Intrinsic value of Watts Water Technologies Cl A - WTS

Previous Close

$68.80

  Intrinsic Value

$1.48

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-92%

Previous close

$68.80

 
Intrinsic value

$1.48

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-92%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WTS 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 2.4

 

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, %
  -4.77
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,398
  1,429
  1,464
  1,504
  1,549
  1,598
  1,651
  1,709
  1,772
  1,839
  1,911
  1,988
  2,070
  2,157
  2,249
  2,347
  2,451
  2,561
  2,677
  2,800
  2,929
  3,066
  3,210
  3,361
  3,521
  3,689
  3,866
  4,052
  4,249
  4,455
  4,672
Variable operating expenses, $m
 
  1,516
  1,552
  1,593
  1,639
  1,689
  1,744
  1,803
  1,867
  1,936
  2,010
  2,035
  2,119
  2,208
  2,303
  2,403
  2,510
  2,622
  2,741
  2,867
  2,999
  3,139
  3,286
  3,441
  3,605
  3,777
  3,958
  4,149
  4,350
  4,561
  4,783
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
  1,253
  1,516
  1,552
  1,593
  1,639
  1,689
  1,744
  1,803
  1,867
  1,936
  2,010
  2,035
  2,119
  2,208
  2,303
  2,403
  2,510
  2,622
  2,741
  2,867
  2,999
  3,139
  3,286
  3,441
  3,605
  3,777
  3,958
  4,149
  4,350
  4,561
  4,783
Operating income, $m
  145
  -87
  -88
  -89
  -90
  -91
  -93
  -94
  -96
  -97
  -99
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -112
EBITDA, $m
  196
  -12
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
Interest expense (income), $m
  20
  18
  19
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  62
  65
  69
  73
  77
  81
  86
Earnings before tax, $m
  128
  -105
  -107
  -109
  -111
  -113
  -115
  -118
  -120
  -123
  -127
  -77
  -80
  -84
  -88
  -93
  -98
  -102
  -108
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
  -188
  -197
Tax expense, $m
  44
  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
Net income, $m
  84
  -105
  -107
  -109
  -111
  -113
  -115
  -118
  -120
  -123
  -127
  -77
  -80
  -84
  -88
  -93
  -98
  -102
  -108
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
  -188
  -197

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  338
  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
  1,763
  1,456
  1,493
  1,533
  1,579
  1,629
  1,683
  1,742
  1,806
  1,875
  1,948
  2,026
  2,110
  2,199
  2,293
  2,393
  2,499
  2,611
  2,729
  2,854
  2,986
  3,125
  3,272
  3,426
  3,589
  3,761
  3,941
  4,131
  4,331
  4,541
  4,762
Adjusted assets (=assets-cash), $m
  1,425
  1,456
  1,493
  1,533
  1,579
  1,629
  1,683
  1,742
  1,806
  1,875
  1,948
  2,026
  2,110
  2,199
  2,293
  2,393
  2,499
  2,611
  2,729
  2,854
  2,986
  3,125
  3,272
  3,426
  3,589
  3,761
  3,941
  4,131
  4,331
  4,541
  4,762
Revenue / Adjusted assets
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
Average production assets, $m
  386
  394
  404
  415
  427
  441
  456
  472
  489
  508
  527
  549
  571
  595
  621
  648
  677
  707
  739
  773
  808
  846
  886
  928
  972
  1,018
  1,067
  1,118
  1,173
  1,229
  1,289
Working capital, $m
  393
  199
  204
  209
  215
  222
  230
  238
  246
  256
  266
  276
  288
  300
  313
  326
  341
  356
  372
  389
  407
  426
  446
  467
  489
  513
  537
  563
  591
  619
  649
Total debt, $m
  650
  530
  553
  578
  607
  638
  672
  708
  748
  791
  837
  885
  937
  993
  1,051
  1,114
  1,180
  1,249
  1,323
  1,401
  1,483
  1,570
  1,661
  1,758
  1,859
  1,966
  2,078
  2,197
  2,321
  2,452
  2,590
Total liabilities, $m
  1,027
  907
  930
  955
  984
  1,015
  1,049
  1,085
  1,125
  1,168
  1,214
  1,262
  1,314
  1,370
  1,428
  1,491
  1,557
  1,626
  1,700
  1,778
  1,860
  1,947
  2,038
  2,135
  2,236
  2,343
  2,455
  2,574
  2,698
  2,829
  2,967
Total equity, $m
  736
  549
  563
  578
  595
  614
  635
  657
  681
  707
  734
  764
  795
  829
  864
  902
  942
  984
  1,029
  1,076
  1,126
  1,178
  1,233
  1,292
  1,353
  1,418
  1,486
  1,557
  1,633
  1,712
  1,795
Total liabilities and equity, $m
  1,763
  1,456
  1,493
  1,533
  1,579
  1,629
  1,684
  1,742
  1,806
  1,875
  1,948
  2,026
  2,109
  2,199
  2,292
  2,393
  2,499
  2,610
  2,729
  2,854
  2,986
  3,125
  3,271
  3,427
  3,589
  3,761
  3,941
  4,131
  4,331
  4,541
  4,762
Debt-to-equity ratio
  0.883
  0.970
  0.980
  1.000
  1.020
  1.040
  1.060
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.230
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
Adjusted equity ratio
  0.279
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377
  0.377

