Intrinsic value of Woodward, Inc. - WWD

Previous Close

$115.89

  Intrinsic Value

$85.59

stock screener

  Rating & Target

sell

-26%

Previous close

$115.89

 
Intrinsic value

$85.59

 
Up/down potential

-26%

 
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 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 7.2

 

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, %
  38.90
  35.51
  32.46
  29.71
  27.24
  25.02
  23.02
  21.21
  19.59
  18.13
  16.82
  15.64
  14.57
  13.62
  12.76
  11.98
  11.28
  10.65
  10.09
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
Revenue, $m
  3,231
  4,378
  5,799
  7,522
  9,571
  11,966
  14,720
  17,843
  21,339
  25,208
  29,448
  34,054
  39,017
  44,329
  49,984
  55,972
  62,286
  68,922
  75,875
  83,143
  90,727
  98,629
  106,853
  115,406
  124,297
  133,537
  143,139
  153,117
  163,490
  174,275
Variable operating expenses, $m
  2,742
  3,662
  4,802
  6,184
  7,827
  9,747
  11,956
  14,460
  17,263
  20,366
  23,615
  27,308
  31,288
  35,548
  40,082
  44,884
  49,948
  55,269
  60,845
  66,673
  72,755
  79,092
  85,686
  92,545
  99,675
  107,085
  114,784
  122,786
  131,104
  139,752
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
  2,742
  3,662
  4,802
  6,184
  7,827
  9,747
  11,956
  14,460
  17,263
  20,366
  23,615
  27,308
  31,288
  35,548
  40,082
  44,884
  49,948
  55,269
  60,845
  66,673
  72,755
  79,092
  85,686
  92,545
  99,675
  107,085
  114,784
  122,786
  131,104
  139,752
Operating income, $m
  489
  716
  997
  1,339
  1,745
  2,219
  2,765
  3,383
  4,076
  4,842
  5,833
  6,746
  7,729
  8,781
  9,901
  11,087
  12,338
  13,653
  15,030
  16,470
  17,972
  19,537
  21,167
  22,861
  24,622
  26,452
  28,354
  30,331
  32,386
  34,522
EBITDA, $m
  758
  1,028
  1,361
  1,766
  2,247
  2,809
  3,455
  4,188
  5,009
  5,917
  6,913
  7,994
  9,159
  10,406
  11,733
  13,139
  14,621
  16,179
  17,811
  19,517
  21,297
  23,152
  25,083
  27,090
  29,177
  31,346
  33,600
  35,943
  38,377
  40,909
Interest expense (income), $m
  28
  67
  114
  174
  249
  339
  446
  571
  715
  878
  1,060
  1,263
  1,484
  1,725
  1,984
  2,261
  2,557
  2,870
  3,200
  3,546
  3,909
  4,289
  4,685
  5,098
  5,528
  5,975
  6,439
  6,922
  7,423
  7,945
  8,487
Earnings before tax, $m
  421
  601
  823
  1,090
  1,406
  1,773
  2,194
  2,668
  3,198
  3,782
  4,571
  5,262
  6,004
  6,797
  7,640
  8,531
  9,469
  10,453
  11,484
  12,560
  13,683
  14,852
  16,068
  17,333
  18,647
  20,013
  21,433
  22,908
  24,441
  26,036
Tax expense, $m
  114
  162
  222
  294
  380
  479
  592
  720
  863
  1,021
  1,234
  1,421
  1,621
  1,835
  2,063
  2,303
  2,557
  2,822
  3,101
  3,391
  3,694
  4,010
  4,338
  4,680
  5,035
  5,404
  5,787
  6,185
  6,599
  7,030
Net income, $m
  308
  439
  601
  796
  1,026
  1,294
  1,601
  1,948
  2,334
  2,761
  3,337
  3,841
  4,383
  4,962
  5,577
  6,227
  6,912
  7,631
  8,383
  9,169
  9,989
  10,842
  11,730
  12,653
  13,613
  14,610
  15,646
  16,723
  17,842
  19,006

