Intrinsic value of Federal Signal - FSS

Previous Close

$21.45

  Intrinsic Value

$358.83

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+1660%

Previous close

$21.45

 
Intrinsic value

$358.83

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+1660%

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

We calculate the intrinsic value of FSS 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 1.3

 

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, %
  -7.81
  30.20
  27.68
  25.41
  23.37
  21.53
  19.88
  18.39
  17.05
  15.85
  14.76
  13.79
  12.91
  12.12
  11.41
  10.76
  10.19
  9.67
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
Revenue, $m
  708
  922
  1,177
  1,476
  1,821
  2,213
  2,653
  3,141
  3,677
  4,259
  4,888
  5,562
  6,280
  7,041
  7,844
  8,689
  9,574
  10,500
  11,466
  12,473
  13,521
  14,612
  15,745
  16,923
  18,147
  19,419
  20,742
  22,116
  23,546
  25,034
  26,583
Variable operating expenses, $m
 
  208
  259
  318
  387
  465
  553
  650
  757
  874
  999
  1,110
  1,253
  1,405
  1,565
  1,734
  1,910
  2,095
  2,288
  2,489
  2,698
  2,915
  3,142
  3,377
  3,621
  3,875
  4,138
  4,413
  4,698
  4,995
  5,304
Fixed operating expenses, $m
 
  510
  523
  536
  550
  563
  578
  592
  607
  622
  637
  653
  670
  686
  704
  721
  739
  758
  777
  796
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,045
Total operating expenses, $m
  651
  718
  782
  854
  937
  1,028
  1,131
  1,242
  1,364
  1,496
  1,636
  1,763
  1,923
  2,091
  2,269
  2,455
  2,649
  2,853
  3,065
  3,285
  3,514
  3,751
  3,999
  4,256
  4,522
  4,798
  5,084
  5,383
  5,692
  6,014
  6,349
Operating income, $m
  57
  204
  395
  622
  884
  1,184
  1,523
  1,899
  2,313
  2,764
  3,252
  3,799
  4,357
  4,950
  5,576
  6,234
  6,924
  7,647
  8,402
  9,188
  10,007
  10,860
  11,746
  12,668
  13,626
  14,621
  15,657
  16,734
  17,854
  19,020
  20,234
EBITDA, $m
  76
  232
  425
  653
  917
  1,219
  1,559
  1,938
  2,355
  2,809
  3,300
  3,827
  4,389
  4,985
  5,614
  6,277
  6,972
  7,699
  8,458
  9,250
  10,075
  10,932
  11,824
  12,752
  13,716
  14,718
  15,760
  16,843
  17,971
  19,144
  20,366
Interest expense (income), $m
  1
  2
  5
  8
  12
  16
  21
  26
  32
  39
  46
  53
  62
  71
  80
  90
  100
  111
  122
  134
  146
  159
  173
  187
  201
  216
  232
  248
  265
  282
  300
Earnings before tax, $m
  57
  202
  390
  614
  873
  1,169
  1,502
  1,873
  2,281
  2,725
  3,206
  3,746
  4,296
  4,879
  5,496
  6,144
  6,824
  7,536
  8,279
  9,054
  9,861
  10,700
  11,573
  12,481
  13,425
  14,405
  15,425
  16,486
  17,589
  18,738
  19,934
Tax expense, $m
  18
  54
  105
  166
  236
  316
  406
  506
  616
  736
  866
  1,011
  1,160
  1,317
  1,484
  1,659
  1,843
  2,035
  2,235
  2,445
  2,662
  2,889
  3,125
  3,370
  3,625
  3,889
  4,165
  4,451
  4,749
  5,059
  5,382
Net income, $m
  44
  147
  285
  448
  637
  853
  1,096
  1,367
  1,665
  1,990
  2,340
  2,734
  3,136
  3,562
  4,012
  4,485
  4,982
  5,501
  6,044
  6,609
  7,198
  7,811
  8,449
  9,111
  9,800
  10,516
  11,260
  12,035
  12,840
  13,679
  14,552

