Intrinsic value of W.W. Grainger - GWW

Previous Close

$200.40

  Intrinsic Value

$178.97

stock screener

  Rating & Target

hold

-11%

Previous close

$200.40

 
Intrinsic value

$178.97

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of GWW 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 11.4

 

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, %
  1.64
  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
  10,137
  10,340
  10,578
  10,849
  11,155
  11,493
  11,864
  12,268
  12,705
  13,176
  13,682
  14,223
  14,800
  15,415
  16,068
  16,761
  17,496
  18,273
  19,096
  19,964
  20,882
  21,850
  22,870
  23,946
  25,080
  26,274
  27,531
  28,854
  30,247
  31,711
  33,252
Variable operating expenses, $m
 
  8,995
  9,200
  9,435
  9,699
  9,992
  10,313
  10,662
  11,040
  11,448
  11,885
  12,300
  12,799
  13,331
  13,896
  14,495
  15,130
  15,803
  16,514
  17,265
  18,058
  18,896
  19,778
  20,709
  21,689
  22,722
  23,809
  24,953
  26,157
  27,424
  28,757
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
  9,018
  8,995
  9,200
  9,435
  9,699
  9,992
  10,313
  10,662
  11,040
  11,448
  11,885
  12,300
  12,799
  13,331
  13,896
  14,495
  15,130
  15,803
  16,514
  17,265
  18,058
  18,896
  19,778
  20,709
  21,689
  22,722
  23,809
  24,953
  26,157
  27,424
  28,757
Operating income, $m
  1,120
  1,345
  1,377
  1,414
  1,455
  1,501
  1,551
  1,606
  1,665
  1,729
  1,797
  1,923
  2,001
  2,084
  2,172
  2,266
  2,365
  2,471
  2,582
  2,699
  2,823
  2,954
  3,092
  3,238
  3,391
  3,552
  3,722
  3,901
  4,089
  4,287
  4,496
EBITDA, $m
  1,369
  1,599
  1,636
  1,678
  1,725
  1,777
  1,834
  1,897
  1,965
  2,037
  2,116
  2,199
  2,288
  2,383
  2,484
  2,592
  2,705
  2,825
  2,953
  3,087
  3,229
  3,378
  3,536
  3,703
  3,878
  4,063
  4,257
  4,461
  4,677
  4,903
  5,142
Interest expense (income), $m
  63
  69
  72
  75
  78
  82
  86
  91
  96
  101
  107
  113
  120
  127
  135
  143
  152
  161
  171
  181
  192
  203
  215
  228
  242
  256
  271
  286
  303
  320
  339
Earnings before tax, $m
  1,019
  1,276
  1,306
  1,340
  1,377
  1,419
  1,465
  1,515
  1,569
  1,628
  1,690
  1,810
  1,881
  1,957
  2,037
  2,123
  2,214
  2,310
  2,411
  2,518
  2,631
  2,751
  2,877
  3,009
  3,149
  3,296
  3,451
  3,615
  3,786
  3,967
  4,157
Tax expense, $m
  386
  345
  353
  362
  372
  383
  396
  409
  424
  439
  456
  489
  508
  528
  550
  573
  598
  624
  651
  680
  710
  743
  777
  813
  850
  890
  932
  976
  1,022
  1,071
  1,122
Net income, $m
  606
  932
  953
  978
  1,006
  1,036
  1,070
  1,106
  1,146
  1,188
  1,234
  1,321
  1,373
  1,428
  1,487
  1,550
  1,616
  1,686
  1,760
  1,838
  1,921
  2,008
  2,100
  2,197
  2,299
  2,406
  2,520
  2,639
  2,764
  2,896
  3,035

