Intrinsic value of Heico - HEI

Previous Close

$77.71

  Intrinsic Value

$43.83

stock screener

  Rating & Target

sell

-44%

Previous close

$77.71

 
Intrinsic value

$43.83

 
Up/down potential

-44%

 
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

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
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  1,525
  1,690
  1,862
  2,043
  2,232
  2,428
  2,633
  2,845
  3,067
  3,296
  3,535
  3,784
  4,042
  4,310
  4,589
  4,879
  5,182
  5,496
  5,824
  6,166
  6,523
  6,895
  7,283
  7,689
  8,113
  8,556
  9,020
  9,505
  10,012
  10,543
  11,099
Variable operating expenses, $m
 
  1,202
  1,309
  1,420
  1,536
  1,657
  1,783
  1,914
  2,050
  2,192
  2,339
  2,330
  2,489
  2,654
  2,826
  3,005
  3,191
  3,385
  3,587
  3,797
  4,017
  4,246
  4,485
  4,735
  4,996
  5,269
  5,555
  5,853
  6,166
  6,493
  6,835
Fixed operating expenses, $m
 
  123
  125
  128
  131
  134
  137
  140
  143
  146
  149
  152
  156
  159
  163
  166
  170
  174
  178
  181
  185
  190
  194
  198
  202
  207
  211
  216
  221
  226
  231
Total operating expenses, $m
  1,218
  1,325
  1,434
  1,548
  1,667
  1,791
  1,920
  2,054
  2,193
  2,338
  2,488
  2,482
  2,645
  2,813
  2,989
  3,171
  3,361
  3,559
  3,765
  3,978
  4,202
  4,436
  4,679
  4,933
  5,198
  5,476
  5,766
  6,069
  6,387
  6,719
  7,066
Operating income, $m
  307
  365
  428
  495
  564
  637
  713
  791
  873
  959
  1,047
  1,301
  1,397
  1,496
  1,600
  1,708
  1,821
  1,938
  2,060
  2,187
  2,320
  2,459
  2,604
  2,756
  2,915
  3,080
  3,254
  3,435
  3,626
  3,825
  4,033
EBITDA, $m
  372
  698
  780
  865
  954
  1,046
  1,143
  1,243
  1,347
  1,456
  1,569
  1,686
  1,808
  1,935
  2,067
  2,205
  2,348
  2,497
  2,653
  2,815
  2,984
  3,161
  3,346
  3,539
  3,740
  3,951
  4,172
  4,403
  4,645
  4,898
  5,163
Interest expense (income), $m
  10
  36
  44
  51
  60
  68
  77
  86
  95
  105
  116
  126
  137
  149
  161
  173
  186
  200
  214
  229
  244
  260
  277
  294
  312
  331
  351
  372
  393
  416
  440
Earnings before tax, $m
  298
  328
  384
  443
  505
  569
  636
  706
  778
  853
  931
  1,175
  1,259
  1,348
  1,439
  1,535
  1,634
  1,738
  1,846
  1,959
  2,076
  2,199
  2,328
  2,462
  2,602
  2,749
  2,903
  3,064
  3,232
  3,409
  3,593
Tax expense, $m
  90
  89
  104
  120
  136
  154
  172
  190
  210
  230
  251
  317
  340
  364
  389
  414
  441
  469
  498
  529
  561
  594
  628
  665
  703
  742
  784
  827
  873
  920
  970
Net income, $m
  186
  240
  281
  324
  369
  415
  464
  515
  568
  623
  680
  858
  919
  984
  1,051
  1,120
  1,193
  1,269
  1,347
  1,430
  1,516
  1,605
  1,699
  1,797
  1,900
  2,007
  2,119
  2,236
  2,359
  2,488
  2,623

