Intrinsic value of Waters - WAT

Previous Close

$210.72

  Intrinsic Value

$70.73

stock screener

  Rating & Target

str. sell

-66%

Previous close

$210.72

 
Intrinsic value

$70.73

 
Up/down potential

-66%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.12
  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
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  2,167
  2,299
  2,437
  2,580
  2,730
  2,886
  3,049
  3,220
  3,398
  3,584
  3,778
  3,982
  4,194
  4,417
  4,650
  4,895
  5,150
  5,418
  5,699
  5,994
  6,302
  6,626
  6,965
  7,321
  7,694
  8,085
  8,496
  8,927
  9,379
  9,853
  10,351
Variable operating expenses, $m
 
  1,249
  1,321
  1,397
  1,476
  1,559
  1,645
  1,734
  1,828
  1,927
  2,029
  2,101
  2,214
  2,331
  2,454
  2,583
  2,718
  2,860
  3,008
  3,163
  3,326
  3,497
  3,676
  3,864
  4,061
  4,267
  4,484
  4,711
  4,950
  5,200
  5,463
Fixed operating expenses, $m
 
  382
  392
  402
  412
  422
  433
  443
  454
  466
  477
  489
  502
  514
  527
  540
  554
  568
  582
  596
  611
  626
  642
  658
  675
  692
  709
  727
  745
  763
  782
Total operating expenses, $m
  1,543
  1,631
  1,713
  1,799
  1,888
  1,981
  2,078
  2,177
  2,282
  2,393
  2,506
  2,590
  2,716
  2,845
  2,981
  3,123
  3,272
  3,428
  3,590
  3,759
  3,937
  4,123
  4,318
  4,522
  4,736
  4,959
  5,193
  5,438
  5,695
  5,963
  6,245
Operating income, $m
  624
  668
  724
  782
  842
  906
  972
  1,042
  1,115
  1,191
  1,272
  1,391
  1,479
  1,572
  1,669
  1,771
  1,878
  1,991
  2,110
  2,234
  2,365
  2,502
  2,647
  2,799
  2,959
  3,127
  3,303
  3,489
  3,684
  3,890
  4,106
EBITDA, $m
  721
  766
  825
  887
  952
  1,020
  1,090
  1,165
  1,243
  1,324
  1,410
  1,499
  1,593
  1,692
  1,796
  1,904
  2,019
  2,139
  2,265
  2,397
  2,536
  2,683
  2,836
  2,998
  3,168
  3,347
  3,534
  3,732
  3,940
  4,158
  4,387
Interest expense (income), $m
  44
  60
  43
  47
  51
  55
  59
  63
  68
  73
  78
  83
  88
  94
  100
  106
  113
  120
  127
  135
  142
  151
  159
  169
  178
  188
  199
  210
  221
  233
  246
Earnings before tax, $m
  600
  609
  681
  735
  792
  851
  913
  979
  1,047
  1,119
  1,194
  1,308
  1,391
  1,478
  1,569
  1,665
  1,766
  1,871
  1,983
  2,100
  2,223
  2,352
  2,488
  2,630
  2,781
  2,939
  3,105
  3,279
  3,463
  3,656
  3,860
Tax expense, $m
  78
  164
  184
  198
  214
  230
  247
  264
  283
  302
  322
  353
  376
  399
  424
  450
  477
  505
  535
  567
  600
  635
  672
  710
  751
  793
  838
  885
  935
  987
  1,042
Net income, $m
  522
  444
  497
  536
  578
  621
  667
  714
  764
  817
  872
  955
  1,015
  1,079
  1,145
  1,215
  1,289
  1,366
  1,447
  1,533
  1,622
  1,717
  1,816
  1,920
  2,030
  2,145
  2,266
  2,394
  2,528
  2,669
  2,818

