Intrinsic value of Dover - DOV

Previous Close

$83.95

  Intrinsic Value

$172.64

stock screener

  Rating & Target

str. buy

+106%

Previous close

$83.95

 
Intrinsic value

$172.64

 
Up/down potential

+106%

 
Rating

str. buy

We calculate the intrinsic value of DOV 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 13.1

 

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, %
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  9,028
  10,316
  11,693
  13,155
  14,702
  16,331
  18,042
  19,833
  21,704
  23,655
  25,688
  27,802
  30,001
  32,287
  34,662
  37,130
  39,695
  42,362
  45,135
  48,019
  51,022
  54,148
  57,404
  60,799
  64,338
  68,031
  71,885
  75,910
  80,114
  84,509
Variable operating expenses, $m
  6,261
  7,066
  7,926
  8,840
  9,806
  10,824
  11,893
  13,012
  14,181
  15,400
  16,049
  17,371
  18,744
  20,172
  21,656
  23,198
  24,801
  26,467
  28,200
  30,002
  31,878
  33,831
  35,866
  37,986
  40,198
  42,505
  44,913
  47,428
  50,055
  52,800
Fixed operating expenses, $m
  1,252
  1,279
  1,308
  1,336
  1,366
  1,396
  1,427
  1,458
  1,490
  1,523
  1,556
  1,591
  1,626
  1,661
  1,698
  1,735
  1,773
  1,812
  1,852
  1,893
  1,935
  1,977
  2,021
  2,065
  2,111
  2,157
  2,205
  2,253
  2,303
  2,353
Total operating expenses, $m
  7,513
  8,345
  9,234
  10,176
  11,172
  12,220
  13,320
  14,470
  15,671
  16,923
  17,605
  18,962
  20,370
  21,833
  23,354
  24,933
  26,574
  28,279
  30,052
  31,895
  33,813
  35,808
  37,887
  40,051
  42,309
  44,662
  47,118
  49,681
  52,358
  55,153
Operating income, $m
  1,515
  1,971
  2,459
  2,979
  3,530
  4,112
  4,723
  5,363
  6,033
  6,733
  8,082
  8,841
  9,631
  10,453
  11,308
  12,196
  13,121
  14,082
  15,083
  16,124
  17,209
  18,339
  19,518
  20,747
  22,030
  23,369
  24,767
  26,229
  27,757
  29,355
EBITDA, $m
  2,972
  3,548
  4,164
  4,819
  5,513
  6,246
  7,015
  7,822
  8,665
  9,546
  10,463
  11,418
  12,412
  13,446
  14,521
  15,638
  16,800
  18,009
  19,267
  20,576
  21,939
  23,359
  24,839
  26,383
  27,994
  29,675
  31,431
  33,266
  35,184
  37,189
Interest expense (income), $m
  131
  193
  245
  300
  360
  423
  490
  561
  635
  712
  793
  877
  965
  1,057
  1,152
  1,251
  1,354
  1,461
  1,572
  1,687
  1,807
  1,932
  2,062
  2,197
  2,338
  2,485
  2,638
  2,798
  2,965
  3,139
  3,321
Earnings before tax, $m
  1,323
  1,727
  2,159
  2,620
  3,107
  3,622
  4,162
  4,729
  5,321
  5,940
  7,204
  7,876
  8,574
  9,301
  10,057
  10,842
  11,660
  12,510
  13,396
  14,317
  15,277
  16,278
  17,321
  18,409
  19,545
  20,731
  21,970
  23,264
  24,618
  26,035
Tax expense, $m
  357
  466
  583
  707
  839
  978
  1,124
  1,277
  1,437
  1,604
  1,945
  2,126
  2,315
  2,511
  2,715
  2,927
  3,148
  3,378
  3,617
  3,866
  4,125
  4,395
  4,677
  4,970
  5,277
  5,597
  5,932
  6,281
  6,647
  7,029
Net income, $m
  965
  1,260
  1,576
  1,912
  2,268
  2,644
  3,038
  3,452
  3,884
  4,336
  5,259
  5,749
  6,259
  6,790
  7,341
  7,915
  8,512
  9,133
  9,779
  10,452
  11,152
  11,883
  12,644
  13,439
  14,268
  15,133
  16,038
  16,983
  17,971
  19,005

