Intrinsic value of Wesco International - WCC

Previous Close

$64.90

  Intrinsic Value

$57.20

stock screener

  Rating & Target

hold

-12%

Previous close

$64.90

 
Intrinsic value

$57.20

 
Up/down potential

-12%

 
Rating

hold

We calculate the intrinsic value of WCC 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 3.1

 

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, %
  -2.42
  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
  7,336
  7,483
  7,655
  7,852
  8,072
  8,317
  8,586
  8,878
  9,195
  9,536
  9,902
  10,293
  10,711
  11,156
  11,628
  12,130
  12,661
  13,224
  13,819
  14,448
  15,112
  15,812
  16,551
  17,330
  18,150
  19,014
  19,924
  20,881
  21,889
  22,949
  24,064
Variable operating expenses, $m
 
  1,418
  1,447
  1,480
  1,516
  1,557
  1,602
  1,651
  1,703
  1,760
  1,821
  1,714
  1,784
  1,858
  1,937
  2,020
  2,109
  2,202
  2,301
  2,406
  2,517
  2,633
  2,756
  2,886
  3,023
  3,167
  3,318
  3,478
  3,645
  3,822
  4,008
Fixed operating expenses, $m
 
  6,005
  6,156
  6,310
  6,467
  6,629
  6,795
  6,965
  7,139
  7,317
  7,500
  7,688
  7,880
  8,077
  8,279
  8,486
  8,698
  8,915
  9,138
  9,366
  9,601
  9,841
  10,087
  10,339
  10,597
  10,862
  11,134
  11,412
  11,697
  11,990
  12,290
Total operating expenses, $m
  7,128
  7,423
  7,603
  7,790
  7,983
  8,186
  8,397
  8,616
  8,842
  9,077
  9,321
  9,402
  9,664
  9,935
  10,216
  10,506
  10,807
  11,117
  11,439
  11,772
  12,118
  12,474
  12,843
  13,225
  13,620
  14,029
  14,452
  14,890
  15,342
  15,812
  16,298
Operating income, $m
  208
  59
  52
  62
  89
  131
  189
  263
  353
  458
  580
  891
  1,047
  1,221
  1,413
  1,624
  1,855
  2,107
  2,380
  2,675
  2,994
  3,338
  3,708
  4,105
  4,530
  4,985
  5,472
  5,992
  6,546
  7,137
  7,767
EBITDA, $m
  275
  250
  244
  254
  281
  324
  383
  457
  548
  655
  778
  917
  1,074
  1,249
  1,443
  1,655
  1,887
  2,140
  2,415
  2,712
  3,033
  3,378
  3,750
  4,149
  4,576
  5,033
  5,522
  6,045
  6,602
  7,195
  7,828
Interest expense (income), $m
  74
  68
  71
  73
  77
  80
  84
  89
  94
  99
  105
  111
  117
  124
  131
  139
  147
  156
  166
  175
  186
  197
  208
  221
  233
  247
  261
  276
  292
  309
  326
Earnings before tax, $m
  132
  -9
  -18
  -11
  12
  51
  105
  174
  259
  359
  476
  781
  930
  1,097
  1,282
  1,485
  1,708
  1,950
  2,214
  2,500
  2,809
  3,141
  3,500
  3,884
  4,297
  4,738
  5,211
  5,715
  6,254
  6,828
  7,440
Tax expense, $m
  31
  0
  0
  0
  3
  14
  28
  47
  70
  97
  128
  211
  251
  296
  346
  401
  461
  527
  598
  675
  758
  848
  945
  1,049
  1,160
  1,279
  1,407
  1,543
  1,689
  1,844
  2,009
Net income, $m
  102
  -9
  -18
  -11
  9
  37
  76
  127
  189
  262
  347
  570
  679
  801
  936
  1,084
  1,247
  1,424
  1,616
  1,825
  2,050
  2,293
  2,555
  2,835
  3,136
  3,459
  3,804
  4,172
  4,565
  4,985
  5,432

