Intrinsic value of Kaman - KAMN

Previous Close

$56.88

  Intrinsic Value

$33.73

stock screener

  Rating & Target

sell

-41%

Previous close

$56.88

 
Intrinsic value

$33.73

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of KAMN 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 1.6

 

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, %
  1.86
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,808
  1,844
  1,887
  1,935
  1,989
  2,050
  2,116
  2,188
  2,266
  2,350
  2,440
  2,537
  2,640
  2,749
  2,866
  2,989
  3,120
  3,259
  3,406
  3,561
  3,724
  3,897
  4,079
  4,271
  4,473
  4,686
  4,910
  5,146
  5,395
  5,656
  5,931
Variable operating expenses, $m
 
  1,731
  1,770
  1,815
  1,865
  1,920
  1,981
  2,047
  2,119
  2,197
  2,280
  2,335
  2,429
  2,530
  2,637
  2,751
  2,872
  2,999
  3,134
  3,277
  3,428
  3,586
  3,754
  3,931
  4,117
  4,313
  4,519
  4,736
  4,965
  5,205
  5,458
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  1,702
  1,735
  1,774
  1,819
  1,869
  1,925
  1,986
  2,052
  2,124
  2,202
  2,285
  2,340
  2,434
  2,536
  2,643
  2,757
  2,878
  3,005
  3,140
  3,283
  3,435
  3,593
  3,761
  3,938
  4,124
  4,320
  4,527
  4,744
  4,973
  5,213
  5,466
Operating income, $m
  106
  109
  112
  116
  120
  125
  130
  136
  142
  148
  156
  197
  205
  214
  223
  232
  243
  254
  265
  277
  290
  304
  318
  333
  349
  366
  384
  402
  422
  443
  464
EBITDA, $m
  151
  155
  158
  162
  167
  172
  178
  184
  190
  197
  205
  213
  222
  231
  241
  252
  263
  275
  287
  300
  314
  329
  344
  361
  378
  396
  415
  435
  457
  479
  502
Interest expense (income), $m
  0
  13
  14
  14
  15
  16
  17
  18
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
Earnings before tax, $m
  90
  96
  99
  102
  105
  109
  113
  118
  123
  128
  134
  174
  180
  187
  195
  203
  211
  220
  229
  239
  249
  260
  272
  284
  297
  311
  325
  340
  356
  373
  390
Tax expense, $m
  31
  26
  27
  27
  28
  29
  31
  32
  33
  35
  36
  47
  49
  51
  53
  55
  57
  59
  62
  65
  67
  70
  73
  77
  80
  84
  88
  92
  96
  101
  105
Net income, $m
  59
  70
  72
  74
  77
  80
  83
  86
  90
  94
  98
  127
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  199
  207
  217
  227
  237
  248
  260
  272
  285

