Intrinsic value of Steel Dynamics - STLD

Previous Close

$36.17

  Intrinsic Value

$2.60

stock screener

  Rating & Target

str. sell

-93%

  Value-price divergence*

-126%

Previous close

$36.17

 
Intrinsic value

$2.60

 
Up/down potential

-93%

 
Rating

str. sell

 
Value-price divergence*

-126%

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

We calculate the intrinsic value of STLD 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 8.8

 

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, %
  2.41
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  7,777
  7,964
  8,175
  8,412
  8,673
  8,959
  9,269
  9,605
  9,966
  10,352
  10,766
  11,206
  11,675
  12,173
  12,701
  13,261
  13,853
  14,479
  15,140
  15,838
  16,574
  17,351
  18,169
  19,031
  19,938
  20,894
  21,900
  22,958
  24,071
  25,242
  26,473
Variable operating expenses, $m
 
  8,042
  8,255
  8,493
  8,755
  9,043
  9,355
  9,692
  10,054
  10,443
  10,858
  11,262
  11,733
  12,233
  12,764
  13,327
  13,922
  14,551
  15,215
  15,916
  16,656
  17,436
  18,259
  19,125
  20,037
  20,997
  22,008
  23,071
  24,190
  25,367
  26,604
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
  7,049
  8,042
  8,255
  8,493
  8,755
  9,043
  9,355
  9,692
  10,054
  10,443
  10,858
  11,262
  11,733
  12,233
  12,764
  13,327
  13,922
  14,551
  15,215
  15,916
  16,656
  17,436
  18,259
  19,125
  20,037
  20,997
  22,008
  23,071
  24,190
  25,367
  26,604
Operating income, $m
  728
  -79
  -80
  -81
  -82
  -84
  -85
  -87
  -89
  -91
  -93
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
EBITDA, $m
  1,024
  229
  235
  242
  250
  258
  267
  277
  287
  298
  310
  323
  336
  351
  366
  382
  399
  417
  436
  456
  477
  500
  523
  548
  574
  602
  631
  661
  693
  727
  763
Interest expense (income), $m
  151
  144
  149
  155
  161
  168
  176
  185
  194
  204
  214
  226
  238
  251
  264
  279
  294
  310
  327
  345
  365
  385
  406
  429
  452
  477
  503
  531
  560
  590
  622
Earnings before tax, $m
  564
  -222
  -229
  -235
  -243
  -252
  -261
  -271
  -282
  -294
  -307
  -281
  -295
  -311
  -327
  -344
  -363
  -382
  -402
  -424
  -447
  -471
  -496
  -523
  -551
  -580
  -612
  -644
  -679
  -715
  -753
Tax expense, $m
  204
  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
  382
  -222
  -229
  -235
  -243
  -252
  -261
  -271
  -282
  -294
  -307
  -281
  -295
  -311
  -327
  -344
  -363
  -382
  -402
  -424
  -447
  -471
  -496
  -523
  -551
  -580
  -612
  -644
  -679
  -715
  -753

