Intrinsic value of IDEX - IEX

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$101.59

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$101.59

 
Intrinsic value

$45.16

 
Up/down potential

-56%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of IEX 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 7.8

 

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, %
  4.55
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
Revenue, $m
  2,113
  2,240
  2,372
  2,510
  2,654
  2,804
  2,960
  3,124
  3,295
  3,474
  3,661
  3,857
  4,062
  4,277
  4,501
  4,737
  4,983
  5,242
  5,513
  5,797
  6,094
  6,406
  6,734
  7,077
  7,437
  7,815
  8,211
  8,627
  9,063
  9,521
  10,002
Variable operating expenses, $m
 
  1,760
  1,864
  1,973
  2,086
  2,204
  2,327
  2,456
  2,590
  2,731
  2,878
  3,032
  3,193
  3,362
  3,538
  3,723
  3,917
  4,120
  4,333
  4,556
  4,790
  5,035
  5,293
  5,562
  5,846
  6,142
  6,454
  6,781
  7,124
  7,484
  7,862
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
  1,707
  1,760
  1,864
  1,973
  2,086
  2,204
  2,327
  2,456
  2,590
  2,731
  2,878
  3,032
  3,193
  3,362
  3,538
  3,723
  3,917
  4,120
  4,333
  4,556
  4,790
  5,035
  5,293
  5,562
  5,846
  6,142
  6,454
  6,781
  7,124
  7,484
  7,862
Operating income, $m
  406
  479
  508
  537
  568
  600
  634
  669
  705
  743
  784
  825
  869
  915
  963
  1,014
  1,066
  1,122
  1,180
  1,240
  1,304
  1,371
  1,441
  1,514
  1,592
  1,672
  1,757
  1,846
  1,940
  2,038
  2,140
EBITDA, $m
  493
  571
  605
  640
  677
  715
  755
  797
  841
  886
  934
  984
  1,036
  1,091
  1,149
  1,209
  1,272
  1,337
  1,407
  1,479
  1,555
  1,635
  1,718
  1,806
  1,898
  1,994
  2,095
  2,201
  2,313
  2,429
  2,552
Interest expense (income), $m
  37
  41
  44
  48
  53
  57
  62
  66
  71
  77
  82
  88
  94
  100
  107
  113
  121
  128
  136
  144
  153
  162
  172
  182
  192
  203
  214
  227
  239
  253
  267
Earnings before tax, $m
  369
  439
  463
  489
  515
  543
  572
  602
  634
  667
  701
  738
  776
  815
  857
  900
  946
  994
  1,044
  1,096
  1,151
  1,209
  1,269
  1,333
  1,400
  1,469
  1,543
  1,620
  1,700
  1,785
  1,874
Tax expense, $m
  98
  118
  125
  132
  139
  147
  154
  163
  171
  180
  189
  199
  209
  220
  231
  243
  255
  268
  282
  296
  311
  326
  343
  360
  378
  397
  417
  437
  459
  482
  506
Net income, $m
  271
  320
  338
  357
  376
  396
  417
  440
  463
  487
  512
  538
  566
  595
  625
  657
  690
  725
  762
  800
  840
  883
  927
  973
  1,022
  1,073
  1,126
  1,182
  1,241
  1,303
  1,368

