Intrinsic value of Donaldson - DCI

Previous Close

$52.18

  Intrinsic Value

$105.84

stock screener

  Rating & Target

str. buy

+103%

Previous close

$52.18

 
Intrinsic value

$105.84

 
Up/down potential

+103%

 
Rating

str. buy

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

We calculate the intrinsic value of DCI 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  6.85
  16.60
  15.44
  14.40
  13.46
  12.61
  11.85
  11.16
  10.55
  9.99
  9.49
  9.04
  8.64
  8.28
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
  5.75
  5.67
  5.61
  5.55
Revenue, $m
  2,372
  2,766
  3,193
  3,652
  4,144
  4,666
  5,219
  5,802
  6,414
  7,055
  7,725
  8,424
  9,152
  9,909
  10,697
  11,515
  12,366
  13,250
  14,169
  15,124
  16,117
  17,151
  18,226
  19,345
  20,511
  21,727
  22,994
  24,316
  25,696
  27,137
  28,642
Variable operating expenses, $m
 
  1,761
  2,029
  2,317
  2,626
  2,954
  3,301
  3,667
  4,052
  4,454
  4,875
  5,290
  5,747
  6,222
  6,717
  7,231
  7,765
  8,321
  8,898
  9,497
  10,121
  10,770
  11,445
  12,148
  12,880
  13,644
  14,439
  15,270
  16,136
  17,041
  17,986
Fixed operating expenses, $m
 
  556
  569
  584
  598
  613
  629
  644
  660
  677
  694
  711
  729
  747
  766
  785
  805
  825
  845
  866
  888
  910
  933
  956
  980
  1,005
  1,030
  1,056
  1,082
  1,109
  1,137
Total operating expenses, $m
  2,043
  2,317
  2,598
  2,901
  3,224
  3,567
  3,930
  4,311
  4,712
  5,131
  5,569
  6,001
  6,476
  6,969
  7,483
  8,016
  8,570
  9,146
  9,743
  10,363
  11,009
  11,680
  12,378
  13,104
  13,860
  14,649
  15,469
  16,326
  17,218
  18,150
  19,123
Operating income, $m
  329
  450
  595
  751
  920
  1,099
  1,289
  1,491
  1,702
  1,924
  2,156
  2,423
  2,676
  2,939
  3,214
  3,499
  3,796
  4,105
  4,426
  4,760
  5,108
  5,470
  5,847
  6,241
  6,651
  7,078
  7,525
  7,991
  8,478
  8,987
  9,519
EBITDA, $m
  404
  534
  688
  855
  1,034
  1,225
  1,427
  1,641
  1,866
  2,102
  2,349
  2,606
  2,875
  3,155
  3,447
  3,750
  4,066
  4,394
  4,735
  5,090
  5,459
  5,844
  6,245
  6,662
  7,098
  7,552
  8,026
  8,521
  9,038
  9,578
  10,143
Interest expense (income), $m
  20
  19
  25
  32
  39
  46
  55
  63
  72
  82
  92
  102
  113
  124
  136
  149
  161
  175
  188
  203
  218
  233
  249
  266
  283
  302
  321
  340
  361
  382
  405
Earnings before tax, $m
  322
  431
  570
  720
  881
  1,053
  1,235
  1,427
  1,630
  1,842
  2,065
  2,321
  2,563
  2,815
  3,077
  3,351
  3,635
  3,930
  4,238
  4,558
  4,890
  5,237
  5,598
  5,975
  6,367
  6,777
  7,204
  7,650
  8,117
  8,604
  9,114
Tax expense, $m
  89
  116
  154
  194
  238
  284
  333
  385
  440
  497
  557
  627
  692
  760
  831
  905
  981
  1,061
  1,144
  1,231
  1,320
  1,414
  1,512
  1,613
  1,719
  1,830
  1,945
  2,066
  2,192
  2,323
  2,461
Net income, $m
  233
  314
  416
  525
  643
  768
  901
  1,042
  1,190
  1,345
  1,507
  1,694
  1,871
  2,055
  2,246
  2,446
  2,653
  2,869
  3,093
  3,327
  3,570
  3,823
  4,087
  4,362
  4,648
  4,947
  5,259
  5,585
  5,925
  6,281
  6,653

