Intrinsic value of Anixter International - AXE

Previous Close

$87.50

  Intrinsic Value

$139.67

stock screener

  Rating & Target

str. buy

+60%

  Value-price divergence*

+13%

Previous close

$87.50

 
Intrinsic value

$139.67

 
Up/down potential

+60%

 
Rating

str. buy

 
Value-price divergence*

+13%

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

We calculate the intrinsic value of AXE 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 2.9

 

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, %
  23.13
  23.10
  21.29
  19.66
  18.19
  16.88
  15.69
  14.62
  13.66
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
Revenue, $m
  7,623
  9,384
  11,382
  13,620
  16,098
  18,814
  21,766
  24,948
  28,355
  31,982
  35,823
  39,875
  44,134
  48,597
  53,263
  58,131
  63,204
  68,484
  73,976
  79,684
  85,617
  91,781
  98,188
  104,848
  111,772
  118,975
  126,469
  134,272
  142,398
  150,867
  159,697
Variable operating expenses, $m
 
  8,963
  10,855
  12,974
  15,320
  17,893
  20,688
  23,701
  26,927
  30,362
  34,000
  37,761
  41,793
  46,020
  50,438
  55,048
  59,852
  64,852
  70,052
  75,458
  81,076
  86,914
  92,981
  99,287
  105,844
  112,665
  119,762
  127,150
  134,846
  142,866
  151,227
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
  7,338
  8,963
  10,855
  12,974
  15,320
  17,893
  20,688
  23,701
  26,927
  30,362
  34,000
  37,761
  41,793
  46,020
  50,438
  55,048
  59,852
  64,852
  70,052
  75,458
  81,076
  86,914
  92,981
  99,287
  105,844
  112,665
  119,762
  127,150
  134,846
  142,866
  151,227
Operating income, $m
  285
  421
  527
  646
  777
  921
  1,078
  1,247
  1,427
  1,620
  1,823
  2,115
  2,341
  2,577
  2,825
  3,083
  3,352
  3,632
  3,923
  4,226
  4,541
  4,868
  5,207
  5,561
  5,928
  6,310
  6,707
  7,121
  7,552
  8,001
  8,470
EBITDA, $m
  351
  533
  646
  773
  914
  1,068
  1,235
  1,416
  1,609
  1,815
  2,033
  2,263
  2,505
  2,758
  3,023
  3,299
  3,587
  3,886
  4,198
  4,522
  4,859
  5,208
  5,572
  5,950
  6,343
  6,752
  7,177
  7,620
  8,081
  8,561
  9,063
Interest expense (income), $m
  76
  69
  102
  138
  179
  225
  275
  329
  388
  450
  517
  587
  662
  740
  822
  908
  997
  1,090
  1,187
  1,288
  1,393
  1,502
  1,615
  1,733
  1,855
  1,983
  2,115
  2,253
  2,396
  2,545
  2,701
Earnings before tax, $m
  198
  352
  426
  508
  598
  696
  803
  918
  1,040
  1,170
  1,307
  1,527
  1,679
  1,837
  2,003
  2,175
  2,355
  2,542
  2,736
  2,938
  3,148
  3,366
  3,592
  3,828
  4,072
  4,327
  4,592
  4,869
  5,156
  5,456
  5,769
Tax expense, $m
  77
  95
  115
  137
  161
  188
  217
  248
  281
  316
  353
  412
  453
  496
  541
  587
  636
  686
  739
  793
  850
  909
  970
  1,033
  1,100
  1,168
  1,240
  1,314
  1,392
  1,473
  1,558
Net income, $m
  121
  257
  311
  370
  436
  508
  586
  670
  759
  854
  954
  1,115
  1,226
  1,341
  1,462
  1,588
  1,719
  1,855
  1,997
  2,145
  2,298
  2,457
  2,622
  2,794
  2,973
  3,159
  3,352
  3,554
  3,764
  3,983
  4,211

