Intrinsic value of W.W. Grainger - GWW

Previous Close

$276.28

  Intrinsic Value

$234.30

stock screener

  Rating & Target

hold

-15%

Previous close

$276.28

 
Intrinsic value

$234.30

 
Up/down potential

-15%

 
Rating

hold

We calculate the intrinsic value of GWW 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 15.5

 

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, %
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
Revenue, $m
  11,405
  12,427
  13,491
  14,598
  15,749
  16,946
  18,190
  19,482
  20,825
  22,221
  23,673
  25,184
  26,756
  28,393
  30,099
  31,876
  33,730
  35,664
  37,683
  39,791
  41,993
  44,295
  46,702
  49,219
  51,852
  54,609
  57,495
  60,516
  63,682
  66,998
Variable operating expenses, $m
  10,140
  11,038
  11,974
  12,948
  13,960
  15,012
  16,106
  17,242
  18,423
  19,651
  20,817
  22,145
  23,527
  24,967
  26,466
  28,029
  29,659
  31,360
  33,135
  34,989
  36,926
  38,950
  41,066
  43,279
  45,595
  48,019
  50,556
  53,213
  55,997
  58,913
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
  10,140
  11,038
  11,974
  12,948
  13,960
  15,012
  16,106
  17,242
  18,423
  19,651
  20,817
  22,145
  23,527
  24,967
  26,466
  28,029
  29,659
  31,360
  33,135
  34,989
  36,926
  38,950
  41,066
  43,279
  45,595
  48,019
  50,556
  53,213
  55,997
  58,913
Operating income, $m
  1,265
  1,388
  1,517
  1,650
  1,789
  1,934
  2,084
  2,240
  2,402
  2,570
  2,857
  3,039
  3,229
  3,426
  3,632
  3,847
  4,070
  4,304
  4,547
  4,802
  5,068
  5,345
  5,636
  5,940
  6,257
  6,590
  6,938
  7,303
  7,685
  8,085
EBITDA, $m
  1,602
  1,746
  1,895
  2,051
  2,212
  2,380
  2,555
  2,737
  2,925
  3,121
  3,325
  3,537
  3,758
  3,988
  4,228
  4,478
  4,738
  5,010
  5,293
  5,589
  5,899
  6,222
  6,560
  6,914
  7,284
  7,671
  8,076
  8,501
  8,945
  9,411
Interest expense (income), $m
  63
  126
  147
  169
  192
  216
  240
  266
  292
  320
  348
  378
  409
  441
  475
  510
  546
  584
  623
  665
  708
  753
  800
  849
  900
  954
  1,010
  1,068
  1,130
  1,194
  1,262
Earnings before tax, $m
  1,139
  1,241
  1,348
  1,458
  1,574
  1,694
  1,818
  1,948
  2,082
  2,222
  2,479
  2,630
  2,788
  2,952
  3,123
  3,301
  3,487
  3,680
  3,883
  4,094
  4,315
  4,546
  4,787
  5,040
  5,304
  5,580
  5,870
  6,173
  6,491
  6,823
Tax expense, $m
  307
  335
  364
  394
  425
  457
  491
  526
  562
  600
  669
  710
  753
  797
  843
  891
  941
  994
  1,048
  1,105
  1,165
  1,227
  1,293
  1,361
  1,432
  1,507
  1,585
  1,667
  1,752
  1,842
Net income, $m
  831
  906
  984
  1,065
  1,149
  1,236
  1,327
  1,422
  1,520
  1,622
  1,810
  1,920
  2,035
  2,155
  2,279
  2,410
  2,545
  2,687
  2,834
  2,989
  3,150
  3,318
  3,495
  3,679
  3,872
  4,074
  4,285
  4,506
  4,738
  4,981

