Intrinsic value of Snap-On - SNA

Previous Close

$171.33

  Intrinsic Value

$192.40

stock screener

  Rating & Target

hold

+12%

Previous close

$171.33

 
Intrinsic value

$192.40

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of SNA 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 9.8

 

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, %
  3.31
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
Revenue, $m
  3,712
  3,834
  3,968
  4,111
  4,266
  4,432
  4,609
  4,798
  4,998
  5,212
  5,438
  5,678
  5,931
  6,199
  6,483
  6,781
  7,097
  7,429
  7,780
  8,149
  8,538
  8,947
  9,377
  9,831
  10,307
  10,809
  11,336
  11,890
  12,473
  13,086
  13,729
Variable operating expenses, $m
 
  963
  994
  1,026
  1,062
  1,099
  1,140
  1,183
  1,229
  1,277
  1,329
  1,294
  1,352
  1,413
  1,477
  1,545
  1,617
  1,693
  1,773
  1,857
  1,945
  2,039
  2,137
  2,240
  2,349
  2,463
  2,583
  2,709
  2,842
  2,982
  3,128
Fixed operating expenses, $m
 
  2,019
  2,070
  2,121
  2,175
  2,229
  2,285
  2,342
  2,400
  2,460
  2,522
  2,585
  2,649
  2,716
  2,784
  2,853
  2,924
  2,998
  3,073
  3,149
  3,228
  3,309
  3,391
  3,476
  3,563
  3,652
  3,744
  3,837
  3,933
  4,031
  4,132
Total operating expenses, $m
  2,858
  2,982
  3,064
  3,147
  3,237
  3,328
  3,425
  3,525
  3,629
  3,737
  3,851
  3,879
  4,001
  4,129
  4,261
  4,398
  4,541
  4,691
  4,846
  5,006
  5,173
  5,348
  5,528
  5,716
  5,912
  6,115
  6,327
  6,546
  6,775
  7,013
  7,260
Operating income, $m
  854
  852
  904
  963
  1,030
  1,103
  1,184
  1,273
  1,370
  1,474
  1,588
  1,799
  1,930
  2,071
  2,222
  2,383
  2,555
  2,739
  2,934
  3,143
  3,364
  3,599
  3,849
  4,114
  4,395
  4,694
  5,009
  5,344
  5,698
  6,072
  6,469
EBITDA, $m
  939
  978
  1,032
  1,092
  1,160
  1,235
  1,318
  1,409
  1,507
  1,614
  1,729
  1,854
  1,987
  2,131
  2,284
  2,448
  2,623
  2,810
  3,009
  3,221
  3,446
  3,685
  3,939
  4,209
  4,494
  4,797
  5,118
  5,458
  5,817
  6,198
  6,600
Interest expense (income), $m
  51
  49
  53
  57
  61
  65
  70
  75
  81
  87
  93
  100
  107
  114
  122
  130
  139
  148
  158
  168
  179
  190
  202
  215
  228
  242
  256
  272
  288
  305
  323
Earnings before tax, $m
  801
  803
  851
  907
  969
  1,038
  1,114
  1,198
  1,289
  1,388
  1,495
  1,700
  1,824
  1,957
  2,100
  2,253
  2,416
  2,591
  2,777
  2,975
  3,185
  3,409
  3,647
  3,900
  4,168
  4,452
  4,753
  5,072
  5,410
  5,768
  6,146
Tax expense, $m
  244
  217
  230
  245
  262
  280
  301
  323
  348
  375
  404
  459
  492
  528
  567
  608
  652
  700
  750
  803
  860
  921
  985
  1,053
  1,125
  1,202
  1,283
  1,369
  1,461
  1,557
  1,659
Net income, $m
  546
  586
  622
  662
  707
  758
  813
  874
  941
  1,013
  1,091
  1,241
  1,331
  1,429
  1,533
  1,645
  1,764
  1,891
  2,027
  2,172
  2,325
  2,489
  2,662
  2,847
  3,042
  3,250
  3,470
  3,703
  3,949
  4,210
  4,487