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  115
  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
  4,094
  4,898
  5,940
  7,108
  8,402
  9,819
  11,360
  13,021
  14,799
  16,692
  18,697
  20,812
  23,035
  25,364
  27,799
  30,340
  32,988
  35,743
  38,609
  41,589
  44,685
  47,903
  51,246
  54,722
  58,336
  62,095
  66,007
  70,079
  74,321
  78,741
  83,349
Adjusted assets (=assets-cash), $m
  3,979
  4,898
  5,940
  7,108
  8,402
  9,819
  11,360
  13,021
  14,799
  16,692
  18,697
  20,812
  23,035
  25,364
  27,799
  30,340
  32,988
  35,743
  38,609
  41,589
  44,685
  47,903
  51,246
  54,722
  58,336
  62,095
  66,007
  70,079
  74,321
  78,741
  83,349
Revenue / Adjusted assets
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
  1.916
Average production assets, $m
  570
  704
  854
  1,021
  1,207
  1,411
  1,632
  1,871
  2,127
  2,399
  2,687
  2,991
  3,310
  3,645
  3,995
  4,360
  4,740
  5,136
  5,548
  5,976
  6,421
  6,884
  7,364
  7,864
  8,383
  8,923
  9,485
  10,070
  10,680
  11,315
  11,977
Working capital, $m
  1,425
  1,614
  1,958
  2,343
  2,769
  3,236
  3,744
  4,291
  4,877
  5,501
  6,162
  6,859
  7,591
  8,359
  9,161
  9,999
  10,871
  11,779
  12,724
  13,706
  14,726
  15,786
  16,888
  18,034
  19,225
  20,464
  21,753
  23,095
  24,493
  25,949
  27,468
Total debt, $m
  1,386
  2,032
  2,766
  3,588
  4,499
  5,497
  6,581
  7,751
  9,002
  10,335
  11,747
  13,236
  14,800
  16,440
  18,154
  19,943
  21,807
  23,747
  25,765
  27,862
  30,042
  32,307
  34,662
  37,108
  39,653
  42,299
  45,053
  47,920
  50,906
  54,017
  57,262
Total liabilities, $m
  2,801
  3,448
  4,182
  5,004
  5,915
  6,913
  7,997
  9,167
  10,418
  11,751
  13,163
  14,652
  16,216
  17,856
  19,570
  21,359
  23,223
  25,163
  27,181
  29,278
  31,458
  33,723
  36,078
  38,524
  41,069
  43,715
  46,469
  49,336
  52,322
  55,433
  58,678
Total equity, $m
  1,292
  1,450
  1,758
  2,104
  2,487
  2,907
  3,363
  3,854
  4,380
  4,941
  5,534
  6,160
  6,818
  7,508
  8,228
  8,981
  9,764
  10,580
  11,428
  12,310
  13,227
  14,179
  15,169
  16,198
  17,268
  18,380
  19,538
  20,743
  21,999
  23,307
  24,671
Total liabilities and equity, $m
  4,093
  4,898
  5,940
  7,108
  8,402
  9,820
  11,360
  13,021
  14,798
  16,692
  18,697
  20,812
  23,034
  25,364
  27,798
  30,340
  32,987
  35,743
  38,609
  41,588
  44,685
  47,902
  51,247
  54,722
  58,337
  62,095
  66,007
  70,079
  74,321
  78,740
  83,349
Debt-to-equity ratio
  1.073
  1.400
  1.570
  1.710
  1.810
  1.890
  1.960
  2.010
  2.060
  2.090
  2.120
  2.150
  2.170
  2.190
  2.210
  2.220
  2.230
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.290
  2.300
  2.300
  2.310
  2.310
  2.310
  2.320
  2.320
Adjusted equity ratio
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296
  0.296