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  308
  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
  1,980
  1,949
  2,250
  2,574
  2,920
  3,289
  3,678
  4,089
  4,520
  4,972
  5,444
  5,936
  6,449
  6,983
  7,538
  8,115
  8,715
  9,338
  9,985
  10,658
  11,358
  12,086
  12,844
  13,633
  14,455
  15,311
  16,204
  17,136
  18,108
  19,124
  20,184
Adjusted assets (=assets-cash), $m
  1,672
  1,949
  2,250
  2,574
  2,920
  3,289
  3,678
  4,089
  4,520
  4,972
  5,444
  5,936
  6,449
  6,983
  7,538
  8,115
  8,715
  9,338
  9,985
  10,658
  11,358
  12,086
  12,844
  13,633
  14,455
  15,311
  16,204
  17,136
  18,108
  19,124
  20,184
Revenue / Adjusted assets
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
  1.419
Average production assets, $m
  518
  603
  696
  796
  903
  1,017
  1,138
  1,265
  1,398
  1,538
  1,684
  1,836
  1,995
  2,160
  2,332
  2,510
  2,696
  2,889
  3,089
  3,297
  3,514
  3,739
  3,973
  4,217
  4,471
  4,736
  5,013
  5,301
  5,602
  5,916
  6,244
Working capital, $m
  667
  506
  584
  668
  758
  854
  955
  1,062
  1,174
  1,291
  1,414
  1,542
  1,675
  1,813
  1,957
  2,107
  2,263
  2,425
  2,593
  2,768
  2,949
  3,139
  3,335
  3,540
  3,754
  3,976
  4,208
  4,450
  4,702
  4,966
  5,241
Total debt, $m
  611
  713
  903
  1,108
  1,327
  1,559
  1,806
  2,065
  2,338
  2,623
  2,922
  3,233
  3,557
  3,894
  4,245
  4,610
  4,989
  5,382
  5,792
  6,217
  6,659
  7,120
  7,598
  8,097
  8,616
  9,158
  9,722
  10,311
  10,926
  11,567
  12,238
Total liabilities, $m
  1,130
  1,232
  1,422
  1,627
  1,846
  2,078
  2,325
  2,584
  2,857
  3,142
  3,441
  3,752
  4,076
  4,413
  4,764
  5,129
  5,508
  5,901
  6,311
  6,736
  7,178
  7,639
  8,117
  8,616
  9,135
  9,677
  10,241
  10,830
  11,445
  12,086
  12,757
Total equity, $m
  850
  717
  828
  947
  1,075
  1,210
  1,354
  1,505
  1,663
  1,830
  2,003
  2,185
  2,373
  2,570
  2,774
  2,986
  3,207
  3,436
  3,675
  3,922
  4,180
  4,448
  4,727
  5,017
  5,319
  5,635
  5,963
  6,306
  6,664
  7,038
  7,428
Total liabilities and equity, $m
  1,980
  1,949
  2,250
  2,574
  2,921
  3,288
  3,679
  4,089
  4,520
  4,972
  5,444
  5,937
  6,449
  6,983
  7,538
  8,115
  8,715
  9,337
  9,986
  10,658
  11,358
  12,087
  12,844
  13,633
  14,454
  15,312
  16,204
  17,136
  18,109
  19,124
  20,185
Debt-to-equity ratio
  0.719
  0.990
  1.090
  1.170
  1.230
  1.290
  1.330
  1.370
  1.410
  1.430
  1.460
  1.480
  1.500
  1.520
  1.530
  1.540
  1.560
  1.570
  1.580
  1.590
  1.590
  1.600
  1.610
  1.610
  1.620
  1.630
  1.630
  1.640
  1.640
  1.640
  1.650
Adjusted equity ratio
  0.338
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  233
  314
  416
  525
  643
  768
  901
  1,042
  1,190
  1,345
  1,507
  1,694
  1,871
  2,055
  2,246
  2,446
  2,653
  2,869
  3,093
  3,327
  3,570
  3,823
  4,087
  4,362
  4,648
  4,947
  5,259
  5,585
  5,925
  6,281
  6,653
