Intrinsic value of Worthington Industries - WOR

Previous Close

$44.42

  Intrinsic Value

$334.74

stock screener

  Rating & Target

str. buy

+654%

  Value-price divergence*

+5000%

Previous close

$44.42

 
Intrinsic value

$334.74

 
Up/down potential

+654%

 
Rating

str. buy

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of WOR 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 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  6.88
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  3,014
  3,563
  4,164
  4,817
  5,522
  6,276
  7,079
  7,930
  8,827
  9,770
  10,758
  11,791
  12,869
  13,992
  15,161
  16,377
  17,641
  18,954
  20,319
  21,738
  23,212
  24,745
  26,340
  27,999
  29,727
  31,526
  33,401
  35,356
  37,395
  39,523
  41,745
Variable operating expenses, $m
 
  2,015
  2,351
  2,717
  3,110
  3,532
  3,980
  4,456
  4,957
  5,484
  6,036
  6,588
  7,191
  7,818
  8,471
  9,151
  9,857
  10,591
  11,354
  12,146
  12,970
  13,827
  14,718
  15,645
  16,610
  17,616
  18,664
  19,756
  20,895
  22,085
  23,326
Fixed operating expenses, $m
 
  1,147
  1,176
  1,205
  1,235
  1,266
  1,298
  1,330
  1,363
  1,397
  1,432
  1,468
  1,505
  1,543
  1,581
  1,621
  1,661
  1,703
  1,745
  1,789
  1,834
  1,879
  1,926
  1,975
  2,024
  2,075
  2,126
  2,180
  2,234
  2,290
  2,347
Total operating expenses, $m
  2,801
  3,162
  3,527
  3,922
  4,345
  4,798
  5,278
  5,786
  6,320
  6,881
  7,468
  8,056
  8,696
  9,361
  10,052
  10,772
  11,518
  12,294
  13,099
  13,935
  14,804
  15,706
  16,644
  17,620
  18,634
  19,691
  20,790
  21,936
  23,129
  24,375
  25,673
Operating income, $m
  213
  400
  637
  896
  1,176
  1,478
  1,801
  2,144
  2,506
  2,888
  3,289
  3,734
  4,173
  4,631
  5,108
  5,605
  6,122
  6,660
  7,220
  7,802
  8,408
  9,039
  9,695
  10,379
  11,092
  11,836
  12,611
  13,421
  14,266
  15,149
  16,072
EBITDA, $m
  300
  500
  749
  1,022
  1,317
  1,635
  1,975
  2,336
  2,717
  3,119
  3,541
  3,982
  4,444
  4,925
  5,427
  5,950
  6,494
  7,059
  7,648
  8,260
  8,897
  9,560
  10,250
  10,969
  11,718
  12,499
  13,314
  14,165
  15,053
  15,981
  16,951
Interest expense (income), $m
  30
  30
  43
  57
  72
  89
  107
  126
  146
  167
  189
  212
  237
  262
  288
  316
  345
  374
  405
  437
  471
  506
  542
  579
  618
  659
  702
  746
  792
  840
  890
Earnings before tax, $m
  297
  370
  594
  839
  1,104
  1,389
  1,694
  2,018
  2,361
  2,722
  3,100
  3,522
  3,937
  4,369
  4,820
  5,289
  5,778
  6,286
  6,815
  7,365
  7,937
  8,533
  9,154
  9,800
  10,474
  11,176
  11,910
  12,675
  13,474
  14,309
  15,182
Tax expense, $m
  79
  100
  160
  226
  298
  375
  457
  545
  637
  735
  837
  951
  1,063
  1,180
  1,301
  1,428
  1,560
  1,697
  1,840
  1,989
  2,143
  2,304
  2,471
  2,646
  2,828
  3,018
  3,216
  3,422
  3,638
  3,863
  4,099
Net income, $m
  205
  270
  434
  612
  806
  1,014
  1,237
  1,473
  1,723
  1,987
  2,263
  2,571
  2,874
  3,189
  3,519
  3,861
  4,218
  4,589
  4,975
  5,376
  5,794
  6,229
  6,682
  7,154
  7,646
  8,159
  8,694
  9,253
  9,836
  10,446
  11,083

