Intrinsic value of Harsco - HSC

Previous Close

$21.30

  Intrinsic Value

$8.32

stock screener

  Rating & Target

str. sell

-61%

  Value-price divergence*

-36%

Previous close

$21.30

 
Intrinsic value

$8.32

 
Up/down potential

-61%

 
Rating

str. sell

 
Value-price divergence*

-36%

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

We calculate the intrinsic value of HSC 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 1.7

 

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, %
  -15.79
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  1,451
  1,550
  1,652
  1,759
  1,870
  1,986
  2,106
  2,231
  2,362
  2,499
  2,641
  2,790
  2,945
  3,107
  3,277
  3,454
  3,639
  3,834
  4,037
  4,249
  4,472
  4,706
  4,950
  5,206
  5,475
  5,757
  6,052
  6,362
  6,686
  7,027
  7,384
Variable operating expenses, $m
 
  1,205
  1,282
  1,362
  1,446
  1,533
  1,623
  1,718
  1,816
  1,919
  2,026
  2,100
  2,216
  2,339
  2,466
  2,600
  2,739
  2,885
  3,038
  3,198
  3,366
  3,542
  3,726
  3,919
  4,121
  4,333
  4,555
  4,788
  5,033
  5,289
  5,558
Fixed operating expenses, $m
 
  306
  314
  322
  330
  338
  347
  355
  364
  373
  383
  392
  402
  412
  422
  433
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
Total operating expenses, $m
  1,423
  1,511
  1,596
  1,684
  1,776
  1,871
  1,970
  2,073
  2,180
  2,292
  2,409
  2,492
  2,618
  2,751
  2,888
  3,033
  3,183
  3,340
  3,504
  3,676
  3,856
  4,044
  4,241
  4,447
  4,662
  4,887
  5,123
  5,370
  5,630
  5,901
  6,185
Operating income, $m
  28
  39
  56
  75
  94
  115
  136
  158
  182
  206
  232
  298
  326
  356
  388
  421
  456
  493
  532
  573
  616
  662
  710
  760
  813
  869
  929
  991
  1,057
  1,126
  1,199
EBITDA, $m
  169
  167
  191
  215
  241
  268
  297
  326
  357
  390
  424
  460
  498
  537
  579
  622
  668
  716
  767
  820
  877
  936
  998
  1,063
  1,132
  1,205
  1,281
  1,361
  1,446
  1,535
  1,629
Interest expense (income), $m
  50
  40
  40
  46
  52
  59
  66
  73
  81
  89
  97
  105
  114
  123
  133
  143
  154
  165
  177
  189
  202
  215
  229
  244
  259
  275
  292
  309
  328
  347
  368
Earnings before tax, $m
  -79
  -2
  16
  29
  42
  55
  70
  85
  101
  118
  135
  192
  212
  233
  255
  278
  302
  328
  355
  384
  415
  447
  481
  517
  554
  594
  637
  682
  729
  779
  831
Tax expense, $m
  7
  0
  4
  8
  11
  15
  19
  23
  27
  32
  37
  52
  57
  63
  69
  75
  82
  89
  96
  104
  112
  121
  130
  139
  150
  161
  172
  184
  197
  210
  224
Net income, $m
  -86
  -2
  12
  21
  31
  41
  51
  62
  74
  86
  99
  140
  155
  170
  186
  203
  221
  240
  259
  280
  303
  326
  351
  377
  405
  434
  465
  497
  532
  568
  607

