Intrinsic value of Friedman Industries - FRD

Previous Close

$8.73

  Intrinsic Value

$2.25

stock screener

  Rating & Target

str. sell

-74%

Previous close

$8.73

 
Intrinsic value

$2.25

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of FRD 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 0.1

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  194
  300
  448
  650
  917
  1,261
  1,692
  2,222
  2,859
  3,611
  4,484
  5,482
  6,608
  7,862
  9,244
  10,753
  12,387
  14,142
  16,017
  18,007
  20,112
  22,328
  24,653
  27,088
  29,631
  32,282
  35,043
  37,916
  40,904
  44,008
Variable operating expenses, $m
  157
  243
  363
  526
  743
  1,021
  1,371
  1,800
  2,316
  2,925
  3,632
  4,440
  5,352
  6,368
  7,488
  8,710
  10,033
  11,455
  12,973
  14,586
  16,291
  18,086
  19,969
  21,941
  24,001
  26,149
  28,385
  30,712
  33,132
  35,647
Fixed operating expenses, $m
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  25
  26
  26
  27
  28
  28
  29
  29
  30
  31
  31
  32
  33
  33
  34
  35
  36
  36
Total operating expenses, $m
  176
  263
  383
  547
  764
  1,043
  1,393
  1,823
  2,339
  2,949
  3,656
  4,465
  5,377
  6,394
  7,514
  8,737
  10,061
  11,483
  13,002
  14,615
  16,321
  18,117
  20,000
  21,973
  24,034
  26,182
  28,419
  30,747
  33,168
  35,683
Operating income, $m
  17
  37
  65
  103
  153
  218
  299
  400
  520
  662
  828
  1,017
  1,230
  1,468
  1,730
  2,016
  2,326
  2,659
  3,014
  3,392
  3,791
  4,212
  4,653
  5,115
  5,597
  6,100
  6,624
  7,169
  7,736
  8,325
EBITDA, $m
  20
  40
  70
  110
  163
  232
  318
  424
  552
  703
  878
  1,078
  1,304
  1,556
  1,834
  2,137
  2,465
  2,817
  3,194
  3,594
  4,017
  4,462
  4,929
  5,418
  5,929
  6,462
  7,017
  7,594
  8,194
  8,818
Interest expense (income), $m
  0
  0
  0
  1
  2
  3
  4
  6
  8
  11
  14
  18
  22
  27
  33
  39
  46
  54
  62
  71
  80
  90
  101
  112
  124
  136
  149
  162
  176
  191
  206
Earnings before tax, $m
  17
  37
  64
  101
  150
  214
  294
  392
  509
  649
  810
  995
  1,203
  1,435
  1,691
  1,970
  2,272
  2,597
  2,944
  3,312
  3,701
  4,111
  4,541
  4,991
  5,461
  5,951
  6,462
  6,993
  7,545
  8,119
Tax expense, $m
  5
  10
  17
  27
  41
  58
  79
  106
  138
  175
  219
  269
  325
  388
  457
  532
  614
  701
  795
  894
  999
  1,110
  1,226
  1,348
  1,474
  1,607
  1,745
  1,888
  2,037
  2,192
Net income, $m
  13
  27
  47
  74
  110
  156
  214
  286
  372
  474
  591
  726
  878
  1,048
  1,234
  1,438
  1,659
  1,896
  2,149
  2,418
  2,702
  3,001
  3,315
  3,643
  3,987
  4,344
  4,717
  5,105
  5,508
  5,927

