Intrinsic value of Ecolab - ECL

Previous Close

$129.45

  Intrinsic Value

$48.94

stock screener

  Rating & Target

str. sell

-62%

Previous close

$129.45

 
Intrinsic value

$48.94

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of ECL 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, %
  -2.89
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  13,153
  13,837
  14,554
  15,305
  16,093
  16,918
  17,784
  18,692
  19,645
  20,644
  21,692
  22,792
  23,946
  25,157
  26,427
  27,761
  29,160
  30,629
  32,171
  33,789
  35,487
  37,270
  39,142
  41,107
  43,169
  45,335
  47,608
  49,995
  52,500
  55,131
  57,892
Variable operating expenses, $m
 
  12,213
  12,812
  13,440
  14,099
  14,790
  15,514
  16,274
  17,071
  17,906
  18,783
  19,065
  20,030
  21,043
  22,106
  23,221
  24,392
  25,620
  26,910
  28,263
  29,684
  31,176
  32,741
  34,385
  36,110
  37,921
  39,823
  41,819
  43,915
  46,115
  48,425
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
  11,238
  12,213
  12,812
  13,440
  14,099
  14,790
  15,514
  16,274
  17,071
  17,906
  18,783
  19,065
  20,030
  21,043
  22,106
  23,221
  24,392
  25,620
  26,910
  28,263
  29,684
  31,176
  32,741
  34,385
  36,110
  37,921
  39,823
  41,819
  43,915
  46,115
  48,425
Operating income, $m
  1,915
  1,624
  1,742
  1,865
  1,993
  2,128
  2,270
  2,418
  2,574
  2,738
  2,909
  3,727
  3,916
  4,114
  4,322
  4,540
  4,769
  5,009
  5,261
  5,525
  5,803
  6,095
  6,401
  6,722
  7,059
  7,414
  7,785
  8,176
  8,585
  9,015
  9,467
EBITDA, $m
  2,766
  2,737
  2,879
  3,028
  3,183
  3,347
  3,518
  3,698
  3,886
  4,084
  4,291
  4,509
  4,737
  4,976
  5,228
  5,491
  5,768
  6,059
  6,364
  6,684
  7,020
  7,373
  7,743
  8,132
  8,540
  8,968
  9,418
  9,890
  10,385
  10,906
  11,452
Interest expense (income), $m
  267
  260
  284
  308
  334
  362
  390
  420
  451
  484
  519
  555
  593
  633
  675
  719
  765
  813
  864
  917
  973
  1,032
  1,093
  1,158
  1,226
  1,297
  1,372
  1,450
  1,533
  1,619
  1,710
Earnings before tax, $m
  1,650
  1,365
  1,458
  1,556
  1,659
  1,767
  1,880
  1,998
  2,123
  2,253
  2,390
  3,172
  3,323
  3,481
  3,647
  3,821
  4,004
  4,196
  4,397
  4,608
  4,830
  5,063
  5,308
  5,564
  5,834
  6,116
  6,413
  6,725
  7,052
  7,396
  7,757
Tax expense, $m
  403
  368
  394
  420
  448
  477
  508
  540
  573
  608
  645
  856
  897
  940
  985
  1,032
  1,081
  1,133
  1,187
  1,244
  1,304
  1,367
  1,433
  1,502
  1,575
  1,651
  1,732
  1,816
  1,904
  1,997
  2,094
Net income, $m
  1,230
  996
  1,064
  1,136
  1,211
  1,290
  1,372
  1,459
  1,550
  1,645
  1,745
  2,316
  2,426
  2,541
  2,662
  2,789
  2,923
  3,063
  3,210
  3,364
  3,526
  3,696
  3,875
  4,062
  4,259
  4,465
  4,682
  4,909
  5,148
  5,399
  5,662

