Intrinsic value of SPX FLOW - FLOW

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$37.80

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$37.80

 
Intrinsic value

$23.53

 
Up/down potential

-38%

 
Rating

sell

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

We calculate the intrinsic value of FLOW 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, %
  -16.45
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,996
  2,036
  2,083
  2,136
  2,196
  2,263
  2,336
  2,416
  2,502
  2,594
  2,694
  2,801
  2,914
  3,035
  3,164
  3,300
  3,445
  3,598
  3,760
  3,931
  4,112
  4,302
  4,503
  4,715
  4,938
  5,173
  5,421
  5,681
  5,956
  6,244
  6,547
Variable operating expenses, $m
 
  1,910
  1,953
  2,001
  2,055
  2,115
  2,181
  2,253
  2,331
  2,415
  2,504
  2,528
  2,631
  2,740
  2,856
  2,979
  3,110
  3,248
  3,394
  3,549
  3,712
  3,884
  4,065
  4,257
  4,458
  4,670
  4,894
  5,129
  5,377
  5,637
  5,911
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
  2,420
  1,910
  1,953
  2,001
  2,055
  2,115
  2,181
  2,253
  2,331
  2,415
  2,504
  2,528
  2,631
  2,740
  2,856
  2,979
  3,110
  3,248
  3,394
  3,549
  3,712
  3,884
  4,065
  4,257
  4,458
  4,670
  4,894
  5,129
  5,377
  5,637
  5,911
Operating income, $m
  -424
  126
  130
  135
  141
  148
  155
  163
  171
  180
  190
  272
  283
  295
  308
  321
  335
  350
  366
  382
  400
  418
  438
  458
  480
  503
  527
  552
  579
  607
  637
EBITDA, $m
  -359
  231
  236
  242
  249
  257
  265
  274
  284
  294
  306
  318
  331
  344
  359
  374
  391
  408
  426
  446
  466
  488
  511
  535
  560
  587
  615
  644
  675
  708
  743
Interest expense (income), $m
  57
  56
  58
  60
  63
  66
  69
  73
  76
  81
  85
  90
  95
  101
  106
  113
  119
  126
  133
  141
  149
  158
  167
  177
  187
  198
  209
  221
  234
  247
  261
Earnings before tax, $m
  -482
  69
  72
  75
  78
  82
  86
  90
  94
  99
  105
  182
  188
  195
  201
  208
  216
  224
  232
  241
  250
  260
  270
  281
  293
  305
  318
  331
  345
  360
  376
Tax expense, $m
  -101
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  49
  51
  53
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
Net income, $m
  -382
  51
  53
  55
  57
  60
  63
  66
  69
  72
  76
  133
  137
  142
  147
  152
  158
  163
  169
  176
  183
  190
  197
  205
  214
  223
  232
  242
  252
  263
  274

