Intrinsic value of Woodward - WWD

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$68.97

  Intrinsic Value

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  Value-price divergence*

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*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 4.2

 

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, %
  -0.74
  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
  2,023
  2,063
  2,111
  2,165
  2,226
  2,294
  2,368
  2,448
  2,536
  2,630
  2,730
  2,838
  2,954
  3,076
  3,207
  3,345
  3,492
  3,647
  3,811
  3,984
  4,167
  4,360
  4,564
  4,779
  5,005
  5,243
  5,494
  5,758
  6,036
  6,329
  6,636
Variable operating expenses, $m
 
  1,794
  1,834
  1,880
  1,931
  1,988
  2,050
  2,118
  2,192
  2,271
  2,356
  2,391
  2,488
  2,592
  2,702
  2,818
  2,942
  3,072
  3,211
  3,357
  3,511
  3,674
  3,845
  4,026
  4,217
  4,418
  4,629
  4,851
  5,086
  5,332
  5,591
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
  1,794
  1,834
  1,880
  1,931
  1,988
  2,050
  2,118
  2,192
  2,271
  2,356
  2,391
  2,488
  2,592
  2,702
  2,818
  2,942
  3,072
  3,211
  3,357
  3,511
  3,674
  3,845
  4,026
  4,217
  4,418
  4,629
  4,851
  5,086
  5,332
  5,591
Operating income, $m
  240
  269
  277
  285
  295
  306
  317
  330
  344
  359
  374
  447
  465
  484
  505
  527
  550
  574
  600
  627
  656
  687
  719
  753
  788
  826
  865
  907
  951
  997
  1,045
EBITDA, $m
  309
  371
  379
  389
  400
  412
  425
  440
  455
  472
  490
  510
  530
  552
  576
  601
  627
  655
  684
  715
  748
  783
  820
  858
  899
  942
  987
  1,034
  1,084
  1,136
  1,192
Interest expense (income), $m
  35
  28
  30
  31
  33
  34
  36
  38
  41
  43
  46
  49
  52
  56
  59
  63
  67
  71
  76
  81
  86
  91
  97
  103
  109
  116
  123
  130
  138
  146
  155
Earnings before tax, $m
  226
  241
  247
  254
  262
  271
  281
  291
  303
  315
  328
  398
  413
  429
  446
  464
  483
  503
  524
  547
  570
  596
  622
  650
  679
  710
  743
  777
  813
  851
  891
Tax expense, $m
  45
  65
  67
  69
  71
  73
  76
  79
  82
  85
  89
  107
  111
  116
  120
  125
  130
  136
  142
  148
  154
  161
  168
  175
  183
  192
  200
  210
  219
  230
  240
Net income, $m
  181
  176
  181
  186
  192
  198
  205
  213
  221
  230
  240
  290
  301
  313
  325
  339
  352
  367
  383
  399
  416
  435
  454
  474
  496
  518
  542
  567
  593
  621
  650

