Intrinsic value of Flir Systems - FLIR

Previous Close

$52.40

  Intrinsic Value

$39.76

stock screener

  Rating & Target

sell

-24%

Previous close

$52.40

 
Intrinsic value

$39.76

 
Up/down potential

-24%

 
Rating

sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of FLIR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.74
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  1,662
  1,908
  2,172
  2,453
  2,750
  3,065
  3,395
  3,742
  4,105
  4,483
  4,877
  5,288
  5,715
  6,159
  6,620
  7,100
  7,598
  8,116
  8,654
  9,214
  9,797
  10,403
  11,035
  11,693
  12,379
  13,095
  13,842
  14,622
  15,436
  16,287
  17,177
Variable operating expenses, $m
 
  1,520
  1,719
  1,931
  2,156
  2,393
  2,643
  2,905
  3,178
  3,464
  3,762
  3,991
  4,314
  4,649
  4,997
  5,359
  5,735
  6,126
  6,532
  6,955
  7,395
  7,852
  8,329
  8,826
  9,344
  9,884
  10,448
  11,037
  11,651
  12,294
  12,965
Fixed operating expenses, $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 operating expenses, $m
  1,366
  1,520
  1,719
  1,931
  2,156
  2,393
  2,643
  2,905
  3,178
  3,464
  3,762
  3,991
  4,314
  4,649
  4,997
  5,359
  5,735
  6,126
  6,532
  6,955
  7,395
  7,852
  8,329
  8,826
  9,344
  9,884
  10,448
  11,037
  11,651
  12,294
  12,965
Operating income, $m
  296
  388
  452
  521
  594
  671
  752
  837
  926
  1,019
  1,116
  1,297
  1,401
  1,510
  1,623
  1,741
  1,863
  1,990
  2,122
  2,259
  2,402
  2,551
  2,706
  2,867
  3,035
  3,211
  3,394
  3,585
  3,785
  3,994
  4,212
EBITDA, $m
  354
  493
  561
  634
  711
  792
  878
  967
  1,061
  1,159
  1,261
  1,367
  1,477
  1,592
  1,711
  1,835
  1,964
  2,097
  2,237
  2,381
  2,532
  2,689
  2,852
  3,022
  3,199
  3,384
  3,577
  3,779
  3,989
  4,209
  4,439
Interest expense (income), $m
  16
  19
  24
  29
  35
  41
  47
  54
  61
  69
  77
  85
  93
  102
  111
  121
  131
  141
  152
  163
  174
  186
  199
  212
  225
  239
  254
  270
  286
  302
  320
Earnings before tax, $m
  276
  369
  429
  492
  559
  630
  705
  783
  865
  950
  1,039
  1,212
  1,308
  1,408
  1,512
  1,620
  1,732
  1,849
  1,970
  2,097
  2,228
  2,365
  2,507
  2,655
  2,810
  2,971
  3,140
  3,316
  3,499
  3,691
  3,892
Tax expense, $m
  109
  100
  116
  133
  151
  170
  190
  211
  234
  257
  281
  327
  353
  380
  408
  437
  468
  499
  532
  566
  602
  638
  677
  717
  759
  802
  848
  895
  945
  997
  1,051
Net income, $m
  167
  269
  313
  359
  408
  460
  515
  572
  631
  694
  759
  885
  955
  1,028
  1,104
  1,183
  1,265
  1,350
  1,438
  1,531
  1,626
  1,726
  1,830
  1,938
  2,051
  2,169
  2,292
  2,420
  2,554
  2,695
  2,841