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  274
  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
  5,694
  5,529
  5,656
  5,802
  5,965
  6,146
  6,344
  6,560
  6,794
  7,046
  7,317
  7,606
  7,915
  8,243
  8,593
  8,963
  9,356
  9,772
  10,212
  10,676
  11,167
  11,684
  12,230
  12,806
  13,412
  14,050
  14,722
  15,430
  16,175
  16,958
  17,782
Adjusted assets (=assets-cash), $m
  5,420
  5,529
  5,656
  5,802
  5,965
  6,146
  6,344
  6,560
  6,794
  7,046
  7,317
  7,606
  7,915
  8,243
  8,593
  8,963
  9,356
  9,772
  10,212
  10,676
  11,167
  11,684
  12,230
  12,806
  13,412
  14,050
  14,722
  15,430
  16,175
  16,958
  17,782
Revenue / Adjusted assets
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
  1.870
Average production assets, $m
  2,043
  2,089
  2,137
  2,192
  2,253
  2,322
  2,396
  2,478
  2,566
  2,662
  2,764
  2,873
  2,990
  3,114
  3,246
  3,386
  3,534
  3,691
  3,857
  4,033
  4,218
  4,414
  4,620
  4,837
  5,066
  5,307
  5,561
  5,829
  6,110
  6,406
  6,717
Working capital, $m
  1,391
  1,551
  1,587
  1,627
  1,673
  1,724
  1,780
  1,840
  1,906
  1,976
  2,052
  2,133
  2,220
  2,312
  2,410
  2,514
  2,624
  2,741
  2,864
  2,995
  3,132
  3,277
  3,431
  3,592
  3,762
  3,941
  4,130
  4,328
  4,537
  4,757
  4,988
Total debt, $m
  2,247
  2,045
  2,130
  2,227
  2,336
  2,456
  2,589
  2,733
  2,890
  3,058
  3,239
  3,432
  3,638
  3,858
  4,091
  4,338
  4,601
  4,879
  5,172
  5,483
  5,810
  6,156
  6,521
  6,905
  7,310
  7,737
  8,186
  8,658
  9,156
  9,679
  10,229
Total liabilities, $m
  3,896
  3,694
  3,779
  3,876
  3,985
  4,105
  4,238
  4,382
  4,539
  4,707
  4,888
  5,081
  5,287
  5,507
  5,740
  5,987
  6,250
  6,528
  6,821
  7,132
  7,459
  7,805
  8,170
  8,554
  8,959
  9,386
  9,835
  10,307
  10,805
  11,328
  11,878
Total equity, $m
  1,798
  1,836
  1,878
  1,926
  1,980
  2,040
  2,106
  2,178
  2,256
  2,339
  2,429
  2,525
  2,628
  2,737
  2,853
  2,976
  3,106
  3,244
  3,390
  3,544
  3,707
  3,879
  4,060
  4,251
  4,453
  4,665
  4,888
  5,123
  5,370
  5,630
  5,904
Total liabilities and equity, $m
  5,694
  5,530
  5,657
  5,802
  5,965
  6,145
  6,344
  6,560
  6,795
  7,046
  7,317
  7,606
  7,915
  8,244
  8,593
  8,963
  9,356
  9,772
  10,211
  10,676
  11,166
  11,684
  12,230
  12,805
  13,412
  14,051
  14,723
  15,430
  16,175
  16,958
  17,782
Debt-to-equity ratio
  1.250
  1.110
  1.130
  1.160
  1.180
  1.200
  1.230
  1.250
  1.280
  1.310
  1.330
  1.360
  1.380
  1.410
  1.430
  1.460
  1.480
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
Adjusted equity ratio
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  606
  932
  953
  978
  1,006
  1,036
  1,070
  1,106
  1,146
  1,188
  1,234
  1,321
  1,373
  1,428
  1,487
  1,550
  1,616
  1,686
  1,760
  1,838
  1,921
  2,008
  2,100
  2,197
  2,299
  2,406
  2,520
  2,639
  2,764
  2,896
  3,035
Depreciation, amort., depletion, $m
  249
  254
  258
  263
  269
  276
  283
  291
  299
  309
  318
  276
  287
  299
  312
  326
  340
  355
  371
  388
  406
  424
  444
  465
  487
  510
  535
  560
  587
  616
  646
Funds from operations, $m
  1,013
  1,185
  1,211
  1,241
  1,275
  1,312
  1,353
  1,397
  1,445
  1,497
  1,552
  1,597
  1,661
  1,728
  1,799
  1,875
  1,956
  2,041
  2,131
  2,226
  2,326
  2,432
  2,544
  2,662
  2,786
  2,917
  3,054
  3,199
  3,351
  3,512
  3,680
Change in working capital, $m
  10
  30
  36
  41
  46
  51
  56
  61
  66
  71
  76
  81
  87
  92
  98
  104
  110
  117
  123
  130
  138
  145
  153
  161
  170
  179
  189
  198
  209
  220
  231
Cash from operations, $m
  1,003
  1,155
  1,176
  1,201
  1,229
  1,261
  1,297
  1,337
  1,380
  1,426
  1,476
  1,516
  1,574
  1,636
  1,701
  1,771
  1,846
  1,924
  2,008
  2,096
  2,189
  2,287
  2,391
  2,500
  2,616
  2,738
  2,866
  3,001
  3,143
  3,292
  3,449
Maintenance CAPEX, $m
  0
  -196
  -201
  -205
  -211
  -217
  -223
  -230
  -238
  -247
  -256
  -266
  -276
  -287
  -299
  -312
  -326
  -340
  -355
  -371
  -388
  -406
  -424
  -444
  -465
  -487
  -510
  -535
  -560
  -587
  -616
New CAPEX, $m
  -284
  -46
  -48
  -55
  -62
  -68
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -196
  -206
  -217
  -229
  -241
  -254
  -267
  -281
  -296
  -311
Cash from investing activities, $m
  -262
  -242
  -249
  -260
  -273
  -285
  -298
  -312
  -326
  -342
  -358
  -375
  -393
  -411
  -431
  -452
  -474
  -497
  -521
  -546
  -573
  -602
  -630
  -661
  -694
  -728
  -764
  -802
  -841
  -883
  -927
Free cash flow, $m
  741
  913
  927
  940
  957
  976
  999
  1,024
  1,053
  1,084
  1,118
  1,141
  1,181
  1,224
  1,270
  1,319
  1,372
  1,427
  1,487
  1,549
  1,616
  1,686
  1,760
  1,839
  1,922
  2,009
  2,101
  2,199
  2,301
  2,409
  2,522
Issuance/(repayment) of debt, $m
  292
  72
  85
  97
  109
  121
  133
  144
  156
  168
  181
  193
  206
  220
  233
  248
  262
  278
  294
  310
  328
  346
  365
  384
  405
  427
  449
  473
  497
  523
  550
Issuance/(repurchase) of shares, $m
  -756
  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  
  -452
  72
  85
  97
  109
  121
  133
  144
  156
  168
  181
  193
  206
  220
  233
  248
  262
  278
  294
  310
  328
  346
  365
  384
  405
  427
  449
  473
  497
  523
  550
Total cash flow (excl. dividends), $m
  287
  984
  1,012
  1,037
  1,066
  1,097
  1,132
  1,169
  1,209
  1,252
  1,299
  1,334
  1,387
  1,444
  1,503
  1,567
  1,634
  1,705
  1,780
  1,860
  1,943
  2,032
  2,125
  2,223
  2,327
  2,436
  2,550
  2,671
  2,798
  2,932
  3,073
Retained Cash Flow (-), $m
  469
  -38
  -42
  -48
  -54
  -60
  -66
  -72
  -78
  -84
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
  -181
  -191
  -201
  -212
  -223
  -235
  -247
  -260
  -274
Prev. year cash balance distribution, $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 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
 
