Intrinsic value of Emerson Electric - EMR

Previous Close

$74.86

  Intrinsic Value

$52.56

stock screener

  Rating & Target

sell

-30%

Previous close

$74.86

 
Intrinsic value

$52.56

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of EMR 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
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, %
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  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
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  15,264
  16,042
  16,859
  17,716
  18,614
  19,557
  20,547
  21,585
  22,674
  23,818
  25,018
  26,278
  27,600
  28,988
  30,444
  31,974
  33,579
  35,264
  37,033
  38,890
  40,840
  42,887
  45,036
  47,292
  49,661
  52,148
  54,759
  57,501
  60,379
  63,401
  66,574
Variable operating expenses, $m
 
  13,246
  13,884
  14,553
  15,254
  15,991
  16,763
  17,574
  18,425
  19,317
  20,255
  20,517
  21,550
  22,633
  23,771
  24,965
  26,218
  27,534
  28,915
  30,365
  31,888
  33,486
  35,164
  36,925
  38,775
  40,717
  42,756
  44,896
  47,144
  49,503
  51,981
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
  12,769
  13,246
  13,884
  14,553
  15,254
  15,991
  16,763
  17,574
  18,425
  19,317
  20,255
  20,517
  21,550
  22,633
  23,771
  24,965
  26,218
  27,534
  28,915
  30,365
  31,888
  33,486
  35,164
  36,925
  38,775
  40,717
  42,756
  44,896
  47,144
  49,503
  51,981
Operating income, $m
  2,495
  2,796
  2,975
  3,163
  3,360
  3,567
  3,783
  4,011
  4,250
  4,501
  4,764
  5,760
  6,050
  6,354
  6,674
  7,009
  7,361
  7,730
  8,118
  8,525
  8,953
  9,401
  9,872
  10,367
  10,886
  11,431
  12,004
  12,605
  13,236
  13,898
  14,594
EBITDA, $m
  3,131
  4,476
  4,704
  4,943
  5,194
  5,457
  5,733
  6,022
  6,326
  6,645
  6,980
  7,332
  7,701
  8,088
  8,494
  8,921
  9,369
  9,839
  10,333
  10,851
  11,395
  11,966
  12,565
  13,195
  13,856
  14,550
  15,278
  16,043
  16,846
  17,690
  18,575
Interest expense (income), $m
  192
  251
  282
  313
  346
  381
  417
  455
  495
  537
  581
  627
  675
  726
  780
  836
  894
  956
  1,021
  1,089
  1,161
  1,236
  1,314
  1,397
  1,484
  1,575
  1,671
  1,771
  1,877
  1,987
  2,104
Earnings before tax, $m
  2,335
  2,545
  2,693
  2,850
  3,014
  3,186
  3,367
  3,556
  3,755
  3,964
  4,183
  5,133
  5,375
  5,628
  5,894
  6,173
  6,466
  6,774
  7,097
  7,436
  7,792
  8,166
  8,558
  8,970
  9,402
  9,856
  10,333
  10,834
  11,359
  11,911
  12,490
Tax expense, $m
  660
  687
  727
  769
  814
  860
  909
  960
  1,014
  1,070
  1,129
  1,386
  1,451
  1,520
  1,591
  1,667
  1,746
  1,829
  1,916
  2,008
  2,104
  2,205
  2,311
  2,422
  2,539
  2,661
  2,790
  2,925
  3,067
  3,216
  3,372
Net income, $m
  1,518
  1,858
  1,966
  2,080
  2,200
  2,326
  2,458
  2,596
  2,741
  2,894
  3,053
  3,747
  3,924
  4,109
  4,303
  4,506
  4,720
  4,945
  5,181
  5,428
  5,688
  5,961
  6,247
  6,548
  6,864
  7,195
  7,543
  7,909
  8,292
  8,695
  9,118

