Intrinsic value of ESCO Technologies - ESE

Previous Close

$62.35

  Intrinsic Value

$149.33

stock screener

  Rating & Target

str. buy

+140%

Previous close

$62.35

 
Intrinsic value

$149.33

 
Up/down potential

+140%

 
Rating

str. buy

We calculate the intrinsic value of ESE 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 1.6

 

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, %
  6.33
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  571
  697
  839
  998
  1,172
  1,362
  1,567
  1,788
  2,024
  2,274
  2,539
  2,817
  3,109
  3,414
  3,734
  4,066
  4,413
  4,773
  5,148
  5,537
  5,942
  6,363
  6,800
  7,255
  7,727
  8,219
  8,731
  9,264
  9,819
  10,398
  11,002
Variable operating expenses, $m
 
  403
  478
  562
  655
  756
  865
  982
  1,108
  1,241
  1,381
  1,496
  1,652
  1,814
  1,983
  2,160
  2,344
  2,536
  2,735
  2,942
  3,157
  3,380
  3,613
  3,854
  4,105
  4,366
  4,638
  4,922
  5,217
  5,524
  5,845
Fixed operating expenses, $m
 
  166
  170
  174
  179
  183
  188
  193
  197
  202
  207
  213
  218
  223
  229
  235
  240
  247
  253
  259
  265
  272
  279
  286
  293
  300
  308
  316
  323
  332
  340
Total operating expenses, $m
  494
  569
  648
  736
  834
  939
  1,053
  1,175
  1,305
  1,443
  1,588
  1,709
  1,870
  2,037
  2,212
  2,395
  2,584
  2,783
  2,988
  3,201
  3,422
  3,652
  3,892
  4,140
  4,398
  4,666
  4,946
  5,238
  5,540
  5,856
  6,185
Operating income, $m
  78
  128
  191
  261
  338
  423
  514
  613
  719
  831
  950
  1,108
  1,239
  1,377
  1,521
  1,671
  1,828
  1,991
  2,160
  2,337
  2,520
  2,710
  2,909
  3,115
  3,329
  3,552
  3,785
  4,027
  4,279
  4,543
  4,817
EBITDA, $m
  102
  175
  241
  314
  395
  483
  579
  683
  793
  911
  1,035
  1,166
  1,303
  1,447
  1,598
  1,755
  1,919
  2,089
  2,266
  2,451
  2,642
  2,842
  3,049
  3,264
  3,488
  3,722
  3,965
  4,218
  4,481
  4,757
  5,044
Interest expense (income), $m
  1
  3
  6
  9
  12
  16
  20
  24
  29
  34
  39
  44
  50
  56
  63
  70
  77
  84
  91
  99
  107
  116
  125
  134
  144
  154
  164
  175
  186
  197
  210
Earnings before tax, $m
  68
  125
  185
  252
  326
  407
  495
  589
  690
  798
  911
  1,063
  1,189
  1,321
  1,458
  1,602
  1,751
  1,907
  2,069
  2,237
  2,412
  2,594
  2,784
  2,981
  3,186
  3,399
  3,621
  3,852
  4,093
  4,345
  4,608
Tax expense, $m
  22
  34
  50
  68
  88
  110
  134
  159
  186
  215
  246
  287
  321
  357
  394
  432
  473
  515
  559
  604
  651
  701
  752
  805
  860
  918
  978
  1,040
  1,105
  1,173
  1,244
Net income, $m
  46
  91
  135
  184
  238
  297
  361
  430
  504
  582
  665
  776
  868
  964
  1,065
  1,169
  1,278
  1,392
  1,510
  1,633
  1,761
  1,894
  2,032
  2,176
  2,325
  2,481
  2,643
  2,812
  2,988
  3,172
  3,364

