Intrinsic value of Colfax - CFX

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$39.90

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$39.90

 
Intrinsic value

$30.97

 
Up/down potential

-22%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CFX 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 4.9

 

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, %
  -8.07
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  3,647
  3,720
  3,805
  3,903
  4,013
  4,135
  4,268
  4,414
  4,571
  4,740
  4,922
  5,117
  5,325
  5,546
  5,781
  6,030
  6,294
  6,574
  6,870
  7,183
  7,513
  7,861
  8,228
  8,615
  9,023
  9,453
  9,905
  10,381
  10,882
  11,409
  11,963
Variable operating expenses, $m
 
  3,168
  3,235
  3,312
  3,397
  3,493
  3,597
  3,711
  3,834
  3,967
  4,109
  4,005
  4,168
  4,341
  4,525
  4,720
  4,927
  5,146
  5,377
  5,622
  5,880
  6,153
  6,440
  6,743
  7,063
  7,399
  7,753
  8,125
  8,517
  8,930
  9,364
Fixed operating expenses, $m
 
  313
  320
  328
  337
  345
  354
  363
  372
  381
  390
  400
  410
  420
  431
  442
  453
  464
  476
  488
  500
  512
  525
  538
  552
  565
  580
  594
  609
  624
  640
Total operating expenses, $m
  3,409
  3,481
  3,555
  3,640
  3,734
  3,838
  3,951
  4,074
  4,206
  4,348
  4,499
  4,405
  4,578
  4,761
  4,956
  5,162
  5,380
  5,610
  5,853
  6,110
  6,380
  6,665
  6,965
  7,281
  7,615
  7,964
  8,333
  8,719
  9,126
  9,554
  10,004
Operating income, $m
  238
  239
  250
  263
  279
  297
  317
  340
  365
  393
  423
  712
  747
  785
  825
  868
  915
  964
  1,017
  1,073
  1,133
  1,196
  1,263
  1,334
  1,409
  1,488
  1,573
  1,661
  1,755
  1,855
  1,960
EBITDA, $m
  381
  549
  561
  576
  593
  613
  635
  660
  688
  718
  750
  786
  824
  865
  909
  956
  1,006
  1,059
  1,116
  1,177
  1,241
  1,309
  1,382
  1,458
  1,539
  1,625
  1,716
  1,812
  1,913
  2,020
  2,133
Interest expense (income), $m
  36
  45
  47
  50
  54
  57
  61
  66
  71
  76
  81
  88
  94
  101
  108
  116
  125
  133
  143
  153
  163
  174
  186
  198
  211
  225
  239
  254
  270
  287
  304
Earnings before tax, $m
  208
  194
  203
  213
  225
  240
  256
  274
  295
  317
  341
  624
  653
  684
  717
  752
  790
  831
  874
  920
  969
  1,022
  1,077
  1,136
  1,198
  1,264
  1,334
  1,407
  1,486
  1,568
  1,655
Tax expense, $m
  63
  52
  55
  58
  61
  65
  69
  74
  80
  86
  92
  168
  176
  185
  194
  203
  213
  224
  236
  249
  262
  276
  291
  307
  323
  341
  360
  380
  401
  423
  447
Net income, $m
  128
  142
  148
  156
  165
  175
  187
  200
  215
  231
  249
  456
  476
  499
  523
  549
  577
  607
  638
  672
  708
  746
  786
  829
  874
  923
  974
  1,027
  1,084
  1,145
  1,208

