Intrinsic value of United Technologies - UTX

Previous Close

$140.50

  Intrinsic Value

$167.34

stock screener

  Rating & Target

hold

+19%

Previous close

$140.50

 
Intrinsic value

$167.34

 
Up/down potential

+19%

 
Rating

hold

We calculate the intrinsic value of UTX 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 112.4

 

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, %
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  65,402
  71,203
  77,243
  83,527
  90,059
  96,849
  103,905
  111,237
  118,858
  126,781
  135,021
  143,594
  152,517
  161,810
  171,492
  181,585
  192,111
  203,095
  214,560
  226,534
  239,045
  252,122
  265,796
  280,099
  295,065
  310,729
  327,128
  344,303
  362,293
  381,141
Variable operating expenses, $m
  56,558
  61,186
  66,005
  71,018
  76,230
  81,647
  87,276
  93,126
  99,206
  105,527
  107,721
  114,561
  121,680
  129,094
  136,819
  144,871
  153,269
  162,031
  171,179
  180,732
  190,714
  201,146
  212,056
  223,467
  235,406
  247,903
  260,987
  274,689
  289,042
  304,079
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
  56,558
  61,186
  66,005
  71,018
  76,230
  81,647
  87,276
  93,126
  99,206
  105,527
  107,721
  114,561
  121,680
  129,094
  136,819
  144,871
  153,269
  162,031
  171,179
  180,732
  190,714
  201,146
  212,056
  223,467
  235,406
  247,903
  260,987
  274,689
  289,042
  304,079
Operating income, $m
  8,844
  10,017
  11,238
  12,509
  13,830
  15,202
  16,629
  18,111
  19,652
  21,254
  27,299
  29,033
  30,837
  32,716
  34,674
  36,714
  38,842
  41,063
  43,381
  45,802
  48,332
  50,976
  53,741
  56,632
  59,658
  62,825
  66,141
  69,614
  73,251
  77,062
EBITDA, $m
  14,608
  15,904
  17,253
  18,657
  20,116
  21,632
  23,208
  24,846
  26,548
  28,318
  30,158
  32,073
  34,066
  36,142
  38,305
  40,559
  42,910
  45,363
  47,924
  50,599
  53,393
  56,314
  59,369
  62,563
  65,906
  69,405
  73,068
  76,904
  80,922
  85,132
Interest expense (income), $m
  1,157
  1,484
  1,822
  2,174
  2,541
  2,923
  3,320
  3,732
  4,161
  4,606
  5,069
  5,550
  6,050
  6,571
  7,113
  7,678
  8,266
  8,879
  9,518
  10,185
  10,882
  11,609
  12,369
  13,163
  13,994
  14,862
  15,771
  16,723
  17,719
  18,762
  19,855
Earnings before tax, $m
  7,360
  8,195
  9,064
  9,968
  10,907
  11,883
  12,897
  13,951
  15,046
  16,185
  21,749
  22,982
  24,266
  25,603
  26,996
  28,448
  29,964
  31,545
  33,196
  34,921
  36,723
  38,607
  40,577
  42,639
  44,796
  47,054
  49,418
  51,895
  54,489
  57,207
Tax expense, $m
  1,987
  2,213
  2,447
  2,691
  2,945
  3,208
  3,482
  3,767
  4,063
  4,370
  5,872
  6,205
  6,552
  6,913
  7,289
  7,681
  8,090
  8,517
  8,963
  9,429
  9,915
  10,424
  10,956
  11,512
  12,095
  12,705
  13,343
  14,012
  14,712
  15,446
Net income, $m
  5,373
  5,982
  6,617
  7,276
  7,962
  8,674
  9,415
  10,184
  10,984
  11,815
  15,877
  16,777
  17,714
  18,690
  19,707
  20,767
  21,873
  23,028
  24,233
  25,492
  26,808
  28,183
  29,622
  31,126
  32,701
  34,349
  36,075
  37,883
  39,777
  41,761