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  100
  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
  4,723
  4,775
  4,941
  5,120
  5,312
  5,519
  5,739
  5,974
  6,225
  6,490
  6,772
  7,071
  7,386
  7,720
  8,073
  8,445
  8,838
  9,252
  9,688
  10,148
  10,632
  11,142
  11,678
  12,242
  12,836
  13,460
  14,117
  14,807
  15,533
  16,296
  17,098
Adjusted assets (=assets-cash), $m
  4,623
  4,775
  4,941
  5,120
  5,312
  5,519
  5,739
  5,974
  6,225
  6,490
  6,772
  7,071
  7,386
  7,720
  8,073
  8,445
  8,838
  9,252
  9,688
  10,148
  10,632
  11,142
  11,678
  12,242
  12,836
  13,460
  14,117
  14,807
  15,533
  16,296
  17,098
Revenue / Adjusted assets
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
Average production assets, $m
  610
  629
  651
  674
  700
  727
  756
  787
  820
  855
  892
  931
  973
  1,017
  1,063
  1,112
  1,164
  1,218
  1,276
  1,336
  1,400
  1,467
  1,538
  1,612
  1,690
  1,773
  1,859
  1,950
  2,046
  2,146
  2,252
Working capital, $m
  894
  1,131
  1,170
  1,213
  1,258
  1,307
  1,360
  1,415
  1,475
  1,537
  1,604
  1,675
  1,750
  1,829
  1,912
  2,001
  2,094
  2,192
  2,295
  2,404
  2,519
  2,639
  2,766
  2,900
  3,041
  3,189
  3,344
  3,508
  3,680
  3,860
  4,050
Total debt, $m
  1,010
  976
  1,048
  1,126
  1,210
  1,299
  1,395
  1,497
  1,605
  1,721
  1,843
  1,973
  2,110
  2,255
  2,408
  2,569
  2,740
  2,919
  3,109
  3,308
  3,518
  3,739
  3,972
  4,217
  4,475
  4,746
  5,031
  5,330
  5,645
  5,976
  6,324
Total liabilities, $m
  2,106
  2,072
  2,144
  2,222
  2,306
  2,395
  2,491
  2,593
  2,701
  2,817
  2,939
  3,069
  3,206
  3,351
  3,504
  3,665
  3,836
  4,015
  4,205
  4,404
  4,614
  4,835
  5,068
  5,313
  5,571
  5,842
  6,127
  6,426
  6,741
  7,072
  7,420
Total equity, $m
  2,617
  2,703
  2,797
  2,898
  3,007
  3,124
  3,248
  3,382
  3,523
  3,674
  3,833
  4,002
  4,181
  4,370
  4,569
  4,780
  5,002
  5,237
  5,484
  5,744
  6,018
  6,306
  6,610
  6,929
  7,265
  7,619
  7,990
  8,381
  8,792
  9,223
  9,677
Total liabilities and equity, $m
  4,723
  4,775
  4,941
  5,120
  5,313
  5,519
  5,739
  5,975
  6,224
  6,491
  6,772
  7,071
  7,387
  7,721
  8,073
  8,445
  8,838
  9,252
  9,689
  10,148
  10,632
  11,141
  11,678
  12,242
  12,836
  13,461
  14,117
  14,807
  15,533
  16,295
  17,097
Debt-to-equity ratio
  0.386
  0.360
  0.370
  0.390
  0.400
  0.420
  0.430
  0.440
  0.460
  0.470
  0.480
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
Adjusted equity ratio
  0.544
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566
  0.566

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  546
  586
  622
  662
  707
  758
  813
  874
  941
  1,013
  1,091
  1,241
  1,331
  1,429
  1,533
  1,645
  1,764
  1,891
  2,027
  2,172
  2,325
  2,489
  2,662
  2,847
  3,042
  3,250
  3,470
  3,703
  3,949
  4,210
  4,487
Depreciation, amort., depletion, $m
  85
  126
  128
  129
  131
  132
  134
  136
  138
  140
  142
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
  125
  132
Funds from operations, $m
  423
  712
  749
  791
  838
  890
  947
  1,010
  1,078
  1,153
  1,233
  1,295
  1,388
  1,488
  1,595
  1,710
  1,832
  1,963
  2,102
  2,250
  2,407
  2,575
  2,752
  2,941
  3,141
  3,354
  3,578
  3,817
  4,069
  4,336
  4,618
Change in working capital, $m
  -153
  36
  39
  42
  46
  49
  52
  56
  59
  63
  67
  71
  75
  79
  84
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  148
  156
  164
  172
  181
  190
Cash from operations, $m
  576
  676
  710
  749
  792
  841
  895
  954
  1,019
  1,090
  1,166
  1,224
  1,313
  1,409
  1,512
  1,622
  1,739
  1,865
  1,998
  2,141
  2,293
  2,454
  2,625
  2,807
  3,001
  3,206
  3,423
  3,653
  3,897
  4,155
  4,428
Maintenance CAPEX, $m
  0
  -36
  -37
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -125
New CAPEX, $m
  -74
  -19
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -55
  -57
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -96
  -100
  -106
Cash from investing activities, $m
  -473
  -55
  -59
  -62
  -64
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -111
  -117
  -123
  -128
  -136
  -142
  -149
  -157
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
Free cash flow, $m
  103
  621
  651
  687
  727
  773
  823
  879
  940
  1,007
  1,079
  1,133
  1,217
  1,308
  1,406
  1,510
  1,622
  1,742
  1,870
  2,006
  2,151
  2,305
  2,469
  2,643
  2,828
  3,025
  3,233
  3,454
  3,687
  3,935
  4,197
Issuance/(repayment) of debt, $m
  134
  66
  72
  78
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  153
  162
  170
  180
  189
  200
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
Issuance/(repurchase) of shares, $m
  -79
  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  
  32
  66
  72
  78
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  153
  162
  170
  180
  189
  200
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
Total cash flow (excl. dividends), $m
  133
  688
  723
  765
  811
  862
  919
  981
  1,049
  1,122
  1,201
  1,263
  1,354
  1,453
  1,559
  1,672
  1,793
  1,922
  2,059
  2,205
  2,361
  2,526
  2,702
  2,888
  3,086
  3,296
  3,518
  3,753
  4,002
  4,266
  4,545
Retained Cash Flow (-), $m
  -204
  -86
  -94
  -101
  -109
  -117
  -125
  -133
  -142
  -150
  -159
  -169
  -179
  -189
  -200
  -211
  -222
  -234
  -247
  -260
  -274
  -288
  -304
  -319
  -336
  -353
  -372
  -391
  -411
  -432
  -454
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
 
