Intrinsic value of Woodward - WWD

Previous Close

$80.50

  Intrinsic Value

$48.17

stock screener

  Rating & Target

sell

-40%

Previous close

$80.50

 
Intrinsic value

$48.17

 
Up/down potential

-40%

 
Rating

sell

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

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

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
2017(a)
   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, %
  3.76
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  2,099
  2,156
  2,219
  2,288
  2,364
  2,447
  2,536
  2,632
  2,735
  2,844
  2,961
  3,085
  3,217
  3,357
  3,506
  3,662
  3,828
  4,003
  4,188
  4,383
  4,589
  4,805
  5,033
  5,274
  5,527
  5,793
  6,073
  6,368
  6,677
  7,003
  7,346
Variable operating expenses, $m
 
  1,247
  1,282
  1,320
  1,362
  1,408
  1,457
  1,510
  1,566
  1,627
  1,692
  1,705
  1,778
  1,855
  1,937
  2,023
  2,115
  2,212
  2,314
  2,422
  2,535
  2,655
  2,781
  2,914
  3,053
  3,200
  3,355
  3,518
  3,689
  3,869
  4,058
Fixed operating expenses, $m
 
  644
  660
  676
  693
  711
  728
  746
  765
  784
  804
  824
  845
  866
  887
  910
  932
  956
  979
  1,004
  1,029
  1,055
  1,081
  1,108
  1,136
  1,164
  1,193
  1,223
  1,254
  1,285
  1,317
Total operating expenses, $m
  1,828
  1,891
  1,942
  1,996
  2,055
  2,119
  2,185
  2,256
  2,331
  2,411
  2,496
  2,529
  2,623
  2,721
  2,824
  2,933
  3,047
  3,168
  3,293
  3,426
  3,564
  3,710
  3,862
  4,022
  4,189
  4,364
  4,548
  4,741
  4,943
  5,154
  5,375
Operating income, $m
  270
  265
  278
  292
  309
  329
  351
  376
  403
  433
  466
  557
  595
  637
  682
  730
  781
  836
  895
  958
  1,025
  1,096
  1,172
  1,252
  1,337
  1,428
  1,524
  1,626
  1,735
  1,849
  1,970
EBITDA, $m
  351
  376
  390
  406
  425
  447
  471
  498
  528
  561
  597
  635
  677
  722
  771
  823
  878
  938
  1,001
  1,069
  1,141
  1,218
  1,299
  1,386
  1,478
  1,575
  1,679
  1,788
  1,904
  2,027
  2,157
Interest expense (income), $m
  28
  24
  26
  28
  30
  32
  34
  36
  39
  42
  45
  48
  51
  55
  58
  63
  67
  71
  76
  81
  86
  92
  98
  104
  110
  117
  124
  132
  140
  148
  157
Earnings before tax, $m
  253
  241
  252
  265
  280
  297
  317
  339
  364
  391
  421
  509
  544
  582
  623
  667
  714
  765
  819
  877
  938
  1,004
  1,074
  1,148
  1,227
  1,311
  1,400
  1,494
  1,595
  1,701
  1,813
Tax expense, $m
  52
  65
  68
  71
  76
  80
  86
  92
  98
  106
  114
  137
  147
  157
  168
  180
  193
  207
  221
  237
  253
  271
  290
  310
  331
  354
  378
  403
  431
  459
  490
Net income, $m
  201
  176
  184
  193
  204
  217
  232
  248
  266
  286
  307
  372
  397
  425
  455
  487
  521
  558
  598
  640
  685
  733
  784
  838
  896
  957
  1,022
  1,091
  1,164
  1,241
  1,323

