Intrinsic value of IDEX - IEX

Previous Close

$131.20

  Intrinsic Value

$96.78

stock screener

  Rating & Target

sell

-26%

Previous close

$131.20

 
Intrinsic value

$96.78

 
Up/down potential

-26%

 
Rating

sell

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

We calculate the intrinsic value of IEX 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 10.0

 

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, %
  4.55
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
Revenue, $m
  2,113
  2,288
  2,471
  2,660
  2,857
  3,062
  3,275
  3,496
  3,726
  3,965
  4,214
  4,473
  4,743
  5,025
  5,318
  5,624
  5,944
  6,277
  6,626
  6,990
  7,370
  7,768
  8,185
  8,621
  9,077
  9,555
  10,055
  10,579
  11,129
  11,704
  12,308
Variable operating expenses, $m
 
  1,785
  1,914
  2,049
  2,188
  2,333
  2,484
  2,641
  2,804
  2,974
  3,150
  3,170
  3,362
  3,561
  3,769
  3,986
  4,212
  4,449
  4,696
  4,954
  5,223
  5,506
  5,801
  6,110
  6,433
  6,772
  7,126
  7,498
  7,887
  8,295
  8,723
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
  1,707
  1,785
  1,914
  2,049
  2,188
  2,333
  2,484
  2,641
  2,804
  2,974
  3,150
  3,170
  3,362
  3,561
  3,769
  3,986
  4,212
  4,449
  4,696
  4,954
  5,223
  5,506
  5,801
  6,110
  6,433
  6,772
  7,126
  7,498
  7,887
  8,295
  8,723
Operating income, $m
  406
  503
  556
  612
  669
  729
  791
  855
  922
  992
  1,064
  1,303
  1,382
  1,464
  1,549
  1,638
  1,731
  1,828
  1,930
  2,036
  2,147
  2,263
  2,384
  2,511
  2,644
  2,783
  2,929
  3,082
  3,242
  3,409
  3,585
EBITDA, $m
  493
  693
  749
  806
  866
  928
  992
  1,059
  1,129
  1,202
  1,277
  1,356
  1,437
  1,523
  1,612
  1,704
  1,801
  1,902
  2,008
  2,118
  2,234
  2,354
  2,480
  2,612
  2,751
  2,896
  3,047
  3,206
  3,372
  3,547
  3,730
Interest expense (income), $m
  37
  41
  46
  52
  57
  63
  70
  76
  83
  90
  97
  105
  113
  121
  129
  138
  148
  157
  168
  178
  189
  201
  213
  226
  239
  253
  268
  283
  299
  316
  333
Earnings before tax, $m
  369
  463
  510
  560
  612
  665
  721
  779
  839
  902
  967
  1,198
  1,269
  1,343
  1,420
  1,500
  1,584
  1,671
  1,762
  1,858
  1,958
  2,062
  2,171
  2,285
  2,405
  2,530
  2,661
  2,799
  2,943
  3,094
  3,252
Tax expense, $m
  98
  125
  138
  151
  165
  180
  195
  210
  227
  244
  261
  324
  343
  363
  383
  405
  428
  451
  476
  502
  529
  557
  586
  617
  649
  683
  719
  756
  795
  835
  878
Net income, $m
  271
  338
  373
  409
  447
  486
  526
  569
  613
  658
  706
  875
  926
  980
  1,036
  1,095
  1,156
  1,220
  1,287
  1,356
  1,429
  1,505
  1,585
  1,668
  1,756
  1,847
  1,943
  2,043
  2,148
  2,258
  2,374