  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
 
  602
  629
  663
  702
  746
  794
  848
  907
  972
  1,042
  1,094
  1,176
  1,264
  1,359
  1,461
  1,570
  1,687
  1,812
  1,945
  2,087
  2,238
  2,398
  2,569
  2,750
  2,942
  3,146
  3,362
  3,592
  3,834
  4,091
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
 
  577
  576
  577
  578
  578
  576
  573
  567
  558
  546
  519
  502
  481
  456
  429
  399
  367
  334
  299
  265
  231
  199
  168
  140
  114
  92
  72
  56
  42
  31
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

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company's segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group, and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers, including customers in the aerospace, natural resources, government, power generation, transportation and technical education markets. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers, primarily owners and managers of independent repair shops and original equipment manufacturer (OEM) dealership service and repair shops. Financial Services consists of the business operations of its finance subsidiaries.

FINANCIAL RATIOS  of  Snap-On (SNA)

Valuation Ratios
P/E Ratio 18.2
Price to Sales 2.7
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 19.8
Growth Rates
Sales Growth Rate 3.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.5%
Cap. Spend. - 3 Yr. Gr. Rate 0.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 27.1%
Total Debt to Equity 38.6%
Interest Coverage 17
Management Effectiveness
Return On Assets 12.8%
Ret/ On Assets - 3 Yr. Avg. 11.9%
Return On Total Capital 15.8%
Ret/ On T. Cap. - 3 Yr. Avg. 14.8%
Return On Equity 21.7%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 53.6%
Gross Margin - 3 Yr. Avg. 52.6%
EBITDA Margin 25.2%
EBITDA Margin - 3 Yr. Avg. 23.5%
Operating Margin 23%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 21.6%
Pre-Tax Margin - 3 Yr. Avg. 19.8%
Net Profit Margin 14.7%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 27.1%

SNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SNA stock intrinsic value calculation we used $3712 million for the last fiscal year's total revenue generated by Snap-On. The default revenue input number comes from 2016 income statement of Snap-On. 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 SNA stock valuation model: a) initial revenue growth rate of 3.3% 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 4.3%, whose default value for SNA is calculated based on our internal credit rating of Snap-On, 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 Snap-On.
    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 SNA stock the variable cost ratio is equal to 25.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1970 million in the base year in the intrinsic value calculation for SNA 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 Snap-On.

Corporate tax rate of 27% is the nominal tax rate for Snap-On. 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 SNA 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 SNA are equal to 16.4%.

Life of production assets of 17.1 years is the average useful life of capital assets used in Snap-On 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 SNA is equal to 29.5%. 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 - $2617 million for Snap-On - 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 57.02 million for Snap-On 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 Snap-On at the current share price and the inputted number of shares is $9.8 billion.

