Intrinsic value of Church&Dwight - CHD

Previous Close

$48.39

  Intrinsic Value

$35.13

stock screener

  Rating & Target

sell

-27%

Previous close

$48.39

 
Intrinsic value

$35.13

 
Up/down potential

-27%

 
Rating

sell

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

We calculate the intrinsic value of CHD 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 12.1

 

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, %
  2.89
  2.40
  2.66
  2.89
  3.10
  3.29
  3.46
  3.62
  3.76
  3.88
  3.99
  4.09
  4.18
  4.27
  4.34
  4.41
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
Revenue, $m
  3,493
  3,577
  3,672
  3,778
  3,896
  4,024
  4,163
  4,314
  4,476
  4,650
  4,835
  5,033
  5,244
  5,468
  5,705
  5,956
  6,222
  6,503
  6,800
  7,114
  7,444
  7,793
  8,160
  8,548
  8,955
  9,384
  9,836
  10,311
  10,811
  11,337
  11,890
Variable operating expenses, $m
 
  1,749
  1,792
  1,840
  1,892
  1,950
  2,012
  2,080
  2,153
  2,231
  2,314
  2,258
  2,353
  2,453
  2,560
  2,672
  2,792
  2,918
  3,051
  3,192
  3,340
  3,496
  3,661
  3,835
  4,018
  4,210
  4,413
  4,626
  4,851
  5,087
  5,335
Fixed operating expenses, $m
 
  1,111
  1,139
  1,167
  1,197
  1,226
  1,257
  1,289
  1,321
  1,354
  1,388
  1,422
  1,458
  1,494
  1,532
  1,570
  1,609
  1,649
  1,691
  1,733
  1,776
  1,821
  1,866
  1,913
  1,961
  2,010
  2,060
  2,111
  2,164
  2,218
  2,274
Total operating expenses, $m
  2,769
  2,860
  2,931
  3,007
  3,089
  3,176
  3,269
  3,369
  3,474
  3,585
  3,702
  3,680
  3,811
  3,947
  4,092
  4,242
  4,401
  4,567
  4,742
  4,925
  5,116
  5,317
  5,527
  5,748
  5,979
  6,220
  6,473
  6,737
  7,015
  7,305
  7,609
Operating income, $m
  724
  717
  741
  771
  807
  848
  894
  946
  1,003
  1,065
  1,134
  1,353
  1,433
  1,520
  1,614
  1,714
  1,821
  1,936
  2,058
  2,189
  2,328
  2,476
  2,633
  2,800
  2,977
  3,164
  3,363
  3,574
  3,797
  4,032
  4,282
EBITDA, $m
  832
  927
  954
  986
  1,024
  1,067
  1,116
  1,170
  1,230
  1,296
  1,368
  1,446
  1,531
  1,622
  1,720
  1,825
  1,937
  2,057
  2,185
  2,321
  2,467
  2,621
  2,785
  2,959
  3,143
  3,339
  3,546
  3,765
  3,998
  4,243
  4,503
Interest expense (income), $m
  26
  33
  34
  37
  39
  41
  44
  47
  51
  54
  58
  62
  66
  71
  76
  81
  87
  92
  99
  105
  112
  119
  127
  135
  143
  152
  162
  172
  182
  193
  205
Earnings before tax, $m
  706
  684
  707
  735
  768
  806
  850
  898
  952
  1,011
  1,076
  1,291
  1,367
  1,449
  1,538
  1,633
  1,735
  1,844
  1,960
  2,084
  2,216
  2,357
  2,506
  2,665
  2,833
  3,012
  3,201
  3,402
  3,614
  3,839
  4,077
Tax expense, $m
  247
  185
  191
  198
  207
  218
  229
  243
  257
  273
  290
  348
  369
  391
  415
  441
  468
  498
  529
  563
  598
  636
  677
  719
  765
  813
  864
  919
  976
  1,037
  1,101
Net income, $m
  459
  499
  516
  536
  561
  589
  620
  656
  695
  738
  785
  942
  998
  1,058
  1,123
  1,192
  1,266
  1,346
  1,431
  1,521
  1,618
  1,720
  1,829
  1,945
  2,068
  2,199
  2,337
  2,483
  2,639
  2,803
  2,976