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,813
  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
  4,662
  1,962
  2,079
  2,202
  2,330
  2,463
  2,602
  2,747
  2,899
  3,058
  3,224
  3,397
  3,579
  3,769
  3,968
  4,176
  4,394
  4,623
  4,863
  5,114
  5,377
  5,653
  5,943
  6,246
  6,565
  6,899
  7,249
  7,617
  8,002
  8,407
  8,832
Adjusted assets (=assets-cash), $m
  1,849
  1,962
  2,079
  2,202
  2,330
  2,463
  2,602
  2,747
  2,899
  3,058
  3,224
  3,397
  3,579
  3,769
  3,968
  4,176
  4,394
  4,623
  4,863
  5,114
  5,377
  5,653
  5,943
  6,246
  6,565
  6,899
  7,249
  7,617
  8,002
  8,407
  8,832
Revenue / Adjusted assets
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
  1.172
Average production assets, $m
  549
  582
  617
  653
  691
  730
  772
  815
  860
  907
  956
  1,007
  1,061
  1,118
  1,177
  1,238
  1,303
  1,371
  1,442
  1,516
  1,594
  1,676
  1,762
  1,852
  1,947
  2,046
  2,149
  2,258
  2,373
  2,493
  2,619
Working capital, $m
  3,115
  453
  480
  508
  538
  569
  601
  634
  669
  706
  744
  784
  826
  870
  916
  964
  1,015
  1,067
  1,123
  1,181
  1,242
  1,305
  1,372
  1,442
  1,516
  1,593
  1,674
  1,759
  1,848
  1,941
  2,039
Total debt, $m
  1,827
  1,233
  1,338
  1,449
  1,564
  1,684
  1,809
  1,940
  2,076
  2,219
  2,368
  2,524
  2,688
  2,859
  3,038
  3,226
  3,422
  3,628
  3,844
  4,070
  4,307
  4,555
  4,815
  5,089
  5,375
  5,676
  5,991
  6,322
  6,669
  7,033
  7,416
Total liabilities, $m
  2,360
  1,766
  1,871
  1,982
  2,097
  2,217
  2,342
  2,473
  2,609
  2,752
  2,901
  3,057
  3,221
  3,392
  3,571
  3,759
  3,955
  4,161
  4,377
  4,603
  4,840
  5,088
  5,348
  5,622
  5,908
  6,209
  6,524
  6,855
  7,202
  7,566
  7,949
Total equity, $m
  2,302
  196
  208
  220
  233
  246
  260
  275
  290
  306
  322
  340
  358
  377
  397
  418
  439
  462
  486
  511
  538
  565
  594
  625
  656
  690
  725
  762
  800
  841
  883
Total liabilities and equity, $m
  4,662
  1,962
  2,079
  2,202
  2,330
  2,463
  2,602
  2,748
  2,899
  3,058
  3,223
  3,397
  3,579
  3,769
  3,968
  4,177
  4,394
  4,623
  4,863
  5,114
  5,378
  5,653
  5,942
  6,247
  6,564
  6,899
  7,249
  7,617
  8,002
  8,407
  8,832
Debt-to-equity ratio
  0.794
  6.280
  6.440
  6.580
  6.710
  6.840
  6.950
  7.060
  7.160
  7.260
  7.350
  7.430
  7.510
  7.590
  7.660
  7.720
  7.790
  7.850
  7.900
  7.960
  8.010
  8.060
  8.100
  8.150
  8.190
  8.230
  8.260
  8.300
  8.330
  8.370
  8.400
Adjusted equity ratio
  -0.276
  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
  522
  444
  497
  536
  578
  621
  667
  714
  764
  817
  872
  955
  1,015
  1,079
  1,145
  1,215
  1,289
  1,366
  1,447
  1,533
  1,622
  1,717
  1,816
  1,920
  2,030
  2,145
  2,266
  2,394
  2,528
  2,669
  2,818
Depreciation, amort., depletion, $m
  97
  98
  101
  105
  109
  114
  118
  123
  128
  133
  138
  108
  114
  120
  127
  133
  140
  147
  155
  163
  171
  180
  189
  199
  209
  220
  231
  243
  255
  268
  282
Funds from operations, $m
  597
  542
  598
  642
  687
  735
  785
  837
  892
  949
  1,009
  1,063
  1,129
  1,199
  1,272
  1,348
  1,429
  1,514
  1,602
  1,696
  1,794
  1,897
  2,005
  2,119
  2,239
  2,365
  2,498
  2,637
  2,783
  2,937
  3,099
Change in working capital, $m
  -32
  26
  27
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
Cash from operations, $m
  629
  516
  571
  614
  658
  704
  753
  804
  857
  913
  971
  1,023
  1,087
  1,155
  1,226
  1,300
  1,379
  1,461
  1,547
  1,638
  1,733
  1,833
  1,939
  2,049
  2,166
  2,288
  2,417
  2,552
  2,694
  2,844
  3,001
Maintenance CAPEX, $m
  0
  -59
  -63
  -66
  -70
  -74
  -79
  -83
  -88
  -92
  -97
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
New CAPEX, $m
  -95
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -126
Cash from investing activities, $m
  -488
  -92
  -98
  -102
  -108
  -114
  -120
  -126
  -133
  -139
  -146
  -154
  -162
  -170
  -179
  -189
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -279
  -293
  -308
  -324
  -340
  -357
  -375
  -394
Free cash flow, $m
  141
  424
  474
  511
  550
  590
  633
  678
  724
  773
  825
  869
  925
  985
  1,047
  1,112
  1,181
  1,253
  1,329
  1,408
  1,492
  1,580
  1,672
  1,770
  1,872
  1,980
  2,093
  2,212
  2,337
  2,469
  2,607
Issuance/(repayment) of debt, $m
  160
  -469
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  188
  196
  206
  216
  226
  237
  248
  261
  273
  287
  301
  315
  331
  347
  364
  382
Issuance/(repurchase) of shares, $m
  -264
  138
  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  
  -102
  -331
  106
  110
  115
  120
  125
  131
  137
  143
  149
  156
  163
  171
  179
  188
  196
  206
  216
  226
  237
  248
  261
  273
  287
  301
  315
  331
  347
  364
  382
Total cash flow (excl. dividends), $m
  18
  92
  580
  621
  665
  710
  758
  808
  861
  916
  974
  1,025
  1,089
  1,156
  1,226
  1,300
  1,377
  1,459
  1,544
  1,634
  1,729
  1,828
  1,933
  2,043
  2,159
  2,280
  2,408
  2,543
  2,684
  2,833
  2,989
Retained Cash Flow (-), $m
  -243
  -582
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
Prev. year cash balance distribution, $m
 
