Intrinsic value of Heico - HEI

Previous Close

$92.29

  Intrinsic Value

$58.83

stock screener

  Rating & Target

sell

-36%

Previous close

$92.29

 
Intrinsic value

$58.83

 
Up/down potential

-36%

 
Rating

sell

We calculate the intrinsic value of HEI 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 7.0

 

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, %
  15.73
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  1,376
  1,515
  1,660
  1,812
  1,970
  2,134
  2,305
  2,483
  2,668
  2,860
  3,059
  3,266
  3,482
  3,706
  3,940
  4,183
  4,436
  4,699
  4,974
  5,261
  5,560
  5,873
  6,199
  6,540
  6,897
  7,270
  7,660
  8,068
  8,496
  8,943
  9,412
Variable operating expenses, $m
 
  1,214
  1,322
  1,435
  1,552
  1,675
  1,802
  1,934
  2,072
  2,214
  2,363
  2,430
  2,591
  2,758
  2,931
  3,112
  3,300
  3,497
  3,701
  3,915
  4,137
  4,370
  4,613
  4,866
  5,132
  5,409
  5,700
  6,003
  6,321
  6,654
  7,003
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
  1,111
  1,214
  1,322
  1,435
  1,552
  1,675
  1,802
  1,934
  2,072
  2,214
  2,363
  2,430
  2,591
  2,758
  2,931
  3,112
  3,300
  3,497
  3,701
  3,915
  4,137
  4,370
  4,613
  4,866
  5,132
  5,409
  5,700
  6,003
  6,321
  6,654
  7,003
Operating income, $m
  265
  301
  338
  377
  418
  460
  503
  549
  596
  645
  696
  836
  891
  949
  1,008
  1,070
  1,135
  1,203
  1,273
  1,347
  1,423
  1,503
  1,587
  1,674
  1,765
  1,861
  1,960
  2,065
  2,174
  2,289
  2,409
EBITDA, $m
  325
  411
  450
  491
  534
  579
  625
  673
  723
  775
  829
  885
  944
  1,005
  1,068
  1,134
  1,202
  1,274
  1,348
  1,426
  1,507
  1,592
  1,681
  1,773
  1,870
  1,971
  2,076
  2,187
  2,303
  2,424
  2,551
Interest expense (income), $m
  8
  16
  20
  24
  28
  32
  37
  41
  46
  51
  57
  62
  68
  74
  80
  86
  93
  100
  107
  115
  122
  131
  139
  148
  157
  167
  177
  188
  199
  211
  223
Earnings before tax, $m
  257
  285
  318
  353
  390
  427
  467
  507
  550
  594
  640
  774
  823
  875
  928
  984
  1,042
  1,103
  1,166
  1,232
  1,301
  1,372
  1,447
  1,526
  1,608
  1,693
  1,783
  1,877
  1,975
  2,078
  2,186
Tax expense, $m
  81
  77
  86
  95
  105
  115
  126
  137
  148
  160
  173
  209
  222
  236
  251
  266
  281
  298
  315
  333
  351
  371
  391
  412
  434
  457
  481
  507
  533
  561
  590
Net income, $m
  156
  208
  232
  258
  284
  312
  341
  370
  401
  434
  467
  565
  601
  639
  678
  718
  761
  805
  851
  899
  949
  1,002
  1,057
  1,114
  1,174
  1,236
  1,302
  1,370
  1,442
  1,517
  1,595

