Intrinsic value of Lennox International - LII

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$171.70

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$171.70

 
Intrinsic value

$164.56

 
Up/down potential

-4%

 
Rating

hold

 
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*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 7.3

 

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
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  3,642
  3,919
  4,206
  4,505
  4,816
  5,139
  5,475
  5,824
  6,188
  6,566
  6,961
  7,372
  7,801
  8,248
  8,715
  9,203
  9,712
  10,244
  10,801
  11,383
  11,992
  12,630
  13,297
  13,996
  14,728
  15,495
  16,299
  17,141
  18,024
  18,950
  19,921
Variable operating expenses, $m
 
  712
  763
  815
  870
  927
  987
  1,048
  1,113
  1,179
  1,249
  1,302
  1,378
  1,457
  1,539
  1,626
  1,716
  1,810
  1,908
  2,011
  2,118
  2,231
  2,349
  2,472
  2,602
  2,737
  2,879
  3,028
  3,184
  3,347
  3,519
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
  3,370
  3,487
  3,607
  3,732
  3,861
  3,994
  4,130
  4,272
  4,417
  4,568
  4,704
  4,865
  5,031
  5,203
  5,381
  5,565
  5,756
  5,952
  6,156
  6,367
  6,586
  6,813
  7,048
  7,292
  7,544
  7,806
  8,079
  8,361
  8,653
  8,958
Operating income, $m
  461
  549
  720
  898
  1,084
  1,278
  1,481
  1,694
  1,916
  2,149
  2,393
  2,668
  2,936
  3,217
  3,512
  3,822
  4,147
  4,489
  4,849
  5,227
  5,625
  6,044
  6,484
  6,948
  7,437
  7,951
  8,492
  9,063
  9,664
  10,296
  10,963
EBITDA, $m
  519
  610
  783
  964
  1,153
  1,351
  1,558
  1,774
  2,000
  2,237
  2,485
  2,744
  3,017
  3,303
  3,603
  3,917
  4,248
  4,596
  4,961
  5,346
  5,750
  6,175
  6,623
  7,094
  7,590
  8,112
  8,662
  9,241
  9,851
  10,494
  11,170
Interest expense (income), $m
  26
  29
  28
  32
  37
  41
  46
  51
  56
  62
  67
  73
  79
  85
  92
  99
  106
  114
  122
  130
  138
  147
  157
  167
  177
  188
  199
  211
  224
  237
  250
Earnings before tax, $m
  403
  521
  692
  865
  1,047
  1,237
  1,435
  1,643
  1,860
  2,087
  2,325
  2,595
  2,856
  3,131
  3,420
  3,723
  4,041
  4,376
  4,727
  5,097
  5,487
  5,896
  6,328
  6,782
  7,260
  7,763
  8,293
  8,852
  9,440
  10,060
  10,713
Tax expense, $m
  124
  141
  187
  234
  283
  334
  387
  443
  502
  564
  628
  701
  771
  845
  923
  1,005
  1,091
  1,181
  1,276
  1,376
  1,481
  1,592
  1,708
  1,831
  1,960
  2,096
  2,239
  2,390
  2,549
  2,716
  2,892
Net income, $m
  278
  380
  505
  632
  764
  903
  1,048
  1,199
  1,358
  1,524
  1,697
  1,894
  2,085
  2,286
  2,496
  2,718
  2,950
  3,194
  3,451
  3,721
  4,005
  4,304
  4,619
  4,951
  5,299
  5,667
  6,054
  6,462
  6,891
  7,344
  7,820

