Intrinsic value of Ramaco Resources - METC

Previous Close

$5.70

  Intrinsic Value

$0.71

stock screener

  Rating & Target

str. sell

-88%

Previous close

$5.70

 
Intrinsic value

$0.71

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of METC 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 0.2

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  98
  151
  226
  327
  462
  635
  852
  1,119
  1,440
  1,819
  2,259
  2,762
  3,329
  3,961
  4,657
  5,417
  6,240
  7,124
  8,069
  9,072
  10,132
  11,248
  12,420
  13,646
  14,927
  16,263
  17,654
  19,101
  20,606
  22,170
Variable operating expenses, $m
  112
  173
  259
  376
  530
  729
  979
  1,285
  1,653
  2,088
  2,593
  3,170
  3,821
  4,547
  5,346
  6,219
  7,164
  8,179
  9,263
  10,414
  11,631
  12,913
  14,258
  15,666
  17,136
  18,670
  20,267
  21,928
  23,656
  25,452
Fixed operating expenses, $m
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  12
  13
  13
  13
  13
Total operating expenses, $m
  119
  180
  266
  384
  538
  737
  987
  1,293
  1,662
  2,097
  2,602
  3,179
  3,830
  4,556
  5,356
  6,229
  7,174
  8,189
  9,274
  10,425
  11,642
  12,924
  14,270
  15,678
  17,148
  18,682
  20,280
  21,941
  23,669
  25,465
Operating income, $m
  -22
  -30
  -41
  -56
  -76
  -102
  -134
  -174
  -222
  -278
  -343
  -418
  -502
  -596
  -699
  -812
  -934
  -1,065
  -1,205
  -1,353
  -1,511
  -1,676
  -1,850
  -2,031
  -2,221
  -2,419
  -2,625
  -2,840
  -3,063
  -3,295
EBITDA, $m
  -17
  -22
  -29
  -39
  -52
  -69
  -90
  -116
  -147
  -184
  -227
  -275
  -330
  -391
  -458
  -532
  -611
  -697
  -788
  -885
  -987
  -1,095
  -1,208
  -1,327
  -1,451
  -1,580
  -1,714
  -1,854
  -1,999
  -2,150
Interest expense (income), $m
  0
  0
  1
  3
  5
  8
  12
  18
  24
  32
  42
  54
  67
  83
  100
  120
  141
  164
  190
  217
  246
  276
  309
  343
  379
  417
  456
  497
  540
  584
  630
Earnings before tax, $m
  -22
  -31
  -44
  -61
  -84
  -114
  -152
  -198
  -254
  -320
  -397
  -485
  -585
  -696
  -819
  -953
  -1,098
  -1,254
  -1,421
  -1,599
  -1,787
  -1,985
  -2,193
  -2,410
  -2,638
  -2,875
  -3,122
  -3,379
  -3,647
  -3,925
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
  -22
  -31
  -44
  -61
  -84
  -114
  -152
  -198
  -254
  -320
  -397
  -485
  -585
  -696
  -819
  -953
  -1,098
  -1,254
  -1,421
  -1,599
  -1,787
  -1,985
  -2,193
  -2,410
  -2,638
  -2,875
  -3,122
  -3,379
  -3,647
  -3,925

