Intrinsic value of Powell Industries - POWL

Previous Close

$30.52

  Intrinsic Value

$14.69

stock screener

  Rating & Target

str. sell

-52%

Previous close

$30.52

 
Intrinsic value

$14.69

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of POWL 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 0.4

 

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, %
  42.10
  38.39
  35.05
  32.05
  29.34
  26.91
  24.72
  22.74
  20.97
  19.37
  17.94
  16.64
  15.48
  14.43
  13.49
  12.64
  11.87
  11.19
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
Revenue, $m
  563
  779
  1,051
  1,388
  1,796
  2,279
  2,842
  3,489
  4,220
  5,038
  5,942
  6,930
  8,003
  9,158
  10,393
  11,707
  13,097
  14,562
  16,101
  17,713
  19,398
  21,155
  22,985
  24,891
  26,872
  28,931
  31,071
  33,295
  35,606
  38,009
Variable operating expenses, $m
  446
  617
  834
  1,101
  1,423
  1,806
  2,253
  2,765
  3,345
  3,993
  4,709
  5,493
  6,343
  7,258
  8,237
  9,278
  10,380
  11,541
  12,761
  14,039
  15,374
  16,767
  18,217
  19,727
  21,298
  22,930
  24,626
  26,388
  28,220
  30,124
Fixed operating expenses, $m
  105
  108
  110
  112
  115
  117
  120
  123
  125
  128
  131
  134
  137
  140
  143
  146
  149
  152
  156
  159
  163
  166
  170
  174
  177
  181
  185
  189
  194
  198
Total operating expenses, $m
  551
  725
  944
  1,213
  1,538
  1,923
  2,373
  2,888
  3,470
  4,121
  4,840
  5,627
  6,480
  7,398
  8,380
  9,424
  10,529
  11,693
  12,917
  14,198
  15,537
  16,933
  18,387
  19,901
  21,475
  23,111
  24,811
  26,577
  28,414
  30,322
Operating income, $m
  11
  54
  108
  175
  257
  355
  469
  601
  750
  917
  1,102
  1,304
  1,523
  1,760
  2,013
  2,282
  2,568
  2,868
  3,184
  3,515
  3,861
  4,222
  4,598
  4,990
  5,397
  5,820
  6,260
  6,717
  7,192
  7,686
EBITDA, $m
  29
  79
  142
  220
  315
  428
  560
  713
  885
  1,078
  1,291
  1,525
  1,779
  2,053
  2,345
  2,656
  2,986
  3,333
  3,699
  4,081
  4,481
  4,898
  5,332
  5,785
  6,255
  6,744
  7,252
  7,781
  8,330
  8,901
Interest expense (income), $m
  0
  0
  3
  7
  12
  18
  25
  34
  44
  55
  68
  83
  99
  117
  136
  157
  179
  202
  227
  253
  281
  310
  340
  371
  404
  438
  473
  510
  548
  588
  629
Earnings before tax, $m
  11
  51
  101
  164
  240
  330
  436
  557
  695
  848
  1,019
  1,205
  1,407
  1,624
  1,856
  2,104
  2,365
  2,641
  2,931
  3,234
  3,551
  3,882
  4,227
  4,586
  4,959
  5,347
  5,750
  6,169
  6,604
  7,057
Tax expense, $m
  3
  14
  27
  44
  65
  89
  118
  150
  188
  229
  275
  325
  380
  438
  501
  568
  639
  713
  791
  873
  959
  1,048
  1,141
  1,238
  1,339
  1,444
  1,552
  1,666
  1,783
  1,905
Net income, $m
  8
  37
  74
  119
  175
  241
  318
  407
  507
  619
  744
  879
  1,027
  1,185
  1,355
  1,536
  1,727
  1,928
  2,140
  2,361
  2,593
  2,834
  3,086
  3,348
  3,620
  3,903
  4,197
  4,503
  4,821
  5,152

