Intrinsic value of Flowserve - FLS

Previous Close

$38.94

  Intrinsic Value

$23.95

stock screener

  Rating & Target

sell

-38%

Previous close

$38.94

 
Intrinsic value

$23.95

 
Up/down potential

-38%

 
Rating

sell

We calculate the intrinsic value of FLS 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 5.1

 

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, %
  -12.46
  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
  3,990
  4,070
  4,163
  4,270
  4,391
  4,524
  4,670
  4,829
  5,001
  5,186
  5,385
  5,598
  5,826
  6,067
  6,325
  6,597
  6,886
  7,193
  7,516
  7,858
  8,219
  8,600
  9,002
  9,425
  9,872
  10,342
  10,836
  11,357
  11,905
  12,482
  13,088
Variable operating expenses, $m
 
  2,289
  2,339
  2,396
  2,460
  2,531
  2,609
  2,693
  2,785
  2,884
  2,990
  2,983
  3,104
  3,233
  3,370
  3,515
  3,669
  3,832
  4,005
  4,187
  4,379
  4,582
  4,796
  5,022
  5,260
  5,510
  5,774
  6,051
  6,343
  6,650
  6,973
Fixed operating expenses, $m
 
  1,550
  1,589
  1,628
  1,669
  1,711
  1,753
  1,797
  1,842
  1,888
  1,935
  1,984
  2,033
  2,084
  2,136
  2,190
  2,245
  2,301
  2,358
  2,417
  2,478
  2,540
  2,603
  2,668
  2,735
  2,803
  2,873
  2,945
  3,019
  3,094
  3,172
Total operating expenses, $m
  3,723
  3,839
  3,928
  4,024
  4,129
  4,242
  4,362
  4,490
  4,627
  4,772
  4,925
  4,967
  5,137
  5,317
  5,506
  5,705
  5,914
  6,133
  6,363
  6,604
  6,857
  7,122
  7,399
  7,690
  7,995
  8,313
  8,647
  8,996
  9,362
  9,744
  10,145
Operating income, $m
  268
  231
  236
  246
  262
  282
  308
  338
  374
  414
  460
  632
  688
  750
  818
  892
  973
  1,060
  1,153
  1,254
  1,362
  1,478
  1,603
  1,735
  1,877
  2,028
  2,190
  2,361
  2,543
  2,737
  2,943
EBITDA, $m
  385
  405
  411
  422
  439
  462
  489
  522
  559
  602
  651
  704
  764
  829
  901
  978
  1,062
  1,153
  1,251
  1,356
  1,469
  1,590
  1,720
  1,858
  2,006
  2,163
  2,331
  2,509
  2,698
  2,900
  3,114
Interest expense (income), $m
  57
  53
  56
  58
  61
  64
  68
  72
  76
  81
  86
  91
  97
  103
  110
  117
  124
  132
  140
  149
  159
  168
  179
  190
  201
  213
  226
  239
  254
  268
  284
Earnings before tax, $m
  213
  178
  180
  188
  201
  218
  240
  266
  297
  333
  374
  540
  591
  647
  708
  776
  848
  928
  1,013
  1,105
  1,204
  1,310
  1,424
  1,546
  1,676
  1,815
  1,964
  2,122
  2,290
  2,469
  2,659
Tax expense, $m
  77
  48
  49
  51
  54
  59
  65
  72
  80
  90
  101
  146
  160
  175
  191
  209
  229
  250
  273
  298
  325
  354
  384
  417
  453
  490
  530
  573
  618
  667
  718
Net income, $m
  132
  130
  132
  137
  146
  159
  175
  194
  217
  243
  273
  394
  431
  472
  517
  566
  619
  677
  739
  807
  879
  956
  1,040
  1,129
  1,224
  1,325
  1,433
  1,549
  1,672
  1,802
  1,941

