Intrinsic value of Emerson Electric - EMR

Previous Close

$73.07

  Intrinsic Value

$57.49

stock screener

  Rating & Target

sell

-21%

Previous close

$73.07

 
Intrinsic value

$57.49

 
Up/down potential

-21%

 
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
 
  13,368
  14,022
  14,707
  15,426
  16,181
  16,972
  17,803
  18,675
  19,590
  20,550
  21,027
  22,085
  23,195
  24,361
  25,584
  26,869
  28,217
  29,633
  31,119
  32,679
  34,317
  36,037
  37,842
  39,738
  41,728
  43,817
  46,011
  48,314
  50,732
  53,271
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
  13,368
  14,022
  14,707
  15,426
  16,181
  16,972
  17,803
  18,675
  19,590
  20,550
  21,027
  22,085
  23,195
  24,361
  25,584
  26,869
  28,217
  29,633
  31,119
  32,679
  34,317
  36,037
  37,842
  39,738
  41,728
  43,817
  46,011
  48,314
  50,732
  53,271
Operating income, $m
  2,495
  2,674
  2,837
  3,008
  3,188
  3,376
  3,574
  3,782
  3,999
  4,228
  4,468
  5,251
  5,515
  5,793
  6,084
  6,389
  6,710
  7,047
  7,400
  7,771
  8,161
  8,570
  8,999
  9,450
  9,924
  10,421
  10,942
  11,490
  12,065
  12,669
  13,303
EBITDA, $m
  3,131
  3,535
  3,715
  3,904
  4,102
  4,310
  4,528
  4,757
  4,997
  5,249
  5,514
  5,791
  6,083
  6,388
  6,709
  7,046
  7,400
  7,772
  8,161
  8,571
  9,000
  9,452
  9,925
  10,422
  10,944
  11,493
  12,068
  12,672
  13,307
  13,973
  14,672
Interest expense (income), $m
  192
  133
  151
  169
  189
  210
  231
  254
  278
  303
  329
  357
  386
  416
  448
  481
  516
  553
  592
  633
  675
  720
  767
  816
  868
  922
  980
  1,039
  1,102
  1,168
  1,238
Earnings before tax, $m
  2,335
  2,541
  2,687
  2,839
  2,999
  3,167
  3,343
  3,528
  3,721
  3,925
  4,138
  4,894
  5,130
  5,376
  5,636
  5,908
  6,194
  6,493
  6,808
  7,139
  7,486
  7,850
  8,233
  8,634
  9,056
  9,498
  9,963
  10,451
  10,963
  11,501
  12,066
Tax expense, $m
  660
  686
  725
  767
  810
  855
  903
  952
  1,005
  1,060
  1,117
  1,321
  1,385
  1,452
  1,522
  1,595
  1,672
  1,753
  1,838
  1,927
  2,021
  2,120
  2,223
  2,331
  2,445
  2,565
  2,690
  2,822
  2,960
  3,105
  3,258
Net income, $m
  1,518
  1,855
  1,961
  2,072
  2,189
  2,312
  2,440
  2,575
  2,717
  2,865
  3,021
  3,573
  3,745
  3,925
  4,114
  4,313
  4,521
  4,740
  4,970
  5,211
  5,465
  5,731
  6,010
  6,303
  6,611
  6,934
  7,273
  7,629
  8,003
  8,396
  8,808

