Intrinsic value of Lydall - LDL

Previous Close

$55.60

  Intrinsic Value

$128.16

stock screener

  Rating & Target

str. buy

+131%

Previous close

$55.60

 
Intrinsic value

$128.16

 
Up/down potential

+131%

 
Rating

str. buy

We calculate the intrinsic value of LDL 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 1.0

 

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, %
  8.00
  27.70
  25.43
  23.39
  21.55
  19.89
  18.40
  17.06
  15.86
  14.77
  13.79
  12.92
  12.12
  11.41
  10.77
  10.19
  9.67
  9.21
  8.79
  8.41
  8.07
  7.76
  7.48
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
Revenue, $m
  567
  724
  908
  1,121
  1,362
  1,633
  1,934
  2,263
  2,622
  3,010
  3,425
  3,867
  4,336
  4,831
  5,351
  5,897
  6,467
  7,063
  7,683
  8,329
  9,001
  9,699
  10,425
  11,179
  11,963
  12,778
  13,625
  14,506
  15,423
  16,378
  17,372
Variable operating expenses, $m
 
  622
  779
  960
  1,165
  1,396
  1,651
  1,932
  2,237
  2,567
  2,920
  3,290
  3,689
  4,110
  4,552
  5,016
  5,502
  6,008
  6,536
  7,086
  7,657
  8,251
  8,869
  9,510
  10,177
  10,871
  11,591
  12,341
  13,121
  13,933
  14,778
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
  512
  622
  779
  960
  1,165
  1,396
  1,651
  1,932
  2,237
  2,567
  2,920
  3,290
  3,689
  4,110
  4,552
  5,016
  5,502
  6,008
  6,536
  7,086
  7,657
  8,251
  8,869
  9,510
  10,177
  10,871
  11,591
  12,341
  13,121
  13,933
  14,778
Operating income, $m
  55
  102
  129
  161
  197
  237
  282
  332
  385
  443
  505
  577
  647
  721
  799
  880
  965
  1,054
  1,147
  1,243
  1,344
  1,448
  1,556
  1,669
  1,786
  1,908
  2,034
  2,166
  2,302
  2,445
  2,593
EBITDA, $m
  75
  128
  161
  199
  242
  290
  343
  402
  465
  534
  608
  686
  769
  857
  949
  1,046
  1,147
  1,253
  1,363
  1,478
  1,597
  1,721
  1,849
  1,983
  2,122
  2,267
  2,417
  2,574
  2,736
  2,905
  3,082
Interest expense (income), $m
  1
  4
  7
  10
  13
  17
  21
  26
  31
  37
  43
  49
  56
  63
  71
  79
  88
  97
  106
  116
  126
  136
  147
  158
  170
  182
  195
  208
  222
  237
  251
Earnings before tax, $m
  55
  97
  122
  151
  184
  220
  261
  306
  354
  406
  462
  528
  591
  658
  728
  801
  878
  958
  1,041
  1,128
  1,218
  1,312
  1,409
  1,511
  1,616
  1,725
  1,839
  1,957
  2,080
  2,208
  2,342
Tax expense, $m
  18
  26
  33
  41
  50
  60
  71
  83
  96
  110
  125
  143
  160
  178
  197
  216
  237
  259
  281
  305
  329
  354
  380
  408
  436
  466
  496
  528
  562
  596
  632
Net income, $m
  37
  71
  89
  110
  134
  161
  191
  223
  259
  297
  337
  386
  432
  480
  531
  585
  641
  699
  760
  823
  889
  958
  1,029
  1,103
  1,179
  1,259
  1,342
  1,429
  1,519
  1,612
  1,710

