Intrinsic value of Kirby - KEX

Previous Close

$74.55

  Intrinsic Value

$30.65

stock screener

  Rating & Target

str. sell

-59%

Previous close

$74.55

 
Intrinsic value

$30.65

 
Up/down potential

-59%

 
Rating

str. sell

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

We calculate the intrinsic value of KEX 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

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
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, %
  -17.55
  24.40
  22.46
  20.71
  19.14
  17.73
  16.46
  15.31
  14.28
  13.35
  12.52
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.02
  5.91
Revenue, $m
  1,771
  2,203
  2,698
  3,257
  3,880
  4,568
  5,320
  6,134
  7,010
  7,946
  8,941
  9,993
  11,100
  12,264
  13,482
  14,754
  16,081
  17,463
  18,901
  20,397
  21,951
  23,567
  25,245
  26,990
  28,803
  30,689
  32,651
  34,693
  36,819
  39,034
  41,342
Variable operating expenses, $m
 
  1,400
  1,701
  2,041
  2,420
  2,838
  3,296
  3,791
  4,324
  4,893
  5,498
  6,078
  6,752
  7,459
  8,200
  8,974
  9,781
  10,622
  11,496
  12,406
  13,351
  14,334
  15,355
  16,416
  17,519
  18,666
  19,859
  21,101
  22,394
  23,742
  25,146
Fixed operating expenses, $m
 
  408
  418
  429
  439
  450
  462
  473
  485
  497
  509
  522
  535
  549
  562
  576
  591
  606
  621
  636
  652
  668
  685
  702
  720
  738
  756
  775
  795
  814
  835
Total operating expenses, $m
  1,525
  1,808
  2,119
  2,470
  2,859
  3,288
  3,758
  4,264
  4,809
  5,390
  6,007
  6,600
  7,287
  8,008
  8,762
  9,550
  10,372
  11,228
  12,117
  13,042
  14,003
  15,002
  16,040
  17,118
  18,239
  19,404
  20,615
  21,876
  23,189
  24,556
  25,981
Operating income, $m
  245
  395
  579
  788
  1,021
  1,280
  1,563
  1,870
  2,202
  2,556
  2,933
  3,393
  3,814
  4,256
  4,719
  5,204
  5,709
  6,236
  6,784
  7,355
  7,948
  8,564
  9,205
  9,871
  10,564
  11,285
  12,035
  12,816
  13,630
  14,478
  15,362
EBITDA, $m
  446
  662
  893
  1,154
  1,446
  1,769
  2,123
  2,507
  2,921
  3,364
  3,834
  4,333
  4,858
  5,410
  5,988
  6,592
  7,222
  7,879
  8,563
  9,274
  10,013
  10,782
  11,580
  12,411
  13,274
  14,173
  15,107
  16,081
  17,094
  18,150
  19,252
Interest expense (income), $m
  20
  25
  41
  60
  81
  104
  129
  157
  188
  220
  255
  292
  331
  372
  416
  461
  508
  558
  609
  663
  718
  776
  836
  899
  964
  1,031
  1,101
  1,174
  1,250
  1,329
  1,412
Earnings before tax, $m
  228
  370
  538
  728
  940
  1,176
  1,433
  1,713
  2,014
  2,336
  2,678
  3,100
  3,482
  3,883
  4,304
  4,743
  5,201
  5,678
  6,175
  6,692
  7,229
  7,788
  8,369
  8,973
  9,601
  10,254
  10,934
  11,642
  12,380
  13,148
  13,950
Tax expense, $m
  85
  100
  145
  196
  254
  317
  387
  462
  544
  631
  723
  837
  940
  1,049
  1,162
  1,281
  1,404
  1,533
  1,667
  1,807
  1,952
  2,103
  2,260
  2,423
  2,592
  2,769
  2,952
  3,143
  3,342
  3,550
  3,766
Net income, $m
  141
  270
  392
  531
  686
  858
  1,046
  1,250
  1,470
  1,705
  1,955
  2,263
  2,542
  2,835
  3,142
  3,462
  3,797
  4,145
  4,508
  4,885
  5,277
  5,685
  6,109
  6,550
  7,008
  7,485
  7,982
  8,499
  9,037
  9,598
  10,183