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  215
  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
  2,603
  2,435
  2,491
  2,555
  2,627
  2,707
  2,794
  2,889
  2,992
  3,103
  3,223
  3,350
  3,486
  3,631
  3,785
  3,948
  4,121
  4,304
  4,498
  4,702
  4,918
  5,146
  5,387
  5,640
  5,907
  6,188
  6,484
  6,796
  7,124
  7,469
  7,832
Adjusted assets (=assets-cash), $m
  2,388
  2,435
  2,491
  2,555
  2,627
  2,707
  2,794
  2,889
  2,992
  3,103
  3,223
  3,350
  3,486
  3,631
  3,785
  3,948
  4,121
  4,304
  4,498
  4,702
  4,918
  5,146
  5,387
  5,640
  5,907
  6,188
  6,484
  6,796
  7,124
  7,469
  7,832
Revenue / Adjusted assets
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
  0.836
Average production assets, $m
  867
  884
  904
  927
  953
  982
  1,014
  1,048
  1,086
  1,126
  1,169
  1,215
  1,265
  1,317
  1,373
  1,432
  1,495
  1,562
  1,632
  1,706
  1,784
  1,867
  1,954
  2,046
  2,143
  2,245
  2,353
  2,466
  2,585
  2,710
  2,842
Working capital, $m
  415
  252
  258
  265
  272
  281
  290
  300
  310
  322
  334
  347
  361
  376
  392
  409
  427
  446
  466
  487
  510
  533
  558
  585
  612
  642
  672
  705
  738
  774
  812
Total debt, $m
  1,109
  1,098
  1,140
  1,189
  1,244
  1,304
  1,371
  1,443
  1,521
  1,606
  1,696
  1,793
  1,896
  2,006
  2,123
  2,247
  2,379
  2,518
  2,665
  2,821
  2,985
  3,158
  3,341
  3,533
  3,736
  3,950
  4,175
  4,412
  4,661
  4,923
  5,199
Total liabilities, $m
  1,863
  1,851
  1,893
  1,942
  1,997
  2,057
  2,124
  2,196
  2,274
  2,359
  2,449
  2,546
  2,649
  2,759
  2,876
  3,000
  3,132
  3,271
  3,418
  3,574
  3,738
  3,911
  4,094
  4,286
  4,489
  4,703
  4,928
  5,165
  5,414
  5,676
  5,952
Total equity, $m
  741
  584
  598
  613
  631
  650
  671
  693
  718
  745
  773
  804
  837
  871
  908
  947
  989
  1,033
  1,079
  1,129
  1,180
  1,235
  1,293
  1,354
  1,418
  1,485
  1,556
  1,631
  1,710
  1,793
  1,880
Total liabilities and equity, $m
  2,604
  2,435
  2,491
  2,555
  2,628
  2,707
  2,795
  2,889
  2,992
  3,104
  3,222
  3,350
  3,486
  3,630
  3,784
  3,947
  4,121
  4,304
  4,497
  4,703
  4,918
  5,146
  5,387
  5,640
  5,907
  6,188
  6,484
  6,796
  7,124
  7,469
  7,832
Debt-to-equity ratio
  1.497
  1.880
  1.910
  1.940
  1.970
  2.010
  2.040
  2.080
  2.120
  2.160
  2.190
  2.230
  2.270
  2.300
  2.340
  2.370
  2.410
  2.440
  2.470
  2.500
  2.530
  2.560
  2.580
  2.610
  2.640
  2.660
  2.680
  2.700
  2.730
  2.750
  2.770
Adjusted equity ratio
  0.232
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -382
  51
  53
  55
  57
  60
  63
  66
  69
  72
  76
  133
  137
  142
  147
  152
  158
  163
  169
  176
  183
  190
  197
  205
  214
  223
  232
  242
  252
  263
  274
Depreciation, amort., depletion, $m
  65
  105
  106
  107
  108
  109
  110
  111
  113
  114
  116
  45
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  73
  76
  80
  84
  88
  92
  96
  101
  106
Funds from operations, $m
  -160
  156
  159
  162
  165
  169
  173
  177
  182
  187
  192
  178
  185
  191
  198
  206
  213
  222
  230
  240
  249
  260
  270
  282
  294
  306
  320
  334
  348
  364
  380
Change in working capital, $m
  -132
  5
  6
  7
  7
  8
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
Cash from operations, $m
  -28
  5
  153
  155
  158
  160
  164
  167
  171
  175
  180
  165
  171
  176
  182
  189
  195
  203
  210
  218
  227
  236
  245
  255
  266
  277
  289
  301
  314
  328
  343
Maintenance CAPEX, $m
  0
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -39
  -41
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
New CAPEX, $m
  -44
  -17
  -20
  -23
  -26
  -29
  -32
  -35
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
Cash from investing activities, $m
  -40
  -49
  -53
  -57
  -61
  -65
  -69
  -73
  -76
  -81
  -85
  -90
  -94
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -221
  -233
Free cash flow, $m
  -68
  -44
  99
  98
  97
  96
  95
  95
  95
  95
  95
  75
  76
  76
  77
  78
  79
  80
  82
  83
  85
  87
  89
  91
  93
  95
  98
  101
  103
  107
  110
Issuance/(repayment) of debt, $m
  42
  37
  43
  49
  55
  61
  66
  72
  78
  84
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
  276
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  21
  37
  43
  49
  55
  61
  66
  72
  78
  84
  91
  97
  103
  110
  117
  124
  131
  139
  147
  156
  164
  173
  183
  193
  203
  214
  225
  237
  249
  262
  276
Total cash flow (excl. dividends), $m
  -81
  -7
  142
  147
  151
  156
  162
  167
  173
  179
  185
  172
  179
  186
  194
  202
  211
  220
  229
  239
  249
  260
  271
  283
  296
  309
  323
  337
  353
  369
  386
Retained Cash Flow (-), $m
  518
  -10
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
Prev. year cash balance distribution, $m
 
  167
  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
 
  149
  129
  131
  134
  137
  141
  144
  148
  152
  157
  142
  147
  152
  157
  163
  169
  176
  182
  190
  197
  205
  214
  222
  232
  241
  252
  263
  274
  286
  299
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  138
  108
  100
  92
  84
  75
  67
  59
  52
  45
  33
  28
  23
  19
  15
  12
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
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

