Intrinsic value of Ingersoll-Rand - IR

Previous Close

$98.09

  Intrinsic Value

$149.29

stock screener

  Rating & Target

str. buy

+52%

Previous close

$98.09

 
Intrinsic value

$149.29

 
Up/down potential

+52%

 
Rating

str. buy

We calculate the intrinsic value of IR 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 24.1

 

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, %
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  15,830
  17,548
  19,349
  21,234
  23,201
  25,251
  27,386
  29,607
  31,916
  34,315
  36,809
  39,400
  42,093
  44,893
  47,805
  50,835
  53,990
  57,274
  60,697
  64,265
  67,986
  71,868
  75,922
  80,155
  84,579
  89,202
  94,037
  99,094
  104,386
  109,925
Variable operating expenses, $m
  13,835
  15,231
  16,695
  18,227
  19,826
  21,493
  23,228
  25,033
  26,910
  28,860
  29,919
  32,025
  34,214
  36,490
  38,858
  41,321
  43,884
  46,554
  49,336
  52,236
  55,261
  58,417
  61,711
  65,153
  68,748
  72,506
  76,436
  80,547
  84,848
  89,350
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
  13,835
  15,231
  16,695
  18,227
  19,826
  21,493
  23,228
  25,033
  26,910
  28,860
  29,919
  32,025
  34,214
  36,490
  38,858
  41,321
  43,884
  46,554
  49,336
  52,236
  55,261
  58,417
  61,711
  65,153
  68,748
  72,506
  76,436
  80,547
  84,848
  89,350
Operating income, $m
  1,995
  2,317
  2,654
  3,006
  3,375
  3,758
  4,158
  4,574
  5,006
  5,455
  6,889
  7,374
  7,879
  8,403
  8,948
  9,515
  10,105
  10,720
  11,361
  12,028
  12,725
  13,452
  14,210
  15,003
  15,831
  16,696
  17,601
  18,548
  19,538
  20,575
EBITDA, $m
  3,198
  3,545
  3,909
  4,289
  4,687
  5,101
  5,532
  5,981
  6,447
  6,932
  7,435
  7,959
  8,503
  9,069
  9,657
  10,269
  10,906
  11,570
  12,261
  12,982
  13,733
  14,518
  15,337
  16,192
  17,085
  18,019
  18,996
  20,017
  21,086
  22,205
Interest expense (income), $m
  170
  219
  288
  360
  436
  515
  597
  683
  773
  866
  963
  1,064
  1,169
  1,277
  1,390
  1,508
  1,630
  1,757
  1,890
  2,027
  2,171
  2,321
  2,477
  2,640
  2,810
  2,988
  3,173
  3,367
  3,570
  3,783
  4,005
Earnings before tax, $m
  1,776
  2,029
  2,294
  2,571
  2,860
  3,161
  3,475
  3,801
  4,140
  4,492
  5,826
  6,206
  6,601
  7,012
  7,440
  7,885
  8,348
  8,830
  9,333
  9,857
  10,404
  10,975
  11,570
  12,193
  12,843
  13,523
  14,234
  14,977
  15,755
  16,570
Tax expense, $m
  479
  548
  619
  694
  772
  853
  938
  1,026
  1,118
  1,213
  1,573
  1,676
  1,782
  1,893
  2,009
  2,129
  2,254
  2,384
  2,520
  2,661
  2,809
  2,963
  3,124
  3,292
  3,468
  3,651
  3,843
  4,044
  4,254
  4,474
Net income, $m
  1,296
  1,481
  1,674
  1,877
  2,088
  2,308
  2,536
  2,774
  3,022
  3,279
  4,253
  4,530
  4,819
  5,119
  5,431
  5,756
  6,094
  6,446
  6,813
  7,196
  7,595
  8,012
  8,446
  8,901
  9,375
  9,872
  10,390
  10,933
  11,501
  12,096

