Intrinsic value of Worthington Industries - WOR

Previous Close

$45.61

  Intrinsic Value

$74.88

stock screener

  Rating & Target

str. buy

+64%

Previous close

$45.61

 
Intrinsic value

$74.88

 
Up/down potential

+64%

 
Rating

str. buy

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 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 2.7

 

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, %
  20.70
  19.13
  17.72
  16.45
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
Revenue, $m
  4,323
  5,150
  6,062
  7,059
  8,140
  9,301
  10,542
  11,861
  13,256
  14,725
  16,267
  17,882
  19,569
  21,328
  23,161
  25,067
  27,050
  29,111
  31,252
  33,478
  35,791
  38,195
  40,695
  43,296
  46,003
  48,822
  51,758
  54,819
  58,010
  61,340
Variable operating expenses, $m
  4,005
  4,760
  5,593
  6,504
  7,490
  8,551
  9,685
  10,890
  12,163
  13,505
  14,858
  16,333
  17,874
  19,481
  21,155
  22,896
  24,707
  26,589
  28,545
  30,578
  32,691
  34,887
  37,170
  39,546
  42,019
  44,593
  47,275
  50,071
  52,986
  56,027
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
  4,005
  4,760
  5,593
  6,504
  7,490
  8,551
  9,685
  10,890
  12,163
  13,505
  14,858
  16,333
  17,874
  19,481
  21,155
  22,896
  24,707
  26,589
  28,545
  30,578
  32,691
  34,887
  37,170
  39,546
  42,019
  44,593
  47,275
  50,071
  52,986
  56,027
Operating income, $m
  319
  390
  469
  556
  649
  750
  857
  971
  1,092
  1,219
  1,409
  1,549
  1,695
  1,847
  2,006
  2,171
  2,343
  2,521
  2,707
  2,900
  3,100
  3,308
  3,525
  3,750
  3,984
  4,229
  4,483
  4,748
  5,024
  5,313
EBITDA, $m
  472
  562
  662
  770
  888
  1,015
  1,151
  1,294
  1,447
  1,607
  1,775
  1,952
  2,136
  2,328
  2,528
  2,736
  2,952
  3,177
  3,411
  3,654
  3,906
  4,169
  4,441
  4,725
  5,021
  5,328
  5,649
  5,983
  6,331
  6,695
Interest expense (income), $m
  30
  44
  64
  87
  112
  140
  169
  201
  236
  272
  311
  351
  394
  438
  485
  533
  584
  637
  691
  748
  807
  869
  933
  999
  1,068
  1,140
  1,214
  1,292
  1,373
  1,458
  1,546
Earnings before tax, $m
  275
  326
  382
  443
  509
  580
  656
  736
  820
  909
  1,058
  1,155
  1,257
  1,362
  1,473
  1,587
  1,706
  1,830
  1,959
  2,092
  2,231
  2,376
  2,526
  2,682
  2,845
  3,014
  3,191
  3,375
  3,567
  3,767
Tax expense, $m
  74
  88
  103
  120
  138
  157
  177
  199
  221
  245
  286
  312
  339
  368
  398
  429
  461
  494
  529
  565
  602
  641
  682
  724
  768
  814
  862
  911
  963
  1,017
Net income, $m
  201
  238
  279
  324
  372
  424
  479
  537
  599
  663
  772
  843
  917
  995
  1,075
  1,159
  1,246
  1,336
  1,430
  1,527
  1,629
  1,734
  1,844
  1,958
  2,077
  2,200
  2,329
  2,464
  2,604
  2,750

