Intrinsic value of Nordson - NDSN

Previous Close

$125.73

  Intrinsic Value

$168.41

stock screener

  Rating & Target

buy

+34%

  Value-price divergence*

+94%

Previous close

$125.73

 
Intrinsic value

$168.41

 
Up/down potential

+34%

 
Rating

buy

 
Value-price divergence*

+94%

*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 7.1

 

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
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  1,809
  2,048
  2,301
  2,569
  2,851
  3,147
  3,457
  3,780
  4,118
  4,469
  4,834
  5,214
  5,609
  6,020
  6,446
  6,889
  7,350
  7,829
  8,328
  8,847
  9,387
  9,950
  10,537
  11,149
  11,787
  12,454
  13,150
  13,877
  14,637
  15,431
  16,263
Variable operating expenses, $m
 
  872
  966
  1,066
  1,171
  1,281
  1,396
  1,516
  1,642
  1,772
  1,908
  1,939
  2,086
  2,238
  2,397
  2,561
  2,733
  2,911
  3,096
  3,289
  3,490
  3,699
  3,918
  4,145
  4,383
  4,630
  4,889
  5,159
  5,442
  5,737
  6,047
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
  1,541
  1,652
  1,769
  1,892
  2,020
  2,153
  2,292
  2,438
  2,588
  2,744
  2,796
  2,964
  3,138
  3,320
  3,507
  3,702
  3,905
  4,114
  4,333
  4,560
  4,796
  5,042
  5,297
  5,564
  5,841
  6,130
  6,431
  6,746
  7,073
  7,417
Operating income, $m
  388
  506
  649
  800
  960
  1,128
  1,304
  1,488
  1,680
  1,881
  2,090
  2,419
  2,646
  2,881
  3,127
  3,382
  3,648
  3,925
  4,213
  4,514
  4,827
  5,154
  5,495
  5,851
  6,224
  6,613
  7,020
  7,445
  7,891
  8,358
  8,846
EBITDA, $m
  458
  638
  783
  937
  1,100
  1,270
  1,450
  1,637
  1,833
  2,038
  2,251
  2,472
  2,703
  2,943
  3,193
  3,453
  3,723
  4,005
  4,298
  4,604
  4,923
  5,256
  5,603
  5,965
  6,344
  6,740
  7,154
  7,587
  8,041
  8,516
  9,013
Interest expense (income), $m
  23
  33
  40
  47
  55
  64
  72
  82
  91
  101
  111
  122
  133
  145
  157
  170
  183
  196
  210
  225
  240
  256
  273
  290
  308
  327
  347
  367
  389
  411
  435
Earnings before tax, $m
  368
  473
  609
  753
  904
  1,064
  1,231
  1,406
  1,589
  1,780
  1,979
  2,297
  2,512
  2,736
  2,970
  3,212
  3,465
  3,728
  4,003
  4,288
  4,586
  4,897
  5,222
  5,561
  5,915
  6,285
  6,673
  7,078
  7,502
  7,946
  8,412
Tax expense, $m
  96
  128
  164
  203
  244
  287
  332
  380
  429
  481
  534
  620
  678
  739
  802
  867
  936
  1,007
  1,081
  1,158
  1,238
  1,322
  1,410
  1,501
  1,597
  1,697
  1,802
  1,911
  2,026
  2,146
  2,271
Net income, $m
  272
  346
  444
  549
  660
  777
  899
  1,027
  1,160
  1,300
  1,445
  1,677
  1,834
  1,998
  2,168
  2,345
  2,530
  2,722
  2,922
  3,130
  3,348
  3,575
  3,812
  4,059
  4,318
  4,588
  4,871
  5,167
  5,477
  5,801
  6,141