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
  106,000
  115,402
  125,191
  135,375
  145,963
  156,968
  168,403
  180,287
  192,638
  205,479
  218,834
  232,729
  247,192
  262,253
  277,945
  294,303
  311,364
  329,165
  347,747
  367,155
  387,432
  408,626
  430,788
  453,969
  478,225
  503,612
  530,192
  558,027
  587,184
  617,733
Adjusted assets (=assets-cash), $m
  106,000
  115,402
  125,191
  135,375
  145,963
  156,968
  168,403
  180,287
  192,638
  205,479
  218,834
  232,729
  247,192
  262,253
  277,945
  294,303
  311,364
  329,165
  347,747
  367,155
  387,432
  408,626
  430,788
  453,969
  478,225
  503,612
  530,192
  558,027
  587,184
  617,733
Revenue / Adjusted assets
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
Average production assets, $m
  34,205
  37,239
  40,398
  43,684
  47,101
  50,652
  54,342
  58,177
  62,163
  66,306
  70,616
  75,099
  79,767
  84,627
  89,690
  94,969
  100,474
  106,218
  112,215
  118,478
  125,021
  131,860
  139,011
  146,492
  154,319
  162,511
  171,088
  180,070
  189,479
  199,337
Working capital, $m
  2,158
  2,350
  2,549
  2,756
  2,972
  3,196
  3,429
  3,671
  3,922
  4,184
  4,456
  4,739
  5,033
  5,340
  5,659
  5,992
  6,340
  6,702
  7,080
  7,476
  7,888
  8,320
  8,771
  9,243
  9,737
  10,254
  10,795
  11,362
  11,956
  12,578
Total debt, $m
  33,739
  40,264
  47,058
  54,126
  61,474
  69,111
  77,047
  85,294
  93,866
  102,778
  112,046
  121,689
  131,726
  142,179
  153,069
  164,422
  176,261
  188,615
  201,512
  214,980
  229,053
  243,762
  259,142
  275,230
  292,063
  309,682
  328,128
  347,446
  367,681
  388,882
Total liabilities, $m
  73,564
  80,089
  86,883
  93,951
  101,299
  108,936
  116,872
  125,119
  133,691
  142,603
  151,871
  161,514
  171,551
  182,004
  192,894
  204,247
  216,086
  228,440
  241,337
  254,805
  268,878
  283,587
  298,967
  315,055
  331,888
  349,507
  367,953
  387,271
  407,506
  428,707
Total equity, $m
  32,436
  35,313
  38,309
  41,425
  44,665
  48,032
  51,531
  55,168
  58,947
  62,877
  66,963
  71,215
  75,641
  80,249
  85,051
  90,057
  95,277
  100,724
  106,411
  112,349
  118,554
  125,040
  131,821
  138,915
  146,337
  154,105
  162,239
  170,756
  179,678
  189,026
Total liabilities and equity, $m
  106,000
  115,402
  125,192
  135,376
  145,964
  156,968
  168,403
  180,287
  192,638
  205,480
  218,834
  232,729
  247,192
  262,253
  277,945
  294,304
  311,363
  329,164
  347,748
  367,154
  387,432
  408,627
  430,788
  453,970
  478,225
  503,612
  530,192
  558,027
  587,184
  617,733
Debt-to-equity ratio
  1.040
  1.140
  1.230
  1.310
  1.380
  1.440
  1.500
  1.550
  1.590
  1.630
  1.670
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.870
  1.890
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.050
  2.060
Adjusted equity ratio
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5,373
  5,982
  6,617
  7,276
  7,962
  8,674
  9,415
  10,184
  10,984
  11,815
  15,877
  16,777
  17,714
  18,690
  19,707
  20,767
  21,873
  23,028
  24,233
  25,492
  26,808
  28,183
  29,622
  31,126
  32,701
  34,349
  36,075
  37,883
  39,777
  41,761
Depreciation, amort., depletion, $m
  5,764
  5,887
  6,015
  6,148
  6,286
  6,430
  6,579
  6,735
  6,896
  7,064
  2,859
  3,040
  3,229
  3,426
  3,631
  3,845
  4,068
  4,300
  4,543
  4,797
  5,062
  5,338
  5,628
  5,931
  6,248
  6,579
  6,927
  7,290
  7,671
  8,070
Funds from operations, $m
  11,137
  11,869
  12,632
  13,424
  14,248
  15,104
  15,994
  16,919
  17,880
  18,879
  18,736
  19,818
  20,943
  22,116
  23,338
  24,612
  25,941
  27,328
