Intrinsic value of John Bean Technologies - JBT

Previous Close

$104.05

  Intrinsic Value

$63.86

stock screener

  Rating & Target

sell

-39%

Previous close

$104.05

 
Intrinsic value

$63.86

 
Up/down potential

-39%

 
Rating

sell

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

We calculate the intrinsic value of JBT 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 3.3

 

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, %
  22.04
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  1,351
  1,585
  1,839
  2,115
  2,410
  2,725
  3,059
  3,412
  3,783
  4,173
  4,580
  5,006
  5,449
  5,911
  6,391
  6,891
  7,410
  7,949
  8,510
  9,092
  9,698
  10,328
  10,983
  11,666
  12,376
  13,116
  13,888
  14,693
  15,532
  16,409
  17,325
Variable operating expenses, $m
 
  1,452
  1,682
  1,930
  2,196
  2,480
  2,781
  3,099
  3,434
  3,785
  4,152
  4,511
  4,911
  5,327
  5,760
  6,210
  6,678
  7,164
  7,669
  8,194
  8,740
  9,308
  9,899
  10,513
  11,154
  11,821
  12,516
  13,242
  13,998
  14,788
  15,613
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
  1,247
  1,452
  1,682
  1,930
  2,196
  2,480
  2,781
  3,099
  3,434
  3,785
  4,152
  4,511
  4,911
  5,327
  5,760
  6,210
  6,678
  7,164
  7,669
  8,194
  8,740
  9,308
  9,899
  10,513
  11,154
  11,821
  12,516
  13,242
  13,998
  14,788
  15,613
Operating income, $m
  103
  133
  158
  185
  214
  245
  278
  313
  350
  388
  428
  494
  538
  584
  631
  681
  732
  785
  840
  898
  958
  1,020
  1,085
  1,152
  1,222
  1,295
  1,372
  1,451
  1,534
  1,621
  1,711
EBITDA, $m
  141
  184
  214
  246
  280
  317
  356
  397
  440
  486
  533
  583
  634
  688
  744
  802
  862
  925
  990
  1,058
  1,129
  1,202
  1,278
  1,358
  1,440
  1,526
  1,616
  1,710
  1,808
  1,910
  2,016
Interest expense (income), $m
  10
  17
  23
  30
  37
  45
  53
  61
  71
  80
  90
  101
  112
  123
  135
  148
  161
  174
  188
  203
  218
  234
  250
  267
  285
  303
  322
  342
  363
  385
  407
Earnings before tax, $m
  94
  115
  134
  155
  177
  200
  225
  251
  279
  308
  338
  393
  426
  460
  496
  533
  571
  611
  652
  695
  740
  787
  835
  885
  938
  992
  1,050
  1,109
  1,171
  1,236
  1,304
Tax expense, $m
  26
  31
  36
  42
  48
  54
  61
  68
  75
  83
  91
  106
  115
  124
  134
  144
  154
  165
  176
  188
  200
  212
  225
  239
  253
  268
  283
  299
  316
  334
  352
Net income, $m
  68
  84
  98
  113
  129
  146
  164
  184
  204
  225
  247
  287
  311
  336
  362
  389
  417
  446
  476
  508
  540
  574
  609
  646
  685
  725
  766
  810
  855
  902
  952