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
  119
  184
  275
  399
  564
  775
  1,040
  1,366
  1,757
  2,219
  2,756
  3,369
  4,061
  4,832
  5,682
  6,609
  7,613
  8,692
  9,844
  11,068
  12,361
  13,723
  15,153
  16,649
  18,212
  19,842
  21,539
  23,305
  25,141
  27,049
Adjusted assets (=assets-cash), $m
  119
  184
  275
  399
  564
  775
  1,040
  1,366
  1,757
  2,219
  2,756
  3,369
  4,061
  4,832
  5,682
  6,609
  7,613
  8,692
  9,844
  11,068
  12,361
  13,723
  15,153
  16,649
  18,212
  19,842
  21,539
  23,305
  25,141
  27,049
Revenue / Adjusted assets
  1.630
  1.630
  1.629
  1.629
  1.626
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
  1.627
Average production assets, $m
  23
  36
  54
  79
  111
  153
  205
  269
  346
  437
  543
  663
  800
  951
  1,119
  1,301
  1,499
  1,711
  1,938
  2,179
  2,434
  2,702
  2,983
  3,278
  3,585
  3,906
  4,240
  4,588
  4,949
  5,325
Working capital, $m
  72
  111
  166
  241
  340
  468
  628
  824
  1,061
  1,340
  1,664
  2,034
  2,451
  2,917
  3,430
  3,989
  4,595
  5,247
  5,942
  6,681
  7,461
  8,284
  9,146
  10,050
  10,993
  11,977
  13,001
  14,067
  15,175
  16,327
Total debt, $m
  7
  17
  31
  49
  74
  106
  147
  196
  256
  326
  408
  501
  606
  723
  852
  993
  1,146
  1,310
  1,485
  1,671
  1,868
  2,075
  2,292
  2,519
  2,757
  3,005
  3,263
  3,531
  3,810
  4,100
Total liabilities, $m
  18
  28
  42
  61
  86
  118
  158
  208
  267
  337
  419
  512
  617
  734
  864
  1,005
  1,157
  1,321
  1,496
  1,682
  1,879
  2,086
  2,303
  2,531
  2,768
  3,016
  3,274
  3,542
  3,821
  4,111
Total equity, $m
  101
  156
  233
  339
  478
  657
  882
  1,158
  1,490
  1,882
  2,337
  2,857
  3,444
  4,098
  4,818
  5,605
  6,456
  7,371
  8,348
  9,386
  10,482
  11,637
  12,850
  14,118
  15,444
  16,826
  18,265
  19,762
  21,319
  22,937
Total liabilities and equity, $m
  119
  184
  275
  400
  564
  775
  1,040
  1,366
  1,757
  2,219
  2,756
  3,369
  4,061
  4,832
  5,682
  6,610
  7,613
  8,692
  9,844
  11,068
  12,361
  13,723
  15,153
  16,649
  18,212
  19,842
  21,539
  23,304
  25,140
  27,048
Debt-to-equity ratio
  0.070
  0.110
  0.130
  0.150
  0.160
  0.160
  0.170
  0.170
  0.170
  0.170
  0.170
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
  0.180
Adjusted equity ratio
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  27
  47
  74
  110
  156
  214
  286
  372
  474
  591
  726
  878
  1,048
  1,234
  1,438
  1,659
  1,896
  2,149
  2,418
  2,702
  3,001
  3,315
  3,643
  3,987
  4,344
  4,717
  5,105
  5,508
  5,927
Depreciation, amort., depletion, $m
  2
  3
  5
  7
  10
  14
  19
  25
  32
  40
  50
  61
  74
  88
  104
  120
  139
  158
  179
  202
  225
  250
  276
  303
  332
  362
  393
  425
  458
  493
Funds from operations, $m
  15
  30
  52
  81
  120
  170
  233
  311
  404
  514
  642
  788
  952
  1,136
  1,338
  1,559
  1,798
  2,054
  2,328
  2,619
  2,927
  3,251
  3,591
  3,947
