Intrinsic value of Meritor - MTOR

Previous Close

$25.68

  Intrinsic Value

$66.67

stock screener

  Rating & Target

str. buy

+160%

Previous close

$25.68

 
Intrinsic value

$66.67

 
Up/down potential

+160%

 
Rating

str. buy

We calculate the intrinsic value of MTOR 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, %
  4.63
  26.60
  24.44
  22.50
  20.75
  19.17
  17.75
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
Revenue, $m
  3,347
  4,237
  5,273
  6,459
  7,799
  9,294
  10,945
  12,748
  14,703
  16,805
  19,051
  21,439
  23,964
  26,624
  29,417
  32,341
  35,397
  38,583
  41,902
  45,356
  48,947
  52,680
  56,559
  60,590
  64,779
  69,134
  73,663
  78,374
  83,277
  88,382
  93,701
Variable operating expenses, $m
 
  3,951
  4,906
  6,001
  7,237
  8,617
  10,139
  11,803
  13,606
  15,546
  17,619
  19,780
  22,110
  24,564
  27,141
  29,839
  32,658
  35,598
  38,660
  41,847
  45,160
  48,604
  52,183
  55,902
  59,767
  63,785
  67,964
  72,310
  76,834
  81,544
  86,451
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
  3,161
  3,951
  4,906
  6,001
  7,237
  8,617
  10,139
  11,803
  13,606
  15,546
  17,619
  19,780
  22,110
  24,564
  27,141
  29,839
  32,658
  35,598
  38,660
  41,847
  45,160
  48,604
  52,183
  55,902
  59,767
  63,785
  67,964
  72,310
  76,834
  81,544
  86,451
Operating income, $m
  186
  286
  367
  458
  562
  678
  805
  945
  1,096
  1,259
  1,433
  1,659
  1,854
  2,060
  2,276
  2,502
  2,739
  2,985
  3,242
  3,509
  3,787
  4,076
  4,376
  4,688
  5,012
  5,349
  5,699
  6,064
  6,443
  6,838
  7,250
EBITDA, $m
  261
  380
  473
  579
  699
  833
  981
  1,143
  1,318
  1,507
  1,708
  1,922
  2,149
  2,387
  2,637
  2,900
  3,174
  3,459
  3,757
  4,066
  4,388
  4,723
  5,071
  5,432
  5,808
  6,198
  6,604
  7,027
  7,466
  7,924
  8,401
Interest expense (income), $m
  75
  70
  118
  174
  237
  309
  389
  478
  575
  679
  792
  913
  1,041
  1,176
  1,319
  1,468
  1,625
  1,789
  1,960
  2,138
  2,323
  2,516
  2,716
  2,924
  3,140
  3,365
  3,598
  3,841
  4,094
  4,357
  4,630
Earnings before tax, $m
  381
  216
  248
  285
  325
  369
  416
  467
  522
  579
  641
  746
  814
  884
  957
  1,034
  1,113
  1,196
  1,282
  1,371
  1,464
  1,560
  1,660
  1,764
  1,872
  1,984
  2,101
  2,223
  2,350
  2,482
  2,619
Tax expense, $m
  52
  58
  67
  77
  88
  100
  112
  126
  141
  156
  173
  201
  220
  239
  258
  279
  301
  323
  346
  370
  395
  421
  448
  476
  505
  536
  567
  600
  634
  670
  707
Net income, $m
  324
  158
  181
  208
  237
  269
  304
  341
  381
  423
  468
  545
  594
  645
  699
  755
  813
  873
  936
  1,001
  1,069
  1,139
  1,212
  1,288
  1,367
  1,449
  1,534
  1,623
  1,715
  1,812
  1,912

