Intrinsic value of Lydall - LDL

Previous Close

$48.10

  Intrinsic Value

$75.23

stock screener

  Rating & Target

str. buy

+56%

Previous close

$48.10

 
Intrinsic value

$75.23

 
Up/down potential

+56%

 
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

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, %
  8.00
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  567
  654
  748
  849
  956
  1,068
  1,188
  1,313
  1,443
  1,580
  1,723
  1,872
  2,026
  2,187
  2,354
  2,528
  2,708
  2,896
  3,091
  3,294
  3,505
  3,724
  3,953
  4,191
  4,439
  4,698
  4,968
  5,250
  5,544
  5,852
  6,173
Variable operating expenses, $m
 
  563
  643
  728
  819
  915
  1,017
  1,123
  1,234
  1,351
  1,472
  1,592
  1,724
  1,861
  2,003
  2,151
  2,304
  2,464
  2,630
  2,802
  2,982
  3,168
  3,363
  3,565
  3,777
  3,997
  4,226
  4,466
  4,717
  4,978
  5,251
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
  563
  643
  728
  819
  915
  1,017
  1,123
  1,234
  1,351
  1,472
  1,592
  1,724
  1,861
  2,003
  2,151
  2,304
  2,464
  2,630
  2,802
  2,982
  3,168
  3,363
  3,565
  3,777
  3,997
  4,226
  4,466
  4,717
  4,978
  5,251
Operating income, $m
  55
  91
  105
  120
  136
  153
  171
  190
  209
  230
  251
  279
  302
  326
  351
  377
  404
  432
  461
  492
  523
  556
  590
  626
  663
  701
  742
  784
  828
  874
  922
EBITDA, $m
  75
  116
  133
  151
  170
  190
  211
  233
  256
  280
  306
  332
  359
  388
  418
  448
  480
  514
  548
  584
  622
  661
  701
  744
  788
  833
  881
  931
  984
  1,038
  1,095
Interest expense (income), $m
  1
  4
  6
  7
  9
  11
  12
  14
  16
  18
  20
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  69
  73
  78
  82
  87
Earnings before tax, $m
  55
  87
  99
  113
  127
  143
  159
  175
  193
  211
  231
  257
  278
  299
  322
  345
  369
  394
  421
  448
  476
  506
  536
  568
  602
  636
  673
  711
  750
  791
  835
Tax expense, $m
  18
  23
  27
  31
  34
  38
  43
  47
  52
  57
  62
  69
  75
  81
  87
  93
  100
  106
  114
  121
  129
  137
  145
  153
  162
  172
  182
  192
  203
  214
  225
Net income, $m
  37
  63
  73
  82
  93
  104
  116
  128
  141
  154
  168
  188
  203
  218
  235
  252
  270
  288
  307
  327
  348
  369
  392
  415
  439
  465
  491
  519
  548
  578
  609

