Intrinsic value of Waters - WAT

Previous Close

$185.42

  Intrinsic Value

$73.63

stock screener

  Rating & Target

str. sell

-60%

Previous close

$185.42

 
Intrinsic value

$73.63

 
Up/down potential

-60%

 
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 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 14.3

 

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, %
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  2,466
  2,629
  2,799
  2,976
  3,160
  3,351
  3,551
  3,759
  3,976
  4,203
  4,439
  4,686
  4,944
  5,214
  5,496
  5,792
  6,101
  6,424
  6,762
  7,117
  7,488
  7,878
  8,285
  8,713
  9,161
  9,631
  10,124
  10,640
  11,183
  11,751
Variable operating expenses, $m
  1,752
  1,864
  1,981
  2,102
  2,228
  2,360
  2,497
  2,640
  2,789
  2,944
  3,048
  3,217
  3,394
  3,580
  3,773
  3,976
  4,188
  4,410
  4,643
  4,886
  5,141
  5,408
  5,688
  5,982
  6,289
  6,612
  6,950
  7,305
  7,677
  8,067
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
  1,752
  1,864
  1,981
  2,102
  2,228
  2,360
  2,497
  2,640
  2,789
  2,944
  3,048
  3,217
  3,394
  3,580
  3,773
  3,976
  4,188
  4,410
  4,643
  4,886
  5,141
  5,408
  5,688
  5,982
  6,289
  6,612
  6,950
  7,305
  7,677
  8,067
Operating income, $m
  714
  765
  819
  874
  932
  992
  1,054
  1,120
  1,188
  1,259
  1,392
  1,469
  1,550
  1,635
  1,723
  1,816
  1,912
  2,014
  2,120
  2,231
  2,347
  2,469
  2,597
  2,731
  2,872
  3,019
  3,174
  3,336
  3,505
  3,684
EBITDA, $m
  851
  908
  966
  1,027
  1,091
  1,157
  1,226
  1,298
  1,373
  1,451
  1,533
  1,618
  1,707
  1,800
  1,897
  1,999
  2,106
  2,218
  2,335
  2,457
  2,585
  2,719
  2,860
  3,008
  3,163
  3,325
  3,495
  3,673
  3,860
  4,057
Interest expense (income), $m
  44
  108
  73
  81
  90
  99
  108
  118
  128
  139
  150
  162
  174
  187
  200
  214
  228
  243
  259
  276
  293
  311
  330
  350
  371
  393
  416
  440
  465
  492
  520
Earnings before tax, $m
  606
  693
  737
  784
  833
  883
  936
  991
  1,048
  1,108
  1,230
  1,295
  1,363
  1,435
  1,509
  1,587
  1,669
  1,755
  1,844
  1,938
  2,036
  2,139
  2,247
  2,360
  2,479
  2,603
  2,733
  2,870
  3,014
  3,164
Tax expense, $m
  164
  187
  199
  212
  225
  239
  253
  268
  283
  299
  332
  350
  368
  387
  408
  429
  451
  474
  498
  523
  550
  578
  607
  637
  669
  703
  738
  775
  814
  854
Net income, $m
  443
  506
  538
  572
  608
  645
  683
  724
  765
  809
  898
  945
  995
  1,047
  1,102
  1,159
  1,218
  1,281
  1,346
  1,415
  1,486
  1,562
  1,640
  1,723
  1,809
  1,900
  1,995
  2,095
  2,200
  2,310

