Intrinsic value of SPX - SPXC

Previous Close

$34.21

  Intrinsic Value

$31.91

stock screener

  Rating & Target

hold

-7%

Previous close

$34.21

 
Intrinsic value

$31.91

 
Up/down potential

-7%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  1,472
  1,546
  1,670
  1,800
  1,934
  2,074
  2,219
  2,371
  2,528
  2,691
  2,861
  3,038
  3,222
  3,414
  3,614
  3,823
  4,041
  4,269
  4,506
  4,755
  5,014
  5,286
  5,570
  5,867
  6,178
  6,504
  6,845
  7,202
  7,576
  7,968
  8,380
Variable operating expenses, $m
 
  1,503
  1,620
  1,742
  1,869
  2,001
  2,138
  2,281
  2,429
  2,583
  2,743
  2,863
  3,037
  3,218
  3,407
  3,603
  3,809
  4,023
  4,247
  4,481
  4,726
  4,982
  5,249
  5,529
  5,823
  6,130
  6,451
  6,788
  7,140
  7,510
  7,898
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
  1,503
  1,620
  1,742
  1,869
  2,001
  2,138
  2,281
  2,429
  2,583
  2,743
  2,863
  3,037
  3,218
  3,407
  3,603
  3,809
  4,023
  4,247
  4,481
  4,726
  4,982
  5,249
  5,529
  5,823
  6,130
  6,451
  6,788
  7,140
  7,510
  7,898
Operating income, $m
  54
  43
  50
  57
  65
  73
  81
  90
  99
  108
  118
  175
  185
  196
  208
  220
  232
  245
  259
  273
  288
  304
  320
  337
  355
  374
  394
  414
  436
  458
  482
EBITDA, $m
  81
  107
  115
  124
  133
  143
  153
  163
  174
  186
  197
  209
  222
  235
  249
  264
  279
  294
  311
  328
  346
  364
  384
  404
  426
  448
  472
  496
  522
  549
  578
Interest expense (income), $m
  13
  19
  27
  35
  44
  52
  62
  71
  81
  91
  102
  113
  125
  137
  149
  162
  176
  190
  205
  221
  237
  254
  272
  290
  310
  330
  351
  373
  397
  421
  447
Earnings before tax, $m
  39
  23
  23
  22
  21
  20
  20
  19
  18
  17
  16
  62
  61
  60
  59
  58
  56
  55
  54
  53
  52
  50
  49
  47
  46
  44
  42
  41
  39
  37
  35
Tax expense, $m
  9
  6
  6
  6
  6
  6
  5
  5
  5
  5
  4
  17
  16
  16
  16
  16
  15
  15
  15
  14
  14
  14
  13
  13
  12
  12
  11
  11
  11
  10
  9
Net income, $m
  -85
  17
  17
  16
  15
  15
  14
  14
  13
  13
  12
  45
  44
  44
  43
  42
  41
  40
  39
  39
  38
  37
  36
  35
  33
  32
  31
  30
  28
  27
  26

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
  2,211
  2,389
  2,575
  2,767
  2,967
  3,175
  3,391
  3,616
  3,850
  4,093
  4,346
  4,610
  4,885
  5,171
  5,470
  5,782
  6,107
  6,447
  6,802
  7,174
  7,562
  7,968
  8,393
  8,838
  9,304
  9,792
  10,303
  10,839
  11,400
  11,988
Adjusted assets (=assets-cash), $m
  1,813
  2,211
  2,389
  2,575
  2,767
  2,967
  3,175
  3,391
  3,616
  3,850
  4,093
  4,346
  4,610
  4,885
  5,171
  5,470
  5,782
  6,107
  6,447
  6,802
  7,174
  7,562
  7,968
  8,393
  8,838
  9,304
  9,792
  10,303
  10,839
  11,400
  11,988
Revenue / Adjusted assets
  0.812
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
  0.699
Average production assets, $m
  344
  457
  494
  533
  573
  614
  657
  702
  748
  797
  847
  899
  954
  1,011
  1,070
  1,132
  1,196
  1,264
  1,334
  1,407
  1,484
  1,565
  1,649
  1,737
  1,829
  1,925
  2,026
  2,132
  2,243
  2,359
  2,480
Working capital, $m
  52
  59
  63
  68
  74
  79
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  154
  162
  171
  181
  191
  201
  212
  223
  235
  247
  260
  274
  288
  303
  318
Total debt, $m
  356
  502
  652
  809
  972
  1,141
  1,317
  1,500
  1,690
  1,888
  2,094
  2,308
  2,531
  2,763
  3,006
  3,258
  3,522
  3,798
  4,085
  4,386
  4,700
  5,028
  5,372
  5,732
  6,108
  6,502
  6,915
  7,348
  7,801
  8,275
  8,773
Total liabilities, $m
  1,721
  1,871
  2,021
  2,178
  2,341
  2,510
  2,686
  2,869
  3,059
  3,257
  3,463
  3,677
  3,900
  4,132
  4,375
  4,627
  4,891
  5,167
  5,454
  5,755
  6,069
  6,397
  6,741
  7,101
  7,477
  7,871
  8,284
  8,716
  9,169
  9,644
  10,142
Total equity, $m
  192
  341
  368
  396
  426
  457
  489
  522
  557
  593
  630
  669
  710
  752
  796
  842
  890
  940
  993
  1,048
  1,105
  1,165
  1,227
  1,293
  1,361
  1,433
  1,508
  1,587
  1,669
  1,756
  1,846
Total liabilities and equity, $m
  1,913
  2,212
  2,389
  2,574
  2,767
  2,967
  3,175
  3,391
  3,616
  3,850
  4,093
  4,346
  4,610
  4,884
  5,171
  5,469
  5,781
  6,107
  6,447
  6,803
  7,174
  7,562
  7,968
  8,394
  8,838
  9,304
  9,792
  10,303
  10,838
  11,400
  11,988
Debt-to-equity ratio
  1.854
  1.470
  1.770
  2.040
  2.280
  2.500
  2.690
  2.870
  3.040
  3.180
  3.320
  3.450
  3.570
  3.670
  3.770
  3.870
  3.960
  4.040
  4.110
  4.190
  4.250
  4.320
  4.380
  4.430
  4.490
  4.540
  4.590
  4.630
  4.670
  4.710
  4.750
Adjusted equity ratio
  0.059
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154
  0.154

