $m
  -10
  -73
  -86
  -99
  -112
  -126
  -140
  -155
  -170
  -185
  -201
  -217
  -233
  -250
  -267
  -284
  -302
  -321
  -340
  -359
  -380
  -401
  -423
  -446
  -470
  -495
  -521
  -548
  -577
  -606
  -638
Maintenance CAPEX, $m
  0
  -19
  -23
  -28
  -34
  -40
  -47
  -55
  -63
  -72
  -81
  -91
  -101
  -112
  -124
  -136
  -148
  -162
  -175
  -189
  -204
  -219
  -235
  -252
  -269
  -287
  -305
  -325
  -345
  -366
  -388
New CAPEX, $m
  -7
  -44
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -91
  -97
  -102
  -107
  -113
  -118
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -189
  -197
  -205
  -214
  -223
Cash from investing activities, $m
  -6
  -63
  -73
  -84
  -96
  -108
  -121
  -135
  -149
  -163
  -178
  -193
  -208
  -225
  -242
  -259
  -276
  -295
  -314
  -333
  -354
  -375
  -397
  -420
  -444
  -469
  -494
  -522
  -550
  -580
  -611
Free cash flow, $m
  -16
  -136
  -159
  -183
  -208
  -234
  -262
  -290
  -319
  -349
  -379
  -410
  -442
  -475
  -509
  -543
  -579
  -616
  -654
  -693
  -734
  -776
  -820
  -866
  -914
  -964
  -1,016
  -1,070
  -1,127
  -1,186
  -1,248
Issuance/(repayment) of debt, $m
  18
  71
  80
  90
  100
  110
  120
  129
  139
  148
  157
  166
  174
  183
  191
  199
  208
  216
  225
  234
  243
  253
  262
  273
  284
  295
  307
  319
  333
  347
  361
Issuance/(repurchase) of shares, $m
  0
  95
  112
  131
  150
  171
  193
  215
  239
  264
  289
  315
  342
  370
  399
  429
  459
  491
  524
  559
  594
  631
  669
  709
  751
  794
  839
  886
  935
  987
  1,040
Cash from financing (excl. dividends), $m  
  18
  166
  192
  221
  250
  281
  313
  344
  378
  412
  446
  481
  516
  553
  590
  628
  667
  707
  749
  793
  837
  884
  931
  982
  1,035
  1,089
  1,146
  1,205
  1,268
  1,334
  1,401
Total cash flow (excl. dividends), $m
  2
  30
  34
  38
  43
  47
  51
  55
  59
  63
  67
  70
  74
  78
  81
  85
  88
  92
  96
  99
  103
  107
  111
  116
  120
  125
  130
  136
  141
  147
  154
Retained Cash Flow (-), $m
  2
  -95
  -112
  -131
  -150
  -171
  -193
  -215
  -239
  -264
  -289
  -315
  -342
  -370
  -399
  -429
  -459
  -491
  -524
  -559
  -594
  -631
  -669
  -709
  -751
  -794
  -839
  -886
  -935
  -987
  -1,040
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
 
  -65
  -78
  -92
  -108
  -124
  -142
  -160
  -180
  -201
  -222
  -245
  -268
  -292
  -318
  -344
  -371
  -399
  -429
  -459
  -491
  -524
  -558
  -593
  -630
  -669
  -709
  -750
  -794
  -839
  -887
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  -61
  -67
  -72
  -76
  -79
  -80
  -79
  -78
  -74
  -70
  -65
  -59
  -52
  -45
  -39
  -33
  -27
  -21
  -17
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  74.0
  55.4
  41.9
  32.1
  24.8
  19.3
  15.1
  12.0
  9.5
  7.6
  6.1
  5.0
  4.0
  3.3
  2.7
  2.2
  1.8
  1.5
  1.3
  1.0
  0.9
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2

Olympic Steel, Inc. is a metals service center. The Company provides metals processing and distribution services for a range of customers. The Company operates through three segments: carbon flat products, specialty metals flat products, and tubular and pipe products. The Company's carbon flat products segment's focus is on the direct sale and distribution of large volumes of processed carbon and coated flat-rolled sheet, coil and plate products and fabricated parts. The Company's specialty metals flat products segment's focus is on the direct sale and distribution of processed aluminum and stainless flat-rolled sheet and coil products, flat bar products and fabricated parts. The Company's tubular and pipe products segment consists of the Chicago Tube and Iron Company (CTI) business. Through its tubular and pipe products segment, it distributes metals tubing, pipe, bar, valve and fittings, and fabricate pressure parts supplied to various industrial markets.


