Intrinsic value of Woodward - WWD

Previous Close

$67.33

  Intrinsic Value

$40.75

stock screener

  Rating & Target

sell

-39%

  Value-price divergence*

-20%

Previous close

$67.33

 
Intrinsic value

$40.75

 
Up/down potential

-39%

 
Rating

sell

 
Value-price divergence*

-20%

*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 4.1

 

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
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  2,023
  2,112
  2,206
  2,306
  2,411
  2,522
  2,639
  2,763
  2,893
  3,030
  3,175
  3,327
  3,487
  3,655
  3,832
  4,019
  4,215
  4,421
  4,637
  4,865
  5,104
  5,356
  5,620
  5,898
  6,190
  6,496
  6,818
  7,156
  7,512
  7,885
  8,277
Variable operating expenses, $m
 
  1,835
  1,914
  1,998
  2,087
  2,180
  2,279
  2,383
  2,493
  2,609
  2,730
  2,803
  2,938
  3,080
  3,229
  3,386
  3,551
  3,725
  3,907
  4,099
  4,301
  4,512
  4,735
  4,969
  5,215
  5,473
  5,744
  6,029
  6,329
  6,643
  6,974
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
  1,835
  1,914
  1,998
  2,087
  2,180
  2,279
  2,383
  2,493
  2,609
  2,730
  2,803
  2,938
  3,080
  3,229
  3,386
  3,551
  3,725
  3,907
  4,099
  4,301
  4,512
  4,735
  4,969
  5,215
  5,473
  5,744
  6,029
  6,329
  6,643
  6,974
Operating income, $m
  240
  277
  292
  308
  324
  342
  360
  379
  400
  422
  444
  524
  549
  576
  604
  633
  664
  696
  730
  766
  804
  843
  885
  929
  975
  1,023
  1,074
  1,127
  1,183
  1,242
  1,303
EBITDA, $m
  309
  379
  396
  414
  433
  453
  474
  496
  519
  544
  570
  597
  626
  656
  688
  722
  757
  794
  833
  874
  917
  962
  1,009
  1,059
  1,111
  1,167
  1,224
  1,285
  1,349
  1,416
  1,486
Interest expense (income), $m
  35
  28
  31
  34
  37
  40
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  87
  93
  99
  105
  112
  119
  126
  134
  142
  150
  159
  169
  179
  189
  200
Earnings before tax, $m
  226
  249
  261
  274
  287
  302
  317
  333
  350
  368
  386
  462
  483
  504
  527
  552
  577
  604
  632
  661
  692
  725
  759
  795
  833
  873
  914
  958
  1,004
  1,053
  1,103
Tax expense, $m
  45
  67
  70
  74
  78
  81
  86
  90
  94
  99
  104
  125
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
Net income, $m
  181
  181
  190
  200
  210
  220
  231
  243
  255
  268
  282
  337
  352
  368
  385
  403
  421
  441
  461
  483
  505
  529
  554
  580
  608
  637
  667
  699
  733
  768
  805