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  843
  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
  6,424
  5,717
  5,869
  6,039
  6,226
  6,431
  6,654
  6,895
  7,154
  7,432
  7,728
  8,045
  8,381
  8,739
  9,118
  9,520
  9,945
  10,394
  10,869
  11,370
  11,898
  12,456
  13,043
  13,662
  14,313
  14,999
  15,721
  16,481
  17,280
  18,120
  19,004
Adjusted assets (=assets-cash), $m
  5,581
  5,717
  5,869
  6,039
  6,226
  6,431
  6,654
  6,895
  7,154
  7,432
  7,728
  8,045
  8,381
  8,739
  9,118
  9,520
  9,945
  10,394
  10,869
  11,370
  11,898
  12,456
  13,043
  13,662
  14,313
  14,999
  15,721
  16,481
  17,280
  18,120
  19,004
Revenue / Adjusted assets
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
  1.393
Average production assets, $m
  3,151
  3,225
  3,311
  3,407
  3,513
  3,628
  3,754
  3,890
  4,036
  4,193
  4,360
  4,539
  4,728
  4,930
  5,144
  5,371
  5,610
  5,864
  6,132
  6,414
  6,713
  7,027
  7,358
  7,707
  8,075
  8,462
  8,869
  9,298
  9,749
  10,223
  10,722
Working capital, $m
  2,217
  1,410
  1,447
  1,489
  1,535
  1,586
  1,641
  1,700
  1,764
  1,832
  1,906
  1,984
  2,067
  2,155
  2,248
  2,347
  2,452
  2,563
  2,680
  2,803
  2,934
  3,071
  3,216
  3,368
  3,529
  3,698
  3,876
  4,064
  4,261
  4,468
  4,686
Total debt, $m
  2,357
  2,439
  2,534
  2,640
  2,758
  2,886
  3,026
  3,176
  3,338
  3,512
  3,698
  3,896
  4,107
  4,331
  4,568
  4,819
  5,085
  5,367
  5,664
  5,977
  6,308
  6,657
  7,025
  7,412
  7,820
  8,250
  8,701
  9,177
  9,677
  10,203
  10,757
Total liabilities, $m
  3,497
  3,579
  3,674
  3,780
  3,898
  4,026
  4,166
  4,316
  4,478
  4,652
  4,838
  5,036
  5,247
  5,471
  5,708
  5,959
  6,225
  6,507
  6,804
  7,117
  7,448
  7,797
  8,165
  8,552
  8,960
  9,390
  9,841
  10,317
  10,817
  11,343
  11,897
Total equity, $m
  2,927
  2,138
  2,195
  2,259
  2,329
  2,405
  2,489
  2,579
  2,676
  2,779
  2,890
  3,009
  3,135
  3,268
  3,410
  3,560
  3,719
  3,887
  4,065
  4,252
  4,450
  4,658
  4,878
  5,109
  5,353
  5,610
  5,880
  6,164
  6,463
  6,777
  7,108
Total liabilities and equity, $m
  6,424
  5,717
  5,869
  6,039
  6,227
  6,431
  6,655
  6,895
  7,154
  7,431
  7,728
  8,045
  8,382
  8,739
  9,118
  9,519
  9,944
  10,394
  10,869
  11,369
  11,898
  12,455
  13,043
  13,661
  14,313
  15,000
  15,721
  16,481
  17,280
  18,120
  19,005
Debt-to-equity ratio
  0.805
  1.140
  1.150
  1.170
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
  1.380
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.510
Adjusted equity ratio
  0.373
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  382
  -222
  -229
  -235
  -243
  -252
  -261
  -271
  -282
  -294
  -307
  -281
  -295
  -311
  -327
  -344
  -363
  -382
  -402
  -424
  -447
  -471
  -496
  -523
  -551
  -580
  -612
  -644
  -679
  -715
  -753
Depreciation, amort., depletion, $m
  296
  308
  315
  323
  332
  342
  352
  363
  376
  389
  403
  378
  394
  411
  429
  448
  468
  489
  511
  535
  559
  586
  613
  642
  673
  705
  739
  775
  812
  852
  893
Funds from operations, $m
  811
  86
  87
  88
  89
  90
  91
  92
  93
  95
  96
  97
  99
  100
  102
  103
  105
  107
  109
  111
  113
  115
  117
  120
  122
  125
  128
  130
  134
  137
  140
Change in working capital, $m
  -42
  33
  37
  42
  46
  51
  55
  59
  64
  68
  73
  78
  83
  88
  93
  99
  105
  111
  117
  124
  130
  137
  145
  153
  161
  169
  178
  187
  197
  207
  218
Cash from operations, $m
  853
  53
  49
  46
  43
  39
  36
  33
  29
  26
  23
  19
  16
  12
  8
  4
  0
  -4
  -8
  -13
  -18
  -22
  -28
  -33
  -39
  -44
  -50
  -57
  -64
  -70
  -78
Maintenance CAPEX, $m
  0
  -263
  -269
  -276
  -284
  -293
  -302
  -313
  -324
  -336
  -349
  -363
  -378
  -394
  -411
  -429
  -448
  -468
  -489
  -511
  -535
  -559
  -586
  -613
  -642
  -673
  -705
  -739
  -775
  -812
  -852
New CAPEX, $m
  -198
  -74
  -86
  -96
  -106
  -116
  -126
  -136
  -146
  -157
  -167
  -178
  -190
  -202
  -214
  -227
  -240
  -253
  -268
  -283
  -298
  -314
  -331
  -349
  -368
  -387
  -407
  -429
  -451
  -474
  -499
Cash from investing activities, $m
  -313
  -337
  -355
  -372
  -390
  -409
  -428
  -449
  -470
  -493
  -516
  -541
  -568
  -596
  -625
  -656
  -688
  -721
  -757
  -794
  -833
  -873
  -917
  -962
  -1,010
  -1,060
  -1,112
  -1,168
  -1,226
  -1,286
  -1,351
Free cash flow, $m
  540
  -284
  -305
  -326
  -347
  -369
  -392
  -416
  -441
  -467
  -494
  -523
  -552
  -584
  -617
  -651
  -687
  -725
  -765
  -806
  -850
  -896
  -945
  -995
  -1,048
  -1,104
  -1,163
  -1,225
  -1,289
  -1,357
  -1,428
Issuance/(repayment) of debt, $m
  -255
  86
  95
  106
  117
  128
  139
  151
  162
  174
  186
  198
  211
  224
  237
  251
  266
  281
  297
  314
  331
  349
  368
  387
  408
  429
  452
  476
  500
  526
  553
Issuance/(repurchase) of shares, $m
  -15
  272
  285
  299
  313
  329
  345
  361
  379
  398
  418
  399
  421
  444
  469
  494
  521
  550
  580
  611
  644
  679
  716
  754
  794
  837
  882
  928
  978
  1,030
  1,084
Cash from financing (excl. dividends), $m  
  -289
  358
  380
  405
  430
  457
  484
  512
  541
  572
  604
  597
  632
  668
  706
  745
  787
  831
  877
  925
  975
  1,028
  1,084
  1,141
  1,202
  1,266
  1,334
  1,404
  1,478
  1,556
  1,637
Total cash flow (excl. dividends), $m
  250
  74
  75
  79
  84
  88
  92
  96
  100
  105
  109
  75
  80
  84
  90
  95
  100
  106
  112
  118
  125
  132
  139
  146
  154
  162
  171
  179
  189
  199
  209
Retained Cash Flow (-), $m
  -247
  -272
  -285
  -299
  -313
  -329
  -345
  -361
  -379
  -398
  -418
  -399
  -421
  -444
  -469
  -494
  -521
  -550
  -580
  -611
  -644
  -679
  -716
  -754
  -794
  -837
  -882
  -928
  -978
  -1,030
  -1,084
Prev. year cash balance distribution, $m
 
