Intrinsic value of USG - USG

Previous Close

$42.69

  Intrinsic Value

$22.03

stock screener

  Rating & Target

sell

-48%

Previous close

$42.69

 
Intrinsic value

$22.03

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of USG 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 6.0

 

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, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  3,476
  3,760
  4,054
  4,360
  4,679
  5,009
  5,353
  5,710
  6,082
  6,468
  6,870
  7,289
  7,726
  8,181
  8,656
  9,151
  9,668
  10,207
  10,771
  11,361
  11,977
  12,622
  13,297
  14,003
  14,742
  15,516
  16,327
  17,176
  18,067
  19,000
Variable operating expenses, $m
  3,024
  3,270
  3,526
  3,792
  4,068
  4,356
  4,654
  4,964
  5,287
  5,623
  5,968
  6,332
  6,711
  7,106
  7,519
  7,949
  8,398
  8,867
  9,357
  9,869
  10,404
  10,964
  11,550
  12,164
  12,806
  13,478
  14,183
  14,920
  15,694
  16,504
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
  3,024
  3,270
  3,526
  3,792
  4,068
  4,356
  4,654
  4,964
  5,287
  5,623
  5,968
  6,332
  6,711
  7,106
  7,519
  7,949
  8,398
  8,867
  9,357
  9,869
  10,404
  10,964
  11,550
  12,164
  12,806
  13,478
  14,183
  14,920
  15,694
  16,504
Operating income, $m
  452
  490
  528
  568
  610
  654
  699
  746
  794
  845
  902
  957
  1,015
  1,075
  1,137
  1,202
  1,270
  1,341
  1,415
  1,492
  1,573
  1,658
  1,746
  1,839
  1,936
  2,038
  2,144
  2,256
  2,373
  2,495
EBITDA, $m
  599
  648
  699
  751
  806
  863
  922
  984
  1,048
  1,115
  1,184
  1,256
  1,331
  1,410
  1,492
  1,577
  1,666
  1,759
  1,856
  1,958
  2,064
  2,175
  2,291
  2,413
  2,540
  2,674
  2,813
  2,960
  3,113
  3,274
Interest expense (income), $m
  153
  69
  80
  91
  103
  115
  128
  141
  155
  170
  185
  200
  216
  233
  250
  269
  288
  308
  328
  350
  373
  396
  421
  447
  474
  502
  532
  563
  595
  629
  665
Earnings before tax, $m
  383
  409
  437
  465
  495
  525
  557
  590
  625
  661
  702
  741
  782
  824
  868
  914
  962
  1,012
  1,065
  1,120
  1,177
  1,237
  1,300
  1,365
  1,434
  1,506
  1,582
  1,661
  1,743
  1,830
Tax expense, $m
  103
  111
  118
  126
  134
  142
  150
  159
  169
  178
  190
  200
  211
  222
  234
  247
  260
  273
  287
  302
  318
  334
  351
  369
  387
  407
  427
  448
  471
  494
Net income, $m
  280
  299
  319
  340
  361
  384
  407
  431
  456
  482
  513
  541
  571
  602
  634
  667
  702
  739
  777
  817
  859
  903
  949
  997
  1,047
  1,099
  1,155
  1,212
  1,273
  1,336