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  643
  771
  984
  1,234
  1,523
  1,850
  2,218
  2,626
  3,074
  3,561
  4,087
  4,651
  5,251
  5,887
  6,559
  7,265
  8,005
  8,779
  9,587
  10,429
  11,305
  12,217
  13,165
  14,150
  15,173
  16,237
  17,342
  18,492
  19,688
  20,932
  22,227
Adjusted assets (=assets-cash), $m
  592
  771
  984
  1,234
  1,523
  1,850
  2,218
  2,626
  3,074
  3,561
  4,087
  4,651
  5,251
  5,887
  6,559
  7,265
  8,005
  8,779
  9,587
  10,429
  11,305
  12,217
  13,165
  14,150
  15,173
  16,237
  17,342
  18,492
  19,688
  20,932
  22,227
Revenue / Adjusted assets
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
Average production assets, $m
  53
  69
  88
  111
  137
  166
  199
  236
  276
  319
  367
  417
  471
  528
  588
  652
  718
  787
  860
  935
  1,014
  1,096
  1,181
  1,269
  1,361
  1,456
  1,556
  1,659
  1,766
  1,878
  1,994
Working capital, $m
  175
  163
  208
  261
  322
  392
  470
  556
  651
  754
  865
  985
  1,112
  1,246
  1,388
  1,538
  1,695
  1,858
  2,029
  2,208
  2,393
  2,586
  2,787
  2,995
  3,212
  3,437
  3,671
  3,915
  4,168
  4,431
  4,705
Total debt, $m
  64
  138
  227
  332
  453
  590
  744
  915
  1,103
  1,307
  1,528
  1,764
  2,015
  2,282
  2,563
  2,859
  3,169
  3,493
  3,832
  4,185
  4,552
  4,934
  5,331
  5,744
  6,173
  6,618
  7,081
  7,563
  8,064
  8,585
  9,128
Total liabilities, $m
  249
  323
  412
  517
  638
  775
  929
  1,100
  1,288
  1,492
  1,713
  1,949
  2,200
  2,467
  2,748
  3,044
  3,354
  3,678
  4,017
  4,370
  4,737
  5,119
  5,516
  5,929
  6,358
  6,803
  7,266
  7,748
  8,249
  8,770
  9,313
Total equity, $m
  394
  448
  572
  717
  885
  1,075
  1,289
  1,526
  1,786
  2,069
  2,375
  2,702
  3,051
  3,421
  3,811
  4,221
  4,651
  5,101
  5,570
  6,059
  6,568
  7,098
  7,649
  8,221
  8,816
  9,434
  10,076
  10,744
  11,438
  12,161
  12,914
Total liabilities and equity, $m
  643
  771
  984
  1,234
  1,523
  1,850
  2,218
  2,626
  3,074
  3,561
  4,088
  4,651
  5,251
  5,888
  6,559
  7,265
  8,005
  8,779
  9,587
  10,429
  11,305
  12,217
  13,165
  14,150
  15,174
  16,237
  17,342
  18,492
  19,687
  20,931
  22,227
Debt-to-equity ratio
  0.162
  0.310
  0.400
  0.460
  0.510
  0.550
  0.580
  0.600
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.710
  0.710
Adjusted equity ratio
  0.579
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  147
  285
  448
  637
  853
  1,096
  1,367
  1,665
  1,990
  2,340
  2,734
  3,136
  3,562
  4,012
  4,485
  4,982
  5,501
  6,044
  6,609
  7,198
  7,811
  8,449
  9,111
  9,800
  10,516
  11,260
  12,035
  12,840
  13,679
  14,552
Depreciation, amort., depletion, $m
  19
  28
  30
  31
  33
  35
  37
  39
  42
  45
  48
  28
  31
  35
  39
  43
  48
  52
  57
  62
  67
  73
  78
  84
  90
  96
  103
  110
  117
  124
  132
Funds from operations, $m
  -15
  175
  315
  479
  670
  888
  1,133
  1,406
  1,707
  2,034
  2,388
  2,762
  3,167
  3,597
  4,051
  4,528
  5,029
  5,554
  6,101
  6,671
  7,266
  7,884
  8,527
  9,195
  9,890
  10,612
  11,363
  12,144
  12,957
  13,803
  14,684
Change in working capital, $m
  -40
  38
  45
  53
  61
  69
  78
  86
  95
  103
  111
  119
  127
  135
  142
  149
  157
  164
  171
  178
  186
  193
  201
  209
  217
  225
  234
  243
  253
  263
  274
Cash from operations, $m
  25
  138
  269
  426
  609
  818
  1,055
  1,320
  1,612
  1,931
  2,277
  2,643
  3,040
  3,462
  3,909
  4,379
  4,873
  5,390
  5,930
  6,493
  7,080
  7,691
  8,326
  8,987
  9,673
  10,387
  11,129
  11,901
  12,704
  13,540
  14,410
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -28
  -31
  -35
  -39
  -43
  -48
  -52
  -57
  -62
  -67
  -73
  -78
  -84
  -90
  -96
  -103
  -110
  -117
  -124
New CAPEX, $m
  -6
  -16
  -19
  -22
  -26
  -29
  -33
  -37
  -40
  -44
  -47
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -112
  -116
Cash from investing activities, $m
  -17
  -20
  -24
  -28
  -33
  -38
  -44
  -50
  -56
  -62
  -68
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -133
  -141
  -149
  -158
  -166
  -176
  -185
  -195
  -206
  -217
  -229
  -240
Free cash flow, $m
  8
  118
  246
  398
  576
  780
  1,011
  1,270
  1,556
  1,869
  2,209
  2,568
  2,958
  3,374
  3,813
  4,277
  4,763
  5,273
  5,805
  6,361
  6,940
  7,542
  8,169
  8,820
  9,498
  10,202
  10,934
  11,695
  12,487
  13,311
  14,169
Issuance/(repayment) of debt, $m
  20
  75
  89
  105
  121
  137
  154
  171
  188
  204
  220
  236
  252
  267
  281
  296
  310
  324
  339
  353
  367
  382
  397
  413
  429
  446
  463
  482
  501
  521
  543
Issuance/(repurchase) of shares, $m
  -41
  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  
  -19
  75
  89
  105
  121
  137
  154
  171
  188
  204
  220
  236
  252
  267
  281
  296
  310
  324
  339
  353
  367
  382
  397
  413
  429
  446
  463
  482
  501
  521
  543
Total cash flow (excl. dividends), $m
  -13
  193
  335
  503
  696
  917
  1,166
  1,441
  1,744
  2,073
  2,429
  2,804
  3,210
  3,640
  4,095
  4,572
  5,073
  5,597
  6,144
  6,714
  7,307
  7,924
  8,566
  9,233
  9,926
  10,647
  11,397
  12,177
  12,988
  13,832
  14,712
Retained Cash Flow (-), $m
  12
  -104
  -124
  -145
  -168
  -190
  -214
  -237
  -260
  -283
  -305
  -327
  -349
  -370
  -390
  -410
  -430
  -450
  -469
  -489
  -509
  -530
  -551
  -572
  -595
  -618
  -642
  -668
  -695
  -723
  -752
Prev. year cash balance distribution, $m
 
