Intrinsic value of Regal Beloit - RBC

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$76.15

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$76.15

 
Intrinsic value

$55.45

 
Up/down potential

-27%

 
Rating

sell

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

We calculate the intrinsic value of RBC 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 3.4

 

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, %
  -8.12
  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
  3,225
  3,290
  3,365
  3,452
  3,549
  3,656
  3,774
  3,903
  4,042
  4,192
  4,353
  4,525
  4,709
  4,904
  5,112
  5,332
  5,566
  5,814
  6,075
  6,351
  6,643
  6,951
  7,276
  7,618
  7,979
  8,359
  8,759
  9,180
  9,623
  10,089
  10,579
Variable operating expenses, $m
 
  3,050
  3,117
  3,193
  3,279
  3,374
  3,478
  3,591
  3,714
  3,847
  3,989
  3,995
  4,157
  4,330
  4,514
  4,708
  4,915
  5,133
  5,364
  5,608
  5,866
  6,138
  6,424
  6,727
  7,045
  7,380
  7,734
  8,105
  8,496
  8,908
  9,341
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
  2,904
  3,050
  3,117
  3,193
  3,279
  3,374
  3,478
  3,591
  3,714
  3,847
  3,989
  3,995
  4,157
  4,330
  4,514
  4,708
  4,915
  5,133
  5,364
  5,608
  5,866
  6,138
  6,424
  6,727
  7,045
  7,380
  7,734
  8,105
  8,496
  8,908
  9,341
Operating income, $m
  321
  240
  249
  259
  270
  283
  297
  312
  328
  345
  364
  530
  551
  574
  598
  624
  652
  680
  711
  743
  778
  814
  852
  892
  934
  978
  1,025
  1,075
  1,126
  1,181
  1,238
EBITDA, $m
  476
  462
  473
  485
  499
  514
  531
  549
  568
  589
  612
  636
  662
  689
  719
  750
  783
  817
  854
  893
  934
  977
  1,023
  1,071
  1,122
  1,175
  1,231
  1,291
  1,353
  1,418
  1,487
Interest expense (income), $m
  54
  46
  47
  49
  51
  54
  56
  59
  62
  66
  69
  73
  77
  82
  86
  91
  97
  102
  108
  115
  121
  128
  136
  143
  152
  160
  170
  179
  189
  200
  211
Earnings before tax, $m
  266
  194
  201
  209
  219
  229
  240
  252
  266
  280
  295
  457
  474
  492
  512
  533
  555
  578
  603
  629
  656
  685
  716
  748
  782
  818
  856
  895
  937
  981
  1,027
Tax expense, $m
  57
  52
  54
  57
  59
  62
  65
  68
  72
  76
  80
  123
  128
  133
  138
  144
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  277
Net income, $m
  203
  142
  147
  153
  160
  167
  175
  184
  194
  204
  215
  333
  346
  359
  374
  389
  405
  422
  440
  459
  479
  500
  523
  546
  571
  597
  625
  654
  684
  716
  750

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  289
  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
  4,359
  4,153
  4,249
  4,358
  4,481
  4,617
  4,766
  4,928
  5,104
  5,293
  5,496
  5,713
  5,945
  6,192
  6,454
  6,733
  7,028
  7,340
  7,671
  8,020
  8,388
  8,777
  9,187
  9,619
  10,074
  10,554
  11,059
  11,591
  12,150
  12,738
  13,357
Adjusted assets (=assets-cash), $m
  4,070
  4,153
  4,249
  4,358
  4,481
  4,617
  4,766
  4,928
  5,104
  5,293
  5,496
  5,713
  5,945
  6,192
  6,454
  6,733
  7,028
  7,340
  7,671
  8,020
  8,388
  8,777
  9,187
  9,619
  10,074
  10,554
  11,059
  11,591
  12,150
  12,738
  13,357
Revenue / Adjusted assets
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
  0.792
Average production assets, $m
  1,398
  1,424
  1,457
  1,495
  1,537
  1,583
  1,634
  1,690
  1,750
  1,815
  1,885
  1,959
  2,039
  2,123
  2,213
  2,309
  2,410
  2,517
  2,631
  2,750
  2,877
  3,010
  3,151
  3,299
  3,455
  3,619
  3,793
  3,975
  4,167
  4,368
  4,581
Working capital, $m
  830
  655
  670
  687
  706
  728
  751
  777
  804
  834
  866
  900
  937
  976
  1,017
  1,061
  1,108
  1,157
  1,209
  1,264
  1,322
  1,383
  1,448
  1,516
  1,588
  1,663
  1,743
  1,827
  1,915
  2,008
  2,105
Total debt, $m
  1,412
  1,356
  1,408
  1,467
  1,534
  1,608
  1,689
  1,778
  1,873
  1,977
  2,087
  2,206
  2,332
  2,467
  2,610
  2,761
  2,922
  3,092
  3,272
  3,463
  3,663
  3,875
  4,099
  4,334
  4,583
  4,844
  5,119
  5,409
  5,714
  6,034
  6,372
Total liabilities, $m
  2,320
  2,264
  2,316
  2,375
  2,442
  2,516
  2,597
  2,686
  2,781
  2,885
  2,995
  3,114
  3,240
  3,375
  3,518
  3,669
  3,830
  4,000
  4,180
  4,371
  4,571
  4,783
  5,007
  5,242
  5,491
  5,752
  6,027
  6,317
  6,622
  6,942
  7,280
Total equity, $m
  2,039
  1,890
  1,933
  1,983
  2,039
  2,101
  2,168
  2,242
  2,322
  2,408
  2,501
  2,600
  2,705
  2,817
  2,937
  3,063
  3,198
  3,340
  3,490
  3,649
  3,817
  3,993
  4,180
  4,377
  4,584
  4,802
  5,032
  5,274
  5,528
  5,796
  6,078
Total liabilities and equity, $m
  4,359
  4,154
  4,249
  4,358
  4,481
  4,617
  4,765
  4,928
  5,103
  5,293
  5,496
  5,714
  5,945
  6,192
  6,455
  6,732
  7,028
  7,340
  7,670
  8,020
  8,388
  8,776
  9,187
  9,619
  10,075
  10,554
  11,059
  11,591
  12,150
  12,738
  13,358
Debt-to-equity ratio
  0.692
  0.720
  0.730
  0.740
  0.750
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.050
Adjusted equity ratio
  0.430
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455
  0.455

