Intrinsic value of Ecolab - ECL

Previous Close

$147.04

  Intrinsic Value

$70.58

stock screener

  Rating & Target

str. sell

-52%

Previous close

$147.04

 
Intrinsic value

$70.58

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of ECL 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 42.6

 

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, %
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
  5.01
  5.01
  5.01
  5.01
Revenue, $m
  14,558
  15,312
  16,102
  16,931
  17,799
  18,710
  19,666
  20,668
  21,719
  22,822
  23,979
  25,193
  26,467
  27,803
  29,206
  30,679
  32,224
  33,846
  35,548
  37,335
  39,211
  41,180
  43,248
  45,418
  47,696
  50,087
  52,598
  55,234
  58,002
  60,907
Variable operating expenses, $m
  12,272
  12,850
  13,455
  14,090
  14,756
  15,454
  16,186
  16,954
  17,759
  18,604
  18,372
  19,302
  20,278
  21,302
  22,377
  23,505
  24,689
  25,932
  27,236
  28,605
  30,043
  31,551
  33,135
  34,798
  36,543
  38,376
  40,299
  42,319
  44,439
  46,666
Fixed operating expenses, $m
  96
  98
  100
  103
  105
  107
  109
  112
  114
  117
  119
  122
  125
  127
  130
  133
  136
  139
  142
  145
  148
  152
  155
  158
  162
  166
  169
  173
  177
  181
Total operating expenses, $m
  12,368
  12,948
  13,555
  14,193
  14,861
  15,561
  16,295
  17,066
  17,873
  18,721
  18,491
  19,424
  20,403
  21,429
  22,507
  23,638
  24,825
  26,071
  27,378
  28,750
  30,191
  31,703
  33,290
  34,956
  36,705
  38,542
  40,468
  42,492
  44,616
  46,847
Operating income, $m
  2,189
  2,364
  2,546
  2,738
  2,939
  3,149
  3,370
  3,602
  3,846
  4,101
  5,488
  5,769
  6,064
  6,374
  6,699
  7,040
  7,399
  7,775
  8,170
  8,585
  9,020
  9,477
  9,957
  10,461
  10,991
  11,546
  12,130
  12,742
  13,386
  14,061
EBITDA, $m
  4,804
  5,056
  5,320
  5,597
  5,887
  6,191
  6,511
  6,846
  7,197
  7,566
  7,953
  8,359
  8,785
  9,232
  9,701
  10,194
  10,711
  11,254
  11,824
  12,423
  13,051
  13,711
  14,403
  15,130
  15,894
  16,695
  17,537
  18,421
  19,348
  20,323
Interest expense (income), $m
  267
  395
  430
  466
  504
  544
  586
  630
  676
  724
  775
  828
  884
  942
  1,003
  1,068
  1,135
  1,206
  1,281
  1,359
  1,441
  1,527
  1,617
  1,712
  1,812
  1,916
  2,026
  2,141
  2,262
  2,389
  2,522
Earnings before tax, $m
  1,794
  1,934
  2,080
  2,234
  2,394
  2,563
  2,741
  2,926
  3,122
  3,326
  4,660
  4,885
  5,122
  5,370
  5,631
  5,905
  6,193
  6,494
  6,811
  7,144
  7,493
  7,860
  8,245
  8,650
  9,075
  9,521
  9,989
  10,481
  10,997
  11,539
Tax expense, $m
  484
  522
  562
  603
  647
  692
  740
  790
  843
  898
  1,258
  1,319
  1,383
  1,450
  1,520
  1,594
  1,672
  1,753
  1,839
  1,929
  2,023
  2,122
  2,226
  2,335
  2,450
  2,571
  2,697
  2,830
  2,969
  3,116
Net income, $m
  1,310
  1,412
  1,518
  1,630
  1,748
  1,871
  2,001
  2,136
  2,279
  2,428
  3,402
  3,566
  3,739
  3,920
  4,111
  4,311
  4,521
  4,741
  4,972
  5,215
  5,470
  5,738
  6,019
  6,314
  6,624
  6,950
  7,292
  7,651
  8,028
  8,424

