Intrinsic value of Argan - AGX

Previous Close

$44.75

  Intrinsic Value

$356.03

stock screener

  Rating & Target

str. buy

+696%

Previous close

$44.75

 
Intrinsic value

$356.03

 
Up/down potential

+696%

 
Rating

str. buy

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

We calculate the intrinsic value of AGX 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, %
  63.44
  33.10
  30.29
  27.76
  25.48
  23.44
  21.59
  19.93
  18.44
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.07
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
Revenue, $m
  675
  898
  1,171
  1,496
  1,877
  2,316
  2,817
  3,378
  4,001
  4,685
  5,429
  6,233
  7,094
  8,012
  8,985
  10,011
  11,091
  12,223
  13,407
  14,643
  15,931
  17,272
  18,666
  20,116
  21,623
  23,189
  24,816
  26,508
  28,266
  30,095
  31,998
Variable operating expenses, $m
 
  736
  958
  1,224
  1,534
  1,893
  2,301
  2,759
  3,268
  3,826
  4,433
  5,085
  5,787
  6,536
  7,330
  8,167
  9,048
  9,972
  10,938
  11,946
  12,997
  14,091
  15,228
  16,411
  17,640
  18,918
  20,245
  21,625
  23,060
  24,552
  26,105
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
  563
  736
  958
  1,224
  1,534
  1,893
  2,301
  2,759
  3,268
  3,826
  4,433
  5,085
  5,787
  6,536
  7,330
  8,167
  9,048
  9,972
  10,938
  11,946
  12,997
  14,091
  15,228
  16,411
  17,640
  18,918
  20,245
  21,625
  23,060
  24,552
  26,105
Operating income, $m
  112
  162
  212
  272
  342
  423
  515
  619
  733
  859
  997
  1,148
  1,307
  1,476
  1,655
  1,844
  2,043
  2,251
  2,469
  2,697
  2,934
  3,181
  3,438
  3,705
  3,983
  4,271
  4,571
  4,882
  5,206
  5,543
  5,894
EBITDA, $m
  115
  167
  217
  277
  348
  430
  522
  626
  742
  869
  1,007
  1,156
  1,315
  1,486
  1,666
  1,856
  2,057
  2,267
  2,486
  2,715
  2,954
  3,203
  3,461
  3,730
  4,010
  4,300
  4,602
  4,915
  5,242
  5,581
  5,934
Interest expense (income), $m
  0
  0
  -7
  -6
  -4
  -2
  1
  4
  7
  10
  14
  18
  23
  28
  33
  38
  44
  50
  57
  63
  70
  78
  85
  93
  101
  110
  119
  128
  137
  147
  158
Earnings before tax, $m
  115
  162
  219
  278
  346
  425
  515
  615
  727
  849
  982
  1,130
  1,284
  1,448
  1,622
  1,806
  1,999
  2,201
  2,413
  2,634
  2,864
  3,104
  3,353
  3,612
  3,881
  4,161
  4,452
  4,755
  5,069
  5,396
  5,736
Tax expense, $m
  38
  44
  59
  75
  93
  115
  139
  166
  196
  229
  265
  305
  347
  391
  438
  487
  540
  594
  651
  711
  773
  838
  905
  975
  1,048
  1,124
  1,202
  1,284
  1,369
  1,457
  1,549
Net income, $m
  70
  118
  160
  203
  253
  310
  376
  449
  530
  620
  717
  825
  937
  1,057
  1,184
  1,318
  1,459
  1,607
  1,761
  1,923
  2,091
  2,266
  2,448
  2,637
  2,833
  3,038
  3,250
  3,471
  3,700
  3,939
  4,187

