Intrinsic value of Rockwell Collins - COL

Previous Close

$109.31

  Intrinsic Value

$89.00

stock screener

  Rating & Target

hold

-19%

  Value-price divergence*

-21%

Previous close

$109.31

 
Intrinsic value

$89.00

 
Up/down potential

-19%

 
Rating

hold

 
Value-price divergence*

-21%

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

We calculate the intrinsic value of COL 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 14.2

 

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, %
  0.29
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  5,259
  5,385
  5,528
  5,688
  5,865
  6,058
  6,268
  6,495
  6,739
  7,000
  7,280
  7,578
  7,895
  8,232
  8,589
  8,967
  9,368
  9,791
  10,238
  10,710
  11,208
  11,733
  12,286
  12,869
  13,483
  14,129
  14,809
  15,525
  16,277
  17,069
  17,902
Variable operating expenses, $m
 
  4,330
  4,441
  4,564
  4,699
  4,848
  5,009
  5,183
  5,371
  5,572
  5,787
  5,824
  6,067
  6,326
  6,601
  6,892
  7,199
  7,524
  7,868
  8,231
  8,613
  9,017
  9,442
  9,890
  10,362
  10,858
  11,381
  11,931
  12,509
  13,118
  13,758
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
  4,280
  4,330
  4,441
  4,564
  4,699
  4,848
  5,009
  5,183
  5,371
  5,572
  5,787
  5,824
  6,067
  6,326
  6,601
  6,892
  7,199
  7,524
  7,868
  8,231
  8,613
  9,017
  9,442
  9,890
  10,362
  10,858
  11,381
  11,931
  12,509
  13,118
  13,758
Operating income, $m
  979
  1,055
  1,088
  1,125
  1,166
  1,211
  1,259
  1,312
  1,368
  1,429
  1,493
  1,754
  1,828
  1,906
  1,988
  2,076
  2,169
  2,267
  2,370
  2,479
  2,595
  2,716
  2,844
  2,979
  3,121
  3,271
  3,428
  3,594
  3,768
  3,951
  4,144
EBITDA, $m
  1,232
  1,315
  1,350
  1,389
  1,432
  1,479
  1,530
  1,585
  1,645
  1,709
  1,777
  1,850
  1,927
  2,009
  2,097
  2,189
  2,287
  2,390
  2,499
  2,614
  2,736
  2,864
  2,999
  3,141
  3,291
  3,449
  3,615
  3,790
  3,973
  4,167
  4,370
Interest expense (income), $m
  0
  62
  67
  72
  77
  83
  90
  98
  106
  114
  123
  133
  144
  155
  167
  179
  192
  207
  221
  237
  254
  271
  290
  309
  330
  351
  374
  398
  423
  449
  477
Earnings before tax, $m
  935
  993
  1,021
  1,053
  1,089
  1,127
  1,169
  1,214
  1,263
  1,315
  1,370
  1,621
  1,684
  1,751
  1,822
  1,897
  1,976
  2,060
  2,149
  2,242
  2,341
  2,445
  2,554
  2,670
  2,792
  2,920
  3,054
  3,196
  3,345
  3,502
  3,667
Tax expense, $m
  208
  268
  276
  284
  294
  304
  316
  328
  341
  355
  370
  438
  455
  473
  492
  512
  534
  556
  580
  605
  632
  660
  690
  721
  754
  788
  825
  863
  903
  946
  990
Net income, $m
  728
  725
  746
  769
  795
  823
  853
  886
  922
  960
  1,000
  1,183
  1,229
  1,278
  1,330
  1,385
  1,443
  1,504
  1,569
  1,637
  1,709
  1,785
  1,865
  1,949
  2,038
  2,131
  2,230
  2,333
  2,442
  2,556
  2,677

