Intrinsic value of Friedman Industries - FRD

Previous Close

$6.08

  Intrinsic Value

$464.57

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.08

 
Intrinsic value

$464.57

 
Up/down potential

+999%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Friedman Industries (FRD) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  -4.88
  44.40
  40.46
  36.91
  33.72
  30.85
  28.27
  25.94
  23.84
  21.96
  20.26
  18.74
  17.36
  16.13
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
Revenue, $m
  78
  113
  158
  217
  290
  379
  486
  612
  758
  925
  1,112
  1,320
  1,550
  1,800
  2,070
  2,360
  2,669
  2,998
  3,345
  3,710
  4,093
  4,493
  4,912
  5,348
  5,802
  6,274
  6,766
  7,276
  7,807
  8,358
  8,931
Variable operating expenses, $m
 
  23
  32
  44
  59
  78
  100
  126
  155
  190
  228
  271
  318
  369
  424
  484
  547
  615
  686
  760
  839
  921
  1,007
  1,096
  1,189
  1,286
  1,387
  1,492
  1,600
  1,713
  1,831
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  82
  93
  103
  117
  134
  155
  179
  207
  238
  275
  315
  360
  409
  463
  520
  582
  648
  718
  792
  869
  950
  1,035
  1,124
  1,216
  1,312
  1,412
  1,516
  1,624
  1,736
  1,852
  1,974
Operating income, $m
  -4
  20
  54
  99
  155
  224
  308
  406
  520
  650
  797
  961
  1,141
  1,337
  1,550
  1,778
  2,021
  2,280
  2,553
  2,841
  3,142
  3,458
  3,788
  4,132
  4,490
  4,862
  5,250
  5,652
  6,071
  6,505
  6,958
EBITDA, $m
  -2
  23
  58
  104
  163
  234
  320
  422
  539
  674
  825
  994
  1,180
  1,383
  1,602
  1,838
  2,089
  2,356
  2,638
  2,935
  3,247
  3,573
  3,913
  4,268
  4,638
  5,022
  5,422
  5,838
  6,270
  6,719
  7,185
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
Earnings before tax, $m
  -4
  20
  54
  99
  155
  224
  307
  405
  519
  649
  796
  959
  1,139
  1,335
  1,547
  1,775
  2,018
  2,276
  2,549
  2,836
  3,137
  3,453
  3,782
  4,125
  4,483
  4,855
  5,241
  5,643
  6,061
  6,495
  6,946
Tax expense, $m
  -1
  5
  15
  27
  42
  61
  83
  109
  140
  175
  215
  259
  308
  360
  418
  479
  545
  615
  688
  766
  847
  932
  1,021
  1,114
  1,210
  1,311
  1,415
  1,524
  1,636
  1,754
  1,876
Net income, $m
  -3
  14
  40
  72
  113
  164
  224
  296
  379
  474
  581
  700
  831
  975
  1,129
  1,296
  1,473
  1,662
  1,861
  2,070
  2,290
  2,520
  2,761
  3,011
  3,272
  3,544
  3,826
  4,120
  4,425
  4,741
  5,071

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
  0
Total assets, $m
  63
  90
  126
  172
  230
  301
  386
  487
  603
  735
  884
  1,050
  1,232
  1,431
  1,645
  1,876
  2,122
  2,383
  2,659
  2,949
  3,253
  3,572
  3,904
  4,251
  4,612
  4,988
  5,378
  5,784
  6,206
  6,644
  7,099
Adjusted assets (=assets-cash), $m
  62
  90
  126
  172
  230
  301
  386
  487
  603
  735
  884
  1,050
  1,232
  1,431
  1,645
  1,876
  2,122
  2,383
  2,659
  2,949
  3,253
  3,572
  3,904
  4,251
  4,612
  4,988
  5,378
  5,784
  6,206
  6,644
  7,099
Revenue / Adjusted assets
  1.258
  1.256
  1.254
  1.262
  1.261
  1.259
  1.259
  1.257
  1.257
  1.259
  1.258
  1.257
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
  1.258
Average production assets, $m
  16
  22
  31
  43
  58
  75
  97
  122
  151
  184
  221
  263
  308
  358
  412
  470
  531
  597
  666
  738
  814
  894
  977
  1,064
  1,155
  1,249
  1,346
  1,448
  1,554
  1,663
  1,777
Working capital, $m
  43
  56
  79
  108
  145
  190
  243
  306
  379
  462
  556
  660
  775
  900
  1,035
  1,180
  1,335
  1,499
  1,672
  1,855
  2,046
  2,247
  2,456
  2,674
  2,901
  3,137
  3,383
  3,638
  3,903
  4,179
  4,466
Total debt, $m
  0
  1
  3
  5
  8
  11
  16
  20
  26
  32
  39
  47
  56
  66
  76
  87
  99
  111
  125
  139
  153
  168
  184
  201
  218
  236
  255
  275
  295
  316
  338
Total liabilities, $m
  3
  4
  6
  8
  11
  14
  19
  23
  29
  35
  42
  50
  59
  69
  79
  90
  102
  114
  128
  142
  156
  171
  187
  204
  221
  239
  258
  278
  298
  319
  341
Total equity, $m
  60
  85
  120
  164
  219
  287
  368
  463
  574
  700
  842
  999
  1,173
  1,362
  1,566
  1,786
  2,020
  2,269
  2,531
  2,807
  3,097
  3,400
  3,717
  4,047
  4,391
  4,748
  5,120
  5,506
  5,908
  6,325
  6,759
Total liabilities and equity, $m
  63
  89
  126
  172
  230
  301
  387
  486
  603
  735
  884
  1,049
  1,232
  1,431
  1,645
  1,876
  2,122
  2,383
  2,659
  2,949
  3,253
  3,571
  3,904
  4,251
  4,612
  4,987
  5,378
  5,784
  6,206
  6,644
  7,100
Debt-to-equity ratio
  0.000
  0.020
  0.030
  0.030
  0.040
  0.040
  0.040
  0.040
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
Adjusted equity ratio
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952
  0.952

