Intrinsic value of HRG Group - HRG

Previous Close

$16.74

  Intrinsic Value

$2.03

stock screener

  Rating & Target

str. sell

-88%

Previous close

$16.74

 
Intrinsic value

$2.03

 
Up/down potential

-88%

 
Rating

str. sell

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

We calculate the intrinsic value of HRG 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 3.4

 

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, %
  10.72
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  5,215
  5,319
  5,442
  5,581
  5,739
  5,912
  6,103
  6,311
  6,536
  6,779
  7,039
  7,317
  7,614
  7,930
  8,266
  8,623
  9,001
  9,401
  9,824
  10,271
  10,743
  11,241
  11,766
  12,319
  12,902
  13,517
  14,163
  14,844
  15,560
  16,314
  17,107
Variable operating expenses, $m
 
  5,219
  5,333
  5,464
  5,610
  5,773
  5,951
  6,146
  6,356
  6,582
  6,825
  6,838
  7,115
  7,411
  7,725
  8,058
  8,411
  8,785
  9,180
  9,598
  10,039
  10,504
  10,995
  11,512
  12,057
  12,631
  13,235
  13,872
  14,541
  15,245
  15,986
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
  4,587
  5,219
  5,333
  5,464
  5,610
  5,773
  5,951
  6,146
  6,356
  6,582
  6,825
  6,838
  7,115
  7,411
  7,725
  8,058
  8,411
  8,785
  9,180
  9,598
  10,039
  10,504
  10,995
  11,512
  12,057
  12,631
  13,235
  13,872
  14,541
  15,245
  15,986
Operating income, $m
  628
  101
  109
  118
  128
  140
  152
  166
  180
  196
  213
  479
  499
  520
  542
  565
  590
  616
  644
  673
  704
  736
  771
  807
  845
  886
  928
  973
  1,019
  1,069
  1,121
EBITDA, $m
  812
  446
  456
  468
  481
  496
  512
  529
  548
  568
  590
  613
  638
  665
  693
  723
  754
  788
  823
  861
  900
  942
  986
  1,032
  1,081
  1,133
  1,187
  1,244
  1,304
  1,367
  1,434
Interest expense (income), $m
  398
  381
  212
  261
  316
  378
  447
  522
  605
  694
  790
  892
  1,003
  1,120
  1,245
  1,378
  1,519
  1,668
  1,827
  1,994
  2,171
  2,357
  2,554
  2,762
  2,981
  3,212
  3,455
  3,711
  3,980
  4,263
  4,561
Earnings before tax, $m
  232
  -281
  -104
  -143
  -188
  -239
  -295
  -357
  -424
  -497
  -576
  -413
  -504
  -600
  -703
  -813
  -929
  -1,053
  -1,183
  -1,321
  -1,467
  -1,621
  -1,784
  -1,955
  -2,136
  -2,326
  -2,527
  -2,738
  -2,960
  -3,194
  -3,440
Tax expense, $m
  42
  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
  -199
  -281
  -104
  -143
  -188
  -239
  -295
  -357
  -424
  -497
  -576
  -413
  -504
  -600
  -703
  -813
  -929
  -1,053
  -1,183
  -1,321
  -1,467
  -1,621
  -1,784
  -1,955
  -2,136
  -2,326
  -2,527
  -2,738
  -2,960
  -3,194
  -3,440

