Intrinsic value of Actuant Cl A - ATU

Previous Close

$26.25

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$26.25

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

We calculate the intrinsic value of ATU 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 2017), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.61
  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
  1,096
  1,118
  1,144
  1,173
  1,206
  1,243
  1,283
  1,326
  1,374
  1,425
  1,479
  1,538
  1,600
  1,667
  1,737
  1,812
  1,892
  1,976
  2,065
  2,159
  2,258
  2,362
  2,473
  2,589
  2,712
  2,841
  2,977
  3,120
  3,270
  3,429
  3,595
Variable operating expenses, $m
 
  1,215
  1,242
  1,273
  1,307
  1,345
  1,387
  1,432
  1,481
  1,534
  1,591
  1,599
  1,664
  1,733
  1,806
  1,884
  1,967
  2,054
  2,146
  2,244
  2,347
  2,456
  2,571
  2,692
  2,819
  2,953
  3,095
  3,243
  3,400
  3,565
  3,738
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
  1,146
  1,215
  1,242
  1,273
  1,307
  1,345
  1,387
  1,432
  1,481
  1,534
  1,591
  1,599
  1,664
  1,733
  1,806
  1,884
  1,967
  2,054
  2,146
  2,244
  2,347
  2,456
  2,571
  2,692
  2,819
  2,953
  3,095
  3,243
  3,400
  3,565
  3,738
Operating income, $m
  -50
  -97
  -98
  -100
  -101
  -102
  -104
  -106
  -107
  -109
  -112
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
  -107
  -113
  -118
  -124
  -130
  -136
  -143
EBITDA, $m
  -7
  -29
  -30
  -30
  -31
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -84
  -89
  -93
Interest expense (income), $m
  0
  19
  19
  20
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  62
  66
  69
  73
  78
  82
  87
  92
Earnings before tax, $m
  -83
  -116
  -118
  -120
  -122
  -124
  -127
  -130
  -133
  -137
  -141
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -165
  -173
  -182
  -191
  -201
  -212
  -223
  -235
Tax expense, $m
  -17
  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
Net income, $m
  -66
  -116
  -118
  -120
  -122
  -124
  -127
  -130
  -133
  -137
  -141
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -165
  -173
  -182
  -191
  -201
  -212
  -223
  -235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  230
  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
  1,517
  1,312
  1,342
  1,377
  1,416
  1,458
  1,506
  1,557
  1,612
  1,672
  1,736
  1,805
  1,878
  1,956
  2,039
  2,127
  2,220
  2,319
  2,423
  2,533
  2,650
  2,773
  2,902
  3,039
  3,183
  3,334
  3,494
  3,662
  3,838
  4,024
  4,220
Adjusted assets (=assets-cash), $m
  1,287
  1,312
  1,342
  1,377
  1,416
  1,458
  1,506
  1,557
  1,612
  1,672
  1,736
  1,805
  1,878
  1,956
  2,039
  2,127
  2,220
  2,319
  2,423
  2,533
  2,650
  2,773
  2,902
  3,039
  3,183
  3,334
  3,494
  3,662
  3,838
  4,024
  4,220
Revenue / Adjusted assets
  0.852
  0.852
  0.852
  0.852
  0.852
  0.853
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
  0.852
Average production assets, $m
  287
  292
  298
  306
  315
  324
  335
  346
  359
  372
  386
  401
  418
  435
  453
  473
  494
  516
  539
  563
  589
  617
  645
  676
  708
  741
  777
  814
  854
  895
  938
Working capital, $m
  258
  59
  61
  62
  64
  66
  68
  70
  73
  76
  78
  82
  85
  88
  92
  96
  100
  105
  109
  114
  120
  125
  131
  137
  144
  151
  158
  165
  173
  182
  191
Total debt, $m
  562
  551
  574
  601
  630
  663
  699
  739
  781
  827
  876
  929
  985
  1,044
  1,108
  1,175
  1,247
  1,322
  1,402
  1,487
  1,576
  1,670
  1,769
  1,874
  1,984
  2,100
  2,222
  2,351
  2,486
  2,629
  2,778
Total liabilities, $m
  1,016
  1,005
  1,028
  1,055
  1,084
  1,117
  1,153
  1,193
  1,235
  1,281
  1,330
  1,383
  1,439
  1,498
  1,562
  1,629
  1,701
  1,776
  1,856
