Intrinsic value of MSC Industrial Direct - MSM

Previous Close

$79.60

  Intrinsic Value

$63.64

stock screener

  Rating & Target

sell

-20%

Previous close

$79.60

 
Intrinsic value

$63.64

 
Up/down potential

-20%

 
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

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 4.5

 

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, %
  -1.58
  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
  2,864
  2,921
  2,988
  3,065
  3,151
  3,247
  3,352
  3,466
  3,590
  3,723
  3,866
  4,018
  4,182
  4,355
  4,540
  4,736
  4,943
  5,163
  5,395
  5,641
  5,900
  6,173
  6,462
  6,766
  7,086
  7,423
  7,778
  8,152
  8,546
  8,959
  9,395
Variable operating expenses, $m
 
  2,540
  2,597
  2,662
  2,736
  2,817
  2,906
  3,002
  3,107
  3,220
  3,341
  3,408
  3,547
  3,694
  3,851
  4,017
  4,193
  4,379
  4,576
  4,784
  5,004
  5,236
  5,481
  5,739
  6,010
  6,296
  6,598
  6,915
  7,248
  7,599
  7,969
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
  2,488
  2,540
  2,597
  2,662
  2,736
  2,817
  2,906
  3,002
  3,107
  3,220
  3,341
  3,408
  3,547
  3,694
  3,851
  4,017
  4,193
  4,379
  4,576
  4,784
  5,004
  5,236
  5,481
  5,739
  6,010
  6,296
  6,598
  6,915
  7,248
  7,599
  7,969
Operating income, $m
  376
  381
  391
  403
  416
  430
  446
  464
  482
  503
  524
  610
  635
  661
  689
  719
  750
  784
  819
  856
  895
  937
  981
  1,027
  1,076
  1,127
  1,181
  1,237
  1,297
  1,360
  1,426
EBITDA, $m
  448
  473
  484
  496
  510
  526
  543
  561
  581
  603
  626
  650
  677
  705
  735
  766
  800
  836
  873
  913
  955
  999
  1,046
  1,095
  1,147
  1,201
  1,259
  1,319
  1,383
  1,450
  1,521
Interest expense (income), $m
  5
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  60
  63
  67
  70
  74
  78
  83
  87
Earnings before tax, $m
  372
  362
  371
  382
  394
  408
  423
  439
  456
  475
  495
  579
  602
  627
  653
  681
  710
  741
  774
  809
  845
  884
  924
  967
  1,013
  1,060
  1,110
  1,163
  1,219
  1,277
  1,339
Tax expense, $m
  141
  98
  100
  103
  106
  110
  114
  118
  123
  128
  134
  156
  163
  169
  176
  184
  192
  200
  209
  218
  228
  239
  250
  261
  273
  286
  300
  314
  329
  345
  361
Net income, $m
  231
  264
  271
  279
  288
  298
  309
  320
  333
  347
  362
  423
  440
  458
  477
  497
  518
  541
  565
  590
  617
  645
  675
  706
  739
  774
  811
  849
  890
  932
  977

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  2,065
  2,053
  2,100
  2,154
  2,215
  2,282
  2,355
  2,436
  2,523
  2,616
  2,717
  2,824
  2,939
  3,061
  3,190
  3,328
  3,474
  3,628
  3,791
  3,964
  4,146
  4,338
  4,541
  4,754
  4,979
  5,217
  5,466
  5,729
  6,005
  6,296
  6,602
Adjusted assets (=assets-cash), $m
  2,012
  2,053
  2,100
  2,154
  2,215
  2,282
  2,355
  2,436
  2,523
  2,616
  2,717
  2,824
  2,939
  3,061
  3,190
  3,328
  3,474
  3,628
  3,791
  3,964
  4,146
  4,338
  4,541
  4,754
  4,979
  5,217
  5,466
  5,729
  6,005
  6,296
  6,602
Revenue / Adjusted assets
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
  1.423
Average production assets, $m
  419
  427
  436
  448
  460
  474
  489
  506
  524
  544
  564
  587
  611
  636
  663
  691
  722
  754
  788
  824
  861
  901
  943
  988
  1,035
  1,084
  1,136
  1,190
  1,248
  1,308
  1,372
Working capital, $m
  502
  730
  747
  766
  788
  812
  838
  867
  897
  931
  966
  1,005
  1,045
  1,089
  1,135
  1,184
  1,236
  1,291
  1,349
  1,410
  1,475
  1,543
  1,615
  1,691
  1,771
  1,856
  1,945
  2,038
  2,136
  2,240
  2,349
Total debt, $m
  607
  572
  593
  618
  645
  676
  709
  746
  785
  828
  873
  922
  974
  1,029
  1,088
  1,151
  1,217
  1,287
  1,361
  1,440
  1,522
  1,610
  1,702
  1,799
  1,901
  2,008
  2,122
  2,241
  2,366
  2,498
  2,637
Total liabilities, $m
  967
  932
  953
  978
  1,005
  1,036
  1,069
  1,106
  1,145
  1,188
  1,233
  1,282
  1,334
  1,389
  1,448
  1,511
  1,577
  1,647
  1,721
  1,800
  1,882
  1,970
  2,062
  2,159
  2,261
  2,368
  2,482
  2,601
  2,726
  2,858
  2,997
Total equity, $m
  1,098
  1,121
  1,147
  1,176
  1,209
  1,246
  1,286
  1,330
  1,377
  1,428
  1,483
  1,542
  1,604
  1,671
  1,742
  1,817
  1,897
  1,981
  2,070
  2,164
  2,264
  2,369
  2,479
  2,596
  2,719
  2,848
  2,985
  3,128
  3,279
  3,438
  3,605
Total liabilities and equity, $m
  2,065
  2,053
  2,100
  2,154
  2,214
  2,282
  2,355
  2,436
  2,522
  2,616
  2,716
  2,824
  2,938
  3,060
  3,190
  3,328
  3,474
  3,628
  3,791
  3,964
  4,146
  4,339
  4,541
  4,755
  4,980
  5,216
  5,467
  5,729
  6,005
  6,296
  6,602
Debt-to-equity ratio
  0.553
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.730
  0.730
Adjusted equity ratio
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546
  0.546

