Intrinsic value of Anixter International - AXE

Previous Close

$71.90

  Intrinsic Value

$93.51

stock screener

  Rating & Target

buy

+30%

Previous close

$71.90

 
Intrinsic value

$93.51

 
Up/down potential

+30%

 
Rating

buy

We calculate the intrinsic value of AXE 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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  8,244
  8,582
  8,942
  9,324
  9,729
  10,158
  10,611
  11,091
  11,598
  12,133
  12,697
  13,292
  13,920
  14,580
  15,276
  16,008
  16,779
  17,590
  18,443
  19,340
  20,284
  21,276
  22,318
  23,415
  24,567
  25,777
  27,050
  28,386
  29,791
  31,266
Variable operating expenses, $m
  7,481
  7,783
  8,104
  8,445
  8,807
  9,191
  9,596
  10,025
  10,477
  10,955
  11,344
  11,876
  12,436
  13,026
  13,647
  14,302
  14,990
  15,715
  16,477
  17,279
  18,121
  19,008
  19,939
  20,919
  21,948
  23,030
  24,166
  25,360
  26,615
  27,933
Fixed operating expenses, $m
  436
  446
  456
  466
  476
  487
  497
  508
  519
  531
  542
  554
  567
  579
  592
  605
  618
  632
  646
  660
  674
  689
  704
  720
  736
  752
  768
  785
  803
  820
Total operating expenses, $m
  7,917
  8,229
  8,560
  8,911
  9,283
  9,678
  10,093
  10,533
  10,996
  11,486
  11,886
  12,430
  13,003
  13,605
  14,239
  14,907
  15,608
  16,347
  17,123
  17,939
  18,795
  19,697
  20,643
  21,639
  22,684
  23,782
  24,934
  26,145
  27,418
  28,753
Operating income, $m
  327
  353
  382
  412
  445
  480
  518
  558
  601
  647
  811
  862
  917
  975
  1,037
  1,102
  1,170
  1,243
  1,320
  1,402
  1,488
  1,579
  1,675
  1,776
  1,883
  1,996
  2,115
  2,241
  2,373
  2,513
EBITDA, $m
  579
  611
  646
  683
  722
  765
  810
  858
  909
  964
  1,022
  1,083
  1,148
  1,217
  1,290
  1,367
  1,449
  1,535
  1,626
  1,723
  1,824
  1,932
  2,045
  2,165
  2,291
  2,424
  2,564
  2,712
  2,867
  3,032
Interest expense (income), $m
  76
  71
  78
  84
  92
  99
  107
  116
  125
  135
  145
  156
  167
  179
  192
  205
  219
  234
  249
  265
  282
  300
  319
  339
  360
  382
  405
  430
  455
  482
  510
Earnings before tax, $m
  256
  276
  297
  321
  346
  373
  402
  433
  466
  502
  655
  695
  738
  784
  832
  883
  937
  994
  1,055
  1,119
  1,187
  1,259
  1,335
  1,416
  1,501
  1,590
  1,685
  1,785
  1,891
  2,002
Tax expense, $m
  69
  74
  80
  87
  93
  101
  109
  117
  126
  136
  177
  188
  199
  212
  225
  238
  253
  268
  285
  302
  321
  340
  361
  382
  405
  429
  455
  482
  510
  541
Net income, $m
  187
  201
  217
  234
  253
  272
  294
  316
  341
  366
  478
  508
  539
  572
  607
  644
  684
  726
  770
  817
  867
  919
  975
  1,033
  1,095
  1,161
  1,230
  1,303
  1,380
  1,462

