Intrinsic value of Rexnord - RXN

Previous Close

$24.36

  Intrinsic Value

$23.76

stock screener

  Rating & Target

hold

-2%

Previous close

$24.36

 
Intrinsic value

$23.76

 
Up/down potential

-2%

 
Rating

hold

We calculate the intrinsic value of RXN 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 2017), $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 2.5

 

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, %
  -0.31
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  1,918
  1,983
  2,054
  2,130
  2,212
  2,299
  2,392
  2,491
  2,597
  2,709
  2,828
  2,953
  3,086
  3,226
  3,374
  3,531
  3,696
  3,870
  4,053
  4,246
  4,449
  4,663
  4,888
  5,124
  5,373
  5,635
  5,910
  6,200
  6,504
  6,824
  7,160
Variable operating expenses, $m
 
  1,800
  1,860
  1,924
  1,992
  2,066
  2,144
  2,228
  2,317
  2,411
  2,511
  2,484
  2,596
  2,714
  2,839
  2,970
  3,109
  3,255
  3,410
  3,572
  3,743
  3,923
  4,112
  4,311
  4,520
  4,741
  4,972
  5,216
  5,472
  5,741
  6,023
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
  1,742
  1,800
  1,860
  1,924
  1,992
  2,066
  2,144
  2,228
  2,317
  2,411
  2,511
  2,484
  2,596
  2,714
  2,839
  2,970
  3,109
  3,255
  3,410
  3,572
  3,743
  3,923
  4,112
  4,311
  4,520
  4,741
  4,972
  5,216
  5,472
  5,741
  6,023
Operating income, $m
  176
  183
  194
  206
  219
  233
  248
  264
  280
  298
  317
  469
  490
  512
  536
  560
  587
  614
  643
  674
  706
  740
  776
  813
  853
  894
  938
  984
  1,032
  1,083
  1,136
EBITDA, $m
  281
  361
  374
  388
  403
  419
  436
  454
  473
  493
  515
  538
  562
  588
  615
  643
  673
  705
  738
  773
  810
  849
  890
  933
  979
  1,026
  1,077
  1,129
  1,185
  1,243
  1,304
Interest expense (income), $m
  85
  77
  81
  85
  90
  95
  100
  106
  112
  119
  126
  133
  141
  149
  157
  166
  176
  186
  197
  208
  220
  232
  246
  259
  274
  289
  305
  322
  340
  358
  378
Earnings before tax, $m
  82
  106
  113
  121
  129
  138
  147
  157
  168
  179
  191
  336
  349
  363
  378
  394
  411
  428
  446
  466
  486
  508
  530
  554
  579
  605
  633
  662
  692
  725
  758
Tax expense, $m
  8
  29
  31
  33
  35
  37
  40
  43
  45
  48
  52
  91
  94
  98
  102
  106
  111
  116
  121
  126
  131
  137
  143
  150
  156
  163
  171
  179
  187
  196
  205
Net income, $m
  74
  77
  83
  88
  94
  101
  108
  115
  123
  131
  140
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  371
  387
  404
  423
  442
  462
  483
  505
  529
  554