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  110
  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
  4,491
  4,467
  4,570
  4,687
  4,819
  4,965
  5,126
  5,300
  5,489
  5,693
  5,911
  6,145
  6,394
  6,660
  6,942
  7,242
  7,559
  7,895
  8,250
  8,626
  9,022
  9,440
  9,881
  10,346
  10,836
  11,352
  11,895
  12,466
  13,068
  13,701
  14,367
Adjusted assets (=assets-cash), $m
  4,381
  4,467
  4,570
  4,687
  4,819
  4,965
  5,126
  5,300
  5,489
  5,693
  5,911
  6,145
  6,394
  6,660
  6,942
  7,242
  7,559
  7,895
  8,250
  8,626
  9,022
  9,440
  9,881
  10,346
  10,836
  11,352
  11,895
  12,466
  13,068
  13,701
  14,367
Revenue / Adjusted assets
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
  1.675
Average production assets, $m
  561
  569
  582
  597
  614
  632
  653
  675
  699
  725
  753
  782
  814
  848
  884
  922
  962
  1,005
  1,050
  1,098
  1,148
  1,202
  1,258
  1,317
  1,379
  1,445
  1,514
  1,587
  1,664
  1,744
  1,829
Working capital, $m
  1,275
  1,242
  1,271
  1,303
  1,340
  1,381
  1,425
  1,474
  1,526
  1,583
  1,644
  1,709
  1,778
  1,852
  1,930
  2,014
  2,102
  2,195
  2,294
  2,398
  2,509
  2,625
  2,747
  2,877
  3,013
  3,156
  3,307
  3,466
  3,634
  3,810
  3,995
Total debt, $m
  1,415
  1,412
  1,469
  1,534
  1,607
  1,688
  1,777
  1,873
  1,978
  2,091
  2,212
  2,341
  2,480
  2,627
  2,783
  2,949
  3,125
  3,311
  3,508
  3,716
  3,935
  4,167
  4,411
  4,669
  4,940
  5,226
  5,527
  5,843
  6,177
  6,527
  6,896
Total liabilities, $m
  2,478
  2,475
  2,532
  2,597
  2,670
  2,751
  2,840
  2,936
  3,041
  3,154
  3,275
  3,404
  3,543
  3,690
  3,846
  4,012
  4,188
  4,374
  4,571
  4,779
  4,998
  5,230
  5,474
  5,732
  6,003
  6,289
  6,590
  6,906
  7,240
  7,590
  7,959
Total equity, $m
  2,013
  1,992
  2,038
  2,091
  2,149
  2,215
  2,286
  2,364
  2,448
  2,539
  2,636
  2,741
  2,852
  2,970
  3,096
  3,230
  3,371
  3,521
  3,680
  3,847
  4,024
  4,210
  4,407
  4,614
  4,833
  5,063
  5,305
  5,560
  5,828
  6,111
  6,408
Total liabilities and equity, $m
  4,491
  4,467
  4,570
  4,688
  4,819
  4,966
  5,126
  5,300
  5,489
  5,693
  5,911
  6,145
  6,395
  6,660
  6,942
  7,242
  7,559
  7,895
  8,251
  8,626
  9,022
  9,440
  9,881
  10,346
  10,836
  11,352
  11,895
  12,466
  13,068
  13,701
  14,367
Debt-to-equity ratio
  0.703
  0.710
  0.720
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.900
  0.910
  0.930
  0.940
  0.950
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
Adjusted equity ratio
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  102
  -9
  -18
  -11
  9
  37
  76
  127
  189
  262
  347
  570
  679
  801
  936
  1,084
  1,247
  1,424
  1,616
  1,825
  2,050
  2,293
  2,555
  2,835
  3,136
  3,459
  3,804
  4,172
  4,565
  4,985
  5,432
Depreciation, amort., depletion, $m
  67
  191
  191
  192
  193
  193
  194
  195
  195
  196
  197
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
Funds from operations, $m
  340
  182
  173
  181
  201
  230
  270
  322
  384
  459
  545
  596
  706
  829
  965
  1,115
  1,279
  1,457
  1,651
  1,862
  2,089
  2,333
  2,597
  2,879
  3,182
  3,507
  3,854
  4,225
  4,621
  5,043
  5,493
Change in working capital, $m
  40
  24
  29
  33
  37
  41
  45
  49
  53
  57
  61
  65
  69
  74
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  143
  151
  159
  167
  176
  185
Cash from operations, $m
  300
  157
  145
  148
  165
  190
  226
  273
  332
  402
  484
  531
  637
  755
  887
  1,032
  1,190
  1,364
  1,553
  1,757
  1,978
  2,217
  2,474
  2,750
  3,046
  3,364
  3,703
  4,066
  4,454
  4,867
  5,307
Maintenance CAPEX, $m
  0
  -19
  -19
  -19
  -20
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
New CAPEX, $m
  -18
  -8
  -13
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
Cash from investing activities, $m
  -70
  -27
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -112
  -117
  -123
  -130
  -136
  -143
Free cash flow, $m
  230
  131
  113
  114
  128
  150
  184
  229
  285
  353
  432
  476
  579
  694
  822
  964
  1,119
  1,289
  1,474
  1,674
  1,891
  2,126
  2,378
  2,649
  2,940
  3,252
  3,586
  3,943
  4,324
  4,731
  5,165
Issuance/(repayment) of debt, $m
  -261
  48
  57
  65
  73
  81
  89
  97
  105
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  208
  220
  232
  244
  258
  271
  286
  301
  317
  333
  351
  369
Issuance/(repurchase) of shares, $m
  -5
  48
  64
  63
  50
  28
  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  
  -276
  96
  121
  128
  123
  109
  89
  97
  105
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  208
  220
  232
  244
  258
  271
  286
  301
  317
  333
  351
  369
Total cash flow (excl. dividends), $m
  -50
  227
  234
  242
  251
  260
  273
  326
  390
  466
  553
  606
  717
  841
  979
  1,130
  1,295
  1,475
  1,671
  1,882
  2,111
  2,357
  2,622
  2,906
  3,211
  3,538
  3,887
  4,260
  4,657
  5,082
  5,533
Retained Cash Flow (-), $m
  -236
  -48
  -64
  -63
  -59
  -65
  -71
  -78
  -84
  -91
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -158
  -167
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -255
  -268
  -282
  -297
Prev. year cash balance distribution, $m
 
