Intrinsic value of Fortive - FTV

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$64.10

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of FTV 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 22.2

 

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, %
  0.73
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  6,224
  6,485
  6,763
  7,057
  7,369
  7,699
  8,047
  8,416
  8,804
  9,214
  9,646
  10,102
  10,581
  11,086
  11,618
  12,178
  12,767
  13,386
  14,037
  14,723
  15,443
  16,200
  16,996
  17,832
  18,711
  19,635
  20,605
  21,625
  22,696
  23,821
  25,003
Variable operating expenses, $m
 
  5,139
  5,342
  5,557
  5,785
  6,026
  6,281
  6,550
  6,834
  7,134
  7,450
  7,385
  7,736
  8,105
  8,494
  8,903
  9,333
  9,786
  10,262
  10,763
  11,290
  11,843
  12,425
  13,036
  13,679
  14,354
  15,064
  15,809
  16,592
  17,415
  18,279
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
  4,978
  5,139
  5,342
  5,557
  5,785
  6,026
  6,281
  6,550
  6,834
  7,134
  7,450
  7,385
  7,736
  8,105
  8,494
  8,903
  9,333
  9,786
  10,262
  10,763
  11,290
  11,843
  12,425
  13,036
  13,679
  14,354
  15,064
  15,809
  16,592
  17,415
  18,279
Operating income, $m
  1,246
  1,346
  1,421
  1,500
  1,584
  1,673
  1,766
  1,865
  1,970
  2,080
  2,196
  2,717
  2,846
  2,981
  3,124
  3,275
  3,433
  3,600
  3,775
  3,959
  4,153
  4,357
  4,571
  4,796
  5,032
  5,280
  5,541
  5,816
  6,104
  6,406
  6,724
EBITDA, $m
  1,423
  1,782
  1,858
  1,939
  2,024
  2,115
  2,211
  2,312
  2,418
  2,531
  2,650
  2,775
  2,907
  3,045
  3,191
  3,345
  3,507
  3,677
  3,856
  4,044
  4,242
  4,450
  4,669
  4,898
  5,140
  5,394
  5,660
  5,940
  6,234
  6,544
  6,868
Interest expense (income), $m
  0
  118
  126
  134
  143
  153
  163
  174
  185
  197
  210
  223
  237
  252
  268
  284
  302
  320
  339
  359
  380
  403
  426
  451
  477
  504
  532
  562
  594
  627
  662
Earnings before tax, $m
  1,197
  1,229
  1,295
  1,366
  1,441
  1,520
  1,603
  1,691
  1,785
  1,883
  1,986
  2,493
  2,608
  2,729
  2,857
  2,991
  3,132
  3,280
  3,436
  3,600
  3,773
  3,954
  4,145
  4,345
  4,555
  4,777
  5,009
  5,253
  5,510
  5,779
  6,062
Tax expense, $m
  325
  332
  350
  369
  389
  410
  433
  457
  482
  508
  536
  673
  704
  737
  771
  807
  846
  886
  928
  972
  1,019
  1,068
  1,119
  1,173
  1,230
  1,290
  1,352
  1,418
  1,488
  1,560
  1,637
Net income, $m
  872
  897
  946
  997
  1,052
  1,109
  1,170
  1,235
  1,303
  1,374
  1,450
  1,820
  1,904
  1,992
  2,085
  2,183
  2,286
  2,394
  2,508
  2,628
  2,754
  2,886
  3,026
  3,172
  3,325
  3,487
  3,657
  3,835
  4,022
  4,219
  4,426

