Intrinsic value of Illinois Tool Works - ITW

Previous Close

$132.01

  Intrinsic Value

$166.00

stock screener

  Rating & Target

buy

+26%

Previous close

$132.01

 
Intrinsic value

$166.00

 
Up/down potential

+26%

 
Rating

buy

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

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 44.3

 

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, %
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  15,230
  16,184
  17,176
  18,210
  19,288
  20,412
  21,584
  22,808
  24,086
  25,421
  26,816
  28,275
  29,800
  31,396
  33,067
  34,815
  36,646
  38,564
  40,574
  42,679
  44,886
  47,199
  49,624
  52,166
  54,833
  57,630
  60,563
  63,641
  66,869
  70,257
Variable operating expenses, $m
  6,038
  6,379
  6,733
  7,102
  7,487
  7,888
  8,306
  8,743
  9,199
  9,676
  9,571
  10,092
  10,636
  11,206
  11,802
  12,426
  13,080
  13,764
  14,481
  15,233
  16,020
  16,846
  17,711
  18,619
  19,571
  20,569
  21,616
  22,714
  23,867
  25,076
Fixed operating expenses, $m
  5,342
  5,460
  5,580
  5,702
  5,828
  5,956
  6,087
  6,221
  6,358
  6,498
  6,641
  6,787
  6,936
  7,089
  7,245
  7,404
  7,567
  7,733
  7,904
  8,077
  8,255
  8,437
  8,622
  8,812
  9,006
  9,204
  9,406
  9,613
  9,825
  10,041
Total operating expenses, $m
  11,380
  11,839
  12,313
  12,804
  13,315
  13,844
  14,393
  14,964
  15,557
  16,174
  16,212
  16,879
  17,572
  18,295
  19,047
  19,830
  20,647
  21,497
  22,385
  23,310
  24,275
  25,283
  26,333
  27,431
  28,577
  29,773
  31,022
  32,327
  33,692
  35,117
Operating income, $m
  3,850
  4,345
  4,864
  5,406
  5,974
  6,568
  7,191
  7,844
  8,529
  9,248
  10,604
  11,396
  12,228
  13,102
  14,020
  14,985
  16,000
  17,067
  18,189
  19,369
  20,610
  21,916
  23,290
  24,735
  26,256
  27,857
  29,541
  31,313
  33,178
  35,140
EBITDA, $m
  4,753
  5,268
  5,806
  6,368
  6,957
  7,574
  8,220
  8,897
  9,607
  10,352
  11,134
  11,955
  12,817
  13,722
  14,673
  15,673
  16,724
  17,829
  18,990
  20,212
  21,497
  22,849
  24,270
  25,766
  27,340
  28,996
  30,738
  32,571
  34,499
  36,528
Interest expense (income), $m
  212
  450
  489
  530
  572
  616
  662
  711
  761
  813
  868
  925
  985
  1,047
  1,112
  1,181
  1,252
  1,327
  1,405
  1,487
  1,573
  1,663
  1,758
  1,857
  1,961
  2,069
  2,184
  2,303
  2,429
  2,560
  2,699
Earnings before tax, $m
  3,400
  3,857
  4,334
  4,834
  5,357
  5,906
  6,481
  7,083
  7,716
  8,380
  9,679
  10,412
  11,181
  11,990
  12,839
  13,733
  14,673
  15,661
  16,701
  17,795
  18,947
  20,158
  21,433
  22,775
  24,187
  25,673
  27,238
  28,884
  30,617
  32,442
Tax expense, $m
  918
  1,041
  1,170
  1,305
  1,446
  1,595
  1,750
  1,913
  2,083
  2,263
  2,613
  2,811
  3,019
  3,237
  3,467
  3,708
  3,962
  4,229
  4,509
  4,805
  5,116
  5,443
  5,787
  6,149
  6,530
  6,932
  7,354
  7,799
  8,267
  8,759
Net income, $m
  2,482
  2,815
  3,164
  3,529
  3,911
  4,311
  4,731
  5,171
  5,633
  6,117
  7,066
  7,601
  8,162
  8,752
  9,373
  10,025
  10,711
  11,433
  12,192
  12,991
  13,831
  14,715
  15,646
  16,626
  17,656
  18,741
  19,883
  21,086
  22,351
  23,682