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  222
  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
  6,385
  6,284
  6,428
  6,593
  6,779
  6,984
  7,210
  7,455
  7,721
  8,008
  8,315
  8,644
  8,994
  9,368
  9,765
  10,186
  10,633
  11,105
  11,605
  12,133
  12,690
  13,278
  13,899
  14,553
  15,242
  15,967
  16,731
  17,535
  18,382
  19,272
  20,208
Adjusted assets (=assets-cash), $m
  6,163
  6,284
  6,428
  6,593
  6,779
  6,984
  7,210
  7,455
  7,721
  8,008
  8,315
  8,644
  8,994
  9,368
  9,765
  10,186
  10,633
  11,105
  11,605
  12,133
  12,690
  13,278
  13,899
  14,553
  15,242
  15,967
  16,731
  17,535
  18,382
  19,272
  20,208
Revenue / Adjusted assets
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
Average production assets, $m
  1,572
  1,603
  1,640
  1,682
  1,730
  1,782
  1,840
  1,902
  1,970
  2,043
  2,122
  2,205
  2,295
  2,390
  2,492
  2,599
  2,713
  2,833
  2,961
  3,096
  3,238
  3,388
  3,546
  3,713
  3,889
  4,074
  4,269
  4,474
  4,690
  4,917
  5,156
Working capital, $m
  679
  472
  483
  496
  510
  525
  542
  561
  581
  602
  625
  650
  676
  704
  734
  766
  799
  835
  872
  912
  954
  998
  1,045
  1,094
  1,146
  1,200
  1,258
  1,318
  1,382
  1,449
  1,519
Total debt, $m
  1,292
  1,354
  1,436
  1,529
  1,634
  1,750
  1,878
  2,016
  2,166
  2,328
  2,502
  2,688
  2,886
  3,097
  3,321
  3,559
  3,811
  4,078
  4,361
  4,659
  4,974
  5,306
  5,657
  6,026
  6,416
  6,825
  7,257
  7,711
  8,190
  8,693
  9,222
Total liabilities, $m
  3,489
  3,550
  3,632
  3,725
  3,830
  3,946
  4,074
  4,212
  4,362
  4,524
  4,698
  4,884
  5,082
  5,293
  5,517
  5,755
  6,007
  6,274
  6,557
  6,855
  7,170
  7,502
  7,853
  8,222
  8,612
  9,021
  9,453
  9,907
  10,386
  10,889
  11,418
Total equity, $m
  2,897
  2,733
  2,796
  2,868
  2,949
  3,038
  3,136
  3,243
  3,359
  3,483
  3,617
  3,760
  3,913
  4,075
  4,248
  4,431
  4,625
  4,831
  5,048
  5,278
  5,520
  5,776
  6,046
  6,330
  6,630
  6,946
  7,278
  7,628
  7,996
  8,383
  8,791
Total liabilities and equity, $m
  6,386
  6,283
  6,428
  6,593
  6,779
  6,984
  7,210
  7,455
  7,721
  8,007
  8,315
  8,644
  8,995
  9,368
  9,765
  10,186
  10,632
  11,105
  11,605
  12,133
  12,690
  13,278
  13,899
  14,552
  15,242
  15,967
  16,731
  17,535
  18,382
  19,272
  20,209
Debt-to-equity ratio
  0.446
  0.500
  0.510
  0.530
  0.550
  0.580
  0.600
  0.620
  0.650
  0.670
  0.690
  0.710
  0.740
  0.760
  0.780
  0.800
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.040
  1.050
Adjusted equity ratio
  0.434
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  142
  148
  156
  165
  175
  187
  200
  215
  231
  249
  456
  476
  499
  523
  549
  577
  607
  638
  672
  708
  746
  786
  829
  874
  923
  974
  1,027
  1,084
  1,145
  1,208
Depreciation, amort., depletion, $m
  143
  310
  311
  313
  314
  316
  318
  320
  322
  325
  327
  74
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
Funds from operations, $m
  221
  452
  459
  468
  479
  491
  505
  520
  538
  556
  577
  530
  553
  579
  607
  636
  668
  702
  738
  776
  816
  859
  905
  954
  1,005
  1,059
  1,117
  1,178
  1,242
  1,310
  1,381
Change in working capital, $m
  -26
  9
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
  70
Cash from operations, $m
  247
  375
  448
  456
  465
  476
  488
  502
  518
  535
  554
  505
  527
  551
  577
  605
  634
  666
  700
  736
  774
  815
  859
  904
  953
  1,005
  1,059
  1,117
  1,178
  1,243
  1,311
Maintenance CAPEX, $m
  0
  -53
  -54
  -55
  -56
  -58
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -137
  -143
  -150
  -157
  -165
New CAPEX, $m
  -63
  -31
  -37
  -42
  -47
  -52
  -58
  -63
  -68
  -73
  -78
  -84
  -90
  -95
  -101
  -107
  -114
  -121
  -127
  -135
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
Cash from investing activities, $m
  -82
  -84
  -91
  -97
  -103
  -110
  -118
  -125
  -132
  -139
  -147
  -155
  -164
  -172
  -181
  -191
  -201
  -212
  -222
  -234
  -246
  -259
  -272
  -286
  -301
  -316
  -332
  -348
  -366
  -384
  -404
Free cash flow, $m
  165
  291
  358
  359
  361
  365
  371
  378
  386
  396
  407
  350
  364
  379
  395
  414
  433
  455
  477
  502
  528
  557
  587
  619
  653
  689
  728
  769
  812
  858
  907
Issuance/(repayment) of debt, $m
  -119
  67
  82
  93
  105
  116
  127
  139
  150
  162
  174
  186
  198
  211
  224
  238
  252
  267
  282
  298
  315
  332
  350
  369
  389
  410
  432
  454
  478
  503
  529
Issuance/(repurchase) of shares, $m
  -19
  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  
  -145
  67
  82
  93
  105
  116
  127
  139
  150
  162
  174
  186
  198
  211
  224
  238
  252
  267
  282
  298
  315
  332
  350
  369
  389
  410
  432
  454
  478
  503
  529
Total cash flow (excl. dividends), $m
  24
  358
  439
  452
  466
  481
  498
  516
  536
  557
  580
  536
  562
  590
  620
  652
  685
  722
  760
  800
  843
  889
  937
  988
  1,042
  1,099
  1,159
  1,223
  1,290
  1,361
  1,436
Retained Cash Flow (-), $m
  173
  -53
  -63
  -72
  -81
  -89
  -98
  -107
  -116
  -125
  -134
  -143
  -153
  -162
  -173
  -183
  -194
  -206
  -217
  -230
  -242
  -256
  -270
  -284
  -300
  -316
  -332
  -350
  -368
  -387
  -407
Prev. year cash balance distribution, $m
 
