Intrinsic value of Reliance Steel&Aluminum - RS

Previous Close

$87.39

  Intrinsic Value

$62.42

stock screener

  Rating & Target

sell

-29%

Previous close

$87.39

 
Intrinsic value

$62.42

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of RS 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 2017), $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 6.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  10,975
  12,304
  13,707
  15,181
  16,727
  18,344
  20,031
  21,790
  23,620
  25,524
  27,503
  29,560
  31,698
  33,919
  36,228
  38,629
  41,126
  43,724
  46,429
  49,246
  52,181
  55,241
  58,433
  61,764
  65,241
  68,873
  72,669
  76,636
  80,784
  85,124
Variable operating expenses, $m
  9,499
  10,614
  11,790
  13,027
  14,323
  15,679
  17,094
  18,568
  20,103
  21,700
  23,064
  24,789
  26,582
  28,445
  30,381
  32,394
  34,488
  36,667
  38,935
  41,298
  43,759
  46,325
  49,002
  51,795
  54,711
  57,757
  60,940
  64,267
  67,746
  71,385
Fixed operating expenses, $m
  635
  649
  663
  677
  692
  708
  723
  739
  755
  772
  789
  806
  824
  842
  861
  880
  899
  919
  939
  960
  981
  1,002
  1,024
  1,047
  1,070
  1,093
  1,118
  1,142
  1,167
  1,193
Total operating expenses, $m
  10,134
  11,263
  12,453
  13,704
  15,015
  16,387
  17,817
  19,307
  20,858
  22,472
  23,853
  25,595
  27,406
  29,287
  31,242
  33,274
  35,387
  37,586
  39,874
  42,258
  44,740
  47,327
  50,026
  52,842
  55,781
  58,850
  62,058
  65,409
  68,913
  72,578
Operating income, $m
  841
  1,042
  1,254
  1,477
  1,712
  1,958
  2,214
  2,482
  2,761
  3,052
  3,650
  3,965
  4,292
  4,632
  4,986
  5,355
  5,739
  6,138
  6,555
  6,989
  7,441
  7,913
  8,407
  8,922
  9,460
  10,023
  10,611
  11,227
  11,871
  12,546
EBITDA, $m
  1,659
  1,923
  2,202
  2,495
  2,804
  3,126
  3,463
  3,815
  4,181
  4,563
  4,959
  5,372
  5,801
  6,247
  6,711
  7,194
  7,696
  8,220
  8,765
  9,333
  9,925
  10,543
  11,188
  11,862
  12,565
  13,301
  14,070
  14,875
  15,717
  16,598
Interest expense (income), $m
  81
  103
  124
  147
  171
  196
  223
  251
  279
  310
  341
  374
  408
  443
  479
  517
  557
  598
  641
  686
  732
  780
  830
  883
  938
  995
  1,054
  1,117
  1,182
  1,250
  1,321
Earnings before tax, $m
  739
  917
  1,107
  1,306
  1,516
  1,735
  1,964
  2,203
  2,452
  2,711
  3,276
  3,557
  3,849
  4,153
  4,469
  4,798
  5,140
  5,497
  5,869
  6,257
  6,661
  7,083
  7,524
  7,984
  8,465
  8,968
  9,494
  10,045
  10,622
  11,225
Tax expense, $m
  199
  248
  299
  353
  409
  468
  530
  595
  662
  732
  885
  960
  1,039
  1,121
  1,207
  1,295
  1,388
  1,484
  1,585
  1,689
  1,798
  1,912
  2,031
  2,156
  2,286
  2,421
  2,564
  2,712
  2,868
  3,031
Net income, $m
  539
  670
  808
  954
  1,106
  1,266
  1,434
  1,608
  1,790
  1,979
  2,392
  2,597
  2,810
  3,032
  3,262
  3,503
  3,753
  4,013
  4,284
  4,567
  4,863
  5,171
  5,492
  5,828
  6,180
  6,547
  6,931
  7,333
  7,754
  8,194