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
  5,262
  7,130
  9,445
  12,251
  15,589
  19,489
  23,974
  29,060
  34,754
  41,056
  47,961
  55,462
  63,545
  72,198
  81,407
  91,159
  101,443
  112,251
  123,575
  135,413
  147,764
  160,633
  174,028
  187,958
  202,438
  217,487
  233,125
  249,377
  266,270
  283,835
Adjusted assets (=assets-cash), $m
  5,262
  7,130
  9,445
  12,251
  15,589
  19,489
  23,974
  29,060
  34,754
  41,056
  47,961
  55,462
  63,545
  72,198
  81,407
  91,159
  101,443
  112,251
  123,575
  135,413
  147,764
  160,633
  174,028
  187,958
  202,438
  217,487
  233,125
  249,377
  266,270
  283,835
Revenue / Adjusted assets
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
Average production assets, $m
  2,155
  2,920
  3,868
  5,017
  6,384
  7,981
  9,818
  11,901
  14,233
  16,814
  19,642
  22,714
  26,024
  29,568
  33,339
  37,333
  41,545
  45,971
  50,609
  55,457
  60,515
  65,786
  71,271
  76,976
  82,906
  89,069
  95,473
  102,129
  109,048
  116,241
Working capital, $m
  824
  1,116
  1,479
  1,918
  2,441
  3,051
  3,754
  4,550
  5,441
  6,428
  7,509
  8,684
  9,949
  11,304
  12,746
  14,273
  15,883
  17,575
  19,348
  21,202
  23,135
  25,150
  27,248
  29,429
  31,696
  34,052
  36,500
  39,045
  41,690
  44,440
Total debt, $m
  2,119
  3,229
  4,604
  6,271
  8,253
  10,570
  13,234
  16,255
  19,637
  23,381
  27,483
  31,938
  36,739
  41,879
  47,349
  53,142
  59,251
  65,670
  72,397
  79,429
  86,765
  94,410
  102,366
  110,640
  119,242
  128,181
  137,470
  147,123
  157,158
  167,591
Total liabilities, $m
  3,126
  4,235
  5,610
  7,277
  9,260
  11,576
  14,241
  17,262
  20,644
  24,387
  28,489
  32,944
  37,746
  42,886
  48,356
  54,149
  60,257
  66,677
  73,403
  80,435
  87,772
  95,416
  103,372
  111,647
  120,248
  129,187
  138,476
  148,130
  158,164
  168,598
Total equity, $m
  2,136
  2,895
  3,835
  4,974
  6,329
  7,912
  9,733
  11,798
  14,110
  16,669
  19,472
  22,517
  25,799
  29,312
  33,051
  37,011
  41,186
  45,574
  50,171
  54,978
  59,992
  65,217
  70,655
  76,311
  82,190
  88,300
  94,649
  101,247
  108,105
  115,237
Total liabilities and equity, $m
  5,262
  7,130
  9,445
  12,251
  15,589
  19,488
  23,974
  29,060
  34,754
  41,056
  47,961
  55,461
  63,545
  72,198
  81,407
  91,160
  101,443
  112,251
  123,574
  135,413
  147,764
  160,633
  174,027
  187,958
  202,438
  217,487
  233,125
  249,377
  266,269
  283,835
Debt-to-equity ratio
  0.990
  1.120
  1.200
  1.260
  1.300
  1.340
  1.360
  1.380
  1.390
  1.400
  1.410
  1.420
  1.420
  1.430
  1.430
  1.440
  1.440
  1.440
  1.440
  1.440
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
Adjusted equity ratio
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  308
  439
  601
  796
  1,026
  1,294
  1,601
  1,948
  2,334
  2,761
  3,337
  3,841
  4,383
  4,962
  5,577
  6,227
  6,912
  7,631
  8,383
  9,169
  9,989
  10,842
  11,730
  12,653
  13,613
  14,610
  15,646
  16,723
  17,842
  19,006
Depreciation, amort., depletion, $m
  270
  312
  364
  427
  502
  590
  691
  805
  933
  1,075
  1,079
  1,248
  1,430
  1,625
  1,832
  2,051
  2,283
  2,526
  2,781
  3,047
  3,325
  3,615
  3,916
  4,229
  4,555
  4,894
  5,246
  5,611
  5,992
  6,387
Funds from operations, $m
  577
  751
  965
  1,223
  1,529
  1,884
  2,292
  2,753
  3,268
  3,836
  4,416
  5,089
  5,813
  6,587
  7,409
  8,279
  9,195
  10,157
  11,164
  12,216
  13,314
  14,457
  15,646
  16,883
  18,168
  19,504
  20,892
  22,334
  23,834
  25,393
Change in working capital, $m
  231
  293
  362
  439
  523
  611
  702
  796
  891
  987
  1,081
  1,174
  1,266
  1,355
  1,442
  1,527
  1,610
  1,692
  1,773
  1,853
  1,934
  2,015
  2,097
  2,181
  2,267
  2,356
  2,448
  2,545
  2,645
  2,750
Cash from operations, $m
  347
  458
  602
  783
  1,006
  1,274
  1,590
  1,957
  2,376
  2,849
  3,335
  3,915
  4,547
  5,232
  5,967
  6,752
  7,585
  8,465
  9,391
  10,363
  11,380
  12,442
  13,549
  14,702
  15,901
  17,147
  18,443
  19,790
  21,189
  22,643
Maintenance CAPEX, $m
  -85
  -118
  -160
  -213
  -276
  -351
  -439
  -539
  -654
  -782
  -924
  -1,079
  -1,248
  -1,430
  -1,625
  -1,832
  -2,051
  -2,283
  -2,526
  -2,781
  -3,047
  -3,325
  -3,615
  -3,916
  -4,229
  -4,555
  -4,894
  -5,246
