Intrinsic value of Modine Manufacturing - MOD

Previous Close

$20.20

  Intrinsic Value

$412.78

stock screener

  Rating & Target

str. buy

+999%

Previous close

$20.20

 
Intrinsic value

$412.78

 
Up/down potential

+999%

 
Rating

str. buy

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 2017), $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 1.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.09
  48.70
  44.33
  40.40
  36.86
  33.67
  30.80
  28.22
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
Revenue, $m
  1,503
  2,235
  3,226
  4,529
  6,198
  8,285
  10,837
  13,896
  17,495
  21,661
  26,411
  31,756
  37,699
  44,236
  51,362
  59,065
  67,332
  76,151
  85,509
  95,393
  105,794
  116,704
  128,120
  140,039
  152,465
  165,403
  178,862
  192,855
  207,399
  222,512
  238,218
Variable operating expenses, $m
 
  1,541
  2,217
  3,105
  4,244
  5,667
  7,408
  9,494
  11,948
  14,790
  18,029
  21,658
  25,711
  30,170
  35,030
  40,284
  45,922
  51,937
  58,319
  65,060
  72,154
  79,595
  87,380
  95,510
  103,985
  112,808
  121,988
  131,532
  141,451
  151,758
  162,470
Fixed operating expenses, $m
 
  444
  455
  466
  478
  490
  502
  515
  528
  541
  554
  568
  582
  597
  612
  627
  643
  659
  675
  692
  710
  727
  745
  764
  783
  803
  823
  843
  864
  886
  908
Total operating expenses, $m
  1,464
  1,985
  2,672
  3,571
  4,722
  6,157
  7,910
  10,009
  12,476
  15,331
  18,583
  22,226
  26,293
  30,767
  35,642
  40,911
  46,565
  52,596
  58,994
  65,752
  72,864
  80,322
  88,125
  96,274
  104,768
  113,611
  122,811
  132,375
  142,315
  152,644
  163,378
Operating income, $m
  39
  250
  554
  957
  1,476
  2,128
  2,927
  3,887
  5,019
  6,330
  7,827
  9,530
  11,405
  13,469
  15,720
  18,154
  20,767
  23,556
  26,515
  29,641
  32,931
  36,382
  39,994
  43,765
  47,697
  51,792
  56,051
  60,480
  65,084
  69,868
  74,840
EBITDA, $m
  97
  339
  675
  1,120
  1,693
  2,412
  3,294
  4,352
  5,600
  7,046
  8,696
  10,554
  12,621
  14,897
  17,378
  20,060
  22,940
  26,013
  29,274
  32,719
  36,344
  40,148
  44,128
  48,284
  52,617
  57,129
  61,823
  66,703
  71,776
  77,048
  82,527
Interest expense (income), $m
  15
  21
  43
  73
  112
  162
  225
  302
  394
  502
  627
  769
  930
  1,108
  1,305
  1,519
  1,750
  1,998
  2,263
  2,544
  2,841
  3,153
  3,481
  3,824
  4,182
  4,555
  4,943
  5,347
  5,767
  6,204
  6,658
Earnings before tax, $m
  21
  229
  511
  884
  1,364
  1,966
  2,702
  3,586
  4,625
  5,829
  7,201
  8,760
  10,475
  12,361
  14,415
  16,636
  19,017
  21,557
  24,252
  27,097
  30,090
  33,229
  36,513
  39,942
  43,516
  47,237
  51,108
  55,133
  59,316
  63,664
  68,182
Tax expense, $m
  6
  62
  138
  239
  368
  531
  730
  968
  1,249
  1,574
  1,944
  2,365
  2,828
  3,337
  3,892
  4,492
  5,135
  5,820
  6,548
  7,316
  8,124
  8,972
  9,859
  10,784
  11,749
  12,754
  13,799
  14,886
  16,015
  17,189
  18,409
Net income, $m
  14
  167
  373
  645
  996
  1,435
  1,973
  2,617
  3,376
  4,255
  5,256
  6,395
  7,647
  9,023
  10,523
  12,144
  13,883
  15,737
  17,704
  19,780
  21,965
  24,257
  26,655
  29,157
  31,767
  34,483
  37,309
  40,247
  43,301
  46,474
  49,773

