Intrinsic value of MagneGas - MNGA

Previous Close

$0.31

  Intrinsic Value

$0.08

stock screener

  Rating & Target

str. sell

-76%

Previous close

$0.31

 
Intrinsic value

$0.08

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of MNGA 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 0.0

 

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, %
  34.40
  31.46
  28.81
  26.43
  24.29
  22.36
  20.62
  19.06
  17.66
  16.39
  15.25
  14.23
  13.30
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.38
Revenue, $m
  5
  7
  8
  11
  13
  16
  20
  23
  28
  32
  37
  42
  48
  54
  60
  67
  74
  81
  88
  96
  105
  113
  122
  132
  141
  151
  162
  173
  184
  196
Variable operating expenses, $m
  21
  28
  36
  45
  56
  68
  82
  98
  115
  134
  154
  176
  200
  225
  251
  279
  308
  338
  370
  403
  438
  474
  511
  550
  591
  633
  676
  722
  769
  818
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
  21
  28
  36
  45
  56
  68
  82
  98
  115
  134
  154
  176
  200
  225
  251
  279
  308
  338
  370
  403
  438
  474
  511
  550
  591
  633
  676
  722
  769
  818
Operating income, $m
  -16
  -21
  -27
  -34
  -43
  -52
  -63
  -75
  -88
  -102
  -117
  -134
  -152
  -171
  -191
  -212
  -234
  -257
  -282
  -307
  -333
  -361
  -389
  -419
  -449
  -481
  -515
  -549
  -585
  -622
EBITDA, $m
  -15
  -20
  -26
  -33
  -40
  -49
  -60
  -71
  -84
  -97
  -112
  -128
  -145
  -163
  -182
  -202
  -224
  -246
  -269
  -293
  -318
  -344
  -371
  -400
  -429
  -459
  -491
  -524
  -558
  -594
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
Earnings before tax, $m
  -16
  -21
  -27
  -35
  -43
  -53
  -64
  -76
  -89
  -104
  -119
  -136
  -154
  -174
  -194
  -215
  -238
  -262
  -286
  -312
  -339
  -367
  -396
  -426
  -457
  -490
  -523
  -558
  -595
  -633
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
  -16
  -21
  -27
  -35
  -43
  -53
  -64
  -76
  -89
  -104
  -119
  -136
  -154
  -174
  -194
  -215
  -238
  -262
  -286
  -312
  -339
  -367
  -396
  -426
  -457
  -490
  -523
  -558
  -595
  -633

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
  15
  19
  25
  31
  39
  47
  57
  68
  80
  93
  108
  123
  139
  157
  175
  194
  215
  236
  258
  281
  305
  330
  356
  384
  412
  441
  471
  503
  536
  570
Adjusted assets (=assets-cash), $m
  15
  19
  25
  31
  39
  47
  57
  68
  80
  93
  108
  123
  139
  157
  175
  194
  215
  236
  258
  281
  305
  330
  356
  384
  412
  441
  471
  503
  536
  570
Revenue / Adjusted assets
  0.333
  0.368
  0.320
  0.355
  0.333
  0.340
  0.351
  0.338
  0.350
  0.344
  0.343
  0.341
  0.345
  0.344
  0.343
  0.345
  0.344
  0.343
  0.341
  0.342
  0.344
  0.342
  0.343
  0.344
  0.342
  0.342
  0.344
  0.344
  0.343
  0.344
Average production assets, $m
  10
  13
  17
  21
  26
  32
  39
  46
  54
  63
  73
  83
  94
  106
  119
  132
  145
  160
  175
  190
  207
  224
  241
  260
  279
  299
  319
  341
  363
  386
Working capital, $m
  -2
  -2
  -3
  -4
  -4
  -5
  -7
  -8
  -9
  -11
  -12
  -14
  -16
  -18
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -62
  -66
Total debt, $m
  2
  4
  6
  9
  11
  15
  18
  22
  27
  32
  37
  43
  49
  56
  63
  70
  77
  85
  94
  102
  112
  121
  131
  141
  152
  163
  174
  186
  198
  211
Total liabilities, $m
  5
  7
  9
  12
  15
  18
  22
  26
  30
  35
  40
  46
  52
  59
  66
  73
  81
  89
  97
  106
  115
  124
  134
  144
  155
  166
  177
  189
  202
  214
Total equity, $m
  9
  12
  15
  19
  24
  30
  36
  43
  50
  58
  67
  77
  87
  98
  109
  121
  134
  147
  161
  175
  190
  206
  222
  239
  257
  275
  294
  314
  334
  356
Total liabilities and equity, $m
  14
  19
  24
  31
  39
  48
  58
  69
  80
  93
  107
  123
  139
  157
  175
  194
  215
  236
  258
  281
  305
  330
  356
  383
  412
  441
  471
  503
  536
  570
Debt-to-equity ratio
  0.250
  0.330
  0.390
  0.440
  0.470
  0.490
  0.510
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
Adjusted equity ratio
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624
  0.624