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  465
  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
  33,580
  33,881
  34,660
  35,551
  36,551
  37,659
  38,875
  40,199
  41,632
  43,176
  44,833
  46,606
  48,497
  50,511
  52,651
  54,923
  57,330
  59,877
  62,572
  65,418
  68,424
  71,596
  74,941
  78,466
  82,181
  86,093
  90,213
  94,548
  99,111
  103,911
  108,960
Adjusted assets (=assets-cash), $m
  33,115
  33,881
  34,660
  35,551
  36,551
  37,659
  38,875
  40,199
  41,632
  43,176
  44,833
  46,606
  48,497
  50,511
  52,651
  54,923
  57,330
  59,877
  62,572
  65,418
  68,424
  71,596
  74,941
  78,466
  82,181
  86,093
  90,213
  94,548
  99,111
  103,911
  108,960
Revenue / Adjusted assets
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
Average production assets, $m
  2,681
  2,734
  2,797
  2,869
  2,950
  3,039
  3,137
  3,244
  3,360
  3,484
  3,618
  3,761
  3,914
  4,076
  4,249
  4,432
  4,626
  4,832
  5,049
  5,279
  5,522
  5,778
  6,048
  6,332
  6,632
  6,948
  7,280
  7,630
  7,998
  8,385
  8,793
Working capital, $m
  0
  -473
  -484
  -497
  -511
  -526
  -543
  -562
  -582
  -603
  -626
  -651
  -678
  -706
  -736
  -767
  -801
  -837
  -874
  -914
  -956
  -1,000
  -1,047
  -1,096
  -1,148
  -1,203
  -1,261
  -1,321
  -1,385
  -1,452
  -1,522
Total debt, $m
  5,526
  3,077
  3,778
  4,580
  5,480
  6,477
  7,571
  8,763
  10,053
  11,442
  12,934
  14,529
  16,231
  18,044
  19,970
  22,014
  24,181
  26,474
  28,898
  31,461
  34,166
  37,020
  40,031
  43,204
  46,547
  50,068
  53,775
  57,678
  61,784
  66,104
  70,648
Total liabilities, $m
  32,942
  30,493
  31,194
  31,996
  32,896
  33,893
  34,987
  36,179
  37,469
  38,858
  40,350
  41,945
  43,647
  45,460
  47,386
  49,430
  51,597
  53,890
  56,314
  58,877
  61,582
  64,436
  67,447
  70,620
  73,963
  77,484
  81,191
  85,094
  89,200
  93,520
  98,064
Total equity, $m
  638
  3,388
  3,466
  3,555
  3,655
  3,766
  3,887
  4,020
  4,163
  4,318
  4,483
  4,661
  4,850
  5,051
  5,265
  5,492
  5,733
  5,988
  6,257
  6,542
  6,842
  7,160
  7,494
  7,847
  8,218
  8,609
  9,021
  9,455
  9,911
  10,391
  10,896
Total liabilities and equity, $m
  33,580
  33,881
  34,660
  35,551
  36,551
  37,659
  38,874
  40,199
  41,632
  43,176
  44,833
  46,606
  48,497
  50,511
  52,651
  54,922
  57,330
  59,878
  62,571
  65,419
  68,424
  71,596
  74,941
  78,467
  82,181
  86,093
  90,212
  94,549
  99,111
  103,911
  108,960
Debt-to-equity ratio
  8.661
  0.910
  1.090
  1.290
  1.500
  1.720
  1.950
  2.180
  2.410
  2.650
  2.880
  3.120
  3.350
  3.570
  3.790
  4.010
  4.220
  4.420
  4.620
  4.810
  4.990
  5.170
  5.340
  5.510
  5.660
  5.820
  5.960
  6.100
  6.230
  6.360
  6.480
Adjusted equity ratio
  0.005
  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
  -199
  -281
  -104
  -143
  -188
  -239
  -295
  -357
  -424
  -497
  -576
  -413
  -504
  -600
  -703
  -813
  -929
  -1,053
  -1,183
  -1,321
  -1,467
  -1,621
  -1,784
  -1,955
  -2,136
  -2,326
  -2,527
  -2,738
  -2,960
  -3,194
  -3,440
Depreciation, amort., depletion, $m
  184
  345
  347
  350
  353
  356
  359
  363
  367
  372
  377
  134
  139
  145
  151
  158
  165
  172
  180
  188
  197
  206
  215
  225
  236
  247
  259
  272
  285
  298
  313
Funds from operations, $m
  649
  65
  244
  207
  165
  117
  65
  7
  -57
  -126
  -200
  -279
  -364
  -455
  -552
  -655
  -765
  -881
  -1,003
  -1,133
  -1,270
  -1,415
  -1,568
  -1,730
  -1,900
  -2,079
  -2,268
  -2,466
  -2,676
  -2,896
  -3,127
Change in working capital, $m
  69
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
Cash from operations, $m
  580
  74
  255
  220
  179
  133
  82
  25
  -37
  -104
  -176
  -254
  -338
  -427
  -522
  -624
  -731
  -845
  -966
  -1,093
  -1,228
  -1,371
  -1,522
  -1,680
  -1,848
  -2,024
  -2,210
  -2,406
  -2,612
  -2,829
  -3,057
Maintenance CAPEX, $m
  0
  -95
  -97
  -100
  -102
  -105
  -108
  -112
  -115
  -120
  -124
  -129
  -134
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -272
  -285
  -298
New CAPEX, $m
  -95
  -53
  -63
  -72
  -81
  -89
  -98
  -107
  -116
  -125
  -134
  -143
  -153
  -163
  -173
  -183
  -194
  -206
  -217
  -230
  -243
  -256
  -270
  -285
  -300
  -316
  -332
  -350
  -368
  -387
  -407
Cash from investing activities, $m
  -891
  -148
  -160
  -172
  -183
  -194
  -206
  -219
  -231
  -245
  -258
  -272
  -287
  -302
  -318
  -334
  -352
  -371
  -389
  -410
  -431
  -453
  -476
  -500
  -525
  -552
  -579
  -609
  -640
  -672
  -705
Free cash flow, $m
  -311
  -75
  94
  48
  -4
  -62
  -125
  -193
  -268
  -348
  -434
  -526
  -624
  -729
  -840
  -958
  -1,083
  -1,215
  -1,355
  -1,503
  -1,659
  -1,824
  -1,997
  -2,180
  -2,373
  -2,576
  -2,790
  -3,015
  -3,252
  -3,501
  -3,763
Issuance/(repayment) of debt, $m
  -606
  -2,449
  701
  802
  900
  997
  1,094
  1,192
  1,290
  1,390
  1,491
  1,595
  1,702
  1,813
  1,926
  2,044
  2,166
  2,293
  2,425
  2,562
  2,705
  2,854
  3,010
  3,173
  3,343
  3,521
  3,707
  3,902
  4,106
  4,320
  4,544
Issuance/(repurchase) of shares, $m
  0
  3,496
  182
  232
  288
  349
  416
  489
  568
  652
  742
  590
  693
  802
  917
  1,040
  1,170
  1,307
  1,452
  1,606
  1,768
  1,938
  2,118
  2,308
  2,507
  2,717
  2,939
  3,172
  3,417
  3,674
  3,945
Cash from financing (excl. dividends), $m  
  149
  1,047
  883
  1,034
  1,188
  1,346
  1,510
  1,681
  1,858
  2,042
  2,233
  2,185
  2,395
  2,615
  2,843
  3,084
  3,336
  3,600
  3,877
  4,168
  4,473
  4,792
  5,128
  5,481
  5,850
  6,238
  6,646
  7,074
  7,523
  7,994
  8,489
Total cash flow (excl. dividends), $m
  -164
  972
  977
  1,082
  1,184
  1,285
  1,386
  1,487
  1,589
  1,693
  1,799
  1,659
  1,771
  1,885
  2,004
  2,126
  2,253
  2,385
  2,522
  2,665
  2,814
  2,969
  3,131
  3,301
  3,477
  3,663
  3,856
  4,059
  4,271
  4,493
  4,726
Retained Cash Flow (-), $m
  -51
  -3,496
  -182
  -232
  -288
  -349
  -416
  -489
  -568
  -652
  -742
  -590
  -693
  -802
  -917
  -1,040
  -1,170
  -1,307
  -1,452
  -1,606
  -1,768
  -1,938
  -2,118
  -2,308
  -2,507
  -2,717
  -2,939
  -3,172
  -3,417
  -3,674
  -3,945
Prev. year cash balance distribution, $m
 
