Intrinsic value of NACCO Industries Cl A - NC

Previous Close

$33.74

  Intrinsic Value

$8.18

stock screener

  Rating & Target

str. sell

-76%

Previous close

$33.74

 
Intrinsic value

$8.18

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of NC 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, %
  19.90
  18.41
  17.07
  15.86
  14.78
  13.80
  12.92
  12.13
  11.41
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
Revenue, $m
  126
  149
  174
  202
  232
  264
  298
  334
  372
  412
  454
  498
  544
  591
  641
  693
  746
  802
  860
  921
  983
  1,049
  1,117
  1,187
  1,261
  1,337
  1,417
  1,500
  1,587
  1,677
Variable operating expenses, $m
  189
  223
  261
  301
  345
  392
  443
  496
  552
  611
  668
  733
  800
  871
  944
  1,020
  1,099
  1,181
  1,267
  1,356
  1,448
  1,544
  1,644
  1,748
  1,856
  1,969
  2,086
  2,208
  2,336
  2,469
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
  189
  223
  261
  301
  345
  392
  443
  496
  552
  611
  668
  733
  800
  871
  944
  1,020
  1,099
  1,181
  1,267
  1,356
  1,448
  1,544
  1,644
  1,748
  1,856
  1,969
  2,086
  2,208
  2,336
  2,469
Operating income, $m
  -64
  -75
  -87
  -100
  -114
  -129
  -145
  -162
  -180
  -199
  -214
  -235
  -257
  -279
  -303
  -327
  -353
  -379
  -406
  -435
  -465
  -495
  -527
  -561
  -596
  -632
  -669
  -709
  -750
  -792
EBITDA, $m
  -46
  -55
  -64
  -74
  -85
  -97
  -109
  -123
  -137
  -151
  -167
  -183
  -200
  -217
  -236
  -255
  -274
  -295
  -316
  -338
  -361
  -385
  -410
  -436
  -463
  -491
  -521
  -551
  -583
  -616
Interest expense (income), $m
  6
  3
  5
  7
  9
  11
  13
  16
  18
  21
  24
  27
  31
  34
  38
  42
  46
  50
  54
  58
  63
  68
  73
  78
  83
  89
  95
  101
  107
  114
  121
Earnings before tax, $m
  -67
  -79
  -93
  -108
  -125
  -142
  -161
  -180
  -201
  -223
  -242
  -266
  -291
  -317
  -345
  -373
  -402
  -433
  -465
  -498
  -532
  -568
  -605
  -644
  -685
  -726
  -770
  -816
  -863
  -913
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
  -67
  -79
  -93
  -108
  -125
  -142
  -161
  -180
  -201
  -223
  -242
  -266
  -291
  -317
  -345
  -373
  -402
  -433
  -465
  -498
  -532
  -568
  -605
  -644
  -685
  -726
  -770
  -816
  -863
  -913