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
  4,423
  4,604
  4,797
  5,002
  5,219
  5,449
  5,693
  5,950
  6,222
  6,509
  6,812
  7,131
  7,468
  7,822
  8,195
  8,588
  9,002
  9,437
  9,894
  10,376
  10,882
  11,414
  11,973
  12,561
  13,180
  13,829
  14,512
  15,229
  15,982
  16,774
Adjusted assets (=assets-cash), $m
  4,423
  4,604
  4,797
  5,002
  5,219
  5,449
  5,693
  5,950
  6,222
  6,509
  6,812
  7,131
  7,468
  7,822
  8,195
  8,588
  9,002
  9,437
  9,894
  10,376
  10,882
  11,414
  11,973
  12,561
  13,180
  13,829
  14,512
  15,229
  15,982
  16,774
Revenue / Adjusted assets
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
  1.864
Average production assets, $m
  1,369
  1,425
  1,484
  1,548
  1,615
  1,686
  1,762
  1,841
  1,925
  2,014
  2,108
  2,207
  2,311
  2,420
  2,536
  2,657
  2,785
  2,920
  3,062
  3,210
  3,367
  3,532
  3,705
  3,887
  4,078
  4,279
  4,490
  4,712
  4,945
  5,190
Working capital, $m
  165
  172
  179
  186
  195
  203
  212
  222
  232
  243
  254
  266
  278
  292
  306
  320
  336
  352
  369
  387
  406
  426
  446
  468
  491
  516
  541
  568
  596
  625
Total debt, $m
  1,360
  1,480
  1,606
  1,741
  1,884
  2,035
  2,195
  2,364
  2,543
  2,731
  2,930
  3,140
  3,361
  3,594
  3,839
  4,097
  4,369
  4,655
  4,955
  5,271
  5,604
  5,954
  6,321
  6,708
  7,114
  7,540
  7,989
  8,460
  8,955
  9,475
Total liabilities, $m
  2,906
  3,025
  3,152
  3,286
  3,429
  3,580
  3,740
  3,909
  4,088
  4,277
  4,475
  4,685
  4,906
  5,139
  5,384
  5,642
  5,914
  6,200
  6,501
  6,817
  7,149
  7,499
  7,867
  8,253
  8,659
  9,086
  9,534
  10,005
  10,500
  11,020
Total equity, $m
  1,517
  1,579
  1,645
  1,716
  1,790
  1,869
  1,953
  2,041
  2,134
  2,233
  2,336
  2,446
  2,561
  2,683
  2,811
  2,946
  3,088
  3,237
  3,394
  3,559
  3,732
  3,915
  4,107
  4,309
  4,521
  4,743
  4,977
  5,223
  5,482
  5,753
Total liabilities and equity, $m
  4,423
  4,604
  4,797
  5,002
  5,219
  5,449
  5,693
  5,950
  6,222
  6,510
  6,811
  7,131
  7,467
  7,822
  8,195
  8,588
  9,002
  9,437
  9,895
  10,376
  10,881
  11,414
  11,974
  12,562
  13,180
  13,829
  14,511
  15,228
  15,982
  16,773
Debt-to-equity ratio
  0.900
  0.940
  0.980
  1.010
  1.050
  1.090
  1.120
  1.160
  1.190
  1.220
  1.250
  1.280
  1.310
  1.340
  1.370
  1.390
  1.410
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.560
  1.570
  1.590
  1.600
  1.620
  1.630
  1.650
Adjusted equity ratio
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343
  0.343

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  201
  217
  234
  253
  272
  294
  316
  341
  366
  478
  508
  539
  572
  607
  644
  684
  726
  770
  817
  867
  919
  975
  1,033
  1,095
  1,161
  1,230
  1,303
  1,380
  1,462
Depreciation, amort., depletion, $m
  253
  258
  264
  270
  277
  284
  292
  300
  308
  317
  211
  221
  231
  242
  254
  266
  279
  292
  306
  321
  337
  353
  370
  389
  408
  428
  449
  471
  495
  519
Funds from operations, $m
  439
  459
  481
  505
  530
  557
  585
  616
  649
  683
  689
  728
  770
  814
  861
  910
  962
  1,018
  1,076
  1,138
  1,203
  1,272
  1,345
  1,422
  1,503
  1,589
  1,679
  1,774
  1,875
  1,981
Change in working capital, $m
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
Cash from operations, $m
  433
  453
  474
  497
  522
  548
  576
  607
  639
  673
  678
  716
  757
  801
  847
  895
  947
  1,002
  1,059
  1,120
  1,185
  1,253
  1,324
  1,400
  1,480
  1,565
  1,654
  1,748
  1,847
  1,951
Maintenance CAPEX, $m
  -132
  -137
  -142
  -148
  -155
  -161
  -169
  -176
  -184
  -193
  -201
  -211
  -221
  -231
  -242
  -254
  -266
  -279
  -292
  -306
  -321
  -337
  -353
  -370
  -389
  -408
  -428
  -449
  -471
  -495
New CAPEX, $m
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
Cash from investing activities, $m
  -185
  -193
  -202
  -211
  -222
  -232
  -244
  -256
  -268
  -282
  -295
  -310
  -325
  -341
  -357
  -376
  -394
  -414
  -434
  -455
  -478
  -502
  -526
  -552
  -580
  -609
  -639
  -671
  -704
  -740
Free cash flow, $m
  248
  260
  272
  285
  300
  315
  332
  351
  370
  391
  383
  407
  433
  460
  489
  520
  553
  588
  626
  665
  707
  751
  798
  848
  900
  956
  1,015
  1,077
  1,142
  1,212
Issuance/(repayment) of debt, $m
  113
  119
  127
  135
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
  368
  386
  406
  427
  448
  471
  495
  520
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  
  113
  119
  127
  135
  143
  151
  160
  169
  179
  189
  199
  210
  221
  233
  245
  258
  272
  286
  301
  316
  333
  350
  368
  386
  406
  427
  448
  471
  495
  520
Total cash flow (excl. dividends), $m
  361
  379
  399
  420
  442
  467
  492
  520
  549
  580
  582
  617
  654
  693
  734
  778
  825
  874
  926
  981
  1,039
  1,101
  1,166
  1,234
  1,306
  1,383
  1,463
  1,548
  1,637
  1,732
Retained Cash Flow (-), $m
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -88
  -93
  -98
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
  -258
  -272
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
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
Cash available for distribution, $m
  303
  317
  332
  349
  368
  388
  409
  432
  456
  482
  478
  507
  538
  571
  606
  644
  683
  725
  769
  816
  866
  918
  974
  1,032
  1,094
  1,160
  1,229
  1,302
  1,379
  1,460
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  283
  274
  264
  254
  242
  229
  215
  199
  183
  167
  141
  126
  111
  96
  82
  69
  57
  46
  37
  29
  22
  16
  12
  9
  6
  4
  3
  2
  1
  1
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