  -5,611
  -5,992
New CAPEX, $m
  -603
  -765
  -948
  -1,149
  -1,367
  -1,597
  -1,837
  -2,083
  -2,332
  -2,581
  -2,828
  -3,072
  -3,310
  -3,544
  -3,771
  -3,994
  -4,212
  -4,426
  -4,638
  -4,848
  -5,058
  -5,270
  -5,485
  -5,705
  -5,930
  -6,163
  -6,404
  -6,656
  -6,918
  -7,194
Cash from investing activities, $m
  -688
  -883
  -1,108
  -1,362
  -1,643
  -1,948
  -2,276
  -2,622
  -2,986
  -3,363
  -3,752
  -4,151
  -4,558
  -4,974
  -5,396
  -5,826
  -6,263
  -6,709
  -7,164
  -7,629
  -8,105
  -8,595
  -9,100
  -9,621
  -10,159
  -10,718
  -11,298
  -11,902
  -12,529
  -13,186
Free cash flow, $m
  -342
  -425
  -506
  -578
  -636
  -674
  -685
  -665
  -609
  -514
  -417
  -236
  -11
  258
  571
  926
  1,321
  1,756
  2,227
  2,734
  3,274
  3,846
  4,449
  5,081
  5,741
  6,429
  7,145
  7,888
  8,659
  9,457
Issuance/(repayment) of debt, $m
  873
  1,110
  1,375
  1,667
  1,982
  2,317
  2,664
  3,021
  3,382
  3,743
  4,102
  4,455
  4,801
  5,140
  5,470
  5,793
  6,109
  6,420
  6,727
  7,032
  7,337
  7,644
  7,956
  8,274
  8,601
  8,939
  9,289
  9,654
  10,035
  10,434
Issuance/(repurchase) of shares, $m
  291
  320
  339
  344
  329
  289
  220
  117
  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  
  1,164
  1,430
  1,714
  2,011
  2,311
  2,606
  2,884
  3,138
  3,382
  3,743
  4,102
  4,455
  4,801
  5,140
  5,470
  5,793
  6,109
  6,420
  6,727
  7,032
  7,337
  7,644
  7,956
  8,274
  8,601
  8,939
  9,289
  9,654
  10,035
  10,434
Total cash flow (excl. dividends), $m
  822
  1,004
  1,208
  1,432
  1,675
  1,931
  2,199
  2,473
  2,773
  3,230
  3,685
  4,219
  4,790
  5,398
  6,041
  6,719
  7,430
  8,175
  8,954
  9,766
  10,611
  11,491
  12,405
  13,355
  14,342
  15,368
  16,434
  17,542
  18,693
  19,891
Retained Cash Flow (-), $m
  -598
  -759
  -940
  -1,139
  -1,355
  -1,583
  -1,821
  -2,065
  -2,312
  -2,559
  -2,804
  -3,045
  -3,282
  -3,513
  -3,739
  -3,959
  -4,175
  -4,388
  -4,598
  -4,806
  -5,015
  -5,225
  -5,438
  -5,656
  -5,879
  -6,110
  -6,349
  -6,598
  -6,859
  -7,131
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
  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
  224
  246
  268
  293
  320
  348
  377
  408
  461
  671
  881
  1,174
  1,509
  1,885
  2,302
  2,759
  3,255
  3,788
  4,356
  4,960
  5,596
  6,266
  6,967
  7,700
  8,463
  9,258
  10,085
  10,943
  11,835
  12,760
Discount rate, %
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
  210
  215
  217
  218
  217
  214
  209
  200
  200
  253
  287
  325
  352
  365
  365
  353
  330
  300
  265
  227
  189
  153
  120
  92
  68
  49
  34
  23
  15
  9
Current shareholders' claim on cash, %
  96.1
  93.1
  90.9
  89.1
  87.9
  87.1
  86.5
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3

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, Inc. (WWD)

Valuation Ratios
P/E Ratio 35.3
Price to Sales 3.4
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 32.8
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 $2326 million for the last fiscal year's total revenue generated by Woodward, Inc.. The default revenue input number comes from 0001 income statement of Woodward, Inc.. 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 38.9% 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 6.6%, whose default value for WWD is calculated based on our internal credit rating of Woodward, Inc., 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, Inc..
    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 86.7%.

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 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, Inc..

Corporate tax rate of 27% is the nominal tax rate for Woodward, Inc.. 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 66.7%.

Life of production assets of 18.2 years is the average useful life of capital assets used in Woodward, Inc. 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 25.5%. 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 - $1538.104 million for Woodward, Inc. - 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 62.033 million for Woodward, Inc. 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, Inc. at the current share price and the inputted number of shares is $7.2 billion.

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