Intrinsic value of Kennametal - KMT

Previous Close

$36.49

  Intrinsic Value

$1.61

stock screener

  Rating & Target

str. sell

-96%

Previous close

$36.49

 
Intrinsic value

$1.61

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of KMT 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 0001), $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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  2,367
  2,699
  3,052
  3,427
  3,823
  4,240
  4,678
  5,135
  5,613
  6,111
  6,630
  7,169
  7,730
  8,313
  8,919
  9,549
  10,203
  10,883
  11,591
  12,327
  13,093
  13,891
  14,723
  15,589
  16,493
  17,436
  18,421
  19,449
  20,523
  21,646
Variable operating expenses, $m
  2,409
  2,740
  3,092
  3,466
  3,861
  4,277
  4,713
  5,170
  5,646
  6,143
  6,611
  7,149
  7,708
  8,289
  8,893
  9,521
  10,174
  10,852
  11,557
  12,291
  13,055
  13,851
  14,680
  15,544
  16,445
  17,386
  18,367
  19,392
  20,463
  21,583
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
  2,409
  2,740
  3,092
  3,466
  3,861
  4,277
  4,713
  5,170
  5,646
  6,143
  6,611
  7,149
  7,708
  8,289
  8,893
  9,521
  10,174
  10,852
  11,557
  12,291
  13,055
  13,851
  14,680
  15,544
  16,445
  17,386
  18,367
  19,392
  20,463
  21,583
Operating income, $m
  -42
  -41
  -40
  -39
  -38
  -37
  -36
  -34
  -33
  -31
  19
  21
  22
  24
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  53
  56
  59
  63
EBITDA, $m
  106
  120
  136
  153
  171
  189
  209
  229
  251
  273
  296
  320
  345
  371
  398
  426
  455
  486
  517
  550
  584
  620
  657
  696
  736
  778
  822
  868
  916
  966
Interest expense (income), $m
  28
  38
  49
  61
  74
  88
  102
  118
  134
  151
  168
  186
  205
  225
  246
  267
  289
  312
  337
  361
  387
  414
  443
  472
  502
  534
  567
  602
  638
  676
  715
Earnings before tax, $m
  -80
  -90
  -101
  -113
  -126
  -139
  -153
  -168
  -183
  -200
  -167
  -185
  -203
  -222
  -241
  -262
  -283
  -305
  -328
  -352
  -377
  -402
  -429
  -457
  -486
  -517
  -549
  -582
  -616
  -652
Tax expense, $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
Net income, $m
  -80
  -90
  -101
  -113
  -126
  -139
  -153
  -168
  -183
  -200
  -167
  -185
  -203
  -222
  -241
  -262
  -283
  -305
  -328
  -352
  -377
  -402
  -429
  -457
  -486
  -517
  -549
  -582
  -616
  -652

