Intrinsic value of Flir Systems - FLIR

Previous Close

$38.32

  Intrinsic Value

$32.78

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

+20%

Previous close

$38.32

 
Intrinsic value

$32.78

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

+20%

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

We calculate the intrinsic value of FLIR 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 5.2

 

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, %
  6.74
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  1,662
  1,785
  1,913
  2,046
  2,184
  2,327
  2,477
  2,632
  2,794
  2,962
  3,138
  3,321
  3,512
  3,712
  3,920
  4,137
  4,365
  4,602
  4,851
  5,111
  5,383
  5,668
  5,966
  6,279
  6,606
  6,949
  7,308
  7,685
  8,080
  8,494
  8,929
Variable operating expenses, $m
 
  1,427
  1,524
  1,624
  1,728
  1,837
  1,949
  2,067
  2,189
  2,316
  2,449
  2,507
  2,651
  2,802
  2,959
  3,123
  3,295
  3,474
  3,662
  3,858
  4,063
  4,278
  4,503
  4,739
  4,986
  5,245
  5,516
  5,801
  6,099
  6,411
  6,739
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
  1,366
  1,427
  1,524
  1,624
  1,728
  1,837
  1,949
  2,067
  2,189
  2,316
  2,449
  2,507
  2,651
  2,802
  2,959
  3,123
  3,295
  3,474
  3,662
  3,858
  4,063
  4,278
  4,503
  4,739
  4,986
  5,245
  5,516
  5,801
  6,099
  6,411
  6,739
Operating income, $m
  296
  358
  389
  421
  455
  491
  527
  565
  605
  646
  689
  814
  861
  910
  961
  1,014
  1,070
  1,128
  1,189
  1,253
  1,320
  1,390
  1,463
  1,539
  1,620
  1,704
  1,792
  1,884
  1,981
  2,083
  2,189
EBITDA, $m
  354
  461
  494
  529
  564
  601
  640
  680
  722
  766
  811
  858
  908
  959
  1,013
  1,069
  1,128
  1,189
  1,254
  1,321
  1,391
  1,465
  1,542
  1,623
  1,707
  1,796
  1,889
  1,986
  2,088
  2,195
  2,308
Interest expense (income), $m
  16
  19
  21
  24
  26
  29
  32
  35
  39
  42
  45
  49
  53
  57
  61
  65
  70
  74
  79
  84
  90
  95
  101
  107
  114
  120
  128
  135
  143
  151
  159
Earnings before tax, $m
  276
  339
  368
  398
  429
  461
  495
  530
  566
  604
  644
  765
  808
  853
  900
  949
  1,001
  1,054
  1,110
  1,169
  1,230
  1,295
  1,362
  1,432
  1,506
  1,583
  1,664
  1,749
  1,839
  1,932
  2,030
Tax expense, $m
  109
  92
  99
  107
  116
  125
  134
  143
  153
  163
  174
  207
  218
  230
  243
  256
  270
  285
  300
  316
  332
  350
  368
  387
  407
  428
  449
  472
  496
  522
  548
Net income, $m
  167
  247
  269
  290
  313
  337
  361
  387
  413
  441
  470
  559
  590
  623
  657
  693
  730
  770
  811
  853
  898
  945
  994
  1,046
  1,099
  1,156
  1,215
  1,277
  1,342
  1,410
  1,482