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
  390
  462
  541
  627
  719
  818
  924
  1,036
  1,155
  1,279
  1,409
  1,546
  1,688
  1,836
  1,991
  2,151
  2,318
  2,492
  2,672
  2,860
  3,054
  3,257
  3,467
  3,687
  3,915
  4,152
  4,400
  4,658
  4,927
  5,208
Adjusted assets (=assets-cash), $m
  390
  462
  541
  627
  719
  818
  924
  1,036
  1,155
  1,279
  1,409
  1,546
  1,688
  1,836
  1,991
  2,151
  2,318
  2,492
  2,672
  2,860
  3,054
  3,257
  3,467
  3,687
  3,915
  4,152
  4,400
  4,658
  4,927
  5,208
Revenue / Adjusted assets
  0.323
  0.323
  0.322
  0.322
  0.323
  0.323
  0.323
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
Average production assets, $m
  167
  198
  232
  269
  308
  351
  396
  444
  495
  549
  604
  663
  724
  788
  854
  923
  994
  1,069
  1,146
  1,226
  1,310
  1,397
  1,487
  1,581
  1,679
  1,781
  1,887
  1,998
  2,113
  2,234
Working capital, $m
  45
  53
  62
  72
  83
  94
  106
  119
  133
  147
  162
  178
  194
  211
  229
  247
  266
  286
  307
  329
  351
  374
  399
  424
  450
  477
  506
  535
  566
  599
Total debt, $m
  89
  123
  160
  201
  244
  291
  341
  394
  450
  509
  571
  635
  703
  773
  846
  922
  1,001
  1,083
  1,168
  1,257
  1,349
  1,445
  1,544
  1,648
  1,756
  1,868
  1,985
  2,107
  2,235
  2,368
Total liabilities, $m
  185
  219
  256
  296
  340
  387
  437
  490
  546
  605
  667
  731
  798
  869
  942
  1,018
  1,097
  1,179
  1,264
  1,353
  1,445
  1,540
  1,640
  1,744
  1,852
  1,964
  2,081
  2,203
  2,331
  2,463
Total equity, $m
  206
  243
  285
  330
  379
  431
  487
  546
  608
  674
  743
  815
  890
  968
  1,049
  1,134
  1,222
  1,313
  1,408
  1,507
  1,610
  1,716
  1,827
  1,943
  2,063
  2,188
  2,319
  2,455
  2,597
  2,745
Total liabilities and equity, $m
  391
  462
  541
  626
  719
  818
  924
  1,036
  1,154
  1,279
  1,410
  1,546
  1,688
  1,837
  1,991
  2,152
  2,319
  2,492
  2,672
  2,860
  3,055
  3,256
  3,467
  3,687
  3,915
  4,152
  4,400
  4,658
  4,928
  5,208
Debt-to-equity ratio
  0.430
  0.500
  0.560
  0.610
  0.640
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.820
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
Adjusted equity ratio
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -67
  -79
  -93
  -108
  -125
  -142
  -161
  -180
  -201
  -223
  -242
  -266
  -291
  -317
  -345
  -373
  -402
  -433
  -465
  -498
  -532
  -568
  -605
  -644
  -685
  -726
  -770
  -816
  -863
  -913
Depreciation, amort., depletion, $m
  18
  20
  23
  26
  29
  32
  36
  39
  43
  48
  48
  52
  57
  62
  67
  73
  78
  84
  90
  97
  103
  110
  117
  125
  132
  140
  149
  157
  166
  176
Funds from operations, $m
  -49
  -59
  -71
  -83
  -96
  -110
  -125
  -141
  -158
  -176
  -194
  -214
  -234
  -255
  -277
  -300
  -324
  -349
  -375
  -402
  -429
  -458
  -488
  -520
  -552
  -586
  -622
  -658
  -697
  -737
Change in working capital, $m
  7
  8
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
Cash from operations, $m
  -57
  -68
  -80
  -93
  -107
  -121
  -137
  -154
  -172
  -190
  -209
  -229
  -250
  -272
  -295
  -319
  -343
  -369
  -395
  -423
  -452
  -482
  -513
  -545
  -579
  -614
  -650
  -688
  -728
  -769
Maintenance CAPEX, $m
  -11
  -13
  -16
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -43
  -48
  -52
  -57
  -62
  -67
  -73
  -78
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -132
  -140
  -149
  -157
  -166
New CAPEX, $m
  -27
  -31
  -34
  -37
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
Cash from investing activities, $m
  -38
  -44
  -50
  -55
  -61
  -67
  -73
  -79
  -86
  -92
  -99
  -106
  -113
  -121
  -128
  -136
  -145
  -152
  -161
  -170
  -181
  -190
  -200
  -211
  -223
  -234
  -246
  -260
  -272
  -286
Free cash flow, $m
  -95
  -112
  -129
  -148
  -167
  -188
  -210
  -233
  -257
  -282
  -308
  -336
  -364
  -393
  -423
  -455
  -488
  -522
  -557
  -594
  -632
  -672
  -713
  -756
  -801
  -848
  -897
  -947
  -1,001
  -1,056
Issuance/(repayment) of debt, $m
  31
  34
  37
  41
  44
  47
  50
  53
  56
  59
  62
  64
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  133
Issuance/(repurchase) of shares, $m
  101
  117
  135
  154
  173
  194
  216
  239
  264
  289
  311
  338
  366
  395
  426
  458
  490
  525
  560
  597
  635
  675
  716
  760
  805
  852
  901
  952
  1,005
  1,061
Cash from financing (excl. dividends), $m  
  132
  151
  172
  195
  217
  241
  266
  292
  320
  348
  373
  402
  433
  465
  499
  534
  569
  607
  645
  686
  727
  771
  816
  864
  913
  964
  1,018
  1,074
  1,132
  1,194
Total cash flow (excl. dividends), $m
  36
  40
  43
  46
  50
  53
  56
  59
  62
  65
  64
  67
  70
  73
  76
  79
  82
  85
  88
  92
  95
  99
  103
  107
  112
  116
  121
  126
  132
  138
Retained Cash Flow (-), $m
  -101
  -117
  -135
  -154
  -173
  -194
  -216
  -239
  -264
  -289
  -311
  -338
  -366
  -395
  -426
  -458
  -490
  -525
  -560
  -597
  -635
  -675
  -716
  -760
  -805
  -852
  -901
  -952
  -1,005
  -1,061
Prev. year cash balance distribution, $m
  48
  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
  -17
  -78
  -92
  -107
  -124
  -141
  -160
  -180
  -201
  -223
  -247
  -271
  -296
  -323
  -350
  -379
  -409
  -440
  -472
  -505
  -540
  -576
  -613
  -652
  -693
  -735
  -779
  -825
  -873
  -923
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
  -16
  -71
  -80
  -88
  -96
  -103
  -108
  -113
  -116
  -117
  -117
  -116
  -113
  -108
  -103
  -96
  -89
  -81
  -73
  -64
  -56
  -48
  -40
  -33
  -27
  -21
  -17
  -13
  -10
  -7
Current shareholders' claim on cash, %
  58.5
  34.6
  20.7
  12.6
  7.7
  4.7
  2.9
  1.8
  1.2
  0.7
  0.5
  0.3
  0.2
  0.1
  0.1
  0.1
  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

