Intrinsic value of Carlisle - CSL

Previous Close

$115.48

  Intrinsic Value

$101.95

stock screener

  Rating & Target

hold

-12%

Previous close

$115.48

 
Intrinsic value

$101.95

 
Up/down potential

-12%

 
Rating

hold

We calculate the intrinsic value of CSL 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, %
  3.73
  9.90
  9.41
  8.97
  8.57
  8.21
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
Revenue, $m
  3,675
  4,039
  4,419
  4,815
  5,228
  5,657
  6,104
  6,568
  7,051
  7,552
  8,073
  8,614
  9,177
  9,763
  10,373
  11,008
  11,669
  12,359
  13,078
  13,828
  14,611
  15,428
  16,283
  17,175
  18,109
  19,085
  20,106
  21,175
  22,294
  23,466
  24,694
Variable operating expenses, $m
 
  3,455
  3,770
  4,098
  4,440
  4,796
  5,166
  5,550
  5,950
  6,365
  6,797
  7,138
  7,604
  8,090
  8,595
  9,121
  9,669
  10,240
  10,836
  11,458
  12,106
  12,784
  13,491
  14,231
  15,005
  15,813
  16,660
  17,545
  18,473
  19,444
  20,461
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
  3,234
  3,455
  3,770
  4,098
  4,440
  4,796
  5,166
  5,550
  5,950
  6,365
  6,797
  7,138
  7,604
  8,090
  8,595
  9,121
  9,669
  10,240
  10,836
  11,458
  12,106
  12,784
  13,491
  14,231
  15,005
  15,813
  16,660
  17,545
  18,473
  19,444
  20,461
Operating income, $m
  441
  584
  649
  717
  788
  862
  938
  1,018
  1,100
  1,186
  1,276
  1,477
  1,573
  1,674
  1,778
  1,887
  2,000
  2,118
  2,242
  2,370
  2,505
  2,645
  2,791
  2,944
  3,104
  3,271
  3,446
  3,630
  3,822
  4,022
  4,233
EBITDA, $m
  579
  779
  853
  929
  1,009
  1,092
  1,178
  1,267
  1,360
  1,457
  1,558
  1,662
  1,771
  1,884
  2,002
  2,124
  2,252
  2,385
  2,523
  2,668
  2,819
  2,977
  3,142
  3,314
  3,494
  3,683
  3,880
  4,086
  4,302
  4,528
  4,765
Interest expense (income), $m
  36
  32
  40
  49
  57
  67
  76
  86
  96
  107
  118
  129
  141
  154
  167
  180
  194
  209
  224
  240
  256
  273
  291
  310
  330
  351
  372
  395
  418
  443
  469
Earnings before tax, $m
  411
  552
  609
  669
  731
  795
  862
  932
  1,004
  1,080
  1,158
  1,347
  1,432
  1,520
  1,612
  1,707
  1,806
  1,910
  2,018
  2,131
  2,248
  2,371
  2,500
  2,634
  2,774
  2,921
  3,074
  3,235
  3,403
  3,580
  3,764
Tax expense, $m
  160
  149
  164
  181
  197
  215
  233
  252
  271
  292
  313
  364
  387
  410
  435
  461
  488
  516
  545
  575
  607
  640
  675
  711
  749
  789
  830
  873
  919
  966
  1,016
Net income, $m
  250
  403
  445
  488
  533
  580
  629
  680
  733
  788
  845
  984
  1,045
  1,110
  1,176
  1,246
  1,319
  1,394
  1,473
  1,555
  1,641
  1,731
  1,825
  1,923
  2,025
  2,132
  2,244
  2,362
  2,484
  2,613
  2,748

