Intrinsic value of Columbus McKinnon - CMCO

Previous Close

$37.77

  Intrinsic Value

$77.73

stock screener

  Rating & Target

str. buy

+106%

Previous close

$37.77

 
Intrinsic value

$77.73

 
Up/down potential

+106%

 
Rating

str. buy

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

We calculate the intrinsic value of CMCO 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 0.9

 

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, %
  6.70
  36.90
  33.71
  30.84
  28.26
  25.93
  23.84
  21.95
  20.26
  18.73
  17.36
  16.12
  15.01
  14.01
  13.11
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
Revenue, $m
  637
  872
  1,166
  1,526
  1,957
  2,464
  3,051
  3,721
  4,475
  5,313
  6,236
  7,241
  8,328
  9,495
  10,739
  12,060
  13,455
  14,923
  16,463
  18,075
  19,757
  21,511
  23,338
  25,238
  27,213
  29,266
  31,400
  33,617
  35,922
  38,317
  40,809
Variable operating expenses, $m
 
  801
  1,060
  1,377
  1,758
  2,205
  2,723
  3,314
  3,979
  4,718
  5,531
  6,386
  7,345
  8,374
  9,471
  10,636
  11,866
  13,161
  14,519
  15,940
  17,424
  18,971
  20,582
  22,258
  24,000
  25,811
  27,692
  29,648
  31,680
  33,793
  35,990
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
  612
  801
  1,060
  1,377
  1,758
  2,205
  2,723
  3,314
  3,979
  4,718
  5,531
  6,386
  7,345
  8,374
  9,471
  10,636
  11,866
  13,161
  14,519
  15,940
  17,424
  18,971
  20,582
  22,258
  24,000
  25,811
  27,692
  29,648
  31,680
  33,793
  35,990
Operating income, $m
  25
  71
  106
  148
  199
  259
  328
  407
  497
  595
  704
  855
  983
  1,121
  1,268
  1,424
  1,589
  1,762
  1,944
  2,134
  2,333
  2,540
  2,756
  2,980
  3,213
  3,456
  3,708
  3,969
  4,242
  4,524
  4,819
EBITDA, $m
  50
  122
  163
  213
  273
  344
  426
  520
  625
  742
  871
  1,011
  1,163
  1,326
  1,500
  1,684
  1,879
  2,084
  2,299
  2,524
  2,759
  3,004
  3,259
  3,524
  3,800
  4,087
  4,385
  4,694
  5,016
  5,351
  5,699
Interest expense (income), $m
  11
  13
  22
  34
  48
  65
  85
  108
  135
  165
  198
  234
  274
  317
  363
  412
  465
  520
  578
  639
  703
  769
  839
  911
  986
  1,064
  1,145
  1,230
  1,317
  1,408
  1,503
Earnings before tax, $m
  13
  58
  84
  114
  151
  194
  243
  299
  362
  431
  507
  621
  709
  804
  905
  1,012
  1,124
  1,242
  1,366
  1,495
  1,630
  1,771
  1,917
  2,069
  2,227
  2,392
  2,562
  2,740
  2,924
  3,116
  3,315
Tax expense, $m
  4
  16
  23
  31
  41
  52
  66
  81
  98
  116
  137
  168
  192
  217
  244
  273
  303
  335
  369
  404
  440
  478
  518
  559
  601
  646
  692
  740
  790
  841
  895
Net income, $m
  9
  42
  61
  84
  110
  142
  178
  218
  264
  314
  370
  453
  518
  587
  661
  738
  821
  907
  997
  1,092
  1,190
  1,293
  1,400
  1,511
  1,626
  1,746
  1,871
  2,000
  2,135
  2,275
  2,420

