Intrinsic value of Donaldson - DCI

Previous Close

$58.74

  Intrinsic Value

$86.28

stock screener

  Rating & Target

buy

+47%

Previous close

$58.74

 
Intrinsic value

$86.28

 
Up/down potential

+47%

 
Rating

buy

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 0001), $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 7.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  2,730
  3,115
  3,525
  3,961
  4,422
  4,906
  5,415
  5,947
  6,503
  7,083
  7,687
  8,315
  8,968
  9,646
  10,351
  11,084
  11,846
  12,638
  13,461
  14,318
  15,209
  16,138
  17,105
  18,114
  19,165
  20,263
  21,408
  22,604
  23,854
  25,160
Variable operating expenses, $m
  1,746
  1,988
  2,246
  2,520
  2,810
  3,115
  3,435
  3,770
  4,120
  4,485
  4,837
  5,232
  5,643
  6,070
  6,514
  6,975
  7,454
  7,952
  8,470
  9,009
  9,571
  10,155
  10,764
  11,398
  12,060
  12,750
  13,471
  14,224
  15,010
  15,832
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
  2,293
  2,547
  2,817
  3,104
  3,406
  3,725
  4,058
  4,407
  4,771
  5,150
  5,517
  5,927
  6,353
  6,796
  7,256
  7,733
  8,228
  8,744
  9,279
  9,836
  10,416
  11,019
  11,647
  12,300
  12,982
  13,692
  14,434
  15,208
  16,016
  16,860
Operating income, $m
  438
  568
  708
  857
  1,015
  1,182
  1,357
  1,540
  1,733
  1,933
  2,170
  2,388
  2,615
  2,851
  3,096
  3,352
  3,617
  3,894
  4,182
  4,482
  4,794
  5,120
  5,459
  5,814
  6,184
  6,570
  6,974
  7,397
  7,838
  8,300
EBITDA, $m
  536
  677
  827
  988
  1,157
  1,337
  1,525
  1,722
  1,929
  2,144
  2,369
  2,603
  2,847
  3,101
  3,364
  3,639
  3,924
  4,221
  4,530
  4,852
  5,188
  5,538
  5,902
  6,283
  6,680
  7,095
  7,529
  7,982
  8,456
  8,952
Interest expense (income), $m
  20
  33
  42
  52
  63
  74
  85
  98
  111
  125
  139
  154
  169
  185
  202
  219
  237
  256
  276
  296
  317
  339
  362
  385
  410
  436
  463
  491
  520
  551
  583
Earnings before tax, $m
  405
  526
  656
  795
  941
  1,096
  1,259
  1,430
  1,608
  1,794
  2,017
  2,219
  2,430
  2,649
  2,877
  3,114
  3,361
  3,618
  3,886
  4,165
  4,455
  4,758
  5,074
  5,404
  5,748
  6,107
  6,483
  6,876
  7,287
  7,717
Tax expense, $m
  109
  142
  177
  215
  254
  296
  340
  386
  434
  484
  544
  599
  656
  715
  777
  841
  908
  977
  1,049
  1,124
  1,203
  1,285
  1,370
  1,459
  1,552
  1,649
  1,750
  1,857
  1,968
  2,084
Net income, $m
  295
  384
  479
  580
  687
  800
  919
  1,044
  1,174
  1,310
  1,472
  1,620
  1,774
  1,934
  2,100
  2,273
  2,454
  2,641
  2,837
  3,040
  3,252
  3,473
  3,704
  3,945
  4,196
  4,458
  4,733
  5,020
  5,320
  5,634