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  367
  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
  4,709
  4,429
  4,530
  4,647
  4,778
  4,922
  5,081
  5,254
  5,442
  5,643
  5,860
  6,092
  6,339
  6,602
  6,882
  7,179
  7,493
  7,826
  8,179
  8,551
  8,944
  9,358
  9,795
  10,256
  10,742
  11,253
  11,792
  12,358
  12,955
  13,582
  14,242
Adjusted assets (=assets-cash), $m
  4,342
  4,429
  4,530
  4,647
  4,778
  4,922
  5,081
  5,254
  5,442
  5,643
  5,860
  6,092
  6,339
  6,602
  6,882
  7,179
  7,493
  7,826
  8,179
  8,551
  8,944
  9,358
  9,795
  10,256
  10,742
  11,253
  11,792
  12,358
  12,955
  13,582
  14,242
Revenue / Adjusted assets
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
  0.919
Average production assets, $m
  964
  985
  1,008
  1,033
  1,063
  1,095
  1,130
  1,169
  1,210
  1,255
  1,303
  1,355
  1,410
  1,468
  1,531
  1,597
  1,667
  1,741
  1,819
  1,902
  1,989
  2,081
  2,178
  2,281
  2,389
  2,503
  2,622
  2,748
  2,881
  3,021
  3,167
Working capital, $m
  1,120
  855
  874
  897
  922
  950
  981
  1,014
  1,050
  1,089
  1,131
  1,176
  1,223
  1,274
  1,328
  1,385
  1,446
  1,510
  1,578
  1,650
  1,726
  1,806
  1,890
  1,979
  2,073
  2,172
  2,276
  2,385
  2,500
  2,621
  2,749
Total debt, $m
  1,571
  1,547
  1,618
  1,698
  1,789
  1,889
  1,999
  2,119
  2,249
  2,389
  2,539
  2,700
  2,871
  3,053
  3,247
  3,453
  3,671
  3,902
  4,146
  4,404
  4,676
  4,963
  5,266
  5,586
  5,922
  6,276
  6,650
  7,042
  7,456
  7,890
  8,348
Total liabilities, $m
  3,093
  3,069
  3,140
  3,220
  3,311
  3,411
  3,521
  3,641
  3,771
  3,911
  4,061
  4,222
  4,393
  4,575
  4,769
  4,975
  5,193
  5,424
  5,668
  5,926
  6,198
  6,485
  6,788
  7,108
  7,444
  7,798
  8,172
  8,564
  8,978
  9,412
  9,870
Total equity, $m
  1,616
  1,360
  1,391
  1,427
  1,467
  1,511
  1,560
  1,613
  1,671
  1,733
  1,799
  1,870
  1,946
  2,027
  2,113
  2,204
  2,300
  2,403
  2,511
  2,625
  2,746
  2,873
  3,007
  3,149
  3,298
  3,455
  3,620
  3,794
  3,977
  4,170
  4,372
Total liabilities and equity, $m
  4,709
  4,429
  4,531
  4,647
  4,778
  4,922
  5,081
  5,254
  5,442
  5,644
  5,860
  6,092
  6,339
  6,602
  6,882
  7,179
  7,493
  7,827
  8,179
  8,551
  8,944
  9,358
  9,795
  10,257
  10,742
  11,253
  11,792
  12,358
  12,955
  13,582
  14,242
Debt-to-equity ratio
  0.972
  1.140
  1.160
  1.190
  1.220
  1.250
  1.280
  1.310
  1.350
  1.380
  1.410
  1.440
  1.480
  1.510
  1.540
  1.570
  1.600
  1.620
  1.650
  1.680
  1.700
  1.730
  1.750
  1.770
  1.800
  1.820
  1.840
  1.860
  1.870
  1.890
  1.910
Adjusted equity ratio
  0.288
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  132
  130
  132
  137
  146
  159
  175
  194
  217
  243
  273
  394
  431
  472
  517
  566
  619
  677
  739
  807
  879
  956
  1,040
  1,129
  1,224
  1,325
  1,433
  1,549
  1,672
  1,802
  1,941
Depreciation, amort., depletion, $m
  117
  173
  175
  176
  178
  179
  181
  183
  186
  188
  191
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  123
  128
  135
  141
  148
  155
  162
  170
Funds from operations, $m
  141
  303
  306
  313
  324
  338
  356
  378
  403
  431
  464
  467
  507
  551
  599
  652
  709
  771
  837
  909
  986
  1,068
  1,157
  1,251
  1,352
  1,460
  1,574
  1,697
  1,827
  1,965
  2,112
Change in working capital, $m
  -99
  17
  20
  22
  25
  28
  31
  33
  36
  39
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  89
  94
  99
  104
  109
  115
  121
  127
Cash from operations, $m
  240
  286
  287
  291
  299
  310
  326
  344
  367
  392
  422
  423
  460
  500
  545
  595
  648
  706
  769
  837
  910
  988
  1,072
  1,162
  1,258
  1,361
  1,471
  1,587
  1,711
  1,844
  1,984
Maintenance CAPEX, $m
  0
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -128
  -135
  -141
  -148
  -155
  -162
New CAPEX, $m
  -90
  -21
  -23
  -26
  -29
  -32
  -35
  -38
  -42
  -45
  -48
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
Cash from investing activities, $m
  -91
  -73
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -115
  -122
  -128
  -135
  -141
  -148
  -156
  -164
  -172
  -181
  -189
  -199
  -209
  -219
  -231
  -242
  -255
  -267
  -281
  -295
  -309
Free cash flow, $m
  149
  214
  211
  211
  214
  221
  231
  245
  262
  282
  306
  301
  332
  366
  404
  446
  492
  543
  597
  656
  720
  789
  863
  943
  1,028
  1,119
  1,216
  1,320
  1,431
  1,549
  1,675
Issuance/(repayment) of debt, $m
  -37
  61
  71
  81
  91
  100
  110
  120
  130
  140
  150
  161
  171
  182
  194
  206
  218
  231
  244
  258
  272
  287
  303
  319
  336
  354
  373
  393
  413
  435
  457
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  
  -46
  61
  71
  81
  91
  100
  110
  120
  130
  140
  150
  161
  171
  182
  194
  206
  218
  231
  244
  258
  272
  287
  303
  319
  336
  354
  373
  393
  413
  435
  457
Total cash flow (excl. dividends), $m
  99
  275
  282
  292
  305
  321
  342
  365
  392
  422
  456
  461
  503
  549
  598
  652
  710
  774
  841
  914
  993
  1,076
  1,166
  1,262
  1,364
  1,473
  1,589
  1,713
  1,844
  1,984
  2,132
Retained Cash Flow (-), $m
  31
  -26
  -31
  -36
  -40
  -44
  -49
  -53
  -58
  -62
  -66
  -71
  -76
  -81
  -86
  -91
  -97
  -102
  -108
  -114
  -121
  -127
  -134
  -141
  -149
  -157
  -165
  -174
  -183
  -193
  -203
Prev. year cash balance distribution, $m
 
