Intrinsic value of Rockwell Automation - ROK

Previous Close

$203.93

  Intrinsic Value

$170.54

stock screener

  Rating & Target

hold

-16%

Previous close

$203.93

 
Intrinsic value

$170.54

 
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 ROK 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, %
  7.33
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  6,311
  6,841
  7,393
  7,966
  8,561
  9,181
  9,824
  10,493
  11,188
  11,911
  12,663
  13,447
  14,262
  15,113
  15,999
  16,923
  17,888
  18,895
  19,947
  21,046
  22,195
  23,396
  24,653
  25,968
  27,345
  28,787
  30,296
  31,877
  33,534
  35,271
  37,091
Variable operating expenses, $m
 
  5,354
  5,777
  6,217
  6,674
  7,149
  7,642
  8,155
  8,688
  9,243
  9,820
  10,313
  10,938
  11,590
  12,270
  12,979
  13,719
  14,491
  15,298
  16,141
  17,022
  17,943
  18,907
  19,916
  20,971
  22,077
  23,235
  24,447
  25,718
  27,050
  28,446
Fixed operating expenses, $m
 
  341
  350
  359
  368
  377
  386
  396
  406
  416
  426
  437
  448
  459
  471
  482
  494
  507
  519
  532
  546
  559
  573
  588
  602
  617
  633
  649
  665
  681
  698
Total operating expenses, $m
  5,274
  5,695
  6,127
  6,576
  7,042
  7,526
  8,028
  8,551
  9,094
  9,659
  10,246
  10,750
  11,386
  12,049
  12,741
  13,461
  14,213
  14,998
  15,817
  16,673
  17,568
  18,502
  19,480
  20,504
  21,573
  22,694
  23,868
  25,096
  26,383
  27,731
  29,144
Operating income, $m
  1,037
  1,145
  1,265
  1,390
  1,520
  1,655
  1,796
  1,942
  2,094
  2,253
  2,418
  2,697
  2,876
  3,063
  3,259
  3,462
  3,675
  3,897
  4,130
  4,373
  4,628
  4,894
  5,173
  5,465
  5,771
  6,092
  6,429
  6,781
  7,151
  7,540
  7,947
EBITDA, $m
  1,206
  1,333
  1,459
  1,590
  1,727
  1,869
  2,017
  2,171
  2,332
  2,498
  2,672
  2,853
  3,042
  3,239
  3,444
  3,658
  3,882
  4,116
  4,361
  4,617
  4,885
  5,165
  5,459
  5,766
  6,088
  6,426
  6,780
  7,151
  7,540
  7,948
  8,377
Interest expense (income), $m
  0
  44
  55
  67
  79
  92
  106
  120
  134
  149
  165
  181
  198
  216
  234
  253
  273
  294
  316
  339
  362
  387
  413
  440
  469
  499
  530
  562
  597
  632
  670
Earnings before tax, $m
  1,037
  1,102
  1,210
  1,323
  1,441
  1,563
  1,690
  1,822
  1,960
  2,103
  2,253
  2,516
  2,678
  2,848
  3,024
  3,209
  3,402
  3,603
  3,814
  4,034
  4,265
  4,507
  4,760
  5,025
  5,302
  5,594
  5,899
  6,219
  6,555
  6,907
  7,277
Tax expense, $m
  211
  298
  327
  357
  389
  422
  456
  492
  529
  568
  608
  679
  723
  769
  817
  866
  918
  973
  1,030
  1,089
  1,152
  1,217
  1,285
  1,357
  1,432
  1,510
  1,593
  1,679
  1,770
  1,865
  1,965
Net income, $m
  826
  804
  884
  966
  1,052
  1,141
  1,234
  1,330
  1,431
  1,536
  1,645
  1,837
  1,955
  2,079
  2,208
  2,343
  2,483
  2,630
  2,784
  2,945
  3,114
  3,290
  3,475
  3,668
  3,871
  4,083
  4,306
  4,540
  4,785
  5,042
  5,312