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  88
  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
  2,757
  2,743
  2,823
  2,912
  3,008
  3,113
  3,227
  3,349
  3,479
  3,619
  3,767
  3,925
  4,093
  4,272
  4,460
  4,660
  4,871
  5,093
  5,328
  5,577
  5,838
  6,114
  6,404
  6,710
  7,031
  7,370
  7,726
  8,101
  8,495
  8,910
  9,346
Adjusted assets (=assets-cash), $m
  2,669
  2,743
  2,823
  2,912
  3,008
  3,113
  3,227
  3,349
  3,479
  3,619
  3,767
  3,925
  4,093
  4,272
  4,460
  4,660
  4,871
  5,093
  5,328
  5,577
  5,838
  6,114
  6,404
  6,710
  7,031
  7,370
  7,726
  8,101
  8,495
  8,910
  9,346
Revenue / Adjusted assets
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
  0.786
Average production assets, $m
  1,084
  1,112
  1,145
  1,181
  1,220
  1,263
  1,309
  1,358
  1,411
  1,468
  1,528
  1,592
  1,660
  1,732
  1,809
  1,890
  1,975
  2,066
  2,161
  2,262
  2,368
  2,480
  2,597
  2,721
  2,852
  2,989
  3,134
  3,286
  3,446
  3,614
  3,790
Working capital, $m
  594
  554
  570
  588
  608
  629
  652
  676
  703
  731
  761
  793
  827
  863
  901
  941
  984
  1,029
  1,076
  1,126
  1,179
  1,235
  1,294
  1,355
  1,420
  1,489
  1,561
  1,636
  1,716
  1,800
  1,888
Total debt, $m
  613
  617
  658
  703
  752
  805
  863
  925
  991
  1,062
  1,137
  1,217
  1,302
  1,393
  1,488
  1,589
  1,696
  1,809
  1,929
  2,054
  2,187
  2,327
  2,474
  2,629
  2,792
  2,964
  3,144
  3,334
  3,534
  3,744
  3,965
Total liabilities, $m
  1,386
  1,390
  1,431
  1,476
  1,525
  1,578
  1,636
  1,698
  1,764
  1,835
  1,910
  1,990
  2,075
  2,166
  2,261
  2,362
  2,469
  2,582
  2,702
  2,827
  2,960
  3,100
  3,247
  3,402
  3,565
  3,737
  3,917
  4,107
  4,307
  4,517
  4,738
Total equity, $m
  1,371
  1,352
  1,392
  1,435
  1,483
  1,535
  1,591
  1,651
  1,715
  1,784
  1,857
  1,935
  2,018
  2,106
  2,199
  2,297
  2,401
  2,511
  2,627
  2,749
  2,878
  3,014
  3,157
  3,308
  3,466
  3,633
  3,809
  3,994
  4,188
  4,393
  4,607
Total liabilities and equity, $m
  2,757
  2,742
  2,823
  2,911
  3,008
  3,113
  3,227
  3,349
  3,479
  3,619
  3,767
  3,925
  4,093
  4,272
  4,460
  4,659
  4,870
  5,093
  5,329
  5,576
  5,838
  6,114
  6,404
  6,710
  7,031
  7,370
  7,726
  8,101
  8,495
  8,910
  9,345
Debt-to-equity ratio
  0.447
  0.460
  0.470
  0.490
  0.510
  0.520
  0.540
  0.560
  0.580
  0.600
  0.610
  0.630
  0.650
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
Adjusted equity ratio
  0.481
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493
  0.493

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  201
  176
  184
  193
  204
  217
  232
  248
  266
  286
  307
  372
  397
  425
  455
  487
  521
  558
  598
  640
  685
  733
  784
  838
  896
  957
  1,022
  1,091
  1,164
  1,241
  1,323
Depreciation, amort., depletion, $m
  81
  110
  112
  114
  116
  118
  120
  123
  125
  128
  131
  78
  82
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  140
  147
  154
  162
  170
  178
  187
Funds from operations, $m
  298
  286
  296
  307
  320
  335
  352
  370
  391
  414
  438
  450
  479
  510
  544
  580
  619
  660
  704
  751
  802
  855
  912
  972
  1,036
  1,104
  1,176
  1,253
  1,334
  1,419
  1,510
Change in working capital, $m
  -10
  15
  16
  18
  20
  21
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  59
  62
  65
  68
  72
  76
  80
  84
  88
Cash from operations, $m
  308
  272
  280
  289
  300
  314
  329
  346
  365
  385
  408
  418
  445
  474
  506
  540
  576
  615
  657
  701
  749
  799
  853
  910
  971
  1,036
  1,104
  1,177
  1,254
  1,336
  1,422
Maintenance CAPEX, $m
  0
  -53
  -55
  -56
  -58
  -60
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -106
  -111
  -117
  -122
  -128
  -134
  -140
  -147
  -154
  -162
  -170
  -178
New CAPEX, $m
  -92
  -28
  -33
  -36
  -39
  -43
  -46
  -49
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -137
  -145
  -152
  -160
  -168
  -177
Cash from investing activities, $m
  -92
  -81
  -88
  -92
  -97
  -103
  -108
  -113
  -120
  -127
  -132
  -139
  -146
  -154
  -161
  -170
  -179
  -187
  -197
  -207
  -217
  -229
  -240
  -252
  -265
  -277
  -292
  -306
  -322
  -338
  -355
Free cash flow, $m
  216
  190
  192
  197
  203
  211
  221
  232
  245
  259
  276
  279
  299
  320
  344
  370
  397
  427
  460
  494
  531
  571
  613
  658
  707
  758
  813
  871
  932
  998
  1,067
Issuance/(repayment) of debt, $m
  -125
  37
  41
  45
  49
  53
  57
  62
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
Issuance/(repurchase) of shares, $m
  -58
  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  
  -182
  37
  41
  45
  49
  53
  57
  62
  66
  71
  75
  80
  85
  90
  96
  101
  107
  113
  119
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
  210
  221
Total cash flow (excl. dividends), $m
  36
  228
  233
  242
  252
  264
  278
  294
  311
  330
  351
  359
  384
  411
  440
  471
  504
  540
  579
  620
  664
  711
  760
  813
  870
  930
  993
  1,061
  1,132
  1,208
  1,288
Retained Cash Flow (-), $m
  -158
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -215
Prev. year cash balance distribution, $m
 