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  340
  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
  7,699
  7,532
  7,732
  7,956
  8,203
  8,473
  8,767
  9,084
  9,425
  9,791
  10,182
  10,599
  11,042
  11,513
  12,013
  12,542
  13,102
  13,694
  14,319
  14,979
  15,675
  16,410
  17,183
  17,999
  18,857
  19,761
  20,712
  21,713
  22,766
  23,873
  25,037
Adjusted assets (=assets-cash), $m
  7,359
  7,532
  7,732
  7,956
  8,203
  8,473
  8,767
  9,084
  9,425
  9,791
  10,182
  10,599
  11,042
  11,513
  12,013
  12,542
  13,102
  13,694
  14,319
  14,979
  15,675
  16,410
  17,183
  17,999
  18,857
  19,761
  20,712
  21,713
  22,766
  23,873
  25,037
Revenue / Adjusted assets
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
Average production assets, $m
  685
  700
  719
  739
  762
  788
  815
  844
  876
  910
  946
  985
  1,026
  1,070
  1,117
  1,166
  1,218
  1,273
  1,331
  1,392
  1,457
  1,525
  1,597
  1,673
  1,753
  1,837
  1,925
  2,018
  2,116
  2,219
  2,327
Working capital, $m
  1,144
  1,583
  1,625
  1,672
  1,724
  1,781
  1,843
  1,910
  1,981
  2,058
  2,140
  2,228
  2,321
  2,420
  2,525
  2,636
  2,754
  2,879
  3,010
  3,149
  3,295
  3,449
  3,612
  3,783
  3,964
  4,154
  4,354
  4,564
  4,786
  5,018
  5,263
Total debt, $m
  2,114
  1,901
  2,045
  2,205
  2,383
  2,577
  2,787
  3,015
  3,260
  3,523
  3,804
  4,103
  4,421
  4,759
  5,118
  5,498
  5,900
  6,325
  6,774
  7,248
  7,748
  8,275
  8,831
  9,416
  10,032
  10,681
  11,364
  12,083
  12,839
  13,634
  14,470
Total liabilities, $m
  5,621
  5,408
  5,552
  5,712
  5,890
  6,084
  6,294
  6,522
  6,767
  7,030
  7,311
  7,610
  7,928
  8,266
  8,625
  9,005
  9,407
  9,832
  10,281
  10,755
  11,255
  11,782
  12,338
  12,923
  13,539
  14,188
  14,871
  15,590
  16,346
  17,141
  17,977
Total equity, $m
  2,078
  2,124
  2,180
  2,244
  2,313
  2,389
  2,472
  2,562
  2,658
  2,761
  2,871
  2,989
  3,114
  3,247
  3,388
  3,537
  3,695
  3,862
  4,038
  4,224
  4,420
  4,628
  4,846
  5,076
  5,318
  5,573
  5,841
  6,123
  6,420
  6,732
  7,061
Total liabilities and equity, $m
  7,699
  7,532
  7,732
  7,956
  8,203
  8,473
  8,766
  9,084
  9,425
  9,791
  10,182
  10,599
  11,042
  11,513
  12,013
  12,542
  13,102
  13,694
  14,319
  14,979
  15,675
  16,410
  17,184
  17,999
  18,857
  19,761
  20,712
  21,713
  22,766
  23,873
  25,038
Debt-to-equity ratio
  1.017
  0.890
  0.940
  0.980
  1.030
  1.080
  1.130
  1.180
  1.230
  1.280
  1.320
  1.370
  1.420
  1.470
  1.510
  1.550
  1.600
  1.640
  1.680
  1.720
  1.750
  1.790
  1.820
  1.860
  1.890
  1.920
  1.950
  1.970
  2.000
  2.030
  2.050
Adjusted equity ratio
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  728
  725
  746
  769
  795
  823
  853
  886
  922
  960
  1,000
  1,183
  1,229
  1,278
  1,330
  1,385
  1,443
  1,504
  1,569
  1,637
  1,709
  1,785
  1,865
  1,949
  2,038
  2,131
  2,230
  2,333
  2,442
  2,556
  2,677
Depreciation, amort., depletion, $m
  253
  260
  262
  264
  266
  268
  271
  274
  277
  280
  284
  96
  100
  104
  108
  113
  118
  124
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
  215
  226
Funds from operations, $m
  394
  984
  1,007
  1,033
  1,061
  1,091
  1,124
  1,160
  1,199
  1,240
  1,284
  1,279
  1,329
  1,382
  1,438
  1,498
  1,561
  1,627
  1,698
  1,772
  1,850
  1,933
  2,020
  2,112
  2,208
  2,310
  2,417
  2,529
  2,647
  2,772
  2,903
Change in working capital, $m
  -329
  37
  42
  47
  52
  57
  62
  67
  72
  77
  82
  88
  93
  99
  105
  111
  118
  124
  131
  139
  146
  154
  163
  171
  180
  190
  200
  210
  221
  233
  245
Cash from operations, $m
  723
  947
  965
  986
  1,009
  1,034
  1,063
  1,093
  1,127
  1,163
  1,202
  1,191
  1,236
  1,283
  1,333
  1,387
  1,443
  1,503
  1,566
  1,633
  1,704
  1,778
  1,857
  1,940
  2,028
  2,120
  2,217
  2,319
  2,426
  2,539
  2,658
Maintenance CAPEX, $m
  0
  -67
  -68
  -70
  -72
  -74
  -76
  -79
  -82
  -85
  -88
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -124
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
New CAPEX, $m
  -193
  -15
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
Cash from investing activities, $m
  -209
  -82
  -87
  -91
  -95
  -99
  -103
  -108
  -114
  -119
  -124
  -131
  -137
  -144
  -150
  -157
  -165
  -173
  -182
  -190
  -200
  -209
  -220
  -231
  -242
  -254
  -266
  -280
  -294
  -308
  -323
Free cash flow, $m
  514
  866
  879
  895
  914
  935
  959
  985
  1,013
  1,044
  1,077
  1,061
  1,099
  1,140
  1,183
  1,229
  1,278
  1,330
  1,385
  1,443
  1,504
  1,569
  1,637
  1,709
  1,785
  1,865
  1,950
  2,039
  2,132
  2,231
  2,334
Issuance/(repayment) of debt, $m
  -8
  127
  144
  161
  177
  194
  211
  228
  245
  263
  281
  299
  318
  338
  359
  380
  402
  425
  449
  474
  500
  527
  556
  585
  616
  649
  683
  719
  756
  795
  836
Issuance/(repurchase) of shares, $m
  -240
  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  
  -250
  127
  144
  161
  177
  194
  211
  228
  245
  263
  281
  299
  318
  338
  359
  380
  402
  425
  449
  474
  500
  527
  556
  585
  616
  649
  683
  719
  756
  795
  836
Total cash flow (excl. dividends), $m
  260
  993
  1,022
  1,056
  1,091
  1,129
  1,170
  1,213
  1,258
  1,307
  1,358
  1,360
  1,417
  1,478
  1,542
  1,609
  1,680
  1,755
  1,834
  1,917
  2,004
  2,096
  2,193
  2,295
  2,402
  2,514
  2,633
  2,757
  2,888
  3,026
  3,170
Retained Cash Flow (-), $m
  -203
  -46
  -56
  -63
  -70
  -76
  -83
  -89
  -96
  -103
  -110
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -176
  -186
  -196
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
  -312
  -328
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
 
