Intrinsic value of A.O. Smith - AOS

Previous Close

$54.82

  Intrinsic Value

$113.66

stock screener

  Rating & Target

str. buy

+107%

  Value-price divergence*

+128%

Previous close

$54.82

 
Intrinsic value

$113.66

 
Up/down potential

+107%

 
Rating

str. buy

 
Value-price divergence*

+128%

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

We calculate the intrinsic value of AOS 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 9.4

 

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, %
  5.87
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  2,686
  3,121
  3,592
  4,097
  4,637
  5,209
  5,814
  6,451
  7,119
  7,818
  8,548
  9,310
  10,102
  10,927
  11,784
  12,676
  13,602
  14,564
  15,564
  16,604
  17,685
  18,811
  19,982
  21,201
  22,472
  23,796
  25,177
  26,618
  28,122
  29,693
  31,335
Variable operating expenses, $m
 
  1,855
  2,128
  2,420
  2,732
  3,064
  3,414
  3,782
  4,169
  4,573
  4,996
  5,387
  5,846
  6,323
  6,819
  7,335
  7,871
  8,428
  9,007
  9,608
  10,234
  10,885
  11,563
  12,269
  13,004
  13,770
  14,570
  15,403
  16,274
  17,183
  18,133
Fixed operating expenses, $m
 
  650
  666
  683
  700
  717
  735
  754
  772
  792
  812
  832
  853
  874
  896
  918
  941
  965
  989
  1,014
  1,039
  1,065
  1,091
  1,119
  1,147
  1,175
  1,205
  1,235
  1,266
  1,297
  1,330
Total operating expenses, $m
  2,223
  2,505
  2,794
  3,103
  3,432
  3,781
  4,149
  4,536
  4,941
  5,365
  5,808
  6,219
  6,699
  7,197
  7,715
  8,253
  8,812
  9,393
  9,996
  10,622
  11,273
  11,950
  12,654
  13,388
  14,151
  14,945
  15,775
  16,638
  17,540
  18,480
  19,463
Operating income, $m
  463
  616
  798
  994
  1,204
  1,428
  1,665
  1,915
  2,178
  2,453
  2,741
  3,090
  3,404
  3,730
  4,069
  4,422
  4,789
  5,171
  5,569
  5,982
  6,412
  6,860
  7,327
  7,814
  8,321
  8,850
  9,403
  9,980
  10,583
  11,213
  11,872
EBITDA, $m
  528
  712
  901
  1,105
  1,323
  1,556
  1,802
  2,061
  2,334
  2,620
  2,919
  3,231
  3,556
  3,894
  4,247
  4,613
  4,994
  5,391
  5,803
  6,232
  6,679
  7,144
  7,628
  8,133
  8,659
  9,208
  9,782
  10,380
  11,006
  11,660
  12,344
Interest expense (income), $m
  7
  11
  19
  27
  36
  46
  56
  67
  78
  90
  103
  116
  129
  143
  158
  174
  189
  206
  223
  241
  260
  279
  299
  320
  342
  364
  388
  413
  438
  465
  493
Earnings before tax, $m
  463
  605
  779
  967
  1,168
  1,382
  1,609
  1,848
  2,099
  2,363
  2,638
  2,975
  3,274
  3,586
  3,911
  4,249
  4,600
  4,965
  5,346
  5,741
  6,153
  6,582
  7,028
  7,494
  7,979
  8,486
  9,015
  9,567
  10,144
  10,748
  11,379
Tax expense, $m
  136
  163
  210
  261
  315
  373
  434
  499
  567
  638
  712
  803
  884
  968
  1,056
  1,147
  1,242
  1,341
  1,443
  1,550
  1,661
  1,777
  1,898
  2,023
  2,154
  2,291
  2,434
  2,583
  2,739
  2,902
  3,072
Net income, $m
  327
  442
  569
  706
  853
  1,009
  1,175
  1,349
  1,533
  1,725
  1,926
  2,172
  2,390
  2,618
  2,855
  3,102
  3,358
  3,625
  3,902
  4,191
  4,492
  4,805
  5,131
  5,470
  5,825
  6,195
  6,581
  6,984
  7,405
  7,846
  8,307

