Intrinsic value of HC2 Holdings - HCHC

Previous Close

$3.35

  Intrinsic Value

$11.75

stock screener

  Rating & Target

str. buy

+251%

Previous close

$3.35

 
Intrinsic value

$11.75

 
Up/down potential

+251%

 
Rating

str. buy

We calculate the intrinsic value of HCHC 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, %
  31.20
  28.58
  26.22
  24.10
  22.19
  20.47
  18.92
  17.53
  16.28
  15.15
  14.14
  13.22
  12.40
  11.66
  10.99
  10.39
  9.85
  9.37
  8.93
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
  6.23
Revenue, $m
  2,144
  2,757
  3,480
  4,318
  5,276
  6,356
  7,559
  8,885
  10,331
  11,896
  13,578
  15,373
  17,279
  19,294
  21,415
  23,641
  25,970
  28,404
  30,941
  33,583
  36,332
  39,190
  42,161
  45,248
  48,456
  51,790
  55,256
  58,861
  62,611
  66,514
Variable operating expenses, $m
  2,132
  2,734
  3,445
  4,269
  5,210
  6,272
  7,454
  8,756
  10,178
  11,716
  13,344
  15,108
  16,981
  18,961
  21,046
  23,233
  25,523
  27,914
  30,408
  33,004
  35,706
  38,515
  41,434
  44,468
  47,621
  50,897
  54,304
  57,846
  61,532
  65,368
Fixed operating expenses, $m
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
Total operating expenses, $m
  2,137
  2,739
  3,450
  4,274
  5,216
  6,278
  7,460
  8,762
  10,184
  11,722
  13,350
  15,114
  16,988
  18,968
  21,053
  23,240
  25,530
  27,921
  30,416
  33,012
  35,714
  38,523
  41,442
  44,476
  47,630
  50,906
  54,313
  57,855
  61,541
  65,378
Operating income, $m
  7
  17
  30
  44
  60
  79
  100
  122
  147
  174
  228
  258
  291
  326
  362
  400
  440
  482
  525
  571
  618
  667
  718
  771
  826
  883
  943
  1,005
  1,069
  1,136
EBITDA, $m
  71
  93
  118
  148
  182
  220
  262
  309
  360
  416
  475
  539
  606
  678
  753
  832
  914
  1,000
  1,090
  1,184
  1,281
  1,382
  1,488
  1,597
  1,711
  1,829
  1,951
  2,079
  2,212
  2,350
Interest expense (income), $m
  10
  64
  135
  252
  390
  551
  734
  941
  1,171
  1,424
  1,701
  2,001
  2,322
  2,666
  3,031
  3,416
  3,822
  4,248
  4,694
  5,159
  5,645
  6,150
  6,676
  7,223
  7,791
  8,382
  8,996
  9,634
  10,297
  10,987
  11,704
Earnings before tax, $m
  -57
  -117
  -222
  -346
  -490
  -655
  -841
  -1,049
  -1,277
  -1,527
  -1,773
  -2,064
  -2,375
  -2,705
  -3,054
  -3,422
  -3,808
  -4,212
  -4,634
  -5,074
  -5,532
  -6,009
  -6,505
  -7,020
  -7,556
  -8,112
  -8,691
  -9,292
  -9,917
  -10,568
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
  -57
  -117
  -222
  -346
  -490
  -655
  -841
  -1,049
  -1,277
  -1,527
  -1,773
  -2,064
  -2,375
  -2,705
  -3,054
  -3,422
  -3,808
  -4,212
  -4,634
  -5,074
  -5,532
  -6,009
  -6,505
  -7,020
  -7,556
  -8,112
  -8,691
  -9,292
  -9,917
  -10,568