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  4,290
  5,334
  6,533
  7,886
  9,395
  11,061
  12,881
  14,853
  16,974
  19,240
  21,648
  24,195
  26,878
  29,694
  32,643
  35,724
  38,937
  42,284
  45,766
  49,387
  53,151
  57,062
  61,126
  65,350
  69,741
  74,308
  79,058
  84,002
  89,150
  94,512
  100,101
Adjusted assets (=assets-cash), $m
  4,284
  5,334
  6,533
  7,886
  9,395
  11,061
  12,881
  14,853
  16,974
  19,240
  21,648
  24,195
  26,878
  29,694
  32,643
  35,724
  38,937
  42,284
  45,766
  49,387
  53,151
  57,062
  61,126
  65,350
  69,741
  74,308
  79,058
  84,002
  89,150
  94,512
  100,101
Revenue / Adjusted assets
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
  0.413
Average production assets, $m
  2,850
  3,545
  4,341
  5,240
  6,243
  7,350
  8,560
  9,870
  11,279
  12,785
  14,386
  16,078
  17,861
  19,732
  21,692
  23,739
  25,874
  28,098
  30,412
  32,819
  35,320
  37,919
  40,619
  43,426
  46,344
  49,379
  52,535
  55,821
  59,241
  62,805
  66,519
Working capital, $m
  275
  335
  410
  495
  590
  694
  809
  932
  1,066
  1,208
  1,359
  1,519
  1,687
  1,864
  2,049
  2,243
  2,444
  2,654
  2,873
  3,100
  3,337
  3,582
  3,837
  4,102
  4,378
  4,665
  4,963
  5,273
  5,596
  5,933
  6,284
Total debt, $m
  723
  1,184
  1,710
  2,304
  2,967
  3,698
  4,497
  5,362
  6,294
  7,288
  8,346
  9,464
  10,641
  11,878
  13,172
  14,525
  15,935
  17,405
  18,933
  20,523
  22,175
  23,892
  25,676
  27,531
  29,458
  31,463
  33,548
  35,719
  37,979
  40,333
  42,787
Total liabilities, $m
  1,881
  2,342
  2,868
  3,462
  4,125
  4,856
  5,655
  6,520
  7,452
  8,446
  9,504
  10,622
  11,799
  13,036
  14,330
  15,683
  17,093
  18,563
  20,091
  21,681
  23,333
  25,050
  26,834
  28,689
  30,616
  32,621
  34,706
  36,877
  39,137
  41,491
  43,945
Total equity, $m
  2,409
  2,993
  3,665
  4,424
  5,271
  6,205
  7,226
  8,333
  9,522
  10,794
  12,145
  13,573
  15,078
  16,658
  18,313
  20,041
  21,844
  23,721
  25,675
  27,706
  29,818
  32,012
  34,292
  36,661
  39,125
  41,687
  44,352
  47,125
  50,013
  53,021
  56,157
Total liabilities and equity, $m
  4,290
  5,335
  6,533
  7,886
  9,396
  11,061
  12,881
  14,853
  16,974
  19,240
  21,649
  24,195
  26,877
  29,694
  32,643
  35,724
  38,937
  42,284
  45,766
  49,387
  53,151
  57,062
  61,126
  65,350
  69,741
  74,308
  79,058
  84,002
  89,150
  94,512
  100,102
Debt-to-equity ratio
  0.300
  0.400
  0.470
  0.520
  0.560
  0.600
  0.620
  0.640
  0.660
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
  0.740
  0.750
  0.750
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
Adjusted equity ratio
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561
  0.561