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  41
  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
  1,426
  1,413
  1,446
  1,483
  1,525
  1,571
  1,621
  1,677
  1,736
  1,801
  1,870
  1,944
  2,023
  2,107
  2,196
  2,291
  2,391
  2,497
  2,610
  2,729
  2,854
  2,986
  3,126
  3,273
  3,428
  3,591
  3,763
  3,944
  4,134
  4,334
  4,545
Adjusted assets (=assets-cash), $m
  1,385
  1,413
  1,446
  1,483
  1,525
  1,571
  1,621
  1,677
  1,736
  1,801
  1,870
  1,944
  2,023
  2,107
  2,196
  2,291
  2,391
  2,497
  2,610
  2,729
  2,854
  2,986
  3,126
  3,273
  3,428
  3,591
  3,763
  3,944
  4,134
  4,334
  4,545
Revenue / Adjusted assets
  1.305
  1.305
  1.305
  1.305
  1.304
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
Average production assets, $m
  120
  122
  125
  128
  131
  135
  140
  144
  150
  155
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
Working capital, $m
  345
  433
  443
  455
  468
  482
  497
  514
  533
  552
  573
  596
  620
  646
  673
  703
  733
  766
  800
  837
  875
  916
  959
  1,004
  1,051
  1,101
  1,154
  1,209
  1,268
  1,329
  1,394
Total debt, $m
  416
  392
  411
  433
  457
  485
  515
  547
  583
  620
  661
  705
  751
  801
  854
  910
  969
  1,031
  1,098
  1,168
  1,242
  1,320
  1,402
  1,489
  1,580
  1,677
  1,778
  1,885
  1,997
  2,115
  2,239
Total liabilities, $m
  859
  834
  853
  875
  899
  927
  957
  989
  1,025
  1,062
  1,103
  1,147
  1,193
  1,243
  1,296
  1,352
  1,411
  1,473
  1,540
  1,610
  1,684
  1,762
  1,844
  1,931
  2,022
  2,119
  2,220
  2,327
  2,439
  2,557
  2,681
Total equity, $m
  568
  579
  593
  608
  625
  644
  665
  687
  712
  738
  767
  797
  829
  864
  900
  939
  980
  1,024
  1,070
  1,119
  1,170
  1,224
  1,282
  1,342
  1,405
  1,472
  1,543
  1,617
  1,695
  1,777
  1,863
Total liabilities and equity, $m
  1,427
  1,413
  1,446
  1,483
  1,524
  1,571
  1,622
  1,676
  1,737
  1,800
  1,870
  1,944
  2,022
  2,107
  2,196
  2,291
  2,391
  2,497
  2,610
  2,729
  2,854
  2,986
  3,126
  3,273
  3,427
  3,591
  3,763
  3,944
  4,134
  4,334
  4,544
Debt-to-equity ratio
  0.732
  0.680
  0.690
  0.710
  0.730
  0.750
  0.770
  0.800
  0.820
  0.840
  0.860
  0.880
  0.910
  0.930
  0.950
  0.970
  0.990
  1.010
  1.030
  1.040
  1.060
  1.080
  1.090
  1.110
  1.120
  1.140
  1.150
  1.170
  1.180
  1.190
  1.200
Adjusted equity ratio
  0.381
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410
  0.410

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  59
  70
  72
  74
  77
  80
  83
  86
  90
  94
  98
  127
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  199
  207
  217
  227
  237
  248
  260
  272
  285
Depreciation, amort., depletion, $m
  45
  46
  46
  46
  47
  47
  47
  48
  48
  49
  49
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  35
  36
  38
Funds from operations, $m
  93
  116
  118
  120
  123
  127
  130
  134
  138
  142
  147
  143
  149
  154
  160
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  281
  294
  308
  323
Change in working capital, $m
  -15
  8
  10
  11
  13
  14
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  31
  33
  34
  36
  38
  41
  43
  45
  48
  50
  53
  55
  58
  61
  65
Cash from operations, $m
  108
  107
  108
  109
  111
  112
  114
  117
  120
  123
  126
  120
  124
  129
  133
  138
  143
  149
  155
  161
  167
  174
  182
  190
  198
  207
  216
  226
  236
  247
  258
Maintenance CAPEX, $m
  0
  -12
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
New CAPEX, $m
  -30
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
Cash from investing activities, $m
  -38
  -14
  -15
  -15
  -16
  -17
  -17
  -19
  -19
  -21
  -21
  -22
  -23
  -24
  -26
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -52
  -54
Free cash flow, $m
  70
  93
  93
  94
  95
  96
  97
  99
  100
  103
  105
  98
  101
  104
  108
  111
  115
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  204
Issuance/(repayment) of debt, $m
  -20
  17
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
Issuance/(repurchase) of shares, $m
  -4
  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  
  -24
  17
  19
  22
  25
  27
  30
  33
  35
  38
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
Total cash flow (excl. dividends), $m
  45
  110
  112
  116
  119
  123
  127
  131
  136
  141
  146
  142
  148
  154
  160
  167
  175
  182
  190
  199
  208
  217
  227
  238
  249
  260
  273
  285
  299
  313
  328
Retained Cash Flow (-), $m
  -25
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -70
  -74
  -78
  -82
  -86
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  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
 
  99
  99
  100
  102
  104
  106
  109
  111
  114
  117
  112
  116
  120
  124
  129
  133
  139
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  93
  87
  82
  77
  72
  67
  62
  57
  52
  47
  39
  34
  30
  26
  23
  19
  16
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
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

Kaman Corporation conducts business in the aerospace and distribution markets. The Company operates through two segments: Distribution and Aerospace. The Company's brands include KAflex, KAron and K-MAX. Distribution segment is a power transmission, motion control, and fluid power industrial distributor with operations throughout the United States. Distribution segment conducts business in the mechanical power transmission and bearings, electrical, automation and control, and fluid power product platforms and provides total solutions from system design and integration to machine parts and services to the national manufacturing industry. Aerospace segment produces and markets aircraft bearings and components; super precision, miniature ball bearings; metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft, and safe and arming solutions for missile and bomb systems for the United States and allied militaries.

