Intrinsic value of Carlisle - CSL

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$101.39

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$101.39

 
Intrinsic value

$86.03

 
Up/down potential

-15%

 
Rating

hold

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

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 6.5

 

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
  2.10
  2.39
  2.65
  2.89
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
Revenue, $m
  3,675
  3,752
  3,842
  3,944
  4,058
  4,183
  4,321
  4,470
  4,632
  4,805
  4,992
  5,191
  5,403
  5,629
  5,869
  6,123
  6,393
  6,678
  6,980
  7,299
  7,635
  7,990
  8,364
  8,758
  9,174
  9,611
  10,072
  10,556
  11,066
  11,603
  12,167
Variable operating expenses, $m
 
  3,217
  3,291
  3,376
  3,470
  3,574
  3,688
  3,812
  3,946
  4,090
  4,244
  4,301
  4,477
  4,664
  4,863
  5,074
  5,297
  5,534
  5,784
  6,048
  6,326
  6,620
  6,930
  7,257
  7,601
  7,964
  8,345
  8,747
  9,169
  9,614
  10,082
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
  3,217
  3,291
  3,376
  3,470
  3,574
  3,688
  3,812
  3,946
  4,090
  4,244
  4,301
  4,477
  4,664
  4,863
  5,074
  5,297
  5,534
  5,784
  6,048
  6,326
  6,620
  6,930
  7,257
  7,601
  7,964
  8,345
  8,747
  9,169
  9,614
  10,082
Operating income, $m
  441
  535
  550
  568
  587
  609
  633
  658
  686
  716
  748
  890
  926
  965
  1,006
  1,050
  1,096
  1,145
  1,196
  1,251
  1,309
  1,370
  1,434
  1,501
  1,573
  1,647
  1,726
  1,810
  1,897
  1,989
  2,086
EBITDA, $m
  579
  724
  741
  761
  783
  807
  834
  863
  894
  927
  963
  1,002
  1,043
  1,086
  1,132
  1,182
  1,234
  1,289
  1,347
  1,408
  1,473
  1,542
  1,614
  1,690
  1,770
  1,855
  1,943
  2,037
  2,135
  2,239
  2,348
Interest expense (income), $m
  36
  32
  34
  36
  38
  41
  43
  47
  50
  53
  57
  61
  66
  70
  75
  81
  86
  92
  99
  105
  112
  120
  127
  136
  144
  154
  163
  173
  184
  195
  207
Earnings before tax, $m
  411
  503
  516
  532
  549
  568
  589
  612
  636
  662
  690
  828
  860
  895
  931
  969
  1,010
  1,053
  1,098
  1,146
  1,197
  1,250
  1,306
  1,366
  1,428
  1,494
  1,563
  1,636
  1,713
  1,794
  1,879
Tax expense, $m
  160
  136
  139
  144
  148
  153
  159
  165
  172
  179
  186
  224
  232
  242
  251
  262
  273
  284
  296
  309
  323
  337
  353
  369
  386
  403
  422
  442
  462
  484
  507
Net income, $m
  250
  367
  377
  388
  401
  415
  430
  446
  464
  483
  504
  605
  628
  653
  679
  707
  737
  768
  802
  837
  873
  912
  954
  997
  1,043
  1,091
  1,141
  1,194
  1,250
  1,309
  1,371