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  490
  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
  3,539
  3,153
  3,265
  3,386
  3,516
  3,655
  3,803
  3,961
  4,129
  4,307
  4,495
  4,695
  4,906
  5,129
  5,365
  5,613
  5,876
  6,152
  6,443
  6,750
  7,073
  7,413
  7,770
  8,147
  8,542
  8,959
  9,396
  9,856
  10,340
  10,848
  11,382
Adjusted assets (=assets-cash), $m
  3,049
  3,153
  3,265
  3,386
  3,516
  3,655
  3,803
  3,961
  4,129
  4,307
  4,495
  4,695
  4,906
  5,129
  5,365
  5,613
  5,876
  6,152
  6,443
  6,750
  7,073
  7,413
  7,770
  8,147
  8,542
  8,959
  9,396
  9,856
  10,340
  10,848
  11,382
Revenue / Adjusted assets
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
Average production assets, $m
  939
  972
  1,006
  1,044
  1,084
  1,126
  1,172
  1,221
  1,272
  1,327
  1,385
  1,447
  1,512
  1,581
  1,653
  1,730
  1,811
  1,896
  1,986
  2,080
  2,180
  2,285
  2,395
  2,511
  2,633
  2,761
  2,896
  3,038
  3,187
  3,344
  3,508
Working capital, $m
  778
  315
  327
  339
  352
  366
  380
  396
  413
  431
  450
  470
  491
  513
  537
  561
  588
  615
  644
  675
  707
  741
  777
  815
  854
  896
  940
  986
  1,034
  1,085
  1,138
Total debt, $m
  1,623
  1,690
  1,780
  1,877
  1,982
  2,093
  2,213
  2,340
  2,474
  2,618
  2,769
  2,930
  3,100
  3,279
  3,468
  3,668
  3,879
  4,101
  4,335
  4,582
  4,841
  5,115
  5,402
  5,705
  6,023
  6,358
  6,710
  7,079
  7,468
  7,877
  8,307
Total liabilities, $m
  2,469
  2,535
  2,625
  2,722
  2,827
  2,938
  3,058
  3,185
  3,319
  3,463
  3,614
  3,775
  3,945
  4,124
  4,313
  4,513
  4,724
  4,946
  5,180
  5,427
  5,686
  5,960
  6,247
  6,550
  6,868
  7,203
  7,555
  7,924
  8,313
  8,722
  9,152
Total equity, $m
  1,071
  618
  640
  664
  689
  716
  745
  776
  809
  844
  881
  920
  962
  1,005
  1,052
  1,100
  1,152
  1,206
  1,263
  1,323
  1,386
  1,453
  1,523
  1,597
  1,674
  1,756
  1,842
  1,932
  2,027
  2,126
  2,231
Total liabilities and equity, $m
  3,540
  3,153
  3,265
  3,386
  3,516
  3,654
  3,803
  3,961
  4,128
  4,307
  4,495
  4,695
  4,907
  5,129
  5,365
  5,613
  5,876
  6,152
  6,443
  6,750
  7,072
  7,413
  7,770
  8,147
  8,542
  8,959
  9,397
  9,856
  10,340
  10,848
  11,383
Debt-to-equity ratio
  1.515
  2.730
  2.780
  2.830
  2.880
  2.920
  2.970
  3.010
  3.060
  3.100
  3.140
  3.180
  3.220
  3.260
  3.300
  3.330
  3.370
  3.400
  3.430
  3.460
  3.490
  3.520
  3.550
  3.570
  3.600
  3.620
  3.640
  3.660
  3.690
  3.700
  3.720
Adjusted equity ratio
  0.191
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196
  0.196

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  74
  77
  83
  88
  94
  101
  108
  115
  123
  131
  140
  245
  255
  265
  276
  288
  300
  312
  326
  340
  355
  371
  387
  404
  423
  442
  462
  483
  505
  529
  554
Depreciation, amort., depletion, $m
  105
  178
  180
  182
  184
  186
  188
  190
  193
  195
  198
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  109
  115
  120
  126
  132
  139
  145
  152
  160
  168
Funds from operations, $m
  207
  256
  262
  270
  278
  286
  295
  305
  315
  326
  338
  314
  327
  341
  355
  370
  386
  403
  421
  440
  459
  480
  502
  525
  549
  574
  601
  629
  658
  689
  721
Change in working capital, $m
  12
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
Cash from operations, $m
  195
  245
  251
  258
  265
  273
  281
  289
  299
  308
  319
  294
  306
  319
  332
  345
  360
  376
  392
  409
  427
  446
  466
  487
  509
  532
  557
  583
  610
  638
  668
Maintenance CAPEX, $m
  0
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -139
  -145
  -152
  -160
New CAPEX, $m
  -55
  -33
  -35
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
Cash from investing activities, $m
  -264
  -78
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -209
  -219
  -231
  -242
  -254
  -267
  -281
  -294
  -309
  -325
Free cash flow, $m
  -69
  168
  170
  172
  175
  178
  181
  185
  188
  193
  197
  167
  172
  177
  183
  190
  197
  204
  211
  219
  228
  237
  246
  256
  267
  278
  290
  302
  315
  329
  343
Issuance/(repayment) of debt, $m
  -299
  84
  90
  97
  104
  112
  119
  127
  135
  143
  152
  161
  170
  179
  189
  200
  211
  222
  234
  247
  260
  273
  288
  303
  318
  335
  352
  370
  389
  409
  430
Issuance/(repurchase) of shares, $m
  401
  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  
  84
  84
  90
  97
  104
  112
  119
  127
  135
  143
  152
  161
  170
  179
  189
  200
  211
  222
  234
  247
  260
  273
  288
  303
  318
  335
  352
  370
  389
  409
  430
Total cash flow (excl. dividends), $m
  10
  251
  260
  270
  279
  290
  300
  312
  323
  336
  349
  327
  342
  357
  373
  390
  407
  426
  445
  466
  487
  510
  534
  559
  585
  613
  642
  672
  704
  738
  773
Retained Cash Flow (-), $m
  -482
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
Prev. year cash balance distribution, $m
 
  473
  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
 
  705
  238
  246
  254
  262
  271
  281
  290
  301
  312
  288
  300
  313
  327
  341
  356
  372
  388
  406
  424
  443
  464
  485
  508
  531
  556
  582
  609
  638
  668
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  654
  204
  193
  180
  168
  155
  141
  128
  114
  101
  78
  68
  58
  49
  41
  33
  26
  21
  16
  12
  9
  6
  5
  3
  2
  1
  1
  1
  0
  0
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

Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components and related value-added services. Its Process & Motion Control brands include Rexnord, Rex, Euroflex, Falk, FlatTop, Link-Belt, Thomas and Tollok. The Water Management platform designs, procures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing and site works products. Its products are marketed and sold under various brand names, including Zurn, Wilkins and VAG.