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  278
  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
  2,325
  2,420
  2,829
  3,273
  3,751
  4,264
  4,809
  5,387
  5,996
  6,637
  7,308
  8,010
  8,742
  9,505
  10,299
  11,125
  11,984
  12,876
  13,804
  14,767
  15,769
  16,811
  17,894
  19,021
  20,195
  21,417
  22,691
  24,019
  25,404
  26,850
  28,360
Adjusted assets (=assets-cash), $m
  2,047
  2,420
  2,829
  3,273
  3,751
  4,264
  4,809
  5,387
  5,996
  6,637
  7,308
  8,010
  8,742
  9,505
  10,299
  11,125
  11,984
  12,876
  13,804
  14,767
  15,769
  16,811
  17,894
  19,021
  20,195
  21,417
  22,691
  24,019
  25,404
  26,850
  28,360
Revenue / Adjusted assets
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
  1.472
Average production assets, $m
  666
  787
  920
  1,065
  1,220
  1,387
  1,564
  1,752
  1,951
  2,159
  2,377
  2,606
  2,844
  3,092
  3,351
  3,619
  3,899
  4,189
  4,491
  4,804
  5,130
  5,469
  5,821
  6,188
  6,570
  6,967
  7,382
  7,814
  8,264
  8,735
  9,226
Working capital, $m
  670
  470
  550
  636
  729
  828
  934
  1,047
  1,165
  1,290
  1,420
  1,556
  1,699
  1,847
  2,001
  2,162
  2,329
  2,502
  2,682
  2,869
  3,064
  3,266
  3,477
  3,696
  3,924
  4,161
  4,409
  4,667
  4,936
  5,217
  5,510
Total debt, $m
  579
  820
  1,093
  1,389
  1,708
  2,050
  2,414
  2,799
  3,206
  3,633
  4,081
  4,549
  5,037
  5,546
  6,076
  6,627
  7,199
  7,795
  8,413
  9,056
  9,724
  10,419
  11,141
  11,893
  12,676
  13,491
  14,341
  15,227
  16,151
  17,115
  18,122
Total liabilities, $m
  1,374
  1,614
  1,887
  2,183
  2,502
  2,844
  3,208
  3,593
  4,000
  4,427
  4,875
  5,343
  5,831
  6,340
  6,870
  7,421
  7,993
  8,589
  9,207
  9,850
  10,518
  11,213
  11,935
  12,687
  13,470
  14,285
  15,135
  16,021
  16,945
  17,909
  18,916
Total equity, $m
  952
  806
  942
  1,090
  1,249
  1,420
  1,601
  1,794
  1,997
  2,210
  2,434
  2,667
  2,911
  3,165
  3,430
  3,705
  3,991
  4,288
  4,597
  4,918
  5,251
  5,598
  5,959
  6,334
  6,725
  7,132
  7,556
  7,998
  8,460
  8,941
  9,444
Total liabilities and equity, $m
  2,326
  2,420
  2,829
  3,273
  3,751
  4,264
  4,809
  5,387
  5,997
  6,637
  7,309
  8,010
  8,742
  9,505
  10,300
  11,126
  11,984
  12,877
  13,804
  14,768
  15,769
  16,811
  17,894
  19,021
  20,195
  21,417
  22,691
  24,019
  25,405
  26,850
  28,360
Debt-to-equity ratio
  0.608
  1.020
  1.160
  1.270
  1.370
  1.440
  1.510
  1.560
  1.610
  1.640
  1.680
  1.710
  1.730
  1.750
  1.770
  1.790
  1.800
  1.820
  1.830
  1.840
  1.850
  1.860
  1.870
  1.880
  1.880
  1.890
  1.900
  1.900
  1.910
  1.910
  1.920
Adjusted equity ratio
  0.329
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333
  0.333