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
  2,778
  3,167
  3,582
  4,022
  4,487
  4,977
  5,490
  6,027
  6,588
  7,173
  7,781
  8,415
  9,073
  9,757
  10,468
  11,207
  11,975
  12,774
  13,604
  14,468
  15,368
  16,304
  17,280
  18,297
  19,358
  20,465
  21,620
  22,827
  24,088
  25,406
Adjusted assets (=assets-cash), $m
  2,778
  3,167
  3,582
  4,022
  4,487
  4,977
  5,490
  6,027
  6,588
  7,173
  7,781
  8,415
  9,073
  9,757
  10,468
  11,207
  11,975
  12,774
  13,604
  14,468
  15,368
  16,304
  17,280
  18,297
  19,358
  20,465
  21,620
  22,827
  24,088
  25,406
Revenue / Adjusted assets
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
Average production assets, $m
  1,136
  1,295
  1,465
  1,645
  1,835
  2,035
  2,245
  2,465
  2,694
  2,933
  3,182
  3,441
  3,711
  3,990
  4,281
  4,583
  4,897
  5,224
  5,564
  5,917
  6,285
  6,668
  7,067
  7,483
  7,917
  8,369
  8,842
  9,335
  9,851
  10,390
Working capital, $m
  533
  607
  687
  771
  860
  954
  1,052
  1,155
  1,263
  1,375
  1,492
  1,613
  1,739
  1,870
  2,007
  2,148
  2,296
  2,449
  2,608
  2,774
  2,946
  3,126
  3,313
  3,508
  3,711
  3,923
  4,145
  4,376
  4,618
  4,870
Total debt, $m
  906
  1,132
  1,372
  1,627
  1,896
  2,179
  2,477
  2,787
  3,112
  3,451
  3,803
  4,170
  4,551
  4,947
  5,359
  5,787
  6,232
  6,694
  7,175
  7,675
  8,196
  8,738
  9,303
  9,892
  10,506
  11,147
  11,816
  12,515
  13,245
  14,008
Total liabilities, $m
  1,609
  1,834
  2,074
  2,329
  2,598
  2,882
  3,179
  3,490
  3,814
  4,153
  4,505
  4,872
  5,253
  5,650
  6,061
  6,489
  6,934
  7,396
  7,877
  8,377
  8,898
  9,440
  10,005
  10,594
  11,208
  11,849
  12,518
  13,217
  13,947
  14,710
Total equity, $m
  1,170
  1,333
  1,508
  1,693
  1,889
  2,095
  2,311
  2,537
  2,774
  3,020
  3,276
  3,543
  3,820
  4,108
  4,407
  4,718
  5,042
  5,378
  5,727
  6,091
  6,470
  6,864
  7,275
  7,703
  8,150
  8,616
  9,102
  9,610
  10,141
  10,696
Total liabilities and equity, $m
  2,779
  3,167
  3,582
  4,022
  4,487
  4,977
  5,490
  6,027
  6,588
  7,173
  7,781
  8,415
  9,073
  9,758
  10,468
  11,207
  11,976
  12,774
  13,604
  14,468
  15,368
  16,304
  17,280
  18,297
  19,358
  20,465
  21,620
  22,827
  24,088
  25,406
Debt-to-equity ratio
  0.770
  0.850
  0.910
  0.960
  1.000
  1.040
  1.070
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.200
  1.220
  1.230
  1.240
  1.240
  1.250
  1.260
  1.270
  1.270
  1.280
  1.280
  1.290
  1.290
  1.300
  1.300
  1.310
  1.310
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -80
  -90
  -101
  -113
  -126
  -139
  -153
  -168
  -183
  -200
  -167
  -185
  -203
  -222
  -241
  -262
  -283
  -305
  -328
  -352
  -377
  -402
  -429
  -457
  -486
  -517
  -549
  -582
  -616
  -652
Depreciation, amort., depletion, $m
  148
  162
  177
  192
  209
  226
  244
  264
  283
  304
  277
  299
  323
  347
  372
  399
  426
  454
  484
  515
  547
  580
  615
  651
  688
  728
  769
  812
  857
  903
Funds from operations, $m
  68
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  170
  177
  185
  193
  202
  211
  220
  230
  240
  251
Change in working capital, $m
  69
  75
  80
  84
  89
  94
  98
  103
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  159
  166
  172
  180
  187
  195
  203
  212
  222
  231
  242
  253
Cash from operations, $m
  -1
  -3
  -4
  -5
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -5
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Maintenance CAPEX, $m
  -86
  -99
  -113
  -127
  -143
  -160
  -177
  -195
  -214
  -234
  -255
  -277
  -299
  -323
  -347
  -372
  -399
  -426
  -454
  -484
  -515
  -547
  -580
  -615
  -651
  -688
  -728
  -769
  -812
  -857
New CAPEX, $m
  -149
  -159
  -170
  -180
  -190
  -200
  -210
  -220
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -353
  -368
  -383
  -399
  -416
  -434
  -453
  -473
  -494
  -516
  -539
Cash from investing activities, $m
  -235
  -258
  -283
  -307
  -333
  -360
  -387
  -415
  -443
  -473
  -504
  -536
  -568
  -603
  -638
  -674
  -713
  -753
  -794
  -837
  -883
  -930
  -979
  -1,031
  -1,085
  -1,141
  -1,201
  -1,263
  -1,328
  -1,396
Free cash flow, $m
  -237
  -261
  -287
  -313
  -340
  -367
  -394
  -422
  -451
  -481
  -511
  -542
  -575
  -608
  -643
  -679
  -717
  -756
  -797
  -840
  -885
  -932
  -981
  -1,032
  -1,086
  -1,142
  -1,202
  -1,264
  -1,329
  -1,397
Issuance/(repayment) of debt, $m
  210
  225
  240
  255
  269
  283
  297
  311
  325
  339
  352
  367
  381
  396
  412
  428
  445
  462
  481
  500
  521
  542
  565
  589
  614
  641
  669
  699
  730
  763
Issuance/(repurchase) of shares, $m
  232
  254
  276
  299
  322
  345
  369
  394
  420
  446
  423
  451
  480
  510
  541
  573
  606
  641
  677
  715
  755
  797
  840
  885
  933
  983
  1,035
  1,090
  1,147
  1,207
Cash from financing (excl. dividends), $m  
  442
  479
  516
  554
  591
  628
  666
  705
  745
  785
  775
  818
  861
  906
  953
  1,001
  1,051
  1,103
  1,158
  1,215
  1,276
  1,339
  1,405
  1,474
  1,547
  1,624
  1,704
  1,789
  1,877
  1,970
Total cash flow (excl. dividends), $m
  206
  218
  230
  241
  251
  262
  272
  283
  293
  303
  265
  275
  286
  298
  309
  321
  334
  347
  361
  376
  391
  407
  424
  442
  461
  481
  503
  525
  548
  573
Retained Cash Flow (-), $m
  -232
  -254
  -276
  -299
  -322
  -345
  -369
  -394
  -420
  -446
  -423
  -451
  -480
  -510
  -541
  -573
  -606
  -641
  -677
  -715
  -755
  -797
  -840
  -885
  -933
  -983
  -1,035
  -1,090
  -1,147
  -1,207
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
  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
  -26
  -36
  -46
  -58
  -70
  -83
  -97
  -111
  -126
  -142
  -159
  -176
  -194
  -212
  -231
  -251
  -272
  -294
  -316
  -340
  -364
  -389
  -416
  -443
  -472
  -501
  -532
  -565
  -599
  -634
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
  -25
  -32
  -39
  -46
  -52
  -57
  -61
  -64
  -66
  -66
  -66
  -64
  -62
  -59
  -55
  -50
  -45
  -40
  -35
  -30
  -25
  -21
  -17
  -13
  -10
  -8
  -6
  -4
  -3
  -2
Current shareholders' claim on cash, %
  92.8
  86.4
  80.7
  75.5
  70.9
  66.8
  63.0
  59.5
  56.3
  53.4
  51.0
  48.7
  46.5
  44.5
  42.6
  40.8
  39.1
  37.4
  35.9
  34.4
  33.0
  31.7
  30.4
  29.2
  28.0
  26.9
  25.9
  24.9
  23.9
  23.0