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
  21,007
  22,095
  23,235
  24,431
  25,685
  26,999
  28,378
  29,824
  31,341
  32,932
  34,602
  36,353
  38,191
  40,120
  42,145
  44,269
  46,499
  48,840
  51,296
  53,875
  56,582
  59,423
  62,406
  65,538
  68,825
  72,276
  75,899
  79,703
  83,697
  87,889
Adjusted assets (=assets-cash), $m
  21,007
  22,095
  23,235
  24,431
  25,685
  26,999
  28,378
  29,824
  31,341
  32,932
  34,602
  36,353
  38,191
  40,120
  42,145
  44,269
  46,499
  48,840
  51,296
  53,875
  56,582
  59,423
  62,406
  65,538
  68,825
  72,276
  75,899
  79,703
  83,697
  87,889
Revenue / Adjusted assets
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
Average production assets, $m
  14,965
  15,740
  16,553
  17,405
  18,298
  19,234
  20,216
  21,247
  22,327
  23,461
  24,650
  25,898
  27,208
  28,582
  30,024
  31,538
  33,126
  34,794
  36,544
  38,381
  40,309
  42,334
  44,459
  46,689
  49,031
  51,490
  54,071
  56,781
  59,626
  62,613
Working capital, $m
  277
  291
  306
  322
  338
  355
  374
  393
  413
  434
  456
  479
  503
  528
  555
  583
  612
  643
  675
  709
  745
  782
  822
  863
  906
  952
  999
  1,049
  1,102
  1,157
Total debt, $m
  7,961
  8,634
  9,339
  10,078
  10,852
  11,665
  12,517
  13,410
  14,348
  15,331
  16,363
  17,446
  18,582
  19,774
  21,025
  22,338
  23,716
  25,162
  26,681
  28,274
  29,947
  31,703
  33,546
  35,482
  37,513
  39,646
  41,885
  44,236
  46,704
  49,295
Total liabilities, $m
  12,982
  13,655
  14,359
  15,098
  15,873
  16,685
  17,537
  18,431
  19,369
  20,352
  21,384
  22,466
  23,602
  24,794
  26,046
  27,359
  28,737
  30,183
  31,701
  33,295
  34,968
  36,724
  38,567
  40,502
  42,534
  44,667
  46,906
  49,257
  51,725
  54,316
Total equity, $m
  8,025
  8,440
  8,876
  9,333
  9,811
  10,314
  10,840
  11,393
  11,972
  12,580
  13,218
  13,887
  14,589
  15,326
  16,099
  16,911
  17,763
  18,657
  19,595
  20,580
  21,614
  22,700
  23,839
  25,035
  26,291
  27,610
  28,994
  30,447
  31,972
  33,574
Total liabilities and equity, $m
  21,007
  22,095
  23,235
  24,431
  25,684
  26,999
  28,377
  29,824
  31,341
  32,932
  34,602
  36,353
  38,191
  40,120
  42,145
  44,270
  46,500
  48,840
  51,296
  53,875
  56,582
  59,424
  62,406
  65,537
  68,825
  72,277
  75,900
  79,704
  83,697
  87,890
Debt-to-equity ratio
  0.990
  1.020
  1.050
  1.080
  1.110
  1.130
  1.150
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.360
  1.370
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.440
  1.450
  1.460
  1.470
Adjusted equity ratio
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382
  0.382

