Intrinsic value of Donaldson - DCI

Previous Close

$47.17

  Intrinsic Value

$69.14

stock screener

  Rating & Target

buy

+47%

Previous close

$47.17

 
Intrinsic value

$69.14

 
Up/down potential

+47%

 
Rating

buy

We calculate the intrinsic value of DCI 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 2017), $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 6.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.85
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  2,372
  2,635
  2,912
  3,201
  3,504
  3,819
  4,148
  4,489
  4,845
  5,214
  5,598
  5,997
  6,412
  6,843
  7,291
  7,757
  8,243
  8,748
  9,274
  9,823
  10,395
  10,992
  11,615
  12,266
  12,945
  13,655
  14,398
  15,175
  15,987
  16,837
  17,728
Variable operating expenses, $m
 
  1,679
  1,852
  2,034
  2,224
  2,422
  2,628
  2,843
  3,066
  3,298
  3,539
  3,766
  4,026
  4,297
  4,579
  4,871
  5,176
  5,493
  5,824
  6,169
  6,528
  6,903
  7,294
  7,702
  8,129
  8,575
  9,041
  9,529
  10,039
  10,573
  11,132
Fixed operating expenses, $m
 
  556
  569
  584
  598
  613
  629
  644
  660
  677
  694
  711
  729
  747
  766
  785
  805
  825
  845
  866
  888
  910
  933
  956
  980
  1,005
  1,030
  1,056
  1,082
  1,109
  1,137
Total operating expenses, $m
  2,043
  2,235
  2,421
  2,618
  2,822
  3,035
  3,257
  3,487
  3,726
  3,975
  4,233
  4,477
  4,755
  5,044
  5,345
  5,656
  5,981
  6,318
  6,669
  7,035
  7,416
  7,813
  8,227
  8,658
  9,109
  9,580
  10,071
  10,585
  11,121
  11,682
  12,269
Operating income, $m
  329
  401
  490
  583
  681
  784
  891
  1,002
  1,118
  1,239
  1,365
  1,520
  1,656
  1,799
  1,947
  2,101
  2,262
  2,430
  2,605
  2,788
  2,979
  3,179
  3,388
  3,607
  3,836
  4,075
  4,327
  4,590
  4,866
  5,155
  5,458
EBITDA, $m
  404
  482
  577
  677
  782
  891
  1,005
  1,124
  1,248
  1,377
  1,511
  1,651
  1,796
  1,948
  2,106
  2,270
  2,442
  2,621
  2,807
  3,002
  3,206
  3,419
  3,641
  3,874
  4,118
  4,373
  4,640
  4,921
  5,214
  5,522
  5,845
Interest expense (income), $m
  20
  19
  23
  27
  32
  36
  41
  46
  52
  57
  63
  69
  75
  82
  89
  95
  103
  110
  118
  126
  135
  144
  153
  163
  173
  184
  195
  206
  218
  231
  244
Earnings before tax, $m
  322
  382
  467
  556
  650
  747
  849
  956
  1,066
  1,182
  1,302
  1,451
  1,581
  1,717
  1,858
  2,006
  2,159
  2,320
  2,487
  2,662
  2,844
  3,035
  3,235
  3,444
  3,663
  3,892
  4,132
  4,383
  4,647
  4,924
  5,214
Tax expense, $m
  89
  103
  126
  150
  175
  202
  229
  258
  288
  319
  352
  392
  427
  464
  502
  542
  583
  626
  671
  719
  768
  820
  873
  930
  989
  1,051
  1,116
  1,184
  1,255
  1,329
  1,408
Net income, $m
  233
  279
  341
  406
  474
  546
  620
  698
  778
  863
  950
  1,059
  1,154
  1,253
  1,356
  1,464
  1,576
  1,693
  1,815
  1,943
  2,076
  2,216
  2,361
  2,514
  2,674
  2,841
  3,016
  3,200
  3,392
  3,594
  3,806

