Intrinsic value of Illinois Tool Works - ITW

Previous Close

$173.39

  Intrinsic Value

$90.12

stock screener

  Rating & Target

sell

-48%

Previous close

$173.39

 
Intrinsic value

$90.12

 
Up/down potential

-48%

 
Rating

sell

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

We calculate the intrinsic value of ITW 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, %
  1.45
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  13,599
  14,061
  14,562
  15,101
  15,680
  16,300
  16,961
  17,664
  18,412
  19,206
  20,048
  20,938
  21,880
  22,875
  23,926
  25,034
  26,204
  27,436
  28,735
  30,103
  31,543
  33,058
  34,653
  36,331
  38,097
  39,953
  41,904
  43,956
  46,113
  48,380
  50,763
Variable operating expenses, $m
 
  11,037
  11,413
  11,819
  12,255
  12,721
  13,218
  13,748
  14,311
  14,908
  15,541
  15,756
  16,464
  17,213
  18,004
  18,838
  19,718
  20,645
  21,622
  22,652
  23,735
  24,876
  26,076
  27,339
  28,667
  30,064
  31,532
  33,076
  34,699
  36,405
  38,198
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
  10,535
  11,037
  11,413
  11,819
  12,255
  12,721
  13,218
  13,748
  14,311
  14,908
  15,541
  15,756
  16,464
  17,213
  18,004
  18,838
  19,718
  20,645
  21,622
  22,652
  23,735
  24,876
  26,076
  27,339
  28,667
  30,064
  31,532
  33,076
  34,699
  36,405
  38,198
Operating income, $m
  3,064
  3,025
  3,149
  3,282
  3,425
  3,579
  3,742
  3,916
  4,102
  4,298
  4,506
  5,183
  5,416
  5,662
  5,922
  6,196
  6,486
  6,791
  7,112
  7,451
  7,807
  8,183
  8,577
  8,993
  9,430
  9,889
  10,372
  10,880
  11,414
  11,975
  12,565
EBITDA, $m
  3,534
  3,680
  3,811
  3,952
  4,104
  4,266
  4,439
  4,623
  4,819
  5,027
  5,247
  5,480
  5,726
  5,987
  6,262
  6,552
  6,858
  7,180
  7,520
  7,878
  8,255
  8,652
  9,069
  9,508
  9,970
  10,456
  10,967
  11,504
  12,069
  12,662
  13,285
Interest expense (income), $m
  212
  251
  264
  277
  291
  307
  323
  341
  359
  379
  400
  422
  446
  471
  497
  525
  555
  586
  618
  653
  689
  727
  767
  810
  854
  901
  950
  1,002
  1,056
  1,113
  1,174
Earnings before tax, $m
  2,908
  2,773
  2,885
  3,005
  3,134
  3,272
  3,419
  3,576
  3,742
  3,919
  4,106
  4,760
  4,970
  5,191
  5,425
  5,671
  5,931
  6,205
  6,494
  6,798
  7,118
  7,455
  7,810
  8,183
  8,575
  8,988
  9,422
  9,878
  10,358
  10,862
  11,391
Tax expense, $m
  873
  749
  779
  811
  846
  883
  923
  965
  1,010
  1,058
  1,109
  1,285
  1,342
  1,402
  1,465
  1,531
  1,601
  1,675
  1,753
  1,836
  1,922
  2,013
  2,109
  2,209
  2,315
  2,427
  2,544
  2,667
  2,797
  2,933
  3,076
Net income, $m
  2,035
  2,025
  2,106
  2,194
  2,288
  2,389
  2,496
  2,610
  2,732
  2,861
  2,998
  3,475
  3,628
  3,789
  3,960
  4,140
  4,330
  4,530
  4,741
  4,963
  5,196
  5,442
  5,701
  5,974
  6,260
  6,561
  6,878
  7,211
  7,561
  7,929
  8,316