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  361
  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
  2,620
  2,425
  2,599
  2,779
  2,967
  3,162
  3,365
  3,576
  3,796
  4,025
  4,264
  4,513
  4,772
  5,043
  5,326
  5,622
  5,930
  6,253
  6,591
  6,944
  7,314
  7,701
  8,106
  8,531
  8,975
  9,441
  9,930
  10,442
  10,978
  11,541
  12,131
Adjusted assets (=assets-cash), $m
  2,259
  2,425
  2,599
  2,779
  2,967
  3,162
  3,365
  3,576
  3,796
  4,025
  4,264
  4,513
  4,772
  5,043
  5,326
  5,622
  5,930
  6,253
  6,591
  6,944
  7,314
  7,701
  8,106
  8,531
  8,975
  9,441
  9,930
  10,442
  10,978
  11,541
  12,131
Revenue / Adjusted assets
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
Average production assets, $m
  427
  459
  492
  526
  561
  598
  636
  676
  718
  761
  806
  854
  903
  954
  1,007
  1,063
  1,122
  1,183
  1,247
  1,314
  1,383
  1,457
  1,533
  1,614
  1,698
  1,786
  1,878
  1,975
  2,077
  2,183
  2,295
Working capital, $m
  803
  491
  526
  563
  601
  640
  681
  724
  768
  815
  863
  913
  966
  1,021
  1,078
  1,138
  1,200
  1,266
  1,334
  1,406
  1,480
  1,559
  1,641
  1,727
  1,817
  1,911
  2,010
  2,113
  2,222
  2,336
  2,455
Total debt, $m
  517
  569
  641
  715
  791
  871
  955
  1,041
  1,131
  1,225
  1,323
  1,425
  1,532
  1,643
  1,759
  1,880
  2,006
  2,139
  2,277
  2,422
  2,574
  2,732
  2,899
  3,073
  3,255
  3,446
  3,646
  3,856
  4,076
  4,307
  4,549
Total liabilities, $m
  941
  994
  1,066
  1,140
  1,216
  1,296
  1,380
  1,466
  1,556
  1,650
  1,748
  1,850
  1,957
  2,068
  2,184
  2,305
  2,431
  2,564
  2,702
  2,847
  2,999
  3,157
  3,324
  3,498
  3,680
  3,871
  4,071
  4,281
  4,501
  4,732
  4,974
Total equity, $m
  1,678
  1,431
  1,533
  1,640
  1,751
  1,866
  1,985
  2,110
  2,240
  2,375
  2,516
  2,662
  2,816
  2,975
  3,142
  3,317
  3,499
  3,689
  3,889
  4,097
  4,315
  4,544
  4,783
  5,033
  5,296
  5,570
  5,859
  6,161
  6,477
  6,809
  7,157
Total liabilities and equity, $m
  2,619
  2,425
  2,599
  2,780
  2,967
  3,162
  3,365
  3,576
  3,796
  4,025
  4,264
  4,512
  4,773
  5,043
  5,326
  5,622
  5,930
  6,253
  6,591
  6,944
  7,314
  7,701
  8,107
  8,531
  8,976
  9,441
  9,930
  10,442
  10,978
  11,541
  12,131
Debt-to-equity ratio
  0.308
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
Adjusted equity ratio
  0.583
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  167
  247
  269
  290
  313
  337
  361
  387
  413
  441
  470
  559
  590
  623
  657
  693
  730
  770
  811
  853
  898
  945
  994
  1,046
  1,099
  1,156
  1,215
  1,277
  1,342
  1,410
  1,482
Depreciation, amort., depletion, $m
  58
  104
  105
  107
  109
  111
  113
  115
  117
  119
  122
  44
  47
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  118
Funds from operations, $m
  355
  351
  374
  398
  422
  448
  474
  502
  531
  561
  592
  603
  637
  672
  709
  748
  788
  831
  875
  921
  969
  1,020
  1,073
  1,129
  1,187
  1,248
  1,312
  1,379
  1,449
  1,523
  1,600
Change in working capital, $m
  43
  34
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  53
  55
  57
  60
  63
  65
  68
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  119
Cash from operations, $m
  312
  317
  339
  361
  384
  408
  433
  459
  486
  514
  543
  552
  584
  617
  652
  688
  726
  765
  806
  850
  895
  942
  991
  1,043
  1,097
  1,154
  1,213
  1,275
  1,341
  1,409
  1,481
Maintenance CAPEX, $m
  0
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -88
  -92
  -97
  -102
  -107
  -113
New CAPEX, $m
  -36
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -106
  -112
Cash from investing activities, $m
  -448
  -54
  -57
  -59
  -62
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
  -176
  -184
  -194
  -204
  -213
  -225
Free cash flow, $m
  -136
  264
  282
  302
  322
  342
  364
  386
  410
  434
  459
  464
  491
  520
  549
  580
  613
  646
  682
  718
  757
  797
  839
  883
  930
  978
  1,029
  1,082
  1,137
  1,195
  1,257
Issuance/(repayment) of debt, $m
  157
  67
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  127
  132
  138
  145
  152
  159
  166
  174
  182
  191
  200
  210
  220
  231
  242
Issuance/(repurchase) of shares, $m
  12
  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  
  105
  67
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  106
  111
  116
  121
  127
  132
  138
  145
  152
  159
  166
  174
  182
  191
  200
  210
  220
  231
  242
Total cash flow (excl. dividends), $m
  -45
  331
  354
  376
  398
  422
  447
  473
  500
  528
  557
  566
  598
  631
  665
  701
  739
  779
  820
  863
  909
  956
  1,006
  1,058
  1,112
  1,169
  1,229
  1,292
  1,357
  1,426
  1,498
Retained Cash Flow (-), $m
  -28
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -191
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -302
  -317
  -332
  -348
Prev. year cash balance distribution, $m
 
  346
  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
 
  578
  251
  269
  288
  307
  327
  348
  370
  393
  416
  419
  444
  471
  498
  527
  557
  588
  621
  655
  690
  728
  766
  807
  850
  894
  941
  990
  1,041
  1,094
  1,150
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
 
  554
  230
  234
  237
  238
  238
  235
  231
  226
  218
  199
  190
  179
  167
  155
  142
  128
  114
  101
  88
  75
  64
  53
  43
  35
  27
  21
  16
  12
  9
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