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
  2,784
  3,068
  3,366
  3,676
  4,000
  4,337
  4,688
  5,052
  5,431
  5,824
  6,233
  6,658
  7,100
  7,560
  8,038
  8,536
  9,055
  9,595
  10,159
  10,746
  11,359
  11,999
  12,668
  13,366
  14,096
  14,860
  15,658
  16,494
  17,369
  18,285
Adjusted assets (=assets-cash), $m
  2,460
  2,784
  3,068
  3,366
  3,676
  4,000
  4,337
  4,688
  5,052
  5,431
  5,824
  6,233
  6,658
  7,100
  7,560
  8,038
  8,536
  9,055
  9,595
  10,159
  10,746
  11,359
  11,999
  12,668
  13,366
  14,096
  14,860
  15,658
  16,494
  17,369
  18,285
Revenue / Adjusted assets
  0.620
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
  0.607
Average production assets, $m
  578
  1,720
  1,896
  2,080
  2,272
  2,472
  2,680
  2,897
  3,122
  3,356
  3,599
  3,852
  4,114
  4,388
  4,672
  4,967
  5,275
  5,595
  5,929
  6,277
  6,640
  7,019
  7,415
  7,828
  8,259
  8,710
  9,182
  9,676
  10,192
  10,733
  11,299
Working capital, $m
  383
  282
  311
  341
  373
  405
  440
  475
  512
  551
  590
  632
  675
  720
  766
  815
  865
  918
  973
  1,030
  1,089
  1,151
  1,216
  1,284
  1,355
  1,429
  1,506
  1,587
  1,672
  1,761
  1,854
Total debt, $m
  674
  810
  953
  1,103
  1,259
  1,422
  1,591
  1,767
  1,951
  2,141
  2,339
  2,545
  2,759
  2,981
  3,212
  3,453
  3,703
  3,964
  4,236
  4,519
  4,815
  5,123
  5,445
  5,781
  6,133
  6,500
  6,884
  7,286
  7,706
  8,146
  8,607
Total liabilities, $m
  1,351
  1,400
  1,543
  1,693
  1,849
  2,012
  2,182
  2,358
  2,541
  2,732
  2,930
  3,135
  3,349
  3,572
  3,803
  4,043
  4,294
  4,555
  4,826
  5,110
  5,405
  5,714
  6,036
  6,372
  6,723
  7,090
  7,474
  7,876
  8,297
  8,737
  9,197
Total equity, $m
  1,161
  1,383
  1,525
  1,673
  1,827
  1,988
  2,156
  2,330
  2,511
  2,699
  2,895
  3,098
  3,309
  3,529
  3,757
  3,995
  4,243
  4,500
  4,769
  5,049
  5,341
  5,645
  5,964
  6,296
  6,643
  7,006
  7,385
  7,782
  8,198
  8,632
  9,088
Total liabilities and equity, $m
  2,512
  2,783
  3,068
  3,366
  3,676
  4,000
  4,338
  4,688
  5,052
  5,431
  5,825
  6,233
  6,658
  7,101
  7,560
  8,038
  8,537
  9,055
  9,595
  10,159
  10,746
  11,359
  12,000
  12,668
  13,366
  14,096
  14,859
  15,658
  16,495
  17,369
  18,285
Debt-to-equity ratio
  0.581
  0.590
  0.620
  0.660
  0.690
  0.720
  0.740
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.940
  0.940
  0.940
  0.950
Adjusted equity ratio
  0.451
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  186
  240
  281
  324
  369
  415
  464
  515
  568
  623
  680
  858
  919
  984
  1,051
  1,120
  1,193
  1,269
  1,347
  1,430
  1,516
  1,605
  1,699
  1,797
  1,900
  2,007
  2,119
  2,236
  2,359
  2,488
  2,623
Depreciation, amort., depletion, $m
  65
  334
  351
  370
  389
  409
  430
  452
  474
  497
  522
  385
  411
  439
  467
  497
  527
  560
  593
  628
  664
  702
  741
  783
  826
  871
  918
  968
  1,019
  1,073
  1,130
Funds from operations, $m
  269
  573
  632
  694
  758
  825
  894
  967
  1,042
  1,120
  1,202
  1,243
  1,331
  1,422
  1,518
  1,617
  1,720
  1,828
  1,940
  2,058
  2,180
  2,307
  2,441
  2,580
  2,726
  2,878
  3,037
  3,204
  3,379
  3,562
  3,753
Change in working capital, $m
  -6
  28
  29
  30
  31
  33
  34
  36
  37
  38
  40
  41
  43
  45
  47
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
Cash from operations, $m
  275
  546
  603
  663
  726
  792
  860
  931
  1,005
  1,082
  1,162
  1,201
  1,288
  1,378
  1,471
  1,569
  1,670
  1,776
  1,886
  2,000
  2,120
  2,245
  2,376
  2,512
  2,655
  2,804
  2,960
  3,123
  3,294
  3,473
  3,660
Maintenance CAPEX, $m
  0
  -155
  -172
  -190
  -208
  -227
  -247
  -268
  -290
  -312
  -336
  -360
  -385
  -411
  -439
  -467
  -497
  -527
  -560
  -593
  -628
  -664
  -702
  -741
  -783
  -826
  -871
  -918
  -968
  -1,019
  -1,073
New CAPEX, $m
  -26
  -168
  -176
  -184
  -192
  -200
  -208
  -217
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -296
  -308
  -320
  -334
  -348
  -363
  -379
  -396
  -413
  -432
  -451
  -472
  -494
  -516
  -541
  -566
Cash from investing activities, $m
  -445
  -323
  -348
  -374
  -400
  -427
  -455
  -485
  -515
  -546
  -579
  -613
  -648
  -684
  -723
  -763
  -805
  -847
  -894
  -941
  -991
  -1,043
  -1,098
  -1,154
  -1,215
  -1,277
  -1,343
  -1,412
  -1,484
  -1,560
  -1,639
Free cash flow, $m
  -170
  222
  256
  290
  326
  364
  405
  446
  490
  536
  583
  589
  640
  693
  748
  806
  866
  928
  992
  1,059
  1,129
  1,202
  1,278
  1,358
  1,440
  1,527
  1,617
  1,711
  1,810
  1,913
  2,021
Issuance/(repayment) of debt, $m
  213
  136
  143
  150
  156
  163
  170
  176
  183
  191
  198
  206
  214
  222
  231
  241
  250
  261
  272
  283
  296
  308
  322
  336
  351
  367
  384
  402
  420
  440
  461
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
  136
  143
  150
  156
  163
  170
  176
  183
  191
  198
  206
  214
  222
  231
  241
  250
  261
  272
  283
  296
  308
  322
  336
  351
  367
  384
  402
  420
  440
  461
Total cash flow (excl. dividends), $m
  22
  358
  399
  440
  483
  527
  574
  623
  673
  726
  781
  794
  854
  915
  980
  1,046
  1,116
  1,188
  1,264
  1,343
  1,425
  1,511
  1,600
  1,694
  1,792
  1,894
  2,001
  2,113
  2,230
  2,353
  2,482
Retained Cash Flow (-), $m
  -198
  -135
  -141
  -148
  -154
  -161
  -167
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -228
  -238
  -247
  -258
  -269
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -435
  -455
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
 