NACCO Industries, Inc. is a holding company. The Company's principal business includes mining. The Company operates through the NACoal segment. The Company's subsidiary includes The North American Coal Corporation (NACoal). The Company's NACoal segment mines coal for use in power generation and provides mining services for other natural resources companies. Coal is surface mined from NACoal's mines in North Dakota, Texas, Mississippi, Louisiana and the Navajo Nation in New Mexico. NACoal's operating coal mining subsidiaries include Bisti Fuels Company, LLC (Bisti), Caddo Creek Resources Company, LLC (Caddo Creek), Camino Real Fuels, LLC (Camino Real), The Coteau Properties Company (Coteau), Coyote Creek Mining Company, LLC (Coyote Creek), Demery Resources Company, LLC (Demery), The Falkirk Mining Company (Falkirk), Liberty Fuels Company, LLC (Liberty), Mississippi Lignite Mining Company (MLMC) and The Sabine Mining Company (Sabine).

FINANCIAL RATIOS  of  NACCO Industries Cl A (NC)

Valuation Ratios
P/E Ratio 7.6
Price to Sales 0.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 2.4
Price to Free Cash Flow 2.9
Growth Rates
Sales Growth Rate -6.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 45.5%
Cap. Spend. - 3 Yr. Gr. Rate -22.4%
Financial Strength
Quick Ratio 35
Current Ratio 1.1
LT Debt to Equity 42.7%
Total Debt to Equity 43.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.3%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 3.3%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 24.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 2.8%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 0.3%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 11.8%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 23.3%

NC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NC stock intrinsic value calculation we used $104.778 million for the last fiscal year's total revenue generated by NACCO Industries Cl A. The default revenue input number comes from 0001 income statement of NACCO Industries Cl A. 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 NC stock valuation model: a) initial revenue growth rate of 19.9% 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 NC is calculated based on our internal credit rating of NACCO Industries Cl A, 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 NACCO Industries Cl A.
    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 NC stock the variable cost ratio is equal to 151.4%.

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 NC 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 NACCO Industries Cl A.

Corporate tax rate of 27% is the nominal tax rate for NACCO Industries Cl A. 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 NC 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 NC are equal to 133.2%.