FINANCIAL RATIOS  of  Rexnord (RXN)

Valuation Ratios
P/E Ratio 34.1
Price to Sales 1.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 12.9
Price to Free Cash Flow 18
Growth Rates
Sales Growth Rate -0.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.8%
Cap. Spend. - 3 Yr. Gr. Rate 1.1%
Financial Strength
Quick Ratio 29
Current Ratio 0.1
LT Debt to Equity 150%
Total Debt to Equity 151.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 34.8%
Gross Margin - 3 Yr. Avg. 35.3%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 14.7%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 4.7%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 9.8%
Eff/ Tax Rate - 3 Yr. Avg. 15%
Payout Ratio 5.4%

RXN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RXN stock intrinsic value calculation we used $1918 million for the last fiscal year's total revenue generated by Rexnord. The default revenue input number comes from 2017 income statement of Rexnord. 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 RXN stock valuation model: a) initial revenue growth rate of 3.4% 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 7.7%, whose default value for RXN is calculated based on our internal credit rating of Rexnord, 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 Rexnord.
    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 RXN stock the variable cost ratio is equal to 91%.

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 RXN 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 4.8% for Rexnord.

Corporate tax rate of 27% is the nominal tax rate for Rexnord. 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 RXN 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 RXN are equal to 49%.

Life of production assets of 20.9 years is the average useful life of capital assets used in Rexnord 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 RXN is equal to 15.9%. 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 - $1071 million for Rexnord - 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 103.901 million for Rexnord 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 Rexnord at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ Rexnord beats Street 2Q forecasts   [Nov-01-17 06:23PM  Associated Press]
▶ Rexnord Corporation Acquires World Dryer Corporation   [Oct-09-17 05:05PM  Business Wire]
▶ ETFs with exposure to Rexnord Corp. : October 5, 2017   [Oct-05-17 11:18AM  Capital Cube]
▶ Rexnord Meets 80-Plus Relative Strength Rating Benchmark   [03:00AM  Investor's Business Daily]
▶ Rexnord Getting Closer To Key Technical Measure   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ Rexnord Earns Relative Strength Rating Upgrade   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ Rexnord Trying To Close In On Key Technical Benchmark   [03:00AM  Investor's Business Daily]
▶ Rexnord tops Street 1Q forecasts   [Aug-02-17 11:17PM  Associated Press]
▶ Rexnord Corp. Value Analysis (NYSE:RXN) : July 25, 2017   [Jul-25-17 02:28PM  Capital Cube]
▶ ETFs with exposure to Rexnord Corp. : July 24, 2017   [Jul-24-17 06:58PM  Capital Cube]
▶ ETFs with exposure to Rexnord Corp. : July 14, 2017   [Jul-14-17 04:41PM  Capital Cube]
▶ ETFs with exposure to Rexnord Corp. : June 26, 2017   [Jun-26-17 04:49PM  Capital Cube]
▶ ETFs with exposure to Rexnord Corp. : June 15, 2017   [Jun-15-17 03:12PM  Capital Cube]
▶ Rexnord beats Street 4Q forecasts   [May-17-17 04:28PM  Associated Press]
▶ Rexnord Stock Falls After Trump Twitter Attack   [May-08-17 11:47AM  TheStreet.com]
▶ Rexnord Corp. Value Analysis (NYSE:RXN) : April 26, 2017   [Apr-26-17 04:31PM  Capital Cube]
▶ ETFs with exposure to Rexnord Corp. : April 5, 2017   [Apr-05-17 05:24PM  Capital Cube]
▶ 6 Stocks on the Move With Unusual Volume   [Feb-28-17 10:40AM  TheStreet.com]
▶ Badger Meter adds two Wisconsin manufacturing CEOs to board   [Feb-10-17 03:40PM  at bizjournals.com]
▶ [$$] Companies Plow Ahead With Moves to Mexico, Despite Trump's Pressure   [Feb-08-17 04:09PM  at The Wall Street Journal]
Financial statements of RXN
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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