Intrinsic value of Lincoln Electric Holdings - LECO

Previous Close

$91.54

  Intrinsic Value

$108.32

stock screener

  Rating & Target

hold

+18%

Previous close

$91.54

 
Intrinsic value

$108.32

 
Up/down potential

+18%

 
Rating

hold

We calculate the intrinsic value of LECO 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, %
  -10.29
  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
  2,275
  3,028
  3,463
  3,928
  4,422
  4,945
  5,496
  6,074
  6,680
  7,313
  7,973
  8,661
  9,377
  10,121
  10,895
  11,699
  12,534
  13,403
  14,305
  15,244
  16,220
  17,236
  18,294
  19,396
  20,545
  21,743
  22,992
  24,296
  25,658
  27,080
  28,567
Variable operating expenses, $m
 
  2,593
  2,960
  3,352
  3,769
  4,211
  4,676
  5,164
  5,676
  6,210
  6,767
  7,312
  7,916
  8,544
  9,198
  9,876
  10,582
  11,315
  12,077
  12,869
  13,693
  14,551
  15,444
  16,374
  17,344
  18,355
  19,410
  20,511
  21,660
  22,861
  24,116
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
  1,986
  2,593
  2,960
  3,352
  3,769
  4,211
  4,676
  5,164
  5,676
  6,210
  6,767
  7,312
  7,916
  8,544
  9,198
  9,876
  10,582
  11,315
  12,077
  12,869
  13,693
  14,551
  15,444
  16,374
  17,344
  18,355
  19,410
  20,511
  21,660
  22,861
  24,116
Operating income, $m
  288
  436
  503
  576
  653
  734
  820
  910
  1,005
  1,103
  1,206
  1,349
  1,461
  1,577
  1,697
  1,823
  1,953
  2,088
  2,229
  2,375
  2,527
  2,685
  2,850
  3,022
  3,201
  3,387
  3,582
  3,785
  3,997
  4,219
  4,451
EBITDA, $m
  353
  563
  643
  730
  822
  919
  1,021
  1,129
  1,241
  1,359
  1,481
  1,609
  1,742
  1,880
  2,024
  2,174
  2,329
  2,490
  2,658
  2,832
  3,014
  3,202
  3,399
  3,604
  3,817
  4,040
  4,272
  4,514
  4,767
  5,031
  5,308
Interest expense (income), $m
  19
  38
  50
  64
  78
  93
  109
  125
  143
  161
  180
  200
  221
  243
  266
  289
  313
  339
  365
  393
  421
  451
  481
  514
  547
  582
  618
  656
  696
  737
  780
Earnings before tax, $m
  277
  397
  453
  512
  575
  641
  711
  785
  862
  942
  1,026
  1,149
  1,240
  1,334
  1,432
  1,534
  1,639
  1,749
  1,864
  1,982
  2,106
  2,235
  2,369
  2,508
  2,654
  2,806
  2,964
  3,129
  3,302
  3,482
  3,670
Tax expense, $m
  79
  107
  122
  138
  155
  173
  192
  212
  233
  254
  277
  310
  335
  360
  387
  414
  443
  472
  503
  535
  569
  603
  640
  677
  717
  757
  800
  845
  891
  940
  991
Net income, $m
  198
  290
  331
  374
  420
  468
  519
  573
  629
  688
  749
  839
  905
  974
  1,045
  1,120
  1,197
  1,277
  1,360
  1,447
  1,537
  1,631
  1,729
  1,831
  1,937
  2,048
  2,164
  2,284
  2,410
  2,542
  2,679

