Intrinsic value of H.B. Fuller - FUL

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$51.34

  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 FUL 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 2.6

 

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, %
  0.53
  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
  2,095
  2,137
  2,186
  2,242
  2,305
  2,375
  2,452
  2,535
  2,626
  2,723
  2,828
  2,939
  3,059
  3,186
  3,321
  3,464
  3,616
  3,777
  3,946
  4,126
  4,316
  4,516
  4,727
  4,949
  5,183
  5,430
  5,690
  5,963
  6,251
  6,554
  6,872
Variable operating expenses, $m
 
  1,965
  2,010
  2,060
  2,117
  2,180
  2,249
  2,325
  2,406
  2,494
  2,589
  2,653
  2,761
  2,875
  2,997
  3,126
  3,263
  3,408
  3,562
  3,724
  3,895
  4,075
  4,266
  4,467
  4,678
  4,901
  5,135
  5,382
  5,642
  5,915
  6,202
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
  1,892
  1,965
  2,010
  2,060
  2,117
  2,180
  2,249
  2,325
  2,406
  2,494
  2,589
  2,653
  2,761
  2,875
  2,997
  3,126
  3,263
  3,408
  3,562
  3,724
  3,895
  4,075
  4,266
  4,467
  4,678
  4,901
  5,135
  5,382
  5,642
  5,915
  6,202
Operating income, $m
  202
  172
  176
  182
  188
  195
  202
  211
  219
  229
  239
  287
  298
  311
  324
  338
  352
  368
  385
  402
  421
  440
  461
  482
  505
  529
  555
  581
  609
  639
  670
EBITDA, $m
  280
  261
  267
  274
  282
  290
  300
  310
  321
  333
  346
  359
  374
  390
  406
  424
  442
  462
  483
  505
  528
  552
  578
  605
  634
  664
  696
  729
  764
  801
  840
Interest expense (income), $m
  30
  25
  26
  27
  28
  29
  30
  32
  34
  35
  37
  39
  42
  44
  47
  49
  52
  55
  59
  62
  66
  69
  73
  78
  82
  87
  92
  97
  102
  108
  114
Earnings before tax, $m
  167
  147
  151
  155
  160
  166
  172
  179
  186
  193
  202
  247
  256
  266
  277
  288
  300
  313
  326
  340
  355
  371
  387
  405
  423
  442
  463
  484
  507
  531
  556
Tax expense, $m
  50
  40
  41
  42
  43
  45
  46
  48
  50
  52
  54
  67
  69
  72
  75
  78
  81
  84
  88
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
Net income, $m
  124
  107
  110
  113
  117
  121
  126
  130
  136
  141
  147
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  295
  309
  323
  338
  354
  370
  387
  406

