Intrinsic value of Rockwell Automation - ROK

Previous Close

$184.97

  Intrinsic Value

$210.44

stock screener

  Rating & Target

hold

+14%

  Value-price divergence*

+37%

Previous close

$184.97

 
Intrinsic value

$210.44

 
Up/down potential

+14%

 
Rating

hold

 
Value-price divergence*

+37%

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

We calculate the intrinsic value of ROK 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 23.7

 

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, %
  -6.79
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  5,880
  6,380
  6,900
  7,440
  8,002
  8,586
  9,193
  9,823
  10,479
  11,161
  11,870
  12,609
  13,378
  14,179
  15,014
  15,885
  16,793
  17,742
  18,733
  19,768
  20,850
  21,981
  23,164
  24,402
  25,698
  27,054
  28,475
  29,963
  31,522
  33,156
  34,869
Variable operating expenses, $m
 
  3,640
  3,928
  4,227
  4,538
  4,862
  5,198
  5,547
  5,910
  6,288
  6,680
  6,982
  7,408
  7,851
  8,314
  8,796
  9,299
  9,824
  10,373
  10,946
  11,545
  12,171
  12,827
  13,512
  14,230
  14,981
  15,768
  16,592
  17,455
  18,360
  19,308
Fixed operating expenses, $m
 
  1,649
  1,690
  1,733
  1,776
  1,820
  1,866
  1,913
  1,960
  2,009
  2,060
  2,111
  2,164
  2,218
  2,273
  2,330
  2,389
  2,448
  2,509
  2,572
  2,637
  2,702
  2,770
  2,839
  2,910
  2,983
  3,058
  3,134
  3,212
  3,293
  3,375
Total operating expenses, $m
  4,936
  5,289
  5,618
  5,960
  6,314
  6,682
  7,064
  7,460
  7,870
  8,297
  8,740
  9,093
  9,572
  10,069
  10,587
  11,126
  11,688
  12,272
  12,882
  13,518
  14,182
  14,873
  15,597
  16,351
  17,140
  17,964
  18,826
  19,726
  20,667
  21,653
  22,683
Operating income, $m
  943
  1,090
  1,281
  1,480
  1,688
  1,904
  2,129
  2,364
  2,609
  2,864
  3,130
  3,516
  3,806
  4,109
  4,427
  4,758
  5,106
  5,469
  5,850
  6,249
  6,668
  7,107
  7,567
  8,050
  8,558
  9,090
  9,650
  10,238
  10,855
  11,504
  12,186
EBITDA, $m
  1,115
  1,280
  1,478
  1,684
  1,898
  2,122
  2,355
  2,598
  2,851
  3,115
  3,391
  3,678
  3,979
  4,292
  4,620
  4,964
  5,323
  5,698
  6,092
  6,505
  6,937
  7,391
  7,866
  8,366
  8,890
  9,440
  10,017
  10,624
  11,262
  11,932
  12,636
Interest expense (income), $m
  0
  53
  50
  63
  76
  90
  105
  120
  136
  152
  169
  187
  205
  225
  245
  266
  287
  310
  334
  359
  384
  412
  440
  469
  500
  533
  567
  602
  640
  679
  719
Earnings before tax, $m
  943
  1,037
  1,232
  1,418
  1,612
  1,814
  2,024
  2,244
  2,473
  2,712
  2,961
  3,329
  3,601
  3,885
  4,182
  4,493
  4,818
  5,159
  5,516
  5,891
  6,283
  6,695
  7,127
  7,581
  8,057
  8,558
  9,083
  9,635
  10,215
  10,825
  11,466
Tax expense, $m
  213
  280
  333
  383
  435
  490
  547
  606
  668
  732
  800
  899
  972
  1,049
  1,129
  1,213
  1,301
  1,393
  1,489
  1,591
  1,697
  1,808
  1,924
  2,047
  2,175
  2,311
  2,452
  2,602
  2,758
  2,923
  3,096
Net income, $m
  730
  757
  899
  1,035
  1,176
  1,324
  1,478
  1,638
  1,805
  1,980
  2,162
  2,430
  2,628
  2,836
  3,053
  3,280
  3,517
  3,766
  4,027
  4,300
  4,587
  4,888
  5,203
  5,534
  5,882
  6,247
  6,631
  7,034
  7,457
  7,902
  8,370

