Intrinsic value of Lennox International - LII

Previous Close

$204.15

  Intrinsic Value

$160.37

stock screener

  Rating & Target

sell

-21%

Previous close

$204.15

 
Intrinsic value

$160.37

 
Up/down potential

-21%

 
Rating

sell

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 8.6

 

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, %
  5.05
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  3,642
  3,937
  4,244
  4,562
  4,894
  5,238
  5,596
  5,968
  6,354
  6,757
  7,176
  7,612
  8,067
  8,541
  9,035
  9,551
  10,090
  10,652
  11,240
  11,854
  12,497
  13,168
  13,872
  14,607
  15,378
  16,185
  17,030
  17,916
  18,844
  19,817
  20,836
Variable operating expenses, $m
 
  1,124
  1,210
  1,300
  1,393
  1,489
  1,590
  1,694
  1,803
  1,916
  2,033
  2,136
  2,264
  2,397
  2,536
  2,681
  2,832
  2,989
  3,154
  3,327
  3,507
  3,696
  3,893
  4,100
  4,316
  4,542
  4,779
  5,028
  5,288
  5,561
  5,848
Fixed operating expenses, $m
 
  2,281
  2,338
  2,396
  2,456
  2,517
  2,580
  2,645
  2,711
  2,779
  2,848
  2,919
  2,992
  3,067
  3,144
  3,222
  3,303
  3,386
  3,470
  3,557
  3,646
  3,737
  3,830
  3,926
  4,024
  4,125
  4,228
  4,334
  4,442
  4,553
  4,667
Total operating expenses, $m
  3,212
  3,405
  3,548
  3,696
  3,849
  4,006
  4,170
  4,339
  4,514
  4,695
  4,881
  5,055
  5,256
  5,464
  5,680
  5,903
  6,135
  6,375
  6,624
  6,884
  7,153
  7,433
  7,723
  8,026
  8,340
  8,667
  9,007
  9,362
  9,730
  10,114
  10,515
Operating income, $m
  429
  532
  696
  866
  1,045
  1,231
  1,425
  1,629
  1,841
  2,062
  2,294
  2,557
  2,811
  3,077
  3,356
  3,648
  3,955
  4,277
  4,615
  4,970
  5,344
  5,736
  6,148
  6,582
  7,038
  7,518
  8,023
  8,554
  9,113
  9,702
  10,322
EBITDA, $m
  487
  592
  759
  933
  1,115
  1,305
  1,503
  1,710
  1,926
  2,152
  2,389
  2,636
  2,895
  3,166
  3,450
  3,748
  4,060
  4,388
  4,732
  5,094
  5,474
  5,873
  6,293
  6,734
  7,198
  7,686
  8,200
  8,741
  9,310
  9,908
  10,539
Interest expense (income), $m
  26
  29
  28
  33
  38
  42
  48
  53
  58
  64
  70
  76
  83
  89
  96
  104
  111
  119
  128
  136
  145
  155
  165
  175
  186
  198
  209
  222
  235
  249
  263
Earnings before tax, $m
  403
  503
  667
  834
  1,007
  1,189
  1,378
  1,576
  1,782
  1,998
  2,224
  2,480
  2,728
  2,987
  3,259
  3,545
  3,844
  4,158
  4,488
  4,834
  5,198
  5,581
  5,983
  6,406
  6,852
  7,320
  7,813
  8,332
  8,878
  9,453
  10,058
Tax expense, $m
  124
  136
  180
  225
  272
  321
  372
  425
  481
  540
  601
  670
  737
  807
  880
  957
  1,038
  1,123
  1,212
  1,305
  1,403
  1,507
  1,615
  1,730
  1,850
  1,976
  2,110
  2,250
  2,397
  2,552
  2,716
Net income, $m
  278
  367
  487
  608
  735
  868
  1,006
  1,150
  1,301
  1,459
  1,624
  1,811
  1,991
  2,181
  2,379
  2,588
  2,806
  3,035
  3,276
  3,529
  3,795
  4,074
  4,368
  4,677
  5,002
  5,344
  5,704
  6,082
  6,481
  6,901
  7,343

