Intrinsic value of Allegheny Technologies - ATI

Previous Close

$23.38

  Intrinsic Value

$2.40

stock screener

  Rating & Target

str. sell

-90%

Previous close

$23.38

 
Intrinsic value

$2.40

 
Up/down potential

-90%

 
Rating

str. sell

We calculate the intrinsic value of ATI 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 2.9

 

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, %
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  4,043
  4,598
  5,190
  5,816
  6,477
  7,172
  7,900
  8,662
  9,457
  10,285
  11,147
  12,043
  12,976
  13,944
  14,951
  15,997
  17,084
  18,215
  19,391
  20,615
  21,888
  23,215
  24,598
  26,039
  27,542
  29,111
  30,749
  32,460
  34,248
  36,117
Variable operating expenses, $m
  4,824
  5,479
  6,177
  6,916
  7,696
  8,515
  9,375
  10,273
  11,211
  12,188
  13,152
  14,210
  15,310
  16,453
  17,641
  18,875
  20,158
  21,492
  22,880
  24,324
  25,827
  27,392
  29,023
  30,724
  32,498
  34,349
  36,282
  38,301
  40,410
  42,615
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
  4,824
  5,479
  6,177
  6,916
  7,696
  8,515
  9,375
  10,273
  11,211
  12,188
  13,152
  14,210
  15,310
  16,453
  17,641
  18,875
  20,158
  21,492
  22,880
  24,324
  25,827
  27,392
  29,023
  30,724
  32,498
  34,349
  36,282
  38,301
  40,410
  42,615
Operating income, $m
  -781
  -881
  -987
  -1,100
  -1,219
  -1,344
  -1,475
  -1,612
  -1,755
  -1,904
  -2,006
  -2,167
  -2,335
  -2,509
  -2,690
  -2,878
  -3,074
  -3,277
  -3,489
  -3,709
  -3,938
  -4,177
  -4,426
  -4,685
  -4,956
  -5,238
  -5,533
  -5,840
  -6,162
  -6,498
EBITDA, $m
  -561
  -638
  -720
  -807
  -898
  -995
  -1,096
  -1,201
  -1,311
  -1,426
  -1,546
  -1,670
  -1,799
  -1,934
  -2,073
  -2,218
  -2,369
  -2,526
  -2,689
  -2,859
  -3,035
  -3,219
  -3,411
  -3,611
  -3,819
  -4,037
  -4,264
  -4,501
  -4,749
  -5,009
Interest expense (income), $m
  127
  120
  160
  202
  247
  295
  345
  398
  454
  512
  573
  636
  702
  770
  841
  915
  992
  1,072
  1,155
  1,241
  1,331
  1,424
  1,521
  1,622
  1,728
  1,838
  1,952
  2,072
  2,197
  2,327
  2,464
Earnings before tax, $m
  -901
  -1,040
  -1,189
  -1,347
  -1,514
  -1,689
  -1,873
  -2,066
  -2,267
  -2,476
  -2,641
  -2,869
  -3,105
  -3,350
  -3,605
  -3,870
  -4,146
  -4,432
  -4,730
  -5,040
  -5,362
  -5,698
  -6,048
  -6,413
  -6,793
  -7,190
  -7,605
  -8,037
  -8,490
  -8,962
Tax expense, $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
Net income, $m
  -901
  -1,040
  -1,189
  -1,347
  -1,514
  -1,689
  -1,873
  -2,066
  -2,267
  -2,476
  -2,641
  -2,869
  -3,105
  -3,350
  -3,605
  -3,870
  -4,146
  -4,432
  -4,730
  -5,040
  -5,362
  -5,698
  -6,048
  -6,413
  -6,793
  -7,190
  -7,605
  -8,037
  -8,490
  -8,962