  946
  970
  989
  1,012
  1,037
  1,066
  1,097
  1,131
  1,169
  1,209
  1,238
  1,285
  1,334
  1,387
  1,444
  1,504
  1,567
  1,634
  1,705
  1,781
  1,860
  1,944
  2,032
  2,126
  2,224
  2,327
  2,436
  2,551
  2,672
  2,799
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  895
  861
  821
  780
  738
  694
  650
  604
  558
  511
  459
  413
  368
  324
  283
  243
  207
  173
  142
  116
  92
  72
  55
  42
  31
  22
  15
  11
  7
  5
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

W.W. Grainger, Inc. (Grainger) is a distributor of maintenance, repair and operating (MRO) supplies and other related products and services. The Company offers its products and services to businesses and institutions in the United States and Canada, with presence also in Europe, Asia and Latin America. The Company operates through two segments, which include the United States and Canada. The Company's business support functions provide coordination and guidance in the areas of accounting and finance, business development, communications and investor relations, compensation and benefits, information systems, health and safety, global supply chain functions, human resources, risk management, internal audit, legal, real estate, security, tax and treasury. The Company's other businesses also include Zoro Tools, Inc. (Zoro), the single channel online business in the United States, MonotaRO Co. (MonotaRO) in Japan, and operations in Europe, Asia and Latin America.

