Intrinsic value of A.O. Smith - AOS

Previous Close

$60.64

  Intrinsic Value

$74.09

stock screener

  Rating & Target

buy

+22%

  Value-price divergence*

-21%

Previous close

$60.64

 
Intrinsic value

$74.09

 
Up/down potential

+22%

 
Rating

buy

 
Value-price divergence*

-21%

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

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 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 10.6

 

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, %
  5.87
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  2,686
  2,971
  3,269
  3,581
  3,906
  4,245
  4,597
  4,964
  5,345
  5,741
  6,153
  6,581
  7,025
  7,488
  7,969
  8,469
  8,990
  9,533
  10,099
  10,689
  11,304
  11,946
  12,617
  13,317
  14,049
  14,814
  15,614
  16,452
  17,328
  18,245
  19,205
Variable operating expenses, $m
 
  1,768
  1,941
  2,121
  2,309
  2,506
  2,710
  2,922
  3,142
  3,372
  3,610
  3,808
  4,065
  4,333
  4,611
  4,901
  5,203
  5,517
  5,844
  6,185
  6,541
  6,913
  7,301
  7,706
  8,130
  8,573
  9,036
  9,520
  10,027
  10,558
  11,114
Fixed operating expenses, $m
 
  650
  666
  683
  700
  717
  735
  754
  772
  792
  812
  832
  853
  874
  896
  918
  941
  965
  989
  1,014
  1,039
  1,065
  1,091
  1,119
  1,147
  1,175
  1,205
  1,235
  1,266
  1,297
  1,330
Total operating expenses, $m
  2,223
  2,418
  2,607
  2,804
  3,009
  3,223
  3,445
  3,676
  3,914
  4,164
  4,422
  4,640
  4,918
  5,207
  5,507
  5,819
  6,144
  6,482
  6,833
  7,199
  7,580
  7,978
  8,392
  8,825
  9,277
  9,748
  10,241
  10,755
  11,293
  11,855
  12,444
Operating income, $m
  463
  553
  662
  777
  897
  1,022
  1,152
  1,289
  1,430
  1,578
  1,732
  1,941
  2,107
  2,281
  2,462
  2,650
  2,847
  3,052
  3,266
  3,490
  3,724
  3,968
  4,224
  4,492
  4,772
  5,066
  5,374
  5,696
  6,035
  6,390
  6,762
EBITDA, $m
  528
  646
  760
  880
  1,005
  1,135
  1,271
  1,413
  1,560
  1,714
  1,873
  2,040
  2,213
  2,393
  2,581
  2,778
  2,982
  3,195
  3,418
  3,651
  3,894
  4,148
  4,414
  4,692
  4,984
  5,289
  5,609
  5,944
  6,296
  6,664
  7,051
Interest expense (income), $m
  7
  11
  16
  22
  27
  33
  39
  45
  52
  59
  66
  73
  81
  89
  97
  105
  114
  124
  133
  143
  154
  165
  176
  188
  201
  214
  228
  242
  257
  272
  289
Earnings before tax, $m
  463
  541
  646
  755
  870
  989
  1,114
  1,243
  1,379
  1,519
  1,666
  1,868
  2,027
  2,192
  2,365
  2,545
  2,732
  2,928
  3,133
  3,346
  3,570
  3,803
  4,048
  4,304
  4,571
  4,852
  5,146
  5,455
  5,778
  6,117
  6,473
Tax expense, $m
  136
  146
  174
  204
  235
  267
  301
  336
  372
  410
  450
  504
  547
  592
  638
  687
  738
  791
  846
  904
  964
  1,027
  1,093
  1,162
  1,234
  1,310
  1,389
  1,473
  1,560
  1,652
  1,748
Net income, $m
  327
  395
  471
  551
  635
  722
  813
  908
  1,006
  1,109
  1,216
  1,363
  1,479
  1,600
  1,726
  1,858
  1,995
  2,138
  2,287
  2,443
  2,606
  2,776
  2,955
  3,142
  3,337
  3,542
  3,757
  3,982
  4,218
  4,465
  4,725