FINANCIAL RATIOS  of  Kaman (KAMN)

Valuation Ratios
P/E Ratio 26.1
Price to Sales 0.9
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 14.3
Price to Free Cash Flow 19.8
Growth Rates
Sales Growth Rate 1.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -6.1%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 52.1%
Total Debt to Equity 73.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 6.7%
Return On Equity 10.6%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 30.4%
Gross Margin - 3 Yr. Avg. 29.3%
EBITDA Margin 7.5%
EBITDA Margin - 3 Yr. Avg. 7.3%
Operating Margin 5.9%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 3.3%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 32.7%
Payout Ratio 33.9%

KAMN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KAMN stock intrinsic value calculation we used $1808 million for the last fiscal year's total revenue generated by Kaman. The default revenue input number comes from 2016 income statement of Kaman. 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 KAMN stock valuation model: a) initial revenue growth rate of 2% 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 6.2%, whose default value for KAMN is calculated based on our internal credit rating of Kaman, 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 Kaman.
    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 KAMN stock the variable cost ratio is equal to 93.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for KAMN 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 Kaman.

Corporate tax rate of 27% is the nominal tax rate for Kaman. 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 KAMN 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 KAMN are equal to 6.6%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Kaman 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 KAMN is equal to 23.5%. 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 - $568 million for Kaman - 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 27.927 million for Kaman 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 Kaman at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Kaman Board of Directors Declares Dividend   [Nov-14-17 04:15PM  Business Wire]
▶ ETFs with exposure to Kaman Corp. : November 1, 2017   [Nov-01-17 12:18PM  Capital Cube]
▶ Kaman Corporation Class A to Host Earnings Call   [Oct-27-17 06:40AM  ACCESSWIRE]
▶ Kaman posts 3Q profit   [Oct-26-17 06:47PM  Associated Press]
▶ Kaman Reports 2017 Third Quarter Results   [04:15PM  Business Wire]
▶ How KAMNs Dividend Yield Looks   [Oct-24-17 09:06AM  Market Realist]
▶ Kaman Announces Restructuring Plan   [Sep-07-17 04:15PM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-24-17 07:00AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ ETFs with exposure to Kaman Corp. : August 15, 2017   [Aug-15-17 04:31PM  Capital Cube]
▶ Kaman Board of Directors Declares Dividend   [Aug-08-17 04:15PM  Business Wire]
▶ Kaman posts 2Q profit   [Jul-31-17 09:28PM  Associated Press]
▶ Kaman Reports 2017 Second Quarter Results   [04:16PM  Business Wire]
▶ Kaman Announces Customer Acceptance of Two K-MAX® Aircraft   [Jul-19-17 04:15PM  Business Wire]
▶ After-hours Buzz: NFLX, SCSS, LMT & more   [Jul-17-17 05:44PM  CNBC]
▶ Kaman Extends Production of Commercial K-MAX® Helicopter   [Jun-14-17 07:00AM  Business Wire]
▶ Kaman Board of Directors Declares Dividend   [Jun-06-17 04:15PM  Business Wire]
▶ ETFs with exposure to Kaman Corp. : June 1, 2017   [Jun-01-17 01:54PM  Capital Cube]
▶ Kaman Announces First K-MAX® Flight   [May-19-17 08:30AM  Business Wire]
▶ Kaman Corp. Value Analysis (NYSE:KAMN) : May 11, 2017   [May-11-17 07:02PM  Capital Cube]
▶ Kaman posts 1Q profit   [May-03-17 07:47PM  Associated Press]
▶ Kaman Reports 2017 First Quarter Results   [04:15PM  Business Wire]
▶ Kaman Receives Orders for Two Additional K-MAX® Aircraft   [Apr-04-17 09:18AM  Business Wire]
▶ New Strong Sell Stocks for March 30th   [Mar-30-17 10:55AM  Zacks]
▶ David Mayer Appointed Fluid Power VP and General Manager   [Mar-22-17 08:30AM  Business Wire]
▶ Kaman Corporation Appoints Two Officers   [Mar-20-17 09:00AM  Business Wire]
▶ Here is What Hedge Funds Think About Kaman Corporation (KAMN)   [Dec-14-16 01:14PM  at Insider Monkey]
Financial statements of KAMN
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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