Intrinsic value of Flir Systems - FLIR

Previous Close

$43.32

  Intrinsic Value

$32.91

stock screener

  Rating & Target

sell

-24%

Previous close

$43.32

 
Intrinsic value

$32.91

 
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

Revenue (in 2016), $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 5.9

 

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
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,662
  1,790
  1,923
  2,061
  2,205
  2,354
  2,509
  2,671
  2,839
  3,014
  3,196
  3,386
  3,584
  3,790
  4,006
  4,231
  4,466
  4,712
  4,968
  5,237
  5,518
  5,812
  6,120
  6,442
  6,780
  7,133
  7,504
  7,892
  8,299
  8,726
  9,173
Variable operating expenses, $m
 
  1,431
  1,532
  1,636
  1,744
  1,857
  1,974
  2,096
  2,223
  2,355
  2,492
  2,556
  2,705
  2,861
  3,024
  3,194
  3,371
  3,556
  3,750
  3,953
  4,165
  4,387
  4,619
  4,862
  5,117
  5,384
  5,664
  5,957
  6,264
  6,586
  6,924
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
  1,431
  1,532
  1,636
  1,744
  1,857
  1,974
  2,096
  2,223
  2,355
  2,492
  2,556
  2,705
  2,861
  3,024
  3,194
  3,371
  3,556
  3,750
  3,953
  4,165
  4,387
  4,619
  4,862
  5,117
  5,384
  5,664
  5,957
  6,264
  6,586
  6,924
Operating income, $m
  296
  359
  391
  425
  461
  497
  535
  575
  616
  659
  704
  830
  879
  929
  982
  1,037
  1,095
  1,155
  1,218
  1,284
  1,353
  1,425
  1,501
  1,580
  1,662
  1,749
  1,840
  1,935
  2,035
  2,139
  2,249
EBITDA, $m
  354
  463
  497
  533
  570
  608
  649
  690
  734
  779
  826
  875
  926
  980
  1,035
  1,093
  1,154
  1,218
  1,284
  1,353
  1,426
  1,502
  1,582
  1,665
  1,752
  1,843
  1,939
  2,040
  2,145
  2,255
  2,371
Interest expense (income), $m
  16
  19
  21
  24
  27
  30
  33
  36
  39
  43
  46
  50
  54
  58
  62
  67
  71
  76
  81
  87
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
Earnings before tax, $m
  276
  340
  370
  401
  434
  467
  502
  539
  577
  616
  657
  780
  825
  871
  920
  971
  1,024
  1,079
  1,137
  1,197
  1,261
  1,327
  1,396
  1,469
  1,545
  1,625
  1,709
  1,796
  1,888
  1,984
  2,085
Tax expense, $m
  109
  92
  100
  108
  117
  126
  136
  145
  156
  166
  177
  211
  223
  235
  248
  262
  276
  291
  307
  323
  340
  358
  377
  397
  417
  439
  461
  485
  510
  536
  563
Net income, $m
  167
  248
  270
  293
  317
  341
  367
  393
  421
  450
  480
  569
  602
  636
  671
  709
  747
  788
  830
  874
  920
  969
  1,019
  1,072
  1,128
  1,186
  1,247
  1,311
  1,378
  1,448
  1,522

