Intrinsic value of Modine Manufacturing - MOD

Previous Close

$15.90

  Intrinsic Value

$26.98

stock screener

  Rating & Target

str. buy

+70%

  Value-price divergence*

-49%

Previous close

$15.90

 
Intrinsic value

$26.98

 
Up/down potential

+70%

 
Rating

str. buy

 
Value-price divergence*

-49%

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

We calculate the intrinsic value of MOD 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 0.8

 

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, %
  -9.56
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  1,353
  1,440
  1,530
  1,624
  1,721
  1,823
  1,929
  2,040
  2,156
  2,277
  2,403
  2,535
  2,673
  2,817
  2,968
  3,126
  3,291
  3,464
  3,645
  3,835
  4,034
  4,243
  4,461
  4,691
  4,931
  5,183
  5,447
  5,725
  6,016
  6,321
  6,641
Variable operating expenses, $m
 
  846
  899
  954
  1,012
  1,071
  1,134
  1,199
  1,267
  1,338
  1,412
  1,487
  1,568
  1,653
  1,741
  1,834
  1,931
  2,033
  2,139
  2,251
  2,367
  2,490
  2,618
  2,753
  2,894
  3,041
  3,197
  3,359
  3,530
  3,709
  3,897
Fixed operating expenses, $m
 
  593
  608
  624
  639
  655
  671
  688
  705
  723
  741
  760
  779
  798
  818
  839
  860
  881
  903
  926
  949
  972
  997
  1,022
  1,047
  1,073
  1,100
  1,128
  1,156
  1,185
  1,214
Total operating expenses, $m
  1,360
  1,439
  1,507
  1,578
  1,651
  1,726
  1,805
  1,887
  1,972
  2,061
  2,153
  2,247
  2,347
  2,451
  2,559
  2,673
  2,791
  2,914
  3,042
  3,177
  3,316
  3,462
  3,615
  3,775
  3,941
  4,114
  4,297
  4,487
  4,686
  4,894
  5,111
Operating income, $m
  -8
  0
  22
  46
  70
  97
  124
  153
  184
  216
  250
  288
  326
  366
  408
  453
  500
  550
  603
  659
  718
  781
  847
  916
  990
  1,068
  1,150
  1,238
  1,330
  1,427
  1,529
EBITDA, $m
  42
  37
  62
  88
  115
  144
  174
  206
  239
  275
  312
  351
  393
  436
  483
  531
  583
  637
  695
  755
  819
  887
  959
  1,034
  1,114
  1,198
  1,287
  1,381
  1,481
  1,585
  1,696
Interest expense (income), $m
  11
  9
  11
  14
  16
  19
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  56
  60
  65
  70
  75
  80
  86
  92
  98
  104
  111
  118
  125
  133
  141
Earnings before tax, $m
  -10
  -9
  11
  32
  54
  78
  103
  129
  157
  186
  217
  251
  285
  322
  360
  401
  444
  490
  538
  589
  643
  700
  761
  825
  892
  964
  1,040
  1,120
  1,204
  1,294
  1,388
Tax expense, $m
  -9
  0
  3
  9
  15
  21
  28
  35
  42
  50
  58
  68
  77
  87
  97
  108
  120
  132
  145
  159
  174
  189
  205
  223
  241
  260
  281
  302
  325
  349
  375
Net income, $m
  -2
  -9
  8
  23
  40
  57
  75
  94
  114
  136
  158
  183
  208
  235
  263
  293
  324
  358
  393
  430
  470
  511
  555
  602
  651
  704
  759
  817
  879
  944
  1,014