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  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
  1,581
  1,611
  1,718
  1,828
  1,944
  2,064
  2,189
  2,320
  2,455
  2,597
  2,745
  2,900
  3,061
  3,230
  3,406
  3,590
  3,783
  3,985
  4,196
  4,417
  4,649
  4,892
  5,146
  5,412
  5,691
  5,984
  6,291
  6,613
  6,950
  7,305
  7,676
Adjusted assets (=assets-cash), $m
  1,509
  1,611
  1,718
  1,828
  1,944
  2,064
  2,189
  2,320
  2,455
  2,597
  2,745
  2,900
  3,061
  3,230
  3,406
  3,590
  3,783
  3,985
  4,196
  4,417
  4,649
  4,892
  5,146
  5,412
  5,691
  5,984
  6,291
  6,613
  6,950
  7,305
  7,676
Revenue / Adjusted assets
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
  0.962
Average production assets, $m
  575
  614
  654
  697
  741
  786
  834
  884
  935
  989
  1,046
  1,105
  1,166
  1,230
  1,298
  1,368
  1,441
  1,518
  1,599
  1,683
  1,771
  1,863
  1,960
  2,062
  2,168
  2,280
  2,397
  2,519
  2,648
  2,783
  2,924
Working capital, $m
  122
  85
  91
  97
  103
  109
  116
  123
  130
  137
  145
  153
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
  286
  301
  317
  333
  350
  368
  386
  406
Total debt, $m
  659
  624
  720
  820
  923
  1,032
  1,144
  1,262
  1,384
  1,512
  1,645
  1,784
  1,929
  2,081
  2,239
  2,405
  2,579
  2,760
  2,951
  3,150
  3,358
  3,576
  3,805
  4,045
  4,296
  4,560
  4,836
  5,126
  5,429
  5,748
  6,082
Total liabilities, $m
  1,485
  1,450
  1,546
  1,646
  1,749
  1,858
  1,970
  2,088
  2,210
  2,338
  2,471
  2,610
  2,755
  2,907
  3,065
  3,231
  3,405
  3,586
  3,777
  3,976
  4,184
  4,402
  4,631
  4,871
  5,122
  5,386
  5,662
  5,952
  6,255
  6,574
  6,908
Total equity, $m
  96
  161
  172
  183
  194
  206
  219
  232
  246
  260
  275
  290
  306
  323
  341
  359
  378
  398
  420
  442
  465
  489
  515
  541
  569
  598
  629
  661
  695
  730
  768
Total liabilities and equity, $m
  1,581
  1,611
  1,718
  1,829
  1,943
  2,064
  2,189
  2,320
  2,456
  2,598
  2,746
  2,900
  3,061
  3,230
  3,406
  3,590
  3,783
  3,984
  4,197
  4,418
  4,649
  4,891
  5,146
  5,412
  5,691
  5,984
  6,291
  6,613
  6,950
  7,304
  7,676
Debt-to-equity ratio
  6.865
  3.870
  4.190
  4.480
  4.750
  5.000
  5.230
  5.440
  5.640
  5.820
  5.990
  6.150
  6.300
  6.440
  6.570
  6.700
  6.820
  6.930
  7.030
  7.130
  7.220
  7.310
  7.390
  7.470
  7.550
  7.620
  7.690
  7.750
  7.810
  7.870
  7.920
Adjusted equity ratio
  0.019
  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
  -86
  -2
  12
  21
  31
  41
  51
  62
  74
  86
  99
  140
  155
  170
  186
  203
  221
  240
  259
  280
  303
  326
  351
  377
  405
  434
  465
  497
  532
  568
  607
Depreciation, amort., depletion, $m
  141
  128
  134
  141
  147
  154
  161
  168
  176
  184
  192
  162
  171
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
  303
  319
  335
  352
  370
  389
  409
  430
Funds from operations, $m
  175
  127
  146
  162
  178
  194
  212
  230
  249
  270
  291
  303
  326
  351
  377
  404
  433
  463
  495
  528
  563
  600
  639
  680
  724
  769
  817
  868
  921
  978
  1,037
Change in working capital, $m
  15
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  160
  121
  141
  156
  172
  188
  205
  223
  242
  262
  283
  295
  318
  342
  367
  394
  422
  452
  483
  516
  551
  587
  626
  666
  709
  754
  801
  851
  903
  959
  1,017
Maintenance CAPEX, $m
  0
  -84
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -274
  -288
  -303
  -319
  -335
  -352
  -370
  -389
  -409
New CAPEX, $m
  -69
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
  -135
  -141
Cash from investing activities, $m
  123
  -123
  -131
  -138
  -146
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -223
  -235
  -248
  -261
  -274
  -289
  -303
  -319
  -335
  -352
  -371
  -389
  -409
  -431
  -452
  -475
  -499
  -524
  -550
Free cash flow, $m
  283
  -2
  10
  17
  25
  33
  42
  51
  61
  71
  81
  82
  94
  106
  119
  133
  148
  163
  180
  197
  215
  234
  255
  276
  299
  323
  349
  376
  404
  435
  466
Issuance/(repayment) of debt, $m
  -261
  -5
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
  218
  229
  240
  251
  263
  276
  290
  304
  319
  334
Issuance/(repurchase) of shares, $m
  0
  109
  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  
  -288
  104
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  152
  159
  166
  174
  182
  190
  199
  208
  218
  229
  240
  251
  263
  276
  290
  304
  319
  334
Total cash flow (excl. dividends), $m
  -4
  101
  106
  117
  129
  141
  155
  168
  183
  198
  214
  221
  239
  258
  278
  299
  321
  345
  370
  396
  424
  453
  484
  516
  551
  587
  625
  666
  708
  753
  801
Retained Cash Flow (-), $m
  176
  -109
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
Prev. year cash balance distribution, $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
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
 
  35
  95
  106
  117
  129
  142
  155
  169
  184
  200
  206
  223
  241
  260
  281
  302
  325
  349
  374
  400
  429
  458
  490
  523
  558
  594
  633
  674
  718
  764
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  31
  78
  77
  75
  73
  69
  64
  58
  53
  47
  39
  33
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2
  83.2