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  755
  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
  2,891
  2,363
  2,601
  2,849
  3,107
  3,377
  3,657
  3,949
  4,252
  4,567
  4,895
  5,235
  5,589
  5,957
  6,339
  6,738
  7,152
  7,584
  8,034
  8,503
  8,993
  9,504
  10,037
  10,594
  11,177
  11,785
  12,422
  13,088
  13,785
  14,515
  15,279
Adjusted assets (=assets-cash), $m
  2,136
  2,363
  2,601
  2,849
  3,107
  3,377
  3,657
  3,949
  4,252
  4,567
  4,895
  5,235
  5,589
  5,957
  6,339
  6,738
  7,152
  7,584
  8,034
  8,503
  8,993
  9,504
  10,037
  10,594
  11,177
  11,785
  12,422
  13,088
  13,785
  14,515
  15,279
Revenue / Adjusted assets
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
  1.257
Average production assets, $m
  752
  832
  915
  1,003
  1,094
  1,189
  1,287
  1,390
  1,497
  1,608
  1,723
  1,843
  1,967
  2,097
  2,231
  2,371
  2,517
  2,669
  2,828
  2,993
  3,165
  3,345
  3,533
  3,729
  3,934
  4,148
  4,372
  4,606
  4,852
  5,109
  5,378
Working capital, $m
  796
  53
  59
  64
  70
  76
  83
  89
  96
  103
  111
  118
  126
  135
  143
  152
  162
  172
  182
  192
  203
  215
  227
  240
  253
  267
  281
  296
  312
  328
  346
Total debt, $m
  324
  463
  615
  774
  940
  1,113
  1,292
  1,479
  1,674
  1,876
  2,086
  2,304
  2,531
  2,766
  3,012
  3,267
  3,533
  3,809
  4,098
  4,399
  4,712
  5,040
  5,382
  5,739
  6,112
  6,502
  6,911
  7,337
  7,784
  8,252
  8,742
Total liabilities, $m
  1,376
  1,515
  1,667
  1,826
  1,992
  2,165
  2,344
  2,531
  2,726
  2,928
  3,138
  3,356
  3,583
  3,818
  4,064
  4,319
  4,585
  4,861
  5,150
  5,451
  5,764
  6,092
  6,434
  6,791
  7,164
  7,554
  7,963
  8,389
  8,836
  9,304
  9,794
Total equity, $m
  1,515
  848
  934
  1,023
  1,116
  1,212
  1,313
  1,418
  1,527
  1,640
  1,757
  1,879
  2,006
  2,139
  2,276
  2,419
  2,568
  2,723
  2,884
  3,053
  3,228
  3,412
  3,603
  3,803
  4,012
  4,231
  4,460
  4,699
  4,949
  5,211
  5,485
Total liabilities and equity, $m
  2,891
  2,363
  2,601
  2,849
  3,108
  3,377
  3,657
  3,949
  4,253
  4,568
  4,895
  5,235
  5,589
  5,957
  6,340
  6,738
  7,153
  7,584
  8,034
  8,504
  8,992
  9,504
  10,037
  10,594
  11,176
  11,785
  12,423
  13,088
  13,785
  14,515
  15,279
Debt-to-equity ratio
  0.214
  0.550
  0.660
  0.760
  0.840
  0.920
  0.980
  1.040
  1.100
  1.140
  1.190
  1.230
  1.260
  1.290
  1.320
  1.350
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.490
  1.510
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
Adjusted equity ratio
  0.356
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  327
  395
  471
  551
  635
  722
  813
  908
  1,006
  1,109
  1,216
  1,363
  1,479
  1,600
  1,726
  1,858
  1,995
  2,138
  2,287
  2,443
  2,606
  2,776
  2,955
  3,142
  3,337
  3,542
  3,757
  3,982
  4,218
  4,465
  4,725
Depreciation, amort., depletion, $m
  65
  94
  98
  103
  108
  113
  118
  124
  130
  136
  142
  99
  106
  113
  120
  127
  135
  144
  152
  161
  170
  180
  190
  200
  211
  223
  235
  248
  261
  275
  289
Funds from operations, $m
  501
  489
  570
  654
  743
  835
  931
  1,032
  1,136
  1,245
  1,358
  1,462
  1,585
  1,713
  1,846
  1,985
  2,130
  2,281
  2,439
  2,604
  2,776
  2,956
  3,145
  3,342
  3,549
  3,765
  3,992
  4,230
  4,479
  4,740
  5,014
Change in working capital, $m
  54
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
Cash from operations, $m
  447
  484
  564
  649
  737
  829
  925
  1,025
  1,129
  1,238
  1,351
  1,455
  1,577
  1,705
  1,838
  1,976
  2,121
  2,271
  2,429
  2,593
  2,765
  2,945
  3,133
  3,329
  3,536
  3,751
  3,977
  4,214
  4,463
  4,724
  4,997
Maintenance CAPEX, $m
  0
  -40
  -45
  -49
  -54
  -59
  -64
  -69
  -75
  -80
  -86
  -93
  -99
  -106
  -113
  -120
  -127
  -135
  -144
  -152
  -161
  -170
  -180
  -190
  -200
  -211
  -223
  -235
  -248
  -261
  -275
New CAPEX, $m
  -81
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -129
  -135
  -140
  -146
  -152
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -214
  -224
  -234
  -245
  -257
  -269
Cash from investing activities, $m
  -300
  -120
  -129
  -136
  -145
  -154
  -163
  -172
  -182
  -191
  -201
  -213
  -224
  -235
  -248
  -260
  -273
  -287
  -302
  -317
  -333
  -350
  -368
  -386
  -405
  -425
  -447
  -469
  -493
  -518
  -544
Free cash flow, $m
  147
  364
  436
  512
  592
  675
  762
  853
  948
  1,046
  1,149
  1,242
  1,354
  1,469
  1,590
  1,716
  1,847
  1,984
  2,127
  2,276
  2,432
  2,595
  2,765
  2,943
  3,130
  3,326
  3,530
  3,745
  3,970
  4,206
  4,453
Issuance/(repayment) of debt, $m
  74
  146
  152
  159
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  301
  314
  327
  342
  357
  373
  390
  408
  427
  447
  468
  490
Issuance/(repurchase) of shares, $m
  -130
  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  
  -56
  146
  152
  159
  166
  173
  180
  187
  194
  202
  210
  218
  227
  236
  245
  255
  266
  277
  288
  301
  314
  327
  342
  357
  373
  390
  408
  427
  447
  468
  490
Total cash flow (excl. dividends), $m
  91
  510
  588
  671
  758
  848
  942
  1,040
  1,142
  1,248
  1,359
  1,461
  1,580
  1,705
  1,835
  1,971
  2,113
  2,261
  2,415
  2,577
  2,746
  2,922
  3,107
  3,301
  3,503
  3,716
  3,938
  4,172
  4,417
  4,674
  4,943
Retained Cash Flow (-), $m
  -73
  -81
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -162
  -168
  -176
  -183
  -191
  -200
  -209
  -219
  -229
  -239
  -250
  -262
  -274
Prev. year cash balance distribution, $m
 
