Intrinsic value of Watsco - WSO

Previous Close

$164.87

  Intrinsic Value

$104.40

stock screener

  Rating & Target

sell

-37%

Previous close

$164.87

 
Intrinsic value

$104.40

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of WSO 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 5.9

 

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, %
  2.63
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.01
  5.00
Revenue, $m
  4,221
  4,436
  4,662
  4,899
  5,147
  5,408
  5,682
  5,969
  6,270
  6,586
  6,918
  7,267
  7,632
  8,016
  8,419
  8,842
  9,286
  9,752
  10,241
  10,754
  11,294
  11,860
  12,454
  13,078
  13,733
  14,421
  15,143
  15,901
  16,697
  17,533
  18,410
Variable operating expenses, $m
 
  4,066
  4,271
  4,486
  4,712
  4,949
  5,197
  5,458
  5,731
  6,018
  6,320
  6,598
  6,930
  7,279
  7,644
  8,028
  8,431
  8,854
  9,299
  9,765
  10,255
  10,769
  11,308
  11,875
  12,469
  13,094
  13,750
  14,438
  15,161
  15,920
  16,716
Fixed operating expenses, $m
 
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
Total operating expenses, $m
  3,875
  4,072
  4,277
  4,492
  4,719
  4,956
  5,204
  5,465
  5,738
  6,025
  6,328
  6,606
  6,938
  7,287
  7,652
  8,037
  8,440
  8,863
  9,308
  9,775
  10,265
  10,779
  11,318
  11,886
  12,480
  13,105
  13,761
  14,450
  15,173
  15,932
  16,729
Operating income, $m
  346
  364
  385
  406
  429
  453
  478
  504
  532
  560
  591
  661
  694
  729
  766
  805
  845
  888
  933
  980
  1,029
  1,081
  1,135
  1,193
  1,253
  1,316
  1,382
  1,451
  1,524
  1,601
  1,681
EBITDA, $m
  366
  410
  431
  453
  477
  501
  526
  553
  581
  611
  642
  674
  708
  744
  782
  821
  863
  906
  952
  1,000
  1,050
  1,103
  1,159
  1,217
  1,278
  1,343
  1,410
  1,481
  1,555
  1,633
  1,716
Interest expense (income), $m
  3
  8
  10
  11
  13
  15
  17
  19
  21
  23
  25
  28
  30
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  68
  72
  77
  82
  87
  92
  98
  104
Earnings before tax, $m
  342
  356
  375
  395
  416
  438
  461
  485
  511
  537
  566
  633
  664
  696
  730
  766
  804
  843
  885
  928
  974
  1,022
  1,072
  1,125
  1,181
  1,239
  1,300
  1,364
  1,432
  1,503
  1,577
Tax expense, $m
  106
  96
  101
  107
  112
  118
  124
  131
  138
  145
  153
  171
  179
  188
  197
  207
  217
  228
  239
  251
  263
  276
  289
  304
  319
  334
  351
  368
  387
  406
  426
Net income, $m
  183
  260
  274
  288
  304
  320
  336
  354
  373
  392
  413
  462
  485
  508
  533
  559
  587
  616
  646
  678
  711
  746
  783
  821
  862
  904
  949
  996
  1,045
  1,097
  1,151