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  361
  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
  2,620
  2,592
  2,951
  3,332
  3,737
  4,164
  4,613
  5,084
  5,577
  6,091
  6,627
  7,185
  7,765
  8,368
  8,995
  9,646
  10,323
  11,027
  11,758
  12,519
  13,311
  14,135
  14,993
  15,888
  16,820
  17,792
  18,807
  19,867
  20,973
  22,129
  23,338
Adjusted assets (=assets-cash), $m
  2,259
  2,592
  2,951
  3,332
  3,737
  4,164
  4,613
  5,084
  5,577
  6,091
  6,627
  7,185
  7,765
  8,368
  8,995
  9,646
  10,323
  11,027
  11,758
  12,519
  13,311
  14,135
  14,993
  15,888
  16,820
  17,792
  18,807
  19,867
  20,973
  22,129
  23,338
Revenue / Adjusted assets
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
  0.736
Average production assets, $m
  427
  490
  558
  630
  707
  788
  873
  962
  1,055
  1,152
  1,253
  1,359
  1,469
  1,583
  1,701
  1,825
  1,953
  2,086
  2,224
  2,368
  2,518
  2,674
  2,836
  3,005
  3,182
  3,365
  3,557
  3,758
  3,967
  4,186
  4,414
Working capital, $m
  803
  525
  597
  674
  756
  843
  934
  1,029
  1,129
  1,233
  1,341
  1,454
  1,572
  1,694
  1,821
  1,952
  2,089
  2,232
  2,380
  2,534
  2,694
  2,861
  3,035
  3,216
  3,404
  3,601
  3,807
  4,021
  4,245
  4,479
  4,724
Total debt, $m
  517
  638
  785
  941
  1,107
  1,282
  1,466
  1,660
  1,862
  2,072
  2,292
  2,521
  2,759
  3,006
  3,263
  3,530
  3,807
  4,096
  4,396
  4,708
  5,032
  5,370
  5,722
  6,089
  6,471
  6,870
  7,286
  7,720
  8,174
  8,648
  9,144
Total liabilities, $m
  941
  1,063
  1,210
  1,366
  1,532
  1,707
  1,891
  2,085
  2,287
  2,497
  2,717
  2,946
  3,184
  3,431
  3,688
  3,955
  4,232
  4,521
  4,821
  5,133
  5,457
  5,795
  6,147
  6,514
  6,896
  7,295
  7,711
  8,145
  8,599
  9,073
  9,569
Total equity, $m
  1,678
  1,529
  1,741
  1,966
  2,205
  2,457
  2,722
  3,000
  3,290
  3,594
  3,910
  4,239
  4,581
  4,937
  5,307
  5,691
  6,091
  6,506
  6,937
  7,386
  7,853
  8,340
  8,846
  9,374
  9,924
  10,498
  11,096
  11,721
  12,374
  13,056
  13,769
Total liabilities and equity, $m
  2,619
  2,592
  2,951
  3,332
  3,737
  4,164
  4,613
  5,085
  5,577
  6,091
  6,627
  7,185
  7,765
  8,368
  8,995
  9,646
  10,323
  11,027
  11,758
  12,519
  13,310
  14,135
  14,993
  15,888
  16,820
  17,793
  18,807
  19,866
  20,973
  22,129
  23,338
Debt-to-equity ratio
  0.308
  0.420
  0.450
  0.480
  0.500
  0.520
  0.540
  0.550
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.630
  0.630
  0.630
  0.640
  0.640
  0.640
  0.650
  0.650
  0.650
  0.650
  0.660
  0.660
  0.660
  0.660
  0.660
Adjusted equity ratio
  0.583
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  167
  269
  313
  359
  408
  460
  515
  572
  631
  694
  759
  885
  955
  1,028
  1,104
  1,183
  1,265
  1,350
  1,438
  1,531
  1,626
  1,726
  1,830
  1,938
  2,051
  2,169
  2,292
  2,420
  2,554
  2,695
  2,841
Depreciation, amort., depletion, $m
  58
  105
  109
  113
  117
  121
  125
  130
  134
  139
  145
  70
  76
  82
  88
  94
  101
  108
  115
  122
  130
  138
  146
  155
  164
  173
  183
  194
  204
  216
  228
Funds from operations, $m
  355
  375
  422
  472
  525
  581
  640
  701
  766
  833
  903
  955
  1,031
  1,109
  1,191
  1,277
  1,365
  1,457
  1,553
  1,653
  1,756
  1,864
  1,976
  2,093
  2,215
  2,343
  2,475
  2,614
  2,759
  2,910
  3,068
Change in working capital, $m
  43
  68
  73
  77
  82
  86
  91
  95
  100
  104
  108
  113
  117
  122
  127
  132
  137
  142
  148
  154
  160
  167
  174
  181
  189
  197
  205
  214
  224
  234
  245
Cash from operations, $m
  312
  307
  349
  395
  443
  494
  549
  606
  666
  729
  795
  842
  913
  987
  1,065
  1,145
  1,228
  1,315
  1,405
  1,499
  1,596
  1,697
  1,803
  1,912
  2,027
  2,146
  2,270
  2,400
  2,535
  2,676
  2,824
Maintenance CAPEX, $m
  0
  -22
  -25
  -29
  -32
  -36
  -41
  -45
  -50
  -54
  -59
  -65
  -70
  -76
  -82
  -88
  -94
  -101
  -108
  -115
  -122
  -130
  -138
  -146
  -155
  -164
  -173
  -183
  -194
  -204
  -216
New CAPEX, $m
  -36
  -63
  -68
  -72
  -77
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -169
  -176
  -184
  -192
  -200
  -209
  -219
  -229
Cash from investing activities, $m
  -448
  -85
  -93
  -101
  -109
  -117
  -126
  -134
  -143
  -151
  -160
  -171
  -180
  -190
  -201
  -211
  -222
  -234
  -246
  -259
  -272
  -286
  -300
  -315
  -331
  -348
  -365
  -383
  -403
  -423
  -445
Free cash flow, $m
  -136
  222
  256
  294
  334
  377
  423
  472
  523
  577
  634
  672
  733
  798
  864
  934
  1,006
  1,081
  1,159
  1,240
  1,324
  1,412
  1,502
  1,597
  1,695
  1,798
  1,905
  2,016
  2,132
  2,253
  2,379
Issuance/(repayment) of debt, $m
  157
  136
  147
  157
  166
  175
  184
  193
  202
  211
  220
  229
  238
  247
  257
  267
  278
  288
  300
  312
  325
  338
  352
  367
  382
  399
  416
  434
  454
  474
  496
Issuance/(repurchase) of shares, $m
  12
  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  
  105
  136
  147
  157
  166
  175
  184
  193
  202
  211
  220
  229
  238
  247
  257
  267
  278
  288
  300
  312
  325
  338
  352
  367
  382
  399
  416
  434
  454
  474
  496
Total cash flow (excl. dividends), $m
  -45
  358
  403
  450
  500
  552
  607
  665
  725
  788
  854
  900
  971
  1,045
  1,121
  1,201
  1,284
  1,370
  1,459
  1,552
  1,649
  1,749
  1,854
  1,964
  2,078
  2,197
  2,321
  2,450
  2,586
  2,727
  2,875
Retained Cash Flow (-), $m
  -28
  -197
  -211
  -225
  -239
  -252
  -265
  -278
  -291
  -303
  -316
  -329
  -342
  -356
  -370
  -384
  -399
  -415
  -432
  -449
  -467
  -486
  -506
  -528
  -550
  -574
  -599
  -625
  -653
  -682
  -713
Prev. year cash balance distribution, $m
 
