Intrinsic value of Federal Signal - FSS

Previous Close

$20.59

  Intrinsic Value

$438.06

stock screener

  Rating & Target

str. buy

+999%

Previous close

$20.59

 
Intrinsic value

$438.06

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of FSS 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, %
  -7.81
  33.20
  30.38
  27.84
  25.56
  23.50
  21.65
  19.99
  18.49
  17.14
  15.93
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.23
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
Revenue, $m
  708
  943
  1,230
  1,572
  1,974
  2,437
  2,965
  3,558
  4,216
  4,938
  5,725
  6,574
  7,484
  8,454
  9,483
  10,569
  11,711
  12,909
  14,161
  15,469
  16,831
  18,250
  19,726
  21,260
  22,854
  24,511
  26,233
  28,022
  29,883
  31,818
  33,832
Variable operating expenses, $m
 
  212
  269
  337
  417
  510
  615
  734
  865
  1,009
  1,166
  1,312
  1,493
  1,687
  1,892
  2,109
  2,337
  2,576
  2,826
  3,086
  3,358
  3,641
  3,936
  4,242
  4,560
  4,891
  5,234
  5,591
  5,962
  6,349
  6,750
Fixed operating expenses, $m
 
  510
  523
  536
  550
  563
  578
  592
  607
  622
  637
  653
  670
  686
  704
  721
  739
  758
  777
  796
  816
  836
  857
  879
  901
  923
  946
  970
  994
  1,019
  1,045
Total operating expenses, $m
  651
  722
  792
  873
  967
  1,073
  1,193
  1,326
  1,472
  1,631
  1,803
  1,965
  2,163
  2,373
  2,596
  2,830
  3,076
  3,334
  3,603
  3,882
  4,174
  4,477
  4,793
  5,121
  5,461
  5,814
  6,180
  6,561
  6,956
  7,368
  7,795
Operating income, $m
  57
  221
  437
  698
  1,006
  1,364
  1,772
  2,232
  2,744
  3,307
  3,921
  4,609
  5,321
  6,081
  6,887
  7,739
  8,635
  9,575
  10,559
  11,586
  12,657
  13,772
  14,933
  16,139
  17,393
  18,697
  20,052
  21,461
  22,926
  24,450
  26,037
EBITDA, $m
  76
  249
  467
  730
  1,040
  1,400
  1,811
  2,274
  2,789
  3,355
  3,973
  4,641
  5,358
  6,123
  6,934
  7,792
  8,693
  9,639
  10,629
  11,663
  12,741
  13,863
  15,031
  16,245
  17,507
  18,819
  20,183
  21,600
  23,075
  24,609
  26,205
Interest expense (income), $m
  1
  2
  5
  9
  13
  18
  23
  30
  37
  45
  54
  64
  74
  85
  97
  110
  123
  137
  152
  167
  183
  200
  217
  235
  254
  274
  294
  315
  337
  360
  384
Earnings before tax, $m
  57
  219
  432
  690
  994
  1,346
  1,749
  2,202
  2,707
  3,262
  3,867
  4,545
  5,247
  5,996
  6,790
  7,629
  8,512
  9,438
  10,407
  11,419
  12,474
  13,572
  14,715
  15,904
  17,139
  18,423
  19,758
  21,146
  22,589
  24,091
  25,653
Tax expense, $m
  18
  59
  117
  186
  268
  363
  472
  595
  731
  881
  1,044
  1,227
  1,417
  1,619
  1,833
  2,060
  2,298
  2,548
  2,810
  3,083
  3,368
  3,665
  3,973
  4,294
  4,628
  4,974
  5,335
  5,709
  6,099
  6,504
  6,926
Net income, $m
  44
  160
  316
  503
  725
  983
  1,277
  1,608
  1,976
  2,381
  2,823
  3,318
  3,830
  4,377
  4,957
  5,569
  6,214
  6,890
  7,597
  8,336
  9,106
  9,908
  10,742
  11,610
  12,512
  13,449
  14,423
  15,437
  16,490
  17,586
  18,727

