Intrinsic value of Fortive - FTV

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$62.32

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$62.32

 
Intrinsic value

$45.32

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence* premium content

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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 21.8

 

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
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
Revenue, $m
  6,224
  6,423
  6,640
  6,875
  7,129
  7,401
  7,693
  8,004
  8,335
  8,687
  9,061
  9,457
  9,877
  10,320
  10,789
  11,284
  11,806
  12,357
  12,938
  13,550
  14,195
  14,873
  15,588
  16,339
  17,130
  17,962
  18,837
  19,757
  20,724
  21,741
  22,810
Variable operating expenses, $m
 
  5,094
  5,252
  5,424
  5,610
  5,809
  6,022
  6,249
  6,491
  6,749
  7,022
  6,914
  7,220
  7,545
  7,887
  8,249
  8,631
  9,034
  9,459
  9,906
  10,377
  10,873
  11,396
  11,945
  12,523
  13,132
  13,771
  14,444
  15,151
  15,894
  16,675
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
  5,094
  5,252
  5,424
  5,610
  5,809
  6,022
  6,249
  6,491
  6,749
  7,022
  6,914
  7,220
  7,545
  7,887
  8,249
  8,631
  9,034
  9,459
  9,906
  10,377
  10,873
  11,396
  11,945
  12,523
  13,132
  13,771
  14,444
  15,151
  15,894
  16,675
Operating income, $m
  1,246
  1,329
  1,388
  1,451
  1,519
  1,593
  1,671
  1,755
  1,844
  1,938
  2,039
  2,543
  2,656
  2,775
  2,901
  3,035
  3,175
  3,323
  3,479
  3,644
  3,817
  4,000
  4,192
  4,394
  4,607
  4,831
  5,066
  5,313
  5,573
  5,847
  6,134
EBITDA, $m
  1,423
  1,772
  1,832
  1,897
  1,967
  2,042
  2,122
  2,208
  2,299
  2,396
  2,500
  2,609
  2,725
  2,847
  2,976
  3,113
  3,257
  3,409
  3,569
  3,738
  3,916
  4,103
  4,300
  4,507
  4,726
  4,955
  5,197
  5,450
  5,717
  5,998
  6,292
Interest expense (income), $m
  0
  118
  124
  130
  138
  145
  154
  163
  173
  183
  194
  205
  217
  230
  244
  259
  274
  290
  307
  325
  344
  364
  385
  407
  430
  455
  481
  508
  536
  566
  597
Earnings before tax, $m
  1,197
  1,212
  1,264
  1,321
  1,382
  1,447
  1,517
  1,592
  1,671
  1,756
  1,845
  2,338
  2,439
  2,545
  2,657
  2,776
  2,901
  3,033
  3,172
  3,319
  3,473
  3,636
  3,807
  3,987
  4,176
  4,376
  4,585
  4,806
  5,037
  5,281
  5,537
Tax expense, $m
  325
  327
  341
  357
  373
  391
  410
  430
  451
  474
  498
  631
  658
  687
  717
  750
  783
  819
  857
  896
  938
  982
  1,028
  1,077
  1,128
  1,181
  1,238
  1,298
  1,360
  1,426
  1,495
Net income, $m
  872
  885
  923
  964
  1,009
  1,056
  1,107
  1,162
  1,220
  1,282
  1,347
  1,707
  1,780
  1,858
  1,940
  2,026
  2,118
  2,214
  2,316
  2,423
  2,535
  2,654
  2,779
  2,911
  3,049
  3,194
  3,347
  3,508
  3,677
  3,855
  4,042