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
  2,279
  2,600
  2,943
  3,306
  3,691
  4,096
  4,520
  4,964
  5,429
  5,912
  6,416
  6,940
  7,485
  8,052
  8,640
  9,252
  9,888
  10,549
  11,236
  11,951
  12,696
  13,471
  14,278
  15,120
  15,998
  16,914
  17,870
  18,868
  19,911
  21,002
Adjusted assets (=assets-cash), $m
  2,279
  2,600
  2,943
  3,306
  3,691
  4,096
  4,520
  4,964
  5,429
  5,912
  6,416
  6,940
  7,485
  8,052
  8,640
  9,252
  9,888
  10,549
  11,236
  11,951
  12,696
  13,471
  14,278
  15,120
  15,998
  16,914
  17,870
  18,868
  19,911
  21,002
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
  707
  807
  913
  1,026
  1,145
  1,271
  1,403
  1,540
  1,684
  1,835
  1,991
  2,153
  2,323
  2,498
  2,681
  2,871
  3,068
  3,273
  3,486
  3,708
  3,939
  4,180
  4,430
  4,691
  4,964
  5,248
  5,545
  5,854
  6,178
  6,516
Working capital, $m
  497
  567
  642
  721
  805
  893
  986
  1,082
  1,184
  1,289
  1,399
  1,513
  1,632
  1,756
  1,884
  2,017
  2,156
  2,300
  2,450
  2,606
  2,768
  2,937
  3,113
  3,297
  3,488
  3,688
  3,896
  4,114
  4,341
  4,579
Total debt, $m
  780
  963
  1,157
  1,364
  1,582
  1,812
  2,053
  2,306
  2,569
  2,844
  3,130
  3,428
  3,738
  4,059
  4,394
  4,741
  5,102
  5,478
  5,868
  6,274
  6,697
  7,137
  7,596
  8,074
  8,573
  9,093
  9,636
  10,203
  10,796
  11,415
Total liabilities, $m
  1,294
  1,477
  1,671
  1,878
  2,096
  2,326
  2,567
  2,820
  3,083
  3,358
  3,644
  3,942
  4,252
  4,573
  4,908
  5,255
  5,616
  5,992
  6,382
  6,788
  7,211
  7,651
  8,110
  8,588
  9,087
  9,607
  10,150
  10,717
  11,310
  11,929
Total equity, $m
  984
  1,123
  1,271
  1,428
  1,594
  1,769
  1,953
  2,145
  2,345
  2,554
  2,772
  2,998
  3,234
  3,478
  3,733
  3,997
  4,272
  4,557
  4,854
  5,163
  5,485
  5,819
  6,168
  6,532
  6,911
  7,307
  7,720
  8,151
  8,602
  9,073
Total liabilities and equity, $m
  2,278
  2,600
  2,942
  3,306
  3,690
  4,095
  4,520
  4,965
  5,428
  5,912
  6,416
  6,940
  7,486
  8,051
  8,641
  9,252
  9,888
  10,549
  11,236
  11,951
  12,696
  13,470
  14,278
  15,120
  15,998
  16,914
  17,870
  18,868
  19,912
  21,002
Debt-to-equity ratio
  0.790
  0.860
  0.910
  0.950
  0.990
  1.020
  1.050
  1.080
  1.100
  1.110
  1.130
  1.140
  1.160
  1.170
  1.180
  1.190
  1.190
  1.200
  1.210
  1.220
  1.220
  1.230
  1.230
  1.240
  1.240
  1.240
  1.250
  1.250
  1.260
  1.260
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
  295
  384
  479
  580
  687
  800
  919
  1,044
  1,174
  1,310
  1,472
  1,620
  1,774
  1,934
  2,100
  2,273
  2,454
  2,641
  2,837
  3,040
  3,252
  3,473
  3,704
  3,945
  4,196
  4,458
  4,733
  5,020
  5,320
  5,634
Depreciation, amort., depletion, $m
  99
  109
  119
  130
  142
  155
  168
  182
  196
  211
  199
  215
  232
  250
  268
  287
  307
  327
  349
  371
  394
  418
  443
  469
  496
  525
  554
  585
  618
  652
Funds from operations, $m
  394
  493
  598
  710
  830
  955
  1,087
  1,225
  1,370
  1,521
  1,671
  1,835
  2,006
  2,184
  2,368
  2,561
  2,761
  2,969
  3,185
  3,411
  3,646
  3,891
  4,147
  4,414
  4,692
  4,983
  5,287
  5,605
  5,937
  6,285
Change in working capital, $m
  65
  70
  75
  79
  84
  88
  93
  97
  101
  105
  110
  114
  119
  124
  128
  133
  139
  144
  150
  156
  162
  169
  176
  184
  191
  200
  208
  218
  227
  238
Cash from operations, $m
  329
  422
  523
  631
  746
  867
  995
  1,129
  1,269
  1,416
  1,561
  1,721
  1,887
  2,060
  2,240
  2,427
  2,622
  2,825
  3,036
  3,255
  3,484