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
  3,165
  3,770
  4,438
  5,168
  5,959
  6,809
  7,718
  8,683
  9,704
  10,779
  11,909
  13,091
  14,326
  15,614
  16,955
  18,351
  19,802
  21,311
  22,879
  24,508
  26,201
  27,961
  29,792
  31,696
  33,677
  35,741
  37,890
  40,131
  42,467
  44,905
Adjusted assets (=assets-cash), $m
  3,165
  3,770
  4,438
  5,168
  5,959
  6,809
  7,718
  8,683
  9,704
  10,779
  11,909
  13,091
  14,326
  15,614
  16,955
  18,351
  19,802
  21,311
  22,879
  24,508
  26,201
  27,961
  29,792
  31,696
  33,677
  35,741
  37,890
  40,131
  42,467
  44,905
Revenue / Adjusted assets
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
  1.366
Average production assets, $m
  964
  1,148
  1,352
  1,574
  1,815
  2,074
  2,351
  2,645
  2,956
  3,284
  3,628
  3,988
  4,364
  4,756
  5,165
  5,590
  6,032
  6,492
  6,969
  7,466
  7,981
  8,517
  9,075
  9,655
  10,259
  10,887
  11,542
  12,225
  12,936
  13,679
Working capital, $m
  571
  680
  800
  932
  1,074
  1,228
  1,392
  1,566
  1,750
  1,944
  2,147
  2,360
  2,583
  2,815
  3,057
  3,309
  3,571
  3,843
  4,125
  4,419
  4,724
  5,042
  5,372
  5,715
  6,072
  6,444
  6,832
  7,236
  7,657
  8,097
Total debt, $m
  1,104
  1,498
  1,932
  2,407
  2,920
  3,473
  4,064
  4,691
  5,355
  6,054
  6,788
  7,556
  8,359
  9,196
  10,068
  10,975
  11,919
  12,899
  13,918
  14,977
  16,078
  17,222
  18,412
  19,650
  20,938
  22,279
  23,676
  25,132
  26,651
  28,235
Total liabilities, $m
  2,057
  2,451
  2,885
  3,359
  3,873
  4,426
  5,016
  5,644
  6,308
  7,007
  7,741
  8,509
  9,312
  10,149
  11,021
  11,928
  12,872
  13,852
  14,871
  15,930
  17,031
  18,175
  19,364
  20,602
  21,890
  23,232
  24,629
  26,085
  27,604
  29,188
Total equity, $m
  1,108
  1,320
  1,553
  1,809
  2,086
  2,383
  2,701
  3,039
  3,396
  3,773
  4,168
  4,582
  5,014
  5,465
  5,934
  6,423
  6,931
  7,459
  8,008
  8,578
  9,170
  9,786
  10,427
  11,093
  11,787
  12,509
  13,262
  14,046
  14,863
  15,717
Total liabilities and equity, $m
  3,165
  3,771
  4,438
  5,168
  5,959
  6,809
  7,717
  8,683
  9,704
  10,780
  11,909
  13,091
  14,326
  15,614
  16,955
  18,351
  19,803
  21,311
  22,879
  24,508
  26,201
  27,961
  29,791
  31,695
  33,677
  35,741
  37,891
  40,131
  42,467
  44,905
Debt-to-equity ratio
  1.000
  1.140
  1.240
  1.330
  1.400
  1.460
  1.500
  1.540
  1.580
  1.600
  1.630
  1.650
  1.670
  1.680
  1.700
  1.710
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.790
  1.800
Adjusted equity ratio
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  201
  238
  279
  324
  372
  424
  479
  537
  599
  663
  772
  843
  917
  995
  1,075
  1,159
  1,246
  1,336
  1,430
  1,527
  1,629
  1,734
  1,844
  1,958
  2,077
  2,200
  2,329
  2,464
  2,604
  2,750
Depreciation, amort., depletion, $m
  153
  172
  192
  215
  239
  265
  293
  323
  355
  388
  366
  403
  441
  480
  522
  565
  609
  656
  704
  754
  806
  860
  917
  975
  1,036
  1,100
  1,166
  1,235
  1,307
  1,382
Funds from operations, $m
  354
  410
  472
  539
  611
  689
  772
  860
  953
  1,051
  1,139
  1,246
  1,358
  1,475
  1,597
  1,723
  1,855
  1,992
  2,134
  2,282
  2,435
  2,595
  2,761
  2,933
  3,113
  3,300
  3,495
  3,698
  3,910
  4,132
Change in working capital, $m
  98
  109
  120
  132
  143
  153
  164
  174
  184
  194
  204
  213
  223
  232
  242
  252
  262
  272
  283
  294
  305
  317
  330
  343
  357
  372
  388
  404
  421
  439
Cash from operations, $m
  256
  301
  351
  407
  469
  536
  608
  686
  769
  857
  935
  1,033
  1,135
  1,243
  1,355
  1,472
  1,593
  1,720
  1,851
  1,988
  2,130
  2,277
  2,431
  2,590
  2,756
  2,928
  3,108
  3,294
  3,489
  3,692
Maintenance CAPEX, $m
  -81
  -97
  -116
  -137
  -159
  -183
  -210
  -237
  -267
  -299
  -332
  -366
  -403
  -441
  -480
  -522
  -565
  -609
  -656
  -704
  -754
  -806
  -860
  -917
  -975
  -1,036
  -1,100
  -1,166
  -1,235
  -1,307
New CAPEX, $m
  -164
