Intrinsic value of Olympic Steel - ZEUS

Previous Close

$18.07

  Intrinsic Value

$5.76

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

+20%

Previous close

$18.07

 
Intrinsic value

$5.76

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

+20%

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

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

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 0.2

 

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
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
Revenue, $m
  1,055
  1,369
  1,744
  2,181
  2,684
  3,255
  3,895
  4,603
  5,379
  6,222
  7,131
  8,104
  9,140
  10,237
  11,394
  12,611
  13,885
  15,217
  16,608
  18,056
  19,564
  21,132
  22,762
  24,456
  26,216
  28,046
  29,947
  31,925
  33,981
  36,121
  38,349
Variable operating expenses, $m
 
  1,401
  1,784
  2,231
  2,746
  3,330
  3,984
  4,709
  5,503
  6,365
  7,295
  8,290
  9,350
  10,473
  11,656
  12,901
  14,204
  15,567
  16,990
  18,471
  20,014
  21,618
  23,285
  25,018
  26,819
  28,691
  30,636
  32,659
  34,763
  36,952
  39,231
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
  1,401
  1,784
  2,231
  2,746
  3,330
  3,984
  4,709
  5,503
  6,365
  7,295
  8,290
  9,350
  10,473
  11,656
  12,901
  14,204
  15,567
  16,990
  18,471
  20,014
  21,618
  23,285
  25,018
  26,819
  28,691
  30,636
  32,659
  34,763
  36,952
  39,231
Operating income, $m
  6
  -31
  -40
  -50
  -62
  -75
  -90
  -106
  -124
  -143
  -164
  -186
  -210
  -235
  -262
  -290
  -319
  -350
  -382
  -415
  -450
  -486
  -524
  -562
  -603
  -645
  -689
  -734
  -782
  -831
  -882
EBITDA, $m
  25
  -7
  -9
  -12
  -14
  -18
  -21
  -25
  -29
  -34
  -39
  -44
  -49
  -55
  -62
  -68
  -75
  -82
  -90
  -98
  -106
  -114
  -123
  -132
  -142
  -151
  -162
  -172
  -183
  -195
  -207
Interest expense (income), $m
  4
  6
  9
  13
  17
  22
  28
  34
  41
  49
  57
  66
  76
  86
  97
  109
  121
  134
  147
  161
  175
  190
  206
  222
  239
  257
  275
  294
  314
  334
  356
Earnings before tax, $m
  0
  -37
  -49
  -63
  -79
  -97
  -117
  -140
  -165
  -192
  -221
  -253
  -286
  -322
  -359
  -399
  -440
  -484
  -529
  -576
  -625
  -677
  -730
  -785
  -842
  -902
  -964
  -1,028
  -1,095
  -1,165
  -1,238
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
  -37
  -49
  -63
  -79
  -97
  -117
  -140
  -165
  -192
  -221
  -253
  -286
  -322
  -359
  -399
  -440
  -484
  -529
  -576
  -625
  -677
  -730
  -785
  -842
  -902
  -964
  -1,028
  -1,095
  -1,165
  -1,238