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COMPANY NEWS

▶ Pinchuk Says U.S. Manufacturers Are Feeling Positivity   [Dec-08-17 08:15AM  Bloomberg Video]
▶ Star Navigation Announces STAR V-trk Shipments   [Dec-04-17 07:15AM  GlobeNewswire]
▶ ETFs with exposure to Snap-On, Inc. : November 27, 2017   [Nov-27-17 03:47PM  Capital Cube]
▶ Star Navigation Provides India Update   [Nov-20-17 02:50PM  GlobeNewswire]
▶ Industrial Dividend Stocks Investors Love   [Nov-18-17 11:02AM  Simply Wall St.]
▶ ETFs with exposure to Snap-On, Inc. : November 13, 2017   [Nov-13-17 01:12PM  Capital Cube]
▶ 7 Large-Cap Stocks With a Potential Financial Dark Side   [Nov-08-17 02:37PM  InvestorPlace]
▶ Is It Too Late To Buy Snap-on Incorporated (SNA)?   [Nov-06-17 03:52PM  Simply Wall St.]
▶ Snap-on Raises Dividend 15.5%   [06:30AM  Business Wire]
▶ ETFs with exposure to Snap-On, Inc. : November 2, 2017   [Nov-02-17 12:34PM  Capital Cube]
▶ Snap-on to Present at Baird Industrial Conference   [Oct-31-17 09:00AM  Business Wire]
▶ Snap-On Incorporated Could Reach $200   [07:00AM  InvestorPlace]
▶ [$$] Snap-On Stock Could Reach $190   [Oct-23-17 01:12PM  Barrons.com]
▶ Snap-on Announces Third Quarter 2017 Results   [06:30AM  Business Wire]
▶ Should You Buy Snap-on Incorporated (SNA) At This PE Ratio?   [Oct-13-17 08:57AM  Simply Wall St.]
▶ Trump sells tax plan as boost to manufacturing   [Sep-29-17 05:01PM  Fox Business Videos]
▶ Star Navigation Systems Part of CSE25 Index   [Sep-19-17 12:17PM  GlobeNewswire]
▶ Canadian Securities Exchange Launches CSE25 Index   [Sep-18-17 03:22PM  Newsfile]
▶ When Should You Buy Snap-on Incorporated (SNA)?   [Sep-08-17 11:20AM  Simply Wall St.]
▶ Snap-on to Present at Investor Conferences   [Sep-06-17 09:00AM  Business Wire]
▶ Star Navigation Applies to OTCQB   [Aug-23-17 05:00PM  GlobeNewswire]
▶ Snap-on Incorporated Declares Quarterly Dividend   [Aug-03-17 04:05PM  Business Wire]
▶ Snap-on to Present at Jefferies 2017 Industrials Conference   [Jul-31-17 04:07PM  Business Wire]
▶ [$$] State Street: corporate governance has grown up   [Jul-21-17 12:38AM  Financial Times]
▶ Snap-On beats 2Q profit forecasts   [12:23AM  Associated Press]
▶ Star Navigation Announces Full Certification of SSU-G3   [Jul-14-17 05:00PM  GlobeNewswire]
▶ [$$] State Street asks SEC to block non-voting shares   [Jun-18-17 12:03AM  Financial Times]
▶ Star Navigation Announces Exercise of Warrants   [Jun-15-17 05:00PM  GlobeNewswire]
▶ Can Snap-on Hammer Out a Rally?   [Jun-13-17 03:30PM  TheStreet.com]
▶ Biotech Movers: Acceleron, Clovis, Coherus   [09:28AM  TheStreet.com]
▶ How McDonald's is using Snapchat to hire summer workers in New York   [Jun-12-17 02:40PM  American City Business Journals]
▶ Star Navigation Announces Share Lock-up Agreement   [Jun-08-17 05:00PM  GlobeNewswire]
▶ Carson Block Explains Why He's Watching Snap Closely   [Jun-05-17 11:24PM  Bloomberg Video]
▶ Lululemon Athletica: Cramer's Top Takeaways   [Jun-03-17 06:41AM  TheStreet.com]
▶ Star Navigation Updates R&D   [May-29-17 05:00PM  GlobeNewswire]
▶ Star Extends Term and Reprices Certain Warrants   [May-25-17 05:00PM  GlobeNewswire]
▶ Star Navigation Updates STAR-M.M.I.   [May-24-17 05:00PM  GlobeNewswire]
▶ Snap-on CEO on the skills gap in the U.S.   [May-18-17 07:52PM  Fox Business Videos]
▶ Snap-on CEO on Trump, Manufacturing, Skilled Workers   [May-16-17 08:34AM  Bloomberg Video]
▶ ETFs with exposure to Snap-On, Inc. : May 5, 2017   [May-05-17 04:34PM  Capital Cube]
▶ [$$] Snap targets smaller advertisers with self-serve platform   [May-04-17 09:00AM  Financial Times]
▶ Snap-on Acquires Norbar Torque Tools   [06:30AM  Business Wire]
▶ Snap-on Incorporated Declares Quarterly Dividend   [Apr-27-17 04:17PM  Business Wire]
▶ ETFs with exposure to Snap-On, Inc. : April 24, 2017   [Apr-24-17 02:43PM  Capital Cube]
Financial statements of SNA
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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