  346
  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
 
  506
  192
  225
  261
  300
  342
  387
  435
  485
  538
  571
  629
  689
  752
  817
  884
  955
  1,027
  1,103
  1,182
  1,263
  1,348
  1,436
  1,528
  1,623
  1,722
  1,825
  1,933
  2,045
  2,162
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
 
  485
  176
  196
  215
  233
  248
  262
  272
  279
  282
  271
  268
  262
  252
  240
  225
  208
  189
  170
  150
  131
  112
  94
  78
  63
  50
  39
  30
  22
  16
Current shareholders' claim on cash, %
  100
  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

FLIR Systems, Inc. (FLIR) designs, develops, markets and distributes thermal imaging systems, visible-light imaging systems, locater systems, measurement and diagnostic systems and threat-detection solutions. The Company's segments include Surveillance, Instruments, Security, OEM & Emerging Markets, Maritime and Detection. Its Surveillance segment provides enhanced imaging and recognition solutions. Its Instruments segment provides devices that image, measure and assess thermal energy, gases and other environmental elements for industrial, commercial, and scientific applications under the FLIR and Extech brands. Its OEM & Emerging Markets segment provides thermal imaging camera cores and components. Its Maritime segment develops and manufactures electronics and imaging instruments. Its Security segment develops and manufactures a range of cameras and video recording systems. The Detection segment offers sensors, instruments and integrated platform solutions.