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
  2,612
  2,672
  2,741
  2,818
  2,903
  2,997
  3,099
  3,210
  3,329
  3,456
  3,593
  3,739
  3,894
  4,059
  4,234
  4,420
  4,616
  4,824
  5,043
  5,275
  5,520
  5,777
  6,049
  6,336
  6,637
  6,955
  7,289
  7,641
  8,011
  8,400
Adjusted assets (=assets-cash), $m
  2,561
  2,612
  2,672
  2,741
  2,818
  2,903
  2,997
  3,099
  3,210
  3,329
  3,456
  3,593
  3,739
  3,894
  4,059
  4,234
  4,420
  4,616
  4,824
  5,043
  5,275
  5,520
  5,777
  6,049
  6,336
  6,637
  6,955
  7,289
  7,641
  8,011
  8,400
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
  1,048
  1,072
  1,100
  1,131
  1,165
  1,203
  1,244
  1,288
  1,336
  1,387
  1,442
  1,500
  1,563
  1,629
  1,699
  1,774
  1,853
  1,936
  2,024
  2,117
  2,215
  2,319
  2,428
  2,543
  2,664
  2,791
  2,925
  3,066
  3,215
  3,371
Working capital, $m
  463
  543
  555
  569
  585
  603
  623
  644
  667
  692
  718
  747
  777
  809
  843
  880
  918
  959
  1,002
  1,048
  1,096
  1,147
  1,200
  1,257
  1,316
  1,379
  1,445
  1,514
  1,588
  1,664
  1,745
Total debt, $m
  727
  672
  703
  740
  780
  825
  874
  928
  986
  1,049
  1,116
  1,188
  1,265
  1,346
  1,433
  1,525
  1,623
  1,726
  1,835
  1,951
  2,073
  2,201
  2,337
  2,480
  2,631
  2,789
  2,956
  3,132
  3,317
  3,512
  3,716
Total liabilities, $m
  1,430
  1,374
  1,405
  1,442
  1,482
  1,527
  1,576
  1,630
  1,688
  1,751
  1,818
  1,890
  1,967
  2,048
  2,135
  2,227
  2,325
  2,428
  2,537
  2,653
  2,775
  2,903
  3,039
  3,182
  3,333
  3,491
  3,658
  3,834
  4,019
  4,214
  4,418
Total equity, $m
  1,213
  1,238
  1,267
  1,299
  1,336
  1,376
  1,421
  1,469
  1,521
  1,578
  1,638
  1,703
  1,772
  1,846
  1,924
  2,007
  2,095
  2,188
  2,286
  2,391
  2,500
  2,616
  2,738
  2,867
  3,003
  3,146
  3,297
  3,455
  3,622
  3,797
  3,982
Total liabilities and equity, $m
  2,643
  2,612
  2,672
  2,741
  2,818
  2,903
  2,997
  3,099
  3,209
  3,329
  3,456
  3,593
  3,739
  3,894
  4,059
  4,234
  4,420
  4,616
  4,823
  5,044
  5,275
  5,519
  5,777
  6,049
  6,336
  6,637
  6,955
  7,289
  7,641
  8,011
  8,400
Debt-to-equity ratio
  0.599
  0.540
  0.560
  0.570
  0.580
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
  0.700
  0.710
  0.730
  0.740
  0.760
  0.770
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.920
  0.930
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
  176
  181
  186
  192
  198
  205
  213
  221
  230
  240
  290
  301
  313
  325
  339
  352
  367
  383
  399
  416
  435
  454
  474
  496
  518
  542
  567
  593
  621
  650
Depreciation, amort., depletion, $m
  69
  101
  102
  103
  105
  106
  108
  110
  112
  114
  116
  63
  65
  68
  71
  74
  77
  81
  84
  88
  92
  96
  101
  106
  111
  116
  121
  127
  133
  140
  147
Funds from operations, $m
  412
  277
  283
  289
  296
  304
  313
  322
  333
  344
  356
  353
  367
  381
  396
  412
  430
  448
  467
  487
  508
  531
  555
  580
  606
  634
  663
  694
  727
  761
  797
Change in working capital, $m
  -23
  11
  12
  14
  16
  18
  19
  21
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  43
  46
  48
  51
  54
  56
  60
  63
  66
  69
  73
  77
  81
Cash from operations, $m
  435
  313
  270
  275
  280
  287
  294
  301
  310
  319
  329
  325
  336
  349
  362
  376
  391
  407
  424
  441
  460
  480
  501
  523
  547
  571
  597
  625
  654
  684
  716
Maintenance CAPEX, $m
  0
  -45
  -46
  -47
  -48
  -49
  -51
  -52
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -140
New CAPEX, $m
  -176
  -21
  -24
  -28
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -149
  -156
Cash from investing activities, $m
  -174
  -66
  -70
  -75
  -79
  -83
  -89
  -93
  -98
  -104
  -109
  -115
  -122
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -199
  -210
  -221
  -232
  -243
  -255
  -268
  -282
  -296
Free cash flow, $m
  261
  248
  201
  201
  202
  203
  205
  208
  211
  215
  220
  210
  215
  221
  228
  235
  243
  251
  260
  269
  279
  290
  301
  314
  326
  340
  354
  369
  385
  402
  420
Issuance/(repayment) of debt, $m
  -124
  26
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
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
  26
  32
  36
  41
  45
  49
  54
  58
  63
  67
  72
  77
  82
  87
  92
  98
  103
  109
  115
  122
  129
  136
  143
  151
  159
  167
  176
  185
  195
  205
Total cash flow (excl. dividends), $m
  26
  273
  232
  237
  242
  248
  255
  262
  269
  278
  287
  281
  292
  303
  315
  327
  340
  354
  369
  385
  401
  419
  437
  456
  477
  499
  521
  545
  570
  597
  625
Retained Cash Flow (-), $m
  -60
  -25
  -28
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
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
 
  248
  204
  204
  206
  208
  210
  213
  217
  221
  226
  217
  223
  229
  236
  244
  252
  261
  271
  281
  291
  303
  315
  328
  341
  356
  371
  387
  404
  421
  440
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
 
  238
  186
  178
  169
  161
  152
  144
  136
  127
  119
  103
  95
  87
  79
  72
  64
  57
  50
  43
  37
  31
  26
  21
  17
  14
  11
  8
  6
  5
  3
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 23.5
Price to Sales 2.1
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 9.8
Price to Free Cash Flow 16.4
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 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 4.3%, 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 $4.2 billion.


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COMPANY NEWS

▶ 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]
▶ Woodward Announces Declaration of Dividend   [03:00PM  GlobeNewswire]
▶ Woodward Announces Declaration of Dividend   [03:00PM  GlobeNewswire]
Stock chart of WWD Financial statements of WWD Annual reports 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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