Intrinsic value of SPX - SPXC

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$25.79

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$25.79

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of SPXC 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 1.1

 

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, %
  -5.58
  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
  1,472
  1,501
  1,536
  1,575
  1,620
  1,669
  1,723
  1,781
  1,845
  1,913
  1,987
  2,065
  2,149
  2,238
  2,333
  2,434
  2,541
  2,653
  2,773
  2,899
  3,032
  3,173
  3,321
  3,477
  3,642
  3,815
  3,998
  4,190
  4,392
  4,605
  4,829
Variable operating expenses, $m
 
  1,619
  1,656
  1,698
  1,744
  1,796
  1,853
  1,915
  1,982
  2,054
  2,132
  2,181
  2,269
  2,364
  2,464
  2,570
  2,683
  2,802
  2,928
  3,061
  3,202
  3,350
  3,507
  3,672
  3,845
  4,029
  4,221
  4,424
  4,638
  4,862
  5,099
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
  1,419
  1,619
  1,656
  1,698
  1,744
  1,796
  1,853
  1,915
  1,982
  2,054
  2,132
  2,181
  2,269
  2,364
  2,464
  2,570
  2,683
  2,802
  2,928
  3,061
  3,202
  3,350
  3,507
  3,672
  3,845
  4,029
  4,221
  4,424
  4,638
  4,862
  5,099
Operating income, $m
  54
  -118
  -120
  -122
  -125
  -127
  -130
  -134
  -137
  -141
  -145
  -115
  -120
  -125
  -130
  -136
  -142
  -148
  -155
  -162
  -170
  -177
  -186
  -194
  -204
  -213
  -223
  -234
  -246
  -257
  -270
EBITDA, $m
  81
  -70
  -72
  -74
  -76
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -142
  -148
  -155
  -162
  -170
  -178
  -187
  -196
  -205
  -215
  -225
Interest expense (income), $m
  13
  12
  11
  12
  14
  15
  17
  20
  22
  24
  27
  30
  33
  37
  40
  44
  48
  52
  57
  62
  67
  72
  77
  83
  90
  96
  103
  110
  118
  126
  135
Earnings before tax, $m
  39
  -130
  -131
  -134
  -138
  -143
  -148
  -153
  -159
  -165
  -172
  -146
  -153
  -162
  -171
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -263
  -278
  -293
  -309
  -327
  -345
  -364
  -384
  -405
Tax expense, $m
  9
  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
Net income, $m
  -85
  -130
  -131
  -134
  -138
  -143
  -148
  -153
  -159
  -165
  -172
  -146
  -153
  -162
  -171
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -263
  -278
  -293
  -309
  -327
  -345
  -364
  -384
  -405

