Intrinsic value of Waters - WAT

Previous Close

$188.34

  Intrinsic Value

$69.51

stock screener

  Rating & Target

str. sell

-63%

Previous close

$188.34

 
Intrinsic value

$69.51

 
Up/down potential

-63%

 
Rating

str. sell

We calculate the intrinsic value of WAT 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 2017), $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 15.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
Revenue, $m
  2,459
  2,615
  2,778
  2,947
  3,123
  3,307
  3,499
  3,699
  3,908
  4,126
  4,354
  4,592
  4,841
  5,102
  5,374
  5,659
  5,958
  6,271
  6,599
  6,942
  7,302
  7,679
  8,074
  8,488
  8,923
  9,379
  9,857
  10,358
  10,884
  11,436
Variable operating expenses, $m
  1,747
  1,854
  1,966
  2,082
  2,203
  2,329
  2,461
  2,598
  2,742
  2,891
  2,989
  3,153
  3,324
  3,502
  3,690
  3,885
  4,090
  4,305
  4,530
  4,766
  5,013
  5,272
  5,543
  5,828
  6,126
  6,439
  6,767
  7,111
  7,472
  7,851
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
  1,747
  1,854
  1,966
  2,082
  2,203
  2,329
  2,461
  2,598
  2,742
  2,891
  2,989
  3,153
  3,324
  3,502
  3,690
  3,885
  4,090
  4,305
  4,530
  4,766
  5,013
  5,272
  5,543
  5,828
  6,126
  6,439
  6,767
  7,111
  7,472
  7,851
Operating income, $m
  712
  761
  812
  865
  920
  978
  1,038
  1,101
  1,166
  1,235
  1,365
  1,439
  1,518
  1,599
  1,685
  1,774
  1,868
  1,966
  2,068
  2,176
  2,289
  2,407
  2,531
  2,661
  2,797
  2,940
  3,090
  3,247
  3,412
  3,585
EBITDA, $m
  868
  924
  981
  1,041
  1,103
  1,168
  1,236
  1,306
  1,380
  1,457
  1,538
  1,622
  1,710
  1,802
  1,898
  1,999
  2,104
  2,215
  2,330
  2,452
  2,579
  2,712
  2,851
  2,998
  3,151
  3,312
  3,481
  3,658
  3,844
  4,039
Interest expense (income), $m
  44
  102
  72
  81
  89
  98
  108
  118
  128
  139
  150
  161
  174
  186
  200
  213
  228
  243
  259
  276
  293
  312
  331
  351
  372
  394
  418
  442
  467
  494
  522
Earnings before tax, $m
  610
  689
  731
  776
  822
  870
  920
  973
  1,028
  1,085
  1,203
  1,266
  1,331
  1,400
  1,471
  1,546
  1,624
  1,707
  1,793
  1,883
  1,977
  2,076
  2,180
  2,289
  2,403
  2,522
  2,648
  2,780
  2,918
  3,063
Tax expense, $m
  165
  186
  197
  209
  222
  235
  249
  263
  277
  293
  325
  342
  359
  378
  397
  417
  439
  461
  484
  508
  534
  561
  589
  618
  649
  681
  715
  750
  788
  827
Net income, $m
  445
  503
  534
  566
  600
  635
  672
  710
  750
  792
  878
  924
  972
  1,022
  1,074
  1,129
  1,186
  1,246
  1,309
  1,374
  1,443
  1,516
  1,591
  1,671
  1,754
  1,841
  1,933
  2,029
  2,130
  2,236