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  142
  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
  2,058
  1,955
  2,000
  2,051
  2,109
  2,173
  2,243
  2,320
  2,402
  2,491
  2,587
  2,689
  2,799
  2,915
  3,038
  3,169
  3,308
  3,455
  3,611
  3,775
  3,948
  4,131
  4,324
  4,528
  4,742
  4,968
  5,206
  5,456
  5,719
  5,996
  6,287
Adjusted assets (=assets-cash), $m
  1,916
  1,955
  2,000
  2,051
  2,109
  2,173
  2,243
  2,320
  2,402
  2,491
  2,587
  2,689
  2,799
  2,915
  3,038
  3,169
  3,308
  3,455
  3,611
  3,775
  3,948
  4,131
  4,324
  4,528
  4,742
  4,968
  5,206
  5,456
  5,719
  5,996
  6,287
Revenue / Adjusted assets
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
  1.093
Average production assets, $m
  723
  737
  754
  774
  795
  819
  846
  875
  906
  939
  976
  1,014
  1,055
  1,099
  1,146
  1,195
  1,247
  1,303
  1,362
  1,423
  1,489
  1,558
  1,631
  1,707
  1,788
  1,873
  1,963
  2,057
  2,157
  2,261
  2,371
Working capital, $m
  419
  402
  411
  422
  433
  447
  461
  477
  494
  512
  532
  553
  575
  599
  624
  651
  680
  710
  742
  776
  811
  849
  889
  930
  974
  1,021
  1,070
  1,121
  1,175
  1,232
  1,292
Total debt, $m
  706
  609
  632
  659
  689
  723
  759
  799
  842
  889
  939
  993
  1,050
  1,110
  1,175
  1,244
  1,316
  1,393
  1,474
  1,560
  1,651
  1,747
  1,848
  1,954
  2,066
  2,184
  2,309
  2,439
  2,577
  2,722
  2,874
Total liabilities, $m
  1,120
  1,023
  1,046
  1,073
  1,103
  1,137
  1,173
  1,213
  1,256
  1,303
  1,353
  1,407
  1,464
  1,524
  1,589
  1,658
  1,730
  1,807
  1,888
  1,974
  2,065
  2,161
  2,262
  2,368
  2,480
  2,598
  2,723
  2,853
  2,991
  3,136
  3,288
Total equity, $m
  938
  933
  954
  979
  1,006
  1,037
  1,070
  1,106
  1,146
  1,188
  1,234
  1,283
  1,335
  1,390
  1,449
  1,512
  1,578
  1,648
  1,722
  1,801
  1,883
  1,971
  2,063
  2,160
  2,262
  2,370
  2,483
  2,602
  2,728
  2,860
  2,999
Total liabilities and equity, $m
  2,058
  1,956
  2,000
  2,052
  2,109
  2,174
  2,243
  2,319
  2,402
  2,491
  2,587
  2,690
  2,799
  2,914
  3,038
  3,170
  3,308
  3,455
  3,610
  3,775
  3,948
  4,132
  4,325
  4,528
  4,742
  4,968
  5,206
  5,455
  5,719
  5,996
  6,287
Debt-to-equity ratio
  0.753
  0.650
  0.660
  0.670
  0.680
  0.700
  0.710
  0.720
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
Adjusted equity ratio
  0.435
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  124
  107
  110
  113
  117
  121
  126
  130
  136
  141
  147
  180
  187
  194
  202
  210
  219
  228
  238
  248
  259
  271
  283
  295
  309
  323
  338
  354
  370
  387
  406
Depreciation, amort., depletion, $m
  78
  90
  91
  92
  94
  96
  97
  100
  102
  104
  107
  73
  76
  79
  82
  86
  90
  94
  98
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  171
Funds from operations, $m
  170
  197
  201
  206
  211
  217
  223
  230
  237
  245
  254
  253
  263
  274
  285
  296
  309
  322
  336
  351
  366
  383
  400
  418
  438
  458
  479
  502
  525
  550
  576
Change in working capital, $m
  -26
  8
  9
  11
  12
  13
  14
  16
  17
  18
  20
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
  60
Cash from operations, $m
  196
  189
  192
  195
  199
  204
  209
  214
  220
  227
  234
  232
  241
  250
  259
  269
  280
  292
  304
  317
  331
  345
  360
  377
  393
  411
  430
  450
  471
  493
  516
Maintenance CAPEX, $m
  0
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
New CAPEX, $m
  -63
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
Cash from investing activities, $m
  -112
  -66
  -70
  -73
  -78
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
  -131
  -138
  -145
  -153
  -160
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -235
  -247
  -259
  -273
Free cash flow, $m
  84
  123
  122
  121
  122
  122
  123
  125
  126
  128
  131
  124
  127
  130
  134
  138
  142
  147
  152
  157
  163
  169
  176
  182
  190
  198
  206
  215
  224
  233
  244
Issuance/(repayment) of debt, $m
  -15
  20
  24
  27
  30
  33
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
  152
Issuance/(repurchase) of shares, $m
  -12
  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  
  -25
  20
  24
  27
  30
  33
  37
  40
  43
  47
  50
  53
  57
  61
  65
  69
  73
  77
  81
  86
  91
  96
  101
  106
  112
  118
  124
  131
  138
  145
  152
Total cash flow (excl. dividends), $m
  51
  142
  145
  148
  152
  156
  160
  165
  170
  175
  181
  177
  184
  191
  198
  206
  215
  224
  233
  243
  254
  265
  276
  289
  302
  316
  330
  345
  361
  378
  396
Retained Cash Flow (-), $m
  -65
  -20
  -21
  -25
  -28
  -31
  -33
  -36
  -39
  -42
  -46
  -49
  -52
  -55
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -126
  -132
  -139
Prev. year cash balance distribution, $m
 
  25
  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
 
  148
  124
  124
  124
  125
  126
  128
  130
  132
  135
  128
  132
  135
  139
  144
  148
  153
  159
  165
  171
  177
  184
  192
  200
  208
  217
  226
  236
  246
  257
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  140
  110
  103
  97
  90
  84
  77
  71
  65
  59
  49
  44
  39
  34
  30
  25
  22
  18
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
  1
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