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  236
  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
  3,155
  3,161
  3,413
  3,675
  3,947
  4,229
  4,523
  4,829
  5,146
  5,477
  5,821
  6,179
  6,552
  6,940
  7,346
  7,768
  8,209
  8,670
  9,151
  9,654
  10,180
  10,730
  11,305
  11,907
  12,537
  13,197
  13,888
  14,612
  15,371
  16,166
  16,999
Adjusted assets (=assets-cash), $m
  2,919
  3,161
  3,413
  3,675
  3,947
  4,229
  4,523
  4,829
  5,146
  5,477
  5,821
  6,179
  6,552
  6,940
  7,346
  7,768
  8,209
  8,670
  9,151
  9,654
  10,180
  10,730
  11,305
  11,907
  12,537
  13,197
  13,888
  14,612
  15,371
  16,166
  16,999
Revenue / Adjusted assets
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
  0.724
Average production assets, $m
  607
  657
  709
  764
  820
  879
  940
  1,003
  1,069
  1,138
  1,209
  1,284
  1,361
  1,442
  1,526
  1,614
  1,706
  1,802
  1,902
  2,006
  2,115
  2,230
  2,349
  2,474
  2,605
  2,742
  2,886
  3,036
  3,194
  3,359
  3,532
Working capital, $m
  514
  302
  326
  351
  377
  404
  432
  461
  492
  523
  556
  590
  626
  663
  702
  742
  785
  829
  875
  923
  973
  1,025
  1,080
  1,138
  1,198
  1,261
  1,327
  1,396
  1,469
  1,545
  1,625
Total debt, $m
  1,015
  1,149
  1,288
  1,432
  1,583
  1,739
  1,901
  2,069
  2,245
  2,427
  2,617
  2,815
  3,021
  3,235
  3,459
  3,692
  3,936
  4,190
  4,456
  4,733
  5,023
  5,327
  5,644
  5,977
  6,325
  6,689
  7,070
  7,470
  7,889
  8,328
  8,788
Total liabilities, $m
  1,611
  1,745
  1,884
  2,028
  2,179
  2,335
  2,497
  2,665
  2,841
  3,023
  3,213
  3,411
  3,617
  3,831
  4,055
  4,288
  4,532
  4,786
  5,052
  5,329
  5,619
  5,923
  6,240
  6,573
  6,921
  7,285
  7,666
  8,066
  8,485
  8,924
  9,384
Total equity, $m
  1,544
  1,416
  1,529
  1,646
  1,768
  1,895
  2,026
  2,163
  2,306
  2,454
  2,608
  2,768
  2,935
  3,109
  3,291
  3,480
  3,678
  3,884
  4,100
  4,325
  4,561
  4,807
  5,065
  5,334
  5,617
  5,912
  6,222
  6,546
  6,886
  7,242
  7,616
Total liabilities and equity, $m
  3,155
  3,161
  3,413
  3,674
  3,947
  4,230
  4,523
  4,828
  5,147
  5,477
  5,821
  6,179
  6,552
  6,940
  7,346
  7,768
  8,210
  8,670
  9,152
  9,654
  10,180
  10,730
  11,305
  11,907
  12,538
  13,197
  13,888
  14,612
  15,371
  16,166
  17,000
Debt-to-equity ratio
  0.657
  0.810
  0.840
  0.870
  0.900
  0.920
  0.940
  0.960
  0.970
  0.990
  1.000
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.150
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  271
  338
  373
  409
  447
  486
  526
  569
  613
  658
  706
  875
  926
  980
  1,036
  1,095
  1,156
  1,220
  1,287
  1,356
  1,429
  1,505
  1,585
  1,668
  1,756
  1,847
  1,943
  2,043
  2,148
  2,258
  2,374
Depreciation, amort., depletion, $m
  87
  190
  192
  195
  197
  199
  202
  204
  207
  210
  213
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
Funds from operations, $m
  405
  528
  565
  603
  643
  685
  728
  773
  820
  868
  919
  927
  982
  1,039
  1,099
  1,161
  1,226
  1,294
  1,364
  1,438
  1,516
  1,597
  1,681
  1,770
  1,862
  1,959
  2,061
  2,168
  2,279
  2,396
  2,519
Change in working capital, $m
  5
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
Cash from operations, $m
  400
  505
  541
  578
  617
  658
  700
  744
  789
  837
  886
  893
  947
  1,002
  1,060
  1,121
  1,184
  1,250
  1,318
  1,390
  1,465
  1,544
  1,626
  1,712
  1,802
  1,896
  1,995
  2,098
  2,207
  2,320
  2,439
Maintenance CAPEX, $m
  0
  -25
  -27
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
New CAPEX, $m
  -38
  -50
  -52
  -54
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -104
  -109
  -114
  -120
  -125
  -131
  -137
  -144
  -150
  -158
  -165
  -173
Cash from investing activities, $m
  -509
  -75
  -79
  -83
  -88
  -93
  -97
  -102
  -107
  -113
  -118
  -124
  -130
  -137
  -143
  -151
  -158
  -166
  -174
  -182
  -191
  -201
  -211
  -221
  -232
  -244
  -256
  -268
  -282
  -296
  -311
Free cash flow, $m
  -109
  430
  462
  495
  530
  566
  603
  642
  682
  724
  768
  769
  816
  866
  917
  970
  1,026
  1,084
  1,145
  1,208
  1,274
  1,343
  1,415
  1,491
  1,570
  1,652
  1,739
  1,830
  1,925
  2,024
  2,128
Issuance/(repayment) of debt, $m
  181
  135
  139
  145
  150
  156
  162
  169
  175
  182
  190
  198
  206
  215
  224
  233
  244
  254
  266
  278
  290
  304
  318
  332
  348
  364
  381
  400
  419
  439
  460
Issuance/(repurchase) of shares, $m
  -27
  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  
  150
  135
  139
  145
  150
  156
  162
  169
  175
  182
  190
  198
  206
  215
  224
  233
  244
  254
  266
  278
  290
  304
  318
  332
  348
  364
  381
  400
  419
  439
  460
Total cash flow (excl. dividends), $m
  11
  564
  601
  640
  680
  722
  765
  811
  858
  907
  958
  967
  1,022
  1,080
  1,141
  1,204
  1,269
  1,338
  1,410
  1,485
  1,564
  1,647
  1,733
  1,823
  1,918
  2,017
  2,121
  2,229
  2,343
  2,463
  2,588
Retained Cash Flow (-), $m
  -101
  -107
  -113
  -117
  -122
  -127
  -132
  -137
  -142
  -148
  -154
  -160
  -167
  -174
  -182
  -189
  -198
  -206
  -216
  -225
  -236
  -246
  -258
  -270
  -282
  -296
  -310
  -324
  -340
  -356
  -373
Prev. year cash balance distribution, $m
 