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  978
  1,128
  1,358
  1,614
  1,896
  2,204
  2,536
  2,894
  3,275
  3,680
  4,108
  4,558
  5,030
  5,525
  6,041
  6,580
  7,140
  7,724
  8,330
  8,960
  9,615
  10,296
  11,003
  11,739
  12,504
  13,299
  14,128
  14,990
  15,889
  16,825
  17,802
Adjusted assets (=assets-cash), $m
  924
  1,128
  1,358
  1,614
  1,896
  2,204
  2,536
  2,894
  3,275
  3,680
  4,108
  4,558
  5,030
  5,525
  6,041
  6,580
  7,140
  7,724
  8,330
  8,960
  9,615
  10,296
  11,003
  11,739
  12,504
  13,299
  14,128
  14,990
  15,889
  16,825
  17,802
Revenue / Adjusted assets
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
  0.618
Average production assets, $m
  297
  362
  436
  518
  608
  707
  814
  928
  1,050
  1,180
  1,317
  1,462
  1,613
  1,772
  1,938
  2,110
  2,290
  2,477
  2,672
  2,874
  3,084
  3,302
  3,529
  3,765
  4,010
  4,266
  4,531
  4,808
  5,096
  5,397
  5,710
Working capital, $m
  165
  160
  192
  228
  268
  312
  359
  410
  463
  521
  581
  645
  712
  782
  855
  931
  1,011
  1,093
  1,179
  1,268
  1,361
  1,457
  1,557
  1,661
  1,770
  1,882
  1,999
  2,121
  2,249
  2,381
  2,519
Total debt, $m
  110
  166
  251
  346
  450
  565
  688
  821
  962
  1,112
  1,271
  1,438
  1,613
  1,797
  1,988
  2,188
  2,396
  2,612
  2,837
  3,071
  3,314
  3,567
  3,829
  4,102
  4,386
  4,681
  4,988
  5,308
  5,642
  5,989
  6,352
Total liabilities, $m
  363
  419
  504
  599
  703
  818
  941
  1,074
  1,215
  1,365
  1,524
  1,691
  1,866
  2,050
  2,241
  2,441
  2,649
  2,865
  3,090
  3,324
  3,567
  3,820
  4,082
  4,355
  4,639
  4,934
  5,241
  5,561
  5,895
  6,242
  6,605
Total equity, $m
  615
  710
  854
  1,015
  1,193
  1,386
  1,595
  1,820
  2,060
  2,315
  2,584
  2,867
  3,164
  3,475
  3,800
  4,139
  4,491
  4,858
  5,240
  5,636
  6,048
  6,476
  6,921
  7,384
  7,865
  8,365
  8,886
  9,429
  9,994
  10,583
  11,198
Total liabilities and equity, $m
  978
  1,129
  1,358
  1,614
  1,896
  2,204
  2,536
  2,894
  3,275
  3,680
  4,108
  4,558
  5,030
  5,525
  6,041
  6,580
  7,140
  7,723
  8,330
  8,960
  9,615
  10,296
  11,003
  11,739
  12,504
  13,299
  14,127
  14,990
  15,889
  16,825
  17,803
Debt-to-equity ratio
  0.179
  0.230
  0.290
  0.340
  0.380
  0.410
  0.430
  0.450
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
Adjusted equity ratio
  0.607
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  46
  91
  135
  184
  238
  297
  361
  430
  504
  582
  665
  776
  868
  964
  1,065
  1,169
  1,278
  1,392
  1,510
  1,633
  1,761
  1,894
  2,032
  2,176
  2,325
  2,481
  2,643
  2,812
  2,988
  3,172
  3,364
Depreciation, amort., depletion, $m
  24
  47
  50
  53
  57
  60
  65
  69
  74
  79
  85
  58
  64
  70
  77
  84
  91
  98
  106
  114
  122
  131
  140
  149
  159
  169
  180
  191
  202
  214
  227
Funds from operations, $m
  76
  138
  185
  237
  294
  357
  426
  499
  578
  661
  750
  834
  932
  1,034
  1,141
  1,253
  1,369
  1,490
  1,616
  1,747
  1,883
  2,025
  2,172
  2,325
  2,485
  2,650
  2,823
  3,003
  3,190
  3,386
  3,590
Change in working capital, $m
  2
  29
  33
  36
  40
  44
  47
  51
  54
  57
  61
  64
  67
  70
  73
  76
  79
  83
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  138
Cash from operations, $m
  74
  109
  152
  201
  255
  314
  379
  449
  524
  604
  689
  771
  865
  964
  1,068
  1,177
  1,290
  1,408
  1,531
  1,658
  1,791
  1,929
  2,072
  2,221
  2,376
  2,538
  2,706
  2,881
  3,063
  3,253
  3,452
Maintenance CAPEX, $m
  0
  -12
  -14
  -17
  -21
  -24
  -28
  -32
  -37
  -42
  -47
  -52
  -58
  -64
  -70
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -202
  -214
New CAPEX, $m
  -23
  -65
  -74
  -82
  -90
  -99
  -107
  -115
  -122
  -130
  -137
  -144
  -152
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -266
  -277
  -288
  -300
  -313
Cash from investing activities, $m
  -105
  -77
  -88
  -99
  -111
  -123
  -135
  -147
  -159
  -172
  -184
  -196
  -210
  -223
  -236
  -250
  -264
  -278
  -293
  -308
  -324
  -340
  -358
  -376
  -394
  -414
  -435
  -457
  -479
  -502
  -527
Free cash flow, $m
  -31
  32
  64
  101
  144
  191
  244
  302
  365
  433
  505
  574
  656
  742
  832
  927
  1,026
  1,130
  1,238
  1,350
  1,467
  1,588
  1,714
  1,845
  1,982
  2,123
  2,271
  2,424
  2,584
  2,751
  2,924
Issuance/(repayment) of debt, $m
  60
  76
  85
  95
  105
  114
  123
  133
  141
  150
  159
  167
  175
  183
  192
  200
  208
  216
  225
  234
  243
  253
  262
  273
  284
  295
  307
  320
  333
  347
  362
Issuance/(repurchase) of shares, $m
  -4
  37
  10
  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  
  54
  113
  95
  95
  105
  114
  123
  133
  141
  150
  159
  167
  175
  183
  192
  200
  208
  216
  225
  234
  243
  253
  262
  273
  284
  295
  307
  320
  333
  347
  362
Total cash flow (excl. dividends), $m
  22
  145
  159
  196
  248
  305
  367
  434
  506
  583
  664
  741
  831
  925
  1,024
  1,127
  1,234
  1,346
  1,463
  1,584
  1,710
  1,841
  1,977
  2,118
  2,265
  2,419
  2,578
  2,744
  2,918
  3,098
  3,287
Retained Cash Flow (-), $m
  -31
  -129
  -145
  -161
  -177
  -193
  -209
  -225
  -240
  -255
  -269
  -283
  -297
  -311
  -325
  -339
  -353
  -367
  -381
  -396
  -412
  -428
  -445
  -463
  -481
  -501
  -521
  -542
  -565
  -589
  -614
Prev. year cash balance distribution, $m
 