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
  6,350
  6,919
  7,512
  8,128
  8,769
  9,436
  10,128
  10,847
  11,595
  12,373
  13,181
  14,022
  14,898
  15,809
  16,759
  17,748
  18,781
  19,857
  20,981
  22,155
  23,381
  24,663
  26,003
  27,405
  28,871
  30,406
  32,013
  33,695
  35,457
  37,304
Adjusted assets (=assets-cash), $m
  6,350
  6,919
  7,512
  8,128
  8,769
  9,436
  10,128
  10,847
  11,595
  12,373
  13,181
  14,022
  14,898
  15,809
  16,759
  17,748
  18,781
  19,857
  20,981
  22,155
  23,381
  24,663
  26,003
  27,405
  28,871
  30,406
  32,013
  33,695
  35,457
  37,304
Revenue / Adjusted assets
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
  1.796
Average production assets, $m
  2,144
  2,336
  2,536
  2,744
  2,961
  3,186
  3,420
  3,663
  3,915
  4,178
  4,451
  4,735
  5,030
  5,338
  5,659
  5,993
  6,341
  6,705
  7,084
  7,481
  7,895
  8,327
  8,780
  9,253
  9,748
  10,266
  10,809
  11,377
  11,972
  12,596
Working capital, $m
  1,608
  1,752
  1,902
  2,058
  2,221
  2,389
  2,565
  2,747
  2,936
  3,133
  3,338
  3,551
  3,773
  4,003
  4,244
  4,495
  4,756
  5,029
  5,313
  5,610
  5,921
  6,246
  6,585
  6,940
  7,311
  7,700
  8,107
  8,533
  8,979
  9,447
Total debt, $m
  2,730
  3,134
  3,554
  3,991
  4,446
  4,918
  5,409
  5,919
  6,449
  7,000
  7,574
  8,170
  8,791
  9,437
  10,110
  10,812
  11,544
  12,307
  13,104
  13,936
  14,806
  15,714
  16,664
  17,658
  18,698
  19,786
  20,925
  22,118
  23,368
  24,677
Total liabilities, $m
  4,502
  4,906
  5,326
  5,763
  6,217
  6,690
  7,181
  7,691
  8,221
  8,772
  9,345
  9,942
  10,562
  11,209
  11,882
  12,584
  13,315
  14,079
  14,876
  15,708
  16,577
  17,486
  18,436
  19,430
  20,470
  21,558
  22,697
  23,890
  25,139
  26,448
Total equity, $m
  1,848
  2,013
  2,186
  2,365
  2,552
  2,746
  2,947
  3,157
  3,374
  3,600
  3,836
  4,080
  4,335
  4,600
  4,877
  5,165
  5,465
  5,778
  6,106
  6,447
  6,804
  7,177
  7,567
  7,975
  8,401
  8,848
  9,316
  9,805
  10,318
  10,855
Total liabilities and equity, $m
  6,350
  6,919
  7,512
  8,128
  8,769
  9,436
  10,128
  10,848
  11,595
  12,372
  13,181
  14,022
  14,897
  15,809
  16,759
  17,749
  18,780
  19,857
  20,982
  22,155
  23,381
  24,663
  26,003
  27,405
  28,871
  30,406
  32,013
  33,695
  35,457
  37,303
Debt-to-equity ratio
  1.480
  1.560
  1.630
  1.690
  1.740
  1.790
  1.840
  1.880
  1.910
  1.940
  1.970
  2.000
  2.030
  2.050
  2.070
  2.090
  2.110
  2.130
  2.150
  2.160
  2.180
  2.190
  2.200
  2.210
  2.230
  2.240
  2.250
  2.260
  2.260
  2.270
Adjusted equity ratio
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291
  0.291