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  69
  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
  921
  907
  963
  1,022
  1,084
  1,148
  1,215
  1,285
  1,358
  1,434
  1,513
  1,596
  1,683
  1,774
  1,869
  1,968
  2,072
  2,181
  2,295
  2,415
  2,540
  2,672
  2,809
  2,954
  3,105
  3,264
  3,430
  3,605
  3,788
  3,980
  4,182
Adjusted assets (=assets-cash), $m
  852
  907
  963
  1,022
  1,084
  1,148
  1,215
  1,285
  1,358
  1,434
  1,513
  1,596
  1,683
  1,774
  1,869
  1,968
  2,072
  2,181
  2,295
  2,415
  2,540
  2,672
  2,809
  2,954
  3,105
  3,264
  3,430
  3,605
  3,788
  3,980
  4,182
Revenue / Adjusted assets
  1.588
  1.588
  1.589
  1.589
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
  1.588
Average production assets, $m
  340
  361
  384
  408
  432
  458
  484
  512
  541
  571
  603
  636
  671
  707
  745
  785
  826
  869
  915
  963
  1,013
  1,065
  1,120
  1,177
  1,238
  1,301
  1,367
  1,437
  1,510
  1,586
  1,667
Working capital, $m
  139
  115
  122
  130
  138
  146
  154
  163
  172
  182
  192
  203
  214
  225
  237
  250
  263
  277
  292
  307
  323
  339
  357
  375
  394
  415
  436
  458
  481
  506
  531
Total debt, $m
  163
  157
  191
  226
  263
  301
  341
  382
  426
  471
  518
  568
  619
  673
  730
  789
  851
  916
  984
  1,055
  1,130
  1,208
  1,290
  1,375
  1,466
  1,560
  1,659
  1,763
  1,872
  1,986
  2,106
Total liabilities, $m
  545
  539
  573
  608
  645
  683
  723
  764
  808
  853
  900
  950
  1,001
  1,055
  1,112
  1,171
  1,233
  1,298
  1,366
  1,437
  1,512
  1,590
  1,672
  1,757
  1,848
  1,942
  2,041
  2,145
  2,254
  2,368
  2,488
Total equity, $m
  376
  367
  390
  414
  439
  465
  492
  520
  550
  581
  613
  646
  682
  718
  757
  797
  839
  883
  930
  978
  1,029
  1,082
  1,138
  1,196
  1,258
  1,322
  1,389
  1,460
  1,534
  1,612
  1,694
Total liabilities and equity, $m
  921
  906
  963
  1,022
  1,084
  1,148
  1,215
  1,284
  1,358
  1,434
  1,513
  1,596
  1,683
  1,773
  1,869
  1,968
  2,072
  2,181
  2,296
  2,415
  2,541
  2,672
  2,810
  2,953
  3,106
  3,264
  3,430
  3,605
  3,788
  3,980
  4,182
Debt-to-equity ratio
  0.434
  0.430
  0.490
  0.550
  0.600
  0.650
  0.690
  0.730
  0.770
  0.810
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.010
  1.040
  1.060
  1.080
  1.100
  1.120
  1.130
  1.150
  1.170
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
Adjusted equity ratio
  0.394
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405
  0.405

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  -9
  8
  23
  40
  57
  75
  94
  114
  136
  158
  183
  208
  235
  263
  293
  324
  358
  393
  430
  470
  511
  555
  602
  651
  704
  759
  817
  879
  944
  1,014
Depreciation, amort., depletion, $m
  50
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  64
  67
  71
  74
  78
  83
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
  167
Funds from operations, $m
  48
  29
  48
  66
  85
  104
  125
  147
  170
  194
  220
  247
  275
  306
  337
  371
  407
  444
  484
  526
  571
  618
  667
  720
  775
  834
  896
  961
  1,030
  1,103
  1,180
Change in working capital, $m
  -24
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
Cash from operations, $m
  72
  22
  41
  58
  77
  96
  117
  138
  161
  185
  210
  236
  264
  294
  325
  359
  394
  431
  470
  511
  555
  601
  650
  701
  756
  814
  875
  939
  1,007
  1,079
  1,155
Maintenance CAPEX, $m
  0
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -83
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
New CAPEX, $m
  -63
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -80
Cash from investing activities, $m
  -78
  -56
  -59
  -62
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -99
  -103
  -109
  -114
  -119
  -126
  -133
  -139
  -146
  -153
  -161
  -170
  -178
  -187
  -196
  -207
  -217
  -228
  -239
Free cash flow, $m
  -6
  -34
  -18
  -4
  11
  27
  44
  62
  81
  100
  121
  143
  166
  191
  217
  244
  274
  305
  337
  372
  409
  447
  489
  532
  578
  627
  678
  733
  790
  851
  916
Issuance/(repayment) of debt, $m
  11
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
Issuance/(repurchase) of shares, $m
  -7
  31
  15
  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  
  3
  63
  49
  35
  37
  38
  40
  42
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
Total cash flow (excl. dividends), $m
  -2
  30
  31
  32
  48
  66
  84
  103
  124
  146
  168
  192
  218
  245
  273
  304
  336
  369
  405
  443
  483
  526
  570
  618
  668
  721
  777
  836
  899
  965
  1,036
Retained Cash Flow (-), $m
  -20
  -31
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
Prev. year cash balance distribution, $m
 