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  347
  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
  18,330
  18,929
  19,909
  20,937
  22,014
  23,144
  24,329
  25,571
  26,874
  28,241
  29,675
  31,179
  32,758
  34,414
  36,152
  37,976
  39,891
  41,900
  44,009
  46,223
  48,546
  50,985
  53,546
  56,234
  59,055
  62,017
  65,127
  68,392
  71,820
  75,418
  79,196
Adjusted assets (=assets-cash), $m
  17,983
  18,929
  19,909
  20,937
  22,014
  23,144
  24,329
  25,571
  26,874
  28,241
  29,675
  31,179
  32,758
  34,414
  36,152
  37,976
  39,891
  41,900
  44,009
  46,223
  48,546
  50,985
  53,546
  56,234
  59,055
  62,017
  65,127
  68,392
  71,820
  75,418
  79,196
Revenue / Adjusted assets
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
  0.731
Average production assets, $m
  7,261
  7,638
  8,034
  8,448
  8,883
  9,339
  9,817
  10,318
  10,844
  11,395
  11,974
  12,581
  13,218
  13,886
  14,588
  15,324
  16,096
  16,907
  17,758
  18,651
  19,589
  20,573
  21,606
  22,691
  23,830
  25,025
  26,280
  27,597
  28,980
  30,432
  31,957
Working capital, $m
  1,260
  1,536
  1,615
  1,699
  1,786
  1,878
  1,974
  2,075
  2,181
  2,291
  2,408
  2,530
  2,658
  2,792
  2,933
  3,081
  3,237
  3,400
  3,571
  3,751
  3,939
  4,137
  4,345
  4,563
  4,792
  5,032
  5,284
  5,549
  5,828
  6,120
  6,426
Total debt, $m
  6,687
  6,918
  7,522
  8,155
  8,819
  9,515
  10,244
  11,010
  11,812
  12,654
  13,538
  14,464
  15,437
  16,457
  17,528
  18,651
  19,831
  21,068
  22,368
  23,731
  25,163
  26,665
  28,242
  29,898
  31,636
  33,461
  35,376
  37,388
  39,499
  41,716
  44,043
Total liabilities, $m
  11,429
  11,660
  12,264
  12,897
  13,561
  14,257
  14,986
  15,752
  16,554
  17,396
  18,280
  19,206
  20,179
  21,199
  22,270
  23,393
  24,573
  25,810
  27,110
  28,473
  29,905
  31,407
  32,984
  34,640
  36,378
  38,203
  40,118
  42,130
  44,241
  46,458
  48,785
Total equity, $m
  6,901
  7,269
  7,645
  8,040
  8,454
  8,887
  9,342
  9,819
  10,320
  10,844
  11,395
  11,973
  12,579
  13,215
  13,882
  14,583
  15,318
  16,090
  16,899
  17,749
  18,642
  19,578
  20,562
  21,594
  22,677
  23,815
  25,009
  26,263
  27,579
  28,961
  30,411
Total liabilities and equity, $m
  18,330
  18,929
  19,909
  20,937
  22,015
  23,144
  24,328
  25,571
  26,874
  28,240
  29,675
  31,179
  32,758
  34,414
  36,152
  37,976
  39,891
  41,900
  44,009
  46,222
  48,547
  50,985
  53,546
  56,234
  59,055
  62,018
  65,127
  68,393
  71,820
  75,419
  79,196
Debt-to-equity ratio
  0.969
  0.950
  0.980
  1.010
  1.040
  1.070
  1.100
  1.120
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.380
  1.400
  1.410
  1.410
  1.420
  1.430
  1.440
  1.450
Adjusted equity ratio
  0.366
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,230
  996
  1,064
  1,136
  1,211
  1,290
  1,372
  1,459
  1,550
  1,645
  1,745
  2,316
  2,426
  2,541
  2,662
  2,789
  2,923
  3,063
  3,210
  3,364
  3,526
  3,696
  3,875
  4,062
  4,259
  4,465
  4,682
  4,909
  5,148
  5,399
  5,662
Depreciation, amort., depletion, $m
  851
  1,113
  1,137
  1,163
  1,190
  1,218
  1,248
  1,279
  1,312
  1,346
  1,382
  781
  821
  863
  906
  952
