Intrinsic value of EMCOR Group - EME

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$62.55

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$62.55

 
Intrinsic value

$125.06

 
Up/down potential

+100%

 
Rating

str. buy

 
Value-price divergence* premium content

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*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 3.7

 

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
  9.70
  9.23
  8.81
  8.43
  8.08
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.08
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
  5.25
  5.22
Revenue, $m
  7,552
  8,285
  9,049
  9,846
  10,676
  11,539
  12,436
  13,368
  14,337
  15,344
  16,391
  17,479
  18,611
  19,788
  21,014
  22,291
  23,621
  25,008
  26,454
  27,964
  29,539
  31,185
  32,905
  34,702
  36,582
  38,548
  40,606
  42,759
  45,014
  47,376
  49,849
Variable operating expenses, $m
 
  7,919
  8,641
  9,393
  10,176
  10,991
  11,838
  12,718
  13,633
  14,583
  15,571
  16,501
  17,569
  18,681
  19,838
  21,043
  22,299
  23,608
  24,974
  26,398
  27,886
  29,440
  31,063
  32,760
  34,534
  36,391
  38,333
  40,366
  42,495
  44,724
  47,059
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
  7,919
  8,641
  9,393
  10,176
  10,991
  11,838
  12,718
  13,633
  14,583
  15,571
  16,501
  17,569
  18,681
  19,838
  21,043
  22,299
  23,608
  24,974
  26,398
  27,886
  29,440
  31,063
  32,760
  34,534
  36,391
  38,333
  40,366
  42,495
  44,724
  47,059
Operating income, $m
  308
  366
  409
  453
  500
  548
  598
  650
  705
  761
  820
  978
  1,042
  1,108
  1,176
  1,248
  1,322
  1,400
  1,481
  1,565
  1,654
  1,746
  1,842
  1,943
  2,048
  2,158
  2,273
  2,394
  2,520
  2,652
  2,790
EBITDA, $m
  388
  497
  542
  590
  640
  692
  745
  801
  859
  920
  982
  1,048
  1,115
  1,186
  1,259
  1,336
  1,416
  1,499
  1,585
  1,676
  1,770
  1,869
  1,972
  2,080
  2,192
  2,310
  2,434
  2,563
  2,698
  2,839
  2,988
Interest expense (income), $m
  11
  14
  22
  31
  39
  48
  58
  67
  77
  88
  99
  110
  122
  134
  147
  160
  174
  189
  204
  219
  236
  253
  271
  290
  309
  329
  351
  373
  397
  421
  447
Earnings before tax, $m
  296
  351
  386
  423
  460
  500
  541
  583
  627
  673
  721
  868
  920
  973
  1,029
  1,087
  1,148
  1,211
  1,277
  1,346
  1,418
  1,493
  1,571
  1,653
  1,739
  1,828
  1,922
  2,020
  2,123
  2,231
  2,344
Tax expense, $m
  111
  95
  104
  114
  124
  135
  146
  157
  169
  182
  195
  234
  248
  263
  278
  294
  310
  327
  345
  363
  383
  403
  424
  446
  469
  494
  519
  546
  573
  602
  633
Net income, $m
  182
  257
  282
  309
  336
  365
  395
  426
  458
  491
  526
  634
  671
  711
  751
  794
  838
  884
  932
  982
  1,035
  1,090
  1,147
  1,207
  1,269
  1,335
  1,403
  1,475
  1,550
  1,629
  1,711