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
  20,269
  22,469
  24,775
  27,188
  29,706
  32,332
  35,065
  37,909
  40,865
  43,937
  47,130
  50,448
  53,896
  57,482
  61,210
  65,090
  69,129
  73,334
  77,717
  82,285
  87,049
  92,021
  97,211
  102,632
  108,295
  114,215
  120,406
  126,881
  133,657
  140,749
Adjusted assets (=assets-cash), $m
  20,269
  22,469
  24,775
  27,188
  29,706
  32,332
  35,065
  37,909
  40,865
  43,937
  47,130
  50,448
  53,896
  57,482
  61,210
  65,090
  69,129
  73,334
  77,717
  82,285
  87,049
  92,021
  97,211
  102,632
  108,295
  114,215
  120,406
  126,881
  133,657
  140,749
Revenue / Adjusted assets
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
Average production assets, $m
  7,044
  7,809
  8,610
  9,449
  10,324
  11,237
  12,187
  13,175
  14,202
  15,270
  16,380
  17,533
  18,731
  19,977
  21,273
  22,622
  24,025
  25,487
  27,010
  28,598
  30,254
  31,981
  33,785
  35,669
  37,638
  39,695
  41,846
  44,097
  46,452
  48,917
Working capital, $m
  950
  1,053
  1,161
  1,274
  1,392
  1,515
  1,643
  1,776
  1,915
  2,059
  2,209
  2,364
  2,526
  2,694
  2,868
  3,050
  3,239
  3,436
  3,642
  3,856
  4,079
  4,312
  4,555
  4,809
  5,075
  5,352
  5,642
  5,946
  6,263
  6,595
Total debt, $m
  5,334
  6,669
  8,069
  9,534
  11,063
  12,657
  14,316
  16,042
  17,836
  19,701
  21,639
  23,653
  25,746
  27,922
  30,186
  32,541
  34,992
  37,545
  40,205
  42,978
  45,870
  48,888
  52,038
  55,328
  58,766
  62,360
  66,117
  70,048
  74,161
  78,466
Total liabilities, $m
  12,303
  13,638
  15,038
  16,503
  18,032
  19,626
  21,285
  23,011
  24,805
  26,670
  28,608
  30,622
  32,715
  34,891
  37,155
  39,510
  41,961
  44,514
  47,174
  49,947
  52,839
  55,857
  59,007
  62,297
  65,735
  69,329
  73,086
  77,017
  81,130
  85,435
Total equity, $m
  7,966
  8,830
  9,737
  10,685
  11,675
  12,706
  13,781
  14,898
  16,060
  17,267
  18,522
  19,826
  21,181
  22,590
  24,056
  25,580
  27,168
  28,820
  30,543
  32,338
  34,210
  36,164
  38,204
  40,334
  42,560
  44,887
  47,320
  49,864
  52,527
  55,314
Total liabilities and equity, $m
  20,269
  22,468
  24,775
  27,188
  29,707
  32,332
  35,066
  37,909
  40,865
  43,937
  47,130
  50,448
  53,896
  57,481
  61,211
  65,090
  69,129
  73,334
  77,717
  82,285
  87,049
  92,021
  97,211
  102,631
  108,295
  114,216
  120,406
  126,881
  133,657
  140,749
Debt-to-equity ratio
  0.670
  0.760
  0.830
  0.890
  0.950
  1.000
  1.040
  1.080
  1.110
  1.140
  1.170
  1.190
  1.220
  1.240
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.350
  1.360
  1.370
  1.380
  1.390
  1.400
  1.400
  1.410
  1.420
Adjusted equity ratio
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,296
  1,481
  1,674
  1,877
  2,088
  2,308
  2,536
  2,774
  3,022
  3,279
  4,253
  4,530
  4,819
  5,119
  5,431
  5,756
  6,094
  6,446
  6,813
  7,196
  7,595
  8,012
  8,446
  8,901
  9,375
  9,872
  10,390
  10,933
  11,501
  12,096
Depreciation, amort., depletion, $m
  1,203
  1,228
  1,255
  1,283
  1,312
  1,342
  1,374
  1,407
  1,441
  1,477
  546
  584
  624
  666
  709
  754
  801
  850
  900
  953
  1,008
  1,066
  1,126
  1,189
  1,255
  1,323
  1,395
  1,470
  1,548
  1,631
Funds from operations, $m
  2,499
  2,709
  2,929
  3,159
  3,400
  3,650
  3,911
  4,181
  4,463
  4,756
  4,799
  5,115
  5,443
  5,785
  6,140
  6,510