  217
  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
 
  522
  377
  380
  385
  392
  400
  410
  420
  433
  447
  393
  409
  427
  447
  468
  491
  516
  542
  571
  601
  633
  667
  704
  742
  783
  827
  873
  922
  974
  1,029
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  492
  334
  315
  296
  277
  259
  240
  222
  204
  186
  143
  129
  115
  102
  89
  77
  66
  55
  46
  37
  30
  23
  18
  14
  10
  7
  5
  3
  2
  2
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

Colfax Corporation, an industrial manufacturing and engineering company, provides gas and fluid handling, and fabrication technology products and services worldwide. The company operates through two segments, Gas and Fluid Handling, and Fabrication Technology. The Gas and Fluid Handling segment designs, manufactures, supplies, installs, and maintains heavy-duty centrifugal and axial fans, rotary heat exchangers, gas compressors, pumps, fluid handling systems, controls, and specialty valves. It markets air and gas handling products under Howden brand name; and fluid-handling products under Allweiler and Imo brand names. This segment sells its products and services directly, as well as through independent representatives and distributors to customers in the power generation, oil and gas, petrochemical, mining, marine, general industrial, and other end markets. It also provides repair and retrofit services for valves and products manufactured by other valve suppliers; and lubrication system equipment and services, including LubriMist oil mist generators, Mistlock bearing lubrication cartridges, and ThermoJet oil purifiers, as well as various services, such as high velocity oil flushing, leakage oil reclamation, and condition monitoring services. The Fabrication Technology segment formulates, develops, manufactures, and supplies consumable products and equipment for use in cutting and joining steels, aluminum, and other metals and metal alloys. This segment provides welding consumables comprising electrodes, cored and solid wires, and fluxes under the ESAB brand name; and cutting equipment and consumables, and gas control and specialty welding products under the Victor brand name. It sells its products through independent distributors and direct sales to the oil and gas, power generation, wind power, shipbuilding, pipelines, mobile/off-highway equipment, and mining markets. Colfax Corporation was founded in 1860 and is headquartered in Annapolis Junction, Maryland.

