Intrinsic value of Curtiss-Wright - CW

Previous Close

$93.57

  Intrinsic Value

$103.47

stock screener

  Rating & Target

hold

+11%

  Value-price divergence*

+3%

Previous close

$93.57

 
Intrinsic value

$103.47

 
Up/down potential

+11%

 
Rating

hold

 
Value-price divergence*

+3%

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

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

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 4.1

 

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
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  2,109
  2,193
  2,283
  2,379
  2,481
  2,588
  2,702
  2,823
  2,951
  3,086
  3,228
  3,378
  3,536
  3,703
  3,879
  4,064
  4,259
  4,464
  4,680
  4,907
  5,145
  5,397
  5,660
  5,938
  6,230
  6,536
  6,858
  7,197
  7,552
  7,926
  8,318
Variable operating expenses, $m
 
  1,880
  1,953
  2,031
  2,114
  2,202
  2,295
  2,393
  2,497
  2,607
  2,722
  2,750
  2,878
  3,014
  3,157
  3,308
  3,466
  3,633
  3,809
  3,994
  4,188
  4,392
  4,607
  4,833
  5,070
  5,320
  5,582
  5,857
  6,147
  6,451
  6,770
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
  1,880
  1,953
  2,031
  2,114
  2,202
  2,295
  2,393
  2,497
  2,607
  2,722
  2,750
  2,878
  3,014
  3,157
  3,308
  3,466
  3,633
  3,809
  3,994
  4,188
  4,392
  4,607
  4,833
  5,070
  5,320
  5,582
  5,857
  6,147
  6,451
  6,770
Operating income, $m
  308
  313
  330
  348
  367
  387
  408
  430
  454
  479
  506
  629
  658
  689
  722
  756
  793
  831
  871
  913
  958
  1,004
  1,053
  1,105
  1,159
  1,216
  1,276
  1,339
  1,405
  1,475
  1,548
EBITDA, $m
  404
  450
  468
  488
  509
  531
  554
  579
  605
  633
  662
  693
  726
  760
  796
  834
  874
  916
  960
  1,007
  1,056
  1,107
  1,161
  1,218
  1,278
  1,341
  1,407
  1,476
  1,549
  1,626
  1,707
Interest expense (income), $m
  0
  29
  31
  33
  36
  38
  41
  44
  48
  51
  54
  58
  62
  66
  71
  75
  80
  86
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
  173
  183
Earnings before tax, $m
  268
  285
  299
  314
  331
  348
  367
  386
  407
  428
  451
  570
  596
  623
  651
  681
  712
  745
  780
  816
  855
  895
  938
  982
  1,029
  1,079
  1,130
  1,185
  1,242
  1,302
  1,365
Tax expense, $m
  79
  77
  81
  85
  89
  94
  99
  104
  110
  116
  122
  154
  161
  168
  176
  184
  192
  201
  211
  220
  231
  242
  253
  265
  278
  291
  305
  320
  335
  352
  369
Net income, $m
  187
  208
  218
  230
  241
  254
  268
  282
  297
  313
  329
  416
  435
  455
  475
  497
  520
  544
  569
  596
  624
  653
  684
  717
  751
  787
  825
  865
  907
  951
  997

