NACCO INDUSTRIES INC (NC)

Bituminous Coal & Lignite Surface Mining

Latest Price

$38.66

TTM P/E

16.88

Normalized P/E

11.21

Div Yield

2.64%

Book Value

58.09

P/B Ratio

0.67

Valuation metrics

EPS: $2.35

Book value / share: $57.38

Formula: √(22.5 × EPS × BVPS)

Graham Number

$55.08

+42% upside

Norm. op. income: $36M (median of 7yr)

Tax rate: 15%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$33.57

13% downside

Base FCF: $17M (median of recent 5yr)

Growth: -15%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$2.93

92% downside

EPS: $2.35

Target P/E: 11×

Formula: EPS × P/E

P/E Fair Value

$25.85

33% downside

27.7% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
DIMENSIONAL FUND ADVISORS LP	401.1K	$20.0M	5.34%	+1.3K	2026-06-30
BlackRock, Inc.	320.1K	$16.0M	4.26%	+10.2K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	166.5K	$8.0M	2.22%	-3.4K	2026-06-30
RENAISSANCE TECHNOLOGIES LLC	147.8K	$7.0M	1.97%	-6.7K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	104.7K	$5.0M	1.39%	+6.8K	2026-06-30
Mudita Advisors LLP	92.5K	$4.0M	1.23%	--	2026-06-30
STATE STREET CORP	83.7K	$4.0M	1.11%	+406	2026-06-30
BRIDGEWAY CAPITAL MANAGEMENT, LLC	77.0K	$3.0M	1.03%	--	2026-06-30
Ancora Advisors LLC	55.9K	$2.0M	0.74%	+8.3K	2026-06-30
PNC Financial Services Group, Inc.	49.0K	$2.0M	0.65%	+577	2026-06-30