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  379
  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
  1,943
  2,776
  3,174
  3,600
  4,053
  4,532
  5,037
  5,568
  6,123
  6,703
  7,308
  7,939
  8,595
  9,277
  9,986
  10,723
  11,489
  12,285
  13,112
  13,972
  14,867
  15,799
  16,768
  17,778
  18,831
  19,929
  21,074
  22,270
  23,518
  24,822
  26,184
Adjusted assets (=assets-cash), $m
  1,564
  2,776
  3,174
  3,600
  4,053
  4,532
  5,037
  5,568
  6,123
  6,703
  7,308
  7,939
  8,595
  9,277
  9,986
  10,723
  11,489
  12,285
  13,112
  13,972
  14,867
  15,799
  16,768
  17,778
  18,831
  19,929
  21,074
  22,270
  23,518
  24,822
  26,184
Revenue / Adjusted assets
  1.455
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
  1.091
Average production assets, $m
  517
  908
  1,039
  1,178
  1,327
  1,483
  1,649
  1,822
  2,004
  2,194
  2,392
  2,598
  2,813
  3,036
  3,268
  3,510
  3,760
  4,021
  4,292
  4,573
  4,866
  5,171
  5,488
  5,819
  6,163
  6,523
  6,898
  7,289
  7,697
  8,124
  8,570
Working capital, $m
  656
  91
  104
  118
  133
  148
  165
  182
  200
  219
  239
  260
  281
  304
  327
  351
  376
  402
  429
  457
  487
  517
  549
  582
  616
  652
  690
  729
  770
  812
  857
Total debt, $m
  706
  933
  1,177
  1,439
  1,716
  2,010
  2,320
  2,645
  2,985
  3,341
  3,712
  4,098
  4,500
  4,919
  5,353
  5,805
  6,274
  6,762
  7,269
  7,797
  8,345
  8,916
  9,511
  10,130
  10,775
  11,448
  12,150
  12,883
  13,648
  14,447
  15,283
Total liabilities, $m
  1,232
  1,701
  1,946
  2,207
  2,485
  2,778
  3,088
  3,413
  3,753
  4,109
  4,480
  4,867
  5,269
  5,687
  6,122
  6,573
  7,043
  7,531
  8,038
  8,565
  9,114
  9,685
  10,279
  10,898
  11,544
  12,216
  12,918
  13,651
  14,416
  15,216
  16,051
Total equity, $m
  711
  1,074
  1,228
  1,393
  1,569
  1,754
  1,949
  2,155
  2,370
  2,594
  2,828
  3,072
  3,326
  3,590
  3,865
  4,150
  4,446
  4,754
  5,074
  5,407
  5,754
  6,114
  6,489
  6,880
  7,288
  7,713
  8,156
  8,618
  9,101
  9,606
  10,133
Total liabilities and equity, $m
  1,943
  2,775
  3,174
  3,600
  4,054
  4,532
  5,037
  5,568
  6,123
  6,703
  7,308
  7,939
  8,595
  9,277
  9,987
  10,723
  11,489
  12,285
  13,112
  13,972
  14,868
  15,799
  16,768
  17,778
  18,832
  19,929
  21,074
  22,269
  23,517
  24,822
  26,184
Debt-to-equity ratio
  0.993
  0.870
  0.960
  1.030
  1.090
  1.150
  1.190
  1.230
  1.260
  1.290
  1.310
  1.330
  1.350
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.500
  1.500
  1.510
Adjusted equity ratio
  0.214
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  290
  331
  374
  420
  468
  519
  573
  629
  688
  749
  839
  905
  974
  1,045
  1,120
  1,197
  1,277
  1,360
  1,447
  1,537
  1,631
  1,729
  1,831
  1,937
  2,048
  2,164
  2,284
  2,410
  2,542
  2,679