H.B. Fuller Company, together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, and other specialty chemical products worldwide. The company operates through five segments: Americas Adhesives; Europe, India, Middle East and Africa (EIMEA); Asia Pacific; Construction Products; and Engineering Adhesives. . It offers a range of specialty adhesives, such as thermoplastic, thermoset, reactive, water-based, and solvent-based products; and caulks and sealants for the consumer market and professional trade. The company also provides industrial adhesives products for applications in various markets, including assembly, packaging, converting, nonwoven and hygiene, performance wood, flooring, textile, flexible packaging, graphic arts, envelope, transportation, electronics, medical, clean energy, appliance, heavy machinery, audio equipment, automotive, and structural markets. In addition, it offers adhesives, grouts, mortars, sealers, and levelers for tile setting; and duct sealants, weather barriers and fungicidal coatings, and block fillers for heating, ventilation, air conditioning, and insulation applications. Further, the company provides tile and stone installation products. It serves manufacturers of food and beverages, hygiene products, clothing, appliances, electronics, automobiles, filters, construction materials, wood flooring, furniture, cabinetry, windows, doors, tissue and towel, corrugation, tube winding, packaging, labels, and tapes. The company sells its products through direct sales force, distributors, wholesalers, and retailers. H.B. Fuller Company was founded in 1887 and is headquartered in Saint Paul, Minnesota.

FINANCIAL RATIOS  of  H.B. Fuller (FUL)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 1.2
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.8%
Cap. Spend. - 3 Yr. Gr. Rate -12.7%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 62.8%
Total Debt to Equity 75.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 9.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 29.1%
Gross Margin - 3 Yr. Avg. 27.2%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 11%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 7.4%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 6.1%
Net Profit Margin 5.9%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate 29.9%
Eff/ Tax Rate - 3 Yr. Avg. 37.9%
Payout Ratio 22.6%

FUL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FUL stock intrinsic value calculation we used $2095 million for the last fiscal year's total revenue generated by H.B. Fuller. The default revenue input number comes from 2016 income statement of H.B. Fuller. 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 FUL 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 5.6%, whose default value for FUL is calculated based on our internal credit rating of H.B. Fuller, 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 H.B. Fuller.
    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 FUL stock the variable cost ratio is equal to 92%.

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 FUL 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 4.2% for H.B. Fuller.

Corporate tax rate of 27% is the nominal tax rate for H.B. Fuller. 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 FUL 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 FUL are equal to 34.5%.

Life of production assets of 13.9 years is the average useful life of capital assets used in H.B. Fuller 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 FUL is equal to 18.8%. 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 - $938 million for H.B. Fuller - 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 50.01 million for H.B. Fuller 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 H.B. Fuller at the current share price and the inputted number of shares is $2.6 billion.


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COMPANY NEWS

▶ H.B. Fuller Company Agrees to Purchase Adecol   [Jul-18-17 09:00AM  GlobeNewswire]
▶ H.B. Fuller Announces Quarterly Dividend   [Jul-13-17 01:21PM  GlobeNewswire]
▶ H.B. Fuller Co. Value Analysis (NYSE:FUL) : July 11, 2017   [Jul-11-17 03:32PM  Capital Cube]
▶ H. B. Fuller misses Street 2Q forecasts   [Jun-28-17 09:54PM  Associated Press]
▶ H.B. Fuller Co. Value Analysis (NYSE:FUL) : May 19, 2017   [May-19-17 02:27PM  Capital Cube]
▶ ETFs with exposure to H.B. Fuller Co. : April 7, 2017   [Apr-07-17 04:36PM  Capital Cube]
▶ H.B. Fuller Reports First Quarter 2017 Results   [Mar-29-17 08:14PM  GlobeNewswire]
▶ HB Fuller Expands in India with New R&D Center   [Mar-27-17 08:49AM  Market Realist]
▶ H.B. Fuller Has Another Round of Price Hikes   [Mar-13-17 03:28PM  Market Realist]
▶ H.B. Fuller Announces Pricing of $300 Million Debt Offering   [Feb-09-17 04:36PM  GlobeNewswire]
▶ H.B. Fuller Announces Quarterly Dividend   [Jan-26-17 01:55PM  GlobeNewswire]
▶ HB Fuller Co (FUL): Are Hedge Funds Right About This Stock?   [Dec-06-16 10:09AM  at Insider Monkey]
▶ H.B. Fuller Announces Quarterly Dividend   [Oct-13-16 05:11PM  GlobeNewswire]
Stock chart of FUL Financial statements of FUL Annual reports of FUL
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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