Intrinsic value of Watts Water Technologies Cl A - WTS

Previous Close

$64.70

  Intrinsic Value

$1.51

stock screener

  Rating & Target

str. sell

-98%

  Value-price divergence*

-98%

Previous close

$64.70

 
Intrinsic value

$1.51

 
Up/down potential

-98%

 
Rating

str. sell

 
Value-price divergence*

-98%

*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 2.2

 

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, %
  -4.77
  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
  1,398
  1,426
  1,459
  1,496
  1,538
  1,585
  1,636
  1,692
  1,752
  1,817
  1,887
  1,962
  2,041
  2,126
  2,216
  2,312
  2,413
  2,520
  2,633
  2,753
  2,880
  3,013
  3,154
  3,302
  3,459
  3,623
  3,797
  3,979
  4,171
  4,373
  4,586
Variable operating expenses, $m
 
  1,513
  1,547
  1,585
  1,628
  1,676
  1,729
  1,786
  1,847
  1,914
  1,985
  2,008
  2,090
  2,177
  2,269
  2,367
  2,470
  2,580
  2,696
  2,819
  2,949
  3,085
  3,229
  3,381
  3,541
  3,710
  3,887
  4,074
  4,271
  4,478
  4,695
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
  1,513
  1,547
  1,585
  1,628
  1,676
  1,729
  1,786
  1,847
  1,914
  1,985
  2,008
  2,090
  2,177
  2,269
  2,367
  2,470
  2,580
  2,696
  2,819
  2,949
  3,085
  3,229
  3,381
  3,541
  3,710
  3,887
  4,074
  4,271
  4,478
  4,695
Operating income, $m
  145
  -87
  -88
  -89
  -90
  -91
  -92
  -94
  -95
  -97
  -98
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
EBITDA, $m
  196
  -12
  -12
  -12
  -13
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
Interest expense (income), $m
  20
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  80
  84
Earnings before tax, $m
  128
  -105
  -107
  -108
  -110
  -112
  -114
  -117
  -120
  -122
  -126
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
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
  -108
  -110
  -112
  -114
  -117
  -120
  -122
  -126
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193

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
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,725
  1,786
  1,852
  1,923
  2,000
  2,081
  2,167
  2,259
  2,356
  2,460
  2,569
  2,684
  2,807
  2,936
  3,072
  3,215
  3,366
  3,526
  3,694
  3,870
  4,056
  4,252
  4,458
  4,675
Adjusted assets (=assets-cash), $m
  1,425
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,725
  1,786
  1,852
  1,923
  2,000
  2,081
  2,167
  2,259
  2,356
  2,460
  2,569
  2,684
  2,807
  2,936
  3,072
  3,215
  3,366
  3,526
  3,694
  3,870
  4,056
  4,252
  4,458
  4,675
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
  403
  413
  425
  437
  452
  467
  484
  502
  521
  541
  563
  587
  612
  638
  666
  696
  727
  760
  795
  832
  871
  911
  955
  1,000
  1,048
  1,098
  1,151
  1,207
  1,266
Working capital, $m
  393
  198
  203
  208
  214
  220
  227
  235
  244
  253
  262
  273
  284
  295
  308
  321
  335
  350
  366
  383
  400
  419
  438
  459
  481
  504
  528
  553
  580
  608
  637
Total debt, $m
  650
  529
  549
  573
  600
  630
  662
  697
  736
  777
  821
  869
  919
  973
  1,030
  1,091
  1,155
  1,223
  1,295
  1,372
  1,452
  1,537
  1,626
  1,720
  1,820
  1,924
  2,034
  2,150
  2,272
  2,400
  2,535
Total liabilities, $m
  1,027
  906
  926
  950
  977
  1,007
  1,039
  1,074
  1,113
  1,154
  1,198
  1,246
  1,296
  1,350
  1,407
  1,468
  1,532
  1,600
  1,672
  1,749
  1,829
  1,914
  2,003
  2,097
  2,197
  2,301
  2,411
  2,527
  2,649
  2,777
  2,912
Total equity, $m
  736
  548
  561
  575
  591
  609
  629
  650
  673
  698
  725
  754
  784
  817
  852
  888
  927
  968
  1,012
  1,058
  1,107
  1,158
  1,212
  1,269
  1,329
  1,392
  1,459
  1,529
  1,603
  1,681
  1,762
Total liabilities and equity, $m
  1,763
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,724
  1,786
  1,852
  1,923
  2,000
  2,080
  2,167
  2,259
  2,356
  2,459
  2,568
  2,684
  2,807
  2,936
  3,072
  3,215
  3,366
  3,526
  3,693
  3,870
  4,056
  4,252
  4,458
  4,674
Debt-to-equity ratio
  0.883
  0.960
  0.980
  1.000
  1.010
  1.030
  1.050
  1.070
  1.090
  1.110
  1.130
  1.150
  1.170
  1.190
  1.210
  1.230
  1.250
  1.260
  1.280
  1.300
  1.310
  1.330
  1.340
  1.360
  1.370
  1.380
  1.390
  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
  -108
  -110
  -112
  -114
  -117
  -120
  -122
  -126
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
Depreciation, amort., depletion, $m
  51
  76
  76
  77
  77
  78
  79
  80
  81
  82
  83
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  65
  69
  72
Funds from operations, $m
  130
  -30
  -30
  -31
  -33
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -72
  -76
  -80
  -84
  -89
  -93
  -98
  -104
  -109
  -115
  -122
Change in working capital, $m
  -8
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
Cash from operations, $m
  138
  -33
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -151
Maintenance CAPEX, $m
  0
  -22
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -60
  -62
  -65
  -69
New CAPEX, $m
  -36
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
Cash from investing activities, $m
  -114
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -45
  -47
  -51
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -105
  -110
  -115
  -121
  -128
Free cash flow, $m
  24
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -265
  -278
Issuance/(repayment) of debt, $m
  73
  18
  21
  24
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
Issuance/(repurchase) of shares, $m
  -27
  116
  119
  123
  126
  130
  134
  138
  143
  147
  152
  104
  110
  116
  122
  128
  135
  142
  149
  157
  165
  174
  183
  193
  203
  213
  225
  236
  249
  262
  275
Cash from financing (excl. dividends), $m  
  53
  134
  140
  147
  153
  160
  166
  173
  181
  188
  196
  151
  161
  170
  179
  189
  199
  210
  221
  233
  245
  259
  272
  287
  302
  318
  335
  352
  371
  390
  410
Total cash flow (excl. dividends), $m
  67
  70
  74
  77
  79
  82
  85
  88
  91
  94
  97
  46
  49
  53
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  102
  107
  113
  119
  125
  132
Retained Cash Flow (-), $m
  -31
  -116
  -119
  -123
  -126
  -130
  -134
  -138
  -143
  -147
  -152
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -193
  -203
  -213
  -225
  -236
  -249
  -262
  -275
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
 