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  831
  906
  984
  1,065
  1,149
  1,236
  1,327
  1,422
  1,520
  1,622
  1,810
  1,920
  2,035
  2,155
  2,279
  2,410
  2,545
  2,687
  2,834
  2,989
  3,150
  3,318
  3,495
  3,679
  3,872
  4,074
  4,285
  4,506
  4,738
  4,981
Depreciation, amort., depletion, $m
  337
  357
  378
  400
  423
  447
  471
  497
  523
  551
  468
  498
  529
  562
  596
  631
  667
  706
  746
  787
  831
  877
  924
  974
  1,026
  1,081
  1,138
  1,198
  1,260
  1,326
Funds from operations, $m
  1,168
  1,263
  1,362
  1,465
  1,572
  1,683
  1,799
  1,919
  2,043
  2,173
  2,278
  2,418
  2,564
  2,717
  2,875
  3,040
  3,213
  3,392
  3,580
  3,776
  3,981
  4,195
  4,419
  4,653
  4,898
  5,154
  5,423
  5,704
  5,998
  6,307
Change in working capital, $m
  138
  144
  150
  156
  162
  169
  175
  182
  189
  197
  205
  213
  222
  231
  240
  251
  261
  273
  285
  297
  311
  325
  339
  355
  371
  389
  407
  426
  446
  468
Cash from operations, $m
  1,030
  1,119
  1,212
  1,309
  1,409
  1,514
  1,623
  1,736
  1,854
  1,976
  2,073
  2,205
  2,343
  2,486
  2,635
  2,790
  2,951
  3,120
  3,296
  3,479
  3,670
  3,870
  4,080
  4,298
  4,527
  4,766
  5,016
  5,278
  5,552
  5,839
Maintenance CAPEX, $m
  -207
  -226
  -246
  -267
  -289
  -312
  -335
  -360
  -386
  -412
  -440
  -468
  -498
  -529
  -562
  -596
  -631
  -667
  -706
  -746
  -787
  -831
  -877
  -924
  -974
  -1,026
  -1,081
  -1,138
  -1,198
  -1,260
New CAPEX, $m
  -181
  -192
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -262
  -273
  -284
  -296
  -308
  -321
  -334
  -348
  -364
  -380
  -396
  -414
  -433
  -452
  -473
  -495
  -518
  -543
  -568
  -595
  -623
Cash from investing activities, $m
  -388
  -418
  -446
  -475
  -505
  -537
  -569
  -603
  -639
  -674
  -713
  -752
  -794
  -837
  -883
  -930
  -979
  -1,031
  -1,086
  -1,142
  -1,201
  -1,264
  -1,329
  -1,397
  -1,469
  -1,544
  -1,624
  -1,706
  -1,793
  -1,883
Free cash flow, $m
  642
  701
  766
  834
  904
  978
  1,054
  1,133
  1,216
  1,302
  1,361
  1,453
  1,549
  1,649
  1,752
  1,860
  1,972
  2,089
  2,210
  2,337
  2,469
  2,607
  2,750
  2,901
  3,057
  3,221
  3,393
  3,572
  3,759
  3,956
Issuance/(repayment) of debt, $m
  388
  403
  420
  437
  455
  472
  491
  510
  530
  551
  573
  596
  621
  646
  673
  702
  732
  763
  797
  832
  869
  909
  950
  994
  1,040
  1,088
  1,139
  1,193
  1,250
  1,309
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  
  388
  403
  420
  437
  455
  472
  491
  510
  530
  551
  573
  596
  621
  646
  673
  702
  732
  763
  797
  832
  869
  909
  950
  994
  1,040
  1,088
  1,139
  1,193
  1,250
  1,309
Total cash flow (excl. dividends), $m
  1,030
  1,105
  1,186
  1,271
  1,359
  1,450
  1,545
  1,644
  1,746
  1,853
  1,934
  2,049
  2,169
  2,295
  2,425
  2,562
  2,704
  2,852
  3,007
  3,169
  3,338
  3,515
  3,701
  3,894
  4,097
  4,309
  4,532
  4,765
  5,009
  5,265
Retained Cash Flow (-), $m
  -158
  -166
  -172
  -179
  -187
  -194
  -201
  -209
  -218
  -226
  -235
  -245
  -255
  -265
  -276
  -288
  -300
  -313
  -327
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -513
  -537
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
  873
  939
  1,014
  1,091
  1,172
  1,256
  1,343
  1,434
  1,529
  1,627
  1,698
  1,804
  1,915
  2,030
  2,149
  2,274
  2,403
  2,539
  2,680
  2,828
  2,982
  3,142
  3,311
  3,486
  3,670
  3,863
  4,064
  4,275
  4,496
  4,727
Discount rate, %
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
  827
  839
  850
  853
  848
  836
  817
  790
  757
  717
  661
  614
  563
  510
  456
  402
  350
  300
  253
  209
  171
  137
  107
  82
  62
  46
  33
  23
  16
  10
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

