Intrinsic value of Ecolab - ECL

Previous Close

$145.98

  Intrinsic Value

$79.45

stock screener

  Rating & Target

sell

-46%

Previous close

$145.98

 
Intrinsic value

$79.45

 
Up/down potential

-46%

 
Rating

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 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 42.2

 

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, %
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  14,752
  15,702
  16,690
  17,719
  18,791
  19,908
  21,073
  22,288
  23,556
  24,880
  26,263
  27,708
  29,218
  30,798
  32,451
  34,180
  35,990
  37,886
  39,871
  41,951
  44,130
  46,414
  48,808
  51,317
  53,949
  56,708
  59,602
  62,638
  65,822
  69,163
Variable operating expenses, $m
  12,436
  13,164
  13,923
  14,712
  15,535
  16,392
  17,285
  18,217
  19,190
  20,206
  20,148
  21,257
  22,416
  23,627
  24,895
  26,222
  27,611
  29,065
  30,588
  32,184
  33,856
  35,608
  37,444
  39,369
  41,388
  43,505
  45,725
  48,054
  50,497
  53,060
Fixed operating expenses, $m
  95
  97
  99
  101
  104
  106
  108
  111
  113
  116
  118
  121
  123
  126
  129
  132
  135
  138
  141
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  179
Total operating expenses, $m
  12,531
  13,261
  14,022
  14,813
  15,639
  16,498
  17,393
  18,328
  19,303
  20,322
  20,266
  21,378
  22,539
  23,753
  25,024
  26,354
  27,746
  29,203
  30,729
  32,328
  34,003
  35,758
  37,597
  39,526
  41,548
  43,669
  45,892
  48,225
  50,672
  53,239
Operating income, $m
  2,221
  2,440
  2,668
  2,906
  3,153
  3,411
  3,680
  3,960
  4,253
  4,559
  5,996
  6,330
  6,679
  7,044
  7,426
  7,826
  8,245
  8,683
  9,142
  9,623
  10,128
  10,656
  11,210
  11,791
  12,400
  13,039
  13,709
  14,413
  15,150
  15,924
EBITDA, $m
  3,935
  4,193
  4,461
  4,740
  5,030
  5,333
  5,649
  5,978
  6,322
  6,682
  7,057
  7,449
  7,859
  8,288
  8,737
  9,206
  9,698
  10,213
  10,752
  11,317
  11,910
  12,530
  13,181
  13,863
  14,579
  15,329
  16,116
  16,942
  17,808
  18,717
Interest expense (income), $m
  267
  395
  440
  485
  533
  583
  635
  689
  745
  804
  865
  929
  996
  1,066
  1,138
  1,215
  1,295
  1,378
  1,466
  1,557
  1,653
  1,754
  1,859
  1,969
  2,085
  2,206
  2,333
  2,467
  2,606
  2,753
  2,907
Earnings before tax, $m
  1,826
  2,001
  2,183
  2,372
  2,570
  2,776
  2,991
  3,215
  3,449
  3,694
  5,068
  5,335
  5,614
  5,906
  6,212
  6,532
  6,867
  7,217
  7,585
  7,970
  8,374
  8,797
  9,241
  9,706
  10,194
  10,706
  11,243
  11,806
  12,397
  13,017
Tax expense, $m
  493
  540
  589
  641
  694
  750
  808
  868
  931
  997
  1,368
  1,440
  1,516
  1,595
  1,677
  1,764
  1,854
  1,949
  2,048
  2,152
  2,261
  2,375
  2,495
  2,621
  2,752
  2,891
  3,036
  3,188
  3,347
  3,515
Net income, $m
  1,333
  1,460
  1,593
  1,732
  1,876
  2,026
  2,183
  2,347
  2,518
  2,696
  3,699
  3,894
  4,098
  4,311
  4,534
  4,768
  5,013
  5,269
  5,537
  5,818
  6,113
  6,422
  6,746
  7,086
  7,442
  7,815
  8,207
  8,618
  9,050
  9,503