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,310
  1,412
  1,518
  1,630
  1,748
  1,871
  2,001
  2,136
  2,279
  2,428
  3,402
  3,566
  3,739
  3,920
  4,111
  4,311
  4,521
  4,741
  4,972
  5,215
  5,470
  5,738
  6,019
  6,314
  6,624
  6,950
  7,292
  7,651
  8,028
  8,424
Depreciation, amort., depletion, $m
  2,615
  2,693
  2,774
  2,859
  2,948
  3,042
  3,140
  3,243
  3,351
  3,465
  2,465
  2,590
  2,721
  2,858
  3,002
  3,154
  3,313
  3,479
  3,654
  3,838
  4,031
  4,233
  4,446
  4,669
  4,903
  5,149
  5,407
  5,678
  5,963
  6,261
Funds from operations, $m
  3,925
  4,104
  4,292
  4,489
  4,696
  4,913
  5,141
  5,379
  5,630
  5,893
  5,867
  6,156
  6,460
  6,779
  7,113
  7,464
  7,833
  8,220
  8,627
  9,053
  9,501
  9,971
  10,465
  10,983
  11,528
  12,099
  12,699
  13,329
  13,990
  14,685
Change in working capital, $m
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
  55
Cash from operations, $m
  3,911
  4,090
  4,277
  4,474
  4,680
  4,896
  5,123
  5,360
  5,610
  5,872
  5,845
  6,133
  6,436
  6,753
  7,087
  7,436
  7,804
  8,189
  8,594
  9,019
  9,466
  9,934
  10,426
  10,942
  11,484
  12,054
  12,651
  13,279
  13,938
  14,630
Maintenance CAPEX, $m
  -1,423
  -1,497
  -1,574
  -1,655
  -1,740
  -1,830
  -1,923
  -2,022
  -2,125
  -2,233
  -2,346
  -2,465
  -2,590
  -2,721
  -2,858
  -3,002
  -3,154
  -3,313
  -3,479
  -3,654
  -3,838
  -4,031
  -4,233
  -4,446
  -4,669
  -4,903
  -5,149
  -5,407
  -5,678
  -5,963
New CAPEX, $m
  -736
  -775
  -813
  -852
  -893
  -936
  -982
  -1,030
  -1,081
  -1,134
  -1,189
  -1,248
  -1,310
  -1,374
  -1,442
  -1,514
  -1,589
  -1,667
  -1,750
  -1,837
  -1,928
  -2,024
  -2,125
  -2,231
  -2,342
  -2,459
  -2,581
  -2,710
  -2,845
  -2,987
Cash from investing activities, $m
  -2,159
  -2,272
  -2,387
  -2,507
  -2,633
  -2,766
  -2,905
  -3,052
  -3,206
  -3,367
  -3,535
  -3,713
  -3,900
  -4,095
  -4,300
  -4,516
  -4,743
  -4,980
  -5,229
  -5,491
  -5,766
  -6,055
  -6,358
  -6,677
  -7,011
  -7,362
  -7,730
  -8,117
  -8,523
  -8,950
Free cash flow, $m
  1,752
  1,818
  1,891
  1,967
  2,046
  2,130
  2,217
  2,309
  2,405
  2,505
  2,309
  2,420
  2,536
  2,658
  2,786
  2,921
  3,061
  3,209
  3,365
  3,528
  3,699
  3,879
  4,067
  4,266
  4,473
  4,692
  4,921
  5,162
  5,415
  5,680
Issuance/(repayment) of debt, $m
  639
  672
  705
  739
  775
  812
  852
  894
  937
  983
  1,032
  1,083
  1,136
  1,192
  1,251
  1,313
  1,378
  1,446
  1,518
  1,594
  1,673
  1,756
  1,843
  1,935
  2,032
  2,133
  2,239
  2,351
  2,468
  2,591
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  
  639
  672
  705
  739
  775
  812
  852
  894
  937
  983
  1,032
  1,083
  1,136
  1,192
  1,251
  1,313
  1,378
  1,446
  1,518
  1,594
  1,673
  1,756
  1,843
  1,935
  2,032
  2,133
  2,239
  2,351
  2,468
  2,591
Total cash flow (excl. dividends), $m
  2,390
  2,491
  2,595
  2,706
  2,821
  2,942
  3,069
  3,202
  3,342
  3,489
  3,341
  3,503
  3,672
  3,850
  4,037
  4,234
  4,440
  4,656
  4,883
  5,121
  5,372
  5,635
  5,911
  6,201
  6,505
  6,825
  7,160
  7,513
  7,883
  8,271
Retained Cash Flow (-), $m
  -406
  -416
  -436
  -457
  -479
  -502
  -527
  -552
  -579
  -608
  -638
  -669
  -702
  -737
  -773
  -812
  -852
  -894
  -938
  -985
  -1,034
  -1,085
  -1,139
  -1,196
  -1,256
  -1,318
  -1,384
  -1,453
  -1,526
  -1,602
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
  97
  102
  107
  113
  119
  125
  131
  138
  145
  152
  160
  168
  176
  185
  195
  204
  215
  226
  237
  249
  261
  274
  288
  303
  318
  334
  351
  368
  387
  406
Cash available for distribution, $m
  1,985
  2,075
  2,160
  2,249
  2,342
  2,440
  2,542
  2,650
  2,763
  2,881
  2,703
  2,833
  2,970
  3,113
  3,264
  3,422
  3,588
  3,762
  3,945
  4,136
  4,338
  4,549
  4,771
  5,005
  5,249
  5,506
  5,776
  6,060
  6,357
  6,670
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  1,860
  1,811
  1,744
  1,668
  1,583
  1,491
  1,393
  1,289
  1,181
  1,072
  865
  771
  678
  589
  504
  425
  352
  288
  230
  181
  140
  105
  78
  56
  39
  27
  18
  12
  7
  4
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

Ecolab Inc. provides water, hygiene and energy technologies and services. The Company's cleaning and sanitizing programs and products, pest elimination services and equipment maintenance and repair services support customers in the foodservice, food and beverage processing, hospitality, healthcare, government and education, retail, textile care and commercial facilities management sectors in over 170 countries. Its segments include Global Industrial, Global Institutional, Global Energy, Other and Corporate. Its Global Industrial segment consists of the Water, Food and Beverage, Paper and Textile Care operating units. Its Global Institutional segment consists of the Institutional, Specialty and Healthcare operating units. The Global Energy segment provides on-site and technology-driven solutions to the global drilling, oil and gas production, refining, and petrochemical industries. The Company's Other segment consists of the Pest Elimination operating units.