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,472
  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
  15,201
  13,166
  13,635
  14,140
  14,682
  15,262
  15,881
  16,540
  17,240
  17,983
  18,771
  19,605
  20,487
  21,419
  22,402
  23,440
  24,535
  25,689
  26,905
  28,186
  29,534
  30,954
  32,447
  34,018
  35,671
  37,409
  39,236
  41,158
  43,177
  45,300
  47,531
Adjusted assets (=assets-cash), $m
  12,729
  13,166
  13,635
  14,140
  14,682
  15,262
  15,881
  16,540
  17,240
  17,983
  18,771
  19,605
  20,487
  21,419
  22,402
  23,440
  24,535
  25,689
  26,905
  28,186
  29,534
  30,954
  32,447
  34,018
  35,671
  37,409
  39,236
  41,158
  43,177
  45,300
  47,531
Revenue / Adjusted assets
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
  1.068
Average production assets, $m
  3,126
  3,234
  3,349
  3,473
  3,606
  3,749
  3,901
  4,063
  4,235
  4,417
  4,611
  4,816
  5,032
  5,261
  5,503
  5,758
  6,027
  6,310
  6,609
  6,924
  7,255
  7,603
  7,970
  8,356
  8,762
  9,189
  9,638
  10,110
  10,606
  11,127
  11,675
Working capital, $m
  3,363
  1,589
  1,646
  1,706
  1,772
  1,842
  1,917
  1,996
  2,081
  2,170
  2,265
  2,366
  2,472
  2,585
  2,704
  2,829
  2,961
  3,100
  3,247
  3,402
  3,564
  3,736
  3,916
  4,105
  4,305
  4,515
  4,735
  4,967
  5,211
  5,467
  5,736
Total debt, $m
  7,829
  7,533
  7,913
  8,321
  8,760
  9,229
  9,730
  10,263
  10,829
  11,431
  12,068
  12,742
  13,456
  14,210
  15,006
  15,845
  16,731
  17,665
  18,648
  19,684
  20,775
  21,923
  23,132
  24,403
  25,740
  27,146
  28,624
  30,179
  31,812
  33,530
  35,334
Total liabilities, $m
  10,947
  10,651
  11,031
  11,439
  11,878
  12,347
  12,848
  13,381
  13,947
  14,549
  15,186
  15,860
  16,574
  17,328
  18,124
  18,963
  19,849
  20,783
  21,766
  22,802
  23,893
  25,041
  26,250
  27,521
  28,858
  30,264
  31,742
  33,297
  34,930
  36,648
  38,452
Total equity, $m
  4,254
  2,515
  2,604
  2,701
  2,804
  2,915
  3,033
  3,159
  3,293
  3,435
  3,585
  3,745
  3,913
  4,091
  4,279
  4,477
  4,686
  4,907
  5,139
  5,384
  5,641
  5,912
  6,197
  6,497
  6,813
  7,145
  7,494
  7,861
  8,247
  8,652
  9,078
Total liabilities and equity, $m
  15,201
  13,166
  13,635
  14,140
  14,682
  15,262
  15,881
  16,540
  17,240
  17,984
  18,771
  19,605
  20,487
  21,419
  22,403
  23,440
  24,535
  25,690
  26,905
  28,186
  29,534
  30,953
  32,447
  34,018
  35,671
  37,409
  39,236
  41,158
  43,177
  45,300
  47,530
Debt-to-equity ratio
  1.840
  3.000
  3.040
  3.080
  3.120
  3.170
  3.210
  3.250
  3.290
  3.330
  3.370
  3.400
  3.440
  3.470
  3.510
  3.540
  3.570
  3.600
  3.630
  3.660
  3.680
  3.710
  3.730
  3.760
  3.780
  3.800
  3.820
  3.840
  3.860
  3.880
  3.890
Adjusted equity ratio
  0.140
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,035
  2,025
  2,106
  2,194
  2,288
  2,389
  2,496
  2,610
  2,732
  2,861
  2,998
  3,475
  3,628
  3,789
  3,960
  4,140
  4,330
  4,530
  4,741
  4,963
  5,196
  5,442
  5,701
  5,974
  6,260
  6,561
  6,878
  7,211
  7,561
  7,929