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  755
  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
  2,891
  2,483
  2,857
  3,260
  3,689
  4,144
  4,625
  5,132
  5,664
  6,220
  6,801
  7,406
  8,037
  8,693
  9,375
  10,084
  10,821
  11,586
  12,382
  13,209
  14,070
  14,965
  15,896
  16,866
  17,877
  18,931
  20,029
  21,176
  22,373
  23,622
  24,928
Adjusted assets (=assets-cash), $m
  2,136
  2,483
  2,857
  3,260
  3,689
  4,144
  4,625
  5,132
  5,664
  6,220
  6,801
  7,406
  8,037
  8,693
  9,375
  10,084
  10,821
  11,586
  12,382
  13,209
  14,070
  14,965
  15,896
  16,866
  17,877
  18,931
  20,029
  21,176
  22,373
  23,622
  24,928
Revenue / Adjusted assets
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
Average production assets, $m
  752
  874
  1,006
  1,147
  1,298
  1,459
  1,628
  1,806
  1,993
  2,189
  2,394
  2,607
  2,829
  3,060
  3,300
  3,549
  3,808
  4,078
  4,358
  4,649
  4,952
  5,267
  5,595
  5,936
  6,292
  6,663
  7,050
  7,453
  7,874
  8,314
  8,774
Working capital, $m
  796
  56
  65
  74
  83
  94
  105
  116
  128
  141
  154
  168
  182
  197
  212
  228
  245
  262
  280
  299
  318
  339
  360
  382
  404
  428
  453
  479
  506
  534
  564
Total debt, $m
  324
  540
  780
  1,037
  1,312
  1,604
  1,913
  2,238
  2,578
  2,935
  3,307
  3,695
  4,100
  4,520
  4,957
  5,412
  5,884
  6,375
  6,885
  7,415
  7,967
  8,540
  9,138
  9,759
  10,407
  11,083
  11,787
  12,522
  13,289
  14,090
  14,927
Total liabilities, $m
  1,376
  1,592
  1,832
  2,089
  2,364
  2,656
  2,965
  3,290
  3,630
  3,987
  4,359
  4,747
  5,152
  5,572
  6,009
  6,464
  6,936
  7,427
  7,937
  8,467
  9,019
  9,592
  10,190
  10,811
  11,459
  12,135
  12,839
  13,574
  14,341
  15,142
  15,979
Total equity, $m
  1,515
  891
  1,026
  1,170
  1,324
  1,488
  1,661
  1,842
  2,033
  2,233
  2,441
  2,659
  2,885
  3,121
  3,366
  3,620
  3,885
  4,159
  4,445
  4,742
  5,051
  5,372
  5,707
  6,055
  6,418
  6,796
  7,191
  7,602
  8,032
  8,480
  8,949
Total liabilities and equity, $m
  2,891
  2,483
  2,858
  3,259
  3,688
  4,144
  4,626
  5,132
  5,663
  6,220
  6,800
  7,406
  8,037
  8,693
  9,375
  10,084
  10,821
  11,586
  12,382
  13,209
  14,070
  14,964
  15,897
  16,866
  17,877
  18,931
  20,030
  21,176
  22,373
  23,622
  24,928
Debt-to-equity ratio
  0.214
  0.610
  0.760
  0.890
  0.990
  1.080
  1.150
  1.210
  1.270
  1.310
  1.350
  1.390
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.650
  1.660
  1.670
Adjusted equity ratio
  0.356
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  327
  442
  569
  706
  853
  1,009
  1,175
  1,349
  1,533
  1,725
  1,926
  2,172
  2,390
  2,618
  2,855
  3,102
  3,358
  3,625
  3,902
  4,191
  4,492
  4,805
  5,131
  5,470
  5,825
  6,195
  6,581
  6,984
  7,405
  7,846
  8,307
Depreciation, amort., depletion, $m
  65
  96
  103
  111
  119
  128
  137
  146
  156
  167
  178
  140
  152
  164
  177
  191
  205
  219
  234
  250
  266
  283
  301
  319
  338
  358
  379
  401
  423
  447
  472
Funds from operations, $m
  501
  538
  672
  817
  972
  1,137
  1,311
  1,495
  1,689
  1,892
  2,104
  2,312
  2,542
  2,782
  3,032
  3,292
  3,563
  3,844
  4,137
  4,441
  4,758
  5,088
  5,431
  5,790
  6,163
  6,553
  6,960
  7,385
  7,829
  8,293
  8,778
Change in working capital, $m
  54
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
Cash from operations, $m
  447
  530
  664
  808
  962
  1,126
  1,300
  1,484
  1,677
  1,879
  2,091
  2,298
  2,528
  2,768
  3,017
  3,276
  3,546
  3,827
  4,119
  4,422
  4,738
  5,067
  5,410
  5,768
  6,140
  6,529
  6,935
  7,359
  7,802
  8,265
  8,749
Maintenance CAPEX, $m
  0
  -40
  -47
  -54
  -62
  -70
  -78
  -88
  -97
  -107
  -118
  -129
  -140
  -152
  -164
  -177
  -191
  -205
  -219
  -234
  -250
  -266
  -283
  -301
  -319
  -338
  -358
  -379
  -401
  -423
  -447
New CAPEX, $m
  -81
  -122
  -132
  -142
  -151
  -160
  -169
  -178
  -187
  -196
  -204
  -213
  -222
  -231
  -240
  -250
  -259
  -269
  -280
  -291
  -303
  -315
  -328
  -341
  -356
  -371
  -387
  -403
  -421
  -440
  -460
Cash from investing activities, $m
  -300
  -162
  -179
  -196
  -213
  -230
  -247
  -266
  -284
  -303
  -322
  -342
  -362
  -383
  -404
  -427
  -450
  -474
  -499
  -525
  -553
  -581
  -611
  -642
  -675
  -709
  -745
  -782
  -822
  -863
  -907
Free cash flow, $m
  147
  368
  485
  612
  749
  896
  1,053
  1,218
  1,393
  1,576
  1,768
  1,956
  2,166
  2,385
  2,612
  2,849
  3,096
  3,352
  3,619
  3,897
  4,186
  4,486
  4,799
  5,125
  5,465
  5,820
  6,190
  6,576
  6,980
  7,401
  7,842
Issuance/(repayment) of debt, $m
  74
  223
  240
  258
  275
  292
  308
  325
  341
  357
  372
  388
  404
  421
  437
  454
  472
  491
  510
  530
  551
  574
  597
  622
  648
  675
  704
  735
  767
  801
  837
Issuance/(repurchase) of shares, $m
  -130
  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  
  -56
  223
  240
  258
  275
  292
  308
  325
  341
  357
  372
  388
  404
  421
  437
  454
  472
  491
  510
  530
  551
  574
  597
  622
  648
  675
  704
  735
  767
  801
  837
Total cash flow (excl. dividends), $m
  91
  590
  725
  870
  1,024
  1,188
  1,361
  1,543
  1,733
  1,933
  2,141
  2,344
  2,570
  2,805
  3,050
  3,304
  3,568
  3,843
  4,129
  4,427
  4,737
  5,060
  5,396
  5,747
  6,113
  6,495
  6,894
  7,311
  7,747
  8,202
  8,679
Retained Cash Flow (-), $m
  -73
  -124
  -134
  -144
  -154
  -164
  -173
  -182
  -191
  -200
  -209
  -217
  -226
  -236
  -245
  -255
  -264
  -275
  -286
  -297
  -309
  -321
  -334
  -348
  -363
  -378
  -394
  -412
  -430
  -449
  -469
Prev. year cash balance distribution, $m
 
