Intrinsic value of Modine Manufacturing - MOD

Previous Close

$14.02

  Intrinsic Value

$21.94

stock screener

  Rating & Target

str. buy

+56%

Previous close

$14.02

 
Intrinsic value

$21.94

 
Up/down potential

+56%

 
Rating

str. buy

We calculate the intrinsic value of MOD 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 0.7

 

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, %
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  2,309
  2,524
  2,749
  2,982
  3,225
  3,478
  3,741
  4,014
  4,297
  4,592
  4,899
  5,217
  5,549
  5,894
  6,253
  6,628
  7,018
  7,425
  7,850
  8,294
  8,757
  9,240
  9,746
  10,275
  10,828
  11,407
  12,012
  12,647
  13,311
  14,006
Variable operating expenses, $m
  2,115
  2,309
  2,511
  2,722
  2,942
  3,170
  3,407
  3,653
  3,909
  4,175
  4,421
  4,709
  5,008
  5,320
  5,644
  5,982
  6,334
  6,702
  7,085
  7,485
  7,903
  8,340
  8,796
  9,274
  9,773
  10,295
  10,842
  11,414
  12,014
  12,642
Fixed operating expenses, $m
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
  108
  110
  113
  115
  118
  120
  123
  126
  129
  131
  134
  137
  140
  143
  146
  150
  153
  156
  160
  163
Total operating expenses, $m
  2,202
  2,398
  2,602
  2,815
  3,037
  3,267
  3,506
  3,754
  4,012
  4,281
  4,529
  4,819
  5,121
  5,435
  5,762
  6,102
  6,457
  6,828
  7,214
  7,616
  8,037
  8,477
  8,936
  9,417
  9,919
  10,445
  10,995
  11,570
  12,174
  12,805
Operating income, $m
  108
  127
  147
  168
  189
  212
  235
  260
  285
  311
  369
  398
  428
  459
  492
  525
  561
  598
  636
  677
  719
  763
  809
  858
  909
  962
  1,018
  1,076
  1,137
  1,201
EBITDA, $m
  206
  232
  258
  286
  315
  345
  376
  408
  442
  477
  514
  552
  592
  633
  676
  721
  768
  817
  868
  922
  977
  1,036
  1,097
  1,161
  1,228
  1,298
  1,372
  1,449
  1,530
  1,615
Interest expense (income), $m
  15
  26
  32
  38
  44
  50
  57
  64
  71
  79
  87
  95
  104
  113
  122
  131
  141
  152
  163
  174
  186
  198
  211
  225
  239
  253
  269
  285
  302
  319
  338
Earnings before tax, $m
  82
  95
  109
  124
  139
  155
  171
  188
  206
  224
  274
  294
  315
  337
  360
  384
  409
  435
  462
  491
  521
  552
  585
  619
  655
  693
  733
  774
  818
  864
Tax expense, $m
  22
  26
  29
  33
  37
  42
  46
  51
  56
  61
  74
  79
  85
  91
  97
  104
  110
  117
  125
  133
  141
  149
  158
  167
  177
  187
  198
  209
  221
  233
Net income, $m
  60
  69
  80
  90
  101
  113
  125
  137
  150
  164
  200
  215
  230
  246
  263
  280
  299
  318
  338
  358
  380
  403
  427
  452
  478
  506
  535
  565
  597
  630