  8,316
Depreciation, amort., depletion, $m
  470
  655
  663
  670
  678
  687
  697
  707
  717
  728
  740
  297
  311
  325
  340
  355
  372
  390
  408
  427
  448
  469
  492
  516
  541
  567
  595
  624
  655
  687
  721
Funds from operations, $m
  2,339
  2,680
  2,768
  2,864
  2,966
  3,076
  3,193
  3,317
  3,449
  3,589
  3,738
  3,772
  3,938
  4,114
  4,300
  4,495
  4,702
  4,919
  5,149
  5,390
  5,644
  5,912
  6,193
  6,489
  6,801
  7,129
  7,473
  7,835
  8,216
  8,616
  9,036
Change in working capital, $m
  37
  52
  57
  61
  65
  70
  75
  80
  85
  90
  95
  101
  106
  112
  119
  125
  132
  139
  147
  155
  163
  171
  180
  190
  199
  210
  221
  232
  244
  256
  269
Cash from operations, $m
  2,302
  2,628
  2,712
  2,803
  2,901
  3,006
  3,118
  3,237
  3,365
  3,500
  3,643
  3,672
  3,832
  4,002
  4,181
  4,370
  4,570
  4,780
  5,002
  5,236
  5,482
  5,740
  6,013
  6,300
  6,601
  6,919
  7,252
  7,603
  7,972
  8,360
  8,767
Maintenance CAPEX, $m
  0
  -193
  -200
  -207
  -214
  -223
  -231
  -241
  -251
  -261
  -273
  -285
  -297
  -311
  -325
  -340
  -355
  -372
  -390
  -408
  -427
  -448
  -469
  -492
  -516
  -541
  -567
  -595
  -624
  -655
  -687
New CAPEX, $m
  -273
  -108
  -115
  -124
  -133
  -142
  -152
  -162
  -172
  -183
  -193
  -205
  -217
  -229
  -242
  -255
  -269
  -283
  -299
  -315
  -331
  -349
  -367
  -386
  -406
  -427
  -449
  -472
  -496
  -521
  -548
Cash from investing activities, $m
  -532
  -301
  -315
  -331
  -347
  -365
  -383
  -403
  -423
  -444
  -466
  -490
  -514
  -540
  -567
  -595
  -624
  -655
  -689
  -723
  -758
  -797
  -836
  -878
  -922
  -968
  -1,016
  -1,067
  -1,120
  -1,176
  -1,235
Free cash flow, $m
  1,770
  2,327
  2,397
  2,472
  2,553
  2,641
  2,735
  2,835
  2,942
  3,056
  3,177
  3,182
  3,318
  3,462
  3,615
  3,775
  3,945
  4,125
  4,314
  4,513
  4,723
  4,944
  5,177
  5,422
  5,680
  5,951
  6,236
  6,536
  6,852
  7,184
  7,532
Issuance/(repayment) of debt, $m
  465
  356
  379
  409
  439
  469
  501
  533
  567
  601
  637
  675
  713
  754
  796
  840
  886
  934
  984
  1,036
  1,091
  1,148
  1,208
  1,271
  1,337
  1,406
  1,478
  1,554
  1,634
  1,717
  1,805
Issuance/(repurchase) of shares, $m
  -1,916
  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  
  -1,434
  356
  379
  409
  439
  469
  501
  533
  567
  601
  637
  675
  713
  754
  796
  840
  886
  934
  984
  1,036
  1,091
  1,148
  1,208
  1,271
  1,337
  1,406
  1,478
  1,554
  1,634
  1,717
  1,805
Total cash flow (excl. dividends), $m
  203
  2,683
  2,776
  2,881
  2,992
  3,110
  3,235
  3,368
  3,508
  3,657
  3,814
  3,857
  4,032
  4,216
  4,410
  4,615
  4,831
  5,058
  5,297
  5,549
  5,814
  6,092
  6,385
  6,693
  7,017
  7,357
  7,715
  8,091
  8,486
  8,901
  9,337
Retained Cash Flow (-), $m
  970
  -81
  -90
  -96
  -104
  -111
  -118
  -126
  -134
  -142
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -220
  -232
  -245
  -258
  -271
  -285
  -300
  -316
  -332
  -349
  -367
  -386
  -405
  -426
Prev. year cash balance distribution, $m
 
