Intrinsic value of MSC Industrial Direct - MSM

Previous Close

$94.49

  Intrinsic Value

$65.36

stock screener

  Rating & Target

sell

-31%

Previous close

$94.49

 
Intrinsic value

$65.36

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of MSM 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  0.84
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,888
  2,946
  3,014
  3,091
  3,178
  3,274
  3,380
  3,495
  3,620
  3,754
  3,898
  4,052
  4,217
  4,392
  4,578
  4,775
  4,984
  5,206
  5,440
  5,688
  5,949
  6,225
  6,516
  6,822
  7,145
  7,485
  7,844
  8,220
  8,617
  9,034
  9,473
Variable operating expenses, $m
 
  2,559
  2,616
  2,682
  2,755
  2,837
  2,926
  3,024
  3,129
  3,243
  3,365
  3,432
  3,572
  3,720
  3,878
  4,045
  4,222
  4,410
  4,608
  4,818
  5,039
  5,273
  5,519
  5,779
  6,052
  6,340
  6,644
  6,963
  7,299
  7,653
  8,024
Fixed operating expenses, $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
Total operating expenses, $m
  2,509
  2,559
  2,616
  2,682
  2,755
  2,837
  2,926
  3,024
  3,129
  3,243
  3,365
  3,432
  3,572
  3,720
  3,878
  4,045
  4,222
  4,410
  4,608
  4,818
  5,039
  5,273
  5,519
  5,779
  6,052
  6,340
  6,644
  6,963
  7,299
  7,653
  8,024
Operating income, $m
  379
  387
  398
  409
  423
  437
  454
  471
  490
  511
  533
  620
  645
  672
  700
  730
  762
  796
  832
  870
  910
  952
  997
  1,043
  1,093
  1,145
  1,200
  1,257
  1,318
  1,382
  1,449
EBITDA, $m
  442
  477
  487
  500
  514
  530
  547
  565
  586
  607
  631
  655
  682
  710
  741
  772
  806
  842
  880
  920
  962
  1,007
  1,054
  1,104
  1,156
  1,211
  1,269
  1,330
  1,394
  1,461
  1,532
Interest expense (income), $m
  12
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  66
  70
  74
  78
  82
Earnings before tax, $m
  368
  369
  379
  390
  402
  416
  431
  448
  466
  485
  506
  591
  615
  640
  666
  695
  725
  756
  790
  825
  863
  902
  944
  988
  1,034
  1,083
  1,134
  1,188
  1,244
  1,304
  1,367
Tax expense, $m
  137
  100
  102
  105
  109
  112
  116
  121
  126
  131
  137
  160
  166
  173
  180
  188
  196
  204
  213
  223
  233
  244
  255
  267
  279
  292
  306
  321
  336
  352
  369
Net income, $m
  231
  269
  277
  285
  294
  304
  315
  327
  340
  354
  369
  432
  449
  467
  486
  507
  529
  552
  577
  602
  630
  659
  689
  721
  755
  790
  828
  867
  908
  952
  998

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  2,099
  2,125
  2,174
  2,230
  2,293
  2,362
  2,439
  2,522
  2,612
  2,708
  2,812
  2,924
  3,042
  3,169
  3,303
  3,445
  3,596
  3,756
  3,925
  4,104
  4,292
  4,491
  4,701
  4,922
  5,155
  5,401
  5,659
  5,931
  6,217
  6,518
  6,835
Adjusted assets (=assets-cash), $m
  2,083
  2,125
  2,174
  2,230
  2,293
  2,362
  2,439
  2,522
  2,612
  2,708
  2,812
  2,924
  3,042
  3,169
  3,303
  3,445
  3,596
  3,756
  3,925
  4,104
  4,292
  4,491
  4,701
  4,922
  5,155
  5,401
  5,659
  5,931
  6,217
  6,518
  6,835
Revenue / Adjusted assets
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
  1.386
Average production assets, $m
  427
  436
  446
  457
  470
  485
  500
  517
  536
  556
  577
  600
  624
  650
  678
  707
  738
  770
  805
  842
  880
  921
  964
  1,010
  1,057
  1,108
  1,161
  1,217
  1,275
  1,337
  1,402
Working capital, $m
  448
  781
  799
  819
  842
  868
  896
  926
  959
  995
  1,033
  1,074
  1,117
  1,164
  1,213
  1,265
  1,321
  1,380
  1,442
  1,507
  1,577
  1,650
  1,727
  1,808
  1,893
  1,984
  2,079
  2,178
  2,284
  2,394
  2,510
Total debt, $m
  533
  535
  555
  578
  604
  632
  664
  698
  735
  775
  818
  864
  912
  964
  1,020
  1,078
  1,141
  1,207
  1,276
  1,350
  1,427
  1,509
  1,596
  1,687
  1,783
  1,884
  1,991
  2,103
  2,221
  2,345
  2,475
Total liabilities, $m
  874
  876
  896
  919
  945
  973
  1,005
  1,039
  1,076
  1,116
  1,159
  1,205
  1,253
  1,305
  1,361
  1,419
  1,482
  1,548
  1,617
  1,691
  1,768
  1,850
  1,937
  2,028
  2,124
  2,225
  2,332
  2,444
  2,562
  2,686
  2,816
Total equity, $m
  1,225
  1,250
  1,278
  1,311
  1,348
  1,389
  1,434
  1,483
  1,536
  1,593
  1,654
  1,719
  1,789
  1,863
  1,942
  2,026
  2,115
  2,209
  2,308
  2,413
  2,524
  2,641
  2,764
  2,894
  3,031
  3,176
  3,328
  3,487
  3,656
  3,833
  4,019
Total liabilities and equity, $m
  2,099
  2,126
  2,174
  2,230
  2,293
  2,362
  2,439
  2,522
  2,612
  2,709
  2,813
  2,924
  3,042
  3,168
  3,303
  3,445
  3,597
  3,757
  3,925
  4,104
  4,292
  4,491
  4,701
  4,922
  5,155
  5,401
  5,660
  5,931
  6,218
  6,519
  6,835
Debt-to-equity ratio
  0.435
  0.430
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
Adjusted equity ratio
  0.580
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588
  0.588

