Intrinsic value of Whirlpool - WHR

Previous Close

$167.04

  Intrinsic Value

$200.06

stock screener

  Rating & Target

hold

+20%

Previous close

$167.04

 
Intrinsic value

$200.06

 
Up/down potential

+20%

 
Rating

hold

We calculate the intrinsic value of WHR 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 12.2

 

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, %
  -0.83
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  20,718
  21,319
  21,982
  22,707
  23,495
  24,346
  25,261
  26,242
  27,291
  28,409
  29,598
  30,861
  32,201
  33,620
  35,121
  36,709
  38,385
  40,155
  42,023
  43,991
  46,066
  48,252
  50,553
  52,976
  55,527
  58,210
  61,033
  64,002
  67,124
  70,406
  73,857
Variable operating expenses, $m
 
  20,010
  20,623
  21,294
  22,022
  22,809
  23,655
  24,563
  25,532
  26,566
  27,666
  28,538
  29,777
  31,089
  32,478
  33,946
  35,496
  37,133
  38,860
  40,680
  42,599
  44,620
  46,748
  48,989
  51,347
  53,829
  56,439
  59,184
  62,071
  65,107
  68,298
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
  19,364
  20,010
  20,623
  21,294
  22,022
  22,809
  23,655
  24,563
  25,532
  26,566
  27,666
  28,538
  29,777
  31,089
  32,478
  33,946
  35,496
  37,133
  38,860
  40,680
  42,599
  44,620
  46,748
  48,989
  51,347
  53,829
  56,439
  59,184
  62,071
  65,107
  68,298
Operating income, $m
  1,354
  1,309
  1,359
  1,414
  1,473
  1,537
  1,606
  1,680
  1,759
  1,843
  1,932
  2,323
  2,424
  2,530
  2,644
  2,763
  2,889
  3,022
  3,163
  3,311
  3,467
  3,632
  3,805
  3,987
  4,179
  4,381
  4,594
  4,817
  5,052
  5,299
  5,559
EBITDA, $m
  2,009
  2,065
  2,130
  2,200
  2,276
  2,359
  2,447
  2,542
  2,644
  2,752
  2,867
  2,990
  3,119
  3,257
  3,402
  3,556
  3,719
  3,890
  4,071
  4,262
  4,463
  4,674
  4,897
  5,132
  5,379
  5,639
  5,913
  6,200
  6,503
  6,821
  7,155
Interest expense (income), $m
  198
  182
  201
  221
  244
  269
  295
  324
  355
  387
  422
  460
  499
  541
  585
  632
  682
  734
  790
  848
  910
  974
  1,043
  1,115
  1,191
  1,270
  1,354
  1,442
  1,535
  1,633
  1,735
Earnings before tax, $m
  1,114
  1,127
  1,158
  1,192
  1,229
  1,268
  1,310
  1,356
  1,404
  1,455
  1,510
  1,863
  1,925
  1,990
  2,058
  2,131
  2,207
  2,288
  2,373
  2,463
  2,558
  2,657
  2,762
  2,873
  2,989
  3,111
  3,240
  3,375
  3,517
  3,666
  3,824
Tax expense, $m
  186
  304
  313
  322
  332
  342
  354
  366
  379
  393
  408
  503
  520
  537
  556
  575
  596
  618
  641
  665
  691
  717
  746
  776
  807
  840
  875
  911
  950
  990
  1,032
Net income, $m
  888
  823
  845
  870
  897
  926
  957
  990
  1,025
  1,062
  1,102
  1,360
  1,405
  1,452
  1,502
  1,555
  1,611
  1,670
  1,732
  1,798
  1,867
  1,940
  2,016
  2,097
  2,182
  2,271
  2,365
  2,464
  2,567
  2,677
  2,791

