Intrinsic value of Orbital ATK - OA

Previous Close

$131.91

  Intrinsic Value

$102.36

stock screener

  Rating & Target

sell

-22%

Previous close

$131.91

 
Intrinsic value

$102.36

 
Up/down potential

-22%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of OA 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 2016), $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 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  31.38
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  4,455
  4,589
  4,735
  4,896
  5,069
  5,256
  5,457
  5,671
  5,901
  6,145
  6,405
  6,680
  6,972
  7,282
  7,609
  7,954
  8,319
  8,704
  9,110
  9,539
  9,990
  10,465
  10,965
  11,492
  12,046
  12,629
  13,243
  13,888
  14,566
  15,279
  16,029
Variable operating expenses, $m
 
  3,977
  4,099
  4,231
  4,375
  4,529
  4,695
  4,873
  5,062
  5,264
  5,479
  5,524
  5,765
  6,021
  6,291
  6,577
  6,879
  7,197
  7,533
  7,887
  8,260
  8,653
  9,067
  9,502
  9,961
  10,443
  10,950
  11,483
  12,044
  12,634
  13,254
Fixed operating expenses, $m
 
  120
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
  187
  192
  197
  201
  206
  212
  217
  222
  228
  234
  239
  245
Total operating expenses, $m
  3,983
  4,097
  4,222
  4,357
  4,504
  4,661
  4,831
  5,012
  5,205
  5,410
  5,629
  5,678
  5,922
  6,182
  6,456
  6,746
  7,053
  7,375
  7,715
  8,074
  8,452
  8,850
  9,268
  9,708
  10,173
  10,660
  11,172
  11,711
  12,278
  12,873
  13,499
Operating income, $m
  472
  491
  514
  538
  565
  594
  626
  660
  696
  735
  776
  1,003
  1,050
  1,099
  1,152
  1,208
  1,267
  1,329
  1,395
  1,464
  1,538
  1,615
  1,697
  1,783
  1,874
  1,970
  2,070
  2,176
  2,288
  2,406
  2,529
EBITDA, $m
  631
  729
  753
  780
  809
  840
  874
  910
  949
  991
  1,035
  1,083
  1,133
  1,186
  1,243
  1,302
  1,366
  1,433
  1,503
  1,578
  1,657
  1,740
  1,828
  1,920
  2,017
  2,120
  2,228
  2,342
  2,462
  2,588
  2,721
Interest expense (income), $m
  62
  60
  65
  70
  75
  81
  88
  95
  102
  110
  118
  127
  137
  147
  158
  169
  181
  193
  207
  221
  236
  251
  267
  285
  303
  322
  342
  363
  386
  409
  433
Earnings before tax, $m
  404
  431
  449
  468
  490
  513
  538
  565
  594
  624
  657
  876
  913
  952
  994
  1,039
  1,086
  1,135
  1,188
  1,244
  1,302
  1,364
  1,429
  1,498
  1,571
  1,648
  1,728
  1,813
  1,903
  1,997
  2,096
Tax expense, $m
  111
  116
  121
  126
  132
  139
  145
  153
  160
  169
  177
  236
  246
  257
  268
  280
  293
  307
  321
  336
  352
  368
  386
  405
  424
  445
  467
  490
  514
  539
  566
Net income, $m
  293
  315
  328
  342
  358
  374
  393
  412
  433
  456
  480
  639
  666
  695
  726
  758
  793
  829
  867
  908
  951
  996
  1,044
  1,094
  1,147
  1,203
  1,262
  1,324
  1,389
  1,458
  1,530

