Intrinsic value of Curtiss-Wright - CW

Previous Close

$133.31

  Intrinsic Value

$144.89

stock screener

  Rating & Target

hold

+9%

Previous close

$133.31

 
Intrinsic value

$144.89

 
Up/down potential

+9%

 
Rating

hold

We calculate the intrinsic value of CW 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, %
  -4.40
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  2,109
  2,362
  2,629
  2,910
  3,203
  3,511
  3,831
  4,166
  4,513
  4,875
  5,251
  5,642
  6,048
  6,470
  6,908
  7,364
  7,838
  8,332
  8,846
  9,381
  9,939
  10,520
  11,127
  11,760
  12,421
  13,112
  13,833
  14,587
  15,376
  16,201
  17,065
Variable operating expenses, $m
 
  2,018
  2,235
  2,463
  2,702
  2,953
  3,214
  3,485
  3,768
  4,063
  4,369
  4,592
  4,922
  5,266
  5,623
  5,994
  6,380
  6,782
  7,200
  7,635
  8,089
  8,563
  9,056
  9,572
  10,110
  10,672
  11,259
  11,873
  12,515
  13,186
  13,889
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
  1,801
  2,018
  2,235
  2,463
  2,702
  2,953
  3,214
  3,485
  3,768
  4,063
  4,369
  4,592
  4,922
  5,266
  5,623
  5,994
  6,380
  6,782
  7,200
  7,635
  8,089
  8,563
  9,056
  9,572
  10,110
  10,672
  11,259
  11,873
  12,515
  13,186
  13,889
Operating income, $m
  308
  344
  394
  446
  501
  558
  618
  680
  745
  812
  882
  1,050
  1,125
  1,204
  1,286
  1,370
  1,459
  1,551
  1,646
  1,746
  1,850
  1,958
  2,071
  2,188
  2,311
  2,440
  2,574
  2,715
  2,861
  3,015
  3,176
EBITDA, $m
  404
  485
  539
  597
  657
  720
  786
  855
  926
  1,000
  1,077
  1,157
  1,241
  1,327
  1,417
  1,511
  1,608
  1,709
  1,815
  1,925
  2,039
  2,158
  2,283
  2,413
  2,548
  2,690
  2,838
  2,993
  3,155
  3,324
  3,501
Interest expense (income), $m
  0
  29
  35
  42
  50
  58
  66
  74
  83
  92
  102
  112
  122
  133
  144
  156
  168
  180
  194
  207
  221
  236
  252
  268
  284
  302
  320
  339
  359
  380
  402
Earnings before tax, $m
  268
  316
  359
  404
  451
  501
  552
  606
  662
  720
  780
  938
  1,003
  1,071
  1,141
  1,215
  1,291
  1,370
  1,453
  1,539
  1,628
  1,722
  1,819
  1,921
  2,027
  2,138
  2,254
  2,375
  2,502
  2,635
  2,773
Tax expense, $m
  79
  85
  97
  109
  122
  135
  149
  164
  179
  194
  211
  253
  271
  289
  308
  328
  349
  370
  392
  415
  440
  465
  491
  519
  547
  577
  609
  641
  676
  711
  749
Net income, $m
  187
  231
  262
  295
  329
  365
  403
  442
  483
  525
  570
  685
  732
  782
  833
  887
  942
  1,000
  1,060
  1,123
  1,189
  1,257
  1,328
  1,402
  1,480
  1,561
  1,645
  1,734
  1,826
  1,923
  2,025

