Intrinsic value of Woodward - WWD

Previous Close

$80.51

  Intrinsic Value

$41.06

stock screener

  Rating & Target

sell

-49%

  Value-price divergence*

0%

Previous close

$80.51

 
Intrinsic value

$41.06

 
Up/down potential

-49%

 
Rating

sell

 
Value-price divergence*

0%

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

We calculate the intrinsic value of WWD 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 5.0

 

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, %
  -0.74
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  2,023
  2,187
  2,357
  2,534
  2,718
  2,909
  3,108
  3,315
  3,530
  3,753
  3,986
  4,228
  4,481
  4,744
  5,019
  5,305
  5,605
  5,917
  6,243
  6,585
  6,941
  7,315
  7,705
  8,114
  8,542
  8,990
  9,460
  9,952
  10,467
  11,007
  11,574
Variable operating expenses, $m
 
  1,898
  2,042
  2,191
  2,346
  2,507
  2,674
  2,848
  3,029
  3,218
  3,414
  3,562
  3,775
  3,997
  4,228
  4,470
  4,722
  4,985
  5,260
  5,548
  5,848
  6,163
  6,492
  6,836
  7,197
  7,574
  7,970
  8,384
  8,819
  9,274
  9,751
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
  1,784
  1,898
  2,042
  2,191
  2,346
  2,507
  2,674
  2,848
  3,029
  3,218
  3,414
  3,562
  3,775
  3,997
  4,228
  4,470
  4,722
  4,985
  5,260
  5,548
  5,848
  6,163
  6,492
  6,836
  7,197
  7,574
  7,970
  8,384
  8,819
  9,274
  9,751
Operating income, $m
  240
  289
  316
  344
  372
  403
  434
  466
  500
  535
  572
  666
  706
  747
  790
  836
  883
  932
  983
  1,037
  1,093
  1,152
  1,213
  1,278
  1,345
  1,416
  1,490
  1,567
  1,648
  1,733
  1,823
EBITDA, $m
  309
  393
  423
  455
  488
  522
  558
  595
  634
  674
  716
  759
  805
  852
  901
  953
  1,006
  1,063
  1,121
  1,182
  1,246
  1,313
  1,384
  1,457
  1,534
  1,614
  1,699
  1,787
  1,880
  1,977
  2,078
Interest expense (income), $m
  35
  28
  33
  38
  43
  49
  54
  60
  66
  73
  79
  86
  93
  100
  108
  116
  125
  133
  142
  152
  162
  172
  183
  195
  207
  219
  232
  246
  261
  276
  292
Earnings before tax, $m
  226
  260
  282
  305
  329
  354
  380
  406
  434
  463
  493
  580
  613
  647
  682
  719
  758
  799
  841
  885
  931
  979
  1,030
  1,083
  1,138
  1,196
  1,257
  1,321
  1,388
  1,458
  1,531
Tax expense, $m
  45
  70
  76
  82
  89
  96
  102
  110
  117
  125
  133
  157
  165
  175
  184
  194
  205
  216
  227
  239
  251
  264
  278
  292
  307
  323
  339
  357
  375
  394
  413
Net income, $m
  181
  190
  206
  223
  240
  258
  277
  297
  317
  338
  360
  423
  447
  472
  498
  525
  553
  583
  614
  646
  680
  715
  752
  791
  831
  873
  918
  964
  1,013
  1,064
  1,118

