Intrinsic value of Ferro Corp. - FOE

Previous Close

$19.54

  Intrinsic Value

$33.16

stock screener

  Rating & Target

str. buy

+70%

Previous close

$19.54

 
Intrinsic value

$33.16

 
Up/down potential

+70%

 
Rating

str. buy

We calculate the intrinsic value of FOE 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 1.6

 

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, %
  19.40
  17.96
  16.66
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
Revenue, $m
  1,668
  1,967
  2,295
  2,651
  3,034
  3,443
  3,879
  4,340
  4,826
  5,337
  5,872
  6,430
  7,013
  7,621
  8,253
  8,910
  9,594
  10,304
  11,042
  11,808
  12,606
  13,434
  14,297
  15,194
  16,128
  17,101
  18,115
  19,173
  20,276
  21,427
Variable operating expenses, $m
  1,310
  1,538
  1,788
  2,060
  2,352
  2,664
  2,996
  3,348
  3,719
  4,108
  4,478
  4,904
  5,348
  5,812
  6,294
  6,795
  7,316
  7,857
  8,420
  9,005
  9,613
  10,245
  10,902
  11,587
  12,299
  13,041
  13,814
  14,621
  15,462
  16,340
Fixed operating expenses, $m
  153
  157
  160
  164
  167
  171
  175
  179
  182
  186
  191
  195
  199
  203
  208
  212
  217
  222
  227
  232
  237
  242
  247
  253
  258
  264
  270
  276
  282
  288
Total operating expenses, $m
  1,463
  1,695
  1,948
  2,224
  2,519
  2,835
  3,171
  3,527
  3,901
  4,294
  4,669
  5,099
  5,547
  6,015
  6,502
  7,007
  7,533
  8,079
  8,647
  9,237
  9,850
  10,487
  11,149
  11,840
  12,557
  13,305
  14,084
  14,897
  15,744
  16,628
Operating income, $m
  204
  272
  346
  427
  515
  608
  708
  814
  925
  1,042
  1,203
  1,332
  1,466
  1,606
  1,752
  1,903
  2,061
  2,224
  2,395
  2,572
  2,756
  2,947
  3,147
  3,354
  3,571
  3,796
  4,031
  4,276
  4,532
  4,799
EBITDA, $m
  287
  362
  445
  535
  633
  737
  848
  966
  1,090
  1,221
  1,358
  1,501
  1,651
  1,807
  1,969
  2,138
  2,313
  2,496
  2,685
  2,883
  3,088
  3,301
  3,523
  3,754
  3,995
  4,246
  4,508
  4,781
  5,066
  5,363
Interest expense (income), $m
  17
  41
  55
  70
  87
  105
  125
  146
  169
  193
  218
  244
  272
  301
  331
  363
  395
  429
  465
  501
  539
  579
  620
  663
  708
  754
  803
  853
  905
  960
  1,017
Earnings before tax, $m
  164
  217
  276
  340
  409
  483
  562
  645
  732
  824
  959
  1,060
  1,165
  1,275
  1,389
  1,508
  1,631
  1,760
  1,893
  2,032
  2,177
  2,327
  2,484
  2,647
  2,816
  2,993
  3,178
  3,371
  3,572
  3,782
Tax expense, $m
  44
  59
  75
  92
  110
  130
  152
  174
  198
  223
  259
  286
  315
  344
  375
  407
  440
  475
  511
  549
  588
  628
  671
  715
  760
  808
  858
  910
  964
  1,021
Net income, $m
  120
  159
  202
  248
  299
  353
  410
  471
  535
  602
  700
  774
  851
  931
  1,014
  1,101
  1,191
  1,285
  1,382
  1,484
  1,589
  1,699
  1,813
  1,932
  2,056
  2,185
  2,320
  2,461
  2,608
  2,761