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  72
  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
  527
  581
  729
  899
  1,093
  1,311
  1,552
  1,817
  2,105
  2,416
  2,749
  3,104
  3,480
  3,877
  4,295
  4,733
  5,190
  5,668
  6,166
  6,685
  7,224
  7,784
  8,367
  8,972
  9,601
  10,255
  10,935
  11,642
  12,378
  13,144
  13,942
Adjusted assets (=assets-cash), $m
  455
  581
  729
  899
  1,093
  1,311
  1,552
  1,817
  2,105
  2,416
  2,749
  3,104
  3,480
  3,877
  4,295
  4,733
  5,190
  5,668
  6,166
  6,685
  7,224
  7,784
  8,367
  8,972
  9,601
  10,255
  10,935
  11,642
  12,378
  13,144
  13,942
Revenue / Adjusted assets
  1.246
  1.246
  1.246
  1.247
  1.246
  1.246
  1.246
  1.245
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
  1.246
Average production assets, $m
  161
  206
  258
  318
  387
  464
  549
  643
  745
  855
  973
  1,098
  1,231
  1,372
  1,520
  1,675
  1,837
  2,006
  2,182
  2,365
  2,556
  2,755
  2,961
  3,175
  3,398
  3,629
  3,870
  4,120
  4,380
  4,651
  4,934
Working capital, $m
  166
  122
  153
  188
  229
  274
  325
  380
  441
  506
  575
  650
  728
  812
  899
  991
  1,086
  1,187
  1,291
  1,399
  1,512
  1,629
  1,751
  1,878
  2,010
  2,147
  2,289
  2,437
  2,591
  2,751
  2,918
Total debt, $m
  129
  198
  280
  375
  483
  604
  738
  885
  1,045
  1,218
  1,403
  1,601
  1,810
  2,031
  2,263
  2,506
  2,761
  3,027
  3,303
  3,592
  3,891
  4,203
  4,527
  4,864
  5,213
  5,577
  5,955
  6,348
  6,757
  7,183
  7,627
Total liabilities, $m
  254
  323
  405
  500
  608
  729
  863
  1,010
  1,170
  1,343
  1,528
  1,726
  1,935
  2,156
  2,388
  2,631
  2,886
  3,152
  3,428
  3,717
  4,016
  4,328
  4,652
  4,989
  5,338
  5,702
  6,080
  6,473
  6,882
  7,308
  7,752
Total equity, $m
  273
  258
  324
  399
  485
  582
  689
  807
  934
  1,073
  1,220
  1,378
  1,545
  1,721
  1,907
  2,101
  2,305
  2,517
  2,738
  2,968
  3,207
  3,456
  3,715
  3,984
  4,263
  4,553
  4,855
  5,169
  5,496
  5,836
  6,190
Total liabilities and equity, $m
  527
  581
  729
  899
  1,093
  1,311
  1,552
  1,817
  2,104
  2,416
  2,748
  3,104
  3,480
  3,877
  4,295
  4,732
  5,191
  5,669
  6,166
  6,685
  7,223
  7,784
  8,367
  8,973
  9,601
  10,255
  10,935
  11,642
  12,378
  13,144
  13,942
Debt-to-equity ratio
  0.473
  0.770
  0.870
  0.940
  0.990
  1.040
  1.070
  1.100
  1.120
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
  1.230
Adjusted equity ratio
  0.442
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444
  0.444