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  236
  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
  3,155
  3,094
  3,276
  3,466
  3,665
  3,872
  4,089
  4,315
  4,551
  4,799
  5,057
  5,328
  5,611
  5,907
  6,217
  6,543
  6,883
  7,240
  7,614
  8,006
  8,417
  8,849
  9,301
  9,775
  10,272
  10,794
  11,341
  11,916
  12,519
  13,151
  13,815
Adjusted assets (=assets-cash), $m
  2,919
  3,094
  3,276
  3,466
  3,665
  3,872
  4,089
  4,315
  4,551
  4,799
  5,057
  5,328
  5,611
  5,907
  6,217
  6,543
  6,883
  7,240
  7,614
  8,006
  8,417
  8,849
  9,301
  9,775
  10,272
  10,794
  11,341
  11,916
  12,519
  13,151
  13,815
Revenue / Adjusted assets
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
Average production assets, $m
  2,121
  2,249
  2,381
  2,520
  2,664
  2,815
  2,972
  3,137
  3,308
  3,488
  3,676
  3,873
  4,078
  4,294
  4,519
  4,756
  5,003
  5,263
  5,535
  5,820
  6,119
  6,432
  6,761
  7,105
  7,467
  7,846
  8,244
  8,662
  9,100
  9,559
  10,042
Working capital, $m
  514
  296
  313
  331
  350
  370
  391
  412
  435
  459
  483
  509
  536
  565
  594
  625
  658
  692
  728
  765
  804
  846
  889
  934
  982
  1,032
  1,084
  1,139
  1,196
  1,257
  1,320
Total debt, $m
  1,015
  1,112
  1,212
  1,318
  1,427
  1,542
  1,661
  1,786
  1,916
  2,053
  2,196
  2,345
  2,501
  2,665
  2,836
  3,015
  3,203
  3,401
  3,607
  3,823
  4,050
  4,288
  4,538
  4,800
  5,074
  5,362
  5,664
  5,982
  6,314
  6,663
  7,030
Total liabilities, $m
  1,611
  1,708
  1,808
  1,914
  2,023
  2,138
  2,257
  2,382
  2,512
  2,649
  2,792
  2,941
  3,097
  3,261
  3,432
  3,611
  3,799
  3,997
  4,203
  4,419
  4,646
  4,884
  5,134
  5,396
  5,670
  5,958
  6,260
  6,578
  6,910
  7,259
  7,626
Total equity, $m
  1,544
  1,386
  1,468
  1,553
  1,642
  1,735
  1,832
  1,933
  2,039
  2,150
  2,266
  2,387
  2,514
  2,646
  2,785
  2,931
  3,084
  3,244
  3,411
  3,587
  3,771
  3,964
  4,167
  4,379
  4,602
  4,836
  5,081
  5,338
  5,608
  5,892
  6,189
Total liabilities and equity, $m
  3,155
  3,094
  3,276
  3,467
  3,665
  3,873
  4,089
  4,315
  4,551
  4,799
  5,058
  5,328
  5,611
  5,907
  6,217
  6,542
  6,883
  7,241
  7,614
  8,006
  8,417
  8,848
  9,301
  9,775
  10,272
  10,794
  11,341
  11,916
  12,518
  13,151
  13,815
Debt-to-equity ratio
  0.657
  0.800
  0.830
  0.850
  0.870
  0.890
  0.910
  0.920
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.130
  1.130
  1.140
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  271
  320
  338
  357
  376
  396
  417
  440
  463
  487
  512
  538
  566
  595
  625
  657
  690
  725
  762
  800
  840
  883
  927
  973
  1,022
  1,073
  1,126
  1,182
  1,241
  1,303
  1,368
Depreciation, amort., depletion, $m
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
  216
  227
  239
  251
  264
  277
  291
  306
  322
  338
  355
  373
  392
  412
Funds from operations, $m
  405
  412
  436
  460
  485
  512
  539
  568
  598
  630
  663
  697
  733
  771
  811
  852
  896
  941
  989
  1,039
  1,091
  1,146
  1,204
  1,264
  1,328
  1,394
  1,464
  1,537
  1,614
  1,695
  1,779
Change in working capital, $m
  5
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  48
  50
  52
  55
  58
  60
  63
Cash from operations, $m
  400
  591
  418
  442
  466
  492
  519
  546
  576
  606
  638
  671
  706
  743
  781
  821
  863
  907
  953
  1,001
  1,052
  1,105
  1,161
  1,219
  1,280
  1,344
  1,412
  1,482
  1,557
  1,634
  1,716
Maintenance CAPEX, $m
  0
  -87
  -92
  -98
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -277
  -291
  -306
  -322
  -338
  -355
  -373
  -392
New CAPEX, $m
  -38
  -128
  -133
  -138
  -144
  -151
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -215
  -226
  -236
  -248
  -259
  -272
  -285
  -299
  -313
  -329
  -345
  -362
  -379
  -398
  -418
  -438
  -460
  -482
Cash from investing activities, $m
  -509
  -215
  -225
  -236
  -247
  -260
  -272
  -286
  -301
  -316
  -331
  -348
  -365
  -382
  -402
  -421
  -443
  -464
  -488
  -512
  -538
  -564
  -593
  -622
  -653
  -685
  -720
  -756
  -793
  -833
  -874
Free cash flow, $m
  -109
  376
  193
  206
  219
  232
  246
  260
  275
  291
  307
  324
  342
  360
  379
  399
  420
  442
  465
  489
  514
  541
  568
  597
  627
  659
  692
  727
  763
  802
  842
Issuance/(repayment) of debt, $m
  181
  98
  101
  105
  110
  114
  119
  125
  130
  136
  143
  149
  156
  164
  171
  179
  188
  197
  206
  216
  227
  238
  250
  262
  275
  288
  302
  317
  333
  349
  366
Issuance/(repurchase) of shares, $m
  -27
  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  
  150
  98
  101
  105
  110
  114
  119
  125
  130
  136
  143
  149
  156
  164
  171
  179
  188
  197
  206
  216
  227
  238
  250
  262
  275
  288
  302
  317
  333
  349
  366
Total cash flow (excl. dividends), $m
  11
  474
  294
  311
  328
  346
  365
  385
  406
  427
  450
  473
  498
  524
  551
  579
  608
  639
  672
  706
  741
  779
  818
  859
  902
  947
  994
  1,044
  1,096
  1,151
  1,208
Retained Cash Flow (-), $m
  -101
  -77
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -203
  -212
  -223
  -234
  -245
  -257
  -270
  -283
  -297
Prev. year cash balance distribution, $m
 