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
  4,134
  4,470
  4,821
  5,185
  5,563
  5,956
  6,365
  6,790
  7,231
  7,691
  8,169
  8,668
  9,187
  9,728
  10,292
  10,881
  11,495
  12,137
  12,808
  13,509
  14,242
  15,008
  15,810
  16,650
  17,529
  18,449
  19,414
  20,424
  21,482
  22,592
Adjusted assets (=assets-cash), $m
  4,134
  4,470
  4,821
  5,185
  5,563
  5,956
  6,365
  6,790
  7,231
  7,691
  8,169
  8,668
  9,187
  9,728
  10,292
  10,881
  11,495
  12,137
  12,808
  13,509
  14,242
  15,008
  15,810
  16,650
  17,529
  18,449
  19,414
  20,424
  21,482
  22,592
Revenue / Adjusted assets
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
  0.841
Average production assets, $m
  1,895
  2,049
  2,210
  2,376
  2,550
  2,730
  2,917
  3,112
  3,314
  3,525
  3,744
  3,973
  4,211
  4,459
  4,717
  4,987
  5,269
  5,563
  5,870
  6,192
  6,528
  6,879
  7,247
  7,631
  8,034
  8,456
  8,898
  9,361
  9,846
  10,355
Working capital, $m
  129
  139
  150
  161
  173
  185
  198
  211
  225
  239
  254
  270
  286
  303
  320
  339
  358
  378
  399
  420
  443
  467
  492
  518
  545
  574
  604
  636
  668
  703
Total debt, $m
  1,250
  1,428
  1,613
  1,804
  2,004
  2,211
  2,426
  2,650
  2,883
  3,125
  3,377
  3,640
  3,913
  4,198
  4,496
  4,806
  5,130
  5,468
  5,822
  6,191
  6,577
  6,981
  7,404
  7,847
  8,310
  8,795
  9,303
  9,835
  10,393
  10,978
Total liabilities, $m
  2,178
  2,356
  2,541
  2,732
  2,932
  3,139
  3,354
  3,578
  3,811
  4,053
  4,305
  4,568
  4,841
  5,126
  5,424
  5,734
  6,058
  6,396
  6,750
  7,119
  7,505
  7,909
  8,332
  8,775
  9,238
  9,723
  10,231
  10,763
  11,321
  11,906
Total equity, $m
  1,955
  2,115
  2,280
  2,452
  2,631
  2,817
  3,011
  3,211
  3,420
  3,638
  3,864
  4,100
  4,345
  4,601
  4,868
  5,147
  5,437
  5,741
  6,058
  6,390
  6,736
  7,099
  7,478
  7,875
  8,291
  8,727
  9,183
  9,661
  10,161
  10,686
Total liabilities and equity, $m
  4,133
  4,471
  4,821
  5,184
  5,563
  5,956
  6,365
  6,789
  7,231
  7,691
  8,169
  8,668
  9,186
  9,727
  10,292
  10,881
  11,495
  12,137
  12,808
  13,509
  14,241
  15,008
  15,810
  16,650
  17,529
  18,450
  19,414
  20,424
  21,482
  22,592
Debt-to-equity ratio
  0.640
  0.680
  0.710
  0.740
  0.760
  0.780
  0.810
  0.830
  0.840
  0.860
  0.870
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.000
  1.010
  1.010
  1.020
  1.020
  1.030
Adjusted equity ratio
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  280
  299
  319
  340
  361
  384
  407
  431
  456
  482
  513
  541
  571
  602
  634
  667
  702
  739
  777
  817
  859
  903
  949
  997
  1,047
  1,099
  1,155
  1,212
  1,273
  1,336
Depreciation, amort., depletion, $m
  147
  158
  170
  183
  196
  210
  224
  238
  254
  269
  282
  299
  317
  335
  355
  375
  396
  418
  441
  466
  491
  517
  545
  574
  604
  636
  669
  704
  740
  779
Funds from operations, $m
  427
  457
  489
  523
  557
  593
  630
  669
  710
  752
  794
  840
  887
  937
  988
  1,042
  1,099
  1,157
  1,219
  1,283
  1,350
  1,420
  1,494
  1,570
  1,651
  1,735
  1,824
  1,916
  2,013
  2,115
Change in working capital, $m
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  35
Cash from operations, $m
  416
  447
  478
  511
  545
  581
  618
  656
  696
  737
  779
  824
  871
  920
  971
  1,024
  1,079
  1,137
  1,198
  1,261
  1,327
  1,396
  1,469
  1,544
  1,624
  1,707
  1,794
  1,885
  1,980
  2,080
Maintenance CAPEX, $m
  -131
  -142
  -154
  -166
  -179
  -192
  -205
  -219
  -234
  -249
  -265
  -282
  -299
  -317
  -335
  -355
  -375
  -396
  -418
  -441
  -466
  -491
  -517
  -545
  -574
  -604
  -636
  -669
  -704
  -740
New CAPEX, $m
  -147
  -154
  -161
  -167
  -173
  -180
  -187
  -195
  -202
  -211
  -219
  -228
  -238
  -248
  -259
  -270
  -282
  -294
  -307
  -321
  -336
  -351
  -368
  -385
  -403
  -422
  -442
  -463
  -485
  -509
Cash from investing activities, $m
  -278
  -296
  -315
  -333
  -352
  -372
  -392
  -414
  -436
  -460
  -484
  -510
  -537
  -565
  -594
  -625
  -657
  -690
  -725
  -762
  -802
  -842
  -885
  -930
  -977
  -1,026
  -1,078
  -1,132
  -1,189
  -1,249
Free cash flow, $m
  138
  150
  164
  178
  193
  209
  225
  242
  259
  278
  295
  314
  335
  355
  377
  399
  423
  447
  472
  498
  526
  554
  584
  615
  647
  681
  716
  753
  791
  831
Issuance/(repayment) of debt, $m
  172
  178
  185
  192
  199
  207
  215
  224
  233
  242
  252
  263
  274
  285
  297
  310
  324
  338
  353
  369
  386
  404
  423
  442
  463
  485
  508
  532
  558
  585
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  172
  178
  185
  192
  199
  207
  215
  224
  233
  242
  252
  263
  274
  285
  297
  310
  324
  338
  353
  369
  386
  404
  423
  442
  463
  485
  508
  532
  558
  585
Total cash flow (excl. dividends), $m
  310
  327
  348
  370
  393
  416
  441
  466
  492
  520
  547
  577
  608
  641
  674
  710
  747
  785
  826
  868
  912
  958
  1,006
  1,057
  1,110
  1,166
  1,224
  1,285
  1,349
  1,416
Retained Cash Flow (-), $m
  -151
  -159
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -236
  -246
  -256
  -267
  -278
  -291
  -304
  -317
  -332
  -347
  -363
  -379
  -397
  -416
  -435
  -456
  -478
  -501
  -525
Prev. year cash balance distribution, $m
  41
  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
  200
  168
  183
  198
  214
  230
  247
  265
  283
  302
  321
  341
  363
  385
  407
  431
  456
  482
  508
  536
  565
  595
  627
  660
  694
  730
  768
  807
  848
  891
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
  192
  154
  159
  163
  166
  167
  167
  166
  163
  158
  152
  146
  138
  129
  120
  110
  99
  89
  78
  68
  58
  49
  41
  34
  27
  21
  16
  12
  9
  7
Current shareholders' claim on cash, %
  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

