Intrinsic value of Argan - AGX

Previous Close

$39.10

  Intrinsic Value

$3,140

stock screener

  Rating & Target

str. buy

+999%

Previous close

$39.10

 
Intrinsic value

$3,140

 
Up/down potential

+999%

 
Rating

str. buy

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

Revenue (in 2017), $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 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,080
  1,669
  2,495
  3,621
  5,108
  7,023
  9,427
  12,378
  15,927
  20,117
  24,981
  30,541
  36,813
  43,800
  51,501
  59,908
  69,009
  78,789
  89,233
  100,324
  112,049
  124,394
  137,351
  150,914
  165,081
  179,853
  195,237
  211,243
  227,885
  245,183
Variable operating expenses, $m
  884
  1,364
  2,037
  2,954
  4,166
  5,725
  7,683
  10,087
  12,979
  16,392
  20,350
  24,880
  29,989
  35,681
  41,954
  48,803
  56,217
  64,184
  72,692
  81,727
  91,278
  101,335
  111,890
  122,939
  134,480
  146,514
  159,046
  172,085
  185,642
  199,733
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
  884
  1,364
  2,037
  2,954
  4,166
  5,725
  7,683
  10,087
  12,979
  16,392
  20,350
  24,880
  29,989
  35,681
  41,954
  48,803
  56,217
  64,184
  72,692
  81,727
  91,278
  101,335
  111,890
  122,939
  134,480
  146,514
  159,046
  172,085
  185,642
  199,733
Operating income, $m
  196
  305
  458
  667
  943
  1,297
  1,743
  2,290
  2,948
  3,725
  4,631
  5,661
  6,824
  8,119
  9,547
  11,105
  12,792
  14,605
  16,541
  18,597
  20,770
  23,059
  25,461
  27,975
  30,601
  33,339
  36,191
  39,158
  42,243
  45,450
EBITDA, $m
  209
  323
  484
  702
  990
  1,361
  1,828
  2,400
  3,088
  3,900
  4,843
  5,921
  7,137
  8,491
  9,984
  11,614
  13,379
  15,275
  17,300
  19,450
  21,723
  24,116
  26,628
  29,258
  32,004
  34,868
  37,851
  40,954
  44,180
  47,534
Interest expense (income), $m
  0
  0
  11
  28
  51
  83
  125
  179
  247
  330
  430
  548
  686
  842
  1,019
  1,216
  1,434
  1,671
  1,928
  2,203
  2,498
  2,811
  3,142
  3,490
  3,855
  4,238
  4,638
  5,054
  5,488
  5,940
  6,409
Earnings before tax, $m
  196
  294
  430
  616
  860
  1,172
  1,564
  2,043
  2,618
  3,295
  4,082
  4,976
  5,981
  7,100
  8,330
  9,671
  11,121
  12,678
  14,338
  16,099
  17,960
  19,917
  21,971
  24,120
  26,363
  28,702
  31,137
  33,670
  36,303
  39,040
Tax expense, $m
  53
  79
  116
  166
  232
  317
  422
  552
  707
  890
  1,102
  1,343
  1,615
  1,917
  2,249
  2,611
  3,003
  3,423
  3,871
  4,347
  4,849
  5,378
  5,932
  6,512
  7,118
  7,749
  8,407
  9,091
  9,802
  10,541
Net income, $m
  143
  214
  314
  449
  627
  856
  1,142
  1,492
  1,911
  2,405
  2,980
  3,632
  4,366
  5,183
  6,081
  7,060
  8,119
  9,255
  10,466
  11,752
  13,110
  14,540
  16,039
  17,607
  19,245
  20,952
  22,730
  24,579
  26,501
  28,500

