Intrinsic value of Nordson - NDSN

Previous Close

$138.89

  Intrinsic Value

$116.61

stock screener

  Rating & Target

hold

-16%

Previous close

$138.89

 
Intrinsic value

$116.61

 
Up/down potential

-16%

 
Rating

hold

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

We calculate the intrinsic value of NDSN 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.26
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  2,067
  2,332
  2,612
  2,907
  3,218
  3,544
  3,884
  4,239
  4,609
  4,995
  5,395
  5,812
  6,245
  6,695
  7,162
  7,648
  8,153
  8,679
  9,225
  9,795
  10,388
  11,006
  11,650
  12,322
  13,023
  13,755
  14,520
  15,319
  16,155
  17,028
  17,942
Variable operating expenses, $m
 
  1,661
  1,841
  2,032
  2,232
  2,442
  2,661
  2,890
  3,128
  3,376
  3,634
  3,744
  4,022
  4,312
  4,613
  4,926
  5,252
  5,590
  5,942
  6,309
  6,691
  7,089
  7,504
  7,937
  8,388
  8,860
  9,353
  9,867
  10,406
  10,968
  11,557
Fixed operating expenses, $m
 
  123
  126
  129
  132
  136
  139
  143
  146
  150
  154
  157
  161
  165
  170
  174
  178
  183
  187
  192
  197
  202
  207
  212
  217
  222
  228
  234
  240
  246
  252
Total operating expenses, $m
  1,607
  1,784
  1,967
  2,161
  2,364
  2,578
  2,800
  3,033
  3,274
  3,526
  3,788
  3,901
  4,183
  4,477
  4,783
  5,100
  5,430
  5,773
  6,129
  6,501
  6,888
  7,291
  7,711
  8,149
  8,605
  9,082
  9,581
  10,101
  10,646
  11,214
  11,809
Operating income, $m
  460
  548
  645
  747
  854
  966
  1,084
  1,207
  1,335
  1,469
  1,608
  1,911
  2,061
  2,217
  2,379
  2,548
  2,723
  2,906
  3,096
  3,294
  3,500
  3,715
  3,939
  4,173
  4,418
  4,673
  4,939
  5,218
  5,509
  5,814
  6,133
EBITDA, $m
  551
  737
  838
  944
  1,055
  1,172
  1,294
  1,422
  1,555
  1,693
  1,837
  1,987
  2,143
  2,305
  2,473
  2,649
  2,831
  3,020
  3,217
  3,423
  3,637
  3,860
  4,093
  4,335
  4,589
  4,854
  5,130
  5,420
  5,722
  6,038
  6,370
Interest expense (income), $m
  36
  53
  62
  73
  84
  95
  107
  120
  133
  146
  160
  175
  190
  206
  223
  240
  258
  276
  296
  316
  337
  358
  381
  405
  430
  455
  482
  510
  540
  570
  602
Earnings before tax, $m
  420
  495
  582
  674
  770
  871
  977
  1,088
  1,203
  1,323
  1,447
  1,736
  1,871
  2,011
  2,156
  2,308
  2,466
  2,630
  2,800
  2,978
  3,163
  3,357
  3,558
  3,768
  3,988
  4,217
  4,457
  4,708
  4,970
  5,244
  5,531
Tax expense, $m
  124
  134
  157
  182
  208
  235
  264
  294
  325
  357
  391
  469
  505
  543
  582
  623
  666
  710
  756
  804
  854
  906
  961
  1,017
  1,077
  1,139
  1,203
  1,271
  1,342
  1,416
  1,493
Net income, $m
  296
  361
  425
  492
  562
  636
  713
  794
  878
  965
  1,056
  1,267
  1,366
  1,468
  1,574
  1,685
  1,800
  1,920
  2,044
  2,174
  2,309
  2,450
  2,597
  2,751
  2,911
  3,079
  3,254
  3,437
  3,628
  3,828
  4,038