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
  21,287
  22,657
  24,084
  25,569
  27,116
  28,728
  30,409
  32,162
  33,991
  35,902
  37,897
  39,982
  42,162
  44,442
  46,826
  49,322
  51,934
  54,669
  57,534
  60,535
  63,680
  66,975
  70,430
  74,051
  77,848
  81,830
  86,006
  90,386
  94,981
  99,802
Adjusted assets (=assets-cash), $m
  21,287
  22,657
  24,084
  25,569
  27,116
  28,728
  30,409
  32,162
  33,991
  35,902
  37,897
  39,982
  42,162
  44,442
  46,826
  49,322
  51,934
  54,669
  57,534
  60,535
  63,680
  66,975
  70,430
  74,051
  77,848
  81,830
  86,006
  90,386
  94,981
  99,802
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
  9,471
  10,080
  10,715
  11,376
  12,064
  12,781
  13,529
  14,309
  15,123
  15,973
  16,861
  17,788
  18,758
  19,772
  20,833
  21,944
  23,106
  24,323
  25,597
  26,932
  28,332
  29,798
  31,335
  32,946
  34,635
  36,407
  38,265
  40,213
  42,258
  44,402
Working capital, $m
  1,564
  1,664
  1,769
  1,878
  1,992
  2,110
  2,234
  2,363
  2,497
  2,637
  2,784
  2,937
  3,097
  3,265
  3,440
  3,623
  3,815
  4,016
  4,226
  4,447
  4,678
  4,920
  5,174
  5,440
  5,719
  6,011
  6,318
  6,640
  6,977
  7,331
Total debt, $m
  8,141
  8,990
  9,875
  10,796
  11,755
  12,754
  13,796
  14,883
  16,017
  17,202
  18,439
  19,732
  21,083
  22,497
  23,975
  25,522
  27,142
  28,838
  30,614
  32,475
  34,424
  36,467
  38,609
  40,854
  43,209
  45,677
  48,266
  50,982
  53,831
  56,820
Total liabilities, $m
  13,198
  14,048
  14,932
  15,853
  16,812
  17,811
  18,853
  19,940
  21,075
  22,259
  23,496
  24,789
  26,140
  27,554
  29,032
  30,580
  32,199
  33,895
  35,671
  37,532
  39,481
  41,525
  43,666
  45,912
  48,266
  50,734
  53,324
  56,039
  58,888
  61,877
Total equity, $m
  8,089
  8,610
  9,152
  9,716
  10,304
  10,917
  11,555
  12,221
  12,917
  13,643
  14,401
  15,193
  16,022
  16,888
  17,794
  18,742
  19,735
  20,774
  21,863
  23,003
  24,198
  25,451
  26,763
  28,139
  29,582
  31,095
  32,682
  34,347
  36,093
  37,925
Total liabilities and equity, $m
  21,287
  22,658
  24,084
  25,569
  27,116
  28,728
  30,408
  32,161
  33,992
  35,902
  37,897
  39,982
  42,162
  44,442
  46,826
  49,322
  51,934
  54,669
  57,534
  60,535
  63,679
  66,976
  70,429
  74,051
  77,848
  81,829
  86,006
  90,386
  94,981
  99,802
Debt-to-equity ratio
  1.010
  1.040
  1.080
  1.110
  1.140
  1.170
  1.190
  1.220
  1.240
  1.260
  1.280
  1.300
  1.320
  1.330
  1.350
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.470
  1.480
  1.480
  1.490
  1.500
Adjusted equity ratio
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380
  0.380

