Intrinsic value of Nordson - NDSN

Previous Close

$117.51

  Intrinsic Value

$264.82

stock screener

  Rating & Target

str. buy

+125%

  Value-price divergence*

+130%

Previous close

$117.51

 
Intrinsic value

$264.82

 
Up/down potential

+125%

 
Rating

str. buy

 
Value-price divergence*

+130%

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

We calculate the intrinsic value of NDSN 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 6.8

 

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, %
  7.10
  20.20
  18.68
  17.31
  16.08
  14.97
  13.98
  13.08
  12.27
  11.54
  10.89
  10.30
  9.77
  9.29
  8.86
  8.48
  8.13
  7.82
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
  5.72
Revenue, $m
  1,809
  2,174
  2,581
  3,027
  3,514
  4,040
  4,605
  5,207
  5,846
  6,521
  7,231
  7,976
  8,755
  9,569
  10,417
  11,300
  12,219
  13,174
  14,166
  15,198
  16,270
  17,384
  18,542
  19,747
  21,000
  22,305
  23,663
  25,079
  26,555
  28,093
  29,699
Variable operating expenses, $m
 
  919
  1,070
  1,236
  1,417
  1,613
  1,823
  2,047
  2,284
  2,535
  2,799
  2,965
  3,255
  3,558
  3,873
  4,201
  4,543
  4,898
  5,267
  5,651
  6,049
  6,463
  6,894
  7,342
  7,808
  8,293
  8,798
  9,324
  9,873
  10,445
  11,042
Fixed operating expenses, $m
 
  669
  686
  703
  721
  739
  757
  776
  796
  816
  836
  857
  878
  900
  923
  946
  969
  994
  1,018
  1,044
  1,070
  1,097
  1,124
  1,152
  1,181
  1,211
  1,241
  1,272
  1,304
  1,336
  1,370
Total operating expenses, $m
  1,421
  1,588
  1,756
  1,939
  2,138
  2,352
  2,580
  2,823
  3,080
  3,351
  3,635
  3,822
  4,133
  4,458
  4,796
  5,147
  5,512
  5,892
  6,285
  6,695
  7,119
  7,560
  8,018
  8,494
  8,989
  9,504
  10,039
  10,596
  11,177
  11,781
  12,412
Operating income, $m
  388
  586
  824
  1,088
  1,376
  1,689
  2,025
  2,384
  2,766
  3,170
  3,596
  4,154
  4,622
  5,111
  5,621
  6,153
  6,706
  7,282
  7,881
  8,503
  9,150
  9,824
  10,524
  11,252
  12,011
  12,801
  13,624
  14,483
  15,378
  16,312
  17,287
EBITDA, $m
  458
  719
  961
  1,230
  1,523
  1,841
  2,183
  2,548
  2,937
  3,348
  3,781
  4,235
  4,711
  5,209
  5,728
  6,268
  6,831
  7,417
  8,026
  8,659
  9,317
  10,002
  10,714
  11,455
  12,226
  13,029
  13,866
  14,739
  15,649
  16,599
  17,591
Interest expense (income), $m
  23
  33
  44
  56
  69
  83
  99
  115
  133
  152
  172
  193
  215
  238
  262
  287
  313
  340
  368
  397
  428
  459
  492
  526
  562
  599
  637
  677
  719
  763
  808
Earnings before tax, $m
  368
  553
  781
  1,032
  1,307
  1,605
  1,926
  2,269
  2,633
  3,018
  3,424
  3,961
  4,407
  4,873
  5,359
  5,866
  6,393
  6,942
  7,513
  8,106
  8,723
  9,364
  10,032
  10,726
  11,449
  12,202
  12,987
  13,805
  14,659
  15,549
  16,479
Tax expense, $m
  96
  149
  211
  279
  353
  433
  520
  613
  711
  815
  924
  1,069
  1,190
  1,316
  1,447
  1,584
  1,726
  1,874
  2,028
  2,189
  2,355
  2,528
  2,709
  2,896
  3,091
  3,295
  3,506
  3,727
  3,958
  4,198
  4,449
Net income, $m
  272
  404
  570
  753
  954
  1,172
  1,406
  1,656
  1,922
  2,203
  2,500
  2,891
  3,217
  3,557
  3,912
  4,282
  4,667
  5,068
  5,484
  5,917
  6,368
  6,836
  7,323
  7,830
  8,358
  8,908
  9,481
  10,078
  10,701
  11,351
  12,030