  4,319
  4,706
  5,110
  5,530
  5,966
  6,420
Change in working capital, $m
  27
  39
  55
  75
  99
  127
  160
  197
  236
  279
  324
  370
  418
  465
  513
  560
  606
  651
  695
  739
  781
  822
  863
  903
  943
  984
  1,024
  1,066
  1,108
  1,152
Cash from operations, $m
  -12
  -9
  -3
  6
  21
  43
  73
  114
  168
  235
  318
  417
  535
  671
  825
  999
  1,192
  1,403
  1,633
  1,881
  2,146
  2,429
  2,728
  3,044
  3,375
  3,722
  4,085
  4,464
  4,858
  5,268
Maintenance CAPEX, $m
  -1
  -2
  -3
  -5
  -7
  -10
  -14
  -19
  -25
  -32
  -40
  -50
  -61
  -74
  -88
  -104
  -120
  -139
  -158
  -179
  -202
  -225
  -250
  -276
  -303
  -332
  -362
  -393
  -425
  -458
New CAPEX, $m
  -9
  -13
  -18
  -24
  -32
  -42
  -52
  -64
  -77
  -91
  -106
  -121
  -136
  -152
  -167
  -183
  -198
  -212
  -227
  -241
  -255
  -268
  -281
  -295
  -308
  -321
  -334
  -348
  -361
  -376
Cash from investing activities, $m
  -10
  -15
  -21
  -29
  -39
  -52
  -66
  -83
  -102
  -123
  -146
  -171
  -197
  -226
  -255
  -287
  -318
  -351
  -385
  -420
  -457
  -493
  -531
  -571
  -611
  -653
  -696
  -741
  -786
  -834
Free cash flow, $m
  -22
  -24
  -25
  -23
  -19
  -9
  7
  31
  66
  112
  172
  246
  337
  445
  570
  713
  873
  1,052
  1,248
  1,460
  1,690
  1,935
  2,197
  2,473
  2,764
  3,070
  3,390
  3,724
  4,072
  4,434
Issuance/(repayment) of debt, $m
  7
  10
  14
  19
  25
  32
  40
  49
  60
  70
  82
  93
  105
  117
  129
  141
  153
  164
  175
  186
  197
  207
  217
  227
  238
  248
  258
  268
  279
  290
Issuance/(repurchase) of shares, $m
  25
  28
  31
  31
  29
  23
  11
  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  
  32
  38
  45
  50
  54
  55
  51
  49
  60
  70
  82
  93
  105
  117
  129
  141
  153
  164
  175
  186
  197
  207
  217
  227
  238
  248
  258
  268
  279
  290
Total cash flow (excl. dividends), $m
  10
  14
  20
  27
  36
  46
  58
  81
  125
  182
  253
  340
  442
  562
  699
  854
  1,026
  1,216
  1,423
  1,646
  1,887
  2,142
  2,414
  2,700
  3,002
  3,317
  3,647
  3,992
  4,351
  4,724
Retained Cash Flow (-), $m
  -38
  -55
  -77
  -105
  -139
  -179
  -225
  -276
  -332
  -392
  -455
  -520
  -587
  -654
  -720
  -786
  -851
  -915
  -977
  -1,038
  -1,097
  -1,155
  -1,212
  -1,269
  -1,325
  -1,382
  -1,439
  -1,497
  -1,557
  -1,618
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
  -28
  -41
  -57
  -78
  -103
  -133
  -167
  -195
  -207
  -210
  -202
  -181
  -144
  -92
  -21
  67
  175
  301
  446
  609
  790
  988
  1,202
  1,431
  1,676
  1,935
  2,208
  2,495
  2,794
  3,106
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
  -27
  -37
  -50
  -64
  -80
  -97
  -113
  -122
  -119
  -110
  -96
  -77
  -55
  -31
  -6
  17
  38
  55
  69
  77
  82
  82
  79
  73
  65
  56
  47
  39
  30
  23
Current shareholders' claim on cash, %
  70.8
  54.9
  45.7
  40.1
  36.8
  35.1
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5
  34.5

