Intrinsic value of Apogee Enterprises - APOG

Previous Close

$48.30

  Intrinsic Value

$84.92

stock screener

  Rating & Target

str. buy

+76%

Previous close

$48.30

 
Intrinsic value

$84.92

 
Up/down potential

+76%

 
Rating

str. buy

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

We calculate the intrinsic value of APOG 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 1.4

 

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, %
  13.66
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  1,115
  1,268
  1,430
  1,603
  1,785
  1,976
  2,176
  2,385
  2,604
  2,831
  3,069
  3,315
  3,571
  3,838
  4,114
  4,402
  4,701
  5,012
  5,335
  5,671
  6,022
  6,386
  6,767
  7,163
  7,576
  8,008
  8,458
  8,928
  9,420
  9,934
  10,471
Variable operating expenses, $m
 
  1,020
  1,150
  1,287
  1,432
  1,585
  1,744
  1,911
  2,085
  2,267
  2,456
  2,642
  2,846
  3,058
  3,279
  3,508
  3,746
  3,994
  4,252
  4,520
  4,799
  5,090
  5,393
  5,708
  6,038
  6,382
  6,741
  7,115
  7,507
  7,917
  8,345
Fixed operating expenses, $m
 
  97
  100
  102
  105
  107
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  194
  199
Total operating expenses, $m
  992
  1,117
  1,250
  1,389
  1,537
  1,692
  1,854
  2,024
  2,201
  2,386
  2,578
  2,767
  2,974
  3,189
  3,413
  3,646
  3,887
  4,139
  4,400
  4,672
  4,955
  5,250
  5,557
  5,876
  6,210
  6,558
  6,922
  7,300
  7,697
  8,111
  8,544
Operating income, $m
  122
  150
  181
  213
  247
  284
  322
  361
  403
  446
  491
  548
  597
  648
  701
  756
  814
  873
  935
  1,000
  1,067
  1,137
  1,210
  1,287
  1,367
  1,450
  1,537
  1,628
  1,723
  1,823
  1,927
EBITDA, $m
  158
  191
  226
  263
  302
  342
  385
  430
  477
  526
  577
  630
  686
  743
  803
  865
  930
  997
  1,067
  1,140
  1,216
  1,295
  1,378
  1,464
  1,554
  1,648
  1,746
  1,849
  1,956
  2,068
  2,186
Interest expense (income), $m
  1
  2
  4
  5
  7
  9
  11
  13
  15
  17
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  79
  84
  89
Earnings before tax, $m
  123
  148
  177
  208
  240
  275
  311
  349
  388
  429
  472
  527
  573
  622
  672
  724
  779
  836
  895
  956
  1,020
  1,087
  1,156
  1,229
  1,305
  1,384
  1,467
  1,553
  1,644
  1,739
  1,838
Tax expense, $m
  37
  40
  48
  56
  65
  74
  84
  94
  105
  116
  128
  142
  155
  168
  181
  196
  210
  226
  242
  258
  275
  293
  312
  332
  352
  374
  396
  419
  444
  469
  496
Net income, $m
  86
  108
  129
  152
  175
  201
  227
  254
  283
  313
  345
  385
  419
  454
  491
  529
  569
  610
  653
  698
  745
  793
  844
  897
  953
  1,010
  1,071
  1,134
  1,200
  1,269
  1,342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  20
  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
  785
  870
  981
  1,099
  1,224
  1,355
  1,492
  1,636
  1,786
  1,942
  2,105
  2,274
  2,449
  2,632
  2,822
  3,019
  3,224
  3,437
  3,659
  3,890
  4,130
  4,380
  4,641
  4,913
  5,196
  5,492
  5,801
  6,124
  6,461
  6,813
  7,182
Adjusted assets (=assets-cash), $m
  765
  870
  981
  1,099
  1,224
  1,355
  1,492
  1,636
  1,786
  1,942
  2,105
  2,274
  2,449
  2,632
  2,822
  3,019
  3,224
  3,437
  3,659
  3,890
  4,130
  4,380
  4,641
  4,913
  5,196
  5,492
  5,801
  6,124
  6,461
  6,813
  7,182
Revenue / Adjusted assets
  1.458
  1.457
  1.458
  1.459
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
  1.458
Average production assets, $m
  287
  326
  368
  412
  459
  508
  559
  613
  669
  728
  789
  852
  918
  986
  1,057
  1,131
  1,208
  1,288
  1,371
  1,458
  1,548
  1,641
  1,739
  1,841
  1,947
  2,058
  2,174
  2,295
  2,421
  2,553
  2,691
Working capital, $m
  111
  104
  117
  131
  146
  162
  178
  196
  214
  232
  252
  272
  293
  315
  337
  361
  385
  411
  437
  465
  494
  524
  555
  587
  621
  657
