Intrinsic value of A.O. Smith - AOS

Previous Close

$46.25

  Intrinsic Value

$62.76

stock screener

  Rating & Target

buy

+36%

Previous close

$46.25

 
Intrinsic value

$62.76

 
Up/down potential

+36%

 
Rating

buy

We calculate the intrinsic value of AOS 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 0001), $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 6.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.90
  12.11
  11.40
  10.76
  10.18
  9.66
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
Revenue, $m
  3,383
  3,793
  4,225
  4,680
  5,157
  5,655
  6,175
  6,717
  7,281
  7,868
  8,479
  9,113
  9,772
  10,456
  11,168
  11,908
  12,678
  13,479
  14,313
  15,181
  16,086
  17,029
  18,013
  19,040
  20,112
  21,232
  22,402
  23,625
  24,903
  26,241
Variable operating expenses, $m
  2,716
  3,035
  3,372
  3,726
  4,097
  4,485
  4,890
  5,312
  5,751
  6,208
  6,600
  7,094
  7,607
  8,140
  8,694
  9,270
  9,869
  10,493
  11,142
  11,818
  12,522
  13,257
  14,022
  14,822
  15,656
  16,528
  17,439
  18,391
  19,386
  20,428
Fixed operating expenses, $m
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  85
  87
  89
  91
  93
  95
  97
  99
  102
  104
  106
  109
  111
  113
  116
  118
  121
Total operating expenses, $m
  2,780
  3,101
  3,439
  3,795
  4,167
  4,557
  4,963
  5,387
  5,828
  6,286
  6,680
  7,176
  7,691
  8,225
  8,781
  9,359
  9,960
  10,586
  11,237
  11,915
  12,621
  13,359
  14,126
  14,928
  15,765
  16,639
  17,552
  18,507
  19,504
  20,549
Operating income, $m
  603
  692
  786
  886
  990
  1,098
  1,212
  1,331
  1,454
  1,582
  1,798
  1,937
  2,081
  2,231
  2,387
  2,549
  2,718
  2,893
  3,076
  3,266
  3,464
  3,671
  3,887
  4,112
  4,347
  4,593
  4,850
  5,118
  5,399
  5,693
EBITDA, $m
  740
  836
  937
  1,043
  1,155
  1,272
  1,394
  1,521
  1,654
  1,792
  1,935
  2,084
  2,239
  2,399
  2,567
  2,741
  2,922
  3,110
  3,306
  3,510
  3,723
  3,945
  4,177
  4,418
  4,671
  4,935
  5,210
  5,498
  5,800
  6,115
Interest expense (income), $m
  7
  22
  33
  44
  56
  69
  82
  96
  111
  126
  141
  158
  175
  192
  211
  230
  250
  270
  292
  314
  337
  361
  386
  413
  440
  469
  498
  530
  562
  596
  632
Earnings before tax, $m
  580
  659
  742
  829
  921
  1,016
  1,116
  1,220
  1,328
  1,441
  1,641
  1,762
  1,889
  2,020
  2,157
  2,299
  2,447
  2,601
  2,762
  2,929
  3,103
  3,285
  3,474
  3,672
  3,879
  4,094
  4,320
  4,556
  4,803
  5,061
Tax expense, $m
  157
  178
  200
  224
  249
  274
  301
  329
  359
  389
  443
  476
  510
  546
  582
  621
  661
  702
  746
  791
  838
  887
  938
  991
  1,047
  1,105
  1,166
  1,230
  1,297
  1,366
Net income, $m
  424
  481
  542
  605
  672
  742
  815
  891
  970
  1,052
  1,198
  1,287
  1,379
  1,475
  1,575
  1,679
  1,787
  1,899
  2,016
  2,138
  2,265
  2,398
  2,536
  2,681
  2,831
  2,989
  3,154
  3,326
  3,506
  3,694