SPX FLOW, Inc. provides various engineered solutions worldwide. The company engineers, designs, manufactures, and markets products and solutions used to process, blend, filter, dry, meter, and transport fluids with a focus on original equipment installation, including turn-key systems, modular systems, and components, as well as aftermarket components and support services. It operates through three segments: Food and Beverage, Power and Energy, and Industrial. The Food and Beverage segment offers mixing, drying, evaporation, and separation systems and components; heat exchangers, and reciprocating and centrifugal pump technologies; and turn-key systems primarily under the Anhydro, APV, Bran+Luebbe, Gerstenberg Schroeder, LIGHTNIN, Seital, and Waukesha Cherry-Burrell brands. The Power and Energy segment provides pumps, valves, and related accessories primarily for customers in oil and gas, and nuclear and other conventional power industries under the APV, Bran+Luebbe, ClydeUnion Pumps, Copes-Vulcan, Dollinger Filtration, LIGHTNIN, M&J Valve, Plenty, and Vokes brands. The Industrial segment offers air dryers, filtration equipment, mixers, pumps, hydraulic technologies, and heat exchangers under the Airpel, APV, Bolting Systems, Delair, Deltech, Hankison, Jemaco, Johnson Pump, LIGHTNIN, Power Team, and Stone brands. It primarily serves customers in chemical, air treatment, mining, pharmaceutical, marine, shipbuilding, infrastructure construction, general industrial, and water treatment industries. SPX FLOW, Inc. is headquartered in Charlotte, North Carolina.

FINANCIAL RATIOS  of  SPX FLOW (FLOW)

Valuation Ratios
P/E Ratio -4.1
Price to Sales 0.8
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -56.6
Price to Free Cash Flow -22
Growth Rates
Sales Growth Rate -16.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.8%
Cap. Spend. - 3 Yr. Gr. Rate 13.9%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 143.2%
Total Debt to Equity 149.7%
Interest Coverage -7
Management Effectiveness
Return On Assets -11.4%
Ret/ On Assets - 3 Yr. Avg. -1.9%
Return On Total Capital -18.4%
Ret/ On T. Cap. - 3 Yr. Avg. -3.6%
Return On Equity -38.2%
Return On Equity - 3 Yr. Avg. -8.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 31.3%
Gross Margin - 3 Yr. Avg. 32.8%
EBITDA Margin -18%
EBITDA Margin - 3 Yr. Avg. 0.5%
Operating Margin -21.2%
Oper. Margin - 3 Yr. Avg. -2%
Pre-Tax Margin -24.1%
Pre-Tax Margin - 3 Yr. Avg. -3.3%
Net Profit Margin -19.1%
Net Profit Margin - 3 Yr. Avg. -3.5%
Effective Tax Rate 21%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 0%

FLOW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLOW stock intrinsic value calculation we used $1996 million for the last fiscal year's total revenue generated by SPX FLOW. The default revenue input number comes from 2016 income statement of SPX FLOW. 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 FLOW stock valuation model: a) initial revenue growth rate of 2% 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 8.6%, whose default value for FLOW is calculated based on our internal credit rating of SPX FLOW, 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 SPX FLOW.
    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 FLOW stock the variable cost ratio is equal to 93.9%.

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 FLOW 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 5.3% for SPX FLOW.

Corporate tax rate of 27% is the nominal tax rate for SPX FLOW. 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 FLOW 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 FLOW are equal to 43.4%.

Life of production assets of 26.8 years is the average useful life of capital assets used in SPX FLOW 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 FLOW is equal to 12.4%. 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 - $741 million for SPX FLOW - 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 41.885 million for SPX FLOW 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 SPX FLOW at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ ETFs with exposure to SPX Flow, Inc. : May 5, 2017   [May-05-17 04:09PM  Capital Cube]
▶ SPX Flow sees improving markets, continues cost-cutting effort   [May-04-17 12:25PM  American City Business Journals]
▶ SPX Flow reports 1Q loss   [May-03-17 06:44AM  Associated Press]
▶ SPX Flow CEO gets $4M compensation package   [Mar-31-17 03:00PM  at bizjournals.com]
▶ SPX Flow CEO gets $4M compensation package   [03:00PM  American City Business Journals]
▶ Three takeaways from 2016 earnings for SPX Corp.   [Feb-24-17 01:09PM  at bizjournals.com]
▶ Three takeaways from 2016 earnings for SPX Corp.   [01:09PM  American City Business Journals]
▶ SPX Flow misses Street 4Q forecasts   [06:44AM  Associated Press]
▶ Interrupted FLOW: 3 takeaways from SPX Flows 3Q earnings   [Nov-02-16 03:28PM  at bizjournals.com]
▶ SPX FLOW to Present at Morgan Stanley Laguna Conference   [Sep-12-16 09:09AM  PR Newswire]
Stock chart of FLOW Financial statements of FLOW Annual reports of FLOW
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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