W.W. Grainger, Inc. (Grainger) is a distributor of maintenance, repair and operating (MRO) supplies and other related products and services. The Company offers its products and services to businesses and institutions in the United States and Canada, with presence also in Europe, Asia and Latin America. The Company operates through two segments, which include the United States and Canada. The Company's business support functions provide coordination and guidance in the areas of accounting and finance, business development, communications and investor relations, compensation and benefits, information systems, health and safety, global supply chain functions, human resources, risk management, internal audit, legal, real estate, security, tax and treasury. The Company's other businesses also include Zoro Tools, Inc. (Zoro), the single channel online business in the United States, MonotaRO Co. (MonotaRO) in Japan, and operations in Europe, Asia and Latin America.

FINANCIAL RATIOS  of  W.W. Grainger (GWW)

Valuation Ratios
P/E Ratio 26.8
Price to Sales 1.6
Price to Book 9
Price to Tangible Book
Price to Cash Flow 16.2
Price to Free Cash Flow 22.6
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.9%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 102.4%
Total Debt to Equity 125%
Interest Coverage 17
Management Effectiveness
Return On Assets 11.2%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 14.6%
Ret/ On T. Cap. - 3 Yr. Avg. 18.5%
Return On Equity 29.8%
Return On Equity - 3 Yr. Avg. 27.6%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 40.6%
Gross Margin - 3 Yr. Avg. 42.1%
EBITDA Margin 13.1%
EBITDA Margin - 3 Yr. Avg. 14.6%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 12.5%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 6%
Net Profit Margin - 3 Yr. Avg. 7.2%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 50%

GWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GWW stock intrinsic value calculation we used $10424.858 million for the last fiscal year's total revenue generated by W.W. Grainger. The default revenue input number comes from 0001 income statement of W.W. Grainger. 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 GWW stock valuation model: a) initial revenue growth rate of 9.4% 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 5.5%, whose default value for GWW is calculated based on our internal credit rating of W.W. Grainger, 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 W.W. Grainger.
    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 GWW stock the variable cost ratio is equal to 89%.

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 GWW 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 W.W. Grainger.

Corporate tax rate of 27% is the nominal tax rate for W.W. Grainger. 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 GWW 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 GWW are equal to 18.8%.

Life of production assets of 9.5 years is the average useful life of capital assets used in W.W. Grainger 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 GWW is equal to 14.1%. 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 - $1690.132 million for W.W. Grainger - 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 56.134 million for W.W. Grainger 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 W.W. Grainger at the current share price and the inputted number of shares is $15.5 billion.

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COMPANY NEWS

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▶ Company News For Oct 17, 2018   [09:31AM  Zacks]
▶ WW Grainger Stock Slides on Q3 Revenue Miss   [11:51AM  InvestorPlace]
▶ W.W. Grainger: 3Q Earnings Snapshot   [08:21AM  Associated Press]
▶ Q3 Earnings Preview: W W Grainger   [Oct-15-18 02:38PM  Benzinga]
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▶ HD Supply Earnings Top, Sales Growth Accelerates For Sixth Quarter   [Sep-05-18 04:06PM  Investor's Business Daily]
▶ How Much Room Does W.W. Grainger Have to Grow?   [Aug-28-18 04:13PM  GuruFocus.com]
▶ Grainger Declares Quarterly Dividend   [10:02AM  PR Newswire]
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▶ Company News For Jul 19, 2018   [Jul-19-18 09:50AM  Zacks]
▶ W.W. Grainger: 2Q Earnings Snapshot   [08:11AM  Associated Press]
▶ W W Grainger's Earnings Outlook   [Jul-17-18 03:59PM  Benzinga]
▶ 6 Dividend Aristocrats to Buy as Trump Irks G7   [Jun-11-18 01:33PM  InvestorPlace]
▶ HD Supply Earnings Top; Stock Jumps   [Jun-05-18 04:04PM  Investor's Business Daily]
▶ Grainger To Present At Upcoming Investor Conferences   [May-17-18 10:00AM  PR Newswire]
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