Intrinsic value of Arotech - ARTX

Previous Close

$3.40

  Intrinsic Value

$5.62

stock screener

  Rating & Target

str. buy

+65%

Previous close

$3.40

 
Intrinsic value

$5.62

 
Up/down potential

+65%

 
Rating

str. buy

We calculate the intrinsic value of ARTX 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 0.1

 

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, %
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  105
  112
  118
  125
  132
  140
  148
  156
  165
  174
  183
  193
  203
  214
  225
  237
  249
  262
  276
  290
  305
  321
  337
  355
  373
  392
  411
  432
  454
  477
Variable operating expenses, $m
  56
  59
  62
  66
  69
  73
  77
  81
  85
  89
  89
  94
  99
  104
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
Fixed operating expenses, $m
  45
  46
  47
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  69
  71
  73
  74
  76
  77
  79
  81
  83
  85
Total operating expenses, $m
  101
  105
  109
  114
  118
  123
  128
  133
  139
  144
  145
  151
  157
  164
  170
  177
  185
  192
  201
  209
  217
  227
  237
  246
  257
  267
  279
  291
  304
  317
Operating income, $m
  4
  6
  9
  11
  14
  17
  20
  23
  26
  30
  38
  42
  46
  50
  55
  60
  65
  70
  76
  81
  88
  94
  101
  108
  116
  124
  133
  142
  151
  161
EBITDA, $m
  15
  18
  21
  24
  27
  30
  34
  37
  41
  45
  49
  54
  58
  63
  68
  74
  80
  86
  92
  99
  106
  113
  121
  130
  138
  148
  157
  168
  178
  190
Interest expense (income), $m
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
Earnings before tax, $m
  3
  5
  7
  9
  12
  14
  17
  20
  23
  26
  35
  38
  42
  46
  50
  54
  59
  64
  69
  74
  80
  86
  92
  99
  106
  114
  122
  130
  139
  148
Tax expense, $m
  1
  1
  2
  3
  3
  4
  5
  5
  6
  7
  9
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
Net income, $m
  2
  4
  5
  7
  9
  11
  13
  15
  17
  19
  25
  28
  31
  33
  36
  40
  43
  47
  50
  54
  58
  63
  67
  72
  78
  83
  89
  95
  101
  108

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
  124
  132
  139
  148
  156
  165
  174
  184
  194
  205
  216
  228
  240
  252
  266
  280
  294
  310
  326
  342
  360
  378
  398
  418
  439
  462
  485
  510
  536
  563
Adjusted assets (=assets-cash), $m
  124
  132
  139
  148
  156
  165
  174
  184
  194
  205
  216
  228
  240
  252
  266
  280
  294
  310
  326
  342
  360
  378
  398
  418
  439
  462
  485
  510
  536
  563
Revenue / Adjusted assets
  0.847
  0.848
  0.849
  0.845
  0.846
  0.848
  0.851
  0.848
  0.851
  0.849
  0.847
  0.846
  0.846
  0.849
  0.846
  0.846
  0.847
  0.845
  0.847
  0.848
  0.847
  0.849
  0.847
  0.849
  0.850
  0.848
  0.847
  0.847
  0.847
  0.847
Average production assets, $m
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  136
  143
  150
  158
  166
  175
  184
  193
  203
  213
  224
  236
  248
  260
  273
  287
Working capital, $m
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
Total debt, $m
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  59
  64
  69
  74
  79
  85
  91
  97
  104
  111
  118
  125
  133
  141
  150
  159
  169
  179
  189
Total liabilities, $m
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
  147
  155
  163
  171
  180
  189
  198
  208
  219
Total equity, $m
  76
  80
  85
  90
  95
  101
  107
  112
  119
  125
  132
  139
  146
  154
  162
  171
  180
  189
  199
  209
  220
  231
  243
  255
  268
  282
  296
  312
  327
  344
Total liabilities and equity, $m
  124
  131
  139
  147
  156
  165
  175
  184
  195
  205
  216
  227
  239
  252
  265
  280
  294
  309
  326
  342
  360
  378
  398
  418
  439
  462
  485
  510
  535
  563
Debt-to-equity ratio
  0.250
  0.270
  0.290
  0.310
  0.330
  0.340
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.500
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
Adjusted equity ratio
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611
  0.611