  839
  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
 
  641
  -210
  -220
  -230
  -241
  -253
  -265
  -279
  -293
  -308
  -325
  -342
  -360
  -379
  -400
  -421
  -444
  -468
  -493
  -519
  -547
  -577
  -608
  -641
  -675
  -711
  -749
  -789
  -831
  -875
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  613
  -192
  -190
  -188
  -184
  -181
  -176
  -171
  -164
  -157
  -149
  -140
  -131
  -121
  -111
  -101
  -90
  -80
  -70
  -60
  -51
  -43
  -35
  -29
  -23
  -18
  -14
  -10
  -7
  -5
Current shareholders' claim on cash, %
  100
  95.8
  91.8
  87.8
  83.9
  80.2
  76.5
  73.0
  69.6
  66.3
  63.2
  60.4
  57.7
  55.1
  52.6
  50.2
  47.9
  45.6
  43.5
  41.4
  39.4
  37.5
  35.7
  34.0
  32.3
  30.7
  29.2
  27.7
  26.3
  25.0
  23.7

Steel Dynamics, Inc. is a steel producing and a metal recycling company. The Company is engaged in the manufacture and sale of steel products, processing and sale of recycled ferrous and nonferrous metals, and fabrication and sale of steel joists and deck products. Its segments include steel operations, metals recycling operations, steel fabrication operations and Other Operations. It offers a range of steel products, such as sheet products, long products and steel finishing. The steel operations segment includes Butler Flat Roll Division, Columbus Flat Roll Division, The Techs galvanizing lines, Structural and Rail Division, Engineered Bar Products Division, Roanoke Bar Division, Steel of West Virginia and Iron Dynamics. The metals recycling operations segment consists of OmniSource Corporation. The fabrication operations produce steel building components. The Other Operations segment consists of subsidiary operations and smaller joint ventures.

