Intrinsic value of Lennox International - LII

Previous Close

$164.02

  Intrinsic Value

$245.09

stock screener

  Rating & Target

buy

+49%

  Value-price divergence*

+186%

Previous close

$164.02

 
Intrinsic value

$245.09

 
Up/down potential

+49%

 
Rating

buy

 
Value-price divergence*

+186%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LII 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 6.9

 

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, %
  5.05
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  3,642
  4,039
  4,455
  4,891
  5,346
  5,820
  6,314
  6,828
  7,362
  7,917
  8,494
  9,093
  9,716
  10,364
  11,037
  11,738
  12,468
  13,227
  14,019
  14,844
  15,705
  16,602
  17,540
  18,519
  19,541
  20,610
  21,728
  22,898
  24,121
  25,401
  26,742
Variable operating expenses, $m
 
  733
  807
  883
  964
  1,048
  1,135
  1,226
  1,320
  1,418
  1,520
  1,606
  1,716
  1,831
  1,950
  2,074
  2,202
  2,337
  2,476
  2,622
  2,774
  2,933
  3,098
  3,271
  3,452
  3,641
  3,838
  4,045
  4,261
  4,487
  4,724
Fixed operating expenses, $m
 
  2,658
  2,724
  2,792
  2,862
  2,934
  3,007
  3,082
  3,159
  3,238
  3,319
  3,402
  3,487
  3,574
  3,664
  3,755
  3,849
  3,946
  4,044
  4,145
  4,249
  4,355
  4,464
  4,576
  4,690
  4,807
  4,927
  5,051
  5,177
  5,306
  5,439
Total operating expenses, $m
  3,181
  3,391
  3,531
  3,675
  3,826
  3,982
  4,142
  4,308
  4,479
  4,656
  4,839
  5,008
  5,203
  5,405
  5,614
  5,829
  6,051
  6,283
  6,520
  6,767
  7,023
  7,288
  7,562
  7,847
  8,142
  8,448
  8,765
  9,096
  9,438
  9,793
  10,163
Operating income, $m
  461
  648
  925
  1,215
  1,520
  1,839
  2,172
  2,520
  2,883
  3,261
  3,655
  4,085
  4,512
  4,959
  5,424
  5,909
  6,416
  6,945
  7,498
  8,077
  8,681
  9,315
  9,977
  10,672
  11,399
  12,162
  12,963
  13,802
  14,683
  15,608
  16,579
EBITDA, $m
  519
  708
  989
  1,284
  1,593
  1,917
  2,255
  2,608
  2,976
  3,359
  3,759
  4,176
  4,610
  5,062
  5,534
  6,027
  6,541
  7,078
  7,639
  8,225
  8,839
  9,481
  10,153
  10,857
  11,595
  12,369
  13,180
  14,031
  14,924
  15,862
  16,847
Interest expense (income), $m
  26
  30
  32
  38
  45
  52
  59
  66
  74
  82
  91
  99
  109
  118
  128
  138
  149
  160
  171
  184
  196
  209
  223
  237
  252
  268
  284
  301
  319
  337
  357
Earnings before tax, $m
  403
  618
  893
  1,177
  1,475
  1,787
  2,113
  2,454
  2,808
  3,178
  3,564
  3,985
  4,404
  4,841
  5,296
  5,771
  6,267
  6,785
  7,327
  7,893
  8,485
  9,105
  9,755
  10,435
  11,147
  11,895
  12,679
  13,501
  14,364
  15,271
  16,222
Tax expense, $m
  124
  167
  241
  318
  398
  483
  571
  662
  758
  858
  962
  1,076
  1,189
  1,307
  1,430
  1,558
  1,692
  1,832
  1,978
  2,131
  2,291
  2,458
  2,634
  2,817
  3,010
  3,212
  3,423
  3,645
  3,878
  4,123
  4,380
Net income, $m
  278
  451
  652
  859
  1,077
  1,305
  1,543
  1,791
  2,050
  2,320
  2,602
  2,909
  3,215
  3,534
  3,866
  4,213
  4,575
  4,953
  5,349
  5,762
  6,194
  6,647
  7,121
  7,617
  8,138
  8,683
  9,255
  9,856
  10,486
  11,148
  11,842