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
  3,894
  3,762
  4,110
  4,471
  4,848
  5,240
  5,648
  6,071
  6,511
  6,968
  7,444
  7,938
  8,452
  8,987
  9,543
  10,123
  10,727
  11,357
  12,014
  12,699
  13,415
  14,162
  14,943
  15,759
  16,613
  17,506
  18,440
  19,418
  20,442
  21,515
  22,638
Adjusted assets (=assets-cash), $m
  3,429
  3,762
  4,110
  4,471
  4,848
  5,240
  5,648
  6,071
  6,511
  6,968
  7,444
  7,938
  8,452
  8,987
  9,543
  10,123
  10,727
  11,357
  12,014
  12,699
  13,415
  14,162
  14,943
  15,759
  16,613
  17,506
  18,440
  19,418
  20,442
  21,515
  22,638
Revenue / Adjusted assets
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
  2.202
Average production assets, $m
  544
  596
  652
  709
  769
  831
  895
  963
  1,032
  1,105
  1,180
  1,258
  1,340
  1,425
  1,513
  1,605
  1,701
  1,801
  1,905
  2,013
  2,127
  2,245
  2,369
  2,499
  2,634
  2,775
  2,924
  3,079
  3,241
  3,411
  3,589
Working capital, $m
  699
  273
  299
  325
  352
  381
  410
  441
  473
  506
  541
  577
  614
  653
  693
  736
  779
  825
  873
  923
  975
  1,029
  1,086
  1,145
  1,207
  1,272
  1,340
  1,411
  1,485
  1,563
  1,645
Total debt, $m
  423
  636
  873
  1,120
  1,377
  1,645
  1,923
  2,213
  2,513
  2,825
  3,150
  3,488
  3,839
  4,204
  4,584
  4,980
  5,393
  5,823
  6,271
  6,740
  7,228
  7,739
  8,272
  8,830
  9,413
  10,023
  10,661
  11,329
  12,028
  12,761
  13,528
Total liabilities, $m
  2,357
  2,570
  2,807
  3,054
  3,311
  3,579
  3,857
  4,147
  4,447
  4,759
  5,084
  5,422
  5,773
  6,138
  6,518
  6,914
  7,327
  7,757
  8,205
  8,674
  9,162
  9,673
  10,206
  10,764
  11,347
  11,957
  12,595
  13,263
  13,962
  14,695
  15,462
Total equity, $m
  1,537
  1,193
  1,303
  1,417
  1,537
  1,661
  1,790
  1,925
  2,064
  2,209
  2,360
  2,516
  2,679
  2,849
  3,025
  3,209
  3,401
  3,600
  3,808
  4,026
  4,253
  4,489
  4,737
  4,996
  5,266
  5,549
  5,846
  6,156
  6,480
  6,820
  7,176
Total liabilities and equity, $m
  3,894
  3,763
  4,110
  4,471
  4,848
  5,240
  5,647
  6,072
  6,511
  6,968
  7,444
  7,938
  8,452
  8,987
  9,543
  10,123
  10,728
  11,357
  12,013
  12,700
  13,415
  14,162
  14,943
  15,760
  16,613
  17,506
  18,441
  19,419
  20,442
  21,515
  22,638
Debt-to-equity ratio
  0.275
  0.530
  0.670
  0.790
  0.900
  0.990
  1.070
  1.150
  1.220
  1.280
  1.330
  1.390
  1.430
  1.480
  1.520
  1.550
  1.590
  1.620
  1.650
  1.670
  1.700
  1.720
  1.750
  1.770
  1.790
  1.810
  1.820
  1.840
  1.860
  1.870
  1.890
Adjusted equity ratio
  0.313
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317
  0.317