  1,820
  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
 
  4,422
  2,687
  2,784
  2,888
  2,999
  3,117
  3,242
  3,375
  3,515
  3,664
  3,697
  3,863
  4,038
  4,223
  4,417
  4,622
  4,838
  5,065
  5,304
  5,556
  5,821
  6,100
  6,393
  6,701
  7,025
  7,366
  7,724
  8,100
  8,495
  8,911
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  4,172
  2,378
  2,298
  2,208
  2,109
  2,002
  1,887
  1,765
  1,637
  1,504
  1,326
  1,196
  1,068
  942
  820
  705
  597
  498
  409
  330
  262
  203
  155
  116
  84
  60
  42
  28
  19
  12
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

Illinois Tool Works Inc. is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions. The Welding segment produces welding equipment, consumables and accessories for industrial and commercial applications. The Polymers & Fluids segment produces adhesives, sealants, lubrication and cutting fluids, and fluids and polymers for auto aftermarket maintenance and appearance. The Construction Products segment supplies engineered fastening systems and solutions. The Specialty Products segment produces beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners.

FINANCIAL RATIOS  of  Illinois Tool Works (ITW)

Valuation Ratios
P/E Ratio 29.6
Price to Sales 4.4
Price to Book 14.1
Price to Tangible Book
Price to Cash Flow 26.1
Price to Free Cash Flow 29.6
Growth Rates
Sales Growth Rate 1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.9%
Cap. Spend. - 3 Yr. Gr. Rate -5.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 168.7%
Total Debt to Equity 184%
Interest Coverage 15
Management Effectiveness
Return On Assets 14.1%
Ret/ On Assets - 3 Yr. Avg. 14.3%
Return On Total Capital 16.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.7%
Return On Equity 42.9%
Return On Equity - 3 Yr. Avg. 36.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 41.9%
Gross Margin - 3 Yr. Avg. 41.1%
EBITDA Margin 26.4%
EBITDA Margin - 3 Yr. Avg. 25.2%
Operating Margin 22.5%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 21.4%
Pre-Tax Margin - 3 Yr. Avg. 20.1%
Net Profit Margin 15%
Net Profit Margin - 3 Yr. Avg. 16.5%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 30.1%
Payout Ratio 40.3%

ITW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ITW stock intrinsic value calculation we used $13599 million for the last fiscal year's total revenue generated by Illinois Tool Works. The default revenue input number comes from 2016 income statement of Illinois Tool Works. 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 ITW stock valuation model: a) initial revenue growth rate of 3.4% 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 6%, whose default value for ITW is calculated based on our internal credit rating of Illinois Tool Works, 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 Illinois Tool Works.
    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 ITW 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 ITW 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 Illinois Tool Works.

Corporate tax rate of 27% is the nominal tax rate for Illinois Tool Works. 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 ITW 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 ITW are equal to 23%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Illinois Tool Works 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 ITW is equal to 11.3%. 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 - $4254 million for Illinois Tool Works - 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 342.283 million for Illinois Tool Works 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 Illinois Tool Works at the current share price and the inputted number of shares is $59.3 billion.

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COMPANY NEWS

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▶ Is Illinois Tool Works a Buy for 2018?   [Jan-09-18 09:17AM  Motley Fool]
▶ Jim Cramer Reveals His Top Takeover Targets for 2018   [Nov-30-17 01:38PM  TheStreet.com]
▶ ITW to Webcast the Companys 2017 Investor Day   [Nov-27-17 05:40PM  GlobeNewswire]
▶ GOP bargains over tax plan   [Nov-20-17 08:57AM  Yahoo Finance]
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▶ Bull of the Day: Illinois Tool Works (ITW)   [Oct-27-17 03:39PM  Zacks]
▶ Illinois Tool Works beats Street 3Q forecasts   [08:09AM  Associated Press]
▶ ITW Reports Third-Quarter 2017 Results   [08:00AM  GlobeNewswire]
▶ 3 Things to Look Out for When 3M Co Reports Earnings   [Oct-19-17 10:33AM  Motley Fool]
▶ ITW to Present at Upcoming Investor Events   [08:00AM  GlobeNewswire]
▶ Why Illinois Tool Works' Stock Rose 7.6% in September   [Oct-10-17 05:15PM  Motley Fool]
▶ Illinois Tool Works Remains in a Bull Run   [08:51AM  TheStreet.com]
▶ VMWare: Cramer's Top Takeaways   [Sep-26-17 08:07PM  TheStreet.com]
▶ How Safe Is Illinois Tool Works' Dividend?   [Sep-09-17 04:31PM  Motley Fool]
▶ ITW to Present at Morgan Stanley Laguna Conference   [Aug-22-17 08:00AM  GlobeNewswire]
▶ The Market In 5 Minutes   [Aug-17-17 08:33AM  Benzinga]
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Financial statements of ITW
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