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  51
  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
  643
  789
  1,028
  1,314
  1,650
  2,038
  2,479
  2,975
  3,525
  4,129
  4,786
  5,496
  6,258
  7,069
  7,929
  8,837
  9,792
  10,793
  11,841
  12,934
  14,073
  15,259
  16,493
  17,776
  19,109
  20,494
  21,934
  23,430
  24,986
  26,604
  28,287
Adjusted assets (=assets-cash), $m
  592
  789
  1,028
  1,314
  1,650
  2,038
  2,479
  2,975
  3,525
  4,129
  4,786
  5,496
  6,258
  7,069
  7,929
  8,837
  9,792
  10,793
  11,841
  12,934
  14,073
  15,259
  16,493
  17,776
  19,109
  20,494
  21,934
  23,430
  24,986
  26,604
  28,287
Revenue / Adjusted assets
  1.196
  1.195
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
  1.196
Average production assets, $m
  53
  71
  92
  118
  148
  183
  222
  267
  316
  370
  429
  493
  561
  634
  711
  793
  878
  968
  1,062
  1,160
  1,262
  1,369
  1,479
  1,594
  1,714
  1,838
  1,967
  2,102
  2,241
  2,386
  2,537
Working capital, $m
  175
  167
  218
  278
  349
  431
  525
  630
  746
  874
  1,013
  1,164
  1,325
  1,496
  1,679
  1,871
  2,073
  2,285
  2,507
  2,738
  2,979
  3,230
  3,491
  3,763
  4,045
  4,338
  4,643
  4,960
  5,289
  5,632
  5,988
Total debt, $m
  64
  145
  246
  366
  506
  669
  854
  1,061
  1,292
  1,545
  1,821
  2,118
  2,437
  2,777
  3,137
  3,518
  3,918
  4,337
  4,776
  5,234
  5,712
  6,209
  6,726
  7,263
  7,822
  8,402
  9,005
  9,632
  10,284
  10,962
  11,667
Total liabilities, $m
  249
  330
  431
  551
  691
  854
  1,039
  1,246
  1,477
  1,730
  2,006
  2,303
  2,622
  2,962
  3,322
  3,703
  4,103
  4,522
  4,961
  5,419
  5,897
  6,394
  6,911
  7,448
  8,007
  8,587
  9,190
  9,817
  10,469
  11,147
  11,852
Total equity, $m
  394
  458
  597
  764
  959
  1,184
  1,440
  1,728
  2,048
  2,399
  2,781
  3,193
  3,636
  4,107
  4,607
  5,134
  5,689
  6,271
  6,879
  7,515
  8,176
  8,866
  9,582
  10,328
  11,102
  11,907
  12,743
  13,613
  14,517
  15,457
  16,435
Total liabilities and equity, $m
  643
  788
  1,028
  1,315
  1,650
  2,038
  2,479
  2,974
  3,525
  4,129
  4,787
  5,496
  6,258
  7,069
  7,929
  8,837
  9,792
  10,793
  11,840
  12,934
  14,073
  15,260
  16,493
  17,776
  19,109
  20,494
  21,933
  23,430
  24,986
  26,604
  28,287
Debt-to-equity ratio
  0.162
  0.320
  0.410
  0.480
  0.530
  0.560
  0.590
  0.610
  0.630
  0.640
  0.650
  0.660
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.710
Adjusted equity ratio
  0.579
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  44
  160
  316
  503
  725
  983
  1,277
  1,608
  1,976
  2,381
  2,823
  3,318
  3,830
  4,377
  4,957
  5,569
  6,214
  6,890
  7,597
  8,336
  9,106
  9,908
  10,742
  11,610
  12,512
  13,449
  14,423
  15,437
  16,490
  17,586
  18,727
Depreciation, amort., depletion, $m
  19
  28
  30
  32
  34
  36
  38
  41
  45
  48
  52
  33
  37
  42
  47
  52
  58
  64
  70
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
Funds from operations, $m
  -15
  188
  345
  535
  759
  1,019
  1,315
  1,649
  2,021
  2,430
  2,875
  3,350
  3,867
  4,419
  5,004
  5,622
  6,272
  6,954
  7,668
  8,413
  9,190
  9,998
  10,840
  11,715
  12,625
  13,571
  14,554
  15,576
  16,639
  17,744
  18,895
Change in working capital, $m
  -40
  42
  51
  61
  71
  82
  93
  105
  116
  128
  139
  150
  161
  172
  182
  192
  202
  212
  222
  231
  241
  251
  261
  272
  282
  293
  305
  317
  329
  343
  356
Cash from operations, $m
  25
  146
  295
  474
  688
  936
  1,222
  1,544
  1,904
  2,302
  2,736
  3,200
  3,706
  4,247
  4,822
  5,430
  6,070
  6,742
  7,446
  8,181
  8,948
  9,747
  10,579
  11,444
  12,343
  13,278
  14,249
  15,259
  16,309
  17,402
  18,538
Maintenance CAPEX, $m
  0
  -4
  -5
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -25
  -28
  -33
  -37
  -42
  -47
  -52
  -58
  -64
  -70
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -130
  -139
  -148
  -158
New CAPEX, $m
  -6
  -18
  -21
  -26
  -30
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -68
  -73
  -77
  -81
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
Cash from investing activities, $m
  -17
  -22
  -26
  -32
  -38
  -45
  -52
  -59
  -67
  -75
  -84
  -92
  -101
  -110
  -119
  -128
  -138
  -148
  -158
  -168
  -179
  -190
  -202
  -213
  -226
  -238
  -251
  -264
  -279
  -293
  -309
Free cash flow, $m
  8
  125
  268
  443
  650
  892
  1,170
  1,485
  1,837
  2,227
  2,652
  3,108
  3,605
  4,137
  4,703
  5,301
  5,932
  6,594
  7,288
  8,013
  8,769
  9,557
  10,378
  11,231
  12,118
  13,040
  13,998
  14,994
  16,030
  17,108
  18,229
Issuance/(repayment) of debt, $m
  20
  82
  100
  120
  141
  163
  185
  208
  230
  253
  276
  297
  319
  340
  360
  380
  400
  420
  439
  458
  477
  497
  517
  537
  559
  580
  603
  627
  652
  678
  705
Issuance/(repurchase) of shares, $m
  -41
  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  
  -19
  82
  100
  120
  141
  163
  185
  208
  230
  253
  276
  297
  319
  340
  360
  380
  400
  420
  439
  458
  477
  497
  517
  537
  559
  580
  603
  627
  652
  678
  705
Total cash flow (excl. dividends), $m
  -13
  207
  369
  563
  791
  1,054
  1,355
  1,693
  2,068
  2,480
  2,928
  3,406
  3,924
  4,477
  5,063
  5,682
  6,332
  7,014
  7,727
  8,471
  9,247
  10,054
  10,895
  11,768
  12,676
  13,620
  14,601
  15,621
  16,682
  17,786
  18,935
Retained Cash Flow (-), $m
  12
  -114
  -139
  -166
  -195
  -225
  -256
  -288
  -320
  -351
  -382
  -412
  -442
  -471
  -500
  -528
  -555
  -582
  -608
  -635
  -662
  -689
  -717
  -745
  -775
  -805
  -836
  -869
  -904
  -940
  -978
Prev. year cash balance distribution, $m
 