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  81
  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
  2,642
  2,768
  2,984
  3,208
  3,441
  3,683
  3,934
  4,196
  4,468
  4,751
  5,046
  5,352
  5,672
  6,005
  6,353
  6,716
  7,094
  7,490
  7,903
  8,335
  8,787
  9,259
  9,753
  10,271
  10,813
  11,380
  11,974
  12,597
  13,249
  13,933
  14,650
Adjusted assets (=assets-cash), $m
  2,561
  2,768
  2,984
  3,208
  3,441
  3,683
  3,934
  4,196
  4,468
  4,751
  5,046
  5,352
  5,672
  6,005
  6,353
  6,716
  7,094
  7,490
  7,903
  8,335
  8,787
  9,259
  9,753
  10,271
  10,813
  11,380
  11,974
  12,597
  13,249
  13,933
  14,650
Revenue / Adjusted assets
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Average production assets, $m
  1,028
  1,111
  1,197
  1,287
  1,381
  1,478
  1,579
  1,684
  1,793
  1,907
  2,025
  2,148
  2,276
  2,410
  2,550
  2,695
  2,847
  3,006
  3,172
  3,345
  3,526
  3,716
  3,914
  4,122
  4,339
  4,567
  4,806
  5,055
  5,317
  5,592
  5,880
Working capital, $m
  463
  575
  620
  667
  715
  765
  817
  872
  928
  987
  1,048
  1,112
  1,178
  1,248
  1,320
  1,395
  1,474
  1,556
  1,642
  1,732
  1,826
  1,924
  2,026
  2,134
  2,247
  2,364
  2,488
  2,617
  2,753
  2,895
  3,044
Total debt, $m
  727
  754
  867
  985
  1,108
  1,235
  1,368
  1,505
  1,648
  1,797
  1,952
  2,113
  2,282
  2,457
  2,640
  2,830
  3,030
  3,238
  3,455
  3,682
  3,920
  4,168
  4,428
  4,700
  4,985
  5,284
  5,596
  5,924
  6,267
  6,627
  7,004
Total liabilities, $m
  1,430
  1,456
  1,569
  1,687
  1,810
  1,937
  2,070
  2,207
  2,350
  2,499
  2,654
  2,815
  2,984
  3,159
  3,342
  3,532
  3,732
  3,940
  4,157
  4,384
  4,622
  4,870
  5,130
  5,402
  5,687
  5,986
  6,298
  6,626
  6,969
  7,329
  7,706
Total equity, $m
  1,213
  1,312
  1,414
  1,521
  1,631
  1,746
  1,865
  1,989
  2,118
  2,252
  2,392
  2,537
  2,689
  2,847
  3,011
  3,183
  3,363
  3,550
  3,746
  3,951
  4,165
  4,389
  4,623
  4,868
  5,125
  5,394
  5,676
  5,971
  6,280
  6,604
  6,944
Total liabilities and equity, $m
  2,643
  2,768
  2,983
  3,208
  3,441
  3,683
  3,935
  4,196
  4,468
  4,751
  5,046
  5,352
  5,673
  6,006
  6,353
  6,715
  7,095
  7,490
  7,903
  8,335
  8,787
  9,259
  9,753
  10,270
  10,812
  11,380
  11,974
  12,597
  13,249
  13,933
  14,650
Debt-to-equity ratio
  0.599
  0.570
  0.610
  0.650
  0.680
  0.710
  0.730
  0.760
  0.780
  0.800
  0.820
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.000
  1.010
Adjusted equity ratio
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  181
  190
  206
  223
  240
  258
  277
  297
  317
  338
  360
  423
  447
  472
  498
  525
  553
  583
  614
  646
  680
  715
  752
  791
  831
  873
  918
  964
  1,013
  1,064
  1,118
Depreciation, amort., depletion, $m
  69
  104
  108
  112
  116
  120
  124
  129
  134
  138
  144
  93
  99
  105
  111
  117
  124
  131
  138
  145
  153
  162
  170
  179
  189
  199
  209
  220
  231
  243
  256
Funds from operations, $m
  412
  294
  314
  334
  356
  378
  401
  425
  450
  476
  504
  517
  546
  577
  609
  642
  677
  714
  752
  791
  833
  877
  922
  970
  1,020
  1,072
  1,127
  1,184
  1,244
  1,307
  1,373
Change in working capital, $m
  -23
  43
  45
  47
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  103
  108
  113
  118
  123
  129
  136
  142
  149
Cash from operations, $m
  435
  251
  269
  288
  308
  328
  349
  371
  394
  418
  442
  453
  480
  508
  537
  567
  599
  631
  666
  702
  739
  778
  819
  862
  907
  954
  1,003
  1,055
  1,109
  1,165
  1,224
Maintenance CAPEX, $m
  0
  -45
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -162
  -170
  -179
  -189
  -199
  -209
  -220
  -231
  -243
New CAPEX, $m
  -176
  -83
  -87
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
  -139
  -146
  -152
  -159
  -166
  -173
  -181
  -190
  -198
  -208
  -217
  -228
  -239
  -250
  -262
  -274
  -288
Cash from investing activities, $m
  -174
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -182
  -192
  -201
  -211
  -221
  -233
  -244
  -257
  -269
  -283
  -297
  -311
  -326
  -343
  -360
  -378
  -396
  -417
  -438
  -459
  -482
  -505
  -531
Free cash flow, $m
  261
  123
  134
  146
  158
  171
  184
  197
  212
  226
  241
  242
  258
  275
  292
  311
  329
  349
  369
  390
  413
  435
  459
  484
  511
  538
  566
  596
  627
  659
  693
Issuance/(repayment) of debt, $m
  -124
  108
  113
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  217
  227
  238
  249
  260
  272
  285
  298
  313
  328
  343
  360
  377
Issuance/(repurchase) of shares, $m
  -110
  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  
  -234
  108
  113
  118
  123
  127
  132
  138
  143
  149
  155
  161
  168
  175
  183
  191
  199
  208
  217
  227
  238
  249
  260
  272
  285
  298
  313
  328
  343
  360
  377
Total cash flow (excl. dividends), $m
  26
  231
  248
  264
  281
  298
  316
  335
  355
  375
  396
  403
  426
  450
  475
  501
  529
  557
  587
  618
  650
  684
  719
  757
  795
  836
  879
  923
  970
  1,019
  1,071
Retained Cash Flow (-), $m
  -60
  -99
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -152
  -158
  -165
  -172
  -179
  -187
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
Prev. year cash balance distribution, $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 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
 
