Intrinsic value of Argan - AGX

Previous Close

$41.19

  Intrinsic Value

$121.97

stock screener

  Rating & Target

str. buy

+196%

Previous close

$41.19

 
Intrinsic value

$121.97

 
Up/down potential

+196%

 
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 0001), $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
   2
   3
   4
   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
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  911
  932
  956
  982
  1,012
  1,045
  1,080
  1,119
  1,161
  1,205
  1,253
  1,304
  1,358
  1,415
  1,476
  1,541
  1,609
  1,682
  1,758
  1,839
  1,924
  2,014
  2,109
  2,209
  2,314
  2,425
  2,541
  2,664
  2,793
  2,929
Variable operating expenses, $m
  759
  777
  797
  819
  844
  871
  900
  932
  967
  1,004
  1,039
  1,081
  1,126
  1,174
  1,224
  1,278
  1,335
  1,395
  1,458
  1,525
  1,596
  1,671
  1,749
  1,832
  1,919
  2,011
  2,108
  2,209
  2,316
  2,429
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
  759
  777
  797
  819
  844
  871
  900
  932
  967
  1,004
  1,039
  1,081
  1,126
  1,174
  1,224
  1,278
  1,335
  1,395
  1,458
  1,525
  1,596
  1,671
  1,749
  1,832
  1,919
  2,011
  2,108
  2,209
  2,316
  2,429
Operating income, $m
  151
  155
  159
  164
  169
  174
  180
  187
  194
  201
  214
  222
  232
  241
  252
  263
  275
  287
  300
  314
  328
  344
  360
  377
  395
  414
  434
  455
  477
  500
EBITDA, $m
  158
  161
  166
  170
  175
  181
  187
  194
  201
  209
  217
  226
  235
  245
  256
  267
  279
  292
  305
  319
  334
  349
  366
  383
  401
  420
  441
  462
  484
  508
Interest expense (income), $m
  0
  0
  0
  0
  1
  1
  1
  2
  2
  3
  3
  3
  4
  5
  5
  6
  6
  7
  8
  9
  10
  11
  11
  12
  14
  15
  16
  17
  18
  20
  21
Earnings before tax, $m
  151
  155
  158
  163
  168
  173
  179
  185
  191
  199
  210
  218
  227
  236
  246
  256
  267
  279
  291
  304
  318
  332
  347
  363
  380
  398
  417
  436
  457
  479
Tax expense, $m
  41
  42
  43
  44
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  107
  112
  118
  123
  129
Net income, $m
  110
  113
  116
  119
  122
  126
  130
  135
  140
  145
  154
  159
  166
  173
  180
  187
  195
  204
  213
  222
  232
  243
  254
  265
  278
  290
  304
  318
  334
  349