Depreciation, amort., depletion, $m
  65
  127
  140
  154
  169
  185
  201
  218
  237
  256
  275
  260
  281
  304
  327
  351
  376
  402
  429
  457
  487
  517
  549
  582
  616
  652
  690
  729
  770
  812
  857
Funds from operations, $m
  321
  417
  471
  528
  589
  653
  720
  791
  866
  943
  1,024
  1,099
  1,186
  1,277
  1,372
  1,470
  1,573
  1,679
  1,790
  1,904
  2,024
  2,148
  2,278
  2,413
  2,554
  2,700
  2,853
  3,013
  3,180
  3,354
  3,536
Change in working capital, $m
  18
  12
  13
  14
  15
  16
  17
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  41
  43
  45
Cash from operations, $m
  303
  405
  458
  514
  574
  637
  704
  774
  847
  924
  1,004
  1,078
  1,165
  1,255
  1,349
  1,446
  1,548
  1,653
  1,762
  1,876
  1,995
  2,118
  2,246
  2,380
  2,519
  2,664
  2,816
  2,974
  3,139
  3,312
  3,492
Maintenance CAPEX, $m
  0
  -79
  -91
  -104
  -118
  -133
  -148
  -165
  -182
  -200
  -219
  -239
  -260
  -281
  -304
  -327
  -351
  -376
  -402
  -429
  -457
  -487
  -517
  -549
  -582
  -616
  -652
  -690
  -729
  -770
  -812
New CAPEX, $m
  -50
  -122
  -130
  -139
  -148
  -157
  -165
  -174
  -182
  -190
  -198
  -206
  -215
  -223
  -232
  -241
  -251
  -260
  -271
  -282
  -293
  -305
  -317
  -331
  -345
  -359
  -375
  -391
  -409
  -427
  -446
Cash from investing activities, $m
  -160
  -201
  -221
  -243
  -266
  -290
  -313
  -339
  -364
  -390
  -417
  -445
  -475
  -504
  -536
  -568
  -602
  -636
  -673
  -711
  -750
  -792
  -834
  -880
  -927
  -975
  -1,027
  -1,081
  -1,138
  -1,197
  -1,258
Free cash flow, $m
  143
  205
  236
  271
  308
  348
  390
  436
  483
  534
  587
  632
  690
  750
  813
  878
  946
  1,016
  1,090
  1,166
  1,244
  1,326
  1,412
  1,500
  1,593
  1,689
  1,789
  1,893
  2,002
  2,115
  2,233
Issuance/(repayment) of debt, $m
  351
  227
  244
  261
  278
  294
  310
  325
  340
  356
  371
  386
  402
  418
  435
  452
  469
  488
  507
  527
  549
  571
  594
  619
  645
  673
  702
  733
  765
  799
  835
Issuance/(repurchase) of shares, $m
  -317
  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
  227
  244
  261
  278
  294
  310
  325
  340
  356
  371
  386
  402
  418
  435
  452
  469
  488
  507
  527
  549
  571
  594
  619
  645
  673
  702
  733
  765
  799
  835
Total cash flow (excl. dividends), $m
  162
  432
  481
  532
  585
  641
  700
  761
  824
  890
  958
  1,019
  1,092
  1,169
  1,248
  1,330
  1,415
  1,504
  1,597
  1,693
  1,793
  1,897
  2,006
  2,120
  2,238
  2,362
  2,491
  2,626
  2,767
  2,914
  3,069
Retained Cash Flow (-), $m
  221
  -142
  -154
  -165
  -175
  -185
  -195
  -205
  -215
  -225
  -234
  -244
  -254
  -264
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -360
  -375
  -391
  -407
  -425
  -443
  -463
  -483
  -505
  -527
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
 