  8
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
  45
  48
  50
  53
Cash available for distribution, $m
 
  223
  257
  292
  328
  366
  407
  449
  492
  538
  585
  591
  642
  696
  751
  809
  869
  931
  995
  1,063
  1,133
  1,206
  1,282
  1,362
  1,445
  1,531
  1,622
  1,716
  1,815
  1,918
  2,026
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
 
  211
  231
  246
  259
  268
  275
  277
  277
  273
  266
  238
  227
  213
  198
  181
  163
  145
  126
  109
  92
  76
  62
  49
  39
  30
  22
  16
  12
  8
  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

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 35.3
Price to Sales 4.3
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 23.9
Price to Free Cash Flow 26.4
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 10.8% 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 72.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $120 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 5.4% 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 0.5%.

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 101.8%.

Life of production assets of 10 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 16.7%. 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 - $1248 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 105 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 $8.2 billion.

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COMPANY NEWS

▶ HEICO Corporation Share Prices Adjusted For Stock Split   [Jun-28-18 08:00AM  Business Wire]
▶ Is HEICO Corporations (NYSE:HEI) ROE Of 16.51% Sustainable?   [Jun-22-18 10:47AM  Simply Wall St.]
▶ Heico Corp. Increases Growth Expectations   [Jun-05-18 07:19AM  Motley Fool]
▶ HEICO Corporation to Host Earnings Call   [May-30-18 07:00AM  ACCESSWIRE]
▶ Heico Corp. subsidiary acquires majority stake in radiation detection tech firm   [Mar-01-18 03:25PM  American City Business Journals]
▶ HEICO Corporation to Host Earnings Call   [Feb-28-18 06:50AM  ACCESSWIRE]
▶ 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]
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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