Depreciation, amort., depletion, $m
  75
  84
  93
  103
  114
  126
  138
  150
  164
  178
  192
  184
  200
  216
  233
  251
  270
  289
  309
  330
  351
  374
  397
  422
  447
  474
  501
  530
  560
  592
  624
Funds from operations, $m
  314
  399
  509
  629
  757
  894
  1,039
  1,192
  1,353
  1,522
  1,699
  1,878
  2,070
  2,271
  2,480
  2,697
  2,923
  3,158
  3,402
  3,657
  3,921
  4,197
  4,484
  4,783
  5,095
  5,421
  5,760
  6,115
  6,485
  6,873
  7,278
Change in working capital, $m
  4
  72
  78
  84
  90
  96
  101
  107
  112
  117
  123
  128
  133
  139
  144
  150
  156
  162
  168
  175
  182
  189
  197
  205
  213
  222
  232
  242
  253
  264
  275
Cash from operations, $m
  310
  327
  431
  545
  667
  798
  938
  1,086
  1,241
  1,405
  1,577
  1,750
  1,937
  2,132
  2,336
  2,547
  2,767
  2,996
  3,234
  3,482
  3,740
  4,008
  4,287
  4,578
  4,882
  5,198
  5,528
  5,873
  6,233
  6,609
  7,002
Maintenance CAPEX, $m
  0
  -52
  -60
  -70
  -80
  -90
  -102
  -114
  -126
  -140
  -154
  -168
  -184
  -200
  -216
  -233
  -251
  -270
  -289
  -309
  -330
  -351
  -374
  -397
  -422
  -447
  -474
  -501
  -530
  -560
  -592
New CAPEX, $m
  -66
  -85
  -93
  -100
  -107
  -114
  -121
  -127
  -133
  -140
  -146
  -152
  -159
  -165
  -172
  -178
  -185
  -193
  -200
  -208
  -217
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -301
  -314
  -328
Cash from investing activities, $m
  -96
  -137
  -153
  -170
  -187
  -204
  -223
  -241
  -259
  -280
  -300
  -320
  -343
  -365
  -388
  -411
  -436
  -463
  -489
  -517
  -547
  -576
  -608
  -641
  -676
  -712
  -750
  -789
  -831
  -874
  -920
Free cash flow, $m
  214
  189
  278
  375
  480
  594
  716
  845
  982
  1,126
  1,277
  1,429
  1,595
  1,768
  1,948
  2,135
  2,331
  2,534
  2,745
  2,965
  3,193
  3,431
  3,679
  3,937
  4,206
  4,486
  4,778
  5,083
  5,402
  5,735
  6,082
Issuance/(repayment) of debt, $m
  48
  176
  190
  205
  219
  233
  246
  260
  273
  285
  298
  311
  324
  337
  351
  365
  379
  394
  409
  425
  442
  460
  479
  499
  519
  541
  564
  589
  615
  642
  670
Issuance/(repurchase) of shares, $m
  -118
  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  
  -66
  176
  190
  205
  219
  233
  246
  260
  273
  285
  298
  311
  324
  337
  351
  365
  379
  394
  409
  425
  442
  460
  479
  499
  519
  541
  564
  589
  615
  642
  670
Total cash flow (excl. dividends), $m
  157
  365
  468
  580
  699
  827
  962
  1,104
  1,254
  1,411
  1,575
  1,740
  1,919
  2,105
  2,299
  2,500
  2,710
  2,928
  3,154
  3,390
  3,636
  3,892
  4,158
  4,436
  4,725
  5,027
  5,343
  5,672
  6,017
  6,376
  6,753
Retained Cash Flow (-), $m
  -83
  -101
  -111
  -119
  -127
  -136
  -143
  -151
  -159
  -166
  -174
  -181
  -189
  -196
  -204
  -212
  -221
  -229
  -238
  -248
  -258
  -268
  -279
  -290
  -302
  -315
  -329
  -343
  -358
  -374
  -390
Prev. year cash balance distribution, $m
 