  235
  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
 
  632
  212
  226
  239
  254
  268
  284
  300
  317
  334
  352
  371
  391
  412
  433
  456
  480
  504
  530
  557
  586
  615
  646
  679
  713
  749
  787
  826
  867
  911
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  602
  192
  193
  192
  190
  186
  182
  176
  169
  161
  151
  141
  131
  119
  108
  97
  85
  74
  64
  54
  45
  37
  30
  23
  18
  14
  10
  7
  5
  4
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

IDEX Corporation, through its subsidiaries, provides various pumps, flow meters, other fluidics systems and components, and engineered products worldwide. Its Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, flow meters, injectors, other fluid-handling pump modules and systems, and specialty valve products, as well as offers flow monitoring and other services for food, chemical, general industrial, water and wastewater, agricultural, and energy industries. The company’s Health & Science Technologies segment designs, produces, and distributes precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction, and drying systems for use in beverage, food processing, pharmaceutical, and cosmetics; pneumatic components and sealing solutions, such as pumping solutions for analytical instrumentation, clinical diagnostics, and drug discovery; biocompatible medical devices and implantables; and air compressors for medical, dental, and industrial applications. It also provides optical components and coatings for scientific research, defense, biotechnology, life sciences, aerospace, telecommunications, and electronics manufacturing applications; laboratory and commercial equipment for the production of micro and nano scale materials; precision photonic solutions for life sciences, research, and defense markets; and precision gear and peristaltic pump technologies. The company’s Fire & Safety/Diversified Products segment offers firefighting pumps and controls, apparatus valves, monitors, nozzles, rescue tools, lifting bags, and other components and systems for the fire and rescue industry; engineered stainless steel banding and clamping devices for industrial and commercial applications; and precision equipment for dispensing, metering, and mixing colorants, as well as paints for use in retail and commercial businesses. The company was founded in 1987 and is based in Lake Forest, Illinois.

FINANCIAL RATIOS  of  IDEX (IEX)

Valuation Ratios
P/E Ratio 28.7
Price to Sales 3.7
Price to Book 5
Price to Tangible Book
Price to Cash Flow 19.4
Price to Free Cash Flow 21.5
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio 236
Current Ratio 0.2
LT Debt to Equity 65.7%
Total Debt to Equity 65.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 18.1%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 44.1%
Gross Margin - 3 Yr. Avg. 44.3%
EBITDA Margin 23.3%
EBITDA Margin - 3 Yr. Avg. 23.9%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 12.8%
Net Profit Margin - 3 Yr. Avg. 13.3%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 38%

IEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IEX stock intrinsic value calculation we used $2113 million for the last fiscal year's total revenue generated by IDEX. The default revenue input number comes from 2016 income statement of IDEX. 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 IEX stock valuation model: a) initial revenue growth rate of 6% 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 4.9%, whose default value for IEX is calculated based on our internal credit rating of IDEX, 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 IDEX.
    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 IEX stock the variable cost ratio is equal to 78.6%.

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 IEX 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 4% for IDEX.

Corporate tax rate of 27% is the nominal tax rate for IDEX. 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 IEX 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 IEX are equal to 100.4%.

Life of production assets of 24.4 years is the average useful life of capital assets used in IDEX 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 IEX is equal to 13.2%. 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 - $1544 million for IDEX - 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 76.783 million for IDEX 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 IDEX at the current share price and the inputted number of shares is $7.8 billion.


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COMPANY NEWS

▶ Idex beats Street 1Q forecasts   [Apr-19-17 04:40PM  Associated Press]
▶ Idex beats 4Q profit forecasts   [Jan-30-17 06:10PM  Associated Press]
▶ Is IDEX Corporation (IEX) A Good Stock To Buy?   [Dec-05-16 07:25AM  at Insider Monkey]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Dec-01-16 05:01PM  Business Wire]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Sep-26-16 08:26PM  Business Wire]
▶ IDEX Corporation Completes Acquisition of SFC KOENIG   [Aug-31-16 08:30AM  Business Wire]
▶ IDEX Corporation to Acquire SFC KOENIG AG   [02:00AM  Business Wire]
▶ IDEX Corporation Completes Acquisition of AWG   [Jul-01-16 04:33PM  Business Wire]
Stock chart of IEX Financial statements of IEX
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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