Intrinsic value of IDEX - IEX

Previous Close

$124.53

  Intrinsic Value

$80.80

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

+57%

Previous close

$124.53

 
Intrinsic value

$80.80

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

+57%

*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 9.6

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,113
  2,202
  2,296
  2,396
  2,502
  2,614
  2,732
  2,857
  2,989
  3,128
  3,275
  3,429
  3,592
  3,764
  3,944
  4,134
  4,334
  4,544
  4,766
  4,998
  5,243
  5,500
  5,770
  6,054
  6,352
  6,666
  6,995
  7,341
  7,705
  8,087
  8,488
Variable operating expenses, $m
 
  1,724
  1,790
  1,861
  1,936
  2,016
  2,100
  2,188
  2,282
  2,380
  2,484
  2,430
  2,546
  2,667
  2,795
  2,930
  3,072
  3,221
  3,377
  3,542
  3,716
  3,898
  4,089
  4,290
  4,502
  4,724
  4,958
  5,203
  5,461
  5,731
  6,016
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
  1,724
  1,790
  1,861
  1,936
  2,016
  2,100
  2,188
  2,282
  2,380
  2,484
  2,430
  2,546
  2,667
  2,795
  2,930
  3,072
  3,221
  3,377
  3,542
  3,716
  3,898
  4,089
  4,290
  4,502
  4,724
  4,958
  5,203
  5,461
  5,731
  6,016
Operating income, $m
  406
  478
  505
  535
  565
  598
  632
  669
  707
  748
  791
  999
  1,046
  1,096
  1,149
  1,204
  1,262
  1,324
  1,388
  1,456
  1,527
  1,602
  1,681
  1,763
  1,850
  1,942
  2,038
  2,138
  2,244
  2,356
  2,473
EBITDA, $m
  493
  667
  696
  726
  758
  792
  828
  866
  906
  948
  992
  1,039
  1,089
  1,141
  1,195
  1,253
  1,313
  1,377
  1,444
  1,515
  1,589
  1,667
  1,749
  1,835
  1,925
  2,020
  2,120
  2,225
  2,335
  2,451
  2,572
Interest expense (income), $m
  37
  41
  43
  46
  49
  52
  56
  59
  63
  67
  72
  76
  81
  86
  91
  96
  102
  108
  115
  121
  129
  136
  144
  152
  161
  170
  179
  189
  200
  211
  223
Earnings before tax, $m
  369
  437
  462
  488
  516
  546
  577
  609
  644
  681
  719
  923
  966
  1,011
  1,058
  1,108
  1,160
  1,215
  1,273
  1,334
  1,399
  1,466
  1,537
  1,611
  1,690
  1,772
  1,858
  1,949
  2,044
  2,144
  2,250
Tax expense, $m
  98
  118
  125
  132
  139
  147
  156
  165
  174
  184
  194
  249
  261
  273
  286
  299
  313
  328
  344
  360
  378
  396
  415
  435
  456
  478
  502
  526
  552
  579
  607
Net income, $m
  271
  319
  337
  357
  377
  398
  421
  445
  470
  497
  525
  674
  705
  738
  772
  809
  847
  887
  930
  974
  1,021
  1,070
  1,122
  1,176
  1,233
  1,293
  1,356
  1,423
  1,492
  1,565
  1,642