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  34
  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
  1,450
  2,106
  3,040
  4,268
  5,842
  7,809
  10,214
  13,097
  16,489
  20,415
  24,893
  29,930
  35,531
  41,693
  48,409
  55,669
  63,461
  71,773
  80,593
  89,908
  99,711
  109,995
  120,754
  131,988
  143,699
  155,893
  168,579
  181,768
  195,475
  209,719
  224,522
Adjusted assets (=assets-cash), $m
  1,416
  2,106
  3,040
  4,268
  5,842
  7,809
  10,214
  13,097
  16,489
  20,415
  24,893
  29,930
  35,531
  41,693
  48,409
  55,669
  63,461
  71,773
  80,593
  89,908
  99,711
  109,995
  120,754
  131,988
  143,699
  155,893
  168,579
  181,768
  195,475
  209,719
  224,522
Revenue / Adjusted assets
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
  1.061
Average production assets, $m
  470
  700
  1,010
  1,418
  1,940
  2,593
  3,392
  4,349
  5,476
  6,780
  8,267
  9,940
  11,800
  13,846
  16,076
  18,487
  21,075
  23,835
  26,764
  29,858
  33,113
  36,528
  40,101
  43,832
  47,722
  51,771
  55,984
  60,364
  64,916
  69,646
  74,562
Working capital, $m
  98
  250
  361
  507
  694
  928
  1,214
  1,556
  1,959
  2,426
  2,958
  3,557
  4,222
  4,954
  5,753
  6,615
  7,541
  8,529
  9,577
  10,684
  11,849
  13,071
  14,349
  15,684
  17,076
  18,525
  20,033
  21,600
  23,229
  24,921
  26,680
Total debt, $m
  511
  966
  1,628
  2,497
  3,611
  5,004
  6,707
  8,748
  11,149
  13,929
  17,099
  20,666
  24,631
  28,994
  33,749
  38,889
  44,406
  50,290
  56,535
  63,130
  70,071
  77,351
  84,969
  92,923
  101,214
  109,848
  118,829
  128,166
  137,871
  147,956
  158,437
Total liabilities, $m
  1,036
  1,491
  2,153
  3,022
  4,136
  5,529
  7,232
  9,273
  11,674
  14,454
  17,624
  21,191
  25,156
  29,519
  34,274
  39,414
  44,931
  50,815
  57,060
  63,655
  70,596
  77,876
  85,494
  93,448
  101,739
  110,373
  119,354
  128,691
  138,396
  148,481
  158,962
Total equity, $m
  414
  615
  888
  1,246
  1,706
  2,280
  2,983
  3,824
  4,815
  5,961
  7,269
  8,740
  10,375
  12,174
  14,135
  16,255
  18,531
  20,958
  23,533
  26,253
  29,116
  32,118
  35,260
  38,540
  41,960
  45,521
  49,225
  53,076
  57,079
  61,238
  65,560
Total liabilities and equity, $m
  1,450
  2,106
  3,041
  4,268
  5,842
  7,809
  10,215
  13,097
  16,489
  20,415
  24,893
  29,931
  35,531
  41,693
  48,409
  55,669
  63,462
  71,773
  80,593
  89,908
  99,712
  109,994
  120,754
  131,988
  143,699
  155,894
  168,579
  181,767
  195,475
  209,719
  224,522
Debt-to-equity ratio
  1.234
  1.570
  1.830
  2.000
  2.120
  2.190
  2.250
  2.290
  2.320
  2.340
  2.350
  2.360
  2.370
  2.380
  2.390
  2.390
  2.400
  2.400
  2.400
  2.400
  2.410
  2.410
  2.410
  2.410
  2.410
  2.410
  2.410
  2.410
  2.420
  2.420
  2.420
Adjusted equity ratio
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  167
  373
  645
  996
  1,435
  1,973
  2,617
  3,376
  4,255
  5,256
  6,395
  7,647
  9,023
  10,523
  12,144
  13,883
  15,737
  17,704
  19,780
  21,965
  24,257
  26,655
  29,157
  31,767
  34,483
  37,309
  40,247
  43,301
  46,474
  49,773
Depreciation, amort., depletion, $m
  58
  89
  121
  163
  216
  284
  366
  465
  581
  715
  869
  1,025
  1,216
  1,427
  1,657
  1,906
  2,173
  2,457