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
  719
  916
  1,145
  1,410
  1,710
  2,046
  2,417
  2,825
  3,268
  3,745
  4,256
  4,800
  5,377
  5,984
  6,623
  7,293
  7,992
  8,722
  9,483
  10,275
  11,099
  11,955
  12,845
  13,769
  14,730
  15,729
  16,767
  17,847
  18,971
  20,141
Adjusted assets (=assets-cash), $m
  554
  719
  916
  1,145
  1,410
  1,710
  2,046
  2,417
  2,825
  3,268
  3,745
  4,256
  4,800
  5,377
  5,984
  6,623
  7,293
  7,992
  8,722
  9,483
  10,275
  11,099
  11,955
  12,845
  13,769
  14,730
  15,729
  16,767
  17,847
  18,971
  20,141
Revenue / Adjusted assets
  1.904
  1.904
  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
  1.904
  1.904
  1.904
  1.904
Average production assets, $m
  186
  241
  307
  384
  472
  573
  685
  810
  947
  1,095
  1,255
  1,426
  1,609
  1,802
  2,005
  2,219
  2,444
  2,678
  2,923
  3,178
  3,443
  3,719
  4,006
  4,304
  4,614
  4,936
  5,271
  5,619
  5,981
  6,357
  6,749
Working capital, $m
  260
  337
  429
  537
  660
  801
  958
  1,132
  1,323
  1,531
  1,754
  1,994
  2,248
  2,518
  2,803
  3,102
  3,416
  3,743
  4,085
  4,442
  4,813
  5,198
  5,599
  6,016
  6,449
  6,899
  7,367
  7,853
  8,359
  8,886
  9,434
Total debt, $m
  166
  254
  360
  485
  629
  791
  974
  1,176
  1,397
  1,637
  1,897
  2,174
  2,470
  2,783
  3,113
  3,459
  3,823
  4,203
  4,599
  5,012
  5,442
  5,890
  6,354
  6,838
  7,340
  7,861
  8,404
  8,968
  9,554
  10,164
  10,800
Total liabilities, $m
  303
  391
  497
  622
  766
  928
  1,111
  1,313
  1,534
  1,774
  2,034
  2,311
  2,607
  2,920
  3,250
  3,596
  3,960
  4,340
  4,736
  5,149
  5,579
  6,027
  6,491
  6,975
  7,477
  7,998
  8,541
  9,105
  9,691
  10,301
  10,937
Total equity, $m
  253
  329
  418
  523
  644
  781
  935
  1,105
  1,291
  1,493
  1,712
  1,945
  2,194
  2,457
  2,735
  3,027
  3,333
  3,652
  3,986
  4,334
  4,696
  5,072
  5,463
  5,870
  6,292
  6,732
  7,188
  7,663
  8,156
  8,670
  9,205
Total liabilities and equity, $m
  556
  720
  915
  1,145
  1,410
  1,709
  2,046
  2,418
  2,825
  3,267
  3,746
  4,256
  4,801
  5,377
  5,985
  6,623
  7,293
  7,992
  8,722
  9,483
  10,275
  11,099
  11,954
  12,845
  13,769
  14,730
  15,729
  16,768
  17,847
  18,971
  20,142
Debt-to-equity ratio
  0.656
  0.770
  0.860
  0.930
  0.980
  1.010
  1.040
  1.060
  1.080
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
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
  -37
  -49
  -63
  -79
  -97
  -117
  -140
  -165
  -192
  -221
  -253
  -286
  -322
  -359
  -399
  -440
  -484
  -529
  -576
  -625
  -677
  -730
  -785
  -842
  -902
  -964
  -1,028
  -1,095
  -1,165
  -1,238
Depreciation, amort., depletion, $m
  19
  24
  31
  38
  47
  57
  69
  81
  95
  110
  126
  143
  161
  180
  201
  222
  244
  268
  292
  318
  344
  372
  401
  430
  461
  494
  527
  562
  598
  636
  675
Funds from operations, $m
  -37
  -13
  -18
  -24
  -31
  -40
  -49
  -59
  -70
  -82
  -96
  -110
  -125
  -142
  -159
  -177
  -196
  -216
  -237
  -258
  -281
  -305
  -329
  -354
  -381
  -408
  -437
  -467
  -497
  -529
  -563
Change in working capital, $m
  -27
  77
  92
  108
  124
  140
  157
  174
  191
  207
  224
  239
  255
  270
  285
  299
  314
  328
  342
  356
  371
  386
  401
  417
  433
  450
  468
  486
  506
  526
  548
Cash from operations, $m
  -10
  -90
  -110
  -132
  -155
  -180
  -206
  -233
  -261
  -290
  -319
  -350
  -380
  -412
  -444
  -476
  -510
  -544
  -579
  -615
  -652
  -690
  -730
  -771
  -814
  -858
  -905
  -953
  -1,003
  -1,056
  -1,111
Maintenance CAPEX, $m
  0
  -19
  -24
  -31
  -38
  -47
  -57
  -69
  -81
  -95
  -110
  -126
  -143
  -161
  -180
  -201
  -222
  -244
  -268
  -292
  -318
  -344
  -372
  -401
  -430
  -461
  -494
  -527
  -562
  -598
  -636
New CAPEX, $m
  -7
  -56
  -66
  -77
  -89
  -100
  -113
  -125
  -137
  -148
  -160
  -171
  -182
  -193
  -204
  -214
  -224
  -234
  -245
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -362
  -377
  -392
Cash from investing activities, $m
  -6
  -75
  -90
  -108
  -127
  -147
  -170
  -194
  -218
  -243
  -270
  -297
  -325
  -354
  -384
  -415
  -446
  -478
  -513
  -547
  -583
  -620
  -659
  -699
  -740
  -783
  -829
  -875
  -924
  -975
  -1,028
Free cash flow, $m
  -16
  -165
  -200
  -240
  -282
  -328
  -376
  -426
  -479
  -533
  -589
  -646
  -705
  -766
  -827
  -891
  -956
  -1,023
  -1,091
  -1,162
  -1,235
  -1,311
  -1,389
  -1,470
  -1,554
  -1,642
  -1,733
  -1,828
  -1,927
  -2,031
  -2,139
Issuance/(repayment) of debt, $m
  18
  90
  107
  125
  144
  163
  182
  202
  221
  240
  259
  278
  295
  313
  330
  347
  363
  380
  396
  413
  430
  447
  465
  483
  502
  522
  542
  564
  587
  610
  635
Issuance/(repurchase) of shares, $m
  0
  113
  139
  168
  200
  234
  271
  310
  351
  394
  439
  486
  535
  585
  637
  691
  746
  804
  863
  924
  987
  1,053
  1,121
  1,191
  1,265
  1,341
  1,420
  1,503
  1,589
  1,679
  1,773
Cash from financing (excl. dividends), $m  
  18
  203
  246
  293
  344
  397
  453
  512
  572
  634
  698
  764
  830
  898
  967
  1,038
  1,109
  1,184
  1,259
  1,337
  1,417
  1,500
  1,586
  1,674
  1,767
  1,863
  1,962
  2,067
  2,176
  2,289
  2,408
Total cash flow (excl. dividends), $m
  2
  38
  45
  53
  61
  69
  77
  86
  94
  102
  110
  118
  125
  133
  140
  147
  154
  161
  168
  175
  182
  189
  197
  205
  213
  221
  230
  239
  248
  259
  269
Retained Cash Flow (-), $m
  2
  -113
  -139
  -168
  -200
  -234
  -271
  -310
  -351
  -394
  -439
  -486
  -535
  -585
  -637
  -691
  -746
  -804
  -863
  -924
  -987
  -1,053
  -1,121
  -1,191
  -1,265
  -1,341
  -1,420
  -1,503
  -1,589
  -1,679
  -1,773
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
 
