Intrinsic value of Waters - WAT

Previous Close

$181.16

  Intrinsic Value

$61.69

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

-77%

Previous close

$181.16

 
Intrinsic value

$61.69

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

-77%

*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 14.3

 

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
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  2,167
  2,252
  2,342
  2,438
  2,540
  2,649
  2,764
  2,886
  3,015
  3,152
  3,296
  3,448
  3,609
  3,778
  3,956
  4,144
  4,342
  4,550
  4,770
  5,000
  5,243
  5,498
  5,766
  6,048
  6,345
  6,656
  6,984
  7,328
  7,690
  8,070
  8,469
Variable operating expenses, $m
 
  1,223
  1,271
  1,322
  1,376
  1,433
  1,494
  1,558
  1,627
  1,699
  1,775
  1,820
  1,905
  1,994
  2,088
  2,187
  2,292
  2,401
  2,517
  2,639
  2,767
  2,902
  3,043
  3,192
  3,348
  3,513
  3,686
  3,867
  4,058
  4,259
  4,470
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
  1,605
  1,663
  1,724
  1,788
  1,855
  1,927
  2,001
  2,081
  2,165
  2,252
  2,309
  2,407
  2,508
  2,615
  2,727
  2,846
  2,969
  3,099
  3,235
  3,378
  3,528
  3,685
  3,850
  4,023
  4,205
  4,395
  4,594
  4,803
  5,022
  5,252
Operating income, $m
  624
  646
  679
  714
  753
  794
  838
  884
  934
  987
  1,044
  1,139
  1,203
  1,270
  1,341
  1,417
  1,497
  1,581
  1,671
  1,765
  1,865
  1,970
  2,081
  2,198
  2,322
  2,452
  2,589
  2,734
  2,887
  3,048
  3,217
EBITDA, $m
  721
  742
  778
  816
  857
  901
  948
  998
  1,052
  1,108
  1,169
  1,233
  1,301
  1,373
  1,449
  1,530
  1,615
  1,705
  1,800
  1,901
  2,007
  2,119
  2,238
  2,363
  2,494
  2,633
  2,779
  2,933
  3,096
  3,267
  3,448
Interest expense (income), $m
  44
  60
  42
  44
  47
  50
  53
  56
  59
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  110
  116
  122
  129
  136
  144
  152
  160
  169
  178
  188
  198
Earnings before tax, $m
  600
  586
  637
  670
  706
  744
  785
  829
  875
  925
  978
  1,069
  1,129
  1,192
  1,258
  1,329
  1,404
  1,483
  1,567
  1,655
  1,749
  1,848
  1,952
  2,062
  2,178
  2,300
  2,429
  2,565
  2,708
  2,860
  3,019
Tax expense, $m
  78
  158
  172
  181
  191
  201
  212
  224
  236
  250
  264
  289
  305
  322
  340
  359
  379
  400
  423
  447
  472
  499
  527
  557
  588
  621
  656
  693
  731
  772
  815
Net income, $m
  522
  428
  465
  489
  515
  543
  573
  605
  639
  675
  714
  780
  824
  870
  919
  970
  1,025
  1,083
  1,144
  1,208
  1,277
  1,349
  1,425
  1,505
  1,590
  1,679
  1,773
  1,873
  1,977
  2,088
  2,204