  2,759
  3,078
  3,414
  3,766
  4,134
  4,519
  4,920
  5,337
  5,772
  6,223
  6,692
  7,180
  7,687
Funds from operations, $m
  6
  256
  493
  808
  1,212
  1,719
  2,339
  3,082
  3,958
  4,970
  6,125
  7,420
  8,863
  10,451
  12,181
  14,050
  16,055
  18,194
  20,463
  22,859
  25,379
  28,023
  30,789
  33,676
  36,686
  39,820
  43,081
  46,470
  49,993
  53,655
  57,460
Change in working capital, $m
  -36
  82
  111
  146
  187
  234
  286
  343
  403
  467
  532
  599
  666
  732
  798
  863
  926
  988
  1,048
  1,107
  1,165
  1,222
  1,279
  1,335
  1,392
  1,449
  1,507
  1,567
  1,629
  1,693
  1,759
Cash from operations, $m
  42
  174
  383
  662
  1,025
  1,485
  2,053
  2,740
  3,554
  4,504
  5,593
  6,821
  8,198
  9,719
  11,383
  13,187
  15,129
  17,206
  19,415
  21,752
  24,214
  26,801
  29,510
  32,341
  35,295
  38,371
  41,573
  44,903
  48,364
  51,962
  55,700
Maintenance CAPEX, $m
  0
  -48
  -72
  -104
  -146
  -200
  -267
  -350
  -448
  -565
  -699
  -852
  -1,025
  -1,216
  -1,427
  -1,657
  -1,906
  -2,173
  -2,457
  -2,759
  -3,078
  -3,414
  -3,766
  -4,134
  -4,519
  -4,920
  -5,337
  -5,772
  -6,223
  -6,692
  -7,180
New CAPEX, $m
  -64
  -230
  -310
  -408
  -522
  -653
  -799
  -957
  -1,127
  -1,304
  -1,487
  -1,673
  -1,860
  -2,046
  -2,230
  -2,411
  -2,588
  -2,760
  -2,929
  -3,094
  -3,255
  -3,415
  -3,573
  -3,731
  -3,889
  -4,050
  -4,213
  -4,380
  -4,552
  -4,730
  -4,916
Cash from investing activities, $m
  -422
  -278
  -382
  -512
  -668
  -853
  -1,066
  -1,307
  -1,575
  -1,869
  -2,186
  -2,525
  -2,885
  -3,262
  -3,657
  -4,068
  -4,494
  -4,933
  -5,386
  -5,853
  -6,333
  -6,829
  -7,339
  -7,865
  -8,408
  -8,970
  -9,550
  -10,152
  -10,775
  -11,422
  -12,096
Free cash flow, $m
  -380
  -104
  0
  150
  357
  632
  987
  1,433
  1,979
  2,635
  3,407
  4,296
  5,313
  6,456
  7,725
  9,119
  10,636
  12,273
  14,029
  15,899
  17,881
  19,972
  22,171
  24,476
  26,887
  29,402
  32,023
  34,752
  37,589
  40,539
  43,605
Issuance/(repayment) of debt, $m
  357
  489
  661
  870
  1,114
  1,393
  1,703
  2,041
  2,402
  2,780
  3,170
  3,567
  3,966
  4,363
  4,755
  5,140
  5,517
  5,885
  6,244
  6,596
  6,940
  7,280
  7,618
  7,954
  8,292
  8,633
  8,981
  9,338
  9,705
  10,085
  10,480
Issuance/(repurchase) of shares, $m
  0
  34
  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  
  348
  523
  661
  870
  1,114
  1,393
  1,703
  2,041
  2,402
  2,780
  3,170
  3,567
  3,966
  4,363
  4,755
  5,140
  5,517
  5,885
  6,244
  6,596
  6,940
  7,280
  7,618
  7,954
  8,292
  8,633
  8,981
  9,338
  9,705
  10,085
  10,480
Total cash flow (excl. dividends), $m
  -35
  419
  661
  1,020
  1,471
  2,024
  2,690
  3,474
  4,381
  5,415
  6,577
  7,862
  9,278
  10,818
  12,480
  14,259
  16,153
  18,158
  20,273
  22,494
  24,821
  27,253
  29,789
  32,430
  35,178
  38,035
  41,004
  44,089
  47,294
  50,624
  54,085
Retained Cash Flow (-), $m
  -38
  -201
  -273
  -359
  -459
  -574
  -702
  -842
  -991
  -1,146
  -1,307
  -1,471
  -1,635
  -1,799
  -1,961
  -2,120
  -2,275
  -2,427
  -2,575
  -2,720
  -2,862
  -3,003
  -3,142
  -3,280
  -3,420
  -3,561
  -3,704
  -3,851
  -4,003
  -4,159
  -4,322
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
 