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
  2,666
  2,996
  3,345
  3,713
  4,098
  4,501
  4,922
  5,362
  5,819
  6,295
  6,790
  7,304
  7,838
  8,393
  8,970
  9,570
  10,194
  10,844
  11,519
  12,223
  12,956
  13,720
  14,517
  15,348
  16,216
  17,122
  18,069
  19,058
  20,093
  21,175
Adjusted assets (=assets-cash), $m
  2,354
  2,666
  2,996
  3,345
  3,713
  4,098
  4,501
  4,922
  5,362
  5,819
  6,295
  6,790
  7,304
  7,838
  8,393
  8,970
  9,570
  10,194
  10,844
  11,519
  12,223
  12,956
  13,720
  14,517
  15,348
  16,216
  17,122
  18,069
  19,058
  20,093
  21,175
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
  446
  502
  560
  622
  686
  754
  824
  898
  974
  1,054
  1,137
  1,223
  1,312
  1,405
  1,502
  1,602
  1,707
  1,815
  1,929
  2,046
  2,169
  2,297
  2,430
  2,570
  2,715
  2,867
  3,025
  3,191
  3,364
  3,545
Working capital, $m
  414
  444
  499
  558
  619
  683
  750
  820
  894
  970
  1,049
  1,132
  1,217
  1,306
  1,399
  1,495
  1,595
  1,699
  1,807
  1,920
  2,037
  2,159
  2,286
  2,419
  2,558
  2,702
  2,853
  3,011
  3,176
  3,349
  3,529
Total debt, $m
  987
  1,143
  1,357
  1,582
  1,820
  2,069
  2,330
  2,603
  2,887
  3,183
  3,491
  3,811
  4,144
  4,489
  4,849
  5,222
  5,610
  6,014
  6,434
  6,871
  7,326
  7,800
  8,295
  8,810
  9,348
  9,910
  10,496
  11,108
  11,749
  12,418
  13,118
Total liabilities, $m
  1,569
  1,725
  1,939
  2,164
  2,402
  2,651
  2,912
  3,185
  3,469
  3,765
  4,073
  4,393
  4,726
  5,071
  5,431
  5,804
  6,192
  6,596
  7,016
  7,453
  7,908
  8,382
  8,877
  9,392
  9,930
  10,492
  11,078
  11,690
  12,331
  13,000
  13,700
Total equity, $m
  852
  941
  1,058
  1,181
  1,311
  1,447
  1,589
  1,738
  1,893
  2,054
  2,222
  2,397
  2,578
  2,767
  2,963
  3,167
  3,378
  3,599
  3,828
  4,066
  4,315
  4,573
  4,843
  5,124
  5,418
  5,724
  6,044
  6,378
  6,728
  7,093
  7,475
Total liabilities and equity, $m
  2,421
  2,666
  2,997
  3,345
  3,713
  4,098
  4,501
  4,923
  5,362
  5,819
  6,295
  6,790
  7,304
  7,838
  8,394
  8,971
  9,570
  10,195
  10,844
  11,519
  12,223
  12,955
  13,720
  14,516
  15,348
  16,216
  17,122
  18,068
  19,059
  20,093
  21,175
Debt-to-equity ratio
  1.158
  1.210
  1.280
  1.340
  1.390
  1.430
  1.470
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.760
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
  346
  444
  549
  660
  777
  899
  1,027
  1,160
  1,300
  1,445
  1,677
  1,834
  1,998
  2,168
  2,345
  2,530
  2,722
  2,922
  3,130
  3,348
  3,575
  3,812
  4,059
  4,318
  4,588
  4,871
  5,167
  5,477
  5,801
  6,141
Depreciation, amort., depletion, $m
  70
  132
  134
  137
  140
  143
  146
  149
  153
  156
  160
  53
  57
  62
  66
  71
  75
  80
  85
  91
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
Funds from operations, $m
  300
  477
  579
  686
  800
  920
  1,045
  1,176
  1,313
  1,456
  1,605
  1,730
  1,891
  2,059
  2,234
  2,416
  2,605
  2,802
  3,007
  3,221
  3,444
  3,677
  3,920
  4,174
  4,439
  4,716
  5,006
  5,309
  5,626
  5,959
  6,307
Change in working capital, $m
  -31
  52
  55
  58
  61
  64
  67
  70
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  133
  139
  145
  151
  158
  165
  172
  180
Cash from operations, $m
  331
  425
  524
  628
  739
  855
  978
  1,106
  1,240
  1,380
  1,526
  1,647
  1,806
  1,970
  2,141
  2,319
  2,505
  2,698
  2,899
  3,108
  3,327
  3,555
  3,793
  4,041
  4,300
  4,571
  4,855
  5,151
  5,461
  5,786
  6,127
Maintenance CAPEX, $m
  0
  -18
  -21
  -24
  -26
  -29
  -32
  -35
  -39
  -42
  -46
  -49
  -53
  -57
  -62
  -66
  -71
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -114
  -121
  -127
  -135
  -142
  -150
  -158
New CAPEX, $m
  -61
  -53
  -55
  -58
  -61
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -100
  -104
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -173
  -181
Cash from investing activities, $m
  -102
  -71
  -76
  -82
  -87
  -94
  -100
  -106
  -113
  -119
  -126
  -132
  -139
  -146
  -155
  -163
  -171
  -179
  -189
  -198
  -209
  -219
  -230
  -241
  -253
  -266
  -279
  -294
  -308
  -323
  -339
Free cash flow, $m
  229
  354
  448
  546
  651
  762
  878
  1,000
  1,128
  1,261
  1,400
  1,515
  1,666
  1,823
  1,987
  2,157
  2,334
  2,518
  2,710
  2,910
  3,119
  3,336
  3,563
  3,800
  4,047
  4,305
  4,575
  4,858
  5,154
  5,463
  5,787
Issuance/(repayment) of debt, $m
  -135
  201
  214
  226
  238
  249
  261
  273
  284
  296
  308
  320
  333
  346
  359
  373
  388
  404
  420
  437
  455
  474
  494
  516
  538
  561
  586
  613
  640
  669
  700
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
  201
  214
  226
  238
  249
  261
  273
  284
  296
  308
  320
  333
  346
  359
  373
  388
  404
  420
  437
  455
  474
  494
  516
  538
  561
  586
  613
  640
  669
  700
Total cash flow (excl. dividends), $m
  73
  555
  661
  772
  889
  1,011
  1,139
  1,272
  1,412
  1,557
  1,708
  1,835
  1,999
  2,169
  2,346
  2,530
  2,722
  2,922
  3,130
  3,347
  3,574
  3,810
  4,057
  4,315
  4,585
  4,867
  5,162
  5,471
  5,794
  6,133
  6,488
Retained Cash Flow (-), $m
  -192
  -111
  -117
  -123
  -130
  -136
  -142
  -149
  -155
  -161
  -168
  -175
  -182
  -189
  -196
  -204
  -212
  -220
  -229
  -238
  -248
  -259
  -270
  -281
  -293
  -306
  -320
  -334
  -349
  -365
  -382
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
 