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
  7,619
  7,877
  8,156
  8,457
  8,780
  9,125
  9,494
  9,887
  10,305
  10,748
  11,218
  11,716
  12,242
  12,798
  13,386
  14,005
  14,659
  15,348
  16,074
  16,838
  17,643
  18,491
  19,382
  20,321
  21,307
  22,345
  23,437
  24,584
  25,790
  27,058
Adjusted assets (=assets-cash), $m
  7,387
  7,619
  7,877
  8,156
  8,457
  8,780
  9,125
  9,494
  9,887
  10,305
  10,748
  11,218
  11,716
  12,242
  12,798
  13,386
  14,005
  14,659
  15,348
  16,074
  16,838
  17,643
  18,491
  19,382
  20,321
  21,307
  22,345
  23,437
  24,584
  25,790
  27,058
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
  1,323
  1,368
  1,416
  1,469
  1,525
  1,585
  1,649
  1,717
  1,790
  1,867
  1,948
  2,035
  2,126
  2,223
  2,325
  2,432
  2,546
  2,665
  2,791
  2,924
  3,064
  3,211
  3,366
  3,529
  3,700
  3,880
  4,070
  4,269
  4,479
  4,699
Working capital, $m
  1,022
  225
  232
  241
  250
  259
  269
  280
  292
  304
  317
  331
  346
  361
  378
  395
  413
  433
  453
  474
  497
  521
  546
  572
  600
  629
  659
  691
  725
  761
  798
Total debt, $m
  3,358
  3,532
  3,724
  3,932
  4,156
  4,397
  4,654
  4,929
  5,222
  5,533
  5,864
  6,214
  6,584
  6,976
  7,391
  7,828
  8,290
  8,777
  9,290
  9,831
  10,400
  11,000
  11,632
  12,296
  12,995
  13,730
  14,503
  15,316
  16,171
  17,069
  18,014
Total liabilities, $m
  5,502
  5,676
  5,868
  6,076
  6,300
  6,541
  6,798
  7,073
  7,366
  7,677
  8,008
  8,358
  8,728
  9,120
  9,535
  9,972
  10,434
  10,921
  11,434
  11,975
  12,544
  13,144
  13,776
  14,440
  15,139
  15,874
  16,647
  17,460
  18,315
  19,213
  20,158
Total equity, $m
  2,688
  1,943
  2,009
  2,080
  2,156
  2,239
  2,327
  2,421
  2,521
  2,628
  2,741
  2,861
  2,988
  3,122
  3,264
  3,413
  3,571
  3,738
  3,914
  4,099
  4,294
  4,499
  4,715
  4,943
  5,182
  5,433
  5,698
  5,976
  6,269
  6,576
  6,900
Total liabilities and equity, $m
  8,190
  7,619
  7,877
  8,156
  8,456
  8,780
  9,125
  9,494
  9,887
  10,305
  10,749
  11,219
  11,716
  12,242
  12,799
  13,385
  14,005
  14,659
  15,348
  16,074
  16,838
  17,643
  18,491
  19,383
  20,321
  21,307
  22,345
  23,436
  24,584
  25,789
  27,058
Debt-to-equity ratio
  1.249
  1.820
  1.850
  1.890
  1.930
  1.960
  2.000
  2.040
  2.070
  2.110
  2.140
  2.170
  2.200
  2.230
  2.260
  2.290
  2.320
  2.350
  2.370
  2.400
  2.420
  2.450
  2.470
  2.490
  2.510
  2.530
  2.550
  2.560
  2.580
  2.600
  2.610
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
  885
  923
  964
  1,009
  1,056
  1,107
  1,162
  1,220
  1,282
  1,347
  1,707
  1,780
  1,858
  1,940
  2,026
  2,118
  2,214
  2,316
  2,423
  2,535
  2,654
  2,779
  2,911
  3,049
  3,194
  3,347
  3,508
  3,677
  3,855
  4,042
Depreciation, amort., depletion, $m
  177
  442
  444
  446
  447
  449
  451
  453
  456
  458
  461
  66
  69
  72
  75
  78
  82
  86
  90
  94
  98
  103
  108
  113
  119
  125
  131
  137
  144
  151
  158
Funds from operations, $m
  1,185
  1,327
  1,367
  1,410
  1,456
  1,506
  1,559
  1,615
  1,676
  1,740
  1,808
  1,772
  1,849
  1,929
  2,015
  2,105
  2,200
  2,300
  2,405
  2,517
  2,634
  2,757
  2,887
  3,024
  3,168
  3,319
  3,478
  3,645
  3,821
  4,006
  4,200
Change in working capital, $m
  48
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