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
  2,583
  2,689
  2,802
  2,922
  3,049
  3,183
  3,325
  3,476
  3,635
  3,802
  3,979
  4,165
  4,362
  4,569
  4,787
  5,016
  5,258
  5,512
  5,779
  6,061
  6,356
  6,667
  6,994
  7,337
  7,698
  8,078
  8,477
  8,895
  9,336
  9,798
Adjusted assets (=assets-cash), $m
  2,484
  2,583
  2,689
  2,802
  2,922
  3,049
  3,183
  3,325
  3,476
  3,635
  3,802
  3,979
  4,165
  4,362
  4,569
  4,787
  5,016
  5,258
  5,512
  5,779
  6,061
  6,356
  6,667
  6,994
  7,337
  7,698
  8,078
  8,477
  8,895
  9,336
  9,798
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
  719
  749
  780
  814
  849
  886
  926
  968
  1,012
  1,059
  1,108
  1,160
  1,215
  1,272
  1,333
  1,397
  1,464
  1,535
  1,609
  1,688
  1,770
  1,857
  1,948
  2,043
  2,144
  2,249
  2,360
  2,477
  2,600
  2,728
Working capital, $m
  740
  351
  365
  381
  397
  414
  432
  452
  472
  494
  516
  541
  566
  593
  621
  650
  681
  714
  749
  785
  823
  863
  906
  950
  997
  1,046
  1,097
  1,151
  1,208
  1,268
  1,331
Total debt, $m
  966
  880
  948
  1,021
  1,098
  1,179
  1,266
  1,357
  1,454
  1,556
  1,664
  1,778
  1,897
  2,024
  2,157
  2,297
  2,445
  2,600
  2,763
  2,935
  3,116
  3,306
  3,506
  3,716
  3,937
  4,169
  4,413
  4,669
  4,939
  5,222
  5,519
Total liabilities, $m
  1,747
  1,661
  1,729
  1,802
  1,879
  1,960
  2,047
  2,138
  2,235
  2,337
  2,445
  2,559
  2,678
  2,805
  2,938
  3,078
  3,226
  3,381
  3,544
  3,716
  3,897
  4,087
  4,287
  4,497
  4,718
  4,950
  5,194
  5,450
  5,720
  6,003
  6,300
Total equity, $m
  1,291
  922
  960
  1,000
  1,043
  1,088
  1,136
  1,187
  1,241
  1,298
  1,357
  1,421
  1,487
  1,557
  1,631
  1,709
  1,791
  1,877
  1,968
  2,063
  2,164
  2,269
  2,380
  2,497
  2,619
  2,748
  2,884
  3,026
  3,176
  3,333
  3,498
Total liabilities and equity, $m
  3,038
  2,583
  2,689
  2,802
  2,922
  3,048
  3,183
  3,325
  3,476
  3,635
  3,802
  3,980
  4,165
  4,362
  4,569
  4,787
  5,017
  5,258
  5,512
  5,779
  6,061
  6,356
  6,667
  6,994
  7,337
  7,698
  8,078
  8,476
  8,896
  9,336
  9,798
Debt-to-equity ratio
  0.748
  0.950
  0.990
  1.020
  1.050
  1.080
  1.110
  1.140
  1.170
  1.200
  1.230
  1.250
  1.280
  1.300
  1.320
  1.340
  1.370
  1.390
  1.400
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.560
  1.570
  1.580
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
  208
  218
  230
  241
  254
  268
  282
  297
  313
  329
  416
  435
  455
  475
  497
  520
  544
  569
  596
  624
  653
  684
  717
  751
  787
  825
  865
  907
  951
  997
Depreciation, amort., depletion, $m
  96
  137
  139
  140
  142
  144
  147
  149
  151
  154
  157
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
  159
Funds from operations, $m
  555
  345
  357
  370
  384
  399
  414
  431
  448
  467
  486
  481
  502
  525
  549
  575
  601
  629
  659
  690
  722
  756
  792
  830
  870
  912
  956
  1,002
  1,051
  1,102
  1,155
Change in working capital, $m
  132
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
Cash from operations, $m
  423
  331
  343
  355
  368
  381
  396
  411
  428
  445
  463
  457
  477
  499
  521
  545
  570
  596
  624
  653
  684
  716
  750
  786
  823
  863
  904
  948
  994
  1,042
  1,092
Maintenance CAPEX, $m
  0
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
New CAPEX, $m
  -47
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
Cash from investing activities, $m
  -43
  -67
  -71
  -75
  -78
  -82
  -86
  -92
  -96
  -100
  -106
  -111
  -116
  -122
  -129
  -135
  -142
  -148
  -156
  -163
  -172
  -180
  -190
  -199
  -209
  -220
  -231
  -242
  -254
  -267
  -280
Free cash flow, $m
  380
  264
  271
  280
  289
  299
  309
  320
  332
  344
  358
  346
  361
  376
  393
  410
  429
  448
  468
  490
  512
  536
  561
  587
  615
  644
  674
  706
  740
  775
  813
Issuance/(repayment) of debt, $m
  -1
  65
  68
  72
  77
  82
  86
  91
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
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
  65
  68
  72
  77
  82
  86
  91
  97
  102
  108
  114
  120
  126
  133
  140
  148
  155
  163
  172
  181
  190
  200
  210
  221
  232
  244
  256
  269
  283
  297
Total cash flow (excl. dividends), $m
  288
  329
  339
  352
  366
  380
  396
  412
  429
  447
  465
  460
  481
  503
  526
  550
  576
  603
  632
  661
  693
  726
  761
  797
  835
  876
  918
  963
  1,009
  1,058
  1,110
Retained Cash Flow (-), $m
  -36
  -34
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
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
  301
  312
  323
  335
  348
  361
  375
  390
  406
  397
  414
  433
  452
  473
  494
  517
  541
  566
  592
  620
  650
  680
  713
  747
  783
  820
  860
  901
  945
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
 
  669
  276
  272
  266
  260
  252
  244
  234
  224
  213
  188
  177
  164
  152
  139
  126
  112
  100
  87
  75
  64
  54
  45
  36
  29
  23
  18
  13
  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

Curtiss-Wright Corporation, together with its subsidiaries, designs, manufactures, and overhauls precision components, and engineered products and services primarily to the aerospace, defense, power generation, and general industrial markets worldwide. The company operates through three segments: Commercial/Industrial, Defense, and Power. The Commercial/Industrial segment offers industrial vehicle products, such as electronic throttle control devices and transmission shifters; sensors, controls and electro-mechanical actuation components, and utility systems used in commercial aircrafts; valves primarily to the industrial and naval defense markets; and surface technology services, including shot peening, laser peening, coatings, and advanced testing. The Defense segment provides commercial off-the-shelf embedded computing board level modules, integrated subsystems, flight test equipment, instrumentation and control systems, turret aiming and stabilization products, and weapons handling systems; and avionics and electronics, flight test equipment, and aircraft data management solutions to the commercial aerospace market. The Power segment offers hardware, pumps, valves, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing technologies for nuclear power plants and nuclear equipment manufacturers; and coolant pumps, power-dense compact motors, generators, and secondary propulsion systems primarily to the U.S. navy. Curtiss-Wright Corporation was founded in 1929 and is headquartered in Charlotte, North Carolina.

FINANCIAL RATIOS  of  Curtiss-Wright (CW)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 11
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 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 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 43.906 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 $4.1 billion.

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COMPANY NEWS

▶ 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]
▶ Curtiss-Wright tops 4Q profit forecasts   [Feb-15-17 06:22PM  Associated Press]
▶ Curtiss-Wright to Webcast Investor Day Event   [Sep-16-16 09:00AM  Business Wire]
Stock chart of CW 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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