Intrinsic value of Albany International Cl A - AIN

Previous Close

$62.15

  Intrinsic Value

$104.08

stock screener

  Rating & Target

str. buy

+67%

Previous close

$62.15

 
Intrinsic value

$104.08

 
Up/down potential

+67%

 
Rating

str. buy

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

We calculate the intrinsic value of AIN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.86
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  780
  906
  1,043
  1,190
  1,346
  1,513
  1,688
  1,873
  2,067
  2,270
  2,482
  2,703
  2,934
  3,173
  3,422
  3,681
  3,950
  4,229
  4,520
  4,822
  5,136
  5,462
  5,803
  6,157
  6,526
  6,910
  7,311
  7,730
  8,167
  8,623
  9,099
Variable operating expenses, $m
 
  541
  620
  705
  796
  893
  994
  1,102
  1,214
  1,332
  1,455
  1,567
  1,700
  1,839
  1,983
  2,133
  2,289
  2,451
  2,619
  2,794
  2,976
  3,165
  3,363
  3,568
  3,782
  4,004
  4,237
  4,479
  4,732
  4,997
  5,273
Fixed operating expenses, $m
 
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  335
  344
  352
  361
  370
  380
  389
  399
  409
  419
  429
  440
  451
  462
  474
Total operating expenses, $m
  688
  773
  857
  948
  1,045
  1,149
  1,256
  1,371
  1,489
  1,614
  1,744
  1,864
  2,004
  2,151
  2,302
  2,460
  2,624
  2,795
  2,971
  3,155
  3,346
  3,545
  3,752
  3,967
  4,191
  4,423
  4,666
  4,919
  5,183
  5,459
  5,747
Operating income, $m
  92
  133
  185
  241
  301
  364
  432
  503
  578
  656
  739
  840
  930
  1,023
  1,120
  1,221
  1,325
  1,435
  1,548
  1,666
  1,789
  1,917
  2,051
  2,190
  2,335
  2,487
  2,645
  2,810
  2,983
  3,164
  3,352
EBITDA, $m
  159
  211
  272
  338
  408
  483
  562
  646
  734
  826
  923
  1,023
  1,128
  1,238
  1,352
  1,470
  1,593
  1,721
  1,854
  1,993
  2,137
  2,288
  2,444
  2,607
  2,777
  2,955
  3,140
  3,334
  3,536
  3,748
  3,969
Interest expense (income), $m
  0
  15
  19
  23
  28
  33
  38
  44
  50
  56
  62
  69
  76
  83
  91
  98
  107
  115
  124
  133
  142
  152
  163
  173
  185
  196
  208
  221
  234
  248
  262
Earnings before tax, $m
  78
  118
  166
  218
  273
  331
  394
  459
  528
  601
  676
  772
  854
  940
  1,029
  1,122
  1,219
  1,320
  1,424
  1,533
  1,647
  1,765
  1,888
  2,017
  2,151
  2,291
  2,437
  2,589
  2,749
  2,916
  3,090
Tax expense, $m
  25
  32
  45
  59
  74
  89
  106
  124
  143
  162
  183
  208
  231
  254
  278
  303
  329
  356
  385
  414
  445
  477
  510
  545
  581
  618
  658
  699
  742
  787
  834
Net income, $m
  53
  86
  121
  159
  199
  242
  287
  335
  386
  439
  494
  563
  623
  686
  751
  819
  890
  963
  1,040
  1,119
  1,202
  1,289
  1,378
  1,472
  1,570
  1,672
  1,779
  1,890
  2,007
  2,128
  2,256