Cash from operations, $m
  1,137
  1,331
  1,359
  1,402
  1,447
  1,496
  1,548
  1,604
  1,664
  1,727
  1,795
  1,759
  1,834
  1,914
  1,998
  2,087
  2,181
  2,281
  2,385
  2,495
  2,611
  2,734
  2,862
  2,998
  3,140
  3,290
  3,447
  3,613
  3,787
  3,970
  4,163
Maintenance CAPEX, $m
  0
  -43
  -45
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
New CAPEX, $m
  -130
  -39
  -45
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -86
  -91
  -97
  -102
  -108
  -113
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -190
  -199
  -209
  -220
Cash from investing activities, $m
  -311
  -82
  -90
  -94
  -100
  -105
  -111
  -117
  -124
  -131
  -137
  -145
  -152
  -160
  -169
  -177
  -186
  -195
  -206
  -216
  -227
  -238
  -250
  -263
  -276
  -290
  -305
  -321
  -336
  -353
  -371
Free cash flow, $m
  826
  1,249
  1,270
  1,307
  1,347
  1,391
  1,437
  1,487
  1,540
  1,597
  1,657
  1,614
  1,682
  1,754
  1,830
  1,911
  1,996
  2,085
  2,180
  2,280
  2,385
  2,495
  2,612
  2,735
  2,864
  3,000
  3,142
  3,293
  3,451
  3,617
  3,792
Issuance/(repayment) of debt, $m
  0
  174
  192
  208
  224
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  462
  487
  513
  541
  570
  600
  631
  664
  699
  735
  773
  813
  855
  898
  944
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
  174
  192
  208
  224
  241
  258
  275
  293
  311
  330
  350
  371
  392
  414
  437
  462
  487
  513
  541
  570
  600
  631
  664
  699
  735
  773
  813
  855
  898
  944
Total cash flow (excl. dividends), $m
  3,851
  1,423
  1,462
  1,515
  1,571
  1,631
  1,695
  1,762
  1,833
  1,908
  1,988
  1,964
  2,053
  2,146
  2,244
  2,348
  2,457
  2,572
  2,693
  2,820
  2,954
  3,095
  3,243
  3,399
  3,563
  3,735
  3,916
  4,106
  4,306
  4,516
  4,736
Retained Cash Flow (-), $m
  2,492
  -58
  -66
  -71
  -77
  -82
  -88
  -94
  -100
  -107
  -113
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -265
  -278
  -293
  -308
  -323
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
 
  2,168
  1,396
  1,444
  1,495
  1,549
  1,606
  1,668
  1,733
  1,802
  1,875
  1,844
  1,926
  2,012
  2,103
  2,198
  2,299
  2,405
  2,517
  2,635
  2,759
  2,890
  3,027
  3,172
  3,323
  3,483
  3,651
  3,828
  4,013
  4,208
  4,413
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
 
  2,047
  1,238
  1,195
  1,147
  1,095
  1,039
  979
  916
  849
  781
  672
  608
  543
  480
  419
  361
  307
  257
  211
  171
  136
  106
  81
  61
  45
  32
  22
  15
  10
  6
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 24.7
Price to Sales 3.5
Price to Book 8
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 21.4
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 3.2% 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 20.6%.

Life of production assets of 29.7 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 349.552 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 $21.8 billion.


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COMPANY NEWS

▶ 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]
▶ Fortive Declares Regular Dividend   [Aug-04-16 04:20PM  PR Newswire]
▶ [$$] Danaher Earnings Top Views   [Jul-25-16 02:51PM  at The Wall Street Journal]
Stock chart of FTV Financial statements 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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