  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
 
  947
  966
  993
  1,022
  1,053
  1,087
  1,123
  1,162
  1,203
  1,247
  1,243
  1,292
  1,345
  1,401
  1,460
  1,522
  1,588
  1,657
  1,730
  1,808
  1,889
  1,975
  2,065
  2,160
  2,260
  2,365
  2,475
  2,591
  2,714
  2,842
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  902
  872
  845
  816
  784
  750
  713
  674
  634
  591
  525
  483
  440
  397
  354
  313
  273
  235
  200
  167
  138
  112
  89
  70
  54
  41
  30
  21
  15
  10
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

Rockwell Collins, Inc. designs, produces, and supports communications and aviation systems worldwide. Its Commercial Systems segment provides integrated avionics systems; cabin management systems; data link, high frequency, very high frequency, and satellite communications systems; landing sensors, radio navigation, and geophysical sensors, as well as flight management systems; situational awareness and surveillance systems and products; integrated flight controls; simulation and training systems; and maintenance, repair, parts, and after-sales support services, as well as aftermarket used equipment. This segment serves original equipment manufacturers of commercial air transport, business and regional aircraft, commercial airlines, and business aircraft operators. The company’s Government Systems segment provides defense-related systems, products, and services comprising communications systems and products; radio navigation products, global positioning system equipment, and multi-mode receivers; avionics systems for aircraft flight decks; precision targeting, electronic warfare, and range and training systems; simulation and training systems; space wheels; visual system products; and maintenance, repair, parts, and after-sales support services, as well as aftermarket used equipment. This segment serves the U.S. Department of Defense, other ministries of defense, other government agencies, and defense contractors. Its Information Management Services segment offers voice and data communication services; flight support services; airport communications and information systems; train dispatching and information systems; mission critical security systems; and cabin connectivity solutions. This segment serves commercial airlines, business aircraft operators, the U.S. Federal Aviation Administration, airport and critical infrastructure operators, and passenger and freight railroads. Rockwell Collins, Inc. was founded in 1933 and is headquartered in Cedar Rapids, Iowa.