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  1,760
  1,952
  2,153
  2,364
  2,584
  2,813
  3,052
  3,300
  3,558
  3,826
  4,105
  4,395
  4,696
  5,009
  5,335
  5,673
  6,026
  6,393
  6,776
  7,175
  7,590
  8,024
  8,477
  8,951
  9,445
  9,962
  10,502
  11,067
  11,658
  12,277
  12,925
Adjusted assets (=assets-cash), $m
  1,710
  1,952
  2,153
  2,364
  2,584
  2,813
  3,052
  3,300
  3,558
  3,826
  4,105
  4,395
  4,696
  5,009
  5,335
  5,673
  6,026
  6,393
  6,776
  7,175
  7,590
  8,024
  8,477
  8,951
  9,445
  9,962
  10,502
  11,067
  11,658
  12,277
  12,925
Revenue / Adjusted assets
  2.130
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
  2.069
Average production assets, $m
  365
  404
  446
  489
  535
  582
  631
  683
  736
  792
  849
  909
  972
  1,036
  1,104
  1,174
  1,247
  1,323
  1,402
  1,484
  1,570
  1,660
  1,754
  1,852
  1,954
  2,061
  2,173
  2,290
  2,412
  2,540
  2,674
Working capital, $m
  117
  355
  392
  430
  470
  512
  556
  601
  648
  697
  747
  800
  855
  912
  971
  1,033
  1,097
  1,164
  1,234
  1,306
  1,382
  1,461
  1,543
  1,630
  1,720
  1,814
  1,912
  2,015
  2,123
  2,235
  2,353
Total debt, $m
  868
  903
  1,084
  1,274
  1,471
  1,678
  1,893
  2,116
  2,348
  2,590
  2,841
  3,101
  3,372
  3,654
  3,947
  4,252
  4,569
  4,900
  5,244
  5,603
  5,977
  6,368
  6,776
  7,201
  7,646
  8,111
  8,598
  9,106
  9,638
  10,195
  10,779
Total liabilities, $m
  1,723
  1,757
  1,938
  2,128
  2,325
  2,532
  2,747
  2,970
  3,202
  3,444
  3,695
  3,955
  4,226
  4,508
  4,801
  5,106
  5,423
  5,754
  6,098
  6,457
  6,831
  7,222
  7,630
  8,055
  8,500
  8,965
  9,452
  9,960
  10,492
  11,049
  11,633
Total equity, $m
  38
  195
  215
  236
  258
  281
  305
  330
  356
  383
  411
  439
  470
  501
  533
  567
  603
  639
  678
  717
  759
  802
  848
  895
  944
  996
  1,050
  1,107
  1,166
  1,228
  1,293
Total liabilities and equity, $m
  1,761
  1,952
  2,153
  2,364
  2,583
  2,813
  3,052
  3,300
  3,558
  3,827
  4,106
  4,394
  4,696
  5,009
  5,334
  5,673
  6,026
  6,393
  6,776
  7,174
  7,590
  8,024
  8,478
  8,950
  9,444
  9,961
  10,502
  11,067
  11,658
  12,277
  12,926
Debt-to-equity ratio
  22.842
  4.630
  5.030
  5.390
  5.690
  5.960
  6.200
  6.410
  6.600
  6.770
  6.920
  7.060
  7.180
  7.300
  7.400
  7.490
  7.580
  7.660
  7.740
  7.810
  7.870
  7.940
  7.990
  8.050
  8.100
  8.140
  8.190
  8.230
  8.270
  8.300
  8.340
Adjusted equity ratio
  0.022
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  278
  451
  652
  859
  1,077
  1,305
  1,543
  1,791
  2,050
  2,320
  2,602
  2,909
  3,215
  3,534
  3,866
