Intrinsic value of Applied Industrial Technologies - AIT

Previous Close

$54.40

  Intrinsic Value

$105.49

stock screener

  Rating & Target

str. buy

+94%

  Value-price divergence*

-78%

Previous close

$54.40

 
Intrinsic value

$105.49

 
Up/down potential

+94%

 
Rating

str. buy

 
Value-price divergence*

-78%

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

We calculate the intrinsic value of AIT 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 2016), $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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -8.47
  7.30
  7.07
  6.86
  6.68
  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
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  2,519
  2,703
  2,894
  3,093
  3,299
  3,514
  3,737
  3,970
  4,212
  4,464
  4,727
  5,001
  5,288
  5,586
  5,898
  6,224
  6,565
  6,921
  7,294
  7,684
  8,092
  8,519
  8,966
  9,435
  9,926
  10,441
  10,980
  11,545
  12,138
  12,759
  13,411
Variable operating expenses, $m
 
  1,577
  1,687
  1,801
  1,920
  2,044
  2,173
  2,307
  2,446
  2,591
  2,743
  2,881
  3,045
  3,217
  3,397
  3,585
  3,781
  3,986
  4,201
  4,425
  4,660
  4,906
  5,164
  5,434
  5,717
  6,013
  6,324
  6,649
  6,991
  7,349
  7,724
Fixed operating expenses, $m
 
  1,010
  1,035
  1,061
  1,087
  1,114
  1,142
  1,171
  1,200
  1,230
  1,261
  1,292
  1,325
  1,358
  1,392
  1,427
  1,462
  1,499
  1,536
  1,575
  1,614
  1,654
  1,696
  1,738
  1,782
  1,826
  1,872
  1,919
  1,967
  2,016
  2,066
Total operating expenses, $m
  2,431
  2,587
  2,722
  2,862
  3,007
  3,158
  3,315
  3,478
  3,646
  3,821
  4,004
  4,173
  4,370
  4,575
  4,789
  5,012
  5,243
  5,485
  5,737
  6,000
  6,274
  6,560
  6,860
  7,172
  7,499
  7,839
  8,196
  8,568
  8,958
  9,365
  9,790
Operating income, $m
  89
  116
  172
  230
  291
  355
  422
  492
  566
  643
  723
  829
  918
  1,011
  1,109
  1,213
  1,322
  1,436
  1,557
  1,684
  1,817
  1,958
  2,107
  2,263
  2,428
  2,601
  2,784
  2,977
  3,181
  3,395
  3,621
EBITDA, $m
  131
  160
  217
  278
  340
  406
  475
  547
  623
  702
  785
  872
  963
  1,060
  1,161
  1,267
  1,379
  1,496
  1,620
  1,750
  1,888
  2,032
  2,184
  2,345
  2,514
  2,692
  2,880
  3,077
  3,286
  3,506
  3,737
Interest expense (income), $m
  10
  11
  13
  15
  17
  18
  20
  22
  24
  27
  29
  31
  34
  36
  39
  42
  45
  48
  51
  55
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
Earnings before tax, $m
  79
  105
  159
  216
  275
  337
  402
  470
  541
  616
  694
  797
  884
  975
  1,070
  1,171
  1,277
  1,388
  1,506
  1,629
  1,759
  1,896
  2,041
  2,193
  2,354
  2,523
  2,701
  2,889
  3,088
  3,297
  3,517
Tax expense, $m
  49
  28
  43
  58
  74
  91
  108
  127
  146
  166
  188
  215
  239
  263
  289
  316
  345
  375
  407
  440
  475
  512
  551
  592
  635
  681
  729
  780
  834
  890
  950
Net income, $m
  30
  77
  116
  157
  201
  246
  293
  343
  395
  450
  507
  582
  645
  712
  781
  855
  932
  1,013
  1,099
  1,189
  1,284
  1,384
  1,490
  1,601
  1,718
  1,842
  1,972
  2,109
  2,254
  2,407
  2,567