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  203
  142
  147
  153
  160
  167
  175
  184
  194
  204
  215
  333
  346
  359
  374
  389
  405
  422
  440
  459
  479
  500
  523
  546
  571
  597
  625
  654
  684
  716
  750
Depreciation, amort., depletion, $m
  155
  223
  224
  227
  229
  231
  234
  237
  240
  244
  248
  106
  111
  115
  120
  125
  131
  137
  143
  149
  156
  164
  171
  179
  188
  197
  206
  216
  226
  237
  249
Funds from operations, $m
  512
  364
  371
  379
  388
  399
  409
  421
  434
  448
  463
  440
  457
  475
  494
  514
  536
  559
  583
  609
  636
  664
  694
  726
  759
  794
  831
  870
  911
  954
  999
Change in working capital, $m
  72
  13
  15
  17
  19
  21
  23
  26
  28
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
Cash from operations, $m
  440
  293
  356
  362
  369
  377
  386
  396
  407
  418
  431
  406
  420
  436
  453
  471
  490
  510
  531
  554
  577
  603
  629
  657
  687
  718
  751
  786
  822
  861
  901
Maintenance CAPEX, $m
  0
  -76
  -77
  -79
  -81
  -84
  -86
  -89
  -92
  -95
  -99
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -137
  -143
  -149
  -156
  -164
  -171
  -179
  -188
  -197
  -206
  -216
  -226
  -237
New CAPEX, $m
  -65
  -27
  -33
  -37
  -42
  -47
  -51
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -120
  -126
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -192
  -202
  -212
Cash from investing activities, $m
  -20
  -103
  -110
  -116
  -123
  -131
  -137
  -145
  -152
  -160
  -169
  -177
  -186
  -196
  -205
  -215
  -226
  -238
  -250
  -263
  -275
  -289
  -305
  -319
  -335
  -352
  -370
  -388
  -408
  -428
  -449
Free cash flow, $m
  420
  190
  246
  246
  246
  247
  249
  251
  255
  258
  263
  229
  234
  240
  247
  255
  263
  272
  281
  291
  302
  313
  325
  338
  352
  366
  381
  397
  415
  433
  452
Issuance/(repayment) of debt, $m
  -315
  45
  52
  60
  67
  74
  81
  88
  96
  103
  111
  118
  126
  135
  143
  152
  161
  170
  180
  190
  201
  212
  223
  236
  248
  261
  275
  290
  305
  321
  337
Issuance/(repurchase) of shares, $m
  -19
  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  
  -335
  45
  52
  60
  67
  74
  81
  88
  96
  103
  111
  118
  126
  135
  143
  152
  161
  170
  180
  190
  201
  212
  223
  236
  248
  261
  275
  290
  305
  321
  337
Total cash flow (excl. dividends), $m
  74
  235
  298
  305
  313
  321
  330
  340
  350
  362
  373
  347
  361
  375
  390
  407
  424
  442
  461
  481
  502
  525
  549
  574
  600
  627
  657
  687
  719
  753
  789
Retained Cash Flow (-), $m
  -102
  -39
  -43
  -50
  -56
  -62
  -68
  -74
  -80
  -86
  -92
  -99
  -106
  -112
  -119
  -127
  -134
  -142
  -150
  -159
  -168
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -254
  -268
  -282
Prev. year cash balance distribution, $m
 
