Intrinsic value of Donaldson - DCI

Previous Close

$48.54

  Intrinsic Value

$43.88

stock screener

  Rating & Target

hold

-10%

Previous close

$48.54

 
Intrinsic value

$43.88

 
Up/down potential

-10%

 
Rating

hold

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

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 6.5

 

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, %
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,533
  2,701
  2,875
  3,057
  3,246
  3,443
  3,648
  3,862
  4,085
  4,317
  4,560
  4,814
  5,079
  5,356
  5,646
  5,949
  6,267
  6,599
  6,947
  7,311
  7,692
  8,092
  8,511
  8,950
  9,411
  9,893
  10,400
  10,930
  11,487
  12,071
Variable operating expenses, $m
  1,622
  1,727
  1,837
  1,951
  2,070
  2,194
  2,323
  2,458
  2,598
  2,744
  2,869
  3,029
  3,196
  3,370
  3,553
  3,744
  3,943
  4,152
  4,371
  4,600
  4,840
  5,092
  5,356
  5,632
  5,922
  6,225
  6,544
  6,878
  7,228
  7,596
Fixed operating expenses, $m
  547
  559
  571
  584
  596
  610
  623
  637
  651
  665
  680
  695
  710
  726
  742
  758
  774
  792
  809
  827
  845
  864
  883
  902
  922
  942
  963
  984
  1,006
  1,028
Total operating expenses, $m
  2,169
  2,286
  2,408
  2,535
  2,666
  2,804
  2,946
  3,095
  3,249
  3,409
  3,549
  3,724
  3,906
  4,096
  4,295
  4,502
  4,717
  4,944
  5,180
  5,427
  5,685
  5,956
  6,239
  6,534
  6,844
  7,167
  7,507
  7,862
  8,234
  8,624
Operating income, $m
  365
  415
  467
  522
  579
  639
  702
  767
  836
  908
  1,011
  1,090
  1,173
  1,260
  1,352
  1,448
  1,549
  1,655
  1,767
  1,884
  2,007
  2,137
  2,273
  2,417
  2,567
  2,726
  2,893
  3,069
  3,253
  3,448
EBITDA, $m
  473
  528
  586
  646
  710
  776
  845
  917
  993
  1,072
  1,155
  1,242
  1,334
  1,430
  1,530
  1,636
  1,747
  1,864
  1,986
  2,115
  2,250
  2,392
  2,542
  2,699
  2,865
  3,039
  3,222
  3,414
  3,616
  3,829
Interest expense (income), $m
  20
  33
  37
  41
  46
  51
  55
  60
  66
  71
  77
  83
  89
  96
  102
  109
  117
  125
  133
  141
  150
  159
  169
  179
  190
  201
  213
  226
  239
  252
  266
Earnings before tax, $m
  332
  378
  426
  476
  529
  584
  641
  701
  765
  831
  928
  1,001
  1,078
  1,158
  1,242
  1,331
  1,424
  1,522
  1,625
  1,734
  1,848
  1,968
  2,094
  2,226
  2,366
  2,513
  2,667
  2,830
  3,001
  3,181
Tax expense, $m
  90
  102
  115
  129
  143
  158
  173
  189
  206
  224
  251
  270
  291
  313
  335
  359
  385
  411
  439
  468
  499
  531
  565
  601
  639
  678
  720
  764
  810
  859
Net income, $m
  242
  276
  311
  347
  386
  426
  468
  512
  558
  607
  678
  731
  787
  845
  907
  972
  1,040
  1,111
  1,187
  1,266
  1,349
  1,436
  1,528
  1,625
  1,727
  1,834
  1,947
  2,066
  2,191
  2,322