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -16
  -21
  -27
  -35
  -43
  -53
  -64
  -76
  -89
  -104
  -119
  -136
  -154
  -174
  -194
  -215
  -238
  -262
  -286
  -312
  -339
  -367
  -396
  -426
  -457
  -490
  -523
  -558
  -595
  -633
Depreciation, amort., depletion, $m
  1
  1
  1
  2
  2
  3
  3
  4
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  23
  25
  27
  28
Funds from operations, $m
  -15
  -20
  -26
  -33
  -41
  -50
  -60
  -72
  -85
  -99
  -114
  -130
  -147
  -166
  -185
  -206
  -227
  -250
  -273
  -298
  -324
  -350
  -378
  -407
  -436
  -468
  -500
  -533
  -568
  -605
Change in working capital, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  -15
  -20
  -25
  -32
  -40
  -49
  -59
  -71
  -83
  -97
  -112
  -128
  -145
  -164
  -183
  -204
  -225
  -247
  -271
  -295
  -321
  -347
  -375
  -403
  -433
  -464
  -496
  -530
  -565
  -601
Maintenance CAPEX, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -4
  -5
  -5
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -23
  -25
  -27
New CAPEX, $m
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
Cash from investing activities, $m
  -3
  -4
  -5
  -5
  -7
  -8
  -9
  -10
  -11
  -13
  -15
  -15
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -44
  -47
  -50
Free cash flow, $m
  -17
  -23
  -30
  -38
  -47
  -57
  -68
  -81
  -95
  -110
  -126
  -144
  -163
  -182
  -203
  -225
  -248
  -272
  -298
  -324
  -351
  -379
  -409
  -440
  -471
  -505
  -539
  -575
  -612
  -651
Issuance/(repayment) of debt, $m
  1
  2
  2
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
Issuance/(repurchase) of shares, $m
  18
  24
  31
  39
  48
  58
  70
  82
  96
  112
  128
  146
  164
  184
  205
  227
  251
  275
  300
  326
  354
  382
  412
  443
  475
  508
  542
  578
  616
  654
Cash from financing (excl. dividends), $m  
  19
  26
  33
  41
  51
  61
  74
  86
  101
  117
  133
  152
  170
  191
  212
  234
  259
  283
  308
  335
  363
  391
  422
  453
  486
  519
  553
  590
  628
  667
Total cash flow (excl. dividends), $m
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
Retained Cash Flow (-), $m
  -18
  -24
  -31
  -39
  -48
  -58
  -70
  -82
  -96
  -112
  -128
  -146
  -164
  -184
  -205
  -227
  -251
  -275
  -300
  -326
  -354
  -382
  -412
  -443
  -475
  -508
  -542
  -578
  -616
  -654
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
  -16
  -22
  -28
  -35
  -44
  -54
  -65
  -77
  -90
  -105
  -121
  -138
  -156
  -176
  -196
  -218
  -241
  -264
  -289
  -315
  -342
  -370
  -399
  -429
  -461
  -494
  -527
  -563
  -599
  -638
Discount rate, %
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
  -15
  -19
  -23
  -27
  -31
  -34
  -38
  -40
  -42
  -43
  -43
  -43
  -41
  -39
  -36
  -33
  -30
  -26
  -22
  -19
  -15
  -12
  -10
  -7
  -6
  -4
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  22.0
  4.6
  1.0
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
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MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. (ESSI), a Florida corporation. It distributes products through several industrial gas companies in California, Michigan, Florida, Georgia, Indiana, and Pennsylvania.