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  308
  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
  1,980
  1,857
  2,052
  2,256
  2,469
  2,691
  2,923
  3,164
  3,414
  3,675
  3,945
  4,226
  4,519
  4,822
  5,138
  5,467
  5,809
  6,165
  6,536
  6,923
  7,326
  7,746
  8,185
  8,644
  9,123
  9,623
  10,147
  10,694
  11,266
  11,866
  12,493
Adjusted assets (=assets-cash), $m
  1,672
  1,857
  2,052
  2,256
  2,469
  2,691
  2,923
  3,164
  3,414
  3,675
  3,945
  4,226
  4,519
  4,822
  5,138
  5,467
  5,809
  6,165
  6,536
  6,923
  7,326
  7,746
  8,185
  8,644
  9,123
  9,623
  10,147
  10,694
  11,266
  11,866
  12,493
Revenue / Adjusted assets
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
Average production assets, $m
  518
  574
  635
  698
  764
  833
  904
  979
  1,056
  1,137
  1,220
  1,307
  1,398
  1,492
  1,589
  1,691
  1,797
  1,907
  2,022
  2,141
  2,266
  2,396
  2,532
  2,674
  2,822
  2,977
  3,139
  3,308
  3,485
  3,671
  3,865
Working capital, $m
  667
  482
  533
  586
  641
  699
  759
  822
  887
  954
  1,024
  1,097
  1,173
  1,252
  1,334
  1,420
  1,508
  1,601
  1,697
  1,798
  1,902
  2,012
  2,126
  2,245
  2,369
  2,499
  2,635
  2,777
  2,926
  3,081
  3,244
Total debt, $m
  611
  655
  778
  907
  1,041
  1,182
  1,328
  1,480
  1,639
  1,803
  1,974
  2,152
  2,337
  2,529
  2,728
  2,936
  3,152
  3,377
  3,612
  3,856
  4,111
  4,377
  4,654
  4,944
  5,247
  5,563
  5,894
  6,240
  6,601
  6,980
  7,377
Total liabilities, $m
  1,130
  1,174
  1,297
  1,426
  1,560
  1,701
  1,847
  1,999
  2,158
  2,322
  2,493
  2,671
  2,856
  3,048
  3,247
  3,455
  3,671
  3,896
  4,131
  4,375
  4,630
  4,896
  5,173
  5,463
  5,766
  6,082
  6,413
  6,759
  7,120
  7,499
  7,896
Total equity, $m
  850
  683
  755
  830
  909
  990
  1,076
  1,164
  1,256
  1,352
  1,452
  1,555
  1,663
  1,775
  1,891
  2,012
  2,138
  2,269
  2,405
  2,547
  2,696
  2,851
  3,012
  3,181
  3,357
  3,541
  3,734
  3,935
  4,146
  4,367
  4,597
Total liabilities and equity, $m
  1,980
  1,857
  2,052
  2,256
  2,469
  2,691
  2,923
  3,163
  3,414
  3,674
  3,945
  4,226
  4,519
  4,823
  5,138
  5,467
  5,809
  6,165
  6,536
  6,922
  7,326
  7,747
  8,185
  8,644
  9,123
  9,623
  10,147
  10,694
  11,266
  11,866
  12,493
Debt-to-equity ratio
  0.719
  0.960
  1.030
  1.090
  1.150
  1.190
  1.230
  1.270
  1.300
  1.330
  1.360
  1.380
  1.410
  1.420
  1.440
  1.460
  1.470
  1.490
  1.500
  1.510
  1.520
  1.540
  1.550
  1.550
  1.560
  1.570
  1.580
  1.590
  1.590
  1.600
  1.600
Adjusted equity ratio
  0.338
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  233
  279
  341
  406
  474
  546
  620
  698
  778
  863
  950
  1,059
  1,154
  1,253
  1,356
  1,464
  1,576
  1,693
  1,815
  1,943
  2,076
  2,216
  2,361
  2,514
  2,674
  2,841
  3,016
  3,200
  3,392
  3,594
  3,806
Depreciation, amort., depletion, $m
  75
  81
  87
  94
  100
  107
  114
  122
  129
  137
  146
  131
  140
  149
  159
  169
  180
  191
  202
  214
  227
  240
  253
  267
  282
  298
  314
  331
  349
  367
  386
Funds from operations, $m
  314
  360
  428
  500
  574
  653
  734
  819
  908
  1,000
  1,096
  1,190
  1,294
  1,402
  1,515
  1,633
  1,756
  1,884
  2,018
  2,157
  2,303
  2,455
  2,615
  2,781
  2,956
  3,139
  3,330
  3,531
  3,741
  3,962
  4,193
Change in working capital, $m
  4
  48
  51
  53
  55
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  124
  130
  136
  142
  149
  156
  163
Cash from operations, $m
  310
  312
  378
  447
  519
  595
  674
  757
  843
  933
  1,026
  1,117
  1,218
  1,324
  1,433
  1,548
  1,667
  1,791
  1,921
  2,057
  2,198
  2,346
  2,501
  2,662
  2,832
  3,009
  3,194
  3,389
  3,592
  3,806
  4,030
Maintenance CAPEX, $m
  0
  -52
  -57
  -63
  -70
  -76
  -83
  -90
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -202
  -214
  -227
  -240
  -253
  -267
  -282
  -298
  -314
  -331
  -349
  -367
New CAPEX, $m
  -66
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -194
Cash from investing activities, $m
  -96
  -109
  -117
  -126
  -136
  -145
  -155
  -165
  -175
  -187
  -198
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -322
  -339
  -357
  -376
  -395
  -415
  -437
  -460
  -483
  -508
  -534
  -561
Free cash flow, $m
  214
  203
  260
  320
  383
  450
  519
  592
  668
  746
  829
  908
  997
  1,090
  1,187
  1,287
  1,392
  1,502
  1,616
  1,735
  1,859
  1,989
  2,125
  2,267
  2,416
  2,572
  2,735
  2,905
  3,084
  3,272
  3,469
Issuance/(repayment) of debt, $m
  48
  118
  123
  129
  135
  140
  146
  152
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  234
  244
  255
  266
  277
  290
  303
  316
  331
  346
  362
  379
  397
Issuance/(repurchase) of shares, $m
  -118
  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  
  -66
  118
  123
  129
  135
  140
  146
  152
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  234
  244
  255
  266
  277
  290
  303
  316
  331
  346
  362
  379
  397
Total cash flow (excl. dividends), $m
  157
  321
  383
  449
  518
  590
  666
  744
  826
  911
  1,000
  1,086
  1,182
  1,282
  1,386
  1,495
  1,608
  1,727
  1,850
  1,979
  2,114
  2,255
  2,403
  2,557
  2,719
  2,888
  3,065
  3,251
  3,446
  3,651
  3,865
Retained Cash Flow (-), $m
  -83
  -67
  -72
  -75
  -78
  -82
  -85
  -89
  -92
  -96
  -100
  -103
  -108
  -112
  -116
  -121
  -126
  -131
  -137
  -142
  -148
  -155
  -162
  -169
  -176
  -184
  -193
  -201
  -211
  -221
  -231
Prev. year cash balance distribution, $m
 