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,062
  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
  19,589
  20,594
  21,642
  22,742
  23,895
  25,106
  26,376
  27,709
  29,107
  30,575
  32,116
  33,733
  35,430
  37,211
  39,081
  41,044
  43,105
  45,268
  47,539
  49,923
  52,426
  55,054
  57,813
  60,709
  63,750
  66,942
  70,294
  73,814
  77,509
  81,388
  85,461
Adjusted assets (=assets-cash), $m
  16,527
  20,594
  21,642
  22,742
  23,895
  25,106
  26,376
  27,709
  29,107
  30,575
  32,116
  33,733
  35,430
  37,211
  39,081
  41,044
  43,105
  45,268
  47,539
  49,923
  52,426
  55,054
  57,813
  60,709
  63,750
  66,942
  70,294
  73,814
  77,509
  81,388
  85,461
Revenue / Adjusted assets
  0.924
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
Average production assets, $m
  4,522
  9,593
  10,082
  10,594
  11,131
  11,695
  12,287
  12,908
  13,559
  14,243
  14,961
  15,714
  16,505
  17,335
  18,206
  19,120
  20,080
  21,088
  22,146
  23,256
  24,422
  25,646
  26,932
  28,281
  29,697
  31,185
  32,746
  34,385
  36,107
  37,914
  39,811
Working capital, $m
  3,207
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -302
  -317
  -333
Total debt, $m
  4,656
  5,214
  5,796
  6,407
  7,047
  7,719
  8,424
  9,163
  9,939
  10,754
  11,609
  12,507
  13,449
  14,437
  15,475
  16,565
  17,708
  18,909
  20,169
  21,492
  22,882
  24,340
  25,871
  27,479
  29,166
  30,938
  32,798
  34,752
  36,802
  38,955
  41,216
Total liabilities, $m
  10,871
  11,429
  12,011
  12,622
  13,262
  13,934
  14,639
  15,378
  16,154
  16,969
  17,824
  18,722
  19,664
  20,652
  21,690
  22,780
  23,923
  25,124
  26,384
  27,707
  29,097
  30,555
  32,086
  33,694
  35,381
  37,153
  39,013
  40,967
  43,017
  45,170
  47,431
Total equity, $m
  8,718
  9,164
  9,631
  10,120
  10,633
  11,172
  11,737
  12,330
  12,953
  13,606
  14,291
  15,011
  15,766
  16,559
  17,391
  18,265
  19,182
  20,144
  21,155
  22,216
  23,330
  24,499
  25,727
  27,016
  28,369
  29,789
  31,281
  32,847
  34,491
  36,218
  38,030
Total liabilities and equity, $m
  19,589
  20,593
  21,642
  22,742
  23,895
  25,106
  26,376
  27,708
  29,107
  30,575
  32,115
  33,733
  35,430
  37,211
  39,081
  41,045
  43,105
  45,268
  47,539
  49,923
  52,427
  55,054
  57,813
  60,710
  63,750
  66,942
  70,294
  73,814
  77,508
  81,388
  85,461
Debt-to-equity ratio
  0.534
  0.570
  0.600
  0.630
  0.660
  0.690
  0.720
  0.740
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
Adjusted equity ratio
  0.378
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,518
  1,858
  1,966
  2,080
  2,200
  2,326
  2,458
  2,596
  2,741
  2,894
  3,053
  3,747
  3,924
  4,109
  4,303
  4,506
  4,720
  4,945
  5,181
  5,428
  5,688
  5,961
  6,247
  6,548
  6,864
  7,195
  7,543
  7,909
  8,292
  8,695
  9,118
Depreciation, amort., depletion, $m
  636
  1,680
  1,729
  1,780
  1,834
  1,890
  1,949
  2,011
  2,077
  2,145
  2,217
  1,571
  1,650
  1,733
  1,821
  1,912
  2,008
  2,109
  2,215
