Intrinsic value of Huntington Ingalls Industries - HII

Previous Close

$238.83

  Intrinsic Value

$320.13

stock screener

  Rating & Target

buy

+34%

Previous close

$238.83

 
Intrinsic value

$320.13

 
Up/down potential

+34%

 
Rating

buy

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

We calculate the intrinsic value of HII 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 2016), $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 10.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.68
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  7,068
  7,725
  8,411
  9,124
  9,866
  10,638
  11,440
  12,273
  13,139
  14,040
  14,975
  15,949
  16,961
  18,015
  19,113
  20,257
  21,449
  22,692
  23,990
  25,344
  26,758
  28,236
  29,781
  31,396
  33,086
  34,853
  36,704
  38,641
  40,669
  42,794
  45,021
Variable operating expenses, $m
 
  6,864
  7,462
  8,084
  8,732
  9,405
  10,105
  10,832
  11,588
  12,374
  13,190
  13,916
  14,800
  15,719
  16,677
  17,675
  18,715
  19,800
  20,932
  22,114
  23,348
  24,637
  25,985
  27,394
  28,868
  30,411
  32,025
  33,716
  35,486
  37,340
  39,282
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
  6,210
  6,864
  7,462
  8,084
  8,732
  9,405
  10,105
  10,832
  11,588
  12,374
  13,190
  13,916
  14,800
  15,719
  16,677
  17,675
  18,715
  19,800
  20,932
  22,114
  23,348
  24,637
  25,985
  27,394
  28,868
  30,411
  32,025
  33,716
  35,486
  37,340
  39,282
Operating income, $m
  858
  861
  949
  1,040
  1,134
  1,232
  1,335
  1,441
  1,551
  1,666
  1,785
  2,033
  2,162
  2,296
  2,436
  2,582
  2,734
  2,892
  3,058
  3,230
  3,411
  3,599
  3,796
  4,002
  4,217
  4,442
  4,678
  4,925
  5,184
  5,455
  5,738
EBITDA, $m
  1,044
  1,125
  1,225
  1,329
  1,437
  1,550
  1,666
  1,788
  1,914
  2,045
  2,181
  2,323
  2,471
  2,624
  2,784
  2,951
  3,124
  3,305
  3,494
  3,692
  3,898
  4,113
  4,338
  4,573
  4,819
  5,077
  5,346
  5,628
  5,924
  6,233
  6,558
Interest expense (income), $m
  71
  72
  96
  121
  148
  176
  204
  234
  265
  297
  331
  366
  402
  440
  479
  520
  562
  607
  653
  701
  752
  804
  859
  917
  977
  1,040
  1,105
  1,174
  1,246
  1,322
  1,401
Earnings before tax, $m
  784
  790
  853
  918
  986
  1,057
  1,130
  1,207
  1,286
  1,369
  1,454
  1,667
  1,760
  1,857
  1,957
  2,062
  2,172
  2,286
  2,405
  2,529
  2,659
  2,795
  2,937
  3,085
  3,240
  3,403
  3,573
  3,751
  3,937
  4,133
  4,337
Tax expense, $m
  211
  213
  230
  248
  266
  285
  305
  326
  347
  370
  393
  450
  475
  501
  528
  557
  586
  617
  649
  683
  718
  755
  793
  833
  875
  919
  965
  1,013
  1,063
  1,116
  1,171
Net income, $m
  573
  576
  622
  670
  720
  772
  825
  881
  939
  999
  1,062
  1,217
  1,285
  1,355
  1,429
  1,505
  1,585
  1,669
  1,756
  1,846
  1,941
  2,040
  2,144
  2,252
  2,365
  2,484
  2,608
  2,738
  2,874
  3,017
  3,166