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
  540
  747
  1,009
  1,332
  1,723
  2,187
  2,728
  3,348
  4,050
  4,835
  5,702
  6,651
  7,681
  8,789
  9,974
  11,235
  12,569
  13,975
  15,452
  16,999
  18,616
  20,302
  22,059
  23,887
  25,789
  27,765
  29,819
  31,953
  34,171
  36,477
Adjusted assets (=assets-cash), $m
  540
  747
  1,009
  1,332
  1,723
  2,187
  2,728
  3,348
  4,050
  4,835
  5,702
  6,651
  7,681
  8,789
  9,974
  11,235
  12,569
  13,975
  15,452
  16,999
  18,616
  20,302
  22,059
  23,887
  25,789
  27,765
  29,819
  31,953
  34,171
  36,477
Revenue / Adjusted assets
  1.043
  1.043
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
  1.042
Average production assets, $m
  203
  281
  380
  501
  648
  823
  1,026
  1,259
  1,524
  1,819
  2,145
  2,502
  2,889
  3,306
  3,752
  4,226
  4,728
  5,257
  5,812
  6,394
  7,003
  7,637
  8,298
  8,985
  9,701
  10,444
  11,217
  12,019
  12,854
  13,721
Working capital, $m
  64
  88
  119
  157
  203
  258
  321
  394
  477
  569
  671
  783
  904
  1,035
  1,174
  1,323
  1,480
  1,646
  1,819
  2,002
  2,192
  2,390
  2,597
  2,813
  3,036
  3,269
  3,511
  3,762
  4,023
  4,295
Total debt, $m
  41
  92
  156
  235
  331
  445
  577
  729
  901
  1,093
  1,306
  1,538
  1,790
  2,062
  2,352
  2,661
  2,988
  3,333
  3,694
  4,073
  4,470
  4,883
  5,313
  5,761
  6,227
  6,711
  7,214
  7,737
  8,281
  8,845
Total liabilities, $m
  132
  183
  247
  326
  422
  536
  668
  820
  992
  1,185
  1,397
  1,630
  1,882
  2,153
  2,444
  2,753
  3,079
  3,424
  3,786
  4,165
  4,561
  4,974
  5,404
  5,852
  6,318
  6,802
  7,306
  7,828
  8,372
  8,937
Total equity, $m
  408
  564
  762
  1,006
  1,301
  1,651
  2,059
  2,528
  3,058
  3,650
  4,305
  5,022
  5,799
  6,636
  7,531
  8,482
  9,490
  10,551
  11,666
  12,834
  14,055
  15,328
  16,655
  18,035
  19,470
  20,962
  22,513
  24,124
  25,799
  27,540
Total liabilities and equity, $m
  540
  747
  1,009
  1,332
  1,723
  2,187
  2,727
  3,348
  4,050
  4,835
  5,702
  6,652
  7,681
  8,789
  9,975
  11,235
  12,569
  13,975
  15,452
  16,999
  18,616
  20,302
  22,059
  23,887
  25,788
  27,764
  29,819
  31,952
  34,171
  36,477
Debt-to-equity ratio
  0.100
  0.160
  0.200
  0.230
  0.250
  0.270
  0.280
  0.290
  0.290
  0.300
  0.300
  0.310
  0.310
  0.310
  0.310
  0.310
  0.310
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
  0.320
Adjusted equity ratio
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755
  0.755