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  188
  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
  4,354
  4,268
  4,382
  4,509
  4,649
  4,802
  4,968
  5,148
  5,341
  5,549
  5,770
  6,006
  6,258
  6,525
  6,808
  7,107
  7,425
  7,760
  8,115
  8,489
  8,883
  9,299
  9,738
  10,200
  10,686
  11,199
  11,738
  12,305
  12,901
  13,529
  14,189
Adjusted assets (=assets-cash), $m
  4,166
  4,268
  4,382
  4,509
  4,649
  4,802
  4,968
  5,148
  5,341
  5,549
  5,770
  6,006
  6,258
  6,525
  6,808
  7,107
  7,425
  7,760
  8,115
  8,489
  8,883
  9,299
  9,738
  10,200
  10,686
  11,199
  11,738
  12,305
  12,901
  13,529
  14,189
Revenue / Adjusted assets
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
  0.838
Average production assets, $m
  1,950
  1,996
  2,049
  2,108
  2,174
  2,245
  2,323
  2,407
  2,498
  2,595
  2,698
  2,809
  2,926
  3,051
  3,183
  3,323
  3,472
  3,629
  3,794
  3,969
  4,154
  4,348
  4,554
  4,770
  4,997
  5,236
  5,489
  5,754
  6,033
  6,326
  6,635
Working capital, $m
  -245
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Total debt, $m
  1,120
  985
  1,044
  1,111
  1,185
  1,265
  1,352
  1,447
  1,548
  1,657
  1,773
  1,897
  2,029
  2,169
  2,318
  2,475
  2,642
  2,818
  3,004
  3,201
  3,408
  3,626
  3,856
  4,099
  4,354
  4,623
  4,906
  5,204
  5,517
  5,847
  6,193
Total liabilities, $m
  2,376
  2,241
  2,300
  2,367
  2,441
  2,521
  2,608
  2,703
  2,804
  2,913
  3,029
  3,153
  3,285
  3,425
  3,574
  3,731
  3,898
  4,074
  4,260
  4,457
  4,664
  4,882
  5,112
  5,355
  5,610
  5,879
  6,162
  6,460
  6,773
  7,103
  7,449
Total equity, $m
  1,978
  2,027
  2,081
  2,142
  2,208
  2,281
  2,360
  2,445
  2,537
  2,636
  2,741
  2,853
  2,972
  3,099
  3,234
  3,376
  3,527
  3,686
  3,854
  4,032
  4,220
  4,417
  4,626
  4,845
  5,076
  5,319
  5,575
  5,845
  6,128
  6,426
  6,740
Total liabilities and equity, $m
  4,354
  4,268
  4,381
  4,509
  4,649
  4,802
  4,968
  5,148
  5,341
  5,549
  5,770
  6,006
  6,257
  6,524
  6,808
  7,107
  7,425
  7,760
  8,114
  8,489
  8,884
  9,299
  9,738
  10,200
  10,686
  11,198
  11,737
  12,305
  12,901
  13,529
  14,189
Debt-to-equity ratio
  0.566
  0.490
  0.500
  0.520
  0.540
  0.550
  0.570
  0.590
  0.610
  0.630
  0.650
  0.670
  0.680
  0.700
  0.720
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475
  0.475

