Intrinsic value of Nordson - NDSN

Previous Close

$133.92

  Intrinsic Value

$103.71

stock screener

  Rating & Target

sell

-23%

Previous close

$133.92

 
Intrinsic value

$103.71

 
Up/down potential

-23%

 
Rating

sell

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

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, %
  14.26
  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
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  2,067
  2,363
  2,678
  3,014
  3,369
  3,743
  4,136
  4,547
  4,977
  5,425
  5,892
  6,377
  6,882
  7,407
  7,953
  8,519
  9,108
  9,721
  10,358
  11,020
  11,710
  12,427
  13,175
  13,955
  14,767
  15,615
  16,500
  17,425
  18,390
  19,399
  20,454
Variable operating expenses, $m
 
  1,699
  1,897
  2,108
  2,332
  2,567
  2,814
  3,072
  3,342
  3,624
  3,917
  4,009
  4,327
  4,657
  4,999
  5,356
  5,726
  6,111
  6,511
  6,928
  7,361
  7,813
  8,283
  8,773
  9,284
  9,817
  10,373
  10,954
  11,561
  12,195
  12,859
Fixed operating expenses, $m
 
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
Total operating expenses, $m
  1,607
  1,801
  2,001
  2,215
  2,441
  2,678
  2,928
  3,188
  3,461
  3,746
  4,041
  4,136
  4,457
  4,790
  5,135
  5,495
  5,868
  6,256
  6,659
  7,079
  7,516
  7,971
  8,444
  8,938
  9,453
  9,989
  10,549
  11,134
  11,745
  12,383
  13,051
Operating income, $m
  460
  562
  677
  799
  928
  1,065
  1,208
  1,358
  1,515
  1,679
  1,850
  2,241
  2,426
  2,618
  2,817
  3,025
  3,241
  3,465
  3,698
  3,941
  4,194
  4,457
  4,731
  5,017
  5,315
  5,626
  5,951
  6,290
  6,645
  7,016
  7,403
EBITDA, $m
  551
  1,011
  1,157
  1,313
  1,478
  1,652
  1,834
  2,025
  2,225
  2,434
  2,651
  2,877
  3,112
  3,356
  3,610
  3,874
  4,149
  4,434
  4,731
  5,040
  5,361
  5,696
  6,045
  6,408
  6,787
  7,183
  7,596
  8,028
  8,478
  8,950
  9,442
Interest expense (income), $m
  36
  86
  103
  122
  142
  163
  185
  208
  232
  258
  284
  312
  341
  370
  401
  434
  467
  502
  538
  576
  615
  656
  698
  742
  788
  836
  886
  939
  993
  1,050
  1,110
Earnings before tax, $m
  420
  476
  573
  677
  787
  902
  1,023
  1,150
  1,283
  1,421
  1,566
  1,929
  2,085
  2,247
  2,416
  2,591
  2,774
  2,963
  3,160
  3,365
  3,579
  3,801
  4,033
  4,275
  4,527
  4,790
  5,065
  5,352
  5,652
  5,965
  6,293
Tax expense, $m
  124
  128
  155
  183
  212
  244
  276
  311
  346
  384
  423
  521
  563
  607
  652
  700
  749
  800
  853
  909
  966
  1,026
  1,089
  1,154
  1,222
  1,293
  1,367
  1,445
  1,526
  1,611
  1,699
Net income, $m
  296
  347
  418
  494
  574
  659
  747
  840
  937
  1,038
  1,143
  1,408
  1,522
  1,641
  1,764
  1,892
  2,025
  2,163
  2,307
  2,457
  2,613
  2,775
  2,944
  3,121
  3,305
  3,497
  3,697
  3,907
  4,126
  4,355
  4,594