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  8
  37
  74
  119
  175
  241
  318
  407
  507
  619
  744
  879
  1,027
  1,185
  1,355
  1,536
  1,727
  1,928
  2,140
  2,361
  2,593
  2,834
  3,086
  3,348
  3,620
  3,903
  4,197
  4,503
  4,821
  5,152
Depreciation, amort., depletion, $m
  18
  25
  34
  45
  58
  73
  91
  112
  135
  161
  190
  221
  256
  293
  332
  374
  418
  465
  514
  566
  620
  676
  734
  795
  858
  924
  993
  1,064
  1,138
  1,214
Funds from operations, $m
  26
  62
  108
  164
  232
  314
  409
  518
  642
  780
  933
  1,101
  1,282
  1,478
  1,687
  1,910
  2,145
  2,393
  2,654
  2,927
  3,212
  3,510
  3,820
  4,143
  4,478
  4,827
  5,190
  5,567
  5,959
  6,366
Change in working capital, $m
  19
  24
  31
  38
  46
  55
  64
  73
  83
  92
  102
  112
  121
  131
  140
  148
  157
  166
  174
  182
  190
  199
  207
  215
  224
  233
  242
  251
  261
  271
Cash from operations, $m
  7
  38
  77
  126
  186
  259
  345
  445
  559
  688
  831
  989
  1,161
  1,348
  1,548
  1,761
  1,988
  2,228
  2,480
  2,745
  3,022
  3,311
  3,613
  3,927
  4,255
  4,595
  4,948
  5,316
  5,697
  6,094
Maintenance CAPEX, $m
  -13
  -18
  -25
  -34
  -44
  -57
  -73
  -91
  -111
  -135
  -161
  -190
  -221
  -256
  -293
  -332
  -374
  -418
  -465
  -514
  -566
  -620
  -676
  -734
  -795
  -858
  -924
  -993
  -1,064
  -1,138
New CAPEX, $m
  -60
  -78
  -99
  -122
  -147
  -174
  -203
  -233
  -264
  -295
  -326
  -357
  -387
  -417
  -446
  -474
  -502
  -529
  -556
  -582
  -608
  -634
  -661
  -688
  -715
  -743
  -773
  -803
  -834
  -867
Cash from investing activities, $m
  -73
  -96
  -124
  -156
  -191
  -231
  -276
  -324
  -375
  -430
  -487
  -547
  -608
  -673
  -739
  -806
  -876
  -947
  -1,021
  -1,096
  -1,174
  -1,254
  -1,337
  -1,422
  -1,510
  -1,601
  -1,697
  -1,796
  -1,898
  -2,005
Free cash flow, $m
  -65
  -58
  -47
  -29
  -5
  28
  69
  121
  184
  258
  344
  442
  553
  675
  809
  955
  1,112
  1,280
  1,459
  1,648
  1,848
  2,057
  2,276
  2,505
  2,744
  2,993
  3,251
  3,520
  3,799
  4,090
Issuance/(repayment) of debt, $m
  39
  51
  64
  79
  96
  114
  132
  152
  172
  192
  212
  232
  252
  272
  290
  309
  327
  344
  362
  379
  396
  413
  430
  448
  466
  484
  503
  523
  543
  565
Issuance/(repurchase) of shares, $m
  113
  120
  124
  125
  120
  109
  90
  62
  23
  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  
  152
  171
  188
  204
  216
  223
  222
  214
  195
  192
  212
  232
  252
  272
  290
  309
  327
  344
  362
  379
  396
  413
  430
  448
  466
  484
  503
  523
  543
  565
Total cash flow (excl. dividends), $m
  87
  112
  141
  175
  211
  250
  292
  335
  379
  450
  557
  675
  805
  946
  1,100
  1,264
  1,439
  1,625
  1,821
  2,027
  2,244
  2,470
  2,707
  2,953
  3,210
  3,477
  3,755
  4,043
  4,343
  4,655
Retained Cash Flow (-), $m
  -121
  -156
  -198
  -244
  -295
  -350
  -408
  -468
  -530
  -592
  -655
  -716
  -777
  -837
  -895
  -952
  -1,007
  -1,062
  -1,115
  -1,168
  -1,221
  -1,273
  -1,326
  -1,380
  -1,435
  -1,492
  -1,551
  -1,611
  -1,675
  -1,741
Prev. year cash balance distribution, $m
  34
  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
  0
  -45
  -56
  -70
  -84
  -100
  -116
  -134
  -151
  -142
  -98
  -42
  28
  110
  205
  312
  432
  563
  706
  860
  1,023
  1,197
  1,380
  1,573
  1,775
  1,985
  2,204
  2,432
  2,668
  2,914
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
  0
  -41
  -49
  -57
  -65
  -72
  -79
  -84
  -87
  -75
  -47
  -18
  10
  37
  60
  79
  94
  104
  109
  109
  106
  99
  90
  80
  69
  58
  47
  38
  29
  22
Current shareholders' claim on cash, %
  73.5
  57.9
  48.2
  41.9
  37.8
  35.1
  33.4
  32.5
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2
  32.2