  50
  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
 
  139
  211
  357
  529
  727
  952
  1,204
  1,484
  1,790
  2,124
  2,476
  2,861
  3,271
  3,705
  4,162
  4,643
  5,147
  5,674
  6,224
  6,798
  7,394
  8,015
  8,661
  9,332
  10,029
  10,755
  11,509
  12,293
  13,110
  13,959
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
 
  133
  193
  311
  435
  563
  691
  813
  927
  1,028
  1,113
  1,176
  1,221
  1,244
  1,244
  1,222
  1,180
  1,120
  1,045
  958
  864
  765
  665
  568
  475
  390
  314
  247
  190
  143
  105
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

Federal Signal Corporation designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental, industrial and commercial customers. The Company's segments include the Environmental Solutions Group and the Safety and Security Systems Group. Its Environmental Solutions Group manufactures and supplies a range of street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks and waterblasting equipment. The products are sold to both municipal and industrial customers under the Elgin, Vactor, Guzzler and Jetstream brand names. Safety and Security Systems is a manufacturer and supplier of systems and products that law enforcement, fire rescue, emergency medical services, campuses military facilities and industrial sites use to protect people and property. It offers systems for campus and community alerting, emergency vehicles, first responder interoperable communications and industrial communications, among others.

FINANCIAL RATIOS  of  Federal Signal (FSS)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 1.8
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 51.1
Price to Free Cash Flow 67.3
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 16%
Total Debt to Equity 16.2%
Interest Coverage 58
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 15.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 25.8%
Gross Margin - 3 Yr. Avg. 27.4%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 31.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 38.6%

FSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSS stock intrinsic value calculation we used $708 million for the last fiscal year's total revenue generated by Federal Signal. The default revenue input number comes from 2016 income statement of Federal Signal. 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 FSS stock valuation model: a) initial revenue growth rate of 30.2% 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 4.3%, whose default value for FSS is calculated based on our internal credit rating of Federal Signal, 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 Federal Signal.
    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 FSS stock the variable cost ratio is equal to 23.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $498 million in the base year in the intrinsic value calculation for FSS 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 Federal Signal.

Corporate tax rate of 27% is the nominal tax rate for Federal Signal. 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 FSS 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 FSS are equal to 7.5%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Federal Signal 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 FSS is equal to 17.7%. 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 - $394 million for Federal Signal - 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 60.109 million for Federal Signal 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 Federal Signal at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Federal Signal tops Street 2Q forecasts   [Aug-08-17 11:42PM  Associated Press]
▶ ETFs with exposure to Federal Signal Corp. : July 3, 2017   [Jul-03-17 03:13PM  Capital Cube]
▶ New Strong Buy Stocks for June 28th   [Jun-28-17 10:34AM  Zacks]
▶ [$$] GenNx360 Selling Maker of Dump Truck Bodies for $270 Million   [May-08-17 02:40PM  The Wall Street Journal]
▶ Federal Signal beats 1Q profit forecasts   [Apr-27-17 08:54AM  Associated Press]
▶ Federal Signal meets 4Q profit forecasts   [08:51AM  Associated Press]
Financial statements of FSS
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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