  31
  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
 
  29
  8
  8
  23
  40
  57
  75
  94
  115
  136
  159
  183
  208
  235
  263
  293
  325
  359
  395
  432
  472
  515
  559
  607
  657
  710
  766
  825
  888
  954
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
 
  28
  7
  7
  19
  31
  41
  51
  59
  66
  71
  75
  78
  79
  79
  77
  75
  71
  66
  61
  55
  49
  43
  37
  31
  26
  21
  16
  13
  10
  7
Current shareholders' claim on cash, %
  100
  95.7
  93.8
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7

Modine Manufacturing Company develops, manufactures, and markets heat exchangers and systems for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and to various building, industrial, and refrigeration markets worldwide. The company operates through Americas, Europe, Asia, and Building HVAC segments. It offers powertrain cooling products, such as engine cooling modules, radiators, charge air coolers, condensers, oil coolers, fan shrouds, and surge tanks; on-engine cooling products consisting of exhaust gas recirculation coolers, engine oil coolers, fuel coolers, charge air coolers, and intake air coolers; and auxiliary coolers, such as transmission and retarder oil coolers, and power steering coolers, as well as component assemblies, radiators, and battery cooling products. The company also provides gas-fired, hydronic, electric, and oil-fired unit heaters; indoor and outdoor duct furnaces; infrared units; hydronic products consisting of commercial fin-tube radiation, cabinet unit heaters, and convectors; roof mounted direct- and indirect-fired makeup air units; commercial packaged rooftop ventilation units; unit ventilators; single packaged vertical units; geothermal and water-source heat pumps; precision air conditioning units for data center applications; air-handling units; chillers; ceiling cassettes; and condensing units. It serves automobile, truck, bus, specialty vehicle, agricultural, industrial, construction equipment, and heating, ventilation, and cooling OEMs; construction architects and contractors; wholesalers of heating equipment; mining equipment and engine manufacturers; industrial manufacturers of material handling equipment, generator sets, and compressors; mechanical contractors; HVAC wholesalers; installers; and end users in commercial and industrial applications. The company also exports its products. Modine Manufacturing Company was founded in 1916 and is headquartered in Racine, Wisconsin.

FINANCIAL RATIOS  of  Modine Manufacturing (MOD)

Valuation Ratios
P/E Ratio -376.8
Price to Sales 0.6
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 83.7
Growth Rates
Sales Growth Rate -9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.7%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 33.2%
Total Debt to Equity 43.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.1%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital -0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity -0.5%
Return On Equity - 3 Yr. Avg. 14.2%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 16.6%
Gross Margin - 3 Yr. Avg. 16.8%
EBITDA Margin 3.8%
EBITDA Margin - 3 Yr. Avg. 5.7%
Operating Margin -0.5%
Oper. Margin - 3 Yr. Avg. 1.8%
Pre-Tax Margin -0.7%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin -0.1%
Net Profit Margin - 3 Yr. Avg. 3.4%
Effective Tax Rate 90%
Eff/ Tax Rate - 3 Yr. Avg. -104.6%
Payout Ratio 0%

