Intrinsic value of Waters - WAT

Previous Close

$158.52

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$158.52

 
Intrinsic value

$150.84

 
Up/down potential

-5%

 
Rating

hold

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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 12.7

 

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
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  2,167
  2,323
  2,485
  2,654
  2,829
  3,011
  3,201
  3,398
  3,604
  3,818
  4,042
  4,275
  4,518
  4,772
  5,038
  5,315
  5,605
  5,908
  6,225
  6,556
  6,904
  7,267
  7,648
  8,047
  8,465
  8,903
  9,363
  9,844
  10,349
  10,878
  11,434
Variable operating expenses, $m
 
  1,261
  1,347
  1,436
  1,528
  1,624
  1,725
  1,829
  1,937
  2,050
  2,168
  2,256
  2,385
  2,519
  2,659
  2,805
  2,958
  3,118
  3,285
  3,460
  3,644
  3,835
  4,036
  4,247
  4,468
  4,699
  4,941
  5,195
  5,462
  5,741
  6,034
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
  1,643
  1,739
  1,838
  1,940
  2,046
  2,158
  2,272
  2,391
  2,516
  2,645
  2,745
  2,887
  3,033
  3,186
  3,345
  3,512
  3,686
  3,867
  4,056
  4,255
  4,461
  4,678
  4,905
  5,143
  5,391
  5,650
  5,922
  6,207
  6,504
  6,816
Operating income, $m
  624
  680
  747
  816
  889
  965
  1,044
  1,126
  1,212
  1,302
  1,396
  1,529
  1,632
  1,739
  1,852
  1,970
  2,093
  2,222
  2,358
  2,500
  2,649
  2,806
  2,970
  3,142
  3,323
  3,513
  3,713
  3,922
  4,143
  4,374
  4,617
EBITDA, $m
  721
  778
  849
  924
  1,001
  1,082
  1,166
  1,254
  1,346
  1,441
  1,541
  1,646
  1,755
  1,869
  1,989
  2,114
  2,245
  2,383
  2,527
  2,678
  2,837
  3,003
  3,178
  3,361
  3,553
  3,755
  3,967
  4,190
  4,424
  4,670
  4,928
Interest expense (income), $m
  44
  60
  44
  48
  53
  57
  62
  67
  73
  78
  84
  90
  96
  103
  110
  117
  124
  132
  140
  149
  158
  167
  177
  187
  198
  209
  221
  233
  246
  259
  274
Earnings before tax, $m
  600
  620
  703
  768
  836
  907
  982
  1,059
  1,140
  1,224
  1,312
  1,439
  1,536
  1,637
  1,742
  1,853
  1,969
  2,090
  2,218
  2,351
  2,492
  2,639
  2,793
  2,955
  3,125
  3,304
  3,492
  3,689
  3,897
  4,114
  4,343
Tax expense, $m
  78
  167
  190
  207
  226
  245
  265
  286
  308
  330
  354
  389
  415
  442
  470
  500
  532
  564
  599
  635
  673
  712
  754
  798
  844
  892
  943
  996
  1,052
  1,111
  1,173
Net income, $m
  522
  453
  513
  561
  611
  662
  717
  773
  832
  894
  958
  1,051
  1,121
  1,195
  1,272
  1,353
  1,437
  1,526
  1,619
  1,716
  1,819
  1,926
  2,039
  2,157
  2,282
  2,412
  2,549
  2,693
  2,845
  3,004
  3,171