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
  2,601
  2,774
  2,953
  3,139
  3,333
  3,535
  3,746
  3,965
  4,194
  4,433
  4,683
  4,943
  5,216
  5,500
  5,798
  6,109
  6,435
  6,776
  7,133
  7,507
  7,899
  8,310
  8,740
  9,191
  9,664
  10,159
  10,679
  11,224
  11,796
  12,396
Adjusted assets (=assets-cash), $m
  2,601
  2,774
  2,953
  3,139
  3,333
  3,535
  3,746
  3,965
  4,194
  4,433
  4,683
  4,943
  5,216
  5,500
  5,798
  6,109
  6,435
  6,776
  7,133
  7,507
  7,899
  8,310
  8,740
  9,191
  9,664
  10,159
  10,679
  11,224
  11,796
  12,396
Revenue / Adjusted assets
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
  0.948
Average production assets, $m
  673
  718
  764
  812
  863
  915
  969
  1,026
  1,085
  1,147
  1,212
  1,279
  1,350
  1,423
  1,501
  1,581
  1,665
  1,754
  1,846
  1,943
  2,044
  2,151
  2,262
  2,379
  2,501
  2,629
  2,764
  2,905
  3,053
  3,208
Working capital, $m
  395
  421
  448
  476
  506
  536
  568
  601
  636
  672
  710
  750
  791
  834
  879
  927
  976
  1,028
  1,082
  1,139
  1,198
  1,260
  1,326
  1,394
  1,466
  1,541
  1,620
  1,702
  1,789
  1,880
Total debt, $m
  1,349
  1,504
  1,665
  1,833
  2,007
  2,189
  2,379
  2,576
  2,782
  2,997
  3,222
  3,456
  3,702
  3,958
  4,226
  4,506
  4,799
  5,106
  5,427
  5,764
  6,117
  6,486
  6,873
  7,279
  7,705
  8,151
  8,619
  9,109
  9,624
  10,164
Total liabilities, $m
  2,341
  2,496
  2,657
  2,825
  3,000
  3,182
  3,371
  3,569
  3,775
  3,990
  4,214
  4,449
  4,694
  4,950
  5,218
  5,498
  5,792
  6,099
  6,420
  6,757
  7,109
  7,479
  7,866
  8,272
  8,697
  9,143
  9,611
  10,102
  10,616
  11,156
Total equity, $m
  260
  277
  295
  314
  333
  354
  375
  397
  419
  443
  468
  494
  522
  550
  580
  611
  644
  678
  713
  751
  790
  831
  874
  919
  966
  1,016
  1,068
  1,122
  1,180
  1,240
Total liabilities and equity, $m
  2,601
  2,773
  2,952
  3,139
  3,333
  3,536
  3,746
  3,966
  4,194
  4,433
  4,682
  4,943
  5,216
  5,500
  5,798
  6,109
  6,436
  6,777
  7,133
  7,508
  7,899
  8,310
  8,740
  9,191
  9,663
  10,159
  10,679
  11,224
  11,796
  12,396
Debt-to-equity ratio
  5.180
  5.420
  5.640
  5.840
  6.020
  6.190
  6.350
  6.500
  6.630
  6.760
  6.880
  6.990
  7.100
  7.200
  7.290
  7.380
  7.460
  7.540
  7.610
  7.680
  7.740
  7.810
  7.860
  7.920
  7.970
  8.020
  8.070
  8.120
  8.160
  8.200
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
  443
  506
  538
  572
  608
  645
  683
  724
  765
  809
  898
  945
  995
  1,047
  1,102
  1,159
  1,218
  1,281
  1,346
  1,415
  1,486
  1,562
  1,640
  1,723
  1,809
  1,900
  1,995
  2,095
  2,200
  2,310
Depreciation, amort., depletion, $m
  137
  142
  148
  153
  159
  165
  172
  178
  185
  192
  141
  149
  157
  166
  174
  184
  194
  204
  215
  226
  238
  250
  263
  277
  291
  306
  321
  338
  355
  373
Funds from operations, $m
  580
  648
  686
  726
  767
  810
  855
  902
  950
  1,001
  1,039
  1,094
  1,152
  1,213
  1,276
  1,343
  1,412
  1,485
  1,561
  1,641
  1,724
  1,812
  1,903
  1,999
  2,100
  2,206
  2,317
  2,433
  2,555
  2,683
Change in working capital, $m
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
Cash from operations, $m
  555
  622
  659
  697
  738
  779
  823
  868
  916
  965
  1,001
  1,055
  1,111
  1,170
  1,231
  1,295
  1,363
  1,433
  1,507
  1,584
  1,665
  1,749
  1,838
  1,931
  2,029
  2,131
  2,238
  2,350
  2,468
  2,592
Maintenance CAPEX, $m
  -73
  -78
  -83
  -89
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -149
  -157
  -166
  -174
  -184
  -194
  -204
  -215
  -226
  -238
  -250
  -263
  -277
  -291
  -306
  -321
  -338
  -355
New CAPEX, $m
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -155
Cash from investing activities, $m
  -116
  -123
  -129
  -137
  -144
  -152
  -160
  -170
  -178
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -268
  -282
  -296
  -312
  -327
  -344
  -361
  -380
  -399
  -419
  -441
  -462
  -486
  -510
Free cash flow, $m
  438
  499
  529
  560
  593
  627
  662
  699
  737
  777
  803
  846
  892
  939
  989
  1,040
  1,094
  1,151
  1,210
  1,272
  1,337
  1,405
  1,477
  1,551
  1,630
  1,712
  1,798
  1,888
  1,982
  2,082
Issuance/(repayment) of debt, $m
  -649
  155
  161
  168
  175
  182
  190
  198
  206
  215
  225
  235
  245
  256
  268
  280
  293
  307
  321
  337
  353
  369
  387
  406
  425
  446
  468
  491
  515
  540
Issuance/(repurchase) of shares, $m
  371
  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  
  -278
  155
  161
  168
  175
  182
  190
  198
  206
  215
  225
  235
  245
  256
  268
  280
  293
  307
  321
  337
  353
  369
  387
  406
  425
  446
  468
  491
  515
  540
Total cash flow (excl. dividends), $m
  160
  654
  690
  728
  768
  809
  852
  896
  943
  992
  1,027
  1,081
  1,137
  1,195
  1,256
  1,321
  1,388
  1,458
  1,532
  1,609
  1,690
  1,775
  1,864
  1,957
  2,055
  2,158
  2,265
  2,378
  2,497
  2,621
Retained Cash Flow (-), $m
  -814
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
Prev. year cash balance distribution, $m
  2,788
  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
  2,134
  637
  672
  709
  748
  788
  831
  874
  920
  968
  1,002
  1,055
  1,109
  1,167
  1,227
  1,289
  1,355
  1,424
  1,496
  1,572
  1,651
  1,734
  1,821
  1,912
  2,008
  2,108
  2,213
  2,324
  2,440
  2,561
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
  2,046
  583
  585
  584
  580
  572
  561
  547
  529
  508
  476
  450
  422
  392
  360
  328
  295
  262
  230
  200
  171
  144
  119
  97
  78
  62
  48
  36
  27
  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 28.4
Price to Sales 6.8
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 23.6
Price to Free Cash Flow 27.8
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 $2309.078 million for the last fiscal year's total revenue generated by Waters. The default revenue input number comes from 0001 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 6.8% 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 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 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 WAT are equal to 27.3%.

Life of production assets of 8.6 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 16%. 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 - $2233.788 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 77.067 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 $14.3 billion.

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COMPANY NEWS

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▶ 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]

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