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  182
  257
  282
  309
  336
  365
  395
  426
  458
  491
  526
  634
  671
  711
  751
  794
  838
  884
  932
  982
  1,035
  1,090
  1,147
  1,207
  1,269
  1,335
  1,403
  1,475
  1,550
  1,629
  1,711
Depreciation, amort., depletion, $m
  80
  131
  134
  137
  140
  144
  147
  151
  155
  159
  163
  69
  74
  78
  83
  88
  93
  99
  105
  111
  117
  123
  130
  137
  145
  152
  161
  169
  178
  187
  197
Funds from operations, $m
  261
  387
  416
  445
  476
  508
  542
  576
  613
  650
  689
  703
  745
  789
  834
  882
  931
  983
  1,037
  1,093
  1,152
  1,213
  1,277
  1,344
  1,414
  1,487
  1,564
  1,644
  1,728
  1,816
  1,908
Change in working capital, $m
  -4
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
Cash from operations, $m
  265
  434
  391
  419
  449
  480
  512
  546
  581
  617
  654
  667
  708
  750
  794
  840
  888
  937
  989
  1,043
  1,100
  1,159
  1,220
  1,285
  1,352
  1,422
  1,496
  1,573
  1,654
  1,738
  1,827
Maintenance CAPEX, $m
  0
  -30
  -33
  -36
  -39
  -42
  -46
  -49
  -53
  -57
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -145
  -152
  -161
  -169
  -178
  -187
New CAPEX, $m
  -40
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -124
  -129
  -135
  -142
  -148
  -155
  -162
  -170
  -178
Cash from investing activities, $m
  -271
  -82
  -88
  -93
  -99
  -104
  -111
  -116
  -123
  -129
  -136
  -143
  -150
  -159
  -166
  -175
  -184
  -193
  -203
  -214
  -224
  -235
  -247
  -259
  -272
  -287
  -300
  -316
  -331
  -348
  -365
Free cash flow, $m
  -6
  352
  303
  326
  350
  376
  402
  429
  458
  488
  518
  524
  557
  592
  627
  665
  704
  744
  786
  830
  876
  923
  973
  1,025
  1,079
  1,136
  1,195
  1,257
  1,322
  1,390
  1,461
Issuance/(repayment) of debt, $m
  106
  228
  237
  247
  257
  268
  278
  289
  301
  312
  325
  338
  351
  365
  380
  396
  413
  430
  449
  468
  489
  510
  533
  558
  583
  610
  638
  668
  699
  732
  767
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
  228
  237
  247
  257
  268
  278
  289
  301
  312
  325
  338
  351
  365
  380
  396
  413
  430
  449
  468
  489
  510
  533
  558
  583
  610
  638
  668
  699
  732
  767
Total cash flow (excl. dividends), $m
  -3
  579
  540
  573
  608
  643
  680
  719
  758
  800
  843
  861
  908
  957
  1,008
  1,061
  1,116
  1,174
  1,235
  1,298
  1,364
  1,434
  1,506
  1,583
  1,662
  1,746
  1,833
  1,925
  2,022
  2,122
  2,228
Retained Cash Flow (-), $m
  -60
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -176
  -184
  -192
  -200
  -208
  -217
  -227
  -237
  -248
  -259
  -271
  -283
  -296
  -310
  -325
  -340
  -356
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
 
  924
  430
  458
  488
  519
  551
  584
  619
  655
  692
  705
  745
  787
  831
  877
  925
  974
  1,026
  1,081
  1,138
  1,197
  1,259
  1,324
  1,392
  1,463
  1,537
  1,615
  1,697
  1,782
  1,872
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
 
  886
  393
  399
  402
  402
  400
  395
  387
  376
  363
  335
  318
  299
  279
  257
  235
  212
  189
  166
  145
  124
  104
  87
  71
  57
  45
  35
  26
  19
  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

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 20.6
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 9.7% 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 7.2%.

Life of production assets of 18.2 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 3.3%. 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 - $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 59.571 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 $3.7 billion.


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COMPANY NEWS

▶ 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]
▶ EMCOR Group Declares Quarterly Dividend (EME)   [Oct-06-16 09:33AM  at Investopedia]
▶ EMCOR Group, Inc. Declares Regular Quarterly Dividend   [Oct-03-16 05:18PM  Business Wire]
▶ EMCOR Group's Per-Share Price Reaches $58.50 (EME)   [Sep-11-16 03:51PM  at Investopedia]
▶ Value Holdings Likes These 5 Industrials Stocks   [Aug-06-16 12:58AM  at Insider Monkey]
Stock chart of EME 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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