Intrinsic value of Waters - WAT

Previous Close

$185.24

  Intrinsic Value

$130.17

stock screener

  Rating & Target

sell

-30%

  Value-price divergence*

+2%

Previous close

$185.24

 
Intrinsic value

$130.17

 
Up/down potential

-30%

 
Rating

sell

 
Value-price divergence*

+2%

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

We calculate the intrinsic value of WAT 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 14.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.12
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  2,167
  2,271
  2,380
  2,496
  2,617
  2,744
  2,878
  3,019
  3,167
  3,323
  3,486
  3,658
  3,839
  4,029
  4,228
  4,437
  4,657
  4,889
  5,131
  5,386
  5,654
  5,936
  6,231
  6,541
  6,867
  7,210
  7,569
  7,946
  8,343
  8,759
  9,196
Variable operating expenses, $m
 
  1,234
  1,292
  1,352
  1,416
  1,483
  1,554
  1,629
  1,707
  1,789
  1,875
  1,931
  2,026
  2,126
  2,231
  2,342
  2,458
  2,580
  2,708
  2,843
  2,984
  3,133
  3,288
  3,452
  3,624
  3,805
  3,995
  4,194
  4,403
  4,623
  4,853
Fixed operating expenses, $m
 
  382
  392
  402
  412
  422
  433
  443
  454
  466
  477
  489
  502
  514
  527
  540
  554
  568
  582
  596
  611
  626
  642
  658
  675
  692
  709
  727
  745
  763
  782
Total operating expenses, $m
  1,543
  1,616
  1,684
  1,754
  1,828
  1,905
  1,987
  2,072
  2,161
  2,255
  2,352
  2,420
  2,528
  2,640
  2,758
  2,882
  3,012
  3,148
  3,290
  3,439
  3,595
  3,759
  3,930
  4,110
  4,299
  4,497
  4,704
  4,921
  5,148
  5,386
  5,635
Operating income, $m
  624
  655
  697
  742
  789
  839
  891
  947
  1,006
  1,068
  1,134
  1,238
  1,311
  1,388
  1,470
  1,555
  1,646
  1,741
  1,841
  1,947
  2,059
  2,177
  2,300
  2,431
  2,568
  2,713
  2,866
  3,026
  3,195
  3,373
  3,560
EBITDA, $m
  721
  748
  793
  840
  890
  943
  999
  1,059
  1,121
  1,187
  1,257
  1,331
  1,408
  1,490
  1,577
  1,668
  1,764
  1,865
  1,971
  2,084
  2,202
  2,327
  2,458
  2,596
  2,742
  2,896
  3,057
  3,227
  3,406
  3,595
  3,793
Interest expense (income), $m
  44
  60
  63
  67
  71
  76
  80
  85
  90
  96
  101
  107
  113
  120
  127
  134
  141
  149
  158
  167
  176
  185
  196
  206
  217
  229
  242
  255
  268
  282
  297
Earnings before tax, $m
  600
  595
  634
  674
  717
  763
  811
  862
  916
  972
  1,032
  1,131
  1,198
  1,268
  1,343
  1,421
  1,504
  1,592
  1,684
  1,781
  1,883
  1,991
  2,105
  2,225
  2,351
  2,484
  2,624
  2,772
  2,927
  3,091
  3,263
Tax expense, $m
  78
  161
  171
  182
  194
  206
  219
  233
  247
  263
  279
  305
  323
  342
  363
  384
  406
  430
  455
  481
  508
  538
  568
  601
  635
  671
  708
  748
  790
  834
  881
Net income, $m
  522
  435
  463
  492
  524
  557
  592
  629
  668
  710
  754
  826
  874
  926
  980
  1,038
  1,098
  1,162
  1,229
  1,300
  1,375
  1,454
  1,537
  1,624
  1,716
  1,813
  1,916
  2,023
  2,137
  2,256
  2,382

