Intrinsic value of IDEX - IEX

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$107.72

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$107.72

 
Intrinsic value

$46.44

 
Up/down potential

-57%

 
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 8.2

 

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
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  2,113
  2,326
  2,550
  2,782
  3,025
  3,277
  3,540
  3,813
  4,096
  4,391
  4,698
  5,016
  5,347
  5,691
  6,050
  6,423
  6,811
  7,216
  7,639
  8,079
  8,539
  9,018
  9,520
  10,043
  10,591
  11,164
  11,763
  12,390
  13,046
  13,733
  14,453
Variable operating expenses, $m
 
  1,829
  2,004
  2,187
  2,378
  2,576
  2,782
  2,997
  3,220
  3,452
  3,692
  3,943
  4,203
  4,473
  4,755
  5,048
  5,354
  5,672
  6,004
  6,350
  6,711
  7,089
  7,482
  7,894
  8,325
  8,775
  9,246
  9,738
  10,254
  10,794
  11,360
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
  1,829
  2,004
  2,187
  2,378
  2,576
  2,782
  2,997
  3,220
  3,452
  3,692
  3,943
  4,203
  4,473
  4,755
  5,048
  5,354
  5,672
  6,004
  6,350
  6,711
  7,089
  7,482
  7,894
  8,325
  8,775
  9,246
  9,738
  10,254
  10,794
  11,360
Operating income, $m
  406
  498
  546
  595
  647
  701
  758
  816
  877
  940
  1,005
  1,073
  1,144
  1,218
  1,295
  1,374
  1,458
  1,544
  1,635
  1,729
  1,827
  1,930
  2,037
  2,149
  2,266
  2,389
  2,517
  2,651
  2,792
  2,939
  3,093
EBITDA, $m
  493
  594
  651
  710
  772
  836
  903
  973
  1,045
  1,120
  1,199
  1,280
  1,364
  1,452
  1,544
  1,639
  1,738
  1,841
  1,949
  2,061
  2,179
  2,301
  2,429
  2,563
  2,702
  2,848
  3,001
  3,161
  3,329
  3,504
  3,688
Interest expense (income), $m
  37
  41
  47
  54
  61
  68
  76
  84
  92
  101
  110
  119
  129
  139
  150
  161
  172
  184
  196
  209
  223
  237
  251
  266
  282
  299
  317
  335
  354
  374
  395
Earnings before tax, $m
  369
  457
  498
  542
  586
  633
  681
  732
  784
  839
  895
  954
  1,015
  1,079
  1,145
  1,214
  1,286
  1,360
  1,438
  1,520
  1,605
  1,693
  1,786
  1,883
  1,984
  2,090
  2,201
  2,316
  2,438
  2,565
  2,698
Tax expense, $m
  98
  123
  135
  146
  158
  171
  184
  198
  212
  226
  242
  258
  274
  291
  309
  328
  347
  367
  388
  410
  433
  457
  482
  508
  536
  564
  594
  625
  658
  693
  728
Net income, $m
  271
  334
  364
  395
  428
  462
  497
  534
  572
  612
  653
  696
  741
  787
  836
  886
  938
  993
  1,050
  1,109
  1,171
  1,236
  1,304
  1,374
  1,448
  1,526
  1,606
  1,691
  1,780
  1,872
  1,969