  694
  732
  772
  815
  859
Total debt, $m
  65
  108
  153
  202
  253
  307
  363
  422
  483
  547
  614
  683
  755
  830
  908
  989
  1,073
  1,160
  1,251
  1,346
  1,444
  1,547
  1,654
  1,765
  1,881
  2,003
  2,129
  2,262
  2,400
  2,544
  2,696
Total liabilities, $m
  314
  357
  402
  451
  502
  556
  612
  671
  732
  796
  863
  932
  1,004
  1,079
  1,157
  1,238
  1,322
  1,409
  1,500
  1,595
  1,693
  1,796
  1,903
  2,014
  2,130
  2,252
  2,378
  2,511
  2,649
  2,793
  2,945
Total equity, $m
  471
  513
  579
  649
  722
  799
  880
  965
  1,054
  1,146
  1,242
  1,341
  1,445
  1,553
  1,665
  1,781
  1,902
  2,028
  2,159
  2,295
  2,437
  2,584
  2,738
  2,899
  3,066
  3,240
  3,423
  3,613
  3,812
  4,020
  4,237
Total liabilities and equity, $m
  785
  870
  981
  1,100
  1,224
  1,355
  1,492
  1,636
  1,786
  1,942
  2,105
  2,273
  2,449
  2,632
  2,822
  3,019
  3,224
  3,437
  3,659
  3,890
  4,130
  4,380
  4,641
  4,913
  5,196
  5,492
  5,801
  6,124
  6,461
  6,813
  7,182
Debt-to-equity ratio
  0.138
  0.210
  0.260
  0.310
  0.350
  0.380
  0.410
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.530
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
Adjusted equity ratio
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  86
  108
  129
  152
  175
  201
  227
  254
  283
  313
  345
  385
  419
  454
  491
  529
  569
  610
  653
  698
  745
  793
  844
  897
  953
  1,010
  1,071
  1,134
  1,200
  1,269
  1,342
Depreciation, amort., depletion, $m
  36
  41
  45
  50
  54
  59
  64
  69
  74
  80
  86
  82
  88
  95
  102
  109
  116
  124
  132
  140
  149
  158
  167
  177
  187
  198
  209
  221
  233
  245
  259
Funds from operations, $m
  119
  149
  175
  201
  230
  259
  291
  324
  358
  393
  431
  467
  507
  549
  592
  638
  685
  734
  785
  838
  893
  951
  1,011
  1,074
  1,140
  1,208
  1,280
  1,355
  1,433
  1,515
  1,600
Change in working capital, $m
  -5
  13
  13
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  25
  27
  28
  29
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
Cash from operations, $m
  124
  137
  161
  187
  215
  244
  274
  306
  340
  375
  411
  446
  486
  527
  570
  614
  660
  708
  758
  810
  865
  921
  980
  1,042
  1,106
  1,173
  1,243
  1,316
  1,393
  1,473
  1,556
Maintenance CAPEX, $m
  0
  -28
  -31
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -233
  -245
New CAPEX, $m
  -68
  -39
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
Cash from investing activities, $m
  -184
  -67
  -73
  -79
  -87
  -93
  -100
  -108
  -115
  -123
  -131
  -139
  -148
  -156
  -166
  -176
  -186
  -196
  -207
  -218
  -230
  -243
  -256
  -269
  -283
  -298
  -314
  -330
  -347
  -365
  -383
Free cash flow, $m
  -60
  70
  88
  108
  128
  151
  174
  199
  225
  252
  280
  307
  338
  370
  404
  438
  475
  512
  551
  592
  635
  679
  725
  773
  823
  875
  929
  986
  1,046
  1,108
  1,173
Issuance/(repayment) of debt, $m
  45
  43
  46
  48
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  98
  103
  107
  111
  116
  121
  127
  132
  138
  145
  151
Issuance/(repurchase) of shares, $m
  -11
  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  
  34
  43
  46
  48
  51
  54
  56
  59
  61
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  98
  103
  107
  111
  116
  121
  127
  132
  138
  145
  151
Total cash flow (excl. dividends), $m
  -26
  112
  134
  156
  180
  204
  230
  258
  286
  316
  347
  377
  410
  445
  482
  519
  559
  600
  642
  687
  733
  781
  832
  884
  939
  996
  1,056
  1,118
  1,184
  1,252
  1,324
Retained Cash Flow (-), $m
  -65
  -62
  -66
  -70
  -74
  -77
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -154
  -160
  -167
  -175
  -182
  -190
  -199
  -208
  -217
Prev. year cash balance distribution, $m
 