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  33
  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
  1,187
  1,353
  1,571
  1,806
  2,058
  2,327
  2,612
  2,914
  3,231
  3,563
  3,911
  4,275
  4,654
  5,048
  5,458
  5,885
  6,328
  6,788
  7,267
  7,765
  8,282
  8,820
  9,380
  9,962
  10,569
  11,201
  11,860
  12,547
  13,264
  14,013
  14,795
Adjusted assets (=assets-cash), $m
  1,154
  1,353
  1,571
  1,806
  2,058
  2,327
  2,612
  2,914
  3,231
  3,563
  3,911
  4,275
  4,654
  5,048
  5,458
  5,885
  6,328
  6,788
  7,267
  7,765
  8,282
  8,820
  9,380
  9,962
  10,569
  11,201
  11,860
  12,547
  13,264
  14,013
  14,795
Revenue / Adjusted assets
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  328
  385
  447
  514
  586
  662
  743
  829
  919
  1,014
  1,113
  1,216
  1,324
  1,436
  1,553
  1,674
  1,801
  1,932
  2,068
  2,209
  2,357
  2,510
  2,669
  2,835
  3,007
  3,187
  3,375
  3,570
  3,774
  3,987
  4,210
Working capital, $m
  92
  78
  90
  104
  118
  134
  150
  167
  185
  204
  224
  245
  267
  290
  313
  338
  363
  390
  417
  446
  475
  506
  538
  572
  606
  643
  681
  720
  761
  804
  849
Total debt, $m
  499
  665
  854
  1,058
  1,276
  1,510
  1,757
  2,018
  2,293
  2,582
  2,883
  3,198
  3,527
  3,869
  4,224
  4,594
  4,978
  5,378
  5,793
  6,224
  6,672
  7,139
  7,624
  8,129
  8,655
  9,203
  9,775
  10,370
  10,992
  11,641
  12,319
Total liabilities, $m
  1,008
  1,173
  1,362
  1,566
  1,784
  2,018
  2,265
  2,526
  2,801
  3,090
  3,391
  3,706
  4,035
  4,377
  4,732
  5,102
  5,486
  5,886
  6,301
  6,732
  7,180
  7,647
  8,132
  8,637
  9,163
  9,711
  10,283
  10,878
  11,500
  12,149
  12,827
Total equity, $m
  180
  180
  209
  240
  274
  309
  347
  388
  430
  474
  520
  569
  619
  671
  726
  783
  842
  903
  967
  1,033
  1,101
  1,173
  1,247
  1,325
  1,406
  1,490
  1,577
  1,669
  1,764
  1,864
  1,968
Total liabilities and equity, $m
  1,188
  1,353
  1,571
  1,806
  2,058
  2,327
  2,612
  2,914
  3,231
  3,564
  3,911
  4,275
  4,654
  5,048
  5,458
  5,885
  6,328
  6,789
  7,268
  7,765
  8,281
  8,820
  9,379
  9,962
  10,569
  11,201
  11,860
  12,547
  13,264
  14,013
  14,795
Debt-to-equity ratio
  2.772
  3.700
  4.090
  4.400
  4.660
  4.880
  5.060
  5.210
  5.340
  5.450
  5.540
  5.630
  5.700
  5.760
  5.820
  5.870
  5.920
  5.960
  5.990
  6.030
  6.060
  6.090
  6.110
  6.140
  6.160
  6.180
  6.200
  6.210
  6.230
  6.250
  6.260
Adjusted equity ratio
  0.127
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133
  0.133

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  84
  98
  113
  129
  146
  164
  184
  204
  225
  247
  287
  311
  336
  362
  389
  417
  446
  476
  508
  540
  574
  609
  646
  685
  725
  766
  810
  855
  902
  952
Depreciation, amort., depletion, $m
  38
  52
  56
  61
  66
  72
  78
  84
  91
  97
  105
  88
  96
  104
  113
  121
  130
  140
  150
  160
  171
  182
  193
  205
  218
  231
  245
  259
  274
  289
  305
Funds from operations, $m
  20
  136
  154
  174
  196
  218
  242
  268
  294
  322
  351
  375
  407
  440
  475
  510
  547
  586
  626
  668
  711
  756
  803
  852
  903
  955
  1,011
  1,068
  1,128
  1,191
  1,257
Change in working capital, $m
  -47
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
Cash from operations, $m
  67
  125
  142
  161
  181
  203
  226
  250
  276
  303
  331
  355
  385
  418
  451
  486
  522
  559
  599
  639
  681
  725
  771
  818
  868
  919
  973
  1,029
  1,087
  1,148
  1,212
Maintenance CAPEX, $m
  0
  -24
  -28
  -32
  -37
  -42
  -48
  -54
  -60
  -67
  -73
  -81
  -88
  -96
  -104
  -113
  -121
  -130
  -140
  -150
  -160
  -171
  -182
  -193
  -205
  -218
  -231
  -245
  -259
  -274
  -289
New CAPEX, $m
  -37
  -57
  -62
  -67
  -72
  -77
  -81
  -86
  -90
  -95
  -99
  -103
  -108
  -112
  -117
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -166
  -173
  -180
  -188
  -196
  -204
  -213
  -222
Cash from investing activities, $m
  -267
  -81
  -90
  -99
  -109
  -119
  -129
  -140
  -150
  -162
  -172
  -184
  -196
  -208
  -221
  -234
  -247
  -261
  -276
  -292
  -307
  -324
  -341
  -359
  -378
  -398
  -419
  -441
  -463
  -487
  -511
Free cash flow, $m
  -200
  44
  52
  62
  72
  84
  97
  111
  126
  142
  159
  170
  189
  209
  230
  252
  274
  298
  322
  348
  374
  401
  430
  459
  490
  521
  554
  589
  624
  662
  700
Issuance/(repayment) of debt, $m
  215
  173
  189
  204
  219
  233
  247
  261
  275
  288
  302
  315
  328
  342
  356
  370
  384
  399
  415
  431
  448
  466
  485
  505
  526
  548
  571
  596
  622
  649
  678
Issuance/(repurchase) of shares, $m
  -4
  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  
  207
  173
  189
  204
  219
  233
  247
  261
  275
  288
  302
  315
  328
  342
  356
  370
  384
  399
  415
  431
  448
  466
  485
  505
  526
  548
  571
  596
  622
  649
  678
Total cash flow (excl. dividends), $m
  8
  217
  241
  265
  291
  317
  344
  372
  401
  430
  461
  486
  518
  551
  586
  622
  659
  697
  737
  779
  822
  868
  915
  964
  1,016
  1,069
  1,126
  1,185
  1,246
  1,311
  1,378
Retained Cash Flow (-), $m
  -50
  -26
  -29
  -31
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -88
  -91
  -95
  -100
  -104
Prev. year cash balance distribution, $m
 