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  385
  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
  3,966
  3,936
  4,307
  4,693
  5,095
  5,514
  5,949
  6,402
  6,872
  7,360
  7,868
  8,396
  8,945
  9,516
  10,110
  10,729
  11,374
  12,046
  12,746
  13,477
  14,241
  15,037
  15,870
  16,740
  17,650
  18,601
  19,597
  20,639
  21,729
  22,871
  24,068
Adjusted assets (=assets-cash), $m
  3,581
  3,936
  4,307
  4,693
  5,095
  5,514
  5,949
  6,402
  6,872
  7,360
  7,868
  8,396
  8,945
  9,516
  10,110
  10,729
  11,374
  12,046
  12,746
  13,477
  14,241
  15,037
  15,870
  16,740
  17,650
  18,601
  19,597
  20,639
  21,729
  22,871
  24,068
Revenue / Adjusted assets
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
  1.026
Average production assets, $m
  1,489
  1,636
  1,790
  1,950
  2,117
  2,291
  2,472
  2,660
  2,855
  3,058
  3,269
  3,489
  3,717
  3,954
  4,201
  4,458
  4,726
  5,005
  5,297
  5,600
  5,917
  6,249
  6,594
  6,956
  7,334
  7,729
  8,143
  8,576
  9,029
  9,504
  10,001
Working capital, $m
  841
  501
  548
  597
  648
  702
  757
  814
  874
  936
  1,001
  1,068
  1,138
  1,211
  1,286
  1,365
  1,447
  1,533
  1,622
  1,715
  1,812
  1,913
  2,019
  2,130
  2,245
  2,367
  2,493
  2,626
  2,764
  2,910
  3,062
Total debt, $m
  596
  746
  902
  1,063
  1,232
  1,407
  1,590
  1,779
  1,976
  2,181
  2,394
  2,615
  2,845
  3,084
  3,333
  3,592
  3,863
  4,144
  4,438
  4,744
  5,064
  5,398
  5,746
  6,111
  6,492
  6,891
  7,308
  7,745
  8,202
  8,680
  9,181
Total liabilities, $m
  1,499
  1,649
  1,805
  1,966
  2,135
  2,310
  2,493
  2,682
  2,879
  3,084
  3,297
  3,518
  3,748
  3,987
  4,236
  4,495
  4,766
  5,047
  5,341
  5,647
  5,967
  6,301
  6,649
  7,014
  7,395
  7,794
  8,211
  8,648
  9,105
  9,583
  10,084
Total equity, $m
  2,467
  2,287
  2,502
  2,727
  2,960
  3,204
  3,457
  3,719
  3,993
  4,276
  4,571
  4,878
  5,197
  5,529
  5,874
  6,234
  6,608
  6,999
  7,406
  7,830
  8,274
  8,737
  9,220
  9,726
  10,254
  10,807
  11,386
  11,991
  12,625
  13,288
  13,983
Total liabilities and equity, $m
  3,966
  3,936
  4,307
  4,693
  5,095
  5,514
  5,950
  6,401
  6,872
  7,360
  7,868
  8,396
  8,945
  9,516
  10,110
  10,729
  11,374
  12,046
  12,747
  13,477
  14,241
  15,038
  15,869
  16,740
  17,649
  18,601
  19,597
  20,639
  21,730
  22,871
  24,067
Debt-to-equity ratio
  0.242
  0.330
  0.360
  0.390
  0.420
  0.440
  0.460
  0.480
  0.490
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.650
  0.650
  0.650
  0.660
Adjusted equity ratio
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  403
  445
  488
  533
  580
  629
  680
  733
  788
  845
  984
  1,045
  1,110
  1,176
  1,246
  1,319
  1,394
  1,473
  1,555
  1,641
  1,731
  1,825
  1,923
  2,025
  2,132