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
  1,982
  2,120
  2,264
  2,414
  2,569
  2,731
  2,900
  3,075
  3,258
  3,449
  3,648
  3,855
  4,072
  4,298
  4,535
  4,782
  5,041
  5,311
  5,594
  5,891
  6,201
  6,526
  6,866
  7,223
  7,597
  7,989
  8,399
  8,830
  9,282
  9,756
Adjusted assets (=assets-cash), $m
  1,849
  1,982
  2,120
  2,264
  2,414
  2,569
  2,731
  2,900
  3,075
  3,258
  3,449
  3,648
  3,855
  4,072
  4,298
  4,535
  4,782
  5,041
  5,311
  5,594
  5,891
  6,201
  6,526
  6,866
  7,223
  7,597
  7,989
  8,399
  8,830
  9,282
  9,756
Revenue / Adjusted assets
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
Average production assets, $m
  549
  588
  629
  671
  716
  762
  810
  860
  912
  966
  1,023
  1,082
  1,143
  1,207
  1,274
  1,345
  1,418
  1,495
  1,575
  1,659
  1,747
  1,839
  1,935
  2,036
  2,142
  2,253
  2,369
  2,491
  2,618
  2,752
  2,893
Working capital, $m
  3,115
  458
  490
  523
  557
  593
  631
  669
  710
  752
  796
  842
  890
  940
  992
  1,047
  1,104
  1,164
  1,226
  1,292
  1,360
  1,432
  1,507
  1,585
  1,668
  1,754
  1,844
  1,939
  2,039
  2,143
  2,252
Total debt, $m
  1,827
  1,251
  1,375
  1,505
  1,639
  1,779
  1,925
  2,077
  2,235
  2,399
  2,571
  2,750
  2,937
  3,132
  3,335
  3,548
  3,771
  4,004
  4,247
  4,502
  4,769
  5,048
  5,340
  5,647
  5,968
  6,304
  6,657
  7,027
  7,414
  7,821
  8,247
Total liabilities, $m
  2,360
  1,784
  1,908
  2,038
  2,172
  2,312
  2,458
  2,610
  2,768
  2,932
  3,104
  3,283
  3,470
  3,665
  3,868
  4,081
  4,304
  4,537
  4,780
  5,035
  5,302
  5,581
  5,873
  6,180
  6,501
  6,837
  7,190
  7,560
  7,947
  8,354
  8,780
Total equity, $m
  2,302
  198
  212
  226
  241
  257
  273
  290
  308
  326
  345
  365
  386
  407
  430
  453
  478
  504
  531
  559
  589
  620
  653
  687
  722
  760
  799
  840
  883
  928
  976
Total liabilities and equity, $m
  4,662
  1,982
  2,120
  2,264
  2,413
  2,569
  2,731
  2,900
  3,076
  3,258
  3,449
  3,648
  3,856
  4,072
  4,298
  4,534
  4,782
  5,041
  5,311
  5,594
  5,891
  6,201
  6,526
  6,867
  7,223
  7,597
  7,989
  8,400
  8,830
  9,282
  9,756
Debt-to-equity ratio
  0.794
  6.310
  6.490
  6.650
  6.790
  6.930
  7.050
  7.160
  7.270
  7.360
  7.450
  7.540
  7.620
  7.690
  7.760
  7.820
  7.890
  7.940
  8.000
  8.050
  8.100
  8.140
  8.180
  8.220
  8.260
  8.300
  8.330
  8.370
  8.400
  8.430
  8.450
Adjusted equity ratio
  -0.276
  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
  522
  453
  513
  561
  611
  662
  717
  773
  832
  894
  958
  1,051
  1,121
  1,195
  1,272
  1,353
  1,437
  1,526
  1,619
  1,716
  1,819
  1,926
  2,039
  2,157
  2,282
  2,412
  2,549
  2,693
  2,845
  3,004
  3,171
Depreciation, amort., depletion, $m
  97
  98
  103
  107
  112
  117
  122
  128
  133
  139
  145
  116
  123
  130
  137
  145
  152
  161
  169
  178
  188
  198
  208
  219
  230
  242
  255
  268
  282
  296
  311
Funds from operations, $m
  597
  551
  616
  668
  723
  780
  839
  901
  965
  1,033
  1,103
  1,167
  1,244
  1,325
  1,409
  1,497
  1,590
  1,687
  1,788
  1,895
  2,007
  2,124
  2,247
  2,376
  2,512
  2,654
  2,804
  2,961
  3,126
  3,299
  3,482
Change in working capital, $m
  -32
  31
  32
  33
  35
  36
  37
  39
  41
  42
  44
  46
  48
  50
  52
  55
  57
  60
  62
  65
  68
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
Cash from operations, $m
  629
  517
  584
  635
  688
  744
  801
  862
  925
  990
  1,059
  1,121
  1,196
  1,275
  1,357
  1,443
  1,533
  1,627
  1,726
  1,829
  1,938
  2,052
  2,172
  2,298
  2,429
  2,568
  2,713
  2,866
  3,027
  3,195
  3,372
Maintenance CAPEX, $m
  0
  -59
  -63
  -68
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
  -152
  -161
  -169
  -178
  -188
  -198
  -208
  -219
  -230
  -242
  -255
  -268
  -282
  -296
New CAPEX, $m
  -95
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
Cash from investing activities, $m
  -488
  -98
  -104
  -111
  -116
  -123
  -130
  -137
  -144
  -152
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -294
  -309
  -325
  -341
  -358
  -377
  -396
  -416
  -436
Free cash flow, $m
  141
  419
  480
  525
  572
  621
  672
  725
  780
  838
  899
  952
  1,018
  1,087
  1,160
  1,235
  1,315
  1,398
  1,485
  1,576
  1,672
  1,772
  1,878
  1,989
  2,105
  2,227
  2,355
  2,490
  2,631
  2,780
  2,936
Issuance/(repayment) of debt, $m
  160
  -451
  125
  129
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
  243
  255
  267
  279
  292
  306
  321
  336
  353
  370
  388
  407
  426
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
  -451
  125
  129
  135
  140
  146
  152
  158
  165
  172
  179
  187
  195
  204
  213
  223
  233
  243
  255
  267
  279
  292
  306
  321
  336
  353
  370
  388
  407
  426
Total cash flow (excl. dividends), $m
  18
  -33
  604
  654
  706
  761
  817
  876
  938
  1,003
  1,070
  1,131
  1,205
  1,282
  1,363
  1,448
  1,537
  1,631
  1,728
  1,831
  1,939
  2,052
  2,170
  2,295
  2,426
  2,563
  2,708
  2,859
  3,019
  3,186
  3,362
Retained Cash Flow (-), $m
  -243
  -584
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Prev. year cash balance distribution, $m
 