  4,213
  4,575
  4,953
  5,349
  5,762
  6,194
  6,647
  7,121
  7,617
  8,138
  8,683
  9,255
  9,856
  10,486
  11,148
  11,842
Depreciation, amort., depletion, $m
  58
  60
  64
  68
  73
  78
  83
  88
  93
  99
  104
  91
  97
  104
  110
  117
  125
  132
  140
  148
  157
  166
  175
  185
  195
  206
  217
  229
  241
  254
  267
Funds from operations, $m
  364
  511
  716
  928
  1,150
  1,382
  1,625
  1,879
  2,143
  2,419
  2,706
  3,000
  3,312
  3,637
  3,976
  4,330
  4,700
  5,086
  5,489
  5,910
  6,351
  6,813
  7,296
  7,802
  8,333
  8,889
  9,473
  10,085
  10,727
  11,402
  12,110
Change in working capital, $m
  9
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
Cash from operations, $m
  355
  476
  679
  889
  1,110
  1,341
  1,582
  1,834
  2,096
  2,370
  2,655
  2,947
  3,257
  3,580
  3,917
  4,269
  4,636
  5,019
  5,419
  5,838
  6,276
  6,734
  7,214
  7,716
  8,243
  8,795
  9,374
  9,982
  10,620
  11,289
  11,992
Maintenance CAPEX, $m
  0
  -36
  -40
  -45
  -49
  -53
  -58
  -63
  -68
  -74
  -79
  -85
  -91
  -97
  -104
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -229
  -241
  -254
New CAPEX, $m
  -84
  -39
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
Cash from investing activities, $m
  -84
  -75
  -82
  -89
  -94
  -100
  -107
  -114
  -121
  -130
  -137
  -145
  -153
  -162
  -171
  -180
  -190
  -201
  -211
  -223
  -234
  -247
  -260
  -273
  -287
  -302
  -318
  -334
  -351
  -369
  -388
Free cash flow, $m
  271
  400
  597
  801
  1,016
  1,240
  1,474
  1,719
  1,975
  2,241
  2,518
  2,802
  3,104
  3,418
  3,746
  4,088
  4,445
  4,818
  5,208
  5,615
  6,041
  6,487
  6,954
  7,443
  7,956
  8,493
  9,056
  9,648
  10,268
  10,920
  11,604
Issuance/(repayment) of debt, $m
  129
  35
  181
  190
  198
  206
  215
  223
  232
  241
  251
  261
  271
  282
  293
  305
  317
  330
  344
  359
  374
  391
  408
  426
  445
  465
  486
  509
  532
  557
  583
Issuance/(repurchase) of shares, $m
  -331
  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  
  -186
  35
  181
  190
  198
  206
  215
  223
  232
  241
  251
  261
  271
  282
  293
  305
  317
  330
  344
  359
  374
  391
  408
  426
  445
  465
  486
  509
  532
  557
  583
Total cash flow (excl. dividends), $m
  80
  435
  778
  991
  1,213
  1,446
  1,689
  1,943
  2,207
  2,482
  2,769
  3,063
  3,375
  3,700
  4,039
  4,393
  4,763
  5,149
  5,552
  5,974
  6,415
  6,878
  7,362
  7,869
  8,400
  8,958
  9,543
  10,156
  10,800
  11,477
  12,187
Retained Cash Flow (-), $m
  63
  -157
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
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
 
