Intrinsic value of Commercial Metals - CMC

Previous Close

$21.94

  Intrinsic Value

$4.66

stock screener

  Rating & Target

str. sell

-79%

Previous close

$21.94

 
Intrinsic value

$4.66

 
Up/down potential

-79%

 
Rating

str. sell

We calculate the intrinsic value of CMC 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 2.5

 

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, %
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  5,000
  5,448
  5,914
  6,399
  6,904
  7,429
  7,974
  8,540
  9,129
  9,741
  10,378
  11,040
  11,729
  12,447
  13,194
  13,974
  14,786
  15,634
  16,519
  17,443
  18,409
  19,418
  20,473
  21,576
  22,731
  23,939
  25,204
  26,529
  27,916
  29,370
Variable operating expenses, $m
  4,829
  5,261
  5,711
  6,179
  6,666
  7,172
  7,698
  8,244
  8,812
  9,403
  10,010
  10,649
  11,314
  12,006
  12,727
  13,479
  14,263
  15,080
  15,934
  16,825
  17,757
  18,730
  19,748
  20,812
  21,926
  23,091
  24,311
  25,589
  26,928
  28,330
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
  4,829
  5,261
  5,711
  6,179
  6,666
  7,172
  7,698
  8,244
  8,812
  9,403
  10,010
  10,649
  11,314
  12,006
  12,727
  13,479
  14,263
  15,080
  15,934
  16,825
  17,757
  18,730
  19,748
  20,812
  21,926
  23,091
  24,311
  25,589
  26,928
  28,330
Operating income, $m
  171
  186
  203
  220
  238
  257
  276
  296
  317
  339
  368
  391
  415
  441
  467
  495
  524
  554
  585
  618
  652
  688
  725
  764
  805
  848
  893
  940
  989
  1,040
EBITDA, $m
  291
  317
  344
  372
  401
  432
  463
  496
  531
  566
  603
  642
  682
  723
  767
  812
  859
  909
  960
  1,014
  1,070
  1,129
  1,190
  1,254
  1,321
  1,391
  1,465
  1,542
  1,623
  1,707
Interest expense (income), $m
  66
  45
  53
  61
  70
  79
  88
  98
  108
  118
  129
  141
  153
  165
  178
  191
  205
  219
  235
  250
  267
  284
  302
  321
  340
  361
  382
  405
  428
  453
  479
Earnings before tax, $m
  126
  134
  142
  151
  160
  169
  178
  188
  199
  209
  227
  239
  251
  263
  276
  290
  304
  319
  335
  351
  368
  386
  405
  424
  444
  466
  488
  511
  536
  562
Tax expense, $m
  34
  36
  38
  41
  43
  46
  48
  51
  54
  56
  61
  64
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
Net income, $m
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  166
  174
  183
  192
  202
  212
  222
  233
  244
  256
  269
  282
  295
  310
  324
  340
  356
  373
  391
  410