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  60
  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
  1,312
  1,343
  1,438
  1,537
  1,640
  1,746
  1,857
  1,973
  2,093
  2,219
  2,350
  2,486
  2,628
  2,777
  2,932
  3,094
  3,263
  3,440
  3,625
  3,819
  4,022
  4,234
  4,456
  4,689
  4,933
  5,189
  5,457
  5,738
  6,033
  6,342
  6,666
Adjusted assets (=assets-cash), $m
  1,252
  1,343
  1,438
  1,537
  1,640
  1,746
  1,857
  1,973
  2,093
  2,219
  2,350
  2,486
  2,628
  2,777
  2,932
  3,094
  3,263
  3,440
  3,625
  3,819
  4,022
  4,234
  4,456
  4,689
  4,933
  5,189
  5,457
  5,738
  6,033
  6,342
  6,666
Revenue / Adjusted assets
  2.012
  2.013
  2.013
  2.012
  2.012
  2.013
  2.012
  2.012
  2.012
  2.012
  2.011
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
  2.012
Average production assets, $m
  248
  265
  284
  303
  323
  344
  366
  389
  413
  437
  463
  490
  518
  547
  578
  610
  643
  678
  715
  753
  793
  835
  879
  925
  973
  1,023
  1,076
  1,131
  1,190
  1,250
  1,314
Working capital, $m
  508
  484
  518
  554
  591
  629
  669
  711
  754
  799
  846
  895
  946
  1,000
  1,056
  1,114
  1,175
  1,239
  1,306
  1,375
  1,448
  1,525
  1,605
  1,689
  1,777
  1,869
  1,965
  2,067
  2,173
  2,284
  2,401
Total debt, $m
  328
  373
  422
  473
  527
  582
  640
  700
  763
  828
  896
  967
  1,041
  1,118
  1,198
  1,283
  1,371
  1,463
  1,559
  1,660
  1,765
  1,876
  1,991
  2,112
  2,239
  2,372
  2,512
  2,658
  2,811
  2,972
  3,140
Total liabilities, $m
  654
  699
  748
  799
  853
  908
  966
  1,026
  1,089
  1,154
  1,222
  1,293
  1,367
  1,444
  1,524
  1,609
  1,697
  1,789
  1,885
  1,986
  2,091
  2,202
  2,317
  2,438
  2,565
  2,698
  2,838
  2,984
  3,137
  3,298
  3,466
Total equity, $m
  658
  645
  690
  738
  787
  838
  892
  947
  1,005
  1,065
  1,128
  1,193
  1,261
  1,333
  1,407
  1,485
  1,566
  1,651
  1,740
  1,833
  1,930
  2,032
  2,139
  2,251
  2,368
  2,491
  2,619
  2,754
  2,896
  3,044
  3,199
Total liabilities and equity, $m
  1,312
  1,344
  1,438
  1,537
  1,640
  1,746
  1,858
  1,973
  2,094
  2,219
  2,350
  2,486
  2,628
  2,777
  2,931
  3,094
  3,263
  3,440
  3,625
  3,819
  4,021
  4,234
  4,456
  4,689
  4,933
  5,189
  5,457
  5,738
  6,033
  6,342
  6,665
Debt-to-equity ratio
  0.498
  0.580
  0.610
  0.640
  0.670
  0.690
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.980
  0.980
Adjusted equity ratio
  0.478
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480
  0.480

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  77
  116
  157
  201
  246
  293
  343
  395
  450
  507
  582
  645
  712
  781
  855
  932
  1,013
  1,099
  1,189
  1,284
  1,384
  1,490
  1,601
  1,718
  1,842
  1,972
  2,109
  2,254
  2,407
  2,567
Depreciation, amort., depletion, $m
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  61
  43
  46
  48
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  95
  100
  105
  111
  116
Funds from operations, $m
  184
  120
  161
  205
  250
  297
  346
  398
  452
  509
  568
  625
  691
  760
  833
  909
  989
  1,073
  1,162
  1,256
  1,354
  1,458
  1,568
  1,683
  1,804
  1,932
  2,067
  2,209
  2,359
  2,517
  2,684
Change in working capital, $m
  23
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
Cash from operations, $m
  161
  87
  127
  169
  213
  258
  306
  356
  409
  464
  521
  576
  640
  707
  777
  850
  928
  1,010
  1,096
  1,186
  1,281
  1,382
  1,488
  1,599
  1,716
  1,840
  1,971
  2,108
  2,253
  2,406
  2,567
Maintenance CAPEX, $m
  0
  -22
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
New CAPEX, $m
  -13
  -17
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
Cash from investing activities, $m
  -75
  -39
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
  -118
  -124
  -130
  -136
  -144
  -150
  -158
  -166
  -175
Free cash flow, $m
  86
  48
  85
  124
  166
  209
  254
  301
  350
  402
  457
  508
  568
  631
  698
  767
  841
  918
  999
  1,085
  1,175
  1,270
  1,370
  1,475
  1,586
  1,704
  1,827
  1,958
  2,095
  2,240
  2,392
Issuance/(repayment) of debt, $m
  7
  48
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
  168
Issuance/(repurchase) of shares, $m
  -37
  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  
  -49
  48
  49
  51
  53
  55
  58
  60
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
  168
Total cash flow (excl. dividends), $m
  33
  96
  134
  176
  219
  264
  311
  361
  413
  467
  525
  579
  642
  709
  778
  852
  929
  1,010
  1,095
  1,185
  1,280
  1,380
  1,485
  1,596
  1,713
  1,837
  1,967
  2,104
  2,248
  2,400
  2,561
Retained Cash Flow (-), $m
  83
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
Prev. year cash balance distribution, $m
 