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
  16,904
  17,962
  19,063
  20,211
  21,407
  22,655
  23,956
  25,314
  26,733
  28,214
  29,763
  31,381
  33,075
  34,846
  36,700
  38,641
  40,673
  42,802
  45,032
  47,368
  49,818
  52,385
  55,076
  57,898
  60,858
  63,962
  67,218
  70,633
  74,217
  77,977
Adjusted assets (=assets-cash), $m
  16,904
  17,962
  19,063
  20,211
  21,407
  22,655
  23,956
  25,314
  26,733
  28,214
  29,763
  31,381
  33,075
  34,846
  36,700
  38,641
  40,673
  42,802
  45,032
  47,368
  49,818
  52,385
  55,076
  57,898
  60,858
  63,962
  67,218
  70,633
  74,217
  77,977
Revenue / Adjusted assets
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
  0.901
Average production assets, $m
  5,026
  5,341
  5,668
  6,009
  6,365
  6,736
  7,123
  7,527
  7,948
  8,389
  8,849
  9,331
  9,834
  10,361
  10,912
  11,489
  12,093
  12,726
  13,389
  14,084
  14,812
  15,576
  16,376
  17,215
  18,095
  19,018
  19,986
  21,001
  22,067
  23,185
Working capital, $m
  2,102
  2,233
  2,370
  2,513
  2,662
  2,817
  2,979
  3,148
  3,324
  3,508
  3,701
  3,902
  4,112
  4,333
  4,563
  4,805
  5,057
  5,322
  5,599
  5,890
  6,194
  6,513
  6,848
  7,199
  7,567
  7,953
  8,358
  8,782
  9,228
  9,695
Total debt, $m
  9,052
  9,808
  10,594
  11,414
  12,268
  13,159
  14,088
  15,057
  16,070
  17,128
  18,234
  19,389
  20,598
  21,863
  23,187
  24,573
  26,024
  27,543
  29,136
  30,804
  32,553
  34,386
  36,307
  38,322
  40,436
  42,652
  44,977
  47,415
  49,974
  52,658
Total liabilities, $m
  12,069
  12,825
  13,611
  14,431
  15,285
  16,176
  17,105
  18,074
  19,087
  20,145
  21,251
  22,406
  23,615
  24,880
  26,204
  27,590
  29,041
  30,560
  32,153
  33,821
  35,570
  37,403
  39,324
  41,339
  43,453
  45,669
  47,994
  50,432
  52,991
  55,675
Total equity, $m
  4,834
  5,137
  5,452
  5,780
  6,123
  6,479
  6,851
  7,240
  7,646
  8,069
  8,512
  8,975
  9,459
  9,966
  10,496
  11,051
  11,632
  12,241
  12,879
  13,547
  14,248
  14,982
  15,752
  16,559
  17,405
  18,293
  19,224
  20,201
  21,226
  22,301
Total liabilities and equity, $m
  16,903
  17,962
  19,063
  20,211
  21,408
  22,655
  23,956
  25,314
  26,733
  28,214
  29,763
  31,381
  33,074
  34,846
  36,700
  38,641
  40,673
  42,801
  45,032
  47,368
  49,818
  52,385
  55,076
  57,898
  60,858
  63,962
  67,218
  70,633
  74,217
  77,976
Debt-to-equity ratio
  1.870
  1.910
  1.940
  1.970
  2.000
  2.030
  2.060
  2.080
  2.100
  2.120
  2.140
  2.160
  2.180
  2.190
  2.210
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.300
  2.300
  2.310
  2.320
  2.330
  2.340
  2.350
  2.350
  2.360
Adjusted equity ratio
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286
  0.286