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
  3,255
  3,547
  3,850
  4,166
  4,495
  4,836
  5,191
  5,560
  5,944
  6,342
  6,756
  7,188
  7,636
  8,103
  8,590
  9,097
  9,627
  10,178
  10,755
  11,356
  11,985
  12,642
  13,329
  14,047
  14,799
  15,585
  16,409
  17,271
  18,175
  19,121
Adjusted assets (=assets-cash), $m
  3,255
  3,547
  3,850
  4,166
  4,495
  4,836
  5,191
  5,560
  5,944
  6,342
  6,756
  7,188
  7,636
  8,103
  8,590
  9,097
  9,627
  10,178
  10,755
  11,356
  11,985
  12,642
  13,329
  14,047
  14,799
  15,585
  16,409
  17,271
  18,175
  19,121
Revenue / Adjusted assets
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
  1.536
Average production assets, $m
  1,135
  1,237
  1,342
  1,453
  1,567
  1,686
  1,810
  1,939
  2,072
  2,211
  2,356
  2,506
  2,663
  2,825
  2,995
  3,172
  3,356
  3,549
  3,750
  3,960
  4,179
  4,408
  4,647
  4,898
  5,160
  5,434
  5,721
  6,022
  6,337
  6,667
Working capital, $m
  260
  283
  308
  333
  359
  386
  415
  444
  475
  507
  540
  574
  610
  647
  686
  727
  769
  813
  859
  907
  957
  1,010
  1,065
  1,122
  1,182
  1,245
  1,311
  1,380
  1,452
  1,527
Total debt, $m
  972
  1,127
  1,287
  1,455
  1,628
  1,809
  1,997
  2,192
  2,395
  2,606
  2,825
  3,053
  3,290
  3,537
  3,795
  4,063
  4,343
  4,635
  4,940
  5,258
  5,591
  5,938
  6,301
  6,682
  7,079
  7,495
  7,931
  8,387
  8,865
  9,366
Total liabilities, $m
  1,722
  1,876
  2,037
  2,204
  2,378
  2,558
  2,746
  2,941
  3,144
  3,355
  3,574
  3,802
  4,040
  4,287
  4,544
  4,813
  5,092
  5,384
  5,689
  6,007
  6,340
  6,688
  7,051
  7,431
  7,829
  8,245
  8,680
  9,137
  9,614
  10,115
Total equity, $m
  1,533
  1,670
  1,813
  1,962
  2,117
  2,278
  2,445
  2,619
  2,799
  2,987
  3,182
  3,385
  3,597
  3,817
  4,046
  4,285
  4,534
  4,794
  5,065
  5,349
  5,645
  5,954
  6,278
  6,616
  6,970
  7,341
  7,729
  8,135
  8,560
  9,006
Total liabilities and equity, $m
  3,255
  3,546
  3,850
  4,166
  4,495
  4,836
  5,191
  5,560
  5,943
  6,342
  6,756
  7,187
  7,637
  8,104
  8,590
  9,098
  9,626
  10,178
  10,754
  11,356
  11,985
  12,642
  13,329
  14,047
  14,799
  15,586
  16,409
  17,272
  18,174
  19,121
Debt-to-equity ratio
  0.630
  0.670
  0.710
  0.740
  0.770
  0.790
  0.820
  0.840
  0.860
  0.870
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.020
  1.020
  1.030
  1.030
  1.040
  1.040
Adjusted equity ratio
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  92
  98
  104
  110
  116
  123
  130
  137
  145
  153
  166
  174
  183
  192
  202
  212
  222
  233
  244
  256
  269
  282
  295
  310
  324
  340
  356
  373
  391
  410
Depreciation, amort., depletion, $m
  120
  130
  141
  152
  163
  175
  188
  200
  214
  228
  236
  251
  266
  283
  300
  317
  336
  355
  375
  396
  418
  441
  465
  490
  516
  543
  572
  602
  634
  667
Funds from operations, $m
  212
  228
  245
  262
  280
  298
  318
  338
  359
  380
  401
  425
  449
  475
  501
  529
  558
  588
  619
  652
  687
  723
  760
  799
  840
  883
  928
  976
  1,025
  1,077
Change in working capital, $m
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
Cash from operations, $m
  190
  205
  220
  237
  253
  271
  289
  308
  328
  349
  368
  390
  413
  437
  462
  488
  516
  544
  573
  604
  636
  670
  705
  742
  780
  821
  863
  907
  953
  1,001
Maintenance CAPEX, $m
  -104
  -113
  -124
  -134
  -145
  -157
  -169
  -181
  -194
  -207
  -221
  -236
  -251
  -266
  -283
  -300
  -317
  -336
  -355
  -375
  -396
  -418
  -441
  -465
  -490
  -516
  -543
  -572
  -602
  -634
New CAPEX, $m
  -96
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -144
  -150
  -156
  -163
  -170
  -177
  -184
  -192
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -301
  -315
  -330
Cash from investing activities, $m
  -200
  -215
  -230
  -244
  -260
  -276
  -293
  -310
  -328
  -346
  -365
  -386
  -407
  -429
  -453
  -477
  -501
  -528
  -556
  -585
  -615
  -647
  -680
  -715
  -752
  -790
  -830
  -873
  -917
  -964
Free cash flow, $m
  -10
  -11
  -9
  -8
  -6
  -5
  -3
  -1
  1
  2
  3
  4
  6
  8
  10
  12
  14
  16
  18
  19
  21
  23
  25
  27
  28
  30
  32
  34
  36
  37
Issuance/(repayment) of debt, $m
  148
  154
  161
  167
  174
  181
  188
  195
  203
  211
  219
  228
  237
  247
  257
  268
  280
  292
  305
  318
  333
  348
  363
  380
  398
  416
  436
  456
  478
  501
Issuance/(repurchase) of shares, $m
  40
  40
  39
  39
  38
  38
  37
  36
  36
  35
  30
  29
  28
  28
  28
  27
  27
  27
  27
  27
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
Cash from financing (excl. dividends), $m  
  188
  194
  200
  206
  212
  219
  225
  231
  239
  246
  249
  257
  265
  275
  285
  295
  307
  319
  332
  345
  360
  376
  391
  409
  428
  447
  468
  489
  512
  537
Total cash flow (excl. dividends), $m
  178
  183
  191
  198
  206
  214
  222
  230
  239
  248
  251
  261
  272
  283
  295
  308
  321
  335
  349
  365
  381
  398
  416
  436
  456
  477
  499
  523
  548
  574
Retained Cash Flow (-), $m
  -132
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -309
  -324
  -338
  -354
  -371
  -388
  -406
  -425
  -446
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
  32
  35
  38
  41
  45
  48
  52
  56
  60
  64
  68
  73
  77
  82
  87
  92
  98
  104
  109
  116
  122
  129
  136
  143
  151
  159
  168
  176
  186
  195
Cash available for distribution, $m
  46
  46
  48
  49
  51
  53
  55
  56
  58
  60
  56
  58
  61
  63
  66
  69
  72
  75
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
Discount rate, %
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
  44
  42
  41
  40
  39
  38
  36
  35
  33
  31
  26
  24
  22
  20
  18
  16
  15
  13
  11
  9
  8
  7
  5
  4
  3
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  98.5
  97.1
  95.8
  94.7
  93.7
  92.8
  92.0
  91.2
  90.5
  89.9
  89.4
  89.0
  88.6
  88.2
  87.9
  87.5
  87.2
  87.0
  86.7
  86.4
  86.2
  86.0
  85.7
  85.5
  85.3
  85.1
  84.9
  84.7
  84.5
  84.3

