Intrinsic value of Flir Systems - FLIR

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$36.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$36.70

 
Intrinsic value

$34.09

 
Up/down potential

-7%

 
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 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 5.0

 

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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  1,662
  1,802
  1,947
  2,098
  2,255
  2,418
  2,587
  2,763
  2,946
  3,137
  3,335
  3,541
  3,756
  3,980
  4,213
  4,457
  4,711
  4,976
  5,253
  5,542
  5,845
  6,161
  6,492
  6,839
  7,201
  7,581
  7,978
  8,395
  8,831
  9,289
  9,768
Variable operating expenses, $m
 
  1,440
  1,550
  1,664
  1,782
  1,905
  2,033
  2,166
  2,304
  2,448
  2,597
  2,673
  2,835
  3,004
  3,180
  3,364
  3,556
  3,756
  3,965
  4,183
  4,412
  4,651
  4,901
  5,162
  5,436
  5,722
  6,022
  6,337
  6,666
  7,011
  7,373
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
  1,440
  1,550
  1,664
  1,782
  1,905
  2,033
  2,166
  2,304
  2,448
  2,597
  2,673
  2,835
  3,004
  3,180
  3,364
  3,556
  3,756
  3,965
  4,183
  4,412
  4,651
  4,901
  5,162
  5,436
  5,722
  6,022
  6,337
  6,666
  7,011
  7,373
Operating income, $m
  296
  362
  397
  434
  473
  513
  554
  597
  642
  689
  738
  868
  921
  976
  1,033
  1,093
  1,155
  1,220
  1,288
  1,359
  1,433
  1,511
  1,592
  1,677
  1,766
  1,859
  1,956
  2,058
  2,165
  2,278
  2,395
EBITDA, $m
  354
  466
  503
  542
  583
  625
  669
  714
  761
  811
  862
  915
  971
  1,029
  1,089
  1,152
  1,217
  1,286
  1,358
  1,432
  1,511
  1,592
  1,678
  1,767
  1,861
  1,959
  2,062
  2,170
  2,282
  2,401
  2,524
Interest expense (income), $m
  16
  19
  21
  24
  28
  31
  34
  38
  41
  45
  49
  53
  57
  62
  66
  71
  76
  81
  87
  93
  99
  105
  111
  118
  125
  133
  141
  149
  157
  166
  176
Earnings before tax, $m
  276
  343
  376
  410
  445
  482
  520
  560
  601
  644
  689
  815
  864
  914
  967
  1,022
  1,079
  1,139
  1,201
  1,266
  1,335
  1,406
  1,481
  1,559
  1,640
  1,726
  1,816
  1,910
  2,008
  2,111
  2,219
Tax expense, $m
  109
  93
  101
  111
  120
  130
  140
  151
  162
  174
  186
  220
  233
  247
  261
  276
  291
  307
  324
  342
  360
  380
  400
  421
  443
  466
  490
  516
  542
  570
  599
Net income, $m
  167
  250
  274
  299
  325
  352
  380
  409
  439
  470
  503
  595
  630
  667
  706
  746
  788
  831
  877
  924
  974
  1,026
  1,081
  1,138
  1,198
  1,260
  1,325
  1,394
  1,466
  1,541
  1,620