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  803
  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
  8,190
  7,693
  8,023
  8,372
  8,741
  9,133
  9,546
  9,983
  10,444
  10,930
  11,443
  11,983
  12,552
  13,151
  13,782
  14,446
  15,144
  15,879
  16,652
  17,464
  18,319
  19,217
  20,161
  21,153
  22,196
  23,291
  24,443
  25,652
  26,923
  28,258
  29,660
Adjusted assets (=assets-cash), $m
  7,387
  7,693
  8,023
  8,372
  8,741
  9,133
  9,546
  9,983
  10,444
  10,930
  11,443
  11,983
  12,552
  13,151
  13,782
  14,446
  15,144
  15,879
  16,652
  17,464
  18,319
  19,217
  20,161
  21,153
  22,196
  23,291
  24,443
  25,652
  26,923
  28,258
  29,660
Revenue / Adjusted assets
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
  0.843
Average production assets, $m
  1,285
  1,051
  1,096
  1,143
  1,194
  1,247
  1,304
  1,363
  1,426
  1,493
  1,563
  1,636
  1,714
  1,796
  1,882
  1,973
  2,068
  2,169
  2,274
  2,385
  2,502
  2,624
  2,753
  2,889
  3,031
  3,181
  3,338
  3,503
  3,677
  3,859
  4,051
Working capital, $m
  1,022
  227
  237
  247
  258
  269
  282
  295
  308
  322
  338
  354
  370
  388
  407
  426
  447
  469
  491
  515
  540
  567
  595
  624
  655
  687
  721
  757
  794
  834
  875
Total debt, $m
  3,358
  3,587
  3,833
  4,093
  4,368
  4,660
  4,968
  5,293
  5,637
  5,999
  6,381
  6,783
  7,207
  7,654
  8,124
  8,618
  9,138
  9,686
  10,262
  10,867
  11,503
  12,173
  12,876
  13,615
  14,392
  15,208
  16,066
  16,967
  17,913
  18,908
  19,953
Total liabilities, $m
  5,502
  5,731
  5,977
  6,237
  6,512
  6,804
  7,112
  7,437
  7,781
  8,143
  8,525
  8,927
  9,351
  9,798
  10,268
  10,762
  11,282
  11,830
  12,406
  13,011
  13,647
  14,317
  15,020
  15,759
  16,536
  17,352
  18,210
  19,111
  20,057
  21,052
  22,097
Total equity, $m
  2,688
  1,962
  2,046
  2,135
  2,229
  2,329
  2,434
  2,546
  2,663
  2,787
  2,918
  3,056
  3,201
  3,354
  3,514
  3,684
  3,862
  4,049
  4,246
  4,453
  4,671
  4,900
  5,141
  5,394
  5,660
  5,939
  6,233
  6,541
  6,865
  7,206
  7,563
Total liabilities and equity, $m
  8,190
  7,693
  8,023
  8,372
  8,741
  9,133
  9,546
  9,983
  10,444
  10,930
  11,443
  11,983
  12,552
  13,152
  13,782
  14,446
  15,144
  15,879
  16,652
  17,464
  18,318
  19,217
  20,161
  21,153
  22,196
  23,291
  24,443
  25,652
  26,922
  28,258
  29,660
Debt-to-equity ratio
  1.249
  1.830
  1.870
  1.920
  1.960
  2.000
  2.040
  2.080
  2.120
  2.150
  2.190
  2.220
  2.250
  2.280
  2.310
  2.340
  2.370
  2.390
  2.420
  2.440
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.580
  2.590
  2.610
  2.620
  2.640
Adjusted equity ratio
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  872
  897
  946
  997
  1,052
  1,109
  1,170
  1,235
  1,303
  1,374
  1,450
  1,820
  1,904
  1,992
  2,085
  2,183
  2,286
  2,394
  2,508
  2,628
  2,754
  2,886
  3,026
  3,172
  3,325
  3,487
  3,657
  3,835
  4,022
  4,219
  4,426
Depreciation, amort., depletion, $m
  177
  435
  437
  439
  440
  442
  444
  446
  449
  451
  454
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
  103
  108
  113
  119
  125
  131
  137
  144
Funds from operations, $m
  1,185
  1,332
  1,382
  1,436
  1,492
  1,552
  1,615
  1,681
  1,751
  1,825
  1,903
  1,878
  1,965
  2,056
  2,152
  2,253
  2,360
  2,472
  2,589
  2,713
  2,843
  2,980
  3,124
  3,275
  3,433
  3,600
  3,775
  3,960
  4,153
  4,356
  4,570
Change in working capital, $m
  48
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
Cash from operations, $m
  1,137
  1,060
  1,373
  1,425
  1,481
  1,540
  1,602
  1,668
  1,738
  1,811
  1,888
  1,862
  1,948
  2,039
  2,134
  2,234
  2,339
  2,450
  2,566
  2,689
  2,818
  2,953
  3,096
  3,245
  3,403
  3,568
  3,741
  3,924
  4,115
  4,317
  4,528
Maintenance CAPEX, $m
  0
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
New CAPEX, $m
  -130
  -40
  -45
  -48
  -50
  -53
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -182
  -191
Cash from investing activities, $m
  -311
  -76
  -82
  -87
  -91
  -95
  -100
  -106
  -112
  -117
  -123
  -130
  -136
  -143
  -150
  -158
  -165
  -174
  -183
  -192
  -202
  -212
  -222
  -233
  -245
  -258
  -270
  -284
  -299
  -313
  -328
Free cash flow, $m
  826
  983
  1,290
  1,339
  1,390
  1,444
  1,502
  1,562
  1,626
  1,694
  1,765
  1,733
  1,812
  1,896
  1,984
  2,076
  2,174
  2,276
  2,384
  2,497
  2,616
  2,742
  2,873
  3,012
  3,157
  3,310
  3,471
  3,640
  3,817
  4,004
  4,199
Issuance/(repayment) of debt, $m
  0
  229
  245
  260
  275
  291
  308
  325
  343
  362
  382
  402
  424
  446
  470
  495
  520
  547
  576
  605
  636
  669
  703
  739
  777
  816
  858
  901
  947
  994
  1,045
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  
  3,052
  229
  245
  260
  275
  291
  308
  325
  343
  362
  382
  402
  424
  446
  470
  495
  520
  547
  576
  605
  636
  669
  703
  739
  777
  816
  858
  901
  947
  994
  1,045
Total cash flow (excl. dividends), $m
  3,851
  1,213
  1,536
  1,599
  1,665
  1,736
  1,810
  1,888
  1,970
  2,056
  2,147
  2,135
  2,236
  2,342
  2,454
  2,571
  2,694
  2,823
  2,959
  3,103
  3,253
  3,411
  3,577
  3,751
  3,934
  4,127
  4,329
  4,541
  4,764
  4,998
  5,244
Retained Cash Flow (-), $m
  2,492
  -77
  -84
  -89
  -94
  -100
  -105
  -111
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -279
  -294
  -308
  -324
  -340
  -358
Prev. year cash balance distribution, $m
 