  465
  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
 
  -2,059
  796
  850
  896
  936
  970
  998
  1,022
  1,041
  1,057
  1,069
  1,078
  1,084
  1,086
  1,086
  1,083
  1,078
  1,070
  1,059
  1,046
  1,031
  1,013
  993
  970
  945
  918
  887
  855
  819
  781
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -1,833
  624
  580
  526
  466
  404
  343
  285
  232
  184
  143
  109
  81
  59
  41
  28
  19
  12
  8
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  20.6
  20.4
  20.2
  19.9
  19.5
  19.1
  18.7
  18.2
  17.7
  17.1
  16.7
  16.2
  15.7
  15.2
  14.7
  14.1
  13.5
  12.9
  12.3
  11.7
  11.1
  10.5
  9.9
  9.4
  8.8
  8.3
  7.8
  7.3
  6.8
  6.3

HRG Group, Inc. is a holding company. The Company operates through two segments: Consumer Products and Insurance. The Consumer Products segment consists of the Company's subsidiary, Spectrum Brands Holdings, Inc. (Spectrum Brands). The Insurance segment includes its subsidiary, Front Street Re (Delaware) Ltd. (Front Street). Through Spectrum Brands, the Company is a diversified global branded consumer products company. The Company offers seven product categories: consumer batteries, small appliances, global pet supplies, home and garden control products, personal care products, hardware and home improvement products and global auto care. Through Front Street, the Company is engaged in the business of providing long-term reinsurance, including reinsurance to the specialty insurance sector of fixed, deferred and payout annuities. The Company's subsidiary, Fidelity & Guaranty Life (FGL), provides life insurance and annuity products.