  1,941
  2,030
  2,124
  2,223
  2,328
  2,438
  2,554
  2,676
  2,805
  2,940
  3,083
  3,232
Total equity, $m
  501
  307
  314
  322
  331
  341
  352
  364
  377
  391
  406
  422
  439
  458
  477
  498
  520
  543
  567
  593
  620
  649
  679
  711
  745
  780
  818
  857
  898
  942
  987
Total liabilities and equity, $m
  1,517
  1,312
  1,342
  1,377
  1,415
  1,458
  1,505
  1,557
  1,612
  1,672
  1,736
  1,805
  1,878
  1,956
  2,039
  2,127
  2,221
  2,319
  2,423
  2,534
  2,650
  2,773
  2,902
  3,039
  3,183
  3,334
  3,494
  3,662
  3,838
  4,025
  4,219
Debt-to-equity ratio
  1.122
  1.790
  1.830
  1.860
  1.900
  1.940
  1.980
  2.030
  2.070
  2.110
  2.160
  2.200
  2.240
  2.280
  2.320
  2.360
  2.400
  2.440
  2.470
  2.510
  2.540
  2.570
  2.600
  2.640
  2.660
  2.690
  2.720
  2.740
  2.770
  2.790
  2.810
Adjusted equity ratio
  0.211
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -66
  -116
  -118
  -120
  -122
  -124
  -127
  -130
  -133
  -137
  -141
  -92
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -156
  -165
  -173
  -182
  -191
  -201
  -212
  -223
  -235
Depreciation, amort., depletion, $m
  43
  68
  69
  69
  70
  70
  71
  71
  72
  73
  73
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  50
Funds from operations, $m
  79
  -47
  -49
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -167
  -176
  -185
Change in working capital, $m
  -9
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  88
  -49
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -194
Maintenance CAPEX, $m
  0
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
New CAPEX, $m
  -28
  -5
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
Cash from investing activities, $m
  -28
  -20
  -22
  -24
  -25
  -27
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -50
  -54
  -56
  -58
  -62
  -64
  -68
  -71
  -74
  -78
  -82
  -86
  -90
Free cash flow, $m
  60
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -190
  -199
  -210
  -221
  -232
  -244
  -257
  -270
  -285
Issuance/(repayment) of debt, $m
  -19
  19
  23
  26
  30
  33
  36
  39
  43
  46
  49
  53
  56
  60
  63
  67
  71
  76
  80
  84
  89
  94
  99
  105
  110
  116
  122
  129
  135
  142
  150
Issuance/(repurchase) of shares, $m
  9
  122
  125
  128
  131
  134
  138
  142
  146
  151
  156
  108
  113
  119
  125
  131
  138
  145
  153
  160
  169
  178
  187
  197
  207
  218
  229
  241
  253
  266
  280
Cash from financing (excl. dividends), $m  
  -13
  141
  148
  154
  161
  167
  174
  181
  189
  197
  205
  161
  169
  179
  188
  198
  209
  221
  233
  244
  258
  272
  286
  302
  317
  334
  351
  370
  388
  408
  430
Total cash flow (excl. dividends), $m
  52
  72
  75
  79
  82
  85
  88
  91
  94
  98
  101
  51
  55
  58
  62
  65
  69
  73
  78
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  138
  146
Retained Cash Flow (-), $m
  20
  -122
  -125
  -128
  -131
  -134
  -138
  -142
  -146
  -151
  -156
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -153
  -160
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
Prev. year cash balance distribution, $m
 
  200
  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
 
  150
  -49
  -49
  -49
  -49
  -50
  -51
  -52
  -53
  -55
  -57
  -59
  -61
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -135
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  141
  -44
  -40
  -38
  -35
  -32
  -30
  -27
  -25
  -23
  -20
  -18
  -16
  -14
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  88.5
  78.4
  69.4
  61.4
  54.4
  48.2
  42.7
  37.8
  33.5
  29.8
  27.5
  25.3
  23.3
  21.4
  19.7
  18.1
  16.6
  15.2
  14.0
  12.8
  11.7
  10.8
  9.8
  9.0
  8.2
  7.5
  6.9
  6.3
  5.8
  5.3