  153
  -46
  -46
  -47
  -48
  -49
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -130
  -136
  -143
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
 
  146
  -41
  -40
  -38
  -36
  -35
  -33
  -31
  -29
  -28
  -26
  -24
  -22
  -20
  -18
  -16
  -14
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  100
  93.2
  86.8
  80.9
  75.3
  70.1
  65.2
  60.7
  56.5
  52.6
  49.0
  46.8
  44.6
  42.5
  40.4
  38.5
  36.6
  34.8
  33.1
  31.4
  29.9
  28.4
  26.9
  25.6
  24.2
  23.0
  21.8
  20.7
  19.6
  18.6
  17.6

Watts Water Technologies, Inc. designs, manufactures, and sells 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. It offers residential and commercial flow control products, including backflow preventers, water pressure regulators, temperature and pressure relief valves, and thermostatic mixing valves. The company also provides heating, ventilation, and air conditioning and gas products comprising commercial high-efficiency boilers, water heaters, and heating solutions; hydronic and electric heating systems for under-floor radiant applications; custom heat and hot water solutions; hydronic pump groups for boiler manufacturers and alternative energy control packages; and flexible stainless steel connectors for natural and liquid propane gas in commercial food service and residential applications. In addition, it offers drainage and water re-use products consisting of drainage products and engineered rain water harvesting solutions for commercial, industrial, marine and residential applications; and water quality products, such as point-of-use and point-of-entry water filtration, conditioning, and scale prevention systems for commercial and residential applications. The company sells its products to plumbing, heating, mechanical wholesale distributors, dealers, original equipment manufacturers, and do-it-yourself (DIY) chains, as well as to residential construction, home repair and remodeling industries through DIY plumbing retailers, national catalog distribution companies, hardware stores, building material outlets, retail home center chains, plumbing and heating wholesalers; and directly to wholesalers, and private label accounts. It operates in the Americas, Europe, the Middle East and Africa, and Asia-Pacific regions. Watts Water Technologies, Inc. was founded in 1874 and is headquartered in North Andover, Massachusetts.


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FINANCIAL RATIOS  of  Watts Water Technologies Cl A (WTS)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 1.6
Price to Book 3
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 21.7
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% 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 33.713 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 $2.2 billion.

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COMPANY NEWS

▶ 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]
▶ Impax Asset Management Is Betting Heavily on Water Stocks   [May-15-16 12:32PM  at Insider Monkey]
▶ Watts Water Technologies, Inc. Declares Quarterly Dividend   [May-10-16 04:30PM  Business Wire]
Stock chart of WTS Financial statements of WTS Annual reports 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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