  234
  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
 
  488
  311
  374
  440
  508
  580
  655
  734
  815
  900
  982
  1,074
  1,170
  1,270
  1,374
  1,482
  1,596
  1,714
  1,837
  1,966
  2,100
  2,241
  2,388
  2,542
  2,704
  2,873
  3,050
  3,236
  3,430
  3,634
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
 
  468
  285
  325
  362
  394
  421
  443
  459
  468
  472
  466
  458
  445
  426
  403
  377
  347
  316
  283
  250
  217
  186
  157
  129
  105
  84
  65
  50
  37
  27
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

Donaldson Company, Inc. is a manufacturer of filtration systems and replacement parts. The Company's segments include Engine Products, Industrial Products and Corporate. The Company's products are manufactured at approximately 44 plants around the world and through three joint ventures. The Company offers its products under the Ultra-Web, PowerCore and Donaldson brands. The Engine Products segment sells its products to original equipment manufacturers (OEMs) in the construction, mining, agriculture, aerospace, defense and truck end-markets and to independent distributors, OEM dealer networks, private label accounts and large equipment fleets. The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines and OEMs and end users requiring clean air. Its products include dust, fume and mist collectors, compressed air purification systems, air filtration systems for gas turbines and polytetrafluoroethylene (PTFE) membrane-based products.

FINANCIAL RATIOS  of  Donaldson (DCI)

Valuation Ratios
P/E Ratio 26.4
Price to Sales 2.6
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 25.2
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.6%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 63.2%
Total Debt to Equity 71.9%
Interest Coverage 17
Management Effectiveness
Return On Assets 13.1%
Ret/ On Assets - 3 Yr. Avg. 12.1%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.3%
Return On Equity 28.8%
Return On Equity - 3 Yr. Avg. 25.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 17.6%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 39.5%

DCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCI stock intrinsic value calculation we used $2372 million for the last fiscal year's total revenue generated by Donaldson. The default revenue input number comes from 2017 income statement of Donaldson. 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 DCI stock valuation model: a) initial revenue growth rate of 11.1% 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 DCI is calculated based on our internal credit rating of Donaldson, 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 Donaldson.
    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 DCI stock the variable cost ratio is equal to 63.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $542 million in the base year in the intrinsic value calculation for DCI 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 Donaldson.

Corporate tax rate of 27% is the nominal tax rate for Donaldson. 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 DCI 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 DCI are equal to 21.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Donaldson 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 DCI is equal to 18.3%. 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 - $850 million for Donaldson - 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 129.955 million for Donaldson 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 Donaldson at the current share price and the inputted number of shares is $6.1 billion.

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COMPANY NEWS

▶ Donaldson Introduces Next-Generation Sterile Air Filters   [Oct-19-17 11:00AM  Business Wire]
▶ Donaldson┬« Introduces Plug-and-Play Dust Collector   [Oct-17-17 11:00AM  Business Wire]
▶ Donaldson misses 4Q profit forecasts   [Sep-07-17 10:18PM  Associated Press]
▶ ETFs with exposure to Donaldson Co., Inc. : July 24, 2017   [Jul-24-17 03:18PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : July 14, 2017   [Jul-14-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : June 12, 2017   [Jun-12-17 01:59PM  Capital Cube]
▶ Top Ranked Momentum Stocks to Buy for June 5th   [Jun-05-17 11:10AM  Zacks]
▶ Donaldson beats Street 3Q forecasts   [Jun-01-17 07:06AM  Associated Press]
▶ Donaldson Company Declares Quarterly Cash Dividend   [May-24-17 02:00PM  Business Wire]
▶ New Strong Buy Stocks for April 17th   [Apr-17-17 10:51AM  Zacks]
▶ New Strong Buy Stocks for April 11th   [Apr-11-17 10:30AM  Zacks]
▶ Donaldson tops Street 2Q forecasts   [07:08AM  Associated Press]
▶ Donaldson Company Declares Quarterly Cash Dividend   [Jan-27-17 01:45PM  Business Wire]
▶ What Hedge Funds Think about Donaldson Company, Inc. (DCI)?   [Dec-12-16 10:28AM  at Insider Monkey]
Financial statements of DCI
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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