Intrinsic value of Woodward - WWD

Previous Close

$80.10

  Intrinsic Value

$55.76

stock screener

  Rating & Target

sell

-30%

Previous close

$80.10

 
Intrinsic value

$55.76

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of WWD 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 4.9

 

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, %
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  2,177
  2,260
  2,349
  2,444
  2,546
  2,654
  2,768
  2,889
  3,017
  3,153
  3,296
  3,448
  3,607
  3,776
  3,954
  4,141
  4,338
  4,545
  4,764
  4,993
  5,235
  5,489
  5,757
  6,038
  6,334
  6,645
  6,971
  7,314
  7,675
  8,054
Variable operating expenses, $m
  1,388
  1,439
  1,492
  1,550
  1,611
  1,676
  1,745
  1,819
  1,896
  1,978
  1,992
  2,084
  2,180
  2,282
  2,389
  2,502
  2,621
  2,747
  2,879
  3,018
  3,164
  3,317
  3,479
  3,649
  3,828
  4,015
  4,213
  4,420
  4,638
  4,867
Fixed operating expenses, $m
  500
  511
  522
  533
  545
  557
  569
  582
  595
  608
  621
  635
  649
  663
  678
  693
  708
  723
  739
  756
  772
  789
  807
  824
  843
  861
  880
  899
  919
  939
Total operating expenses, $m
  1,888
  1,950
  2,014
  2,083
  2,156
  2,233
  2,314
  2,401
  2,491
  2,586
  2,613
  2,719
  2,829
  2,945
  3,067
  3,195
  3,329
  3,470
  3,618
  3,774
  3,936
  4,106
  4,286
  4,473
  4,671
  4,876
  5,093
  5,319
  5,557
  5,806
Operating income, $m
  289
  311
  335
  361
  389
  420
  453
  488
  526
  567
  683
  729
  779
  831
  887
  946
  1,008
  1,075
  1,145
  1,220
  1,299
  1,383
  1,471
  1,565
  1,664
  1,768
  1,878
  1,995
  2,118
  2,248
EBITDA, $m
  532
  560
  591
  625
  661
  700
  742
  787
  835
  886
  941
  999
  1,060
  1,126
  1,195
  1,269
  1,347
  1,430
  1,517
  1,610
  1,708
  1,812
  1,921
  2,036
  2,158
  2,287
  2,423
  2,566
  2,717
  2,877
Interest expense (income), $m
  28
  33
  36
  39
  42
  45
  49
  53
  57
  61
  66
  71
  76
  81
  87
  93
  99
  106
  113
  120
  128
  136
  145
  154
  164
  174
  184
  195
  207
  219
  232
Earnings before tax, $m
  256
  275
  296
  319
  344
  371
  400
  431
  465
  501
  612
  653
  697
  744
  794
  846
  902
  962
  1,025
  1,092
  1,163
  1,238
  1,317
  1,401
  1,490
  1,584
  1,683
  1,788
  1,898
  2,015
Tax expense, $m
  69
  74
  80
  86
  93
  100
  108
  116
  126
  135
  165
  176
  188
  201
  214
  229
  244
  260
  277
  295
  314
  334
  356
  378
  402
  428
  454
  483
  513
  544
Net income, $m
  187
  201
  216
  233
  251
  271
  292
  315
  339
  366
  447
  477
  509
  543
  579
  618
  659
  702
  748
  797
  849
  904
  961
  1,023
  1,088
  1,156
  1,229
  1,305
  1,386
  1,471