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  78
  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
  1,114
  1,418
  1,896
  2,481
  3,182
  4,007
  4,962
  6,051
  7,277
  8,640
  10,139
  11,774
  13,541
  15,438
  17,462
  19,610
  21,878
  24,265
  26,769
  29,390
  32,126
  34,978
  37,948
  41,037
  44,249
  47,588
  51,057
  54,662
  58,409
  62,305
  66,356
Adjusted assets (=assets-cash), $m
  1,036
  1,418
  1,896
  2,481
  3,182
  4,007
  4,962
  6,051
  7,277
  8,640
  10,139
  11,774
  13,541
  15,438
  17,462
  19,610
  21,878
  24,265
  26,769
  29,390
  32,126
  34,978
  37,948
  41,037
  44,249
  47,588
  51,057
  54,662
  58,409
  62,305
  66,356
Revenue / Adjusted assets
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
  0.615
Average production assets, $m
  298
  408
  546
  714
  916
  1,153
  1,428
  1,742
  2,094
  2,487
  2,918
  3,389
  3,897
  4,444
  5,026
  5,644
  6,297
  6,984
  7,705
  8,459
  9,246
  10,067
  10,922
  11,811
  12,736
  13,697
  14,695
  15,733
  16,811
  17,932
  19,099
Working capital, $m
  150
  171
  229
  299
  384
  483
  598
  729
  877
  1,041
  1,222
  1,419
  1,632
  1,861
  2,105
  2,364
  2,637
  2,925
  3,227
  3,543
  3,872
  4,216
  4,574
  4,947
  5,334
  5,736
  6,154
  6,589
  7,041
  7,510
  7,999
Total debt, $m
  421
  633
  966
  1,372
  1,859
  2,433
  3,096
  3,853
  4,705
  5,653
  6,695
  7,831
  9,059
  10,378
  11,784
  13,277
  14,853
  16,512
  18,253
  20,074
  21,975
  23,958
  26,022
  28,169
  30,401
  32,721
  35,132
  37,638
  40,242
  42,950
  45,765
Total liabilities, $m
  772
  985
  1,318
  1,724
  2,211
  2,785
  3,448
  4,205
  5,057
  6,005
  7,047
  8,183
  9,411
  10,730
  12,136
  13,629
  15,205
  16,864
  18,605
  20,426
  22,327
  24,310
  26,374
  28,521
  30,753
  33,073
  35,484
  37,990
  40,594
  43,302
  46,117
Total equity, $m
  341
  432
  578
  757
  970
  1,222
  1,513
  1,845
  2,219
  2,635
  3,092
  3,591
  4,130
  4,709
  5,326
  5,981
  6,673
  7,401
  8,165
  8,964
  9,798
  10,668
  11,574
  12,516
  13,496
  14,514
  15,572
  16,672
  17,815
  19,003
  20,239
Total liabilities and equity, $m
  1,113
  1,417
  1,896
  2,481
  3,181
  4,007
  4,961
  6,050
  7,276
  8,640
  10,139
  11,774
  13,541
  15,439
  17,462
  19,610
  21,878
  24,265
  26,770
  29,390
  32,125
  34,978
  37,948
  41,037
  44,249
  47,587
  51,056
  54,662
  58,409
  62,305
  66,356
Debt-to-equity ratio
  1.235
  1.460
  1.670
  1.810
  1.920
  1.990
  2.050
  2.090
  2.120
  2.150
  2.160
  2.180
  2.190
  2.200
  2.210
  2.220
  2.230
  2.230
  2.240
  2.240
  2.240
  2.250
  2.250
  2.250
  2.250
  2.250
  2.260
  2.260
  2.260
  2.260
  2.260
Adjusted equity ratio
  0.254
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  42
  61
  84
  110
  142
  178
  218
  264
  314
  370
  453
  518
  587
  661
  738
  821
  907
  997
  1,092
  1,190
  1,293
  1,400
  1,511
  1,626
  1,746
  1,871
  2,000
  2,135
  2,275
  2,420
Depreciation, amort., depletion, $m
  25