Actuant Corporation designs, manufactures and distributes a range of industrial products and systems to various end markets. The Company operates through three segments: Industrial, Energy and Engineered Solutions. The Company's Industrial segment is primarily involved in the design, manufacture and distribution of branded hydraulic and mechanical tools to the maintenance, industrial, infrastructure and production automation markets. The Company's Energy segment provides joint integrity products and services, customized offshore vessel mooring solutions, as well as rope and cable solutions to the global oil and gas, power generation and other energy markets. The Company's Engineered Solutions segment provides engineered position and motion control systems to original equipment manufacturers (OEM) in various on and off-highway vehicle markets, as well as various other products to the industrial and agricultural markets.

FINANCIAL RATIOS  of  Actuant Cl A (ATU)

Valuation Ratios
P/E Ratio -23.7
Price to Sales 1.4
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 40%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 8
Current Ratio 0.2
LT Debt to Equity 106.2%
Total Debt to Equity 112.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -4.5%
Ret/ On Assets - 3 Yr. Avg. -2.5%
Return On Total Capital -6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -4.5%
Return On Equity -12.9%
Return On Equity - 3 Yr. Avg. -9.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 35.6%
EBITDA Margin -3.6%
EBITDA Margin - 3 Yr. Avg. -0.1%
Operating Margin -4.6%
Oper. Margin - 3 Yr. Avg. -3%
Pre-Tax Margin -7.6%
Pre-Tax Margin - 3 Yr. Avg. -5.6%
Net Profit Margin -6%
Net Profit Margin - 3 Yr. Avg. -4.5%
Effective Tax Rate 20.5%
Eff/ Tax Rate - 3 Yr. Avg. 19.9%
Payout Ratio -3%

ATU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATU stock intrinsic value calculation we used $1096 million for the last fiscal year's total revenue generated by Actuant Cl A. The default revenue input number comes from 2017 income statement of Actuant Cl A. 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 ATU 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 6%, whose default value for ATU is calculated based on our internal credit rating of Actuant Cl A, 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 Actuant Cl A.
    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 ATU stock the variable cost ratio is equal to 108.8%.

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 ATU 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 Actuant Cl A.

Corporate tax rate of 27% is the nominal tax rate for Actuant Cl A. 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 ATU 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 ATU are equal to 26.1%.

Life of production assets of 18.9 years is the average useful life of capital assets used in Actuant Cl A 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 ATU is equal to 5.3%. 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 - $501 million for Actuant Cl A - 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 59.81 million for Actuant Cl A 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 Actuant Cl A at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Actuant reports 4Q loss   [Sep-27-17 11:04PM  Associated Press]
▶ Actuant Announces Leadership Consolidation   [Sep-14-17 04:30PM  Business Wire]
▶ Actuant Announces Executive Leadership Changes   [Sep-08-17 08:30AM  Business Wire]
▶ ETFs with exposure to Actuant Corp. : August 3, 2017   [Aug-03-17 07:45PM  Capital Cube]
▶ ETFs with exposure to Actuant Corp. : July 11, 2017   [Jul-11-17 02:04PM  Capital Cube]
▶ Actuant tops Street 3Q forecasts   [Jun-21-17 08:59PM  Associated Press]
▶ Energy sector challenges hit Actuant's 3Q sales   [11:20AM  American City Business Journals]
▶ New Strong Sell Stocks for June 19th   [Jun-19-17 10:23AM  Zacks]
▶ Bear of the Day: Actuant (ATU)   [05:04AM  Zacks]
▶ New Strong Sell Stocks for June 14th   [Jun-14-17 10:17AM  Zacks]
▶ Actuant Corp. Value Analysis (NYSE:ATU) : May 16, 2017   [May-16-17 01:06PM  Capital Cube]
▶ ETFs with exposure to Actuant Corp. : April 12, 2017   [Apr-12-17 01:09PM  Capital Cube]
▶ Actuant misses 2Q profit forecasts   [08:12AM  Associated Press]
▶ Actuant Elects Richard Holder as New Director   [Feb-28-17 08:30AM  Business Wire]
Financial statements of ATU
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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