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  231
  269
  277
  285
  294
  304
  315
  327
  340
  354
  369
  432
  449
  467
  486
  507
  529
  552
  577
  602
  630
  659
  689
  721
  755
  790
  828
  867
  908
  952
  998
Depreciation, amort., depletion, $m
  63
  89
  90
  91
  91
  92
  93
  94
  95
  96
  98
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  83
Funds from operations, $m
  164
  359
  366
  375
  385
  396
  408
  421
  435
  451
  467
  467
  486
  506
  527
  549
  573
  598
  625
  653
  682
  713
  746
  781
  818
  856
  897
  939
  984
  1,032
  1,081
Change in working capital, $m
  -83
  15
  18
  21
  23
  26
  28
  31
  33
  36
  38
  41
  44
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  81
  86
  90
  95
  100
  105
  111
  116
Cash from operations, $m
  247
  343
  349
  355
  362
  371
  380
  391
  402
  415
  429
  426
  442
  459
  478
  497
  517
  539
  562
  587
  613
  640
  669
  700
  732
  766
  802
  840
  879
  921
  965
Maintenance CAPEX, $m
  0
  -25
  -26
  -27
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
New CAPEX, $m
  -47
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -89
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -108
  -113
  -119
  -125
  -131
  -138
  -145
Free cash flow, $m
  158
  309
  313
  317
  322
  328
  336
  344
  353
  363
  374
  369
  382
  396
  411
  427
  444
  463
  482
  502
  524
  547
  571
  597
  624
  653
  683
  715
  748
  783
  820
Issuance/(repayment) of debt, $m
  -73
  18
  20
  23
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
Issuance/(repurchase) of shares, $m
  -18
  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  
  -93
  18
  20
  23
  26
  29
  31
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
Total cash flow (excl. dividends), $m
  65
  326
  333
  340
  348
  357
  367
  378
  390
  403
  417
  415
  431
  448
  467
  486
  507
  528
  552
  576
  602
  629
  658
  688
  720
  754
  789
  827
  866
  907
  951
Retained Cash Flow (-), $m
  -127
  -25
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
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
 
  302
  304
  307
  311
  316
  322
  329
  337
  346
  356
  350
  361
  374
  388
  402
  418
  434
  452
  471
  491
  512
  534
  558
  583
  610
  637
  667
  698
  730
  765
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  289
  278
  266
  255
  244
  232
  220
  209
  196
  184
  163
  151
  139
  127
  115
  103
  91
  80
  70
  60
  50
  42
  34
  28
  22
  17
  13
  10
  7
  5
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

MSC Industrial Direct Co., Inc. is a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. The Company's range of MRO products include cutting tools, measuring instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety and janitorial supplies, plumbing supplies, materials handling products, power transmission components and electrical supplies. The Company serves a range of customers throughout the United States, Canada and the United Kingdom, from individual machine shops, to manufacturing companies, to government agencies, such as the General Services Administration and the Department of Defense. The Company also serves durable and non-durable goods manufacturing, education and healthcare markets, among others. As of September 3, 2016, the Company had operated a network of 12 customer fulfillment centers.