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  4
  5
  7
  9
  11
  13
  15
  17
  19
  25
  28
  31
  33
  36
  40
  43
  47
  50
  54
  58
  63
  67
  72
  78
  83
  89
  95
  101
  108
Depreciation, amort., depletion, $m
  11
  12
  12
  13
  13
  14
  14
  14
  15
  16
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
Funds from operations, $m
  14
  15
  17
  20
  22
  24
  27
  29
  32
  35
  36
  39
  43
  46
  50
  54
  58
  62
  67
  72
  77
  82
  88
  94
  100
  107
  114
  121
  129
  137
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  14
  16
  18
  20
  22
  24
  27
  29
  32
  35
  37
  40
  43
  47
  50
  54
  58
  63
  67
  72
  77
  83
  88
  94
  101
  107
  114
  122
  129
  138
Maintenance CAPEX, $m
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
New CAPEX, $m
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
Cash from investing activities, $m
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -21
  -23
  -24
  -26
  -26
  -27
  -29
  -30
  -32
  -33
  -36
  -38
  -39
  -41
Free cash flow, $m
  4
  5
  7
  9
  10
  12
  14
  16
  18
  20
  21
  23
  25
  28
  31
  34
  37
  40
  43
  47
  51
  55
  59
  64
  68
  73
  79
  84
  90
  96
Issuance/(repayment) of debt, $m
  3
  3
  3
  3
  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
  11
Issuance/(repurchase) of shares, $m
  3
  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
Cash from financing (excl. dividends), $m  
  6
  4
  3
  3
  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
  11
Total cash flow (excl. dividends), $m
  9
  9
  10
  12
  13
  15
  17
  19
  22
  24
  25
  27
  30
  33
  36
  39
  42
  46
  50
  54
  58
  62
  67
  72
  77
  82
  88
  94
  100
  107
Retained Cash Flow (-), $m
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
Prev. year cash balance distribution, $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 flow adjustment, $m
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
Cash available for distribution, $m
  5
  5
  5
  7
  8
  10
  12
  13
  15
  17
  18
  20
  23
  25
  28
  31
  33
  37
  40
  43
  47
  51
  55
  59
  64
  68
  73
  79
  84
  90
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  4
  4
  4
  5
  6
  7
  8
  8
  8
  9
  8
  8
  8
  8
  7
  7
  6
  6
  5
  5
  4
  3
  3
  2
  2
  1
  1
  1
  1
  0
Current shareholders' claim on cash, %
  97.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1
  96.1

Arotech Corporation is a defense and security products and services company, engaged in providing interactive simulation for military, law enforcement and commercial markets, and batteries and charging systems for the military, commercial and medical markets. The Company operates through two segments: Training and Simulation Division, and Power Systems Division. The Company's Training and Simulation Division develops, manufactures and markets multimedia and interactive digital solutions for engineering, use-of-force training and operator training of military, law enforcement, security, emergency services and other personnel. The Company's Power Systems Division provides battery solutions, energy management and power distribution technologies and product design and manufacturing services for the aerospace, defense, law enforcement, homeland security markets, and it manufactures and sells rechargeable batteries for defense and security products and medical and industrial applications.

FINANCIAL RATIOS  of  Arotech (ARTX)

Valuation Ratios
P/E Ratio -30
Price to Sales 1
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 30
Price to Free Cash Flow 89.9
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 13.8%
Total Debt to Equity 21.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.8%
Ret/ On Assets - 3 Yr. Avg. 0.4%
Return On Total Capital -3.7%
Ret/ On T. Cap. - 3 Yr. Avg. -0.9%
Return On Equity -4.7%
Return On Equity - 3 Yr. Avg. -1.3%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 30.2%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 7%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 1.6%
Pre-Tax Margin -1.1%
Pre-Tax Margin - 3 Yr. Avg. 0.9%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. -1.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. -26.7%
Payout Ratio 0%

ARTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARTX stock intrinsic value calculation we used $99 million for the last fiscal year's total revenue generated by Arotech. The default revenue input number comes from 2017 income statement of Arotech. 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 ARTX stock valuation model: a) initial revenue growth rate of 6.2% 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 4.7%, whose default value for ARTX is calculated based on our internal credit rating of Arotech, 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 Arotech.
    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 ARTX stock the variable cost ratio is equal to 53.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $44 million in the base year in the intrinsic value calculation for ARTX 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 7.3% for Arotech.