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  -105
  -107
  -109
  -111
  -113
  -115
  -118
  -120
  -123
  -127
  -77
  -80
  -84
  -88
  -93
  -98
  -102
  -108
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
  -188
  -197
Depreciation, amort., depletion, $m
  51
  76
  76
  77
  78
  78
  79
  80
  81
  82
  83
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  73
Funds from operations, $m
  130
  -30
  -31
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -46
  -48
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -112
  -118
  -124
Change in working capital, $m
  -8
  4
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
Cash from operations, $m
  138
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -78
  -82
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
Maintenance CAPEX, $m
  0
  -22
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
New CAPEX, $m
  -36
  -9
  -10
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
Cash from investing activities, $m
  -114
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -60
  -62
  -66
  -68
  -72
  -76
  -80
  -84
  -88
  -92
  -97
  -101
  -107
  -112
  -118
  -124
  -130
Free cash flow, $m
  24
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -209
  -220
  -232
  -244
  -257
  -270
  -284
Issuance/(repayment) of debt, $m
  73
  19
  23
  25
  28
  31
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
  138
Issuance/(repurchase) of shares, $m
  -27
  117
  120
  124
  128
  131
  136
  140
  144
  149
  154
  106
  112
  118
  124
  131
  137
  145
  152
  160
  169
  178
  187
  197
  207
  218
  229
  241
  254
  267
  281
Cash from financing (excl. dividends), $m  
  53
  136
  143
  149
  156
  162
  170
  177
  184
  192
  200
  155
  164
  173
  183
  193
  203
  215
  226
  238
  251
  265
  278
  293
  308
  325
  341
  359
  378
  398
  419
Total cash flow (excl. dividends), $m
  67
  72
  75
  78
  81
  84
  86
  89
  92
  95
  98
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  134
Retained Cash Flow (-), $m
  -31
  -117
  -120
  -124
  -128
  -131
  -136
  -140
  -144
  -149
  -154
  -106
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -254
  -267
  -281
Prev. year cash balance distribution, $m
 
  199
  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
 
  154
  -45
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -126
  -132
  -139
  -146
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  147
  -41
  -39
  -38
  -36
  -35
  -33
  -31
  -30
  -28
  -26
  -24
  -22
  -20
  -18
  -16
  -15
  -13
  -11
  -9
  -8
  -7
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.6
  87.6
  82.0
  76.7
  71.8
  67.2
  62.8
  58.8
  55.1
  51.5
  49.3
  47.2
  45.1
  43.1
  41.1
  39.3
  37.5
  35.8
  34.1
  32.5
  31.0
  29.5
  28.1
  26.8
  25.5
  24.3
  23.1
  22.0
  20.9
  19.9

Watts Water Technologies, Inc. is a supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the residential and commercial markets. The Company, through its subsidiary, Watts Regulator Co., is engaged in manufacturing products and systems focused on the control, conservation and quality of water, and safety of the people using it. Its segments include Americas, Middle East and Africa and Asia-Pacific. It four product lines include: residential and commercial flow control products, which include products for plumbing and hot water applications; heating, ventilation and air conditioning and gas products, which include boilers, water heaters and heating solutions; drainage and water re-use products, which include drainage products and engineered rain water harvesting solutions, and water quality products, which include point-of-use and point-of-entry water filtration, conditioning and scale prevention systems.

FINANCIAL RATIOS  of  Watts Water Technologies Cl A (WTS)

Valuation Ratios
P/E Ratio 28
Price to Sales 1.7
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 23.1
Growth Rates
Sales Growth Rate -4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 69.4%
Total Debt to Equity 88.3%
Interest Coverage 7
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 40.5%
Gross Margin - 3 Yr. Avg. 38%
EBITDA Margin 14.2%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 10.4%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 9.2%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 34.4%
Eff/ Tax Rate - 3 Yr. Avg. 24.1%
Payout Ratio 29.8%

WTS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WTS stock intrinsic value calculation we used $1398 million for the last fiscal year's total revenue generated by Watts Water Technologies Cl A. The default revenue input number comes from 2016 income statement of Watts Water Technologies Cl A. 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 WTS stock valuation model: a) initial revenue growth rate of 2.2% 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 4.7%, whose default value for WTS is calculated based on our internal credit rating of Watts Water Technologies Cl A, 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 Watts Water Technologies Cl A.
    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 WTS stock the variable cost ratio is equal to 106.2%.

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 WTS 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 Watts Water Technologies Cl A.

Corporate tax rate of 27% is the nominal tax rate for Watts Water Technologies Cl A. 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 WTS 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 WTS are equal to 27.6%.

Life of production assets of 17.6 years is the average useful life of capital assets used in Watts Water Technologies Cl A 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 WTS 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 - $736 million for Watts Water Technologies Cl A - 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 34.327 million for Watts Water Technologies Cl A 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 Watts Water Technologies Cl A at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ Housing Rally Should Keep Water Stocks Afloat   [Aug-31-17 02:51PM  Barrons.com]
▶ Watts Water tops 2Q profit forecasts   [05:06AM  Associated Press]
▶ Watts Water Technologies Reports Second Quarter Results   [Aug-02-17 05:00PM  Business Wire]
▶ Watts Water Technologies, Inc. Declares Quarterly Dividend   [Aug-01-17 04:30PM  Business Wire]
▶ Watts Water beats Street 1Q forecasts   [05:03AM  Associated Press]
▶ Watts Water Technologies Reports First Quarter 2017 Results   [May-04-17 04:47PM  Business Wire]
▶ Watts Water Technologies, Inc. Declares Quarterly Dividend   [Feb-08-17 05:15PM  Business Wire]
▶ Should You Buy Noble Corporation Ordinary Shares (UK) (NE)?   [Nov-29-16 04:19AM  at Insider Monkey]
▶ Watts Water Technologies, Inc. Declares Quarterly Dividend   [Nov-01-16 04:30PM  Business Wire]
▶ Watts Sponsors Another Planet Water Clean Water Initiative   [Oct-12-16 04:25PM  Business Wire]
Financial statements of WTS
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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