  -75
  -94
  -115
  -139
  -165
  -194
  -224
  -257
  -293
  -330
  -369
  -410
  -453
  -497
  -544
  -592
  -643
  -695
  -749
  -805
  -863
  -924
  -987
  -1,052
  -1,120
  -1,191
  -1,264
  -1,341
  -1,420
  -1,503
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
 
  -70
  -80
  -89
  -98
  -104
  -109
  -111
  -111
  -108
  -104
  -97
  -90
  -81
  -71
  -61
  -52
  -43
  -35
  -27
  -21
  -16
  -12
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  63.7
  41.4
  27.4
  18.4
  12.6
  8.7
  6.1
  4.4
  3.1
  2.3
  1.7
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Olympic Steel, Inc. processes and distributes metal products in the United States, Canada, Puerto Rico, Mexico, and internationally. It operates in three segments: Carbon Flat Products; Specialty Metals Flat Products; and Tubular and Pipe Products. The Carbon Flat Products segment sells and distributes processed carbon and coated flat-rolled sheets, coil and plate products, and fabricated parts. The Specialty Metals Flat Products segment sells and distributes processed aluminum and stainless flat-rolled sheets and coil products, flat bar products, and fabricated parts. The Tubular and Pipe Products segment distributes metal tubing products, pipes, bars, valves and fittings, and fabricated pressure parts. The company also provides various processing services comprising cutting-to-length, slitting, flattening, sawing and shearing, and value-added processes of blanking, tempering, plate burning, laser cutting, precision machining, welding, fabricating, bending, beveling, polishing, kitting, and painting to process metals to specified lengths, widths, and shapes. It serves metal consuming industries, such as manufacturers and fabricators of transportation and material handling lift equipment, construction, mining and farm equipment, storage tanks, environmental and energy generation equipment, automobiles, food service and electrical equipment, and military vehicles and equipment, as well as general and plate fabricators, and metals service centers through direct sales force. Olympic Steel, Inc. was founded in 1954 and is headquartered in Bedford Heights, Ohio.


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FINANCIAL RATIOS  of  Olympic Steel (ZEUS)

Valuation Ratios
P/E Ratio -198
Price to Sales 0.2
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -19.8
Price to Free Cash Flow -11.6
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 29.8% 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 10 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 10.981 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 $0.2 billion.

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COMPANY NEWS

▶ 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]
▶ Why Key Analyst Sees Major Steel Losing Momentum   [Mar-21-16 01:35PM  at 24/7 Wall St.]
Stock chart of ZEUS Financial statements of ZEUS Annual reports 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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