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  90
  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
  3,415
  3,749
  4,199
  4,674
  5,174
  5,697
  6,245
  6,816
  7,411
  8,030
  8,674
  9,344
  10,040
  10,763
  11,514
  12,296
  13,108
  13,953
  14,832
  15,747
  16,700
  17,694
  18,730
  19,810
  20,937
  22,114
  23,344
  24,629
  25,972
  27,377
  28,846
Adjusted assets (=assets-cash), $m
  3,325
  3,749
  4,199
  4,674
  5,174
  5,697
  6,245
  6,816
  7,411
  8,030
  8,674
  9,344
  10,040
  10,763
  11,514
  12,296
  13,108
  13,953
  14,832
  15,747
  16,700
  17,694
  18,730
  19,810
  20,937
  22,114
  23,344
  24,629
  25,972
  27,377
  28,846
Revenue / Adjusted assets
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
  0.622
Average production assets, $m
  577
  651
  729
  811
  898
  989
  1,084
  1,183
  1,286
  1,394
  1,505
  1,622
  1,742
  1,868
  1,998
  2,134
  2,275
  2,421
  2,574
  2,733
  2,898
  3,071
  3,250
  3,438
  3,633
  3,838
  4,051
  4,274
  4,507
  4,751
  5,006
Working capital, $m
  240
  543
  609
  677
  750
  826
  905
  988
  1,074
  1,164
  1,257
  1,354
  1,455
  1,560
  1,669
  1,782
  1,900
  2,022
  2,150
  2,282
  2,420
  2,564
  2,714
  2,871
  3,034
  3,205
  3,383
  3,569
  3,764
  3,968
  4,181
Total debt, $m
  1,597
  1,785
  2,079
  2,389
  2,716
  3,057
  3,415
  3,788
  4,176
  4,581
  5,001
  5,439
  5,893
  6,365
  6,856
  7,366
  7,896
  8,448
  9,022
  9,620
  10,242
  10,891
  11,567
  12,273
  13,009
  13,778
  14,581
  15,420
  16,297
  17,214
  18,173
Total liabilities, $m
  2,259
  2,448
  2,742
  3,052
  3,379
  3,720
  4,078
  4,451
  4,839
  5,244
  5,664
  6,102
  6,556
  7,028
  7,519
  8,029
  8,559
  9,111
  9,685
  10,283
  10,905
  11,554
  12,230
  12,936
  13,672
  14,441
  15,244
  16,083
  16,960
  17,877
  18,836
Total equity, $m
  1,155
  1,301
  1,457
  1,622
  1,795
  1,977
  2,167
  2,365
  2,572
  2,786
  3,010
  3,242
  3,484
  3,735
  3,996
  4,267
  4,548
  4,842
  5,147
  5,464
  5,795
  6,140
  6,499
  6,874
  7,265
  7,674
  8,100
  8,546
  9,012
  9,500
  10,010
Total liabilities and equity, $m
  3,414
  3,749
  4,199
  4,674
  5,174
  5,697
  6,245
  6,816
  7,411
  8,030
  8,674
  9,344
  10,040
  10,763
  11,515
  12,296
  13,107
  13,953
  14,832
  15,747
  16,700
  17,694
  18,729
  19,810
  20,937
  22,115
  23,344
  24,629
  25,972
  27,377
  28,846
Debt-to-equity ratio
  1.383
  1.370
  1.430
  1.470
  1.510
  1.550
  1.580
  1.600
  1.620
  1.640
  1.660
  1.680
  1.690
  1.700
  1.720
  1.730
  1.740
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.790
  1.790
  1.800
  1.800
  1.800
  1.810
  1.810
  1.820
Adjusted equity ratio
  0.320
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  296
  361
  425
  492
  562
  636
  713
  794
  878
  965
  1,056
  1,267
  1,366
  1,468
  1,574
  1,685
  1,800
  1,920
  2,044
  2,174
  2,309
  2,450
  2,597