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,429
  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
  7,101
  5,067
  5,480
  5,910
  6,356
  6,820
  7,302
  7,803
  8,323
  8,865
  9,428
  10,015
  10,626
  11,262
  11,925
  12,617
  13,339
  14,092
  14,879
  15,701
  16,560
  17,459
  18,399
  19,382
  20,411
  21,489
  22,617
  23,799
  25,038
  26,335
  27,696
Adjusted assets (=assets-cash), $m
  4,672
  5,067
  5,480
  5,910
  6,356
  6,820
  7,302
  7,803
  8,323
  8,865
  9,428
  10,015
  10,626
  11,262
  11,925
  12,617
  13,339
  14,092
  14,879
  15,701
  16,560
  17,459
  18,399
  19,382
  20,411
  21,489
  22,617
  23,799
  25,038
  26,335
  27,696
Revenue / Adjusted assets
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
  1.259
Average production assets, $m
  835
  906
  980
  1,057
  1,136
  1,219
  1,305
  1,395
  1,488
  1,585
  1,686
  1,790
  1,900
  2,013
  2,132
  2,256
  2,385
  2,519
  2,660
  2,807
  2,961
  3,121
  3,289
  3,465
  3,649
  3,842
  4,043
  4,255
  4,476
  4,708
  4,951
Working capital, $m
  2,209
  249
  269
  290
  312
  335
  359
  383
  409
  435
  463
  492
  522
  553
  586
  620
  655
  692
  731
  771
  813
  857
  903
  952
  1,002
  1,055
  1,111
  1,169
  1,229
  1,293
  1,360
Total debt, $m
  1,965
  1,415
  1,786
  2,173
  2,574
  2,992
  3,426
  3,876
  4,345
  4,832
  5,340
  5,867
  6,417
  6,990
  7,587
  8,209
  8,859
  9,537
  10,245
  10,985
  11,758
  12,567
  13,413
  14,298
  15,224
  16,194
  17,210
  18,273
  19,388
  20,556
  21,780
Total liabilities, $m
  5,111
  4,561
  4,932
  5,319
  5,720
  6,138
  6,572
  7,022
  7,491
  7,978
  8,486
  9,013
  9,563
  10,136
  10,733
  11,355
  12,005
  12,683
  13,391
  14,131
  14,904
  15,713
  16,559
  17,444
  18,370
  19,340
  20,356
  21,419
  22,534
  23,702
  24,926
Total equity, $m
  1,990
  507
  548
  591
  636
  682
  730
  780
  832
  886
  943
  1,001
  1,063
  1,126
  1,193
  1,262
  1,334
  1,409
  1,488
  1,570
  1,656
  1,746
  1,840
  1,938
  2,041
  2,149
  2,262
  2,380
  2,504
  2,634
  2,770
Total liabilities and equity, $m
  7,101
  5,068
  5,480
  5,910
  6,356
  6,820
  7,302
  7,802
  8,323
  8,864
  9,429
  10,014
  10,626
  11,262
  11,926
  12,617
  13,339
  14,092
  14,879
  15,701
  16,560
  17,459
  18,399
  19,382
  20,411
  21,489
  22,618
  23,799
  25,038
  26,336
  27,696
Debt-to-equity ratio
  0.987
  2.790
  3.260
  3.680
  4.050
  4.390
  4.690
  4.970
  5.220
  5.450
  5.660
  5.860
  6.040
  6.210
  6.360
  6.510
  6.640
  6.770
  6.890
  7.000
  7.100
  7.200
  7.290
  7.380
  7.460
  7.540
  7.610
  7.680
  7.740
  7.810
  7.860
Adjusted equity ratio
  0.002
  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
  730
  757
  899
  1,035
  1,176
  1,324
  1,478
  1,638
  1,805
  1,980
  2,162
  2,430
  2,628
  2,836
  3,053
  3,280
  3,517
  3,766
  4,027
  4,300
  4,587
  4,888
  5,203
  5,534
  5,882
  6,247
  6,631
  7,034
  7,457
  7,902
  8,370
Depreciation, amort., depletion, $m
  172
  190
  196
  203
  211
  218
  226
  234
  243
  251
  261
  163
  173
  183
  194
  205
  217
  229
  242
  255
  269
  284
  299
  315
  332
  349
  368
  387
  407
  428
  450
Funds from operations, $m
  911
  947
  1,096
  1,238
  1,387
  1,542
  1,704
  1,872
  2,048
  2,231
  2,422
  2,593
  2,801
  3,019
  3,247
  3,485
  3,734
  3,995
  4,269
  4,555
  4,856
  5,171
  5,502
  5,849
  6,214
  6,596
  6,998
  7,421
  7,864
  8,330
  8,820
Change in working capital, $m
  -36
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
Cash from operations, $m
  947
  928
  1,075
  1,217
  1,365
  1,519
  1,680
  1,848
  2,022
  2,205
  2,395
  2,564
  2,771
  2,988
  3,214
  3,451
  3,699
  3,958
  4,230
  4,515
  4,814
  5,127
  5,456
  5,801
  6,163
  6,543
  6,943
  7,362
  7,803
  8,267
  8,754
Maintenance CAPEX, $m
  0
  -76
  -82
  -89
  -96
  -103
  -111
  -119
  -127
  -135
  -144
  -153
  -163
  -173
  -183
  -194
  -205
  -217
  -229
  -242
  -255
  -269
  -284
  -299
  -315
  -332
  -349
  -368
  -387
  -407
  -428
New CAPEX, $m
  -117
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
Cash from investing activities, $m
  -440
  -147
  -156
  -166
  -176
  -186
  -197
  -209
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -334
  -352
  -370
  -389
  -409
  -430
  -452
  -475
  -499
  -525
  -551
  -579
  -608
  -639
  -671
Free cash flow, $m
  507
  780
  919
  1,051
  1,189
  1,333
  1,483
  1,640
  1,802
  1,972
  2,150
  2,306
  2,499
  2,701
  2,913
  3,133
  3,365
  3,607
  3,860
  4,126
  4,405
  4,697
  5,004
  5,326
  5,664
  6,019
  6,392
  6,784
  7,195
  7,628
  8,083
Issuance/(repayment) of debt, $m
  449
  -101
  372
  386
  402
  417
  434
  451
  469
  487
  507
  528
  550
  573
  597
  623
  650
  678
  708
  740
  773
  809
  846
  885
  926
  970
  1,016
  1,064
  1,115
  1,168
  1,224
Issuance/(repurchase) of shares, $m
  -471
  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  
  -20
  -101
  372
  386
  402
  417
  434
  451
  469
  487
  507
  528
  550
  573
  597
  623
  650
  678
  708
  740
  773
  809
  846
  885
  926
  970
  1,016
  1,064
  1,115
  1,168
  1,224
Total cash flow (excl. dividends), $m
  477
  679
  1,291
  1,438
  1,591
  1,751
  1,917
  2,090
  2,271
  2,460
  2,657
  2,834
  3,049
  3,274
  3,509
  3,756
  4,014
  4,285
  4,569
  4,866
  5,178
  5,506
  5,850
  6,211
  6,590
  6,989
  7,407
  7,847
  8,310
  8,796
  9,307
Retained Cash Flow (-), $m
  267
  -497
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
Prev. year cash balance distribution, $m
 