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,813
  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
  4,662
  2,953
  3,096
  3,245
  3,403
  3,569
  3,743
  3,926
  4,118
  4,321
  4,534
  4,757
  4,992
  5,239
  5,498
  5,770
  6,056
  6,357
  6,673
  7,004
  7,353
  7,719
  8,103
  8,506
  8,930
  9,375
  9,843
  10,334
  10,849
  11,390
  11,959
Adjusted assets (=assets-cash), $m
  1,849
  2,953
  3,096
  3,245
  3,403
  3,569
  3,743
  3,926
  4,118
  4,321
  4,534
  4,757
  4,992
  5,239
  5,498
  5,770
  6,056
  6,357
  6,673
  7,004
  7,353
  7,719
  8,103
  8,506
  8,930
  9,375
  9,843
  10,334
  10,849
  11,390
  11,959
Revenue / Adjusted assets
  1.172
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
Average production assets, $m
  549
  575
  602
  631
  662
  694
  728
  764
  801
  841
  882
  926
  971
  1,019
  1,070
  1,123
  1,178
  1,237
  1,298
  1,363
  1,431
  1,502
  1,576
  1,655
  1,737
  1,824
  1,915
  2,010
  2,111
  2,216
  2,327
Working capital, $m
  3,115
  447
  469
  492
  516
  541
  567
  595
  624
  655
  687
  721
  756
  794
  833
  874
  918
  963
  1,011
  1,061
  1,114
  1,169
  1,228
  1,289
  1,353
  1,420
  1,491
  1,565
  1,644
  1,726
  1,812
Total debt, $m
  1,827
  1,809
  1,922
  2,041
  2,165
  2,297
  2,435
  2,580
  2,733
  2,893
  3,062
  3,239
  3,426
  3,621
  3,827
  4,043
  4,270
  4,508
  4,758
  5,021
  5,298
  5,588
  5,893
  6,213
  6,549
  6,902
  7,272
  7,661
  8,070
  8,500
  8,950
Total liabilities, $m
  2,360
  2,342
  2,455
  2,574
  2,698
  2,830
  2,968
  3,113
  3,266
  3,426
  3,595
  3,772
  3,959
  4,154
  4,360
  4,576
  4,803
  5,041
  5,291
  5,554
  5,831
  6,121
  6,426
  6,746
  7,082
  7,435
  7,805
  8,194
  8,603
  9,033
  9,483
Total equity, $m
  2,302
  611
  641
  672
  704
  739
  775
  813
  853
  894
  938
  985
  1,033
  1,084
  1,138
  1,194
  1,254
  1,316
  1,381
  1,450
  1,522
  1,598
  1,677
  1,761
  1,849
  1,941
  2,037
  2,139
  2,246
  2,358
  2,475
Total liabilities and equity, $m
  4,662
  2,953
  3,096
  3,246
  3,402
  3,569
  3,743
  3,926
  4,119
  4,320
  4,533
  4,757
  4,992
  5,238
  5,498
  5,770
  6,057
  6,357
  6,672
  7,004
  7,353
  7,719
  8,103
  8,507
  8,931
  9,376
  9,842
  10,333
  10,849
  11,391
  11,958
Debt-to-equity ratio
  0.794
  2.960
  3.000
  3.040
  3.070
  3.110
  3.140
  3.180
  3.210
  3.230
  3.260
  3.290
  3.320
  3.340
  3.360
  3.380
  3.410
  3.430
  3.450
  3.460
  3.480
  3.500
  3.510
  3.530
  3.540
  3.560
  3.570
  3.580
  3.590
  3.600
  3.620
Adjusted equity ratio
  -0.276
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  522
  435
  463
  492
  524
  557
  592
  629
  668
  710
  754
  826
  874
  926
  980
  1,038
  1,098
  1,162
  1,229
  1,300
  1,375
  1,454
  1,537
  1,624
  1,716
  1,813
  1,916
  2,023
  2,137
  2,256
  2,382
Depreciation, amort., depletion, $m
  97
  93
  95
  98
  101
  105
  108
  112
  115
  119
  123
  93
  97
  102
  107
  112
  118
  124
  130
  136
  143
  150
  158
  165
  174
  182
  191
  201
  211
  222
  233
Funds from operations, $m
  597
  527
  558
  591
  625
  662
  700
  741
  784
  829
  877
  918
  972
  1,028
  1,087
  1,150
  1,216
  1,286
  1,359
  1,436
  1,518
  1,604
  1,694
  1,790
  1,890
  1,996
  2,107
  2,224
  2,348
  2,478
  2,615
Change in working capital, $m
  -32
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
Cash from operations, $m
  629
  507
  537
  568
  601
  636
  674
  713
  755
  798
  845
  884
  936
  990
  1,048
  1,109
  1,173
  1,240
  1,311
  1,386
  1,465
  1,548
  1,636
  1,728
  1,826
  1,928
  2,036
  2,150
  2,270
  2,396
  2,529
Maintenance CAPEX, $m
  0
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
  -158
  -165
  -174
  -182
  -191
  -201
  -211
  -222
New CAPEX, $m
  -95
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -96
  -100
  -105
  -111
Cash from investing activities, $m
  -488
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -113
  -119
  -125
  -131
  -139
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -204
  -214
  -225
  -237
  -247
  -261
  -273
  -287
  -301
  -316
  -333
Free cash flow, $m
  141
  426
  451
  479
  507
  538
  570
  605
  641
  679
  719
  753
  798
  845
  896
  949
  1,005
  1,064
  1,126
  1,192
  1,261
  1,334
  1,411
  1,492
  1,578
  1,668
  1,763
  1,863
  1,968
  2,079
  2,196
Issuance/(repayment) of debt, $m
  160
  107
  113
  119
  125
  131
  138
  145
  153
  160
  169
  177
  186
  196
  206
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
  389
  409
  429
  451
Issuance/(repurchase) of shares, $m
  -264
  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  
  -102
  107
  113
  119
  125
  131
  138
  145
  153
  160
  169
  177
  186
  196
  206
  216
  227
  238
  250
  263
  276
  290
  305
  320
  336
  353
  371
  389
  409
  429
  451
Total cash flow (excl. dividends), $m
  18
  533
  564
  597
  632
  669
  709
  750
  793
  839
  888
  930
  984
  1,041
  1,101
  1,165
  1,232
  1,302
  1,376
  1,455
  1,537
  1,624
  1,716
  1,812
  1,914
  2,021
  2,134
  2,252
  2,377
  2,509
  2,647
Retained Cash Flow (-), $m
  -243
  -30
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -118
Prev. year cash balance distribution, $m
 