FINANCIAL RATIOS  of  Flir Systems (FLIR)

Valuation Ratios
P/E Ratio 42.8
Price to Sales 4.3
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 22.9
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate 6.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.1%
Cap. Spend. - 3 Yr. Gr. Rate -7.1%
Financial Strength
Quick Ratio 24
Current Ratio 0
LT Debt to Equity 29.9%
Total Debt to Equity 30.8%
Interest Coverage 18
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 7.9%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 12.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 46.1%
Gross Margin - 3 Yr. Avg. 47.9%
EBITDA Margin 21.1%
EBITDA Margin - 3 Yr. Avg. 21.9%
Operating Margin 17.8%
Oper. Margin - 3 Yr. Avg. 18.1%
Pre-Tax Margin 16.6%
Pre-Tax Margin - 3 Yr. Avg. 17.5%
Net Profit Margin 10%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 39.5%

FLIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLIR stock intrinsic value calculation we used $1662 million for the last fiscal year's total revenue generated by Flir Systems. The default revenue input number comes from 2016 income statement of Flir Systems. 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 FLIR stock valuation model: a) initial revenue growth rate of 14.8% 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 FLIR is calculated based on our internal credit rating of Flir Systems, 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 Flir Systems.
    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 FLIR stock the variable cost ratio is equal to 80.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for FLIR 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 3.7% for Flir Systems.

Corporate tax rate of 27% is the nominal tax rate for Flir Systems. 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 FLIR 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 FLIR are equal to 25.7%.

Life of production assets of 19.4 years is the average useful life of capital assets used in Flir Systems 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 FLIR is equal to 27.5%. 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 - $1678 million for Flir Systems - 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 139.64 million for Flir Systems 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 Flir Systems at the current share price and the inputted number of shares is $7.3 billion.

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COMPANY NEWS

▶ Composite Rating For Flir Systems Rises To 96   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ One Of The Hottest Dow Stocks Has A New Buy Point: Investing Action Plan   [Dec-14-17 04:34PM  Investor's Business Daily]
▶ Flir Systems Gets IBD Stock Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ The Hot Stock: Flir System Flies Higher   [Oct-25-17 05:12PM  Barrons.com]
▶ Flir Systems beats Street 3Q forecasts   [07:49AM  Associated Press]
▶ The Hot Stock: Flir Systems Jumped 5.4%   [Oct-02-17 04:28PM  Barrons.com]
▶ Flir Systems Shows Rising Relative Strength; Still Shy Of Key Threshold   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ United Technologies buys Rockwell Collins   [Sep-05-17 10:40AM  Yahoo Finance Video]
▶ FLIR Systems to Realign Operating Segment Structure   [Aug-30-17 08:30AM  GlobeNewswire]
▶ Stocks will fly as we get closer to tax cuts: NYSE trader   [Aug-22-17 01:32PM  Yahoo Finance Video]
▶ Stocks jump with tech, materials leading   [11:39AM  Yahoo Finance]
▶ Flir Systems tops 2Q profit forecasts   [Jul-26-17 09:56PM  Associated Press]
▶ ETFs with exposure to FLIR Systems, Inc. : July 24, 2017   [Jul-24-17 03:55PM  Capital Cube]
▶ ETFs with exposure to FLIR Systems, Inc. : July 14, 2017   [Jul-14-17 02:24PM  Capital Cube]
▶ Flir Systems Sees RS Rating Improve To 72   [03:00AM  Investor's Business Daily]
▶ Flir seeks s new CFO   [Jun-09-17 04:50PM  American City Business Journals]
▶ Thermal imaging on your smartphone gets serious   [Jun-07-17 08:00AM  ZDNet]
▶ ETFs with exposure to FLIR Systems, Inc. : June 5, 2017   [Jun-05-17 02:18PM  Capital Cube]
▶ ETFs with exposure to FLIR Systems, Inc. : May 26, 2017   [May-26-17 01:08PM  Capital Cube]
▶ Flir finds new CEO at Stanley Black & Decker   [May-23-17 02:40PM  American City Business Journals]
▶ As Mentor adjusts to sale, a key exec heads to Flir   [May-02-17 05:20PM  American City Business Journals]
Financial statements of FLIR
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