FINANCIAL RATIOS  of  Rockwell Collins (COL)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 2.7
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 26.9
Growth Rates
Sales Growth Rate 0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -8.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 66.1%
Total Debt to Equity 101.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 9.7%
Ret/ On Assets - 3 Yr. Avg. 9.9%
Return On Total Capital 17.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.6%
Return On Equity 36.8%
Return On Equity - 3 Yr. Avg. 35.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 30.7%
Gross Margin - 3 Yr. Avg. 30.6%
EBITDA Margin 22.6%
EBITDA Margin - 3 Yr. Avg. 23.1%
Operating Margin 18.6%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 17.8%
Pre-Tax Margin - 3 Yr. Avg. 17.9%
Net Profit Margin 13.8%
Net Profit Margin - 3 Yr. Avg. 13%
Effective Tax Rate 22.2%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 23.6%

COL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the COL stock intrinsic value calculation we used $5259 million for the last fiscal year's total revenue generated by Rockwell Collins. The default revenue input number comes from 2016 income statement of Rockwell Collins. 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 COL stock valuation model: a) initial revenue growth rate of 2.4% 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%, whose default value for COL is calculated based on our internal credit rating of Rockwell Collins, 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 Rockwell Collins.
    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 COL stock the variable cost ratio is equal to 80.5%.

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 COL 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 Rockwell Collins.

Corporate tax rate of 27% is the nominal tax rate for Rockwell Collins. 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 COL 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 COL are equal to 13%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Rockwell Collins 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 COL is equal to 29.4%. 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 - $2078 million for Rockwell Collins - 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 129.955 million for Rockwell Collins 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 Rockwell Collins at the current share price and the inputted number of shares is $14.2 billion.

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COMPANY NEWS

▶ 3 Top Defense Stocks to Buy Now   [Jul-21-17 01:16PM  Zacks]
▶ Rockwell Collins approves $200M share repurchase program   [Jul-13-17 03:10PM  American City Business Journals]
▶ Rockwell Collins: Cramer's Top Takeaways   [09:51AM  TheStreet.com]
▶ Cramer Remix: This stock is just too sexy to ignore   [Jul-12-17 07:14PM  CNBC Videos]
▶ Glassdoor: Rockwell Collins exec is among 100 highest-rated CEOs   [Jun-22-17 06:25AM  American City Business Journals]
▶ Boeing, Lockheed inking new deals at Paris Air Show   [Jun-19-17 10:24AM  CNBC Videos]
▶ Rockwell Collins CEO at Paris Air Show   [06:41AM  CNBC Videos]
▶ 3 Top Defense Stocks to Buy Now   [Jun-06-17 12:42PM  Zacks]
▶ Defense And Aerospace Stocks To Watch And Industry News   [May-23-17 03:03PM  Investor's Business Daily]
▶ Rockwell has discussed middle-market aircraft with Boeing   [May-18-17 05:42PM  Flightglobal]
▶ Rockwell Collins exec: Triad operations remain 'mission critical' to company (PHOTOS)   [May-17-17 03:25PM  American City Business Journals]
▶ Rockwell Collins Files Latest Flight Plan   [May-09-17 03:35PM  TheStreet.com]
▶ Insider Sells Shares of Rockwell Collins   [May-01-17 03:29PM  GuruFocus.com]
▶ Tom Gayner Gains 4 New Stocks in 1st Quarter   [01:48PM  GuruFocus.com]
▶ Defense Stock Roundup: TXT, HON, LMT and COL   [Apr-26-17 04:03PM  Zacks]
▶ The Hot Stock: Rockwell Collins Jumps 5.1%   [Apr-21-17 05:15PM  Barrons.com]
▶ Rockwell Collins tops Street 2Q forecasts   [06:44AM  Associated Press]
▶ Rockwell Collins Declares Regular Quarterly Dividend   [Apr-19-17 05:15PM  Business Wire]
▶ South Florida aviation company sold to Iowa firm for $8.6B   [Apr-14-17 06:04PM  American City Business Journals]
▶ Rockwell Collins completes acquisition of B/E Aerospace for $8.6B   [01:55PM  American City Business Journals]
▶ Sabre Set to Join S&P MidCap 400   [Apr-13-17 05:54PM  PR Newswire]
▶ Three Must-Own Defense Stocks   [10:51AM  Investopedia]
▶ Sleeping giants offering massive gains   [Apr-10-17 07:32PM  CNBC Videos]
▶ EU Mergers and Takeovers (March 30)   [10:31AM  Investopedia]
▶ Rockwell Collins Announces Pricing of Senior Notes Offering   [Mar-28-17 08:03PM  Business Wire]
Stock chart of COL Financial statements of COL Annual reports of COL
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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