  1,000
  1,050
  1,103
  1,158
  1,217
  1,278
  1,342
  1,409
  1,480
  1,554
  1,632
  1,714
  1,800
  1,890
  1,985
Funds from operations, $m
  1,969
  2,109
  2,202
  2,299
  2,401
  2,508
  2,620
  2,738
  2,861
  2,991
  3,127
  3,097
  3,247
  3,404
  3,568
  3,741
  3,923
  4,113
  4,313
  4,523
  4,743
  4,974
  5,217
  5,471
  5,739
  6,019
  6,314
  6,623
  6,948
  7,289
  7,647
Change in working capital, $m
  29
  76
  80
  83
  87
  92
  96
  101
  106
  111
  116
  122
  128
  134
  141
  148
  155
  163
  171
  180
  189
  198
  208
  218
  229
  240
  252
  265
  278
  292
  307
Cash from operations, $m
  1,940
  2,033
  2,122
  2,216
  2,314
  2,416
  2,524
  2,637
  2,756
  2,880
  3,011
  2,975
  3,119
  3,269
  3,427
  3,593
  3,767
  3,950
  4,142
  4,343
  4,554
  4,776
  5,009
  5,253
  5,510
  5,779
  6,062
  6,359
  6,670
  6,997
  7,341
Maintenance CAPEX, $m
  0
  -451
  -474
  -499
  -525
  -552
  -580
  -610
  -641
  -674
  -708
  -744
  -781
  -821
  -863
  -906
  -952
  -1,000
  -1,050
  -1,103
  -1,158
  -1,217
  -1,278
  -1,342
  -1,409
  -1,480
  -1,554
  -1,632
  -1,714
  -1,800
  -1,890
New CAPEX, $m
  -757
  -377
  -396
  -415
  -435
  -456
  -478
  -501
  -526
  -552
  -579
  -607
  -637
  -668
  -701
  -736
  -773
  -811
  -851
  -893
  -938
  -984
  -1,033
  -1,085
  -1,139
  -1,195
  -1,255
  -1,317
  -1,383
  -1,452
  -1,524
Cash from investing activities, $m
  -830
  -828
  -870
  -914
  -960
  -1,008
  -1,058
  -1,111
  -1,167
  -1,226
  -1,287
  -1,351
  -1,418
  -1,489
  -1,564
  -1,642
  -1,725
  -1,811
  -1,901
  -1,996
  -2,096
  -2,201
  -2,311
  -2,427
  -2,548
  -2,675
  -2,809
  -2,949
  -3,097
  -3,252
  -3,414
Free cash flow, $m
  1,110
  1,204
  1,252
  1,302
  1,354
  1,409
  1,466
  1,526
  1,589
  1,655
  1,724
  1,624
  1,700
  1,780
  1,863
  1,951
  2,043
  2,139
  2,241
  2,347
  2,458
  2,575
  2,698
  2,827
  2,962
  3,104
  3,253
  3,409
  3,573
  3,745
  3,926
Issuance/(repayment) of debt, $m
  214
  578
  604
  633
  664
  696
  730
  765
  803
  842
  883
  927
  972
  1,020
  1,071
  1,124
  1,179
  1,238
  1,299
  1,364
  1,431
  1,502
  1,577
  1,656
  1,738
  1,825
  1,916
  2,011
  2,111
  2,217
  2,327
Issuance/(repurchase) of shares, $m
  -663
  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  
  -440
  578
  604
  633
  664
  696
  730
  765
  803
  842
  883
  927
  972
  1,020
  1,071
  1,124
  1,179
  1,238
  1,299
  1,364
  1,431
  1,502
  1,577
  1,656
  1,738
  1,825
  1,916
  2,011
  2,111
  2,217
  2,327
Total cash flow (excl. dividends), $m
  663
  1,783
  1,856
  1,935
  2,018
  2,105
  2,196
  2,291
  2,392
  2,497
  2,607
  2,551
  2,673
  2,800
  2,934
  3,075
  3,222
  3,377
  3,540
  3,710
  3,890
  4,078
  4,275
  4,482
  4,700
  4,928
  5,168
  5,420
  5,684
  5,962
  6,253
Retained Cash Flow (-), $m
  9
  -368
  -377
  -395
  -414
  -434
  -455
  -477
  -500
  -525
  -551
  -578
  -606
  -636
  -667
  -700
  -735
  -772
  -810
  -850
  -892
  -937
  -983
  -1,032
  -1,084
  -1,137
  -1,194
  -1,254
  -1,316
  -1,382
  -1,451
Prev. year cash balance distribution, $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 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
 