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
  2,860
  2,970
  3,087
  3,212
  3,345
  3,487
  3,637
  3,796
  3,965
  4,143
  4,332
  4,531
  4,740
  4,962
  5,195
  5,441
  5,700
  5,973
  6,260
  6,562
  6,879
  7,213
  7,565
  7,934
  8,323
  8,731
  9,161
  9,612
  10,086
  10,584
Adjusted assets (=assets-cash), $m
  2,860
  2,970
  3,087
  3,212
  3,345
  3,487
  3,637
  3,796
  3,965
  4,143
  4,332
  4,531
  4,740
  4,962
  5,195
  5,441
  5,700
  5,973
  6,260
  6,562
  6,879
  7,213
  7,565
  7,934
  8,323
  8,731
  9,161
  9,612
  10,086
  10,584
Revenue / Adjusted assets
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
Average production assets, $m
  1,700
  1,765
  1,835
  1,909
  1,988
  2,072
  2,162
  2,256
  2,357
  2,463
  2,574
  2,693
  2,817
  2,949
  3,088
  3,234
  3,388
  3,550
  3,720
  3,900
  4,089
  4,287
  4,496
  4,716
  4,947
  5,189
  5,444
  5,713
  5,994
  6,290
Working capital, $m
  250
  260
  270
  281
  293
  305
  318
  332
  347
  363
  379
  396
  415
  434
  455
  476
  499
  523
  548
  574
  602
  631
  662
  694
  728
  764
  802
  841
  883
  926
Total debt, $m
  665
  721
  780
  842
  909
  981
  1,056
  1,136
  1,221
  1,311
  1,406
  1,506
  1,611
  1,723
  1,840
  1,964
  2,094
  2,231
  2,375
  2,527
  2,687
  2,855
  3,032
  3,218
  3,413
  3,619
  3,835
  4,061
  4,300
  4,550
Total liabilities, $m
  1,439
  1,494
  1,553
  1,616
  1,683
  1,754
  1,830
  1,910
  1,994
  2,084
  2,179
  2,279
  2,384
  2,496
  2,613
  2,737
  2,867
  3,004
  3,149
  3,300
  3,460
  3,628
  3,805
  3,991
  4,186
  4,392
  4,608
  4,835
  5,073
  5,324
Total equity, $m
  1,422
  1,476
  1,534
  1,596
  1,663
  1,733
  1,808
  1,887
  1,971
  2,059
  2,153
  2,252
  2,356
  2,466
  2,582
  2,704
  2,833
  2,968
  3,111
  3,261
  3,419
  3,585
  3,760
  3,943
  4,136
  4,339
  4,553
  4,777
  5,013
  5,260
Total liabilities and equity, $m
  2,861
  2,970
  3,087
  3,212
  3,346
  3,487
  3,638
  3,797
  3,965
  4,143
  4,332
  4,531
  4,740
  4,962
  5,195
  5,441
  5,700
  5,972
  6,260
  6,561
  6,879
  7,213
  7,565
  7,934
  8,322
  8,731
  9,161
  9,612
  10,086
  10,584
Debt-to-equity ratio
  0.470
  0.490
  0.510
  0.530
  0.550
  0.570
  0.580
  0.600
  0.620
  0.640
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.870
Adjusted equity ratio
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497
  0.497