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FINANCIAL RATIOS  of  Olympic Steel (ZEUS)

Valuation Ratios
P/E Ratio -268.2
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow -26.8
Price to Free Cash Flow -15.8
Growth Rates
Sales Growth Rate -10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -15.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 64.8%
Total Debt to Equity 65.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.6%
Ret/ On Assets - 3 Yr. Avg. -1.6%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. -3.2%
Return On Equity -0.4%
Return On Equity - 3 Yr. Avg. -5.7%
Asset Turnover 2
Profitability Ratios
Gross Margin 14.8%
Gross Margin - 3 Yr. Avg. 13.4%
EBITDA Margin 2.2%
EBITDA Margin - 3 Yr. Avg. 0.8%
Operating Margin 0.6%
Oper. Margin - 3 Yr. Avg. -0.8%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. -1.3%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. -1.2%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0.6%
Payout Ratio -100%

ZEUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZEUS stock intrinsic value calculation we used $1055 million for the last fiscal year's total revenue generated by Olympic Steel. The default revenue input number comes from 2016 income statement of Olympic Steel. 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 ZEUS stock valuation model: a) initial revenue growth rate of 23.5% 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 7.9%, whose default value for ZEUS is calculated based on our internal credit rating of Olympic Steel, 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 Olympic Steel.
    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 ZEUS stock the variable cost ratio is equal to 102.3%.

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 ZEUS 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 3.5% for Olympic Steel.

Corporate tax rate of 27% is the nominal tax rate for Olympic Steel. 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 ZEUS 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 ZEUS are equal to 17.6%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Olympic Steel 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 ZEUS is equal to 24.6%. 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 - $253 million for Olympic Steel - 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 11.079 million for Olympic Steel 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 Olympic Steel at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Olympic Steel Announces Quarterly Cash Dividend   [Feb-12-18 07:20AM  Business Wire]
▶ Olympic Steel posts 3Q profit   [Nov-08-17 06:23AM  Associated Press]
▶ BMO Exchange Traded Funds Opens the Market   [Oct-11-17 10:33AM  CNW Group]
▶ Olympic Steel Announces Management Promotions   [Sep-29-17 08:00AM  Business Wire]
▶ New Strong Sell Stocks for August 4th   [Aug-04-17 07:56AM  Zacks]
▶ Olympic Steel posts 2Q profit   [Aug-03-17 06:23AM  Associated Press]
▶ New Strong Sell Stocks for July 20th   [Jul-20-17 11:08AM  Zacks]
▶ ETFs with exposure to Olympic Steel, Inc. : June 9, 2017   [Jun-09-17 02:05PM  Capital Cube]
▶ N.C. manufacturers disclose 200 layoffs in a week   [May-22-17 07:50AM  American City Business Journals]
▶ ETFs with exposure to Olympic Steel, Inc. : May 15, 2017   [May-15-17 04:59PM  Capital Cube]
▶ Manufacturer shuts down Chatham County plant, 51 layoffs   [May-11-17 10:15AM  American City Business Journals]
▶ ETFs with exposure to Olympic Steel, Inc. : May 5, 2017   [May-05-17 04:43PM  Capital Cube]
▶ Olympic Steel posts 1Q profit   [Apr-28-17 05:58AM  Associated Press]
▶ ETFs with exposure to Olympic Steel, Inc. : April 5, 2017   [Apr-05-17 05:48PM  Capital Cube]
▶ Olympic Steel reports 4Q loss   [06:01AM  Associated Press]
▶ Olympic Steel Announces Quarterly Cash Dividend   [Feb-14-17 08:00AM  Business Wire]
▶ Olympic Steel Announces Management Succession Planning   [Dec-15-16 04:20PM  Business Wire]
▶ Is Olympic Steel, Inc. (ZEUS) A Good Stock to Buy?   [Dec-12-16 11:11PM  at Insider Monkey]
▶ Maurer Joins Olympic Steel as Regional Sales Manager   [Oct-06-16 08:00AM  Business Wire]
▶ U.S. Steel: That's All Folks?   [09:56AM  at Barrons.com]
▶ Olympic Steel Announces Quarterly Cash Dividend   [Aug-10-16 07:27AM  Business Wire]
Financial statements of ZEUS
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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