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  205
  270
  434
  612
  806
  1,014
  1,237
  1,473
  1,723
  1,987
  2,263
  2,571
  2,874
  3,189
  3,519
  3,861
  4,218
  4,589
  4,975
  5,376
  5,794
  6,229
  6,682
  7,154
  7,646
  8,159
  8,694
  9,253
  9,836
  10,446
  11,083
Depreciation, amort., depletion, $m
  87
  100
  112
  126
  141
  157
  174
  192
  211
  230
  251
  248
  271
  294
  319
  345
  371
  399
  428
  458
  489
  521
  554
  589
  626
  664
  703
  744
  787
  832
  879
Funds from operations, $m
  334
  370
  546
  739
  947
  1,171
  1,411
  1,665
  1,934
  2,217
  2,515
  2,819
  3,145
  3,484
  3,838
  4,206
  4,589
  4,988
  5,402
  5,834
  6,283
  6,750
  7,237
  7,743
  8,272
  8,822
  9,397
  9,997
  10,623
  11,277
  11,962
Change in working capital, $m
  -2
  72
  79
  86
  93
  100
  106
  112
  118
  124
  130
  136
  142
  148
  154
  160
  167
  173
  180
  187
  195
  202
  210
  219
  228
  238
  248
  258
  269
  281
  293
Cash from operations, $m
  336
  298
  467
  652
  854
  1,072
  1,305
  1,553
  1,816
  2,093
  2,384
  2,683
  3,002
  3,336
  3,683
  4,045
  4,422
  4,814
  5,222
  5,647
  6,088
  6,548
  7,026
  7,524
  8,044
  8,585
  9,149
  9,739
  10,354
  10,997
  11,668
Maintenance CAPEX, $m
  0
  -63
  -75
  -88
  -101
  -116
  -132
  -149
  -167
  -186
  -206
  -226
  -248
  -271
  -294
  -319
  -345
  -371
  -399
  -428
  -458
  -489
  -521
  -554
  -589
  -626
  -664
  -703
  -744
  -787
  -832
New CAPEX, $m
  -68
  -121
  -133
  -144
  -156
  -167
  -177
  -188
  -198
  -208
  -218
  -228
  -238
  -248
  -258
  -269
  -279
  -290
  -302
  -313
  -326
  -339
  -352
  -367
  -382
  -398
  -414
  -432
  -451
  -470
  -491
Cash from investing activities, $m
  -63
  -184
  -208
  -232
  -257
  -283
  -309
  -337
  -365
  -394
  -424
  -454
  -486
  -519
  -552
  -588
  -624
  -661
  -701
  -741
  -784
  -828
  -873
  -921
  -971
  -1,024
  -1,078
  -1,135
  -1,195
  -1,257
  -1,323
Free cash flow, $m
  273
  113
  259
  420
  597
  789
  995
  1,216
  1,450
  1,699
  1,960
  2,228
  2,516
  2,817
  3,130
  3,458
  3,798
  4,153
  4,522
  4,905
  5,305
  5,720
  6,153
  6,603
  7,072
  7,562
  8,072
  8,604
  9,159
  9,739
  10,345
Issuance/(repayment) of debt, $m
  -3
  248
  272
  296
  319
  342
  364
  385
  407
  427
  448
  468
  488
  509
  530
  551
  573
  595
  618
  643
  668
  695
  723
  752
  783
  815
  850
  886
  924
  964
  1,007
Issuance/(repurchase) of shares, $m
  -9
  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  
  -28
  248
  272
  296
  319
  342
  364
  385
  407
  427
  448
  468
  488
  509
  530
  551
  573
  595
  618
  643
  668
  695
  723
  752
  783
  815
  850
  886
  924
  964
  1,007
Total cash flow (excl. dividends), $m
  245
  361
  531
  716
  916
  1,131
  1,359
  1,601
  1,857
  2,126
  2,408
  2,696
  3,004
  3,326
  3,660
  4,008
  4,371
  4,748
  5,140
  5,548
  5,973
  6,415
  6,875
  7,355
  7,855
  8,377
  8,921
  9,489
  10,083
  10,703
  11,352
Retained Cash Flow (-), $m
  -159
  -125
  -136
  -148
  -159
  -171
  -182
  -192
  -203
  -213
  -224
  -234
  -244
  -254
  -264
  -275
  -286
  -297
  -309
  -321
  -334
  -347
  -361
  -375
  -391
  -407
  -424
  -442
  -461
  -481
  -503
Prev. year cash balance distribution, $m
 