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
  4,220
  5,427
  6,850
  8,500
  10,387
  12,513
  14,881
  17,489
  20,336
  23,417
  26,727
  30,261
  34,014
  37,980
  42,155
  46,537
  51,123
  55,913
  60,907
  66,108
  71,519
  77,145
  82,993
  89,070
  95,385
  101,948
  108,771
  115,867
  123,249
  130,933
Adjusted assets (=assets-cash), $m
  4,220
  5,427
  6,850
  8,500
  10,387
  12,513
  14,881
  17,489
  20,336
  23,417
  26,727
  30,261
  34,014
  37,980
  42,155
  46,537
  51,123
  55,913
  60,907
  66,108
  71,519
  77,145
  82,993
  89,070
  95,385
  101,948
  108,771
  115,867
  123,249
  130,933
Revenue / Adjusted assets
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
  0.508
Average production assets, $m
  560
  720
  908
  1,127
  1,377
  1,659
  1,973
  2,319
  2,696
  3,105
  3,544
  4,012
  4,510
  5,036
  5,589
  6,170
  6,778
  7,413
  8,076
  8,765
  9,483
  10,229
  11,004
  11,810
  12,647
  13,517
  14,422
  15,363
  16,341
  17,360
Working capital, $m
  30
  39
  49
  60
  74
  89
  106
  124
  145
  167
  190
  215
  242
  270
  300
  331
  364
  398
  433
  470
  509
  549
  590
  633
  678
  725
  774
  824
  877
  931
Total debt, $m
  1,247
  2,333
  3,613
  5,099
  6,797
  8,710
  10,841
  13,189
  15,751
  18,524
  21,503
  24,684
  28,061
  31,630
  35,388
  39,332
  43,459
  47,770
  52,265
  56,946
  61,816
  66,880
  72,143
  77,612
  83,295
  89,202
  95,343
  101,729
  108,373
  115,288
Total liabilities, $m
  3,798
  4,884
  6,165
  7,650
  9,348
  11,261
  13,393
  15,740
  18,303
  21,076
  24,055
  27,235
  30,612
  34,182
  37,939
  41,883
  46,010
  50,321
  54,816
  59,497
  64,367
  69,431
  74,694
  80,163
  85,846
  91,753
  97,894
  104,281
  110,924
  117,839
Total equity, $m
  422
  543
  685
  850
  1,039
  1,251
  1,488
  1,749
  2,034
  2,342
  2,673
  3,026
  3,401
  3,798
  4,215
  4,654
  5,112
  5,591
  6,091
  6,611
  7,152
  7,715
  8,299
  8,907
  9,538
  10,195
  10,877
  11,587
  12,325
  13,093
Total liabilities and equity, $m
  4,220
  5,427
  6,850
  8,500
  10,387
  12,512
  14,881
  17,489
  20,337
  23,418
  26,728
  30,261
  34,013
  37,980
  42,154
  46,537
  51,122
  55,912
  60,907
  66,108
  71,519
  77,146
  82,993
  89,070
  95,384
  101,948
  108,771
  115,868
  123,249
  130,932
Debt-to-equity ratio
  2.950
  4.300
  5.280
  6.000
  6.540
  6.960
  7.290
  7.540
  7.750
  7.910
  8.050
  8.160
  8.250
  8.330
  8.390
  8.450
  8.500
  8.540
  8.580
  8.610
  8.640
  8.670
  8.690
  8.710
  8.730
  8.750
  8.770
  8.780
  8.790
  8.810
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -57
  -117
  -222
  -346
  -490
  -655
  -841
  -1,049
  -1,277
  -1,527
  -1,773
  -2,064
  -2,375
  -2,705
  -3,054
  -3,422
  -3,808
  -4,212
  -4,634
  -5,074
  -5,532
  -6,009
  -6,505
  -7,020
  -7,556
  -8,112
  -8,691
  -9,292
  -9,917
  -10,568
Depreciation, amort., depletion, $m
  64
  75
  88
  104
  121
  141
  163
  187
  213
  242
  248
  281
  315
  352
  391
  431
  474
  518
  565
  613
  663
  715
  770
  826
  884
  945
  1,009
  1,074
  1,143
  1,214
Funds from operations, $m
  7
  -42
  -134
  -242
  -369
  -514
  -678
  -862
  -1,064
  -1,285
  -1,525
  -1,783
  -2,059
  -2,353
  -2,663
  -2,990
  -3,334
  -3,693
  -4,069
  -4,461
  -4,869
  -5,294
  -5,735
  -6,194
  -6,671
  -7,167
  -7,682
  -8,218
  -8,775
  -9,354
Change in working capital, $m
  7
  9
  10
  12
  13
  15
  17