  57
  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
 
  109
  89
  128
  170
  213
  258
  306
  355
  407
  462
  514
  574
  637
  704
  774
  847
  925
  1,006
  1,092
  1,183
  1,278
  1,379
  1,485
  1,596
  1,714
  1,838
  1,969
  2,107
  2,252
  2,405
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  104
  81
  110
  137
  161
  182
  199
  213
  223
  229
  228
  227
  222
  214
  204
  191
  176
  160
  143
  125
  108
  92
  77
  63
  50
  40
  30
  23
  17
  12
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

Applied Industrial Technologies, Inc. distributes industrial products in the United States, Canada, Puerto Rico, Mexico, Australia, and New Zealand. The company offers its products for maintenance, repair, and operational needs, as well as original equipment manufacturing applications. It operates through two segments, Service Center-Based Distribution and Fluid Power Businesses. The company distributes bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and fluid power products, such as hydraulic, pneumatic, lubrication, and filtration components and systems. It also operates fabricated rubber shops that modify and repair conveyor belts, as well as provide hose assemblies; and field crews to install and repair conveyor belts and rubber lining at customer locations. In addition, the company rebuilds or assembles speed reducers, pumps, valves, cylinders, and electric and hydraulic motors, as well as custom machining products; and offers equipment repair services, as well as technical advice to customers. Further, it provides maintenance training and inventory management services. The company offers industrial products through a network of service centers; and fluid power products directly to customers or through service centers. It serves various industries, including agriculture and food processing, automotive, chemicals and petrochemicals, fabricated metals, forest products, industrial machinery and equipment, mining, oil and gas, primary metals, transportation, and utilities, as well as government entities. Applied Industrial Technologies, Inc. was founded in 1923 and is headquartered in Cleveland, Ohio.

FINANCIAL RATIOS  of  Applied Industrial Technologies (AIT)

Valuation Ratios
P/E Ratio 70.8
Price to Sales 0.8
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 14.4
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio 20
Current Ratio 0.1
LT Debt to Equity 49.4%
Total Debt to Equity 49.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.1%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 11.2%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 28.1%
Gross Margin - 3 Yr. Avg. 28%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 7.1%
Operating Margin 3.5%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 5.4%
Net Profit Margin 1.2%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 62%
Eff/ Tax Rate - 3 Yr. Avg. 42.9%
Payout Ratio 143.3%

AIT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIT stock intrinsic value calculation we used $2519 million for the last fiscal year's total revenue generated by Applied Industrial Technologies. The default revenue input number comes from 2016 income statement of Applied Industrial Technologies. 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 AIT stock valuation model: a) initial revenue growth rate of 7.3% 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 4.7%, whose default value for AIT is calculated based on our internal credit rating of Applied Industrial Technologies, 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 Applied Industrial Technologies.
    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 AIT stock the variable cost ratio is equal to 58.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $985 million in the base year in the intrinsic value calculation for AIT 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 3.5% for Applied Industrial Technologies.

Corporate tax rate of 27% is the nominal tax rate for Applied Industrial Technologies. 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 AIT 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 AIT are equal to 9.8%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Applied Industrial Technologies 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 AIT is equal to 17.9%. 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 - $658 million for Applied Industrial Technologies - 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 38.515 million for Applied Industrial Technologies 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 Applied Industrial Technologies at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Applied Industrial Technologies posts 4Q profit   [Aug-11-17 09:47PM  Associated Press]
▶ Applied Industrial Technologies posts 3Q profit   [Apr-27-17 06:50AM  Associated Press]
Stock chart of AIT Financial statements of AIT
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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