Intrinsic value of Kirby - KEX

Previous Close

$86.75

  Intrinsic Value

$8.10

stock screener

  Rating & Target

str. sell

-91%

Previous close

$86.75

 
Intrinsic value

$8.10

 
Up/down potential

-91%

 
Rating

str. sell

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

Revenue (in 2017), $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 5.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.10
  23.09
  21.28
  19.65
  18.19
  16.87
  15.68
  14.61
  13.65
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
Revenue, $m
  2,770
  3,409
  4,135
  4,947
  5,847
  6,834
  7,905
  9,060
  10,297
  11,614
  13,009
  14,480
  16,026
  17,646
  19,339
  21,107
  22,948
  24,865
  26,858
  28,930
  31,084
  33,322
  35,647
  38,065
  40,578
  43,193
  45,913
  48,746
  51,696
  54,770
Variable operating expenses, $m
  2,358
  2,876
  3,463
  4,120
  4,849
  5,647
  6,514
  7,449
  8,450
  9,515
  10,527
  11,718
  12,969
  14,280
  15,650
  17,081
  18,571
  20,122
  21,735
  23,412
  25,155
  26,966
  28,848
  30,804
  32,838
  34,954
  37,155
  39,447
  41,835
  44,322
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
  2,358
  2,876
  3,463
  4,120
  4,849
  5,647
  6,514
  7,449
  8,450
  9,515
  10,527
  11,718
  12,969
  14,280
  15,650
  17,081
  18,571
  20,122
  21,735
  23,412
  25,155
  26,966
  28,848
  30,804
  32,838
  34,954
  37,155
  39,447
  41,835
  44,322
Operating income, $m
  412
  534
  672
  827
  999
  1,187
  1,391
  1,612
  1,847
  2,099
  2,481
  2,762
  3,057
  3,366
  3,689
  4,026
  4,377
  4,743
  5,123
  5,519
  5,929
  6,356
  6,800
  7,261
  7,741
  8,239
  8,758
  9,299
  9,861
  10,448
EBITDA, $m
  1,012
  1,246
  1,511
  1,808
  2,136
  2,497
  2,888
  3,310
  3,762
  4,243
  4,753
  5,290
  5,855
  6,447
  7,066
  7,711
  8,384
  9,085
  9,813
  10,570
  11,357
  12,174
  13,024
  13,907
  14,826
  15,781
  16,775
  17,810
  18,887
  20,011
Interest expense (income), $m
  20
  54
  81
  112
  148
  188
  232
  280
  333
  390
  451
  515
  584
  656
  732
  812
  895
  982
  1,072
  1,166
  1,264
  1,366
  1,472
  1,582
  1,696
  1,815
  1,938
  2,067
  2,200
  2,339
  2,484
Earnings before tax, $m
  358
  453
  560
  679
  811
  955
  1,111
  1,278
  1,458
  1,648
  1,966
  2,178
  2,401
  2,634
  2,878
  3,131
  3,396
  3,671
  3,957
  4,255
  4,564
  4,885
  5,218
  5,565
  5,926
  6,301
  6,692
  7,098
  7,522
  7,963
Tax expense, $m
  97
  122
  151
  183
  219
  258
  300
  345
  394
  445
  531
  588
  648
  711
  777
  845
  917
  991
  1,068
  1,149
  1,232
  1,319
  1,409
  1,503
  1,600
  1,701
  1,807
  1,917
  2,031
  2,150
Net income, $m
  261
  331
  409
  496
  592
  697
  811
  933
  1,064
  1,203
  1,435
  1,590
  1,753
  1,923
  2,101
  2,286
  2,479
  2,680
  2,889
  3,106
  3,331
  3,566
  3,809
  4,063
  4,326
  4,600
  4,885
  5,182
  5,491
  5,813