  6,895
  7,296
  7,714
  8,149
  8,603
  9,078
  9,573
  10,090
  10,630
  11,195
  11,785
  12,403
  13,050
  13,727
Change in working capital, $m
  98
  103
  108
  113
  118
  123
  128
  133
  139
  144
  150
  155
  162
  168
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  265
  277
  290
  303
  318
  332
Cash from operations, $m
  2,401
  2,606
  2,821
  3,046
  3,282
  3,527
  3,782
  4,048
  4,325
  4,612
  4,649
  4,959
  5,282
  5,617
  5,966
  6,328
  6,706
  7,099
  7,508
  7,935
  8,380
  8,845
  9,329
  9,836
  10,365
  10,917
  11,495
  12,100
  12,732
  13,394
Maintenance CAPEX, $m
  -210
  -235
  -260
  -287
  -315
  -344
  -375
  -406
  -439
  -473
  -509
  -546
  -584
  -624
  -666
  -709
  -754
  -801
  -850
  -900
  -953
  -1,008
  -1,066
  -1,126
  -1,189
  -1,255
  -1,323
  -1,395
  -1,470
  -1,548
New CAPEX, $m
  -733
  -764
  -802
  -839
  -875
  -912
  -950
  -988
  -1,027
  -1,068
  -1,110
  -1,153
  -1,199
  -1,246
  -1,296
  -1,348
  -1,404
  -1,462
  -1,523
  -1,588
  -1,656
  -1,728
  -1,804
  -1,884
  -1,968
  -2,058
  -2,151
  -2,250
  -2,355
  -2,465
Cash from investing activities, $m
  -943
  -999
  -1,062
  -1,126
  -1,190
  -1,256
  -1,325
  -1,394
  -1,466
  -1,541
  -1,619
  -1,699
  -1,783
  -1,870
  -1,962
  -2,057
  -2,158
  -2,263
  -2,373
  -2,488
  -2,609
  -2,736
  -2,870
  -3,010
  -3,157
  -3,313
  -3,474
  -3,645
  -3,825
  -4,013
Free cash flow, $m
  1,458
  1,607
  1,759
  1,921
  2,091
  2,270
  2,458
  2,654
  2,858
  3,071
  3,030
  3,260
  3,499
  3,747
  4,004
  4,271
  4,548
  4,836
  5,136
  5,447
  5,771
  6,108
  6,460
  6,826
  7,207
  7,605
  8,021
  8,454
  8,908
  9,381
Issuance/(repayment) of debt, $m
  1,270
  1,335
  1,400
  1,465
  1,529
  1,594
  1,659
  1,726
  1,794
  1,865
  1,938
  2,014
  2,093
  2,176
  2,263
  2,355
  2,451
  2,553
  2,660
  2,773
  2,892
  3,018
  3,150
  3,290
  3,438
  3,594
  3,758
  3,931
  4,113
  4,305
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  
  1,270
  1,335
  1,400
  1,465
  1,529
  1,594
  1,659
  1,726
  1,794
  1,865
  1,938
  2,014
  2,093
  2,176
  2,263
  2,355
  2,451
  2,553
  2,660
  2,773
  2,892
  3,018
  3,150
  3,290
  3,438
  3,594
  3,758
  3,931
  4,113
  4,305
Total cash flow (excl. dividends), $m
  2,728
  2,942
  3,159
  3,385
  3,620
  3,864
  4,117
  4,380
  4,652
  4,936
  4,968
  5,274
  5,592
  5,923
  6,267
  6,626
  6,999
  7,389
  7,796
  8,220
  8,663
  9,126
  9,610
  10,116
  10,645
  11,199
  11,778
  12,385
  13,020
  13,686
Retained Cash Flow (-), $m
  -826
  -864
  -906
  -948
  -990
  -1,032
  -1,074
  -1,117
  -1,162
  -1,207
  -1,255
  -1,304
  -1,355
  -1,409
  -1,465
  -1,525
  -1,587
  -1,653
  -1,722
  -1,795
  -1,872
  -1,954
  -2,040
  -2,130
  -2,226
  -2,327
  -2,433
  -2,545
  -2,663
  -2,787
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
  1,903
  2,077
  2,253
  2,437
  2,630
  2,832
  3,043
  3,262
  3,491
  3,728
  3,714
  3,970
  4,237
  4,514
  4,802
  5,101
  5,412
  5,736
  6,073
  6,425
  6,791
  7,172
  7,570
  7,986
  8,419
  8,872
  9,345
  9,840
  10,358
  10,899
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
  1,824
  1,902
  1,961
  2,007
  2,039
  2,055
  2,056
  2,039
  2,005
  1,955
  1,764
  1,694
  1,611
  1,515
  1,410
  1,296
  1,178
  1,056
  935
  816
  702
  595
  496
  407
  328
  259
  201
  152
  113
  82
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