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,536
  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
  7,162
  5,015
  5,420
  5,840
  6,277
  6,731
  7,202
  7,692
  8,202
  8,732
  9,284
  9,858
  10,456
  11,080
  11,729
  12,407
  13,114
  13,853
  14,624
  15,430
  16,272
  17,153
  18,074
  19,038
  20,048
  21,104
  22,211
  23,371
  24,585
  25,858
  27,193
Adjusted assets (=assets-cash), $m
  4,626
  5,015
  5,420
  5,840
  6,277
  6,731
  7,202
  7,692
  8,202
  8,732
  9,284
  9,858
  10,456
  11,080
  11,729
  12,407
  13,114
  13,853
  14,624
  15,430
  16,272
  17,153
  18,074
  19,038
  20,048
  21,104
  22,211
  23,371
  24,585
  25,858
  27,193
Revenue / Adjusted assets
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
  1.364
Average production assets, $m
  828
  896
  968
  1,044
  1,122
  1,203
  1,287
  1,375
  1,466
  1,560
  1,659
  1,762
  1,868
  1,980
  2,096
  2,217
  2,343
  2,475
  2,613
  2,757
  2,908
  3,065
  3,230
  3,402
  3,582
  3,771
  3,969
  4,176
  4,393
  4,620
  4,859
Working capital, $m
  2,275
  369
  399
  430
  462
  496
  530
  567
  604
  643
  684
  726
  770
  816
  864
  914
  966
  1,020
  1,077
  1,136
  1,199
  1,263
  1,331
  1,402
  1,477
  1,554
  1,636
  1,721
  1,811
  1,905
  2,003
Total debt, $m
  1,844
  1,574
  1,915
  2,269
  2,637
  3,020
  3,417
  3,831
  4,260
  4,707
  5,172
  5,657
  6,161
  6,686
  7,234
  7,805
  8,401
  9,024
  9,674
  10,353
  11,063
  11,806
  12,583
  13,395
  14,246
  15,137
  16,070
  17,047
  18,071
  19,145
  20,269
Total liabilities, $m
  4,498
  4,228
  4,569
  4,923
  5,291
  5,674
  6,071
  6,485
  6,914
  7,361
  7,826
  8,311
  8,815
  9,340
  9,888
  10,459
  11,055
  11,678
  12,328
  13,007
  13,717
  14,460
  15,237
  16,049
  16,900
  17,791
  18,724
  19,701
  20,725
  21,799
  22,923
Total equity, $m
  2,664
  787
  851
  917
  985
  1,057
  1,131
  1,208
  1,288
  1,371
  1,458
  1,548
  1,642
  1,739
  1,842
  1,948
  2,059
  2,175
  2,296
  2,422
  2,555
  2,693
  2,838
  2,989
  3,147
  3,313
  3,487
  3,669
  3,860
  4,060
  4,269
Total liabilities and equity, $m
  7,162
  5,015
  5,420
  5,840
  6,276
  6,731
  7,202
  7,693
  8,202
  8,732
  9,284
  9,859
  10,457
  11,079
  11,730
  12,407
  13,114
  13,853
  14,624
  15,429
  16,272
  17,153
  18,075
  19,038
  20,047
  21,104
  22,211
  23,370
  24,585
  25,859
  27,192
Debt-to-equity ratio
  0.692
  2.000
  2.250
  2.470
  2.680
  2.860
  3.020
  3.170
  3.310
  3.430
  3.550
  3.650
  3.750
  3.840
  3.930
  4.010
  4.080
  4.150
  4.210
  4.270
  4.330
  4.380
  4.430
  4.480
  4.530
  4.570
  4.610
  4.650
  4.680
  4.720
  4.750
Adjusted equity ratio
  0.103
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  826
  804
  884
  966
  1,052
  1,141
  1,234
  1,330
  1,431
  1,536
  1,645
  1,837
  1,955
  2,079
  2,208
  2,343
  2,483
  2,630