  466
  545
  649
  759
  875
  997
  1,124
  1,257
  1,395
  1,540
  1,661
  1,817
  1,980
  2,150
  2,326
  2,510
  2,702
  2,901
  3,109
  3,325
  3,551
  3,787
  4,034
  4,291
  4,560
  4,842
  5,136
  5,445
  5,768
  6,106
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
 
  437
  476
  526
  565
  595
  613
  621
  618
  604
  581
  540
  504
  462
  416
  369
  321
  274
  230
  189
  152
  120
  92
  70
  51
  37
  26
  17
  11
  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

Nordson Corporation engineers, manufactures, and markets products and systems to dispense, apply, and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids. Its Adhesive Dispensing Systems segment provides dispensing, coating, and laminating systems for applying adhesives, lotions, liquids, and fibers to disposable products and continuous roll goods; and assembling plastic, metal, and wood products in paper and paperboard converting applications, as well as manufacturing continuous roll goods. This segment also offers automated adhesive dispensing systems for packaged goods industries; and components and systems used in the thermoplastic melt stream. The company’s Advanced Technology Systems segment offers automated dispensing systems for attachment, protection, and coating of fluids, as well as related gas plasma treatment systems for cleaning and conditioning surfaces prior to dispense; precision manual and semi-automated dispensers, plastic molded syringes, cartridges, tips, fluid connection components, tubing, and catheters to apply and control the flow of adhesives, sealants, lubricants, and biomaterials; and bond testing, and automated optical and X-ray inspection systems for use in the electronics, medical, and related industries. Its Industrial Coating Systems segment provides automated and manual dispensing products and systems to apply multiple component adhesive and sealant materials; dispensing and curing systems to coat and cure containers; systems to apply liquid paints and coatings to consumer and industrial products; and systems to apply powder paints and coatings to metal, plastic, and wood products, as well as ultraviolet equipment for use in curing and drying operations for specialty coatings, semiconductor materials, and paints. The company markets its products through its direct sales force, distributors, and sales representatives worldwide. Nordson Corporation was founded in 1935 and is headquartered in Westlake, Ohio.

FINANCIAL RATIOS  of  Nordson (NDSN)

Valuation Ratios
P/E Ratio 26.5
Price to Sales 4
Price to Book 8.5
Price to Tangible Book
Price to Cash Flow 21.8
Price to Free Cash Flow 26.7
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 13.2% 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 56.611 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 $7.1 billion.

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COMPANY NEWS

▶ 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]
▶ Nordson Corporation Acquires Plas-Pak Industries, Inc.   [Feb-01-17 04:00PM  Business Wire]
▶ Nordson Rides Broad Strength to Another Quarterly Beat   [Dec-13-16 08:54PM  at Motley Fool]
Stock chart of NDSN Financial statements of NDSN Annual reports 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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