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
  2,702
  2,874
  3,052
  3,239
  3,432
  3,634
  3,845
  4,065
  4,294
  4,534
  4,784
  5,046
  5,320
  5,606
  5,906
  6,219
  6,547
  6,891
  7,251
  7,629
  8,024
  8,438
  8,873
  9,328
  9,806
  10,306
  10,832
  11,383
  11,961
  12,567
Adjusted assets (=assets-cash), $m
  2,702
  2,874
  3,052
  3,239
  3,432
  3,634
  3,845
  4,065
  4,294
  4,534
  4,784
  5,046
  5,320
  5,606
  5,906
  6,219
  6,547
  6,891
  7,251
  7,629
  8,024
  8,438
  8,873
  9,328
  9,806
  10,306
  10,832
  11,383
  11,961
  12,567
Revenue / Adjusted assets
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Average production assets, $m
  976
  1,038
  1,103
  1,170
  1,240
  1,313
  1,389
  1,469
  1,551
  1,638
  1,728
  1,823
  1,922
  2,025
  2,134
  2,247
  2,365
  2,490
  2,620
  2,756
  2,899
  3,048
  3,205
  3,370
  3,542
  3,723
  3,913
  4,112
  4,321
  4,540
Working capital, $m
  219
  233
  247
  262
  278
  294
  311
  329
  348
  367
  387
  409
  431
  454
  478
  504
  530
  558
  587
  618
  650
  683
  719
  755
  794
  835
  877
  922
  969
  1,018
Total debt, $m
  1,339
  1,494
  1,655
  1,822
  1,996
  2,178
  2,368
  2,566
  2,772
  2,988
  3,213
  3,449
  3,695
  3,953
  4,223
  4,505
  4,800
  5,109
  5,434
  5,773
  6,129
  6,502
  6,893
  7,303
  7,732
  8,183
  8,656
  9,152
  9,672
  10,218
Total liabilities, $m
  2,432
  2,586
  2,747
  2,915
  3,089
  3,271
  3,461
  3,658
  3,865
  4,081
  4,306
  4,542
  4,788
  5,046
  5,315
  5,597
  5,893
  6,202
  6,526
  6,866
  7,221
  7,594
  7,985
  8,395
  8,825
  9,276
  9,749
  10,244
  10,765
  11,311
Total equity, $m
  270
  287
  305
  324
  343
  363
  385
  406
  429
  453
  478
  505
  532
  561
  591
  622
  655
  689
  725
  763
  802
  844
  887
  933
  981
  1,031
  1,083
  1,138
  1,196
  1,257
Total liabilities and equity, $m
  2,702
  2,873
  3,052
  3,239
  3,432
  3,634
  3,846
  4,064
  4,294
  4,534
  4,784
  5,047
  5,320
  5,607
  5,906
  6,219
  6,548
  6,891
  7,251
  7,629
  8,023
  8,438
  8,872
  9,328
  9,806
  10,307
  10,832
  11,382
  11,961
  12,568
Debt-to-equity ratio
  4.960
  5.200
  5.420
  5.630
  5.820
  5.990
  6.160
  6.310
  6.460
  6.590
  6.720
  6.830
  6.950
  7.050
  7.150
  7.240
  7.330
  7.410
  7.490
  7.570
  7.640
  7.710
  7.770
  7.830
  7.890
  7.940
  7.990
  8.040
  8.090
  8.130
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  445
  503
  534
  566
  600
  635
  672
  710
  750
  792
  878
  924
  972
  1,022
  1,074
  1,129
  1,186
  1,246
  1,309
  1,374
  1,443
  1,516
  1,591
  1,671
  1,754
  1,841
  1,933
  2,029
  2,130
  2,236
Depreciation, amort., depletion, $m
  156
  163
  169
  176
  183
  190
  198
  206
  214
  223
  173
  182
  192
  203
  213
  225
  237
  249
  262
  276
  290
  305
  321
  337
  354
  372
  391
  411
  432
  454
Funds from operations, $m
  601
  665
  703
  742
  783
  825
  870
  916
  964
  1,015
  1,051
  1,106
  1,164
  1,224
  1,287
  1,353
  1,422
  1,495
  1,571
  1,650
  1,733
  1,820
  1,912
  2,008
  2,108
  2,214
  2,324
  2,440
  2,562
  2,690
Change in working capital, $m
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
  49
Cash from operations, $m
  588
  651
  688
  727
  767
  809
  853
  898
  946
  995
  1,031
  1,085
  1,142
  1,201
  1,263
  1,328
  1,396
  1,467
  1,541
  1,619
  1,701
  1,787
  1,877
  1,971
  2,070