  271
  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
 
  507
  395
  569
  757
  960
  1,177
  1,409
  1,654
  1,913
  2,184
  2,463
  2,760
  3,071
  3,396
  3,733
  4,085
  4,451
  4,831
  5,227
  5,639
  6,068
  6,515
  6,980
  7,464
  7,970
  8,497
  9,047
  9,622
  10,222
  10,849
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
 
  486
  362
  495
  623
  744
  854
  952
  1,034
  1,099
  1,145
  1,169
  1,178
  1,168
  1,140
  1,096
  1,038
  968
  890
  805
  717
  628
  541
  457
  380
  310
  248
  194
  149
  112
  82
Current shareholders' claim on cash, %
  100
  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

Worthington Industries, Inc. is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company's segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, and oil and gas equipment along with various accessories and related products for end use market applications. The Engineered Cabs is a non-captive designer and manufacturer of custom-engineered open and enclosed cabs and operator stations and custom fabrications for heavy mobile equipment used in the agricultural, construction, forestry, mining and military industries. The Other segment includes Construction Services and Worthington Energy Innovations.

FINANCIAL RATIOS  of  Worthington Industries (WOR)

Valuation Ratios
P/E Ratio 13.6
Price to Sales 0.9
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 10.4
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.9%
Cap. Spend. - 3 Yr. Gr. Rate -0.9%
Financial Strength
Quick Ratio 40
Current Ratio 0
LT Debt to Equity 60.1%
Total Debt to Equity 60.8%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 14.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 23.5%
Return On Equity - 3 Yr. Avg. 17.3%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 15.9%
EBITDA Margin 13.7%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 9.9%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 4.7%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio 24.9%

WOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WOR stock intrinsic value calculation we used $3014 million for the last fiscal year's total revenue generated by Worthington Industries. The default revenue input number comes from 2017 income statement of Worthington 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 WOR stock valuation model: a) initial revenue growth rate of 18.2% 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 WOR is calculated based on our internal credit rating of Worthington 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 Worthington 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 WOR stock the variable cost ratio is equal to 56.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1119 million in the base year in the intrinsic value calculation for WOR 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 5.2% for Worthington Industries.

Corporate tax rate of 27% is the nominal tax rate for Worthington 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 WOR 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 WOR are equal to 22.1%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Worthington 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 WOR is equal to 13.2%. 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 - $952 million for Worthington 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 63.441 million for Worthington 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 Worthington Industries at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Worthington misses 1Q profit forecasts   [Sep-27-17 11:19PM  Associated Press]
▶ Worthington Industries Sees IBD RS Rating Rise To 71   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for September 7th   [Sep-07-17 11:33AM  Zacks]
▶ 5 of the Best Manufacturing Stocks Right Now   [Sep-05-17 12:30PM  Zacks]
▶ Worthington Industries Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for July 18th   [Jul-18-17 06:01AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for July 6th   [Jul-06-17 11:32AM  Zacks]
▶ Worthington beats 4Q profit forecasts   [Jun-28-17 09:55PM  Associated Press]
▶ Worthington Industries makes biggest acquisition in company history   [Jun-02-17 01:37PM  American City Business Journals]
▶ Worthington Industries Acquires Amtrol   [09:01AM  GlobeNewswire]
▶ WorleyParsons Jumps on Dar Group Stake Acquisition   [Apr-09-17 10:16PM  Barrons.com]
▶ Examining Worthington's Big Earnings Miss   [Apr-06-17 02:44PM  Investopedia]
▶ Worthington misses 3Q profit forecasts   [Mar-29-17 05:08PM  Associated Press]
Financial statements of WOR
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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