  1,720
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,223
  535
  566
  600
  635
  672
  712
  754
  798
  844
  884
  935
  990
  1,048
  1,108
  1,172
  1,240
  1,311
  1,386
  1,465
  1,548
  1,636
  1,729
  1,826
  1,929
  2,037
  2,151
  2,270
  2,397
  2,529
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,132
  490
  493
  494
  492
  488
  481
  471
  458
  443
  420
  399
  376
  352
  325
  298
  270
  241
  213
  186
  160
  136
  113
  93
  75
  59
  46
  35
  26
  19
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

Waters Corporation operates as an analytical instrument manufacturer in the United States and internationally. It operates through two segments, Waters and TA. It designs, manufactures, sells, and services high performance liquid chromatography, ultra performance liquid chromatography, and mass spectrometry technology systems and support products, including chromatography columns, other consumable products, and comprehensive post-warranty service plans. The company also designs, manufactures, sells, and services thermal analysis, rheometry, and calorimetry instruments; and develops and supplies software-based products, as well as other suppliersÂ’ instruments. Its instruments are used in drug discovery and development comprising clinical trial testing, the analysis of proteins in disease processes, nutritional safety analysis, and environmental testing. In addition, the company offers thermal analysis, rheometry, and calorimetry instruments, which are used in predicting the suitability of fine chemicals, pharmaceuticals, water, polymers, and viscous liquids for uses in various industrial, consumer goods, and healthcare products, as well as for life science research. Its products are used by pharmaceutical, life science, biochemical, industrial, nutritional safety, environmental, academic, and governmental customers working in research and development, quality assurance, and other laboratory applications. Waters Corporation was founded in 1958 and is based in Milford, Massachusetts.

