Intrinsic value of Heico - HEI

Previous Close

$80.64

  Intrinsic Value

$92.63

stock screener

  Rating & Target

hold

+15%

Previous close

$80.64

 
Intrinsic value

$92.63

 
Up/down potential

+15%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.83
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
Revenue, $m
  1,525
  1,769
  2,033
  2,315
  2,617
  2,936
  3,274
  3,629
  4,001
  4,391
  4,798
  5,222
  5,663
  6,122
  6,599
  7,095
  7,611
  8,146
  8,703
  9,282
  9,884
  10,510
  11,163
  11,842
  12,549
  13,287
  14,056
  14,859
  15,697
  16,572
  17,486
Variable operating expenses, $m
 
  1,253
  1,423
  1,606
  1,801
  2,008
  2,227
  2,457
  2,698
  2,950
  3,213
  3,379
  3,665
  3,962
  4,270
  4,591
  4,925
  5,272
  5,632
  6,007
  6,396
  6,801
  7,223
  7,663
  8,121
  8,598
  9,096
  9,615
  10,157
  10,724
  11,316
Fixed operating expenses, $m
 
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  169
  174
  178
  182
  187
  192
  197
  201
  206
  212
  217
  222
  228
  234
  239
  245
  252
  258
  264
Total operating expenses, $m
  1,218
  1,382
  1,555
  1,742
  1,940
  2,151
  2,373
  2,607
  2,852
  3,107
  3,374
  3,544
  3,834
  4,136
  4,448
  4,773
  5,112
  5,464
  5,829
  6,208
  6,602
  7,013
  7,440
  7,885
  8,349
  8,832
  9,335
  9,860
  10,409
  10,982
  11,580
Operating income, $m
  307
  387
  477
  573
  676
  786
  901
  1,023
  1,150
  1,284
  1,424
  1,677
  1,829
  1,987
  2,151
  2,321
  2,499
  2,683
  2,875
  3,074
  3,281
  3,497
  3,722
  3,956
  4,200
  4,455
  4,721
  4,998
  5,288
  5,590
  5,906
EBITDA, $m
  372
  523
  617
  718
  826
  940
  1,061
  1,188
  1,322
  1,462
  1,608
  1,760
  1,919
  2,084
  2,255
  2,434
  2,619
  2,812
  3,013
  3,221
  3,438
  3,664
  3,899
  4,144
  4,399
  4,666
  4,944
  5,234
  5,536
  5,853
  6,184
Interest expense (income), $m
  10
  24
  31
  39
  48
  57
  67
  78
  89
  100
  112
  125
  138
  152
  166
  181
  196
  212
  229
  246
  264
  283
  302
  322
  343
  365
  388
  412
  437
  463
  490
Earnings before tax, $m
  298
  363
  446
  534
  628
  728
  834
  945
  1,062
  1,184
  1,311
  1,552
  1,691
  1,835
  1,985
  2,141
  2,302
  2,471
  2,646
  2,828
  3,018
  3,215
  3,420
  3,634
  3,857
  4,090
  4,333
  4,586
  4,851
  5,127
  5,416
Tax expense, $m
  90
  98
  120
  144
  170
  197
  225
  255
  287
  320
  354
  419
  457
  495
  536
  578
  622
  667
  714
  764
  815
  868
  923
  981
  1,041
  1,104
  1,170
  1,238
  1,310
  1,384
  1,462
Net income, $m
  186
  265
  325
  390
  459
  532
  609
  690
  775
  864
  957
  1,133
  1,234
  1,339
  1,449
  1,563
  1,681
  1,804
  1,932
  2,064
  2,203
  2,347
  2,497
  2,653
  2,816
  2,986
  3,163
  3,348
  3,541
  3,743
  3,954