  20
  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
 
  70
  68
  86
  106
  127
  149
  173
  198
  224
  251
  277
  306
  337
  370
  403
  438
  474
  511
  551
  591
  634
  678
  724
  772
  822
  874
  928
  985
  1,044
  1,106
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
 
  67
  62
  75
  87
  98
  108
  117
  124
  129
  132
  131
  131
  128
  124
  118
  111
  103
  94
  85
  75
  66
  56
  47
  39
  32
  25
  20
  15
  11
  8
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

Apogee Enterprises, Inc. is engaged in the design and development of glass solutions for enclosing commercial buildings and framing art. The Company operates through four segments: Architectural Glass, Architectural Services, Architectural Framing Systems and Large-Scale Optical Technologies (LSO). The Architectural Glass segment fabricates coated glass used in customized window and wall systems. The Architectural Services segment designs, engineers, fabricates and installs the walls of glass, windows and other curtainwall products making up the outside skin of commercial and institutional buildings. The Architectural Framing Systems segment designs, engineers, fabricates and finishes the aluminum frames used in customized aluminum and glass window, curtainwall, storefront and entrance systems. The Large-Scale Optical Technologies segment manufactures glass and acrylic products for the custom picture framing and fine art markets.

FINANCIAL RATIOS  of  Apogee Enterprises (APOG)

Valuation Ratios
P/E Ratio 16.1
Price to Sales 1.2
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 24.7
Growth Rates
Sales Growth Rate 13.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.9%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 13.8%
Total Debt to Equity 13.8%
Interest Coverage 124
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 17.9%
Ret/ On T. Cap. - 3 Yr. Avg. 15.5%
Return On Equity 19.6%
Return On Equity - 3 Yr. Avg. 16.6%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 26.2%
Gross Margin - 3 Yr. Avg. 24.5%
EBITDA Margin 14.3%
EBITDA Margin - 3 Yr. Avg. 12.6%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 11%
Pre-Tax Margin - 3 Yr. Avg. 9.3%
Net Profit Margin 7.7%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 30.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 17.4%

APOG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the APOG stock intrinsic value calculation we used $1115 million for the last fiscal year's total revenue generated by Apogee Enterprises. The default revenue input number comes from 2017 income statement of Apogee Enterprises. 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 APOG stock valuation model: a) initial revenue growth rate of 13.7% 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 APOG is calculated based on our internal credit rating of Apogee Enterprises, 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 Apogee Enterprises.
    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 APOG stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $95 million in the base year in the intrinsic value calculation for APOG 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 Apogee Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Apogee Enterprises. 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 APOG 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 APOG are equal to 25.7%.

Life of production assets of 10.4 years is the average useful life of capital assets used in Apogee Enterprises 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 APOG is equal to 8.2%. 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 - $471 million for Apogee Enterprises - 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 28.722 million for Apogee Enterprises 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 Apogee Enterprises at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
LBY Libbey 6.30 14.84  str.buy
IBP Installed Buil 72.85 111.15  str.buy
CRH CRH ADR 33.87 94.73  str.buy

COMPANY NEWS

▶ Apogee Enterprises to Host Third Quarter Conference Call   [Dec-07-17 12:18PM  Business Wire]
▶ Should You Buy Apogee Enterprises Inc (APOG)?   [Dec-05-17 04:15PM  Simply Wall St.]
▶ Apogee Enterprises Declares Quarterly Cash Dividend   [Oct-04-17 01:04PM  Business Wire]
▶ What You Must Know About Apogee Enterprises Incs (APOG) ROE   [Oct-03-17 09:06AM  Simply Wall St.]
▶ Don't Let Wall Street Analysts Drive You Crazy   [Sep-22-17 06:00AM  TheStreet.com]
▶ Apogee Enterprises posts 2Q profit   [Sep-19-17 09:41PM  Associated Press]
▶ Apogee Reports FY18 Second-Quarter Results   [06:30AM  Business Wire]
▶ New Strong Sell Stocks for September 12th   [Sep-12-17 08:22AM  Zacks]
▶ Apogee Enterprises to Host Second Quarter Conference Call   [Sep-06-17 04:55PM  Business Wire]
▶ New Strong Buy Stocks for June 27th   [Jun-27-17 10:27AM  Zacks]
▶ Apogee Enterprises posts 1Q profit   [Jun-22-17 08:50PM  Associated Press]
▶ Apogee Elects New Director   [01:34PM  Business Wire]
▶ Apogee Reports FY18 First Quarter Results   [06:30AM  Business Wire]
▶ Apogee Enterprises Declares Quarterly Cash Dividend   [Jun-21-17 06:01PM  Business Wire]
▶ Oracle and 4 More Could Squeeze Bears When They Report   [Jun-19-17 01:25PM  TheStreet.com]
Financial statements of APOG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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