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
  12,283
  14,036
  15,909
  17,899
  20,003
  22,220
  24,547
  26,984
  29,529
  32,184
  34,949
  37,826
  40,818
  43,927
  47,159
  50,517
  54,007
  57,635
  61,408
  65,332
  69,417
  73,670
  78,101
  82,719
  87,535
  92,559
  97,803
  103,279
  108,999
  114,978
Adjusted assets (=assets-cash), $m
  12,283
  14,036
  15,909
  17,899
  20,003
  22,220
  24,547
  26,984
  29,529
  32,184
  34,949
  37,826
  40,818
  43,927
  47,159
  50,517
  54,007
  57,635
  61,408
  65,332
  69,417
  73,670
  78,101
  82,719
  87,535
  92,559
  97,803
  103,279
  108,999
  114,978
Revenue / Adjusted assets
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
  0.735
Average production assets, $m
  8,369
  9,563
  10,839
  12,195
  13,629
  15,139
  16,725
  18,385
  20,120
  21,928
  23,812
  25,773
  27,811
  29,930
  32,131
  34,419
  36,797
  39,269
  41,840
  44,514
  47,297
  50,195
  53,214
  56,360
  59,641
  63,064
  66,637
  70,368
  74,266
  78,340
Working capital, $m
  -117
  -134
  -152
  -171
  -191
  -212
  -235
  -258
  -282
  -308
  -334
  -361
  -390
  -420
  -451
  -483
  -516
  -551
  -587
  -624
  -663
  -704
  -746
  -790
  -836
  -884
  -935
  -987
  -1,041
  -1,099
Total debt, $m
  4,528
  5,560
  6,663
  7,835
  9,075
  10,381
  11,751
  13,187
  14,686
  16,250
  17,878
  19,573
  21,335
  23,166
  25,070
  27,048
  29,103
  31,240
  33,462
  35,774
  38,180
  40,685
  43,295
  46,015
  48,851
  51,810
  54,899
  58,124
  61,494
  65,015
Total liabilities, $m
  7,235
  8,267
  9,370
  10,542
  11,782
  13,087
  14,458
  15,893
  17,393
  18,956
  20,585
  22,280
  24,042
  25,873
  27,777
  29,754
  31,810
  33,947
  36,169
  38,481
  40,887
  43,392
  46,002
  48,722
  51,558
  54,517
  57,606
  60,831
  64,201
  67,722
Total equity, $m
  5,048
  5,769
  6,538
  7,356
  8,221
  9,132
  10,089
  11,090
  12,137
  13,228
  14,364
  15,547
  16,776
  18,054
  19,382
  20,762
  22,197
  23,688
  25,239
  26,852
  28,530
  30,279
  32,100
  33,998
  35,977
  38,042
  40,197
  42,448
  44,799
  47,256
Total liabilities and equity, $m
  12,283
  14,036
  15,908
  17,898
  20,003
  22,219
  24,547
  26,983
  29,530
  32,184
  34,949
  37,827
  40,818
  43,927
  47,159
  50,516
  54,007
  57,635
  61,408
  65,333
  69,417
  73,671
  78,102
  82,720
  87,535
  92,559
  97,803
  103,279
  109,000
  114,978
Debt-to-equity ratio
  0.900
  0.960
  1.020
  1.070
  1.100
  1.140
  1.160
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.370
  1.380
Adjusted equity ratio
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  965
  1,260
  1,576
  1,912
  2,268
  2,644
  3,038
  3,452
  3,884
  4,336
  5,259
  5,749
  6,259
  6,790
  7,341
  7,915
  8,512
  9,133
  9,779
  10,452
  11,152
  11,883
  12,644
  13,439
  14,268
  15,133
  16,038
  16,983
  17,971
  19,005
Depreciation, amort., depletion, $m
  1,457
  1,577
  1,704
  1,840
  1,983
  2,134
  2,293
  2,459
  2,632
  2,813
  2,381
  2,577
  2,781
  2,993
  3,213
  3,442
  3,680
  3,927
  4,184
  4,451
  4,730
  5,019
  5,321
  5,636
  5,964
  6,306
  6,664
  7,037
  7,427
  7,834
Funds from operations, $m
  2,423
  2,837
  3,280
  3,752
  4,251
  4,778
  5,331
  5,911
  6,517
  7,149
  7,640
  8,326
  9,040
  9,783
  10,554
  11,357
  12,192
  13,060
  13,963
  14,903
  15,882
  16,902
  17,966
  19,075
  20,232
  21,440
  22,702
  24,020
  25,398
  26,839