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  141
  270
  392
  531
  686
  858
  1,046
  1,250
  1,470
  1,705
  1,955
  2,263
  2,542
  2,835
  3,142
  3,462
  3,797
  4,145
  4,508
  4,885
  5,277
  5,685
  6,109
  6,550
  7,008
  7,485
  7,982
  8,499
  9,037
  9,598
  10,183
Depreciation, amort., depletion, $m
  201
  267
  314
  366
  425
  490
  560
  637
  719
  807
  901
  940
  1,044
  1,154
  1,269
  1,388
  1,513
  1,643
  1,779
  1,919
  2,065
  2,217
  2,375
  2,540
  2,710
  2,888
  3,072
  3,264
  3,464
  3,673
  3,890
Funds from operations, $m
  402
  537
  706
  897
  1,111
  1,348
  1,607
  1,887
  2,190
  2,513
  2,856
  3,204
  3,587
  3,989
  4,410
  4,850
  5,310
  5,788
  6,286
  6,804
  7,343
  7,903
  8,485
  9,090
  9,719
  10,373
  11,054
  11,763
  12,502
  13,271
  14,073
Change in working capital, $m
  -12
  66
  75
  85
  95
  105
  114
  124
  133
  142
  151
  160
  168
  177
  185
  193
  202
  210
  219
  227
  236
  246
  255
  265
  276
  287
  298
  310
  323
  337
  351
Cash from operations, $m
  414
  472
  631
  812
  1,017
  1,243
  1,492
  1,764
  2,056
  2,370
  2,705
  3,044
  3,418
  3,812
  4,225
  4,657
  5,108
  5,578
  6,068
  6,577
  7,107
  7,657
  8,229
  8,824
  9,443
  10,086
  10,756
  11,453
  12,178
  12,934
  13,723
Maintenance CAPEX, $m
  0
  -167
  -207
  -254
  -306
  -365
  -430
  -501
  -577
  -660
  -748
  -841
  -940
  -1,044
  -1,154
  -1,269
  -1,388
  -1,513
  -1,643
  -1,779
  -1,919
  -2,065
  -2,217
  -2,375
  -2,540
  -2,710
  -2,888
  -3,072
  -3,264
  -3,464
  -3,673
New CAPEX, $m
  -231
  -695
  -796
  -899
  -1,003
  -1,107
  -1,210
  -1,310
  -1,409
  -1,506
  -1,600
  -1,692
  -1,783
  -1,872
  -1,960
  -2,047
  -2,135
  -2,224
  -2,314
  -2,406
  -2,501
  -2,599
  -2,701
  -2,807
  -2,918
  -3,034
  -3,157
  -3,285
  -3,421
  -3,564
  -3,714
Cash from investing activities, $m
  -350
  -862
  -1,003
  -1,153
  -1,309
  -1,472
  -1,640
  -1,811
  -1,986
  -2,166
  -2,348
  -2,533
  -2,723
  -2,916
  -3,114
  -3,316
  -3,523
  -3,737
  -3,957
  -4,185
  -4,420
  -4,664
  -4,918
  -5,182
  -5,458
  -5,744
  -6,045
  -6,357
  -6,685
  -7,028
  -7,387
Free cash flow, $m
  64
  -390
  -373
  -341
  -293
  -229
  -147
  -47
  70
  205
  357
  510
  695
  896
  1,111
  1,341
  1,585
  1,841
  2,110
  2,392
  2,686
  2,993
  3,311
  3,642
  3,985
  4,342
  4,712
  5,095
  5,493
  5,906
  6,336
Issuance/(repayment) of debt, $m
  -53
  461
  526
  594
  663
  731
  799
  866
  931
  995
  1,057
  1,118
  1,178
  1,236
  1,295
  1,353
  1,411
  1,469
  1,529
  1,590
  1,652
  1,717
  1,784
  1,854
  1,928
  2,005
  2,085
  2,170
  2,260
  2,354
  2,454
Issuance/(repurchase) of shares, $m
  -2
  319
  280
  228
  160
  76
  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  
  -65
  780
  806
  822
  823
  807
  799
  866
  931
  995
  1,057
  1,118
  1,178
  1,236
  1,295
  1,353
  1,411
  1,469
  1,529
  1,590
  1,652
  1,717
  1,784
  1,854
  1,928
  2,005
  2,085
  2,170
  2,260
  2,354
  2,454
Total cash flow (excl. dividends), $m
  0
  390
  433
  481
  530
  579
  652
  818
  1,001
  1,200
  1,414
  1,628
  1,873
  2,132
  2,406
  2,694
  2,995
  3,310
  3,639
  3,982
  4,339
  4,710
  5,095
  5,496
  5,913
  6,346
  6,797
  7,266
  7,753
  8,261
  8,789
Retained Cash Flow (-), $m
  -140
  -590
  -672
  -759
  -847
  -934
  -1,021
  -1,106
  -1,190
  -1,271
  -1,351
  -1,429
  -1,505
  -1,580
  -1,654
  -1,728
  -1,803
  -1,877
  -1,954
  -2,031
  -2,111
  -2,194
  -2,280
  -2,370
  -2,463
  -2,562
  -2,665
  -2,774
  -2,888
  -3,008
  -3,136
Prev. year cash balance distribution, $m
 