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  14
  40
  72
  113
  164
  224
  296
  379
  474
  581
  700
  831
  975
  1,129
  1,296
  1,473
  1,662
  1,861
  2,070
  2,290
  2,520
  2,761
  3,011
  3,272
  3,544
  3,826
  4,120
  4,425
  4,741
  5,071
Depreciation, amort., depletion, $m
  2
  3
  4
  6
  7
  10
  12
  16
  19
  24
  28
  34
  40
  46
  53
  60
  68
  76
  85
  95
  104
  115
  125
  136
  148
  160
  173
  186
  199
  213
  228
Funds from operations, $m
  2
  17
  44
  78
  121
  173
  237
  312
  398
  498
  609
  734
  871
  1,021
  1,182
  1,356
  1,541
  1,738
  1,946
  2,165
  2,395
  2,635
  2,886
  3,148
  3,420
  3,704
  3,999
  4,305
  4,624
  4,955
  5,299
Change in working capital, $m
  2
  17
  23
  29
  37
  45
  54
  63
  73
  83
  94
  104
  115
  125
  135
  145
  155
  164
  173
  183
  191
  200
  209
  218
  227
  236
  246
  255
  265
  276
  287
Cash from operations, $m
  0
  0
  21
  48
  84
  129
  183
  248
  325
  414
  516
  630
  756
  896
  1,047
  1,211
  1,387
  1,574
  1,773
  1,983
  2,203
  2,435
  2,677
  2,930
  3,193
  3,468
  3,753
  4,050
  4,358
  4,679
  5,012
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -7
  -10
  -12
  -16
  -19
  -24
  -28
  -34
  -40
  -46
  -53
  -60
  -68
  -76
  -85
  -95
  -104
  -115
  -125
  -136
  -148
  -160
  -173
  -186
  -199
  -213
New CAPEX, $m
  -1
  -7
  -9
  -12
  -15
  -18
  -21
  -25
  -29
  -33
  -37
  -41
  -46
  -50
  -54
  -58
  -62
  -65
  -69
  -73
  -76
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -114
Cash from investing activities, $m
  -1
  -9
  -12
  -16
  -21
  -25
  -31
  -37
  -45
  -52
  -61
  -69
  -80
  -90
  -100
  -111
  -122
  -133
  -145
  -158
  -171
  -184
  -198
  -212
  -226
  -242
  -258
  -275
  -292
  -309
  -327
Free cash flow, $m
  -1
  -9
  9
  33
  64
  103
  152
  211
  281
  362
  455
  560
  677
  806
  947
  1,100
  1,265
  1,441
  1,627
  1,825
  2,032
  2,251
  2,479
  2,718
  2,966
  3,226
  3,495
  3,776
  4,067
  4,370
  4,685
Issuance/(repayment) of debt, $m
  0
  1
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
Issuance/(repurchase) of shares, $m
  0
  12
  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  
  0
  13
  2
  2
  3
  3
  4
  5
  6
  6
  7
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
Total cash flow (excl. dividends), $m
  -1
  4
  11
  35
  67
  107
  156
  216
  286
  368
  462
  568
  686
  816
  958
  1,112
  1,277
  1,453
  1,640
  1,838
  2,047
  2,266
  2,495
  2,734
  2,984
  3,244
  3,514
  3,795
  4,087
  4,391
  4,707
Retained Cash Flow (-), $m
  3
  -26
  -34
  -44
  -55
  -68
  -81
  -95
  -110
  -126
  -142
  -158
  -174
  -189
  -204
  -220
  -234
  -248
  -262
  -276
  -290
  -303
  -317
  -330
  -344
  -358
  -372
  -386
  -401
  -417
  -434
Prev. year cash balance distribution, $m
 
  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
  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
 
  -21
  -24
  -9
  11
  39
  75
  120
  176
  242
  320
  410
  512
  627
  753
  892
  1,043
  1,205
  1,378
  1,562
  1,757
  1,963
  2,178
  2,404
  2,640
  2,886
  3,142
  3,409
  3,686
  3,974
  4,273
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
 
  -20
  -22
  -8
  9
  30
  55
  81
  110
  139
  168
  195
  219
  238
  253
  262
  265
  262
  254
  241
  223
  203
  181
  158
  134
  112
  92
  73
  57
  43
  32
Current shareholders' claim on cash, %
  100
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9
  77.9

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 -14.2
Price to Sales 0.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -42.6
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 $78 million for the last fiscal year's total revenue generated by Friedman Industries. The default revenue input number comes from 2017 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 44.4% 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 4.3%, 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 20.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 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 3.5% 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 19.9%.

Life of production assets of 7.8 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 50%. 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 - $60 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 6.886 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 $0.0 billion.

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COMPANY NEWS

▶ 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]
▶ Friedman lowers quarterly dividend to 2c per share from 8c per share   [Nov-22  04:55PM  at theflyonthewall.com]
▶ Friedman Industries, Incorporated Announces Cash Dividend   [Aug-29  05:14PM  Business Wire]
▶ One Company Making Profits Out Of Steel   [Aug-09  05:27PM  at TheStreet]
▶ Why Friedman Industries Is My New Pick To Click   [Jul-24  09:58AM  at Seeking Alpha]
Financial statements of FRD
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