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  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
  3,415
  3,905
  4,427
  4,982
  5,569
  6,187
  6,836
  7,516
  8,226
  8,967
  9,738
  10,541
  11,376
  12,243
  13,145
  14,082
  15,055
  16,067
  17,120
  18,215
  19,355
  20,541
  21,777
  23,066
  24,409
  25,811
  27,273
  28,801
  30,397
  32,065
  33,808
Adjusted assets (=assets-cash), $m
  3,325
  3,905
  4,427
  4,982
  5,569
  6,187
  6,836
  7,516
  8,226
  8,967
  9,738
  10,541
  11,376
  12,243
  13,145
  14,082
  15,055
  16,067
  17,120
  18,215
  19,355
  20,541
  21,777
  23,066
  24,409
  25,811
  27,273
  28,801
  30,397
  32,065
  33,808
Revenue / Adjusted assets
  0.622
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
Average production assets, $m
  577
  2,355
  2,670
  3,005
  3,359
  3,732
  4,124
  4,534
  4,962
  5,409
  5,874
  6,358
  6,862
  7,385
  7,929
  8,494
  9,081
  9,692
  10,327
  10,987
  11,674
  12,390
  13,136
  13,913
  14,723
  15,569
  16,451
  17,372
  18,335
  19,341
  20,393
Working capital, $m
  240
  203
  230
  259
  290
  322
  356
  391
  428
  467
  507
  548
  592
  637
  684
  733
  783
  836
  891
  948
  1,007
  1,069
  1,133
  1,200
  1,270
  1,343
  1,419
  1,499
  1,582
  1,668
  1,759
Total debt, $m
  1,597
  1,913
  2,259
  2,626
  3,015
  3,424
  3,854
  4,304
  4,774
  5,264
  5,775
  6,306
  6,859
  7,433
  8,030
  8,650
  9,295
  9,965
  10,662
  11,387
  12,141
  12,927
  13,745
  14,598
  15,487
  16,415
  17,383
  18,394
  19,451
  20,555
  21,709
Total liabilities, $m
  2,259
  2,585
  2,931
  3,298
  3,687
  4,096
  4,526
  4,976
  5,446
  5,936
  6,447
  6,978
  7,531
  8,105
  8,702
  9,322
  9,967
  10,637
  11,333
  12,058
  12,813
  13,598
  14,417
  15,269
  16,159
  17,087
  18,055
  19,066
  20,123
  21,227
  22,381
Total equity, $m
  1,155
  1,320
  1,496
  1,684
  1,882
  2,091
  2,311
  2,540
  2,780
  3,031
  3,292
  3,563
  3,845
  4,138
  4,443
  4,760
  5,089
  5,431
  5,787
  6,157
  6,542
  6,943
  7,361
  7,796
  8,250
  8,724
  9,218
  9,735
  10,274
  10,838
  11,427
Total liabilities and equity, $m
  3,414
  3,905
  4,427
  4,982
  5,569
  6,187
  6,837
  7,516
  8,226
  8,967
  9,739
  10,541
  11,376
  12,243
  13,145
  14,082
  15,056
  16,068
  17,120
  18,215
  19,355
  20,541
  21,778
  23,065
  24,409
  25,811
  27,273
  28,801
  30,397
  32,065
  33,808
Debt-to-equity ratio
  1.383
  1.450
  1.510
  1.560
  1.600
  1.640
  1.670
  1.690
  1.720
  1.740
  1.750
  1.770
  1.780
  1.800
  1.810
  1.820
  1.830
  1.830
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.880
  1.880
  1.890
  1.890
  1.890
  1.900
  1.900
Adjusted equity ratio
  0.320
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  296
  347
  418
  494
  574
  659
  747
  840
  937
  1,038
  1,143
  1,408
  1,522
  1,641
  1,764
  1,892
  2,025
  2,163
  2,307
  2,457
  2,613
  2,775
  2,944
  3,121
  3,305
  3,497
  3,697
  3,907
  4,126
  4,355
  4,594
Depreciation, amort., depletion, $m
  91
  449
  481
  514
  550
  587
  626
  667
  710
  754
  801
  636
  686
  738
  793
  849
  908
  969
  1,033
  1,099
  1,167
  1,239
  1,314
  1,391
  1,472
  1,557
  1,645
  1,737
  1,833
  1,934
  2,039
Funds from operations, $m
  293
  796
  899
  1,008
  1,124
  1,245
  1,373
  1,507
  1,646
  1,792
  1,944
  2,044
  2,208
  2,379
  2,557
  2,741
  2,933
  3,132
  3,340
  3,555
  3,780
  4,014
  4,258
  4,512
  4,777
  5,054
  5,342
  5,644
  5,959
  6,289
  6,633
Change in working capital, $m
  -57
  25
  27
  29
  31
  32
  34
  35
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  91
Cash from operations, $m
  350
  771
  872
  979
  1,093
  1,213
  1,339
  1,471
  1,609
  1,754
  1,904
  2,002
  2,165
  2,334
  2,510
  2,692
  2,882
  3,080
  3,285
  3,498
  3,721
  3,952
  4,193
  4,445
  4,707
  4,981
  5,266
  5,565
  5,876
  6,202
  6,543
Maintenance CAPEX, $m
  0
  -206
  -236
  -267
  -301
  -336
  -373
  -412
  -453
  -496
  -541
  -587
  -636
  -686
  -738
  -793
  -849
  -908
  -969
  -1,033
  -1,099
  -1,167
  -1,239
  -1,314
  -1,391
  -1,472
  -1,557
  -1,645
  -1,737
  -1,833
  -1,934
New CAPEX, $m
  -72
  -294
  -315
  -335
  -354
  -373
  -392
  -410
  -428
  -447
  -465
  -484
  -503
  -523
  -544
  -565
  -587
  -611
  -635
  -660
  -687
  -716
  -746
  -777
  -810
  -845
  -882
  -921
  -963
  -1,006
  -1,052
Cash from investing activities, $m
  -878
  -500
  -551
  -602
  -655
  -709
  -765
  -822
  -881
  -943
  -1,006
  -1,071
  -1,139
  -1,209
  -1,282
  -1,358
  -1,436
  -1,519
  -1,604
  -1,693
  -1,786
  -1,883
  -1,985
  -2,091
  -2,201
  -2,317
  -2,439
  -2,566
  -2,700
  -2,839
  -2,986
Free cash flow, $m
  -528
  271
  321
  378
  439
  504
  575
  649
  728
  811
  898
  931
  1,026
  1,125
  1,227
  1,334
  1,445
  1,561
  1,681
  1,805
  1,935
  2,069
  2,209
  2,354
  2,505
  2,663
  2,827
  2,998
  3,176
  3,363
  3,557
Issuance/(repayment) of debt, $m
  597
  326
  346
  367
  389
  409
  430
  450
  470
  490
  511
  531
  553
  574
  597
  620
  645
  670
  697
  725
  754
  786
  818
  853
  889
  928
  968
  1,011
  1,056
  1,104
  1,154
Issuance/(repurchase) of shares, $m
  11
  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  
  612
  326
  346
  367
  389
  409
  430
  450
  470
  490
  511
  531
  553
  574
  597
  620
  645
  670
  697
  725
  754
  786
  818
  853
  889
  928
  968
  1,011
  1,056
  1,104
  1,154
Total cash flow (excl. dividends), $m
  87
  597
  667
  745
  827
  914
  1,004
  1,099
  1,198
  1,301
  1,408
  1,462
  1,578
  1,699
  1,824
  1,955
  2,090
  2,231
  2,378
  2,530
  2,689
  2,855
  3,027
  3,207
  3,395
  3,591
  3,795
  4,009
  4,233
  4,467
  4,711
Retained Cash Flow (-), $m
  -303
  -165
  -176
  -188
  -198
  -209
  -219
  -230
  -240
  -250
  -261
  -271
  -282
  -293
  -305
  -317
  -329
  -342
  -356
  -370
  -385
  -401
  -418
  -435
  -454
  -474
  -494
  -516
  -539
  -564
  -589
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
 
