Intrinsic value of Nordson - NDSN

Previous Close

$145.30

  Intrinsic Value

$104.12

stock screener

  Rating & Target

sell

-28%

Previous close

$145.30

 
Intrinsic value

$104.12

 
Up/down potential

-28%

 
Rating

sell

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

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 8.4

 

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, %
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  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
  5.35
  5.31
Revenue, $m
  2,307
  2,559
  2,824
  3,101
  3,390
  3,692
  4,006
  4,333
  4,672
  5,026
  5,393
  5,774
  6,170
  6,582
  7,011
  7,456
  7,920
  8,404
  8,907
  9,432
  9,979
  10,550
  11,146
  11,769
  12,419
  13,099
  13,810
  14,553
  15,331
  16,145
Variable operating expenses, $m
  1,661
  1,820
  1,986
  2,160
  2,342
  2,531
  2,728
  2,933
  3,146
  3,368
  3,385
  3,624
  3,873
  4,131
  4,400
  4,680
  4,971
  5,274
  5,590
  5,920
  6,263
  6,622
  6,996
  7,387
  7,795
  8,221
  8,668
  9,134
  9,623
  10,134
Fixed operating expenses, $m
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
Total operating expenses, $m
  1,763
  1,924
  2,093
  2,269
  2,453
  2,645
  2,844
  3,052
  3,268
  3,492
  3,512
  3,754
  4,006
  4,267
  4,539
  4,822
  5,116
  5,422
  5,741
  6,075
  6,421
  6,783
  7,161
  7,556
  7,967
  8,397
  8,848
  9,318
  9,811
  10,326
Operating income, $m
  543
  635
  731
  832
  937
  1,047
  1,162
  1,281
  1,405
  1,533
  1,881
  2,020
  2,165
  2,315
  2,472
  2,635
  2,804
  2,981
  3,165
  3,358
  3,558
  3,767
  3,985
  4,214
  4,452
  4,701
  4,962
  5,235
  5,521
  5,820
EBITDA, $m
  815
  913
  1,016
  1,124
  1,237
  1,354
  1,477
  1,604
  1,736
  1,874
  2,017
  2,166
  2,321
  2,482
  2,649
  2,823
  3,005
  3,194
  3,391
  3,596
  3,810
  4,034
  4,267
  4,511
  4,766
  5,033
  5,311
  5,603
  5,908
  6,228
Interest expense (income), $m
  36
  86
  100
  115
  131
  147
  164
  182
  200
  220
  240
  261
  282
  305
  328
  353
  378
  404
  432
  460
  490
  521
  553
  587
  622
  659
  698
  738
  780
  824
  870
Earnings before tax, $m
  457
  535
  616
  701
  790
  883
  980
  1,080
  1,185
  1,294
  1,620
  1,738
  1,860
  1,987
  2,119
  2,257
  2,400
  2,549
  2,705
  2,867
  3,037
  3,214
  3,398
  3,591
  3,793
  4,004
  4,224
  4,455
  4,697
  4,950
Tax expense, $m
  123
  144
  166
  189
  213
  238
  265
  292
  320
  349
  437
  469
  502
  536
  572
  609
  648
  688
  730
  774
  820
  868
  918
  970
  1,024
  1,081
  1,141
  1,203
  1,268
  1,337
Net income, $m
  334
  390
  450
  512
  577
  645
  715
  789
  865
  944
  1,183
  1,269
  1,358
  1,450
  1,547
  1,647
  1,752
  1,861
  1,975
  2,093
  2,217
  2,346
  2,481
  2,622
  2,769
  2,923
  3,084
  3,252
  3,429
  3,614