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
  17,362
  18,246
  19,173
  20,145
  21,166
  22,237
  23,360
  24,539
  25,777
  27,076
  28,439
  29,870
  31,372
  32,948
  34,603
  36,341
  38,165
  40,079
  42,089
  44,199
  46,415
  48,740
  51,182
  53,746
  56,437
  59,263
  62,230
  65,345
  68,616
  72,050
Adjusted assets (=assets-cash), $m
  16,527
  17,362
  18,246
  19,173
  20,145
  21,166
  22,237
  23,360
  24,539
  25,777
  27,076
  28,439
  29,870
  31,372
  32,948
  34,603
  36,341
  38,165
  40,079
  42,089
  44,199
  46,415
  48,740
  51,182
  53,746
  56,437
  59,263
  62,230
  65,345
  68,616
  72,050
Revenue / Adjusted assets
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
  0.924
Average production assets, $m
  4,522
  4,749
  4,990
  5,244
  5,510
  5,789
  6,082
  6,389
  6,712
  7,050
  7,405
  7,778
  8,170
  8,580
  9,012
  9,464
  9,939
  10,438
  10,962
  11,512
  12,089
  12,695
  13,331
  13,999
  14,700
  15,436
  16,209
  17,020
  17,872
  18,767
  19,706
Working capital, $m
  3,207
  1,059
  1,113
  1,169
  1,229
  1,291
  1,356
  1,425
  1,497
  1,572
  1,651
  1,734
  1,822
  1,913
  2,009
  2,110
  2,216
  2,327
  2,444
  2,567
  2,695
  2,831
  2,972
  3,121
  3,278
  3,442
  3,614
  3,795
  3,985
  4,184
  4,394
Total debt, $m
  4,656
  4,306
  4,842
  5,404
  5,993
  6,612
  7,260
  7,941
  8,656
  9,406
  10,193
  11,019
  11,886
  12,796
  13,752
  14,755
  15,807
  16,913
  18,073
  19,291
  20,570
  21,912
  23,322
  24,801
  26,355
  27,986
  29,699
  31,497
  33,384
  35,366
  37,447
Total liabilities, $m
  10,871
  10,521
  11,057
  11,619
  12,208
  12,827
  13,475
  14,156
  14,871
  15,621
  16,408
  17,234
  18,101
  19,011
  19,967
  20,970
  22,022
  23,128
  24,288
  25,506
  26,785
  28,127
  29,537
  31,016
  32,570
  34,201
  35,914
  37,712
  39,599
  41,581
  43,662
Total equity, $m
  8,718
  6,841
  7,189
  7,554
  7,937
  8,339
  8,761
  9,204
  9,669
  10,156
  10,668
  11,205
  11,769
  12,361
  12,982
  13,634
  14,318
  15,037
  15,791
  16,583
  17,414
  18,287
  19,204
  20,166
  21,176
  22,236
  23,350
  24,519
  25,746
  27,035
  28,388
Total liabilities and equity, $m
  19,589
  17,362
  18,246
  19,173
  20,145
  21,166
  22,236
  23,360
  24,540
  25,777
  27,076
  28,439
  29,870
  31,372
  32,949
  34,604
  36,340
  38,165
  40,079
  42,089
  44,199
  46,414
  48,741
  51,182
  53,746
  56,437
  59,264
  62,231
  65,345
  68,616
  72,050
Debt-to-equity ratio
  0.534
  0.630
  0.670
  0.720
  0.760
  0.790
  0.830
  0.860
  0.900
  0.930
  0.960
  0.980
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.300
  1.310
  1.320
Adjusted equity ratio
  0.378
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,518
  1,855
  1,961
  2,072
  2,189
  2,312
  2,440
  2,575
  2,717
  2,865
  3,021
  3,573
  3,745
  3,925
  4,114
  4,313
  4,521
  4,740
  4,970
  5,211
  5,465
  5,731
  6,010
  6,303
  6,611
  6,934
  7,273
  7,629
  8,003
  8,396
  8,808
Depreciation, amort., depletion, $m
  636
  861
  878
  896
  914
  934
  954
  975
  998
  1,021
  1,046
  540
  567
  596
  626
  657
  690
  725
  761
  799
  839
  882
  926
  972
  1,021
  1,072
  1,126
  1,182
  1,241
  1,303
  1,368
Funds from operations, $m
  2,336
  2,717
  2,839
  2,968
  3,103
  3,245
  3,394
  3,550
  3,714
  3,886
  4,067
  4,113
  4,312
  4,521
  4,740
  4,970
  5,212
  5,465
  5,731
  6,011
  6,304
  6,612
  6,935
  7,275
  7,631
  8,006
  8,399
  8,811
  9,244
  9,699
  10,176
Change in working capital, $m
  424
  51
  54
  57
  59
  62
  65
  69
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
  117
  123
  129
  135
  142
  149
  156
  164
  172
  181
  190
  199
  209
Cash from operations, $m
  1,912
  2,665
  2,785
  2,912
  3,044
  3,183
  3,329
  3,482
  3,642
  3,811
  3,988
  4,030
  4,225
  4,429
  4,644
  4,869
  5,106
  5,354
  5,615
  5,888
  6,175
  6,477
  6,794
  7,126
  7,475
  7,841
  8,226
  8,630
  9,054
  9,499
  9,967
Maintenance CAPEX, $m
  0
  -314
  -330
  -347
  -364
  -383
  -402
  -422
  -444
  -466
  -490
  -514
  -540
  -567
  -596
  -626
  -657
  -690
  -725
  -761
  -799
  -839
  -882
  -926
  -972
  -1,021
  -1,072
  -1,126
  -1,182
  -1,241
  -1,303
New CAPEX, $m
  -476
  -227
  -242
  -254
  -266
  -279
  -293
  -307
  -323
  -338
  -355
  -373
  -391
  -411
  -431
  -453
  -475
  -499
  -524
  -550
  -577
  -606
  -636
  -668
  -701
  -736
  -773
  -811
  -852
  -895
  -939
Cash from investing activities, $m
  1,514
  -541
  -572
  -601
  -630
  -662
  -695
  -729
  -767
  -804
  -845
  -887
  -931
  -978
  -1,027
  -1,079
  -1,132
  -1,189
  -1,249
  -1,311
  -1,376
  -1,445
  -1,518
  -1,594
  -1,673
  -1,757
  -1,845
  -1,937
  -2,034
  -2,136
  -2,242
Free cash flow, $m
  3,426
  2,125
  2,214
  2,312
  2,414
  2,521
  2,634
  2,752
  2,876
  3,006
  3,143
  3,143
  3,293
  3,451
  3,617
  3,791
  3,973
  4,165
  4,366
  4,577
  4,799
  5,032
  5,276
  5,532
  5,802
  6,084
  6,381
  6,693
  7,020
  7,364
  7,724
Issuance/(repayment) of debt, $m
  -1,979
  512
  536
  562
  589
  618
  649
  681
  715
  750
  787
  826
  867
  910
  955
  1,003
  1,053
  1,105
  1,160
  1,218
  1,279
  1,342
  1,409
  1,480
  1,554
  1,631
  1,713
  1,798
  1,888
  1,982
  2,081
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
  512
  536
  562
  589
  618
  649
  681
  715
  750
  787
  826
  867
  910
  955
  1,003
  1,053
  1,105
  1,160
  1,218
  1,279
  1,342
  1,409
  1,480
  1,554
  1,631
  1,713
  1,798
  1,888
  1,982
  2,081
Total cash flow (excl. dividends), $m
  1,119
  2,637
  2,750
  2,873
  3,003
  3,140
  3,283
  3,433
  3,591
  3,756
  3,930
  3,969
  4,160
  4,361
  4,572
  4,794
  5,026
  5,270
  5,526
  5,795
  6,078
  6,374
  6,685
  7,012
  7,355
  7,716
  8,094
  8,491
  8,908
  9,346
  9,805
Retained Cash Flow (-), $m
  -1,150
  -323
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
  -537
  -564
  -592
  -621
  -652
  -684
  -719
  -754
  -792
  -831
  -873
  -916
  -962
  -1,010
  -1,060
  -1,113
  -1,169
  -1,227
  -1,289
  -1,353
Prev. year cash balance distribution, $m
 