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  554
  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
  3,038
  2,782
  3,097
  3,427
  3,773
  4,135
  4,513
  4,906
  5,316
  5,742
  6,185
  6,645
  7,123
  7,620
  8,137
  8,674
  9,233
  9,814
  10,419
  11,050
  11,707
  12,392
  13,106
  13,852
  14,630
  15,443
  16,293
  17,182
  18,111
  19,082
  20,100
Adjusted assets (=assets-cash), $m
  2,484
  2,782
  3,097
  3,427
  3,773
  4,135
  4,513
  4,906
  5,316
  5,742
  6,185
  6,645
  7,123
  7,620
  8,137
  8,674
  9,233
  9,814
  10,419
  11,050
  11,707
  12,392
  13,106
  13,852
  14,630
  15,443
  16,293
  17,182
  18,111
  19,082
  20,100
Revenue / Adjusted assets
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
Average production assets, $m
  693
  775
  862
  954
  1,051
  1,152
  1,257
  1,366
  1,480
  1,599
  1,722
  1,850
  1,984
  2,122
  2,266
  2,415
  2,571
  2,733
  2,901
  3,077
  3,260
  3,451
  3,650
  3,857
  4,074
  4,301
  4,537
  4,785
  5,043
  5,314
  5,597
Working capital, $m
  740
  378
  421
  466
  513
  562
  613
  666
  722
  780
  840
  903
  968
  1,035
  1,105
  1,178
  1,254
  1,333
  1,415
  1,501
  1,590
  1,683
  1,780
  1,882
  1,987
  2,098
  2,213
  2,334
  2,460
  2,592
  2,730
Total debt, $m
  966
  1,008
  1,210
  1,423
  1,645
  1,878
  2,121
  2,374
  2,637
  2,911
  3,196
  3,492
  3,799
  4,119
  4,451
  4,796
  5,156
  5,529
  5,919
  6,324
  6,746
  7,187
  7,646
  8,126
  8,626
  9,149
  9,696
  10,267
  10,864
  11,489
  12,143
Total liabilities, $m
  1,747
  1,789
  1,991
  2,204
  2,426
  2,659
  2,902
  3,155
  3,418
  3,692
  3,977
  4,273
  4,580
  4,900
  5,232
  5,577
  5,937
  6,310
  6,700
  7,105
  7,527
  7,968
  8,427
  8,907
  9,407
  9,930
  10,477
  11,048
  11,645
  12,270
  12,924
Total equity, $m
  1,291
  993
  1,105
  1,223
  1,347
  1,476
  1,611
  1,752
  1,898
  2,050
  2,208
  2,372
  2,543
  2,720
  2,905
  3,097
  3,296
  3,504
  3,720
  3,945
  4,179
  4,424
  4,679
  4,945
  5,223
  5,513
  5,817
  6,134
  6,465
  6,812
  7,176
Total liabilities and equity, $m
  3,038
  2,782
  3,096
  3,427
  3,773
  4,135
  4,513
  4,907
  5,316
  5,742
  6,185
  6,645
  7,123
  7,620
  8,137
  8,674
  9,233
  9,814
  10,420
  11,050
  11,706
  12,392
  13,106
  13,852
  14,630
  15,443
  16,294
  17,182
  18,110
  19,082
  20,100
Debt-to-equity ratio
  0.748
  1.010
  1.090
  1.160
  1.220
  1.270
  1.320
  1.360
  1.390
  1.420
  1.450
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.660
  1.670
  1.670
  1.680
  1.690
  1.690
Adjusted equity ratio
  0.297
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  231
  262
  295
  329
  365
  403
  442
  483
  525
  570
  685
  732
  782
  833
  887
  942
  1,000
  1,060
  1,123
  1,189
  1,257
  1,328
  1,402
  1,480
  1,561
  1,645
  1,734
  1,826
  1,923
  2,025
Depreciation, amort., depletion, $m
  96
  140
  145
  151
  156
  162
  168
  175
  181
  188
  195
  108
  115
  123
  132
  140
  149
  159
  169
  179
  190
  201
  212
  224
  237
  250
  264
  278
  293
  309
  325
Funds from operations, $m
  555
  371
  407
  445
  486
  528
  571
  617
  664
  714
  765
  792
  848
  905
  965
  1,027
  1,092
  1,159
  1,229
  1,302
  1,378
  1,457
  1,540
  1,626
  1,717
  1,811
  1,909
  2,012
  2,120
  2,232
  2,350
Change in working capital, $m
  132
  40
  43
  45
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
Cash from operations, $m
  423
  330
  364
  401
  439
  478
  520
  563
  609
  656
  705
  730
  783
  838
  895
  954
  1,016
  1,080
  1,147
  1,216
  1,289
  1,364
  1,443
  1,525
  1,611
  1,700
  1,794
  1,891
  1,993
  2,100
  2,212
Maintenance CAPEX, $m
  0
  -40
  -45
  -50
  -55
  -61
  -67
  -73
  -79
  -86
  -93
  -100
  -108
  -115
  -123
  -132
  -140
  -149
  -159
  -169
  -179
  -190
  -201
  -212
  -224
  -237
  -250
  -264
  -278
  -293
  -309
New CAPEX, $m
  -47
  -82
  -88
  -92
  -96
  -101
  -105
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -183
  -191
  -199
  -208
  -217
  -226
  -237
  -247
  -259
  -271
  -283
Cash from investing activities, $m
  -43
  -122
  -133
  -142
  -151
  -162
  -172
  -183
  -193
  -205
  -216
  -228
  -241
  -253
  -267
  -282
  -296
  -311
  -328
  -345
  -362
  -381
  -400
  -420
  -441
  -463
  -487
  -511
  -537
  -564
  -592
Free cash flow, $m
  380
  208
  232
  258
  287
  316
  348
  381
  415
  451
  488
  502
  542
  584
  628
  673
  720
  769
  819
  872
  927
  984
  1,044
  1,105
  1,170
  1,237
  1,307
  1,380
  1,457
  1,536
  1,620
Issuance/(repayment) of debt, $m
  -1
  193
  202
  212
  223
  233
  243
  253
  263
  274
  285
  296
  307
  320
  332
  345
  359
  374
  389
  405
  422
  440
  459
  479
  501
  523
  546
  571
  597
  625
  654
Issuance/(repurchase) of shares, $m
  -83
  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  
  -73
  193
  202
  212
  223
  233
  243
  253
  263
  274
  285
  296
  307
  320
  332
  345
  359
  374
  389
  405
  422
  440
  459
  479
  501
  523
  546
  571
  597
  625
  654
Total cash flow (excl. dividends), $m
  288
  401
  434
  471
  509
  549
  591
  634
  678
  725
  773
  797
  849
  903
  960
  1,018
  1,079
  1,143
  1,209
  1,278
  1,349
  1,425
  1,503
  1,585
  1,670
  1,760
  1,854
  1,951
  2,054
  2,161
  2,274
Retained Cash Flow (-), $m
  -36
  -105
  -112
  -118
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -177
  -184
  -192
  -199
  -208
  -216
  -225
  -235
  -245
  -255
  -266
  -278
  -290
  -303
  -317
  -332
  -347
  -363
Prev. year cash balance distribution, $m
 