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
  5,946
  6,762
  7,632
  8,553
  9,525
  10,547
  11,618
  12,738
  13,907
  15,125
  16,392
  17,711
  19,082
  20,506
  21,987
  23,525
  25,124
  26,787
  28,516
  30,316
  32,189
  34,140
  36,173
  38,293
  40,504
  42,811
  45,220
  47,736
  50,365
  53,113
Adjusted assets (=assets-cash), $m
  5,946
  6,762
  7,632
  8,553
  9,525
  10,547
  11,618
  12,738
  13,907
  15,125
  16,392
  17,711
  19,082
  20,506
  21,987
  23,525
  25,124
  26,787
  28,516
  30,316
  32,189
  34,140
  36,173
  38,293
  40,504
  42,811
  45,220
  47,736
  50,365
  53,113
Revenue / Adjusted assets
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
  0.680
Average production assets, $m
  3,202
  3,642
  4,110
  4,606
  5,130
  5,680
  6,257
  6,860
  7,490
  8,145
  8,828
  9,538
  10,277
  11,044
  11,841
  12,670
  13,531
  14,426
  15,358
  16,327
  17,336
  18,386
  19,481
  20,623
  21,814
  23,056
  24,354
  25,709
  27,125
  28,605
Working capital, $m
  1,229
  1,398
  1,578
  1,768
  1,969
  2,180
  2,402
  2,633
  2,875
  3,127
  3,389
  3,661
  3,945
  4,239
  4,545
  4,863
  5,194
  5,537
  5,895
  6,267
  6,654
  7,057
  7,478
  7,916
  8,373
  8,850
  9,348
  9,868
  10,411
  10,980
Total debt, $m
  2,049
  2,592
  3,170
  3,783
  4,429
  5,108
  5,821
  6,565
  7,343
  8,153
  8,996
  9,872
  10,784
  11,731
  12,716
  13,739
  14,802
  15,908
  17,058
  18,255
  19,500
  20,798
  22,150
  23,559
  25,030
  26,564
  28,166
  29,839
  31,587
  33,415
Total liabilities, $m
  3,954
  4,497
  5,075
  5,688
  6,334
  7,014
  7,726
  8,471
  9,248
  10,058
  10,901
  11,778
  12,689
  13,637
  14,621
  15,644
  16,708
  17,813
  18,963
  20,160
  21,406
  22,703
  24,055
  25,465
  26,935
  28,469
  30,071
  31,744
  33,493
  35,320
Total equity, $m
  1,992
  2,265
  2,557
  2,865
  3,191
  3,533
  3,892
  4,267
  4,659
  5,067
  5,491
  5,933
  6,392
  6,870
  7,366
  7,881
  8,417
  8,974
  9,553
  10,156
  10,783
  11,437
  12,118
  12,828
  13,569
  14,342
  15,149
  15,991
  16,872
  17,793
Total liabilities and equity, $m
  5,946
  6,762
  7,632
  8,553
  9,525
  10,547
  11,618
  12,738
  13,907
  15,125
  16,392
  17,711
  19,081
  20,507
  21,987
  23,525
  25,125
  26,787
  28,516
  30,316
  32,189
  34,140
  36,173
  38,293
  40,504
  42,811
  45,220
  47,735
  50,365
  53,113
Debt-to-equity ratio
  1.030
  1.140
  1.240
  1.320
  1.390
  1.450
  1.500
  1.540
  1.580
  1.610
  1.640
  1.660
  1.690
  1.710
  1.730
  1.740
  1.760
  1.770
  1.790
  1.800
  1.810
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.870
  1.870
  1.880
Adjusted equity ratio
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335
  0.335

