Intrinsic value of Circor International - CIR

Previous Close

$40.38

  Intrinsic Value

$47.29

stock screener

  Rating & Target

hold

+17%

Previous close

$40.38

 
Intrinsic value

$47.29

 
Up/down potential

+17%

 
Rating

hold

We calculate the intrinsic value of CIR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -10.06
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  590
  742
  827
  915
  1,009
  1,106
  1,208
  1,314
  1,424
  1,539
  1,658
  1,782
  1,911
  2,045
  2,184
  2,328
  2,479
  2,635
  2,798
  2,968
  3,145
  3,329
  3,522
  3,722
  3,932
  4,151
  4,380
  4,619
  4,869
  5,130
  5,404
Variable operating expenses, $m
 
  629
  689
  752
  818
  887
  959
  1,035
  1,113
  1,195
  1,279
  1,265
  1,357
  1,452
  1,551
  1,653
  1,760
  1,871
  1,987
  2,108
  2,233
  2,364
  2,501
  2,643
  2,792
  2,947
  3,110
  3,280
  3,457
  3,643
  3,837
Fixed operating expenses, $m
 
  73
  74
  76
  77
  79
  81
  83
  85
  86
  88
  90
  92
  94
  96
  98
  101
  103
  105
  107
  110
  112
  115
  117
  120
  122
  125
  128
  131
  133
  136
Total operating expenses, $m
  579
  702
  763
  828
  895
  966
  1,040
  1,118
  1,198
  1,281
  1,367
  1,355
  1,449
  1,546
  1,647
  1,751
  1,861
  1,974
  2,092
  2,215
  2,343
  2,476
  2,616
  2,760
  2,912
  3,069
  3,235
  3,408
  3,588
  3,776
  3,973
Operating income, $m
  11
  41
  64
  88
  113
  140
  167
  196
  226
  258
  291
  426
  462
  499
  537
  577
  618
  661
  706
  753
  802
  853
  906
  962
  1,020
  1,081
  1,145
  1,211
  1,281
  1,354
  1,430
EBITDA, $m
  36
  237
  270
  306
  343
  382
  423
  465
  509
  555
  603
  653
  704
  758
  814
  872
  933
  996
  1,061
  1,130
  1,201
  1,276
  1,353
  1,434
  1,519
  1,608
  1,700
  1,797
  1,899
  2,005
  2,116
Interest expense (income), $m
  3
  43
  51
  60
  70
  79
  90
  101
  112
  124
  136
  149
  162
  175
  190
  205
  220
  236
  253
  270
  288
  307
  326
  347
  368
  391
  414
  438
  464
  490
  518
Earnings before tax, $m
  10
  -2
  13
  28
  44
  60
  78
  96
  115
  134
  155
  278
  300
  323
  347
  372
  398
  425
  454
  483
  514
  546
  580
  615
  652
  691
  731
  773
  817
  864
  912
Tax expense, $m
  0
  0
  3
  7
  12
  16
  21
  26
  31
  36
  42
  75
  81
  87
  94
  100
  108
  115
  122
  130
  139
  148
  157
  166
  176
  186
  197
  209
  221
  233
  246
Net income, $m
  10
  -2
  9
  20
  32
  44
  57
  70
  84
  98
  113
  203
  219
  236
  253
  272
  291
  311
  331
  353
  375
  399
  423
  449
  476
  504
  534
  564
  597
  630
  666