Anixter International Inc. is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS). The NSS segment's product portfolio includes access control, power, cable management, wireless, professional audio/video, voice and networking switches, and other ancillary products. The EES segment's product portfolio includes electrical and electronic wire and cable, shipboard cable, support and supply products, low-voltage cable, instrumentation cable, industrial communication and control products, security cable, connectors, industrial Ethernet switches, and voice and data cable. The UPS segment supplies electrical transmission and distribution products, power plant maintenance, repair and operations supplies, and smart-grid products.

FINANCIAL RATIOS  of  Anixter International (AXE)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 0.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 9.8
Growth Rates
Sales Growth Rate 23.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 0.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 106.7%
Total Debt to Equity 106.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 13%
Asset Turnover 1.9
Profitability Ratios
Gross Margin 20.3%
Gross Margin - 3 Yr. Avg. 21.5%
EBITDA Margin 4.5%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 4.6%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 38.9%
Eff/ Tax Rate - 3 Yr. Avg. 40.2%
Payout Ratio 0%

AXE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AXE stock intrinsic value calculation we used $7927 million for the last fiscal year's total revenue generated by Anixter International. The default revenue input number comes from 2017 income statement of Anixter International. 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 AXE stock valuation model: a) initial revenue growth rate of 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 7.2%, whose default value for AXE is calculated based on our internal credit rating of Anixter International, 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 Anixter International.
    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 AXE stock the variable cost ratio is equal to 90.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $427 million in the base year in the intrinsic value calculation for AXE 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 5.7% for Anixter International.

Corporate tax rate of 27% is the nominal tax rate for Anixter International. 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 AXE stock is equal to 0.2%.

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 AXE are equal to 16.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Anixter International 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 AXE is equal to 2%. 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 - $1459 million for Anixter International - 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 34 million for Anixter International 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 Anixter International at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for August 14th   [Aug-14-18 11:06AM  Zacks]
▶ Anixter International: 2Q Earnings Snapshot   [Jul-26-18 07:05AM  Associated Press]
▶ Industrials: Despite Bullish CEO Talk, Few Values   [Jun-28-18 07:00AM  Morningstar]
▶ New Strong Sell Stocks for June 25th   [Jun-25-18 07:37AM  Zacks]
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▶ New Strong Sell Stocks for May 4th   [May-04-18 10:00AM  Zacks]
▶ Anixter International: 1Q Earnings Snapshot   [06:48AM  Associated Press]
▶ Industrials: Healthy Demand, But Few Values   [Mar-30-18 06:00AM  Morningstar]
▶ Company News For Jan 31, 2018   [Jan-31-18 09:37AM  Zacks]
▶ Anixter International Inc. to Host Earnings Call   [Jan-30-18 08:20AM  ACCESSWIRE]
▶ Anixter International posts 4Q profit   [06:49AM  Associated Press]
▶ John Rogers Comments on Anixter Intl   [Jan-18-18 06:00PM  GuruFocus.com]
▶ Anixter Could Offer Electrifying Returns   [07:00AM  Morningstar]
▶ Anixter International misses Street 3Q forecasts   [06:43AM  Associated Press]
▶ When Should You Buy Anixter International Inc (AXE)?   [Sep-19-17 05:21PM  Simply Wall St.]
▶ Anixter International meets 2Q profit forecasts   [Jul-25-17 09:48PM  Associated Press]
▶ New Strong Buy Stocks for June 26th   [Jun-26-17 07:55AM  Zacks]
▶ New Strong Buy Stocks for June 21st   [Jun-21-17 09:28AM  Zacks]
▶ [$$] Sam Zell Speaks His Mind   [Jun-18-17 03:00PM  The Wall Street Journal]
▶ New Strong Buy Stocks for June 14th   [Jun-14-17 10:23AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for May 23rd   [May-23-17 10:21AM  Zacks]
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