  19
  20
  22
  24
  25
  27
  28
  30
  31
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  50
  53
  55
Cash from operations, $m
  0
  -51
  -144
  -254
  -382
  -529
  -695
  -880
  -1,084
  -1,307
  -1,549
  -1,809
  -2,086
  -2,381
  -2,693
  -3,021
  -3,366
  -3,727
  -4,104
  -4,498
  -4,907
  -5,334
  -5,777
  -6,238
  -6,716
  -7,214
  -7,731
  -8,268
  -8,827
  -9,409
Maintenance CAPEX, $m
  -30
  -39
  -50
  -64
  -79
  -96
  -116
  -138
  -162
  -189
  -217
  -248
  -281
  -315
  -352
  -391
  -431
  -474
  -518
  -565
  -613
  -663
  -715
  -770
  -826
  -884
  -945
  -1,009
  -1,074
  -1,143
New CAPEX, $m
  -132
  -160
  -189
  -219
  -250
  -282
  -314
  -346
  -377
  -409
  -439
  -469
  -498
  -526
  -554
  -581
  -608
  -635
  -662
  -690
  -717
  -746
  -775
  -806
  -837
  -870
  -905
  -941
  -979
  -1,019
Cash from investing activities, $m
  -162
  -199
  -239
  -283
  -329
  -378
  -430
  -484
  -539
  -598
  -656
  -717
  -779
  -841
  -906
  -972
  -1,039
  -1,109
  -1,180
  -1,255
  -1,330
  -1,409
  -1,490
  -1,576
  -1,663
  -1,754
  -1,850
  -1,950
  -2,053
  -2,162
Free cash flow, $m
  -162
  -250
  -383
  -537
  -711
  -908
  -1,125
  -1,364
  -1,624
  -1,904
  -2,205
  -2,525
  -2,864
  -3,222
  -3,599
  -3,993
  -4,406
  -4,836
  -5,285
  -5,752
  -6,238
  -6,743
  -7,268
  -7,813
  -8,380
  -8,968
  -9,581
  -10,218
  -10,880
  -11,570
Issuance/(repayment) of debt, $m
  654
  1,086
  1,281
  1,486
  1,698
  1,914
  2,131
  2,348
  2,562
  2,773
  2,979
  3,180
  3,377
  3,569
  3,758
  3,944
  4,128
  4,311
  4,495
  4,681
  4,870
  5,064
  5,263
  5,469
  5,683
  5,907
  6,141
  6,386
  6,644
  6,915
Issuance/(repurchase) of shares, $m
  406
  238
  364
  511
  679
  868
  1,078
  1,309
  1,562
  1,835
  2,104
  2,417
  2,750
  3,102
  3,472
  3,860
  4,266
  4,691
  5,133
  5,594
  6,073
  6,572
  7,090
  7,628
  8,187
  8,769
  9,373
  10,002
  10,656
  11,336
Cash from financing (excl. dividends), $m  
  1,060
  1,324
  1,645
  1,997
  2,377
  2,782
  3,209
  3,657
  4,124
  4,608
  5,083
  5,597
  6,127
  6,671
  7,230
  7,804
  8,394
  9,002
  9,628
  10,275
  10,943
  11,636
  12,353
  13,097
  13,870
  14,676
  15,514
  16,388
  17,300
  18,251
Total cash flow (excl. dividends), $m
  897
  1,074
  1,262
  1,460
  1,665
  1,874
  2,084
  2,293
  2,501
  2,704
  2,878
  3,073
  3,263
  3,449
  3,631
  3,810
  3,988
  4,165
  4,343
  4,523
  4,705
  4,892
  5,085
  5,284
  5,491
  5,707
  5,933
  6,170
  6,419
  6,681
Retained Cash Flow (-), $m
  -406
  -238
  -364
  -511
  -679
  -868
  -1,078
  -1,309
  -1,562
  -1,835
  -2,104
  -2,417
  -2,750
  -3,102
  -3,472
  -3,860
  -4,266
  -4,691
  -5,133
  -5,594
  -6,073
  -6,572
  -7,090
  -7,628
  -8,187
  -8,769
  -9,373
  -10,002
  -10,656
  -11,336
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
  491
  836
  898
  949
  986
  1,006
  1,006
  984
  938
  869
  774
  656
  513
  347
  159
  -50
  -278
  -525
  -790
  -1,071
  -1,368
  -1,679
  -2,005
  -2,344
  -2,696
  -3,061
  -3,440
  -3,832
  -4,236
  -4,655
Discount rate, %
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
  440
  663
  624
  571
  507
  436
  363
  291
  223
  164
  114
  73
  43
  21
  7
  -2
  -6
  -7
  -7
  -6
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  26.9
  21.1
  15.9
  11.7
  8.4
  6.0
  4.2
  2.9
  2.0
  1.4
  1.0
  0.7
  0.5
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