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
  525
  601
  681
  767
  858
  953
  1,053
  1,158
  1,268
  1,383
  1,502
  1,626
  1,755
  1,889
  2,029
  2,174
  2,324
  2,481
  2,644
  2,813
  2,989
  3,173
  3,364
  3,563
  3,771
  3,987
  4,213
  4,450
  4,696
  4,954
Adjusted assets (=assets-cash), $m
  455
  525
  601
  681
  767
  858
  953
  1,053
  1,158
  1,268
  1,383
  1,502
  1,626
  1,755
  1,889
  2,029
  2,174
  2,324
  2,481
  2,644
  2,813
  2,989
  3,173
  3,364
  3,563
  3,771
  3,987
  4,213
  4,450
  4,696
  4,954
Revenue / Adjusted assets
  1.246
  1.246
  1.245
  1.247
  1.246
  1.245
  1.247
  1.247
  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
  186
  213
  241
  271
  303
  337
  373
  410
  449
  489
  532
  575
  621
  669
  718
  769
  822
  878
  935
  995
  1,058
  1,123
  1,190
  1,261
  1,334
  1,411
  1,491
  1,575
  1,662
  1,753
Working capital, $m
  166
  110
  126
  143
  161
  180
  200
  221
  242
  265
  289
  314
  340
  367
  396
  425
  455
  487
  519
  553
  589
  626
  664
  704
  746
  789
  835
  882
  931
  983
  1,037
Total debt, $m
  129
  167
  209
  254
  301
  352
  405
  461
  519
  580
  644
  710
  779
  851
  926
  1,003
  1,084
  1,167
  1,254
  1,345
  1,439
  1,537
  1,639
  1,745
  1,856
  1,971
  2,092
  2,218
  2,349
  2,486
  2,629
Total liabilities, $m
  254
  292
  334
  379
  426
  477
  530
  586
  644
  705
  769
  835
  904
  976
  1,051
  1,128
  1,209
  1,292
  1,379
  1,470
  1,564
  1,662
  1,764
  1,870
  1,981
  2,096
  2,217
  2,343
  2,474
  2,611
  2,754
Total equity, $m
  273
  233
  267
  302
  340
  381
  423
  468
  514
  563
  614
  667
  722
  779
  839
  901
  965
  1,032
  1,101
  1,174
  1,249
  1,327
  1,409
  1,493
  1,582
  1,674
  1,770
  1,871
  1,976
  2,085
  2,200
Total liabilities and equity, $m
  527
  525
  601
  681
  766
  858
  953
  1,054
  1,158
  1,268
  1,383
  1,502
  1,626
  1,755
  1,890
  2,029
  2,174
  2,324
  2,480
  2,644
  2,813
  2,989
  3,173
  3,363
  3,563
  3,770
  3,987
  4,214
  4,450
  4,696
  4,954
Debt-to-equity ratio
  0.473
  0.720
  0.780
  0.840
  0.890
  0.920
  0.960
  0.980
  1.010
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.180
  1.180
  1.190
  1.190
  1.190
  1.200
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
  63
  73
  82
  93
  104
  116
  128
  141
  154
  168
  188
  203
  218
  235
  252
  270
  288
  307
  327
  348
  369
  392
  415
  439
  465
  491
  519
  548
  578
  609
Depreciation, amort., depletion, $m
  20
  25
  27
  30
  33
  36
  40
  43
  47
  51
  55
  53
  57
  61
  66
  71
  76
  81
  87
  93
  99
  105
  111
  118
  125
  132
  140
  148
  156
  165
  174
Funds from operations, $m
  78
  88
  100
  113
  126
  141
  156
  171
  188
  205
  223
  240
  260
  280
  301
  323
  346
  369
  394
  420
  446
  474
  503
  533
  564
  597
  631
  666
  703
  742
  783
Change in working capital, $m
  8
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
Cash from operations, $m
  70
  73
  84
  96
  108
  122
  136
  150
  166
  182
  199
  215
  234
  253
  273
  294
  315
  338
  361
  385
  411
  437
  464
  493
  522
  553
  585
  619
  654
  691
  729
Maintenance CAPEX, $m
  0
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -41
  -44
  -48
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -87
  -93
  -99
  -105
  -111
  -118
  -125
  -132
  -140
  -148
  -156
  -165
New CAPEX, $m
  -25
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -68
  -70
  -73
  -77
  -80
  -84
  -87
  -91
Cash from investing activities, $m
  -178
  -41
  -45
  -50
  -54
  -59
  -64
  -69
  -74
  -80
  -85
  -90
  -97
  -103
  -108
  -115
  -122
  -129
  -136
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -209
  -220
  -232
  -243
  -256
Free cash flow, $m
  -108
  33
  39
  46
  54
  63
  72
  81
  92
  103
  114
  125
  137
  150
  164
  178
  193
  208
  224
  241
  258
  276
  295
  314
  334
  355
  377
  399
  423
  447
  473
Issuance/(repayment) of debt, $m
  106
  39
  42
  45
  48
  50
  53
  56
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  90
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
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
  39
  42
  45
  48
  50
  53
  56
  58
  61
  64
  66
  69
  72
  75
  78
  81
  84
  87
  90
  94
  98
  102
  106
  111
  115
  120
  126
  131
  137
  143
Total cash flow (excl. dividends), $m
  -4
  72
  81
  91
  102
  113
  125
  137
  150
  164
  178
  191
  206
  222
  239
  256
  274
  292
  311
  331
  352
  374
  397
  420
  445
  470
  497
  525
  554
  585
  616
Retained Cash Flow (-), $m
  -28
  -31
  -33
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -114
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
 
  112
  48
  55
  64
  73
  82
  93
  104
  115
  127
  138
  151
  165
  179
  194
  209
  225
  242
  259
  277
  296
  315
  335
  356
  378
  401
  425
  449
  475
  502
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
 
  107
  44
  48
  52
  56
  60
  63
  65
  66
  67
  65
  64
  63
  60
  57
  53
  49
  45
  40
  35
  31
  26
  22
  18
  15
  12
  9
  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

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 22.4
Price to Sales 1.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 11.8
Price to Free Cash Flow 18.4
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 15.4% 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 17.48 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 $0.8 billion.

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COMPANY NEWS

▶ Blog Exposure - Lydall Appoints New CFO   [Feb-23-18 07:10AM  ACCESSWIRE]
▶ Lydall, Inc. to Host Earnings Call   [Feb-22-18 08:30AM  ACCESSWIRE]
▶ Lydall posts 4Q profit   [05:03AM  Associated Press]
▶ Lydall Q4 Earnings Preview   [11:22AM  Benzinga]
▶ Lydall Names New Chief Financial Officer   [07:00AM  GlobeNewswire]
▶ Lydall to Report Fourth Quarter and Year Ended 2017 Results   [Feb-09-18 04:05PM  GlobeNewswire]
▶ ETFs with exposure to Lydall, Inc. : December 7, 2017   [Dec-07-17 02:14PM  Capital Cube]
▶ New Strong Sell Stocks for December 1st   [Dec-01-17 08:56AM  Zacks]
▶ New Strong Sell Stocks for November 28th   [Nov-28-17 07:30AM  Zacks]
▶ 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]
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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