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  755
  1,167
  1,745
  2,532
  3,572
  4,911
  6,592
  8,656
  11,138
  14,068
  17,469
  21,358
  25,743
  30,629
  36,015
  41,894
  48,258
  55,097
  62,400
  70,157
  78,356
  86,989
  96,050
  105,534
  115,441
  125,771
  136,529
  147,722
  159,360
  171,457
Adjusted assets (=assets-cash), $m
  755
  1,167
  1,745
  2,532
  3,572
  4,911
  6,592
  8,656
  11,138
  14,068
  17,469
  21,358
  25,743
  30,629
  36,015
  41,894
  48,258
  55,097
  62,400
  70,157
  78,356
  86,989
  96,050
  105,534
  115,441
  125,771
  136,529
  147,722
  159,360
  171,457
Revenue / Adjusted assets
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
  1.430
Average production assets, $m
  92
  142
  212
  308
  434
  597
  801
  1,052
  1,354
  1,710
  2,123
  2,596
  3,129
  3,723
  4,378
  5,092
  5,866
  6,697
  7,585
  8,528
  9,524
  10,574
  11,675
  12,828
  14,032
  15,287
  16,595
  17,956
  19,370
  20,841
Working capital, $m
  -163
  -252
  -377
  -547
  -771
  -1,060
  -1,423
  -1,869
  -2,405
  -3,038
  -3,772
  -4,612
  -5,559
  -6,614
  -7,777
  -9,046
  -10,420
  -11,897
  -13,474
  -15,149
  -16,919
  -18,784
  -20,740
  -22,788
  -24,927
  -27,158
  -29,481
  -31,898
  -34,411
  -37,023
Total debt, $m
  212
  519
  951
  1,539
  2,316
  3,316
  4,572
  6,113
  7,967
  10,156
  12,697
  15,602
  18,878
  22,528
  26,550
  30,942
  35,696
  40,805
  46,261
  52,055
  58,179
  64,628
  71,397
  78,482
  85,882
  93,599
  101,635
  109,996
  118,690
  127,726
Total liabilities, $m
  564
  872
  1,304
  1,891
  2,668
  3,668
  4,924
  6,466
  8,320
  10,509
  13,049
  15,954
  19,230
  22,880
  26,903
  31,294
  36,049
  41,158
  46,613
  52,407
  58,532
  64,981
  71,749
  78,834
  86,235
  93,951
  101,987
  110,349
  119,042
  128,078
Total equity, $m
  191
  295
  441
  641
  904
  1,242
  1,668
  2,190
  2,818
  3,559
  4,420
  5,403
  6,513
  7,749
  9,112
  10,599
  12,209
  13,940
  15,787
  17,750
  19,824
  22,008
  24,301
  26,700
  29,207
  31,820
  34,542
  37,374
  40,318
  43,379
Total liabilities and equity, $m
  755
  1,167
  1,745
  2,532
  3,572
  4,910
  6,592
  8,656
  11,138
  14,068
  17,469
  21,357
  25,743
  30,629
  36,015
  41,893
  48,258
  55,098
  62,400
  70,157
  78,356
  86,989
  96,050
  105,534
  115,442
  125,771
  136,529
  147,723
  159,360
  171,457
Debt-to-equity ratio
  1.110
  1.760
  2.150
  2.400
  2.560
  2.670
  2.740
  2.790
  2.830
  2.850
  2.870
  2.890
  2.900
  2.910
  2.910
  2.920
  2.920
  2.930
  2.930
  2.930
  2.930
  2.940
  2.940
  2.940
  2.940
  2.940
  2.940
  2.940
  2.940
  2.940
Adjusted equity ratio
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253
  0.253