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
  2,009
  2,370
  2,765
  3,194
  3,655
  4,149
  4,674
  5,229
  5,815
  6,430
  7,074
  7,748
  8,450
  9,182
  9,943
  10,735
  11,559
  12,414
  13,303
  14,227
  15,187
  16,186
  17,225
  18,306
  19,432
  20,604
  21,826
  23,100
  24,429
  25,816
Adjusted assets (=assets-cash), $m
  2,009
  2,370
  2,765
  3,194
  3,655
  4,149
  4,674
  5,229
  5,815
  6,430
  7,074
  7,748
  8,450
  9,182
  9,943
  10,735
  11,559
  12,414
  13,303
  14,227
  15,187
  16,186
  17,225
  18,306
  19,432
  20,604
  21,826
  23,100
  24,429
  25,816
Revenue / Adjusted assets
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
Average production assets, $m
  549
  647
  755
  872
  998
  1,133
  1,276
  1,428
  1,588
  1,756
  1,932
  2,116
  2,307
  2,507
  2,715
  2,931
  3,156
  3,390
  3,633
  3,885
  4,147
  4,420
  4,704
  4,999
  5,306
  5,626
  5,960
  6,308
  6,671
  7,050
Working capital, $m
  515
  608
  709
  819
  937
  1,064
  1,199
  1,341
  1,491
  1,649
  1,814
  1,987
  2,167
  2,355
  2,550
  2,753
  2,964
  3,184
  3,412
  3,649
  3,895
  4,151
  4,418
  4,695
  4,984
  5,284
  5,598
  5,924
  6,265
  6,621
Total debt, $m
  1,012
  1,299
  1,613
  1,953
  2,320
  2,712
  3,130
  3,571
  4,037
  4,526
  5,038
  5,574
  6,132
  6,714
  7,319
  7,949
  8,603
  9,283
  9,990
  10,725
  11,488
  12,282
  13,108
  13,967
  14,862
  15,794
  16,766
  17,779
  18,835
  19,938
Total liabilities, $m
  1,597
  1,884
  2,198
  2,539
  2,906
  3,298
  3,715
  4,157
  4,623
  5,112
  5,624
  6,159
  6,718
  7,299
  7,905
  8,535
  9,189
  9,869
  10,576
  11,310
  12,074
  12,868
  13,694
  14,553
  15,448
  16,380
  17,352
  18,364
  19,421
  20,524
Total equity, $m
  412
  486
  567
  655
  749
  850
  958
  1,072
  1,192
  1,318
  1,450
  1,588
  1,732
  1,882
  2,038
  2,201
  2,369
  2,545
  2,727
  2,917
  3,113
  3,318
  3,531
  3,753
  3,983
  4,224
  4,474
  4,735
  5,008
  5,292
Total liabilities and equity, $m
  2,009
  2,370
  2,765
  3,194
  3,655
  4,148
  4,673
  5,229
  5,815
  6,430
  7,074
  7,747
  8,450
  9,181
  9,943
  10,736
  11,558
  12,414
  13,303
  14,227
  15,187
  16,186
  17,225
  18,306
  19,431
  20,604
  21,826
  23,099
  24,429
  25,816
Debt-to-equity ratio
  2.460
  2.670
  2.840
  2.980
  3.100
  3.190
  3.270
  3.330
  3.390
  3.430
  3.470
  3.510
  3.540
  3.570
  3.590
  3.610
  3.630
  3.650
  3.660
  3.680
  3.690
  3.700
  3.710
  3.720
  3.730
  3.740
  3.750
  3.750
  3.760
  3.770
Adjusted equity ratio
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  120
  159
  202
  248
  299
  353
  410
  471
  535
  602
  700
  774
  851
  931
  1,014
  1,101
  1,191
  1,285
  1,382
  1,484
  1,589
  1,699
  1,813
  1,932
  2,056
  2,185
  2,320
  2,461
  2,608
  2,761
Depreciation, amort., depletion, $m
  82
  90
  99
  108
  118
  129
  140
  153
  165
  179
  155
  169
  185
  201
  217
  235
  253
  271
  291
  311
  332
  354
  376
  400
  424
  450
  477
  505
  534
  564
Funds from operations, $m
  202
  249
  300
  356
  417
  482
  550
  623
  700
  780
  855
  943
  1,035
  1,131
  1,231
  1,335
  1,443
  1,556
  1,673
  1,794
  1,921
  2,052
  2,189
  2,332
  2,481
  2,635
  2,797
  2,965
  3,141
  3,325
Change in working capital, $m
  84
  93
  101
  110
  118
  127
  135
  142
  150
  158
  165
  173
  180
  188
  195
  203
  211
  219
  228
  237
  246
  256
  266
  277
  289
  301
  313
  327
  341
  356
Cash from operations, $m
  118
  156
  199
  247
  299
  355
  416
  481
  550
  623
  689
  770
  855
  943
  1,036
  1,132
  1,232
  1,336
  1,445
  1,557
  1,675
  1,796
  1,923
  2,055
  2,192
  2,335
  2,483
  2,639
  2,800
  2,969
Maintenance CAPEX, $m
  -37
  -44
  -52
  -60
  -70
  -80
  -91
  -102
  -114
  -127
  -140
  -155
  -169
  -185
  -201
  -217
  -235
  -253
  -271
  -291
  -311
  -332
  -354
  -376
  -400
  -424
  -450
  -477
  -505
  -534
New CAPEX, $m
  -90
  -99
  -108
  -117
  -126
  -135
  -143
  -152
  -160
  -168
  -176
  -184
  -192
  -200
  -208
  -216
  -225
  -234
  -243
  -252
  -262
  -273
  -284
  -295
  -307
  -320
  -334
  -348
  -363
  -379
Cash from investing activities, $m
  -127
  -143
  -160
  -177
  -196
  -215
  -234
  -254
  -274
  -295
  -316
  -339
  -361
  -385
  -409
  -433
  -460
  -487
  -514
  -543
  -573
  -605
  -638
  -671
  -707
  -744
  -784
  -825
  -868
  -913
Free cash flow, $m
  -8
  14
  40
  69
  103
  140
  182
  227
  276
  328
  373
  432
  494
  559
  627
  699
  773
  850
  931
  1,014
  1,101
  1,192
  1,286
  1,383
  1,485
  1,590
  1,700
  1,814
  1,933
  2,057
Issuance/(repayment) of debt, $m
  260
  287
  314
  341
  367
  392
  417
  442
  466
  489
  512
  535
  558
  582
  605
  630
  654
  680
  707
  735
  764
  794
  826
  859
  895
  932
  971
  1,013
  1,057
  1,103
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  260
  287
  314
  341
  367
  392
  417
  442
  466
  489
  512
  535
  558
  582
  605
  630
  654
  680
  707
  735
  764
  794
  826
  859
  895
  932
  971
  1,013
  1,057
  1,103
Total cash flow (excl. dividends), $m
  252
  301
  354
  410
  470
  533
  599
  668
  741
  817
  885
  967
  1,052
  1,141
  1,233
  1,328
  1,427
  1,530
  1,638
  1,749
  1,865
  1,986
  2,112
  2,243
  2,379
  2,522
  2,671
  2,827
  2,989
  3,159
Retained Cash Flow (-), $m
  -67
  -74
  -81
  -88
  -95
  -101
  -108
  -114
  -120
  -126
  -132
  -138
  -144
  -150
  -156
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -213
  -222
  -231
  -240
  -250
  -261
  -272
  -284
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
  185
  227
  273
  322
  375
  432
  491
  555
  621
  691
  753
  829
  908
  991
  1,077
  1,166
  1,259
  1,355
  1,455
  1,560
  1,668
  1,781
  1,899
  2,021
  2,149
  2,282
  2,421
  2,566
  2,717
  2,875
Discount rate, %
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
  168
  187
  202
  211
  216
  216
  211
  201
  188
  172
  152
  134
  115
  96
  79
  63
  50
  38
  28
  20
  14
  10
  6
  4
  3
  2
  1
  0
  0
  0
Current shareholders' claim on cash, %
  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