  59
  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
 
  238
  169
  179
  192
  194
  202
  248
  306
  375
  455
  501
  606
  723
  853
  996
  1,154
  1,325
  1,512
  1,715
  1,934
  2,171
  2,425
  2,699
  2,993
  3,308
  3,645
  4,005
  4,389
  4,799
  5,236
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  222
  147
  143
  140
  129
  120
  131
  143
  153
  160
  150
  153
  152
  147
  139
  127
  114
  100
  86
  71
  58
  46
  35
  26
  19
  13
  9
  6
  4
  2
Current shareholders' claim on cash, %
  100
  98.4
  96.4
  94.5
  93.1
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3
  92.3

WESCO International, Inc. is a distributor of products and provider of supply chain management and logistics services used in industrial, construction, utility and commercial, institutional and government (CIG) markets. The Company is a provider of electrical, industrial and communications maintenance, repair and operating (MRO) and original equipment manufacturers (OEM) products, construction materials, and supply chain management and logistics services. Its product categories include general supplies, wire, cable and conduit, communications and security, electrical distribution and controls, lighting and sustainability, and automation, controls and motors. The Company provides customers a portfolio of solutions within a range of service categories, including construction, e-commerce, energy and sustainability, engineering services, production support, safety and security, supply chain optimization, training and working capital.

FINANCIAL RATIOS  of  Wesco International (WCC)

Valuation Ratios
P/E Ratio 33.7
Price to Sales 0.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow 12.2
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.2%
Cap. Spend. - 3 Yr. Gr. Rate -8.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 67.8%
Total Debt to Equity 70.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.9%
Return On Equity 5.4%
Return On Equity - 3 Yr. Avg. 10.6%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 19.7%
Gross Margin - 3 Yr. Avg. 20%
EBITDA Margin 3.7%
EBITDA Margin - 3 Yr. Avg. 5.4%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 3.6%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 27.8%
Payout Ratio 0%

WCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WCC stock intrinsic value calculation we used $7336 million for the last fiscal year's total revenue generated by Wesco International. The default revenue input number comes from 2016 income statement of Wesco International. 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 WCC 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 7.1%, whose default value for WCC is calculated based on our internal credit rating of Wesco International, 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 Wesco International.
    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 WCC stock the variable cost ratio is equal to 19%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5859 million in the base year in the intrinsic value calculation for WCC 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% for Wesco International.

Corporate tax rate of 27% is the nominal tax rate for Wesco International. 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 WCC 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 WCC are equal to 7.6%.

Life of production assets of 33.8 years is the average useful life of capital assets used in Wesco International 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 WCC is equal to 16.6%. 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 - $2013 million for Wesco International - 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 48.026 million for Wesco International 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 Wesco International at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ What Is WESCO International Incs (NYSE:WCC) Share Price Doing?   [Dec-13-17 08:04AM  Simply Wall St.]
▶ WESCO International Turns the Corner   [11:47AM  Motley Fool]
▶ Wesco International tops Street 3Q forecasts   [Oct-26-17 06:36AM  Associated Press]
▶ [$$] A Left-Behind Sector Is Poised to Climb   [Oct-16-17 02:46PM  Barrons.com]
▶ 5 Strong Sell Stocks the Market Gave Up On   [Aug-10-17 02:38PM  Zacks]
▶ WESCO International: Trouble at the Margins   [Jul-29-17 08:19AM  Motley Fool]
▶ Wesco International tops 2Q profit forecasts   [Jul-27-17 04:24PM  Associated Press]
▶ Why WESCO International Stock Dropped 12% in April   [May-04-17 05:15PM  Motley Fool]
▶ Wesco International tops Street 1Q forecasts   [Apr-27-17 06:22AM  Associated Press]
▶ Insider Buys Highlight for Week of Jan. 30   [Feb-04-17 01:16AM  GuruFocus.com]
▶ WESCO International Discusses Outlook for 2017   [Jan-27-17 11:13AM  at Motley Fool]
▶ Is WESCO International, Inc. (WCC) A Good Stock To Buy?   [Nov-29-16 09:03AM  at Insider Monkey]
▶ 5 Companies Set to Prosper From a Trump Presidency   [Nov-22-16 08:28AM  at Motley Fool]
▶ How WESCO International Surprised the Stock Market   [Oct-28-16 10:18AM  at Motley Fool]
Financial statements of WCC
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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