Intrinsic value of ESCO Technologies - ESE

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$58.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$58.60

 
Intrinsic value

$68.76

 
Up/down potential

+17%

 
Rating

hold

 
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 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 1.5

 

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
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  571
  627
  685
  746
  810
  876
  944
  1,016
  1,090
  1,167
  1,247
  1,330
  1,417
  1,507
  1,600
  1,698
  1,800
  1,905
  2,016
  2,131
  2,252
  2,377
  2,509
  2,646
  2,790
  2,940
  3,097
  3,261
  3,434
  3,614
  3,803
Variable operating expenses, $m
 
  365
  397
  429
  463
  498
  534
  572
  611
  652
  695
  707
  753
  800
  850
  902
  956
  1,012
  1,071
  1,132
  1,196
  1,263
  1,333
  1,406
  1,482
  1,562
  1,645
  1,733
  1,824
  1,920
  2,020
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
  531
  567
  603
  642
  681
  722
  765
  808
  854
  902
  920
  971
  1,023
  1,079
  1,137
  1,196
  1,259
  1,324
  1,391
  1,461
  1,535
  1,612
  1,692
  1,775
  1,862
  1,953
  2,049
  2,147
  2,252
  2,360
Operating income, $m
  78
  95
  119
  143
  168
  195
  222
  251
  281
  312
  345
  411
  446
  483
  521
  561
  603
  647
  692
  740
  790
  842
  897
  954
  1,015
  1,078
  1,144
  1,213
  1,286
  1,362
  1,443
EBITDA, $m
  102
  141
  165
  191
  217
  245
  274
  304
  336
  369
  403
  438
  475
  514
  554
  596
  640
  686
  734
  784
  836
  891
  949
  1,009
  1,072
  1,138
  1,208
  1,280
  1,357
  1,437
  1,521
Interest expense (income), $m
  1
  3
  4
  6
  7
  8
  10
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  38
  41
  44
  47
  50
  53
  56
  60
  63
  67
Earnings before tax, $m
  68
  92
  114
  137
  162
  187
  213
  240
  269
  298
  329
  394
  427
  462
  498
  536
  576
  618
  661
  707
  754
  804
  856
  911
  968
  1,028
  1,091
  1,157
  1,226
  1,299
  1,376
Tax expense, $m
  22
  25
  31
  37
  44
  50
  57
  65
  73
  80
  89
  106
  115
  125
  135
  145
  156
  167
  179
  191
  204
  217
  231
  246
  261
  278
  295
  312
  331
  351
  371
Net income, $m
  46
  67
  83
  100
  118
  136
  155
  175
  196
  218
  240
  287
  312
  337
  364
  392
  421
  451
  483
  516
  550
  587
  625
  665
  707
  750
  796
  845
  895
  948
  1,004

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
  1,014
  1,109
  1,208
  1,310
  1,417
  1,528
  1,643
  1,763
  1,888
  2,017
  2,152
  2,292
  2,438
  2,589
  2,747
  2,912
  3,083
  3,262
  3,449
  3,644
  3,847
  4,060
  4,282
  4,514
  4,757
  5,011
  5,277
  5,556
  5,848
  6,153
Adjusted assets (=assets-cash), $m
  924
  1,014
  1,109
  1,208
  1,310
  1,417
  1,528
  1,643
  1,763
  1,888
  2,017
  2,152
  2,292
  2,438
  2,589
  2,747
  2,912
  3,083
  3,262
  3,449
  3,644
  3,847
  4,060
  4,282
  4,514
  4,757
  5,011
  5,277
  5,556
  5,848
  6,153
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
  325
  356
  387
  420
  455
  490
  527
  566
  606
  647
  690
  735
  782
  831
  881
  934
  989
  1,046
  1,106
  1,169
  1,234
  1,302
  1,373
  1,448
  1,526
  1,607
  1,693
  1,782
  1,876
  1,974
Working capital, $m
  165
  144
  157
  171
  185
  201
  216
  233
  250
  267
  286
  305
  324
  345
  366
  389
  412
  436
  462
  488
  516
  544
  575
  606
  639
  673
  709
  747
  786
  828
  871
Total debt, $m
  110
  123
  158
  195
  233
  273
  314
  357
  401
  447
  495
  545
  597
  651
  708
  766
  827
  891
  957
  1,026
  1,099
  1,174
  1,253
  1,336
  1,422
  1,512
  1,606
  1,705
  1,808
  1,917
  2,030
Total liabilities, $m
  363
  376
  411
  448
  486
  526
  567
  610
  654
  700
  748
  798
  850
  904
  961
  1,019
  1,080
  1,144
  1,210
  1,279
  1,352
  1,427
  1,506
  1,589
  1,675
  1,765
  1,859
  1,958
  2,061
  2,170
  2,283
Total equity, $m
  615
  638
  698
  760
  824
  891
  961
  1,034
  1,109
  1,188
  1,269
  1,354
  1,442
  1,533
  1,629
  1,728
  1,832
  1,939
  2,052
  2,169
  2,292
  2,420
  2,553
  2,693
  2,839
  2,992
  3,152
  3,319
  3,495
  3,678
  3,870
Total liabilities and equity, $m
  978
  1,014
  1,109
  1,208
  1,310
  1,417
  1,528
  1,644
  1,763
  1,888
  2,017
  2,152
  2,292
  2,437
  2,590
  2,747
  2,912
  3,083
  3,262
  3,448
  3,644
  3,847
  4,059
  4,282
  4,514
  4,757
  5,011
  5,277
  5,556
  5,848
  6,153
Debt-to-equity ratio
  0.179
  0.190
  0.230
  0.260
  0.280
  0.310
  0.330
  0.350
  0.360
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.470
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.510
  0.520
  0.520
  0.520
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
  67
  83
  100
  118
  136
  155
  175
  196
  218
  240
  287
  312
  337
  364
  392
  421
  451
  483
  516
  550
  587
  625
  665
  707
  750
  796
  845
  895
  948
  1,004
Depreciation, amort., depletion, $m
  24
  45
  47
  48
  49
  50
  52
  53
  55
  56
  58
  27
  29
  31
  33
  35
  37
  39
  42
  44
  46
  49
  52
  54
  57
  61
  64
  67
  71
  74
  78
Funds from operations, $m
  76
  113
  130
  148
  167
  187
  207
  229
  251
  274
  298
  315
  341
  368
  397
  427
  458
  490
  524
  560
  597
  636
  677
  719
  764
  811
  860
  912
  966
  1,023
  1,083
Change in working capital, $m
  2
  13
  13
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
Cash from operations, $m
  74
  128
  117
  134
  152
  172
  192
  212
  234
  256
  280
  296
  321
  348
  375
  404
  434
  466
  499
  533
  569
  607
  646
  688
  731
  777
  824
  874
  927
  982
  1,039
Maintenance CAPEX, $m
  0
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -61
  -64
  -67
  -71
  -74
New CAPEX, $m
  -23
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
Cash from investing activities, $m
  -105
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -96
  -102
  -106
  -111
  -117
  -123
  -129
  -135
  -143
  -149
  -156
  -165
  -172
Free cash flow, $m
  -31
  88
  73
  88
  104
  121
  138
  156
  175
  194
  214
  227
  249
  272
  296
  321
  347
  374
  402
  432
  463
  495
  529
  565
  602
  641
  682
  725
  770
  817
  867
Issuance/(repayment) of debt, $m
  60
  33
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
Issuance/(repurchase) of shares, $m
  -4
  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  
  54
  33
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
Total cash flow (excl. dividends), $m
  22
  121
  108
  125
  142
  160
  179
  199
  219
  240
  262
  277
  301
  326
  352
  379
  408
  437
  469
  501
  535
  571
  608
  647
  688
  731
  776
  824
  873
  925
  980
Retained Cash Flow (-), $m
  -31
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -75
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -184
  -192
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
 