  2,688
  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
 
  2,198
  568
  609
  652
  697
  744
  794
  846
  900
  957
  1,008
  1,071
  1,137
  1,206
  1,279
  1,355
  1,436
  1,520
  1,609
  1,703
  1,801
  1,904
  2,013
  2,127
  2,247
  2,373
  2,506
  2,646
  2,792
  2,947
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
 
  2,107
  520
  530
  537
  540
  540
  536
  529
  517
  502
  479
  457
  432
  405
  375
  344
  312
  280
  248
  216
  186
  158
  132
  108
  87
  69
  54
  41
  30
  22
Current shareholders' claim on cash, %
  100
  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 32.3
Price to Sales 7.8
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 26.8
Price to Free Cash Flow 31.6
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 $2167 million for the last fiscal year's total revenue generated by Waters. The default revenue input number comes from 2016 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 6.1% 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 54.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $373 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 3.5% 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 25.3%.

Life of production assets of 9.3 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 19.7%. 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 - $2302 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 80.18 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 $16.9 billion.

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COMPANY NEWS

▶ 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]
▶ Waters Corp. Value Analysis (NYSE:WAT) : August 7, 2017   [Aug-07-17 07:03PM  Capital Cube]
▶ Waters beats Street 2Q forecasts   [Jul-25-17 10:21PM  Associated Press]
▶ ETFs with exposure to Waters Corp. : June 30, 2017   [Jun-30-17 03:34PM  Capital Cube]
▶ 5 Dependable Tech Stocks in a Volatile Industry   [Jun-15-17 03:32PM  Zacks]
▶ ETFs with exposure to Waters Corp. : June 8, 2017   [Jun-08-17 02:01PM  Capital Cube]
▶ Oil Down, Everything Else Up on the Day   [May-25-17 06:50PM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 16th   [May-16-17 10:43AM  Zacks]
▶ Waters CEO on earnings   [Apr-25-17 02:33PM  CNBC Videos]
▶ Waters beats Street 1Q forecasts   [06:56AM  Associated Press]
▶ Caledonia Investments Plc Buys Waters, Watsco   [Apr-13-17 06:38PM  GuruFocus.com]
▶ Waters Now Offers Proteolabels Software   [Mar-15-17 08:15AM  Business Wire]
▶ Waters Corporation to Ring NYSE Closing Bell on March 2   [Feb-28-17 04:15PM  Business Wire]
▶ Waters Corporation Announces 2017 Investor Day and Webcast   [Feb-14-17 01:37PM  Business Wire]
Financial statements of WAT
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