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
  8,752
  9,812
  10,930
  12,106
  13,339
  14,628
  15,974
  17,376
  18,836
  20,354
  21,933
  23,573
  25,278
  27,049
  28,890
  30,805
  32,796
  34,868
  37,025
  39,271
  41,612
  44,052
  46,597
  49,253
  52,027
  54,923
  57,949
  61,113
  64,421
  67,882
Adjusted assets (=assets-cash), $m
  8,752
  9,812
  10,930
  12,106
  13,339
  14,628
  15,974
  17,376
  18,836
  20,354
  21,933
  23,573
  25,278
  27,049
  28,890
  30,805
  32,796
  34,868
  37,025
  39,271
  41,612
  44,052
  46,597
  49,253
  52,027
  54,923
  57,949
  61,113
  64,421
  67,882
Revenue / Adjusted assets
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
  1.254
Average production assets, $m
  5,224
  5,857
  6,524
  7,226
  7,962
  8,732
  9,535
  10,372
  11,243
  12,150
  13,092
  14,071
  15,088
  16,146
  17,245
  18,387
  19,576
  20,813
  22,100
  23,441
  24,838
  26,295
  27,814
  29,400
  31,055
  32,784
  34,590
  36,479
  38,453
  40,519
Working capital, $m
  1,558
  1,747
  1,946
  2,156
  2,375
  2,605
  2,844
  3,094
  3,354
  3,624
  3,905
  4,198
  4,501
  4,817
  5,144
  5,485
  5,840
  6,209
  6,593
  6,993
  7,410
  7,844
  8,297
  8,770
  9,264
  9,780
  10,319
  10,882
  11,471
  12,088
Total debt, $m
  2,301
  2,723
  3,168
  3,636
  4,126
  4,639
  5,175
  5,733
  6,314
  6,918
  7,547
  8,199
  8,878
  9,583
  10,316
  11,078
  11,870
  12,695
  13,553
  14,447
  15,379
  16,350
  17,363
  18,420
  19,524
  20,677
  21,881
  23,140
  24,457
  25,835
Total liabilities, $m
  3,483
  3,905
  4,350
  4,818
  5,309
  5,822
  6,358
  6,916
  7,497
  8,101
  8,729
  9,382
  10,060
  10,766
  11,498
  12,260
  13,053
  13,877
  14,736
  15,630
  16,561
  17,533
  18,546
  19,603
  20,707
  21,859
  23,064
  24,323
  25,640
  27,017
Total equity, $m
  5,269
  5,907
  6,580
  7,288
  8,030
  8,806
  9,616
  10,460
  11,339
  12,253
  13,203
  14,191
  15,217
  16,284
  17,392
  18,544
  19,743
  20,990
  22,289
  23,641
  25,050
  26,519
  28,052
  29,651
  31,320
  33,064
  34,886
  36,790
  38,782
  40,865
Total liabilities and equity, $m
  8,752
  9,812
  10,930
  12,106
  13,339
  14,628
  15,974
  17,376
  18,836
  20,354
  21,932
  23,573
  25,277
  27,050
  28,890
  30,804
  32,796
  34,867
  37,025
  39,271
  41,611
  44,052
  46,598
  49,254
  52,027
  54,923
  57,950
  61,113
  64,422
  67,882
Debt-to-equity ratio
  0.440
  0.460
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.630
  0.630
Adjusted equity ratio
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  539
  670
  808
  954
  1,106
  1,266
  1,434
  1,608
  1,790
  1,979
  2,392
  2,597
  2,810
  3,032
  3,262
  3,503
  3,753
  4,013
  4,284
  4,567
  4,863
  5,171
  5,492
  5,828
  6,180
  6,547
  6,931
  7,333
  7,754
  8,194
Depreciation, amort., depletion, $m
  818
  881
  948
  1,018
  1,092
  1,169
  1,249
  1,333
  1,420
  1,510
  1,309
  1,407
  1,509
  1,615
  1,724
  1,839
  1,958
  2,081
  2,210
  2,344
  2,484
  2,629
  2,781
  2,940
  3,105
  3,278
  3,459
  3,648
  3,845
  4,052
Funds from operations, $m
  1,357
  1,551
  1,756
  1,972
  2,198
  2,435
  2,683
  2,941
  3,210
  3,490
  3,701
  4,004
  4,319
  4,646
  4,987
  5,341
  5,710
  6,094
  6,494
  6,911
  7,346
  7,800
  8,274
  8,768
  9,285
  9,825
  10,390
  10,981
  11,599
  12,246
Change in working capital, $m
  178