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  257
  311
  370
  436
  508
  586
  670
  759
  854
  954
  1,115
  1,226
  1,341
  1,462
  1,588
  1,719
  1,855
  1,997
  2,145
  2,298
  2,457
  2,622
  2,794
  2,973
  3,159
  3,352
  3,554
  3,764
  3,983
  4,211
Depreciation, amort., depletion, $m
  66
  111
  119
  127
  136
  146
  157
  169
  182
  195
  210
  148
  164
  180
  198
  216
  235
  254
  275
  296
  318
  341
  365
  389
  415
  442
  470
  499
  529
  560
  593
Funds from operations, $m
  359
  368
  429
  498
  573
  655
  744
  839
  941
  1,049
  1,163
  1,263
  1,389
  1,522
  1,660
  1,804
  1,954
  2,110
  2,272
  2,440
  2,616
  2,798
  2,987
  3,183
  3,388
  3,601
  3,822
  4,053
  4,293
  4,543
  4,804
Change in working capital, $m
  80
  303
  344
  385
  426
  467
  508
  547
  586
  624
  661
  697
  732
  768
  802
  837
  873
  908
  945
  982
  1,020
  1,060
  1,102
  1,145
  1,191
  1,239
  1,289
  1,342
  1,398
  1,457
  1,519
Cash from operations, $m
  279
  65
  86
  113
  146
  187
  236
  292
  355
  425
  503
  566
  657
  754
  857
  966
  1,081
  1,202
  1,327
  1,459
  1,595
  1,737
  1,885
  2,038
  2,197
  2,362
  2,533
  2,711
  2,895
  3,086
  3,285
Maintenance CAPEX, $m
  0
  -28
  -35
  -42
  -51
  -60
  -70
  -81
  -93
  -105
  -119
  -133
  -148
  -164
  -180
  -198
  -216
  -235
  -254
  -275
  -296
  -318
  -341
  -365
  -389
  -415
  -442
  -470
  -499
  -529
  -560
New CAPEX, $m
  -33
  -134
  -150
  -168
  -186
  -204
  -221
  -239
  -256
  -272
  -288
  -304
  -319
  -335
  -350
  -365
  -380
  -396
  -412
  -428
  -445
  -462
  -481
  -499
  -519
  -540
  -562
  -585
  -610
  -635
  -662
Cash from investing activities, $m
  -37
  -162
  -185
  -210
  -237
  -264
  -291
  -320
  -349
  -377
  -407
  -437
  -467
  -499
  -530
  -563
  -596
  -631
  -666
  -703
  -741
  -780
  -822
  -864
  -908
  -955
  -1,004
  -1,055
  -1,109
  -1,164
  -1,222
Free cash flow, $m
  242
  -97
  -99
  -97
  -90
  -76
  -55
  -28
  7
  48
  96
  129
  190
  256
  327
  404
  485
  571
  661
  756
  854
  957
  1,064
  1,174
  1,288
  1,407
  1,529
  1,656
  1,787
  1,923
  2,063
Issuance/(repayment) of debt, $m
  -275
  646
  734
  822
  911
  998
  1,084
  1,169
  1,252
  1,333
  1,412
  1,489
  1,565
  1,640
  1,714
  1,789
  1,864
  1,940
  2,018
  2,097
  2,180
  2,265
  2,354
  2,447
  2,544
  2,646
  2,754
  2,867
  2,986
  3,112
  3,244
Issuance/(repurchase) of shares, $m
  2
  16
  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  
  -273
  662
  734
  822
  911
  998
  1,084
  1,169
  1,252
  1,333
  1,412
  1,489
  1,565
  1,640
  1,714
  1,789
  1,864
  1,940
  2,018
  2,097
  2,180
  2,265
  2,354
  2,447
  2,544
  2,646
  2,754
  2,867
  2,986
  3,112
  3,244
Total cash flow (excl. dividends), $m
  -36
  565
  635
  725
  821
  922
  1,029
  1,141
  1,259
  1,381
  1,507
  1,618
  1,754
  1,895
  2,041
  2,192
  2,349
  2,511
  2,679
  2,853
  3,034
  3,222
  3,418
  3,621
  3,833
  4,053
  4,283
  4,523
  4,773
  5,034
  5,307
Retained Cash Flow (-), $m
  -113
  -273
  -309
  -346
  -383
  -420
  -456
  -492
  -526
  -560
  -594
  -626
  -658
  -689
  -721
  -752
  -784
  -816
  -848
  -882
  -917
  -952
  -990
  -1,029
  -1,070
  -1,113
  -1,158
  -1,205
  -1,255
  -1,308
  -1,364
Prev. year cash balance distribution, $m
 