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,085
  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
  19,153
  18,587
  19,165
  19,797
  20,484
  21,226
  22,024
  22,879
  23,793
  24,768
  25,805
  26,906
  28,074
  29,311
  30,620
  32,004
  33,466
  35,009
  36,637
  38,353
  40,162
  42,068
  44,074
  46,187
  48,410
  50,750
  53,211
  55,799
  58,521
  61,383
  64,391
Adjusted assets (=assets-cash), $m
  18,068
  18,587
  19,165
  19,797
  20,484
  21,226
  22,024
  22,879
  23,793
  24,768
  25,805
  26,906
  28,074
  29,311
  30,620
  32,004
  33,466
  35,009
  36,637
  38,353
  40,162
  42,068
  44,074
  46,187
  48,410
  50,750
  53,211
  55,799
  58,521
  61,383
  64,391
Revenue / Adjusted assets
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
  1.147
Average production assets, $m
  6,407
  6,588
  6,792
  7,016
  7,260
  7,523
  7,806
  8,109
  8,433
  8,778
  9,146
  9,536
  9,950
  10,389
  10,853
  11,343
  11,861
  12,408
  12,985
  13,593
  14,234
  14,910
  15,621
  16,370
  17,158
  17,987
  18,859
  19,776
  20,741
  21,755
  22,822
Working capital, $m
  -323
  -831
  -857
  -886
  -916
  -949
  -985
  -1,023
  -1,064
  -1,108
  -1,154
  -1,204
  -1,256
  -1,311
  -1,370
  -1,432
  -1,497
  -1,566
  -1,639
  -1,716
  -1,797
  -1,882
  -1,972
  -2,066
  -2,166
  -2,270
  -2,380
  -2,496
  -2,618
  -2,746
  -2,880
Total debt, $m
  4,470
  4,272
  4,713
  5,195
  5,719
  6,285
  6,894
  7,547
  8,244
  8,988
  9,779
  10,619
  11,510
  12,454
  13,453
  14,509
  15,625
  16,802
  18,044
  19,354
  20,734
  22,188
  23,719
  25,331
  27,027
  28,812
  30,690
  32,665
  34,741
  36,925
  39,220
Total liabilities, $m
  14,380
  14,182
  14,623
  15,105
  15,629
  16,195
  16,804
  17,457
  18,154
  18,898
  19,689
  20,529
  21,420
  22,364
  23,363
  24,419
  25,535
  26,712
  27,954
  29,264
  30,644
  32,098
  33,629
  35,241
  36,937
  38,722
  40,600
  42,575
  44,651
  46,835
  49,130
Total equity, $m
  4,773
  4,405
  4,542
  4,692
  4,855
  5,030
  5,220
  5,422
  5,639
  5,870
  6,116
  6,377
  6,654
  6,947
  7,257
  7,585
  7,931
  8,297
  8,683
  9,090
  9,518
  9,970
  10,446
  10,946
  11,473
  12,028
  12,611
  13,224
  13,869
  14,548
  15,261
Total liabilities and equity, $m
  19,153
  18,587
  19,165
  19,797
  20,484
  21,225
  22,024
  22,879
  23,793
  24,768
  25,805
  26,906
  28,074
  29,311
  30,620
  32,004
  33,466
  35,009
  36,637
  38,354
  40,162
  42,068
  44,075
  46,187
  48,410
  50,750
  53,211
  55,799
  58,520
  61,383
  64,391
Debt-to-equity ratio
  0.937
  0.970
  1.040
  1.110
  1.180
  1.250
  1.320
  1.390
  1.460
  1.530
  1.600
  1.670
  1.730
  1.790
  1.850
  1.910
  1.970
  2.030
  2.080
  2.130
  2.180
  2.230
  2.270
  2.310
  2.360
  2.400
  2.430
  2.470
  2.500
  2.540
  2.570
Adjusted equity ratio
  0.206
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237
  0.237