Change in working capital, $m
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
Cash from operations, $m
  2,438
  2,854
  3,298
  3,771
  4,272
  4,799
  5,353
  5,934
  6,541
  7,174
  7,667
  8,354
  9,069
  9,812
  10,585
  11,389
  12,225
  13,094
  13,999
  14,941
  15,921
  16,943
  18,008
  19,119
  20,278
  21,488
  22,752
  24,072
  25,453
  26,896
Maintenance CAPEX, $m
  -726
  -837
  -956
  -1,084
  -1,220
  -1,363
  -1,514
  -1,672
  -1,839
  -2,012
  -2,193
  -2,381
  -2,577
  -2,781
  -2,993
  -3,213
  -3,442
  -3,680
  -3,927
  -4,184
  -4,451
  -4,730
  -5,019
  -5,321
  -5,636
  -5,964
  -6,306
  -6,664
  -7,037
  -7,427
New CAPEX, $m
  -1,113
  -1,194
  -1,276
  -1,356
  -1,434
  -1,510
  -1,586
  -1,660
  -1,734
  -1,809
  -1,884
  -1,960
  -2,038
  -2,119
  -2,202
  -2,288
  -2,378
  -2,472
  -2,571
  -2,674
  -2,783
  -2,898
  -3,019
  -3,146
  -3,281
  -3,423
  -3,573
  -3,731
  -3,898
  -4,074
Cash from investing activities, $m
  -1,839
  -2,031
  -2,232
  -2,440
  -2,654
  -2,873
  -3,100
  -3,332
  -3,573
  -3,821
  -4,077
  -4,341
  -4,615
  -4,900
  -5,195
  -5,501
  -5,820
  -6,152
  -6,498
  -6,858
  -7,234
  -7,628
  -8,038
  -8,467
  -8,917
  -9,387
  -9,879
  -10,395
  -10,935
  -11,501
Free cash flow, $m
  600
  823
  1,066
  1,331
  1,618
  1,926
  2,254
  2,601
  2,968
  3,354
  3,590
  4,012
  4,453
  4,913
  5,391
  5,888
  6,405
  6,943
  7,501
  8,082
  8,687
  9,315
  9,970
  10,651
  11,361
  12,101
  12,872
  13,677
  14,518
  15,396
Issuance/(repayment) of debt, $m
  960
  1,032
  1,103
  1,172
  1,240
  1,306
  1,371
  1,435
  1,499
  1,564
  1,629
  1,695
  1,762
  1,832
  1,903
  1,978
  2,056
  2,137
  2,222
  2,312
  2,406
  2,505
  2,610
  2,720
  2,836
  2,959
  3,089
  3,225
  3,369
  3,521
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  
  960
  1,032
  1,103
  1,172
  1,240
  1,306
  1,371
  1,435
  1,499
  1,564
  1,629
  1,695
  1,762
  1,832
  1,903
  1,978
  2,056
  2,137
  2,222
  2,312
  2,406
  2,505
  2,610
  2,720
  2,836
  2,959
  3,089
  3,225
  3,369
  3,521
Total cash flow (excl. dividends), $m
  1,560
  1,855
  2,169
  2,503
  2,858
  3,231
  3,624
  4,036
  4,467
  4,917
  5,219
  5,707
  6,215
  6,744
  7,294
  7,866
  8,461
  9,079
  9,724
  10,394
  11,093
  11,820
  12,579
  13,371
  14,197
  15,060
  15,961
  16,903
  17,888
  18,918
Retained Cash Flow (-), $m
  -665
  -720
  -770
  -818
  -865
  -911
  -957
  -1,001
  -1,046
  -1,091
  -1,136
  -1,182
  -1,230
  -1,278
  -1,328
  -1,380
  -1,434
  -1,491
  -1,551
  -1,613
  -1,679
  -1,748
  -1,821
  -1,898
  -1,979
  -2,065
  -2,155
  -2,251
  -2,351
  -2,457
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
  23
  27
  31
  35
  39
  44
  49
  54
  59
  65
  71
  77
  83
  90
  97
  104
  111
  119
  127
  135
  144
  153
  162
  172
  182
  193
  204
  216
  228
  240
Cash available for distribution, $m
  895
  1,135
  1,399
  1,685
  1,993
  2,320
  2,668
  3,035
  3,421
  3,826
  4,082
  4,525
  4,986
  5,466
  5,966
  6,486
  7,026
  7,588
  8,173
  8,781
  9,414
  10,072
  10,758
  11,473
  12,218
  12,995
  13,806
  14,652
  15,536
  16,460
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  846
  1,010
  1,165
  1,305
  1,426
  1,523
  1,594
  1,637
  1,652
  1,640
  1,537
  1,482
  1,404
  1,309
  1,200
  1,081
  957
  832
  711
  595
  489
  394
  310
  239
  180
  132
  95
  66
  45
  30
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