FINANCIAL RATIOS  of  HRG Group (HRG)

Valuation Ratios
P/E Ratio -16.9
Price to Sales 0.6
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 6.9
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.4%
Cap. Spend. - 3 Yr. Gr. Rate -1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 866.1%
Total Debt to Equity 866.1%
Interest Coverage 2
Management Effectiveness
Return On Assets 0.4%
Ret/ On Assets - 3 Yr. Avg. -0%
Return On Total Capital -3.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3.9%
Return On Equity -32.5%
Return On Equity - 3 Yr. Avg. -29.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 40.2%
Gross Margin - 3 Yr. Avg. 37.8%
EBITDA Margin 15.6%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 7.7%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 0.1%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -5.3%
Effective Tax Rate 18.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 0%

HRG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HRG stock intrinsic value calculation we used $5215 million for the last fiscal year's total revenue generated by HRG Group. The default revenue input number comes from 2016 income statement of HRG Group. 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 HRG stock valuation model: a) initial revenue growth rate of 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 12.3%, whose default value for HRG is calculated based on our internal credit rating of HRG Group, 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 HRG Group.
    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 HRG stock the variable cost ratio is equal to 98.2%.

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 HRG 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 6.9% for HRG Group.

Corporate tax rate of 27% is the nominal tax rate for HRG Group. 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 HRG 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 HRG are equal to 51.4%.

Life of production assets of 28.1 years is the average useful life of capital assets used in HRG Group 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 HRG is equal to -8.9%. 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 - $638 million for HRG Group - 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 200.371 million for HRG Group 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 HRG Group at the current share price and the inputted number of shares is $3.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SPB Spectrum Brand 111.00 74.58  sell
ULBI Ultralife 6.40 0.77  str.sell
CENT Central Garden 39.01 51.70  buy
NC NACCO Industri 41.20 46.60  hold

COMPANY NEWS

▶ ETFs with exposure to HRG Group, Inc. : December 8, 2017   [Dec-08-17 01:01PM  Capital Cube]
▶ ETFs with exposure to HRG Group, Inc. : November 27, 2017   [Nov-27-17 02:09PM  Capital Cube]
▶ These Stocks Are Showing Reversal Patterns   [02:00PM  TheStreet.com]
▶ HRG reports 4Q loss   [Nov-20-17 06:05PM  Associated Press]
▶ Scotts Miracle-Grow Announced a Higher Dividend   [Aug-11-17 07:36AM  Market Realist]
▶ Scotts Miracle-Gros Margins Are Expanding   [10:38AM  Market Realist]
▶ Analyzing Scotts-Miracle Gros Sales   [09:08AM  Market Realist]
▶ Is Scotts Miracle-Gro Slowing Down?   [07:39AM  Market Realist]
▶ HRG posts 3Q profit   [Aug-04-17 09:54PM  Associated Press]
▶ What to Expect from Scotts Miracle-Gro in 3Q17   [Jul-28-17 01:25PM  Market Realist]
▶ Falcone on Vietnam Investment, Hedge Funds, Steven Cohen   [May-30-17 02:08PM  Bloomberg Video]
▶ [$$] CF Corp to Buy Fidelity & Guaranty Life   [May-24-17 08:44AM  The Wall Street Journal]
▶ HRG reports 2Q loss   [May-05-17 04:55PM  Associated Press]
▶ HRG Group, Inc. Value Analysis (NYSE:HRG) : May 4, 2017   [May-04-17 04:50PM  Capital Cube]
▶ HRG posts 1Q profit   [Feb-07-17 06:41PM  Associated Press]
▶ Is Hydroponics the Next Big Thing for Scotts Miracle-Gro?   [Feb-02-17 10:37AM  Market Realist]
▶ How Scotts Miracle-Gro Fared in 1Q17   [Feb-01-17 05:24PM  Market Realist]
▶ How Does Consumer Sentiment Increase Overall Activity?   [Jan-31-17 07:40AM  Market Realist]
▶ Do Hedge Funds Love HRG Group Inc (HRG)?   [Dec-08-16 03:15AM  at Insider Monkey]
▶ George Soros Stock Picks Got Whupped By His Sons In Q3   [Nov-07-16 03:19PM  at Insider Monkey]
Financial statements of HRG
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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