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  43
  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
  2,039
  2,199
  2,410
  2,630
  2,859
  3,098
  3,346
  3,604
  3,872
  4,150
  4,440
  4,741
  5,054
  5,379
  5,718
  6,071
  6,438
  6,821
  7,220
  7,636
  8,070
  8,524
  8,998
  9,493
  10,010
  10,551
  11,118
  11,710
  12,330
  12,980
  13,660
Adjusted assets (=assets-cash), $m
  1,996
  2,199
  2,410
  2,630
  2,859
  3,098
  3,346
  3,604
  3,872
  4,150
  4,440
  4,741
  5,054
  5,379
  5,718
  6,071
  6,438
  6,821
  7,220
  7,636
  8,070
  8,524
  8,998
  9,493
  10,010
  10,551
  11,118
  11,710
  12,330
  12,980
  13,660
Revenue / Adjusted assets
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
  0.689
Average production assets, $m
  433
  477
  523
  571
  620
  672
  726
  782
  840
  901
  964
  1,029
  1,097
  1,167
  1,241
  1,318
  1,397
  1,480
  1,567
  1,657
  1,752
  1,850
  1,953
  2,060
  2,173
  2,290
  2,413
  2,541
  2,676
  2,817
  2,965
Working capital, $m
  370
  361
  395
  431
  469
  508
  549
  591
  635
  681
  728
  777
  829
  882
  938
  995
  1,056
  1,118
  1,184
  1,252
  1,323
  1,398
  1,475
  1,557
  1,641
  1,730
  1,823
  1,920
  2,022
  2,128
  2,240
Total debt, $m
  458
  567
  681
  799
  923
  1,052
  1,185
  1,324
  1,469
  1,619
  1,775
  1,937
  2,106
  2,281
  2,464
  2,654
  2,852
  3,058
  3,273
  3,498
  3,732
  3,976
  4,232
  4,499
  4,777
  5,069
  5,374
  5,694
  6,028
  6,378
  6,745
Total liabilities, $m
  1,076
  1,185
  1,299
  1,417
  1,541
  1,670
  1,803
  1,942
  2,087
  2,237
  2,393
  2,555
  2,724
  2,899
  3,082
  3,272
  3,470
  3,676
  3,891
  4,116
  4,350
  4,594
  4,850
  5,117
  5,395
  5,687
  5,992
  6,312
  6,646
  6,996
  7,363
Total equity, $m
  963
  1,014
  1,111
  1,212
  1,318
  1,428
  1,542
  1,661
  1,785
  1,913
  2,047
  2,186
  2,330
  2,480
  2,636
  2,799
  2,968
  3,144
  3,328
  3,520
  3,720
  3,929
  4,148
  4,376
  4,615
  4,864
  5,125
  5,398
  5,684
  5,984
  6,297
Total liabilities and equity, $m
  2,039
  2,199
  2,410
  2,629
  2,859
  3,098
  3,345
  3,603
  3,872
  4,150
  4,440
  4,741
  5,054
  5,379
  5,718
  6,071
  6,438
  6,820
  7,219
  7,636
  8,070
  8,523
  8,998
  9,493
  10,010
  10,551
  11,117
  11,710
  12,330
  12,980
  13,660
Debt-to-equity ratio
  0.476
  0.560
  0.610
  0.660
  0.700
  0.740
  0.770
  0.800
  0.820
  0.850
  0.870
  0.890
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
Adjusted equity ratio
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  156
  208
  232
  258
  284
  312
  341
  370
  401
  434
  467
  565
  601
  639
  678
  718
  761
  805
  851
  899
  949
  1,002
  1,057
  1,114
  1,174
  1,236
  1,302
  1,370
  1,442
  1,517
  1,595
Depreciation, amort., depletion, $m
  60
  110
  112
  114
  116
  119
  122
  124
  127
  130
  133
  49
  53
  56
  60
  63
  67
  71
  75
  80
  84
  89
  94
  99
  104
  110
  116
  122
  129
  135
  143
Funds from operations, $m
  255
  318
  344
  372
  401
  431
  462
  495
  528
  563
  600
  614
  654
  695
  737
  782
  828
  876
  927
  979
  1,034
  1,091
  1,151
  1,213
  1,278
  1,346
  1,418
  1,492
  1,570
  1,652
  1,738
Change in working capital, $m
  6
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  112
Cash from operations, $m
  249
  285
  310
  336
  363
  392
  421
  452
  484
  518
  552
  565
  602
  641
  682
  724
  768
  814
  861
  911
  962
  1,016
  1,073
  1,132
  1,193
  1,258
  1,325
  1,395
  1,469
  1,546
  1,626
Maintenance CAPEX, $m
  0
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -135
New CAPEX, $m
  -31
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -103
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
Cash from investing activities, $m
  -298
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -100
  -106
  -111
  -117
  -124
  -130
  -137
  -143
  -150
  -158
  -165
  -174
  -182
  -192
  -201
  -211
  -221
  -233
  -245
  -257
  -270
  -283
Free cash flow, $m
  -49
  220
  241
  263
  286
  310
  335
  361
  389
  417
  446
  453
  485
  518
  552
  588
  625
  663
  703
  745
  789
  834
  881
  930
  982
  1,036
  1,092
  1,151
  1,212
  1,276
  1,343
Issuance/(repayment) of debt, $m
  90
  109
  114
  119
  124
  129
  134
  139
  145
  150
  156
  162
  169
  175
  183
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  319
  334
  350
  367
Issuance/(repurchase) of shares, $m
  6
  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  
  68
  109
  114
  119
  124
  129
  134
  139
  145
  150
  156
  162
  169
  175
  183
  190
  198
  206
  215
  224
  234
  244
  255
  267
  279
  292
  305
  319
  334
  350
  367
Total cash flow (excl. dividends), $m
  20
  329
  355
  382
  410
  439
  469
  500
  533
  567
  602
  616
  654
  693
  735
  778
  823
  870
  918
  969
  1,023
  1,078
  1,136
  1,197
  1,261
  1,327
  1,397
  1,470
  1,546
  1,626
  1,710
Retained Cash Flow (-), $m
  -153
  -94
  -97
  -101
  -106
  -110
  -114
  -119
  -124
  -128
  -133
  -139
  -144
  -150
  -156
  -163
  -169
  -176
  -184
  -192
  -200
  -209
  -218
  -228
  -239
  -250
  -261
  -273
  -286
  -299
  -314
Prev. year cash balance distribution, $m
 