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
  6,411
  7,892
  9,571
  11,452
  13,535
  15,818
  18,299
  20,973
  23,836
  26,884
  30,113
  33,518
  37,097
  40,847
  44,767
  48,858
  53,121
  57,558
  62,172
  66,969
  71,954
  77,134
  82,517
  88,113
  93,932
  99,984
  106,281
  112,837
  119,666
  126,783
Adjusted assets (=assets-cash), $m
  6,411
  7,892
  9,571
  11,452
  13,535
  15,818
  18,299
  20,973
  23,836
  26,884
  30,113
  33,518
  37,097
  40,847
  44,767
  48,858
  53,121
  57,558
  62,172
  66,969
  71,954
  77,134
  82,517
  88,113
  93,932
  99,984
  106,281
  112,837
  119,666
  126,783
Revenue / Adjusted assets
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
Average production assets, $m
  4,836
  5,953
  7,219
  8,638
  10,209
  11,931
  13,802
  15,819
  17,979
  20,278
  22,713
  25,282
  27,981
  30,810
  33,767
  36,852
  40,068
  43,414
  46,895
  50,513
  54,273
  58,180
  62,241
  66,461
  70,850
  75,415
  80,165
  85,110
  90,261
  95,629
Working capital, $m
  116
  143
  174
  208
  246
  287
  332
  381
  432
  488
  546
  608
  673
  741
  812
  886
  964
  1,044
  1,128
  1,215
  1,306
  1,400
  1,497
  1,599
  1,704
  1,814
  1,928
  2,047
  2,171
  2,300
Total debt, $m
  1,496
  2,077
  2,737
  3,477
  4,295
  5,193
  6,167
  7,218
  8,344
  9,542
  10,810
  12,149
  13,555
  15,029
  16,570
  18,177
  19,853
  21,596
  23,410
  25,295
  27,254
  29,290
  31,405
  33,604
  35,891
  38,270
  40,744
  43,321
  46,005
  48,802
Total liabilities, $m
  2,520
  3,101
  3,761
  4,501
  5,319
  6,217
  7,191
  8,242
  9,368
  10,566
  11,834
  13,173
  14,579
  16,053
  17,594
  19,201
  20,877
  22,620
  24,434
  26,319
  28,278
  30,314
  32,429
  34,628
  36,915
  39,294
  41,769
  44,345
  47,029
  49,826
Total equity, $m
  3,892
  4,790
  5,810
  6,952
  8,216
  9,602
  11,107
  12,731
  14,469
  16,319
  18,279
  20,345
  22,518
  24,794
  27,174
  29,657
  32,244
  34,938
  37,738
  40,650
  43,676
  46,820
  50,088
  53,485
  57,016
  60,690
  64,513
  68,492
  72,637
  76,957
Total liabilities and equity, $m
  6,412
  7,891
  9,571
  11,453
  13,535
  15,819
  18,298
  20,973
  23,837
  26,885
  30,113
  33,518
  37,097
  40,847
  44,768
  48,858
  53,121
  57,558
  62,172
  66,969
  71,954
  77,134
  82,517
  88,113
  93,931
  99,984
  106,282
  112,837
  119,666
  126,783
Debt-to-equity ratio
  0.380
  0.430
  0.470
  0.500
  0.520
  0.540
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  261
  331
  409
  496
  592
  697
  811
  933
  1,064
  1,203
  1,435
  1,590
  1,753
  1,923
  2,101
  2,286
  2,479
  2,680
  2,889
  3,106
  3,331
  3,566
  3,809
  4,063
  4,326
  4,600
  4,885
  5,182
  5,491
  5,813
Depreciation, amort., depletion, $m
  600
  712
  839
  981
  1,138
  1,310
  1,497
  1,699
  1,915
  2,145
  2,271
  2,528
  2,798
  3,081
  3,377
  3,685
  4,007
  4,341
  4,689
  5,051
  5,427
  5,818
  6,224
  6,646
  7,085
  7,541
  8,016
  8,511
  9,026
  9,563
Funds from operations, $m
  862
  1,043
  1,247
  1,476
  1,730
  2,007
  2,308
  2,632
  2,979
  3,348
  3,707
  4,118
  4,551
  5,004
  5,477
  5,971
  6,486
  7,021
  7,578
  8,157
  8,759
  9,384
  10,033
  10,709
  11,411
  12,141
  12,901
  13,693
  14,517
  15,376
Change in working capital, $m
  23
  27
  30
  34
  38
  41
  45
  49
  52
  55
  59
  62
  65
  68
  71
  74
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  114
  119
  124
  129
Cash from operations, $m
  838
  1,016
  1,217
  1,442
  1,692
  1,965
  2,263
  2,584
  2,927
  3,292
  3,648
  4,057
  4,486
  4,936
  5,406
  5,897
  6,408
  6,941
  7,494
  8,070
  8,668
  9,290
  9,936
  10,607
  11,305
  12,032
  12,787
  13,574
  14,393
  15,247
Maintenance CAPEX, $m
  -387
  -484
  -595
  -722
  -864
  -1,021
  -1,193
  -1,380
  -1,582
  -1,798
  -2,028
  -2,271
  -2,528
  -2,798
  -3,081
  -3,377
  -3,685
  -4,007
  -4,341
  -4,689
  -5,051
  -5,427
  -5,818
  -6,224
  -6,646
  -7,085
  -7,541
  -8,016
  -8,511
  -9,026
New CAPEX, $m
  -969
  -1,117
  -1,267
  -1,419
  -1,571
  -1,722
  -1,871
  -2,017
  -2,160
  -2,299
  -2,435
  -2,568
  -2,699
  -2,829
  -2,957
  -3,086
  -3,215
  -3,346
  -3,480
  -3,618
  -3,760
  -3,907
  -4,061
  -4,221
  -4,389
  -4,565
  -4,750
  -4,945
  -5,151
  -5,368
Cash from investing activities, $m
  -1,356
  -1,601
  -1,862
  -2,141
  -2,435
  -2,743
  -3,064
  -3,397
  -3,742
  -4,097
  -4,463
  -4,839
  -5,227
  -5,627
  -6,038
  -6,463
  -6,900
  -7,353
  -7,821
  -8,307
  -8,811
  -9,334
  -9,879
  -10,445
  -11,035
  -11,650
  -12,291
  -12,961
  -13,662
  -14,394
Free cash flow, $m
  -517
  -584
  -645
  -698
  -743
  -778
  -801
  -814
  -815
  -805
  -815
  -783
  -742
  -691
  -632
  -565
  -492
  -412
  -327
  -237
  -143
  -45
  57
  162
  271
  382
  496
  612
  731
  853
Issuance/(repayment) of debt, $m
  503
  582
  660
  739
  819
  897
  975
  1,051
  1,125
  1,198
  1,269
  1,338
  1,406
  1,474
  1,541
  1,608
  1,675
  1,744
  1,813
  1,885
  1,959
  2,036
  2,116
  2,199
  2,287
  2,378
  2,475
  2,577
  2,684
  2,797
Issuance/(repurchase) of shares, $m
  519
  568
  611
  646
  672
  689
  695
  690
  674
  647
  524
  477
  420
  353
  279
  197
  108
  13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,022
  1,150
  1,271
  1,385
  1,491
  1,586
  1,670
  1,741
  1,799
  1,845
  1,793
  1,815
  1,826
  1,827
  1,820
  1,805
  1,783
  1,757
  1,813
  1,885
  1,959
  2,036
  2,116
  2,199
  2,287
  2,378
  2,475
  2,577
  2,684
  2,797
Total cash flow (excl. dividends), $m
  505
  565
  626
  687
  748
  809
  868
  927
  984
  1,040
  978
  1,032
  1,084
  1,136
  1,188
  1,240
  1,292
  1,344
  1,486
  1,648
  1,816
  1,991
  2,173
  2,362
  2,557
  2,760
  2,971
  3,189
  3,415
  3,650
Retained Cash Flow (-), $m
  -781
  -899
  -1,019
  -1,142
  -1,264
  -1,386
  -1,506
  -1,623
  -1,738
  -1,850
  -1,960
  -2,067
  -2,172
  -2,276
  -2,380
  -2,483
  -2,587
  -2,693
  -2,801
  -2,912
  -3,026
  -3,144
  -3,268
  -3,397
  -3,532
  -3,674
  -3,823
  -3,980
  -4,145
  -4,320
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
  11
  14
  17
  21
  25
  29
  34
  40
  45
  51
  58
  65
  72
  80
  88
  97
  106
  115
  124
  134
  145
  155
  167
  178
  190
  203
  216
  230
  244
  258
Cash available for distribution, $m
  -275
  -333
  -394
  -455
  -516
  -577
  -637
  -696
  -754
  -810
  -981
  -1,035
  -1,088
  -1,140
  -1,192
  -1,244
  -1,296
  -1,349
  -1,315
  -1,264
  -1,210
  -1,153
  -1,095
  -1,035
  -975
  -913
  -852
  -791
  -730
  -670
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  -262
  -300
  -334
  -362
  -382
  -395
  -401
  -400
  -392
  -378
  -408
  -379
  -348
  -315
  -282
  -248
  -215
  -184
  -146
  -112
  -84
  -62
  -45
  -31
  -22
  -15
  -9
  -6
  -4
  -2
Current shareholders' claim on cash, %
  90.9
  83.6
  77.7
  72.9
  68.9
  65.6
  62.9
  60.6
  58.8
  57.2
  56.2
  55.3
  54.6
  54.1
  53.8
  53.5
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4
  53.4