  2,784
  2,945
  3,114
  3,290
  3,475
  3,668
  3,871
  4,083
  4,306
  4,540
  4,785
  5,042
  5,312
Depreciation, amort., depletion, $m
  169
  187
  194
  200
  207
  214
  222
  229
  237
  246
  255
  156
  165
  175
  185
  196
  207
  219
  231
  244
  257
  271
  286
  301
  317
  334
  351
  370
  389
  409
  430
Funds from operations, $m
  1,141
  991
  1,077
  1,166
  1,259
  1,355
  1,455
  1,560
  1,668
  1,781
  1,899
  1,993
  2,121
  2,254
  2,393
  2,539
  2,691
  2,849
  3,015
  3,189
  3,371
  3,561
  3,760
  3,969
  4,188
  4,417
  4,657
  4,909
  5,174
  5,451
  5,742
Change in working capital, $m
  107
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  78
  82
  85
  89
  94
  98
Cash from operations, $m
  1,034
  963
  1,047
  1,135
  1,227
  1,322
  1,421
  1,524
  1,631
  1,742
  1,858
  1,950
  2,077
  2,208
  2,345
  2,489
  2,639
  2,795
  2,959
  3,130
  3,309
  3,496
  3,693
  3,898
  4,113
  4,339
  4,576
  4,824
  5,084
  5,357
  5,644
Maintenance CAPEX, $m
  0
  -73
  -79
  -86
  -92
  -99
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -165
  -175
  -185
  -196
  -207
  -219
  -231
  -244
  -257
  -271
  -286
  -301
  -317
  -334
  -351
  -370
  -389
  -409
New CAPEX, $m
  -142
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -157
  -165
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
Cash from investing activities, $m
  -517
  -142
  -151
  -161
  -170
  -180
  -190
  -202
  -213
  -225
  -237
  -250
  -263
  -276
  -291
  -306
  -322
  -339
  -357
  -375
  -395
  -414
  -436
  -458
  -481
  -506
  -532
  -558
  -587
  -616
  -647
Free cash flow, $m
  517
  821
  896
  974
  1,056
  1,141
  1,230
  1,322
  1,418
  1,518
  1,622
  1,701
  1,814
  1,931
  2,054
  2,182
  2,316
  2,456
  2,602
  2,755
  2,914
  3,082
  3,257
  3,440
  3,632
  3,833
  4,044
  4,266
  4,498
  4,741
  4,996
Issuance/(repayment) of debt, $m
  -98
  330
  341
  354
  368
  383
  398
  413
  430
  447
  465
  484
  504
  525
  548
  571
  596
  622
  650
  679
  710
  743
  777
  813
  851
  891
  933
  977
  1,024
  1,073
  1,125
Issuance/(repurchase) of shares, $m
  -161
  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  
  -259
  330
  341
  354
  368
  383
  398
  413
  430
  447
  465
  484
  504
  525
  548
  571
  596
  622
  650
  679
  710
  743
  777
  813
  851
  891
  933
  977
  1,024
  1,073
  1,125
Total cash flow (excl. dividends), $m
  275
  1,151
  1,236
  1,329
  1,424
  1,524
  1,628
  1,735
  1,848
  1,965
  2,087
  2,185
  2,318
  2,457
  2,602
  2,754
  2,912
  3,078
  3,252
  3,434
  3,624
  3,824
  4,033
  4,253
  4,483
  4,724
  4,977
  5,243
  5,522
  5,814
  6,121
Retained Cash Flow (-), $m
  -674
  -59
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -132
  -138
  -145
  -151
  -158
  -166
  -174
  -182
  -191
  -200
  -209
Prev. year cash balance distribution, $m
 