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
  1,727
  1,888
  2,056
  2,231
  2,412
  2,601
  2,798
  3,002
  3,214
  3,435
  3,664
  3,902
  4,150
  4,408
  4,677
  4,957
  5,249
  5,554
  5,871
  6,203
  6,549
  6,911
  7,290
  7,685
  8,099
  8,532
  8,985
  9,459
  9,956
  10,476
Adjusted assets (=assets-cash), $m
  1,727
  1,888
  2,056
  2,231
  2,412
  2,601
  2,798
  3,002
  3,214
  3,435
  3,664
  3,902
  4,150
  4,408
  4,677
  4,957
  5,249
  5,554
  5,871
  6,203
  6,549
  6,911
  7,290
  7,685
  8,099
  8,532
  8,985
  9,459
  9,956
  10,476
Revenue / Adjusted assets
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
  1.337
Average production assets, $m
  695
  760
  827
  898
  971
  1,047
  1,126
  1,208
  1,293
  1,382
  1,474
  1,570
  1,670
  1,774
  1,882
  1,995
  2,112
  2,235
  2,363
  2,496
  2,636
  2,781
  2,934
  3,093
  3,259
  3,433
  3,616
  3,807
  4,007
  4,216
Working capital, $m
  199
  217
  236
  256
  277
  299
  322
  345
  370
  395
  421
  449
  477
  507
  538
  570
  604
  639
  675
  713
  753
  795
  838
  884
  931
  981
  1,033
  1,088
  1,145
  1,205
Total debt, $m
  586
  697
  813
  933
  1,058
  1,189
  1,324
  1,464
  1,611
  1,763
  1,920
  2,085
  2,256
  2,433
  2,619
  2,812
  3,013
  3,223
  3,442
  3,670
  3,909
  4,158
  4,419
  4,691
  4,976
  5,274
  5,586
  5,913
  6,256
  6,614
Total liabilities, $m
  1,190
  1,301
  1,417
  1,537
  1,662
  1,792
  1,928
  2,068
  2,215
  2,366
  2,524
  2,689
  2,860
  3,037
  3,223
  3,416
  3,617
  3,827
  4,045
  4,274
  4,513
  4,762
  5,023
  5,295
  5,580
  5,878
  6,190
  6,517
  6,859
  7,218
Total equity, $m
  537
  587
  639
  694
  750
  809
  870
  934
  1,000
  1,068
  1,139
  1,214
  1,291
  1,371
  1,455
  1,542
  1,633
  1,727
  1,826
  1,929
  2,037
  2,149
  2,267
  2,390
  2,519
  2,653
  2,794
  2,942
  3,096
  3,258
Total liabilities and equity, $m
  1,727
  1,888
  2,056
  2,231
  2,412
  2,601
  2,798
  3,002
  3,215
  3,434
  3,663
  3,903
  4,151
  4,408
  4,678
  4,958
  5,250
  5,554
  5,871
  6,203
  6,550
  6,911
  7,290
  7,685
  8,099
  8,531
  8,984
  9,459
  9,955
  10,476
Debt-to-equity ratio
  1.090
  1.190
  1.270
  1.340
  1.410
  1.470
  1.520
  1.570
  1.610
  1.650
  1.690
  1.720
  1.750
  1.770
  1.800
  1.820
  1.850
  1.870
  1.880
  1.900
  1.920
  1.930
  1.950
  1.960
  1.980
  1.990
  2.000
  2.010
  2.020
  2.030
Adjusted equity ratio
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  60
  69
  80
  90
  101
  113
  125
  137
  150
  164
  200
  215
  230
  246
  263
  280
  299
  318
  338
  358
  380
  403
  427
  452
  478
  506
  535
  565
  597
  630
Depreciation, amort., depletion, $m
  99
  105
  111
  118
  126
  133
  141
  149
  157
  166
  145
  154
  164
  174