FINANCIAL RATIOS  of  MSC Industrial Direct (MSM)

Valuation Ratios
P/E Ratio 23.1
Price to Sales 1.8
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 21.6
Price to Free Cash Flow 26.6
Growth Rates
Sales Growth Rate 0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.6%
Cap. Spend. - 3 Yr. Gr. Rate -7.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 16.4%
Total Debt to Equity 43.5%
Interest Coverage 32
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 19.9%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 44.5%
Gross Margin - 3 Yr. Avg. 44.9%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 15.5%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 13.1%
Pre-Tax Margin 12.7%
Pre-Tax Margin - 3 Yr. Avg. 12.8%
Net Profit Margin 8%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 44.2%

MSM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MSM stock intrinsic value calculation we used $2888 million for the last fiscal year's total revenue generated by MSC Industrial Direct. The default revenue input number comes from 2017 income statement of MSC Industrial Direct. 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 MSM stock valuation model: a) initial revenue growth rate of 2% 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 4.4%, whose default value for MSM is calculated based on our internal credit rating of MSC Industrial Direct, 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 MSC Industrial Direct.
    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 MSM stock the variable cost ratio is equal to 86.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MSM 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 MSC Industrial Direct.

Corporate tax rate of 27% is the nominal tax rate for MSC Industrial Direct. 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 MSM 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 MSM are equal to 14.8%.

Life of production assets of 16.8 years is the average useful life of capital assets used in MSC Industrial Direct 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 MSM is equal to 26.5%. 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 - $1225 million for MSC Industrial Direct - 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 56.797 million for MSC Industrial Direct 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 MSC Industrial Direct at the current share price and the inputted number of shares is $5.4 billion.

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COMPANY NEWS

▶ MSC Industrial Direct Faces a Pivotal Second Quarter   [Jan-16-18 07:32AM  Motley Fool]
▶ MSC Industrial Direct Getting Closer To Key Technical Measure   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ These 3 Stocks Just Raised Their Dividends   [Jan-11-18 07:33PM  Motley Fool]
▶ MSC Industrial misses Street 1Q forecasts   [06:51AM  Associated Press]
▶ MSC Declares 21% Increase In Regular Quarterly Dividend   [Jan-03-18 08:30AM  PR Newswire]
▶ Stocks Generating Improved Relative Strength: MSC Industrial Direct   [Dec-29-17 03:00AM  Investor's Business Daily]
▶ MSC Industrial Direct Sees Relative Strength Rating Rise To 72   [03:00AM  Investor's Business Daily]
▶ MSC Industrial Direct Looks to Regain Pricing Power   [Nov-02-17 10:33AM  Motley Fool]
▶ MSC Industrial beats Street 4Q forecasts   [Oct-31-17 07:04AM  Associated Press]
▶ MSC Declares 6.7% Increase In Regular Quarterly Dividend   [Oct-24-17 05:26PM  PR Newswire]
▶ 7 Underperforming Stocks in Gurus' Portfolios   [Sep-27-17 01:48PM  GuruFocus.com]
▶ MSC Industrial Supply Co. Acquires DECO Tool Supply Co.   [Aug-07-17 09:00AM  PR Newswire]
▶ W.W. Grainger Dives To 2011 Lows In Latest Blow For Industrial Distributors   [Jul-19-17 04:35PM  Investor's Business Daily]
▶ South Africa's Massmart flags slower sales growth   [Jul-17-17 07:57AM  Reuters]
▶ Morningstar Runs the Numbers   [Jul-15-17 06:00AM  Morningstar]
▶ Market Overreaction Moves MSC to 4 Stars   [Jul-14-17 07:00AM  Morningstar]
▶ MSC Industrial Direct: It's All About Gross Margin Now   [Jul-13-17 01:30PM  Motley Fool]
▶ MSC Industrial meets 3Q profit forecasts   [Jul-12-17 09:56PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:49AM  Briefing.com]
▶ 3 Top Stocks on Sale This Quarter   [Jul-07-17 08:10PM  Motley Fool]
▶ MSC Declares Regular Quarterly Dividend   [04:15PM  PR Newswire]
▶ Why WESCO International Stock Dropped 12% in April   [May-04-17 05:15PM  Motley Fool]
▶ Story Stocks from Briefing.com   [Apr-06-17 09:11AM  Briefing.com]
▶ MSC Industrial beats Street 2Q forecasts   [06:55AM  Associated Press]
▶ MSC Declares Regular Quarterly Dividend   [04:03PM  PR Newswire]
Financial statements of MSM
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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