Intrinsic value of WD-40 - WDFC

Previous Close

$114.95

  Intrinsic Value

$68.29

stock screener

  Rating & Target

sell

-41%

Previous close

$114.95

 
Intrinsic value

$68.29

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of WDFC 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 2017), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.00
  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
  381
  389
  398
  408
  419
  432
  446
  461
  478
  495
  514
  535
  556
  579
  604
  630
  658
  687
  718
  750
  785
  821
  860
  900
  943
  988
  1,035
  1,084
  1,137
  1,192
  1,250
Variable operating expenses, $m
 
  315
  322
  330
  339
  349
  360
  372
  385
  399
  414
  420
  437
  455
  475
  495
  517
  540
  564
  590
  617
  645
  675
  707
  741
  776
  813
  852
  893
  937
  982
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
  305
  315
  322
  330
  339
  349
  360
  372
  385
  399
  414
  420
  437
  455
  475
  495
  517
  540
  564
  590
  617
  645
  675
  707
  741
  776
  813
  852
  893
  937
  982
Operating income, $m
  76
  74
  76
  78
  80
  83
  86
  89
  93
  96
  101
  115
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  212
  222
  232
  244
  255
  268
EBITDA, $m
  83
  85
  87
  89
  91
  94
  97
  100
  104
  108
  112
  116
  121
  126
  132
  137
  143
  150
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  248
  260
  272
Interest expense (income), $m
  0
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Earnings before tax, $m
  75
  69
  71
  73
  75
  77
  80
  83
  86
  90
  94
  107
  111
  116
  121
  126
  131
  137
  143
  150
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
Tax expense, $m
  22
  19
  19
  20
  20
  21
  22
  22
  23
  24
  25
  29
  30
  31
  33
  34
  35
  37
  39
  40
  42
  44
  46
  48
  51
  53
  55
  58
  61
  64
  67
Net income, $m
  53
  50
  52
  53
  55
  57
  59
  61
  63
  66
  68
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  181

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  117
  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
  370
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  477
  498
  521
  545
  571
  598
  626
  656
  687
  720
  755
  791
  830
Adjusted assets (=assets-cash), $m
  253
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  477
  498
  521
  545
  571
  598
  626
  656
  687
  720
  755
  791
  830
Revenue / Adjusted assets
  1.506
  1.508
  1.508
  1.506
  1.507
  1.505
  1.507
  1.507
  1.508
  1.505
  1.507
  1.507
  1.507
  1.504
  1.506
  1.507
  1.506
  1.507
  1.505
  1.506
  1.507
  1.506
  1.506
  1.505
  1.506
  1.506
  1.507
  1.506
  1.506
  1.507
  1.506
Average production assets, $m
  24
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  41
  43
  44
  47
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
Working capital, $m
  150
  54
  55
  57
  58
  60
  62
  64
  66
  69
  71
  74
  77
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  166
  174
Total debt, $m
  154
  138
  143
  149
  155
  162
  170
  178
  187
  197
  208
  219
  231
  244
  257
  272
  287
  303
  320
  339
  358
  378
  399
  421
  445
  470
  496
  524
  553
  583
  615
Total liabilities, $m
  230
  215
  220
  226
  232
  239
  247
  255
  264
  274
  285
  296
  308
  321
  334
  349
  364
  380
  397
  416
  435
  455
  476
  498
  522
  547
  573
  601
  630
  660
  692
Total equity, $m
  139
  43
  44
  45
  46
  48
  49
  51
  53
  55
  57
  59
  61
  64
  67
  69
  72
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  125
  131
  138
Total liabilities and equity, $m
  369
  258
  264
  271
  278
  287
  296
  306
  317
  329
  342
  355
  369
  385
  401
  418
  436
  456
  476
  499
  522
  546
  571
  597
  626
  656
  687
  721
  755
  791
  830
Debt-to-equity ratio
  1.108
  3.230
  3.270
  3.310
  3.360
  3.410
  3.460
  3.510
  3.560
  3.610
  3.670
  3.720
  3.770
  3.820
  3.870
  3.920
  3.960
  4.010
  4.050
  4.090
  4.130
  4.170
  4.210
  4.250
  4.280
  4.320
  4.350
  4.380
  4.410
  4.440
  4.470
Adjusted equity ratio
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  53
  50
  52
  53
  55
  57
  59
  61
  63
  66
  68
  78
  81
  85
  88
  92
  96
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  181
Depreciation, amort., depletion, $m
  7
  11
  11
  11
  11
  11
  11
  11
  11
  11
  11
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
Funds from operations, $m
  40
  61
  63
  64
  66
  68
  70
  72
  74
  77
  80
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  154
  161
  169
  177
  185
Change in working capital, $m
  -12
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
Cash from operations, $m
  52
  60
  61
  63
  64
  66
  68
  70
  72
  75
  77
  77
  80
  84
  87
  91
  94
  98
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
New CAPEX, $m
  -20
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
Cash from investing activities, $m
  -42
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
Free cash flow, $m
  10
  58
  59
  61
  62
  64
  65
  67
  69
  72
  74
  74
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
Issuance/(repayment) of debt, $m
  32
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
Issuance/(repurchase) of shares, $m
  -30
  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  
  3
  4
  5
  6
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
Total cash flow (excl. dividends), $m
  13
  63
  64
  66
  68
  71
  73
  76
  79
  82
  85
  86
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  201
Retained Cash Flow (-), $m
  1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Prev. year cash balance distribution, $m
 