  2,751
  2,911
  3,079
  3,254
  3,437
  3,628
  3,828
  4,038
Depreciation, amort., depletion, $m
  91
  190
  193
  197
  201
  206
  210
  215
  220
  225
  230
  76
  82
  88
  94
  101
  107
  114
  121
  129
  137
  145
  153
  162
  171
  181
  191
  202
  213
  224
  236
Funds from operations, $m
  293
  551
  618
  689
  764
  842
  923
  1,009
  1,098
  1,190
  1,286
  1,344
  1,448
  1,556
  1,668
  1,785
  1,907
  2,034
  2,166
  2,303
  2,446
  2,595
  2,751
  2,913
  3,083
  3,260
  3,445
  3,638
  3,841
  4,052
  4,274
Change in working capital, $m
  -57
  62
  65
  69
  72
  76
  79
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  157
  163
  171
  178
  186
  195
  204
  213
Cash from operations, $m
  350
  489
  553
  620
  691
  766
  844
  926
  1,011
  1,100
  1,193
  1,247
  1,347
  1,451
  1,560
  1,672
  1,789
  1,911
  2,038
  2,170
  2,308
  2,451
  2,601
  2,757
  2,919
  3,089
  3,267
  3,452
  3,646
  3,849
  4,061
Maintenance CAPEX, $m
  0
  -27
  -31
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -66
  -71
  -76
  -82
  -88
  -94
  -101
  -107
  -114
  -121
  -129
  -137
  -145
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -224
New CAPEX, $m
  -72
  -74
  -78
  -82
  -87
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -180
  -187
  -196
  -204
  -213
  -223
  -233
  -244
  -255
Cash from investing activities, $m
  -878
  -101
  -109
  -116
  -125
  -133
  -142
  -150
  -159
  -168
  -178
  -187
  -197
  -207
  -218
  -230
  -242
  -254
  -267
  -280
  -294
  -309
  -325
  -340
  -358
  -375
  -394
  -414
  -435
  -457
  -479
Free cash flow, $m
  -528
  389
  444
  503
  566
  633
  702
  776
  852
  932
  1,016
  1,059
  1,150
  1,243
  1,341
  1,442
  1,548
  1,657
  1,771
  1,890
  2,013
  2,142
  2,276
  2,416
  2,561
  2,713
  2,872
  3,038
  3,211
  3,392
  3,582
Issuance/(repayment) of debt, $m
  597
  278
  294
  310
  326
  342
  357
  373
  389
  404
  421
  437
  454
  472
  491
  510
  530
  552
  574
  598
  622
  649
  676
  705
  736
  769
  803
  839
  877
  917
  960
Issuance/(repurchase) of shares, $m
  11
  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  
  612
  278
  294
  310
  326
  342
  357
  373
  389
  404
  421
  437
  454
  472
  491
  510
  530
  552
  574
  598
  622
  649
  676
  705
  736
  769
  803
  839
  877
  917
  960
Total cash flow (excl. dividends), $m
  87
  666
  738
  814
  892
  974
  1,060
  1,149
  1,241
  1,337
  1,436
  1,497
  1,604
  1,716
  1,832
  1,953
  2,078
  2,209
  2,345
  2,488
  2,636
  2,791
  2,952
  3,121
  3,298
  3,482
  3,675
  3,877
  4,088
  4,309
  4,541
Retained Cash Flow (-), $m
  -303
  -146
  -156
  -165
  -173
  -182
  -190
  -198
  -206
  -215
  -224
  -232
  -241
  -251
  -261
  -271
  -282
  -293
  -305
  -318
  -331
  -345
  -359
  -375
  -391
  -408
  -427
  -446
  -466
  -487
  -510
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
 