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -901
  -1,040
  -1,189
  -1,347
  -1,514
  -1,689
  -1,873
  -2,066
  -2,267
  -2,476
  -2,641
  -2,869
  -3,105
  -3,350
  -3,605
  -3,870
  -4,146
  -4,432
  -4,730
  -5,040
  -5,362
  -5,698
  -6,048
  -6,413
  -6,793
  -7,190
  -7,605
  -8,037
  -8,490
  -8,962
Depreciation, amort., depletion, $m
  220
  243
  267
  293
  320
  349
  379
  410
  443
  477
  460
  497
  535
  575
  617
  660
  705
  751
  800
  850
  903
  958
  1,015
  1,074
  1,136
  1,201
  1,268
  1,339
  1,413
  1,490
Funds from operations, $m
  -681
  -797
  -922
  -1,054
  -1,193
  -1,340
  -1,494
  -1,655
  -1,823
  -1,999
  -2,182
  -2,372
  -2,569
  -2,775
  -2,988
  -3,210
  -3,441
  -3,681
  -3,930
  -4,189
  -4,459
  -4,740
  -5,033
  -5,339
  -5,657
  -5,989
  -6,336
  -6,698
  -7,077
  -7,472
Change in working capital, $m
  158
  169
  180
  190
  201
  211
  221
  232
  242
  252
  262
  273
  283
  294
  306
  318
  331
  344
  357
  372
  387
  403
  420
  438
  457
  477
  498
  520
  543
  568
Cash from operations, $m
  -838
  -966
  -1,102
  -1,244
  -1,394
  -1,551
  -1,715
  -1,887
  -2,065
  -2,251
  -2,444
  -2,644
  -2,853
  -3,069
  -3,294
  -3,528
  -3,771
  -4,024
  -4,287
  -4,561
  -4,846
  -5,144
  -5,454
  -5,777
  -6,114
  -6,466
  -6,834
  -7,218
  -7,620
  -8,040
Maintenance CAPEX, $m
  -145
  -167
  -190
  -214
  -240
  -267
  -296
  -326
  -357
  -390
  -424
  -460
  -497
  -535
  -575
  -617
  -660
  -705
  -751
  -800
  -850
  -903
  -958
  -1,015
  -1,074
  -1,136
  -1,201
  -1,268
  -1,339
  -1,413
New CAPEX, $m
  -412
  -440
  -468
  -496
  -523
  -550
  -577
  -603
  -629
  -656
  -683
  -710
  -738
  -767
  -797
  -829
  -861
  -895
  -931
  -969
  -1,009
  -1,051
  -1,095
  -1,142
  -1,191
  -1,243
  -1,297
  -1,355
  -1,416
  -1,480
Cash from investing activities, $m
  -557
  -607
  -658
  -710
  -763
  -817
  -873
  -929
  -986
  -1,046
  -1,107
  -1,170
  -1,235
  -1,302
  -1,372
  -1,446
  -1,521
  -1,600
  -1,682
  -1,769
  -1,859
  -1,954
  -2,053
  -2,157
  -2,265
  -2,379
  -2,498
  -2,623
  -2,755
  -2,893
Free cash flow, $m
  -1,395
  -1,573
  -1,759
  -1,954
  -2,158
  -2,369
  -2,588
  -2,816
  -3,052
  -3,297
  -3,551
  -3,814
  -4,088
  -4,372
  -4,667
  -4,974
  -5,292
  -5,624
  -5,970
  -6,330
  -6,706
  -7,097
  -7,506
  -7,933
  -8,379
  -8,845
  -9,332
  -9,842
  -10,375
  -10,933
Issuance/(repayment) of debt, $m
  508
  543
  578
  613
  646
  680
  712
  745
  777
  810
  843
  877
  912
  947
  984
  1,023
  1,063
  1,106
  1,150
  1,197
  1,246
  1,297
  1,352
  1,410
  1,470
  1,534
  1,602
  1,673
  1,748
  1,828
Issuance/(repurchase) of shares, $m
  1,153
  1,314
  1,480
  1,655
  1,839
  2,031
  2,232
  2,441
  2,658
  2,884
  3,066
  3,310
  3,564
  3,827
  4,101
  4,385
  4,681
  4,989
  5,309
  5,642
  5,990
  6,352
  6,729
  7,123
  7,534
  7,963
  8,412
  8,880
  9,370
  9,883
Cash from financing (excl. dividends), $m  
  1,661
  1,857
  2,058
  2,268
  2,485
  2,711
  2,944
  3,186
  3,435
  3,694
  3,909
  4,187
  4,476
  4,774
  5,085
  5,408
  5,744
  6,095
  6,459
  6,839
  7,236
  7,649
  8,081
  8,533
  9,004
  9,497
  10,014
  10,553
  11,118
  11,711
Total cash flow (excl. dividends), $m
  266
  284
  299
  314
  328
  342
  356
  370
  384
  398
  358
  373
  388
  403
  419
  435
  452
  470
  489
  509
  530
  552
  575
  599
  625
  652
  681
  711
  743
  777
Retained Cash Flow (-), $m
  -1,153
  -1,314
  -1,480
  -1,655
  -1,839
  -2,031
  -2,232
  -2,441
  -2,658
  -2,884
  -3,066
  -3,310
  -3,564
  -3,827
  -4,101
  -4,385
  -4,681
  -4,989
  -5,309
  -5,642
  -5,990
  -6,352
  -6,729
  -7,123
  -7,534
  -7,963
  -8,412
  -8,880
  -9,370
  -9,883
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
  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
  -887
  -1,030
  -1,181
  -1,342
  -1,511
  -1,689
  -1,876
  -2,071
  -2,275
  -2,487
  -2,708
  -2,937
  -3,176
  -3,424
  -3,682
  -3,950
  -4,229
  -4,519
  -4,820
  -5,134
  -5,460
  -5,800
  -6,154
  -6,523
  -6,909
  -7,311
  -7,730
  -8,169
  -8,627
  -9,106
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  -816
  -865
  -897
  -914
  -914
  -898
  -867
  -822
  -766
  -701
  -630
  -556
  -481
  -408
  -339
  -276
  -220
  -171
  -130
  -96
  -70
  -49
  -33
  -22
  -14
  -9
  -5
  -3
  -2
  -1
Current shareholders' claim on cash, %
  71.8
  51.6
  37.2
  26.9
  19.5
  14.2
  10.3
  7.5
  5.5
  4.0
  3.0
  2.2
  1.6
  1.2
  0.9
  0.6
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Allegheny Technologies Incorporated is a manufacturer of specialty materials and complex components. The Company operates through two business segments: High Performance Materials & Components (HPMC), and Flat Rolled Products (FRP). The HPMC segment produces, converts and distributes a range of materials, including titanium and titanium-based alloys, nickel- and cobalt-based alloys and superalloys, zirconium and related alloys, including hafnium and niobium, advanced powder alloys and other specialty materials, in long product forms, such as ingot, billet, bar, rod, wire, shapes and rectangles, and seamless tubes, plus precision forgings, castings, components and machined parts. The FRP segment produces, converts and distributes stainless steel, nickel-based alloys, specialty alloys, and titanium and titanium-based alloys, in a range of product forms, including plate, sheet, engineered strip, and Precision Rolled Strip products.