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,333
  1,460
  1,593
  1,732
  1,876
  2,026
  2,183
  2,347
  2,518
  2,696
  3,699
  3,894
  4,098
  4,311
  4,534
  4,768
  5,013
  5,269
  5,537
  5,818
  6,113
  6,422
  6,746
  7,086
  7,442
  7,815
  8,207
  8,618
  9,050
  9,503
Depreciation, amort., depletion, $m
  1,714
  1,752
  1,792
  1,834
  1,877
  1,922
  1,969
  2,018
  2,070
  2,123
  1,060
  1,119
  1,180
  1,244
  1,310
  1,380
  1,453
  1,530
  1,610
  1,694
  1,782
  1,874
  1,971
  2,072
  2,178
  2,290
  2,407
  2,529
  2,658
  2,793
Funds from operations, $m
  3,047
  3,213
  3,386
  3,566
  3,753
  3,949
  4,153
  4,365
  4,587
  4,819
  4,760
  5,013
  5,278
  5,555
  5,845
  6,148
  6,466
  6,799
  7,147
  7,512
  7,895
  8,296
  8,717
  9,158
  9,620
  10,105
  10,614
  11,148
  11,708
  12,295
Change in working capital, $m
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  147
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
  292
  307
  322
  338
  354
Cash from operations, $m
  2,950
  3,112
  3,281
  3,457
  3,640
  3,830
  4,029
  4,237
  4,453
  4,679
  4,613
  4,860
  5,118
  5,387
  5,670
  5,965
  6,274
  6,598
  6,937
  7,292
  7,664
  8,054
  8,463
  8,892
  9,341
  9,813
  10,307
  10,826
  11,370
  11,941
Maintenance CAPEX, $m
  -559
  -596
  -634
  -674
  -715
  -759
  -804
  -851
  -900
  -951
  -1,005
  -1,060
  -1,119
  -1,180
  -1,244
  -1,310
  -1,380
  -1,453
  -1,530
  -1,610
  -1,694
  -1,782
  -1,874
  -1,971
  -2,072
  -2,178
  -2,290
  -2,407
  -2,529
  -2,658
New CAPEX, $m
  -588
  -610
  -635
  -661
  -688
  -717
  -748
  -780
  -814
  -850
  -888
  -928
  -970
  -1,014
  -1,061
  -1,110
  -1,162
  -1,217
  -1,275
  -1,335
  -1,399
  -1,466
  -1,537
  -1,611
  -1,689
  -1,772
  -1,858
  -1,949
  -2,044
  -2,145
Cash from investing activities, $m
  -1,147
  -1,206
  -1,269
  -1,335
  -1,403
  -1,476
  -1,552
  -1,631
  -1,714
  -1,801
  -1,893
  -1,988
  -2,089
  -2,194
  -2,305
  -2,420
  -2,542
  -2,670
  -2,805
  -2,945
  -3,093
  -3,248
  -3,411
  -3,582
  -3,761
  -3,950
  -4,148
  -4,356
  -4,573
  -4,803
Free cash flow, $m
  1,803
  1,907
  2,012
  2,122
  2,236
  2,354
  2,478
  2,606
  2,739
  2,878
  2,721
  2,872
  3,029
  3,193
  3,365
  3,544
  3,732
  3,927
  4,132
  4,347
  4,571
  4,806
  5,052
  5,310
  5,580
  5,863
  6,159
  6,470
  6,797
  7,139
Issuance/(repayment) of debt, $m
  818
  850
  884
  921
  959
  999
  1,042
  1,087
  1,134
  1,184
  1,237
  1,293
  1,351
  1,413
  1,479
  1,547
  1,620
  1,696
  1,776
  1,861
  1,950
  2,043
  2,142
  2,245
  2,354
  2,469
  2,589
  2,716
  2,849
  2,989
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  
  818
  850
  884
  921
  959
  999
  1,042
  1,087
  1,134
  1,184
  1,237
  1,293
  1,351
  1,413
  1,479
  1,547
  1,620
  1,696
  1,776
  1,861
  1,950
  2,043
  2,142
  2,245
  2,354
  2,469
  2,589
  2,716
  2,849
  2,989
Total cash flow (excl. dividends), $m
  2,621
  2,757
  2,897
  3,043
  3,195
  3,354
  3,520
  3,693
  3,873
  4,062
  3,958
  4,164
  4,381
  4,607
  4,844
  5,092
  5,351
  5,623
  5,908
  6,207
  6,521
  6,849
  7,194
  7,555
  7,934
  8,331
  8,749
  9,186
  9,645
  10,127
Retained Cash Flow (-), $m
  -505
  -521
  -542
  -564
  -588
  -613
  -639
  -666
  -695
  -726
  -758
  -792
  -828
  -866
  -906
  -948
  -993
  -1,039
  -1,089
  -1,140
  -1,195
  -1,252
  -1,313
  -1,376
  -1,443
  -1,513
  -1,587
  -1,665
  -1,746
  -1,832
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
  2,116
  2,236
  2,355
  2,478
  2,607
  2,741
  2,881
  3,027
  3,178
  3,337
  3,200
  3,372
  3,552
  3,741
  3,937
  4,143
  4,359
  4,584
  4,820
  5,067
  5,326
  5,597
  5,881
  6,179
  6,491
  6,818
  7,162
  7,522
  7,899
  8,296
Discount rate, %
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
  1,981
  1,948
  1,896
  1,830
  1,753
  1,664
  1,565
  1,457
  1,343
  1,224
  1,008
  901
  794
  691
  592
  499
  415
  338
  271
  213
  164
  123
  91
  65
  46
  31
  21
  13
  8
  5
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 34.6
Price to Sales 3.2
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 36
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 $13838.3 million for the last fiscal year's total revenue generated by Ecolab. The default revenue input number comes from 0001 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 6.6% 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 6.8%, 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 84.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $93 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%.

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 64.2%.

Life of production assets of 15.9 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 10.6%. 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 - $7583.6 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 288.9 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 $42.2 billion.

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COMPANY NEWS

▶ Startup Week: Scenes from Techstars Farm to Fork's demo day (gallery)   [Oct-09-18 03:27PM  American City Business Journals]
▶ Is Ecolab Inc (NYSE:ECL) Spending Too Much Money?   [Oct-03-18 09:31AM  Simply Wall St.]
▶ Ecolab Schedules Webcast and Conference Call on October 30   [Sep-24-18 04:30PM  Business Wire]
▶ Stock Market News For Aug 23, 2018   [Aug-23-18 10:15AM  Zacks]
▶ 3 Great Stocks for Low-Risk Investors   [Aug-20-18 09:13AM  Motley Fool]
▶ 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.]

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