USG Corporation, through its subsidiaries, is a manufacturer and distributor of building materials. The Company's segments include Gypsum, Ceilings and USG Boral Building Products (UBBP). It produces a range of products for use in new residential, new nonresidential, and residential and nonresidential repair and remodel construction, as well as products used in certain industrial processes. Its products are distributed through building materials dealers, home improvement centers and other retailers, specialty wallboard distributors, and contractors. Gypsum segment manufactures and markets gypsum and related products in the United States, Canada, Mexico and Latin America. Ceilings segment manufactures and markets interior systems products in the United States, Canada, Mexico and Latin America. The UBBP segment manufactures, distributes and sells certain building products, mines raw gypsum and sells natural and synthetic gypsum throughout Asia, Australasia and the Middle East.

FINANCIAL RATIOS  of  USG (USG)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 2.1
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 21.5
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.7%
Cap. Spend. - 3 Yr. Gr. Rate -10.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 57.4%
Total Debt to Equity 57.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 18.9%
Return On Total Capital 15.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 30.7%
Return On Equity - 3 Yr. Avg. 48.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin 18.6%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 16.9%
Net Profit Margin - 3 Yr. Avg. 17.3%
Effective Tax Rate 23%
Eff/ Tax Rate - 3 Yr. Avg. -91.8%
Payout Ratio 0%

USG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the USG stock intrinsic value calculation we used $3204 million for the last fiscal year's total revenue generated by USG. The default revenue input number comes from 0001 income statement of USG. 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 USG stock valuation model: a) initial revenue growth rate of 8.5% 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 USG is calculated based on our internal credit rating of USG, 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 USG.
    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 USG stock the variable cost ratio is equal to 87%.

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 USG 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 6.4% for USG.

Corporate tax rate of 27% is the nominal tax rate for USG. 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 USG 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 USG are equal to 54.5%.

Life of production assets of 13.3 years is the average useful life of capital assets used in USG 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 USG is equal to 3.7%. 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 - $1845 million for USG - 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 139.493 million for USG 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 USG at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ USG (USG) Misses Q3 Earnings Estimates   [Oct-25-18 10:45AM  Zacks]
▶ USG: 3Q Earnings Snapshot   [09:39AM  Associated Press]
▶ David Herro Comments on USG Corp   [Oct-09-18 06:49PM  GuruFocus.com]
▶ USG Corporation Stockholders Approve Acquisition by Knauf   [Sep-26-18 10:45AM  Business Wire]
▶ USG (USG) Misses Q2 Earnings Estimates   [Jul-25-18 11:19AM  Zacks]
▶ USG: 2Q Earnings Snapshot   [08:16AM  Associated Press]
▶ Calculating The Intrinsic Value Of USG Corporation (NYSE:USG)   [Jun-25-18 11:10AM  Simply Wall St.]
▶ [$$] Building-Materials Firm USG Agrees to Knaufs $7 Billion Buyout   [Jun-11-18 07:58PM  The Wall Street Journal]
▶ Knauf to acquire USG in $7 billion deal   [10:31AM  American City Business Journals]
▶ [$$] USG Corp agrees to $7bn deal from Germanys Knauf   [Jun-10-18 09:32PM  Financial Times]
▶ 3 Stocks the World's Best Investors Are Buying Right Now   [May-23-18 09:07AM  Motley Fool]
▶ USG Board Authorizes Negotiations With Knauf   [11:15AM  Business Wire]
▶ USG: 1Q Earnings Snapshot   [Apr-25-18 08:12AM  Associated Press]
▶ USG Corporation to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ Warren Buffett Doesn't Do This Much, but He Is Now   [Apr-18-18 09:15AM  Motley Fool]
▶ Knauf Files Investor Presentation   [Apr-17-18 04:43PM  PR Newswire]
▶ [$$] Buffett/USG: material differences   [Apr-16-18 06:15AM  Financial Times]
▶ Buffett's Berkshire will oppose USG board nominees after Knauf bid   [Apr-13-18 02:12PM  Yahoo Finance Video]
▶ Warren Buffett Is Going Activist on USG Corporation   [Apr-12-18 10:00PM  Motley Fool]
▶ Company News For Apr 12, 2018   [09:55AM  Zacks]
▶ USG Board Sends Letter to Stockholders   [09:00AM  Business Wire]
▶ [$$] Buffett turns hostile against board of USG   [04:51AM  Financial Times]
▶ Company News For Mar 27, 2018   [10:39AM  Zacks]
▶ [$$] USG Rejects Buyout Offer But Courting Likely Not Over   [12:27AM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:06PM  Motley Fool]
▶ Warren Buffett, the Cash Magnet   [10:42AM  Bloomberg]

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