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
  1,848
  1,992
  2,142
  2,297
  2,459
  2,627
  2,802
  2,983
  3,172
  3,369
  3,574
  3,787
  4,010
  4,242
  4,484
  4,737
  5,001
  5,277
  5,565
  5,867
  6,182
  6,512
  6,858
  7,220
  7,599
  7,995
  8,411
  8,847
  9,304
  9,782
Adjusted assets (=assets-cash), $m
  1,710
  1,848
  1,992
  2,142
  2,297
  2,459
  2,627
  2,802
  2,983
  3,172
  3,369
  3,574
  3,787
  4,010
  4,242
  4,484
  4,737
  5,001
  5,277
  5,565
  5,867
  6,182
  6,512
  6,858
  7,220
  7,599
  7,995
  8,411
  8,847
  9,304
  9,782
Revenue / Adjusted assets
  2.130
  2.130
  2.131
  2.130
  2.131
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
  2.130
Average production assets, $m
  365
  394
  424
  456
  489
  524
  560
  597
  635
  676
  718
  761
  807
  854
  904
  955
  1,009
  1,065
  1,124
  1,185
  1,250
  1,317
  1,387
  1,461
  1,538
  1,618
  1,703
  1,792
  1,884
  1,982
  2,084
Working capital, $m
  117
  346
  373
  401
  431
  461
  492
  525
  559
  595
  631
  670
  710
  752
  795
  841
  888
  937
  989
  1,043
  1,100
  1,159
  1,221
  1,285
  1,353
  1,424
  1,499
  1,577
  1,658
  1,744
  1,834
Total debt, $m
  868
  810
  939
  1,074
  1,214
  1,359
  1,510
  1,668
  1,831
  2,001
  2,178
  2,362
  2,555
  2,755
  2,964
  3,182
  3,409
  3,647
  3,895
  4,155
  4,426
  4,710
  5,007
  5,318
  5,644
  5,985
  6,342
  6,716
  7,108
  7,519
  7,950
Total liabilities, $m
  1,723
  1,664
  1,793
  1,928
  2,068
  2,213
  2,364
  2,522
  2,685
  2,855
  3,032
  3,216
  3,409
  3,609
  3,818
  4,036
  4,263
  4,501
  4,749
  5,009
  5,280
  5,564
  5,861
  6,172
  6,498
  6,839
  7,196
  7,570
  7,962
  8,373
  8,804
Total equity, $m
  38
  185
  199
  214
  230
  246
  263
  280
  298
  317
  337
  357
  379
  401
  424
  448
  474
  500
  528
  557
  587
  618
  651
  686
  722
  760
  800
  841
  885
  930
  978
Total liabilities and equity, $m
  1,761
  1,849
  1,992
  2,142
  2,298
  2,459
  2,627
  2,802
  2,983
  3,172
  3,369
  3,573
  3,788
  4,010
  4,242
  4,484
  4,737
  5,001
  5,277
  5,566
  5,867
  6,182
  6,512
  6,858
  7,220
  7,599
  7,996
  8,411
  8,847
  9,303
  9,782
Debt-to-equity ratio
  22.842
  4.380
  4.710
  5.010
  5.280
  5.530
  5.750
  5.950
  6.140
  6.310
  6.470
  6.610
  6.750
  6.870
  6.990
  7.100
  7.200
  7.290
  7.380
  7.470
  7.540
  7.620
  7.690
  7.750
  7.820
  7.880
  7.930
  7.980
  8.030
  8.080
  8.130
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
  367
  487
  608
  735
  868
  1,006
  1,150
  1,301
  1,459
  1,624
  1,811
  1,991
  2,181
  2,379
  2,588
  2,806
  3,035
  3,276
  3,529
  3,795
  4,074
  4,368
  4,677
  5,002
  5,344
  5,704
  6,082
  6,481
  6,901
  7,343
Depreciation, amort., depletion, $m
  58
  61
  64
  67
  70
  74
  78
  82
  86
  90
  94
  79
  84
  89
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  169
  177
  187
  196
  206
  217
Funds from operations, $m
  364
  428
  551
  676
  806
  942
  1,084
  1,232
  1,387
  1,549
  1,718
  1,890
  2,075
  2,270
  2,473
  2,687
  2,911
  3,146
  3,393
  3,652
  3,925
  4,211
  4,512
  4,829
  5,162
  5,512
  5,881
  6,269
  6,677
  7,107
  7,560
Change in working capital, $m
  9
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  38
  40
  42
  44
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
  86
  90
Cash from operations, $m
  355
  402
  524
  647
  777
  911
  1,052
  1,199
  1,353
  1,513
  1,681
  1,852
  2,035
  2,228
  2,430
  2,642
  2,864
  3,097
  3,341
  3,598
  3,868
  4,152
  4,450
  4,764
  5,094
  5,441
  5,807
  6,191
  6,596
  7,022
  7,470
Maintenance CAPEX, $m
  0
  -38
  -41
  -44
  -48
  -51
  -55
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -196
  -206
New CAPEX, $m
  -84
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
Cash from investing activities, $m
  -84
  -67
  -72
  -76
  -81
  -85
  -91
  -95
  -101
  -106
  -112
  -119
  -124
  -131
  -138
  -146
  -153
  -161
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -266
  -280
  -293
  -308
Free cash flow, $m
  271
  335
  452
  571
  696
  826
  962
  1,104
  1,252
  1,407
  1,569
  1,733
  1,911
  2,097
  2,292
  2,496
  2,710
  2,935
  3,172
  3,420
  3,681
  3,955
  4,243
  4,546
  4,865
  5,200
  5,553
  5,925
  6,316
  6,728
  7,162
Issuance/(repayment) of debt, $m
  129
  -8
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  238
  248
  260
  271
  284
  297
  311
  326
  341
  357
  374
  392
  411
  431
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
  -8
  130
  135
  140
  145
  151
  157
  163
  170
  177
  184
  192
  200
  209
  218
  228
  238
  248
  260
  271
  284
  297
  311
  326
  341
  357
  374
  392
  411
  431
Total cash flow (excl. dividends), $m
  80
  326
  582
  706
  836
  971
  1,113
  1,261
  1,415
  1,577
  1,746
  1,918
  2,103
  2,297
  2,500
  2,714
  2,938
  3,173
  3,420
  3,679
  3,952
  4,239
  4,540
  4,857
  5,190
  5,541
  5,911
  6,299
  6,708
  7,139
  7,592
Retained Cash Flow (-), $m
  63
  -147
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
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
 