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  821
  2,139
  2,382
  2,638
  2,907
  3,188
  3,481
  3,786
  4,104
  4,434
  4,778
  5,135
  5,506
  5,892
  6,293
  6,710
  7,144
  7,595
  8,064
  8,554
  9,063
  9,595
  10,149
  10,727
  11,331
  11,962
  12,621
  13,310
  14,031
  14,784
  15,573
Adjusted assets (=assets-cash), $m
  763
  2,139
  2,382
  2,638
  2,907
  3,188
  3,481
  3,786
  4,104
  4,434
  4,778
  5,135
  5,506
  5,892
  6,293
  6,710
  7,144
  7,595
  8,064
  8,554
  9,063
  9,595
  10,149
  10,727
  11,331
  11,962
  12,621
  13,310
  14,031
  14,784
  15,573
Revenue / Adjusted assets
  0.773
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
Average production assets, $m
  186
  942
  1,049
  1,162
  1,280
  1,404
  1,533
  1,667
  1,807
  1,953
  2,104
  2,261
  2,425
  2,595
  2,771
  2,955
  3,146
  3,344
  3,551
  3,767
  3,991
  4,225
  4,469
  4,724
  4,990
  5,267
  5,558
  5,861
  6,178
  6,510
  6,857
Working capital, $m
  252
  143
  160
  177
  195
  213
  233
  254
  275
  297
  320
  344
  369
  395
  421
  449
  478
  509
  540
  573
  607
  643
  680
  718
  759
  801
  845
  891
  940
  990
  1,043
Total debt, $m
  251
  945
  1,112
  1,287
  1,471
  1,663
  1,863
  2,072
  2,290
  2,516
  2,751
  2,995
  3,249
  3,513
  3,787
  4,072
  4,369
  4,677
  4,999
  5,333
  5,682
  6,045
  6,424
  6,820
  7,233
  7,665
  8,115
  8,587
  9,079
  9,595
  10,134
Total liabilities, $m
  416
  1,463
  1,629
  1,805
  1,988
  2,180
  2,381
  2,590
  2,807
  3,033
  3,268
  3,513
  3,766
  4,030
  4,305
  4,590
  4,886
  5,195
  5,516
  5,851
  6,199
  6,563
  6,942
  7,338
  7,751
  8,182
  8,633
  9,104
  9,597
  10,112
  10,652
Total equity, $m
  404
  676
  753
  834
  919
  1,007
  1,100
  1,196
  1,297
  1,401
  1,510
  1,623
  1,740
  1,862
  1,989
  2,120
  2,257
  2,400
  2,548
  2,703
  2,864
  3,032
  3,207
  3,390
  3,581
  3,780
  3,988
  4,206
  4,434
  4,672
  4,921
Total liabilities and equity, $m
  820
  2,139
  2,382
  2,639
  2,907
  3,187
  3,481
  3,786
  4,104
  4,434
  4,778
  5,136
  5,506
  5,892
  6,294
  6,710
  7,143
  7,595
  8,064
  8,554
  9,063
  9,595
  10,149
  10,728
  11,332
  11,962
  12,621
  13,310
  14,031
  14,784
  15,573
Debt-to-equity ratio
  0.621
  1.400
  1.480
  1.540
  1.600
  1.650
  1.690
  1.730
  1.770
  1.800
  1.820
  1.850
  1.870
  1.890
  1.900
  1.920
  1.940
  1.950
  1.960
  1.970
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
  2.030
  2.040
  2.050
  2.050
  2.060
Adjusted equity ratio
  0.453
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316
  0.316

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  -2
  9
  20
  32
  44
  57
  70
  84
  98
  113
  203
  219
  236
  253
  272
  291
  311
  331
  353
  375
  399
  423
  449
  476
  504
  534
  564
  597
  630
  666
Depreciation, amort., depletion, $m
  25
  196
  207
  218
  230
  242
  255
  269
  283
  297
  312
  226
  242
  259
  277
  295
  315
  334
  355
  377
  399
  422
  447
  472
  499
  527
  556
  586
  618
  651
  686
Funds from operations, $m
  68
  194
  216
  238
  262
  286
  312
  338
  366
  395
  425
  429
  462
  495
  531
  567
  605
  645
  686
  729
  774
  821
  870
  921
  975
  1,031
  1,089
  1,150
  1,214
  1,281
  1,352
Change in working capital, $m
  9
  15
  16
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
Cash from operations, $m
  59
  179
  200
  221
  244
  267
  292
  318
  345
  373
  402
  405
  437
  470
  504
  539
  576
  615
  655
  697
  740
  786
  833
  883
  934
  989
  1,045
  1,104
  1,166
  1,231
  1,299
Maintenance CAPEX, $m
  0
  -84
  -94
  -105
  -116
  -128
  -140
  -153
  -167
  -181
  -195
  -210
  -226
  -242
  -259
  -277
  -295
  -315
  -334
  -355
  -377
  -399
  -422
  -447
  -472
  -499
  -527
  -556
  -586
  -618
  -651
New CAPEX, $m
  -15
  -102
  -107
  -113
  -118
  -124
  -129
  -134
  -140
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -234
  -244
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
Cash from investing activities, $m
  -210
  -186
  -201
  -218
  -234
  -252
  -269
  -287
  -307
  -327
  -346
  -367
  -389
  -412
  -436
  -461
  -486
  -514
  -541
  -570
  -601
  -633
  -666
  -702
  -738
  -777
  -817
  -859
  -903
  -950
  -998
Free cash flow, $m
  -151
  -7
  -2
  3
  9
  16
  23
  30
  38
  47
  56
  37
  47
  57
  68
  79
  90
  102
  114
  126
  139
  153
  167
  181
  196
  212
  228
  245
  263
  281
  301
Issuance/(repayment) of debt, $m
  161
  158
  167
  175
  184
  192
  200
  209
  217
  226
  235
  244
  254
  264
  274
  285
  297
  309
  321
  335
  349
  363
  379
  396
  413
  431
  451
  471
  493
  516
  539
Issuance/(repurchase) of shares, $m
  1
  76
  68
  61
  53
  45
  36
  27
  17
  6
  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  
  162
  234
  235
  236
  237
  237
  236
  236
  234
  232
  235
  244
  254
  264
  274
  285
  297
  309
  321
  335
  349
  363
  379
  396
  413
  431
  451
  471
  493
  516
  539
Total cash flow (excl. dividends), $m
  7
  226
  233
  239
  246
  253
  259
  266
  273
  279
  291
  282
  301
  321
  342
  364
  386
  410
  435
  461
  488
  516
  546
  577
  609
  643
  679
  716
  756
  797
  840
Retained Cash Flow (-), $m
  -3
  -76
  -77
  -81
  -85
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -155
  -161
  -168
  -175
  -183
  -191
  -199
  -208
  -218
  -228
  -238
  -249
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
Cash available for distribution, $m
 