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  67
  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
  2,421
  2,831
  3,360
  3,942
  4,576
  5,261
  5,996
  6,780
  7,612
  8,491
  9,415
  10,385
  11,400
  12,459
  13,564
  14,713
  15,910
  17,153
  18,446
  19,789
  21,184
  22,635
  24,143
  25,712
  27,344
  29,043
  30,812
  32,655
  34,576
  36,580
  38,671
Adjusted assets (=assets-cash), $m
  2,354
  2,831
  3,360
  3,942
  4,576
  5,261
  5,996
  6,780
  7,612
  8,491
  9,415
  10,385
  11,400
  12,459
  13,564
  14,713
  15,910
  17,153
  18,446
  19,789
  21,184
  22,635
  24,143
  25,712
  27,344
  29,043
  30,812
  32,655
  34,576
  36,580
  38,671
Revenue / Adjusted assets
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
  0.768
Average production assets, $m
  394
  474
  563
  660
  766
  881
  1,004
  1,135
  1,274
  1,422
  1,576
  1,739
  1,909
  2,086
  2,271
  2,463
  2,664
  2,872
  3,088
  3,313
  3,547
  3,790
  4,042
  4,305
  4,578
  4,862
  5,159
  5,467
  5,789
  6,124
  6,474
Working capital, $m
  414
  472
  560
  657
  763
  877
  999
  1,130
  1,269
  1,415
  1,569
  1,731
  1,900
  2,076
  2,260
  2,452
  2,651
  2,859
  3,074
  3,298
  3,531
  3,772
  4,024
  4,285
  4,557
  4,840
  5,135
  5,442
  5,762
  6,096
  6,445
Total debt, $m
  987
  1,250
  1,592
  1,968
  2,379
  2,822
  3,297
  3,805
  4,343
  4,912
  5,510
  6,137
  6,794
  7,479
  8,194
  8,938
  9,711
  10,516
  11,352
  12,221
  13,124
  14,063
  15,039
  16,054
  17,109
  18,209
  19,353
  20,546
  21,789
  23,085
  24,438
Total liabilities, $m
  1,569
  1,832
  2,174
  2,550
  2,961
  3,404
  3,879
  4,387
  4,925
  5,494
  6,092
  6,719
  7,376
  8,061
  8,776
  9,520
  10,293
  11,098
  11,934
  12,803
  13,706
  14,645
  15,621
  16,636
  17,691
  18,791
  19,935
  21,128
  22,371
  23,667
  25,020
Total equity, $m
  852
  999
  1,186
  1,391
  1,615
  1,857
  2,117
  2,393
  2,687
  2,997
  3,324
  3,666
  4,024
  4,398
  4,788
  5,194
  5,616
  6,055
  6,511
  6,985
  7,478
  7,990
  8,523
  9,076
  9,652
  10,252
  10,877
  11,527
  12,205
  12,913
  13,651
Total liabilities and equity, $m
  2,421
  2,831
  3,360
  3,941
  4,576
  5,261
  5,996
  6,780
  7,612
  8,491
  9,416
  10,385
  11,400
  12,459
  13,564
  14,714
  15,909
  17,153
  18,445
  19,788
  21,184
  22,635
  24,144
  25,712
  27,343
  29,043
  30,812
  32,655
  34,576
  36,580
  38,671
Debt-to-equity ratio
  1.158
  1.250
  1.340
  1.410
  1.470
  1.520
  1.560
  1.590
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.710
  1.720
  1.730
  1.740
  1.740
  1.750
  1.760
  1.760
  1.760
  1.770
  1.770
  1.780
  1.780
  1.780
  1.790
  1.790
  1.790
Adjusted equity ratio
  0.334
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353
  0.353

