Intrinsic value of EMCOR Group - EME

Previous Close

$62.80

  Intrinsic Value

$121.68

stock screener

  Rating & Target

str. buy

+94%

  Value-price divergence*

-98%

Previous close

$62.80

 
Intrinsic value

$121.68

 
Up/down potential

+94%

 
Rating

str. buy

 
Value-price divergence*

-98%

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

We calculate the intrinsic value of EME 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 3.6

 

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, %
  12.40
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  7,552
  8,186
  8,846
  9,532
  10,245
  10,986
  11,756
  12,556
  13,388
  14,253
  15,154
  16,091
  17,067
  18,084
  19,145
  20,251
  21,405
  22,610
  23,869
  25,184
  26,559
  27,997
  29,501
  31,075
  32,722
  34,447
  36,254
  38,146
  40,129
  42,206
  44,384
Variable operating expenses, $m
 
  7,826
  8,449
  9,097
  9,770
  10,469
  11,196
  11,951
  12,736
  13,553
  14,403
  15,190
  16,112
  17,072
  18,073
  19,117
  20,207
  21,345
  22,533
  23,775
  25,073
  26,430
  27,850
  29,335
  30,891
  32,519
  34,224
  36,011
  37,882
  39,844
  41,900
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
  7,243
  7,826
  8,449
  9,097
  9,770
  10,469
  11,196
  11,951
  12,736
  13,553
  14,403
  15,190
  16,112
  17,072
  18,073
  19,117
  20,207
  21,345
  22,533
  23,775
  25,073
  26,430
  27,850
  29,335
  30,891
  32,519
  34,224
  36,011
  37,882
  39,844
  41,900
Operating income, $m
  308
  360
  397
  436
  475
  517
  560
  605
  651
  700
  750
  901
  955
  1,012
  1,072
  1,134
  1,198
  1,266
  1,336
  1,410
  1,487
  1,567
  1,651
  1,739
  1,832
  1,928
  2,029
  2,135
  2,246
  2,363
  2,484
EBITDA, $m
  388
  488
  528
  569
  611
  655
  701
  749
  799
  850
  904
  960
  1,018
  1,079
  1,142
  1,208
  1,277
  1,349
  1,424
  1,502
  1,584
  1,670
  1,760
  1,854
  1,952
  2,055
  2,163
  2,276
  2,394
  2,518
  2,648
Interest expense (income), $m
  11
  14
  21
  28
  35
  43
  51
  59
  68
  76
  86
  95
  105
  116
  127
  138
  150
  162
  175
  188
  202
  217
  232
  248
  265
  282
  301
  320
  340
  361
  384
Earnings before tax, $m
  296
  346
  376
  408
  440
  474
  509
  546
  584
  623
  665
  805
  850
  897
  945
  996
  1,049
  1,104
  1,161
  1,222
  1,285
  1,350
  1,419
  1,491
  1,567
  1,646
  1,728
  1,815
  1,906
  2,001
  2,101
Tax expense, $m
  111
  93
  102
  110
  119
  128
  137
  147
  158
  168
  179
  217
  230
  242
  255
  269
  283
  298
  314
  330
  347
  365
  383
  403
  423
  444
  467
  490
  515
  540
  567
Net income, $m
  182
  253
  275
  297
  321
  346
  372
  398
  426
  455
  485
  588
  621
  655
  690
  727
  765
  806
  848
  892
  938
  986
  1,036
  1,089
  1,144
  1,201
  1,262
  1,325
  1,391
  1,461
  1,534