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  5,418
  5,373
  5,545
  5,732
  5,936
  6,154
  6,389
  6,641
  6,910
  7,196
  7,500
  7,822
  8,164
  8,526
  8,909
  9,314
  9,741
  10,192
  10,668
  11,169
  11,698
  12,254
  12,840
  13,457
  14,106
  14,788
  15,507
  16,262
  17,056
  17,891
  18,769
Adjusted assets (=assets-cash), $m
  5,218
  5,373
  5,545
  5,732
  5,936
  6,154
  6,389
  6,641
  6,910
  7,196
  7,500
  7,822
  8,164
  8,526
  8,909
  9,314
  9,741
  10,192
  10,668
  11,169
  11,698
  12,254
  12,840
  13,457
  14,106
  14,788
  15,507
  16,262
  17,056
  17,891
  18,769
Revenue / Adjusted assets
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
  0.854
Average production assets, $m
  912
  941
  971
  1,004
  1,039
  1,077
  1,119
  1,163
  1,210
  1,260
  1,313
  1,369
  1,429
  1,493
  1,560
  1,631
  1,705
  1,784
  1,868
  1,955
  2,048
  2,145
  2,248
  2,356
  2,469
  2,589
  2,715
  2,847
  2,986
  3,132
  3,286
Working capital, $m
  893
  757
  781
  808
  836
  867
  900
  936
  974
  1,014
  1,057
  1,102
  1,150
  1,201
  1,255
  1,312
  1,373
  1,436
  1,503
  1,574
  1,648
  1,727
  1,809
  1,896
  1,988
  2,084
  2,185
  2,291
  2,403
  2,521
  2,645
Total debt, $m
  1,438
  1,507
  1,624
  1,753
  1,892
  2,042
  2,203
  2,375
  2,559
  2,755
  2,963
  3,184
  3,419
  3,667
  3,929
  4,206
  4,499
  4,808
  5,134
  5,477
  5,839
  6,220
  6,621
  7,044
  7,488
  7,956
  8,448
  8,965
  9,509
  10,081
  10,683
Total liabilities, $m
  3,612
  3,681
  3,798
  3,927
  4,066
  4,216
  4,377
  4,549
  4,733
  4,929
  5,137
  5,358
  5,593
  5,841
  6,103
  6,380
  6,673
  6,982
  7,308
  7,651
  8,013
  8,394
  8,795
  9,218
  9,662
  10,130
  10,622
  11,139
  11,683
  12,255
  12,857
Total equity, $m
  1,806
  1,693
  1,747
  1,806
  1,870
  1,939
  2,013
  2,092
  2,177
  2,267
  2,362
  2,464
  2,572
  2,686
  2,806
  2,934
  3,069
  3,211
  3,360
  3,518
  3,685
  3,860
  4,045
  4,239
  4,443
  4,658
  4,885
  5,123
  5,373
  5,636
  5,912
Total liabilities and equity, $m
  5,418
  5,374
  5,545
  5,733
  5,936
  6,155
  6,390
  6,641
  6,910
  7,196
  7,499
  7,822
  8,165
  8,527
  8,909
  9,314
  9,742
  10,193
  10,668
  11,169
  11,698
  12,254
  12,840
  13,457
  14,105
  14,788
  15,507
  16,262
  17,056
  17,891
  18,769
Debt-to-equity ratio
  0.796
  0.890
  0.930
  0.970
  1.010
  1.050
  1.090
  1.140
  1.180
  1.220
  1.250
  1.290
  1.330
  1.370
  1.400
  1.430
  1.470
  1.500
  1.530
  1.560
  1.580
  1.610
  1.640
  1.660
  1.690
  1.710
  1.730
  1.750
  1.770
  1.790
  1.810
Adjusted equity ratio
  0.308
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315
  0.315