Harsco Corporation is a provider of industrial services and engineered products. The Company operates in three segments: Harsco Metals & Minerals, Harsco Industrial and Harsco Rail. The Harsco Metals & Minerals segment provides outsourced on-site services to the global metals industry, with the operations focused in the United States, the United Kingdom, France and Brazil. The Harsco Industrial segment includes manufacturing businesses: the Harsco Industrial IKG, Harsco Industrial Air-X-Changers and Harsco Industrial Patterson-Kelley. The Harsco Rail segment is a provider of equipment, after-market parts and services for the maintenance, repair and construction of railway track. The Company's principal lines of business include outsourced, on-site services of material logistics and resource recovery for iron, steel and metals manufacturing, as well as environmental solutions for industrial co-products, and railway track maintenance services and equipment.

FINANCIAL RATIOS  of  Harsco (HSC)

Valuation Ratios
P/E Ratio -19.9
Price to Sales 1.2
Price to Book 17.8
Price to Tangible Book
Price to Cash Flow 10.7
Price to Free Cash Flow 18.8
Growth Rates
Sales Growth Rate -15.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.4%
Cap. Spend. - 3 Yr. Gr. Rate -22.4%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 655.2%
Total Debt to Equity 686.5%
Interest Coverage -1
Management Effectiveness
Return On Assets -1.7%
Ret/ On Assets - 3 Yr. Avg. -1.4%
Return On Total Capital -8.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.4%
Return On Equity -46.7%
Return On Equity - 3 Yr. Avg. -16.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 20.4%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 10.9%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin -5.4%
Pre-Tax Margin - 3 Yr. Avg. -0.9%
Net Profit Margin -5.9%
Net Profit Margin - 3 Yr. Avg. -2.2%
Effective Tax Rate -8.9%
Eff/ Tax Rate - 3 Yr. Avg. 95.1%
Payout Ratio -4.7%

HSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HSC stock intrinsic value calculation we used $1451 million for the last fiscal year's total revenue generated by Harsco. The default revenue input number comes from 2016 income statement of Harsco. 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 HSC stock valuation model: a) initial revenue growth rate of 6.8% 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 10.1%, whose default value for HSC is calculated based on our internal credit rating of Harsco, 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 Harsco.
    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 HSC stock the variable cost ratio is equal to 77.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $299 million in the base year in the intrinsic value calculation for HSC 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 6.4% for Harsco.

Corporate tax rate of 27% is the nominal tax rate for Harsco. 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 HSC 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 HSC are equal to 39.6%.

Life of production assets of 6.8 years is the average useful life of capital assets used in Harsco 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 HSC is equal to 5.5%. 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 - $96 million for Harsco - 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 81.657 million for Harsco 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 Harsco at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Harsco Corp. : October 16, 2017   [Oct-16-17 09:54AM  Capital Cube]
▶ ETFs with exposure to Harsco Corp. : October 5, 2017   [Oct-05-17 11:05AM  Capital Cube]
▶ Argus Upgrades Harsco, Sees 18% Upside From Here   [Sep-15-17 09:55AM  Benzinga]
▶ Harsco Corp. Value Analysis (NYSE:HSC) : August 5, 2017   [Aug-04-17 08:52PM  Capital Cube]
▶ Harsco posts 2Q profit   [12:53AM  Associated Press]
▶ ETFs with exposure to Harsco Corp. : June 13, 2017   [Jun-13-17 12:37PM  Capital Cube]
▶ 10 things you need to know before the opening bell   [Jun-07-17 06:38AM  Business Insider]
▶ Harscos Metals & Minerals Division Lands Global Slag Award   [Jun-06-17 03:31PM  GlobeNewswire]
▶ ETFs with exposure to Harsco Corp. : May 31, 2017   [May-31-17 12:36PM  Capital Cube]
▶ ETFs with exposure to Harsco Corp. : May 8, 2017   [May-08-17 04:42PM  Capital Cube]
▶ Harsco beats 1Q profit forecasts   [07:30AM  Associated Press]
▶ Harsco Corp. Value Analysis (NYSE:HSC) : April 27, 2017   [Apr-27-17 04:53PM  Capital Cube]
▶ ETFs with exposure to Harsco Corp. : April 20, 2017   [Apr-20-17 02:20PM  Capital Cube]
▶ IIROC Trading Halt - HSC   [Mar-06-17 09:16AM  PR Newswire]
▶ Harsco reports 4Q loss   [07:56AM  Associated Press]
▶ 10 things you need to know today   [Feb-21-17 06:34AM  Business Insider]
▶ Here is What Hedge Funds Think About Carmike Cinemas, Inc. (CKEC)   [Dec-07-16 06:50AM  at Insider Monkey]
▶ Harsco Appoints Jeswant Gill to Lead Its Rail Business   [Oct-19-16 10:57AM  GlobeNewswire]
Financial statements of HSC
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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