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  201
  216
  233
  251
  271
  292
  315
  339
  366
  447
  477
  509
  543
  579
  618
  659
  702
  748
  797
  849
  904
  961
  1,023
  1,088
  1,156
  1,229
  1,305
  1,386
  1,471
Depreciation, amort., depletion, $m
  243
  249
  256
  264
  272
  280
  289
  298
  308
  319
  257
  269
  282
  295
  309
  323
  339
  355
  372
  390
  409
  429
  450
  472
  495
  519
  544
  571
  599
  629
Funds from operations, $m
  429
  450
  472
  496
  523
  551
  581
  613
  648
  685
  704
  746
  791
  838
  888
  941
  998
  1,057
  1,120
  1,187
  1,258
  1,332
  1,411
  1,494
  1,582
  1,675
  1,773
  1,876
  1,985
  2,100
Change in working capital, $m
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  16
  17
  18
  19
  20
  22
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  39
  41
  44
Cash from operations, $m
  420
  440
  462
  486
  511
  538
  568
  599
  633
  669
  688
  729
  772
  819
  868
  920
  975
  1,033
  1,095
  1,161
  1,230
  1,303
  1,380
  1,462
  1,548
  1,639
  1,735
  1,837
  1,944
  2,057
Maintenance CAPEX, $m
  -164
  -170
  -177
  -183
  -191
  -199
  -207
  -216
  -226
  -236
  -246
  -257
  -269
  -282
  -295
  -309
  -323
  -339
  -355
  -372
  -390
  -409
  -429
  -450
  -472
  -495
  -519
  -544
  -571
  -599
New CAPEX, $m
  -60
  -65
  -70
  -74
  -79
  -84
  -89
  -95
  -100
  -106
  -112
  -118
  -125
  -132
  -139
  -146
  -154
  -162
  -171
  -179
  -189
  -199
  -209
  -220
  -231
  -243
  -255
  -268
  -282
  -296
Cash from investing activities, $m
  -224
  -235
  -247
  -257
  -270
  -283
  -296
  -311
  -326
  -342
  -358
  -375
  -394
  -414
  -434
  -455
  -477
  -501
  -526
  -551
  -579
  -608
  -638
  -670
  -703
  -738
  -774
  -812
  -853
  -895
Free cash flow, $m
  197
  205
  216
  228
  241
  255
  271
  289
  307
  328
  330
  353
  378
  405
  434
  465
  498
  532
  570
  609
  651
  696
  743
  793
  846
  902
  961
  1,024
  1,091
  1,161
Issuance/(repayment) of debt, $m
  53
  55
  59
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  251
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  
  53
  55
  59
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  111
  117
  124
  130
  137
  144
  152
  160
  168
  177
  186
  195
  205
  216
  227
  238
  251
Total cash flow (excl. dividends), $m
  249
  260
  275
  291
  308
  327
  347
  369
  392
  417
  424
  453
  484
  517
  551
  588
  628
  670
  714
  761
  811
  864
  920
  979
  1,041
  1,107
  1,177
  1,251
  1,329
  1,412
Retained Cash Flow (-), $m
  -51
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -150
  -158
  -166
  -175
  -184
  -193
  -203
  -213
  -224
  -236
  -248
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
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  61
Cash available for distribution, $m
  199
  206
  217
  228
  242
  256
  272
  290
  308
  329
  331
  354
  380
  407
  435
  466
  499
  534
  571
  611
  653
  698
  745
  795
  848
  904
  964
  1,027
  1,094
  1,164
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
  190
  188
  188
  188
  187
  186
  184
  181
  177
  172
  157
  151
  144
  137
  128
  118
  109
  98
  88
  78
  68
  58
  49
  40
  33
  26
  21
  16
  12
  9
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

Woodward, Inc. is an independent designer, manufacturer and service provider of energy control and optimization solutions. The Company designs, produces and services energy control products for various applications. The Company's segments include Aerospace and Industrial. The Company's Aerospace segment designs, manufactures and services systems and products for the management of fuel, air, combustion and motion control. The Company's Industrial segment designs, produces and services systems and products for the management of fuel, air, fluids, gases, electricity, motion and combustion. The Company has production and assembly facilities in the United States, Europe and Asia and South America, and promotes its products and services throughout the world. The Company offers solutions for the aerospace, industrial and energy markets. The Company focuses primarily on serving original equipment manufacturers (OEMs) and equipment packagers.

FINANCIAL RATIOS  of  Woodward (WWD)

Valuation Ratios
P/E Ratio 24.4
Price to Sales 2.3
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 22.7
Growth Rates
Sales Growth Rate 3.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.7%
Cap. Spend. - 3 Yr. Gr. Rate -15%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 42.3%
Total Debt to Equity 44.7%
Interest Coverage 10
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 15.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 27.3%
Gross Margin - 3 Yr. Avg. 27.7%
EBITDA Margin 17.2%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 12.9%
Oper. Margin - 3 Yr. Avg. 12.6%
Pre-Tax Margin 12.1%
Pre-Tax Margin - 3 Yr. Avg. 11.7%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 9.1%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
Payout Ratio 14.9%

WWD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WWD stock intrinsic value calculation we used $2099 million for the last fiscal year's total revenue generated by Woodward. The default revenue input number comes from 2017 income statement of Woodward. 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 WWD stock valuation model: a) initial revenue growth rate of 3.7% 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 WWD is calculated based on our internal credit rating of Woodward, 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 Woodward.
    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 WWD stock the variable cost ratio is equal to 63.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $489 million in the base year in the intrinsic value calculation for WWD 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 Woodward.