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
  237
  366
  548
  795
  1,121
  1,541
  2,069
  2,717
  3,496
  4,415
  5,483
  6,703
  8,079
  9,613
  11,303
  13,148
  15,146
  17,292
  19,584
  22,019
  24,592
  27,301
  30,145
  33,122
  36,231
  39,473
  42,849
  46,362
  50,015
  53,811
Adjusted assets (=assets-cash), $m
  237
  366
  548
  795
  1,121
  1,541
  2,069
  2,717
  3,496
  4,415
  5,483
  6,703
  8,079
  9,613
  11,303
  13,148
  15,146
  17,292
  19,584
  22,019
  24,592
  27,301
  30,145
  33,122
  36,231
  39,473
  42,849
  46,362
  50,015
  53,811
Revenue / Adjusted assets
  0.414
  0.413
  0.412
  0.411
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
Average production assets, $m
  130
  200
  299
  434
  613
  843
  1,131
  1,485
  1,911
  2,414
  2,997
  3,665
  4,417
  5,256
  6,180
  7,188
  8,280
  9,454
  10,707
  12,038
  13,445
  14,926
  16,481
  18,108
  19,808
  21,581
  23,427
  25,347
  27,344
  29,420
Working capital, $m
  -7
  -10
  -15
  -22
  -31
  -43
  -57
  -75
  -96
  -122
  -151
  -185
  -223
  -265
  -312
  -363
  -418
  -477
  -541
  -608
  -679
  -754
  -832
  -914
  -1,000
  -1,090
  -1,183
  -1,280
  -1,381
  -1,485
Total debt, $m
  21
  51
  93
  151
  228
  326
  449
  601
  783
  998
  1,248
  1,534
  1,856
  2,215
  2,610
  3,042
  3,509
  4,012
  4,548
  5,118
  5,720
  6,354
  7,019
  7,716
  8,443
  9,202
  9,992
  10,814
  11,669
  12,557
Total liabilities, $m
  55
  86
  128
  186
  262
  361
  484
  636
  818
  1,033
  1,283
  1,569
  1,891
  2,249
  2,645
  3,077
  3,544
  4,046
  4,583
  5,152
  5,754
  6,389
  7,054
  7,751
  8,478
  9,237
  10,027
  10,849
  11,704
  12,592
Total equity, $m
  182
  281
  420
  609
  859
  1,181
  1,585
  2,081
  2,678
  3,382
  4,200
  5,135
  6,189
  7,364
  8,658
  10,072
  11,602
  13,246
  15,002
  16,866
  18,837
  20,913
  23,091
  25,371
  27,753
  30,236
  32,823
  35,514
  38,311
  41,220
Total liabilities and equity, $m
  237
  367
  548
  795
  1,121
  1,542
  2,069
  2,717
  3,496
  4,415
  5,483
  6,704
  8,080
  9,613
  11,303
  13,149
  15,146
  17,292
  19,585
  22,018
  24,591
  27,302
  30,145
  33,122
  36,231
  39,473
  42,850
  46,363
  50,015
  53,812
Debt-to-equity ratio
  0.110
  0.180
  0.220
  0.250
  0.270
  0.280
  0.280
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
Adjusted equity ratio
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766
  0.766