  2,173
  2,282
  2,396
  2,515
  2,641
Maintenance CAPEX, $m
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -203
  -213
  -225
  -237
  -249
  -262
  -276
  -290
  -305
  -321
  -337
  -354
  -372
  -391
  -411
  -432
New CAPEX, $m
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -90
  -95
  -99
  -103
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
  -181
  -190
  -199
  -209
  -219
Cash from investing activities, $m
  -151
  -160
  -169
  -177
  -187
  -197
  -207
  -218
  -230
  -242
  -254
  -268
  -281
  -295
  -311
  -326
  -344
  -361
  -379
  -398
  -419
  -440
  -462
  -486
  -510
  -535
  -562
  -590
  -620
  -651
Free cash flow, $m
  437
  492
  520
  549
  580
  612
  645
  680
  716
  753
  777
  818
  861
  905
  952
  1,001
  1,053
  1,106
  1,162
  1,221
  1,283
  1,347
  1,415
  1,486
  1,560
  1,638
  1,720
  1,805
  1,895
  1,989
Issuance/(repayment) of debt, $m
  -558
  154
  161
  167
  174
  182
  190
  198
  207
  216
  225
  236
  246
  258
  270
  282
  295
  309
  324
  340
  356
  373
  391
  410
  430
  451
  473
  496
  520
  546
Issuance/(repurchase) of shares, $m
  279
  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  
  -279
  154
  161
  167
  174
  182
  190
  198
  207
  216
  225
  236
  246
  258
  270
  282
  295
  309
  324
  340
  356
  373
  391
  410
  430
  451
  473
  496
  520
  546
Total cash flow (excl. dividends), $m
  158
  646
  681
  717
  754
  794
  835
  878
  922
  969
  1,002
  1,053
  1,107
  1,163
  1,222
  1,283
  1,348
  1,416
  1,486
  1,561
  1,639
  1,720
  1,806
  1,896
  1,990
  2,089
  2,192
  2,301
  2,415
  2,535
Retained Cash Flow (-), $m
  -724
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -53
  -55
  -58
  -61
Prev. year cash balance distribution, $m
  2,687
  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
  39
  42
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
  124
  131
  137
  144
  152
  159
  168
  176
  185
Cash available for distribution, $m
  2,121
  629
  663
  698
  735
  774
  814
  856
  899
  945
  977
  1,027
  1,080
  1,134
  1,192
  1,252
  1,315
  1,381
  1,450
  1,523
  1,599
  1,679
  1,762
  1,850
  1,942
  2,039
  2,140
  2,246
  2,358
  2,475
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
  2,034
  576
  577
  575
  570
  561
  550
  535
  517
  495
  464
  438
  410
  381
  350
  318
  286
  254
  223
  194
  165
  139
  116
  94
  76
  59
  46
  35
  26
  19
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Waters Corporation is an analytical instrument manufacturer. The Company operates through two segments: Waters and TA. It designs, manufactures, sells and services high performance liquid chromatography (HPLC), ultra performance liquid chromatography (UPLC and together with HPLC, referred to as LC) and mass spectrometry (MS) technology systems and support products, including chromatography columns, other consumable products and post-warranty service plans. It also designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments through its TA product line. It is also a developer and supplier of software-based products that interface with the Company's instruments, as well as other suppliers' instruments. Its LC and LC-MS instruments are utilized in a range of industries to detect, identify, monitor and measure the chemical, physical and biological composition of materials, and to purify a range of compounds.