  55
  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
 
  247
  193
  198
  204
  213
  222
  234
  247
  261
  278
  281
  301
  323
  347
  372
  400
  431
  463
  498
  535
  575
  617
  663
  711
  763
  818
  876
  938
  1,004
  1,073
Discount rate, %
 
  4.40
  4.62
  4.85
  5.09
  5.35
  5.62
  5.90
  6.19
  6.50
  6.83
  7.17
  7.53
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
PV of cash for distribution, $m
 
  236
  177
  172
  168
  164
  160
  156
  153
  148
  144
  131
  126
  120
  114
  106
  99
  91
  82
  74
  65
  57
  48
  41
  34
  28
  22
  17
  13
  10
  7
Current shareholders' claim on cash, %
  100
  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 24.5
Price to Sales 2.3
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 22.8
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 2.7% 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 4.4%, 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 57.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $628 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 4.2% 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%.

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 51.6%.

Life of production assets of 20.3 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 25.7%. 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 - $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 61.798 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 $5.0 billion.

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COMPANY NEWS

▶ 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]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ ETFs with exposure to Woodward, Inc. : August 8, 2017   [Aug-08-17 05:31PM  Capital Cube]
▶ Woodward Announces Declaration of Dividend   [Jul-28-17 01:30PM  GlobeNewswire]
▶ What Arconic Management Has to Say about the Grenfell Tower   [Jul-26-17 10:41AM  Market Realist]
▶ Woodward tops Street 3Q forecasts   [Jul-24-17 09:38PM  Associated Press]
▶ Woodward, Inc. Value Analysis (NASDAQ:WWD) : July 7, 2017   [Jul-07-17 04:22PM  Capital Cube]
▶ How Analysts Are Rating Arconic in 2Q17   [07:37AM  Market Realist]
▶ ETFs with exposure to Woodward, Inc. : May 15, 2017   [May-15-17 04:57PM  Capital Cube]
▶ ETFs with exposure to Woodward, Inc. : April 26, 2017   [Apr-26-17 03:43PM  Capital Cube]
▶ Woodward Announces Declaration of Dividend   [Apr-24-17 11:00AM  GlobeNewswire]
▶ Arconics Tough Beginning: Controversies and Battles   [Apr-20-17 01:59PM  Market Realist]
▶ Woodward misses Street 2Q forecasts   [Apr-19-17 04:52PM  Associated Press]
▶ Analysts Rate Arconic amid Its Corporate Battle   [Apr-11-17 09:35AM  Market Realist]
▶ Woodward Schedules Facility Tour for Analysts and Investors   [Mar-23-17 03:00PM  GlobeNewswire]
▶ Woodward Authorizes Stock Repurchase Program   [Jan-30-17 03:00PM  GlobeNewswire]
▶ Woodward Increases Dividend by 14%   [03:00PM  GlobeNewswire]
Financial statements of WWD
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