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -22
  -31
  -44
  -61
  -84
  -114
  -152
  -198
  -254
  -320
  -397
  -485
  -585
  -696
  -819
  -953
  -1,098
  -1,254
  -1,421
  -1,599
  -1,787
  -1,985
  -2,193
  -2,410
  -2,638
  -2,875
  -3,122
  -3,379
  -3,647
  -3,925
Depreciation, amort., depletion, $m
  5
  8
  12
  17
  24
  33
  44
  58
  74
  94
  117
  143
  172
  204
  240
  280
  322
  368
  417
  468
  523
  581
  641
  705
  771
  840
  912
  986
  1,064
  1,145
Funds from operations, $m
  -17
  -23
  -32
  -44
  -60
  -81
  -108
  -140
  -180
  -226
  -280
  -343
  -413
  -491
  -578
  -673
  -776
  -886
  -1,005
  -1,131
  -1,264
  -1,404
  -1,551
  -1,706
  -1,867
  -2,035
  -2,211
  -2,393
  -2,583
  -2,780
Change in working capital, $m
  -2
  -4
  -5
  -7
  -9
  -12
  -15
  -18
  -22
  -25
  -29
  -34
  -38
  -42
  -47
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -78
  -82
  -86
  -89
  -93
  -97
  -101
  -105
Cash from operations, $m
  -14
  -19
  -27
  -37
  -51
  -70
  -93
  -123
  -158
  -201
  -251
  -309
  -375
  -449
  -531
  -622
  -721
  -827
  -941
  -1,063
  -1,193
  -1,329
  -1,473
  -1,624
  -1,781
  -1,946
  -2,118
  -2,296
  -2,482
  -2,675
Maintenance CAPEX, $m
  -3
  -5
  -8
  -12
  -17
  -24
  -33
  -44
  -58
  -74
  -94
  -117
  -143
  -172
  -204
  -240
  -280
  -322
  -368
  -417
  -468
  -523
  -581
  -641
  -705
  -771
  -840
  -912
  -986
  -1,064
New CAPEX, $m
  -49
  -71
  -99
  -135
  -178
  -230
  -288
  -354
  -426
  -503
  -584
  -667
  -753
  -838
  -924
  -1,009
  -1,092
  -1,174
  -1,253
  -1,331
  -1,407
  -1,481
  -1,555
  -1,627
  -1,700
  -1,773
  -1,846
  -1,921
  -1,997
  -2,076
Cash from investing activities, $m
  -52
  -76
  -107
  -147
  -195
  -254
  -321
  -398
  -484
  -577
  -678
  -784
  -896
  -1,010
  -1,128
  -1,249
  -1,372
  -1,496
  -1,621
  -1,748
  -1,875
  -2,004
  -2,136
  -2,268
  -2,405
  -2,544
  -2,686
  -2,833
  -2,983
  -3,140
Free cash flow, $m
  -66
  -95
  -134
  -184
  -247
  -323
  -415
  -521
  -642
  -778
  -929
  -1,093
  -1,270
  -1,459
  -1,660
  -1,871
  -2,092
  -2,323
  -2,563
  -2,811
  -3,068
  -3,334
  -3,609
  -3,892
  -4,186
  -4,489
  -4,803
  -5,128
  -5,465
  -5,815
Issuance/(repayment) of debt, $m
  21
  30
  42
  58
  76
  98
  123
  152
  182
  215
  250
  286
  322
  359
  395
  432
  467
  502
  536
  570
  602
  634
  665
  697
  728
  759
  790
  822
  855
  888
Issuance/(repurchase) of shares, $m
  90
  130
  183
  250
  334
  436
  556
  694
  851
  1,025
  1,215
  1,420
  1,639
  1,871
  2,113
  2,366
  2,628
  2,898
  3,177
  3,464
  3,758
  4,060
  4,371
  4,691
  5,020
  5,359
  5,709
  6,070
  6,445
  6,833
Cash from financing (excl. dividends), $m  
  111
  160
  225
  308
  410
  534
  679
  846
  1,033
  1,240
  1,465
  1,706
  1,961
  2,230
  2,508
  2,798
  3,095
  3,400
  3,713
  4,034
  4,360
  4,694
  5,036
  5,388
  5,748
  6,118
  6,499
  6,892
  7,300
  7,721
Total cash flow (excl. dividends), $m
  45
  65
  91
  124
  164
  211
  265
  325
  391
  462
  536
  613
  691
  770
  849
  927
  1,003
  1,078
  1,151
  1,222
  1,292
  1,361
  1,428
  1,495
  1,561
  1,628
  1,695
  1,764
  1,834
  1,906
Retained Cash Flow (-), $m
  -90
  -130
  -183
  -250
  -334
  -436
  -556
  -694
  -851
  -1,025
  -1,215
  -1,420
  -1,639
  -1,871
  -2,113
  -2,366
  -2,628
  -2,898
  -3,177
  -3,464
  -3,758
  -4,060
  -4,371
  -4,691
  -5,020
  -5,359
  -5,709
  -6,070
  -6,445
  -6,833
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
  -45
  -65
  -91
  -126
  -170
  -225
  -291
  -369
  -460
  -563
  -679
  -807
  -948
  -1,100
  -1,264
  -1,439
  -1,625
  -1,821
  -2,026
  -2,241
  -2,466
  -2,700
  -2,943
  -3,196
  -3,458
  -3,731
  -4,013
  -4,306
  -4,611
  -4,926
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
  -43
  -59
  -80
  -104
  -132
  -163
  -197
  -231
  -264
  -295
  -322
  -344
  -360
  -369
  -371
  -366
  -354
  -335
  -312
  -285
  -255
  -224
  -193
  -163
  -135
  -109
  -86
  -67
  -50
  -37
Current shareholders' claim on cash, %
  71.8
  53.0
  40.1
  30.9
  24.3
  19.4
  15.7
  12.9
  10.7
  9.0
  7.7
  6.6
  5.7
  4.9
  4.3
  3.8
  3.4
  3.0
  2.7
  2.4
  2.2
  1.9
  1.8
  1.6
  1.5
  1.3
  1.2
  1.1
  1.0
  0.9