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  272
  404
  570
  753
  954
  1,172
  1,406
  1,656
  1,922
  2,203
  2,500
  2,891
  3,217
  3,557
  3,912
  4,282
  4,667
  5,068
  5,484
  5,917
  6,368
  6,836
  7,323
  7,830
  8,358
  8,908
  9,481
  10,078
  10,701
  11,351
  12,030
Depreciation, amort., depletion, $m
  70
  133
  137
  142
  147
  152
  158
  164
  171
  177
  185
  82
  90
  98
  107
  116
  125
  135
  145
  156
  167
  178
  190
  202
  215
  228
  242
  257
  272
  288
  304
Funds from operations, $m
  303
  537
  707
  895
  1,101
  1,324
  1,564
  1,820
  2,093
  2,381
  2,684
  2,973
  3,307
  3,655
  4,019
  4,398
  4,792
  5,203
  5,629
  6,073
  6,534
  7,014
  7,513
  8,032
  8,573
  9,136
  9,723
  10,334
  10,973
  11,638
  12,334
Change in working capital, $m
  -28
  79
  88
  97
  106
  114
  123
  131
  139
  146
  154
  162
  169
  177
  184
  192
  199
  207
  215
  224
  233
  242
  251
  261
  272
  283
  295
  307
  320
  334
  348
Cash from operations, $m
  331
  457
  619
  798
  995
  1,210
  1,441
  1,690
  1,954
  2,234
  2,530
  2,811
  3,138
  3,479
  3,835
  4,206
  4,593
  4,995
  5,414
  5,849
  6,302
  6,772
  7,262
  7,771
  8,301
  8,853
  9,428
  10,027
  10,652
  11,305
  11,985
Maintenance CAPEX, $m
  0
  -18
  -22
  -26
  -31
  -36
  -41
  -47
  -53
  -60
  -67
  -74
  -82
  -90
  -98
  -107
  -116
  -125
  -135
  -145
  -156
  -167
  -178
  -190
  -202
  -215
  -228
  -242
  -257
  -272
  -288
New CAPEX, $m
  -61
  -81
  -89
  -97
  -106
  -115
  -123
  -131
  -139
  -147
  -155
  -162
  -170
  -177
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -296
  -309
  -322
  -335
  -350
Cash from investing activities, $m
  -102
  -99
  -111
  -123
  -137
  -151
  -164
  -178
  -192
  -207
  -222
  -236
  -252
  -267
  -283
  -300
  -316
  -333
  -351
  -370
  -390
  -410
  -431
  -453
  -475
  -499
  -524
  -551
  -579
  -607
  -638
Free cash flow, $m
  229
  358
  508
  674
  858
  1,059
  1,277
  1,511
  1,761
  2,027
  2,309
  2,575
  2,886
  3,212
  3,552
  3,907
  4,277
  4,662
  5,063
  5,479
  5,912
  6,363
  6,831
  7,318
  7,826
  8,353
  8,903
  9,476
  10,074
  10,697
  11,348
Issuance/(repayment) of debt, $m
  -135
  308
  342
  376
  410
  443
  476
  507
  538
  569
  598
  627
  656
  685
  715
  744
  774
  805
  836
  869
  903
  939
  976
  1,015
  1,056
  1,099
  1,145
  1,193
  1,243
  1,296
  1,353
Issuance/(repurchase) of shares, $m
  -22
  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  
  -154
  308
  342
  376
  410
  443
  476
  507
  538
  569
  598
  627
  656
  685
  715
  744
  774
  805
  836
  869
  903
  939
  976
  1,015
  1,056
  1,099
  1,145
  1,193
  1,243
  1,296
  1,353
Total cash flow (excl. dividends), $m
  73
  666
  850
  1,051
  1,268
  1,502
  1,753
  2,018
  2,300
  2,596
  2,907
  3,202
  3,542
  3,897
  4,267
  4,651
  5,051
  5,467
  5,899
  6,348
  6,815
  7,301
  7,807
  8,333
  8,881
  9,453
  10,048
  10,669
  11,317
  11,994
  12,701
Retained Cash Flow (-), $m
  -192
  -169
  -187
  -205
  -224
  -242
  -260
  -277
  -294
  -310
  -326
  -342
  -358
  -374
  -390
  -406
  -422
  -439
  -456
  -474
  -493
  -512
  -532
  -554
  -576
  -600
  -624
  -651
  -678
  -707
  -738
Prev. year cash balance distribution, $m
 