FINANCIAL RATIOS  of  Waters (WAT)

Valuation Ratios
P/E Ratio 28.9
Price to Sales 7
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 24
Price to Free Cash Flow 28.2
Growth Rates
Sales Growth Rate 6.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.8%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 23
Current Ratio 0.1
LT Debt to Equity 73.9%
Total Debt to Equity 79.4%
Interest Coverage 15
Management Effectiveness
Return On Assets 12.5%
Ret/ On Assets - 3 Yr. Avg. 12.4%
Return On Total Capital 13.3%
Ret/ On T. Cap. - 3 Yr. Avg. 13.3%
Return On Equity 23.9%
Return On Equity - 3 Yr. Avg. 23.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 58.9%
Gross Margin - 3 Yr. Avg. 58.7%
EBITDA Margin 34.2%
EBITDA Margin - 3 Yr. Avg. 32.7%
Operating Margin 28.8%
Oper. Margin - 3 Yr. Avg. 27.5%
Pre-Tax Margin 27.7%
Pre-Tax Margin - 3 Yr. Avg. 26.3%
Net Profit Margin 24.1%
Net Profit Margin - 3 Yr. Avg. 22.9%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 12.8%
Payout Ratio 0%

WAT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WAT stock intrinsic value calculation we used $2309 million for the last fiscal year's total revenue generated by Waters. The default revenue input number comes from 2017 income statement of Waters. 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 WAT stock valuation model: a) initial revenue growth rate of 6.5% 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 WAT is calculated based on our internal credit rating of Waters, 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 Waters.
    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 WAT stock the variable cost ratio is equal to 71.2%.

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 WAT 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 Waters.

Corporate tax rate of 27% is the nominal tax rate for Waters. 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 WAT stock is equal to 1.7%.

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 WAT are equal to 39.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Waters 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 WAT is equal to 8.9%. 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 - $2234 million for Waters - 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 80 million for Waters 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 Waters at the current share price and the inputted number of shares is $15.1 billion.

RELATED COMPANIES Price Int.Val. Rating
A Agilent Techno 66.75 67.60  hold
BRKR Bruker 34.22 25.54  hold
PKI PerkinElmer 85.63 40.37  sell
MTD Mettler-Toledo 562.11 365.91  sell
TMO Thermo Fisher 231.61 95.38  str.sell
DHR Danaher 100.79 56.60  sell
GRA W.R. Grace 70.73 41.98  sell

COMPANY NEWS

▶ [$$] Casino shares plunge to 22-year low on valuation concerns   [Aug-08-18 04:43AM  Financial Times]
▶ Waters: 2Q Earnings Snapshot   [07:02AM  Associated Press]
▶ [$$] Roger Waters, BST Hyde Park, London urgency and empathy   [Jul-08-18 11:04PM  Financial Times]
▶ [$$] Empire of Enchantment by John Zubrzycki hocus pocus   [Jun-14-18 11:55PM  Financial Times]
▶ Waters: 1Q Earnings Snapshot   [06:59AM  Associated Press]
▶ Lab instrument maker Waters Corp. plans $215M expansion in Taunton   [Apr-04-18 02:44PM  American City Business Journals]
▶ VICAM Introduces a New Method for BPA Detection   [Mar-29-18 08:30AM  Business Wire]
▶ Waters Stock Is Up 33%, But Is It Overvalued?   [Feb-14-18 02:23PM  Forbes]
▶ 5 Stocks to Watch Wednesday   [Jan-24-18 12:12PM  GuruFocus.com]
▶ Waters reports 4Q loss   [07:11AM  Associated Press]
▶ ETFs with exposure to Waters Corp. : December 26, 2017   [Dec-26-17 12:19PM  Capital Cube]
▶ ETFs with exposure to Waters Corp. : December 12, 2017   [Dec-12-17 02:28PM  Capital Cube]
▶ ETFs with exposure to Waters Corp. : November 20, 2017   [Nov-20-17 01:35PM  Capital Cube]
▶ ETFs with exposure to Waters Corp. : November 8, 2017   [Nov-08-17 06:41PM  Capital Cube]
▶ Asian shares inch higher as investors eye corporate earnings   [Oct-24-17 11:33PM  Associated Press]
▶ Waters beats Street 3Q forecasts   [07:01AM  Associated Press]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

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

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