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  88
  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
  2,782
  3,412
  4,245
  5,201
  6,279
  7,483
  8,812
  10,264
  11,838
  13,530
  15,339
  17,261
  19,294
  21,436
  23,685
  26,040
  28,500
  31,065
  33,738
  36,518
  39,410
  42,415
  45,538
  48,784
  52,157
  55,664
  59,310
  63,103
  67,051
  71,161
  75,443
Adjusted assets (=assets-cash), $m
  2,694
  3,412
  4,245
  5,201
  6,279
  7,483
  8,812
  10,264
  11,838
  13,530
  15,339
  17,261
  19,294
  21,436
  23,685
  26,040
  28,500
  31,065
  33,738
  36,518
  39,410
  42,415
  45,538
  48,784
  52,157
  55,664
  59,310
  63,103
  67,051
  71,161
  75,443
Revenue / Adjusted assets
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
  1.242
Average production assets, $m
  485
  614
  765
  937
  1,131
  1,348
  1,587
  1,848
  2,132
  2,437
  2,762
  3,109
  3,475
  3,860
  4,265
  4,689
  5,132
  5,595
  6,076
  6,577
  7,097
  7,639
  8,201
  8,785
  9,393
  10,024
  10,681
  11,364
  12,075
  12,815
  13,587
Working capital, $m
  116
  398
  496
  607
  733
  874
  1,029
  1,198
  1,382
  1,580
  1,791
  2,015
  2,253
  2,503
  2,765
  3,040
  3,327
  3,627
  3,939
  4,263
  4,601
  4,952
  5,317
  5,695
  6,089
  6,499
  6,924
  7,367
  7,828
  8,308
  8,808
Total debt, $m
  1,038
  1,597
  2,347
  3,206
  4,178
  5,261
  6,457
  7,764
  9,180
  10,703
  12,331
  14,061
  15,891
  17,819
  19,842
  21,962
  24,176
  26,485
  28,890
  31,392
  33,995
  36,700
  39,511
  42,432
  45,467
  48,623
  51,905
  55,319
  58,872
  62,571
  66,425
Total liabilities, $m
  2,512
  3,071
  3,821
  4,680
  5,652
  6,735
  7,931
  9,238
  10,654
  12,177
  13,805
  15,535
  17,365
  19,293
  21,316
  23,436
  25,650
  27,959
  30,364
  32,866
  35,469
  38,174
  40,985
  43,906
  46,941
  50,097
  53,379
  56,793
  60,346
  64,045
  67,899
Total equity, $m
  270
  341
  425
  520
  628
  748
  881
  1,026
  1,184
  1,353
  1,534
  1,726
  1,929
  2,144
  2,368
  2,604
  2,850
  3,107
  3,374
  3,652
  3,941
  4,242
  4,554
  4,878
  5,216
  5,566
  5,931
  6,310
  6,705
  7,116
  7,544
Total liabilities and equity, $m
  2,782
  3,412
  4,246
  5,200
  6,280
  7,483
  8,812
  10,264
  11,838
  13,530
  15,339
  17,261
  19,294
  21,437
  23,684
  26,040
  28,500
  31,066
  33,738
  36,518
  39,410
  42,416
  45,539
  48,784
  52,157
  55,663
  59,310
  63,103
  67,051
  71,161
  75,443
Debt-to-equity ratio
  3.844
  4.680
  5.530
  6.170
  6.650
  7.030
  7.330
  7.560
  7.750
  7.910
  8.040
  8.150
  8.240
  8.310
  8.380
  8.430
  8.480
  8.530
  8.560
  8.600
  8.630
  8.650
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
  8.780
  8.790
  8.800
Adjusted equity ratio
  0.068
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  324
  158
  181
  208
  237
  269
  304
  341
  381
  423
  468
  545
  594
  645
  699
  755
  813
  873
  936
  1,001
  1,069
  1,139
  1,212
  1,288
  1,367
  1,449
  1,534
  1,623
  1,715
  1,812