  2,200
  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
 
  4,514
  2,401
  2,508
  2,620
  2,738
  2,861
  2,990
  3,126
  3,269
  3,418
  3,432
  3,596
  3,769
  3,951
  4,141
  4,341
  4,551
  4,772
  5,003
  5,246
  5,501
  5,769
  6,050
  6,345
  6,655
  6,980
  7,322
  7,681
  8,057
  8,452
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
 
  4,328
  2,198
  2,183
  2,157
  2,122
  2,076
  2,020
  1,954
  1,878
  1,792
  1,630
  1,535
  1,433
  1,326
  1,216
  1,103
  990
  879
  770
  667
  569
  479
  397
  323
  259
  204
  157
  119
  88
  64
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 30.9
Price to Sales 3.1
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 32.7
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 83.5%.

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 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 3.5% 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 29.6%.

Life of production assets of 14.4 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 6.6%. 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 644.425 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 $47.1 billion.

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COMPANY NEWS

▶ Emerson Completes Acquisition of ProSys, Inc.   [Jan-17-18 04:05PM  Business Wire]
▶ Emerson Schedules Webcast for First Quarter 2018 Results   [Jan-16-18 10:00AM  Business Wire]
▶ Emerson Completes Cooper-Atkins Acquisition   [Jan-10-18 07:05AM  Business Wire]
▶ Emerson Agrees to Acquire Cooper-Atkins   [Dec-20-17 07:11AM  Business Wire]
▶ Emerson Electric Gets Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Emerson completes acquisition of Houston company   [Dec-04-17 04:05PM  American City Business Journals]
▶ Emerson Completes Paradigm Acquisition   [10:00AM  Business Wire]
▶ [$$] The iPhone Gains Share in China   [Dec-02-17 12:01AM  Barrons.com]
▶ Understanding the Moat Investing Philosophy   [Nov-29-17 02:37PM  Market Realist]
▶ Emerson/Rockwell: No Deal Is Good News   [Nov-28-17 02:22PM  Barrons.com]
▶ US and European Stocks in Green Tuesday   [12:27PM  GuruFocus.com]
▶ Emerson withdraws Rockwell offer after third rejection   [11:55AM  American City Business Journals]
▶ Emerson pulls bid for Rockwell   [10:30AM  Reuters Videos]
▶ Emerson's Hail Mary Failed. Now What?   [10:21AM  Bloomberg]
▶ Deere and Axalta climb while Hewlett Packard Enterprise dips   [Nov-22-17 04:53PM  Associated Press]
▶ Rockwell rebuffs Emerson's latest bid   [01:51PM  Reuters Videos]
▶ Emerson Should Know When to Fold   [10:20AM  Bloomberg]
▶ [$$] Rockwell Automation Rejects New Offer From Emerson   [07:31AM  The Wall Street Journal]
▶ Emerson Raises Pressure on Rockwell With $29 Billion Bid   [Nov-16-17 07:25PM  Bloomberg Video]
▶ Closing Bell: LIVE MARKETS BLOG   [04:04PM  TheStreet.com]
▶ [$$] Emerson sweetens bid for Rockwell to $29bn   [02:02PM  Financial Times]
▶ Emerson Offers $225 Per Share for Rockwell   [09:23AM  Bloomberg Video]
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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