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  888
  823
  845
  870
  897
  926
  957
  990
  1,025
  1,062
  1,102
  1,360
  1,405
  1,452
  1,502
  1,555
  1,611
  1,670
  1,732
  1,798
  1,867
  1,940
  2,016
  2,097
  2,182
  2,271
  2,365
  2,464
  2,567
  2,677
  2,791
Depreciation, amort., depletion, $m
  655
  756
  771
  786
  803
  822
  841
  863
  885
  909
  935
  667
  696
  726
  759
  793
  829
  868
  908
  951
  995
  1,043
  1,092
  1,145
  1,200
  1,258
  1,319
  1,383
  1,450
  1,521
  1,596
Funds from operations, $m
  939
  1,579
  1,616
  1,656
  1,700
  1,747
  1,798
  1,852
  1,910
  1,972
  2,037
  2,027
  2,101
  2,179
  2,261
  2,349
  2,441
  2,538
  2,641
  2,749
  2,863
  2,982
  3,109
  3,242
  3,382
  3,529
  3,684
  3,847
  4,018
  4,198
  4,387
Change in working capital, $m
  -264
  -23
  -26
  -28
  -31
  -33
  -36
  -38
  -41
  -44
  -46
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -99
  -105
  -110
  -116
  -122
  -128
  -135
Cash from operations, $m
  1,203
  1,602
  1,642
  1,685
  1,731
  1,781
  1,834
  1,890
  1,951
  2,015
  2,084
  2,076
  2,153
  2,234
  2,320
  2,411
  2,506
  2,607
  2,713
  2,825
  2,943
  3,068
  3,199
  3,336
  3,481
  3,634
  3,794
  3,962
  4,140
  4,326
  4,522
Maintenance CAPEX, $m
  0
  -448
  -461
  -475
  -491
  -508
  -526
  -546
  -567
  -590
  -614
  -640
  -667
  -696
  -726
  -759
  -793
  -829
  -868
  -908
  -951
  -995
  -1,043
  -1,092
  -1,145
  -1,200
  -1,258
  -1,319
  -1,383
  -1,450
  -1,521
New CAPEX, $m
  -660
  -181
  -205
  -224
  -243
  -263
  -283
  -303
  -324
  -345
  -367
  -390
  -414
  -438
  -464
  -490
  -518
  -547
  -577
  -608
  -641
  -675
  -711
  -749
  -788
  -829
  -872
  -917
  -965
  -1,014
  -1,066
Cash from investing activities, $m
  -588
  -629
  -666
  -699
  -734
  -771
  -809
  -849
  -891
  -935
  -981
  -1,030
  -1,081
  -1,134
  -1,190
  -1,249
  -1,311
  -1,376
  -1,445
  -1,516
  -1,592
  -1,670
  -1,754
  -1,841
  -1,933
  -2,029
  -2,130
  -2,236
  -2,348
  -2,464
  -2,587
Free cash flow, $m
  615
  974
  976
  986
  997
  1,010
  1,025
  1,041
  1,060
  1,080
  1,102
  1,046
  1,072
  1,100
  1,129
  1,161
  1,195
  1,231
  1,269
  1,309
  1,352
  1,397
  1,445
  1,495
  1,548
  1,605
  1,664
  1,726
  1,792
  1,861
  1,934
Issuance/(repayment) of debt, $m
  545
  396
  441
  482
  524
  566
  609
  653
  697
  744
  791
  840
  891
  944
  999
  1,056
  1,115
  1,177
  1,242
  1,310
  1,380
  1,454
  1,531
  1,612
  1,696
  1,785
  1,878
  1,975
  2,077
  2,184
  2,295
Issuance/(repurchase) of shares, $m
  -499
  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  
  16
  396
  441
  482
  524
  566
  609
  653
  697
  744
  791
  840
  891
  944
  999
  1,056
  1,115
  1,177
  1,242
  1,310
  1,380
  1,454
  1,531
  1,612
  1,696
  1,785
  1,878
  1,975
  2,077
  2,184
  2,295
Total cash flow (excl. dividends), $m
  607
  1,369
  1,417
  1,468
  1,521
  1,576
  1,634
  1,694
  1,757
  1,824
  1,893
  1,887
  1,963
  2,044
  2,128
  2,217
  2,310
  2,408
  2,511
  2,619
  2,732
  2,851
  2,976
  3,107
  3,245
  3,390
  3,542
  3,701
  3,869
  4,045
  4,229
Retained Cash Flow (-), $m
  -30
  -123
  -137
  -150
  -163
  -176
  -189
  -203
  -217
  -231
  -246
  -261
  -277
  -293
  -310
  -328
  -346
  -366
  -386
  -407
  -429
  -452
  -476
  -501
  -527
  -554
  -583
  -613
  -645
  -678
  -713
Prev. year cash balance distribution, $m
 
  491
  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
 
  1,737
  1,280
  1,318
  1,358
  1,400
  1,445
  1,491
  1,541
  1,593
  1,648
  1,626
  1,687
  1,751
  1,818
  1,889
  1,964
  2,042
  2,125
  2,212
  2,303
  2,399
  2,500
  2,606
  2,718
  2,835
  2,958
  3,088
  3,224
  3,366
  3,517
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  1,647
  1,144
  1,105
  1,061
  1,013
  962
  907
  849
  789
  727
  633
  573
  515
  457
  401
  347
  297
  251
  208
  171
  137
  109
  84
  64
  48
  35
  25
  17
  12
  8
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

Whirlpool Corporation is a manufacturer and marketer of home appliances. The Company's segments include North America; Europe, Middle East and Africa (EMEA); Latin America, and Asia. In North America, the Company markets and distributes home appliances and small domestic appliances under a range of brand names. In EMEA, it markets and distributes its home appliances primarily under the Whirlpool, Bauknecht, Ignis, Maytag, Laden, Indesit and Privileg brand names, and domestic appliances under the KitchenAid, Hotpoint and Hotpoint-Ariston brand names. In Latin America, it markets and distributes its home appliances and small domestic appliances primarily under the Consul, Brastemp, Whirlpool and KitchenAid brand names. The Company markets and distributes its products in Asia primarily under the Whirlpool, Maytag, KitchenAid, Amana, Bauknecht, Jenn-Air, Diqua and Royalstar brand names. It manufactures and markets a line of home appliances and related products.