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  523
  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
  644
  161
  210
  268
  336
  415
  505
  606
  717
  840
  973
  1,117
  1,272
  1,436
  1,610
  1,794
  1,988
  2,191
  2,403
  2,625
  2,856
  3,096
  3,346
  3,606
  3,876
  4,156
  4,448
  4,751
  5,067
  5,394
  5,735
Adjusted assets (=assets-cash), $m
  121
  161
  210
  268
  336
  415
  505
  606
  717
  840
  973
  1,117
  1,272
  1,436
  1,610
  1,794
  1,988
  2,191
  2,403
  2,625
  2,856
  3,096
  3,346
  3,606
  3,876
  4,156
  4,448
  4,751
  5,067
  5,394
  5,735
Revenue / Adjusted assets
  5.579
  5.578
  5.576
  5.582
  5.586
  5.581
  5.578
  5.574
  5.580
  5.577
  5.580
  5.580
  5.577
  5.579
  5.581
  5.580
  5.579
  5.579
  5.579
  5.578
  5.578
  5.579
  5.579
  5.578
  5.579
  5.580
  5.579
  5.579
  5.578
  5.579
  5.579
Average production assets, $m
  15
  19
  25
  31
  39
  49
  59
  71
  84
  98
  114
  131
  149
  168
  189
  210
  233
  257
  282
  308
  335
  363
  392
  422
  454
  487
  521
  557
  594
  632
  672
Working capital, $m
  237
  -381
  -496
  -634
  -796
  -982
  -1,194
  -1,432
  -1,696
  -1,986
  -2,302
  -2,643
  -3,008
  -3,397
  -3,809
  -4,245
  -4,703
  -5,183
  -5,685
  -6,209
  -6,755
  -7,323
  -7,915
  -8,529
  -9,168
  -9,832
  -10,522
  -11,239
  -11,985
  -12,760
  -13,567
Total debt, $m
  0
  -207
  -163
  -111
  -49
  22
  102
  193
  293
  404
  524
  653
  792
  940
  1,097
  1,263
  1,437
  1,620
  1,811
  2,010
  2,218
  2,434
  2,659
  2,893
  3,136
  3,389
  3,651
  3,924
  4,208
  4,503
  4,810
Total liabilities, $m
  353
  145
  189
  241
  303
  374
  454
  545
  645
  756
  876
  1,005
  1,144
  1,292
  1,449
  1,615
  1,789
  1,972
  2,163
  2,362
  2,570
  2,786
  3,011
  3,245
  3,488
  3,741
  4,003
  4,276
  4,560
  4,855
  5,162
Total equity, $m
  292
  16
  21
  27
  34
  42
  50
  61
  72
  84
  97
  112
  127
  144
  161
  179
  199
  219
  240
  262
  286
  310
  335
  361
  388
  416
  445
  475
  507
  539
  574
Total liabilities and equity, $m
  645
  161
  210
  268
  337
  416
  504
  606
  717
  840
  973
  1,117
  1,271
  1,436
  1,610
  1,794
  1,988
  2,191
  2,403
  2,624
  2,856
  3,096
  3,346
  3,606
  3,876
  4,157
  4,448
  4,751
  5,067
  5,394
  5,736
Debt-to-equity ratio
  0.000
  -12.860
  -7.780
  -4.130
  -1.460
  0.520
  2.030
  3.190
  4.090
  4.810
  5.380
  5.850
  6.230
  6.550
  6.810
  7.040
  7.230
  7.390
  7.540
  7.660
  7.770
  7.860
  7.950
  8.020
  8.090
  8.150
  8.210
  8.260
  8.310
  8.350
  8.390
Adjusted equity ratio
  -1.909
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  118
  160
  203
  253
  310
  376
  449
  530
  620
  717
  825
  937
  1,057
  1,184
  1,318
  1,459
  1,607
  1,761
  1,923
  2,091
  2,266
  2,448
  2,637
  2,833
  3,038
  3,250
  3,471
  3,700
  3,939
  4,187
Depreciation, amort., depletion, $m
  3
  5
  5
  5
  6
  6
  7
  8
  9
  9
  10
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  38
  40
Funds from operations, $m
  431
  123
  165
  208
  258
  317
  383
  457
  539
  629
  727
  832
  946
  1,067
  1,195
  1,331
  1,473
  1,622
  1,778
  1,941
  2,111
  2,287
  2,471
  2,662
  2,860
  3,067
  3,281
  3,504
  3,736
  3,977
  4,227
Change in working capital, $m
  172
  -95
  -115
  -138
  -162
  -186
  -212
  -238
  -264
  -290
  -316
  -341
  -365
  -389
  -412
  -435
  -458
  -480
  -502
  -524
  -546
  -569
  -591
  -615
  -639
  -664
  -690
  -717
  -746
  -775
  -807
Cash from operations, $m
  259
  218
  280
  346
  420
  503
  595
  695
  803
  919
  1,043
  1,173
  1,311
  1,456
  1,608
  1,766
  1,931
  2,102
  2,280
  2,465
  2,657
  2,856
  3,062
  3,277
  3,499
  3,731
  3,971
  4,221
  4,481
  4,752
  5,034
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
New CAPEX, $m
  -3
  -4
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
Cash from investing activities, $m
  -244
  -5
  -7
  -8
  -10
  -11
  -14
  -16
  -17
  -19
  -22
  -24
  -26
  -28
  -30
  -33
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -53
  -57
  -60
  -63
  -67
  -70
  -73
  -78
Free cash flow, $m
  15
  212
  274
  338
  410
  491
  581
  680
  786
  900
  1,022
  1,149
  1,285
  1,428
  1,577
  1,733
  1,895
  2,064
  2,240
  2,422
  2,611
  2,808
  3,011
  3,223
  3,443
  3,671
  3,908
  4,155
  4,411
  4,678
  4,957
Issuance/(repayment) of debt, $m
  0
  -207
  44
  52
  61
  71
  81
  91
  100
  110
  120
  130
  139
  148
  157
  166
  174
  183
  191
  199
  208
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
Issuance/(repurchase) of shares, $m
  16
  129
  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  
  6
  -78
  44
  52
  61
  71
  81
  91
  100
  110
  120
  130
  139
  148
  157
  166
  174
  183
  191
  199
  208
  216
  225
  234
  243
  253
  263
  273
  284
  295
  307
Total cash flow (excl. dividends), $m
  21
  134
  318
  390
  472
  562
  662
  770
  886
  1,010
  1,142
  1,279
  1,424
  1,576
  1,734
  1,899
  2,070
  2,247
  2,431
  2,622
  2,819
  3,024
  3,236
  3,457
  3,686
  3,923
  4,170
  4,427
  4,695
  4,973
  5,264
Retained Cash Flow (-), $m
  -73
  -247
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
Prev. year cash balance distribution, $m
 