Corporate tax rate of 27% is the nominal tax rate for Woodward. 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 WWD stock is equal to 0.8%.

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 WWD are equal to 78.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Woodward 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 WWD is equal to 11.5%. 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 - $1371 million for Woodward - 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 61 million for Woodward 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 Woodward at the current share price and the inputted number of shares is $4.9 billion.

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COMPANY NEWS

▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-07-18 07:30AM  Business Wire]
▶ Woodward Announces Declaration of Dividend   [Jul-31-18 02:00PM  GlobeNewswire]
▶ Woodward Reports Third Quarter Fiscal Year 2018 Results   [Jul-30-18 04:05PM  GlobeNewswire]
▶ Woodward, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ 5 Incredible Top-Ranked Tech Stocks on Sale   [12:50PM  InvestorPlace]
▶ Gabelli & Companys Aerospace & Defense Conference   [Jun-28-18 07:30AM  Business Wire]
▶ Is Woodward Inc (NASDAQ:WWD) Undervalued?   [Jun-21-18 01:54PM  Simply Wall St.]
▶ Colorado aerospace company completes Rolls-Royce unit purchase   [Jun-04-18 09:50AM  American City Business Journals]
▶ How Financially Strong Is Woodward Inc (NASDAQ:WWD)?   [May-14-18 01:07PM  Simply Wall St.]
▶ Woodward Announces Declaration of Dividend   [Apr-26-18 03:00PM  GlobeNewswire]
▶ Woodward: Fiscal 2Q Earnings Snapshot   [Apr-23-18 04:35PM  Associated Press]
▶ Woodward, Inc. to Host Earnings Call   [12:00PM  ACCESSWIRE]
▶ Edited Transcript of WWD M&A conference call or presentation 9-Apr-18 2:00pm GMT   [Apr-10-18 11:21PM  Thomson Reuters StreetEvents]
▶ [$$] Rolls-Royce to Sell L'Orange for 700 Million   [02:44AM  The Wall Street Journal]
▶ Why Woodward Stock Dropped 11.5% Today   [Feb-09-18 11:22AM  Motley Fool]
▶ Woodward Shares Spike on Reported Boeing Takeover Talks   [Feb-08-18 06:46PM  TheStreet.com]
▶ Aerospace parts supplier Woodward denies Boeing takeover talks   [06:43PM  American City Business Journals]
▶ [$$] Boeing in Talks to Buy Aerospace-Parts Maker Woodward   [05:41PM  The Wall Street Journal]
▶ Woodward Comments on WSJ Originated Story   [04:05PM  GlobeNewswire]
▶ Boeing in talks to acquire aerospace supplier   [03:15PM  American City Business Journals]
▶ Boeing Puts Suppliers on Notice   [02:52PM  Bloomberg]
▶ Why Woodward Stock Popped 9% Today   [02:20PM  Motley Fool]
▶ Woodward Increases Dividend by 14%   [Jan-25-18 04:45PM  GlobeNewswire]
▶ Woodward misses 1Q profit forecasts   [Jan-22-18 04:11PM  Associated Press]
▶ ETFs with exposure to Woodward, Inc. : November 27, 2017   [Nov-27-17 04:31PM  Capital Cube]
▶ ETFs with exposure to Woodward, Inc. : November 16, 2017   [Nov-16-17 12:10PM  Capital Cube]
▶ Woodward beats Street 4Q forecasts   [Nov-08-17 05:05PM  Associated Press]
▶ Woodward Schedules Investor and Analyst Conference   [Oct-31-17 02:00PM  GlobeNewswire]
▶ At $78.97, Is Woodward Inc (WWD) A Buy?   [Oct-03-17 08:36PM  Simply Wall St.]
▶ Woodward Announces Declaration of Dividend   [Sep-20-17 02:00PM  GlobeNewswire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
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