  97
  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
 
  159
  63
  65
  67
  69
  72
  74
  77
  80
  83
  83
  87
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
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
 
  152
  58
  57
  55
  54
  52
  50
  48
  46
  43
  40
  37
  34
  32
  29
  26
  23
  21
  18
  16
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
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

WD-40 Company is a global company engaged in developing and selling products, which solve problems in workshops, factories and homes. The Company's segments include the Americas; Europe, Middle East and Africa (EMEA), and Asia-Pacific. The Company's Americas segment includes the United States, Canada and Latin America. The EMEA segment includes countries in Europe, the Middle East, Africa and India. The Asia-Pacific segment includes Australia, China and other countries in the Asia region. The Company has two product groups, which include maintenance products and homecare and cleaning products. As of August 31, 2016, the Company marketed and sold its products in more than 176 countries and territories around the world primarily through mass retail and home center stores, warehouse club stores, grocery stores, hardware stores, automotive parts outlets, sport retailers, independent bike dealers, online retailers and industrial distributors and suppliers.

FINANCIAL RATIOS  of  WD-40 (WDFC)

Valuation Ratios
P/E Ratio 30.3
Price to Sales 4.2
Price to Book 11.6
Price to Tangible Book
Price to Cash Flow 30.9
Price to Free Cash Flow 50.2
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 400%
Cap. Spend. - 3 Yr. Gr. Rate 27.2%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 96.4%
Total Debt to Equity 110.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.9%
Ret/ On Assets - 3 Yr. Avg. 14.8%
Return On Total Capital 19.1%
Ret/ On T. Cap. - 3 Yr. Avg. 18.7%
Return On Equity 38%
Return On Equity - 3 Yr. Avg. 33.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 56.2%
Gross Margin - 3 Yr. Avg. 55.1%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 20.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 18.7%
Pre-Tax Margin 19.7%
Pre-Tax Margin - 3 Yr. Avg. 18.5%
Net Profit Margin 13.9%
Net Profit Margin - 3 Yr. Avg. 13.2%
Effective Tax Rate 29.3%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 50.9%

WDFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WDFC stock intrinsic value calculation we used $381 million for the last fiscal year's total revenue generated by WD-40. The default revenue input number comes from 2017 income statement of WD-40. 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 WDFC 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 4.3%, whose default value for WDFC is calculated based on our internal credit rating of WD-40, 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 WD-40.
    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 WDFC stock the variable cost ratio is equal to 81.1%.

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 WDFC 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 WD-40.

Corporate tax rate of 27% is the nominal tax rate for WD-40. 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 WDFC 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 WDFC are equal to 6.2%.