  521
  582
  649
  719
  793
  870
  950
  1,034
  1,122
  1,213
  1,264
  1,363
  1,465
  1,571
  1,681
  1,796
  1,916
  2,040
  2,170
  2,305
  2,446
  2,593
  2,746
  2,906
  3,074
  3,248
  3,431
  3,622
  3,822
  4,031
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  483
  497
  507
  509
  504
  492
  474
  450
  420
  387
  339
  303
  266
  230
  195
  162
  132
  106
  83
  63
  47
  34
  24
  17
  11
  7
  5
  3
  2
  1
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

Nordson Corporation engineers, manufactures and markets differentiated products and systems used to dispense, apply and control adhesives, coatings, polymers, sealants, biomaterials, and other fluids, to test and inspect for quality, and to treat and cure surfaces. The Company's segments include Adhesive Dispensing Systems, Advanced Technology Systems and Industrial Coating Systems. The Adhesive Dispensing Systems segment delivers its precision dispensing and processing technology to various markets. The Advanced Technology Systems segment integrates its product technologies found in progressive stages of a customer's production process, such as surface treatment, precisely controlled automated, and post-dispense bond testing, optical inspection and X-ray inspection. The Industrial Coating Systems segment provides equipment used primarily for applying coatings, paint, finishes, sealants and other materials, and for curing and drying of dispensed material.

FINANCIAL RATIOS  of  Nordson (NDSN)

Valuation Ratios
P/E Ratio 27.1
Price to Sales 3.9
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow 22.9
Price to Free Cash Flow 28.8
Growth Rates
Sales Growth Rate 14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 109.6%
Total Debt to Equity 138.3%
Interest Coverage 13
Management Effectiveness
Return On Assets 11%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 29.5%
Return On Equity - 3 Yr. Avg. 30.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 55.1%
Gross Margin - 3 Yr. Avg. 54.7%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 22.3%
Oper. Margin - 3 Yr. Avg. 20.9%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 19.5%
Net Profit Margin 14.3%
Net Profit Margin - 3 Yr. Avg. 13.9%
Effective Tax Rate 29.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 21.6%

NDSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NDSN stock intrinsic value calculation we used $2067 million for the last fiscal year's total revenue generated by Nordson. The default revenue input number comes from 2017 income statement of Nordson. 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 NDSN stock valuation model: a) initial revenue growth rate of 12.8% 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 7.8%, whose default value for NDSN is calculated based on our internal credit rating of Nordson, 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 Nordson.
    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 NDSN stock the variable cost ratio is equal to 72.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $120 million in the base year in the intrinsic value calculation for NDSN 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 Nordson.

Corporate tax rate of 27% is the nominal tax rate for Nordson. 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 NDSN 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 NDSN are equal to 27.9%.

Life of production assets of 21.2 years is the average useful life of capital assets used in Nordson 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 NDSN is equal to 23.3%. 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 - $1155 million for Nordson - 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 57.923 million for Nordson 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 Nordson at the current share price and the inputted number of shares is $8.0 billion.

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COMPANY NEWS

▶ ETFs with exposure to Nordson Corp. : December 27, 2017   [Dec-27-17 11:34AM  Capital Cube]
▶ Company News For Dec 15, 2017   [10:13AM  Zacks]
▶ Nordson Shows Market Leadership With Jump To 87 RS Rating   [03:00AM  Investor's Business Daily]
▶ 3 Stocks Move on Thursday   [02:51PM  GuruFocus.com]
▶ Nordson tops Street 4Q forecasts   [04:47PM  Associated Press]
▶ [$$] Tech Scores for the NFL   [Dec-09-17 12:01AM  Barrons.com]
▶ Nordson Earns IBD Rating Upgrade   [Dec-07-17 03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: Nordson Shows Improved Relative Price Strength   [Dec-01-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Nordson Corp. : September 12, 2017   [Sep-11-17 11:51PM  Capital Cube]
▶ 3 Dividend Growth Stocks for August   [05:30PM  Motley Fool]
▶ Nordson beats Street 3Q forecasts   [Aug-21-17 09:45PM  Associated Press]
Financial statements of NDSN
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