  22
  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
 
  519
  664
  845
  1,045
  1,261
  1,493
  1,742
  2,006
  2,286
  2,580
  2,860
  3,184
  3,523
  3,877
  4,245
  4,629
  5,028
  5,443
  5,874
  6,323
  6,789
  7,275
  7,780
  8,305
  8,853
  9,424
  10,018
  10,639
  11,286
  11,962
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  487
  580
  685
  778
  857
  919
  962
  986
  989
  974
  930
  882
  821
  750
  673
  592
  510
  431
  357
  289
  229
  177
  134
  99
  71
  50
  34
  22
  14
  9
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

Nordson Corporation engineers, manufactures and markets differentiated products and systems used to dispense, apply and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces. The Company's segments include Adhesive Dispensing Systems, Advanced Technology Systems and Industrial Coating Systems. The Adhesive Dispensing Systems segment delivers its precision dispensing and processing technology to various markets. The Advanced Technology Systems segment integrates its product technologies found in progressive stages of a customer's production process, such as surface treatment, precisely controlled automated, and post-dispense bond testing, optical inspection and X-ray inspection. The Industrial Coating Systems segment provides equipment used primarily for applying coatings, paint, finishes, sealants and other materials, and for curing and drying of dispensed material.

FINANCIAL RATIOS  of  Nordson (NDSN)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 3.7
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 24.9
Growth Rates
Sales Growth Rate 7.1%
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 5.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.6%
Total Debt to Equity 115.8%
Interest Coverage 17
Management Effectiveness
Return On Assets 12.1%
Ret/ On Assets - 3 Yr. Avg. 11%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 36%
Return On Equity - 3 Yr. Avg. 30.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 54.8%
EBITDA Margin 25.5%
EBITDA Margin - 3 Yr. Avg. 24.1%
Operating Margin 21.4%
Oper. Margin - 3 Yr. Avg. 20.6%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 19.6%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 26.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.7%
Payout Ratio 20.6%

NDSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NDSN stock intrinsic value calculation we used $1809 million for the last fiscal year's total revenue generated by Nordson. The default revenue input number comes from 2016 income statement of Nordson. 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 NDSN stock valuation model: a) initial revenue growth rate of 20.2% 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 6.6%, whose default value for NDSN is calculated based on our internal credit rating of Nordson, 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 Nordson.
    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 NDSN stock the variable cost ratio is equal to 43.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $653 million in the base year in the intrinsic value calculation for NDSN 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 Nordson.

Corporate tax rate of 27% is the nominal tax rate for Nordson. 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 NDSN 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 NDSN are equal to 21.8%.

Life of production assets of 21.3 years is the average useful life of capital assets used in Nordson 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 NDSN is equal to 21.7%. 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 - $852 million for Nordson - 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 57.791 million for Nordson 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 Nordson at the current share price and the inputted number of shares is $6.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Nordson Corp. : September 12, 2017   [Sep-11-17 11:51PM  Capital Cube]
▶ 3 Dividend Growth Stocks for August   [05:30PM  Motley Fool]
▶ Nordson beats Street 3Q forecasts   [Aug-21-17 09:45PM  Associated Press]
▶ ETFs with exposure to Nordson Corp. : July 24, 2017   [Jul-24-17 05:34PM  Capital Cube]
▶ ETFs with exposure to Nordson Corp. : July 14, 2017   [Jul-14-17 03:49PM  Capital Cube]
▶ ETFs with exposure to Nordson Corp. : June 13, 2017   [Jun-13-17 12:45PM  Capital Cube]
▶ Nordson Corporation Beats Expectations (Again)   [May-22-17 09:32PM  Motley Fool]
▶ Nordson beats Street 2Q forecasts   [04:43PM  Associated Press]
▶ Nordson EFD Opens Sales Office in Poland   [May-18-17 02:03AM  Business Wire]
▶ 2 Machinery Stocks Set to Beat Estimates in Q1   [May-09-17 04:46PM  Zacks]
▶ Time to Nail Down Some Profits on Nordson   [Apr-11-17 09:07AM  TheStreet.com]
▶ Stock Market News for April 04, 2017   [Apr-04-17 10:42AM  Zacks]
▶ [$$] KRG-Backed Vention Medical Sells Two Units   [12:31PM  at The Wall Street Journal]
▶ Nordson Sticks Another Fantastic Quarter   [08:00AM  at Motley Fool]
Financial statements of NDSN
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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