  523
  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
 
  410
  313
  384
  465
  555
  653
  760
  875
  998
  1,128
  1,265
  1,409
  1,560
  1,717
  1,880
  2,050
  2,227
  2,410
  2,599
  2,796
  3,000
  3,211
  3,431
  3,659
  3,895
  4,141
  4,397
  4,663
  4,941
  5,229
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
 
  393
  286
  334
  383
  430
  474
  513
  547
  573
  591
  601
  601
  593
  576
  552
  521
  484
  444
  400
  355
  310
  266
  225
  186
  152
  121
  94
  72
  54
  39
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Argan, Inc. is a holding company. The Company conducts operations through its subsidiaries, Gemma Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited (APC), Southern Maryland Cable, Inc. (SMC) and The Roberts Company (Roberts). Through GPS and APC, the Company's power industry services segment provides engineering, procurement, construction, commissioning, operations management, maintenance, development, technical and consulting services to the power generation and renewable energy markets. Through SMC, the telecommunications infrastructure services segment of the Company provides project management, construction, installation and maintenance services to commercial, local government and federal government customers. Through Roberts, the Company's industrial fabrication and field services segment produces, delivers and installs fabricated steel components specializing in pressure vessels and heat exchangers for industrial plants.

FINANCIAL RATIOS  of  Argan (AGX)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 2.7
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate 63.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 24.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 13.3%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 27.4%
Ret/ On T. Cap. - 3 Yr. Avg. 20.9%
Return On Equity 27.4%
Return On Equity - 3 Yr. Avg. 20.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 21.8%
Gross Margin - 3 Yr. Avg. 22.6%
EBITDA Margin 17.5%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 17.1%
Pre-Tax Margin 17%
Pre-Tax Margin - 3 Yr. Avg. 17.4%
Net Profit Margin 10.4%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 33%
Eff/ Tax Rate - 3 Yr. Avg. 33.4%
Payout Ratio 21.4%

AGX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AGX stock intrinsic value calculation we used $675 million for the last fiscal year's total revenue generated by Argan. The default revenue input number comes from 2017 income statement of Argan. 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 AGX stock valuation model: a) initial revenue growth rate of 33.1% 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 AGX is calculated based on our internal credit rating of Argan, 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 Argan.
    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 AGX stock the variable cost ratio is equal to 82.1%.