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
  2,115
  2,255
  2,400
  2,552
  2,709
  2,874
  3,045
  3,223
  3,409
  3,604
  3,807
  4,018
  4,240
  4,471
  4,713
  4,966
  5,231
  5,508
  5,799
  6,103
  6,421
  6,755
  7,104
  7,471
  7,855
  8,258
  8,681
  9,124
  9,589
  10,076
Adjusted assets (=assets-cash), $m
  2,115
  2,255
  2,400
  2,552
  2,709
  2,874
  3,045
  3,223
  3,409
  3,604
  3,807
  4,018
  4,240
  4,471
  4,713
  4,966
  5,231
  5,508
  5,799
  6,103
  6,421
  6,755
  7,104
  7,471
  7,855
  8,258
  8,681
  9,124
  9,589
  10,076
Revenue / Adjusted assets
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
  1.198
Average production assets, $m
  801
  854
  909
  966
  1,026
  1,088
  1,153
  1,220
  1,291
  1,364
  1,441
  1,521
  1,605
  1,693
  1,784
  1,880
  1,980
  2,085
  2,195
  2,310
  2,431
  2,557
  2,690
  2,828
  2,974
  3,126
  3,286
  3,454
  3,630
  3,815
Working capital, $m
  106
  113
  121
  128
  136
  145
  153
  162
  172
  181
  192
  202
  213
  225
  237
  250
  263
  277
  292
  307
  323
  340
  357
  376
  395
  416
  437
  459
  482
  507
Total debt, $m
  688
  767
  850
  936
  1,025
  1,119
  1,216
  1,317
  1,423
  1,533
  1,649
  1,769
  1,895
  2,026
  2,164
  2,307
  2,458
  2,615
  2,780
  2,953
  3,134
  3,323
  3,522
  3,730
  3,948
  4,177
  4,417
  4,669
  4,933
  5,210
Total liabilities, $m
  1,201
  1,281
  1,363
  1,449
  1,539
  1,632
  1,729
  1,831
  1,937
  2,047
  2,162
  2,282
  2,408
  2,540
  2,677
  2,821
  2,971
  3,129
  3,294
  3,466
  3,647
  3,837
  4,035
  4,244
  4,462
  4,691
  4,931
  5,182
  5,446
  5,723
Total equity, $m
  914
  974
  1,037
  1,102
  1,170
  1,241
  1,315
  1,392
  1,473
  1,557
  1,644
  1,736
  1,832
  1,932
  2,036
  2,145
  2,260
  2,380
  2,505
  2,636
  2,774
  2,918
  3,069
  3,227
  3,394
  3,568
  3,750
  3,942
  4,142
  4,353
Total liabilities and equity, $m
  2,115
  2,255
  2,400
  2,551
  2,709
  2,873
  3,044
  3,223
  3,410
  3,604
  3,806
  4,018
  4,240
  4,472
  4,713
  4,966
  5,231
  5,509
  5,799
  6,102
  6,421
  6,755
  7,104
  7,471
  7,856
  8,259
  8,681
  9,124
  9,588
  10,076
Debt-to-equity ratio
  0.750
  0.790
  0.820
  0.850
  0.880
  0.900
  0.920
  0.950
  0.970
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.160
  1.170
  1.180
  1.180
  1.190
  1.200
Adjusted equity ratio
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  242
  276
  311
  347
  386
  426
  468
  512
  558
  607
  678
  731
  787
  845
  907
  972
  1,040
  1,111
  1,187
  1,266
  1,349
  1,436
  1,528
  1,625
  1,727
  1,834
  1,947
  2,066
  2,191
  2,322
Depreciation, amort., depletion, $m
  108
  113
  119
  124
  130
  137
  143
  150
  157
  164
  144
  152
  161
  169
  178
  188
  198
  209
  220
  231
  243
  256
  269
  283
  297
  313
  329
  345
  363
  381
Funds from operations, $m
  350
  389
  430
  472
  516
  563
  611
  662
  715
  771
  822
  883
  947
  1,015
  1,085
  1,160
  1,238
  1,320
  1,406
  1,497
  1,592
  1,692
  1,797
  1,908
  2,025
  2,147
  2,276
  2,411
  2,554
  2,704
Change in working capital, $m
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
Cash from operations, $m
  343
  382
  422
  464
  508
  554
  603
  653
  706
  761
  812
  872
  936
  1,003
  1,073
  1,147
  1,225
  1,306
  1,391
  1,481
  1,576
  1,675
  1,780
  1,890
  2,005
  2,127
  2,255
  2,389
  2,531
  2,679
Maintenance CAPEX, $m
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -115
  -122
  -129
  -136
  -144
  -152
  -161
  -169
  -178
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -297
  -313
  -329
  -345
  -363
New CAPEX, $m
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -153
  -160
  -168
  -176
  -185
Cash from investing activities, $m
  -125
  -133
  -140
  -148
  -157
  -165
  -174
  -183
  -192
  -203
  -213
  -224
  -236
  -249
  -261
  -274
  -288
  -303
  -319
  -335
  -352
  -369
  -388
  -408
  -428
  -450
  -473
  -497
  -521
  -548
Free cash flow, $m
  218
  249
  282
  316
  352
  390
  429
  470
  513
  558
  598
  648
  700
  755
  812
  873
  936
  1,003
  1,073
  1,147
  1,224
  1,306
  1,392
  1,482
  1,577
  1,677
  1,782
  1,893
  2,009
  2,132
Issuance/(repayment) of debt, $m
  76
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  208
  218
  229
  240
  252
  264
  277
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  
  76
  80
  83
  86
  90
  93
  97
  101
  106
  110
  115
  120
  126
  131
  137
  144
  150
  157
  165
  173
  181
  190
  199
  208
  218
  229
  240
  252
  264
  277
Total cash flow (excl. dividends), $m
  295
  328
  364
  402
  442
  483
  526
  572
  619
  669
  714
  768
  826
  886
  950
  1,017
  1,087
  1,160
  1,238
  1,319
  1,405
  1,495
  1,590
  1,690
  1,795
  1,906
  2,022
  2,144
  2,273
  2,409
Retained Cash Flow (-), $m
  -59
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -109
  -114
  -120
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -191
  -201
  -211
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
  5
  5
  5
  6
  6
  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
Cash available for distribution, $m
  236
  268
  302
  337
  373
  412
  452
  494
  539
  585
  626
  677
  730
  786
  845
  907
  972
  1,041
  1,113
  1,188
  1,268
  1,351
  1,439
  1,532
  1,629
  1,732
  1,839
  1,953
  2,072
  2,198
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
  226
  245
  262
  277
  290
  299
  306
  309
  309
  307
  297
  289
  278
  264
  248
  231
  212
  192
  171
  151
  131
  112
  94
  78
  63
  51
  39
  30
  23
  17
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

