Intrinsic value of Heico Cl A - HEI-A

Previous Close

$71.75

  Intrinsic Value

$80.30

stock screener

  Rating & Target

hold

+12%

  Value-price divergence*

-65%

Previous close

$71.75

 
Intrinsic value

$80.30

 
Up/down potential

+12%

 
Rating

hold

 
Value-price divergence*

-65%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of HEI-A 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 5.1

 

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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  1,376
  1,592
  1,825
  2,074
  2,340
  2,621
  2,918
  3,230
  3,556
  3,898
  4,255
  4,626
  5,013
  5,415
  5,833
  6,267
  6,719
  7,188
  7,675
  8,182
  8,710
  9,259
  9,830
  10,425
  11,045
  11,692
  12,366
  13,070
  13,805
  14,572
  15,374
Variable operating expenses, $m
 
  1,271
  1,444
  1,630
  1,828
  2,037
  2,258
  2,490
  2,733
  2,987
  3,252
  3,442
  3,730
  4,029
  4,340
  4,663
  4,999
  5,348
  5,711
  6,088
  6,481
  6,889
  7,314
  7,757
  8,218
  8,699
  9,201
  9,725
  10,271
  10,843
  11,439
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
  1,271
  1,444
  1,630
  1,828
  2,037
  2,258
  2,490
  2,733
  2,987
  3,252
  3,442
  3,730
  4,029
  4,340
  4,663
  4,999
  5,348
  5,711
  6,088
  6,481
  6,889
  7,314
  7,757
  8,218
  8,699
  9,201
  9,725
  10,271
  10,843
  11,439
Operating income, $m
  265
  321
  380
  444
  512
  584
  660
  740
  824
  911
  1,002
  1,184
  1,283
  1,386
  1,493
  1,604
  1,720
  1,840
  1,964
  2,094
  2,229
  2,370
  2,516
  2,668
  2,827
  2,992
  3,165
  3,345
  3,533
  3,730
  3,935
EBITDA, $m
  325
  432
  495
  562
  634
  711
  791
  875
  964
  1,057
  1,153
  1,254
  1,359
  1,468
  1,581
  1,699
  1,821
  1,948
  2,081
  2,218
  2,361
  2,510
  2,665
  2,826
  2,994
  3,169
  3,352
  3,543
  3,742
  3,950
  4,168
Interest expense (income), $m
  8
  16
  22
  28
  35
  42
  50
  58
  67
  76
  85
  95
  105
  116
  127
  138
  150
  162
  175
  189
  202
  217
  232
  248
  264
  281
  298
  317
  336
  356
  377
Earnings before tax, $m
  257
  305
  359
  416
  477
  542
  610
  682
  757
  835
  917
  1,089
  1,178
  1,270
  1,366
  1,466
  1,570
  1,677
  1,789
  1,906
  2,027
  2,153
  2,284
  2,421
  2,563
  2,712
  2,866
  3,028
  3,197
  3,373
  3,557
Tax expense, $m
  81
  82
  97
  112
  129
  146
  165
  184
  204
  226
  248
  294
  318
  343
  369
  396
  424
  453
  483
  515
  547
  581
  617
  654
  692
  732
  774
  818
  863
  911
  961
Net income, $m
  156
  223
  262
  304
  348
  396
  445
  498
  552
  610
  670
  795
  860
  927
  997
  1,070
  1,146
  1,224
  1,306
  1,391
  1,480
  1,572
  1,667
  1,767
  1,871
  1,979
  2,092
  2,210
  2,334
  2,462
  2,597

