Intrinsic value of Reliance Steel&Aluminum - RS

Previous Close

$90.91

  Intrinsic Value

$9.23

stock screener

  Rating & Target

str. sell

-90%

Previous close

$90.91

 
Intrinsic value

$9.23

 
Up/down potential

-90%

 
Rating

str. sell

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -7.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  8,613
  9,655
  10,755
  11,911
  13,123
  14,391
  15,714
  17,092
  18,527
  20,020
  21,571
  23,184
  24,860
  26,601
  28,411
  30,294
  32,251
  34,288
  36,408
  38,617
  40,918
  43,317
  45,819
  48,431
  51,157
  54,005
  56,980
  60,090
  63,343
  66,746
  70,306
Variable operating expenses, $m
 
  9,063
  10,075
  11,138
  12,253
  13,419
  14,636
  15,904
  17,224
  18,597
  20,024
  21,324
  22,866
  24,468
  26,133
  27,864
  29,664
  31,538
  33,488
  35,519
  37,636
  39,842
  42,144
  44,546
  47,054
  49,673
  52,410
  55,270
  58,262
  61,392
  64,667
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
  8,101
  9,063
  10,075
  11,138
  12,253
  13,419
  14,636
  15,904
  17,224
  18,597
  20,024
  21,324
  22,866
  24,468
  26,133
  27,864
  29,664
  31,538
  33,488
  35,519
  37,636
  39,842
  42,144
  44,546
  47,054
  49,673
  52,410
  55,270
  58,262
  61,392
  64,667
Operating income, $m
  513
  592
  680
  773
  870
  972
  1,078
  1,188
  1,303
  1,423
  1,548
  1,860
  1,994
  2,134
  2,279
  2,430
  2,587
  2,750
  2,920
  3,098
  3,282
  3,475
  3,675
  3,885
  4,103
  4,332
  4,570
  4,820
  5,081
  5,354
  5,639
EBITDA, $m
  735
  926
  1,032
  1,143
  1,259
  1,381
  1,508
  1,640
  1,778
  1,921
  2,070
  2,224
  2,385
  2,552
  2,726
  2,906
  3,094
  3,290
  3,493
  3,705
  3,926
  4,156
  4,396
  4,646
  4,908
  5,181
  5,467
  5,765
  6,077
  6,404
  6,745
Interest expense (income), $m
  81
  78
  94
  111
  129
  147
  167
  187
  209
  231
  254
  278
  303
  329
  356
  384
  413
  444
  475
  508
  542
  578
  615
  654
  694
  737
  781
  827
  875
  925
  978
Earnings before tax, $m
  429
  514
  586
  662
  741
  824
  911
  1,001
  1,095
  1,192
  1,293
  1,581
  1,691
  1,805
  1,923
  2,046
  2,174
  2,307
  2,445
  2,589
  2,740
  2,897
  3,060
  3,231
  3,409
  3,595
  3,790
  3,993
  4,206
  4,428
  4,661
Tax expense, $m
  120
  139
  158
  179
  200
  223
  246
  270
  296
  322
  349
  427
  457
  487
  519
  552
  587
  623
  660
  699
  740
  782
  826
  872
  920
  971
  1,023
  1,078
  1,136
  1,196
  1,259
Net income, $m
  304
  375
  428
  483
  541
  602
  665
  731
  799
  870
  944
  1,154
  1,234
  1,317
  1,404
  1,493
  1,587
  1,684
  1,785
  1,890
  2,000
  2,115
  2,234
  2,359
  2,489
  2,625
  2,767
  2,915
  3,070
  3,233
  3,403