  2,326
  2,442
  2,565
  2,693
  2,828
  2,970
  3,118
  3,275
  3,439
  3,611
  3,791
  3,981
Funds from operations, $m
  2,336
  3,538
  3,695
  3,860
  4,034
  4,216
  4,407
  4,607
  4,818
  5,038
  5,270
  5,319
  5,574
  5,842
  6,123
  6,418
  6,728
  7,054
  7,395
  7,754
  8,130
  8,526
  8,940
  9,376
  9,833
  10,314
  10,818
  11,347
  11,903
  12,486
  13,099
Change in working capital, $m
  424
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  1,912
  3,541
  3,699
  3,865
  4,038
  4,221
  4,412
  4,613
  4,823
  5,044
  5,276
  5,325
  5,581
  5,849
  6,131
  6,426
  6,736
  7,062
  7,404
  7,763
  8,140
  8,536
  8,951
  9,387
  9,845
  10,326
  10,831
  11,361
  11,917
  12,501
  13,115
Maintenance CAPEX, $m
  0
  -913
  -959
  -1,008
  -1,059
  -1,113
  -1,170
  -1,229
  -1,291
  -1,356
  -1,424
  -1,496
  -1,571
  -1,650
  -1,733
  -1,821
  -1,912
  -2,008
  -2,109
  -2,215
  -2,326
  -2,442
  -2,565
  -2,693
  -2,828
  -2,970
  -3,118
  -3,275
  -3,439
  -3,611
  -3,791
New CAPEX, $m
  -476
  -459
  -488
  -512
  -537
  -564
  -592
  -621
  -652
  -684
  -718
  -753
  -791
  -830
  -871
  -914
  -960
  -1,008
  -1,058
  -1,111
  -1,166
  -1,224
  -1,285
  -1,349
  -1,417
  -1,487
  -1,561
  -1,639
  -1,721
  -1,807
  -1,897
Cash from investing activities, $m
  1,514
  -1,372
  -1,447
  -1,520
  -1,596
  -1,677
  -1,762
  -1,850
  -1,943
  -2,040
  -2,142
  -2,249
  -2,362
  -2,480
  -2,604
  -2,735
  -2,872
  -3,016
  -3,167
  -3,326
  -3,492
  -3,666
  -3,850
  -4,042
  -4,245
  -4,457
  -4,679
  -4,914
  -5,160
  -5,418
  -5,688
Free cash flow, $m
  3,426
  2,169
  2,251
  2,344
  2,442
  2,544
  2,651
  2,763
  2,881
  3,004
  3,134
  3,076
  3,219
  3,369
  3,526
  3,691
  3,864
  4,046
  4,237
  4,438
  4,648
  4,869
  5,101
  5,345
  5,601
  5,869
  6,151
  6,447
  6,757
  7,084
  7,426
Issuance/(repayment) of debt, $m
  -1,979
  558
  582
  610
  640
  672
  705
  740
  776
  815
  855
  897
  942
  989
  1,038
  1,089
  1,144
  1,201
  1,260
  1,323
  1,389
  1,458
  1,531
  1,607
  1,688
  1,772
  1,860
  1,953
  2,051
  2,153
  2,261
Issuance/(repurchase) of shares, $m
  -400
  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  
  -2,352
  558
  582
  610
  640
  672
  705
  740
  776
  815
  855
  897
  942
  989
  1,038
  1,089
  1,144
  1,201
  1,260
  1,323
  1,389
  1,458
  1,531
  1,607
  1,688
  1,772
  1,860
  1,953
  2,051
  2,153
  2,261
Total cash flow (excl. dividends), $m
  1,119
  2,728
  2,833
  2,955
  3,082
  3,215
  3,356
  3,503
  3,657
  3,819
  3,989
  3,973
  4,161
  4,357
  4,564
  4,781
  5,008
  5,247
  5,498
  5,761
  6,038
  6,328
  6,633
  6,952
  7,288
  7,641
  8,011
  8,400
  8,808
  9,237
  9,687
Retained Cash Flow (-), $m
  -1,150
  -446
  -466
  -489
  -513
  -539
  -565
  -593
  -622
  -653
  -686
  -720
  -755
  -793
  -832
  -874
  -917
  -963
  -1,011
  -1,061
  -1,114
  -1,169
  -1,228
  -1,289
  -1,353
  -1,421
  -1,492
  -1,566
  -1,644
  -1,726
  -1,813
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
 