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 33.1
Price to Sales 2.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 25.5
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 $2214 million for the last fiscal year's total revenue generated by Kirby. The default revenue input number comes from 2017 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 25.1% 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 5.1%, 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 86.2%.

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 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 5.4% 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 0.5%.

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 174.6%.

Life of production assets of 10 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 4.2%. 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 - $3111 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 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 $5.2 billion.

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COMPANY NEWS

▶ As Iran Sanctions Kick In, Look to US Oil Export Markets   [Aug-08-18 12:38PM  TheStreet.com]
▶ Kirby: 2Q Earnings Snapshot   [Jul-25-18 06:07PM  Associated Press]
▶ Kirby's Earnings Preview   [09:10AM  Benzinga]
▶ How Financially Strong Is Kirby Corporation (NYSE:KEX)?   [Jun-22-18 02:41PM  Simply Wall St.]
▶ Kirby Corporation To Webcast Analyst Day   [May-02-18 05:00PM  PR Newswire]
▶ Kirby Corporation to Host Earnings Call   [06:45AM  ACCESSWIRE]
▶ Kirby: 1Q Earnings Snapshot   [Apr-25-18 07:31PM  Associated Press]
▶ Kirby Corp. to acquire another marine transportation co. for $419M   [09:25AM  American City Business Journals]
▶ Kirby Corporation to Host Earnings Call   [Feb-01-18 07:00AM  ACCESSWIRE]
▶ Kirby beats Street 4Q forecasts   [Jan-31-18 06:45PM  Associated Press]
▶ 4 Reasons Wells Fargo Is Growing Positive On Kirby   [Jan-22-18 09:47AM  Benzinga]
▶ 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]
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