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
  3,041
  3,171
  3,309
  3,455
  3,610
  3,774
  3,946
  4,128
  4,321
  4,523
  4,737
  4,962
  5,199
  5,448
  5,710
  5,986
  6,277
  6,582
  6,904
  7,241
  7,596
  7,969
  8,362
  8,774
  9,207
  9,662
  10,140
  10,642
  11,170
  11,724
Adjusted assets (=assets-cash), $m
  2,919
  3,041
  3,171
  3,309
  3,455
  3,610
  3,774
  3,946
  4,128
  4,321
  4,523
  4,737
  4,962
  5,199
  5,448
  5,710
  5,986
  6,277
  6,582
  6,904
  7,241
  7,596
  7,969
  8,362
  8,774
  9,207
  9,662
  10,140
  10,642
  11,170
  11,724
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
  632
  659
  688
  718
  750
  784
  820
  858
  898
  940
  984
  1,031
  1,080
  1,132
  1,187
  1,244
  1,304
  1,368
  1,434
  1,505
  1,578
  1,656
  1,737
  1,823
  1,913
  2,008
  2,107
  2,211
  2,321
  2,436
Working capital, $m
  514
  291
  303
  316
  330
  345
  361
  377
  395
  413
  432
  453
  474
  497
  521
  546
  572
  600
  629
  660
  692
  726
  762
  799
  838
  880
  923
  969
  1,017
  1,067
  1,120
Total debt, $m
  1,015
  1,083
  1,155
  1,231
  1,311
  1,397
  1,487
  1,582
  1,683
  1,789
  1,901
  2,019
  2,143
  2,274
  2,411
  2,556
  2,709
  2,869
  3,037
  3,215
  3,401
  3,597
  3,803
  4,020
  4,247
  4,486
  4,737
  5,001
  5,279
  5,570
  5,876
Total liabilities, $m
  1,611
  1,679
  1,751
  1,827
  1,907
  1,993
  2,083
  2,178
  2,279
  2,385
  2,497
  2,615
  2,739
  2,870
  3,007
  3,152
  3,305
  3,465
  3,633
  3,811
  3,997
  4,193
  4,399
  4,616
  4,843
  5,082
  5,333
  5,597
  5,875
  6,166
  6,472
Total equity, $m
  1,544
  1,362
  1,421
  1,483
  1,548
  1,617
  1,691
  1,768
  1,849
  1,936
  2,026
  2,122
  2,223
  2,329
  2,441
  2,558
  2,682
  2,812
  2,949
  3,093
  3,244
  3,403
  3,570
  3,746
  3,931
  4,125
  4,329
  4,543
  4,768
  5,004
  5,252
Total liabilities and equity, $m
  3,155
  3,041
  3,172
  3,310
  3,455
  3,610
  3,774
  3,946
  4,128
  4,321
  4,523
  4,737
  4,962
  5,199
  5,448
  5,710
  5,987
  6,277
  6,582
  6,904
  7,241
  7,596
  7,969
  8,362
  8,774
  9,207
  9,662
  10,140
  10,643
  11,170
  11,724
Debt-to-equity ratio
  0.657
  0.790
  0.810
  0.830
  0.850
  0.860
  0.880
  0.900
  0.910
  0.920
  0.940
  0.950
  0.960
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
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
  319
  337
  357
  377
  398
  421
  445
  470
  497
  525
  674
  705
  738
  772
  809
  847
  887
  930
  974
  1,021
  1,070
  1,122
  1,176
  1,233
  1,293
  1,356
  1,423
  1,492
  1,565
  1,642
Depreciation, amort., depletion, $m
  87
  189
  190
  191
  193
  194
  195
  197
  198
  200
  202
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
Funds from operations, $m
  405
  509
  528
  548
  570
  592
  616
  642
  669
  697
  727
  714
  747
  782
  819
  857
  898
  941
  986
  1,033
  1,083
  1,135
  1,190
  1,247
  1,308
  1,372
  1,439
  1,509
  1,583
  1,661
  1,742
Change in working capital, $m
  5
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  46
  48
  50
  53
Cash from operations, $m
  400
  497
  515
  535
  556
  578
  601
  625
  651
  679
  707
  694
  726
  759
  795
  832
  872
  913
  956
  1,002
  1,050
  1,101
  1,154
  1,210
  1,269
  1,330
  1,395
  1,463
  1,535
  1,610
  1,689
Maintenance CAPEX, $m
  0
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
New CAPEX, $m
  -38
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -81
  -86
  -90
  -95
  -99
  -104
  -110
  -115
Cash from investing activities, $m
  -509
  -50
  -53
  -56
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -116
  -123
  -129
  -136
  -143
  -149
  -157
  -165
  -173
  -181
  -190
  -201
  -210
Free cash flow, $m
  -109
  447
  462
  479
  497
  516
  536
  557
  580
  603
  628
  611
  639
  668
  699
  731
  766
  802
  840
  879
  921
  965
  1,012
  1,061
  1,112
  1,166
  1,222
  1,282
  1,344
  1,410
  1,479
Issuance/(repayment) of debt, $m
  181
  69
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152
  160
  169
  177
  186
  196
  206
  216
  228
  239
  251
  264
  277
  291
  306
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
  69
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152
  160
  169
  177
  186
  196
  206
  216
  228
  239
  251
  264
  277
  291
  306
Total cash flow (excl. dividends), $m
  11
  515
  534
  555
  578
  601
  626
  653
  680
  710
  740
  729
  763
  799
  836
  876
  918
  962
  1,008
  1,057
  1,108
  1,161
  1,218
  1,277
  1,339
  1,405
  1,473
  1,546
  1,622
  1,701
  1,785
Retained Cash Flow (-), $m
  -101
  -53
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -248
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
 
  697
  476
  493
  512
  532
  553
  575
  599
  623
  650
  633
  662
  693
  725
  759
  794
  832
  871
  913
  956
  1,002
  1,051
  1,101
  1,155
  1,211
  1,270
  1,331
  1,396
  1,465
  1,537
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
 
  664
  430
  421
  411
  398
  384
  369
  351
  332
  312
  272
  252
  231
  210
  189
  168
  148
  128
  110
  93
  77
  63
  51
  40
  31
  23
  17
  13
  9
  6
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 35.1
Price to Sales 4.5
Price to Book 6.2
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 26.3
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 4.2% 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 4.9%, 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 76.943 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 $9.6 billion.

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COMPANY NEWS

▶ 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]
▶ IDEX Corporation Declares Regular Quarterly Cash Dividend   [Dec-01-16 05:01PM  Business Wire]
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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