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
  298
  304
  312
  321
  331
  341
  353
  366
  379
  394
  409
  426
  444
  462
  482
  504
  526
  550
  575
  601
  629
  658
  689
  722
  756
  792
  831
  871
  913
  957
Adjusted assets (=assets-cash), $m
  298
  304
  312
  321
  331
  341
  353
  366
  379
  394
  409
  426
  444
  462
  482
  504
  526
  550
  575
  601
  629
  658
  689
  722
  756
  792
  831
  871
  913
  957
Revenue / Adjusted assets
  3.057
  3.066
  3.064
  3.059
  3.057
  3.065
  3.059
  3.057
  3.063
  3.058
  3.064
  3.061
  3.059
  3.063
  3.062
  3.058
  3.059
  3.058
  3.057
  3.060
  3.059
  3.061
  3.061
  3.060
  3.061
  3.062
  3.058
  3.059
  3.059
  3.061
Average production assets, $m
  36
  37
  38
  39
  40
  42
  43
  45
  46
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  107
  112
  117
Working capital, $m
  -135
  -138
  -141
  -145
  -150
  -155
  -160
  -166
  -172
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -249
  -260
  -272
  -285
  -298
  -312
  -327
  -342
  -359
  -376
  -394
  -413
  -433
Total debt, $m
  4
  8
  13
  18
  25
  31
  39
  47
  55
  64
  74
  85
  96
  108
  120
  134
  148
  163
  179
  195
  213
  231
  251
  272
  293
  316
  340
  366
  392
  420
Total liabilities, $m
  188
  192
  197
  203
  209
  216
  223
  231
  240
  249
  259
  269
  280
  292
  305
  318
  332
  347
  363
  380
  397
  416
  436
  456
  478
  501
  525
  550
  577
  605
Total equity, $m
  110
  112
  115
  118
  122
  126
  130
  135
  140
  145
  151
  157
  163
  170
  178
  185
  194
  202
  211
  221
  231
  242
  254
  266
  278
  292
  306
  320
  336
  352
Total liabilities and equity, $m
  298
  304
  312
  321
  331
  342
  353
  366
  380
  394
  410
  426
  443
  462
  483
  503
  526
  549
  574
  601
  628
  658
  690
  722
  756
  793
  831
  870
  913
  957
Debt-to-equity ratio
  0.030
  0.070
  0.110
  0.160
  0.200
  0.250
  0.300
  0.350
  0.400
  0.440
  0.490
  0.540
  0.590
  0.630
  0.680
  0.720
  0.760
  0.800
  0.840
  0.880
  0.920
  0.960
  0.990
  1.020
  1.050
  1.080
  1.110
  1.140
  1.170
  1.190
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  110
  113
  116
  119
  122
  126
  130
  135
  140
  145
  154
  159
  166
  173
  180
  187
  195
  204
  213
  222
  232
  243
  254
  265
  278
  290
  304
  318
  334
  349
Depreciation, amort., depletion, $m
  7
  7
  7
  7
  7
  7
  7
  7
  7
  7
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Funds from operations, $m
  117
  120
  122
  126
  129
  133
  137
  142
  147
  152
  157
  163
  169
  176
  184
  191
  200
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  357
Change in working capital, $m
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
Cash from operations, $m
  120
  123
  126
  130
  134
  138
  143
  148
  153
  159
  164
  171
  177
  185
  193
  201
  210
  219
  229
  239
  250
  261
  273
  286
  299
  313
  328
  344
  360
  377
Maintenance CAPEX, $m
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
Cash from investing activities, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -12
  -12
  -12
  -13
Free cash flow, $m
  116
  119
  122
  126
  130
  134
  138
  143
  148
  154
  159
  165
  172
  179
  186
  194
  203
  212
  221
  231
  241
  252
  264
  276
  289
  303
  317
  332
  348
  364
Issuance/(repayment) of debt, $m
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
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  
  4
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
Total cash flow (excl. dividends), $m
  120
  124
  127
  132
  136
  141
  146
  151
  157
  163
  169
  176
  183
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  357
  374
  392
Retained Cash Flow (-), $m
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
Prev. year cash balance distribution, $m
  251
  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
  368
  121
  125
  128
  132
  137
  141
  147
  152
  158
  163
  169
  176
  184
  192
  200
  209
  218
  228
  238
  249
  260
  272
  285
  298
  312
  327
  343
  359
  376
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
  353
  111
  108
  106
  103
  99
  96
  92
  87
  83
  77
  72
  67
  62
  56
  51
  45
  40
  35
  30
  26
  22
  18
  15
  12
  9
  7
  5
  4
  3
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 9.1
Price to Sales 0.9
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.5
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 $892.815 million for the last fiscal year's total revenue generated by Argan. The default revenue input number comes from 0001 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 2% 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 83.4%.

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%.

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 4%.

Life of production assets of 14.8 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 -14.8%. 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 - $358.123 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 15.569 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: Fiscal 3Q Earnings Snapshot   [Dec-06-18 08:07AM  Associated Press]
▶ Argan, Inc. Reports Third Quarter Results   [08:00AM  Business Wire]
▶ Should You Buy Argan Inc (NYSE:AGX) For Its Dividend?   [Dec-04-18 06:25AM  Simply Wall St.]
▶ Is Argan Incs (NYSE:AGX) 12% Better Than Average?   [Nov-15-18 11:25AM  Simply Wall St.]
▶ Hawk Ridge Managements Return, AUM, and Holdings   [Oct-07-18 04:55AM  Insider Monkey]
▶ Does Argan Inc (NYSE:AGX) Go Up With The Market?   [Sep-23-18 10:52AM  Simply Wall St.]
▶ Argan: Fiscal 2Q Earnings Snapshot   [Sep-05-18 04:39PM  Associated Press]
▶ Argan, Inc. Reports Second Quarter Results   [04:15PM  Business Wire]
▶ Is Argan Inc (NYSE:AGX) Attractive At Its Current PE Ratio?   [Aug-30-18 03:18PM  Simply Wall St.]
▶ 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]

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