  34
  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
 
  50
  14
  35
  71
  112
  158
  210
  266
  328
  395
  458
  534
  614
  699
  788
  882
  979
  1,081
  1,187
  1,298
  1,412
  1,532
  1,656
  1,784
  1,918
  2,057
  2,202
  2,352
  2,509
  2,672
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
 
  48
  13
  31
  58
  87
  115
  142
  167
  189
  207
  217
  228
  234
  235
  231
  224
  213
  199
  183
  165
  146
  127
  109
  91
  75
  60
  47
  36
  27
  20
Current shareholders' claim on cash, %
  100
  97.6
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1

ESCO Technologies Inc. (ESCO) is a producer of engineered products and systems sold to customers for utility, industrial, aerospace and commercial applications. The Company operates through four segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), Utility Solutions Group (USG) and Technical Packaging. The filtration segment's activities are managed by its subsidiaries, Crissair, Inc. (Crissair), PTI Technologies Inc. (PTI), VACCO Industries (VACCO) and Westland Technologies Inc. (Westland). The Test segment activities are managed by its subsidiaries, Beijing Lindgren ElectronMagnetic Technology Co., Ltd., ETS-Lindgren Inc. and ETS-Lindgren OY. The USG segment activities are managed by its subsidiaries, including Doble Engineering Company, Doble PowerTest Ltd and Doble TransiNor AS. The technical packaging activities are managed by its subsidiaries, Thermoform Engineered Quality LLC (TEQ), Plastique Limited and Plastique Sp. z o.o.

FINANCIAL RATIOS  of  ESCO Technologies (ESE)

Valuation Ratios
P/E Ratio 34.9
Price to Sales 2.8
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 31.4
Growth Rates
Sales Growth Rate 6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.9%
Financial Strength
Quick Ratio 3
Current Ratio 0.3
LT Debt to Equity 14.6%
Total Debt to Equity 17.9%
Interest Coverage 69
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 6.8%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 7.7%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 38.4%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 13.5%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 11.9%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 17.4%

ESE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESE stock intrinsic value calculation we used $571 million for the last fiscal year's total revenue generated by ESCO Technologies. The default revenue input number comes from 2016 income statement of ESCO Technologies. 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 ESE stock valuation model: a) initial revenue growth rate of 22.1% 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 ESE is calculated based on our internal credit rating of ESCO Technologies, 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 ESCO Technologies.
    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 ESE stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $162 million in the base year in the intrinsic value calculation for ESE 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 ESCO Technologies.

Corporate tax rate of 27% is the nominal tax rate for ESCO Technologies. 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 ESE 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 ESE are equal to 51.9%.

Life of production assets of 25.2 years is the average useful life of capital assets used in ESCO Technologies 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 ESE is equal to 22.9%. 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 - $615 million for ESCO Technologies - 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 25.79 million for ESCO Technologies 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 ESCO Technologies at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Esco Technologies posts 4Q profit   [Nov-16-17 05:23AM  Associated Press]
▶ ESCO Announces Fiscal 2017 Results   [Nov-14-17 04:16PM  GlobeNewswire]
▶ Esco Technologies posts 3Q profit   [01:08AM  Associated Press]
▶ ESCO Announces Third Quarter 2017 Results   [Aug-08-17 04:16PM  GlobeNewswire]
▶ ESCO acquires Canadian utility solutions provider   [May-25-17 03:40PM  American City Business Journals]
▶ Esco Technologies posts 2Q profit   [May-05-17 05:02AM  Associated Press]
▶ ESCO Announces Second Quarter 2017 Results   [May-04-17 04:16PM  GlobeNewswire]
▶ Esco Technologies posts 1Q profit   [06:57PM  Associated Press]
▶ ESCO Announces First Quarter 2017 Results   [04:17PM  GlobeNewswire]
▶ Baron Funds Comments on ESCO Technologies   [Jan-20-17 04:18PM  Gurufocus]
▶ Is iRobot Corporation (IRBT) Going to Burn These Hedge Funds?   [Dec-09-16 11:16AM  at Insider Monkey]
▶ ESCO Announces Fiscal 2016 Results   [04:16PM  GlobeNewswire]
▶ ESCO buys Texas aerospace firm   [Nov-07-16 05:50PM  at bizjournals.com]
Financial statements of ESE
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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