Intrinsic value of Ingersoll-Rand - IR

Previous Close

$91.03

  Intrinsic Value

$112.35

stock screener

  Rating & Target

buy

+23%

Previous close

$91.03

 
Intrinsic value

$112.35

 
Up/down potential

+23%

 
Rating

buy

We calculate the intrinsic value of IR 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
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, %
  1.56
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  13,509
  13,901
  14,333
  14,806
  15,320
  15,874
  16,471
  17,111
  17,795
  18,524
  19,299
  20,123
  20,996
  21,922
  22,901
  23,936
  25,029
  26,183
  27,400
  28,684
  30,037
  31,462
  32,963
  34,543
  36,206
  37,955
  39,796
  41,732
  43,767
  45,908
  48,158
Variable operating expenses, $m
 
  7,268
  7,476
  7,704
  7,952
  8,219
  8,507
  8,815
  9,145
  9,496
  9,870
  9,702
  10,123
  10,569
  11,041
  11,540
  12,067
  12,623
  13,210
  13,829
  14,481
  15,168
  15,892
  16,654
  17,455
  18,299
  19,186
  20,120
  21,101
  22,133
  23,218
Fixed operating expenses, $m
 
  5,120
  5,248
  5,379
  5,514
  5,651
  5,793
  5,937
  6,086
  6,238
  6,394
  6,554
  6,718
  6,886
  7,058
  7,234
  7,415
  7,600
  7,790
  7,985
  8,185
  8,390
  8,599
  8,814
  9,035
  9,260
  9,492
  9,729
  9,972
  10,222
  10,477
Total operating expenses, $m
  11,952
  12,388
  12,724
  13,083
  13,466
  13,870
  14,300
  14,752
  15,231
  15,734
  16,264
  16,256
  16,841
  17,455
  18,099
  18,774
  19,482
  20,223
  21,000
  21,814
  22,666
  23,558
  24,491
  25,468
  26,490
  27,559
  28,678
  29,849
  31,073
  32,355
  33,695
Operating income, $m
  1,557
  1,513
  1,609
  1,723
  1,854
  2,004
  2,172
  2,358
  2,564
  2,789
  3,035
  3,867
  4,156
  4,467
  4,802
  5,162
  5,547
  5,959
  6,400
  6,870
  7,371
  7,904
  8,472
  9,075
  9,716
  10,396
  11,118
  11,883
  12,694
  13,553
  14,463
EBITDA, $m
  1,909
  2,241
  2,342
  2,461
  2,598
  2,754
  2,929
  3,123
  3,337
  3,571
  3,825
  4,102
  4,400
  4,722
  5,069
  5,440
  5,838
  6,264
  6,719
  7,204
  7,720
  8,270
  8,855
  9,477
  10,137
  10,838
  11,581
  12,369
  13,203
  14,087
  15,023
Interest expense (income), $m
  170
  152
  165
  179
  193
  210
  227
  246
  266
  288
  311
  335
  361
  389
  418
  449
  482
  516
  553
  591
  632
  674
  719
  767
  817
  869
  924
  982
  1,044
  1,108
  1,175
Earnings before tax, $m
  1,741
  1,361
  1,444
  1,544
  1,661
  1,794
  1,945
  2,112
  2,298
  2,501
  2,724
  3,532
  3,795
  4,078
  4,384
  4,713
  5,065
  5,443
  5,847
  6,279
  6,739
  7,230
  7,752
  8,308
  8,899
  9,527
  10,193
  10,900
  11,650
  12,445
  13,287
Tax expense, $m
  281
  368
  390
  417
  448
  484
  525
  570
  620
  675
  735
  954
  1,025
  1,101
  1,184
  1,272
  1,368
  1,470
  1,579
  1,695
  1,820
  1,952
  2,093
  2,243
  2,403
  2,572
  2,752
  2,943
  3,146
  3,360
  3,588
Net income, $m
  1,476
  994
  1,054
  1,127
  1,212
  1,310
  1,420
  1,542
  1,677
  1,826
  1,989
  2,578
  2,770
  2,977
  3,200
  3,440
  3,698
  3,973
  4,268
  4,583
  4,920
  5,278
  5,659
  6,065
  6,496
  6,955
  7,441
  7,957
  8,505
  9,085
  9,700