Powell Industries, Inc. develops design, manufactures and services custom-engineered equipment and systems for the distribution, control and monitoring of electrical energy designed to distribute, control and monitor the flow of electrical energy, and provide protection to motors, transformers and other electrically powered equipment. The Company's principal products include integrated power control room substations (PCRs), custom-engineered modules, electrical houses (E-Houses), traditional and arc-resistant distribution switchgear and control gear, medium-voltage circuit breakers, monitoring and control communications systems, motor control centers and bus duct systems. These products are designed for application voltages ranging from 480 volts to 38,000 volts, and are used in oil and gas refining, offshore oil and gas production, petrochemical, pipeline, terminal, mining and metals, light rail traction power, electric utility, pulp and paper, and other heavy industrial markets.

FINANCIAL RATIOS  of  Powell Industries (POWL)

Valuation Ratios
P/E Ratio -38.8
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 9.4
Price to Free Cash Flow 10.6
Growth Rates
Sales Growth Rate -29.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate -25.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0.6%
Total Debt to Equity 0.6%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.1%
Ret/ On Assets - 3 Yr. Avg. 1.1%
Return On Total Capital -2.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.5%
Return On Equity -2.7%
Return On Equity - 3 Yr. Avg. 1.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 12.9%
Gross Margin - 3 Yr. Avg. 16%
EBITDA Margin -1.3%
EBITDA Margin - 3 Yr. Avg. 3.2%
Operating Margin -4.8%
Oper. Margin - 3 Yr. Avg. 0.4%
Pre-Tax Margin -4.3%
Pre-Tax Margin - 3 Yr. Avg. 0.8%
Net Profit Margin -2.3%
Net Profit Margin - 3 Yr. Avg. 0.6%
Effective Tax Rate 47.1%
Eff/ Tax Rate - 3 Yr. Avg. 39.7%
Payout Ratio -133.3%

POWL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the POWL stock intrinsic value calculation we used $395.911 million for the last fiscal year's total revenue generated by Powell Industries. The default revenue input number comes from 0001 income statement of Powell Industries. 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 POWL stock valuation model: a) initial revenue growth rate of 42.1% 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 POWL is calculated based on our internal credit rating of Powell Industries, 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 Powell Industries.
    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 POWL stock the variable cost ratio is equal to 79.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $103 million in the base year in the intrinsic value calculation for POWL 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 7.6% for Powell Industries.

Corporate tax rate of 27% is the nominal tax rate for Powell Industries. 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 POWL 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 POWL are equal to 36.1%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Powell Industries 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 POWL is equal to 11.3%. 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 - $321.296 million for Powell Industries - 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 11.47 million for Powell Industries 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 Powell Industries at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Powell Industries, Inc. to Host Earnings Call   [Aug-08-18 09:00AM  ACCESSWIRE]
▶ Powell Industries: Fiscal 3Q Earnings Snapshot   [Aug-07-18 04:31PM  Associated Press]
▶ Wired News - Roper Technologies to Acquire PowerPlan   [May-23-18 07:05AM  ACCESSWIRE]
▶ Powell Industries Announces CFO Retirement Plan   [May-14-18 04:20PM  PR Newswire]
▶ Powell Industries: Fiscal 2Q Earnings Snapshot   [May-08-18 07:16PM  Associated Press]
▶ Powell Industries reports 1Q loss   [Feb-06-18 04:35PM  Associated Press]
▶ Powell Industries reports 4Q loss   [Dec-05-17 04:35PM  Associated Press]
▶ Powell Industries Declares Quarterly Cash Dividend   [Nov-07-17 04:15PM  PR Newswire]
▶ Powell Industries reports 3Q loss   [Aug-08-17 04:46PM  Associated Press]
▶ Powell Industries reports 2Q loss   [May-02-17 04:56PM  Associated Press]
▶ /C O R R E C T I O N -- Powell Industries, Inc./   [Feb-07-17 05:44PM  PR Newswire]
▶ Powell Industries reports 1Q loss   [04:24PM  Associated Press]
▶ Arnold Van Den Berg Exits Powell Industries   [Jan-25-17 06:00PM  GuruFocus.com]

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