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -85
  17
  17
  16
  15
  15
  14
  14
  13
  13
  12
  45
  44
  44
  43
  42
  41
  40
  39
  39
  38
  37
  36
  35
  33
  32
  31
  30
  28
  27
  26
Depreciation, amort., depletion, $m
  27
  64
  65
  67
  68
  70
  72
  73
  75
  77
  79
  35
  37
  39
  41
  44
  46
  49
  52
  54
  57
  60
  64
  67
  71
  74
  78
  82
  87
  91
  96
Funds from operations, $m
  -56
  81
  82
  83
  84
  85
  86
  87
  88
  90
  91
  80
  81
  83
  84
  86
  87
  89
  91
  93
  95
  97
  99
  102
  104
  107
  109
  112
  115
  118
  121
Change in working capital, $m
  -63
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  7
  76
  77
  78
  79
  80
  81
  81
  82
  83
  84
  73
  74
  75
  77
  78
  79
  81
  82
  83
  85
  87
  88
  90
  92
  94
  96
  98
  101
  103
  106
Maintenance CAPEX, $m
  0
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
New CAPEX, $m
  -12
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
Cash from investing activities, $m
  6
  -52
  -55
  -57
  -61
  -63
  -67
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -98
  -103
  -109
  -113
  -119
  -126
  -131
  -137
  -144
  -152
  -159
  -167
  -175
  -184
  -193
  -203
  -213
Free cash flow, $m
  13
  24
  23
  21
  18
  16
  14
  11
  9
  6
  3
  -12
  -15
  -18
  -22
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -61
  -67
  -73
  -79
  -85
  -92
  -100
  -107
Issuance/(repayment) of debt, $m
  -19
  145
  151
  157
  163
  169
  176
  183
  190
  198
  206
  214
  223
  232
  242
  253
  264
  275
  288
  301
  314
  329
  344
  360
  376
  394
  413
  432
  453
  475
  498
Issuance/(repurchase) of shares, $m
  -2
  9
  11
  13
  14
  16
  18
  20
  21
  23
  26
  0
  0
  0
  1
  4
  7
  10
  13
  16
  20
  23
  27
  31
  35
  40
  44
  49
  54
  59
  65
Cash from financing (excl. dividends), $m  
  -21
  154
  162
  170
  177
  185
  194
  203
  211
  221
  232
  214
  223
  232
  243
  257
  271
  285
  301
  317
  334
  352
  371
  391
  411
  434
  457
  481
  507
  534
  563
Total cash flow (excl. dividends), $m
  -2
  178
  184
  190
  195
  201
  207
  214
  220
  227
  235
  202
  208
  214
  222
  231
  241
  252
  263
  275
  288
  301
  315
  329
  345
  361
  378
  396
  415
  435
  456
Retained Cash Flow (-), $m
  153
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -65
  -69
  -72
  -75
  -79
  -82
  -86
  -91
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
 
  152
  157
  161
  166
  171
  175
  180
  186
  191
  197
  163
  167
  172
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  317
  332
  348
  365
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  143
  138
  131
  124
  117
  109
  101
  92
  84
  75
  54
  47
  41
  35
  30
  25
  21
  17
  14
  11
  9
  6
  5
  3
  2
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  99.4
  98.7
  98.0
  97.3
  96.5
  95.7
  94.9
  94.1
  93.2
  92.4
  92.4
  92.4
  92.4
  92.3
  92.2
  92.1
  91.9
  91.6
  91.3
  90.9
  90.5
  90.1
  89.6
  89.1
  88.5
  87.9
  87.3
  86.7
  86.1
  85.4

SPX Corporation is a global supplier of infrastructure equipment. The Company operates through three segments: HVAC; Detection and Measurement, and Engineered Solutions. The HVAC solutions offered by its businesses include package cooling towers, residential and commercial boilers, heating and ventilation products. Its detection and measurement product lines encompass underground pipe and cable locators, and inspection equipment. Within its power platform, it is a manufacturer of medium and large power transformers, as well as equipment for various types of power plant, including cooling equipment, heat exchangers and pollution control systems. As of December 31, 2016, the Company had operations in approximately 15 countries.

