Intrinsic value of Carlisle - CSL

Previous Close

$103.80

  Intrinsic Value

$93.56

stock screener

  Rating & Target

hold

-10%

Previous close

$103.80

 
Intrinsic value

$93.56

 
Up/down potential

-10%

 
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

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 6.7

 

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
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  3,675
  3,951
  4,237
  4,535
  4,844
  5,166
  5,500
  5,848
  6,211
  6,588
  6,981
  7,391
  7,819
  8,265
  8,731
  9,217
  9,725
  10,257
  10,812
  11,394
  12,002
  12,638
  13,305
  14,003
  14,734
  15,500
  16,303
  17,144
  18,026
  18,951
  19,921
Variable operating expenses, $m
 
  3,382
  3,619
  3,865
  4,122
  4,388
  4,666
  4,954
  5,254
  5,567
  5,893
  6,124
  6,479
  6,848
  7,234
  7,637
  8,058
  8,499
  8,959
  9,441
  9,944
  10,472
  11,024
  11,602
  12,208
  12,843
  13,508
  14,206
  14,936
  15,703
  16,506
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
  3,382
  3,619
  3,865
  4,122
  4,388
  4,666
  4,954
  5,254
  5,567
  5,893
  6,124
  6,479
  6,848
  7,234
  7,637
  8,058
  8,499
  8,959
  9,441
  9,944
  10,472
  11,024
  11,602
  12,208
  12,843
  13,508
  14,206
  14,936
  15,703
  16,506
Operating income, $m
  441
  569
  618
  669
  722
  777
  835
  894
  957
  1,021
  1,089
  1,267
  1,340
  1,417
  1,497
  1,580
  1,667
  1,758
  1,853
  1,953
  2,057
  2,166
  2,281
  2,400
  2,526
  2,657
  2,795
  2,939
  3,090
  3,249
  3,415
EBITDA, $m
  579
  762
  818
  875
  935
  997
  1,061
  1,128
  1,198
  1,271
  1,347
  1,426
  1,509
  1,595
  1,685
  1,779
  1,877
  1,979
  2,086
  2,198
  2,316
  2,439
  2,567
  2,702
  2,843
  2,991
  3,146
  3,308
  3,478
  3,657
  3,844
Interest expense (income), $m
  36
  32
  38
  45
  51
  58
  65
  73
  80
  88
  97
  105
  114
  124
  134
  144
  155
  166
  177
  190
  202
  216
  230
  245
  260
  276
  293
  311
  329
  349
  369
Earnings before tax, $m
  411
  537
  580
  625
  671
  719
  770
  822
  876
  933
  992
  1,162
  1,226
  1,293
  1,363
  1,436
  1,513
  1,592
  1,676
  1,763
  1,855
  1,950
  2,051
  2,156
  2,266
  2,381
  2,501
  2,628
  2,761
  2,900
  3,046
Tax expense, $m
  160
  145
  157
  169
  181
  194
  208
  222
  237
  252
  268
  314
  331
  349
  368
  388
  408
  430
  453
  476
  501
  527
  554
  582
  612
  643
  675
  710
  745
  783
  822
Net income, $m
  250
  392
  423
  456
  490
  525
  562
  600
  640
  681
  724
  848
  895
  944
  995
  1,048
  1,104
  1,162
  1,223
  1,287
  1,354
  1,424
  1,497
  1,574
  1,654
  1,738
  1,826
  1,918
  2,015
  2,117
  2,223