FINANCIAL RATIOS  of  Steel Dynamics (STLD)

Valuation Ratios
P/E Ratio 23.1
Price to Sales 1.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 13.5
Growth Rates
Sales Growth Rate 2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 211
Current Ratio 0.1
LT Debt to Equity 80.4%
Total Debt to Equity 80.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 13.6%
Return On Equity - 3 Yr. Avg. 4.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 12.6%
EBITDA Margin 13%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 9.4%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 7.3%
Pre-Tax Margin - 3 Yr. Avg. 2%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 40.2%
Payout Ratio 35.6%

STLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the STLD stock intrinsic value calculation we used $7777 million for the last fiscal year's total revenue generated by Steel Dynamics. The default revenue input number comes from 2016 income statement of Steel Dynamics. 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 STLD stock valuation model: a) initial revenue growth rate of 2.4% 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 4.5%, whose default value for STLD is calculated based on our internal credit rating of Steel Dynamics, 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 Steel Dynamics.
    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 STLD stock the variable cost ratio is equal to 101%.

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 STLD 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 6.1% for Steel Dynamics.

Corporate tax rate of 27% is the nominal tax rate for Steel Dynamics. 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 STLD 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 STLD are equal to 40.5%.

Life of production assets of 12 years is the average useful life of capital assets used in Steel Dynamics 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 STLD is equal to 17.7%. 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 - $2927 million for Steel Dynamics - 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 243.579 million for Steel Dynamics 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 Steel Dynamics at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ [$$] Rising concern over weak prices knocks steelmakers   [Oct-16-17 04:26PM  Financial Times]
▶ The Hot Stock: Nucor Gains 3.6%   [Oct-11-17 04:39PM  Barrons.com]
▶ Steel: It's Not That Bad! 2 Stocks To Buy   [10:52AM  Barrons.com]
▶ Why U.S. Steel Corporation Might See Some Bearishness   [Oct-10-17 09:12AM  Market Realist]
▶ A Look at Trends in US Steel Production   [07:41AM  Market Realist]
▶ What US Steel Investors Can Expect in 4Q17   [07:38AM  Market Realist]
▶ 5 Steel Stocks that Thumped the Market in Q3   [Oct-06-17 02:55PM  Zacks]
▶ Lower Scrap Prices Might Please Nucor and Steel Dynamics   [Oct-05-17 01:07PM  Market Realist]
▶ Which Steel Stocks Pay the Highest Dividends?   [09:07AM  Market Realist]
▶ Is Nucor Losing Its Charm?   [Oct-03-17 12:36PM  Market Realist]
▶ A Look at Analysts Top 5 US Steel Producers   [09:08AM  Market Realist]
▶ [$$] 4 Steel Stocks to Play a Q4 Recovery   [10:52AM  Barrons.com]
▶ Analyzing the US Steel Industrys Health before 4Q17   [Sep-21-17 01:30PM  Market Realist]
▶ Steel Dynamics Is Best-In-Class Operator   [Sep-20-17 06:54PM  Morningstar]
▶ Should US Steelmakers Be Asking for More?   [07:39AM  Market Realist]
▶ How Wall Street Is Rating Steel Dynamics this Month   [Sep-18-17 07:37AM  Market Realist]
▶ Steel Maker Cites 'Slow' Trump Help For Earnings Warning   [Sep-15-17 04:00PM  Investor's Business Daily]
▶ Inside AK Steels Price-to-Sales Ratio: What You Need to Know   [Sep-11-17 04:05PM  Market Realist]
▶ [$$] Three Steel Stocks With Support   [11:55AM  Barrons.com]
▶ This Could Drive US Steel Prices Higher (And Benefit CLF)   [Sep-08-17 09:06AM  Market Realist]
▶ U.S. Steel Keeps Both Bulls and Bears Interested   [Sep-06-17 05:36PM  Market Realist]
▶ Could US Steel Bears Be In for a Rough Ride?   [07:37AM  Market Realist]
▶ U.S. Steel: Catch Up Time!   [01:44PM  Barrons.com]
▶ Steel executives send letter to President Trump   [Aug-24-17 02:26PM  CNBC Videos]
▶ Dividend Yield of Nucor   [Aug-23-17 12:42PM  Market Realist]
▶ Why AK Steel Still Has a Balance Sheet Problem   [Aug-22-17 12:35PM  Market Realist]
▶ Outlook for US Steel during the Delayed Imports Probe   [Aug-18-17 10:36AM  Market Realist]
Financial statements of STLD
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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