  28,776
  30,289
  31,869
  33,522
  35,250
  37,057
  38,949
  40,929
  43,002
  45,173
  47,448
  49,831
Change in working capital, $m
  184
  191
  199
  207
  216
  224
  233
  242
  251
  261
  272
  283
  294
  307
  320
  333
  347
  362
  378
  395
  413
  432
  451
  472
  494
  517
  541
  567
  594
  622
Cash from operations, $m
  10,953
  11,678
  12,432
  13,217
  14,033
  14,880
  15,761
  16,677
  17,628
  18,618
  18,464
  19,535
  20,649
  21,810
  23,019
  24,279
  25,594
  26,966
  28,398
  29,894
  31,456
  33,090
  34,798
  36,585
  38,455
  40,412
  42,461
  44,607
  46,854
  49,209
Maintenance CAPEX, $m
  -1,267
  -1,385
  -1,508
  -1,636
  -1,769
  -1,907
  -2,051
  -2,200
  -2,355
  -2,517
  -2,684
  -2,859
  -3,040
  -3,229
  -3,426
  -3,631
  -3,845
  -4,068
  -4,300
  -4,543
  -4,797
  -5,062
  -5,338
  -5,628
  -5,931
  -6,248
  -6,579
  -6,927
  -7,290
  -7,671
New CAPEX, $m
  -2,899
  -3,034
  -3,159
  -3,286
  -3,417
  -3,551
  -3,690
  -3,835
  -3,986
  -4,144
  -4,309
  -4,484
  -4,667
  -4,860
  -5,064
  -5,279
  -5,505
  -5,744
  -5,996
  -6,263
  -6,543
  -6,839
  -7,151
  -7,480
  -7,827
  -8,192
  -8,577
  -8,982
  -9,409
  -9,858
Cash from investing activities, $m
  -4,166
  -4,419
  -4,667
  -4,922
  -5,186
  -5,458
  -5,741
  -6,035
  -6,341
  -6,661
  -6,993
  -7,343
  -7,707
  -8,089
  -8,490
  -8,910
  -9,350
  -9,812
  -10,296
  -10,806
  -11,340
  -11,901
  -12,489
  -13,108
  -13,758
  -14,440
  -15,156
  -15,909
  -16,699
  -17,529
Free cash flow, $m
  6,787
  7,259
  7,766
  8,295
  8,847
  9,422
  10,021
  10,642
  11,287
  11,957
  11,470
  12,192
  12,942
  13,720
  14,529
  15,369
  16,244
  17,154
  18,101
  19,088
  20,117
  21,189
  22,308
  23,477
  24,697
  25,972
  27,304
  28,698
  30,155
  31,681
Issuance/(repayment) of debt, $m
  6,254
  6,525
  6,794
  7,068
  7,348
  7,637
  7,936
  8,247
  8,572
  8,912
  9,268
  9,643
  10,037
  10,453
  10,891
  11,352
  11,840
  12,354
  12,896
  13,469
  14,072
  14,709
  15,380
  16,088
  16,833
  17,619
  18,446
  19,318
  20,235
  21,201
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  
  6,254
  6,525
  6,794
  7,068
  7,348
  7,637
  7,936
  8,247
  8,572
  8,912
  9,268
  9,643
  10,037
  10,453
  10,891
  11,352
  11,840
  12,354
  12,896
  13,469
  14,072
  14,709
  15,380
  16,088
  16,833
  17,619
  18,446
  19,318
  20,235
  21,201
Total cash flow (excl. dividends), $m
  13,040
  13,784
  14,560
  15,363
  16,195
  17,059
  17,957
  18,889
  19,859
  20,869
  20,738
  21,835
  22,979
  24,173
  25,419
  26,722
  28,084
  29,508
  30,997
  32,557
  34,189
  35,898
  37,689
  39,565
  41,530
  43,591
  45,751
  48,016
  50,390
  52,881
Retained Cash Flow (-), $m
  -2,826
  -2,877
  -2,996
  -3,116
  -3,240
  -3,367
  -3,499
  -3,636
  -3,780
  -3,929
  -4,087
  -4,252
  -4,426
  -4,609
  -4,802
  -5,006
  -5,220
  -5,447
  -5,686
  -5,939
  -6,205
  -6,486
  -6,781
  -7,093
  -7,422
  -7,769
  -8,133
  -8,518
  -8,922
  -9,348
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
  10,215
  10,907
  11,564
  12,246
  12,955
  13,692
  14,457
  15,253
  16,080
  16,940
  16,652
  17,583
  18,553
  19,564
  20,617
  21,716
  22,863
  24,061
  25,311
  26,618
  27,984
  29,413
  30,907
  32,471
  34,108
  35,822
  37,617
  39,498
  41,468
  43,533
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  9,664
  9,710
  9,632
  9,484
  9,268
  8,984
  8,636
  8,228
  7,767
  7,260
  6,271
  5,758
  5,226
  4,685
  4,146
  3,619
  3,114
  2,639
  2,201
  1,805
  1,454
  1,149
  891
  676
  502
  364
  258
  178
  120
  78
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