Dover Corporation is a diversified global manufacturer delivering equipment and components, specialty systems, consumable supplies, software and digital solutions and support services. The Company's segments include Energy, Engineered Systems, Fluids and Refrigeration & Food Equipment. The Company's Energy segment is a provider of solutions and services for production and processing of fuels around the world. Its Engineered Systems segment includes two platforms: Printing & Identification, and Industrials and is focused on the design, manufacture and service of critical equipment and components serving the fast-moving consumer goods, digital textile printing and industrial end markets. Its Fluids segment is focused on the safe handling of critical fluids across the retail fueling, chemical, and industrial end markets. The Refrigeration & Food Equipment segment is a provider of energy efficient equipment and systems serving the commercial refrigeration and food equipment end markets.

FINANCIAL RATIOS  of  Dover (DOV)

Valuation Ratios
P/E Ratio 25.6
Price to Sales 1.9
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 18.7
Growth Rates
Sales Growth Rate -2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.1%
Cap. Spend. - 3 Yr. Gr. Rate 3%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 84.4%
Total Debt to Equity 95.3%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 8.7%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 10.3%
Return On Equity 13.7%
Return On Equity - 3 Yr. Avg. 18.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 36.6%
Gross Margin - 3 Yr. Avg. 37.5%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 18.4%
Operating Margin 11.9%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 11.9%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 26.1%
Eff/ Tax Rate - 3 Yr. Avg. 26.9%
Payout Ratio 52.7%

DOV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DOV stock intrinsic value calculation we used $7830 million for the last fiscal year's total revenue generated by Dover. The default revenue input number comes from 2017 income statement of Dover. 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 DOV stock valuation model: a) initial revenue growth rate of 15.3% 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 5.7%, whose default value for DOV is calculated based on our internal credit rating of Dover, 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 Dover.
    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 DOV stock the variable cost ratio is equal to 70.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1225 million in the base year in the intrinsic value calculation for DOV 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 Dover.

Corporate tax rate of 27% is the nominal tax rate for Dover. 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 DOV stock is equal to 0.3%.

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 DOV are equal to 92.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Dover 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 DOV is equal to -1.3%. 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 - $4383 million for Dover - 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 156 million for Dover 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 Dover at the current share price and the inputted number of shares is $13.1 billion.

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COMPANY NEWS

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▶ Dover Increases Quarterly Dividend To $0.48 Per Share   [Aug-02-18 05:17PM  PR Newswire]
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▶ Dover: 2Q Earnings Snapshot   [07:02AM  Associated Press]
▶ Dover Reports Second Quarter 2018 Results   [06:45AM  PR Newswire]
▶ Dover Corporation: Buy the Dip?   [06:05AM  Motley Fool]
▶ Q2 Earnings Preview For Dover   [Jul-18-18 04:04PM  Benzinga]
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▶ [$$] U.S. Companies Wind Down Iran Business After Nuclear Deal Pullout   [Jun-06-18 03:22PM  The Wall Street Journal]
▶ Dover Completes Spinoff and Distributes Shares of Apergy   [May-09-18 01:27PM  Motley Fool]
▶ Woodlands-based upstream business completes spinoff from Dover Corp.   [08:52AM  American City Business Journals]
▶ Dover Corporation to Host Earnings Call   [08:30AM  ACCESSWIRE]
▶ Dover: 1Q Earnings Snapshot   [06:58AM  Associated Press]
▶ /C O R R E C T I O N -- Hallmark Lighting/   [Mar-26-18 10:19PM  PR Newswire]
▶ [$$] Dover Picks CEO of CNH as New Leader   [Mar-20-18 11:49AM  The Wall Street Journal]
▶ [$$] Dover Picks CEO of CNH as New Leader   [11:37AM  The Wall Street Journal]
▶ [$$] Can Theresa Mays customs plan resolve Brexit dilemma?   [Mar-15-18 12:00AM  Financial Times]
▶ 5 Great Reasons to Buy Dover Corporation Stock   [Mar-02-18 06:33AM  Motley Fool]
▶ 5 Dividend Growth Stocks Powered by Unstoppable Megatrends   [Feb-16-18 11:10AM  InvestorPlace]
▶ Dover Corp. picks name for Houston-area upstream spinoff   [Feb-15-18 02:15PM  American City Business Journals]
▶ Dover Corporation to Host Earnings Call   [08:10AM  ACCESSWIRE]
▶ Dover beats Street 4Q forecasts   [07:03AM  Associated Press]
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