Intrinsic value of Esterline Technologies - ESL

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$94.10

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$94.10

 
Intrinsic value

$83.70

 
Up/down potential

-11%

 
Rating

hold

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ESL 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 2.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.34
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  1,993
  2,238
  2,497
  2,770
  3,055
  3,355
  3,667
  3,993
  4,332
  4,684
  5,051
  5,432
  5,828
  6,240
  6,667
  7,112
  7,575
  8,056
  8,557
  9,078
  9,622
  10,188
  10,779
  11,395
  12,039
  12,711
  13,413
  14,147
  14,914
  15,717
  16,557
Variable operating expenses, $m
 
  1,959
  2,174
  2,400
  2,637
  2,885
  3,144
  3,415
  3,696
  3,988
  4,293
  4,506
  4,835
  5,176
  5,531
  5,900
  6,284
  6,683
  7,098
  7,531
  7,982
  8,452
  8,942
  9,453
  9,987
  10,545
  11,127
  11,736
  12,373
  13,038
  13,735
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  1,822
  2,029
  2,245
  2,473
  2,712
  2,962
  3,223
  3,496
  3,779
  4,073
  4,380
  4,595
  4,926
  5,270
  5,627
  5,998
  6,385
  6,786
  7,204
  7,640
  8,093
  8,566
  9,059
  9,573
  10,110
  10,671
  11,256
  11,868
  12,509
  13,177
  13,878
Operating income, $m
  170
  209
  252
  296
  343
  392
  444
  497
  553
  611
  671
  837
  902
  970
  1,040
  1,114
  1,190
  1,269
  1,352
  1,439
  1,528
  1,622
  1,720
  1,822
  1,929
  2,040
  2,157
  2,279
  2,406
  2,540
  2,679
EBITDA, $m
  270
  359
  407
  457
  510
  565
  623
  684
  746
  812
  880
  951
  1,024
  1,101
  1,180
  1,263
  1,349
  1,439
  1,532
  1,629
  1,731
  1,836
  1,946
  2,062
  2,182
  2,307
  2,439
  2,576
  2,719
  2,870
  3,027
Interest expense (income), $m
  28
  30
  36
  42
  49
  56
  64
  71
  80
  88
  97
  106
  115
  125
  135
  146
  157
  168
  180
  193
  206
  219
  233
  248
  263
  279
  296
  313
  332
  351
  371
Earnings before tax, $m
  140
  179
  216
  254
  294
  336
  380
  426
  473
  523
  575
  731
  787
  845
  905
  968
  1,033
  1,101
  1,172
  1,246
  1,323
  1,403
  1,487
  1,574
  1,665
  1,761
  1,861
  1,965
  2,074
  2,189
  2,309
Tax expense, $m
  22
  48
  58
  69
  79
  91
  103
  115
  128
  141
  155
  197
  212
  228
  244
  261
  279
  297
  316
  336
  357
  379
  401
  425
  450
  475
  502
  531
  560
  591
  623
Net income, $m
  102
  131
  157
  185
  215
  245
  277
  311
  346
  382
  419
  533
  574
  617
  661
  706
  754
  804
  855
  909
  966
  1,024
  1,085
  1,149
  1,216
  1,286
  1,358
  1,435
  1,514
  1,598
  1,685