  218
  389
  661
  1,011
  1,450
  1,987
  2,632
  3,391
  4,269
  5,270
  6,391
  7,643
  9,019
  10,519
  12,139
  13,877
  15,731
  17,698
  19,774
  21,959
  24,250
  26,647
  29,150
  31,759
  34,475
  37,300
  40,238
  43,291
  46,465
  49,762
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  201
  328
  507
  698
  892
  1,079
  1,247
  1,387
  1,489
  1,548
  1,559
  1,526
  1,452
  1,343
  1,208
  1,057
  899
  744
  598
  467
  355
  261
  186
  129
  86
  56
  35
  21
  12
  7
Current shareholders' claim on cash, %
  100
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8
  96.8

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company's products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils. Its segments include Americas, Europe, Asia and Building HVAC. Its Americas segment consists of vehicular and industrial original equipment products in North America and South America, as well as aftermarket products in South America. Its Europe segment consists of vehicular and industrial original equipment products in Europe. Its Asia segment consists of vehicular and industrial original equipment products in Asia. Its Building HVAC segment consists of building heating, ventilating and air conditioning products throughout the world.

FINANCIAL RATIOS  of  Modine Manufacturing (MOD)

Valuation Ratios
P/E Ratio 72.3
Price to Sales 0.7
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow -46
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 98.1%
Total Debt to Equity 123.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 3.5%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 16.8%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 55%
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 $1503 million for the last fiscal year's total revenue generated by Modine Manufacturing. The default revenue input number comes from 2017 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 48.7% 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 8.4%, 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 69.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $433 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 4.5% 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 31.3%.

Life of production assets of 9.7 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 11.2%. 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 - $414 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 50.118 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 $1.0 billion.

RELATED COMPANIES Price Int.Val. Rating
DAN Dana 31.64 241.57  str.buy
BWA BorgWarner 52.32 57.02  hold
CVGI Commercial Veh 10.62 5.81  sell
VC Visteon 125.53 24.46  str.sell
EMR Emerson Electr 67.20 82.73  buy
CAT Caterpillar 148.57 72.31  sell

COMPANY NEWS

▶ WISE Women Choose STEM   [Nov-20-17 02:54PM  PR Newswire]
▶ Modine Presents ECO-Branded Coolers At SIFA   [Nov-16-17 10:34AM  PR Newswire]
▶ Modine On Stage At The 8th Edition Of ATMOsphere Europe   [Nov-14-17 11:10AM  PR Newswire]
▶ Modine posts 2Q profit   [Oct-31-17 05:35PM  Associated Press]
▶ Is It Too Late To Buy Modine Manufacturing Company (MOD)?   [Sep-15-17 07:25PM  Simply Wall St.]
▶ Modine Innovation Tour Travels to Saskatchewan, Canada   [Sep-06-17 07:04AM  PR Newswire]
▶ Modine Innovation Tour Travels to Omaha, Nebraska   [Aug-29-17 07:03AM  PR Newswire]
▶ 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.