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,715
  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
  17,397
  16,145
  16,647
  17,196
  17,793
  18,437
  19,130
  19,873
  20,668
  21,514
  22,415
  23,371
  24,386
  25,461
  26,598
  27,800
  29,070
  30,410
  31,824
  33,315
  34,886
  36,541
  38,284
  40,119
  42,051
  44,083
  46,221
  48,469
  50,833
  53,319
  55,932
Adjusted assets (=assets-cash), $m
  15,682
  16,145
  16,647
  17,196
  17,793
  18,437
  19,130
  19,873
  20,668
  21,514
  22,415
  23,371
  24,386
  25,461
  26,598
  27,800
  29,070
  30,410
  31,824
  33,315
  34,886
  36,541
  38,284
  40,119
  42,051
  44,083
  46,221
  48,469
  50,833
  53,319
  55,932
Revenue / Adjusted assets
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
  0.861
Average production assets, $m
  4,611
  4,740
  4,888
  5,049
  5,224
  5,413
  5,617
  5,835
  6,068
  6,317
  6,581
  6,862
  7,160
  7,475
  7,809
  8,162
  8,535
  8,928
  9,344
  9,781
  10,243
  10,729
  11,240
  11,779
  12,346
  12,943
  13,570
  14,231
  14,925
  15,654
  16,422
Working capital, $m
  1,989
  653
  674
  696
  720
  746
  774
  804
  836
  871
  907
  946
  987
  1,030
  1,076
  1,125
  1,176
  1,231
  1,288
  1,348
  1,412
  1,479
  1,549
  1,624
  1,702
  1,784
  1,870
  1,961
  2,057
  2,158
  2,263
Total debt, $m
  4,070
  4,021
  4,354
  4,718
  5,114
  5,541
  6,001
  6,493
  7,020
  7,581
  8,178
  8,812
  9,485
  10,197
  10,951
  11,748
  12,590
  13,479
  14,416
  15,405
  16,446
  17,544
  18,700
  19,916
  21,197
  22,544
  23,961
  25,452
  27,019
  28,667
  30,400
Total liabilities, $m
  10,754
  10,704
  11,037
  11,401
  11,797
  12,224
  12,684
  13,176
  13,703
  14,264
  14,861
  15,495
  16,168
  16,880
  17,634
  18,431
  19,273
  20,162
  21,099
  22,088
  23,129
  24,227
  25,383
  26,599
  27,880
  29,227
  30,644
  32,135
  33,702
  35,350
  37,083
Total equity, $m
  6,644
  5,441
  5,610
  5,795
  5,996
  6,213
  6,447
  6,697
  6,965
  7,250
  7,554
  7,876
  8,218
  8,580
  8,963
  9,369
  9,796
  10,248
  10,725
  11,227
  11,757
  12,314
  12,902
  13,520
  14,171
  14,856
  15,576
  16,334
  17,131
  17,968
  18,849
Total liabilities and equity, $m
  17,398
  16,145
  16,647
  17,196
  17,793
  18,437
  19,131
  19,873
  20,668
  21,514
  22,415
  23,371
  24,386
  25,460
  26,597
  27,800
  29,069
  30,410
  31,824
  33,315
  34,886
  36,541
  38,285
  40,119
  42,051
  44,083
  46,220
  48,469
  50,833
  53,318
  55,932
Debt-to-equity ratio
  0.613
  0.740
  0.780
  0.810
  0.850
  0.890
  0.930
  0.970
  1.010
  1.050
  1.080
  1.120
  1.150
  1.190
  1.220
  1.250
  1.290
  1.320
  1.340
  1.370
  1.400
  1.420
  1.450
  1.470
  1.500
  1.520
  1.540
  1.560
  1.580
  1.600
  1.610
Adjusted equity ratio
  0.315
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,476
  994
  1,054
  1,127
  1,212
  1,310
  1,420
  1,542
  1,677
  1,826
  1,989
  2,578
  2,770
  2,977
  3,200
  3,440
  3,698
  3,973
  4,268
  4,583
  4,920
  5,278
  5,659
  6,065
  6,496