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  56
  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
  1,875
  1,911
  2,009
  2,111
  2,218
  2,330
  2,448
  2,572
  2,702
  2,838
  2,981
  3,131
  3,288
  3,454
  3,627
  3,809
  4,001
  4,201
  4,412
  4,634
  4,866
  5,110
  5,366
  5,635
  5,917
  6,213
  6,524
  6,851
  7,194
  7,554
  7,932
Adjusted assets (=assets-cash), $m
  1,819
  1,911
  2,009
  2,111
  2,218
  2,330
  2,448
  2,572
  2,702
  2,838
  2,981
  3,131
  3,288
  3,454
  3,627
  3,809
  4,001
  4,201
  4,412
  4,634
  4,866
  5,110
  5,366
  5,635
  5,917
  6,213
  6,524
  6,851
  7,194
  7,554
  7,932
Revenue / Adjusted assets
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
  2.321
Average production assets, $m
  236
  248
  261
  274
  288
  303
  318
  334
  351
  369
  387
  407
  427
  449
  471
  495
  520
  546
  573
  602
  632
  664
  697
  732
  769
  808
  848
  890
  935
  982
  1,031
Working capital, $m
  925
  914
  960
  1,009
  1,060
  1,114
  1,170
  1,230
  1,292
  1,357
  1,425
  1,497
  1,572
  1,651
  1,734
  1,821
  1,913
  2,009
  2,110
  2,215
  2,326
  2,443
  2,566
  2,694
  2,829
  2,971
  3,119
  3,276
  3,440
  3,612
  3,792
Total debt, $m
  236
  281
  327
  376
  427
  481
  537
  596
  658
  723
  792
  864
  939
  1,018
  1,101
  1,188
  1,279
  1,375
  1,476
  1,582
  1,693
  1,809
  1,932
  2,060
  2,195
  2,337
  2,486
  2,642
  2,806
  2,978
  3,158
Total liabilities, $m
  869
  914
  960
  1,009
  1,060
  1,114
  1,170
  1,229
  1,291
  1,356
  1,425
  1,497
  1,572
  1,651
  1,734
  1,821
  1,912
  2,008
  2,109
  2,215
  2,326
  2,442
  2,565
  2,693
  2,828
  2,970
  3,119
  3,275
  3,439
  3,611
  3,791
Total equity, $m
  1,006
  998
  1,049
  1,102
  1,158
  1,216
  1,278
  1,342
  1,410
  1,481
  1,556
  1,634
  1,717
  1,803
  1,893
  1,989
  2,088
  2,193
  2,303
  2,419
  2,540
  2,667
  2,801
  2,941
  3,089
  3,243
  3,406
  3,576
  3,755
  3,943
  4,140
Total liabilities and equity, $m
  1,875
  1,912
  2,009
  2,111
  2,218
  2,330
  2,448
  2,571
  2,701
  2,837
  2,981
  3,131
  3,289
  3,454
  3,627
  3,810
  4,000
  4,201
  4,412
  4,634
  4,866
  5,109
  5,366
  5,634
  5,917
  6,213
  6,525
  6,851
  7,194
  7,554
  7,931
Debt-to-equity ratio
  0.235
  0.280
  0.310
  0.340
  0.370
  0.400
  0.420
  0.440
  0.470
  0.490
  0.510
  0.530
  0.550
  0.560
  0.580
  0.600
  0.610
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
Adjusted equity ratio
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522
  0.522

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  183
  260
  274
  288
  304
  320
  336
  354
  373
  392
  413
  462
  485
  508
  533
  559
  587
  616
  646
  678
  711
  746
  783
  821
  862
  904
  949
  996
  1,045
  1,097
  1,151
Depreciation, amort., depletion, $m
  20
  46
  47
  47
  48
  48
  49
  49
  50
  50
  51
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
Funds from operations, $m
  279
  306
  320
  335
  351
  368
  385
  403
  423
  443
  464
  476
  499
  523
  549
  576
  604
  634
  665
  698
  732
  768
  806
  846
  887
  931
  977
  1,026
  1,076
  1,130
  1,186
Change in working capital, $m
  1
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  122
  129
  135
  142
  149
  156
  164
  172
  181
Cash from operations, $m
  278
  262
  274
  287
  300
  314
  329
  344
  360
  377
  395
  404
  424
  444
  466
  489
  513
  538
  564
  592
  621
  651
  683
  717
  752
  790
  829
  869
  912
  957
  1,005
Maintenance CAPEX, $m
  0
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
New CAPEX, $m
  -44
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
Cash from investing activities, $m
  -43
  -20
  -21
  -22
  -23
  -25
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -35
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -53
  -55
  -58
  -61
  -65
  -67
  -70
  -75
  -78
  -82
Free cash flow, $m
  235
  241
  253
  265
  277
  290
  303
  318
  332
  348
  364
  371
  390
  409
  428
  449
  471
  494
  519
  544
  571
  599
  628
  659
  691
  725
  761
  799
  838
  879
  923
Issuance/(repayment) of debt, $m
  -10
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  122
  128
  135
  142
  149
  156
  164
  172
  181
Issuance/(repurchase) of shares, $m
  6
  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  
  -86
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  122
  128
  135
  142
  149
  156
  164
  172
  181
Total cash flow (excl. dividends), $m
  149
  286
  299
  313
  328
  343
  360
  377
  394
  413
  433
  443
  465
  488
  511
  536
  563
  590
  619
  650
  682
  715
  750
  787
  826
  867
  910
  955
  1,002
  1,052
  1,104
Retained Cash Flow (-), $m
  -49
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -121
  -127
  -134
  -140
  -147
  -155
  -162
  -171
  -179
  -188
  -197
Prev. year cash balance distribution, $m
 
  56
  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
 
  294
  249
  260
  272
  285
  298
  312
  327
  342
  358
  365
  383
  401
  421
  441
  463
  486
  509
  534
  560
  588
  617
  647
  679
  712
  747
  784
  823
  864
  906
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
 