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  143
  214
  314
  449
  627
  856
  1,142
  1,492
  1,911
  2,405
  2,980
  3,632
  4,366
  5,183
  6,081
  7,060
  8,119
  9,255
  10,466
  11,752
  13,110
  14,540
  16,039
  17,607
  19,245
  20,952
  22,730
  24,579
  26,501
  28,500
Depreciation, amort., depletion, $m
  13
  18
  26
  35
  48
  64
  84
  110
  140
  175
  212
  260
  313
  372
  438
  509
  587
  670
  758
  853
  952
  1,057
  1,167
  1,283
  1,403
  1,529
  1,660
  1,796
  1,937
  2,084
Funds from operations, $m
  156
  233
  340
  484
  675
  920
  1,226
  1,601
  2,051
  2,580
  3,192
  3,892
  4,679
  5,555
  6,519
  7,569
  8,705
  9,924
  11,225
  12,605
  14,063
  15,597
  17,206
  18,890
  20,648
  22,481
  24,389
  26,375
  28,439
  30,584
Change in working capital, $m
  -61
  -89
  -125
  -170
  -225
  -289
  -363
  -446
  -536
  -633
  -734
  -840
  -947
  -1,055
  -1,163
  -1,269
  -1,374
  -1,477
  -1,577
  -1,675
  -1,770
  -1,864
  -1,957
  -2,048
  -2,139
  -2,231
  -2,323
  -2,417
  -2,513
  -2,612
Cash from operations, $m
  218
  322
  464
  654
  900
  1,209
  1,589
  2,047
  2,587
  3,213
  3,927
  4,732
  5,626
  6,610
  7,682
  8,839
  10,079
  11,401
  12,802
  14,280
  15,833
  17,461
  19,163
  20,938
  22,787
  24,712
  26,712
  28,791
  30,952
  33,196
Maintenance CAPEX, $m
  -6
  -9
  -14
  -21
  -31
  -43
  -60
  -80
  -105
  -135
  -171
  -212
  -260
  -313
  -372
  -438
  -509
  -587
  -670
  -758
  -853
  -952
  -1,057
  -1,167
  -1,283
  -1,403
  -1,529
  -1,660
  -1,796
  -1,937
New CAPEX, $m
  -34
  -50
  -70
  -96
  -126
  -163
  -204
  -251
  -302
  -356
  -413
  -473
  -533
  -594
  -655
  -715
  -774
  -831
  -888
  -943
  -997
  -1,049
  -1,101
  -1,153
  -1,204
  -1,256
  -1,308
  -1,361
  -1,415
  -1,470
Cash from investing activities, $m
  -40
  -59
  -84
  -117
  -157
  -206
  -264
  -331
  -407
  -491
  -584
  -685
  -793
  -907
  -1,027
  -1,153
  -1,283
  -1,418
  -1,558
  -1,701
  -1,850
  -2,001
  -2,158
  -2,320
  -2,487
  -2,659
  -2,837
  -3,021
  -3,211
  -3,407
Free cash flow, $m
  178
  262
  380
  537
  743
  1,003
  1,325
  1,716
  2,180
  2,721
  3,342
  4,047
  4,834
  5,703
  6,655
  7,686
  8,797
  9,983
  11,245
  12,579
  13,984
  15,459
  17,004
  18,618
  20,300
  22,053
  23,876
  25,771
  27,741
  29,788
Issuance/(repayment) of debt, $m
  212
  307
  432
  588
  777
  1,000
  1,256
  1,542
  1,854
  2,189
  2,541
  2,905
  3,276
  3,650
  4,023
  4,392
  4,754
  5,109
  5,456
  5,794
  6,125
  6,449
  6,769
  7,085
  7,400
  7,717
  8,036
  8,361
  8,694
  9,036
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  212
  307
  432
  588
  777
  1,000
  1,256
  1,542
  1,854
  2,189
  2,541
  2,905
  3,276
  3,650
  4,023
  4,392
  4,754
  5,109
  5,456
  5,794
  6,125
  6,449
  6,769
  7,085
  7,400
  7,717
  8,036
  8,361
  8,694
  9,036
Total cash flow (excl. dividends), $m
  390
  570
  812
  1,125
  1,520
  2,003
  2,581
  3,257
  4,034
  4,910
  5,883
  6,951
  8,110
  9,353
  10,678
  12,078
  13,551
  15,092
  16,700
  18,372
  20,109
  21,908
  23,773
  25,703
  27,701
  29,769
  31,912
  34,133
  36,435
  38,824
Retained Cash Flow (-), $m
  -71
  -104
  -146
  -199
  -263
  -339
  -425
  -522
  -628
  -741
  -861
  -984
  -1,110
  -1,236
  -1,362
  -1,487
  -1,610
  -1,730
  -1,848
  -1,962
  -2,074
  -2,184
  -2,292
  -2,400
  -2,506
  -2,614
  -2,722
  -2,832
  -2,944
  -3,060
Prev. year cash balance distribution, $m
  172
  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
  2
  3
  5
  7
  11
  15
  21
  28
  37
  48
  60
  75
  92
  110
  131
  155
  180
  207
  236
  268
  301
  336
  373
  412
  453
  495
  540
  586
  634
  684
Cash available for distribution, $m
  490
  466
  666
  926
  1,256
  1,664
  2,156
  2,735
  3,406
  4,169
  5,023
  5,968
  7,000
  8,117
  9,315
  10,591
  11,941
  13,362
  14,852
  16,410
  18,034
  19,724
  21,480
  23,303
  25,194
  27,156
  29,190
  31,301
  33,491
  35,764
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
  470
  426
  579
  763
  974
  1,208
  1,456
  1,710
  1,957
  2,186
  2,385
  2,547
  2,662
  2,725
  2,735
  2,691
  2,598
  2,461
  2,287
  2,085
  1,865
  1,637
  1,408
  1,187
  980
  792
  627
  484
  366
  269
Current shareholders' claim on cash, %
  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

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 8.6
Price to Sales 0.9
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 2.3
Price to Free Cash Flow 2.4
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 60% 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 5.4% 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 0.3%.

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 8.5%.

Life of production assets of 10 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 -15.1%. 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 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 $0.6 billion.

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COMPANY NEWS

▶ Argan Inc (NYSE:AGX): Commentary On Fundamentals   [Jun-21-18 01:59PM  Simply Wall St.]
▶ Is Argan Inc (NYSE:AGX) A Smart Pick For Income Investors?   [Jun-20-18 10:13AM  Simply Wall St.]
▶ Argan: Fiscal 1Q Earnings Snapshot   [Jun-11-18 04:27PM  Associated Press]
▶ Argan, Inc. Reports First Quarter Results   [04:15PM  Business Wire]
▶ Argan: Fiscal 4Q Earnings Snapshot   [Apr-11-18 04:34PM  Associated Press]
▶ Did Argan Inc (NYSE:AGX) Create Value For Shareholders?   [Mar-06-18 04:51PM  Simply Wall St.]
▶ Here are the D.C.-area stocks getting pummeled in the market rout   [Feb-06-18 03:21PM  American City Business Journals]
▶ See the D.C.-area stocks hit hardest in the last week   [10:22AM  American City Business Journals]
▶ CVS and Gilead Sciences Hit the Casualty List   [Jan-19-18 05:23PM  GuruFocus.com]
▶ 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]
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