FLIR Systems, Inc. develops, designs, manufactures, and markets thermal imaging, visible-light imaging systems, locater systems, measurement and diagnostic systems, and threat-detection solutions worldwide. The company operates in six segments: Surveillance, Instruments, Security, OEM and Emerging Markets, Maritime, and Detection. The Surveillance segment provides enhanced imaging and recognition solutions for various military, law enforcement, public safety, and other government customers for the protection of borders, troops, and public welfare. This segment also develops hand-held and weapon-mounted thermal imaging systems for use by consumers. The Instruments segment offer devices that image, measure, and assess thermal energy, gases, and other environmental elements for industrial, commercial, and scientific applications. The Security segment develops and manufactures cameras and video recording systems for use in commercial, critical infrastructure, and home monitoring applications. The OEM and Emerging Markets segment provides thermal imaging camera cores and components that are utilized by third parties to create thermal and other types of imaging systems. The segment also develops and manufactures intelligent traffic systems; imaging solutions for the smartphone and mobile devices market; and thermal imaging solutions for commercial-use unmanned aerial systems. The Maritime segment develops and manufactures electronics and imaging instruments for the recreational and commercial maritime market under the FLIR and Raymarine brands. The Detection segment offers sensors, instruments, and integrated platform solutions for the detection, identification, and suppression of chemical, biological, radiological, nuclear, and explosives threats for military force protection, homeland security, first responders, and commercial applications. FLIR Systems, Inc. was founded in 1978 and is headquartered in Wilsonville, Oregon.

FINANCIAL RATIOS  of  Flir Systems (FLIR)

Valuation Ratios
P/E Ratio 31.3
Price to Sales 3.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow 18.9
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.1%
Cap. Spend. - 3 Yr. Gr. Rate -7.1%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 29.9%
Total Debt to Equity 30.8%
Interest Coverage 18
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 46.1%
Gross Margin - 3 Yr. Avg. 47.9%
EBITDA Margin 21.1%
EBITDA Margin - 3 Yr. Avg. 21.9%
Operating Margin 17.8%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 39.5%

FLIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLIR stock intrinsic value calculation we used $1662 million for the last fiscal year's total revenue generated by Flir Systems. The default revenue input number comes from 2016 income statement of Flir Systems. 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 FLIR stock valuation model: a) initial revenue growth rate of 7.4% 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 FLIR is calculated based on our internal credit rating of Flir Systems, 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 Flir Systems.
    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 FLIR stock the variable cost ratio is equal to 80.3%.

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 FLIR 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 3.7% for Flir Systems.

Corporate tax rate of 27% is the nominal tax rate for Flir Systems. 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 FLIR 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 FLIR are equal to 25.7%.

Life of production assets of 19.4 years is the average useful life of capital assets used in Flir Systems 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 FLIR is equal to 27.5%. 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 - $1678 million for Flir Systems - 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 136.572 million for Flir Systems 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 Flir Systems at the current share price and the inputted number of shares is $5.2 billion.

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COMPANY NEWS

▶ Flir Systems tops 2Q profit forecasts   [Jul-26-17 09:56PM  Associated Press]
▶ ETFs with exposure to FLIR Systems, Inc. : July 24, 2017   [Jul-24-17 03:55PM  Capital Cube]
▶ ETFs with exposure to FLIR Systems, Inc. : July 14, 2017   [Jul-14-17 02:24PM  Capital Cube]
▶ Flir Systems Sees RS Rating Improve To 72   [03:00AM  Investor's Business Daily]
▶ Flir seeks s new CFO   [Jun-09-17 04:50PM  American City Business Journals]
▶ Thermal imaging on your smartphone gets serious   [Jun-07-17 08:00AM  ZDNet]
▶ ETFs with exposure to FLIR Systems, Inc. : June 5, 2017   [Jun-05-17 02:18PM  Capital Cube]
▶ ETFs with exposure to FLIR Systems, Inc. : May 26, 2017   [May-26-17 01:08PM  Capital Cube]
▶ Flir finds new CEO at Stanley Black & Decker   [May-23-17 02:40PM  American City Business Journals]
▶ As Mentor adjusts to sale, a key exec heads to Flir   [May-02-17 05:20PM  American City Business Journals]
▶ Flir Systems meets 1Q profit forecasts   [07:42AM  Associated Press]
▶ Time to Buy or Sell Stocks and Real Estate?   [Apr-18-17 04:51PM  Zacks]
▶ ETFs with exposure to FLIR Systems, Inc. : April 7, 2017   [Apr-07-17 04:34PM  Capital Cube]
▶ The Final Four of stocks   [Mar-31-17 04:25PM  CNBC Videos]
▶ Three Tech Stocks to Buy for the Second Quarter   [12:30PM  at Investopedia]
▶ The Hot Stock: Flir Systems Gains 8.1%   [04:27PM  at Barrons.com]
▶ The Biggest Loser: Flir Systems Sinks 6.2%   [Feb-14-17 05:17PM  at Barrons.com]
Stock chart of FLIR Financial statements of FLIR
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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