  6
  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
 
  -193
  -239
  -278
  -317
  -356
  -369
  -288
  -189
  -72
  63
  199
  368
  552
  752
  965
  1,193
  1,433
  1,686
  1,951
  2,227
  2,516
  2,815
  3,127
  3,450
  3,785
  4,132
  4,492
  4,865
  5,252
  5,654
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
 
  -185
  -219
  -242
  -261
  -276
  -268
  -195
  -118
  -41
  33
  95
  157
  210
  252
  283
  303
  312
  310
  300
  283
  260
  234
  205
  176
  147
  121
  96
  75
  57
  43
Current shareholders' claim on cash, %
  100
  93.3
  88.9
  86.0
  84.3
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7
  83.7

Kirby Corporation is a domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. The Company, through its subsidiaries, operates in two segments: Marine Transportation and Diesel Engine Services. The Company, through its Marine Transportation segment, is a provider of marine transportation services, operating tank barges and towing vessels transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii. Its engine services segment, sells replacement parts, provides service mechanics to overhaul and repair medium-speed and high-speed diesel engines, transmissions, reduction gears, pumps and compression products, maintains facilities to rebuild component parts or entire medium-speed and high-speed diesel engines.

FINANCIAL RATIOS  of  Kirby (KEX)

Valuation Ratios
P/E Ratio 28.5
Price to Sales 2.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate -17.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 30%
Total Debt to Equity 30%
Interest Coverage 12
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 5.7%
Return On Total Capital 4.6%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 9.8%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 36.4%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin 25.4%
EBITDA Margin - 3 Yr. Avg. 25.7%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 15.8%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 9.8%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 0%

KEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KEX stock intrinsic value calculation we used $1771 million for the last fiscal year's total revenue generated by Kirby. The default revenue input number comes from 2016 income statement of Kirby. 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 KEX stock valuation model: a) initial revenue growth rate of 24.4% 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 KEX is calculated based on our internal credit rating of Kirby, 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 Kirby.
    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 KEX stock the variable cost ratio is equal to 64.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $398 million in the base year in the intrinsic value calculation for KEX 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 Kirby.

Corporate tax rate of 27% is the nominal tax rate for Kirby. 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 KEX 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 KEX are equal to 160.9%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Kirby 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 KEX is equal to 15.2%. 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 - $2409 million for Kirby - 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 60.03 million for Kirby 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 Kirby at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ Kirby Corp. Value Analysis (NYSE:KEX) : November 13, 2017   [Nov-13-17 02:10PM  Capital Cube]
▶ Kirby Corporation to Host Earnings Call   [Nov-02-17 07:05AM  ACCESSWIRE]
▶ Kirby beats Street 3Q forecasts   [05:49AM  Associated Press]
▶ Kirby Corporation Announces 2017 Third Quarter Results   [Nov-01-17 05:54PM  PR Newswire]
▶ Houston energy company buys Conroe company, hires former Kirby CFO   [Sep-05-17 12:45PM  American City Business Journals]
▶ ETFs with exposure to Kirby Corp. : August 23, 2017   [Aug-23-17 04:29PM  Capital Cube]
▶ Kirby Corp. CFO to resign   [Aug-18-17 10:00AM  American City Business Journals]
▶ Kirby tops 2Q profit forecasts   [Jul-26-17 10:35PM  Associated Press]
▶ Kirby Corp. to buy Houston-based manufacturer for $710M   [05:40PM  American City Business Journals]
▶ ETFs with exposure to Kirby Corp. : June 8, 2017   [Jun-08-17 01:42PM  Capital Cube]
▶ Kirby misses 1Q profit forecasts   [Apr-26-17 06:40PM  Associated Press]
▶ Kirby Corp. Value Analysis (NYSE:KEX) : April 17, 2017   [Apr-17-17 01:32PM  Capital Cube]
▶ Time to Bulk Up on Shipper Kirby Corp.   [Feb-07-17 10:33AM  TheStreet.com]
▶ Kirby tops Street 4Q forecasts   [Feb-01-17 06:10PM  Associated Press]
▶ New Strong Sell Stocks for January 25th   [Jan-25-17 11:36AM  Zacks]
▶ Here is What Hedge Funds Think About Kirby Corporation (KEX)   [Dec-02-16 07:25AM  at Insider Monkey]
▶ Hedge Funds Are Selling Tempur Sealy International Inc (TPX)   [Nov-25-16 06:18PM  at Insider Monkey]
▶ 3 Top Shipping Stocks to Buy Today   [09:20AM  at Motley Fool]
Financial statements of KEX
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