Intrinsic value of Worthington Industries - WOR

Previous Close

$42.60

  Intrinsic Value

$253.25

stock screener

  Rating & Target

str. buy

+494%

Previous close

$42.60

 
Intrinsic value

$253.25

 
Up/down potential

+494%

 
Rating

str. buy

*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 2.7

 

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
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  3,014
  3,463
  3,945
  4,458
  5,003
  5,578
  6,183
  6,818
  7,481
  8,174
  8,896
  9,648
  10,431
  11,244
  12,089
  12,967
  13,880
  14,828
  15,815
  16,840
  17,908
  19,019
  20,175
  21,381
  22,638
  23,948
  25,316
  26,744
  28,235
  29,793
  31,421
Variable operating expenses, $m
 
  1,960
  2,229
  2,516
  2,820
  3,142
  3,480
  3,834
  4,205
  4,592
  4,996
  5,391
  5,828
  6,283
  6,755
  7,246
  7,756
  8,286
  8,837
  9,410
  10,006
  10,627
  11,273
  11,947
  12,649
  13,382
  14,146
  14,944
  15,777
  16,647
  17,557
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
  3,107
  3,405
  3,721
  4,055
  4,408
  4,778
  5,164
  5,568
  5,989
  6,428
  6,859
  7,333
  7,826
  8,336
  8,867
  9,417
  9,989
  10,582
  11,199
  11,840
  12,506
  13,199
  13,922
  14,673
  15,457
  16,272
  17,124
  18,011
  18,937
  19,904
Operating income, $m
  213
  356
  540
  737
  948
  1,170
  1,406
  1,653
  1,913
  2,184
  2,468
  2,789
  3,097
  3,419
  3,753
  4,101
  4,463
  4,840
  5,233
  5,642
  6,068
  6,512
  6,976
  7,459
  7,964
  8,492
  9,044
  9,620
  10,224
  10,855
  11,517
EBITDA, $m
  300
  454
  648
  856
  1,078
  1,313
  1,561
  1,821
  2,095
  2,381
  2,680
  2,992
  3,317
  3,655
  4,007
  4,374
  4,755
  5,152
  5,565
  5,996
  6,445
  6,912
  7,400
  7,909
  8,441
  8,996
  9,576
  10,183
  10,818
  11,483
  12,178
Interest expense (income), $m
  30
  30
  40
  52
  64
  77
  90
  104
  119
  135
  151
  168
  186
  204
  224
  244
  264
  286
  308
  331
  356
  381
  407
  434
  463
  492
  523
  555
  589
  624
  661
Earnings before tax, $m
  297
  326
  500
  686
  884
  1,094
  1,316
  1,549
  1,793
  2,049
  2,317
  2,621
  2,911
  3,214
  3,529
  3,857
  4,199
  4,554
  4,925
  5,310
  5,712
  6,131
  6,569
  7,025
  7,502
  8,000
  8,521
  9,065
  9,635
  10,231
  10,856
Tax expense, $m
  79
  88
  135
  185
  239
  295
  355
  418
  484
  553
  626
  708
  786
  868
  953
  1,041
  1,134
  1,230
  1,330
  1,434
  1,542
  1,655
  1,774
  1,897
  2,026
  2,160
  2,301
  2,448
  2,601
  2,762
  2,931
Net income, $m
  205
  238
  365
  501
  645
  798
  960
  1,131
  1,309
  1,496
  1,691
  1,913
  2,125
  2,346
  2,576
  2,816
  3,065
  3,325
  3,595
  3,876
  4,170
  4,476
  4,795
  5,128
  5,476
  5,840
  6,220
  6,618
  7,034
  7,469
  7,925