  185
  196
  207
  219
  232
  245
  258
  273
  288
  303
  320
  337
  354
  373
  393
  413
Funds from operations, $m
  158
  174
  191
  209
  227
  246
  266
  286
  307
  330
  345
  369
  394
  420
  447
  476
  506
  537
  569
  603
  639
  676
  715
  755
  798
  843
  889
  938
  990
  1,044
Change in working capital, $m
  18
  19
  19
  20
  21
  22
  23
  23
  24
  25
  26
  27
  29
  30
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  48
  50
  52
  55
  57
  60
Cash from operations, $m
  141
  156
  172
  189
  206
  224
  243
  263
  283
  304
  318
  341
  365
  390
  417
  444
  472
  502
  533
  565
  599
  634
  671
  710
  750
  793
  837
  884
  933
  984
Maintenance CAPEX, $m
  -62
  -68
  -74
  -81
  -88
  -95
  -103
  -110
  -118
  -127
  -136
  -145
  -154
  -164
  -174
  -185
  -196
  -207
  -219
  -232
  -245
  -258
  -273
  -288
  -303
  -320
  -337
  -354
  -373
  -393
New CAPEX, $m
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -133
  -139
  -146
  -152
  -159
  -166
  -174
  -182
  -191
  -200
  -209
Cash from investing activities, $m
  -125
  -133
  -142
  -151
  -161
  -171
  -182
  -192
  -203
  -216
  -228
  -241
  -254
  -268
  -282
  -298
  -313
  -330
  -347
  -365
  -384
  -404
  -425
  -447
  -469
  -494
  -519
  -545
  -573
  -602
Free cash flow, $m
  16
  23
  30
  37
  45
  53
  61
  70
  79
  89
  91
  101
  112
  123
  134
  146
  159
  172
  186
  200
  215
  230
  246
  263
  281
  299
  318
  339
  360
  382
Issuance/(repayment) of debt, $m
  107
  111
  116
  120
  125
  130
  135
  141
  146
  152
  158
  164
  171
  178
  185
  193
  201
  210
  219
  229
  239
  249
  261
  272
  285
  298
  312
  327
  342
  358
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  
  107
  111
  116
  120
  125
  130
  135
  141
  146
  152
  158
  164
  171
  178
  185
  193
  201
  210
  219
  229
  239
  249
  261
  272
  285
  298
  312
  327
  342
  358
Total cash flow (excl. dividends), $m
  123
  134
  145
  157
  170
  183
  197
  211
  225
  241
  249
  265
  283
  301
  320
  339
  360
  382
  405
  428
  453
  479
  507
  536
  566
  597
  630
  665
  702
  740
Retained Cash Flow (-), $m
  -47
  -50
  -52
  -54
  -57
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -154
  -162
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
  76
  84
  93
  103
  113
  124
  136
  147
  159
  172
  177
  191
  205
  220
  236
  252
  269
  287
  306
  325
  346
  367
  389
  413
  437
  463
  490
  518
  547
  578
Discount rate, %
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
  71
  73
  75
  77
  77
  76
  74
  72
  68
  64
  57
  52
  47
  42
  36
  31
  26
  22
  18
  14
  11
  8
  6
  5
  3
  2
  2
  1
  1
  0
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