  803
  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
 
  1,939
  1,452
  1,510
  1,571
  1,636
  1,704
  1,776
  1,852
  1,932
  2,016
  1,998
  2,091
  2,189
  2,293
  2,401
  2,516
  2,636
  2,762
  2,895
  3,035
  3,182
  3,336
  3,498
  3,668
  3,847
  4,035
  4,233
  4,440
  4,658
  4,887
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  1,831
  1,287
  1,250
  1,206
  1,157
  1,102
  1,043
  979
  911
  840
  728
  660
  591
  524
  458
  395
  336
  282
  232
  188
  150
  117
  90
  67
  49
  35
  25
  17
  11
  7
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

Fortive Corporation, through its subsidiaries, manufactures and markets industrial products. The company offers field instrumentation, sensing, product realization, and automation and specialty solutions. Fortive Corporation was founded in 2016 and is based in Everett, Washington. Fortive operates independently of Danaher Corp. as of July 02, 2016.

FINANCIAL RATIOS  of  Fortive (FTV)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 3.6
Price to Book 8.2
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 22
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.3%
Cap. Spend. - 3 Yr. Gr. Rate 9.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 124.9%
Total Debt to Equity 124.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.3%
Ret/ On Assets - 3 Yr. Avg. 11.8%
Return On Total Capital 15.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.4%
Return On Equity 22.2%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 48.9%
Gross Margin - 3 Yr. Avg. 48.6%
EBITDA Margin 22.1%
EBITDA Margin - 3 Yr. Avg. 22.8%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 20.3%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 20%
Net Profit Margin 14%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 27.2%
Eff/ Tax Rate - 3 Yr. Avg. 30%
Payout Ratio 349.5%

FTV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTV stock intrinsic value calculation we used $6224 million for the last fiscal year's total revenue generated by Fortive. The default revenue input number comes from 2016 income statement of Fortive. 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 FTV stock valuation model: a) initial revenue growth rate of 4.2% 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 5.9%, whose default value for FTV is calculated based on our internal credit rating of Fortive, 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 Fortive.
    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 FTV stock the variable cost ratio is equal to 79.5%.

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 FTV 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 Fortive.

Corporate tax rate of 27% is the nominal tax rate for Fortive. 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 FTV 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 FTV are equal to 16.2%.

Life of production assets of 28.1 years is the average useful life of capital assets used in Fortive 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 FTV is equal to 3.5%. 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 - $2688 million for Fortive - 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 345.612 million for Fortive 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 Fortive at the current share price and the inputted number of shares is $22.2 billion.


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COMPANY NEWS

▶ Breakout Watch: 2016 IPO Stock Tests New Buy Zone   [Jun-19-17 01:37PM  Investor's Business Daily]
▶ ETFs with exposure to Fortive Corp. : May 15, 2017   [May-15-17 03:46PM  Capital Cube]
▶ Fortive to Present at Electrical Products Group Conference   [May-12-17 04:20PM  Business Wire]
▶ ETFs with exposure to Fortive Corp. : May 2, 2017   [May-02-17 04:04PM  Capital Cube]
▶ Fortive Reports First Quarter 2017 Results   [Apr-27-17 04:17PM  Business Wire]
▶ Fortive to Webcast Investor Day   [Apr-24-17 07:00AM  Business Wire]
▶ Fortive Declares Regular Dividend   [Apr-13-17 04:20PM  PR Newswire]
▶ ETFs with exposure to Fortive Corp. : April 7, 2017   [Apr-07-17 04:35PM  Capital Cube]
▶ Better Buy: Danaher Corporation vs. Fortive Corp   [Mar-09-17 09:51AM  Motley Fool]
▶ ETFs with exposure to Fortive Corp. : February 14, 2017   [Feb-14-17 04:24PM  Capital Cube]
▶ Fortive Declares Regular Dividend   [Jan-24-17 04:20PM  PR Newswire]
▶ Is Danaher Corporation Stock a Buy for 2017?   [Dec-27-16 01:22PM  at Motley Fool]
▶ 4 Industrial Stock Winners From Trump's Lower Taxes   [Dec-13-16 03:05PM  at Barrons.com]
▶ Fortive Declares Regular Dividend   [Nov-03-16 05:01PM  PR Newswire]
▶ Fortive to Present At Baird's 2016 Industrial Conference   [Nov-01-16 06:31PM  PR Newswire]
Stock chart of FTV Financial statements of FTV Annual reports of FTV
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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