  98
  49
  63
  78
  93
  109
  126
  144
  162
  181
  192
  213
  234
  257
  280
  304
  330
  356
  384
  413
  443
  474
  508
  542
  578
  616
  656
  698
  742
  788
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
 
  94
  45
  55
  64
  72
  79
  85
  90
  93
  95
  91
  91
  89
  86
  82
  77
  72
  66
  59
  52
  46
  39
  33
  28
  23
  18
  14
  11
  8
  6
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

ESCO Technologies Inc., through its subsidiaries, produces and supplies engineered products and systems for utility, industrial, aerospace, and commercial applications worldwide. The company’s Filtration segment supplies filtration and fluid control products, including filter elements, manifolds, assemblies, modules, indicators, custom and standard valves, filters, regulators, actuators, and other related components; and elastomeric-based signature reduction solutions. Its RF Shielding and Test segment designs and manufactures RF test facilities, acoustic test enclosures, RF and magnetically shielded rooms, secure communication facilities, RF measurement systems, and broadcast and recording studios; and components, such as RF absorptive materials, RF filters, active compensation systems, antennas, antenna masts, turntables, electric and magnetic probes, RF test cells, proprietary measurement software, and other test accessories to perform various tests. This segment also provides calibration for antennas and field probes, chamber certification, field surveys, customer training, and various product tests. The company’s Utility Solutions Group segment develops, manufactures, and delivers diagnostic testing solutions, which include electric power grid and enterprise management systems for electrical equipment. This segment’s solutions include protection diagnostics with the Doble Protection Suite and F6000 series, the M4100 and transformational technology of the M7100 Doble Tester, the dobleARMS asset risk management system, and Doble’s Enoserv PowerBase and DUCe compliance tools. Its Technical Packaging segment offers thermoformed products and packaging materials for medical, pharmaceutical, retail, food, and electronic applications. The company distributes its products primarily through a network of distributors, sales representatives, direct sales teams, and in-house sales personnel. The company was founded in 1990 and is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  ESCO Technologies (ESE)

Valuation Ratios
P/E Ratio 32.8
Price to Sales 2.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 20.4
Price to Free Cash Flow 29.6
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 9.8% 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 25.818 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 $1.5 billion.


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COMPANY NEWS

▶ 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]
▶ ESCO buys California defense contractor   [Sep-06-16 07:05PM  at bizjournals.com]
▶ Esco Technologies sees boost from aerospace market   [Aug-03-16 11:10AM  at bizjournals.com]
▶ Esco Technologies posts 3Q profit   [Aug-02-16 07:35PM  AP]
▶ ESCO Announces Third Quarter 2016 Results   [04:16PM  GlobeNewswire]
▶ ESCO Announces Second Quarter 2016 Results   [04:16PM  GlobeNewswire]
Stock chart of ESE 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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