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  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
  1,263
  1,255
  1,445
  1,648
  1,865
  2,095
  2,338
  2,595
  2,863
  3,145
  3,438
  3,744
  4,063
  4,395
  4,740
  5,098
  5,471
  5,858
  6,260
  6,678
  7,113
  7,566
  8,037
  8,527
  9,038
  9,571
  10,126
  10,706
  11,311
  11,943
  12,603
Adjusted assets (=assets-cash), $m
  1,081
  1,255
  1,445
  1,648
  1,865
  2,095
  2,338
  2,595
  2,863
  3,145
  3,438
  3,744
  4,063
  4,395
  4,740
  5,098
  5,471
  5,858
  6,260
  6,678
  7,113
  7,566
  8,037
  8,527
  9,038
  9,571
  10,126
  10,706
  11,311
  11,943
  12,603
Revenue / Adjusted assets
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
Average production assets, $m
  423
  491
  565
  645
  730
  820
  915
  1,015
  1,120
  1,231
  1,345
  1,465
  1,590
  1,720
  1,855
  1,995
  2,141
  2,292
  2,450
  2,613
  2,784
  2,961
  3,145
  3,337
  3,537
  3,745
  3,963
  4,190
  4,426
  4,674
  4,932
Working capital, $m
  301
  198
  228
  261
  295
  331
  370
  410
  453
  497
  544
  592
  642
  695
  749
  806
  865
  926
  990
  1,056
  1,125
  1,196
  1,271
  1,348
  1,429
  1,513
  1,601
  1,693
  1,788
  1,888
  1,993
Total debt, $m
  485
  546
  669
  801
  942
  1,092
  1,250
  1,416
  1,591
  1,774
  1,965
  2,164
  2,371
  2,587
  2,811
  3,044
  3,286
  3,538
  3,799
  4,071
  4,354
  4,648
  4,954
  5,273
  5,605
  5,951
  6,312
  6,689
  7,082
  7,493
  7,922
Total liabilities, $m
  756
  816
  939
  1,071
  1,212
  1,362
  1,520
  1,686
  1,861
  2,044
  2,235
  2,434
  2,641
  2,857
  3,081
  3,314
  3,556
  3,808
  4,069
  4,341
  4,624
  4,918
  5,224
  5,543
  5,875
  6,221
  6,582
  6,959
  7,352
  7,763
  8,192
Total equity, $m
  508
  439
  506
  577
  653
  733
  818
  908
  1,002
  1,101
  1,203
  1,311
  1,422
  1,538
  1,659
  1,784
  1,915
  2,050
  2,191
  2,337
  2,490
  2,648
  2,813
  2,985
  3,163
  3,350
  3,544
  3,747
  3,959
  4,180
  4,411
Total liabilities and equity, $m
  1,264
  1,255
  1,445
  1,648
  1,865
  2,095
  2,338
  2,594
  2,863
  3,145
  3,438
  3,745
  4,063
  4,395
  4,740
  5,098
  5,471
  5,858
  6,260
  6,678
  7,114
  7,566
  8,037
  8,528
  9,038
  9,571
  10,126
  10,706
  11,311
  11,943
  12,603
Debt-to-equity ratio
  0.955
  1.240
  1.320
  1.390
  1.440
  1.490
  1.530
  1.560
  1.590
  1.610
  1.630
  1.650
  1.670
  1.680
  1.690
  1.710
  1.720
  1.730
  1.730
  1.740
  1.750
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
Adjusted equity ratio
  0.302
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  86
  121
  159
  199
  242
  287
  335
  386
  439
  494
  563
  623
  686
  751
  819
  890
  963
  1,040
  1,119
  1,202
  1,289
  1,378
  1,472
  1,570
  1,672
  1,779
  1,890
  2,007
  2,128
  2,256
Depreciation, amort., depletion, $m
  67
  77
  87
  97
  107
  118
  130
  143
  156
  170
  184
  183
  199
  215
  232
  249
  268
  287
  306
  327
  348
  370
  393
  417
  442
  468
  495
  524
  553
  584
  616
Funds from operations, $m
  48
  164
  208
  255
  306
  360
  418
  478
  542
  608
  678
  746
  822
  901
  983
  1,069
  1,157
  1,250
  1,346
  1,446
  1,550
  1,659
  1,772
  1,889
  2,012
  2,140
  2,274
  2,414
  2,560
  2,713
  2,872
Change in working capital, $m
  -32
  28
  30
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  57
  59
  61
  64
  66
  69
  72
  74
  78
  81
  84
  88
  92
  96
  100
  104
Cash from operations, $m
  80
  136
  178
  223
  272
  324
  379
  438
  499
  564
  632
  698
  772
  849
  929
  1,012
  1,099
  1,189
  1,282
  1,380
  1,481
  1,587
  1,697
  1,812
  1,931
  2,056
  2,186
  2,322
  2,464
  2,613
  2,768
Maintenance CAPEX, $m
  0
  -53
  -61
  -71
  -81
  -91
  -102
  -114
  -127
  -140
  -154
  -168
  -183
  -199
  -215
  -232
  -249
  -268
  -287
  -306
  -327
  -348
  -370
  -393
  -417
  -442
  -468
  -495
  -524
  -553
  -584
New CAPEX, $m
  -73
  -69
  -74
  -80
  -85
  -90
  -95
  -100
  -105
  -110
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -151
  -157
  -164
  -170
  -177
  -184
  -192
  -200
  -208
  -217
  -227
  -237
  -247
  -258
Cash from investing activities, $m
  -254
  -122
  -135
  -151
  -166
  -181
  -197
  -214
  -232
  -250
  -269
  -288
  -308
  -329
  -350
  -372
  -395
  -419
  -444
  -470
  -497
  -525
  -554
  -585
  -617
  -650
  -685
  -722
  -761
  -800
  -842
Free cash flow, $m
  -174
  15
  42
  73
  106
  143
  182
  223
  267
  314
  363
  410
  464
  520
  579
  640
  703
  770
  838
  910
  984
  1,062
  1,143
  1,227
  1,314
  1,406
  1,501
  1,600
  1,704
  1,812
  1,925
Issuance/(repayment) of debt, $m
  202
  113
  123
  132
  141
  150
  158
  166
  175
  183
  191
  199
  207
  216
  224
  233
  242
  252
  261
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  195
  113
  123
  132
  141
  150
  158
  166
  175
  183
  191
  199
  207
  216
  224
  233
  242
  252
  261
  272
  283
  294
  306
  319
  332
  346
  361
  377
  393
  411
  429
Total cash flow (excl. dividends), $m
  19
  128
  166
  205
  247
  292
  340
  390
  442
  497
  554
  609
  671
  736
  803
  873
  945
  1,021
  1,100
  1,182
  1,267
  1,356
  1,449
  1,546
  1,646
  1,752
  1,862
  1,977
  2,097
  2,223
  2,354
Retained Cash Flow (-), $m
  -9
  -61
  -66
  -71
  -76
  -81
  -85
  -90
  -94
  -98
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -135
  -141
  -146
  -152
  -158
  -165
  -172
  -179
  -186
  -194
  -203
  -212
  -221
  -231
Prev. year cash balance distribution, $m
 