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,573
  4,005
  4,462
  4,942
  5,445
  5,971
  6,521
  7,093
  7,689
  8,309
  8,953
  9,623
  10,318
  11,042
  11,793
  12,575
  13,388
  14,233
  15,114
  16,031
  16,986
  17,982
  19,021
  20,106
  21,238
  22,420
  23,655
  24,947
  26,297
  27,710
Adjusted assets (=assets-cash), $m
  3,573
  4,005
  4,462
  4,942
  5,445
  5,971
  6,521
  7,093
  7,689
  8,309
  8,953
  9,623
  10,318
  11,042
  11,793
  12,575
  13,388
  14,233
  15,114
  16,031
  16,986
  17,982
  19,021
  20,106
  21,238
  22,420
  23,655
  24,947
  26,297
  27,710
Revenue / Adjusted assets
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
  0.947
Average production assets, $m
  1,018
  1,142
  1,272
  1,409
  1,552
  1,702
  1,859
  2,022
  2,192
  2,368
  2,552
  2,743
  2,941
  3,147
  3,362
  3,584
  3,816
  4,057
  4,308
  4,569
  4,842
  5,126
  5,422
  5,731
  6,054
  6,391
  6,743
  7,111
  7,496
  7,899
Working capital, $m
  183
  205
  228
  253
  278
  305
  333
  363
  393
  425
  458
  492
  528
  565
  603
  643
  685
  728
  773
  820
  869
  920
  973
  1,028
  1,086
  1,147
  1,210
  1,276
  1,345
  1,417
Total debt, $m
  609
  820
  1,043
  1,277
  1,523
  1,779
  2,047
  2,327
  2,618
  2,920
  3,234
  3,561
  3,901
  4,254
  4,620
  5,002
  5,399
  5,811
  6,241
  6,688
  7,155
  7,641
  8,148
  8,677
  9,229
  9,806
  10,409
  11,039
  11,698
  12,388
Total liabilities, $m
  1,743
  1,955
  2,177
  2,412
  2,657
  2,914
  3,182
  3,461
  3,752
  4,055
  4,369
  4,696
  5,035
  5,388
  5,755
  6,136
  6,533
  6,946
  7,375
  7,823
  8,289
  8,775
  9,282
  9,812
  10,364
  10,941
  11,544
  12,174
  12,833
  13,522
Total equity, $m
  1,829
  2,051
  2,284
  2,530
  2,788
  3,057
  3,339
  3,632
  3,937
  4,254
  4,584
  4,927
  5,283
  5,653
  6,038
  6,438
  6,854
  7,287
  7,738
  8,208
  8,697
  9,207
  9,739
  10,294
  10,874
  11,479
  12,112
  12,773
  13,464
  14,187
Total liabilities and equity, $m
  3,572
  4,006
  4,461
  4,942
  5,445
  5,971
  6,521
  7,093
  7,689
  8,309
  8,953
  9,623
  10,318
  11,041
  11,793
  12,574
  13,387
  14,233
  15,113
  16,031
  16,986
  17,982
  19,021
  20,106
  21,238
  22,420
  23,656
  24,947
  26,297
  27,709
Debt-to-equity ratio
  0.330
  0.400
  0.460
  0.500
  0.550
  0.580
  0.610
  0.640
  0.660
  0.690
  0.710
  0.720
  0.740
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
Adjusted equity ratio
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512
  0.512