  748
  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
 
  1,214
  590
  725
  870
  1,025
  1,188
  1,361
  1,543
  1,733
  1,932
  2,127
  2,344
  2,570
  2,805
  3,049
  3,304
  3,568
  3,844
  4,130
  4,428
  4,739
  5,062
  5,399
  5,750
  6,117
  6,500
  6,900
  7,317
  7,754
  8,210
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
 
  1,164
  540
  631
  717
  794
  862
  919
  964
  996
  1,013
  1,010
  1,000
  977
  942
  895
  840
  776
  708
  636
  563
  490
  420
  354
  293
  238
  190
  148
  113
  85
  62
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

A. O. Smith Corporation manufactures and markets residential and commercial gas, gas tankless, electric water heaters, and water treatment products in North America, China, Europe, and India. The company offers water heaters for residences, restaurants, hotels and motels, office buildings, laundries, car washes, and small businesses; commercial boilers for use in space heating applications for hospitals, schools, hotels, and other large commercial buildings; and expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, and related products and parts. It also provides heat pump and solar units, as well as combi boilers; and air purification products. The company distributes its products through independent wholesale plumbing distributors, as well as through retail channels consisting of hardware and home center chains, and manufacturer representative firms. A. O. Smith Corporation is headquartered in Milwaukee, Wisconsin.