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  459
  499
  516
  536
  561
  589
  620
  656
  695
  738
  785
  942
  998
  1,058
  1,123
  1,192
  1,266
  1,346
  1,431
  1,521
  1,618
  1,720
  1,829
  1,945
  2,068
  2,199
  2,337
  2,483
  2,639
  2,803
  2,976
Depreciation, amort., depletion, $m
  108
  211
  213
  215
  217
  219
  222
  225
  228
  231
  234
  94
  98
  102
  106
  111
  116
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
Funds from operations, $m
  729
  710
  729
  751
  777
  808
  842
  880
  923
  969
  1,020
  1,036
  1,095
  1,160
  1,229
  1,303
  1,382
  1,467
  1,557
  1,654
  1,756
  1,865
  1,981
  2,104
  2,235
  2,373
  2,520
  2,675
  2,840
  3,014
  3,197
Change in working capital, $m
  74
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  655
  710
  729
  751
  778
  808
  842
  881
  923
  969
  1,020
  1,036
  1,096
  1,160
  1,229
  1,303
  1,383
  1,467
  1,558
  1,654
  1,757
  1,866
  1,982
  2,105
  2,236
  2,374
  2,521
  2,676
  2,841
  3,015
  3,199
Maintenance CAPEX, $m
  0
  -65
  -67
  -68
  -70
  -72
  -75
  -77
  -80
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -201
  -211
New CAPEX, $m
  -50
  -46
  -53
  -59
  -65
  -72
  -78
  -84
  -90
  -97
  -104
  -110
  -118
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -205
  -216
  -227
  -239
  -252
  -265
  -279
  -293
  -309
Cash from investing activities, $m
  -355
  -111
  -120
  -127
  -135
  -144
  -153
  -161
  -170
  -180
  -190
  -200
  -212
  -223
  -234
  -246
  -259
  -273
  -287
  -301
  -317
  -333
  -350
  -368
  -386
  -406
  -427
  -448
  -471
  -494
  -520
Free cash flow, $m
  300
  599
  609
  624
  642
  664
  690
  719
  752
  789
  830
  836
  885
  938
  995
  1,057
  1,123
  1,195
  1,271
  1,353
  1,440
  1,533
  1,632
  1,737
  1,849
  1,968
  2,094
  2,228
  2,370
  2,520
  2,679
Issuance/(repayment) of debt, $m
  69
  53
  60
  67
  73
  80
  87
  94
  102
  109
  116
  124
  132
  140
  149
  157
  167
  176
  186
  196
  207
  218
  230
  243
  255
  269
  283
  298
  313
  329
  346
Issuance/(repurchase) of shares, $m
  -350
  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  
  -257
  53
  60
  67
  73
  80
  87
  94
  102
  109
  116
  124
  132
  140
  149
  157
  167
  176
  186
  196
  207
  218
  230
  243
  255
  269
  283
  298
  313
  329
  346
Total cash flow (excl. dividends), $m
  41
  652
  669
  690
  715
  744
  777
  813
  854
  898
  946
  960
  1,017
  1,078
  1,144
  1,214
  1,290
  1,371
  1,457
  1,549
  1,647
  1,751
  1,862
  1,980
  2,105
  2,237
  2,377
  2,526
  2,683
  2,850
  3,026
Retained Cash Flow (-), $m
  45
  -49
  -54
  -60
  -66
  -73
  -79
  -85
  -92
  -98
  -105
  -112
  -119
  -127
  -134
  -142
  -151
  -159
  -168
  -178
  -187
  -198
  -208
  -219
  -231
  -243
  -256
  -269
  -283
  -298
  -313
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
 
  603
  615
  630
  649
  672
  698
  728
  762
  800
  841
  848
  897
  951
  1,009
  1,072
  1,139
  1,211
  1,289
  1,371
  1,460
  1,554
  1,654
  1,760
  1,874
  1,994
  2,121
  2,256
  2,400
  2,551
  2,712
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  577
  562
  547
  532
  518
  503
  488
  471
  454
  435
  396
  376
  354
  331
  306
  281
  255
  229
  203
  177
  153
  130
  109
  89
  72
  57
  45
  34
  25
  18
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

Church & Dwight Co., Inc. develops, manufactures and markets a range of household, personal care and specialty products. The Company's segments include Consumer Domestic, Consumer International and Specialty Products Division (SPD). The Company also sells specialty products to industrial customers and distributors. The Consumer Domestic segment includes various brands, as well as other household and personal care products, such as KABOOM cleaning products, ARRID antiperspirant, CLOSE-UP and AIM toothpastes and SIMPLY SALINE nasal saline moisturizer. The Consumer International segment markets a range of personal care products, household and over-the-counter products in international markets, including Canada, France, China, Australia, the United Kingdom, Mexico and Brazil. The Company's SPD segment is a producer of sodium bicarbonate, which it sells together with other specialty inorganic chemicals for various industrial, institutional, medical and food applications.

FINANCIAL RATIOS  of  Church&Dwight (CHD)

Valuation Ratios
P/E Ratio 26.8
Price to Sales 3.5
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 18.8
Price to Free Cash Flow 20.3
Growth Rates
Sales Growth Rate 2.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -19.4%
Cap. Spend. - 3 Yr. Gr. Rate -5.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 35%
Total Debt to Equity 56.6%
Interest Coverage 28
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 10.3%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 13.7%
Return On Equity 22.9%
Return On Equity - 3 Yr. Avg. 20.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 45.5%
Gross Margin - 3 Yr. Avg. 44.7%
EBITDA Margin 24%
EBITDA Margin - 3 Yr. Avg. 23%
Operating Margin 20.7%
Oper. Margin - 3 Yr. Avg. 20%
Pre-Tax Margin 20.2%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 35%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 39.9%

CHD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHD stock intrinsic value calculation we used $3493 million for the last fiscal year's total revenue generated by Church&Dwight. The default revenue input number comes from 2016 income statement of Church&Dwight. 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 CHD stock valuation model: a) initial revenue growth rate of 2.4% 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 4.4%, whose default value for CHD is calculated based on our internal credit rating of Church&Dwight, 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 Church&Dwight.
    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 CHD stock the variable cost ratio is equal to 49%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1084 million in the base year in the intrinsic value calculation for CHD 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 Church&Dwight.