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  424
  481
  542
  605
  672
  742
  815
  891
  970
  1,052
  1,198
  1,287
  1,379
  1,475
  1,575
  1,679
  1,787
  1,899
  2,016
  2,138
  2,265
  2,398
  2,536
  2,681
  2,831
  2,989
  3,154
  3,326
  3,506
  3,694
Depreciation, amort., depletion, $m
  137
  144
  151
  158
  166
  174
  182
  191
  200
  209
  136
  147
  157
  168
  180
  192
  204
  217
  230
  244
  259
  274
  290
  306
  324
  342
  361
  380
  401
  422
Funds from operations, $m
  561
  625
  692
  763
  838
  915
  997
  1,081
  1,169
  1,261
  1,334
  1,433
  1,536
  1,643
  1,755
  1,870
  1,991
  2,116
  2,247
  2,382
  2,524
  2,672
  2,826
  2,987
  3,155
  3,331
  3,514
  3,706
  3,907
  4,117
Change in working capital, $m
  21
  22
  23
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
Cash from operations, $m
  540
  603
  669
  739
  812
  889
  969
  1,052
  1,139
  1,229
  1,301
  1,399
  1,501
  1,606
  1,716
  1,830
  1,949
  2,073
  2,201
  2,336
  2,475
  2,621
  2,773
  2,932
  3,097
  3,270
  3,451
  3,640
  3,838
  4,045
Maintenance CAPEX, $m
  -48
  -54
  -61
  -68
  -75
  -83
  -91
  -99
  -108
  -117
  -127
  -136
  -147
  -157
  -168
  -180
  -192
  -204
  -217
  -230
  -244
  -259
  -274
  -290
  -306
  -324
  -342
  -361
  -380
  -401
New CAPEX, $m
  -117
  -123
  -130
  -137
  -143
  -150
  -157
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -323
  -337
  -352
  -368
  -385
  -403
Cash from investing activities, $m
  -165
  -177
  -191
  -205
  -218
  -233
  -248
  -262
  -278
  -294
  -311
  -327
  -345
  -363
  -382
  -403
  -424
  -445
  -468
  -491
  -516
  -543
  -570
  -599
  -629
  -661
  -694
  -729
  -765
  -804
Free cash flow, $m
  375
  425
  478
  534
  593
  656
  721
  789
  861
  936
  991
  1,072
  1,156
  1,243
  1,334
  1,428
  1,526
  1,628
  1,734
  1,844
  1,959
  2,078
  2,203
  2,333
  2,468
  2,609
  2,757
  2,911
  3,073
  3,241
Issuance/(repayment) of debt, $m
  198
  211
  223
  234
  246
  257
  268
  279
  291
  302
  314
  327
  340
  353
  367
  381
  397
  413
  430
  447
  466
  486
  507
  529
  552
  577
  603
  630
  659
  689
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  198
  211
  223
  234
  246
  257
  268
  279
  291
  302
  314
  327
  340
  353
  367
  381
  397
  413
  430
  447
  466
  486
  507
  529
  552
  577
  603
  630
  659
  689
Total cash flow (excl. dividends), $m
  574
  636
  700
  768
  839
  912
  989
  1,069
  1,152
  1,238
  1,305
  1,398
  1,495
  1,596
  1,700
  1,809
  1,922
  2,040
  2,163
  2,291
  2,425
  2,564
  2,710
  2,862
  3,020
  3,186
  3,360
  3,542
  3,732
  3,930
Retained Cash Flow (-), $m
  -210
  -222
  -234
  -246
  -258
  -269
  -281
  -293
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -400
  -416
  -433
  -451
  -469
  -489
  -510
  -532
  -555
  -580
  -605
  -633
  -661
  -691
  -723
Prev. year cash balance distribution, $m
  26
  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
  389
  414
  467
  522
  581
  643
  708
  776
  847
  921
  975
  1,056
  1,139
  1,226
  1,316
  1,409
  1,506
  1,607
  1,712
  1,822
  1,936
  2,054
  2,178
  2,307
  2,441
  2,581
  2,727
  2,880
  3,040
  3,207
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
  373
  379
  406
  430
  450
  467
  478
  485
  486
  483
  463
  450
  433
  411
  386
  358
  328
  296
  264
  231
  200
  170
  143
  117
  95
  75
  59
  45
  33
  24
Current shareholders' claim on cash, %
  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

A. O. Smith Corporation operates through two segments: North America and Rest of World. The Company's Rest of World segment primarily consists of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas, gas tankless and electric water heaters, as well as water treatment products. Both segments primarily manufacture and market in their respective regions of the world. Its North America segment manufactures and globally markets specialty commercial water heating equipment, condensing and non-condensing boilers and water systems tanks. It also manufactures and markets in-home air purification products in China. It serves residential and commercial end markets in North America with a range of products, which include water heaters, boilers and other. It supplies water heaters to the residential market in China with a broad product offering, including electric, gas, gas tankless, heat pump and solar units, as well as combi boilers.