  235
  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
 
  692
  488
  522
  558
  595
  634
  674
  715
  759
  804
  806
  855
  906
  959
  1,014
  1,072
  1,132
  1,195
  1,260
  1,329
  1,400
  1,475
  1,553
  1,635
  1,721
  1,811
  1,905
  2,003
  2,107
  2,215
Discount rate, %
 
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
 
  660
  441
  446
  447
  446
  440
  432
  420
  404
  386
  347
  326
  303
  278
  253
  227
  201
  176
  152
  129
  108
  88
  71
  57
  44
  33
  25
  18
  13
  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

IDEX Corporation (IDEX) operates an applied solutions business that sells pumps, flow meters and other fluidics systems, and components and engineered products. The Company operates through three segments: Fluid & Metering Technologies (FMT), Health & Science Technologies (HST) and Fire & Safety/Diversified Products (FSDP). With its segments, as of December 31, 2016, the Company maintained 13 platforms, where it focused on growth and acquisitions. The Company's FMT segment provides flow monitoring and other services for the food, chemical, general industrial, water and wastewater, agricultural and energy industries. The HST segment designs, produces and distributes precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems. Its FSDP segment produces firefighting pumps and controls, rescue tools, lifting bags and other components and systems; engineered stainless steel banding and clamping devices, and precision equipment.

FINANCIAL RATIOS  of  IDEX (IEX)

Valuation Ratios
P/E Ratio 37
Price to Sales 4.7
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 27.7
Growth Rates
Sales Growth Rate 4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio 236
Current Ratio 0.2
LT Debt to Equity 65.7%
Total Debt to Equity 65.7%
Interest Coverage 11
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 10.4%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.8%
Return On Equity 18.1%
Return On Equity - 3 Yr. Avg. 18.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 44.1%
Gross Margin - 3 Yr. Avg. 44.3%
EBITDA Margin 23.3%
EBITDA Margin - 3 Yr. Avg. 23.9%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 18.4%
Net Profit Margin 12.8%
Net Profit Margin - 3 Yr. Avg. 13.3%
Effective Tax Rate 26.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.7%
Payout Ratio 38%

IEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IEX stock intrinsic value calculation we used $2113 million for the last fiscal year's total revenue generated by IDEX. The default revenue input number comes from 2016 income statement of IDEX. 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 IEX stock valuation model: a) initial revenue growth rate of 8.3% 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 4.9%, whose default value for IEX is calculated based on our internal credit rating of IDEX, 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 IDEX.
    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 IEX stock the variable cost ratio is equal to 78.6%.

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 IEX 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 4% for IDEX.

Corporate tax rate of 27% is the nominal tax rate for IDEX. 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 IEX 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 IEX are equal to 28.7%.

Life of production assets of 24.4 years is the average useful life of capital assets used in IDEX 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 IEX is equal to 13.2%. 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 - $1544 million for IDEX - 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 76.409 million for IDEX 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 IDEX at the current share price and the inputted number of shares is $10.0 billion.

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COMPANY NEWS

▶ IDEX Corporation to Acquire thinXXS Microtechnology AG   [Dec-11-17 09:30AM  Business Wire]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Dec-04-17 04:00PM  Business Wire]
▶ IDEX Corporation (IEX): Immense Growth Potential?   [Dec-01-17 11:10AM  Simply Wall St.]
▶ IDEX Corporation CEO Named One of Americas Best Executives   [Nov-13-17 11:56AM  Business Wire]
▶ Idex tops Street 3Q forecasts   [Oct-16-17 04:48PM  Associated Press]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Sep-14-17 04:55PM  Business Wire]
▶ IDEX Corp. Value Analysis (NYSE:IEX) : August 30, 2017   [Aug-29-17 10:16PM  Capital Cube]
▶ ETFs with exposure to IDEX Corp. : August 8, 2017   [Aug-08-17 04:40PM  Capital Cube]
▶ Idex tops Street 2Q forecasts   [Jul-25-17 04:37PM  Associated Press]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Jun-20-17 05:56PM  Business Wire]
▶ Breakout Watch: 2016 IPO Stock Tests New Buy Zone   [Jun-19-17 01:37PM  Investor's Business Daily]
▶ ETFs with exposure to IDEX Corp. : May 22, 2017   [May-22-17 01:46PM  Capital Cube]
▶ ETFs with exposure to IDEX Corp. : May 8, 2017   [May-08-17 04:45PM  Capital Cube]
▶ ETFs with exposure to IDEX Corp. : April 28, 2017   [Apr-28-17 03:59PM  Capital Cube]
▶ Idex beats Street 1Q forecasts   [Apr-19-17 04:40PM  Associated Press]
▶ Idex beats 4Q profit forecasts   [Jan-30-17 06:10PM  Associated Press]
▶ Is IDEX Corporation (IEX) A Good Stock To Buy?   [Dec-05-16 07:25AM  at Insider Monkey]
Financial statements of IEX
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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