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  37
  71
  89
  110
  134
  161
  191
  223
  259
  297
  337
  386
  432
  480
  531
  585
  641
  699
  760
  823
  889
  958
  1,029
  1,103
  1,179
  1,259
  1,342
  1,429
  1,519
  1,612
  1,710
Depreciation, amort., depletion, $m
  20
  27
  32
  38
  45
  52
  61
  70
  80
  91
  103
  109
  122
  136
  150
  166
  182
  199
  216
  234
  253
  273
  293
  314
  336
  359
  383
  408
  434
  461
  488
Funds from operations, $m
  78
  98
  121
  148
  179
  213
  251
  293
  339
  388
  440
  494
  554
  616
  682
  751
  823
  898
  976
  1,057
  1,142
  1,230
  1,322
  1,417
  1,516
  1,619
  1,726
  1,837
  1,952
  2,073
  2,198
Change in working capital, $m
  8
  26
  31
  36
  41
  46
  50
  55
  60
  65
  70
  74
  79
  83
  87
  92
  96
  100
  104
  109
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  167
Cash from operations, $m
  70
  71
  90
  113
  138
  168
  201
  238
  278
  323
  370
  420
  475
  533
  594
  659
  727
  798
  872
  949
  1,029
  1,113
  1,200
  1,290
  1,384
  1,482
  1,583
  1,689
  1,798
  1,912
  2,031
Maintenance CAPEX, $m
  0
  -16
  -20
  -26
  -32
  -38
  -46
  -54
  -64
  -74
  -85
  -96
  -109
  -122
  -136
  -150
  -166
  -182
  -199
  -216
  -234
  -253
  -273
  -293
  -314
  -336
  -359
  -383
  -408
  -434
  -461
New CAPEX, $m
  -25
  -45
  -52
  -60
  -69
  -77
  -85
  -94
  -102
  -110
  -118
  -126
  -133
  -141
  -148
  -155
  -162
  -169
  -176
  -183
  -191
  -198
  -206
  -214
  -223
  -231
  -241
  -250
  -260
  -271
  -282
Cash from investing activities, $m
  -178
  -61
  -72
  -86
  -101
  -115
  -131
  -148
  -166
  -184
  -203
  -222
  -242
  -263
  -284
  -305
  -328
  -351
  -375
  -399
  -425
  -451
  -479
  -507
  -537
  -567
  -600
  -633
  -668
  -705
  -743
Free cash flow, $m
  -108
  11
  18
  27
  38
  53
  70
  90
  113
  139
  168
  198
  233
  270
  311
  354
  399
  447
  497
  549
  604
  662
  721
  783
  847
  914
  983
  1,055
  1,130
  1,208
  1,288
Issuance/(repayment) of debt, $m
  106
  70
  82
  95
  108
  121
  134
  147
  160
  173
  185
  197
  209
  221
  232
  243
  255
  266
  277
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  426
  444
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  106
  70
  82
  95
  108
  121
  134
  147
  160
  173
  185
  197
  209
  221
  232
  243
  255
  266
  277
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  426
  444
Total cash flow (excl. dividends), $m
  -4
  81
  100
  121
  146
  173
  204
  237
  273
  312
  353
  395
  442
  491
  543
  597
  654
  712
  774
  838
  904
  973
  1,045
  1,120
  1,197
  1,278
  1,361
  1,448
  1,539
  1,634
  1,732
Retained Cash Flow (-), $m
  -28
  -56
  -66
  -76
  -86
  -97
  -107
  -118
  -128
  -138
  -148
  -158
  -167
  -176
  -185
  -194
  -203
  -212
  -221
  -230
  -239
  -249
  -259
  -269
  -279
  -290
  -302
  -314
  -327
  -340
  -354
Prev. year cash balance distribution, $m
 
  71
  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
 
  96
  34
  46
  60
  77
  97
  119
  145
  174
  205
  238
  275
  315
  358
  403
  450
  500
  553
  608
  665
  724
  786
  851
  918
  987
  1,059
  1,134
  1,212
  1,293
  1,378
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
 
  92
  31
  40
  49
  60
  70
  81
  91
  100
  108
  113
  117
  120
  120
  118
  114
  109
  102
  94
  84
  75
  65
  56
  47
  38
  31
  24
  19
  14
  10
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

Lydall, Inc. designs and manufactures specialty engineered filtration media, industrial thermal insulating solutions, automotive thermal and acoustical barriers for filtration/separation and thermal/acoustical applications. The Company's segments are Performance Materials, Technical Nonwovens, Thermal/Acoustical Metals and Thermal/Acoustical Fibers. The Performance Materials segment includes filtration, thermal insulation and life sciences filtration businesses. The Technical Nonwovens segment includes its industrial filtration and advanced materials products. The Thermal/Acoustical Metals segment includes its metal parts and related tooling used in automotive applications. The Thermal/Acoustical Fibers segment includes its fiber parts business and related tooling used in automotive applications. Its Filtration products include LydAir MG (Micro-Glass) Air Filtration Media, LydAir MB (Melt Blown) Air Filtration Media and Arioso Membrane Composite Media.