FINANCIAL RATIOS  of  Waters (WAT)

Valuation Ratios
P/E Ratio 28.4
Price to Sales 6.8
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 23.6
Price to Free Cash Flow 27.8
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 23
Current Ratio 0.1
LT Debt to Equity 73.9%
Total Debt to Equity 79.4%
Interest Coverage 15
Management Effectiveness
Return On Assets 12.5%
Ret/ On Assets - 3 Yr. Avg. 12.4%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 23.9%
Return On Equity - 3 Yr. Avg. 23.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 58.9%
Gross Margin - 3 Yr. Avg. 58.7%
EBITDA Margin 34.2%
EBITDA Margin - 3 Yr. Avg. 32.7%
Operating Margin 28.8%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 27.7%
Pre-Tax Margin - 3 Yr. Avg. 26.3%
Net Profit Margin 24.1%
Net Profit Margin - 3 Yr. Avg. 22.9%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 12.8%
Payout Ratio 0%

WAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WAT stock intrinsic value calculation we used $2167 million for the last fiscal year's total revenue generated by Waters. The default revenue input number comes from 2016 income statement of Waters. 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 WAT stock valuation model: a) initial revenue growth rate of 4.8% 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 WAT is calculated based on our internal credit rating of Waters, 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 Waters.
    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 WAT stock the variable cost ratio is equal to 54.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $373 million in the base year in the intrinsic value calculation for WAT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Waters.

Corporate tax rate of 27% is the nominal tax rate for Waters. 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 WAT 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 WAT are equal to 25.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Waters 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 WAT is equal to 19.7%. 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 - $2302 million for Waters - 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 79.317 million for Waters 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 Waters at the current share price and the inputted number of shares is $14.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Waters Corp. : June 30, 2017   [Jun-30-17 03:34PM  Capital Cube]
▶ 5 Dependable Tech Stocks in a Volatile Industry   [Jun-15-17 03:32PM  Zacks]
▶ ETFs with exposure to Waters Corp. : June 8, 2017   [Jun-08-17 02:01PM  Capital Cube]
▶ Oil Down, Everything Else Up on the Day   [May-25-17 06:50PM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 16th   [May-16-17 10:43AM  Zacks]
▶ Waters CEO on earnings   [Apr-25-17 02:33PM  CNBC Videos]
▶ Waters beats Street 1Q forecasts   [06:56AM  Associated Press]
▶ Caledonia Investments Plc Buys Waters, Watsco   [Apr-13-17 06:38PM  GuruFocus.com]
▶ Waters Now Offers Proteolabels Software   [Mar-15-17 08:15AM  Business Wire]
▶ Waters Corporation to Ring NYSE Closing Bell on March 2   [Feb-28-17 04:15PM  Business Wire]
▶ Waters Corporation Announces 2017 Investor Day and Webcast   [Feb-14-17 01:37PM  Business Wire]
▶ How Waters Corporation (WAT) Stacks Up Against Its Peers   [Dec-13-16 10:42AM  at Insider Monkey]
▶ Should You Follow Hedge Funds Out Of ArcelorMittal SA (ADR) (MT)?   [Nov-28-16 11:16PM  at Insider Monkey]
▶ Waters Expands CORTECS Analytical Column Portfolio   [Nov-10-16 09:00AM  Business Wire]
▶ [$$] Healthcare's Last Hope Risks Falling With the Rest   [Oct-31-16 04:57PM  at Barrons.com]
▶ Why Waters Corporation Reported Lower Today   [03:46PM  at Motley Fool]
▶ S&P 500 on Pace for Most 10% Droppers Since Brexit   [02:02PM  at The Wall Street Journal]
▶ Corporate Outlooks Sucker-Punch the Market   [12:27PM  at The Wall Street Journal]
Stock chart of WAT Financial statements of WAT Annual reports of WAT
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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