  188
  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
 
  384
  255
  255
  257
  259
  262
  266
  270
  275
  281
  248
  255
  263
  271
  280
  289
  300
  311
  322
  335
  348
  362
  377
  393
  409
  427
  445
  465
  485
  507
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  363
  226
  211
  197
  183
  170
  156
  143
  130
  117
  90
  80
  71
  62
  53
  45
  38
  32
  26
  21
  16
  13
  10
  7
  5
  4
  3
  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

Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors, electrical motion controls, and power generation and transmission products in the United States and internationally. Its Commercial and Industrial Systems segment provides AC and DC motors, and controls; motors, electronic variable speed controls, and blowers; and starters, contactors, relays, variable frequency drives and motors, artificial lift system pumping equipment, and integrated solutions of components. This segment also offers precision stator and rotor kits; hazardous duty motors; and electric generators, automatic transfer switches, power generation and distribution switch gears, and components and system controls. Its products are primarily used in general commercial heating, ventilation, and air conditioning (HVAC), as well as commercial and industrial equipment, power generation, and oil and gas applications. The company’s Climate Solutions segment offers motors, electronic variable speed controls, and blowers, as well as capacitors, precision stators, and rotor sets that are used in residential and light commercial HVAC, and commercial refrigeration and water heaters. Its Power Transmission Solutions segment provides mounted and unmounted bearings; conveyor products; disc products, patented diaphragms, gear couplings, couplings and transmission elements, gear, grids, jaws, elastomers, and joints; mechanical power transmission drives, components, and bearings; and gearboxes, shaft configurations, ratios, housing materials, and mounting methods. Its products are used in material handling, industrial equipment, and energy and off-road equipment. The company serves original equipment manufacturers, end-user customers, manufacturers of HVAC products and refrigeration systems, and system integrators through a network of sales representatives and distributors. Regal Beloit Corporation was founded in 1955 and is based in Beloit, Wisconsin.

FINANCIAL RATIOS  of  Regal Beloit (RBC)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 1.1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 9.1
Growth Rates
Sales Growth Rate -8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.3%
Cap. Spend. - 3 Yr. Gr. Rate -6.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 64.3%
Total Debt to Equity 69.2%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 10.2%
Return On Equity - 3 Yr. Avg. 6.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 27%
Gross Margin - 3 Yr. Avg. 26.2%
EBITDA Margin 14.7%
EBITDA Margin - 3 Yr. Avg. 11.6%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 7%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 6.3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 35.3%
Payout Ratio 20.7%

RBC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RBC stock intrinsic value calculation we used $3225 million for the last fiscal year's total revenue generated by Regal Beloit. The default revenue input number comes from 2016 income statement of Regal Beloit. 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 RBC 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 5.9%, whose default value for RBC is calculated based on our internal credit rating of Regal Beloit, 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 Regal Beloit.
    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 RBC stock the variable cost ratio is equal to 92.8%.

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 RBC 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 Regal Beloit.

Corporate tax rate of 27% is the nominal tax rate for Regal Beloit. 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 RBC 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 RBC are equal to 43.3%.

Life of production assets of 18.4 years is the average useful life of capital assets used in Regal Beloit 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 RBC is equal to 19.9%. 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 - $2039 million for Regal Beloit - 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 44.679 million for Regal Beloit 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 Regal Beloit at the current share price and the inputted number of shares is $3.4 billion.


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COMPANY NEWS

▶ Regal Beloit Corporation To Host Investor Day   [Feb-08-17 04:15PM  PR Newswire]
▶ Regal Beloit meets 4Q profit forecasts   [Feb-06-17 05:24PM  Associated Press]
▶ Regal Beloit Announces Dividend   [08:00AM  PR Newswire]
▶ Is Pure Storage Inc (PSTG) A Good Stock To Buy Right Now?   [Dec-08-16 02:09PM  at Insider Monkey]
▶ Should You Follow Hedge Funds Into Regal Beloit Corp (RBC)?   [Nov-29-16 06:36PM  at Insider Monkey]
▶ Regal Beloit Announces Dividend   [Oct-27-16 04:32PM  PR Newswire]
▶ Seaport Analysts Up RBC's 2Q17 EPS Estimates (RBC)   [Oct-03-16 10:01AM  at Investopedia]
▶ Regal Beloit Announces Dividend   [Jul-29-16 04:57PM  PR Newswire]
Stock chart of RBC Financial statements of RBC
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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