Life of production assets of 12.7 years is the average useful life of capital assets used in NACCO Industries Cl A 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 NC is equal to 35.7%. 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 - $219.448 million for NACCO Industries Cl A - 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 5.375 million for NACCO Industries Cl A 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 NACCO Industries Cl A at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ NACCO Industries Declares Quarterly Dividend   [Nov-07-18 03:01PM  PR Newswire]
▶ Nacco: 3Q Earnings Snapshot   [Oct-30-18 07:20PM  Associated Press]
▶ 7 Spinoff Stocks to Buy   [Sep-25-18 04:04PM  InvestorPlace]
▶ NACCO Industries Declares Quarterly Dividend   [Aug-15-18 04:53PM  PR Newswire]
▶ Nacco: 2Q Earnings Snapshot   [Aug-02-18 05:14AM  Associated Press]
▶ Best Cheap Stocks To Buy   [Jun-08-18 10:02AM  Simply Wall St.]
▶ NACCO Industries Declares Quarterly Dividend   [May-16-18 02:40PM  PR Newswire]
▶ Top Undervalued NasdaqCM Stocks This Month   [May-05-18 10:02AM  Simply Wall St.]
▶ Nacco: 1Q Earnings Snapshot   [May-02-18 06:47PM  Associated Press]
▶ NACCO Industries, Inc. Class A to Host Earnings Call   [Mar-08-18 06:00AM  ACCESSWIRE]
▶ Nacco posts 4Q profit   [Mar-07-18 06:50PM  Associated Press]
▶ NetCents Technology Names Clarity PR Agency of Record   [Mar-06-18 09:00AM  CNW Group]
▶ IIROC Trade Resumption - NC   [Feb-15-18 10:37AM  PR Newswire]
▶ IIROC Trade Resumption - NC   [10:37AM  CNW Group]
▶ IIROC Trading Halt - NC   [10:24AM  PR Newswire]
▶ February Best Undervalued Stocks   [Feb-09-18 09:02AM  Simply Wall St.]
▶ NetCents Technology Adds Litecoin to the NC Exchange   [Feb-01-18 09:00AM  CNW Group]
▶ How to Find Safe FCF Yields: Go Where the Competition Isn't   [Jan-31-18 06:31PM  GuruFocus.com]
▶ How to Find Mispriced Stocks   [Jan-24-18 11:23AM  GuruFocus.com]
▶ NetCents Technology Appoints Chief Financial Officer   [Jan-09-18 09:00AM  CNW Group]
▶ IIROC Trade Resumption - NC   [Dec-27-17 12:07PM  PR Newswire]
▶ IIROC Trading Halt - NC   [12:04PM  PR Newswire]
▶ IIROC Trading Halt - NC   [12:04PM  CNW Group]
▶ ScanSource And Other Top Undervalued Stocks   [Dec-19-17 08:02AM  Simply Wall St.]
▶ IIROC Trade Resumption - NC   [Dec-13-17 03:10PM  CNW Group]
▶ IIROC Trading Halt - NC   [03:04PM  PR Newswire]
▶ The NetCents Technology NC Exchange is Now Live   [Dec-06-17 09:00AM  CNW Group]
▶ NetCents Technology Announces Exchange Launch   [Nov-30-17 09:00AM  CNW Group]
▶ NetCents Technology Inc. Company Appointments   [Nov-16-17 09:00AM  CNW Group]
▶ NACCO Industries Declares Quarterly Dividend   [Nov-07-17 05:36PM  PR Newswire]
▶ NACCO Industries, Inc. Class A to Host Earnings Call   [Nov-02-17 06:40AM  ACCESSWIRE]
▶ Nacco posts 3Q profit   [05:49AM  Associated Press]
▶ NETCENTS Issues a Clarification   [03:24PM  CNW Group]
▶ NetCents Confirms Resignation of Director   [Oct-31-17 05:37PM  CNW Group]
▶ Currency Sales Exceed Original Projections   [Oct-25-17 08:00AM  CNW Group]
▶ NetCents Releases White Paper for Currency   [Oct-10-17 06:20PM  CNW Group]
▶ NACCO Industries, Inc. Announces Completion Of Spin-off   [Oct-02-17 12:58PM  PR Newswire]
▶ NETCENTS Commences Pre-Launch of Currency   [Sep-19-17 09:22AM  CNW Group]
▶ When Should You Buy NACCO Industries Inc (NC)?   [Sep-13-17 03:13PM  Simply Wall St.]
▶ NetCents Continues to Increase Processing Volumes   [Sep-08-17 01:37PM  CNW Group]
▶ 3 Stocks Well in the Green   [Aug-21-17 03:34PM  GuruFocus.com]
▶ NetCents Signs More Merchants   [Aug-17-17 11:30AM  CNW Group]

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