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,482
  2,815
  3,164
  3,529
  3,911
  4,311
  4,731
  5,171
  5,633
  6,117
  7,066
  7,601
  8,162
  8,752
  9,373
  10,025
  10,711
  11,433
  12,192
  12,991
  13,831
  14,715
  15,646
  16,626
  17,656
  18,741
  19,883
  21,086
  22,351
  23,682
Depreciation, amort., depletion, $m
  903
  922
  942
  962
  984
  1,006
  1,029
  1,053
  1,078
  1,105
  530
  559
  589
  620
  653
  688
  724
  762
  802
  843
  887
  933
  981
  1,031
  1,084
  1,139
  1,197
  1,258
  1,321
  1,388
Funds from operations, $m
  3,385
  3,738
  4,106
  4,491
  4,894
  5,317
  5,760
  6,224
  6,711
  7,222
  7,596
  8,159
  8,751
  9,373
  10,026
  10,713
  11,435
  12,195
  12,994
  13,834
  14,718
  15,648
  16,627
  17,656
  18,740
  19,880
  21,080
  22,343
  23,672
  25,071
Change in working capital, $m
  126
  132
  137
  143
  149
  155
  162
  169
  176
  184
  193
  201
  211
  220
  231
  241
  253
  265
  277
  291
  305
  319
  335
  351
  368
  386
  405
  425
  446
  467
Cash from operations, $m
  3,259
  3,606
  3,969
  4,348
  4,746
  5,162
  5,598
  6,055
  6,535
  7,038
  7,403
  7,958
  8,540
  9,152
  9,796
  10,472
  11,183
  11,930
  12,716
  13,544
  14,414
  15,329
  16,292
  17,306
  18,372
  19,494
  20,675
  21,918
  23,227
  24,603
Maintenance CAPEX, $m
  -283
  -301
  -320
  -339
  -360
  -381
  -403
  -427
  -451
  -476
  -502
  -530
  -559
  -589
  -620
  -653
  -688
  -724
  -762
  -802
  -843
  -887
  -933
  -981
  -1,031
  -1,084
  -1,139
  -1,197
  -1,258
  -1,321
New CAPEX, $m
  -300
  -315
  -328
  -341
  -356
  -371
  -387
  -404
  -422
  -441
  -460
  -481
  -503
  -527
  -551
  -577
  -604
  -633
  -663
  -695
  -728
  -763
  -800
  -839
  -880
  -923
  -968
  -1,016
  -1,065
  -1,118
Cash from investing activities, $m
  -583
  -616
  -648
  -680
  -716
  -752
  -790
  -831
  -873
  -917
  -962
  -1,011
  -1,062
  -1,116
  -1,171
  -1,230
  -1,292
  -1,357
  -1,425
  -1,497
  -1,571
  -1,650
  -1,733
  -1,820
  -1,911
  -2,007
  -2,107
  -2,213
  -2,323
  -2,439
Free cash flow, $m
  2,676
  2,990
  3,321
  3,668
  4,030
  4,410
  4,808
  5,225
  5,662
  6,121
  6,441
  6,947
  7,478
  8,037
  8,624
  9,241
  9,890
  10,573
  11,291
  12,047
  12,842
  13,679
  14,559
  15,486
  16,461
  17,488
  18,569
  19,706
  20,903
  22,164
Issuance/(repayment) of debt, $m
  724
  756
  787
  819
  854
  891
  929
  970
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,324
  1,386
  1,451
  1,520
  1,592
  1,668
  1,749
  1,833
  1,922
  2,015
  2,113
  2,216
  2,325
  2,439
  2,559
  2,684
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  
  724
  756
  787
  819
  854
  891
  929
  970
  1,013
  1,058
  1,106
  1,156
  1,209
  1,265
  1,324
  1,386
  1,451
  1,520
  1,592
  1,668
  1,749
  1,833
  1,922
  2,015
  2,113
  2,216
  2,325
  2,439
  2,559
  2,684
Total cash flow (excl. dividends), $m
  3,400
  3,746
  4,108
  4,487
  4,884
  5,300
  5,737
  6,195
  6,675
  7,179
  7,546
  8,103
  8,687
  9,302
  9,948
  10,627
  11,342
  12,093
  12,884
  13,715
  14,591
  15,512
  16,481
  17,501
  18,574
  19,704
  20,893
  22,145
  23,462
  24,848
Retained Cash Flow (-), $m
  -290
  -303
  -315
  -328
  -342
  -357
  -372
  -388
  -406
  -424
  -443
  -463
  -484
  -507
  -530
  -555
  -581
  -609
  -638
  -668
  -700
  -734
  -770
  -807
  -846
  -888
  -931
  -977
  -1,025
  -1,075
Prev. year cash balance distribution, $m
  41
  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
  3,151
  3,443
  3,793
  4,159
  4,542
  4,944
  5,365
  5,806
  6,269
  6,756
  7,103
  7,640
  8,203
  8,795
  9,418
  10,072
  10,760
  11,484
  12,246
  13,047
  13,890
  14,777
  15,711
  16,694
  17,728
  18,816
  19,962
  21,168
  22,437
  23,773
Discount rate, %
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
  2,992
  3,090
  3,199
  3,277
  3,324
  3,338
  3,318
  3,266
  3,181
  3,065
  2,857
  2,697
  2,516
  2,318
  2,108
  1,891
  1,673
  1,458
  1,251
  1,056
  876
  714
  571
  447
  343
  257
  189
  135
  94
  64
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