FINANCIAL RATIOS  of  Lydall (LDL)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 1.7
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 13.7
Price to Free Cash Flow 21.3
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio 72
Current Ratio 0
LT Debt to Equity 46.9%
Total Debt to Equity 47.3%
Interest Coverage 56
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 9.5%
Return On Total Capital 11.1%
Ret/ On T. Cap. - 3 Yr. Avg. 12.8%
Return On Equity 14.3%
Return On Equity - 3 Yr. Avg. 15%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 23.1%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 13.4%
Operating Margin 9.7%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 9.9%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.4%
Payout Ratio 0%

LDL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LDL stock intrinsic value calculation we used $567 million for the last fiscal year's total revenue generated by Lydall. The default revenue input number comes from 2016 income statement of Lydall. 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 LDL stock valuation model: a) initial revenue growth rate of 27.7% 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 4.3%, whose default value for LDL is calculated based on our internal credit rating of Lydall, 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 Lydall.
    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 LDL stock the variable cost ratio is equal to 86.2%.

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 LDL 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 Lydall.

Corporate tax rate of 27% is the nominal tax rate for Lydall. 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 LDL 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 LDL are equal to 28.4%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Lydall 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 LDL is equal to 16.8%. 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 - $273 million for Lydall - 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 17.273 million for Lydall 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 Lydall at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for November 21st   [Nov-21-17 09:31AM  Zacks]
▶ New Strong Sell Stocks for November 6th   [Nov-06-17 08:09AM  Zacks]
▶ ETFs with exposure to Lydall, Inc. : November 3, 2017   [Nov-03-17 12:17PM  Capital Cube]
▶ Lydall, Inc. to Host Earnings Call   [07:40AM  ACCESSWIRE]
▶ Lydall posts 3Q profit   [Oct-31-17 04:43PM  Associated Press]
▶ Lydall Forms New Thermal/Acoustical Solutions Segment   [Aug-30-17 09:00AM  GlobeNewswire]
▶ Investor Network: Lydall, Inc. to Host Earnings Call   [Aug-02-17 07:55AM  ACCESSWIRE]
▶ Lydall posts 2Q profit   [Aug-01-17 10:50PM  Associated Press]
▶ ETFs with exposure to Lydall, Inc. : July 24, 2017   [Jul-24-17 04:58PM  Capital Cube]
▶ ETFs with exposure to Lydall, Inc. : July 14, 2017   [Jul-14-17 03:17PM  Capital Cube]
▶ ETFs with exposure to Lydall, Inc. : June 9, 2017   [Jun-09-17 01:42PM  Capital Cube]
▶ ETFs with exposure to Lydall, Inc. : May 18, 2017   [May-18-17 01:50PM  Capital Cube]
▶ Lydall posts 1Q profit   [May-02-17 07:01PM  Associated Press]
▶ Lydall, Inc. Value Analysis (NYSE:LDL) : April 27, 2017   [Apr-27-17 04:58PM  Capital Cube]
▶ Lydall to Report First Quarter 2017 Results on May 2, 2017   [Apr-20-17 04:30PM  GlobeNewswire]
▶ ETFs with exposure to Lydall, Inc. : April 17, 2017   [Apr-17-17 12:57PM  Capital Cube]
▶ Lydall posts 4Q profit   [Feb-22-17 05:16PM  Associated Press]
▶ Lydall to Report Fourth Quarter and Year Ended 2016 Results   [Feb-10-17 04:30PM  GlobeNewswire]
▶ Lydall, Inc. Value Analysis (NYSE:LDL) : January 19, 2017   [Jan-19-17 10:58AM  Capital Cube]
▶ Lydall Completes Acquisition of Gutsche   [Jan-03-17 08:00AM  GlobeNewswire]
▶ Is Lydall, Inc. (LDL) Going to Burn These Hedge Funds?   [Dec-09-16 11:03AM  at Insider Monkey]
▶ Lydall to Report Third Quarter 2016 Results   [Oct-19-16 03:07PM  GlobeNewswire]
▶ Lydall Performance Materials Names New President   [Feb-15-16 04:30PM  GlobeNewswire]
Financial statements of LDL
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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