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
  3,657
  3,744
  3,844
  3,955
  4,077
  4,211
  4,357
  4,514
  4,684
  4,865
  5,059
  5,266
  5,486
  5,720
  5,968
  6,231
  6,509
  6,803
  7,114
  7,442
  7,787
  8,152
  8,536
  8,941
  9,368
  9,816
  10,289
  10,786
  11,309
  11,859
Adjusted assets (=assets-cash), $m
  3,581
  3,657
  3,744
  3,844
  3,955
  4,077
  4,211
  4,357
  4,514
  4,684
  4,865
  5,059
  5,266
  5,486
  5,720
  5,968
  6,231
  6,509
  6,803
  7,114
  7,442
  7,787
  8,152
  8,536
  8,941
  9,368
  9,816
  10,289
  10,786
  11,309
  11,859
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
  1,520
  1,556
  1,597
  1,643
  1,694
  1,750
  1,810
  1,876
  1,946
  2,022
  2,102
  2,188
  2,280
  2,377
  2,480
  2,589
  2,705
  2,827
  2,956
  3,092
  3,236
  3,387
  3,547
  3,715
  3,893
  4,079
  4,275
  4,482
  4,699
  4,928
Working capital, $m
  841
  465
  476
  489
  503
  519
  536
  554
  574
  596
  619
  644
  670
  698
  728
  759
  793
  828
  866
  905
  947
  991
  1,037
  1,086
  1,138
  1,192
  1,249
  1,309
  1,372
  1,439
  1,509
Total debt, $m
  596
  629
  666
  708
  754
  805
  862
  923
  988
  1,059
  1,136
  1,217
  1,304
  1,396
  1,494
  1,598
  1,708
  1,824
  1,948
  2,078
  2,215
  2,360
  2,513
  2,674
  2,843
  3,022
  3,210
  3,408
  3,616
  3,835
  4,066
Total liabilities, $m
  1,499
  1,532
  1,569
  1,611
  1,657
  1,708
  1,765
  1,826
  1,891
  1,962
  2,039
  2,120
  2,207
  2,299
  2,397
  2,501
  2,611
  2,727
  2,851
  2,981
  3,118
  3,263
  3,416
  3,577
  3,746
  3,925
  4,113
  4,311
  4,519
  4,738
  4,969
Total equity, $m
  2,467
  2,125
  2,176
  2,233
  2,298
  2,369
  2,447
  2,531
  2,623
  2,721
  2,827
  2,939
  3,060
  3,188
  3,323
  3,468
  3,620
  3,782
  3,953
  4,133
  4,324
  4,524
  4,736
  4,960
  5,195
  5,443
  5,703
  5,978
  6,267
  6,570
  6,890
Total liabilities and equity, $m
  3,966
  3,657
  3,745
  3,844
  3,955
  4,077
  4,212
  4,357
  4,514
  4,683
  4,866
  5,059
  5,267
  5,487
  5,720
  5,969
  6,231
  6,509
  6,804
  7,114
  7,442
  7,787
  8,152
  8,537
  8,941
  9,368
  9,816
  10,289
  10,786
  11,308
  11,859
Debt-to-equity ratio
  0.242
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
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
  367
  377
  388
  401
  415
  430
  446
  464
  483
  504
  605
  628
  653
  679
  707
  737
  768
  802
  837
  873
  912
  954
  997
  1,043
  1,091
  1,141
  1,194
  1,250
  1,309
  1,371
Depreciation, amort., depletion, $m
  138
  189
  191
  193
  196
  198
  201
  204
  208
  212
  216
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  172
  180
  189
  198
  207
  217
  227
  238
  250
  262
Funds from operations, $m
  560
  556
  568
  581
  596
  613
  631
  651
  672
  695
  720
  717
  745
  774
  806
  839
  875
  912
  952
  994
  1,038
  1,085
  1,134
  1,186
  1,240
  1,298
  1,358
  1,422
  1,489
  1,559
  1,633
Change in working capital, $m
  29
  10
  11
  13
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  33
  35
  37
  40
  42
  44
  46
  49
  52
  54
  57
  60
  63
  67
  70
Cash from operations, $m
  531
  561
  557
  569
  582
  597
  614
  632
  652
  674
  696
  692
  718
  746
  776
  808
  841
  877
  914
  954
  996
  1,041
  1,087
  1,137
  1,189
  1,243
  1,301
  1,362
  1,426
  1,493
  1,563
Maintenance CAPEX, $m
  0
  -79
  -81
  -83
  -85
  -87
  -90
  -93
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
  -250
New CAPEX, $m
  -109
  -31
  -36
  -41
  -46
  -51
  -56
  -61
  -65
  -70
  -75
  -81
  -86
  -91
  -97
  -103
  -109
  -116
  -122
  -129
  -136
  -144
  -152
  -160
  -168
  -177
  -187
  -196
  -207
  -217
  -229
Cash from investing activities, $m
  -293
  -110
  -117
  -124
  -131
  -138
  -146
  -154
  -161
  -170
  -179
  -189
  -198
  -207
  -218
  -229
  -241
  -254
  -266
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
  -413
  -434
  -455
  -479
Free cash flow, $m
  238
  452
  440
  445
  451
  459
  468
  479
  490
  503
  518
  504
  520
  538
  558
  578
  600
  624
  648
  675
  703
  732
  764
  797
  832
  869
  907
  948
  992
  1,037
  1,085
Issuance/(repayment) of debt, $m
  -150
  33
  37
  42
  46
  51
  56
  61
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  208
  219
  230
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
  33
  37
  42
  46
  51
  56
  61
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  123
  130
  137
  145
  153
  161
  170
  179
  188
  198
  208
  219
  230
Total cash flow (excl. dividends), $m
  60
  485
  476
  486
  498
  510
  524
  540
  556
  574
  594
  585
  607
  631
  656
  682
  710
  740
  772
  805
  840
  877
  917
  958
  1,001
  1,047
  1,096
  1,146
  1,200
  1,256
  1,315
Retained Cash Flow (-), $m
  -120
  -43
  -51
  -58
  -64
  -71
  -78
  -85
  -91
  -98
  -105
  -113
  -120
  -128
  -136
  -144
  -153
  -162
  -171
  -180
  -190
  -201
  -212
  -223
  -235
  -248
  -261
  -274
  -289
  -304
  -320
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
 