FINANCIAL RATIOS  of  A.O. Smith (AOS)

Valuation Ratios
P/E Ratio 24.5
Price to Sales 3
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 17.9
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11%
Cap. Spend. - 3 Yr. Gr. Rate -3.7%
Financial Strength
Quick Ratio 108
Current Ratio 0
LT Debt to Equity 20.9%
Total Debt to Equity 21.4%
Interest Coverage 67
Management Effectiveness
Return On Assets 12%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 18.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 22.1%
Return On Equity - 3 Yr. Avg. 19.2%
Asset Turnover 1
Profitability Ratios
Gross Margin 41.7%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 17.8%
Operating Margin 17.2%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 12.2%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 25.7%

AOS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AOS stock intrinsic value calculation we used $2996.7 million for the last fiscal year's total revenue generated by A.O. Smith. The default revenue input number comes from 0001 income statement of A.O. Smith. 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 AOS stock valuation model: a) initial revenue growth rate of 12.9% 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 AOS is calculated based on our internal credit rating of A.O. Smith, 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 A.O. Smith.
    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 AOS stock the variable cost ratio is equal to 80.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $63 million in the base year in the intrinsic value calculation for AOS 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 5.4% for A.O. Smith.

Corporate tax rate of 27% is the nominal tax rate for A.O. Smith. 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 AOS 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 AOS are equal to 30.1%.

Life of production assets of 18.7 years is the average useful life of capital assets used in A.O. Smith 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 AOS is equal to 5.4%. 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 - $1644.9 million for A.O. Smith - 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 144.544 million for A.O. Smith 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 A.O. Smith at the current share price and the inputted number of shares is $6.7 billion.

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COMPANY NEWS

▶ When Should You Buy A O Smith Corporation (NYSE:AOS)?   [Nov-13-18 01:36PM  Simply Wall St.]
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▶ A.O. Smith: 3Q Earnings Snapshot   [09:07AM  Associated Press]
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▶ Take a look inside A.O. Smith's new corporate technology center   [Oct-24-18 03:52PM  American City Business Journals]
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▶ A O Smith Corporation (NYSE:AOS): Financial Strength Analysis   [Sep-05-18 11:21AM  Simply Wall St.]
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▶ A.O. Smith: 2Q Earnings Snapshot   [07:14AM  Associated Press]
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▶ A.O. Smith names Wheeler new CEO as Rajendra transitions to executive chairman   [Jul-11-18 10:41AM  American City Business Journals]
▶ A. O. Smith declares quarterly dividend   [Jul-09-18 07:43PM  PR Newswire]
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▶ A.O. Smith: 1Q Earnings Snapshot   [06:23AM  Associated Press]
▶ 3 Top Stocks You Can Buy and Hold for the Next Decade   [Apr-24-18 07:47AM  Motley Fool]
▶ Is A O. Smith Corporation (NYSE:AOS) Undervalued?   [Apr-18-18 02:37PM  Simply Wall St.]
▶ A. O. Smith declares quarterly dividend   [Apr-09-18 05:50PM  PR Newswire]
▶ Why A.O. Smith Is a Retiree's Dream Stock   [Mar-30-18 10:17AM  Motley Fool]
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▶ A.O. Smith Sees Plenty of Room to Run   [Mar-15-18 09:50AM  Motley Fool]
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