  2,244
  2,362
  2,484
  2,613
  2,748
Depreciation, amort., depletion, $m
  138
  195
  203
  212
  221
  230
  240
  250
  260
  271
  282
  186
  198
  210
  223
  237
  251
  266
  282
  298
  315
  332
  351
  370
  390
  411
  433
  456
  480
  506
  532
Funds from operations, $m
  560
  598
  648
  700
  754
  810
  869
  930
  993
  1,059
  1,127
  1,169
  1,243
  1,320
  1,400
  1,483
  1,570
  1,660
  1,755
  1,853
  1,956
  2,063
  2,175
  2,293
  2,415
  2,543
  2,677
  2,818
  2,965
  3,119
  3,280
Change in working capital, $m
  29
  45
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  145
  152
Cash from operations, $m
  531
  553
  601
  651
  703
  757
  814
  872
  933
  997
  1,063
  1,102
  1,173
  1,247
  1,324
  1,404
  1,488
  1,575
  1,666
  1,760
  1,859
  1,962
  2,070
  2,182
  2,299
  2,422
  2,551
  2,685
  2,826
  2,973
  3,128
Maintenance CAPEX, $m
  0
  -79
  -87
  -95
  -104
  -113
  -122
  -131
  -141
  -152
  -163
  -174
  -186
  -198
  -210
  -223
  -237
  -251
  -266
  -282
  -298
  -315
  -332
  -351
  -370
  -390
  -411
  -433
  -456
  -480
  -506
New CAPEX, $m
  -109
  -147
  -154
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -279
  -291
  -304
  -317
  -331
  -346
  -362
  -378
  -395
  -414
  -433
  -453
  -475
  -497
Cash from investing activities, $m
  -293
  -226
  -241
  -256
  -271
  -287
  -303
  -319
  -336
  -355
  -374
  -393
  -414
  -435
  -457
  -480
  -505
  -530
  -557
  -586
  -615
  -646
  -678
  -713
  -748
  -785
  -825
  -866
  -909
  -955
  -1,003
Free cash flow, $m
  238
  327
  360
  395
  432
  471
  511
  553
  597
  642
  689
  709
  760
  812
  867
  924
  983
  1,044
  1,108
  1,175
  1,244
  1,316
  1,391
  1,470
  1,551
  1,637
  1,726
  1,819
  1,917
  2,018
  2,125
Issuance/(repayment) of debt, $m
  -150
  150
  155
  162
  169
  175
  182
  190
  197
  205
  213
  221
  230
  239
  249
  259
  270
  282
  294
  306
  320
  334
  349
  365
  381
  399
  417
  437
  457
  479
  501
Issuance/(repurchase) of shares, $m
  -27
  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  
  -176
  150
  155
  162
  169
  175
  182
  190
  197
  205
  213
  221
  230
  239
  249
  259
  270
  282
  294
  306
  320
  334
  349
  365
  381
  399
  417
  437
  457
  479
  501
Total cash flow (excl. dividends), $m
  60
  477
  515
  557
  601
  646
  693
  742
  794
  847
  902
  930
  990
  1,052
  1,116
  1,183
  1,253
  1,326
  1,402
  1,481
  1,564
  1,650
  1,740
  1,834
  1,933
  2,035
  2,143
  2,256
  2,374
  2,497
  2,626
Retained Cash Flow (-), $m
  -120
  -205
  -215
  -224
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -332
  -345
  -360
  -375
  -390
  -407
  -425
  -443
  -463
  -484
  -506
  -529
  -553
  -578
  -605
  -634
  -664
  -695
Prev. year cash balance distribution, $m
 