Ingersoll-Rand Public Limited Company provides products, services and solutions to improve the quality and comfort of air in homes and buildings, transport and protect food and perishables. The Company's business segments include Climate and Industrial. It is engaged in the design, manufacture, sale and service of a portfolio of industrial and commercial products that include brand names, such as Ingersoll-Rand, Trane, American Standard, ARO and Club Car. Its Climate segment includes Trane and American Standard Heating and Air Conditioning, which provide heating, ventilation and air conditioning systems, and commercial and residential building services, parts, support and controls. It offers energy services and building automation through Trane Building Advantage and Nexia. Its Industrial segment includes compressed air and gas systems and services, power tools, material handling systems, ARO fluid management equipment, as well as Club Car golf, utility and rough terrain vehicles.

FINANCIAL RATIOS  of  Ingersoll-Rand (IR)

Valuation Ratios
P/E Ratio 17.2
Price to Sales 1.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow 19.3
Growth Rates
Sales Growth Rate 1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.8%
Cap. Spend. - 3 Yr. Gr. Rate -5.4%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 55.8%
Total Debt to Equity 61.3%
Interest Coverage 11
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 14.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 23.7%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 30.5%
EBITDA Margin 16.8%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 11.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 10.9%
Net Profit Margin - 3 Yr. Avg. 7.7%
Effective Tax Rate 16.1%
Eff/ Tax Rate - 3 Yr. Avg. 27.9%
Payout Ratio 23.6%

IR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IR stock intrinsic value calculation we used $14197.6 million for the last fiscal year's total revenue generated by Ingersoll-Rand. The default revenue input number comes from 0001 income statement of Ingersoll-Rand. 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 IR stock valuation model: a) initial revenue growth rate of 11.5% 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 IR is calculated based on our internal credit rating of Ingersoll-Rand, 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 Ingersoll-Rand.
    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 IR stock the variable cost ratio is equal to 88.1%.

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 IR 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 Ingersoll-Rand.

Corporate tax rate of 27% is the nominal tax rate for Ingersoll-Rand. 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 IR 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 IR are equal to 44.5%.

Life of production assets of 31.4 years is the average useful life of capital assets used in Ingersoll-Rand 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 IR is equal to 6%. 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 - $7140.3 million for Ingersoll-Rand - 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 245.31 million for Ingersoll-Rand 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 Ingersoll-Rand at the current share price and the inputted number of shares is $24.1 billion.

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COMPANY NEWS

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▶ Ingersoll-Rand: 3Q Earnings Snapshot   [06:45AM  Associated Press]
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▶ BofA, Duke Energy and Ingersoll Rand make Dow sustainability index   [Oct-03-18 03:09PM  American City Business Journals]
▶ What Kind Of Shareholders Own Ingersoll-Rand Plc (NYSE:IR)?   [Sep-21-18 08:47AM  Simply Wall St.]
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▶ 1 Hot Long-Term Trend to Invest In   [Jul-26-18 07:34AM  Motley Fool]
▶ Ingersoll-Rand: 2Q Earnings Snapshot   [06:42AM  Associated Press]
▶ A Preview Of Ingersoll-Rand's Q2 Earnings   [Jul-24-18 03:32PM  Benzinga]
▶ 6 Stocks To Outperform On Late Cycle Growth   [Jul-02-18 12:55PM  Investopedia]
▶ Estimating The Intrinsic Value Of Ingersoll-Rand Plc (NYSE:IR)   [Jun-21-18 10:36AM  Simply Wall St.]
▶ Accenture exec talks necessity of workplace equality and how to make it happen   [Jun-18-18 06:46AM  American City Business Journals]
▶ Ingersoll-Rand raises quarterly dividend by 18%   [Jun-11-18 07:18AM  MarketWatch]
▶ Ingersoll Rand, Mitsubishi form joint venture for HVAC system   [May-29-18 07:12AM  American City Business Journals]
▶ 4 Top Stocks to Buy as Irish Economy Gathers Steam   [May-10-18 12:35PM  InvestorPlace]

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