  827
  425
  429
  433
  439
  447
  455
  465
  476
  488
  472
  487
  503
  520
  538
  558
  579
  601
  625
  650
  676
  705
  735
  766
  800
  835
  872
  911
  952
  996
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
 
  793
  389
  373
  357
  341
  324
  307
  291
  273
  256
  224
  208
  191
  174
  158
  142
  126
  111
  96
  83
  70
  58
  48
  39
  31
  24
  19
  14
  10
  7
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 operates as a diversified manufacturing company in the worldwide. The company’s Construction Materials segment manufactures and sells rubber, thermoplastic polyolefin, and polyvinyl chloride membrane roofing systems; rigid foam insulation panels for various roofing applications; and liquid and spray-applied waterproofing membranes, vapor and air barriers, and HVAC duct sealants and hardware for the commercial and residential construction markets. Its Interconnect Technologies segment designs and manufactures wires, cables, connectors, contacts, and cable assemblies for the transfer of power and data primarily for the aerospace, medical, defense electronics, test and measurement equipment, and other industrial markets. The company’s Fluid Technologies segment designs, manufactures, and sells liquid and powder finishing equipment and system components primarily in the automotive, automotive refinishing, aerospace, agriculture, construction, marine, and rail industries under the Binks, DeVilbiss, Ransburg, BGK, and MS Powder brand names. Its Brake & Friction segment provides off-highway braking systems and friction products for off-highway, on-highway, aircraft, and other industrial applications under the brand names of Hawk, Wellman, and Velvetouch principally serving the construction, agriculture, mining, aircraft, heavy truck, and performance racing markets. The company’s FoodService Products segment offers commercial and institutional foodservice permanentware, table coverings, cookware, catering equipment, fiberglass and composite material trays and dishes, industrial brooms, brushes, mops, and rotary brushes for commercial and non-commercial foodservice operators and sanitary maintenance professionals. The company markets its products to original equipment manufacturers and distributors, as well as directly to end-users. Carlisle Companies Incorporated was founded in 1917 and is headquartered in Scottsdale, Arizona.

FINANCIAL RATIOS  of  Carlisle (CSL)

Valuation Ratios
P/E Ratio 26.2
Price to Sales 1.8
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 12.3
Price to Free Cash Flow 15.5
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 2.1% 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 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 64.562 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 $6.5 billion.


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COMPANY NEWS

▶ 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]
▶ Carlisle Companies Acquires Star Aviation   [Oct-03-16 04:37PM  Business Wire]
▶ GPEC record year strong job tally: 7,700 jobs; 40% pay $71K   [Jul-07-16 02:05PM  at bizjournals.com]
Stock chart of CSL 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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