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
  2,311
  2,649
  3,011
  3,396
  3,804
  4,235
  4,687
  5,162
  5,658
  6,175
  6,714
  7,275
  7,859
  8,465
  9,096
  9,751
  10,432
  11,140
  11,876
  12,641
  13,438
  14,267
  15,131
  16,031
  16,969
  17,948
  18,969
  20,036
  21,150
  22,314
Adjusted assets (=assets-cash), $m
  1,996
  2,311
  2,649
  3,011
  3,396
  3,804
  4,235
  4,687
  5,162
  5,658
  6,175
  6,714
  7,275
  7,859
  8,465
  9,096
  9,751
  10,432
  11,140
  11,876
  12,641
  13,438
  14,267
  15,131
  16,031
  16,969
  17,948
  18,969
  20,036
  21,150
  22,314
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
  501
  575
  653
  737
  826
  919
  1,017
  1,120
  1,228
  1,340
  1,457
  1,579
  1,706
  1,837
  1,974
  2,116
  2,264
  2,418
  2,577
  2,744
  2,916
  3,096
  3,284
  3,479
  3,683
  3,895
  4,117
  4,348
  4,590
  4,843
Working capital, $m
  370
  379
  434
  494
  557
  624
  694
  769
  846
  928
  1,013
  1,101
  1,193
  1,289
  1,388
  1,492
  1,599
  1,711
  1,827
  1,947
  2,073
  2,204
  2,340
  2,481
  2,629
  2,783
  2,943
  3,111
  3,285
  3,468
  3,659
Total debt, $m
  458
  627
  810
  1,005
  1,212
  1,433
  1,665
  1,909
  2,164
  2,431
  2,710
  3,001
  3,303
  3,618
  3,945
  4,285
  4,638
  5,005
  5,386
  5,783
  6,196
  6,625
  7,072
  7,537
  8,022
  8,528
  9,056
  9,606
  10,181
  10,782
  11,409
Total liabilities, $m
  1,076
  1,245
  1,428
  1,623
  1,830
  2,051
  2,283
  2,527
  2,782
  3,049
  3,328
  3,619
  3,921
  4,236
  4,563
  4,903
  5,256
  5,623
  6,004
  6,401
  6,814
  7,243
  7,690
  8,155
  8,640
  9,146
  9,674
  10,224
  10,799
  11,400
  12,027
Total equity, $m
  963
  1,065
  1,221
  1,388
  1,566
  1,754
  1,952
  2,161
  2,380
  2,608
  2,847
  3,095
  3,354
  3,623
  3,903
  4,193
  4,495
  4,809
  5,135
  5,475
  5,828
  6,195
  6,577
  6,975
  7,390
  7,823
  8,274
  8,745
  9,236
  9,750
  10,287
Total liabilities and equity, $m
  2,039
  2,310
  2,649
  3,011
  3,396
  3,805
  4,235
  4,688
  5,162
  5,657
  6,175
  6,714
  7,275
  7,859
  8,466
  9,096
  9,751
  10,432
  11,139
  11,876
  12,642
  13,438
  14,267
  15,130
  16,030
  16,969
  17,948
  18,969
  20,035
  21,150
  22,314
Debt-to-equity ratio
  0.476
  0.590
  0.660
  0.720
  0.770
  0.820
  0.850
  0.880
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.110
  1.110
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
  223
  262
  304
  348
  396
  445
  498
  552
  610
  670
  795
  860
  927
  997
  1,070
  1,146
  1,224
  1,306
  1,391
  1,480
  1,572
  1,667
  1,767
  1,871
  1,979
  2,092
  2,210
  2,334
  2,462
  2,597
Depreciation, amort., depletion, $m
  60
  111
  114
  118
  122
  126
  131
  136
  140
  146
  151
  70
  76
  82
  88
  95
  102
  109
  116
  124
  132
  140
  149
  158
  167
  177
  187
  198
  209
  221
  233
Funds from operations, $m
  255
  333
  376
  422
  470
  522
  576
  633
  693
  755
  821
  865
  936
  1,009
  1,086
  1,165
  1,248
  1,333
  1,422
  1,515
  1,611
  1,712
  1,816
  1,925
  2,038
  2,156
  2,280
  2,408
  2,543
  2,683
  2,830
Change in working capital, $m
  6
  51
  55
  59
  63
  67
  71
  74
  78
  81
  85
  88
  92
  96
  99
  103
  107
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
Cash from operations, $m
  249
  282
  321
  362
  407
  455
  506
  559
  615
  674
  736
  777
  844
  914
  986
  1,062
  1,140
  1,222
  1,306
  1,394
  1,486
  1,581
  1,680
  1,783
  1,891
  2,003
  2,119
  2,241
  2,368
  2,500
  2,639
Maintenance CAPEX, $m
  0
  -21
  -24
  -28
  -31
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -70
  -76
  -82
  -88
  -95
  -102
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
New CAPEX, $m
  -31
  -68
  -73
  -79
  -84
  -89
  -93
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -187
  -195
  -204
  -212
  -222
  -231
  -242
  -253
Cash from investing activities, $m
  -298
  -89
  -97
  -107
  -115
  -124
  -133
  -142
  -152
  -162
  -171
  -181
  -192
  -203
  -214
  -225
  -237
  -250
  -263
  -276
  -290
  -305
  -320
  -336
  -353
  -371
  -389
  -409
  -429
  -451
  -474
Free cash flow, $m
  -49
  193
  223
  256
  292
  331
  372
  417
  463
  513
  564
  595
  652
  711
  772
  836
  903
  972
  1,044
  1,118
  1,196
  1,276
  1,360
  1,447
  1,537
  1,632
  1,730
  1,832
  1,938
  2,050
  2,166
Issuance/(repayment) of debt, $m
  90
  169
  182
  195
  208
  220
  232
  244
  256
  267
  279
  291
  302
  315
  327
  340
  353
  367
  381
  397
  413
  429
  447
  466
  485
  506
  528
  551
  575
  600
  627
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
  169
  182
  195
  208
  220
  232
  244
  256
  267
  279
  291
  302
  315
  327
  340
  353
  367
  381
  397
  413
  429
  447
  466
  485
  506
  528
  551
  575
  600
  627
Total cash flow (excl. dividends), $m
  20
  362
  405
  451
  500
  551
  604
  660
  719
  780
  843
  886
  954
  1,026
  1,099
  1,176
  1,256
  1,339
  1,425
  1,515
  1,608
  1,706
  1,807
  1,912
  2,023
  2,137
  2,257
  2,383
  2,513
  2,650
  2,793
Retained Cash Flow (-), $m
  -153
  -145
  -156
  -167
  -178
  -188
  -198
  -209
  -219
  -229
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -326
  -339
  -353
  -367
  -382
  -398
  -415
  -433
  -451
  -471
  -492
  -514
  -537
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
 