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 AGX 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 Argan.

Corporate tax rate of 27% is the nominal tax rate for Argan. 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 AGX 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 AGX are equal to 2.1%.

Life of production assets of 16.8 years is the average useful life of capital assets used in Argan 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 AGX is equal to -42.4%. 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 - $292 million for Argan - 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 15.808 million for Argan 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 Argan at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Argan, Inc. : January 2, 2018   [Jan-02-18 11:01AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : December 22, 2017   [Dec-22-17 11:30AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : December 11, 2017   [Dec-11-17 01:23PM  Capital Cube]
▶ Has Argan Inc (AGX) Improved Earnings Growth In Recent Times?   [Dec-06-17 07:17PM  Simply Wall St.]
▶ Argan posts 3Q profit   [04:29PM  Associated Press]
▶ Argan, Inc. Reports Third Quarter Results   [04:15PM  Business Wire]
▶ ETFs with exposure to Argan, Inc. : December 1, 2017   [Dec-01-17 10:22AM  Capital Cube]
▶ Is Argan Inc (AGX) Worth $57.9 Based On Its Intrinsic Value?   [Nov-17-17 07:04PM  Simply Wall St.]
▶ Argan, Inc. Value Analysis (NYSE:AGX) : November 15, 2017   [Nov-15-17 12:53PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : November 9, 2017   [Nov-09-17 11:41AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : October 24, 2017   [Oct-24-17 09:34AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : October 13, 2017   [Oct-13-17 10:28AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : October 2, 2017   [Oct-02-17 10:39AM  Capital Cube]
▶ Should You Buy Argan Inc (AGX) At $66.95?   [Sep-29-17 05:07PM  Simply Wall St.]
▶ ETFs with exposure to Argan, Inc. : September 13, 2017   [Sep-13-17 05:13PM  Capital Cube]
▶ Argan posts 2Q profit   [Sep-07-17 09:34PM  Associated Press]
▶ Argan, Inc. Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Argan, Inc. Value Analysis (NYSE:AGX) : August 1, 2017   [Aug-01-17 05:41PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : July 10, 2017   [Jul-10-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : June 27, 2017   [Jun-27-17 02:49PM  Capital Cube]
▶ Argan and Sturm Ruger Show High Profit and Low Debt   [Jun-20-17 06:06PM  GuruFocus.com]
▶ ETFs with exposure to Argan, Inc. : June 16, 2017   [Jun-16-17 03:19PM  Capital Cube]
▶ Argan posts 1Q profit   [Jun-07-17 04:31PM  Associated Press]
▶ Argan, Inc. Reports First Quarter Results   [04:15PM  Business Wire]
▶ ETFs with exposure to Argan, Inc. : June 6, 2017   [Jun-06-17 11:36AM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : May 23, 2017   [May-23-17 12:24PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : May 1, 2017   [May-01-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Argan, Inc. : April 17, 2017   [Apr-17-17 12:45PM  Capital Cube]
▶ Argan posts 4Q profit   [Apr-10-17 04:22PM  Associated Press]
▶ 3 Growth Stocks That Could Soar More Than Nvidia   [Mar-01-17 11:10AM  Motley Fool]
▶ Top Ranked Value Stocks to Buy for January 19th   [Jan-19-17 10:03AM  Zacks]
▶ Gemma Power Systems Celebrates 20th Anniversary   [Jan-18-17 10:25AM  Business Wire]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [Dec-16-16 01:59PM  at Insider Monkey]
▶ Argan, Inc. Reports Third Quarter Results   [04:05PM  Business Wire]
Financial statements of AGX
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