United Technologies Corporation is engaged in providing high technology products and services to the building systems and aerospace industries around the world. The Company operates through four segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney, and UTC Aerospace Systems. Otis operates as an elevator and escalator manufacturing, installation and service company. UTC Climate, Controls & Security segment is engaged in providing heating, ventilating, air conditioning (HVAC) and refrigeration solutions. The Pratt & Whitney segment supplies aircraft engines for the commercial, military, business jet and general aviation markets. Pratt & Whitney segment provides fleet management services and aftermarket maintenance, repair and overhaul services. The UTC Aerospace Systems segment provides aerospace products and aftermarket service solutions for aircraft manufacturers, airlines, regional, business and general aviation markets, military, space and undersea operations.

FINANCIAL RATIOS  of  United Technologies (UTX)

Valuation Ratios
P/E Ratio 22.5
Price to Sales 2
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 29.3
Price to Free Cash Flow 63.4
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.1%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 78.7%
Total Debt to Equity 86.7%
Interest Coverage 7
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 12.6%
Return On Equity 18.4%
Return On Equity - 3 Yr. Avg. 21.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 27.6%
Gross Margin - 3 Yr. Avg. 28.4%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 14.3%
Oper. Margin - 3 Yr. Avg. 14.6%
Pre-Tax Margin 12.5%
Pre-Tax Margin - 3 Yr. Avg. 13%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 27.4%
Payout Ratio 40.9%

UTX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UTX stock intrinsic value calculation we used $59837 million for the last fiscal year's total revenue generated by United Technologies. The default revenue input number comes from 0001 income statement of United 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 UTX stock valuation model: a) initial revenue growth rate of 9.3% 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 5.7%, whose default value for UTX is calculated based on our internal credit rating of United 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 United 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 UTX stock the variable cost ratio is equal to 87.1%.

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 UTX 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 United Technologies.

Corporate tax rate of 27% is the nominal tax rate for United 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 UTX 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 UTX are equal to 52.3%.

Life of production assets of 24.7 years is the average useful life of capital assets used in United 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 UTX is equal to 3.3%. 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 - $29610 million for United 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 800.093 million for United 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 United Technologies at the current share price and the inputted number of shares is $112.4 billion.

RELATED COMPANIES Price Int.Val. Rating
HON Honeywell Inte 165.80 242.19  str.buy
LMT Lockheed Marti 339.30 112.63  str.sell
ESL Esterline Tech 91.65 76.29  hold
HEI Heico 90.96 150.49  str.buy
TGI Triumph Group 23.20 22.01  hold
BA Boeing 365.22 146.32  str.sell

COMPANY NEWS

▶ 3 Stocks the World's Best Investors Are Buying Right Now   [Sep-20-18 06:35AM  Motley Fool]
▶ [$$] United Technologies Says Rockwell Deal, Breakup Decision on Track   [Sep-14-18 08:14PM  The Wall Street Journal]
▶ Space X sending its first passenger to the moon   [02:08PM  Yahoo Finance Video]
▶ Stocks tied to China may be signaling end to trade war   [Sep-11-18 07:11PM  CNBC Videos]
▶ Markets Right Now: Stocks sink as tech slump continues   [Sep-06-18 04:14PM  Associated Press]
▶ One Of GE's Most Important Businesses 'Has Not Found A Bottom'   [Sep-05-18 04:07PM  Investor's Business Daily]
▶ Honeywell Investors Should Give the Spinoffs a Shot   [Aug-27-18 10:00AM  InvestorPlace]
▶ Bill Ackman's Top-Performing Stocks   [Aug-24-18 04:34PM  GuruFocus.com]
▶ GE Offers Lessons as United Tech Goes Digital   [Aug-21-18 12:53PM  Bloomberg]
▶ Bill Ackman's Pershing Square cuts stake in ADP   [Aug-14-18 05:16PM  MarketWatch]
▶ United Technologies Prices Offering Of Senior Notes   [Aug-13-18 07:55PM  PR Newswire]
▶ 5 Industrial Stocks Facing Sharp Declines   [06:00AM  Investopedia]
▶ The Top 7 Aviation and Aerospace Stocks to Buy Now   [Aug-10-18 02:41PM  InvestorPlace]
▶ [$$] Ackman has best first half in four years   [05:42AM  Financial Times]
▶ These Boeing Supply-Chain Hiccups Point To Risk Of Ramp-Up Plans   [Aug-08-18 03:47PM  Investor's Business Daily]
▶ Here's Why We're Bullish on United Technologies   [Jul-31-18 02:46PM  TheStreet.com]
▶ Trade Wars: Winners & Losers for Investors   [10:00AM  TheStreet.com]
▶ 1 Hot Long-Term Trend to Invest In   [07:34AM  Motley Fool]
▶ Stock Market News For Jul 25, 2018   [Jul-25-18 10:47AM  Zacks]
▶ [$$] United Technologies Raises Outlook as Profit Jumps   [08:06PM  The Wall Street Journal]
▶ [$$] Many Manufacturers Take Tariffs in Stride   [08:05PM  The Wall Street Journal]
▶ Jim Cramer: This Rally Caught Me by Surprise   [07:01PM  TheStreet.com]
▶ [$$] Many Manufacturers Take Tariffs in Stride   [01:55PM  The Wall Street Journal]
▶ [$$] United Technologies Raises Outlook as Profit Jumps   [12:21PM  The Wall Street Journal]
▶ United Technologies: 2Q Earnings Snapshot   [08:52AM  Associated Press]

CONTACT US       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.