FINANCIAL RATIOS  of  W.W. Grainger (GWW)

Valuation Ratios
P/E Ratio 19.4
Price to Sales 1.2
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 11.7
Price to Free Cash Flow 16.4
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 102.4%
Total Debt to Equity 125%
Interest Coverage 17
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.5%
Return On Equity 29.8%
Return On Equity - 3 Yr. Avg. 27.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 40.6%
Gross Margin - 3 Yr. Avg. 42.1%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 50%

GWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWW stock intrinsic value calculation we used $10137 million for the last fiscal year's total revenue generated by W.W. Grainger. The default revenue input number comes from 2016 income statement of W.W. Grainger. 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 GWW 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 5.8%, whose default value for GWW is calculated based on our internal credit rating of W.W. Grainger, 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 W.W. Grainger.
    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 GWW stock the variable cost ratio is equal to 87%.

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 GWW 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 W.W. Grainger.

Corporate tax rate of 27% is the nominal tax rate for W.W. Grainger. 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 GWW 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 GWW are equal to 20.2%.

Life of production assets of 10.4 years is the average useful life of capital assets used in W.W. Grainger 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 GWW is equal to 15%. 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 - $1798 million for W.W. Grainger - 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 56.975 million for W.W. Grainger 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 W.W. Grainger at the current share price and the inputted number of shares is $11.4 billion.

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COMPANY NEWS

▶ Grainger Provides Outlook At Analyst Meeting   [Nov-10-17 10:45AM  PR Newswire]
▶ Grainger To Host Annual Analyst Meeting   [Nov-06-17 10:00AM  PR Newswire]
▶ 37 Stocks That Will Probably Keep Nosediving   [12:52PM  TheStreet.com]
▶ Grainger Declares Quarterly Dividend   [Oct-25-17 10:23AM  PR Newswire]
▶ The Long-Term Risk Remains For Grainger   [Oct-19-17 09:31AM  Benzinga]
▶ The Hot Stock: W.W. Grainger SoarsFor Now   [Oct-17-17 05:23PM  Barrons.com]
▶ Should You Buy WW Grainger Inc (GWW) Now?   [11:31AM  Simply Wall St.]
▶ W.W. Grainger tops Street 3Q forecasts   [08:13AM  Associated Press]
▶ Is There Now An Opportunity In WW Grainger Inc (GWW)?   [Sep-14-17 05:43PM  Simply Wall St.]
▶ 2 Beaten Up Dividend Aristocrats: Are They Bargains?   [Sep-01-17 08:03AM  Motley Fool]
▶ JETS Tumbles, Blame it on the Hedge Funds?   [Aug-23-17 04:13PM  Barrons.com]
▶ Dividend Yield of W.W. Grainger   [12:42PM  Market Realist]
▶ Amazon: The Devil You Know and the Devil You Dont   [Aug-15-17 09:00AM  24/7 Wall St.]
▶ 3 Top Dividend Aristocrats To Own Forever   [Aug-05-17 08:03AM  Motley Fool]
▶ The Biggest Q2 Surprises For Multi-Industry Stocks   [Aug-04-17 03:53PM  Barrons.com]
▶ Grainger Declares Quarterly Dividend   [Jul-26-17 12:16PM  PR Newswire]
▶ Is Amazon Business the Next AWS?   [11:03AM  Investopedia]
▶ ETFs with exposure to W.W. Grainger, Inc. : July 24, 2017   [Jul-24-17 04:18PM  Capital Cube]
▶ Middlemen the new Amazon victims?   [11:51AM  CNBC Videos]
▶ Markets Too Pessimistic on Grainger   [Jul-21-17 07:00AM  Morningstar]
▶ W.W. Grainger tops 2Q profit forecasts   [Jul-19-17 11:13PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:08AM  Briefing.com]
▶ [$$] W.W. Grainger CFO to Retire, Profit Falls   [10:30AM  The Wall Street Journal]
▶ ETFs with exposure to W.W. Grainger, Inc. : July 14, 2017   [Jul-14-17 02:43PM  Capital Cube]
▶ The Biggest Loser: W.W. Grainger Tumbles 4.3%   [Jul-12-17 04:45PM  Barrons.com]
▶ Hiring surge: Big job announcements up 71 percent   [Jul-09-17 09:41PM  American City Business Journals]
Financial statements of GWW
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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