  282
  228
  226
  224
  221
  216
  211
  204
  197
  188
  173
  163
  153
  141
  130
  118
  106
  94
  82
  71
  61
  51
  42
  35
  28
  22
  17
  13
  9
  7
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

Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the HVAC/R distribution industry in North America. As of December 31, 2016, the Company sold a range of non-equipment products, representing more than 300,000 stock keeping units, including parts, ductwork, air movement products, insulation, tools, installation supplies, thermostats and air quality products. It distributes products consisting of equipment, including residential ducted and ductless air conditioners ranging from 1 to 5 tons, gas, electric and oil furnaces ranging from 50,000 to 150,000 British Thermal Units, commercial air conditioning and heating equipment and systems ranging from 1.5 to 25 tons and other specialized equipment; parts, including replacement compressors and motors, and supplies, including ductwork, grills, registers, sheet metal, adhesives and other ancillary supplies. It also sells products to the refrigeration market.

FINANCIAL RATIOS  of  Watsco (WSO)

Valuation Ratios
P/E Ratio 37.7
Price to Sales 1.6
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 24.8
Price to Free Cash Flow 29.5
Growth Rates
Sales Growth Rate 2.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 24%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 23.5%
Total Debt to Equity 23.5%
Interest Coverage 115
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 14.3%
Return On Equity 18.6%
Return On Equity - 3 Yr. Avg. 18.3%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 24.4%
EBITDA Margin 8.6%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 8.2%
Oper. Margin - 3 Yr. Avg. 8%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 31%
Payout Ratio 69.9%

WSO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WSO stock intrinsic value calculation we used $4221 million for the last fiscal year's total revenue generated by Watsco. The default revenue input number comes from 2016 income statement of Watsco. 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 WSO stock valuation model: a) initial revenue growth rate of 5.1% 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 WSO is calculated based on our internal credit rating of Watsco, 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 Watsco.
    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 WSO stock the variable cost ratio is equal to 91.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for WSO 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 Watsco.

Corporate tax rate of 27% is the nominal tax rate for Watsco. 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 WSO 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 WSO are equal to 5.6%.

Life of production assets of 30.8 years is the average useful life of capital assets used in Watsco 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 WSO is equal to 20.6%. 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 - $1006 million for Watsco - 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 35.685 million for Watsco 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 Watsco at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ What is Behind Watsco Incs (WSO) Superior ROE?   [Nov-15-17 03:57PM  Simply Wall St.]
▶ Watsco posts 3Q profit   [08:53AM  Associated Press]
▶ Watsco misses Street 3Q forecasts   [07:43AM  Associated Press]
▶ Stocks Generating Improved Relative Strength: Watsco   [03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Watsco, Inc. : October 11, 2017   [Oct-11-17 12:12PM  Capital Cube]
▶ Should You Sell Watsco Inc (WSO) At $161.07?   [Oct-02-17 11:42AM  Simply Wall St.]
▶ Watsco Declares $1.25 Quarterly Dividend   [07:30AM  GlobeNewswire]
▶ ETFs with exposure to Watsco, Inc. : September 27, 2017   [Sep-27-17 10:44AM  Capital Cube]
▶ Watsco, Inc. Value Analysis (NYSE:WSO) : August 8, 2017   [Aug-08-17 06:30PM  Capital Cube]
▶ Watsco posts 2Q profit   [Jul-25-17 04:57PM  Associated Press]
▶ Watsco beats 2Q profit forecasts   [04:57PM  Associated Press]
▶ Watsco Warms Up in a Hot Summer   [10:53AM  Motley Fool]
▶ Why Watsco (WSO) Stock Might be a Great Pick   [Jul-13-17 08:53AM  Zacks]
▶ Watsco raises annual dividend to $5 a share   [Jul-03-17 07:34AM  MarketWatch]
▶ ETFs with exposure to Watsco, Inc. : June 22, 2017   [Jun-22-17 04:40PM  Capital Cube]
▶ Watsco Faces Slow Start to 2017 but Boosts Its Dividend   [Apr-25-17 09:34AM  Motley Fool]
▶ Watsco posts 1Q profit   [08:52AM  Associated Press]
▶ Watsco misses Street 1Q forecasts   [07:42AM  Associated Press]
▶ Watsco Declares Quarterly Dividend   [Apr-03-17 07:30AM  Business Wire]
▶ Watsco Cools Off as Growth Slows   [11:17AM  at Motley Fool]
Financial statements of WSO
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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