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
  3,213
  3,521
  3,843
  4,178
  4,527
  4,889
  5,266
  5,658
  6,065
  6,488
  6,928
  7,385
  7,861
  8,356
  8,871
  9,408
  9,967
  10,551
  11,159
  11,794
  12,456
  13,149
  13,872
  14,629
  15,419
  16,247
  17,113
  18,019
  18,968
  19,962
Adjusted assets (=assets-cash), $m
  2,919
  3,213
  3,521
  3,843
  4,178
  4,527
  4,889
  5,266
  5,658
  6,065
  6,488
  6,928
  7,385
  7,861
  8,356
  8,871
  9,408
  9,967
  10,551
  11,159
  11,794
  12,456
  13,149
  13,872
  14,629
  15,419
  16,247
  17,113
  18,019
  18,968
  19,962
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
  2,336
  2,560
  2,793
  3,037
  3,290
  3,554
  3,828
  4,113
  4,409
  4,716
  5,036
  5,368
  5,714
  6,074
  6,449
  6,839
  7,245
  7,669
  8,111
  8,573
  9,055
  9,558
  10,084
  10,633
  11,208
  11,810
  12,439
  13,098
  13,788
  14,510
Working capital, $m
  514
  307
  337
  367
  399
  433
  467
  503
  541
  580
  620
  662
  706
  751
  799
  848
  899
  953
  1,008
  1,066
  1,127
  1,190
  1,257
  1,326
  1,398
  1,474
  1,553
  1,635
  1,722
  1,813
  1,908
Total debt, $m
  1,015
  1,178
  1,348
  1,525
  1,710
  1,903
  2,103
  2,311
  2,527
  2,752
  2,986
  3,228
  3,481
  3,743
  4,017
  4,301
  4,597
  4,906
  5,228
  5,564
  5,914
  6,280
  6,662
  7,061
  7,479
  7,916
  8,372
  8,850
  9,351
  9,874
  10,423
Total liabilities, $m
  1,611
  1,774
  1,944
  2,121
  2,306
  2,499
  2,699
  2,907
  3,123
  3,348
  3,582
  3,824
  4,077
  4,339
  4,613
  4,897
  5,193
  5,502
  5,824
  6,160
  6,510
  6,876
  7,258
  7,657
  8,075
  8,512
  8,968
  9,446
  9,947
  10,470
  11,019
Total equity, $m
  1,544
  1,440
  1,578
  1,722
  1,872
  2,028
  2,190
  2,359
  2,535
  2,717
  2,907
  3,104
  3,309
  3,522
  3,744
  3,974
  4,215
  4,465
  4,727
  4,999
  5,284
  5,580
  5,891
  6,215
  6,554
  6,908
  7,279
  7,667
  8,073
  8,498
  8,943
Total liabilities and equity, $m
  3,155
  3,214
  3,522
  3,843
  4,178
  4,527
  4,889
  5,266
  5,658
  6,065
  6,489
  6,928
  7,386
  7,861
  8,357
  8,871
  9,408
  9,967
  10,551
  11,159
  11,794
  12,456
  13,149
  13,872
  14,629
  15,420
  16,247
  17,113
  18,020
  18,968
  19,962
Debt-to-equity ratio
  0.657
  0.820
  0.850
  0.890
  0.910
  0.940
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
  1.160
  1.160
  1.170
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
  334
  364
  395
  428
  462
  497
  534
  572
  612
  653
  696
  741
  787
  836
  886
  938
  993
  1,050
  1,109
  1,171
  1,236
  1,304
  1,374
  1,448
  1,526
  1,606
  1,691
  1,780
  1,872
  1,969
Depreciation, amort., depletion, $m
  87
  96
  105
  114
  124
  135
  146
  157
  169
  181
  193
  206
  220
  234
  249
  264
  280
  297
  314
  332
  351
  371
  392
  413
  436
  459
  484
  510
  537
  565
  595
Funds from operations, $m
  405
  430
  469
  510
  552
  597
  643
  691
  741
  793
  847
  903
  961
  1,022
  1,085
  1,150
  1,219
  1,290
  1,364
  1,442
  1,523
  1,607
  1,696
  1,788
  1,884
  1,985
  2,090
  2,201
  2,316
  2,437
  2,564
Change in working capital, $m
  5
  28
  29
  31
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
Cash from operations, $m
  400
  597
  439
  479
  520
  564
  608
  655
  704
  754
  806
  861
  917
  976
  1,037
  1,101
  1,167
  1,237
  1,309
  1,384
  1,462
  1,544
  1,629
  1,719
  1,812
  1,909
  2,011
  2,118
  2,230
  2,347
  2,469
Maintenance CAPEX, $m
  0
  -87
  -96
  -105
  -114
  -124
  -135
  -146
  -157
  -169
  -181
  -193
  -206
  -220
  -234
  -249
  -264
  -280
  -297
  -314
  -332
  -351
  -371
  -392
  -413
  -436
  -459
  -484
  -510
  -537
  -565
New CAPEX, $m
  -38
  -215
  -224
  -234
  -244
  -253
  -264
  -274
  -285
  -296
  -308
  -320
  -332
  -346
  -360
  -375
  -390
  -407
  -424
  -442
  -461
  -482
  -503
  -526
  -550
  -575
  -601
  -629
  -659
  -690
  -723
Cash from investing activities, $m
  -509
  -302
  -320
  -339
  -358
  -377
  -399
  -420
  -442
  -465
  -489
  -513
  -538
  -566
  -594
  -624
  -654
  -687
  -721
  -756
  -793
  -833
  -874
  -918
  -963
  -1,011
  -1,060
  -1,113
  -1,169
  -1,227
  -1,288
Free cash flow, $m
  -109
  295
  120
  140
  162
  186
  210
  235
  262
  289
  318
  348
  379
  410
  443
  478
  513
  550
  588
  627
  668
  711
  755
  801
  849
  899
  951
  1,005
  1,061
  1,120
  1,182
Issuance/(repayment) of debt, $m
  181
  164
  170
  177
  185
  192
  200
  208
  216
  225
  234
  243
  252
  263
  273
  284
  296
  309
  322
  336
  350
  366
  382
  399
  417
  437
  457
  478
  500
  524
  549
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
  164
  170
  177
  185
  192
  200
  208
  216
  225
  234
  243
  252
  263
  273
  284
  296
  309
  322
  336
  350
  366
  382
  399
  417
  437
  457
  478
  500
  524
  549
Total cash flow (excl. dividends), $m
  11
  458
  290
  318
  347
  378
  410
  444
  478
  514
  552
  591
  631
  673
  717
  762
  809
  858
  910
  963
  1,019
  1,077
  1,137
  1,200
  1,266
  1,335
  1,407
  1,483
  1,561
  1,644
  1,730
Retained Cash Flow (-), $m
  -101
  -131
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -182
  -190
  -197
  -205
  -213
  -222
  -231
  -240
  -251
  -261
  -273
  -284
  -297
  -310
  -324
  -339
  -354
  -371
  -388
  -406
  -425
  -445
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
 
  563
  152
  174
  197
  222
  248
  275
  303
  332
  362
  394
  426
  460
  495
  531
  569
  608
  648
  691
  734
  780
  827
  876
  927
  981
  1,037
  1,095
  1,155
  1,219
  1,285
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
 
  537
  137
  148
  158
  166
  172
  176
  178
  177
  174
  169
  162
  154
  144
  132
  120
  108
  95
  83
  71
  60
  50
  40
  32
  25
  19
  14
  10
  7
  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

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 30.4
Price to Sales 3.9
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 22.7
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 10.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.9%, 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 76.117 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 $8.2 billion.


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COMPANY NEWS

▶ ETFs with exposure to IDEX Corp. : May 22, 2017   [May-22-17 01:46PM  Capital Cube]
▶ ETFs with exposure to IDEX Corp. : May 8, 2017   [May-08-17 04:45PM  Capital Cube]
▶ ETFs with exposure to IDEX Corp. : April 28, 2017   [Apr-28-17 03:59PM  Capital Cube]
▶ 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]
Stock chart of IEX Financial statements of IEX Annual reports 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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