  260
  249
  284
  322
  363
  406
  452
  500
  551
  605
  637
  696
  756
  820
  886
  954
  1,025
  1,099
  1,176
  1,256
  1,338
  1,425
  1,514
  1,608
  1,705
  1,806
  1,912
  2,022
  2,136
  2,256
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
 
  249
  227
  246
  263
  278
  290
  300
  306
  309
  308
  293
  286
  275
  262
  246
  228
  208
  188
  167
  146
  125
  106
  88
  72
  58
  45
  35
  26
  19
  14
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, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. The company’s Flight Support Group segment provides jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components for aerospace and industrial original equipment manufacturers, and the United States government. This segment also distributes hydraulic, pneumatic, structural, mechanical, and electro-mechanical components for the commercial, regional, and general aviation markets; and offers repair and overhaul services for jet engine and aircraft component parts, avionics, instruments, composites, and flight surfaces of commercial airlines, as well as for avionics and navigation systems, subcomponents, and other instruments utilized on military aircrafts. Its Electronic Technologies Group segment provides electro-optical infrared simulation and test equipment; electro-optical laser products; electro-optical, microwave, and other power equipment; electromagnetic and radio interference shielding; high-speed interface products; high voltage interconnection devices; high voltage advanced power electronics; power conversion products; and underwater locator beacons. This segment also offers traveling wave tube amplifiers and microwave power modules; three-dimensional microelectronic and stacked memory products; harsh environment connectivity products and custom molded cable assemblies; radio frequency and microwave amplifiers, transmitters, and receivers; and high performance communications and electronic intercept receivers and tuners. The company serves the U.S. and foreign military agencies; prime defense contractors; and commercial and defense satellite and spacecraft equipment manufacturers. HEICO Corporation was founded in 1949 and is headquartered in Hollywood, Florida.

FINANCIAL RATIOS  of  Heico Cl A (HEI-A)

Valuation Ratios
P/E Ratio 38.7
Price to Sales 4.4
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 24.2
Price to Free Cash Flow 27.7
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-A stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HEI-A stock intrinsic value calculation we used $1376 million for the last fiscal year's total revenue generated by Heico Cl A. The default revenue input number comes from 2016 income statement of Heico Cl A. 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-A stock valuation model: a) initial revenue growth rate of 15.7% 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-A is calculated based on our internal credit rating of Heico Cl A, 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 Cl A.
    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-A 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-A 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 Cl A.

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

Life of production assets of 20.8 years is the average useful life of capital assets used in Heico Cl A 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-A 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 Cl A - 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 70.867 million for Heico Cl A 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 Cl A at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ 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]
▶ HEICO Corp. Value Analysis (NYSE:HEI.A) : July 4, 2017   [Jul-04-17 04:06PM  Capital Cube]
▶ [$$] 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]
▶ VPT Expands its VXR High-Reliability Line   [Jun-06-17 10:46AM  PR Newswire]
▶ ETFs with exposure to HEICO Corp. : June 2, 2017   [Jun-02-17 02:11PM  Capital Cube]
▶ 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.A) : April 20, 2017   [Apr-20-17 03:02PM  Capital Cube]
▶ Award-Winning Boeing Supplier Lands IBD Ratings Upgrade   [Apr-04-17 11:37AM  Investor's Business Daily]
▶ Heico sets stock split after closing at a record high   [Mar-20-17 08:41AM  MarketWatch]
▶ HEICO to Acquire Leading Aviation Interconnect Distributor   [Mar-08-17 08:00AM  GlobeNewswire]
▶ Heico Corporation Reports Another Big Quarter   [Mar-01-17 03:44PM  Motley Fool]
▶ Heico Corporation Reports Another Big Quarter   [03:44PM  at Motley Fool]
▶ HEICO Corporation Celebrates 60th Anniversary   [Jan-04-17 10:00AM  GlobeNewswire]
▶ Heico Corp. Continues to Ride Acquisitions to Growth   [Dec-14-16 11:20AM  at Motley Fool]
▶ HEICO Corporation Sets Annual Meeting and Record Dates   [Dec-12-16 05:46PM  GlobeNewswire]
▶ HEICO Mourns Passing of Director Samuel L. Higginbottom   [Nov-14-16 04:56PM  GlobeNewswire]
▶ Acquisitions Drove Heico Corp.'s Growth in Q3   [Aug-25-16 04:34PM  at Motley Fool]
▶ HEICO Extends Repair Capabilities   [Jul-14-16 08:00AM  GlobeNewswire]
Stock chart of HEI-A Financial statements of HEI-A
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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