  1,912
Depreciation, amort., depletion, $m
  75
  93
  106
  121
  137
  156
  176
  198
  222
  248
  276
  263
  294
  327
  361
  397
  435
  474
  515
  557
  601
  647
  695
  745
  796
  850
  905
  963
  1,023
  1,086
  1,151
Funds from operations, $m
  180
  251
  288
  329
  374
  425
  480
  539
  603
  671
  743
  808
  888
  972
  1,060
  1,152
  1,248
  1,347
  1,451
  1,558
  1,670
  1,786
  1,907
  2,032
  2,163
  2,298
  2,439
  2,586
  2,738
  2,898
  3,063
Change in working capital, $m
  4
  84
  97
  112
  126
  141
  155
  170
  184
  198
  211
  224
  237
  250
  263
  275
  287
  300
  312
  325
  338
  351
  365
  379
  394
  409
  426
  443
  461
  480
  500
Cash from operations, $m
  176
  168
  190
  217
  248
  284
  324
  370
  419
  473
  532
  584
  651
  722
  798
  877
  961
  1,048
  1,139
  1,234
  1,333
  1,435
  1,542
  1,653
  1,769
  1,889
  2,013
  2,143
  2,278
  2,418
  2,564
Maintenance CAPEX, $m
  0
  -41
  -52
  -65
  -79
  -96
  -114
  -134
  -157
  -181
  -206
  -234
  -263
  -294
  -327
  -361
  -397
  -435
  -474
  -515
  -557
  -601
  -647
  -695
  -745
  -796
  -850
  -905
  -963
  -1,023
  -1,086
New CAPEX, $m
  -95
  -130
  -150
  -172
  -194
  -217
  -239
  -262
  -283
  -305
  -326
  -346
  -366
  -386
  -405
  -424
  -443
  -462
  -481
  -501
  -521
  -541
  -562
  -584
  -607
  -631
  -657
  -683
  -711
  -740
  -771
Cash from investing activities, $m
  -127
  -171
  -202
  -237
  -273
  -313
  -353
  -396
  -440
  -486
  -532
  -580
  -629
  -680
  -732
  -785
  -840
  -897
  -955
  -1,016
  -1,078
  -1,142
  -1,209
  -1,279
  -1,352
  -1,427
  -1,507
  -1,588
  -1,674
  -1,763
  -1,857
Free cash flow, $m
  49
  -3
  -12
  -20
  -25
  -29
  -29
  -27
  -21
  -12
  0
  3
  21
  42
  66
  92
  120
  151
  183
  218
  255
  293
  332
  374
  417
  461
  507
  555
  604
  654
  706
Issuance/(repayment) of debt, $m
  -97
  647
  750
  860
  971
  1,083
  1,196
  1,307
  1,416
  1,523
  1,628
  1,730
  1,830
  1,928
  2,024
  2,119
  2,214
  2,309
  2,405
  2,503
  2,602
  2,705
  2,811
  2,921
  3,036
  3,156
  3,282
  3,414
  3,553
  3,699
  3,854
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -122
  647
  750
  860
  971
  1,083
  1,196
  1,307
  1,416
  1,523
  1,628
  1,730
  1,830
  1,928
  2,024
  2,119
  2,214
  2,309
  2,405
  2,503
  2,602
  2,705
  2,811
  2,921
  3,036
  3,156
  3,282
  3,414
  3,553
  3,699
  3,854
Total cash flow (excl. dividends), $m
  -72
  643
  738
  840
  946
  1,055
  1,167
  1,280
  1,395
  1,511
  1,628
  1,733
  1,851
  1,970
  2,090
  2,211
  2,334
  2,460
  2,589
  2,721
  2,857
  2,998
  3,143
  3,295
  3,453
  3,617
  3,789
  3,968
  4,157
  4,354
  4,560
Retained Cash Flow (-), $m
  -481
  -71
  -83
  -96
  -108
  -120
  -133
  -145
  -157
  -169
  -181
  -192
  -203
  -214
  -225
  -235
  -246
  -257
  -267
  -278
  -289
  -301
  -312
  -325
  -337
  -351
  -365
  -379
  -395
  -411
  -428
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
 