  6,955
  7,441
  7,957
  8,505
  9,085
  9,700
Depreciation, amort., depletion, $m
  352
  728
  733
  738
  744
  751
  757
  765
  773
  781
  790
  234
  244
  255
  267
  279
  291
  305
  319
  334
  350
  366
  384
  402
  421
  442
  463
  486
  509
  534
  560
Funds from operations, $m
  1,461
  1,721
  1,787
  1,865
  1,957
  2,060
  2,177
  2,307
  2,450
  2,607
  2,779
  2,813
  3,014
  3,232
  3,467
  3,719
  3,989
  4,278
  4,587
  4,917
  5,269
  5,644
  6,043
  6,467
  6,918
  7,396
  7,904
  8,443
  9,014
  9,619
  10,260
Change in working capital, $m
  -39
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
  101
  106
Cash from operations, $m
  1,500
  1,703
  1,767
  1,843
  1,932
  2,034
  2,149
  2,277
  2,418
  2,573
  2,743
  2,774
  2,973
  3,189
  3,421
  3,670
  3,938
  4,224
  4,530
  4,857
  5,206
  5,577
  5,972
  6,393
  6,840
  7,314
  7,818
  8,352
  8,918
  9,519
  10,154
Maintenance CAPEX, $m
  0
  -157
  -162
  -167
  -172
  -178
  -185
  -192
  -199
  -207
  -216
  -225
  -234
  -244
  -255
  -267
  -279
  -291
  -305
  -319
  -334
  -350
  -366
  -384
  -402
  -421
  -442
  -463
  -486
  -509
  -534
New CAPEX, $m
  -183
  -129
  -147
  -161
  -175
  -189
  -204
  -218
  -233
  -249
  -264
  -281
  -298
  -316
  -334
  -353
  -373
  -394
  -415
  -438
  -461
  -486
  -512
  -539
  -567
  -597
  -628
  -660
  -694
  -730
  -767
Cash from investing activities, $m
  240
  -286
  -309
  -328
  -347
  -367
  -389
  -410
  -432
  -456
  -480
  -506
  -532
  -560
  -589
  -620
  -652
  -685
  -720
  -757
  -795
  -836
  -878
  -923
  -969
  -1,018
  -1,070
  -1,123
  -1,180
  -1,239
  -1,301
Free cash flow, $m
  1,740
  1,416
  1,457
  1,515
  1,585
  1,667
  1,761
  1,867
  1,986
  2,118
  2,262
  2,268
  2,441
  2,629
  2,832
  3,051
  3,286
  3,539
  3,810
  4,100
  4,410
  4,741
  5,094
  5,470
  5,871
  6,296
  6,748
  7,229
  7,739
  8,279
  8,853
Issuance/(repayment) of debt, $m
  -151
  312
  333
  364
  396
  427
  460
  493
  526
  561
  597
  634
  673
  713
  754
  797
  842
  889
  937
  988
  1,042
  1,097
  1,156
  1,217
  1,280
  1,347
  1,417
  1,491
  1,568
  1,648
  1,733
Issuance/(repurchase) of shares, $m
  -187
  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  
  -356
  312
  333
  364
  396
  427
  460
  493
  526
  561
  597
  634
  673
  713
  754
  797
  842
  889
  937
  988
  1,042
  1,097
  1,156
  1,217
  1,280
  1,347
  1,417
  1,491
  1,568
  1,648
  1,733
Total cash flow (excl. dividends), $m
  1,327
  1,728
  1,790
  1,879
  1,980
  2,094
  2,220
  2,360
  2,512
  2,679
  2,860
  2,903
  3,114
  3,341
  3,586
  3,848
  4,128
  4,428
  4,748
  5,089
  5,452
  5,839
  6,250
  6,687
  7,151
  7,643
  8,166
  8,719
  9,306
  9,928
  10,585
Retained Cash Flow (-), $m
  -827
  -151
  -169
  -185
  -201
  -217
  -234
  -250
  -268
  -285
  -304
  -322
  -342
  -362
  -383
  -405
  -428
  -452
  -477
  -502
  -530
  -558
  -587
  -618
  -651
  -685
  -720
  -758
  -797
  -838
  -881
Prev. year cash balance distribution, $m
 