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
  2,353
  2,680
  3,029
  3,399
  3,790
  4,201
  4,632
  5,082
  5,553
  6,044
  6,555
  7,086
  7,638
  8,213
  8,809
  9,429
  10,074
  10,744
  11,440
  12,165
  12,920
  13,706
  14,525
  15,379
  16,269
  17,198
  18,168
  19,181
  20,240
  21,346
Adjusted assets (=assets-cash), $m
  2,047
  2,353
  2,680
  3,029
  3,399
  3,790
  4,201
  4,632
  5,082
  5,553
  6,044
  6,555
  7,086
  7,638
  8,213
  8,809
  9,429
  10,074
  10,744
  11,440
  12,165
  12,920
  13,706
  14,525
  15,379
  16,269
  17,198
  18,168
  19,181
  20,240
  21,346
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
  765
  872
  985
  1,106
  1,233
  1,366
  1,507
  1,653
  1,807
  1,966
  2,132
  2,305
  2,485
  2,672
  2,866
  3,067
  3,277
  3,495
  3,722
  3,958
  4,203
  4,459
  4,725
  5,003
  5,293
  5,595
  5,910
  6,240
  6,584
  6,944
Working capital, $m
  670
  457
  521
  589
  660
  736
  816
  900
  988
  1,079
  1,174
  1,274
  1,377
  1,484
  1,596
  1,712
  1,832
  1,957
  2,088
  2,223
  2,364
  2,510
  2,663
  2,822
  2,988
  3,161
  3,342
  3,530
  3,727
  3,933
  4,148
Total debt, $m
  579
  775
  993
  1,226
  1,473
  1,734
  2,008
  2,295
  2,596
  2,910
  3,237
  3,578
  3,932
  4,301
  4,684
  5,082
  5,495
  5,925
  6,372
  6,837
  7,320
  7,824
  8,348
  8,894
  9,464
  10,058
  10,677
  11,324
  12,000
  12,706
  13,444
Total liabilities, $m
  1,374
  1,569
  1,787
  2,020
  2,267
  2,528
  2,802
  3,089
  3,390
  3,704
  4,031
  4,372
  4,726
  5,095
  5,478
  5,876
  6,289
  6,719
  7,166
  7,631
  8,114
  8,618
  9,142
  9,688
  10,258
  10,852
  11,471
  12,118
  12,794
  13,500
  14,238
Total equity, $m
  952
  783
  892
  1,009
  1,132
  1,262
  1,399
  1,542
  1,692
  1,849
  2,013
  2,183
  2,360
  2,544
  2,735
  2,933
  3,140
  3,355
  3,578
  3,810
  4,051
  4,302
  4,564
  4,837
  5,121
  5,418
  5,727
  6,050
  6,387
  6,740
  7,108
Total liabilities and equity, $m
  2,326
  2,352
  2,679
  3,029
  3,399
  3,790
  4,201
  4,631
  5,082
  5,553
  6,044
  6,555
  7,086
  7,639
  8,213
  8,809
  9,429
  10,074
  10,744
  11,441
  12,165
  12,920
  13,706
  14,525
  15,379
  16,270
  17,198
  18,168
  19,181
  20,240
  21,346
Debt-to-equity ratio
  0.608
  0.990
  1.110
  1.220
  1.300
  1.370
  1.440
  1.490
  1.530
  1.570
  1.610
  1.640
  1.670
  1.690
  1.710
  1.730
  1.750
  1.770
  1.780
  1.790
  1.810
  1.820
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.880
  1.890
  1.890
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
  238
  365
  501
  645
  798
  960
  1,131
  1,309
  1,496
  1,691
  1,913
  2,125
  2,346
  2,576
  2,816
  3,065
  3,325
  3,595
  3,876
  4,170
  4,476
  4,795
  5,128
  5,476
  5,840
  6,220
  6,618
  7,034
  7,469
  7,925
Depreciation, amort., depletion, $m
  87
  98
  108
  119
  130
  142
  155
  168
  182
  197
  212
  203
  220
  237
  254
  273
  292
  312
  333
  354
  377
  400
  425
  450
  476
  504
  533
  563
  594
  627
  661
Funds from operations, $m
  334
  336
  473
  619
  775
  941
  1,115
  1,299
  1,491
  1,693
  1,903
  2,116
  2,345
  2,583
  2,831
  3,089
  3,357
  3,637
  3,928
  4,231
  4,547
  4,876
  5,220
  5,578
  5,953
  6,344
  6,753
  7,180
  7,628
  8,096
  8,586
Change in working capital, $m
  -2
  59
  64
  68
  72
  76
  80
  84
  88
  91
  95
  99
  103
  107
  112
  116
  120