  132
  145
  158
  170
  183
  197
  211
  226
  241
  257
  258
  275
  292
  310
  329
  349
  370
  391
  413
  436
  460
  485
  511
  539
  567
  597
  628
  661
  695
  731
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
 
  126
  133
  137
  140
  142
  143
  143
  141
  138
  135
  122
  117
  111
  104
  97
  89
  80
  72
  64
  55
  48
  40
  34
  27
  22
  17
  13
  10
  8
  6
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

Woodward, Inc. is an independent designer, manufacturer and service provider of energy control and optimization solutions. The Company designs, produces and services energy control products for various applications. The Company's segments include Aerospace and Industrial. The Company's Aerospace segment designs, manufactures and services systems and products for the management of fuel, air, combustion and motion control. The Company's Industrial segment designs, produces and services systems and products for the management of fuel, air, fluids, gases, electricity, motion and combustion. The Company has production and assembly facilities in the United States, Europe and Asia and South America, and promotes its products and services throughout the world. The Company offers solutions for the aerospace, industrial and energy markets. The Company focuses primarily on serving original equipment manufacturers (OEMs) and equipment packagers.

FINANCIAL RATIOS  of  Woodward (WWD)

Valuation Ratios
P/E Ratio 27.4
Price to Sales 2.5
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 11.4
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate -0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -38.7%
Cap. Spend. - 3 Yr. Gr. Rate 4.4%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 47.6%
Total Debt to Equity 59.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 8.1%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 9.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.3%
Return On Equity 15.3%
Return On Equity - 3 Yr. Avg. 15.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 27.1%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 16.7%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 12.4%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 8.7%
Effective Tax Rate 19.9%
Eff/ Tax Rate - 3 Yr. Avg. 23.9%
Payout Ratio 14.9%

WWD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WWD stock intrinsic value calculation we used $2023 million for the last fiscal year's total revenue generated by Woodward. The default revenue input number comes from 2016 income statement of Woodward. 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 WWD stock valuation model: a) initial revenue growth rate of 8.1% 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 WWD is calculated based on our internal credit rating of Woodward, 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 Woodward.
    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 WWD stock the variable cost ratio is equal to 87%.

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 WWD 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 4.4% for Woodward.

Corporate tax rate of 27% is the nominal tax rate for Woodward. 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 WWD 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 WWD are equal to 50.8%.

Life of production assets of 23 years is the average useful life of capital assets used in Woodward 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 WWD is equal to 26.3%. 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 - $1213 million for Woodward - 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 61.527 million for Woodward 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 Woodward at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ At $78.97, Is Woodward Inc (WWD) A Buy?   [Oct-03-17 08:36PM  Simply Wall St.]
▶ Woodward Announces Declaration of Dividend   [Sep-20-17 02:00PM  GlobeNewswire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ ETFs with exposure to Woodward, Inc. : August 8, 2017   [Aug-08-17 05:31PM  Capital Cube]
▶ Woodward Announces Declaration of Dividend   [Jul-28-17 01:30PM  GlobeNewswire]
▶ What Arconic Management Has to Say about the Grenfell Tower   [Jul-26-17 10:41AM  Market Realist]
▶ Woodward tops Street 3Q forecasts   [Jul-24-17 09:38PM  Associated Press]
▶ Woodward, Inc. Value Analysis (NASDAQ:WWD) : July 7, 2017   [Jul-07-17 04:22PM  Capital Cube]
▶ How Analysts Are Rating Arconic in 2Q17   [07:37AM  Market Realist]
▶ ETFs with exposure to Woodward, Inc. : May 15, 2017   [May-15-17 04:57PM  Capital Cube]
▶ ETFs with exposure to Woodward, Inc. : April 26, 2017   [Apr-26-17 03:43PM  Capital Cube]
▶ Woodward Announces Declaration of Dividend   [Apr-24-17 11:00AM  GlobeNewswire]
▶ Arconics Tough Beginning: Controversies and Battles   [Apr-20-17 01:59PM  Market Realist]
▶ Woodward misses Street 2Q forecasts   [Apr-19-17 04:52PM  Associated Press]
▶ Analysts Rate Arconic amid Its Corporate Battle   [Apr-11-17 09:35AM  Market Realist]
▶ Woodward Schedules Facility Tour for Analysts and Investors   [Mar-23-17 03:00PM  GlobeNewswire]
▶ Woodward Authorizes Stock Repurchase Program   [Jan-30-17 03:00PM  GlobeNewswire]
▶ Woodward Increases Dividend by 14%   [03:00PM  GlobeNewswire]
▶ Chuck Royce Is Overweight Industrials; Heres Why   [Dec-28-16 11:59AM  at Insider Monkey]
▶ Is Woodward Inc (WWD) a Good Stock to Buy?   [Dec-12-16 07:48PM  at Insider Monkey]
Financial statements of WWD
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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