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  259
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,032
  3,113
  3,473
  3,852
  4,250
  4,666
  5,100
  5,553
  6,024
  6,515
  7,025
  7,555
  8,106
  8,678
  9,273
  9,892
  10,535
  11,204
  11,901
  12,626
  13,382
  14,170
  14,992
  15,849
  16,744
  17,679
  18,655
  19,676
  20,743
  21,860
  23,028
Adjusted assets (=assets-cash), $m
  2,773
  3,113
  3,473
  3,852
  4,250
  4,666
  5,100
  5,553
  6,024
  6,515
  7,025
  7,555
  8,106
  8,678
  9,273
  9,892
  10,535
  11,204
  11,901
  12,626
  13,382
  14,170
  14,992
  15,849
  16,744
  17,679
  18,655
  19,676
  20,743
  21,860
  23,028
Revenue / Adjusted assets
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
  0.719
Average production assets, $m
  746
  837
  934
  1,036
  1,143
  1,255
  1,371
  1,493
  1,620
  1,752
  1,889
  2,032
  2,180
  2,334
  2,494
  2,660
  2,833
  3,013
  3,200
  3,395
  3,599
  3,810
  4,031
  4,262
  4,503
  4,754
  5,017
  5,291
  5,578
  5,878
  6,192
Working capital, $m
  777
  600
  669
  742
  819
  899
  983
  1,070
  1,161
  1,255
  1,354
  1,456
  1,562
  1,672
  1,787
  1,906
  2,030
  2,159
  2,293
  2,433
  2,579
  2,730
  2,889
  3,054
  3,226
  3,407
  3,595
  3,791
  3,997
  4,212
  4,437
Total debt, $m
  871
  1,028
  1,211
  1,405
  1,607
  1,819
  2,041
  2,272
  2,512
  2,763
  3,023
  3,293
  3,574
  3,866
  4,169
  4,485
  4,813
  5,154
  5,509
  5,879
  6,265
  6,667
  7,086
  7,523
  7,979
  8,456
  8,954
  9,475
  10,019
  10,588
  11,184
Total liabilities, $m
  1,431
  1,588
  1,771
  1,965
  2,167
  2,379
  2,601
  2,832
  3,072
  3,323
  3,583
  3,853
  4,134
  4,426
  4,729
  5,045
  5,373
  5,714
  6,069
  6,439
  6,825
  7,227
  7,646
  8,083
  8,539
  9,016
  9,514
  10,035
  10,579
  11,148
  11,744
Total equity, $m
  1,601
  1,525
  1,702
  1,887
  2,082
  2,286
  2,499
  2,721
  2,952
  3,192
  3,442
  3,702
  3,972
  4,252
  4,544
  4,847
  5,162
  5,490
  5,831
  6,187
  6,557
  6,943
  7,346
  7,766
  8,205
  8,663
  9,141
  9,641
  10,164
  10,711
  11,284
Total liabilities and equity, $m
  3,032
  3,113
  3,473
  3,852
  4,249
  4,665
  5,100
  5,553
  6,024
  6,515
  7,025
  7,555
  8,106
  8,678
  9,273
  9,892
  10,535
  11,204
  11,900
  12,626
  13,382
  14,170
  14,992
  15,849
  16,744
  17,679
  18,655
  19,676
  20,743
  21,859
  23,028
Debt-to-equity ratio
  0.544
  0.670
  0.710
  0.740
  0.770
  0.800
  0.820
  0.840
  0.850
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.980
  0.990
  0.990
  0.990
Adjusted equity ratio
  0.484
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490
  0.490

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  131
  157
  185
  215
  245
  277
  311
  346
  382
  419
  533
  574
  617
  661
  706
  754
  804
  855
  909
  966
  1,024
  1,085
  1,149
  1,216
  1,286
  1,358
  1,435
  1,514
  1,598
  1,685
Depreciation, amort., depletion, $m
  100
  150
  155
  161
  167
  173
  180
  186
  194
  201
  209
  114
  122
  131
  140
  149
  159
  169
  180
  191
  202
  214
  226
  239
  253
  267
  282
  297
  313
  330
  348
Funds from operations, $m
  132
  280
  312
  346
  381
  418
  457
  497
  539
  583
  628
  648
  697
  748
  801
  856
  913
  973
  1,035
  1,100
  1,168
  1,238
  1,312
  1,389
  1,469
  1,553
  1,640
  1,732
  1,828
  1,928
  2,033
Change in working capital, $m
  -35
  66
  69
  73
  77
  80
  84
  87
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  158
  165
  172
  180
  188
  197
  206
  215
  225
Cash from operations, $m
  167
  200
  243
  273
  305
  338
  373
  410
  448
  488
  530
  545
  591
  637
  686
  737
  789
  844
  901
  960
  1,022
  1,086
  1,153
  1,223
  1,296
  1,372
  1,452
  1,535
  1,622
  1,713
  1,808
Maintenance CAPEX, $m
  0
  -42
  -47
  -52
  -58
  -64
  -70
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -202
  -214
  -226
  -239
  -253
  -267
  -282
  -297
  -313
  -330
New CAPEX, $m
  -68
  -91
  -97
  -102
  -107
  -112
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -195
  -203
  -212
  -221
  -231
  -241
  -251
  -263
  -274
  -287
  -300
  -314
Cash from investing activities, $m
  -66
  -133
  -144
  -154
  -165
  -176
  -187
  -199
  -211
  -223
  -235
  -249
  -262
  -276
  -291
  -306
  -322
  -339
  -356
  -375
  -394
  -414
  -435
  -457
  -480
  -504
  -530
  -556
  -584
  -613
  -644
Free cash flow, $m
  101
  67
  99
  119
  140
  162
  186
  211
  238
  265
  294
  297
  328
  361
  395
  430
  467
  505
  544
  585
  628
  672
  718
  766
  816
  868
  922
  979
  1,038
  1,099
  1,164
Issuance/(repayment) of debt, $m
  -17
  174
  184
  193
  203
  212
  222
  231
  240
  250
  260
  270
  281
  292
  303
  315
  328
  341
  355
  370
  385
  402
  419
  437
  456
  477
  498
  521
  544
  569
  596
Issuance/(repurchase) of shares, $m
  -13
  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  
  -29
  174
  184
  193
  203
  212
  222
  231
  240
  250
  260
  270
  281
  292
  303
  315
  328
  341
  355
  370
  385
  402
  419
  437
  456
  477
  498
  521
  544
  569
  596
Total cash flow (excl. dividends), $m
  67
  240
  283
  312
  342
  374
  407
  442
  478
  515
  554
  567
  609
  653
  698
  746
  795
  846
  900
  955
  1,014
  1,074
  1,137
  1,204
  1,273
  1,345
  1,420
  1,499
  1,582
  1,669
  1,759
Retained Cash Flow (-), $m
  -64
  -166
  -176
  -186
  -195
  -204
  -213
  -222
  -231
  -240
  -250
  -260
  -270
  -280
  -292
  -303
  -315
  -328
  -341
  -355
  -370
  -386
  -403
  -420
  -439
  -458
  -479
  -500
  -523
  -547
  -572
Prev. year cash balance distribution, $m
 