Corporate tax rate of 27% is the nominal tax rate for Arotech. 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 ARTX stock is equal to 0.4%.

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 ARTX are equal to 60.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Arotech 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 ARTX is equal to -3.6%. 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 - $71 million for Arotech - 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 26 million for Arotech 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 Arotech at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Arotech Corporation to Host Earnings Call   [Aug-08-18 07:00AM  ACCESSWIRE]
▶ Arotech (ARTX) Matches Q2 Earnings Estimates   [Aug-07-18 08:50PM  Zacks]
▶ Arotech: 2Q Earnings Snapshot   [07:44PM  Associated Press]
▶ Arotech Reports Second Quarter 2018 Results   [04:05PM  GlobeNewswire]
▶ Top 4 Technology Penny Stocks to Watch   [Jul-09-18 05:59PM  Investopedia]
▶ 4 Hot Penny Stocks That Could See Outsized Gains   [Jun-19-18 09:29AM  InvestorPlace]
▶ Arotech: 1Q Earnings Snapshot   [May-09-18 05:27PM  Associated Press]
▶ Arotech Reports First Quarter 2018 Results   [04:02PM  GlobeNewswire]
▶ Flavor Of The Month: Arotech And More   [Mar-16-18 10:02AM  Simply Wall St.]
▶ Arotech posts 4Q profit   [Mar-14-18 05:47PM  Associated Press]
▶ Arotech Q4 Earnings Preview   [08:12AM  Benzinga]
▶ Arotech Hires New CFO   [Jan-08-18 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Arotech Corp. : December 29, 2017   [Dec-29-17 11:30AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : December 7, 2017   [Dec-07-17 12:55PM  Capital Cube]
▶ Top 4 Technology Penny Stocks to Watch   [Dec-04-17 05:10PM  Investopedia]
▶ Arotech posts 3Q profit   [Nov-08-17 05:59PM  Associated Press]
▶ ETFs with exposure to Arotech Corp. : November 7, 2017   [Nov-07-17 09:39AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : October 24, 2017   [Oct-24-17 09:34AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : October 13, 2017   [Oct-13-17 10:30AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : October 2, 2017   [Oct-02-17 10:40AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : September 22, 2017   [Sep-22-17 10:16AM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : September 12, 2017   [Sep-11-17 08:58PM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : August 10, 2017   [Aug-10-17 04:31PM  Capital Cube]
▶ Arotech reports 2Q loss   [01:07AM  Associated Press]
▶ ETFs with exposure to Arotech Corp. : July 31, 2017   [Jul-31-17 04:24PM  Capital Cube]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Jul-10-17 06:20PM  Zacks]
▶ ETFs with exposure to Arotech Corp. : July 7, 2017   [Jul-07-17 02:29PM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : June 26, 2017   [Jun-26-17 03:18PM  Capital Cube]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Jun-07-17 01:49PM  Zacks]
▶ Arotech reports 1Q loss   [May-08-17 05:33PM  Associated Press]
▶ Arotech Reports First Quarter 2017 Results   [04:10PM  GlobeNewswire]
▶ ETFs with exposure to Arotech Corp. : April 19, 2017   [Apr-19-17 02:10PM  Capital Cube]
▶ Beyond Tesla: 2 Lithium Stocks to Buy Now   [Apr-10-17 04:33PM  Zacks]
▶ ETFs with exposure to Arotech Corp. : April 7, 2017   [Apr-07-17 03:50PM  Capital Cube]
▶ ETFs with exposure to Arotech Corp. : March 27, 2017   [Mar-27-17 03:49PM  Capital Cube]
▶ Arotech reports 4Q loss   [04:41PM  Associated Press]
▶ Is Fenix Parts Inc (FENX) Going to Burn These Hedge Funds?   [Dec-18-16 10:29AM  at Insider Monkey]
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