Ferro Corporation (Ferro) produces specialty materials that are sold to a range of manufacturers. The Company's segments include Performance Coatings (metal and ceramic coatings), Performance Colors and Glass (glass coatings), and Color Solutions. Its Performance Coatings segment includes Tile Coating Systems and Porcelain Enamel. Its manufacturers make products for various end-use markets. The Company's products fall into two general categories: functional coatings, which perform specific functions in the manufacturing processes and end products of its customers, and color solutions, which provide aesthetic and performance characteristics to its customers' products. Its products are used in a range of product applications in markets, including appliances, automobiles, building and renovation, electronics, household furnishings, industrial products and packaging.

FINANCIAL RATIOS  of  Ferro Corp. (FOE)

Valuation Ratios
P/E Ratio -77.6
Price to Sales 1.4
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 25.9
Price to Free Cash Flow 42.9
Growth Rates
Sales Growth Rate 6.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -41.9%
Cap. Spend. - 3 Yr. Gr. Rate -6%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 225.5%
Total Debt to Equity 232.4%
Interest Coverage 5
Management Effectiveness
Return On Assets -0.7%
Ret/ On Assets - 3 Yr. Avg. 5.4%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.9%
Return On Equity -7.5%
Return On Equity - 3 Yr. Avg. 14%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 28.1%
EBITDA Margin 11%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 27.4%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 0%

FOE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FOE stock intrinsic value calculation we used $1396.742 million for the last fiscal year's total revenue generated by Ferro Corp.. The default revenue input number comes from 0001 income statement of Ferro Corp.. 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 FOE stock valuation model: a) initial revenue growth rate of 19.4% 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 9.6%, whose default value for FOE is calculated based on our internal credit rating of Ferro Corp., 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 Ferro Corp..
    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 FOE stock the variable cost ratio is equal to 79%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $150 million in the base year in the intrinsic value calculation for FOE 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 Ferro Corp..