  1,415
  1,479
  1,540
  1,604
  1,671
  1,741
  1,814
  1,891
  1,972
  2,057
  1,973
  2,066
  2,164
  2,267
  2,374
  2,487
  2,606
  2,730
  2,860
  2,997
  3,141
  3,292
  3,450
  3,616
  3,791
  3,974
  4,166
  4,368
  4,580
  4,803
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  1,322
  1,284
  1,232
  1,175
  1,111
  1,042
  969
  892
  813
  734
  602
  532
  464
  400
  339
  283
  232
  187
  148
  115
  88
  65
  48
  34
  23
  16
  10
  7
  4
  2
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

Ecolab Inc. provides water, hygiene and energy technologies and services. The Company's cleaning and sanitizing programs and products, pest elimination services and equipment maintenance and repair services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors in over 170 countries. Its segments include Global Industrial, Global Institutional, Global Energy, Other and Corporate. Its Global Industrial segment consists of the Water, Food and Beverage, Paper and Textile Care operating units. Its Global Institutional segment consists of the Institutional, Specialty and Healthcare operating units. The Global Energy segment provides on-site and technology-driven solutions to the global drilling, oil and gas production, refining, and petrochemical industries. The Company's Other segment consists of the Pest Elimination operating units.

FINANCIAL RATIOS  of  Ecolab (ECL)

Valuation Ratios
P/E Ratio 30.7
Price to Sales 2.9
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 31.9
Growth Rates
Sales Growth Rate -2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 89.1%
Total Debt to Equity 96.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 48%
Gross Margin - 3 Yr. Avg. 47.2%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.1%
Payout Ratio 34.8%

ECL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ECL stock intrinsic value calculation we used $13153 million for the last fiscal year's total revenue generated by Ecolab. The default revenue input number comes from 2016 income statement of Ecolab. 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 ECL stock valuation model: a) initial revenue growth rate of 5.2% 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 7%, whose default value for ECL is calculated based on our internal credit rating of Ecolab, 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 Ecolab.
    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 ECL stock the variable cost ratio is equal to 88.5%.

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 ECL 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 4.1% for Ecolab.

Corporate tax rate of 27% is the nominal tax rate for Ecolab. 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 ECL 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 ECL are equal to 55.2%.

Life of production assets of 16.1 years is the average useful life of capital assets used in Ecolab 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 ECL is equal to 11.1%. 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 - $6901 million for Ecolab - 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 289.685 million for Ecolab 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 Ecolab at the current share price and the inputted number of shares is $37.5 billion.

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COMPANY NEWS

▶ Ecolab misses 4Q profit forecasts   [08:59AM  Associated Press]
▶ 5 Dividends Up To 12%: 2 Winners, 3 Traps   [Feb-07-18 08:43AM  Forbes]
▶ Ecolab Sells Oilfield Equipment Fabrication Unit   [Feb-06-18 08:30AM  Business Wire]
▶ The 10 Top Picks For 2018 From Argus Research   [Jan-28-18 10:04AM  Forbes]
▶ 3 Growth-Driven Dividend Aristocrats to Buy   [Jan-23-18 02:38PM  InvestorPlace]
▶ Ecolab Schedules Webcast and Conference Call on February 20   [Jan-15-18 04:30PM  Business Wire]
▶ Ecolab Inc (NYSE:ECL): What Are The Future Prospects?   [Jan-09-18 05:13PM  Simply Wall St.]
▶ Ecolab Acquires Cascade Water Services   [Jan-02-18 04:30PM  Business Wire]
▶ Techstars, Cargill, Ecolab team up on 'Farm to Fork' startup accelerator   [Dec-21-17 12:45PM  American City Business Journals]
▶ Ecolab Increases Cash Dividend 11%   [Dec-07-17 04:30PM  Business Wire]
▶ Ecolab Purchases Arpal Group   [08:30AM  Business Wire]
▶ Ecolab Expands U.S. Pest Elimination Business   [Dec-04-17 04:30PM  Business Wire]
▶ Ecolab Announces Pricing Terms of Exchange Offer   [Dec-01-17 04:01PM  Business Wire]
▶ Ecolab Institutes New Parental Leave Policy   [Nov-30-17 04:30PM  Business Wire]
▶ ETFs with exposure to Ecolab, Inc. : November 13, 2017   [Nov-13-17 12:14PM  Capital Cube]
▶ 2 Dividend Aristocrats To Buy, And 2 To Sell Now   [Nov-11-17 08:11AM  Forbes]
▶ The Quiet Dividend Aristocrats: 2 Winners, 2 Losers   [Nov-10-17 03:56AM  Harvest Exchange]
▶ Ecolab Completes Sale of Equipment Care Business to Audax   [Nov-01-17 04:30PM  Business Wire]
▶ Ecolab tops Street 3Q forecasts   [08:41AM  Associated Press]
▶ Ecolab Named to CDP Water Leadership List   [Oct-24-17 08:30AM  Business Wire]
▶ ETFs with exposure to Ecolab, Inc. : October 23, 2017   [Oct-23-17 10:33AM  Capital Cube]
▶ [$$] Ecolab Selling Equipment-Care Business to Audax   [Oct-11-17 01:00PM  The Wall Street Journal]
▶ 3 Stable Stocks for Conservative Investors   [Oct-07-17 10:30AM  Motley Fool]
▶ ETFs with exposure to Ecolab, Inc. : October 6, 2017   [Oct-06-17 10:47AM  Capital Cube]
▶ Ecolab Schedules Webcast and Conference Call on October 31   [Sep-26-17 04:30PM  Business Wire]
▶ Investing in a market near all-time highs   [Sep-25-17 05:06PM  Yahoo Finance Video]
▶ Nalco Champion Announces Price Increase   [08:30AM  Business Wire]
Financial statements of ECL
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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