Life of production assets of 17.1 years is the average useful life of capital assets used in WD-40 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 WDFC is equal to 13.9%. 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 - $139 million for WD-40 - 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 13.983 million for WD-40 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 WD-40 at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ ETFs with exposure to WD-40 Co. : November 6, 2017   [Nov-06-17 12:43PM  Capital Cube]
▶ ETFs with exposure to WD-40 Co. : October 27, 2017   [Oct-27-17 11:22AM  Capital Cube]
▶ WD-40 Co. Value Analysis (NASDAQ:WDFC) : October 25, 2017   [Oct-25-17 10:33AM  Capital Cube]
▶ WD-40 posts 4Q profit   [Oct-19-17 04:45PM  Associated Press]
▶ Does WD-40 Companys (WDFC) PE Ratio Warrant A Sell?   [Oct-15-17 10:17AM  Simply Wall St.]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Oct-14-17 03:16PM  Motley Fool]
▶ WD-40 Company Declares Regular Quarterly Dividend   [Oct-10-17 12:37PM  PR Newswire]
▶ 3 Stocks You Can Buy and Hold for the Next Decade   [Aug-24-17 10:33AM  Motley Fool]
▶ ETFs with exposure to WD-40 Co. : July 13, 2017   [Jul-13-17 04:54PM  Capital Cube]
▶ Story Stocks from Briefing.com   [Jul-11-17 12:51PM  Briefing.com]
▶ WD-40 posts 3Q profit   [Jul-10-17 11:55PM  Associated Press]
▶ Healthcare and Russia Worries Don't Weigh on Stock Futures   [Jul-09-17 09:06PM  TheStreet.com]
▶ Hate Risk? You'll Love These 3 Stocks   [Jun-28-17 09:33AM  Motley Fool]
▶ WD-40 Company Declares Regular Quarterly Dividend   [Jun-20-17 11:45AM  PR Newswire]
▶ ETFs with exposure to WD-40 Co. : May 18, 2017   [May-18-17 02:07PM  Capital Cube]
▶ 3 Small-Cap Stocks for May   [May-09-17 05:42PM  Motley Fool]
▶ ETFs with exposure to WD-40 Co. : April 26, 2017   [Apr-26-17 03:41PM  Capital Cube]
▶ 3 Top Stocks You've Been Overlooking   [Apr-24-17 10:40AM  Motley Fool]
▶ ETFs with exposure to WD-40 Co. : April 7, 2017   [Apr-07-17 05:45PM  Capital Cube]
▶ Story Stocks from Briefing.com   [11:47AM  Briefing.com]
▶ WD-40 Stock Falls Premarket on Earnings Miss   [09:19AM  TheStreet.com]
▶ WD-40 misses 2Q profit forecasts   [Apr-06-17 04:13PM  Associated Press]
▶ WD-40 Company Declares Regular Quarterly Dividend   [Mar-21-17 11:55AM  PR Newswire]
▶ ETFs with exposure to WD-40 Co. : January 25, 2017   [Jan-25-17 01:41PM  Capital Cube]
▶ WD-40 Stock Trades Ex-Dividend Wednesday   [Jan-15-17 01:51PM  Investopedia]
▶ WD-40 Plunges on Soft Q1 Earnings   [09:50AM  at Investopedia]
▶ WD-40 Cranks Its Dividend 17% Higher   [Dec-14-16 05:19PM  at Investopedia]
▶ WD-40 Company Announces Board Changes   [07:00AM  PR Newswire]
▶ Do Hedge Funds Love WD-40 Company (WDFC)?   [12:46AM  at Insider Monkey]
▶ WD-40 Company Increases Quarterly Dividend   [Dec-13-16 01:11PM  PR Newswire]
▶ GameStop, Adobe and More Pitched by Leading Investors in Toronto   [Nov-03-16 05:25AM  at Insider Monkey]
▶ WD-40 Company Reports Mixed Q4 Results (WDFC)   [Oct-20-16 10:21AM  at Investopedia]
Financial statements of WDFC
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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