  2,281
  2,367
  2,465
  2,568
  2,677
  2,790
  2,910
  3,035
  3,166
  3,304
  3,254
  3,405
  3,565
  3,732
  3,907
  4,091
  4,284
  4,487
  4,700
  4,924
  5,159
  5,405
  5,664
  5,935
  6,220
  6,520
  6,834
  7,164
  7,510
  7,874
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
 
  2,187
  2,167
  2,145
  2,115
  2,075
  2,025
  1,966
  1,897
  1,819
  1,732
  1,545
  1,453
  1,355
  1,253
  1,147
  1,040
  932
  826
  724
  626
  534
  448
  371
  302
  242
  190
  147
  111
  82
  59
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

Emerson Electric Co. is a diversified global manufacturing company, which provides solutions to customers by bringing technology and engineering together in the industrial, commercial and consumer markets around the world. The Company operates through four segments based on the nature of the products and services rendered: Process Management, Industrial Automation, Climate Technologies and Commercial & Residential Solutions. The Company's principal production operations are electronics assembly, metal stamping, forming, casting, machining, welding, plating, heat treating, painting and assembly. In addition, the Company uses specialized production operations, including automatic and semiautomatic testing, automated material handling and storage, ferrous and nonferrous machining, and special furnaces for heat treating and foundry applications. The Company provides measurement, control and diagnostic technologies for automated industrial processes.

FINANCIAL RATIOS  of  Emerson Electric (EMR)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 3.1
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 33.5
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.5%
Cap. Spend. - 3 Yr. Gr. Rate -6.1%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 43.5%
Total Debt to Equity 53.4%
Interest Coverage 13
Management Effectiveness
Return On Assets 8%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital 11%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 23.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 41.9%
Gross Margin - 3 Yr. Avg. 42.5%
EBITDA Margin 20.7%
EBITDA Margin - 3 Yr. Avg. 23.4%
Operating Margin 16.3%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 15.3%
Pre-Tax Margin - 3 Yr. Avg. 18.2%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 28.3%
Eff/ Tax Rate - 3 Yr. Avg. 30.5%
Payout Ratio 81.6%

EMR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EMR stock intrinsic value calculation we used $15264 million for the last fiscal year's total revenue generated by Emerson Electric. The default revenue input number comes from 2017 income statement of Emerson Electric. 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 EMR stock valuation model: a) initial revenue growth rate of 5.1% 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 EMR is calculated based on our internal credit rating of Emerson Electric, 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 Emerson Electric.
    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 EMR stock the variable cost ratio is equal to 82.8%.

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 EMR 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 5.4% for Emerson Electric.

Corporate tax rate of 27% is the nominal tax rate for Emerson Electric. 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 EMR 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 EMR are equal to 59.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Emerson Electric 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 EMR is equal to -0.5%. 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 - $8718 million for Emerson Electric - 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 640 million for Emerson Electric 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 Emerson Electric at the current share price and the inputted number of shares is $47.9 billion.