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
  2,448
  2,645
  2,850
  3,063
  3,285
  3,515
  3,754
  4,003
  4,262
  4,531
  4,811
  5,103
  5,407
  5,725
  6,055
  6,400
  6,761
  7,137
  7,530
  7,942
  8,372
  8,821
  9,292
  9,784
  10,300
  10,840
  11,406
  11,999
  12,620
  13,272
Adjusted assets (=assets-cash), $m
  2,259
  2,448
  2,645
  2,850
  3,063
  3,285
  3,515
  3,754
  4,003
  4,262
  4,531
  4,811
  5,103
  5,407
  5,725
  6,055
  6,400
  6,761
  7,137
  7,530
  7,942
  8,372
  8,821
  9,292
  9,784
  10,300
  10,840
  11,406
  11,999
  12,620
  13,272
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
  463
  500
  539
  579
  621
  665
  710
  757
  806
  857
  910
  965
  1,023
  1,083
  1,145
  1,211
  1,279
  1,350
  1,424
  1,502
  1,583
  1,669
  1,758
  1,851
  1,948
  2,050
  2,157
  2,270
  2,387
  2,510
Working capital, $m
  803
  495
  535
  577
  620
  665
  711
  760
  810
  863
  917
  974
  1,033
  1,094
  1,159
  1,226
  1,295
  1,368
  1,445
  1,524
  1,607
  1,694
  1,785
  1,881
  1,980
  2,085
  2,194
  2,309
  2,429
  2,554
  2,686
Total debt, $m
  517
  579
  660
  744
  831
  922
  1,016
  1,114
  1,216
  1,322
  1,433
  1,548
  1,667
  1,792
  1,922
  2,058
  2,199
  2,347
  2,501
  2,662
  2,831
  3,007
  3,192
  3,385
  3,587
  3,798
  4,020
  4,252
  4,495
  4,749
  5,016
Total liabilities, $m
  941
  1,004
  1,085
  1,169
  1,256
  1,347
  1,441
  1,539
  1,641
  1,747
  1,858
  1,973
  2,092
  2,217
  2,347
  2,483
  2,624
  2,772
  2,926
  3,087
  3,256
  3,432
  3,617
  3,810
  4,012
  4,223
  4,445
  4,677
  4,920
  5,174
  5,441
Total equity, $m
  1,678
  1,444
  1,561
  1,682
  1,807
  1,938
  2,074
  2,215
  2,362
  2,515
  2,673
  2,839
  3,011
  3,190
  3,377
  3,573
  3,776
  3,989
  4,211
  4,443
  4,686
  4,939
  5,205
  5,482
  5,773
  6,077
  6,396
  6,730
  7,079
  7,446
  7,830
Total liabilities and equity, $m
  2,619
  2,448
  2,646
  2,851
  3,063
  3,285
  3,515
  3,754
  4,003
  4,262
  4,531
  4,812
  5,103
  5,407
  5,724
  6,056
  6,400
  6,761
  7,137
  7,530
  7,942
  8,371
  8,822
  9,292
  9,785
  10,300
  10,841
  11,407
  11,999
  12,620
  13,271
Debt-to-equity ratio
  0.308
  0.400
  0.420
  0.440
  0.460
  0.480
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
  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
  250
  274
  299
  325
  352
  380
  409
  439
  470
  503
  595
  630
  667
  706
  746
  788
  831
  877
  924
  974
  1,026
  1,081
  1,138
  1,198
  1,260
  1,325
  1,394
  1,466
  1,541
  1,620
Depreciation, amort., depletion, $m
  58
  104
  106
  108
  110
  112
  114
  117
  119
  122
  124
  47
  50
  53
  56
  59
  62
  66
  70
  73
  77
  82
  86
  91
  95
  100
  106
  111
  117
  123
  129
Funds from operations, $m
  355
  354
  380
  407
  435
  464
  494
  525
  558
  592
  627
  642
  680
  720
  762
  805
  850
  897
  946
  998
  1,052
  1,108
  1,167
  1,228
  1,293
  1,360
  1,431
  1,505
  1,583
  1,664
  1,749
Change in working capital, $m
  43
  38
  40
  42
  43
  45
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
Cash from operations, $m
  312
  329
  340
  366
  392
  419
  447
  477
  508
  539
  573
  585
  621
  658
  697
  738
  780
  824
  870
  918
  969
  1,021
  1,076
  1,133
  1,193
  1,256
  1,322
  1,391
  1,463
  1,538
  1,618
Maintenance CAPEX, $m
  0
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -70
  -73
  -77
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
New CAPEX, $m
  -36
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -118
  -123
Cash from investing activities, $m
  -448
  -58
  -61
  -65
  -68
  -72
  -76
  -79
  -84
  -88
  -93
  -97
  -102
  -108
  -113
  -119
  -124
  -130
  -137
  -144
  -151
  -158
  -167
  -175
  -184
  -193
  -202
  -213
  -223
  -235
  -246
Free cash flow, $m
  -136
  271
  279
  301
  324
  347
  372
  397
  424
  451
  480
  488
  519
  551
  585
  620
  656
  694
  733
  774
  817
  862
  909
  958
  1,009
  1,063
  1,119
  1,178
  1,240
  1,304
  1,371
Issuance/(repayment) of debt, $m
  157
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
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
  77
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  154
  161
  169
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
Total cash flow (excl. dividends), $m
  -45
  348
  360
  385
  411
  438
  466
  496
  526
  558
  590
  603
  639
  676
  715
  755
  797
  841
  887
  936
  986
  1,039
  1,094
  1,151
  1,211
  1,275
  1,341
  1,410
  1,483
  1,559
  1,638
Retained Cash Flow (-), $m
  -28
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -187
  -195
  -204
  -213
  -222
  -232
  -243
  -254
  -265
  -278
  -291
  -304
  -319
  -334
  -350
  -367
  -384
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
 
  581
  244
  264
  285
  307
  330
  354
  379
  405
  432
  438
  467
  496
  528
  560
  594
  629
  665
  704
  743
  785
  828
  873
  921
  970
  1,022
  1,076
  1,133
  1,192
  1,254
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
 
  557
  223
  230
  235
  238
  240
  239
  237
  233
  226
  208
  199
  189
  177
  164
  151
  137
  123
  108
  94
  81
  69
  57
  47
  38
  30
  23
  18
  13
  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 30
Price to Sales 3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 18.1
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 8.4% 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 135.336 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 $5.0 billion.


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COMPANY NEWS

▶ 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]
▶ FLIR launches five new products at CES   [Jan-04-17 04:32PM  at bizjournals.com]
▶ Here is What Hedge Funds Think About FLIR Systems, Inc. (FLIR)   [Dec-07-16 03:05PM  at Insider Monkey]
▶ FLIR buys drone maker for $134M   [04:10PM  at bizjournals.com]
▶ FLIR Systems Stock Flies on Earnings Miss   [Nov-01-16 06:26PM  at Motley Fool]
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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