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
  1,921
  1,998
  2,080
  2,168
  2,260
  2,359
  2,463
  2,573
  2,689
  2,812
  2,942
  3,079
  3,224
  3,376
  3,536
  3,705
  3,883
  4,070
  4,266
  4,473
  4,691
  4,920
  5,161
  5,414
  5,679
  5,959
  6,253
  6,561
  6,886
  7,226
Adjusted assets (=assets-cash), $m
  1,849
  1,921
  1,998
  2,080
  2,168
  2,260
  2,359
  2,463
  2,573
  2,689
  2,812
  2,942
  3,079
  3,224
  3,376
  3,536
  3,705
  3,883
  4,070
  4,266
  4,473
  4,691
  4,920
  5,161
  5,414
  5,679
  5,959
  6,253
  6,561
  6,886
  7,226
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
  570
  592
  617
  643
  670
  699
  730
  763
  797
  834
  872
  913
  956
  1,001
  1,048
  1,099
  1,151
  1,207
  1,265
  1,326
  1,391
  1,459
  1,530
  1,605
  1,684
  1,767
  1,854
  1,946
  2,042
  2,143
Working capital, $m
  3,115
  444
  461
  480
  500
  522
  545
  569
  594
  621
  649
  679
  711
  744
  779
  816
  855
  896
  940
  985
  1,033
  1,083
  1,136
  1,191
  1,250
  1,311
  1,376
  1,444
  1,515
  1,590
  1,668
Total debt, $m
  1,827
  1,196
  1,265
  1,339
  1,418
  1,501
  1,590
  1,683
  1,783
  1,887
  1,998
  2,115
  2,238
  2,368
  2,505
  2,649
  2,801
  2,961
  3,130
  3,307
  3,493
  3,689
  3,895
  4,111
  4,339
  4,579
  4,830
  5,094
  5,372
  5,664
  5,971
Total liabilities, $m
  2,360
  1,729
  1,798
  1,872
  1,951
  2,034
  2,123
  2,216
  2,316
  2,420
  2,531
  2,648
  2,771
  2,901
  3,038
  3,182
  3,334
  3,494
  3,663
  3,840
  4,026
  4,222
  4,428
  4,644
  4,872
  5,112
  5,363
  5,627
  5,905
  6,197
  6,504
Total equity, $m
  2,302
  192
  200
  208
  217
  226
  236
  246
  257
  269
  281
  294
  308
  322
  338
  354
  370
  388
  407
  427
  447
  469
  492
  516
  541
  568
  596
  625
  656
  689
  723
Total liabilities and equity, $m
  4,662
  1,921
  1,998
  2,080
  2,168
  2,260
  2,359
  2,462
  2,573
  2,689
  2,812
  2,942
  3,079
  3,223
  3,376
  3,536
  3,704
  3,882
  4,070
  4,267
  4,473
  4,691
  4,920
  5,160
  5,413
  5,680
  5,959
  6,252
  6,561
  6,886
  7,227
Debt-to-equity ratio
  0.794
  6.230
  6.330
  6.440
  6.540
  6.640
  6.740
  6.840
  6.930
  7.020
  7.100
  7.190
  7.270
  7.350
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
  7.810
  7.860
  7.920
  7.970
  8.020
  8.060
  8.110
  8.150
  8.190
  8.230
  8.260
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
  428
  465
  489
  515
  543
  573
  605
  639
  675
  714
  780
  824
  870
  919
  970
  1,025
  1,083
  1,144
  1,208
  1,277
  1,349
  1,425
  1,505
  1,590
  1,679
  1,773
  1,873
  1,977
  2,088
  2,204
Depreciation, amort., depletion, $m
  97
  96
  99
  102
  104
  107
  110
  114
  117
  121
  125
  94
  98
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  165
  173
  181
  190
  199
  209
  220
  230
Funds from operations, $m
  597
  524
  564
  591
  620
  651
  684
  719
  756
  796
  839
  874
  922
  973
  1,026
  1,083
  1,143
  1,207
  1,274
  1,344
  1,419
  1,498
  1,582
  1,670
  1,762
  1,860
  1,963
  2,072
  2,186
  2,307
  2,434
Change in working capital, $m
  -32
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  71
  75
  79
Cash from operations, $m
  629
  508
  546
  572
  599
  629
  661
  695
  731
  769
  810
  844
  890
  939
  991
  1,046
  1,104
  1,166
  1,230
  1,299
  1,372
  1,448
  1,529
  1,614
  1,704
  1,799
  1,899
  2,004
  2,115
  2,232
  2,356
Maintenance CAPEX, $m
  0
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -98
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -220
New CAPEX, $m
  -95
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
Cash from investing activities, $m
  -488
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -112
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -179
  -188
  -197
  -208
  -218
  -228
  -240
  -252
  -264
  -277
  -291
  -305
  -321
Free cash flow, $m
  141
  428
  462
  484
  507
  532
  560
  589
  620
  653
  688
  716
  756
  798
  843
  891
  941
  995
  1,051
  1,111
  1,174
  1,241
  1,311
  1,386
  1,464
  1,547
  1,635
  1,727
  1,824
  1,927
  2,035
Issuance/(repayment) of debt, $m
  160
  -506
  69
  74
  79
  83
  88
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  217
  228
  239
  252
  264
  278
  292
  307
Issuance/(repurchase) of shares, $m
  -264
  150
  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
  -356
  69
  74
  79
  83
  88
  94
  99
  105
  111
  117
  123
  130
  137
  144
  152
  160
  168
  177
  186
  196
  206
  217
  228
  239
  252
  264
  278
  292
  307
Total cash flow (excl. dividends), $m
  18
  72
  531
  558
  586
  616
  648
  682
  719
  758
  799
  833
  879
  928
  980
  1,035
  1,093
  1,155
  1,220
  1,288
  1,360
  1,437
  1,517
  1,602
  1,692
  1,787
  1,886
  1,991
  2,102
  2,219
  2,342
Retained Cash Flow (-), $m
  -243
  -578
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
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
 
  2,182
  524
  549
  577
  607
  638
  672
  708
  746
  786
  820
  866
  914
  965
  1,019
  1,076
  1,137
  1,201
  1,268
  1,340
  1,415
  1,494
  1,578
  1,667
  1,760
  1,858
  1,962
  2,071
  2,186
  2,308
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
 
  2,092
  479
  478
  475
  470
  463
  454
  442
  429
  412
  389
  369
  347
  324
  299
  274
  247
  221
  195
  170
  146
  124
  103
  85
  68
  54
  42
  32
  24
  17
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans. It also designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments through its TA product line. It is also a developer and supplier of software-based products that interface with the Company's instruments, as well as other suppliers' instruments. Its LC and LC-MS instruments are utilized in a range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a range of compounds.

FINANCIAL RATIOS  of  Waters (WAT)

Valuation Ratios
P/E Ratio 27.8
Price to Sales 6.7
Price to Book 6.3
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 27.1
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 3.9% 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 79.144 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 $14.3 billion.

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COMPANY NEWS

▶ Waters Corp. Value Analysis (NYSE:WAT) : August 7, 2017   [Aug-07-17 07:03PM  Capital Cube]
▶ Waters beats Street 2Q forecasts   [Jul-25-17 10:21PM  Associated Press]
▶ 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]
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.

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