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  720
  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
  6,352
  6,156
  6,702
  7,270
  7,862
  8,476
  9,115
  9,780
  10,470
  11,187
  11,933
  12,708
  13,515
  14,355
  15,230
  16,141
  17,091
  18,082
  19,115
  20,194
  21,321
  22,499
  23,730
  25,017
  26,363
  27,772
  29,246
  30,789
  32,406
  34,099
  35,873
Adjusted assets (=assets-cash), $m
  5,632
  6,156
  6,702
  7,270
  7,862
  8,476
  9,115
  9,780
  10,470
  11,187
  11,933
  12,708
  13,515
  14,355
  15,230
  16,141
  17,091
  18,082
  19,115
  20,194
  21,321
  22,499
  23,730
  25,017
  26,363
  27,772
  29,246
  30,789
  32,406
  34,099
  35,873
Revenue / Adjusted assets
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
  1.255
Average production assets, $m
  2,428
  2,658
  2,893
  3,139
  3,394
  3,659
  3,935
  4,222
  4,520
  4,830
  5,152
  5,486
  5,835
  6,197
  6,575
  6,968
  7,378
  7,806
  8,252
  8,718
  9,205
  9,713
  10,245
  10,800
  11,381
  11,990
  12,626
  13,292
  13,990
  14,721
  15,487
Working capital, $m
  799
  85
  93
  100
  109
  117
  126
  135
  145
  154
  165
  175
  187
  198
  210
  223
  236
  250
  264
  279
  294
  311
  328
  345
  364
  383
  404
  425
  447
  471
  495
Total debt, $m
  1,278
  1,713
  2,168
  2,642
  3,136
  3,648
  4,181
  4,735
  5,311
  5,909
  6,531
  7,178
  7,851
  8,551
  9,280
  10,041
  10,833
  11,659
  12,521
  13,421
  14,361
  15,343
  16,370
  17,443
  18,566
  19,740
  20,970
  22,257
  23,605
  25,018
  26,497
Total liabilities, $m
  4,699
  5,134
  5,589
  6,063
  6,557
  7,069
  7,602
  8,156
  8,732
  9,330
  9,952
  10,599
  11,272
  11,972
  12,701
  13,462
  14,254
  15,080
  15,942
  16,842
  17,782
  18,764
  19,791
  20,864
  21,987
  23,161
  24,391
  25,678
  27,026
  28,439
  29,918
Total equity, $m
  1,653
  1,022
  1,112
  1,207
  1,305
  1,407
  1,513
  1,623
  1,738
  1,857
  1,981
  2,110
  2,244
  2,383
  2,528
  2,679
  2,837
  3,002
  3,173
  3,352
  3,539
  3,735
  3,939
  4,153
  4,376
  4,610
  4,855
  5,111
  5,379
  5,660
  5,955
Total liabilities and equity, $m
  6,352
  6,156
  6,701
  7,270
  7,862
  8,476
  9,115
  9,779
  10,470
  11,187
  11,933
  12,709
  13,516
  14,355
  15,229
  16,141
  17,091
  18,082
  19,115
  20,194
  21,321
  22,499
  23,730
  25,017
  26,363
  27,771
  29,246
  30,789
  32,405
  34,099
  35,873
Debt-to-equity ratio
  0.773
  1.680
  1.950
  2.190
  2.400
  2.590
  2.760
  2.920
  3.060
  3.180
  3.300
  3.400
  3.500
  3.590
  3.670
  3.750
  3.820
  3.880
  3.950
  4.000
  4.060
  4.110
  4.160
  4.200
  4.240
  4.280
  4.320
  4.350
  4.390
  4.420
  4.450
Adjusted equity ratio
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  573
  576
  622
  670
  720
  772
  825
  881
  939
  999
  1,062
  1,217
  1,285
  1,355
  1,429
  1,505
  1,585
  1,669
  1,756
  1,846
  1,941
  2,040
  2,144
  2,252
  2,365
  2,484
  2,608
  2,738
  2,874
  3,017
  3,166
Depreciation, amort., depletion, $m
  186
  264
  276
  289
  303
  317
  332
  347
  363
  379
  396
  290
  309
  328
  348
  369
  390
  413
  437
  461
  487
  514
  542
  571
  602
  634
  668
  703
  740
  779
  819
Funds from operations, $m
  759
  840
  899
  960
  1,023
  1,089
  1,157
  1,228
  1,301
  1,378
  1,458
  1,507
  1,593
  1,683
  1,777
  1,874
  1,976
  2,082
  2,192
  2,308
  2,428
  2,554
  2,686
  2,823
  2,968
  3,118
  3,276
  3,441
  3,614
  3,796
  3,986
Change in working capital, $m
  -63
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
Cash from operations, $m
  822
  833
  891
  952
  1,015
  1,080
  1,148
  1,219
  1,292
  1,368
  1,447
  1,497
  1,582
  1,672
  1,765
  1,862
  1,963
  2,068
  2,178
  2,293
  2,413
  2,538
  2,669
  2,806
  2,949
  3,099
  3,256
  3,420
  3,592
  3,772
  3,961
Maintenance CAPEX, $m
  0
  -128
  -141
  -153
  -166
  -180
  -194
  -208
  -223
  -239
  -256
  -273
  -290
  -309
  -328
  -348
  -369
  -390
  -413
  -437
  -461
  -487
  -514
  -542
  -571
  -602
  -634
  -668
  -703
  -740
  -779
New CAPEX, $m
  -285
  -230
  -236
  -245
  -255
  -265
  -276
  -287
  -298
  -310
  -322
  -335
  -348
  -363
  -378
  -393
  -410
  -428
  -446
  -466
  -487
  -508
  -531
  -556
  -581
  -608
  -636
  -666
  -698
  -731
  -766
Cash from investing activities, $m
  -653
  -358
  -377
  -398
  -421
  -445
  -470
  -495
  -521
  -549
  -578
  -608
  -638
  -672
  -706
  -741
  -779
  -818
  -859
  -903
  -948
  -995
  -1,045
  -1,098
  -1,152
  -1,210
  -1,270
  -1,334
  -1,401
  -1,471
  -1,545
Free cash flow, $m
  169
  475
  515
  553
  593
  635
  678
  724
  771
  819
  870
  889
  944
  1,000
  1,059
  1,120
  1,184
  1,250
  1,319
  1,390
  1,465
  1,542
  1,623
  1,708
  1,796
  1,889
  1,985
  2,086
  2,191
  2,301
  2,416
Issuance/(repayment) of debt, $m
  0
  435
  455
  474
  493
  513
  533
  554
  576
  598
  622
  647
  673
  700
  729
  760
  792
  826
  862
  900
  940
  982
  1,026
  1,073
  1,123
  1,175
  1,230
  1,287
  1,348
  1,412
  1,480
Issuance/(repurchase) of shares, $m
  -194
  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  
  -245
  435
  455
  474
  493
  513
  533
  554
  576
  598
  622
  647
  673
  700
  729
  760
  792
  826
  862
  900
  940
  982
  1,026
  1,073
  1,123
  1,175
  1,230
  1,287
  1,348
  1,412
  1,480
Total cash flow (excl. dividends), $m
  -76
  910
  970
  1,027
  1,087
  1,148
  1,211
  1,278
  1,346
  1,418
  1,492
  1,536
  1,617
  1,701
  1,789
  1,880
  1,976
  2,076
  2,181
  2,290
  2,405
  2,525
  2,650
  2,781
  2,919
  3,063
  3,215
  3,373
  3,539
  3,713
  3,896
Retained Cash Flow (-), $m
  -163
  -89
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -164
  -172
  -179
  -187
  -195
  -204
  -214
  -223
  -234
  -245
  -256
  -268
  -281
  -294
Prev. year cash balance distribution, $m
 