FINANCIAL RATIOS  of  Colfax (CFX)

Valuation Ratios
P/E Ratio 38.3
Price to Sales 1.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate -8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10%
Cap. Spend. - 3 Yr. Gr. Rate -2.4%
Financial Strength
Quick Ratio 44
Current Ratio 0.2
LT Debt to Equity 44.4%
Total Debt to Equity 44.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 7.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31.4%
Gross Margin - 3 Yr. Avg. 31.7%
EBITDA Margin 10.6%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 5.7%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 3.5%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 30.3%
Eff/ Tax Rate - 3 Yr. Avg. 11.4%
Payout Ratio 0%

CFX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CFX stock intrinsic value calculation we used $3647 million for the last fiscal year's total revenue generated by Colfax. The default revenue input number comes from 2016 income statement of Colfax. 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 CFX stock valuation model: a) initial revenue growth rate of 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 5.9%, whose default value for CFX is calculated based on our internal credit rating of Colfax, 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 Colfax.
    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 CFX stock the variable cost ratio is equal to 85.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $305 million in the base year in the intrinsic value calculation for CFX 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 Colfax.

Corporate tax rate of 27% is the nominal tax rate for Colfax. 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 CFX 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 CFX are equal to 43.1%.

Life of production assets of 29.8 years is the average useful life of capital assets used in Colfax 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 CFX is equal to 12.7%. 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 - $2897 million for Colfax - 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 122.771 million for Colfax 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 Colfax at the current share price and the inputted number of shares is $4.9 billion.


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COMPANY NEWS

▶ Colfax Announces Pricing of 3.250% Senior Notes due 2025   [Apr-12-17 01:04PM  GlobeNewswire]
▶ Colfax CEO's pay drops to $11.9M in 2016   [Apr-04-17 11:25PM  American City Business Journals]
▶ Colfax to acquire business unit from Siemens AG for $205 million   [Mar-08-17 12:10PM  at bizjournals.com]
▶ Colfax to acquire business unit from Siemens AG for $205 million   [12:10PM  American City Business Journals]
▶ Adding value to a company and community   [Feb-24-17 05:45AM  American City Business Journals]
▶ Adding value to a company and community   [12:15AM  at bizjournals.com]
▶ COLFAX REPORTS FOURTH QUARTER 2016 RESULTS   [06:01AM  GlobeNewswire]
▶ Colfax Schedules 2017 Outlook Conference Call   [Dec-09-16 07:45AM  GlobeNewswire]
▶ Hedge Funds Are Crazy About Colfax Corp (CFX)   [Nov-26-16 05:37PM  at Insider Monkey]
▶ Colfax Reports Third Quarter 2016 Results   [05:58AM  GlobeNewswire]
▶ [$$] IPO Engine Revs Up   [Sep-10-16 12:01AM  at Barrons.com]
▶ Colfax to Host Annual Investor Event   [07:09AM  GlobeNewswire]
▶ These 5 Small-Cap Stocks Have Bares Capitals Attention   [Aug-15-16 04:10PM  at Insider Monkey]
▶ COLFAX REPORTS SECOND QUARTER 2016 RESULTS   [06:06AM  GlobeNewswire]
▶ The 5 highest-paid executives in Greater Baltimore in 2015   [Jul-08-16 01:09PM  at bizjournals.com]
▶ [$$] Barron's Small-Cap Picks Beat the Market   [Jul-02-16 12:01AM  at Barrons.com]
▶ Brexit continues to hit Baltimore-area stocks   [Jun-27-16 03:07PM  at bizjournals.com]
▶ CFO Moves: Colfax Corp., Nektar Therapeutics, Western Refining Logistics   [Jun-02-16 05:48PM  at The Wall Street Journal]
Stock chart of CFX Financial statements of CFX
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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