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  52
  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
  2,512
  2,853
  3,278
  3,734
  4,221
  4,736
  5,281
  5,853
  6,454
  7,082
  7,738
  8,422
  9,134
  9,874
  10,644
  11,444
  12,275
  13,139
  14,037
  14,971
  15,942
  16,952
  18,004
  19,099
  20,240
  21,430
  22,671
  23,965
  25,317
  26,729
  28,204
Adjusted assets (=assets-cash), $m
  2,460
  2,853
  3,278
  3,734
  4,221
  4,736
  5,281
  5,853
  6,454
  7,082
  7,738
  8,422
  9,134
  9,874
  10,644
  11,444
  12,275
  13,139
  14,037
  14,971
  15,942
  16,952
  18,004
  19,099
  20,240
  21,430
  22,671
  23,965
  25,317
  26,729
  28,204
Revenue / Adjusted assets
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
  0.620
Average production assets, $m
  578
  670
  770
  878
  992
  1,113
  1,241
  1,375
  1,517
  1,664
  1,818
  1,979
  2,146
  2,320
  2,501
  2,689
  2,884
  3,087
  3,299
  3,518
  3,746
  3,983
  4,231
  4,488
  4,756
  5,036
  5,327
  5,631
  5,949
  6,281
  6,627
Working capital, $m
  383
  384
  441
  502
  568
  637
  710
  788
  868
  953
  1,041
  1,133
  1,229
  1,328
  1,432
  1,540
  1,652
  1,768
  1,889
  2,014
  2,145
  2,281
  2,422
  2,570
  2,723
  2,883
  3,050
  3,224
  3,406
  3,596
  3,795
Total debt, $m
  674
  889
  1,123
  1,373
  1,640
  1,923
  2,222
  2,536
  2,866
  3,211
  3,571
  3,947
  4,337
  4,744
  5,167
  5,606
  6,062
  6,537
  7,030
  7,542
  8,075
  8,630
  9,207
  9,808
  10,435
  11,088
  11,769
  12,480
  13,222
  13,997
  14,807
Total liabilities, $m
  1,351
  1,566
  1,800
  2,050
  2,317
  2,600
  2,899
  3,213
  3,543
  3,888
  4,248
  4,624
  5,014
  5,421
  5,844
  6,283
  6,739
  7,214
  7,707
  8,219
  8,752
  9,307
  9,884
  10,485
  11,112
  11,765
  12,446
  13,157
  13,899
  14,674
  15,484
Total equity, $m
  1,161
  1,287
  1,479
  1,684
  1,903
  2,136
  2,382
  2,640
  2,911
  3,194
  3,490
  3,798
  4,119
  4,453
  4,800
  5,161
  5,536
  5,926
  6,331
  6,752
  7,190
  7,646
  8,120
  8,614
  9,128
  9,665
  10,225
  10,808
  11,418
  12,055
  12,720
Total liabilities and equity, $m
  2,512
  2,853
  3,279
  3,734
  4,220
  4,736
  5,281
  5,853
  6,454
  7,082
  7,738
  8,422
  9,133
  9,874
  10,644
  11,444
  12,275
  13,140
  14,038
  14,971
  15,942
  16,953
  18,004
  19,099
  20,240
  21,430
  22,671
  23,965
  25,317
  26,729
  28,204
Debt-to-equity ratio
  0.581
  0.690
  0.760
  0.820
  0.860
  0.900
  0.930
  0.960
  0.980
  1.010
  1.020
  1.040
  1.050
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.160
Adjusted equity ratio
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451
  0.451

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  186
  265
  325
  390
  459
  532
  609
  690
  775
  864
  957
  1,133
  1,234
  1,339
  1,449
  1,563
  1,681
  1,804
  1,932
  2,064
  2,203
  2,347
  2,497
  2,653
  2,816
  2,986
  3,163
  3,348
  3,541
  3,743
  3,954
Depreciation, amort., depletion, $m
  65
  136
  140
  145
  150
  155
  160
  166
  172
  178
  184
  83
  90
  97
  105
  113
  121
  129
  138
  147
  157
  167
  177
  188
  199
  211
  223
  236
  249
  263
  277
Funds from operations, $m
  269
  401
  466
  535
  608
  686
  769
  856
  947
  1,042
  1,141
  1,216
  1,324
  1,437
  1,553
  1,675
  1,801
  1,933
  2,070
  2,212
  2,360
  2,513
  2,674
  2,841
  3,015
  3,196
  3,386
  3,583
  3,790
  4,006
  4,231
Change in working capital, $m
  -6
  53
  57
  61
  65
  69
  73
  77
  81
  85
  88
  92
  96
  100
  104
  108
  112
  116
  121
  126
  131
  136
  141
  147
  154
  160
  167
  174
  182
  190
  198
Cash from operations, $m
  275
  348
  408
  473
  543
  617
  695
  778
  866
  957
  1,053
  1,124
  1,228
  1,337
  1,450
  1,567
  1,690
  1,817
  1,949
  2,086
  2,229
  2,377
  2,532
  2,693
  2,861
  3,036
  3,219
  3,409
  3,608
  3,816
  4,033
Maintenance CAPEX, $m
  0
  -24
  -28
  -32
  -37
  -41
  -47
  -52
  -58
  -63
  -70
  -76
  -83
  -90
  -97
  -105
  -113
  -121
  -129
  -138
  -147
  -157
  -167
  -177
  -188
  -199
  -211
  -223
  -236
  -249
  -263
New CAPEX, $m
  -26
  -92
  -100
  -107
  -114
  -121
  -128
  -135
  -141
  -148
  -154
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -247
  -257
  -268
  -280
  -292
  -304
  -318
  -332
  -347
Cash from investing activities, $m
  -445
  -116
  -128
  -139
  -151
  -162
  -175
  -187
  -199
  -211
  -224
  -237
  -250
  -264
  -278
  -293
  -308
  -324
  -340
  -357
  -375
  -394
  -414
  -434
  -456
  -479
  -503
  -527
  -554
  -581
  -610
Free cash flow, $m
  -170
  232
  281
  334
  392
  454
  521
  592
  667
  746
  829
  887
  978
  1,073
  1,172
  1,275
  1,382
  1,493
  1,609
  1,729
  1,854
  1,983
  2,118
  2,259
  2,405
  2,558
  2,717
  2,882
  3,055
  3,235
  3,423
Issuance/(repayment) of debt, $m
  213
  215
  233
  250
  267
  283
  299
  314
  330
  345
  360
  375
  391
  407
  423
  439
  456
  474
  493
  513
  533
  555
  577
  601
  627
  653
  681
  711
  742
  775
  810
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  
  189
  215
  233
  250
  267
  283
  299
  314
  330
  345
  360
  375
  391
  407
  423
  439
  456
  474
  493
  513
  533
  555
  577
  601
  627
  653
  681
  711
  742
  775
  810
Total cash flow (excl. dividends), $m
  22
  447
  514
  584
  659
  737
  820
  906
  997
  1,091
  1,189
  1,263
  1,369
  1,480
  1,595
  1,714
  1,838
  1,967
  2,102
  2,241
  2,387
  2,538
  2,696
  2,860
  3,032
  3,211
  3,398
  3,593
  3,797
  4,010
  4,233
Retained Cash Flow (-), $m
  -198
  -178
  -192
  -206
  -219
  -233
  -246
  -258
  -271
  -283
  -296
  -308
  -321
  -334
  -347
  -361
  -375
  -390
  -405
  -421
  -438
  -456
  -474
  -494
  -515
  -537
  -560
  -584
  -610
  -637
  -665
Prev. year cash balance distribution, $m
 