Commercial Metals Company, together with its subsidiaries, manufactures, recycles and markets steel and metal products, related materials and services through a network. The Company's Americas Recycling segment processes scrap metals for use as a raw material by manufacturers of new metal products. The Americas Mills segment consists of steel mills, commonly referred to as minimills that produce reinforcing bar (rebar), angles, flats and rounds. Its Americas Fabrication segment consists of its steel fabrication facilities that bend, weld, cut and fabricate steel, primarily rebar. Its International Mill segment consists of its mill, recycling and fabrication operations located in Poland. Its International Marketing and Distribution segment includes international operations for the sales, distribution and processing of primary and secondary metals, fabricated metals, semi-finished, long and flat steel products, and other industrial products.

FINANCIAL RATIOS  of  Commercial Metals (CMC)

Valuation Ratios
P/E Ratio 55.2
Price to Sales 0.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow -65.1
Growth Rates
Sales Growth Rate 9.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.7%
Cap. Spend. - 3 Yr. Gr. Rate 15.9%
Financial Strength
Quick Ratio 13
Current Ratio 0.2
LT Debt to Equity 57.5%
Total Debt to Equity 58.9%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 3.3%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 12.2%
Gross Margin - 3 Yr. Avg. 12.4%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin 2%
Oper. Margin - 3 Yr. Avg. 2.9%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 1.5%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.7%
Payout Ratio 121.7%

CMC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMC stock intrinsic value calculation we used $4570 million for the last fiscal year's total revenue generated by Commercial Metals. The default revenue input number comes from 2017 income statement of Commercial Metals. 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 CMC stock valuation model: a) initial revenue growth rate of 9.4% 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 4.5%, whose default value for CMC is calculated based on our internal credit rating of Commercial Metals, 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 Commercial Metals.
    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 CMC stock the variable cost ratio is equal to 96.6%.

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 CMC 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 Commercial Metals.

Corporate tax rate of 27% is the nominal tax rate for Commercial Metals. 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 CMC stock is equal to 0.7%.

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 CMC are equal to 22.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Commercial Metals 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 CMC is equal to 5.2%. 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 - $1401 million for Commercial Metals - 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 116 million for Commercial Metals 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 Commercial Metals at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Governor Abbott, Toyota voice concern about Trump's tariffs. What now?   [Jun-29-18 03:07PM  American City Business Journals]
▶ After-hours buzz: RHT, CMC & more   [Jun-21-18 06:00PM  CNBC]
▶ Commercial Metals: Fiscal 3Q Earnings Snapshot   [06:55AM  Associated Press]
▶ Commercial Metals Q3 Earnings Preview   [Jun-20-18 02:11PM  Benzinga]
▶ What Kind Of Risk Should You Expect For Comeco SA. (WSE:CMC)?   [Jun-01-18 09:10AM  Simply Wall St.]
▶ I like this 'mid-term' market: Pro   [May-23-18 03:25PM  CNBC Videos]
▶ Who Really Owns Comeco SA. (WSE:CMC)?   [07:27AM  Simply Wall St.]
▶ Here's Why Steel Stocks Fell as Much as 12% Today   [Mar-22-18 09:49PM  Motley Fool]
▶ Commercial Metals meets 2Q profit forecasts   [07:47AM  Associated Press]
▶ Five Steel Stocks to Buy Now   [12:46AM  Insider Monkey]
▶ Five Steel Stocks Hedge Funds Love The Most   [Mar-08-18 01:08PM  Insider Monkey]
▶ Steel stocks jump as Trump set to approve new tariffs   [Mar-01-18 04:13PM  American City Business Journals]
▶ Irving company sees stock rise after landmark Trump decision   [03:35PM  American City Business Journals]
▶ Trump talks up tax cuts in stop in Allegheny County   [Jan-18-18 05:10PM  American City Business Journals]
▶ Industry expert calls Jax steel mill a 'good bet'   [Jan-05-18 03:00PM  American City Business Journals]
▶ 3 Stocks Move Wednesday   [Jan-03-18 03:37PM  GuruFocus.com]
▶ Stock of Irving company skyrockets after $600M purchase   [01:50PM  American City Business Journals]
▶ Commercial Metals beats Street 1Q forecasts   [06:59AM  Associated Press]
▶ Stocks Showing Improved Relative Strength: Commercial Metals   [03:00AM  Investor's Business Daily]
▶ Why Commercial Metals Company Stock Just Jumped 7%   [Jan-02-18 05:36PM  Motley Fool]
▶ Jacksonville's Gerdau steel mill changes hands   [03:55PM  American City Business Journals]
▶ Commercial Metals Company Names Barbara Smith Chairman   [Nov-27-17 04:10PM  PR Newswire]
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