  51
  57
  65
  74
  85
  98
  112
  128
  146
  166
  156
  180
  205
  232
  260
  290
  322
  355
  390
  426
  464
  503
  544
  587
  631
  677
  725
  775
  826
  880
Funds from operations, $m
  66
  93
  118
  148
  184
  227
  275
  331
  392
  461
  536
  609
  697
  792
  892
  999
  1,111
  1,229
  1,352
  1,481
  1,616
  1,757
  1,903
  2,055
  2,213
  2,377
  2,548
  2,725
  2,909
  3,101
  3,300
Change in working capital, $m
  6
  46
  58
  70
  84
  99
  115
  131
  148
  164
  181
  197
  213
  229
  244
  259
  273
  288
  302
  316
  330
  344
  358
  372
  387
  402
  418
  435
  452
  470
  488
Cash from operations, $m
  60
  47
  60
  78
  100
  127
  160
  199
  245
  297
  355
  412
  484
  563
  648
  740
  837
  941
  1,050
  1,166
  1,286
  1,413
  1,545
  1,682
  1,826
  1,975
  2,130
  2,291
  2,458
  2,631
  2,812
Maintenance CAPEX, $m
  0
  -14
  -19
  -25
  -33
  -42
  -53
  -66
  -80
  -97
  -115
  -134
  -156
  -180
  -205
  -232
  -260
  -290
  -322
  -355
  -390
  -426
  -464
  -503
  -544
  -587
  -631
  -677
  -725
  -775
  -826
New CAPEX, $m
  -14
  -110
  -138
  -168
  -202
  -237
  -275
  -313
  -353
  -392
  -432
  -471
  -509
  -546
  -582
  -618
  -653
  -687
  -721
  -754
  -787
  -821
  -855
  -889
  -925
  -961
  -998
  -1,038
  -1,078
  -1,121
  -1,166
Cash from investing activities, $m
  -224
  -124
  -157
  -193
  -235
  -279
  -328
  -379
  -433
  -489
  -547
  -605
  -665
  -726
  -787
  -850
  -913
  -977
  -1,043
  -1,109
  -1,177
  -1,247
  -1,319
  -1,392
  -1,469
  -1,548
  -1,629
  -1,715
  -1,803
  -1,896
  -1,992
Free cash flow, $m
  -164
  -77
  -96
  -116
  -135
  -152
  -168
  -180
  -188
  -192
  -191
  -193
  -181
  -163
  -139
  -110
  -76
  -36
  8
  56
  109
  166
  226
  290
  357
  427
  500
  576
  654
  736
  820
Issuance/(repayment) of debt, $m
  164
  265
  332
  406
  487
  573
  664
  757
  852
  947
  1,042
  1,136
  1,228
  1,318
  1,407
  1,492
  1,577
  1,659
  1,740
  1,821
  1,901
  1,982
  2,064
  2,147
  2,232
  2,320
  2,411
  2,506
  2,604
  2,707
  2,816
Issuance/(repurchase) of shares, $m
  50
  74
  85
  95
  103
  110
  114
  114
  110
  101
  88
  45
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  193
  339
  417
  501
  590
  683
  778
  871
  962
  1,048
  1,130
  1,181
  1,249
  1,318
  1,407
  1,492
  1,577
  1,659
  1,740
  1,821
  1,901
  1,982
  2,064
  2,147
  2,232
  2,320
  2,411
  2,506
  2,604
  2,707
  2,816
Total cash flow (excl. dividends), $m
  29
  263
  321
  386
  456
  531
  610
  691
  773
  856
  939
  989
  1,069
  1,156
  1,267
  1,382
  1,501
  1,623
  1,748
  1,877
  2,011
  2,148
  2,290
  2,437
  2,589
  2,747
  2,911
  3,081
  3,258
  3,443
  3,635
Retained Cash Flow (-), $m
  -55
  -116
  -146
  -178
  -214
  -252
  -291
  -332
  -374
  -416
  -457
  -499
  -539
  -579
  -617
  -655
  -692
  -728
  -764
  -799
  -834
  -870
  -906
  -942
  -980
  -1,018
  -1,058
  -1,100
  -1,143
  -1,188
  -1,236
Prev. year cash balance distribution, $m
 