FINANCIAL RATIOS  of  Allegheny Technologies (ATI)

Valuation Ratios
P/E Ratio -4
Price to Sales 0.8
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow -57.9
Price to Free Cash Flow -10.4
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate -19.9%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 130.8%
Total Debt to Equity 138.5%
Interest Coverage -5
Management Effectiveness
Return On Assets -9.8%
Ret/ On Assets - 3 Yr. Avg. -2%
Return On Total Capital -18.8%
Ret/ On T. Cap. - 3 Yr. Avg. -9.6%
Return On Equity -37.3%
Return On Equity - 3 Yr. Avg. -17.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 5.2%
Gross Margin - 3 Yr. Avg. 5.2%
EBITDA Margin -13.9%
EBITDA Margin - 3 Yr. Avg. -3.9%
Operating Margin -19.5%
Oper. Margin - 3 Yr. Avg. -9%
Pre-Tax Margin -23.4%
Pre-Tax Margin - 3 Yr. Avg. -12.1%
Net Profit Margin -20.4%
Net Profit Margin - 3 Yr. Avg. -10.2%
Effective Tax Rate 14.6%
Eff/ Tax Rate - 3 Yr. Avg. -120.7%
Payout Ratio -4.1%

ATI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATI stock intrinsic value calculation we used $3525.1 million for the last fiscal year's total revenue generated by Allegheny Technologies. The default revenue input number comes from 0001 income statement of Allegheny Technologies. 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 ATI stock valuation model: a) initial revenue growth rate of 14.7% 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 8.7%, whose default value for ATI is calculated based on our internal credit rating of Allegheny Technologies, 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 Allegheny Technologies.
    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 ATI stock the variable cost ratio is equal to 119.5%.

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 ATI 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 7.8% for Allegheny Technologies.

Corporate tax rate of 27% is the nominal tax rate for Allegheny Technologies. 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 ATI 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 ATI are equal to 79.2%.

Life of production assets of 19.2 years is the average useful life of capital assets used in Allegheny Technologies 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 ATI is equal to 30.4%. 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 - $1739.4 million for Allegheny Technologies - 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 125.684 million for Allegheny Technologies 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 Allegheny Technologies at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ Heres Why These Five Stocks Are in the Spotlight   [Nov-06-18 07:59PM  Insider Monkey]
▶ [$$] Allegheny Technologies Swings to 3Q Profit   [11:32AM  The Wall Street Journal]
▶ Allegheny Technologies: 3Q Earnings Snapshot   [07:26AM  Associated Press]
▶ ATI Announces Third Quarter 2018 Results   [07:15AM  Business Wire]
▶ And Canada Makes Three   [Oct-02-18 09:15AM  Zacks]
▶ Stocks Slump as Trade Talks Cancelled   [Sep-25-18 09:15AM  Zacks]
▶ The 1 Stock I'd Buy Right Now   [Aug-28-18 09:32AM  Motley Fool]
▶ Harshman to retire as ATI CEO   [Aug-14-18 11:55AM  American City Business Journals]
▶ ATI Announces CEO Succession Plan   [07:15AM  Business Wire]
▶ 3 Top Mid-Cap Stocks to Buy Right Now   [Aug-13-18 06:31AM  Motley Fool]
▶ [$$] Many Manufacturers Take Tariffs in Stride   [08:05PM  The Wall Street Journal]
▶ [$$] Many Manufacturers Take Tariffs in Stride   [01:55PM  The Wall Street Journal]
▶ Allegheny Technologies: 2Q Earnings Snapshot   [07:24AM  Associated Press]
▶ ATI Announces Second Quarter 2018 Results   [07:15AM  Business Wire]
▶ ATI acquires aerospace and defense additive manufacturer   [08:34AM  American City Business Journals]
▶ Business, civic leaders sign pledge against sexual violence   [Jun-14-18 05:01PM  American City Business Journals]
▶ ATI Announces Treasury Leadership Transition   [Jun-04-18 04:30PM  Business Wire]
▶ Allegheny Technologies: 1Q Earnings Snapshot   [07:47AM  Associated Press]
▶ ATI Announces First Quarter 2018 Results   [07:30AM  Business Wire]
▶ Why This Rising Star in U.S. Manufacturing Is a Buy   [Mar-28-18 12:02PM  Motley Fool]

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