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
  2,432
  2,613
  2,801
  2,996
  3,199
  3,409
  3,629
  3,857
  4,095
  4,342
  4,600
  4,869
  5,150
  5,443
  5,749
  6,068
  6,402
  6,751
  7,116
  7,497
  7,897
  8,315
  8,753
  9,211
  9,692
  10,195
  10,723
  11,276
  11,855
  12,463
Adjusted assets (=assets-cash), $m
  2,259
  2,432
  2,613
  2,801
  2,996
  3,199
  3,409
  3,629
  3,857
  4,095
  4,342
  4,600
  4,869
  5,150
  5,443
  5,749
  6,068
  6,402
  6,751
  7,116
  7,497
  7,897
  8,315
  8,753
  9,211
  9,692
  10,195
  10,723
  11,276
  11,855
  12,463
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
  460
  494
  530
  567
  605
  645
  686
  730
  775
  821
  870
  921
  974
  1,030
  1,087
  1,148
  1,211
  1,277
  1,346
  1,418
  1,494
  1,573
  1,656
  1,742
  1,833
  1,928
  2,028
  2,133
  2,242
  2,357
Working capital, $m
  803
  492
  529
  567
  606
  647
  690
  734
  781
  829
  879
  931
  986
  1,042
  1,102
  1,164
  1,228
  1,296
  1,366
  1,440
  1,517
  1,598
  1,683
  1,772
  1,864
  1,962
  2,063
  2,170
  2,282
  2,400
  2,523
Total debt, $m
  517
  572
  646
  723
  803
  886
  973
  1,063
  1,156
  1,254
  1,355
  1,461
  1,571
  1,686
  1,807
  1,932
  2,063
  2,200
  2,343
  2,492
  2,649
  2,813
  2,984
  3,164
  3,352
  3,549
  3,755
  3,971
  4,198
  4,436
  4,685
Total liabilities, $m
  941
  997
  1,071
  1,148
  1,228
  1,311
  1,398
  1,488
  1,581
  1,679
  1,780
  1,886
  1,996
  2,111
  2,232
  2,357
  2,488
  2,625
  2,768
  2,917
  3,074
  3,238
  3,409
  3,589
  3,777
  3,974
  4,180
  4,396
  4,623
  4,861
  5,110
Total equity, $m
  1,678
  1,435
  1,542
  1,652
  1,767
  1,887
  2,012
  2,141
  2,276
  2,416
  2,562
  2,714
  2,873
  3,038
  3,211
  3,392
  3,580
  3,777
  3,983
  4,198
  4,423
  4,659
  4,906
  5,164
  5,435
  5,718
  6,015
  6,326
  6,653
  6,995
  7,353
Total liabilities and equity, $m
  2,619
  2,432
  2,613
  2,800
  2,995
  3,198
  3,410
  3,629
  3,857
  4,095
  4,342
  4,600
  4,869
  5,149
  5,443
  5,749
  6,068
  6,402
  6,751
  7,115
  7,497
  7,897
  8,315
  8,753
  9,212
  9,692
  10,195
  10,722
  11,276
  11,856
  12,463
Debt-to-equity ratio
  0.308
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
  0.600
  0.610
  0.610
  0.620
  0.620
  0.620
  0.630
  0.630
  0.630
  0.640
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
  248
  270
  293
  317
  341
  367
  393
  421
  450
  480
  569
  602
  636
  671
  709
  747
  788
  830
  874
  920
  969
  1,019
  1,072
  1,128
  1,186
  1,247
  1,311
  1,378
  1,448
  1,522
Depreciation, amort., depletion, $m
  58
  104
  106
  107
  109
  111
  113
  115
  118
  120
  122
  45
  47
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
  99
  105
  110
  116
  122
Funds from operations, $m
  355
  352
  376
  400
  426
  452
  480
  509
  539
  570
  602
  614
  649
  686
  725
  765
  806
  850
  896
  943
  993
  1,046
  1,100
  1,158
  1,218
  1,281
  1,347
  1,416
  1,488
  1,564
  1,644
Change in working capital, $m
  43
  35
  37
  38
  39
  41
  43
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  97
  102
  107
  112
  117
  123
Cash from operations, $m
  312
  317
  339
  362
  386
  411
  437
  464
  492
  522
  552
  562
  595
  629
  665
  703
  742
  782
  825
  870
  916
  965
  1,016
  1,069
  1,125
  1,184
  1,245
  1,309
  1,376
  1,447
  1,521
Maintenance CAPEX, $m
  0
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
New CAPEX, $m
  -36
  -33
  -34
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
Cash from investing activities, $m
  -448
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -141
  -149
  -156
  -164
  -172
  -181
  -189
  -199
  -210
  -220
  -231
Free cash flow, $m
  -136
  262
  281
  301
  322
  344
  366
  390
  414
  439
  465
  471
  499
  529
  560
  592
  625
  660
  697
  735
  775
  816
  860
  905
  953
  1,003
  1,055
  1,110
  1,167
  1,227
  1,290
Issuance/(repayment) of debt, $m
  157
  70
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  171
  180
  188
  197
  206
  216
  227
  238
  249
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
  70
  74
  77
  80
  83
  86
  90
  94
  97
  102
  106
  110
  115
  120
  125
  131
  137
  143
  150
  157
  164
  171
  180
  188
  197
  206
  216
  227
  238
  249
Total cash flow (excl. dividends), $m
  -45
  332
  355
  378
  402
  427
  453
  480
  507
  537
  567
  577
  610
  644
  680
  717
  756
  797
  840
  884
  931
  980
  1,031
  1,085
  1,141
  1,200
  1,261
  1,326
  1,394
  1,465
  1,539
Retained Cash Flow (-), $m
  -28
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -159
  -166
  -173
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -258
  -271
  -283
  -297
  -311
  -326
  -342
  -359
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
 
  575
  249
  268
  287
  307
  328
  350
  373
  396
  421
  424
  451
  478
  507
  537
  568
  600
  634
  669
  706
  744
  784
  826
  870
  916
  964
  1,015
  1,068
  1,123
  1,181
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
 
  551
  228
  233
  236
  238
  238
  237
  233
  228
  221
  202
  192
  182
  170
  158
  144
  131
  117
  103
  90
  77
  65
  54
  44
  36
  28
  22
  17
  12
  9
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 35.4
Price to Sales 3.6
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 21.4
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 7.7% 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 137.119 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 $5.9 billion.

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COMPANY NEWS

▶ 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]
▶ Flir Systems meets 1Q profit forecasts   [07:42AM  Associated Press]
▶ Time to Buy or Sell Stocks and Real Estate?   [Apr-18-17 04:51PM  Zacks]
▶ ETFs with exposure to FLIR Systems, Inc. : April 7, 2017   [Apr-07-17 04:34PM  Capital Cube]
▶ The Final Four of stocks   [Mar-31-17 04:25PM  CNBC Videos]
▶ Three Tech Stocks to Buy for the Second Quarter   [12:30PM  at Investopedia]
Financial statements of FLIR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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