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  293
  315
  328
  342
  358
  374
  393
  412
  433
  456
  480
  639
  666
  695
  726
  758
  793
  829
  867
  908
  951
  996
  1,044
  1,094
  1,147
  1,203
  1,262
  1,324
  1,389
  1,458
  1,530
Depreciation, amort., depletion, $m
  159
  238
  240
  242
  244
  246
  248
  251
  254
  256
  260
  80
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
  182
  191
Funds from operations, $m
  501
  553
  567
  584
  601
  620
  641
  663
  687
  712
  739
  719
  749
  782
  816
  853
  892
  933
  976
  1,021
  1,070
  1,121
  1,174
  1,231
  1,290
  1,353
  1,419
  1,489
  1,562
  1,640
  1,721
Change in working capital, $m
  -18
  22
  24
  26
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  74
  78
  83
  87
  91
  96
  101
  106
  112
  118
  124
Cash from operations, $m
  519
  531
  543
  557
  573
  589
  608
  628
  649
  672
  697
  673
  701
  731
  763
  796
  831
  869
  909
  951
  995
  1,042
  1,092
  1,144
  1,199
  1,257
  1,318
  1,383
  1,451
  1,522
  1,597
Maintenance CAPEX, $m
  0
  -53
  -55
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -174
  -182
New CAPEX, $m
  -187
  -29
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
Cash from investing activities, $m
  -183
  -82
  -85
  -89
  -94
  -98
  -104
  -109
  -115
  -120
  -126
  -132
  -140
  -146
  -154
  -162
  -170
  -178
  -187
  -197
  -206
  -216
  -228
  -239
  -251
  -264
  -277
  -290
  -305
  -320
  -336
Free cash flow, $m
  336
  448
  458
  468
  479
  491
  504
  519
  534
  552
  570
  540
  562
  584
  609
  634
  662
  691
  722
  754
  789
  826
  864
  905
  948
  994
  1,042
  1,093
  1,146
  1,202
  1,262
Issuance/(repayment) of debt, $m
  -40
  109
  118
  128
  139
  150
  161
  172
  184
  196
  208
  221
  234
  248
  262
  277
  293
  309
  326
  343
  362
  381
  401
  422
  445
  468
  492
  517
  544
  572
  601
Issuance/(repurchase) of shares, $m
  -134
  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 from financing (excl. dividends), $m  
  -170
  109
  118
  128
  139
  150
  161
  172
  184
  196
  208
  221
  234
  248
  262
  277
  293
  309
  326
  343
  362
  381
  401
  422
  445
  468
  492
  517
  544
  572
  601
Total cash flow (excl. dividends), $m
  166
  557
  576
  596
  618
  641
  665
  691
  718
  748
  778
  762
  796
  832
  871
  912
  955
  1,000
  1,048
  1,098
  1,151
  1,207
  1,266
  1,328
  1,393
  1,462
  1,534
  1,610
  1,690
  1,774
  1,863
Retained Cash Flow (-), $m
  -131
  -47
  -54
  -59
  -64
  -69
  -74
  -79
  -85
  -90
  -96
  -102
  -108
  -114
  -121
  -127
  -135
  -142
  -150
  -158
  -166
  -175
  -185
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -276
Prev. year cash balance distribution, $m
 
  160
  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
 
  670
  522
  537
  554
  572
  591
  612
  634
  657
  683
  660
  688
  718
  750
  784
  820
  858
  898
  940
  985
  1,032
  1,081
  1,133
  1,188
  1,247
  1,308
  1,372
  1,440
  1,511
  1,586
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  635
  466
  449
  431
  411
  391
  369
  345
  321
  297
  253
  230
  207
  184
  162
  141
  121
  102
  85
  70
  56
  45
  35
  26
  20
  14
  10
  7
  5
  3
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Orbital ATK, Inc. is an aerospace and defense systems company and supplier of related products to the United States Government, allied nations, prime contractors and other customers. The Company's segments include Flight Systems Group, Defense Systems Group, Space Systems Group and Corporate. Its products include launch vehicles and related propulsion systems; satellites and associated components and services; tactical missiles, subsystems and defense electronics, and precision weapons, armament systems and ammunition. The Flight Systems Group segment consists of Launch Vehicles Division, Propulsion Systems Division and Aerospace Structures Division. The Defense Systems Group segment consists of Armament Systems Division, Defense Electronic Division, Missile Products Division and Small Caliber Systems Division. The Space Systems Group consists of Commercial Satellites Division, Government Satellites Division, Space Components Division and Technical Services Division.