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
  3,813
  4,230
  4,668
  5,126
  5,604
  6,102
  6,621
  7,162
  7,723
  8,307
  8,913
  9,544
  10,199
  10,880
  11,588
  12,325
  13,092
  13,890
  14,722
  15,590
  16,494
  17,438
  18,424
  19,453
  20,528
  21,651
  22,826
  24,055
  25,341
  26,687
Adjusted assets (=assets-cash), $m
  3,813
  4,230
  4,668
  5,126
  5,604
  6,102
  6,621
  7,162
  7,723
  8,307
  8,913
  9,544
  10,199
  10,880
  11,588
  12,325
  13,092
  13,890
  14,722
  15,590
  16,494
  17,438
  18,424
  19,453
  20,528
  21,651
  22,826
  24,055
  25,341
  26,687
Revenue / Adjusted assets
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
  0.605
Average production assets, $m
  1,324
  1,469
  1,621
  1,780
  1,946
  2,119
  2,299
  2,487
  2,682
  2,885
  3,095
  3,314
  3,542
  3,778
  4,024
  4,280
  4,546
  4,824
  5,113
  5,414
  5,728
  6,056
  6,398
  6,755
  7,129
  7,519
  7,927
  8,354
  8,800
  9,267
Working capital, $m
  537
  596
  658
  723
  790
  860
  933
  1,010
  1,089
  1,171
  1,256
  1,345
  1,438
  1,534
  1,633
  1,737
  1,845
  1,958
  2,075
  2,198
  2,325
  2,458
  2,597
  2,742
  2,894
  3,052
  3,218
  3,391
  3,572
  3,762
Total debt, $m
  1,853
  2,129
  2,419
  2,722
  3,038
  3,368
  3,712
  4,070
  4,441
  4,828
  5,229
  5,647
  6,080
  6,531
  7,000
  7,488
  7,995
  8,524
  9,075
  9,649
  10,248
  10,873
  11,525
  12,206
  12,918
  13,662
  14,440
  15,253
  16,104
  16,995
Total liabilities, $m
  2,524
  2,800
  3,090
  3,393
  3,710
  4,040
  4,383
  4,741
  5,113
  5,499
  5,901
  6,318
  6,751
  7,202
  7,671
  8,159
  8,667
  9,195
  9,746
  10,320
  10,919
  11,544
  12,196
  12,878
  13,589
  14,333
  15,111
  15,924
  16,776
  17,667
Total equity, $m
  1,289
  1,430
  1,578
  1,732
  1,894
  2,063
  2,238
  2,421
  2,610
  2,808
  3,013
  3,226
  3,447
  3,677
  3,917
  4,166
  4,425
  4,695
  4,976
  5,269
  5,575
  5,894
  6,227
  6,575
  6,938
  7,318
  7,715
  8,131
  8,565
  9,020
Total liabilities and equity, $m
  3,813
  4,230
  4,668
  5,125
  5,604
  6,103
  6,621
  7,162
  7,723
  8,307
  8,914
  9,544
  10,198
  10,879
  11,588
  12,325
  13,092
  13,890
  14,722
  15,589
  16,494
  17,438
  18,423
  19,453
  20,527
  21,651
  22,826
  24,055
  25,341
  26,687
Debt-to-equity ratio
  1.440
  1.490
  1.530
  1.570
  1.600
  1.630
  1.660
  1.680
  1.700
  1.720
  1.740
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.820
  1.820
  1.830
  1.840
  1.840
  1.850
  1.860
  1.860
  1.870
  1.870
  1.880
  1.880
  1.880
Adjusted equity ratio
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338
  0.338