  151
  156
  158
  161
  164
  167
  169
  172
  175
  182
  169
  184
  199
  215
  232
  249
  268
  286
  306
  327
  348
  371
  394
  418
  444
  471
  499
  528
  559
  591
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  138
  129
  118
  107
  95
  84
  74
  64
  54
  47
  35
  31
  26
  22
  18
  14
  11
  9
  6
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  90.1
  82.8
  77.3
  73.2
  70.2
  68.1
  66.7
  65.9
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6
  65.6

CIRCOR International, Inc. (CIRCOR) designs, manufactures and markets engineered products and sub-systems for markets, including oil and gas, aerospace, power and process, and industrial solutions. The Company operates through two segments: CIRCOR Energy (Energy segment (Energy)) and CIRCOR Advanced Flow Solutions (Advanced Flow Solutions segment (AFS)). Energy provides engineered integrated flow control solutions, valves and services primarily in the oil and gas end market. AFS is a flow control technology platform. Energy provides its flow control solutions and services through the brands, including Circle Seal Controls, DeltaValve, Contromatics, Dopak Sampling and others. AFS manufactures and markets control valves, automatic recirculation valves, regulators, fluid controls, actuation systems, landing gear components, pneumatic controls, electro-mechanical controls, and other flow control products and systems. As of December 31, 2016, it operated 19 manufacturing facilities.

FINANCIAL RATIOS  of  Circor International (CIR)

Valuation Ratios
P/E Ratio 66.4
Price to Sales 1.1
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow 15.1
Growth Rates
Sales Growth Rate -10.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15.4%
Cap. Spend. - 3 Yr. Gr. Rate -2.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 62.1%
Total Debt to Equity 62.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 3.5%
Return On Total Capital 1.7%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 30.6%
EBITDA Margin 6.4%
EBITDA Margin - 3 Yr. Avg. 7.9%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 4.5%
Pre-Tax Margin 1.7%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 25.1%
Payout Ratio 30%

CIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIR stock intrinsic value calculation we used $662 million for the last fiscal year's total revenue generated by Circor International. The default revenue input number comes from 2016 income statement of Circor 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 CIR stock valuation model: a) initial revenue growth rate of 12.1% 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 9.4%, whose default value for CIR is calculated based on our internal credit rating of Circor 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 Circor 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 CIR stock the variable cost ratio is equal to 86.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $71 million in the base year in the intrinsic value calculation for CIR 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 5.4% for Circor International.

Corporate tax rate of 27% is the nominal tax rate for Circor 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 CIR stock is equal to 0.6%.

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 CIR are equal to 126.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Circor 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 CIR is equal to 19.3%. 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 - $602 million for Circor 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 17 million for Circor 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 Circor International at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ CIRCOR International Announces Pricing of Public Offering   [Jun-12-18 09:11PM  Business Wire]
▶ CIRCOR Names Lane Walker President of Energy Group   [Jun-04-18 08:30AM  Business Wire]
▶ Circor: 1Q Earnings Snapshot   [May-01-18 06:43PM  Associated Press]
▶ CIRCOR Aerospace Receives Airbus SQIP Best Performer Award   [Apr-12-18 09:00AM  GlobeNewswire]
▶ New Strong Sell Stocks for March 21st   [Mar-21-18 09:13AM  Zacks]
▶ Circor reports 4Q loss   [09:49AM  Associated Press]
▶ CIRCOR Declares Regular Quarterly Dividend   [Nov-16-17 04:15PM  Business Wire]
▶ CIRCOR Reports Third-Quarter 2017 Financial Results   [Oct-27-17 08:00AM  Business Wire]
▶ New Strong Sell Stocks for October 20th   [Oct-20-17 09:17AM  Zacks]
▶ CIRCOR Declares Regular Quarterly Dividend   [Aug-07-17 04:00PM  Business Wire]
▶ CIRCOR Reports Second-Quarter 2017 Financial Results   [Jul-28-17 08:00AM  Business Wire]
▶ CIRCOR Products Used on Americas Most-Advanced Warship   [Jul-12-17 04:45PM  GlobeNewswire]
▶ New Strong Sell Stocks for July 11th   [Jul-11-17 09:44AM  Zacks]
▶ New Strong Sell Stocks for June 30th   [Jun-30-17 09:26AM  Zacks]
▶ CIRCOR (CIR) in Focus: Stock Moves 5.4% Higher   [Jun-23-17 08:37AM  Zacks]
▶ CIRCOR International to Host 2017 Investor Day Today   [May-25-17 07:30AM  Business Wire]
▶ CIRCOR Declares Regular Quarterly Dividend   [May-15-17 08:30AM  Business Wire]
▶ CIRCOR International to Host 2017 Investor Day   [May-12-17 08:30AM  Business Wire]
▶ Circor misses Street 1Q forecasts   [Apr-28-17 08:12AM  Associated Press]
▶ CIRCOR Declares Regular Quarterly Dividend   [Feb-09-17 01:40PM  Business Wire]
Financial statements of CIR
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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