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COMPANY NEWS

▶ Emerson names successor to Automation Solutions platform   [Aug-15-18 01:00PM  American City Business Journals]
▶ Emerson Electric president to retire Oct. 1   [Aug-14-18 01:42PM  Associated Press]
▶ Emerson Electric's president to retire, successor named   [09:46AM  American City Business Journals]
▶ Stocks End Higher; Tesla Surges   [Aug-07-18 06:42PM  TheStreet.com]
▶ Emerson Declares Dividend   [10:10AM  Business Wire]
▶ Emerson Electric: Fiscal 3Q Earnings Snapshot   [07:01AM  Associated Press]
▶ Why This Internet of Things Stock Soared After Earnings   [Aug-02-18 07:47AM  Motley Fool]
▶ 20 Automation Stocks for the Revolution in Robotics   [Jul-27-18 03:08PM  InvestorPlace]
▶ 3 Reliable Dividend Stocks for Your Portfolio   [Jul-23-18 08:18AM  Motley Fool]
▶ 7 Alternative Internet of Things Stocks to Buy   [Jul-17-18 10:28AM  InvestorPlace]
▶ Emerson Completes Aventics Acquisition   [09:00AM  Business Wire]
▶ Some Hope for GE, Three Industrial Stocks to Buy Now   [Jul-12-18 11:52AM  Barrons.com]
▶ Emerson Completes Tools & Test Acquisition   [Jul-02-18 01:13PM  Business Wire]
▶ 7 Stocks to Buy That Arent in the Dow But Should Be   [Jun-28-18 03:22PM  InvestorPlace]
▶ Here's How I Would Buy Emerson Electric   [Jun-21-18 01:30PM  TheStreet.com]
▶ 7 Stocks That Could Take a Trade-War Hit   [Jun-14-18 03:12PM  InvestorPlace]
▶ 3 Sustainable Water Stocks for Your Portfolio   [May-29-18 06:03AM  Motley Fool]
▶ This Could Be the Next Industrial Activist Target   [May-22-18 07:30AM  Bloomberg]
▶ [$$] Triton Partners Makes 5.5-Times Return on Aventics Sale   [May-17-18 12:51PM  The Wall Street Journal]
▶ Emerson Agrees to Buy Aventics   [09:37AM  Business Wire]
▶ [$$] U.S. Businesses to Make Their Case Against China Tariffs   [May-14-18 12:28AM  The Wall Street Journal]
▶ Is It Time To Buy Emerson Electric Co (NYSE:EMR)?   [May-09-18 06:43PM  Simply Wall St.]
▶ 'High Watermark' for Industrials? It Depends   [May-04-18 10:14AM  Bloomberg]
▶ Emerson Declares Dividend   [09:38AM  Business Wire]
▶ Emerson Electric: Fiscal 2Q Earnings Snapshot   [07:30AM  Associated Press]
▶ Emerson Electric Q2 Earnings Preview   [Apr-30-18 03:09PM  Benzinga]
▶ Why Emerson Electric Co (NYSE:EMR) Is A Top Dividend Stocks   [Apr-25-18 08:18PM  Simply Wall St.]
▶ [$$] Emerson Automation CTO Rethinks Cyber for Era of IoT   [Apr-19-18 06:14PM  The Wall Street Journal]
▶ [$$] Emerson Automation CTO Rethinks Cyber for Era of IoT   [Apr-18-18 05:34PM  The Wall Street Journal]
▶ Emerson acquires professional tools business for $810 million   [07:51AM  American City Business Journals]
▶ 3 Winners From This Big Industrial Investing Trend   [Apr-12-18 06:33AM  Motley Fool]
▶ Emerson Schedules Webcast for Second Quarter Results   [Apr-10-18 10:00AM  Business Wire]
▶ Cramers Exec Cut: Markets in a tariff tantrum   [Apr-04-18 06:58PM  CNBC Videos]
▶ The Wide Moat Focus Index Adds 11 New Holdings   [Mar-28-18 06:00AM  Morningstar]
▶ Is Emerson Electric Co (NYSE:EMR) A Financially Sound Company?   [Mar-27-18 08:08PM  Simply Wall St.]
▶ Emerson Electric: Cramer's Top Takeaways   [Mar-20-18 06:43AM  TheStreet.com]
Financial statements of EMR
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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