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  123
  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
  7,411
  8,169
  9,099
  10,077
  11,103
  12,175
  13,294
  14,460
  15,674
  16,937
  18,250
  19,614
  21,032
  22,505
  24,037
  25,629
  27,285
  29,008
  30,802
  32,671
  34,618
  36,647
  38,764
  40,974
  43,280
  45,689
  48,206
  50,838
  53,590
  56,468
  59,481
Adjusted assets (=assets-cash), $m
  7,288
  8,169
  9,099
  10,077
  11,103
  12,175
  13,294
  14,460
  15,674
  16,937
  18,250
  19,614
  21,032
  22,505
  24,037
  25,629
  27,285
  29,008
  30,802
  32,671
  34,618
  36,647
  38,764
  40,974
  43,280
  45,689
  48,206
  50,838
  53,590
  56,468
  59,481
Revenue / Adjusted assets
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
  1.182
Average production assets, $m
  2,787
  3,128
  3,485
  3,859
  4,252
  4,663
  5,091
  5,538
  6,003
  6,486
  6,989
  7,512
  8,055
  8,619
  9,205
  9,815
  10,449
  11,109
  11,796
  12,512
  13,257
  14,035
  14,845
  15,692
  16,575
  17,497
  18,462
  19,469
  20,523
  21,626
  22,779
Working capital, $m
  2,033
  2,230
  2,484
  2,751
  3,031
  3,324
  3,630
  3,948
  4,280
  4,625
  4,983
  5,356
  5,743
  6,145
  6,563
  6,998
  7,450
  7,921
  8,410
  8,920
  9,452
  10,006
  10,584
  11,187
  11,817
  12,475
  13,162
  13,881
  14,632
  15,418
  16,241
Total debt, $m
  1,929
  2,228
  2,634
  3,061
  3,508
  3,975
  4,463
  4,972
  5,501
  6,052
  6,624
  7,219
  7,837
  8,479
  9,147
  9,841
  10,563
  11,315
  12,097
  12,911
  13,760
  14,645
  15,568
  16,531
  17,537
  18,587
  19,685
  20,832
  22,032
  23,287
  24,601
Total liabilities, $m
  3,263
  3,561
  3,967
  4,394
  4,841
  5,308
  5,796
  6,305
  6,834
  7,385
  7,957
  8,552
  9,170
  9,812
  10,480
  11,174
  11,896
  12,648
  13,430
  14,244
  15,093
  15,978
  16,901
  17,864
  18,870
  19,920
  21,018
  22,165
  23,365
  24,620
  25,934
Total equity, $m
  4,149
  4,607
  5,132
  5,683
  6,262
  6,867
  7,498
  8,156
  8,840
  9,553
  10,293
  11,062
  11,862
  12,693
  13,557
  14,455
  15,389
  16,361
  17,372
  18,426
  19,524
  20,669
  21,863
  23,109
  24,410
  25,769
  27,188
  28,673
  30,225
  31,848
  33,547
Total liabilities and equity, $m
  7,412
  8,168
  9,099
  10,077
  11,103
  12,175
  13,294
  14,461
  15,674
  16,938
  18,250
  19,614
  21,032
  22,505
  24,037
  25,629
  27,285
  29,009
  30,802
  32,670
  34,617
  36,647
  38,764
  40,973
  43,280
  45,689
  48,206
  50,838
  53,590
  56,468
  59,481
Debt-to-equity ratio
  0.465
  0.480
  0.510
  0.540
  0.560
  0.580
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
Adjusted equity ratio
  0.552
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  304
  375
  428
  483
  541
  602
  665
  731
  799
  870
  944
  1,154
  1,234
  1,317
  1,404
  1,493
  1,587
  1,684
  1,785
  1,890
  2,000
  2,115
  2,234
  2,359
  2,489
  2,625
  2,767
  2,915
  3,070
  3,233
  3,403
Depreciation, amort., depletion, $m
  222
  335
  352
  370
  389
  409
  430
  452
  474
  498
  522
  365
  391
  418
  447
  476
  507
  539
  573
  607
  644
  681
  721
  762
  805
  849
  896
  945
  996
  1,050
  1,106
Funds from operations, $m
  640
  710
  780
  853
  930
  1,011
  1,095
  1,182
  1,273
  1,368
  1,466
  1,519
  1,625
  1,736
  1,851
  1,970
  2,094
  2,223
  2,358
  2,498
  2,644
  2,796
  2,955
  3,120
  3,293
  3,474
  3,663
  3,860
  4,067
  4,283
  4,509
Change in working capital, $m
  13
  241
  254
  267
  280
  293
  306
  318
  331
  345
  358
  373
  387
  402
  418
  435
  452
  471
  490
  510
  532
  554
  578
  603
  630
  658
  687
  719
  751
  786
  822
Cash from operations, $m
  627
  469
  526
  586
  650
  718
  789
  864
  942
  1,023
  1,108
  1,147
  1,238
  1,333
  1,432
  1,535
  1,642
  1,753
  1,868
  1,988
  2,112
  2,242
  2,377
  2,517
  2,663
  2,816
  2,975
  3,142
  3,315
  3,497
  3,686
Maintenance CAPEX, $m
  0
  -135
  -152
  -169
  -187
  -206
  -226
  -247
  -269
  -291
  -315
  -339
  -365
  -391
  -418
  -447
  -476
  -507
  -539
  -573
  -607
  -644
  -681
  -721
  -762
  -805
  -849
  -896
  -945
  -996
  -1,050
New CAPEX, $m
  -155
  -342
  -356
  -375
  -393
  -411
  -429
  -447
  -465
  -484
  -503
  -522
  -543
  -564
  -586
  -610
  -634
  -660
  -687
  -716
  -746
  -777
  -811
  -846
  -883
  -923
  -964
  -1,008
  -1,054
  -1,102
  -1,154
Cash from investing activities, $m
  -505
  -477
  -508
  -544
  -580
  -617
  -655
  -694
  -734
  -775
  -818
  -861
  -908
  -955
  -1,004
  -1,057
  -1,110
  -1,167
  -1,226
  -1,289
  -1,353
  -1,421
  -1,492
  -1,567
  -1,645
  -1,728
  -1,813
  -1,904
  -1,999
  -2,098
  -2,204
Free cash flow, $m
  122
  -8
  18
  42
  70
  101
  134
  170
  208
  248
  290
  285
  331
  378
  427
  478
  531
  585
  642
  699
  759
  821
  884
  950
  1,018
  1,089
  1,162
  1,238
  1,316
  1,398
  1,483
Issuance/(repayment) of debt, $m
  -1
  382
  406
  427
  447
  468
  488
  509
  529
  551
  572
  595
  618
  642
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,006
  1,050
  1,098
  1,147
  1,200
  1,255
  1,313
Issuance/(repurchase) of shares, $m
  38
  123
  97
  68
  37
  3
  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  
  20
  505
  503
  495
  484
  471
  488
  509
  529
  551
  572
  595
  618
  642
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,006
  1,050
  1,098
  1,147
  1,200
  1,255
  1,313
Total cash flow (excl. dividends), $m
  139
  497
  520
  537
  555
  572
  622
  678
  737
  799
  862
  880
  949
  1,021
  1,095
  1,173
  1,253
  1,337
  1,424
  1,514
  1,608
  1,706
  1,808
  1,914
  2,024
  2,139
  2,260
  2,385
  2,516
  2,653
  2,796
Retained Cash Flow (-), $m
  -235
  -498
  -525
  -552
  -578
  -605
  -631
  -658
  -685
  -712
  -740
  -769
  -800
  -831
  -864
  -898
  -934
  -972
  -1,012
  -1,054
  -1,098
  -1,145
  -1,194
  -1,246
  -1,301
  -1,359
  -1,420
  -1,484
  -1,552
  -1,624
  -1,699
Prev. year cash balance distribution, $m
 