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  465
  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
  3,852
  3,671
  3,967
  4,274
  4,594
  4,926
  5,272
  5,630
  6,003
  6,392
  6,795
  7,216
  7,653
  8,110
  8,585
  9,081
  9,599
  10,139
  10,704
  11,293
  11,910
  12,555
  13,229
  13,935
  14,674
  15,447
  16,257
  17,106
  17,995
  18,927
  19,903
Adjusted assets (=assets-cash), $m
  3,387
  3,671
  3,967
  4,274
  4,594
  4,926
  5,272
  5,630
  6,003
  6,392
  6,795
  7,216
  7,653
  8,110
  8,585
  9,081
  9,599
  10,139
  10,704
  11,293
  11,910
  12,555
  13,229
  13,935
  14,674
  15,447
  16,257
  17,106
  17,995
  18,927
  19,903
Revenue / Adjusted assets
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
  2.230
Average production assets, $m
  480
  524
  566
  610
  656
  703
  752
  804
  857
  912
  970
  1,030
  1,092
  1,157
  1,225
  1,296
  1,370
  1,447
  1,528
  1,612
  1,700
  1,792
  1,888
  1,989
  2,094
  2,205
  2,320
  2,441
  2,568
  2,701
  2,841
Working capital, $m
  657
  221
  239
  257
  277
  297
  317
  339
  361
  385
  409
  434
  461
  488
  517
  547
  578
  610
  644
  680
  717
  756
  797
  839
  884
  930
  979
  1,030
  1,083
  1,140
  1,198
Total debt, $m
  423
  601
  802
  1,010
  1,227
  1,453
  1,687
  1,931
  2,184
  2,448
  2,722
  3,007
  3,305
  3,614
  3,937
  4,274
  4,626
  4,993
  5,376
  5,776
  6,195
  6,633
  7,091
  7,570
  8,071
  8,597
  9,147
  9,723
  10,327
  10,959
  11,622
Total liabilities, $m
  2,315
  2,493
  2,694
  2,902
  3,119
  3,345
  3,579
  3,823
  4,076
  4,340
  4,614
  4,899
  5,197
  5,506
  5,829
  6,166
  6,518
  6,885
  7,268
  7,668
  8,087
  8,525
  8,983
  9,462
  9,963
  10,489
  11,039
  11,615
  12,219
  12,851
  13,514
Total equity, $m
  1,537
  1,178
  1,273
  1,372
  1,475
  1,581
  1,692
  1,807
  1,927
  2,052
  2,181
  2,316
  2,457
  2,603
  2,756
  2,915
  3,081
  3,255
  3,436
  3,625
  3,823
  4,030
  4,247
  4,473
  4,710
  4,959
  5,219
  5,491
  5,776
  6,075
  6,389
Total liabilities and equity, $m
  3,852
  3,671
  3,967
  4,274
  4,594
  4,926
  5,271
  5,630
  6,003
  6,392
  6,795
  7,215
  7,654
  8,109
  8,585
  9,081
  9,599
  10,140
  10,704
  11,293
  11,910
  12,555
  13,230
  13,935
  14,673
  15,448
  16,258
  17,106
  17,995
  18,926
  19,903
Debt-to-equity ratio
  0.275
  0.510
  0.630
  0.740
  0.830
  0.920
  1.000
  1.070
  1.130
  1.190
  1.250
  1.300
  1.350
  1.390
  1.430
  1.470
  1.500
  1.530
  1.560
  1.590
  1.620
  1.650
  1.670
  1.690
  1.710
  1.730
  1.750
  1.770
  1.790
  1.800
  1.820
Adjusted equity ratio
  0.317
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321
  0.321

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  182
  253
  275
  297
  321
  346
  372
  398
  426
  455
  485
  588
  621
  655
  690
  727
  765
  806
  848
  892
  938
  986
  1,036
  1,089
  1,144
  1,201
  1,262
  1,325
  1,391
  1,461
  1,534
Depreciation, amort., depletion, $m
  80
  128
  131
  133
  136
  138
  141
  144
  147
  150
  154
  59
  63
  67
  70
  74
  79
  83
  88
  93
  98
  103
  109
  114
  120
  127
  133
  140
  148
  155
  163
Funds from operations, $m
  261
  381
  405
  431
  457
  484
  513
  543
  573
  605
  639
  647
  683
  721
  760
  801
  844
  889
  936
  984
  1,035
  1,089
  1,145
  1,203
  1,264
  1,328
  1,395
  1,465
  1,539
  1,616
  1,697
Change in working capital, $m
  -4
  17
  18
  19
  19
  20
  21
  22
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  42
  44
  47
  49
  51
  54
  56
  59
Cash from operations, $m
  265
  364
  387
  412
  438
  464
  492
  521
  551
  582
  615
  622
  657
  694
  732
  772
  813
  856
  902
  949
  998
  1,050
  1,104
  1,160
  1,220
  1,282
  1,346
  1,414
  1,485
  1,560
  1,638
Maintenance CAPEX, $m
  0
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -56
  -59
  -63
  -67
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
  -148
  -155
New CAPEX, $m
  -40
  -44
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
Cash from investing activities, $m
  -271
  -72
  -72
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -121
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -199
  -210
  -219
  -230
  -243
  -254
  -267
  -281
  -294
Free cash flow, $m
  -6
  292
  315
  336
  357
  379
  402
  427
  452
  478
  505
  506
  535
  566
  597
  630
  665
  701
  738
  777
  818
  860
  905
  951
  1,000
  1,051
  1,104
  1,160
  1,218
  1,279
  1,343
Issuance/(repayment) of debt, $m
  106
  193
  201
  209
  217
  226
  234
  244
  253
  263
  274
  285
  297
  310
  323
  337
  351
  367
  383
  400
  419
  438
  458
  479
  502
  525
  550
  576
  604
  633
  663
Issuance/(repurchase) of shares, $m
  -89
  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  
  10
  193
  201
  209
  217
  226
  234
  244
  253
  263
  274
  285
  297
  310
  323
  337
  351
  367
  383
  400
  419
  438
  458
  479
  502
  525
  550
  576
  604
  633
  663
Total cash flow (excl. dividends), $m
  -3
  485
  516
  544
  574
  605
  637
  670
  705
  741
  779
  792
  833
  875
  920
  967
  1,016
  1,067
  1,121
  1,177
  1,236
  1,298
  1,363
  1,430
  1,501
  1,576
  1,654
  1,736
  1,822
  1,912
  2,007
Retained Cash Flow (-), $m
  -60
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -146
  -153
  -159
  -166
  -173
  -181
  -189
  -198
  -207
  -216
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -314
Prev. year cash balance distribution, $m
 