  189
  199
  209
  220
  230
  240
  250
  260
  270
  281
  292
  304
  315
  328
  341
  355
  369
  384
  400
  417
  435
  453
  473
  494
  516
  539
  563
  589
  616
Cash from operations, $m
  1,179
  1,362
  1,557
  1,762
  1,979
  2,205
  2,443
  2,691
  2,950
  3,219
  3,420
  3,712
  4,015
  4,331
  4,659
  5,000
  5,356
  5,725
  6,110
  6,511
  6,930
  7,366
  7,820
  8,295
  8,791
  9,309
  9,851
  10,417
  11,010
  11,630
Maintenance CAPEX, $m
  -463
  -522
  -586
  -652
  -723
  -796
  -873
  -953
  -1,037
  -1,124
  -1,215
  -1,309
  -1,407
  -1,509
  -1,615
  -1,724
  -1,839
  -1,958
  -2,081
  -2,210
  -2,344
  -2,484
  -2,629
  -2,781
  -2,940
  -3,105
  -3,278
  -3,459
  -3,648
  -3,845
New CAPEX, $m
  -598
  -633
  -668
  -702
  -736
  -770
  -803
  -837
  -871
  -906
  -942
  -979
  -1,017
  -1,057
  -1,099
  -1,143
  -1,189
  -1,237
  -1,287
  -1,341
  -1,397
  -1,457
  -1,519
  -1,585
  -1,655
  -1,729
  -1,807
  -1,888
  -1,975
  -2,066
Cash from investing activities, $m
  -1,061
  -1,155
  -1,254
  -1,354
  -1,459
  -1,566
  -1,676
  -1,790
  -1,908
  -2,030
  -2,157
  -2,288
  -2,424
  -2,566
  -2,714
  -2,867
  -3,028
  -3,195
  -3,368
  -3,551
  -3,741
  -3,941
  -4,148
  -4,366
  -4,595
  -4,834
  -5,085
  -5,347
  -5,623
  -5,911
Free cash flow, $m
  118
  207
  303
  408
  520
  640
  767
  901
  1,041
  1,189
  1,263
  1,423
  1,591
  1,765
  1,945
  2,133
  2,328
  2,531
  2,742
  2,961
  3,188
  3,425
  3,672
  3,928
  4,196
  4,475
  4,766
  5,070
  5,387
  5,719
Issuance/(repayment) of debt, $m
  399
  422
  445
  468
  491
  513
  536
  558
  581
  604
  628
  653
  678
  705
  733
  762
  792
  825
  858
  894
  932
  971
  1,013
  1,057
  1,104
  1,153
  1,205
  1,259
  1,317
  1,377
Issuance/(repurchase) of shares, $m
  63
  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  
  462
  422
  445
  468
  491
  513
  536
  558
  581
  604
  628
  653
  678
  705
  733
  762
  792
  825
  858
  894
  932
  971
  1,013
  1,057
  1,104
  1,153
  1,205
  1,259
  1,317
  1,377
Total cash flow (excl. dividends), $m
  580
  629
  749
  876
  1,011
  1,153
  1,302
  1,459
  1,622
  1,793
  1,891
  2,076
  2,269
  2,470
  2,678
  2,895
  3,121
  3,356
  3,600
  3,855
  4,120
  4,396
  4,685
  4,986
  5,300
  5,628
  5,971
  6,329
  6,704
  7,096
Retained Cash Flow (-), $m
  -602
  -638
  -673
  -708
  -742
  -776
  -810
  -844
  -879
  -914
  -950
  -987
  -1,026
  -1,066
  -1,108
  -1,152
  -1,199
  -1,247
  -1,298
  -1,352
  -1,409
  -1,469
  -1,532
  -1,599
  -1,669
  -1,744
  -1,822
  -1,905
  -1,992
  -2,083
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
  29
  33
  37
  41
  46
  50
  55
  60
  65
  71
  77
  83
  89
  95
  102
  109
  116
  123
  131
  139
  148
  157
  166
  175
  185
  196
  207
  218
  230
  242
Cash available for distribution, $m
  -22
  -9
  75
  168
  269
  377
  492
  614
  743
  879
  941
  1,089
  1,243
  1,403
  1,570
  1,743
  1,922
  2,108
  2,302
  2,502
  2,711
  2,927
  3,152
  3,387
  3,630
  3,884
  4,149
  4,425
  4,712
  5,013
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  -20
  -8
  61
  126
  185
  235
  277
  308
  330
  341
  316
  313
  302
  285
  262
  236
  208
  179
  151
  125
  101
  79
  61
  46
  33
  24
  16
  11
  7
  5
Current shareholders' claim on cash, %
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0
  99.0