  43
  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
 
  278
  257
  280
  304
  329
  355
  382
  410
  439
  469
  477
  510
  543
  579
  615
  653
  693
  734
  778
  822
  869
  918
  969
  1,022
  1,078
  1,136
  1,197
  1,260
  1,327
  1,396
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  266
  235
  242
  248
  252
  254
  253
  251
  246
  239
  219
  209
  198
  185
  171
  156
  141
  125
  110
  95
  81
  68
  56
  46
  36
  28
  22
  16
  12
  9
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

HEICO Corporation manufactures Federal Aviation Administration (FAA)-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (OEMs) and their subcontractors. The Company also manufactures various types of electronic equipment for the aviation, medical, telecommunications and electronics industries. It operates through two segments: Flight Support Group (FSG) and Electronic Technologies Group (ETG). The FSG segment consists of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. and their collective subsidiaries. The FSG segment designs and manufactures jet engine and aircraft component replacement parts. The ETG segment consists of HEICO Electronic Technologies Corp. and its subsidiaries. The ETG segment designs and produces mission-critical subcomponents for various markets, which are utilized in larger systems, including targeting, tracking, identification, testing, communications, telecom and computer systems.

FINANCIAL RATIOS  of  Heico (HEI)

Valuation Ratios
P/E Ratio 49.8
Price to Sales 5.6
Price to Book 8.1
Price to Tangible Book
Price to Cash Flow 31.2
Price to Free Cash Flow 35.6
Growth Rates
Sales Growth Rate 15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.2%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 47.6%
Total Debt to Equity 47.6%
Interest Coverage 33
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 12%
Ret/ On T. Cap. - 3 Yr. Avg. 12%
Return On Equity 17.6%
Return On Equity - 3 Yr. Avg. 17.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.4%
Gross Margin - 3 Yr. Avg. 36.4%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 23.1%
Operating Margin 19.3%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 18.7%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 11.3%
Net Profit Margin - 3 Yr. Avg. 11.1%
Effective Tax Rate 31.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 7.1%

HEI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HEI stock intrinsic value calculation we used $1376 million for the last fiscal year's total revenue generated by Heico. The default revenue input number comes from 2016 income statement of Heico. 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 HEI stock valuation model: a) initial revenue growth rate of 10.1% 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 4.5%, whose default value for HEI is calculated based on our internal credit rating of Heico, 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 Heico.
    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 HEI stock the variable cost ratio is equal to 80.7%.