  12
  14
  16
  18
  20
  22
  25
  27
  30
  33
  35
  38
  41
  44
  48
  51
  55
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  105
  110
  116
Cash available for distribution, $m
 
  432
  491
  557
  629
  705
  785
  869
  958
  1,051
  1,148
  1,191
  1,296
  1,406
  1,519
  1,638
  1,761
  1,889
  2,022
  2,160
  2,304
  2,453
  2,609
  2,772
  2,941
  3,117
  3,301
  3,493
  3,693
  3,903
  4,122
Discount rate, %
 
  8.00
  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
PV of cash for distribution, $m
 
  400
  418
  433
  441
  443
  438
  426
  408
  384
  356
  310
  278
  245
  213
  180
  150
  122
  98
  76
  58
  43
  31
  22
  15
  10
  6
  4
  2
  1
  1
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 26.1
Price to Sales 3.7
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 27.8
Growth Rates
Sales Growth Rate 14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 109.6%
Total Debt to Equity 138.3%
Interest Coverage 13
Management Effectiveness
Return On Assets 11%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 29.5%
Return On Equity - 3 Yr. Avg. 30.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 55.1%
Gross Margin - 3 Yr. Avg. 54.7%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 22.3%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 19.5%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 13.9%
Effective Tax Rate 29.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 21.6%

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 $2067 million for the last fiscal year's total revenue generated by Nordson. The default revenue input number comes from 2017 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 14.3% 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%, 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 73.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $100 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 5.4% 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 0.6%.

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 99.7%.

Life of production assets of 10 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 8.6%. 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 - $1155 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 58 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 $7.8 billion.

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COMPANY NEWS

▶ Nordson boosts dividend by 17%   [Aug-10-18 08:55AM  MarketWatch]
▶ 2 Embarrassingly Low-Yield Dividend Stocks   [Jul-19-18 08:17AM  Motley Fool]
▶ Nordson Delivers as Promised on Acquisition Growth   [May-21-18 10:00PM  Motley Fool]
▶ Nordson: Fiscal 2Q Earnings Snapshot   [04:41PM  Associated Press]
▶ Nordson Glues Together Another Impressive Quarter   [Feb-23-18 08:52PM  Motley Fool]
▶ ETFs with exposure to Nordson Corp. : December 27, 2017   [Dec-27-17 11:34AM  Capital Cube]
▶ Company News For Dec 15, 2017   [10:13AM  Zacks]
▶ Nordson Shows Market Leadership With Jump To 87 RS Rating   [03:00AM  Investor's Business Daily]
▶ 3 Stocks Move on Thursday   [02:51PM  GuruFocus.com]
▶ Nordson tops Street 4Q forecasts   [04:47PM  Associated Press]
▶ [$$] Tech Scores for the NFL   [Dec-09-17 12:01AM  Barrons.com]
▶ Nordson Earns IBD Rating Upgrade   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: Nordson Shows Improved Relative Price Strength   [Dec-01-17 03:00AM  Investor's Business Daily]
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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