Intrinsic value of Fortive - FTV

Previous Close

$65.03

  Intrinsic Value

$43.03

stock screener

  Rating & Target

sell

-34%

  Value-price divergence*

0%

Previous close

$65.03

 
Intrinsic value

$43.03

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence*

0%

*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 22.5

 

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
  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
  6,224
  6,348
  6,494
  6,661
  6,849
  7,056
  7,284
  7,532
  7,801
  8,090
  8,401
  8,733
  9,087
  9,465
  9,866
  10,291
  10,742
  11,220
  11,724
  12,258
  12,821
  13,415
  14,042
  14,703
  15,399
  16,132
  16,904
  17,716
  18,571
  19,470
  20,416
Variable operating expenses, $m
 
  5,039
  5,146
  5,268
  5,405
  5,557
  5,723
  5,905
  6,101
  6,312
  6,539
  6,384
  6,643
  6,919
  7,212
  7,524
  7,853
  8,202
  8,571
  8,961
  9,373
  9,808
  10,266
  10,749
  11,258
  11,794
  12,358
  12,952
  13,577
  14,234
  14,926
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
  5,039
  5,146
  5,268
  5,405
  5,557
  5,723
  5,905
  6,101
  6,312
  6,539
  6,384
  6,643
  6,919
  7,212
  7,524
  7,853
  8,202
  8,571
  8,961
  9,373
  9,808
  10,266
  10,749
  11,258
  11,794
  12,358
  12,952
  13,577
  14,234
  14,926
Operating income, $m
  1,246
  1,309
  1,349
  1,394
  1,444
  1,500
  1,561
  1,628
  1,700
  1,778
  1,861
  2,349
  2,444
  2,545
  2,653
  2,768
  2,889
  3,017
  3,153
  3,297
  3,448
  3,608
  3,776
  3,954
  4,141
  4,338
  4,546
  4,764
  4,994
  5,236
  5,491
EBITDA, $m
  1,423
  1,751
  1,792
  1,838
  1,889
  1,947
  2,009
  2,078
  2,152
  2,232
  2,317
  2,409
  2,507
  2,611
  2,722
  2,839
  2,963
  3,095
  3,234
  3,382
  3,537
  3,701
  3,874
  4,056
  4,248
  4,450
  4,663
  4,887
  5,123
  5,371
  5,632
Interest expense (income), $m
  0
  118
  121
  126
  131
  137
  143
  150
  158
  166
  175
  185
  195
  206
  218
  230
  243
  257
  272
  288
  304
  322
  340
  359
  380
  401
  424
  448
  473
  499
  527
Earnings before tax, $m
  1,197
  1,192
  1,227
  1,268
  1,313
  1,363
  1,418
  1,477
  1,542
  1,612
  1,686
  2,164
  2,249
  2,339
  2,435
  2,538
  2,646
  2,760
  2,881
  3,009
  3,144
  3,286
  3,436
  3,595
  3,761
  3,937
  4,122
  4,317
  4,521
  4,737
  4,963
Tax expense, $m
  325
  322
  331
  342
  354
  368
  383
  399
  416
  435
  455
  584
  607
  632
  658
  685
  714
  745
  778
  812
  849
  887
  928
  971
  1,016
  1,063
  1,113
  1,165
  1,221
  1,279
  1,340
Net income, $m
  872
  870
  896
  925
  958
  995
  1,035
  1,079
  1,126
  1,176
  1,231
  1,580
  1,642
  1,708
  1,778
  1,852
  1,931
  2,015
  2,103
  2,196
  2,295
  2,399
  2,509
  2,624
  2,746
  2,874
  3,009
  3,151
  3,301
  3,458
  3,623