HC2 Holdings, Inc. is a holding company. The Company operates through seven segments: Manufacturing (Schuff), Marine Services (GMSL), Insurance, Telecommunications (PTGi-ICS), Utilities, Life Sciences and Other. Schuff fabricates and erects structural steel for commercial and industrial construction projects, such as high- and low-rise buildings and office complexes, hospitals, dams, bridges, mines and power plants. GMSL is an offshore engineering company focused on specialist subsea services across the market sectors, such as telecommunications, oil and gas, and offshore power. The Insurance segment, CIG, provides long-term care, life and annuity coverage to approximately 99,000 individuals through its Insurance Companies. The PTGi-ICS business unit provides customers with Internet-based protocol and time-division multiplexing (TDM) access and transport of long distance voice minutes. The Life Sciences segment focuses on the development of technologies and products in healthcare. _tck('aft');

FINANCIAL RATIOS  of  HC2 Holdings (HCHC)

Valuation Ratios
P/E Ratio 0.4
Price to Sales 0.2
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -2.4
Price to Free Cash Flow -1.4
Growth Rates
Sales Growth Rate -23.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -59.4%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -2
Management Effectiveness
Return On Assets 61.3%
Ret/ On Assets - 3 Yr. Avg. 23.8%
Return On Total Capital 89.6%
Ret/ On T. Cap. - 3 Yr. Avg. 29.4%
Return On Equity 182.1%
Return On Equity - 3 Yr. Avg. 57.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 4.3%
Gross Margin - 3 Yr. Avg. 5.2%
EBITDA Margin 3.9%
EBITDA Margin - 3 Yr. Avg. 7.5%
Operating Margin -16.9%
Oper. Margin - 3 Yr. Avg. -14.7%
Pre-Tax Margin -10.8%
Pre-Tax Margin - 3 Yr. Avg. -12.3%
Net Profit Margin 48.5%
Net Profit Margin - 3 Yr. Avg. 16.1%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 9.8%
Payout Ratio 108%

HCHC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCHC stock intrinsic value calculation we used $1634.123 million for the last fiscal year's total revenue generated by HC2 Holdings. The default revenue input number comes from 0001 income statement of HC2 Holdings. 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 HCHC stock valuation model: a) initial revenue growth rate of 31.2% 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 11.7%, whose default value for HCHC is calculated based on our internal credit rating of HC2 Holdings, 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 HC2 Holdings.
    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 HCHC stock the variable cost ratio is equal to 99.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5 million in the base year in the intrinsic value calculation for HCHC 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 10.8% for HC2 Holdings.

Corporate tax rate of 27% is the nominal tax rate for HC2 Holdings. 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 HCHC 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 HCHC are equal to 26.1%.

Life of production assets of 14.3 years is the average useful life of capital assets used in HC2 Holdings 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 HCHC is equal to 1.4%. 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 - $73.171 million for HC2 Holdings - 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 44.708 million for HC2 Holdings 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 HC2 Holdings at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ HC2 Holdings: 3Q Earnings Snapshot   [05:06AM  Associated Press]
▶ HC2 Holdings Reports Third Quarter 2018 Results   [Nov-07-18 04:18PM  GlobeNewswire]
▶ HC2 Holdings: 2Q Earnings Snapshot   [05:05AM  Associated Press]
▶ HC2 Holdings Reports Second Quarter 2018 Results   [Aug-08-18 04:18PM  GlobeNewswire]
▶ HC2 Holdings: 1Q Earnings Snapshot   [May-10-18 07:25PM  Associated Press]
▶ Md. biotech to be acquired by New Jersey pharmaceutical goliath   [May-08-18 05:00AM  American City Business Journals]
▶ Janssen Biotech's proposed purchase of a Maryland biopharm firm could top $1B   [May-02-18 04:11PM  American City Business Journals]
▶ Why HC2 Holdings Stock Is Surging Today   [01:20PM  Motley Fool]
▶ HC2 Holdings reports 4Q loss   [Mar-14-18 07:55PM  Associated Press]
▶ Is HC2 Holdings Inc (NYSE:HCHC) A Financially Sound Company?   [Jan-30-18 06:31PM  Simply Wall St.]
▶ Is HC2 Holdings Inc (NYSE:HCHC) Undervalued?   [Jan-15-18 08:41AM  Simply Wall St.]
▶ Azteca America Moves to Full-Power Station KJLA Los Angeles   [Jan-03-18 08:30AM  GlobeNewswire]
▶ Gaithersburg immunotherapy biotech raises $2 million   [Nov-17-17 04:26PM  American City Business Journals]
▶ HC2 Holdings reports 3Q loss   [Nov-08-17 06:47PM  Associated Press]
▶ Humana to sell long-term care insurance business   [Nov-07-17 09:42AM  American City Business Journals]
▶ HC2 Portfolio Company DBM Global Inc. to Pay Cash Dividend   [Nov-01-17 04:36PM  GlobeNewswire]
▶ DBM Global to Pay Cash Dividend   [04:20PM  GlobeNewswire]
▶ HC2 to Acquire Assets of Mako Communications   [Sep-13-17 06:09PM  GlobeNewswire]
▶ HC2 Holdings reports 2Q loss   [Aug-09-17 10:31PM  Associated Press]
▶ HC2 to Acquire Majority Interest in DTV America   [Jun-27-17 06:45PM  GlobeNewswire]
▶ ETFs with exposure to HC2 Holdings, Inc. : June 22, 2017   [Jun-22-17 03:48PM  Capital Cube]
▶ Falcone Says He Wishes He Settled With SEC Sooner   [May-30-17 02:25PM  Bloomberg]

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