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 27.2
Price to Sales 2.7
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 26
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 6.8% 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 64.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $535 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 5.4% 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 0.2%.

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 DCI are equal to 31.6%.

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 4.2%. 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 - $855 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 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 $6.5 billion.

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COMPANY NEWS

▶ Donaldson Company Declares Quarterly Cash Dividend   [Jul-27-18 01:30PM  Business Wire]
▶ Donaldson: Fiscal 3Q Earnings Snapshot   [07:08AM  Associated Press]
▶ Donaldson Company Announces 5.6 Percent Dividend Increase   [May-23-18 11:48AM  Business Wire]
▶ Donaldson Company Announces Global Price Increases   [Apr-19-18 04:15PM  Business Wire]
▶ Big 3 automakers win big after new South Korean trade deal   [Mar-28-18 11:13AM  Yahoo Finance Video]
▶ Donaldson reports 2Q loss   [07:07AM  Associated Press]
▶ [$$] Epoch founder predicts a technology dividend age   [Feb-15-18 12:00AM  Financial Times]
▶ Donaldson Company Declares Quarterly Cash Dividend   [Jan-26-18 01:15PM  Business Wire]
▶ New Strong Buy Stocks for January 4th   [Jan-04-18 10:00AM  Zacks]
▶ New Strong Buy Stocks for December 20th   [Dec-20-17 09:18AM  Zacks]
▶ New Strong Buy Stocks for December 7th   [Dec-07-17 08:59AM  Zacks]
▶ Donaldson beats Street 1Q forecasts   [07:13AM  Associated Press]
▶ Donaldson Introduces Next-Generation Sterile Air Filters   [Oct-19-17 11:00AM  Business Wire]
▶ DonaldsonĀ® 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]
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