Reliance Steel & Aluminum Co. is a metals service center company in North America (the United States and Canada). As of December 31, 2016, the Company's network of metals service centers operated over 300 locations in 39 states in the United States and in 12 other countries (Australia, Belgium, Canada, China, France, Malaysia, Mexico, Singapore, South Korea, Turkey, the United Arab Emirates and the United Kingdom). As of December 31, 2016, it provided metals processing services and distributes a range of more than 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products in a range of industries. Its various metals service centers process and distribute only specialty metals. It delivers a range of products from facilities located across the United States and Canada. It provides a range of processing services for its customers' and delivers products to fabricators, manufacturers and other end users.

FINANCIAL RATIOS  of  Reliance Steel&Aluminum (RS)

Valuation Ratios
P/E Ratio 20.9
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate -7.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 44.5%
Total Debt to Equity 46.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 5%
Ret/ On Assets - 3 Yr. Avg. 5.2%
Return On Total Capital 5.1%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 30.1%
Gross Margin - 3 Yr. Avg. 27.5%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 5.9%
Oper. Margin - 3 Yr. Avg. 5.9%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 28%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 39.5%

RS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RS stock intrinsic value calculation we used $9721 million for the last fiscal year's total revenue generated by Reliance Steel&Aluminum. The default revenue input number comes from 2017 income statement of Reliance Steel&Aluminum. 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 RS stock valuation model: a) initial revenue growth rate of 12.9% 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 6.4%, whose default value for RS is calculated based on our internal credit rating of Reliance Steel&Aluminum, 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 Reliance Steel&Aluminum.
    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 RS stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $621 million in the base year in the intrinsic value calculation for RS 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 Reliance Steel&Aluminum.

Corporate tax rate of 27% is the nominal tax rate for Reliance Steel&Aluminum. 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 RS stock is equal to 0.3%.

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 RS are equal to 47.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Reliance Steel&Aluminum 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 RS is equal to 14.2%. 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 - $4667 million for Reliance Steel&Aluminum - 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 73 million for Reliance Steel&Aluminum 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 Reliance Steel&Aluminum at the current share price and the inputted number of shares is $6.4 billion.

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COMPANY NEWS

▶ Reliance Steel: 2Q Earnings Snapshot   [09:53AM  Associated Press]
▶ US stocks hit new lows as Canada fires back in trade war   [May-31-18 02:35PM  Yahoo Finance Video]
▶ Rolling Out the 2018 Mid Cap Dividend Growers Portfolio   [May-16-18 11:52AM  TheStreet.com]
▶ Top Ranked Value Stocks to Buy for March 8th   [Mar-08-18 06:49AM  Zacks]
▶ 8 Stocks NWQ Managers Continues to Buy   [Mar-01-18 02:34PM  GuruFocus.com]
▶ Top 4 Steel Stocks for 2018   [12:39PM  Investopedia]
▶ Reliance Steel tops Street 4Q forecasts   [08:20AM  Associated Press]
▶ KeyBanc Issues Stronger Forecast For 3 Steel Names   [Jan-11-18 01:47PM  Benzinga]
▶ Best Rated NYSE Materials Dividend Stocks   [Jan-07-18 01:02PM  Simply Wall St.]
▶ Why Reliance Steel & Aluminum Co Stock Is a Buy on Any Dip   [Dec-12-17 11:43AM  InvestorPlace]
▶ RELIANCE STEEL & ALUMINUM CO to Host Earnings Call   [Oct-26-17 08:45AM  ACCESSWIRE]
▶ Reliance Steel beats Street 3Q forecasts   [07:05AM  Associated Press]
▶ Hedge Fund Bullishness on Metal Stocks Hits 3-Year High   [Oct-09-17 08:00AM  Insider Monkey]
▶ Third Avenue Value Fund Buys Reliance Steel & Aluminum   [Sep-30-17 11:42AM  GuruFocus.com]
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