  13
  15
  17
  20
  22
  25
  27
  30
  33
  37
  40
  43
  47
  51
  54
  58
  63
  67
  72
  76
  81
  86
  91
  97
  103
  109
  115
  121
  128
  135
Cash available for distribution, $m
 
  289
  326
  367
  410
  456
  504
  555
  609
  665
  724
  775
  838
  905
  973
  1,045
  1,119
  1,196
  1,277
  1,360
  1,447
  1,537
  1,631
  1,729
  1,831
  1,937
  2,048
  2,163
  2,284
  2,410
  2,541
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
 
  277
  299
  319
  338
  353
  366
  375
  381
  382
  379
  368
  358
  344
  327
  307
  284
  260
  235
  209
  184
  159
  135
  113
  93
  75
  60
  46
  35
  26
  19
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

Lincoln Electric Holdings, Inc. is a manufacturer of welding, cutting and brazing products. The Company operates through three segments: Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company's global cutting, soldering and brazing businesses, as well as the retail business in the United States. Its welding products include arc welding power sources, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories, and specialty welding consumables and fabrication. Its product offerings also include computer numeric controlled plasma and oxy-fuel cutting systems, and regulators and torches used in oxy-fuel welding, cutting and brazing.

FINANCIAL RATIOS  of  Lincoln Electric Holdings (LECO)

Valuation Ratios
P/E Ratio 30.4
Price to Sales 2.6
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 23.8
Growth Rates
Sales Growth Rate -10.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2%
Cap. Spend. - 3 Yr. Gr. Rate -8%
Financial Strength
Quick Ratio 190
Current Ratio 0.2
LT Debt to Equity 99%
Total Debt to Equity 99.3%
Interest Coverage 16
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 13.9%
Return On Equity 24.1%
Return On Equity - 3 Yr. Avg. 17.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 33.9%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 14.1%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 12.2%
Pre-Tax Margin - 3 Yr. Avg. 10.7%
Net Profit Margin 8.7%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 28.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 43.9%

LECO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LECO stock intrinsic value calculation we used $2624 million for the last fiscal year's total revenue generated by Lincoln Electric Holdings. The default revenue input number comes from 2016 income statement of Lincoln Electric Holdings. 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 LECO 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 LECO is calculated based on our internal credit rating of Lincoln Electric Holdings, 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 Lincoln Electric Holdings.
    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 LECO stock the variable cost ratio is equal to 85.8%.

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 LECO 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 5.4% for Lincoln Electric Holdings.

Corporate tax rate of 27% is the nominal tax rate for Lincoln Electric Holdings. 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 LECO stock is equal to 0.5%.

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 LECO are equal to 30%.

Life of production assets of 10 years is the average useful life of capital assets used in Lincoln Electric Holdings 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 LECO is equal to 3%. 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 - $932 million for Lincoln Electric Holdings - 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 66 million for Lincoln Electric Holdings 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 Lincoln Electric Holdings at the current share price and the inputted number of shares is $6.0 billion.

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COMPANY NEWS

▶ Lincoln Electric: 2Q Earnings Snapshot   [07:39AM  Associated Press]
▶ Patrick P. Goris Elected to Lincoln Electric Board   [Jul-20-18 04:30PM  GlobeNewswire]
▶ Lincoln Electric Board Declares Dividend   [Jul-19-18 04:30PM  GlobeNewswire]
▶ Lincoln Electric: 1Q Earnings Snapshot   [07:40AM  Associated Press]
▶ Lincoln Electric Board Declares Dividend   [Apr-19-18 04:30PM  GlobeNewswire]
▶ 3 Winners From This Big Industrial Investing Trend   [Apr-12-18 06:33AM  Motley Fool]
▶ Dr. Ben Patel Elected to Lincoln Electric Board   [Feb-22-18 04:30PM  GlobeNewswire]
▶ Lincoln Electric Board Declares Dividend   [Feb-21-18 04:30PM  GlobeNewswire]
▶ Lincoln Electric beats Street 4Q forecasts   [Feb-14-18 10:59AM  Associated Press]
▶ Lincoln Electric Schedules 2018 Shareholders Meeting   [Jan-16-18 04:30PM  GlobeNewswire]
▶ Lincoln Electric Holdings, Inc. to Host Earnings Call   [Oct-27-17 07:40AM  ACCESSWIRE]
▶ Lincoln Electric meets 3Q profit forecasts   [07:37AM  Associated Press]
▶ Lincoln Electric Earns Relative Strength Rating Upgrade; Hits Key Threshold   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ Dow Sprints To Record High; New Breakouts Emerge In Industrials   [Oct-24-17 01:42PM  Investor's Business Daily]
▶ Lincoln Electric Board Approves 11.4% Dividend Increase   [Oct-17-17 04:30PM  GlobeNewswire]
Financial statements of LECO
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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