Friedman Industries, Incorporated is engaged in steel processing, pipe manufacturing and processing and steel and pipe distribution. The Company has two product groups: coil and tubular products. It purchases prime hot-rolled steel coils, processes the coils into flat, finished sheet and plate, and sells these products on a wholesale, rapid-delivery basis in competition with steel mills, importers and steel service centers. It owns and operates approximately two coil processing facilities located in Hickman, Arkansas (Hickman) and Decatur, Alabama (Decatur). Through its Texas Tubular Products Division (TTP) in Lone Star, Texas, the Company manufactures, purchases, processes and markets tubular products (pipe). TTP operates over two pipe mills. It sells coil products and processing services to approximately 125 customers located primarily in the midwestern, southwestern and southeastern regions of the United States.

FINANCIAL RATIOS  of  Friedman Industries (FRD)

Valuation Ratios
P/E Ratio -20.4
Price to Sales 0.8
Price to Book 1
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -61.2
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.6%
Ret/ On Assets - 3 Yr. Avg. -1.5%
Return On Total Capital -4.9%
Ret/ On T. Cap. - 3 Yr. Avg. -1.6%
Return On Equity -4.9%
Return On Equity - 3 Yr. Avg. -1.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 3.6%
EBITDA Margin -2.6%
EBITDA Margin - 3 Yr. Avg. 0.9%
Operating Margin -5.1%
Oper. Margin - 3 Yr. Avg. -1.7%
Pre-Tax Margin -5.1%
Pre-Tax Margin - 3 Yr. Avg. -1.4%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -1.3%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 41.7%
Payout Ratio 0%

FRD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FRD stock intrinsic value calculation we used $121.157278 million for the last fiscal year's total revenue generated by Friedman Industries. The default revenue input number comes from 0001 income statement of Friedman Industries. 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 FRD stock valuation model: a) initial revenue growth rate of 60% 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 FRD is calculated based on our internal credit rating of Friedman Industries, 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 Friedman Industries.
    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 FRD stock the variable cost ratio is equal to 81%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for FRD 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 Friedman Industries.

Corporate tax rate of 27% is the nominal tax rate for Friedman Industries. 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 FRD 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 FRD are equal to 12.1%.

Life of production assets of 10.8 years is the average useful life of capital assets used in Friedman Industries 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 FRD is equal to 37.1%. 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 - $63.054316 million for Friedman Industries - 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 7.009 million for Friedman Industries 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 Friedman Industries at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Friedman Industries, Incorporated Announces Cash Dividend   [Aug-30-18 09:00PM  GlobeNewswire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Jun-06-18 05:11PM  GlobeNewswire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Mar-27-18 05:33PM  GlobeNewswire]
▶ Do Cheap Stocks Still Exist?   [Dec-08-17 11:53AM  GuruFocus.com]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Dec-06-17 02:41PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Sep-19-17 04:09PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Jun-02-17 02:43PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Mar-30-17 02:17PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Dec-02-16 01:51PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Sep-01-16 01:23PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Jun-02-16 08:46PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Mar-29-16 02:59PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Dec-01  03:42PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Aug-28  03:57PM  Business Wire]
▶ 10-Q for Friedman Industries, Inc.   [Aug-15  08:10PM  at Company Spotlight]
▶ 10-K for Friedman Industries, Inc.   [Jun-13  08:09PM  at Company Spotlight]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [May-29  03:46PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Mar-27  04:08PM  Business Wire]
▶ 10-Q for Friedman Industries, Inc.   [Feb-15  07:07PM  at Company Spotlight]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Dec-03  04:45PM  Business Wire]
▶ 10-Q for Friedman Industries, Inc.   [Nov-14  07:09PM  Company Spotlight]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Aug-28  03:21PM  Business Wire]
▶ Friedman Industries: Patience Is A Virtue For This Micro-Cap   [Jun-20  01:49AM  at Seeking Alpha]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [May-30  03:13PM  Business Wire]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Mar-21  04:13PM  Business Wire]

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