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
  2,673
  2,793
  2,919
  3,052
  3,192
  3,341
  3,497
  3,662
  3,836
  4,019
  4,211
  4,414
  4,627
  4,851
  5,087
  5,335
  5,596
  5,870
  6,158
  6,461
  6,780
  7,114
  7,466
  7,835
  8,223
  8,631
  9,059
  9,509
  9,981
  10,477
Adjusted assets (=assets-cash), $m
  2,561
  2,673
  2,793
  2,919
  3,052
  3,192
  3,341
  3,497
  3,662
  3,836
  4,019
  4,211
  4,414
  4,627
  4,851
  5,087
  5,335
  5,596
  5,870
  6,158
  6,461
  6,780
  7,114
  7,466
  7,835
  8,223
  8,631
  9,059
  9,509
  9,981
  10,477
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
  1,073
  1,121
  1,171
  1,225
  1,281
  1,341
  1,403
  1,470
  1,539
  1,613
  1,690
  1,771
  1,857
  1,947
  2,042
  2,141
  2,246
  2,356
  2,471
  2,593
  2,721
  2,855
  2,996
  3,144
  3,300
  3,464
  3,635
  3,816
  4,006
  4,205
Working capital, $m
  463
  555
  580
  606
  634
  663
  694
  727
  761
  797
  835
  875
  917
  961
  1,008
  1,057
  1,108
  1,163
  1,220
  1,280
  1,342
  1,409
  1,478
  1,551
  1,628
  1,708
  1,793
  1,882
  1,976
  2,074
  2,177
Total debt, $m
  727
  704
  767
  833
  903
  977
  1,055
  1,138
  1,224
  1,316
  1,412
  1,513
  1,620
  1,732
  1,850
  1,974
  2,104
  2,241
  2,386
  2,537
  2,697
  2,864
  3,040
  3,225
  3,419
  3,623
  3,838
  4,063
  4,299
  4,548
  4,809
Total liabilities, $m
  1,430
  1,406
  1,469
  1,535
  1,605
  1,679
  1,757
  1,840
  1,926
  2,018
  2,114
  2,215
  2,322
  2,434
  2,552
  2,676
  2,806
  2,943
  3,088
  3,239
  3,399
  3,566
  3,742
  3,927
  4,121
  4,325
  4,540
  4,765
  5,001
  5,250
  5,511
Total equity, $m
  1,213
  1,267
  1,324
  1,383
  1,447
  1,513
  1,584
  1,658
  1,736
  1,818
  1,905
  1,996
  2,092
  2,193
  2,299
  2,411
  2,529
  2,652
  2,782
  2,919
  3,063
  3,214
  3,372
  3,539
  3,714
  3,898
  4,091
  4,294
  4,507
  4,731
  4,966
Total liabilities and equity, $m
  2,643
  2,673
  2,793
  2,918
  3,052
  3,192
  3,341
  3,498
  3,662
  3,836
  4,019
  4,211
  4,414
  4,627
  4,851
  5,087
  5,335
  5,595
  5,870
  6,158
  6,462
  6,780
  7,114
  7,466
  7,835
  8,223
  8,631
  9,059
  9,508
  9,981
  10,477
Debt-to-equity ratio
  0.599
  0.560
  0.580
  0.600
  0.620
  0.650
  0.670
  0.690
  0.710
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.950
  0.960
  0.970
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
  181
  190
  200
  210
  220
  231
  243
  255
  268
  282
  337
  352
  368
  385
  403
  421
  441
  461
  483
  505
  529
  554
  580
  608
  637
  667
  699
  733
  768
  805
Depreciation, amort., depletion, $m
  69
  102
  104
  107
  109
  111
  114
  117
  119
  123
  126
  73
  77
  81
  85
  89
  93
  98
  102
  107
  113
  118
  124
  130
  137
  143
  151
  158
  166
  174
  183
Funds from operations, $m
  412
  284
  295
  306
  319
  332
  345
  360
  375
  391
  408
  411
  429
  449
  470
  491
  514
  538
  564
  590
  618
  647
  678
  711
  745
  780
  818
  858
  899
  943
  988
Change in working capital, $m
  -23
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
  89
  93
  98
  103
Cash from operations, $m
  435
  260
  270
  280
  291
  302
  315
  327
  341
  355
  370
  371
  387
  405
  423
  442
  463
  484
  507
  530
  555
  581
  609
  638
  668
  700
  733
  769
  806
  844
  885
Maintenance CAPEX, $m
  0
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -174
New CAPEX, $m
  -176
  -45
  -48
  -51
  -53
  -56
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -199
Cash from investing activities, $m
  -174
  -90
  -95
  -100
  -104
  -109
  -116
  -121
  -127
  -134
  -140
  -147
  -154
  -163
  -171
  -180
  -189
  -198
  -208
  -218
  -229
  -241
  -252
  -265
  -278
  -293
  -307
  -323
  -339
  -356
  -373
Free cash flow, $m
  261
  170
  175
  181
  187
  193
  199
  206
  214
  221
  230
  223
  232
  242
  252
  263
  274
  286
  299
  312
  326
  341
  356
  372
  389
  407
  426
  446
  467
  489
  512
Issuance/(repayment) of debt, $m
  -124
  58
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  130
  137
  144
  152
  159
  167
  176
  185
  194
  204
  214
  225
  237
  249
  261
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
  58
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  130
  137
  144
  152
  159
  167
  176
  185
  194
  204
  214
  225
  237
  249
  261
Total cash flow (excl. dividends), $m
  26
  228
  238
  247
  257
  267
  277
  288
  300
  313
  326
  324
  339
  354
  370
  387
  405
  424
  443
  464
  485
  508
  532
  557
  584
  612
  641
  671
  704
  737
  773
Retained Cash Flow (-), $m
  -60
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
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
 
  174
  182
  187
  194
  200
  207
  214
  222
  230
  239
  233
  243
  253
  264
  275
  287
  300
  313
  327
  342
  357
  374
  391
  409
  428
  447
  468
  490
  513
  538
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
 
  167
  166
  163
  159
  155
  150
  145
  139
  132
  125
  111
  104
  96
  89
  81
  73
  65
  58
  50
  43
  37
  31
  26
  21
  17
  13
  10
  8
  6
  4
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. designs, manufactures, and services energy control and optimization solutions for the aerospace, industrial, and energy markets worldwide. Its Aerospace segment provides fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles; and flight deck controls, actuators, servocontrols, motors, and sensors for aircraft that are used on commercial and private aircrafts and helicopters, as well as in military fixed-wing aircrafts and rotorcrafts, weapons, and defense systems. It also offers aftermarket repair, overhaul, and other services to commercial airlines, turbine original equipment manufacturer (OEM) repair facilities, military depots, third party repair shops, and other end users. This segment sells its products to OEMs, tier-one suppliers, and prime contractors, as well as through aftermarket sales of components, such as provisioning spares or replacements. The company’s Industrial segment designs, produces, and services systems and products for the management of fuel, air, fluids, gases, electricity, motion, and combustion. Its products include actuators, valves, pumps, injectors, solenoids, ignition systems, speed controls, electronics and software, power converters, and devices that measure, communicate, and protect electrical distribution systems for use in industrial gas turbines, steam turbines, reciprocating engines, electric power generation and power distribution systems, wind turbines, and compressors. This segment sells its products, aftermarket products, and other related services to OEMs through an independent network of distributors, as well as directly to end users. Woodward, Inc. was founded in 1870 and is headquartered in Fort Collins, Colorado.

FINANCIAL RATIOS  of  Woodward (WWD)

Valuation Ratios
P/E Ratio 22.9
Price to Sales 2
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 16
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 4.4% 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 60.172 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 $4.1 billion.

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COMPANY NEWS

▶ 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]
▶ Woodward Schedules Investor and Analyst Conference   [Nov-03-16 01:30PM  GlobeNewswire]
▶ Not Upstream, but Arconic Segments Hit Alcoas 3Q16 Earnings   [Oct-12-16 04:04PM  at Market Realist]
▶ Investor Alert: Can Arconic Navigate Its Short-Term Challenges?   [Sep-22-16 10:04AM  at Market Realist]
▶ Do the Markets Really Want Alcoa to Split into 2 Companies?   [Sep-20-16 04:30PM  at Market Realist]
Stock chart of WWD 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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