  748
  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
 
  1,176
  503
  582
  665
  751
  841
  935
  1,033
  1,135
  1,241
  1,338
  1,453
  1,573
  1,698
  1,828
  1,964
  2,106
  2,254
  2,408
  2,570
  2,739
  2,916
  3,101
  3,294
  3,497
  3,710
  3,933
  4,167
  4,412
  4,669
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
 
  1,128
  461
  507
  547
  582
  611
  632
  646
  652
  651
  636
  620
  598
  570
  537
  499
  458
  415
  371
  327
  283
  242
  203
  168
  136
  108
  84
  64
  48
  35
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

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 32.2
Price to Sales 3.9
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 23.5
Price to Free Cash Flow 28.7
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 $2686 million for the last fiscal year's total revenue generated by A.O. Smith. The default revenue input number comes from 2016 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 10.6% 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 59.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $634 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 3.5% 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 28%.

Life of production assets of 18.6 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 1.8%. 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 - $1515 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 174.026 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 $10.6 billion.

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COMPANY NEWS

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▶ A. O. Smith declares quarterly dividend   [Oct-09-17 07:49PM  PR Newswire]
▶ ETFs with exposure to A. O. Smith Corp. : October 5, 2017   [Oct-05-17 10:47AM  Capital Cube]
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▶ Smith AO Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ A.O. Smith meets 2Q profit forecasts   [Jul-26-17 09:54PM  Associated Press]
▶ A. O. Smith to join the S&P 500   [Jul-20-17 01:00PM  PR Newswire]
▶ A.O. Smith elects newly promoted president to board   [Jul-11-17 01:00PM  American City Business Journals]
▶ A. O. Smith declares quarterly dividend   [Jul-10-17 08:02PM  PR Newswire]
▶ City of Milwaukee to consider funds for A.O. Smith   [Jul-07-17 01:46PM  American City Business Journals]
▶ ETFs with exposure to A. O. Smith Corp. : July 6, 2017   [Jul-06-17 01:40PM  Capital Cube]
▶ Long after riots, Milwaukee neighborhood sees little change   [Jun-23-17 06:11PM  Associated Press]
▶ Roundtable: 1 Underdog Stock I'm Watching   [Jun-15-17 04:24PM  Motley Fool]
▶ ETFs with exposure to A. O. Smith Corp. : June 12, 2017   [Jun-12-17 01:48PM  Capital Cube]
▶ ETFs with exposure to A. O. Smith Corp. : June 1, 2017   [Jun-01-17 01:37PM  Capital Cube]
▶ ETFs with exposure to A. O. Smith Corp. : May 22, 2017   [May-22-17 01:21PM  Capital Cube]
▶ Can A.O. Smith Become a Dividend Stock?   [May-16-17 01:14PM  Motley Fool]
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▶ 7 Rising Stocks That Beat the Market   [May-09-17 03:47PM  GuruFocus.com]
▶ China continues to drive growth for A.O. Smith; firm raises outlook   [01:10PM  American City Business Journals]
▶ A.O. Smith tops Street 1Q forecasts   [08:08AM  Associated Press]
▶ A. O. Smith declares quarterly dividend   [Apr-12-17 06:05PM  PR Newswire]
▶ 3 Growth Stocks That Could Soar More Than Nvidia   [Apr-02-17 04:06PM  Motley Fool]
▶ A. O. Smith announces 17 percent dividend increase   [Jan-20-17 04:15PM  PR Newswire]
Financial statements of AOS
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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