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
  7,531
  7,704
  7,902
  8,124
  8,371
  8,641
  8,935
  9,254
  9,597
  9,965
  10,359
  10,780
  11,227
  11,703
  12,208
  12,743
  13,309
  13,908
  14,541
  15,209
  15,914
  16,657
  17,441
  18,267
  19,136
  20,052
  21,016
  22,030
  23,097
  24,219
Adjusted assets (=assets-cash), $m
  7,387
  7,531
  7,704
  7,902
  8,124
  8,371
  8,641
  8,935
  9,254
  9,597
  9,965
  10,359
  10,780
  11,227
  11,703
  12,208
  12,743
  13,309
  13,908
  14,541
  15,209
  15,914
  16,657
  17,441
  18,267
  19,136
  20,052
  21,016
  22,030
  23,097
  24,219
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
  1,308
  1,338
  1,372
  1,411
  1,454
  1,501
  1,552
  1,607
  1,667
  1,731
  1,799
  1,872
  1,950
  2,032
  2,120
  2,213
  2,311
  2,415
  2,525
  2,641
  2,764
  2,893
  3,029
  3,172
  3,323
  3,482
  3,650
  3,826
  4,011
  4,206
Working capital, $m
  1,022
  222
  227
  233
  240
  247
  255
  264
  273
  283
  294
  306
  318
  331
  345
  360
  376
  393
  410
  429
  449
  470
  491
  515
  539
  565
  592
  620
  650
  681
  715
Total debt, $m
  3,358
  3,466
  3,596
  3,743
  3,909
  4,092
  4,293
  4,513
  4,750
  5,006
  5,280
  5,574
  5,887
  6,220
  6,575
  6,951
  7,349
  7,771
  8,217
  8,689
  9,187
  9,712
  10,266
  10,850
  11,465
  12,113
  12,795
  13,513
  14,268
  15,063
  15,899
Total liabilities, $m
  5,502
  5,610
  5,740
  5,887
  6,053
  6,236
  6,437
  6,657
  6,894
  7,150
  7,424
  7,718
  8,031
  8,364
  8,719
  9,095
  9,493
  9,915
  10,361
  10,833
  11,331
  11,856
  12,410
  12,994
  13,609
  14,257
  14,939
  15,657
  16,412
  17,207
  18,043
Total equity, $m
  2,688
  1,920
  1,965
  2,015
  2,072
  2,135
  2,203
  2,278
  2,360
  2,447
  2,541
  2,642
  2,749
  2,863
  2,984
  3,113
  3,249
  3,394
  3,547
  3,708
  3,878
  4,058
  4,248
  4,447
  4,658
  4,880
  5,113
  5,359
  5,618
  5,890
  6,176
Total liabilities and equity, $m
  8,190
  7,530
  7,705
  7,902
  8,125
  8,371
  8,640
  8,935
  9,254
  9,597
  9,965
  10,360
  10,780
  11,227
  11,703
  12,208
  12,742
  13,309
  13,908
  14,541
  15,209
  15,914
  16,658
  17,441
  18,267
  19,137
  20,052
  21,016
  22,030
  23,097
  24,219
Debt-to-equity ratio
  1.249
  1.810
  1.830
  1.860
  1.890
  1.920
  1.950
  1.980
  2.010
  2.050
  2.080
  2.110
  2.140
  2.170
  2.200
  2.230
  2.260
  2.290
  2.320
  2.340
  2.370
  2.390
  2.420
  2.440
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.570
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
  870
  896
  925
  958
  995
  1,035
  1,079
  1,126
  1,176
  1,231
  1,580
  1,642
  1,708
  1,778
  1,852
  1,931
  2,015
  2,103
  2,196
  2,295
  2,399
  2,509
  2,624
  2,746
  2,874
  3,009
  3,151
  3,301
  3,458
  3,623
Depreciation, amort., depletion, $m
  177
  442
  443
  444
  445
  447
  448
  450
  452
  454
  456
  61
  63
  66
  68
  71
  75
  78
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  142
Funds from operations, $m
  1,185
  1,312
  1,339
  1,370
  1,404
  1,442
  1,483
  1,529
  1,578
  1,630
  1,687
  1,640
  1,705
  1,773
  1,846
  1,924
  2,006
  2,093
  2,184
  2,282
  2,384
  2,492
  2,606
  2,726
  2,853
  2,986
  3,126
  3,274
  3,429
  3,593
  3,765
Change in working capital, $m
  48
  4
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
Cash from operations, $m
  1,137
  1,308
  1,334
  1,364
  1,397
  1,435
  1,475
  1,520
  1,568
  1,620
  1,676
  1,628
  1,692
  1,760
  1,832
  1,909
  1,990
  2,076
  2,167
  2,263
  2,364
  2,471
  2,584
  2,703
  2,828
  2,960
  3,099
  3,246
  3,399
  3,561
  3,732
Maintenance CAPEX, $m
  0
  -43
  -44
  -45
  -46
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
New CAPEX, $m
  -130
  -23
  -30
  -34
  -39
  -43
  -47
  -51
  -55
  -60
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
Cash from investing activities, $m
  -311
  -66
  -74
  -79
  -85
  -91
  -96
  -102
  -107
  -114
  -120
  -126
  -134
  -141
  -149
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -258
  -271
  -284
  -299
  -314
  -330
Free cash flow, $m
  826
  1,241
  1,260
  1,284
  1,312
  1,344
  1,380
  1,418
  1,461
  1,507
  1,556
  1,502
  1,559
  1,619
  1,684
  1,753
  1,826
  1,903
  1,985
  2,072
  2,163
  2,260
  2,362
  2,470
  2,583
  2,702
  2,828
  2,961
  3,100
  3,247
  3,402
Issuance/(repayment) of debt, $m
  0
  108
  129
  148
  166
  183
  201
  219
  237
  256
  274
  294
  313
  333
  354
  376
  399
  422
  446
  471
  498
  525
  554
  584
  615
  648
  682
  718
  756
  795
  836
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
  108
  129
  148
  166
  183
  201
  219
  237
  256
  274
  294
  313
  333
  354
  376
  399
  422
  446
  471
  498
  525
  554
  584
  615
  648
  682
  718
  756
  795
  836
Total cash flow (excl. dividends), $m
  3,851
  1,350
  1,389
  1,432
  1,478
  1,528
  1,581
  1,638
  1,698
  1,762
  1,830
  1,795
  1,872
  1,953
  2,038
  2,129
  2,224
  2,325
  2,431
  2,543
  2,661
  2,785
  2,916
  3,053
  3,198
  3,350
  3,511
  3,679
  3,856
  4,042
  4,238
Retained Cash Flow (-), $m
  2,492
  -35
  -44
  -50
  -57
  -63
  -69
  -75
  -81
  -88
  -94
  -100
  -107
  -114
  -121
  -129
  -136
  -144
  -153
  -161
  -170
  -180
  -190
  -200
  -211
  -222
  -233
  -246
  -259
  -272
  -286
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
 