MOD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOD stock intrinsic value calculation we used $1353 million for the last fiscal year's total revenue generated by Modine Manufacturing. The default revenue input number comes from 2016 income statement of Modine Manufacturing. 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 MOD stock valuation model: a) initial revenue growth rate of 6.4% 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 MOD is calculated based on our internal credit rating of Modine Manufacturing, 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 Modine Manufacturing.
    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 MOD stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $579 million in the base year in the intrinsic value calculation for MOD 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 7.1% for Modine Manufacturing.

Corporate tax rate of 27% is the nominal tax rate for Modine Manufacturing. 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 MOD 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 MOD are equal to 25.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Modine Manufacturing 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 MOD is equal to 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 - $376 million for Modine Manufacturing - 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 47.359 million for Modine Manufacturing 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 Modine Manufacturing at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Modine Announces Public Offering of Common Stock   [Aug-09-17 04:04PM  PR Newswire]
▶ Modine posts 1Q profit   [Aug-02-17 12:35AM  Associated Press]
▶ Modine Reports First Quarter Fiscal 2018 Results   [Aug-01-17 05:00PM  PR Newswire]
▶ Modine Hosts A Breath Of Innovation   [Jul-06-17 03:24PM  PR Newswire]
▶ New Strong Buy Stocks for June 23rd   [Jun-23-17 09:43AM  Zacks]
▶ Modine posts 4Q profit   [May-24-17 04:49PM  Associated Press]
▶ Modine Innovation Tour Travels to Chicago   [07:02AM  PR Newswire]
▶ Detroit Up Next for Modine Innovation Tour   [May-19-17 07:31AM  PR Newswire]
▶ Modine Introduces new Geothermal unit   [Mar-31-17 07:12AM  PR Newswire]
▶ Modine Innovation Tour Travels to San Antonio   [Mar-14-17 07:02AM  PR Newswire]
▶ New Orleans to Host Modine Innovation Tour   [Mar-07-17 07:19AM  PR Newswire]
▶ Modine Innovation Tour to Stop in Macon, Ga.   [Mar-02-17 07:03AM  PR Newswire]
▶ Modine Innovation Tour Travels to Loxley, Ala.   [Feb-28-17 07:13AM  PR Newswire]
▶ Jacksonville, Fla. To Host Modine Innovation Tour   [Feb-23-17 07:23AM  PR Newswire]
▶ Modine Innovation Tour Travels to Miami   [Feb-22-17 07:06AM  PR Newswire]
▶ Albuquerque, N.M. Next Stop for Modine Innovation Tour   [Feb-13-17 07:08AM  PR Newswire]
▶ Modine Innovation Tour Heads to Tucson, Ariz.   [Feb-10-17 07:03AM  PR Newswire]
▶ Is CytomX Therapeutics Inc (CTMX) A Good Stock To Buy?   [Dec-13-16 02:05PM  at Insider Monkey]
▶ Is Modine Manufacturing Co. (MOD) A Good Stock To Buy?   [Dec-10-16 10:07AM  at Insider Monkey]
▶ Modine Offers New Direct Fired Make-Up Air Unit   [Dec-09-16 07:16AM  PR Newswire]
▶ Modine completes $418 million acquisition   [Dec-01-16 01:50PM  at bizjournals.com]
▶ Modine Introduces New TeamMate Classroom HVAC Solution   [Nov-29-16 10:12AM  PR Newswire]
▶ Modine Innovation Tour To Travel to Nashville, Tennessee   [Oct-20-16 11:27AM  PR Newswire]
▶ Modine Innovation Tour To Stop In Pittsburgh   [Oct-14-16 02:24PM  PR Newswire]
▶ Modine Innovation Tour heading to Columbus, Ohio   [Oct-12-16 12:19PM  PR Newswire]
Stock chart of MOD Financial statements of MOD
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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