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
  3,851
  4,130
  4,420
  4,721
  5,035
  5,361
  5,700
  6,053
  6,421
  6,804
  7,204
  7,621
  8,055
  8,509
  8,984
  9,479
  9,997
  10,538
  11,105
  11,698
  12,318
  12,968
  13,648
  14,361
  15,107
  15,890
  16,710
  17,570
  18,471
  19,416
Adjusted assets (=assets-cash), $m
  3,581
  3,851
  4,130
  4,420
  4,721
  5,035
  5,361
  5,700
  6,053
  6,421
  6,804
  7,204
  7,621
  8,055
  8,509
  8,984
  9,479
  9,997
  10,538
  11,105
  11,698
  12,318
  12,968
  13,648
  14,361
  15,107
  15,890
  16,710
  17,570
  18,471
  19,416
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
  1,600
  1,716
  1,837
  1,962
  2,092
  2,228
  2,369
  2,515
  2,668
  2,827
  2,993
  3,167
  3,347
  3,536
  3,733
  3,939
  4,154
  4,379
  4,614
  4,861
  5,119
  5,388
  5,671
  5,967
  6,278
  6,603
  6,943
  7,301
  7,675
  8,068
Working capital, $m
  841
  490
  525
  562
  601
  641
  682
  725
  770
  817
  866
  917
  970
  1,025
  1,083
  1,143
  1,206
  1,272
  1,341
  1,413
  1,488
  1,567
  1,650
  1,736
  1,827
  1,922
  2,022
  2,126
  2,235
  2,350
  2,470
Total debt, $m
  596
  710
  827
  949
  1,075
  1,207
  1,343
  1,485
  1,633
  1,787
  1,948
  2,115
  2,290
  2,472
  2,662
  2,861
  3,069
  3,286
  3,513
  3,750
  3,998
  4,258
  4,530
  4,815
  5,114
  5,427
  5,755
  6,098
  6,459
  6,836
  7,232
Total liabilities, $m
  1,499
  1,613
  1,730
  1,852
  1,978
  2,110
  2,246
  2,388
  2,536
  2,690
  2,851
  3,018
  3,193
  3,375
  3,565
  3,764
  3,972
  4,189
  4,416
  4,653
  4,901
  5,161
  5,433
  5,718
  6,017
  6,330
  6,658
  7,001
  7,362
  7,739
  8,135
Total equity, $m
  2,467
  2,237
  2,399
  2,568
  2,743
  2,925
  3,115
  3,312
  3,517
  3,731
  3,953
  4,185
  4,428
  4,680
  4,944
  5,219
  5,507
  5,808
  6,123
  6,452
  6,796
  7,157
  7,534
  7,929
  8,343
  8,777
  9,232
  9,708
  10,208
  10,732
  11,281
Total liabilities and equity, $m
  3,966
  3,850
  4,129
  4,420
  4,721
  5,035
  5,361
  5,700
  6,053
  6,421
  6,804
  7,203
  7,621
  8,055
  8,509
  8,983
  9,479
  9,997
  10,539
  11,105
  11,697
  12,318
  12,967
  13,647
  14,360
  15,107
  15,890
  16,709
  17,570
  18,471
  19,416
Debt-to-equity ratio
  0.242
  0.320
  0.340
  0.370
  0.390
  0.410
  0.430
  0.450
  0.460
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
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
  392
  423
  456
  490
  525
  562
  600
  640
  681
  724
  848
  895
  944
  995
  1,048
  1,104
  1,162
  1,223
  1,287
  1,354
  1,424
  1,497
  1,574
  1,654
  1,738
  1,826
  1,918
  2,015
  2,117
  2,223
Depreciation, amort., depletion, $m
  138
  193
  199
  206
  212
  219
  227
  234
  242
  250
  258
  159
  168
  178
  188
  199
  210
  221
  233
  245
  259
  272
  287
  302
  317
  334
  351
  369
  388
  408
  429
Funds from operations, $m
  560
  585
  623
  662
  702
  744
  788
  834
  882
  931
  983
  1,007
  1,063
  1,122
  1,183
  1,247
  1,314
  1,383
  1,456
  1,533
  1,613
  1,696
  1,784
  1,875
  1,971
  2,072
  2,177
  2,288
  2,404
  2,525
  2,652
Change in working capital, $m
  29
  34
  36
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
Cash from operations, $m
  531
  551
  587
  625
  664
  705
  747
  791
  837
  884
  934
  956
  1,010
  1,067
  1,125
  1,187
  1,251
  1,318
  1,387
  1,461
  1,537
  1,617
  1,701
  1,789
  1,881
  1,977
  2,078
  2,183
  2,294
  2,410
  2,532
Maintenance CAPEX, $m
  0
  -79
  -85
  -91
  -98
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -168
  -178
  -188
  -199
  -210
  -221
  -233
  -245
  -259
  -272
  -287
  -302
  -317
  -334
  -351
  -369
  -388
  -408
New CAPEX, $m
  -109
  -111
  -116
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -173
  -181
  -189
  -197
  -206
  -215
  -225
  -235
  -246
  -258
  -270
  -283
  -296
  -310
  -325
  -341
  -357
  -375
  -393
Cash from investing activities, $m
  -293
  -190
  -201
  -212
  -223
  -234
  -246
  -259
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -385
  -405
  -425
  -446
  -468
  -491
  -517
  -542
  -570
  -598
  -627
  -659
  -692
  -726
  -763
  -801
Free cash flow, $m
  238
  361
  386
  413
  441
  470
  500
  531
  564
  598
  633
  640
  678
  718
  759
  802
  846
  893
  942
  992
  1,045
  1,101
  1,159
  1,219
  1,283
  1,349
  1,419
  1,491
  1,568
  1,647
  1,731
Issuance/(repayment) of debt, $m
  -150
  114
  117
  122
  126
  131
  137
  142
  148
  154
  161
  167
  175
  182
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  360
  378
  396
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
  114
  117
  122
  126
  131
  137
  142
  148
  154
  161
  167
  175
  182
  190
  199
  208
  217
  227
  237
  248
  260
  272
  285
  299
  313
  328
  344
  360
  378
  396
Total cash flow (excl. dividends), $m
  60
  475
  503
  535
  567
  601
  637
  674
  712
  752
  793
  807
  853
  900
  949
  1,000
  1,054
  1,110
  1,168
  1,230
  1,294
  1,361
  1,431
  1,504
  1,581
  1,662
  1,747
  1,835
  1,928
  2,025
  2,127
Retained Cash Flow (-), $m
  -120
  -155
  -162
  -169
  -175
  -182
  -189
  -197
  -205
  -214
  -223
  -232
  -242
  -253
  -264
  -275
  -288
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -414
  -434
  -455
  -477
  -500
  -524
  -549
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
 
  705
  341
  366
  392
  419
  447
  476
  507
  538
  571
  575
  611
  647
  685
  725
  766
  809
  854
  901
  949
  1,000
  1,054
  1,109
  1,167
  1,228
  1,292
  1,359
  1,428
  1,501
  1,578
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
 
  676
  312
  318
  323
  325
  325
  322
  317
  309
  299
  273
  261
  246
  230
  213
  195
  176
  157
  139
  121
  103
  87
  73
  59
  48
  38
  29
  22
  16
  12
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 26.8
Price to Sales 1.8
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 12.6
Price to Free Cash Flow 15.9
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 7.5% 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 64.644 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 $6.7 billion.

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COMPANY NEWS

▶ 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]
▶ Carlisle Companies Acquires San Jamar   [Jan-09-17 06:15PM  Business Wire]
▶ Tax-Smart Bond Swapping   [Nov-30-16 06:00AM  at Forbes]
▶ Is Carlisle Companies Inc. (CSL) A Good Stock To Buy?   [Nov-27-16 05:50PM  at Insider Monkey]
▶ Carlisle Companies Declares Regular Quarterly Dividend   [Nov-07-16 12:06PM  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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