  50
  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
 
  143
  230
  396
  595
  829
  1,099
  1,405
  1,748
  2,129
  2,546
  2,993
  3,482
  4,006
  4,563
  5,154
  5,777
  6,432
  7,118
  7,836
  8,585
  9,365
  10,178
  11,023
  11,902
  12,815
  13,765
  14,752
  15,778
  16,846
  17,957
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
 
  137
  210
  345
  490
  643
  797
  949
  1,093
  1,223
  1,335
  1,421
  1,486
  1,523
  1,532
  1,513
  1,468
  1,399
  1,311
  1,206
  1,091
  969
  844
  722
  606
  499
  402
  317
  244
  184
  135
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

Federal Signal Corporation designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental, industrial and commercial customers. The Company's segments include the Environmental Solutions Group and the Safety and Security Systems Group. Its Environmental Solutions Group manufactures and supplies a range of street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks and waterblasting equipment. The products are sold to both municipal and industrial customers under the Elgin, Vactor, Guzzler and Jetstream brand names. Safety and Security Systems is a manufacturer and supplier of systems and products that law enforcement, fire rescue, emergency medical services, campuses military facilities and industrial sites use to protect people and property. It offers systems for campus and community alerting, emergency vehicles, first responder interoperable communications and industrial communications, among others.

FINANCIAL RATIOS  of  Federal Signal (FSS)

Valuation Ratios
P/E Ratio 27.9
Price to Sales 1.7
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 49.1
Price to Free Cash Flow 64.6
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 16%
Total Debt to Equity 16.2%
Interest Coverage 58
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 8.9%
Return On Total Capital 9.7%
Ret/ On T. Cap. - 3 Yr. Avg. 13.1%
Return On Equity 11%
Return On Equity - 3 Yr. Avg. 15.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 25.8%
Gross Margin - 3 Yr. Avg. 27.4%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 12.8%
Operating Margin 8.1%
Oper. Margin - 3 Yr. Avg. 11%
Pre-Tax Margin 8.1%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 7.6%
Effective Tax Rate 31.6%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 38.6%

FSS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FSS stock intrinsic value calculation we used $708 million for the last fiscal year's total revenue generated by Federal Signal. The default revenue input number comes from 2016 income statement of Federal Signal. 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 FSS stock valuation model: a) initial revenue growth rate of 33.2% 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 4.3%, whose default value for FSS is calculated based on our internal credit rating of Federal Signal, 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 Federal Signal.
    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 FSS stock the variable cost ratio is equal to 23.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $498 million in the base year in the intrinsic value calculation for FSS 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 3.5% for Federal Signal.

Corporate tax rate of 27% is the nominal tax rate for Federal Signal. 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 FSS 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 FSS are equal to 7.5%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Federal Signal 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 FSS is equal to 17.7%. 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 - $394 million for Federal Signal - 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 60.229 million for Federal Signal 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 Federal Signal at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Federal Signal Sees Its Composite Rating Rise To 96   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Federal Signal Corporation to Host Earnings Call   [Nov-02-17 09:00AM  ACCESSWIRE]
▶ Federal Signal tops Street 3Q forecasts   [08:47AM  Associated Press]
▶ Federal Signal tops Street 2Q forecasts   [Aug-08-17 11:42PM  Associated Press]
▶ ETFs with exposure to Federal Signal Corp. : July 3, 2017   [Jul-03-17 03:13PM  Capital Cube]
▶ New Strong Buy Stocks for June 28th   [Jun-28-17 10:34AM  Zacks]
▶ [$$] GenNx360 Selling Maker of Dump Truck Bodies for $270 Million   [May-08-17 02:40PM  The Wall Street Journal]
▶ Federal Signal beats 1Q profit forecasts   [Apr-27-17 08:54AM  Associated Press]
▶ Federal Signal meets 4Q profit forecasts   [08:51AM  Associated Press]
Financial statements of FSS
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