  3,722
  3,971
  4,230
  4,501
  4,784
  5,079
  5,387
  5,710
  6,048
Maintenance CAPEX, $m
  -61
  -71
  -81
  -91
  -103
  -115
  -127
  -140
  -154
  -168
  -183
  -199
  -215
  -232
  -250
  -268
  -287
  -307
  -327
  -349
  -371
  -394
  -418
  -443
  -469
  -496
  -525
  -554
  -585
  -618
New CAPEX, $m
  -93
  -100
  -106
  -113
  -119
  -126
  -132
  -138
  -144
  -150
  -156
  -163
  -169
  -176
  -183
  -190
  -197
  -205
  -213
  -222
  -231
  -240
  -251
  -261
  -272
  -284
  -297
  -310
  -324
  -338
Cash from investing activities, $m
  -154
  -171
  -187
  -204
  -222
  -241
  -259
  -278
  -298
  -318
  -339
  -362
  -384
  -408
  -433
  -458
  -484
  -512
  -540
  -571
  -602
  -634
  -669
  -704
  -741
  -780
  -822
  -864
  -909
  -956
Free cash flow, $m
  174
  252
  336
  427
  524
  627
  736
  850
  971
  1,097
  1,222
  1,359
  1,503
  1,652
  1,808
  1,969
  2,138
  2,313
  2,495
  2,685
  2,882
  3,088
  3,302
  3,526
  3,759
  4,003
  4,257
  4,523
  4,801
  5,091
Issuance/(repayment) of debt, $m
  169
  182
  195
  207
  218
  230
  241
  252
  264
  275
  286
  298
  310
  322
  334
  347
  361
  375
  390
  406
  423
  440
  459
  478
  499
  520
  543
  567
  593
  619
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  
  169
  182
  195
  207
  218
  230
  241
  252
  264
  275
  286
  298
  310
  322
  334
  347
  361
  375
  390
  406
  423
  440
  459
  478
  499
  520
  543
  567
  593
  619
Total cash flow (excl. dividends), $m
  343
  435
  531
  634
  742
  857
  977
  1,103
  1,235
  1,372
  1,508
  1,657
  1,812
  1,974
  2,142
  2,317
  2,499
  2,688
  2,885
  3,091
  3,305
  3,528
  3,761
  4,004
  4,258
  4,523
  4,800
  5,090
  5,393
  5,711
Retained Cash Flow (-), $m
  -130
  -139
  -148
  -157
  -166
  -175
  -183
  -192
  -200
  -209
  -218
  -226
  -235
  -245
  -254
  -264
  -275
  -286
  -297
  -309
  -322
  -335
  -349
  -364
  -379
  -396
  -413
  -431
  -451
  -471
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
  213
  296
  383
  476
  576
  682
  793
  911
  1,034
  1,163
  1,290
  1,430
  1,577
  1,729
  1,888
  2,052
  2,224
  2,403
  2,588
  2,782
  2,983
  3,193
  3,412
  3,640
  3,879
  4,127
  4,387
  4,659
  4,943
  5,240
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
  204
  271
  333
  392
  447
  495
  536
  569
  594
  610
  613
  610
  600
  580
  554
  522
  484
  442
  399
  353
  309
  265
  224
  185
  151
  120
  94
  72
  54
  39
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 32.9
Price to Sales 3.2
Price to Book 9
Price to Tangible Book
Price to Cash Flow 24.7
Price to Free Cash Flow 31.4
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 $2371.9 million for the last fiscal year's total revenue generated by Donaldson. The default revenue input number comes from 0001 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 15.1% 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%.

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 25.9%.

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 18.2%. 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 - $854.5 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 129.873 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 $7.6 billion.

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COMPANY NEWS

▶ Donaldson (DCI): Moving Average Crossover Alert   [Sep-10-18 09:09AM  Zacks]
▶ Donaldson: Fiscal 4Q Earnings Snapshot   [07:18AM  Associated Press]
▶ 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]

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