Corporate tax rate of 27% is the nominal tax rate for Church&Dwight. 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 CHD 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 CHD are equal to 55.8%.

Life of production assets of 31 years is the average useful life of capital assets used in Church&Dwight 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 CHD is equal to -0.2%. 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 - $1978 million for Church&Dwight - 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 249.459 million for Church&Dwight 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 Church&Dwight at the current share price and the inputted number of shares is $12.1 billion.

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COMPANY NEWS

▶ How PG, KMB, CL, CLX, and CHD Compare on Valuation   [Dec-01-17 09:02AM  Market Realist]
▶ Dealmakers Talk Challenges at Deal Economy Conference   [Nov-30-17 04:11PM  TheStreet.com]
▶ Church & Dwight beats Street 3Q forecasts   [07:47AM  Associated Press]
▶ Church & Dwight Reports Q3 2017 Results   [07:00AM  Business Wire]
▶ Will Kimberly-Clarks Margins Improve in 3Q17?   [Oct-13-17 09:08AM  Market Realist]
▶ Colgate-Palmolive Stock Could Rise More   [Oct-12-17 09:12AM  Market Realist]
▶ Challenging the Kraft-Heinz Recipe   [Oct-04-17 12:33PM  Bloomberg]
▶ Church & Dwight to Report Third Quarter 2017 Results   [Oct-02-17 12:06PM  Business Wire]
▶ 2 Things to Love About Microsoft Corporation (MSFT) Stock   [Sep-25-17 11:36AM  InvestorPlace]
▶ How Procter & Gamble Is Performing on Profitability   [Sep-18-17 04:36PM  Market Realist]
▶ Analyzing Procter & Gambles Sales   [03:06PM  Market Realist]
▶ Predators & Prey In The New Consumer Staples Landscape   [Sep-15-17 01:49PM  Barrons.com]
▶ Clorox Beat Peers on EPS Growth   [07:40AM  Market Realist]
▶ Heres Why Clorox Is Outperforming Peers   [Sep-13-17 08:35AM  Market Realist]
▶ Top Losers in the Consumer Sector on July 31August 4   [Aug-09-17 11:06AM  Market Realist]
▶ Church & Dwight Completes Purchase of Water Pik   [Aug-08-17 07:00AM  Business Wire]
▶ Church & Dwight beats 2Q profit forecasts   [02:36AM  Associated Press]
▶ Church & Dwight: Not the Best, Not the Worst   [Aug-03-17 05:13PM  Barrons.com]
▶ Church & Dwight Reports Results   [07:00AM  Business Wire]
▶ 5 Companies Reach Yearly Highs   [Aug-01-17 01:59PM  GuruFocus.com]
▶ Kimberly-Clark: Analysts Recommendations and Target Price   [Jul-19-17 10:37AM  Market Realist]
▶ Kimberly-Clarks Sales in 2Q17: What Analysts Expect   [Jul-18-17 03:05PM  Market Realist]
▶ Company News for July 18, 2017   [09:38AM  Zacks]
▶ [$$] Church & Dwight to Buy Water Pik for $1 Billion   [12:45AM  The Wall Street Journal]
▶ Dominion Diamond and Impax rise; FedEx and BlackRock fall   [Jul-17-17 05:17PM  Associated Press]
▶ M&A Monday: Church & Dwight, Dominion Diamond, Valeant & More   [04:12PM  Investor's Business Daily]
▶ Arm & Hammer parent will gobble up Colorado's Water Pik for $1 billion   [03:04PM  American City Business Journals]
▶ News Update Late Morning   [11:53AM  CNBC Videos]
▶ [$$] Church & Dwight to Buy Water Pik   [10:05AM  The Wall Street Journal]
Financial statements of CHD
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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