FINANCIAL RATIOS  of  A.O. Smith (AOS)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 3.5
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio 108
Current Ratio 0
LT Debt to Equity 20.9%
Total Debt to Equity 21.4%
Interest Coverage 67
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 18.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 22.1%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.7%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 17.2%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 12.2%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 25.7%

AOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AOS stock intrinsic value calculation we used $2686 million for the last fiscal year's total revenue generated by A.O. Smith. The default revenue input number comes from 2016 income statement of A.O. Smith. 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 AOS stock valuation model: a) initial revenue growth rate of 16.2% 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 AOS is calculated based on our internal credit rating of A.O. Smith, 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 A.O. Smith.
    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 AOS stock the variable cost ratio is equal to 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $634 million in the base year in the intrinsic value calculation for AOS 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 A.O. Smith.

Corporate tax rate of 27% is the nominal tax rate for A.O. Smith. 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 AOS 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 AOS are equal to 28%.

Life of production assets of 18.6 years is the average useful life of capital assets used in A.O. Smith 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 AOS is equal to 1.8%. 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 - $1515 million for A.O. Smith - 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 171.3 million for A.O. Smith 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 A.O. Smith at the current share price and the inputted number of shares is $9.4 billion.

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COMPANY NEWS

▶ A.O. Smith meets 2Q profit forecasts   [Jul-26-17 09:54PM  Associated Press]
▶ A. O. Smith to join the S&P 500   [Jul-20-17 01:00PM  PR Newswire]
▶ A.O. Smith elects newly promoted president to board   [Jul-11-17 01:00PM  American City Business Journals]
▶ A. O. Smith declares quarterly dividend   [Jul-10-17 08:02PM  PR Newswire]
▶ City of Milwaukee to consider funds for A.O. Smith   [Jul-07-17 01:46PM  American City Business Journals]
▶ ETFs with exposure to A. O. Smith Corp. : July 6, 2017   [Jul-06-17 01:40PM  Capital Cube]
▶ Long after riots, Milwaukee neighborhood sees little change   [Jun-23-17 06:11PM  Associated Press]
▶ Roundtable: 1 Underdog Stock I'm Watching   [Jun-15-17 04:24PM  Motley Fool]
▶ ETFs with exposure to A. O. Smith Corp. : June 12, 2017   [Jun-12-17 01:48PM  Capital Cube]
▶ ETFs with exposure to A. O. Smith Corp. : June 1, 2017   [Jun-01-17 01:37PM  Capital Cube]
▶ ETFs with exposure to A. O. Smith Corp. : May 22, 2017   [May-22-17 01:21PM  Capital Cube]
▶ Can A.O. Smith Become a Dividend Stock?   [May-16-17 01:14PM  Motley Fool]
▶ Like Growth? Then You'll Love These 3 Stocks   [May-14-17 01:26PM  Motley Fool]
▶ 7 Rising Stocks That Beat the Market   [May-09-17 03:47PM  GuruFocus.com]
▶ China continues to drive growth for A.O. Smith; firm raises outlook   [01:10PM  American City Business Journals]
▶ A.O. Smith tops Street 1Q forecasts   [08:08AM  Associated Press]
▶ A. O. Smith declares quarterly dividend   [Apr-12-17 06:05PM  PR Newswire]
▶ 3 Growth Stocks That Could Soar More Than Nvidia   [Apr-02-17 04:06PM  Motley Fool]
▶ A. O. Smith announces 17 percent dividend increase   [Jan-20-17 04:15PM  PR Newswire]
▶ A. O. Smith names Dr. Ilham Kadri to board of directors   [Dec-12-16 04:11PM  PR Newswire]
Stock chart of AOS Financial statements of AOS
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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