  278
  758
  970
  1,191
  1,423
  1,665
  1,918
  2,181
  2,456
  2,741
  3,034
  3,345
  3,669
  4,007
  4,359
  4,727
  5,112
  5,514
  5,934
  6,374
  6,834
  7,316
  7,822
  8,351
  8,906
  9,489
  10,100
  10,741
  11,415
  12,122
Discount rate, %
 
  9.60
  10.08
  10.58
  11.11
  11.67
  12.25
  12.86
  13.51
  14.18
  14.89
  15.64
  16.42
  17.24
  18.10
  19.01
  19.96
  20.96
  22.00
  23.10
  24.26
  25.47
  26.75
  28.08
  29.49
  30.96
  32.51
  34.13
  35.84
  37.63
  39.51
PV of cash for distribution, $m
 
  253
  626
  717
  782
  820
  832
  822
  792
  744
  684
  614
  540
  464
  390
  320
  257
  201
  154
  114
  83
  58
  40
  26
  17
  10
  6
  4
  2
  1
  1
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

Lennox International Inc. designs, manufactures, and markets a range of products for the heating, ventilation, air conditioning, and refrigeration markets in the United States, Europe, the Asia Pacific, South America, and Canada. The company operates in three segments: Residential Heating & Cooling, Commercial Heating & Cooling, and Refrigeration. The Residential Heating & Cooling segment provides furnaces, air conditioners, heat pumps, packaged heating and cooling systems, indoor air quality equipment, comfort control products, and replacement parts and supplies for residential replacement and new construction markets. The Commercial Heating & Cooling segment offers rooftop units, split system/air handler combinations, small package units, chillers, and fan coils for commercial buildings, shopping malls, other retail and entertainment buildings, institutional, and other field-engineered applications. This segment also engages in the installation and service of commercial heating and cooling equipment. The Refrigeration segment offers condensing units, unit coolers, fluid coolers, air cooled condensers, air handlers, display cases, and refrigeration rack systems that helps in preserving food and other perishables in supermarkets, convenience stores, restaurants, warehouses, and distribution centers, as well as for data center, machine tooling, and other cooling applications. The company distributes its products and services under the Lennox, Aire-Flo, Armstrong Air, Ducane, Air-Ease, Concord, Magic-Pak, and ADP Advanced Distributor Products brands. It operates approximately 209 Lennox PartsPlus stores. Lennox International Inc. was founded in 1895 and is headquartered in Richardson, Texas.

FINANCIAL RATIOS  of  Lennox International (LII)

Valuation Ratios
P/E Ratio 25.4
Price to Sales 1.9
Price to Book 185.5
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 26
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 1.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 1621.1%
Total Debt to Equity 2284.2%
Interest Coverage 17
Management Effectiveness
Return On Assets 17.2%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 31.8%
Ret/ On T. Cap. - 3 Yr. Avg. 25.2%
Return On Equity 400%
Return On Equity - 3 Yr. Avg. 275.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 29.6%
Gross Margin - 3 Yr. Avg. 27.9%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 11.9%
Operating Margin 12.7%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 11.1%
Pre-Tax Margin - 3 Yr. Avg. 9.6%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 24.8%

LII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LII stock intrinsic value calculation we used $3642 million for the last fiscal year's total revenue generated by Lennox International. The default revenue input number comes from 2016 income statement of Lennox International. 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 LII stock valuation model: a) initial revenue growth rate of 10.9% 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 9.6%, whose default value for LII is calculated based on our internal credit rating of Lennox International, 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 Lennox International.
    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 LII stock the variable cost ratio is equal to 18.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2593 million in the base year in the intrinsic value calculation for LII 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 Lennox International.

Corporate tax rate of 27% is the nominal tax rate for Lennox International. 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 LII 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 LII are equal to 10%.

Life of production assets of 10 years is the average useful life of capital assets used in Lennox International 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 LII is equal to 8.8%. 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 - $38 million for Lennox International - 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 42.331 million for Lennox International 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 Lennox International at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ What's Going Wrong With the HVAC Sector?   [Aug-15-17 09:32AM  Motley Fool]
▶ Lennox tops Street 2Q forecasts   [Jul-24-17 11:17PM  Associated Press]
▶ Top Ranked Momentum Stocks to Buy for June 27th   [Jun-27-17 10:28AM  Zacks]
▶ Lennox International to Present at KeyBanc Conference   [May-26-17 09:00AM  PR Newswire]
▶ Lennox raises dividend 19%, starting in July   [May-17-17 03:01PM  MarketWatch]
▶ Lennox beats Street 1Q forecasts   [08:10AM  Associated Press]
▶ Lennox International Declares Quarterly Dividend   [Mar-17-17 01:02PM  PR Newswire]
▶ Owens Corning Stock: Buy at the High?   [10:49AM  Motley Fool]
▶ Lennox International Declares Quarterly Dividend   [Dec-09-16 01:00PM  PR Newswire]
▶ Should You Buy Lennox International Inc. (LII)?   [06:54AM  at Insider Monkey]
▶ Lennox International to Present at Baird Conference   [Nov-07-16 09:00AM  PR Newswire]
▶ Keeping Cool With HVAC Dividend Stocks   [01:36PM  at Insider Monkey]
▶ Illinois Tool's Great Job Isn't Good Enough   [Oct-20-16 02:16PM  at Bloomberg]
Stock chart of LII Financial statements of LII
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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