  -184
  -203
  -222
  -241
  -259
  -277
  -294
  -311
  -328
  -344
  -360
  -376
  -392
  -409
  -425
  -442
  -460
  -478
  -496
  -516
  -536
  -558
  -580
  -604
  -629
  -655
  -682
  -712
  -742
Cash from investing activities, $m
  -245
  -281
  -319
  -359
  -400
  -442
  -487
  -531
  -578
  -627
  -676
  -726
  -779
  -833
  -889
  -947
  -1,007
  -1,069
  -1,134
  -1,200
  -1,270
  -1,342
  -1,418
  -1,497
  -1,579
  -1,665
  -1,755
  -1,848
  -1,947
  -2,049
Free cash flow, $m
  11
  19
  32
  48
  69
  93
  122
  155
  191
  231
  259
  306
  356
  410
  466
  525
  586
  651
  718
  788
  860
  935
  1,013
  1,093
  1,177
  1,263
  1,353
  1,446
  1,543
  1,643
Issuance/(repayment) of debt, $m
  354
  394
  434
  474
  514
  553
  591
  628
  664
  699
  734
  768
  803
  837
  872
  907
  943
  981
  1,019
  1,059
  1,101
  1,144
  1,190
  1,238
  1,288
  1,341
  1,397
  1,456
  1,519
  1,584
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  
  354
  394
  434
  474
  514
  553
  591
  628
  664
  699
  734
  768
  803
  837
  872
  907
  943
  981
  1,019
  1,059
  1,101
  1,144
  1,190
  1,238
  1,288
  1,341
  1,397
  1,456
  1,519
  1,584
Total cash flow (excl. dividends), $m
  366
  413
  466
  523
  583
  646
  713
  782
  855
  930
  993
  1,075
  1,159
  1,247
  1,338
  1,432
  1,530
  1,631
  1,737
  1,846
  1,960
  2,079
  2,202
  2,331
  2,465
  2,605
  2,750
  2,902
  3,061
  3,227
Retained Cash Flow (-), $m
  -189
  -212
  -234
  -255
  -277
  -298
  -318
  -338
  -357
  -376
  -395
  -414
  -432
  -451
  -470
  -489
  -508
  -528
  -549
  -570
  -593
  -616
  -641
  -666
  -694
  -722
  -752
  -784
  -818
  -853
Prev. year cash balance distribution, $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 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
  177
  201
  232
  267
  306
  348
  395
  444
  497
  554
  598
  661
  727
  796
  868
  943
  1,022
  1,103
  1,188
  1,276
  1,368
  1,463
  1,562
  1,664
  1,771
  1,882
  1,998
  2,118
  2,244
  2,374
Discount rate, %
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
  168
  180
  196
  211
  225
  237
  246
  252
  255
  255
  245
  238
  228
  215
  200
  183
  164
  145
  126
  108
  91
  75
  60
  48
  37
  28
  20
  15
  10
  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

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 14
Price to Sales 1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 10.7
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 $3581.62 million for the last fiscal year's total revenue generated by Worthington Industries. The default revenue input number comes from 0001 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 20.7% 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 5.2%, 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 92.9%.

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 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 5.8% 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 22.3%.

Life of production assets of 9.9 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 - $918.769 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 59.84 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

▶ Worthington Industries gets new president, COO   [Aug-22-18 05:08PM  American City Business Journals]
▶ Worthington: Fiscal 4Q Earnings Snapshot   [Jun-27-18 05:18PM  Associated Press]
▶ Is Worthington Industries' Rally for Real?   [Apr-19-18 04:16PM  TheStreet.com]
▶ Worthington Industries, Inc. to Host Earnings Call   [Mar-29-18 10:00AM  ACCESSWIRE]
▶ Worthington misses 3Q profit forecasts   [08:50AM  Associated Press]
▶ Worthington Industries Declares Quarterly Dividend   [Mar-28-18 04:05PM  GlobeNewswire]
▶ [$$] Fuel Compression Startup Simple-Fill Taps $1.7 Million   [01:15PM  The Wall Street Journal]
▶ Worthington misses 2Q profit forecasts   [08:59AM  Associated Press]
▶ 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]

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