Ramaco Resources, Inc. is a development-stage company. The Company is a developer of metallurgical coal in central and southern West Virginia, southwestern Virginia and southwestern Pennsylvania. The Company's project portfolio includes Elk Creek, Berwind, RAM Mine and Knox Creek. As of December 29, 2016, the Elk Creek property in southern West Virginia consisted of approximately 17,128 acres of controlled mineral. The Berwind coal property sits on the border of West Virginia and Virginia. As of December 29, 2016, the Berwind coal property consisted of approximately 31,200 acres of controlled mineral. As of December 29, 2016, the Knox Creek property consisted of approximately 43,281 acres of controlled mineral. The RAM Mine property is located in southwestern Pennsylvania. As of December 29, 2016, the RAM Mine property consisted of approximately 1,567 acres of controlled mineral.

FINANCIAL RATIOS  of  Ramaco Resources (METC)

Valuation Ratios
P/E Ratio -27.8
Price to Sales 44.5
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow -55.7
Price to Free Cash Flow -10.6
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 240%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 60
Current Ratio 0
LT Debt to Equity 11.9%
Total Debt to Equity 13.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -11.5%
Ret/ On Assets - 3 Yr. Avg. -19.1%
Return On Total Capital -15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 105.9%
Return On Equity -17.6%
Return On Equity - 3 Yr. Avg. 105.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 20%
Gross Margin - 3 Yr. Avg. 6.7%
EBITDA Margin -160%
EBITDA Margin - 3 Yr. Avg. -53.3%
Operating Margin -160%
Oper. Margin - 3 Yr. Avg. -53.3%
Pre-Tax Margin -160%
Pre-Tax Margin - 3 Yr. Avg. -53.3%
Net Profit Margin -160%
Net Profit Margin - 3 Yr. Avg. -53.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

METC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the METC stock intrinsic value calculation we used $61.035804 million for the last fiscal year's total revenue generated by Ramaco Resources. The default revenue input number comes from 0001 income statement of Ramaco Resources. 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 METC stock valuation model: a) initial revenue growth rate of 60% 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 METC is calculated based on our internal credit rating of Ramaco Resources, 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 Ramaco Resources.
    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 METC stock the variable cost ratio is equal to 114.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for METC 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 Ramaco Resources.

Corporate tax rate of 27% is the nominal tax rate for Ramaco Resources. 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 METC 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 METC are equal to 132.7%.

Life of production assets of 25.7 years is the average useful life of capital assets used in Ramaco Resources 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 METC is equal to -6.7%. 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 - $113.397286 million for Ramaco Resources - 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 40.082 million for Ramaco Resources 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 Ramaco Resources at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating
METC Ramaco Resourc 5.70 0.71  str.sell

COMPANY NEWS

▶ Ramaco Resources, Inc. to Host Earnings Call   [Aug-07-18 07:00AM  ACCESSWIRE]
▶ Ramaco Resources, Inc. Announces Third Quarter 2017 Results   [Nov-08-17 04:11PM  GlobeNewswire]
▶ 1st new Wyoming coal mine in decades faces strong opposition   [Aug-01-17 08:32PM  Associated Press]
▶ What The Sell Side Is Saying About Ramaco Resources   [Mar-01-17 10:23AM  Benzinga]
▶ IPO Market Fires Up 4 New Offerings This Week   [Feb-05-17 09:37AM  24/7 Wall St.]

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