  572
  655
  744
  838
  935
  1,034
  1,135
  1,238
  1,342
  1,447
  1,541
  1,648
  1,756
  1,865
  1,975
  2,088
  2,203
  2,321
  2,443
  2,568
  2,697
  2,831
  2,970
  3,115
  3,266
  3,424
  3,589
  3,762
  3,943
  4,132
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  519
  533
  539
  534
  518
  493
  459
  419
  375
  329
  280
  235
  193
  155
  122
  94
  70
  51
  36
  25
  17
  11
  7
  4
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Meritor, Inc. is a supplier of a range of integrated systems, modules and components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation and industrial sectors. The Company's segments include Commercial Truck & Industrial and Aftermarket & Trailer. The Commercial Truck & Industrial segment supplies drivetrain systems and components, including axles, drivelines and braking and suspension systems, for medium- and heavy-duty trucks, off-highway, military, construction, bus and coach, fire and emergency and other applications in North America, South America, Europe and Asia Pacific. The Commercial Truck & Industrial segment also includes the Company's aftermarket businesses in Asia Pacific and South America. The Aftermarket & Trailer segment supplies axles, brakes, drivelines, suspension parts and other replacement and remanufactured parts to commercial vehicle aftermarket customers in North America and Europe.

FINANCIAL RATIOS  of  Meritor (MTOR)

Valuation Ratios
P/E Ratio 7
Price to Sales 0.7
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 28.1
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.2%
Cap. Spend. - 3 Yr. Gr. Rate 4.3%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 277.8%
Total Debt to Equity 384.4%
Interest Coverage 6
Management Effectiveness
Return On Assets 14.7%
Ret/ On Assets - 3 Yr. Avg. 18.6%
Return On Total Capital 31%
Ret/ On T. Cap. - 3 Yr. Avg. 49%
Return On Equity 1098.3%
Return On Equity - 3 Yr. Avg. 319.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 14.5%
Gross Margin - 3 Yr. Avg. 13.8%
EBITDA Margin 15.9%
EBITDA Margin - 3 Yr. Avg. 10.2%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 11.4%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 9.7%
Net Profit Margin - 3 Yr. Avg. 9.8%
Effective Tax Rate 13.6%
Eff/ Tax Rate - 3 Yr. Avg. -86.1%
Payout Ratio 0%

MTOR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTOR stock intrinsic value calculation we used $3347 million for the last fiscal year's total revenue generated by Meritor. The default revenue input number comes from 2017 income statement of Meritor. 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 MTOR stock valuation model: a) initial revenue growth rate of 26.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.3%, whose default value for MTOR is calculated based on our internal credit rating of Meritor, 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 Meritor.
    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 MTOR stock the variable cost ratio is equal to 93.5%.

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 MTOR 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 7.4% for Meritor.

Corporate tax rate of 27% is the nominal tax rate for Meritor. 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 MTOR 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 MTOR are equal to 14.5%.

Life of production assets of 11.8 years is the average useful life of capital assets used in Meritor 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 MTOR is equal to 9.4%. 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 - $270 million for Meritor - 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 90.367 million for Meritor 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 Meritor at the current share price and the inputted number of shares is $2.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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DAN Dana 28.01 620.47  str.buy
CVGI Commercial Veh 10.72 22.49  str.buy
BWA BorgWarner 52.22 75.31  buy
ALSN Allison Transm 39.32 140.50  str.buy
SYPR Sypris Solutio 1.38 0.31  str.sell
AXL American Axle& 15.22 3,714.37  str.buy

COMPANY NEWS

▶ Why Meritor Stock Soared in January   [11:49AM  Motley Fool]
▶ Why Shares of Meritor, Inc. Are Popping 14% Higher Today   [Jan-31-18 04:04PM  Motley Fool]
▶ Meritor, Inc. to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Meritor reports 1Q loss   [06:55AM  Associated Press]
▶ Meritor® Launches Aftermarket Air Spring Product Line   [Jan-23-18 04:15PM  PR Newswire]
▶ ETFs with exposure to Meritor, Inc. : December 27, 2017   [Dec-27-17 11:33AM  Capital Cube]
▶ Meritor® Launches First Products in New Mach Brand   [Dec-11-17 04:30PM  PR Newswire]
▶ Get It in Gear: Why GM & Tesla Can Keep Climbing   [Dec-08-17 02:58PM  Barrons.com]
▶ ETFs with exposure to Meritor, Inc. : November 30, 2017   [Nov-30-17 02:07PM  Capital Cube]
▶ Meritor® Launches Driveshaft on Demand Program   [Nov-28-17 08:00AM  PR Newswire]
▶ Meritor tops Street 4Q forecasts   [Nov-15-17 07:31AM  Associated Press]
▶ Meritor, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ ETFs with exposure to Meritor, Inc. : November 14, 2017   [Nov-14-17 02:36PM  Capital Cube]
▶ Meritor Names Rodger L. Boehm to its Board of Directors   [Nov-07-17 04:30PM  PR Newswire]
▶ Meritor to Host Analyst Day in New York on Dec. 7   [Nov-01-17 04:30PM  PR Newswire]
▶ ETFs with exposure to Meritor, Inc. : October 23, 2017   [Oct-23-17 10:49AM  Capital Cube]
▶ Meritor: Cramer's Top Takeaways   [06:37AM  TheStreet.com]
Financial statements of MTOR
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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