  1,980
  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
 
  2,162
  1,250
  1,395
  1,546
  1,704
  1,869
  2,040
  2,219
  2,406
  2,601
  2,775
  2,988
  3,210
  3,443
  3,687
  3,942
  4,210
  4,490
  4,784
  5,092
  5,416
  5,756
  6,113
  6,487
  6,881
  7,295
  7,729
  8,186
  8,666
  9,171
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,073
  1,144
  1,214
  1,273
  1,321
  1,356
  1,378
  1,387
  1,382
  1,363
  1,318
  1,275
  1,221
  1,156
  1,082
  1,002
  916
  827
  737
  647
  560
  478
  401
  330
  268
  213
  166
  127
  95
  69
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

Rockwell Automation, Inc. (Rockwell Automation) is a provider of industrial automation power, control and information solutions for manufacturers. The Company operates through two segments: Architecture & Software and Control Products & Solutions. The Architecture & Software segment contains various hardware, software and communication components of the Company's integrated control and information architecture capable of controlling the customer's industrial processes and connecting with their manufacturing enterprise. Architecture & Software has a portfolio of products, including Control platforms that perform multiple control disciplines and monitoring of applications, including discrete, batch and continuous process, drives control, motion control and machine safety control. The Control Products & Solutions segment portfolio includes low and medium voltage electro-mechanical and electronic motor starters, signaling devices, termination and protection devices, relays and timers.

FINANCIAL RATIOS  of  Rockwell Automation (ROK)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 4
Price to Book 11.9
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 28.6
Growth Rates
Sales Growth Rate -6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.9%
Cap. Spend. - 3 Yr. Gr. Rate -4.3%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 76.2%
Total Debt to Equity 98.7%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.8%
Ret/ On Assets - 3 Yr. Avg. 12.5%
Return On Total Capital 18.9%
Ret/ On T. Cap. - 3 Yr. Avg. 20.8%
Return On Equity 34.4%
Return On Equity - 3 Yr. Avg. 33.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 42.1%
Gross Margin - 3 Yr. Avg. 42.2%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 17%
Pre-Tax Margin 16%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 12.7%
Effective Tax Rate 22.6%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 51.8%

ROK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ROK stock intrinsic value calculation we used $5880 million for the last fiscal year's total revenue generated by Rockwell Automation. The default revenue input number comes from 2016 income statement of Rockwell Automation. 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 ROK stock valuation model: a) initial revenue growth rate of 8.5% 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 4.3%, whose default value for ROK is calculated based on our internal credit rating of Rockwell Automation, 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 Rockwell Automation.
    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 ROK stock the variable cost ratio is equal to 57.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1609 million in the base year in the intrinsic value calculation for ROK 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 Rockwell Automation.

Corporate tax rate of 27% is the nominal tax rate for Rockwell Automation. 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 ROK 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 ROK are equal to 14.2%.

Life of production assets of 11 years is the average useful life of capital assets used in Rockwell Automation 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 ROK is equal to 3.9%. 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 - $1990 million for Rockwell Automation - 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 127.937 million for Rockwell Automation 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 Rockwell Automation at the current share price and the inputted number of shares is $23.7 billion.

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Financial statements of ROK
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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