FINANCIAL RATIOS  of  Orbital ATK (OA)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 1.7
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 22.8
Growth Rates
Sales Growth Rate 31.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 78.1%
Cap. Spend. - 3 Yr. Gr. Rate 12%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 77.4%
Total Debt to Equity 79.6%
Interest Coverage 8
Management Effectiveness
Return On Assets 6.3%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 9.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 16.8%
Return On Equity - 3 Yr. Avg. 12.9%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 22.1%
Gross Margin - 3 Yr. Avg. 21.4%
EBITDA Margin 14%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 10.6%
Oper. Margin - 3 Yr. Avg. 8.9%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 6.9%
Net Profit Margin 6.6%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 27.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.9%
Payout Ratio 23.9%

OA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OA stock intrinsic value calculation we used $4455 million for the last fiscal year's total revenue generated by Orbital ATK. The default revenue input number comes from 2016 income statement of Orbital ATK. 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 OA stock valuation model: a) initial revenue growth rate of 3% 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 5.6%, whose default value for OA is calculated based on our internal credit rating of Orbital ATK, 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 Orbital ATK.
    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 OA stock the variable cost ratio is equal to 86.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $117 million in the base year in the intrinsic value calculation for OA 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 4.3% for Orbital ATK.

Corporate tax rate of 27% is the nominal tax rate for Orbital ATK. 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 OA 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 OA are equal to 20.5%.

Life of production assets of 17.2 years is the average useful life of capital assets used in Orbital ATK 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 OA is equal to 16.5%. 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 - $1806 million for Orbital ATK - 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 57.578 million for Orbital ATK 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 Orbital ATK at the current share price and the inputted number of shares is $7.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ North Korea's missile has more advanced tech   [Nov-30-17 11:42AM  Yahoo Finance Video]
▶ Orbital ATK Supports Launch of ULAs Delta II Rocket   [Nov-20-17 08:30AM  Business Wire]
▶ 5 Supernova Stocks That Have Flown Under the Radar   [Nov-14-17 09:47AM  Motley Fool]
▶ [$$] Orbital ATK Successfully Launches Antares Rocket   [07:41AM  The Wall Street Journal]
▶ Orbital ATK beats Street 3Q forecasts   [06:20AM  Associated Press]
▶ Watch Orbital ATKs new rocket blast off on its maiden voyage   [Nov-01-17 10:16AM  American City Business Journals]
▶ Orbital ATK Delivers 100,000th HELLFIRE Rocket Motor   [Oct-25-17 08:30AM  Business Wire]
▶ Northrop Grumman (NOC): More Dominant Than Ever   [Sep-27-17 01:56PM  InvestorPlace]
▶ Play Offense With This Defense ETF   [Sep-26-17 03:17PM  Benzinga]
▶ Dayton-area defense firm to embark on $5M expansion   [02:05PM  American City Business Journals]
▶ Company News For Sep 19, 2017   [09:58AM  Zacks]
▶ Today's Top Supply Chain and Logistics News From WSJ   [06:38AM  The Wall Street Journal]
▶ Stocks To Watch: Orbital ATK Sees RS Rating Jump To 95   [03:00AM  Investor's Business Daily]
▶ Nasdaq Turns Red Even As More Stock Breakouts Emerge   [02:41PM  Investor's Business Daily]
▶ [$$] Northrop Grumman: fight club   [01:37PM  Financial Times]
▶ Aerospace and Defense ETFs Rocket Higher   [12:52PM  Barrons.com]
▶ Operator of huge area ammunition plant sells in $9B deal   [11:08AM  American City Business Journals]
▶ Is It Too Late To Buy Orbital ATK Inc (OA)?   [09:19AM  Simply Wall St.]
Financial statements of OA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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