Modine Manufacturing Company provides engineered heat transfer systems and heat transfer components for use in on-highway and off-highway original equipment manufacturer (OEM) vehicular applications, and for sale into an array of building, industrial and refrigeration markets. The Company's products include radiators and radiator cores, exhaust gas recirculation coolers, building heating, ventilating and air conditioning (HVAC) equipment, and coils. Its segments include Americas, Europe, Asia and Building HVAC. Its Americas segment consists of vehicular and industrial original equipment products in North America and South America, as well as aftermarket products in South America. Its Europe segment consists of vehicular and industrial original equipment products in Europe. Its Asia segment consists of vehicular and industrial original equipment products in Asia. Its Building HVAC segment consists of building heating, ventilating and air conditioning products throughout the world.

FINANCIAL RATIOS  of  Modine Manufacturing (MOD)

Valuation Ratios
P/E Ratio 50.2
Price to Sales 0.5
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 16.7
Price to Free Cash Flow -31.9
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 98.1%
Total Debt to Equity 123.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.1%
Ret/ On Assets - 3 Yr. Avg. 1.6%
Return On Total Capital 1.9%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 3.5%
Return On Equity - 3 Yr. Avg. 2.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 16.8%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 6.3%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 2.6%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 1.4%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.9%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 55%
Payout Ratio 0%

MOD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MOD stock intrinsic value calculation we used $2103.1 million for the last fiscal year's total revenue generated by Modine Manufacturing. The default revenue input number comes from 0001 income statement of Modine Manufacturing. 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 MOD stock valuation model: a) initial revenue growth rate of 9.8% 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 6.7%, whose default value for MOD is calculated based on our internal credit rating of Modine Manufacturing, 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 Modine Manufacturing.
    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 MOD stock the variable cost ratio is equal to 91.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $85 million in the base year in the intrinsic value calculation for MOD 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 Modine Manufacturing.

Corporate tax rate of 27% is the nominal tax rate for Modine Manufacturing. 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 MOD 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 MOD are equal to 30.1%.

Life of production assets of 10.2 years is the average useful life of capital assets used in Modine Manufacturing 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 MOD is equal to 8.6%. 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 - $490.1 million for Modine Manufacturing - 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 50.691 million for Modine Manufacturing 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 Modine Manufacturing at the current share price and the inputted number of shares is $0.7 billion.

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NAV Navistar Inter 31.02 37.13  hold
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COMPANY NEWS

▶ Modine Unveils New BTP Gas-Fired Power Unit Heater   [Nov-15-18 07:03AM  PR Newswire]
▶ Modine: Fiscal 2Q Earnings Snapshot   [06:18PM  Associated Press]
▶ Modine Announces Share Repurchase Program   [04:10PM  PR Newswire]
▶ Modine promotes Bowser to chief operating officer; Marry to retire   [Sep-26-18 03:23PM  American City Business Journals]
▶ Modine: Fiscal 1Q Earnings Snapshot   [05:14AM  Associated Press]
▶ Modine Reports First Quarter Fiscal 2019 Results   [Aug-01-18 04:37PM  PR Newswire]
▶ Modine: Fiscal 4Q Earnings Snapshot   [May-23-18 05:21PM  Associated Press]
▶ Modine Awarded Spartan Motors' Diamond Award   [Mar-22-18 11:24AM  PR Newswire]
▶ Bet on These 6 Stocks with Solid Net Profit Margin   [Mar-19-18 12:45PM  InvestorPlace]
▶ Modine Completes Construction On New Facility In Hungary   [Mar-05-18 03:28PM  PR Newswire]
▶ 5 Top Stocks With a Handsome Net Profit Margin   [Feb-14-18 01:05PM  InvestorPlace]
▶ Modine reports 3Q loss   [Jan-30-18 04:35PM  Associated Press]
▶ Modine Hires Vice President, Information Technology   [Jan-29-18 02:11PM  PR Newswire]
▶ WISE Women Choose STEM   [Nov-20-17 02:54PM  PR Newswire]
▶ Modine Presents ECO-Branded Coolers At SIFA   [Nov-16-17 10:34AM  PR Newswire]
▶ Modine On Stage At The 8th Edition Of ATMOsphere Europe   [Nov-14-17 11:10AM  PR Newswire]
▶ Modine posts 2Q profit   [Oct-31-17 05:35PM  Associated Press]
▶ Is It Too Late To Buy Modine Manufacturing Company (MOD)?   [Sep-15-17 07:25PM  Simply Wall St.]
▶ Modine Innovation Tour Travels to Saskatchewan, Canada   [Sep-06-17 07:04AM  PR Newswire]
▶ Modine Innovation Tour Travels to Omaha, Nebraska   [Aug-29-17 07:03AM  PR Newswire]
▶ Modine Announces Public Offering of Common Stock   [Aug-09-17 04:04PM  PR Newswire]
▶ Modine posts 1Q profit   [Aug-02-17 12:35AM  Associated Press]
▶ Modine Reports First Quarter Fiscal 2018 Results   [Aug-01-17 05:00PM  PR Newswire]

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