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  231
  264
  271
  279
  288
  298
  309
  320
  333
  347
  362
  423
  440
  458
  477
  497
  518
  541
  565
  590
  617
  645
  675
  706
  739
  774
  811
  849
  890
  932
  977
Depreciation, amort., depletion, $m
  72
  92
  92
  93
  94
  95
  96
  97
  99
  100
  101
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
Funds from operations, $m
  464
  356
  363
  372
  382
  393
  405
  418
  432
  447
  463
  463
  482
  502
  522
  545
  568
  593
  619
  647
  676
  707
  740
  774
  811
  849
  889
  931
  976
  1,022
  1,072
Change in working capital, $m
  63
  14
  17
  19
  22
  24
  26
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  89
  93
  98
  103
  109
Cash from operations, $m
  401
  341
  347
  353
  360
  369
  379
  389
  401
  413
  427
  425
  441
  458
  476
  496
  516
  538
  561
  586
  612
  639
  668
  698
  730
  764
  800
  838
  877
  919
  963
Maintenance CAPEX, $m
  0
  -29
  -29
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
New CAPEX, $m
  -88
  -8
  -10
  -11
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -64
Cash from investing activities, $m
  -88
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -139
  -146
  -154
Free cash flow, $m
  313
  305
  307
  312
  317
  323
  331
  339
  348
  358
  369
  364
  377
  391
  405
  421
  438
  456
  475
  495
  517
  540
  564
  589
  616
  644
  673
  705
  738
  773
  809
Issuance/(repayment) of debt, $m
  178
  18
  21
  25
  28
  30
  33
  36
  39
  42
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
Issuance/(repurchase) of shares, $m
  -372
  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  
  -192
  18
  21
  25
  28
  30
  33
  36
  39
  42
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  87
  92
  97
  102
  108
  113
  119
  126
  132
  139
Total cash flow (excl. dividends), $m
  121
  323
  329
  336
  344
  354
  364
  375
  387
  400
  414
  413
  429
  446
  464
  484
  504
  526
  549
  574
  600
  627
  656
  686
  718
  751
  787
  824
  863
  905
  948
Retained Cash Flow (-), $m
  235
  -23
  -26
  -29
  -33
  -37
  -40
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -159
  -167
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
 
  300
  303
  307
  311
  317
  324
  331
  340
  349
  360
  354
  366
  379
  394
  409
  425
  442
  460
  480
  500
  522
  545
  569
  595
  622
  651
  681
  712
  746
  781
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  287
  276
  264
  253
  242
  230
  218
  206
  193
  181
  160
  148
  135
  123
  111
  99
  87
  76
  65
  55
  46
  38
  31
  25
  20
  15
  11
  8
  6
  4
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 19.5
Price to Sales 1.6
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 14.4
Growth Rates
Sales Growth Rate -1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 72.5%
Cap. Spend. - 3 Yr. Gr. Rate -0.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 31%
Total Debt to Equity 55.3%
Interest Coverage 75
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.5%
Return On Equity 19%
Return On Equity - 3 Yr. Avg. 17.6%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 45%
Gross Margin - 3 Yr. Avg. 45.5%
EBITDA Margin 15.7%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 13.1%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 13%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 8.1%
Net Profit Margin - 3 Yr. Avg. 8.2%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 45.9%

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 $2864 million for the last fiscal year's total revenue generated by MSC Industrial Direct. The default revenue input number comes from 2016 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 4.6%, 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 87%.

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 14.6%.

Life of production assets of 14.5 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 25%. 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 - $1098 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 56.91 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 $4.5 billion.

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COMPANY NEWS

▶ 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]
▶ Former Black & Decker exec gifts $1.75M to McDaniel College   [Feb-13-17 11:25AM  at bizjournals.com]
▶ WESCO International Discusses Outlook for 2017   [Jan-27-17 11:13AM  Motley Fool]
▶ MSC Announces Expected Quarterly Earnings Date   [Jan-19-17 04:52PM  PR Newswire]
▶ MSC Industrial Direct and the Green Shoots of Recovery   [Jan-12-17 01:25PM  at Motley Fool]
▶ What Happened in the Stock Market Today   [05:09PM  at Motley Fool]
▶ MSC Corrects Quarterly Ex-Dividend Date   [Dec-21-16 05:16PM  PR Newswire]
▶ MSC Declares Regular Quarterly Dividend   [04:50PM  PR Newswire]
▶ The Best Industrial Stocks for 2017   [Dec-17-16 08:51AM  at Motley Fool]
▶ 5 Companies Set to Prosper From a Trump Presidency   [Nov-22-16 08:28AM  at Motley Fool]
▶ The Best Manufacturing Stocks to Buy Now   [Nov-11-16 09:23AM  at Motley Fool]
▶ 4 Charts Explaining MSC Industrial Direct's Quarter   [Nov-02-16 04:30PM  at Motley Fool]
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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