  52
  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
 
  321
  322
  379
  439
  505
  574
  648
  726
  808
  894
  954
  1,048
  1,146
  1,247
  1,353
  1,463
  1,578
  1,697
  1,820
  1,949
  2,082
  2,221
  2,366
  2,517
  2,674
  2,838
  3,009
  3,187
  3,374
  3,568
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  305
  289
  319
  346
  369
  388
  401
  408
  410
  406
  384
  370
  351
  329
  303
  275
  245
  215
  186
  158
  131
  107
  86
  67
  52
  39
  28
  20
  14
  10
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 36.6
Price to Sales 4.5
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 24.8
Price to Free Cash Flow 27.4
Growth Rates
Sales Growth Rate 10.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.1%
Cap. Spend. - 3 Yr. Gr. Rate 10.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 58.1%
Total Debt to Equity 58.1%
Interest Coverage 31
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 8.6%
Return On Total Capital 11.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 17.5%
Return On Equity - 3 Yr. Avg. 17.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37.7%
Gross Margin - 3 Yr. Avg. 37.2%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. 23.8%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 19.5%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 12.2%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 30.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 7%

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 $1525 million for the last fiscal year's total revenue generated by Heico. The default revenue input number comes from 2017 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 16% 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 5.3%, 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 71.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $126 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 37.9%.

Life of production assets of 23.9 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 21.7%. 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 - $1161 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 75.888 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 $6.1 billion.

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COMPANY NEWS

▶ How to Find the Best Companies to Buy Stock In   [Jan-23-18 09:06PM  Motley Fool]
▶ ETFs with exposure to HEICO Corp. : December 26, 2017   [Dec-26-17 11:37AM  Capital Cube]
▶ Heico Corporation Supercharges Growth to End 2017   [Dec-19-17 03:53PM  Motley Fool]
▶ Heico tops Street 4Q forecasts   [Dec-18-17 04:33PM  Associated Press]
▶ Stocks Showing Market Leadership: Heico Earns 91 RS Rating   [03:00AM  Investor's Business Daily]
▶ Heico Corp. shares reach all-time high following stock split   [Dec-15-17 02:50PM  American City Business Journals]
▶ Earnings Season Preview: Heico Near Buy Zone With EPS Due   [Dec-08-17 03:00AM  Investor's Business Daily]
▶ Tech tanks, financials surge, bitcoin speeds past $11,000   [Nov-29-17 11:34AM  Yahoo Finance]
▶ Stocks crawl to record highs, bitcoin nears $10,000   [Nov-28-17 11:31AM  Yahoo Finance]
▶ Stocks inch higher on Cyber Monday retail blitz   [Nov-27-17 11:22AM  Yahoo Finance]
▶ Stocks take a turkey nap ahead of Thanksgiving holiday   [Nov-22-17 10:25AM  Yahoo Finance]
▶ HEICO Corp. Value Analysis (NYSE:HEI) : November 21, 2017   [Nov-21-17 12:39PM  Capital Cube]
▶ Stocks crawling higher, bitcoin surges over $8,200   [Nov-20-17 11:29AM  Yahoo Finance]
▶ ETFs with exposure to HEICO Corp. : November 10, 2017   [Nov-10-17 12:32PM  Capital Cube]
▶ Stocks struggle to hold gains as tax bill hits a snag   [Nov-08-17 11:34AM  Yahoo Finance]
▶ Stocks retreat from record highs, Bitcoin goes mainstream   [Nov-07-17 11:29AM  Yahoo Finance]
▶ 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]
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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