  234
  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
 
  498
  357
  460
  572
  691
  818
  953
  1,095
  1,245
  1,402
  1,559
  1,730
  1,909
  2,094
  2,288
  2,489
  2,698
  2,916
  3,142
  3,378
  3,624
  3,879
  4,145
  4,423
  4,712
  5,014
  5,329
  5,659
  6,003
  6,362
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
 
  477
  327
  401
  471
  536
  594
  644
  685
  715
  735
  740
  738
  726
  703
  672
  632
  587
  537
  484
  429
  375
  322
  272
  225
  183
  146
  114
  88
  66
  48
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

Donaldson Company, Inc. is a manufacturer of filtration systems and replacement parts. The Company's segments include Engine Products, Industrial Products and Corporate. The Company's products are manufactured at approximately 44 plants around the world and through three joint ventures. The Company offers its products under the Ultra-Web, PowerCore and Donaldson brands. The Engine Products segment sells its products to original equipment manufacturers (OEMs) in the construction, mining, agriculture, aerospace, defense and truck end-markets and to independent distributors, OEM dealer networks, private label accounts and large equipment fleets. The Industrial Products segment sells to various industrial dealers, distributors, OEMs of gas-fired turbines and OEMs and end users requiring clean air. Its products include dust, fume and mist collectors, compressed air purification systems, air filtration systems for gas turbines and polytetrafluoroethylene (PTFE) membrane-based products.

FINANCIAL RATIOS  of  Donaldson (DCI)

Valuation Ratios
P/E Ratio 29.2
Price to Sales 2.9
Price to Book 8
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 6.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.6%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 63.2%
Total Debt to Equity 71.9%
Interest Coverage 17
Management Effectiveness
Return On Assets 13.1%
Ret/ On Assets - 3 Yr. Avg. 12.1%
Return On Total Capital 16.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.3%
Return On Equity 28.8%
Return On Equity - 3 Yr. Avg. 25.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 34.7%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 17.6%
EBITDA Margin - 3 Yr. Avg. 16.5%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 12.8%
Pre-Tax Margin 13.6%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 27.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 39.5%

DCI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DCI stock intrinsic value calculation we used $2372 million for the last fiscal year's total revenue generated by Donaldson. The default revenue input number comes from 2017 income statement of Donaldson. 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 DCI stock valuation model: a) initial revenue growth rate of 16.6% 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 DCI is calculated based on our internal credit rating of Donaldson, 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 Donaldson.
    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 DCI stock the variable cost ratio is equal to 63.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $542 million in the base year in the intrinsic value calculation for DCI 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 Donaldson.

Corporate tax rate of 27% is the nominal tax rate for Donaldson. 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 DCI 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 DCI are equal to 21.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Donaldson 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 DCI is equal to 18.3%. 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 - $850 million for Donaldson - 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 130.133 million for Donaldson 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 Donaldson at the current share price and the inputted number of shares is $6.8 billion.

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COMPANY NEWS

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▶ Donaldson beats Street 1Q forecasts   [07:13AM  Associated Press]
▶ Donaldson Introduces Next-Generation Sterile Air Filters   [Oct-19-17 11:00AM  Business Wire]
▶ Donaldson┬« Introduces Plug-and-Play Dust Collector   [Oct-17-17 11:00AM  Business Wire]
▶ Donaldson misses 4Q profit forecasts   [Sep-07-17 10:18PM  Associated Press]
▶ ETFs with exposure to Donaldson Co., Inc. : July 24, 2017   [Jul-24-17 03:18PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : July 14, 2017   [Jul-14-17 01:52PM  Capital Cube]
▶ ETFs with exposure to Donaldson Co., Inc. : June 12, 2017   [Jun-12-17 01:59PM  Capital Cube]
▶ Top Ranked Momentum Stocks to Buy for June 5th   [Jun-05-17 11:10AM  Zacks]
▶ Donaldson beats Street 3Q forecasts   [Jun-01-17 07:06AM  Associated Press]
▶ Donaldson Company Declares Quarterly Cash Dividend   [May-24-17 02:00PM  Business Wire]
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Financial statements of DCI
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