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 HEI 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 Heico.

Corporate tax rate of 27% is the nominal tax rate for Heico. 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 HEI 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 HEI are equal to 31.5%.

Life of production assets of 20.8 years is the average useful life of capital assets used in Heico 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 HEI is equal to 23.8%. 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 - $963 million for Heico - 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 76.281 million for Heico 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 Heico at the current share price and the inputted number of shares is $7.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to HEICO Corp. : October 16, 2017   [Oct-16-17 09:53AM  Capital Cube]
▶ ETFs with exposure to HEICO Corp. : October 5, 2017   [Oct-05-17 11:04AM  Capital Cube]
▶ Stocks Showing Improving Market Leadership: Flir Systems Earns 81 RS Rating   [Oct-03-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to HEICO Corp. : September 25, 2017   [Sep-25-17 10:39AM  Capital Cube]
▶ HEICO Corporation Completes AeroAntenna Acquisition   [Sep-15-17 10:13AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ ETFs with exposure to HEICO Corp. : August 31, 2017   [Aug-31-17 06:38PM  Capital Cube]
▶ Heico beats 3Q profit forecasts   [Aug-23-17 09:35PM  Associated Press]
▶ Heico buys SoCal-based AeroAntenna for $316.5 million   [Aug-18-17 03:55PM  American City Business Journals]
▶ Heico Corp. to buy California company in its largest-ever acquisition   [01:55PM  American City Business Journals]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ Stocks With Rising Relative Strength: Lockheed Martin   [Jul-20-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Transdigm   [Jul-17-17 03:00AM  Investor's Business Daily]
▶ Flir Systems Sees RS Rating Improve To 72   [03:00AM  Investor's Business Daily]
▶ 3 Under-the-Radar Defense Plays   [Jul-13-17 12:56PM  Investopedia]
▶ Can This Aircraft Stock Tail Boeing And Break Out?   [Jul-05-17 04:21PM  Investor's Business Daily]
▶ [$$] A Niche Business With Extraordinary Returns   [Jul-01-17 12:41AM  Barrons.com]
▶ HEICO Acquires Innovative Composites Manufacturer   [Jun-20-17 04:00AM  Business Wire]
▶ Defense Giant, Still In Buy Zone, Flexes Relative Strength   [Jun-15-17 11:51AM  Investor's Business Daily]
▶ ETFs with exposure to HEICO Corp. : June 12, 2017   [Jun-12-17 02:07PM  Capital Cube]
▶ VPT Expands its VXR High-Reliability Line   [Jun-06-17 10:46AM  PR Newswire]
▶ ETFs with exposure to HEICO Corp. : May 30, 2017   [May-30-17 12:30PM  Capital Cube]
▶ Heico Corp Earnings Hit Record in Second Quarter   [May-24-17 12:34PM  Motley Fool]
▶ After-hours buzz: INTU, HEI & more   [May-23-17 06:16PM  CNBC]
▶ Heico beats 2Q profit forecasts   [04:19PM  Associated Press]
▶ HEICO Corporation Completes Air Cost Control Acquisition   [Apr-25-17 08:30AM  GlobeNewswire]
▶ HEICO Corporation Announces 25% Increase in Credit Facility   [Apr-24-17 09:00AM  GlobeNewswire]
▶ HEICO Corp. Value Analysis (NYSE:HEI) : April 21, 2017   [Apr-21-17 03:33PM  Capital Cube]
▶ HEICO Corporation Shares Begin Post-Split Trading   [Apr-19-17 07:31AM  GlobeNewswire]
▶ Award-Winning Boeing Supplier Lands IBD Ratings Upgrade   [Apr-04-17 11:37AM  Investor's Business Daily]
▶ 5 Stellar Earnings Growth Stocks to Buy Now   [Mar-09-17 09:20AM  Zacks]
▶ Heico Corporation Reports Another Big Quarter   [Mar-01-17 03:44PM  at Motley Fool]
Financial statements of HEI
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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