  180
  567
  691
  820
  955
  1,096
  1,243
  1,397
  1,558
  1,726
  1,897
  2,081
  2,275
  2,477
  2,690
  2,913
  3,147
  3,392
  3,650
  3,922
  4,207
  4,507
  4,822
  5,154
  5,503
  5,871
  6,258
  6,665
  7,093
  7,545
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
 
  164
  468
  511
  538
  550
  548
  533
  507
  472
  431
  384
  336
  288
  241
  198
  158
  124
  95
  70
  51
  36
  25
  16
  10
  6
  4
  2
  1
  1
  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

Lennox International Inc. is a provider of climate control solutions. The Company designs, manufactures and markets a range of products for the heating, ventilation, air conditioning and refrigeration (HVACR) markets. It operates through three segments: Residential Heating & Cooling; Commercial Heating & Cooling, and Refrigeration. It manufactures and markets a range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories to manage indoor air quality, comfort control products, replacement parts and supplies and related products for both the residential replacement and new construction markets in North America. It manufactures and sells unitary heating and cooling equipment used in light commercial applications, such as low-rise office buildings, restaurants, retail centers, churches and schools. It manufactures and markets equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name.

FINANCIAL RATIOS  of  Lennox International (LII)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 2.4
Price to Book 230.9
Price to Tangible Book
Price to Cash Flow 24.7
Price to Free Cash Flow 32.4
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 11.8%
Oper. Margin - 3 Yr. Avg. 10.2%
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 8.1% 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 28.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2225 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 9.6 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 42.207 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 $8.6 billion.

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COMPANY NEWS

▶ Lennox International Announces 2018 Financial Guidance   [Dec-13-17 07:30AM  PR Newswire]
▶ Lennox International Declares Quarterly Dividend   [Dec-08-17 10:32AM  PR Newswire]
▶ Lennox International to Present at Baird Conference   [Nov-03-17 09:00AM  PR Newswire]
▶ Lennox beats Street 3Q forecasts   [08:15AM  Associated Press]
▶ How to Trade 4 Home Repair Stocks   [Oct-09-17 04:25PM  Investopedia]
▶ Should You Buy Lennox International Inc (LII) At $167.02?   [Sep-15-17 02:37PM  Simply Wall St.]
▶ Lennox International Declares Quarterly Dividend   [Sep-14-17 05:27PM  PR Newswire]
▶ 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]
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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