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
  1,913
  1,849
  1,892
  1,940
  1,995
  2,055
  2,122
  2,194
  2,272
  2,356
  2,447
  2,544
  2,647
  2,757
  2,873
  2,997
  3,129
  3,268
  3,415
  3,570
  3,734
  3,907
  4,090
  4,282
  4,485
  4,699
  4,923
  5,160
  5,409
  5,671
  5,947
Adjusted assets (=assets-cash), $m
  1,813
  1,849
  1,892
  1,940
  1,995
  2,055
  2,122
  2,194
  2,272
  2,356
  2,447
  2,544
  2,647
  2,757
  2,873
  2,997
  3,129
  3,268
  3,415
  3,570
  3,734
  3,907
  4,090
  4,282
  4,485
  4,699
  4,923
  5,160
  5,409
  5,671
  5,947
Revenue / Adjusted assets
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
  0.812
Average production assets, $m
  344
  351
  359
  369
  379
  391
  403
  417
  432
  448
  465
  483
  503
  524
  546
  570
  594
  621
  649
  678
  710
  742
  777
  814
  852
  893
  935
  980
  1,028
  1,078
  1,130
Working capital, $m
  52
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
Total debt, $m
  356
  299
  337
  381
  430
  485
  544
  609
  680
  756
  837
  924
  1,017
  1,116
  1,221
  1,333
  1,451
  1,576
  1,708
  1,848
  1,996
  2,152
  2,316
  2,489
  2,672
  2,864
  3,066
  3,279
  3,503
  3,739
  3,987
Total liabilities, $m
  1,721
  1,664
  1,702
  1,746
  1,795
  1,850
  1,909
  1,974
  2,045
  2,121
  2,202
  2,289
  2,382
  2,481
  2,586
  2,698
  2,816
  2,941
  3,073
  3,213
  3,361
  3,517
  3,681
  3,854
  4,037
  4,229
  4,431
  4,644
  4,868
  5,104
  5,352
Total equity, $m
  192
  185
  189
  194
  199
  206
  212
  219
  227
  236
  245
  254
  265
  276
  287
  300
  313
  327
  341
  357
  373
  391
  409
  428
  449
  470
  492
  516
  541
  567
  595
Total liabilities and equity, $m
  1,913
  1,849
  1,891
  1,940
  1,994
  2,056
  2,121
  2,193
  2,272
  2,357
  2,447
  2,543
  2,647
  2,757
  2,873
  2,998
  3,129
  3,268
  3,414
  3,570
  3,734
  3,908
  4,090
  4,282
  4,486
  4,699
  4,923
  5,160
  5,409
  5,671
  5,947
Debt-to-equity ratio
  1.854
  1.620
  1.780
  1.960
  2.160
  2.360
  2.570
  2.780
  2.990
  3.210
  3.420
  3.630
  3.840
  4.050
  4.250
  4.450
  4.640
  4.820
  5.000
  5.180
  5.340
  5.510
  5.660
  5.810
  5.960
  6.090
  6.230
  6.350
  6.480
  6.590
  6.700
Adjusted equity ratio
  0.059
  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
  -85
  -130
  -131
  -134
  -138
  -143
  -148
  -153
  -159
  -165
  -172
  -146
  -153
  -162
  -171
  -180
  -190
  -201
  -212
  -224
  -236
  -249
  -263
  -278
  -293
  -309
  -327
  -345
  -364
  -384
  -405
Depreciation, amort., depletion, $m
  27
  48
  48
  49
  49
  49
  50
  50
  51
  52
  52
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  40
  42
  44
Funds from operations, $m
  -56
  -82
  -82
  -86
  -89
  -93
  -98
  -103
  -108
  -114
  -120
  -127
  -134
  -141
  -149
  -158
  -167
  -176
  -186
  -197
  -208
  -220
  -233
  -246
  -260
  -274
  -290
  -306
  -323
  -341
  -360
Change in working capital, $m
  -63
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  7
  -111
  -82
  -85
  -89
  -93
  -97
  -102
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -157
  -166
  -175
  -185
  -196
  -207
  -219
  -231
  -244
  -258
  -273
  -288
  -304
  -321
  -339
  -358
Maintenance CAPEX, $m
  0
  -14
  -14
  -14
  -15
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
New CAPEX, $m
  -12
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
Cash from investing activities, $m
  6
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -36
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
Free cash flow, $m
  13
  -132
  -104
  -109
  -114
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -251
  -265
  -279
  -295
  -311
  -329
  -347
  -366
  -386
  -407
  -429
  -453
Issuance/(repayment) of debt, $m
  -19
  -24
  38
  44
  49
  54
  60
  65
  70
  76
  81
  87
  93
  99
  105
  112
  118
  125
  132
  140
  148
  156
  164
  173
  182
  192
  202
  213
  224
  236
  248
Issuance/(repurchase) of shares, $m
  -2
  149
  70
  70
  70
  71
  72
  74
  76
  79
  82
  85
  89
  93
  98
  102
  108
  114
  120
  126
  133
  141
  149
  157
  166
  176
  186
  197
  208
  220
  232
Cash from financing (excl. dividends), $m  
  -21
  125
  108
  114
  119
  125
  132
  139
  146
  155
  163
  172
  182
  192
  203
  214
  226
  239
  252
  266
  281
  297
  313
  330
  348
  368
  388
  410
  432
  456
  480
Total cash flow (excl. dividends), $m
  -2
  -156
  -66
  -65
  -65
  -65
  -66
  -67
  -68
  -70
  -73
  -75
  -79
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -155
  -163
  -173
  -183
  -193
  -205
Retained Cash Flow (-), $m
  153
  -60
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
Prev. year cash balance distribution, $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
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
 
  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
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for 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
Current shareholders' claim on cash, %
  100
  83.0
  77.9
  73.3
  69.0
  65.0
  61.3
  57.8
  54.6
  51.5
  48.6
  45.9
  43.3
  40.8
  38.5
  36.2
  34.1
  32.1
  30.2
  28.4
  26.7
  25.1
  23.5
  22.1
  20.7
  19.4
  18.1
  17.0
  15.9
  14.8
  13.9