  450
  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
 
  843
  421
  446
  471
  498
  526
  555
  585
  616
  649
  657
  692
  729
  768
  808
  850
  894
  940
  988
  1,038
  1,091
  1,146
  1,204
  1,264
  1,328
  1,394
  1,464
  1,537
  1,613
  1,693
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
 
  808
  385
  388
  388
  386
  382
  375
  366
  354
  340
  312
  295
  277
  258
  237
  216
  195
  173
  152
  132
  113
  95
  79
  64
  52
  41
  31
  24
  18
  13
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

EMCOR Group, Inc. provides electrical and mechanical construction, and facilities services in the United States. The company designs, integrates, installs, starts-up, operates, and maintains electric power transmission and distribution systems; premises electrical and lighting systems; process instrumentation in the refining, chemical process, food process, and mining industries; low-voltage, voice and data communications, fire protection, water and wastewater treatment, and controls and filtration systems; roadway and transit lighting and fiber-optic lines; heating, ventilation, air conditioning, refrigeration, and clean-room process ventilation systems; plumbing, processing, and piping systems; central plant heating and cooling systems; cranes and rigging; millwrighting; and steel fabrication, erection, and welding. It also offers building services to facilities, such as commercial and government site-based operations and maintenance; reception, security, and catering; outage services to utilities and industrial plants; military base operations support; mobile mechanical maintenance and services; floor care and janitorial; landscaping, lot sweeping, and snow removal; facilities and vendor management; call center; installation and support for building systems; technical consulting and diagnostics; small modification and retrofit; infrastructure and building projects; and program development, management, and maintenance services for energy systems. In addition, the company provides industrial services for refineries and petrochemical plants, such as on-site repair, maintenance, and service of heat exchangers, towers, vessels, and piping; design, manufacture, repair, and hydro blast cleaning of shell and tube heat exchangers and related equipment; refinery turnaround planning and engineering, specialty welding, and specialty technical services; and overhaul and maintenance of process units. The company was founded in 1966 and is headquartered in Norwalk, Connecticut.

FINANCIAL RATIOS  of  EMCOR Group (EME)

Valuation Ratios
P/E Ratio 20.7
Price to Sales 0.5
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 16.7
Growth Rates
Sales Growth Rate 12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.3%
Cap. Spend. - 3 Yr. Gr. Rate 2.1%
Financial Strength
Quick Ratio 31
Current Ratio 0
LT Debt to Equity 26.5%
Total Debt to Equity 27.5%
Interest Coverage 28
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 12.1%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 2
Profitability Ratios
Gross Margin 13.7%
Gross Margin - 3 Yr. Avg. 14%
EBITDA Margin 5.1%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 2.4%
Net Profit Margin - 3 Yr. Avg. 2.5%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 10.4%

EME stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EME stock intrinsic value calculation we used $7552 million for the last fiscal year's total revenue generated by EMCOR Group. The default revenue input number comes from 2016 income statement of EMCOR Group. 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 EME stock valuation model: a) initial revenue growth rate of 8.4% 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 EME is calculated based on our internal credit rating of EMCOR Group, 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 EMCOR Group.
    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 EME stock the variable cost ratio is equal to 95.7%.

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 EME 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 EMCOR Group.

Corporate tax rate of 27% is the nominal tax rate for EMCOR Group. 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 EME 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 EME are equal to 6.4%.

Life of production assets of 17.4 years is the average useful life of capital assets used in EMCOR Group 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 EME is equal to 2.7%. 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 - $1537 million for EMCOR Group - 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 57.327 million for EMCOR Group 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 EMCOR Group at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Top Ranked Growth Stocks to Buy for August 18th   [Aug-18-17 09:44AM  Zacks]
▶ Here's Why Investing in EMCOR (EME) Makes Sense   [Aug-14-17 04:26PM  Zacks]
▶ ETFs with exposure to EMCOR Group, Inc. : August 11, 2017   [Aug-11-17 05:22PM  Capital Cube]
▶ Emcor Group tops Street 2Q forecasts   [01:34AM  Associated Press]
▶ EMCOR Group, Inc. Reports Second Quarter 2017 Results   [Jul-27-17 07:30AM  Business Wire]
▶ EMCOR Group, Inc. Declares Regular Quarterly Dividend   [Jul-06-17 12:00PM  Business Wire]
▶ Is EMCOR (EME) a Great Growth Stock?   [May-22-17 08:40AM  Zacks]
▶ ETFs with exposure to EMCOR Group, Inc. : May 1, 2017   [May-01-17 03:53PM  Capital Cube]
▶ Emcor Group tops Street 1Q forecasts   [Apr-27-17 09:16AM  Associated Press]
▶ EMCOR Group, Inc. Declares Regular Quarterly Dividend   [Apr-05-17 04:21PM  Business Wire]
▶ Emcor Group misses 4Q profit forecasts   [07:49AM  Associated Press]
▶ EMCOR Group, Inc. Declares Regular Quarterly Dividend   [Jan-05-17 12:00PM  Business Wire]
▶ Emcor Group Inc (EME): Are Hedge Funds Right About This Stock?   [Dec-02-16 04:05PM  at Insider Monkey]
Financial statements of EME
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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