FINANCIAL RATIOS  of  Whirlpool (WHR)

Valuation Ratios
P/E Ratio 13.9
Price to Sales 0.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 10.3
Price to Free Cash Flow 22.8
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.2%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 81.2%
Total Debt to Equity 93.7%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 18.7%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 17.5%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 8.9%
Operating Margin 6.5%
Oper. Margin - 3 Yr. Avg. 6.2%
Pre-Tax Margin 5.4%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 3.8%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 19.5%
Payout Ratio 33.1%

WHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WHR stock intrinsic value calculation we used $20718 million for the last fiscal year's total revenue generated by Whirlpool. The default revenue input number comes from 2016 income statement of Whirlpool. 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 WHR stock valuation model: a) initial revenue growth rate of 2.9% 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 5.5%, whose default value for WHR is calculated based on our internal credit rating of Whirlpool, 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 Whirlpool.
    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 WHR stock the variable cost ratio is equal to 93.9%.

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 WHR 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 4.7% for Whirlpool.

Corporate tax rate of 27% is the nominal tax rate for Whirlpool. 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 WHR 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 WHR are equal to 30.9%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Whirlpool 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 WHR is equal to -3.9%. 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 - $4773 million for Whirlpool - 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 73.002 million for Whirlpool 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 Whirlpool at the current share price and the inputted number of shares is $12.2 billion.

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COMPANY NEWS

▶ ETFs with exposure to Whirlpool Corp. : November 20, 2017   [Nov-20-17 01:36PM  Capital Cube]
▶ Even Black Friday Can't Save Sears -- Here's Why   [Nov-16-17 08:06AM  Motley Fool]
▶ Whirlpool to make further investment at KitchenAid plant   [Nov-15-17 02:48PM  American City Business Journals]
▶ Why Whirlpool Corporation Stock Dropped 11% in October   [Nov-10-17 02:26PM  Motley Fool]
▶ ETFs with exposure to Whirlpool Corp. : November 6, 2017   [Nov-06-17 12:44PM  Capital Cube]
▶ Bear of the Day: Whirlpool (WHR)   [05:33AM  Zacks]
▶ [$$] Inside the Decline of Sears, the Amazon of the 20th Century   [Oct-31-17 02:27PM  The Wall Street Journal]
▶ Who Dumped Who - Sears or Whirlpool?   [Oct-28-17 11:20AM  TheStreet.com]
▶ ETFs with exposure to Whirlpool Corp. : October 27, 2017   [Oct-27-17 11:23AM  Capital Cube]
▶ Sears Just Stopped Carrying the No. 1 Appliance Brand   [Oct-25-17 09:50PM  Motley Fool]
▶ Caterpillar and 3M jump while Whirlpool tumbles   [04:38PM  Associated Press]
▶ Why Sears Holdings Stock Is Sliding Today   [04:15PM  Motley Fool]
▶ Why Shares of Whirlpool Are Getting Pummeled   [02:19PM  Bloomberg Video]
▶ Whirlpool Fades in the Wash   [02:19PM  TheStreet.com]
▶ Whirlpool: Living Up to Its Name?   [11:51AM  Barrons.com]
▶ Whats Up With Sears, Whirlpool Split?   [10:55AM  24/7 Wall St.]
▶ Top 5 Companies Owned by Whirlpool (WHR)   [10:31AM  Investopedia]
▶ Whirlpool Faces a Maelstrom   [10:27AM  The Wall Street Journal]
▶ [$$] Whirlpool Cuts Guidance, Citing Rising Costs   [12:15AM  The Wall Street Journal]
▶ [$$] Sears Stops Selling Whirlpool Appliances   [12:13AM  The Wall Street Journal]
▶ Sears Stops Selling Whirlpool Appliances   [Oct-23-17 11:46PM  The Wall Street Journal]
▶ [$$] Whirlpool Cuts Guidance, Citing Rising Costs   [05:48PM  The Wall Street Journal]
▶ Whirlpool misses Street 3Q forecasts   [04:43PM  Associated Press]
▶ Whirlpool misses on top and bottom lines   [04:10PM  CNBC Videos]
▶ Whirlpool Corporation Declares Quarterly Dividend   [Oct-16-17 12:11PM  PR Newswire]
Financial statements of WHR
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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