SPX Corporation supplies infrastructure equipment serving the heating and ventilation (HVAC), detection and measurement, power transmission and generation, and industrial markets in the United States, China, South Africa, the United Kingdom, and internationally. It operates through three segments: HVAC, Detection and Measurement, and Engineered Solutions. The HVAC segment engineers, designs, manufactures, installs, and services cooling products for the HVAC and industrial markets, as well as boilers, comfort heating, and ventilation products for the residential and commercial markets. The Detection and Measurement segment offers underground pipe and cable locators, and inspection equipment, as well as bus fare collection systems, communication technologies, and specialty lighting products. The Engineered Solutions segment provides transformers for the power transmission and distribution markets; and process cooling equipment, as well as rotating and stationary heat exchangers for the power generation and industrial markets. This segment sells transformers for publicly and privately held utilities under the Waukesha brand name; and process cooling products and heat exchangers under the brand names of SPX Cooling, Marley, Yuba, and Ecolaire. The company markets its products through various distribution channels, such as direct to customers, independent manufacturing representatives, third-party distributors and representatives, and retailers. SPX Corporation is headquartered in Charlotte, North Carolina.

FINANCIAL RATIOS  of  SPX (SPXC)

Valuation Ratios
P/E Ratio -12.7
Price to Sales 0.7
Price to Book 5.6
Price to Tangible Book
Price to Cash Flow 154.5
Price to Free Cash Flow -216.3
Growth Rates
Sales Growth Rate -5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -26.2%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 168.2%
Total Debt to Equity 185.4%
Interest Coverage 4
Management Effectiveness
Return On Assets -3.7%
Ret/ On Assets - 3 Yr. Avg. 0.8%
Return On Total Capital -13.4%
Ret/ On T. Cap. - 3 Yr. Avg. -2.1%
Return On Equity -31.7%
Return On Equity - 3 Yr. Avg. -6.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 23.5%
EBITDA Margin 5.4%
EBITDA Margin - 3 Yr. Avg. 7.7%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. -5.7%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin -5.8%
Net Profit Margin - 3 Yr. Avg. 4%
Effective Tax Rate 23.1%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 0%

SPXC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPXC stock intrinsic value calculation we used $1472 million for the last fiscal year's total revenue generated by SPX. The default revenue input number comes from 2016 income statement of SPX. 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 SPXC 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 7.2%, whose default value for SPXC is calculated based on our internal credit rating of SPX, 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 SPX.
    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 SPXC stock the variable cost ratio is equal to 107.9%.

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 SPXC 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 3.6% for SPX.

Corporate tax rate of 27% is the nominal tax rate for SPX. 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 SPXC 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 SPXC are equal to 23.4%.

Life of production assets of 25.4 years is the average useful life of capital assets used in SPX 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 SPXC is equal to -1%. 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 - $192 million for SPX - 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 43.299 million for SPX 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 SPX at the current share price and the inputted number of shares is $1.1 billion.


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COMPANY NEWS

▶ Why SPX Corporation's Shares Popped 16% Today   [May-05-17 02:27PM  Motley Fool]
▶ SPX posts 1Q profit   [05:03AM  Associated Press]
▶ SPX Reports First Quarter 2017 Results   [May-04-17 04:15PM  GlobeNewswire]
▶ SPX Corp. Value Analysis (NYSE:SPXC) : April 26, 2017   [Apr-26-17 04:36PM  Capital Cube]
▶ Any new record high in the S&P 500 wouldnt last long   [Mar-20-17 01:43PM  at MarketWatch]
▶ Three takeaways from 2016 earnings for SPX Corp.   [Feb-24-17 01:09PM  at bizjournals.com]
▶ Three takeaways from 2016 earnings for SPX Corp.   [01:09PM  American City Business Journals]
▶ SPX reports 4Q loss   [06:45PM  Associated Press]
▶ Gravity MIA After Seven Straight Up Weeks for S&P500   [Feb-21-17 01:28PM  at Investopedia]
▶ Charlotte-based law firm forms China business group   [Feb-10-17 01:45PM  at bizjournals.com]
▶ Hedge Funds Are Dumping SPX Corporation (SPXC)   [Dec-07-16 06:30AM  at Insider Monkey]
▶ More power divestitures possible at SPX   [Dec-01-16 04:55PM  at bizjournals.com]
▶ SPX Reports Third Quarter 2016 Results   [04:15PM  GlobeNewswire]
▶ SPX Sell-Off Rebounds off Slope Support   [Oct-13-16 01:40PM  DailyFX]
▶ SPX Reports Second Quarter 2016 Results   [04:15PM  GlobeNewswire]
▶ SPX Reports First Quarter 2016 Results   [04:15PM  GlobeNewswire]
Stock chart of SPXC Financial statements of SPXC Annual reports of SPXC
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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