  26
  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
 
  217
  212
  234
  257
  281
  306
  332
  359
  386
  414
  437
  467
  499
  531
  565
  600
  636
  674
  713
  754
  796
  840
  887
  935
  985
  1,038
  1,093
  1,151
  1,211
  1,274
Discount rate, %
 
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
 
  199
  176
  175
  171
  165
  156
  146
  134
  121
  108
  93
  80
  67
  55
  45
  35
  27
  21
  15
  11
  8
  5
  4
  2
  1
  1
  0
  0
  0
  0
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

John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food and beverage industry with focus on proteins, liquid foods and automated system solutions. It operates through two segments: JBT FoodTech and JBT AeroTech. The JBT FoodTech segment designs, manufactures and services technologically food processing systems used for fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry. The product offerings of its FoodTech businesses include Protein, Liquid Foods and Automated Systems. The JBT AeroTech segment designs, manufactures and services technologically airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight, and ground handling companies; the defense contractors, and other industries. The product offerings of its AeroTech businesses include Mobile Equipment, Fixed Equipment and Airport Services.

FINANCIAL RATIOS  of  John Bean Technologies (JBT)

Valuation Ratios
P/E Ratio 44.6
Price to Sales 2.2
Price to Book 16.9
Price to Tangible Book
Price to Cash Flow 45.3
Price to Free Cash Flow 101.1
Growth Rates
Sales Growth Rate 22%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.6%
Cap. Spend. - 3 Yr. Gr. Rate 5%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 273.3%
Total Debt to Equity 277.2%
Interest Coverage 10
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.9%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 43.9%
Return On Equity - 3 Yr. Avg. 37.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 27.8%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 6.9%
Pre-Tax Margin 7%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 5%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 30.2%
Payout Ratio 17.6%

JBT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JBT stock intrinsic value calculation we used $1351 million for the last fiscal year's total revenue generated by John Bean Technologies. The default revenue input number comes from 2016 income statement of John Bean Technologies. 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 JBT stock valuation model: a) initial revenue growth rate of 17.3% 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 9.3%, whose default value for JBT is calculated based on our internal credit rating of John Bean Technologies, 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 John Bean Technologies.
    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 JBT stock the variable cost ratio is equal to 91.9%.

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 JBT 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 John Bean Technologies.

Corporate tax rate of 27% is the nominal tax rate for John Bean Technologies. 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 JBT 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 JBT are equal to 24.3%.

Life of production assets of 13.8 years is the average useful life of capital assets used in John Bean Technologies 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 JBT is equal to 4.9%. 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 - $180 million for John Bean Technologies - 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 31.65 million for John Bean Technologies 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 John Bean Technologies at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

▶ JBT beats 3Q profit forecasts   [Oct-23-17 04:29PM  Associated Press]
▶ Stocks To Watch: John Bean Technologies Sees RS Rating Rise To 81   [Oct-10-17 03:00AM  Investor's Business Daily]
▶ John Bean Technologies Receives IBD Stock Rating Upgrade   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: John Bean Technologies   [03:00AM  Investor's Business Daily]
▶ John Bean Technologies Earns IBD Rating Upgrade   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ JBT Corporation Strengthens Executive Team   [Aug-16-17 04:30PM  PR Newswire]
▶ JBT Corporation Declares Quarterly Dividend   [Aug-11-17 09:00AM  PR Newswire]
▶ JBT beats Street 2Q forecasts   [Jul-31-17 09:44PM  Associated Press]
▶ Thomas W. Giacomini Elected to MSA Board of Directors   [Jun-08-17 04:30PM  PR Newswire]
▶ JBT tops Street 1Q forecasts   [Apr-25-17 04:56PM  Associated Press]
▶ Top Ranked Growth Stocks to Buy for April 12th   [Apr-12-17 10:58AM  Zacks]
▶ Welbilt and John Bean Technologies: Cramer's Top Takeaways   [Apr-08-17 06:38AM  TheStreet.com]
▶ [$$] JBT Buys Avure Technologies for $57 Million   [06:27PM  at The Wall Street Journal]
▶ JBT Corporation Declares Quarterly Dividend   [Feb-17-17 09:00AM  PR Newswire]
Financial statements of JBT
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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