  720
  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
 
  1,541
  880
  933
  988
  1,046
  1,105
  1,167
  1,232
  1,298
  1,368
  1,407
  1,483
  1,561
  1,643
  1,729
  1,818
  1,912
  2,009
  2,111
  2,218
  2,329
  2,446
  2,568
  2,696
  2,830
  2,970
  3,117
  3,271
  3,432
  3,601
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
 
  1,478
  805
  812
  814
  811
  802
  789
  770
  746
  717
  668
  633
  594
  552
  508
  462
  416
  370
  325
  282
  241
  203
  168
  137
  110
  87
  67
  51
  37
  27
Current shareholders' claim on cash, %
  100
  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

Huntington Ingalls Industries, Inc. is a military shipbuilding company and a provider of professional services to partners in government and industry. The Company's business consists of the design, construction, repair and maintenance of nuclear-powered ships and non-nuclear ships for the United States Navy and coastal defense surface ships for the United States Coast Guard, as well as the refueling and overhaul and inactivation of nuclear-powered ships for the United States Navy. It operates through three segments: Ingalls Shipbuilding (Ingalls), Newport News Shipbuilding (Newport News) and Technical Solutions. Its Ingalls segment includes its non-nuclear ship design, construction, repair and maintenance businesses. Its Newport News includes all of its nuclear ship design, construction, overhaul, refueling, and repair and maintenance businesses. Its Technical Solutions segment provides a range of professional services to the governmental, energy, and oil and gas markets.

FINANCIAL RATIOS  of  Huntington Ingalls Industries (HII)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 1.6
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 13.4
Price to Free Cash Flow 20.5
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.6%
Cap. Spend. - 3 Yr. Gr. Rate 15.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 77.3%
Total Debt to Equity 77.3%
Interest Coverage 12
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 14.9%
Return On Equity 36.5%
Return On Equity - 3 Yr. Avg. 29.4%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 20.7%
Gross Margin - 3 Yr. Avg. 20.8%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 32.1%
Payout Ratio 17.1%

HII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HII stock intrinsic value calculation we used $7068 million for the last fiscal year's total revenue generated by Huntington Ingalls Industries. The default revenue input number comes from 2016 income statement of Huntington Ingalls 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 HII stock valuation model: a) initial revenue growth rate of 9.3% 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 HII is calculated based on our internal credit rating of Huntington Ingalls 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 Huntington Ingalls 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 HII stock the variable cost ratio is equal to 89%.

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 HII 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 5.6% for Huntington Ingalls Industries.

Corporate tax rate of 27% is the nominal tax rate for Huntington Ingalls 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 HII 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 HII are equal to 34.4%.

Life of production assets of 18.9 years is the average useful life of capital assets used in Huntington Ingalls 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 HII is equal to 1.1%. 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 - $1653 million for Huntington Ingalls 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 45.408 million for Huntington Ingalls 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 Huntington Ingalls Industries at the current share price and the inputted number of shares is $10.8 billion.

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COMPANY NEWS

▶ 3 Top Defense Stocks to Consider Buying Now   [Dec-07-17 07:46AM  Motley Fool]
▶ Is Huntington Ingalls Industries a Buy?   [Nov-21-17 08:02AM  Motley Fool]
▶ Huntington Ingalls beats 3Q profit forecasts   [07:29AM  Associated Press]
▶ 5 Defense Stocks to Pick Ahead of Q3 Earnings   [Oct-11-17 02:50PM  Zacks]
▶ 3 Top Defense Stocks to Buy Right Now   [Oct-09-17 06:04PM  Zacks]
▶ 5 Unbeatable Dividend Stocks for Assured Growth   [Sep-15-17 10:21AM  Zacks]
Financial statements of HII
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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