FINANCIAL RATIOS  of  MagneGas (MNGA)

Valuation Ratios
P/E Ratio -0.1
Price to Sales 0.4
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -0.2
Price to Free Cash Flow -0.2
Growth Rates
Sales Growth Rate 100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 25%
Total Debt to Equity 25%
Interest Coverage 0
Management Effectiveness
Return On Assets -109.7%
Ret/ On Assets - 3 Yr. Avg. -74.3%
Return On Total Capital -161.9%
Ret/ On T. Cap. - 3 Yr. Avg. -91.5%
Return On Equity -178.9%
Return On Equity - 3 Yr. Avg. -99.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 50%
Gross Margin - 3 Yr. Avg. 33.3%
EBITDA Margin -400%
EBITDA Margin - 3 Yr. Avg. -516.7%
Operating Margin -300%
Oper. Margin - 3 Yr. Avg. -500%
Pre-Tax Margin -425%
Pre-Tax Margin - 3 Yr. Avg. -541.7%
Net Profit Margin -425%
Net Profit Margin - 3 Yr. Avg. -541.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

MNGA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MNGA stock intrinsic value calculation we used $3.719452 million for the last fiscal year's total revenue generated by MagneGas. The default revenue input number comes from 0001 income statement of MagneGas. 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 MNGA stock valuation model: a) initial revenue growth rate of 34.4% 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 6%, whose default value for MNGA is calculated based on our internal credit rating of MagneGas, 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 MagneGas.
    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 MNGA stock the variable cost ratio is equal to 425%.

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 MNGA 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 MagneGas.

Corporate tax rate of 27% is the nominal tax rate for MagneGas. 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 MNGA 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 MNGA are equal to 197.5%.

Life of production assets of 13.6 years is the average useful life of capital assets used in MagneGas 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 MNGA is equal to -33.6%. 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 - $7.272789 million for MagneGas - 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 15.724 million for MagneGas 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 MagneGas at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ MagneGas Generates $1.05 Million in Sales for October   [Nov-12-18 08:00AM  GlobeNewswire]
▶ MagneGas Announces Second USDA Demonstration Day   [Oct-23-18 08:00AM  GlobeNewswire]
▶ MagneGas Generates $0.9 Million in Sales for September   [Oct-17-18 08:00AM  GlobeNewswire]
▶ Former MagneGas president appointed to C-level role with Tarpon Springs firm   [Oct-16-18 01:45PM  American City Business Journals]
▶ MagneGas Accepted as a Member of The Welding Institute   [Oct-04-18 08:00AM  GlobeNewswire]
▶ Why MagneGas Stock Is Soaring Today   [Oct-03-18 01:15PM  InvestorPlace]
▶ MagneGas Implements Corporate Rebranding   [Oct-01-18 08:00AM  GlobeNewswire]
▶ MagneGas Generates $0.9 Million in Sales for August   [Sep-13-18 08:00AM  GlobeNewswire]
▶ MagneGas Generates $0.9 Million in Sales for July   [Aug-31-18 08:00AM  GlobeNewswire]
▶ MNGA: Zacks Initiates Coverage of MagneGas   [Aug-30-18 03:40PM  Zacks Small Cap Research]
▶ MagneGas Generates $3.0 million in Q2 Sales   [Jul-11-18 08:10AM  GlobeNewswire]
▶ MagneGas Completes $556,000 Financing   [Jun-28-18 05:00PM  GlobeNewswire]
▶ MagneGas Announces Board Reconstitution   [Jun-19-18 08:00AM  GlobeNewswire]
▶ MagneGas to Present at the Maritime2020 Conference   [Jun-14-18 08:00AM  GlobeNewswire]
▶ MagneGas Generates $1.04 Million in Sales for May   [Jun-12-18 08:00AM  GlobeNewswire]
▶ MagneGas Corporation (NASDAQ:MNGA): Is Breakeven Near?   [Jun-04-18 01:46PM  Simply Wall St.]
▶ MagneGas Announces Successful USDA Demonstration   [May-14-18 07:30AM  ACCESSWIRE]
▶ MagneGas Announces USDA Demonstration Day   [May-09-18 07:30AM  ACCESSWIRE]
▶ MagneGas CEO Appears on Varney & Co. on Fox Business   [Apr-16-18 01:00PM  Marketwired]
▶ MagneGas Expands into Pasco County, Florida   [Apr-09-18 07:30AM  Marketwired]
▶ MagneGas Completes Acquisition of Trico Welding Supply   [Apr-04-18 07:30AM  Marketwired]
▶ MagneGas Corporation to Host Earnings Call   [Apr-03-18 08:00AM  ACCESSWIRE]
▶ Gabelli & Companys Annual Waste Conference   [Mar-21-18 12:58PM  Business Wire]
▶ MagneGas Completes First Bulk Gas Sale   [Mar-19-18 07:30AM  Marketwired]
▶ MagneGas Generates Record Sales in February 2018   [Mar-14-18 07:30AM  Marketwired]
▶ Gabelli & Companys Annual Waste Conference   [07:30AM  Business Wire]
▶ MagneGas Doubles San Diego Sales Force   [Feb-15-18 07:30AM  Marketwired]

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