  40
  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
 
  39
  -5
  -14
  -24
  -33
  -9
  21
  52
  86
  122
  110
  149
  190
  231
  275
  319
  365
  412
  460
  510
  561
  613
  668
  723
  781
  840
  901
  964
  1,029
  1,097
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  37
  -4
  -12
  -18
  -24
  -6
  12
  28
  42
  52
  41
  49
  53
  55
  55
  53
  50
  45
  40
  35
  29
  24
  19
  15
  11
  9
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  98.2
  96.9
  96.1
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7
  95.7

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 21.7
Price to Sales 0.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 14
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 $8613 million for the last fiscal year's total revenue generated by Reliance Steel&Aluminum. The default revenue input number comes from 2016 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 12.1% 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 5.7%, 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 94.1%.

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 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 4.2% 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%.

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 32.4%.

Life of production assets of 20.6 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 23.1%. 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 - $4149 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 73.785 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 $6.7 billion.

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COMPANY NEWS

▶ 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.]
▶ Top 4 Steel Stocks for 2018   [Jan-02-18 06:00AM  Investopedia]
▶ 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]
▶ It may be time to get bullish on these steel stocks   [12:23PM  American City Business Journals]
▶ Reliance Steel & Aluminum: Most Analysts Gave It a Buy   [Aug-04-17 09:08AM  Market Realist]
▶ Reliance Steel tops Street 2Q forecasts   [Jul-27-17 03:45PM  Associated Press]
▶ Third Avenue Value Fund's 2nd Quarter Portfolio Commentary   [Jul-21-17 07:28PM  GuruFocus.com]
▶ Parexel, Lennar rise; Teladoc, Chipotle Mexican Grill fall   [Jun-20-17 04:28PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:54AM  Briefing.com]
▶ Reliance Steel beats Street 1Q forecasts   [06:58AM  Associated Press]
Financial statements of RS
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