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
  1,840
  1,975
  2,115
  2,261
  2,413
  2,570
  2,734
  2,905
  3,083
  3,268
  3,461
  3,662
  3,872
  4,092
  4,321
  4,560
  4,810
  5,071
  5,344
  5,630
  5,930
  6,243
  6,571
  6,915
  7,275
  7,652
  8,048
  8,462
  8,897
  9,353
Adjusted assets (=assets-cash), $m
  1,710
  1,840
  1,975
  2,115
  2,261
  2,413
  2,570
  2,734
  2,905
  3,083
  3,268
  3,461
  3,662
  3,872
  4,092
  4,321
  4,560
  4,810
  5,071
  5,344
  5,630
  5,930
  6,243
  6,571
  6,915
  7,275
  7,652
  8,048
  8,462
  8,897
  9,353
Revenue / Adjusted assets
  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
  2.130
  2.130
  2.130
  2.130
  2.130
Average production assets, $m
  365
  392
  421
  451
  482
  514
  547
  582
  619
  657
  696
  737
  780
  825
  872
  920
  971
  1,024
  1,080
  1,138
  1,199
  1,263
  1,330
  1,400
  1,473
  1,550
  1,630
  1,714
  1,802
  1,895
  1,992
Working capital, $m
  117
  345
  370
  396
  424
  452
  482
  513
  545
  578
  613
  649
  686
  726
  767
  810
  855
  902
  950
  1,002
  1,055
  1,111
  1,170
  1,232
  1,296
  1,364
  1,434
  1,508
  1,586
  1,668
  1,753
Total debt, $m
  868
  802
  923
  1,050
  1,181
  1,317
  1,459
  1,607
  1,761
  1,921
  2,087
  2,261
  2,442
  2,631
  2,828
  3,034
  3,250
  3,475
  3,710
  3,956
  4,213
  4,483
  4,765
  5,060
  5,369
  5,693
  6,033
  6,389
  6,762
  7,153
  7,563
Total liabilities, $m
  1,723
  1,656
  1,777
  1,904
  2,035
  2,171
  2,313
  2,461
  2,615
  2,775
  2,941
  3,115
  3,296
  3,485
  3,682
  3,888
  4,104
  4,329
  4,564
  4,810
  5,067
  5,337
  5,619
  5,914
  6,223
  6,547
  6,887
  7,243
  7,616
  8,007
  8,417
Total equity, $m
  38
  184
  197
  212
  226
  241
  257
  273
  291
  308
  327
  346
  366
  387
  409
  432
  456
  481
  507
  534
  563
  593
  624
  657
  691
  727
  765
  805
  846
  890
  935
Total liabilities and equity, $m
  1,761
  1,840
  1,974
  2,116
  2,261
  2,412
  2,570
  2,734
  2,906
  3,083
  3,268
  3,461
  3,662
  3,872
  4,091
  4,320
  4,560
  4,810
  5,071
  5,344
  5,630
  5,930
  6,243
  6,571
  6,914
  7,274
  7,652
  8,048
  8,462
  8,897
  9,352
Debt-to-equity ratio
  22.842
  4.360
  4.680
  4.960
  5.220
  5.460
  5.680
  5.880
  6.060
  6.230
  6.390
  6.530
  6.670
  6.790
  6.910
  7.020
  7.130
  7.220
  7.320
  7.400
  7.480
  7.560
  7.630
  7.700
  7.760
  7.830
  7.880
  7.940
  7.990
  8.040
  8.090
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
  380
  505
  632
  764
  903
  1,048
  1,199
  1,358
  1,524
  1,697
  1,894
  2,085
  2,286
  2,496
  2,718
  2,950
  3,194
  3,451
  3,721
  4,005
  4,304
  4,619
  4,951
  5,299
  5,667
  6,054
  6,462
  6,891
  7,344
  7,820
Depreciation, amort., depletion, $m
  58
  60
  63
  66
  70
  73
  77
  80
  84
  88
  92
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  153
  161
  170
  179
  188
  197
  208
Funds from operations, $m
  364
  440
  568
  698
  834
  976
  1,124
  1,279
  1,442
  1,611
  1,790
  1,971
  2,166
  2,372
  2,587
  2,813
  3,051
  3,301
  3,563
  3,840
  4,130
  4,436
  4,758
  5,096
  5,453
  5,828
  6,224
  6,640
  7,079
  7,541
  8,028
Change in working capital, $m
  9
  24
  25
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
Cash from operations, $m
  355
  429
  543
  672
  807
  947
  1,095
  1,248
  1,410
  1,578
  1,755
  1,935
  2,129
  2,332
  2,546
  2,770
  3,006
  3,254
  3,514
  3,788
  4,077
  4,380
  4,699
  5,035
  5,388
  5,761
  6,153
  6,566
  7,001
  7,460
  7,942
Maintenance CAPEX, $m
  0
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -170
  -179
  -188
  -197
New CAPEX, $m
  -84
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
Cash from investing activities, $m
  -84
  -65
  -70
  -74
  -78
  -82
  -88
  -92
  -97
  -102
  -107
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -163
  -171
  -180
  -189
  -199
  -209
  -219
  -230
  -241
  -254
  -267
  -281
  -294
Free cash flow, $m
  271
  363
  473
  598
  729
  865
  1,007
  1,157
  1,313
  1,476
  1,647
  1,821
  2,009
  2,206
  2,413
  2,631
  2,859
  3,100
  3,352
  3,618
  3,897
  4,191
  4,501
  4,826
  5,169
  5,531
  5,911
  6,312
  6,734
  7,179
  7,648
Issuance/(repayment) of debt, $m
  129
  -16
  122
  126
  131
  136
  142
  148
  154
  160
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
  410
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
  -16
  122
  126
  131
  136
  142
  148
  154
  160
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  324
  340
  356
  373
  391
  410
Total cash flow (excl. dividends), $m
  80
  347
  595
  724
  860
  1,001
  1,149
  1,304
  1,466
  1,636
  1,814
  1,995
  2,190
  2,395
  2,611
  2,837
  3,075
  3,325
  3,587
  3,864
  4,154
  4,460
  4,783
  5,122
  5,479
  5,855
  6,251
  6,668
  7,107
  7,570
  8,058
Retained Cash Flow (-), $m
  63
  -146
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
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
 
  201
  581
  710
  845
  986
  1,134
  1,288
  1,449
  1,618
  1,795
  1,975
  2,170
  2,374
  2,589
  2,814
  3,051
  3,300
  3,561
  3,836
  4,126
  4,431
  4,751
  5,089
  5,444
  5,819
  6,213
  6,628
  7,066
  7,527
  8,012
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
 
  183
  480
  525
  555
  568
  567
  552
  526
  490
  448
  400
  350
  300
  252
  207
  166
  130
  99
  74
  54
  38
  26
  17
  11
  7
  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. 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 26.5
Price to Sales 2
Price to Book 194.2
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 27.2
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 7.6% 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 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 42.738 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 $7.3 billion.


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COMPANY NEWS

▶ 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]
▶ Is Ingersoll-Rand Plc Still a Good Value?   [Sep-30-16 10:54AM  at Motley Fool]
▶ Lennox International Declares Quarterly Dividend   [Sep-15-16 05:24PM  PR Newswire]
Stock chart of LII Financial statements of LII Annual reports 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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