  282
  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
 
  531
  250
  256
  265
  277
  293
  312
  334
  360
  390
  390
  427
  468
  512
  561
  614
  671
  733
  800
  872
  949
  1,032
  1,120
  1,215
  1,316
  1,424
  1,539
  1,661
  1,791
  1,930
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  499
  219
  208
  198
  189
  181
  174
  166
  158
  149
  129
  121
  111
  102
  91
  81
  70
  60
  51
  42
  34
  27
  20
  15
  11
  8
  6
  4
  2
  2
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

Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. The Company's segments include Engineered Product Division, Industrial Product Division and Flow Control Division. Its geographic segments include North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. It develops and manufactures precision-engineered flow control equipment integral to the movement, control and protection of the flow of materials in its customer's critical processes. Its product portfolio of pumps, valves, seals, automation and aftermarket services supports infrastructure industries, including oil and gas, chemical, power generation and water management. It offers aftermarket equipment services, such as installation, diagnostics, repair and retrofitting through manufacturing platform and network of Quick Response Centers. Its products include oil and gas, general industries, chemical, power generation and water management.

FINANCIAL RATIOS  of  Flowserve (FLS)

Valuation Ratios
P/E Ratio 38.3
Price to Sales 1.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 21.1
Price to Free Cash Flow 33.7
Growth Rates
Sales Growth Rate -12.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50.5%
Cap. Spend. - 3 Yr. Gr. Rate -8.3%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 92%
Total Debt to Equity 97.2%
Interest Coverage 5
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 8.1%
Return On Equity - 3 Yr. Avg. 16.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 32.5%
Gross Margin - 3 Yr. Avg. 33.8%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 13.7%
Operating Margin 6.7%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 33.6%
Payout Ratio 74.2%

FLS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLS stock intrinsic value calculation we used $3990 million for the last fiscal year's total revenue generated by Flowserve. The default revenue input number comes from 2016 income statement of Flowserve. 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 FLS 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 6.5%, whose default value for FLS is calculated based on our internal credit rating of Flowserve, 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 Flowserve.
    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 FLS stock the variable cost ratio is equal to 56.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1512 million in the base year in the intrinsic value calculation for FLS 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 3.6% for Flowserve.

Corporate tax rate of 27% is the nominal tax rate for Flowserve. 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 FLS 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 FLS are equal to 24.2%.

Life of production assets of 18.6 years is the average useful life of capital assets used in Flowserve 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 FLS is equal to 21%. 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 - $1616 million for Flowserve - 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 130.674 million for Flowserve 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 Flowserve at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ Why Did Flowserve Fall on November 2?   [10:31AM  Market Realist]
▶ Why Flowserve Stock Dropped 11% Thursday   [Nov-02-17 06:12PM  Motley Fool]
▶ Flowserve tops Street 3Q forecasts   [Nov-01-17 04:18PM  Associated Press]
▶ ETFs with exposure to Flowserve Corp. : October 30, 2017   [Oct-30-17 11:49AM  Capital Cube]
▶ New Strong Sell Stocks for October 11th   [Oct-11-17 09:05AM  Zacks]
▶ ETFs with exposure to Flowserve Corp. : October 5, 2017   [Oct-05-17 11:01AM  Capital Cube]
▶ Flowserve misses Street 2Q forecasts   [08:04PM  Associated Press]
▶ The Biggest Loser: Flowserve Tumbles 11%   [05:14PM  Barrons.com]
▶ Flowserve Corporation Reports Second Quarter 2017 Results   [Jul-27-17 04:17PM  Business Wire]
▶ ETFs with exposure to Flowserve Corp. : June 15, 2017   [Jun-15-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Flowserve Corp. : May 19, 2017   [May-19-17 01:53PM  Capital Cube]
▶ Sarah Ketterer Gains 4 Stocks in 1st Quarter   [12:28PM  GuruFocus.com]
▶ ETFs with exposure to Flowserve Corp. : May 8, 2017   [May-08-17 04:32PM  Capital Cube]
Financial statements of FLS
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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