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  334
  390
  450
  512
  577
  645
  715
  789
  865
  944
  1,183
  1,269
  1,358
  1,450
  1,547
  1,647
  1,752
  1,861
  1,975
  2,093
  2,217
  2,346
  2,481
  2,622
  2,769
  2,923
  3,084
  3,252
  3,429
  3,614
Depreciation, amort., depletion, $m
  272
  278
  285
  292
  299
  307
  315
  323
  332
  341
  136
  146
  156
  166
  177
  189
  200
  212
  225
  238
  252
  267
  282
  298
  314
  331
  349
  368
  388
  408
Funds from operations, $m
  606
  669
  735
  804
  876
  952
  1,030
  1,112
  1,197
  1,285
  1,319
  1,415
  1,514
  1,617
  1,724
  1,836
  1,952
  2,074
  2,200
  2,332
  2,469
  2,613
  2,763
  2,919
  3,083
  3,254
  3,433
  3,620
  3,817
  4,022
Change in working capital, $m
  56
  59
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  104
  108
  113
  117
  122
  128
  133
  139
  145
  152
  158
  166
  173
  181
  190
Cash from operations, $m
  550
  610
  673
  739
  809
  881
  957
  1,036
  1,118
  1,203
  1,234
  1,326
  1,421
  1,521
  1,624
  1,732
  1,844
  1,961
  2,083
  2,209
  2,342
  2,480
  2,624
  2,774
  2,931
  3,096
  3,267
  3,447
  3,635
  3,832
Maintenance CAPEX, $m
  -52
  -58
  -65
  -71
  -78
  -86
  -93
  -101
  -110
  -118
  -127
  -136
  -146
  -156
  -166
  -177
  -189
  -200
  -212
  -225
  -238
  -252
  -267
  -282
  -298
  -314
  -331
  -349
  -368
  -388
New CAPEX, $m
  -138
  -145
  -152
  -159
  -166
  -173
  -180
  -188
  -195
  -203
  -211
  -219
  -227
  -236
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -467
Cash from investing activities, $m
  -190
  -203
  -217
  -230
  -244
  -259
  -273
  -289
  -305
  -321
  -338
  -355
  -373
  -392
  -412
  -433
  -455
  -477
  -501
  -526
  -552
  -580
  -609
  -639
  -671
  -704
  -739
  -776
  -815
  -855
Free cash flow, $m
  359
  407
  456
  509
  564
  622
  683
  747
  813
  882
  896
  970
  1,048
  1,128
  1,212
  1,299
  1,389
  1,483
  1,581
  1,683
  1,789
  1,900
  2,015
  2,135
  2,260
  2,391
  2,528
  2,671
  2,821
  2,977
Issuance/(repayment) of debt, $m
  265
  276
  290
  303
  317
  330
  344
  358
  372
  386
  402
  417
  434
  451
  469
  488
  508
  529
  551
  574
  599
  625
  652
  681
  712
  744
  778
  814
  851
  891
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  
  265
  276
  290
  303
  317
  330
  344
  358
  372
  386
  402
  417
  434
  451
  469
  488
  508
  529
  551
  574
  599
  625
  652
  681
  712
  744
  778
  814
  851
  891
Total cash flow (excl. dividends), $m
  624
  683
  746
  812
  881
  953
  1,027
  1,104
  1,185
  1,268
  1,297
  1,388
  1,482
  1,579
  1,681
  1,787
  1,897
  2,012
  2,132
  2,257
  2,388
  2,524
  2,667
  2,816
  2,972
  3,135
  3,306
  3,485
  3,672
  3,868
Retained Cash Flow (-), $m
  -133
  -141
  -148
  -155
  -162
  -169
  -175
  -183
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -281
  -293
  -306
  -319
  -333
  -348
  -363
  -380
  -397
  -415
  -435
  -455
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
  491
  542
  598
  657
  719
  784
  851
  922
  995
  1,071
  1,092
  1,175
  1,260
  1,349
  1,442
  1,538
  1,638
  1,742
  1,851
  1,964
  2,082
  2,205
  2,334
  2,468
  2,609
  2,755
  2,909
  3,069
  3,237
  3,413
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
  456
  463
  467
  465
  457
  444
  425
  401
  373
  342
  293
  261
  229
  198
  167
  139
  113
  90
  70
  54
  40
  29
  21
  14
  10
  6
  4
  2
  1
  1
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

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 28.3
Price to Sales 4.1
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow 30.2
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 $2066.982 million for the last fiscal year's total revenue generated by Nordson. The default revenue input number comes from 0001 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 11.6% 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 73.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $100 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 5.4% 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 57.4%.

Life of production assets of 22.7 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 - $1155.493 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 57.973 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 $8.4 billion.

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COMPANY NEWS

▶ Toll Brothers, Medtronic gain, while Coty, Nordson fall   [Aug-21-18 04:33PM  Associated Press]
▶ 3 Stocks to Watch Tuesday   [01:48PM  GuruFocus.com]
▶ Nordson Offers a Solid Quarter, Falls on Guidance   [Aug-20-18 08:31PM  Motley Fool]
▶ Nordson: Fiscal 3Q Earnings Snapshot   [04:41PM  Associated Press]
▶ Nordson's Q3 Earnings Preview   [07:44AM  Benzinga]
▶ Nordson boosts dividend by 17%   [Aug-10-18 08:55AM  MarketWatch]
▶ 2 Embarrassingly Low-Yield Dividend Stocks   [Jul-19-18 08:17AM  Motley Fool]
▶ Nordson Delivers as Promised on Acquisition Growth   [May-21-18 10:00PM  Motley Fool]
▶ Nordson: Fiscal 2Q Earnings Snapshot   [04:41PM  Associated Press]
▶ Nordson Glues Together Another Impressive Quarter   [Feb-23-18 08:52PM  Motley Fool]
▶ 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]

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