  115
  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
 
  407
  327
  379
  438
  502
  573
  650
  732
  820
  914
  992
  1,096
  1,206
  1,320
  1,440
  1,565
  1,695
  1,831
  1,971
  2,118
  2,270
  2,428
  2,592
  2,763
  2,940
  3,125
  3,317
  3,517
  3,726
  3,943
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  377
  277
  293
  306
  314
  318
  316
  309
  297
  280
  254
  231
  206
  181
  155
  130
  106
  85
  67
  51
  38
  28
  19
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

Anixter International Inc. is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS). The NSS segment's product portfolio includes access control, power, cable management, wireless, professional audio/video, voice and networking switches, and other ancillary products. The EES segment's product portfolio includes electrical and electronic wire and cable, shipboard cable, support and supply products, low-voltage cable, instrumentation cable, industrial communication and control products, security cable, connectors, industrial Ethernet switches, and voice and data cable. The UPS segment supplies electrical transmission and distribution products, power plant maintenance, repair and operations supplies, and smart-grid products.

FINANCIAL RATIOS  of  Anixter International (AXE)

Valuation Ratios
P/E Ratio 24.2
Price to Sales 0.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 11.9
Growth Rates
Sales Growth Rate 23.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 0.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 107.3%
Total Debt to Equity 107.3%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 20.3%
Gross Margin - 3 Yr. Avg. 21.5%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 40.2%
Payout Ratio 0%

AXE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXE stock intrinsic value calculation we used $7623 million for the last fiscal year's total revenue generated by Anixter International. The default revenue input number comes from 2016 income statement of Anixter International. 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 AXE stock valuation model: a) initial revenue growth rate of 23.1% 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 8.1%, whose default value for AXE is calculated based on our internal credit rating of Anixter International, 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 Anixter International.
    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 AXE stock the variable cost ratio is equal to 95.7%.

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 AXE 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% for Anixter International.

Corporate tax rate of 27% is the nominal tax rate for Anixter International. 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 AXE 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 AXE are equal to 7.5%.

Life of production assets of 20.2 years is the average useful life of capital assets used in Anixter International 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 AXE is equal to 17.2%. 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 - $1292 million for Anixter International - 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 33.263 million for Anixter International 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 Anixter International at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ When Should You Buy Anixter International Inc (AXE)?   [Sep-19-17 05:21PM  Simply Wall St.]
▶ Anixter International meets 2Q profit forecasts   [Jul-25-17 09:48PM  Associated Press]
▶ New Strong Buy Stocks for June 26th   [Jun-26-17 07:55AM  Zacks]
▶ New Strong Buy Stocks for June 21st   [Jun-21-17 09:28AM  Zacks]
▶ [$$] Sam Zell Speaks His Mind   [Jun-18-17 03:00PM  The Wall Street Journal]
▶ New Strong Buy Stocks for June 14th   [Jun-14-17 10:23AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 23rd   [May-23-17 10:21AM  Zacks]
▶ Anixter International beats 1Q profit forecasts   [06:40AM  Associated Press]
▶ Anixter International posts 4Q profit   [06:48AM  Associated Press]
▶ Is Alexanders, Inc. (ALX) A Good Stock To Buy?   [Dec-15-16 10:13AM  at Insider Monkey]
▶ Is Anixter International Inc. (AXE) A Good Stock To Buy?   [Dec-11-16 12:57PM  at Insider Monkey]
▶ Anixter to Present at Upcoming Conferences   [06:30AM  Business Wire]
▶ Anixter to Open New Flagship Facility in Houston, Texas   [Oct-07-16 04:00PM  Business Wire]
▶ Merrill Lynch Sold Some Stocks Too Fast   [07:00AM  at Bloomberg]
▶ Anixter to Present at Upcoming Conferences   [Aug-10-16 06:30AM  Business Wire]
Financial statements of AXE
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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