  403
  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
 
  698
  322
  353
  386
  420
  456
  493
  532
  573
  615
  633
  679
  726
  775
  826
  880
  935
  993
  1,053
  1,115
  1,180
  1,248
  1,319
  1,392
  1,470
  1,550
  1,634
  1,722
  1,814
  1,911
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
 
  670
  295
  307
  318
  326
  331
  333
  333
  329
  322
  301
  290
  276
  260
  243
  224
  203
  183
  162
  142
  122
  104
  86
  71
  57
  45
  35
  27
  20
  14
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

Curtiss-Wright Corporation is a manufacturing and service company that designs, manufactures, and overhauls precision components and provides engineered products and services to the aerospace, defense, power generation and general industrial markets. The Company operates through three segments: Commercial/Industrial, Defense and Power. The Commercial/Industrial segment's products include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services. The Defense segment's products include commercial off-the-shelf (COTS) embedded computing board level modules, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Power segment's products include a range of hardware, pumps, valves, fastening systems, specialized containment doors, airlock hatches and spent fuel management products.

FINANCIAL RATIOS  of  Curtiss-Wright (CW)

Valuation Ratios
P/E Ratio 31.5
Price to Sales 2.8
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 15.7
Growth Rates
Sales Growth Rate -4.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 30.6%
Cap. Spend. - 3 Yr. Gr. Rate -8.2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 63.1%
Total Debt to Equity 74.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 8.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 35.6%
Gross Margin - 3 Yr. Avg. 35.2%
EBITDA Margin 17.3%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.8%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 6.8%
Effective Tax Rate 29.5%
Eff/ Tax Rate - 3 Yr. Avg. 30.3%
Payout Ratio 12.3%

CW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CW stock intrinsic value calculation we used $2109 million for the last fiscal year's total revenue generated by Curtiss-Wright. The default revenue input number comes from 2016 income statement of Curtiss-Wright. 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 CW stock valuation model: a) initial revenue growth rate of 12% 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 CW is calculated based on our internal credit rating of Curtiss-Wright, 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 Curtiss-Wright.
    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 CW stock the variable cost ratio is equal to 85.9%.

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 CW 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 Curtiss-Wright.

Corporate tax rate of 27% is the nominal tax rate for Curtiss-Wright. 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 CW 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 CW are equal to 32.8%.

Life of production assets of 17.2 years is the average useful life of capital assets used in Curtiss-Wright 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 CW is equal to 16%. 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 - $1291 million for Curtiss-Wright - 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 44.563 million for Curtiss-Wright 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 Curtiss-Wright at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ Stocks With Rising Composite Ratings: Curtiss-Wright   [03:00AM  Investor's Business Daily]
▶ Curtiss-Wright Corporation to Host Earnings Call   [Oct-26-17 07:25AM  ACCESSWIRE]
▶ Curtiss-Wright beats Street 3Q forecasts   [Oct-25-17 05:32PM  Associated Press]
▶ Stocks Generating Improved Relative Strength: Curtiss-Wright   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Curtiss-Wright Sees RS Rating Improve To 73   [Sep-21-17 03:00AM  Investor's Business Daily]
▶ Curtiss-Wright beats Street 2Q forecasts   [Jul-26-17 11:50PM  Associated Press]
▶ 3 Top Defense Stocks to Buy Now   [Jul-21-17 01:16PM  Zacks]
▶ New Strong Buy Stocks for July 13th   [Jul-13-17 07:41AM  Zacks]
▶ 3 Top Defense Stocks to Buy Now   [Jun-06-17 12:42PM  Zacks]
▶ ETFs with exposure to Curtiss-Wright Corp. : May 19, 2017   [May-19-17 01:47PM  Capital Cube]
▶ ETFs with exposure to Curtiss-Wright Corp. : May 8, 2017   [May-08-17 04:23PM  Capital Cube]
▶ Curtiss-Wright beats Street 1Q forecasts   [May-03-17 07:53PM  Associated Press]
Financial statements of CW
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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