  130
  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
 
  196
  99
  134
  172
  212
  255
  300
  348
  398
  451
  502
  559
  620
  682
  747
  815
  886
  959
  1,035
  1,115
  1,198
  1,284
  1,374
  1,468
  1,565
  1,667
  1,774
  1,885
  2,002
  2,123
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  186
  89
  112
  134
  153
  169
  182
  192
  197
  199
  195
  190
  182
  171
  159
  144
  129
  113
  98
  83
  69
  56
  44
  35
  26
  20
  14
  10
  7
  5
Current shareholders' claim on cash, %
  100
  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

Albany International Corp. is focused on textiles and materials processing business. The Company operates through two segments: Machine Clothing and Albany Engineered Composites. The Company's Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications. The Machine Clothing segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. Its Albany Engineered Composites segment includes Albany Safran Composites, LLC (ASC), in which its customer SAFRAN Group owns interest and provides engineered composite structures based on its technology to customers in the aerospace and defense industries.

FINANCIAL RATIOS  of  Albany International Cl A (AIN)

Valuation Ratios
P/E Ratio 37.7
Price to Sales 2.6
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 285.1
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 43.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 85.2%
Total Debt to Equity 95.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.6%
Gross Margin - 3 Yr. Avg. 39%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 17.4%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 10.2%
Pre-Tax Margin 10%
Pre-Tax Margin - 3 Yr. Avg. 8.8%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 32.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.5%
Payout Ratio 41.5%

AIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIN stock intrinsic value calculation we used $780 million for the last fiscal year's total revenue generated by Albany International Cl A. The default revenue input number comes from 2016 income statement of Albany International Cl A. 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 AIN stock valuation model: a) initial revenue growth rate of 16.2% 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 5.5%, whose default value for AIN is calculated based on our internal credit rating of Albany International Cl A, 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 Albany International Cl A.
    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 AIN stock the variable cost ratio is equal to 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for AIN 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 Albany International Cl A.

Corporate tax rate of 27% is the nominal tax rate for Albany International Cl A. 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 AIN 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 AIN are equal to 54.2%.

Life of production assets of 8 years is the average useful life of capital assets used in Albany International Cl A 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 AIN is equal to 21.9%. 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 - $508 million for Albany International Cl A - 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 32.384 million for Albany International Cl A 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 Albany International Cl A at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ Albany International Announces Earnings Release Date   [Jan-16-18 10:30AM  Business Wire]
▶ Albany International Declares Dividend   [Dec-15-17 10:40AM  Business Wire]
▶ Albany International posts 3Q profit   [Oct-30-17 06:23PM  Associated Press]
▶ Albany International Announces Earnings Release Date   [Oct-11-17 09:35AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Albany International Declares Dividend   [Aug-31-17 12:15PM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-24-17 07:00AM  Business Wire]
▶ Albany International posts 2Q profit   [Aug-02-17 12:14AM  Associated Press]
▶ Albany International Announces CEO Succession Plan   [Aug-01-17 05:05PM  Business Wire]
▶ The Best Stock in New Hampshire: Albany International   [Jul-20-17 08:50AM  Kiplinger]
▶ Albany International Declares Dividend   [May-12-17 09:45AM  Business Wire]
▶ Albany International posts 1Q profit   [May-05-17 05:02AM  Associated Press]
▶ Albany International Reports First-Quarter Results   [May-04-17 05:00PM  Business Wire]
▶ Albany International Announces Earnings Release Date   [Apr-12-17 11:00AM  Business Wire]
▶ Albany International Declares Dividend   [Feb-24-17 12:30PM  Business Wire]
▶ Albany International posts 4Q profit   [05:01AM  Associated Press]
▶ Albany International Declares Dividend   [Dec-16-16 10:15AM  Business Wire]
Financial statements of AIN
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