FINANCIAL RATIOS  of  Ecolab (ECL)

Valuation Ratios
P/E Ratio 34.9
Price to Sales 3.3
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 36.3
Growth Rates
Sales Growth Rate -2.9%
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 2.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 89.1%
Total Debt to Equity 96.9%
Interest Coverage 7
Management Effectiveness
Return On Assets 7.7%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 9.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.3%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 48%
Gross Margin - 3 Yr. Avg. 47.2%
EBITDA Margin 21%
EBITDA Margin - 3 Yr. Avg. 19.6%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.3%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 8.4%
Effective Tax Rate 24.4%
Eff/ Tax Rate - 3 Yr. Avg. 25.1%
Payout Ratio 34.8%

ECL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ECL stock intrinsic value calculation we used $13838 million for the last fiscal year's total revenue generated by Ecolab. The default revenue input number comes from 2017 income statement of Ecolab. 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 ECL stock valuation model: a) initial revenue growth rate of 5.2% 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 6.7%, whose default value for ECL is calculated based on our internal credit rating of Ecolab, 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 Ecolab.
    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 ECL stock the variable cost ratio is equal to 84.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $94 million in the base year in the intrinsic value calculation for ECL 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 Ecolab.

Corporate tax rate of 27% is the nominal tax rate for Ecolab. 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 ECL stock is equal to 0.7%.

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 ECL are equal to 102.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Ecolab 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 ECL is equal to 1.9%. 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 - $7619 million for Ecolab - 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 290 million for Ecolab 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 Ecolab at the current share price and the inputted number of shares is $42.6 billion.

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COMPANY NEWS

▶ Ecolab Declares Regular Dividend   [Aug-02-18 02:05PM  Business Wire]
▶ Ecolab: 2Q Earnings Snapshot   [08:37AM  Associated Press]
▶ Ecolab's Earnings Preview   [Jul-30-18 03:34PM  Benzinga]
▶ 7 Socially Responsible Investments to Make Now   [Jul-13-18 02:44PM  InvestorPlace]
▶ Top 3 ETFs for Investing in Water in 2018   [Jun-27-18 06:00AM  Investopedia]
▶ Ecolab Schedules Webcast and Conference Call on July 31   [Jun-25-18 04:30PM  Business Wire]
▶ Looking At Ecolab Inc (NYSE:ECL) From All Angles   [Jun-21-18 01:23PM  Simply Wall St.]
▶ Ecolab Inc (NYSE:ECL): Commentary On Fundamentals   [Jun-14-18 10:29AM  Simply Wall St.]
▶ Ecolab Establishes Food Safety Advisory Board   [May-24-18 08:30AM  Business Wire]
▶ Is There Now An Opportunity In Ecolab Inc (NYSE:ECL)?   [May-09-18 06:11PM  Simply Wall St.]
▶ Ecolab Annual Meeting Results Announced   [May-03-18 04:55PM  Business Wire]
▶ Ecolab Declares Regular Dividend   [12:55PM  Business Wire]
▶ Ecolab Raises Full-Year Earnings Guidance   [May-01-18 02:51PM  Motley Fool]
▶ Ecolab: 1Q Earnings Snapshot   [08:39AM  Associated Press]
▶ Should You Sell Ecolab Inc (NYSE:ECL) At This PE Ratio?   [Apr-25-18 07:54PM  Simply Wall St.]
▶ Ecolab Stock Has Been Cleaning Up -- And It's Not Done   [Apr-18-18 10:25AM  TheStreet.com]
▶ Ecolab buys former Coca-Cola site as it prepares to commission $27M expansion   [Apr-02-18 07:44AM  American City Business Journals]
▶ Does Ecolab Incs (NYSE:ECL) Debt Level Pose A Problem?   [Mar-27-18 05:18PM  Simply Wall St.]
▶ Does easyCALLpl S.A.s (WSE:ECL) PE Ratio Warrant A Sell?   [Mar-17-18 09:30AM  Simply Wall St.]
▶ [$$] Bill Gates Buys $50 Million More in Ecolab Stock   [Mar-15-18 10:30AM  Barrons.com]
▶ 3 Stocks for Retirees to Grow Their Nest Egg   [Mar-12-18 04:17PM  Motley Fool]
▶ Ecolab Declares Regular Dividend   [Feb-23-18 11:00AM  Business Wire]
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