  2,117
  1,345
  1,381
  1,421
  1,465
  1,512
  1,563
  1,617
  1,675
  1,737
  1,695
  1,765
  1,839
  1,917
  2,000
  2,088
  2,181
  2,278
  2,382
  2,491
  2,605
  2,726
  2,854
  2,988
  3,129
  3,277
  3,433
  3,597
  3,770
  3,952
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
 
  1,999
  1,192
  1,143
  1,091
  1,036
  978
  917
  854
  789
  723
  618
  557
  496
  438
  381
  328
  278
  232
  191
  155
  123
  96
  73
  55
  40
  29
  20
  14
  9
  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 25.8
Price to Sales 3.6
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 22.3
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 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 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 $22.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Fortive Corp. : August 14, 2017   [Aug-14-17 04:37PM  Capital Cube]
▶ Fortive Declares Regular Dividend   [Aug-03-17 07:01PM  Business Wire]
▶ ETFs with exposure to Fortive Corp. : July 24, 2017   [Jul-24-17 04:01PM  Capital Cube]
▶ ETFs with exposure to Fortive Corp. : July 14, 2017   [Jul-14-17 02:30PM  Capital Cube]
▶ Fortive Corp. Value Analysis (NYSE:FTV) : July 3, 2017   [Jul-03-17 04:27PM  Capital Cube]
▶ 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
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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