  125
  130
  135
  141
  147
  153
  159
  166
  173
  181
  188
  197
  206
  215
Cash from operations, $m
  336
  277
  409
  551
  703
  865
  1,035
  1,215
  1,404
  1,601
  1,808
  2,017
  2,242
  2,476
  2,719
  2,973
  3,237
  3,512
  3,798
  4,096
  4,406
  4,730
  5,067
  5,419
  5,787
  6,171
  6,572
  6,992
  7,431
  7,890
  8,371
Maintenance CAPEX, $m
  0
  -63
  -73
  -83
  -94
  -105
  -117
  -130
  -143
  -157
  -172
  -187
  -203
  -220
  -237
  -254
  -273
  -292
  -312
  -333
  -354
  -377
  -400
  -425
  -450
  -476
  -504
  -533
  -563
  -594
  -627
New CAPEX, $m
  -68
  -99
  -106
  -113
  -120
  -127
  -134
  -140
  -147
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -266
  -278
  -290
  -302
  -316
  -330
  -344
  -360
Cash from investing activities, $m
  -63
  -162
  -179
  -196
  -214
  -232
  -251
  -270
  -290
  -310
  -332
  -353
  -376
  -400
  -424
  -448
  -475
  -502
  -530
  -560
  -590
  -623
  -656
  -691
  -728
  -766
  -806
  -849
  -893
  -938
  -987
Free cash flow, $m
  273
  114
  230
  355
  489
  632
  784
  945
  1,114
  1,291
  1,476
  1,663
  1,866
  2,076
  2,296
  2,524
  2,762
  3,010
  3,268
  3,536
  3,816
  4,107
  4,411
  4,728
  5,059
  5,405
  5,766
  6,144
  6,539
  6,952
  7,384
Issuance/(repayment) of debt, $m
  -3
  203
  218
  233
  247
  261
  274
  287
  301
  314
  327
  341
  354
  368
  383
  398
  414
  430
  447
  465
  484
  503
  524
  546
  569
  594
  620
  647
  676
  706
  738
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
  203
  218
  233
  247
  261
  274
  287
  301
  314
  327
  341
  354
  368
  383
  398
  414
  430
  447
  465
  484
  503
  524
  546
  569
  594
  620
  647
  676
  706
  738
Total cash flow (excl. dividends), $m
  245
  317
  448
  588
  736
  893
  1,058
  1,232
  1,414
  1,605
  1,804
  2,004
  2,220
  2,445
  2,679
  2,922
  3,176
  3,440
  3,714
  4,001
  4,299
  4,611
  4,935
  5,274
  5,629
  5,999
  6,386
  6,791
  7,214
  7,658
  8,122
Retained Cash Flow (-), $m
  -159
  -102
  -109
  -116
  -123
  -130
  -137
  -144
  -150
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -206
  -215
  -223
  -232
  -241
  -251
  -262
  -273
  -284
  -296
  -309
  -323
  -337
  -352
  -368
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
 
  486
  339
  471
  613
  763
  922
  1,089
  1,264
  1,448
  1,640
  1,834
  2,043
  2,261
  2,488
  2,724
  2,969
  3,225
  3,491
  3,769
  4,058
  4,359
  4,674
  5,002
  5,344
  5,702
  6,076
  6,468
  6,877
  7,305
  7,754
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
 
  466
  310
  410
  505
  591
  669
  736
  790
  832
  860
  871
  872
  860
  835
  800
  755
  702
  643
  580
  516
  451
  388
  328
  272
  222
  177
  139
  106
  80
  58
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 13.1
Price to Sales 0.9
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 10
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 14.9% 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 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 62.965 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 $2.7 billion.

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COMPANY NEWS

▶ WAVE to Sell European and Pacific Rim Businesses   [Nov-20-17 08:26AM  GlobeNewswire]
▶ 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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