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 22.5
Price to Sales 3.4
Price to Book 10.8
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 22.6
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 $14314 million for the last fiscal year's total revenue generated by Illinois Tool Works. The default revenue input number comes from 0001 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 6.4% 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 5.3%, 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 39.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5227 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 5.4% 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 33%.

Life of production assets of 16.7 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 13.8%. 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 - $4585 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 335.4 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 $44.3 billion.

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COMPANY NEWS

▶ Why I Like Illinois Tool Works Inc (NYSE:ITW)   [Oct-09-18 07:39AM  Simply Wall St.]
▶ ITW Schedules Third Quarter 2018 Earnings Conference Call   [Oct-04-18 05:00PM  GlobeNewswire]
▶ 3 Top Stocks That Aren't on Wall Street's Radar   [Sep-29-18 06:31PM  Motley Fool]
▶ Does Dover Corporation's Restructuring Make It a Buy?   [Sep-17-18 08:34AM  Motley Fool]
▶ Illinois Tool Is Ready to Rally - What I'm Looking at Now   [Aug-30-18 11:45AM  TheStreet.com]
▶ Are These 2 Dividend Aristocrats Stocks to Buy Today?   [Aug-28-18 07:05AM  Motley Fool]
▶ 52-Week Company Lows   [Aug-23-18 11:36AM  GuruFocus.com]
▶ [$$] Illinois Tool Raises Its Dividend 28%   [Aug-06-18 03:36PM  Barrons.com]
▶ Illinois Tool Works approves 28% dividend increase   [Aug-03-18 03:37PM  MarketWatch]
▶ 3 Stocks That Turned $5,000 Into $10,000 in 5 Years   [Jul-26-18 08:19AM  Motley Fool]
▶ 3M Company Proves Critics Wrong, Yet Again   [Jul-24-18 04:19PM  Motley Fool]
▶ Company News For Jul 24, 2018   [09:47AM  Zacks]
▶ Illinois Tool Works: 2Q Earnings Snapshot   [08:13AM  Associated Press]
▶ ITW Announces Upcoming Investor Conference   [04:15PM  GlobeNewswire]
▶ ITW Announces Upcoming Investor Conferences   [May-07-18 10:15AM  GlobeNewswire]
▶ ITW Board of Directors Declares Quarterly Dividend   [May-04-18 01:55PM  GlobeNewswire]
▶ 8 Dividend Aristocrats That Also Offer Stock Price Growth   [Apr-30-18 02:58PM  InvestorPlace]
▶ Illinois Tool Works: 1Q Earnings Snapshot   [08:13AM  Associated Press]
▶ If You Like Dividends, You Should Love These 3 Stocks   [Apr-06-18 07:02AM  Motley Fool]
▶ ITW Schedules First Quarter 2018 Earnings Conference Call   [Mar-28-18 06:19PM  GlobeNewswire]
▶ Why Middleby Dropped Nearly 12% in February   [Mar-05-18 01:18PM  Motley Fool]
▶ ITW to Present at Upcoming Investor Conference   [Feb-09-18 08:00AM  GlobeNewswire]

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