  1,936
  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
 
  3,028
  1,173
  1,263
  1,356
  1,453
  1,554
  1,658
  1,768
  1,882
  2,000
  2,095
  2,224
  2,359
  2,500
  2,647
  2,801
  2,962
  3,131
  3,307
  3,492
  3,686
  3,889
  4,101
  4,324
  4,558
  4,804
  5,061
  5,331
  5,614
  5,912
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,903
  1,074
  1,099
  1,116
  1,126
  1,127
  1,120
  1,105
  1,081
  1,049
  995
  949
  897
  839
  777
  712
  645
  577
  509
  444
  381
  323
  269
  220
  177
  140
  109
  82
  61
  45
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

Rockwell Automation, Inc. (Rockwell Automation) is a provider of industrial automation power, control and information solutions for manufacturers. The Company operates through two segments: Architecture & Software and Control Products & Solutions. The Architecture & Software segment contains various hardware, software and communication components of the Company's integrated control and information architecture capable of controlling the customer's industrial processes and connecting with their manufacturing enterprise. Architecture & Software has a portfolio of products, including Control platforms that perform multiple control disciplines and monitoring of applications, including discrete, batch and continuous process, drives control, motion control and machine safety control. The Control Products & Solutions segment portfolio includes low and medium voltage electro-mechanical and electronic motor starters, signaling devices, termination and protection devices, relays and timers.

FINANCIAL RATIOS  of  Rockwell Automation (ROK)

Valuation Ratios
P/E Ratio 31.7
Price to Sales 4.1
Price to Book 9.8
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow 29.4
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.4%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 46.7%
Total Debt to Equity 69.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 11.8%
Return On Total Capital 19.5%
Ret/ On T. Cap. - 3 Yr. Avg. 20%
Return On Equity 35.5%
Return On Equity - 3 Yr. Avg. 34.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 42.2%
EBITDA Margin 19.1%
EBITDA Margin - 3 Yr. Avg. 19.5%
Operating Margin 16.4%
Oper. Margin - 3 Yr. Avg. 16.8%
Pre-Tax Margin 16.4%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 12.9%
Effective Tax Rate 20.3%
Eff/ Tax Rate - 3 Yr. Avg. 23.2%
Payout Ratio 47.3%

ROK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ROK stock intrinsic value calculation we used $6311 million for the last fiscal year's total revenue generated by Rockwell Automation. The default revenue input number comes from 2017 income statement of Rockwell Automation. 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 ROK stock valuation model: a) initial revenue growth rate of 8.4% 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 4.3%, whose default value for ROK is calculated based on our internal credit rating of Rockwell Automation, 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 Rockwell Automation.
    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 ROK stock the variable cost ratio is equal to 78.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $333 million in the base year in the intrinsic value calculation for ROK 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 Rockwell Automation.

Corporate tax rate of 27% is the nominal tax rate for Rockwell Automation. 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 ROK 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 ROK are equal to 13.1%.

Life of production assets of 11.3 years is the average useful life of capital assets used in Rockwell Automation 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 ROK is equal to 5.4%. 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 - $2664 million for Rockwell Automation - 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 129.259 million for Rockwell Automation 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 Rockwell Automation at the current share price and the inputted number of shares is $26.4 billion.

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COMPANY NEWS

▶ WEDC provides UW-Milwaukee $900K for new institute started with Rockwell gift   [Dec-07-17 05:20PM  American City Business Journals]
▶ [$$] The iPhone Gains Share in China   [Dec-02-17 12:01AM  Barrons.com]
▶ Rockwell acquires Scottish 3-D tech company Odos Imaging   [Dec-01-17 03:10PM  American City Business Journals]
▶ Emerson Electric Upgraded As M&A Pursuit Ends   [Nov-28-17 01:03PM  Benzinga]
▶ Emerson withdraws Rockwell offer after third rejection   [11:55AM  American City Business Journals]
▶ Emerson pulls bid for Rockwell   [10:30AM  Reuters Videos]
▶ [$$] Emerson Withdraws Proposal to Buy Rockwell Automation   [09:14AM  The Wall Street Journal]
▶ Rockwell rebuffs Emerson's latest bid   [01:51PM  Reuters Videos]
▶ [$$] Rockwell Automation Rejects New Offer From Emerson   [11:36AM  The Wall Street Journal]
▶ Emerson Should Know When to Fold   [10:20AM  Bloomberg]
▶ Emerson Raises Pressure on Rockwell With $29 Billion Bid   [Nov-16-17 07:25PM  Bloomberg Video]
▶ [$$] Emerson sweetens bid for Rockwell to $29bn   [02:02PM  Financial Times]
▶ Opening Bell: LIVE MARKETS BLOG   [09:44AM  TheStreet.com]
Financial statements of ROK
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