Corporate tax rate of 27% is the nominal tax rate for Ferro Corp.. 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 FOE 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 FOE are equal to 32.9%.

Life of production assets of 12.5 years is the average useful life of capital assets used in Ferro Corp. 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 FOE is equal to 30.9%. 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 - $344.814 million for Ferro Corp. - 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 84.1 million for Ferro Corp. 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 Ferro Corp. at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Ferro (FOE) Q3 2018 Earnings Conference Call Transcript   [Nov-09-18 09:42PM  Motley Fool]
▶ Ferro: 3Q Earnings Snapshot   [06:50PM  Associated Press]
▶ Ferro Reports Third Quarter 2018 Results   [04:31PM  Business Wire]
▶ A Look At The Intrinsic Value Of Ferro Corporation (NYSE:FOE)   [Aug-29-18 09:45AM  Simply Wall St.]
▶ Ferro: 2Q Earnings Snapshot   [Jul-25-18 07:23PM  Associated Press]
▶ What is Behind FERRO SAs (WSE:FRO) Superior ROE?   [Jun-27-18 07:45AM  Simply Wall St.]
▶ Are Ferro Corporations (NYSE:FOE) Interest Costs Too High?   [Jun-22-18 08:24AM  Simply Wall St.]
▶ Play 5 Top-Ranked Stocks With Rising P/E   [Jun-13-18 07:59AM  Zacks]
▶ Ferro: 1Q Earnings Snapshot   [May-01-18 05:52PM  Associated Press]
▶ Former Tronc Chairman Ferro selling all of his company stock   [Apr-14-18 02:48PM  Associated Press]
▶ Tronc Holder Ferro Selling Shares to McCormick Media   [Apr-13-18 05:34PM  Bloomberg]
▶ Free Research Report as Green Plains EPS Soared 111%   [Mar-09-18 07:10AM  ACCESSWIRE]
▶ Ferro Corporation to Host Earnings Call   [Mar-01-18 08:45AM  ACCESSWIRE]
▶ Ferro reports 4Q loss   [Feb-28-18 06:29PM  Associated Press]
▶ Gabelli & Companys 9th Specialty Chemicals Conference   [Feb-15-18 07:30AM  Business Wire]
▶ ETFs with exposure to Ferro Corp. : December 21, 2017   [Dec-21-17 11:28AM  Capital Cube]
▶ Ferro Corp. Value Analysis (NYSE:FOE) : December 19, 2017   [Dec-19-17 02:25PM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 28, 2017   [Nov-28-17 12:16PM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 17, 2017   [Nov-17-17 11:56AM  Capital Cube]
▶ ETFs with exposure to Ferro Corp. : November 6, 2017   [Nov-06-17 11:36AM  Capital Cube]
▶ Ferro 2017 Investor Day Webcast and App   [Nov-03-17 05:00PM  Business Wire]
▶ Ferro Corporation to Host Earnings Call   [Nov-02-17 09:05AM  ACCESSWIRE]
▶ Ferro Acquisition of Endeka Completed   [Nov-01-17 06:43PM  Business Wire]
▶ Ferro tops Street 3Q forecasts   [06:42PM  Associated Press]
▶ Ferro Announces Marran Ogilvie Joins Its Board of Directors   [Oct-19-17 09:25AM  Business Wire]
▶ Ferro Will Host Investor Day on Thursday, November 9, 2017   [Oct-13-17 11:01AM  Business Wire]
▶ ETFs with exposure to Ferro Corp. : September 29, 2017   [Sep-29-17 10:28AM  Capital Cube]
▶ Why Venezuela Sanctions May Only Have a Limited Impact   [Aug-25-17 03:08PM  Bloomberg Video]
▶ ETFs with exposure to Ferro Corp. : August 14, 2017   [Aug-14-17 04:36PM  Capital Cube]
▶ What Venezuela's Crisis Means for Investors   [Aug-01-17 03:01PM  Bloomberg Video]
▶ Ferro beats 2Q profit forecasts   [12:58AM  Associated Press]
▶ Ferro Reports Strong Second Quarter Results   [Jul-26-17 04:38PM  Business Wire]
▶ The ethics of owning Venezuelan debt: CIO   [May-31-17 02:39PM  CNBC Videos]
▶ ETFs with exposure to Ferro Corp. : May 23, 2017   [May-23-17 12:43PM  Capital Cube]

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