Kennametal Inc. is a supplier of tooling, engineered components and materials consumed in production processes. The Company operates through two segments: Industrial and Infrastructure. The Industrial segment generally serves customers that operate in industrial end markets, such as transportation, general engineering, aerospace and defense. The Infrastructure segment generally serves customers that operate in the earthworks and energy sectors supporting primary industries, such as oil and gas, power generation, underground, surface and hard-rock mining, highway construction and road maintenance. It provides wear-resistant products, application engineering and services backed by material science serving customers across various sectors. The Company's product offerings include a selection of standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, as well as materials, such as cemented tungsten carbide products and super alloys.

FINANCIAL RATIOS  of  Kennametal (KMT)

Valuation Ratios
P/E Ratio 60.1
Price to Sales 1.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 15.3
Price to Free Cash Flow 39.8
Growth Rates
Sales Growth Rate -1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.3%
Cap. Spend. - 3 Yr. Gr. Rate 0.2%
Financial Strength
Quick Ratio 191
Current Ratio 0.1
LT Debt to Equity 68.3%
Total Debt to Equity 68.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. -7.9%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -12.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 32%
Gross Margin - 3 Yr. Avg. 30.6%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. -0.2%
Operating Margin 5.5%
Oper. Margin - 3 Yr. Avg. -5.5%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. -6.7%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. -7.5%
Effective Tax Rate 36.6%
Eff/ Tax Rate - 3 Yr. Avg. 9.5%
Payout Ratio 130.6%

KMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMT stock intrinsic value calculation we used $2058.368 million for the last fiscal year's total revenue generated by Kennametal. The default revenue input number comes from 0001 income statement of Kennametal. 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 KMT stock valuation model: a) initial revenue growth rate of 15% 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 KMT is calculated based on our internal credit rating of Kennametal, 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 Kennametal.
    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 KMT stock the variable cost ratio is equal to 102.1%.

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 KMT 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 Kennametal.

Corporate tax rate of 27% is the nominal tax rate for Kennametal. 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 KMT 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 KMT are equal to 48%.

Life of production assets of 11.5 years is the average useful life of capital assets used in Kennametal 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 KMT is equal to 22.5%. 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 - $1017.294 million for Kennametal - 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 81.648 million for Kennametal 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 Kennametal at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Hedge Funds Are Crazy About Kennametal Inc. (KMT)   [Dec-14-18 10:17PM  Insider Monkey]
▶ Kennametal (KMT) Q1 Earnings Beat Estimates   [Nov-05-18 05:40PM  Zacks]
▶ Kennametal: Fiscal 1Q Earnings Snapshot   [04:36PM  Associated Press]
▶ John Rogers Comments on Kennametal   [Oct-17-18 04:39PM  GuruFocus.com]
▶ Kennametal Inc (NYSE:KMT): Did It Outperform The Industry?   [Sep-04-18 07:38AM  Simply Wall St.]
▶ Houston energy companies announce CFO changes   [Aug-17-18 02:11PM  American City Business Journals]
▶ Kennametal names new CFO   [08:03AM  American City Business Journals]
▶ Kennametal: Fiscal 4Q Earnings Snapshot   [05:34PM  Associated Press]
▶ What is Behind Kennametal Incs (NYSE:KMT) Superior ROE?   [Jun-21-18 10:40AM  Simply Wall St.]
▶ Kennametal CFO Jan Kees van Gaalen to Retire   [Jun-15-18 06:45AM  PR Newswire]
▶ Kennametal Prices $300,000,000 of Senior Notes   [Jun-04-18 06:19PM  PR Newswire]
▶ Kennametal Names Lorraine Martin To Board Of Directors   [May-24-18 07:00AM  PR Newswire]
▶ Industrial Dividend Stocks Of The Month: Kennametal And More   [May-12-18 12:02PM  Simply Wall St.]
▶ Kennametal: Fiscal 3Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Bullish on Caterpillar? You'll Love These 2 Stocks   [Apr-03-18 09:30AM  Motley Fool]
▶ Kennametal misses 2Q profit forecasts   [06:49PM  Associated Press]

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