FINANCIAL RATIOS  of  SPX (SPXC)

Valuation Ratios
P/E Ratio -16.9
Price to Sales 1
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 205
Price to Free Cash Flow -287
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 $1425.8 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 8.4% 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 6.5%, 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 97.5%.

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 5.4% 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 29.6%.

Life of production assets of 25.9 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 3.8%. 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 - $314.7 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 43.051 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 $1.5 billion.

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COMPANY NEWS

▶ 6 Low Price-Sales Stocks   [Sep-24-18 04:14PM  GuruFocus.com]
▶ SPX Sees Hammer Chart Pattern: Time to Buy?   [Sep-10-18 07:01AM  Zacks]
▶ SPX Enhances Global Leadership Team   [Aug-07-18 04:30PM  GlobeNewswire]
▶ SPX: 2Q Earnings Snapshot   [Aug-02-18 06:15PM  Associated Press]
▶ SPX Reports Second Quarter 2018 Results   [04:24PM  GlobeNewswire]
▶ SPX Corporation to Host Earnings Call   [02:45PM  ACCESSWIRE]
▶ SPX Corp. sells brands, heat transfer technology to Indian company   [Jul-02-18 02:53PM  American City Business Journals]
▶ SPX to Exit Heat Transfer Business   [06:00AM  GlobeNewswire]
▶ SPX closes $189M acquisition, boosts earnings projection   [Jun-07-18 12:45PM  American City Business Journals]
▶ SPX Completes Acquisition of CUES, Inc.   [08:53AM  GlobeNewswire]
▶ With $205M in acquisitions logged, SPX Corp. to soon eye more additions   [May-04-18 01:31PM  American City Business Journals]
▶ SPX: 1Q Earnings Snapshot   [05:09AM  Associated Press]
▶ SPX Reports First Quarter 2018 Results   [May-03-18 04:15PM  GlobeNewswire]
▶ Charlotte's SPX Corp. plans first major acquisition since spinoff   [Apr-24-18 11:12AM  American City Business Journals]
▶ SPX Announces Agreement to Purchase CUES, Inc.   [Apr-23-18 08:30AM  GlobeNewswire]
▶ SPX Announces Purchase of Schonstedt Instrument Company   [Mar-01-18 08:30AM  GlobeNewswire]
▶ SPX posts 4Q profit   [Feb-15-18 06:49PM  Associated Press]
▶ SPX Corporation to Host Earnings Call   [12:20PM  ACCESSWIRE]
▶ SPX Q4 Earnings Preview   [10:44AM  Benzinga]
▶ ETFs with exposure to SPX Corp. : November 30, 2017   [Nov-30-17 02:24PM  Capital Cube]
▶ ETFs with exposure to SPX Corp. : November 20, 2017   [Nov-20-17 01:19PM  Capital Cube]
▶ ETFs with exposure to SPX Corp. : November 9, 2017   [Nov-09-17 01:13PM  Capital Cube]
▶ SPX posts 3Q profit   [Nov-06-17 05:39AM  Associated Press]
▶ SPX Reports Third Quarter 2017 Results   [Nov-02-17 04:15PM  GlobeNewswire]
▶ SPX Corporation to Host Earnings Call   [12:30PM  ACCESSWIRE]
▶ SPX Enhances Business Development and Strategy Team   [Sep-12-17 04:15PM  GlobeNewswire]
▶ SPX Corp. Value Analysis (NYSE:SPXC) : August 21, 2017   [Aug-21-17 07:22PM  Capital Cube]
▶ Top Ranked Growth Stocks to Buy for August 17th   [Aug-17-17 09:42AM  Zacks]
▶ SPX reports 2Q loss   [Aug-05-17 01:14AM  Associated Press]
▶ SPX Reports Second Quarter 2017 Results   [Aug-03-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to SPX Corp. : July 25, 2017   [Jul-25-17 01:20PM  Capital Cube]
▶ ETFs with exposure to SPX Corp. : July 12, 2017   [Jul-12-17 02:58PM  Capital Cube]
▶ SPX Announces New Board Member   [Jun-28-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to SPX Corp. : June 26, 2017   [Jun-26-17 04:56PM  Capital Cube]
▶ SPX Corp. Value Analysis (NYSE:SPXC) : June 15, 2017   [Jun-15-17 04:41PM  Capital Cube]
▶ 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]
Financial statements 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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