  2,688
  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
 
  2,071
  590
  640
  691
  745
  801
  860
  921
  984
  1,051
  1,111
  1,184
  1,261
  1,341
  1,425
  1,513
  1,605
  1,701
  1,803
  1,909
  2,021
  2,138
  2,261
  2,390
  2,526
  2,668
  2,818
  2,976
  3,141
  3,315
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
 
  1,986
  540
  557
  569
  577
  581
  581
  575
  565
  551
  528
  505
  479
  450
  418
  384
  349
  313
  278
  243
  209
  177
  148
  122
  98
  78
  60
  46
  34
  25
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 24.3
Price to Sales 5.9
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 20.2
Price to Free Cash Flow 23.8
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 7.2% 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 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 9.3 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 80.097 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 $12.7 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
A Agilent Techno 53.27 44.81  hold
BRKR Bruker 22.19 12.93  sell
PKI PerkinElmer 57.22 45.23  sell
MTD Mettler-Toledo 490.47 255.53  sell
TMO Thermo Fisher 155.04 73.94  str.sell
DHR Danaher 81.70 54.79  sell
VWR VWR 27.63 20.85  sell
GE General Electr 29.55 17.05  sell
GRA W.R. Grace 69.02 24.71  str.sell

COMPANY NEWS

▶ 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]
▶ SEC cracks down on made-up numbers in company earnings   [Aug-19-16 01:00PM  at MarketWatch]
▶ Waters Expands Microscale Separations Science Portfolio   [Aug-17-16 10:00AM  Business Wire]
Stock chart of WAT Financial statements 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.