  242
  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
 
  316
  106
  126
  148
  170
  195
  220
  247
  275
  304
  307
  339
  372
  407
  443
  480
  518
  558
  600
  643
  688
  735
  783
  834
  887
  942
  999
  1,059
  1,122
  1,187
Discount rate, %
 
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
 
  300
  95
  106
  116
  124
  130
  135
  137
  138
  136
  122
  118
  112
  105
  96
  87
  78
  68
  59
  50
  41
  34
  27
  21
  16
  12
  9
  6
  4
  3
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

Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States and internationally. It operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Avionics & Controls segment offers global positioning systems, head-up displays, enhanced vision systems, and electronic flight management systems for control and display applications; lighted push-button and rotary switches, keyboards, lighted indicators, panels, and displays; and control sticks, grips, wheels, and switching systems. This segment also provides military personal communication equipment, primarily headsets, handsets, and field communications equipment; keyboards, keypads, and input devices that integrate cursor control devices, barcode scanners, displays, video, and voice activation and touch screens; and instruments for point-of-use and point-of-care diagnostics. The Sensors & Systems segment develops and manufactures high-precision temperature, pressure, and speed sensors; electrical interconnection systems; electrical power switching, control and data communication devices, and other related systems; and micro packaging, planet probe interconnectors, launcher umbilicals, and composite connectors. The Advanced Materials segment develops and manufactures silicone rubber and other elastomer products, such as clamping devices, thermal fire barrier insulation products, sealing systems, and tubing and coverings; lightweight metallic insulation systems; thermal protection products; and molded fiber cartridge cases, mortar increments, igniter tubes, and other combustible ordnance components. The company markets and sells its products through direct internal sales, manufacturer representatives, and distributors. Esterline Technologies Corporation was founded in 1967 and is headquartered in Bellevue, Washington.

FINANCIAL RATIOS  of  Esterline Technologies (ESL)

Valuation Ratios
P/E Ratio 27.2
Price to Sales 1.4
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 38.8%
Cap. Spend. - 3 Yr. Gr. Rate 4.3%
Financial Strength
Quick Ratio 15
Current Ratio 0.1
LT Debt to Equity 53.3%
Total Debt to Equity 54.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 3.6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 33.4%
Gross Margin - 3 Yr. Avg. 34%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 9.5%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 5.1%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 17.6%
Payout Ratio 0%

ESL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESL stock intrinsic value calculation we used $1993 million for the last fiscal year's total revenue generated by Esterline Technologies. The default revenue input number comes from 2016 income statement of Esterline 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 ESL stock valuation model: a) initial revenue growth rate of 12.3% 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 5.4%, whose default value for ESL is calculated based on our internal credit rating of Esterline 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 Esterline 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 ESL stock the variable cost ratio is equal to 88.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 million in the base year in the intrinsic value calculation for ESL 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 Esterline Technologies.

Corporate tax rate of 27% is the nominal tax rate for Esterline 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 ESL 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 ESL are equal to 37.4%.

Life of production assets of 17.8 years is the average useful life of capital assets used in Esterline 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 ESL is equal to 26.8%. 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 - $1601 million for Esterline 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 29.75 million for Esterline 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 Esterline Technologies at the current share price and the inputted number of shares is $2.8 billion.


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COMPANY NEWS

▶ Facebook Snags MLB, ESL Streaming Deal   [May-21-17 05:53PM  GuruFocus.com]
▶ Esterline Technologies tops Street 2Q forecasts   [May-04-17 04:44PM  Associated Press]
▶ Esterline Technologies tops Street 1Q forecasts   [04:29PM  Associated Press]
▶ [$$] Astronics Has an Ample Runway to Growth   [Nov-19-16 12:01AM  at Barrons.com]
▶ Dog Day Volume Spikes Reveal Profitable Setups   [Aug-16-16 05:44PM  at Investopedia]
Stock chart of ESL Financial statements of ESL Annual reports of ESL
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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