  25
  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
 
  171
  175
  207
  242
  279
  318
  359
  400
  441
  482
  490
  530
  577
  650
  728
  809
  895
  984
  1,078
  1,176
  1,278
  1,384
  1,495
  1,610
  1,729
  1,853
  1,982
  2,116
  2,255
  2,400
Discount rate, %
 
  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
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  159
  149
  161
  171
  177
  179
  177
  172
  163
  152
  129
  116
  103
  93
  82
  71
  60
  49
  39
  31
  23
  17
  13
  9
  6
  4
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  91.5
  84.8
  79.6
  75.5
  72.2
  69.6
  67.6
  66.0
  64.9
  64.0
  63.6
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5
  63.5

Columbus McKinnon Corporation is a global designer, manufacturer and marketer of hoists, actuators, cranes, rigging tools, digital power control systems, and other material handling products serving various commercial and industrial end user markets. The Company's products include various electric, air-powered, lever, and hand hoists, hoist trolleys, winches, industrial crane systems, such as steel bridge, gantry and jib cranes and aluminum work station cranes; alloy and carbon steel chain; forged attachments, such as hooks, shackles, textile slings, clamps, logging tools and load binders; mechanical and electromechanical actuators and rotary unions; below-the-hook special purpose lifters and tire shredders; power and motion control systems, such as alternate current (AC) and direct current (DC) drive systems, radio remote controls, push button pendant stations, brakes, and collision avoidance and power delivery subsystems.

FINANCIAL RATIOS  of  Columbus McKinnon (CMCO)

Valuation Ratios
P/E Ratio 94.7
Price to Sales 1.3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 14.2
Price to Free Cash Flow 18.5
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -36.4%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 107.9%
Total Debt to Equity 123.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity 2.9%
Return On Equity - 3 Yr. Avg. 6.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 30.3%
Gross Margin - 3 Yr. Avg. 31%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 9.7%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 4.5%
Net Profit Margin 1.4%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate 30.8%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 33.3%

CMCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMCO stock intrinsic value calculation we used $637 million for the last fiscal year's total revenue generated by Columbus McKinnon. The default revenue input number comes from 2017 income statement of Columbus McKinnon. 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 CMCO stock valuation model: a) initial revenue growth rate of 36.9% 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 7.9%, whose default value for CMCO is calculated based on our internal credit rating of Columbus McKinnon, 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 Columbus McKinnon.
    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 CMCO stock the variable cost ratio is equal to 93.2%.

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 CMCO 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 Columbus McKinnon.

Corporate tax rate of 27% is the nominal tax rate for Columbus McKinnon. 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 CMCO 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 CMCO are equal to 46.8%.

Life of production assets of 21.7 years is the average useful life of capital assets used in Columbus McKinnon 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 CMCO is equal to 19.6%. 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 - $341 million for Columbus McKinnon - 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 22.625 million for Columbus McKinnon 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 Columbus McKinnon at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for November 10th   [Nov-10-17 06:50AM  Zacks]
▶ Columbus McKinnon posts 2Q profit   [06:36AM  Associated Press]
▶ Stocks With Rising Composite Ratings: Columbus McKinnon   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ 5 Stocks to Bet on New Analyst Coverage   [Aug-21-17 09:56AM  Zacks]
▶ Buy These 5 Stocks on New Analyst Coverage   [Aug-03-17 08:10AM  Zacks]
▶ Columbus McKinnon posts 1Q profit   [Aug-01-17 10:58PM  Associated Press]
▶ Gurus' Holdings With Negative Performances   [Jun-29-17 04:12PM  GuruFocus.com]
▶ Columbus McKinnon reports 4Q loss   [May-31-17 06:57AM  Associated Press]
▶ New Strong Sell Stocks for January 30th   [Jan-30-17 09:20AM  Zacks]
▶ Columbus McKinnon posts 3Q profit   [06:51AM  Associated Press]
▶ Should You Avoid Columbus McKinnon Corp. (CMCO)?   [Dec-10-16 05:24PM  at Insider Monkey]
Financial statements of CMCO
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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