  1,354
  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
 
  2,932
  1,621
  1,694
  1,779
  1,877
  1,987
  2,109
  2,245
  2,393
  2,556
  2,580
  2,772
  2,979
  3,203
  3,443
  3,700
  3,976
  4,271
  4,586
  4,923
  5,281
  5,663
  6,069
  6,500
  6,959
  7,445
  7,962
  8,509
  9,090
  9,705
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,811
  1,484
  1,474
  1,465
  1,455
  1,442
  1,425
  1,403
  1,375
  1,340
  1,225
  1,183
  1,133
  1,075
  1,011
  940
  865
  787
  706
  626
  546
  470
  398
  331
  271
  217
  171
  132
  99
  73
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

Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The Company's business segments include Climate and Industrial. It is engaged in the design, manufacture, sale and service of a portfolio of industrial and commercial products that include brand names, such as Ingersoll-Rand, Trane, American Standard, ARO and Club Car. Its Climate segment includes Trane and American Standard Heating and Air Conditioning, which provide heating, ventilation and air conditioning systems, and commercial and residential building services, parts, support and controls. It offers energy services and building automation through Trane Building Advantage and Nexia. Its Industrial segment includes compressed air and gas systems and services, power tools, material handling systems, ARO fluid management equipment, as well as Club Car golf, utility and rough terrain vehicles.

FINANCIAL RATIOS  of  Ingersoll-Rand (IR)

Valuation Ratios
P/E Ratio 16
Price to Sales 1.7
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 15.7
Price to Free Cash Flow 17.9
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.4%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 55.8%
Total Debt to Equity 61.3%
Interest Coverage 11
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 23.7%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin 16.8%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 27.9%
Payout Ratio 23.6%

IR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IR stock intrinsic value calculation we used $13509 million for the last fiscal year's total revenue generated by Ingersoll-Rand. The default revenue input number comes from 2016 income statement of Ingersoll-Rand. 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 IR stock valuation model: a) initial revenue growth rate of 2.9% 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 4.3%, whose default value for IR is calculated based on our internal credit rating of Ingersoll-Rand, 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 Ingersoll-Rand.
    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 IR stock the variable cost ratio is equal to 52.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4995 million in the base year in the intrinsic value calculation for IR 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 4.1% for Ingersoll-Rand.

Corporate tax rate of 27% is the nominal tax rate for Ingersoll-Rand. 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 IR 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 IR are equal to 34.1%.

Life of production assets of 29.3 years is the average useful life of capital assets used in Ingersoll-Rand 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 IR is equal to 4.7%. 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 - $6644 million for Ingersoll-Rand - 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 250.028 million for Ingersoll-Rand 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 Ingersoll-Rand at the current share price and the inputted number of shares is $22.8 billion.

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COMPANY NEWS

▶ Ingersoll Rand Declares Quarterly Dividend   [Feb-07-18 06:30AM  Business Wire]
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▶ Ingersoll-Rand meets 4Q profit forecasts   [06:46AM  Associated Press]
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▶ Bring On the Bitcoin Futures Trading Insanity!   [Dec-09-17 09:15AM  TheStreet.com]
▶ Ingersoll-Rand Is Goldman's Top Value Idea For 2018   [Dec-08-17 04:18PM  Benzinga]
▶ Putting Your Money into Infrastructure   [01:40PM  CNBC Videos]
▶ Ingersoll-Rand Is Toppy and Vulnerable   [Dec-05-17 03:48PM  TheStreet.com]
▶ What Does Ingersoll-Rand Plcs (IR) Share Price Indicate?   [Nov-15-17 06:47PM  Simply Wall St.]
▶ [$$] Falconhead Exiting Investment in GPSi Holdings   [Oct-31-17 05:01PM  The Wall Street Journal]
▶ Ingersoll-Rand tops 3Q profit forecasts   [06:43AM  Associated Press]
▶ Ingersoll-Rand Earns RS Rating Upgrade   [Oct-09-17 03:00AM  Investor's Business Daily]
▶ Ingersoll Rand Declares Quarterly Dividend   [Oct-03-17 06:31AM  Business Wire]
▶ Ingersoll-Rand Trying To Close In On Key Technical Measure   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ Ingersoll Rand Makes Key Executive Appointments   [Sep-05-17 06:30AM  Business Wire]
▶ What's Going Wrong With the HVAC Sector?   [09:32AM  Motley Fool]
Financial statements of IR
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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