  385
  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
 
  657
  300
  332
  367
  403
  440
  480
  520
  563
  607
  623
  671
  720
  771
  824
  879
  936
  995
  1,056
  1,120
  1,187
  1,256
  1,329
  1,404
  1,483
  1,565
  1,650
  1,740
  1,833
  1,931
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  630
  274
  289
  302
  312
  320
  324
  325
  323
  318
  296
  286
  274
  259
  242
  223
  204
  183
  163
  142
  123
  104
  87
  72
  58
  46
  35
  27
  20
  15
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

Carlisle Companies Incorporated is a manufacturing company. The Company designs, manufactures and markets a range of products that serve a range of markets, including commercial roofing, energy, agriculture, mining, construction, aerospace and defense electronics, medical technology, transportation, general industrial, protective coatings, wood, auto refinishing, foodservice, and healthcare and sanitary maintenance. The Company operates through five segments: Carlisle Construction Materials (Construction Materials); Carlisle Interconnect Technologies (Interconnect Technologies); Carlisle Fluid Technologies (Fluid Technologies); Carlisle Brake & Friction (Brake & Friction), and Carlisle FoodService Products (FoodService Products). The Company markets its products as a component supplier to original equipment manufacturers and distributors, among others.

FINANCIAL RATIOS  of  Carlisle (CSL)

Valuation Ratios
P/E Ratio 29.8
Price to Sales 2
Price to Book 3
Price to Tangible Book
Price to Cash Flow 14
Price to Free Cash Flow 17.6
Growth Rates
Sales Growth Rate 3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 51.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 24.2%
Total Debt to Equity 24.2%
Interest Coverage 12
Management Effectiveness
Return On Assets 6.9%
Ret/ On Assets - 3 Yr. Avg. 7.8%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 10.4%
Return On Equity - 3 Yr. Avg. 12.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 31.5%
Gross Margin - 3 Yr. Avg. 28.5%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 16.6%
Operating Margin 12%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 34.5%
Payout Ratio 34%

CSL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSL stock intrinsic value calculation we used $3675 million for the last fiscal year's total revenue generated by Carlisle. The default revenue input number comes from 2016 income statement of Carlisle. 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 CSL stock valuation model: a) initial revenue growth rate of 9.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CSL is calculated based on our internal credit rating of Carlisle, 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 Carlisle.
    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 CSL stock the variable cost ratio is equal to 85.8%.

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 CSL 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 Carlisle.

Corporate tax rate of 27% is the nominal tax rate for Carlisle. 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 CSL 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 CSL are equal to 40.5%.

Life of production assets of 18.8 years is the average useful life of capital assets used in Carlisle 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 CSL is equal to 12.4%. 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 - $2467 million for Carlisle - 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 61.857 million for Carlisle 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 Carlisle at the current share price and the inputted number of shares is $7.1 billion.

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COMPANY NEWS

▶ Carlisles Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Carlisles   [Dec-05-17 03:00AM  Investor's Business Daily]
▶ Top Stocks in November   [06:02AM  Simply Wall St.]
▶ Carlisle Reports Third Quarter 2017 Results   [Oct-24-17 04:01PM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-24-17 07:00AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ New Strong Sell Stocks for August 15th   [Aug-15-17 10:14AM  Zacks]
▶ Carlisle Reports Second Quarter 2017 Results   [Jul-25-17 04:01PM  Business Wire]
▶ ETFs with exposure to Carlisle Cos., Inc. : July 11, 2017   [Jul-11-17 02:21PM  Capital Cube]
▶ 7 of the Worst-Performing Stocks in Gurus' Portfolios   [Jul-07-17 05:44PM  GuruFocus.com]
▶ Carlisle Companies Acquires Drexel Metals   [Jul-05-17 08:59AM  Business Wire]
▶ ETFs with exposure to Carlisle Cos., Inc. : June 26, 2017   [Jun-26-17 03:44PM  Capital Cube]
▶ ETFs with exposure to Carlisle Cos., Inc. : June 15, 2017   [Jun-15-17 01:37PM  Capital Cube]
▶ Carlisle Reports First Quarter 2017 Results   [Apr-27-17 04:01PM  Business Wire]
▶ Carlisle Companies Declares Regular Quarterly Dividend   [Apr-26-17 10:05AM  Business Wire]
▶ Carlisle Companies Declares Regular Quarterly Dividend   [Feb-07-17 06:19PM  Business Wire]
▶ Carlisle Companies Acquires Arbo Holdings Limited   [Jan-31-17 10:11AM  Business Wire]
Financial statements of CSL
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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