Snap-On Inc Valuation – March 2019 #SNA

Company Profile (excerpt from Reuters): Snap-on Incorporated, incorporated on April 7, 1930, is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers around the world, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments, primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the Company’s mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers, primarily owners and managers of independent repair shops and original equipment manufacturer (OEM) dealership service and repair shops, through direct and distributor channels. Financial Services consists of the business operations of Snap-on Credit LLC (SOC), the Company’s financial services business in the United States, and the Company’s other financial services subsidiaries in those international markets where it has franchise operations.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SNA – March 2019

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $8,765,637,793 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.33 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 155.65% Pass
6. Moderate PEmg Ratio PEmg < 20 14.50 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.87 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.33 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.75 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $10.87
MG Growth Estimate 8.99%
MG Value $287.73
Opinion Undervalued
MG Grade B+
MG Value based on 3% Growth $157.61
MG Value based on 0% Growth $92.39
Market Implied Growth Rate 3.00%
Current Price $157.61
% of Intrinsic Value 54.78%

Snap-on Incorporated qualifies for both the Defensive Investor and the Enterprising Investor. In fact, the company meets all of the requirements of both investor types, a rare accomplishment indicative of the company’s strong financial position. . The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $6.8 in 2015 to an estimated $10.87 for 2019. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Snap-on Incorporated revealed the company was trading above its Graham Number of $123.17. The company pays a dividend of $3.41 per share, for a yield of 2.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 14.5, which was below the industry average of 26.53, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-0.66.

Snap-on Incorporated performs fairly well in the ModernGraham grading system, scoring a B+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$0.66
Graham Number $123.17
PEmg 14.50
Current Ratio 2.33
PB Ratio 2.87
Current Dividend $3.41
Dividend Yield 2.16%
Number of Consecutive Years of Dividend Growth 9

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2018
Total Current Assets $2,216,900,000
Total Current Liabilities $952,000,000
Long-Term Debt $946,000,000
Total Assets $5,373,100,000
Intangible Assets $1,135,100,000
Total Liabilities $2,254,500,000
Shares Outstanding (Diluted Average) 56,700,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $12.10
Dec2018 $11.87
Dec2017 $9.52
Dec2016 $9.20
Dec2015 $8.10
Dec2014 $7.14
Dec2013 $5.93
Dec2012 $5.20
Dec2011 $4.71
Dec2010 $3.19
Dec2009 $2.32
Dec2008 $4.07
Dec2007 $3.09
Dec2006 $1.69
Dec2005 $1.59
Dec2004 $1.40
Dec2003 $1.35
Dec2002 $1.81
Dec2001 $0.33
Dec2000 $2.53
Dec1999 $2.16

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $10.87
Dec2018 $9.89
Dec2017 $8.59
Dec2016 $7.79
Dec2015 $6.80
Dec2014 $5.84
Dec2013 $4.89
Dec2012 $4.21
Dec2011 $3.63
Dec2010 $3.02
Dec2009 $2.81
Dec2008 $2.82
Dec2007 $2.08
Dec2006 $1.57
Dec2005 $1.44
Dec2004 $1.40
Dec2003 $1.48

Recommended Reading:

Other ModernGraham posts about the company

Snap-on Inc Valuation – May 2018 $SNA
5 Best Stocks for Value Investors This Week – 2/18/17
Snap-on Inc Valuation – February 2017 $SNA
21 Best Undervalued Stocks of the Week – 8/27/16
Snap-on Incorporated Valuation – August 2016 $SNA

Other ModernGraham posts about related companies

W.W. Grainger Inc Valuation – February 2019 $GWW
Xylem Inc Valuation – February 2019 $XYL
Allegion PLC Valuation – February 2019 $ALLE
Arconic Inc Valuation – February 2019 $ARNC
Roper Technologies Inc Valuation – February 2019 $ROP
Rockwell Automation Inc Valuation – February 2019 $ROK
Eaton Corp PLC Valuation – January 2019 $ETN
Fastenal Co Valuation – January 2019 $FAST
Deere & Co Valuation – January 2019 $DE
A.O. Smith Corp Valuation – January 2019 $AOS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

J&J Snack Foods Corp Valuation – August 2018 $JJSF

Company Profile (excerpt from Reuters): J & J Snack Foods Corp., incorporated in 1971, is a manufacturer, marketer and distributor of a range of snack foods and beverages for the food service and retail supermarket industries. The Company serves both national and international markets. It operates in three business segments: Food Service, Retail Supermarkets and Frozen Beverages. The Company’s portfolio of products includes soft pretzels, frozen beverages, frozen juice treats and desserts, stuffed sandwiches, burritos, churros, fruit pies, funnel cakes, cookies and bakery goods, and other snack foods and drinks. Its principal snack food products are soft pretzels marketed primarily under the brand names SUPERPRETZEL and BAVARIAN BAKERY; frozen juice treats and desserts marketed primarily under the LUIGI’S, WHOLE FRUIT, ICEE, PHILLY SWIRL and MINUTE MAID brand names; churros marketed primarily under the TIO PEPE’S, CALIFORNIA CHURROS and OREO brand names, and bakery products sold primarily under the READI-BAKE, COUNTRY HOME, MARY B’S and DADDY RAY’S brand names, as well as for private label and contract packing.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of JJSF – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $2,714,691,536 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 3.09 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 79.30% Pass
6. Moderate PEmg Ratio PEmg < 20 31.07 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.61 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 3.09 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $4.55
MG Growth Estimate 5.58%
MG Value $89.44
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $65.99
MG Value based on 0% Growth $38.69
Market Implied Growth Rate 11.29%
Current Price $141.41
% of Intrinsic Value 158.11%

J & J Snack Foods Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $3.32 in 2014 to an estimated $4.55 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 11.29% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into J & J Snack Foods Corp revealed the company was trading above its Graham Number of $67.88. The company pays a dividend of $1.68 per share, for a yield of 1.2% Its PEmg (price over earnings per share – ModernGraham) was 31.07, which was above the industry average of 26.3. Finally, the company was trading above its Net Current Asset Value (NCAV) of $10.87.

J & J Snack Foods Corp receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $10.87
Graham Number $67.88
PEmg 31.07
Current Ratio 3.09
PB Ratio 3.61
Current Dividend $1.68
Dividend Yield 1.19%
Number of Consecutive Years of Dividend Growth 13

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2018
Total Current Assets $380,726,000
Total Current Liabilities $123,086,000
Long-Term Debt $0
Total Assets $914,232,000
Intangible Assets $161,157,000
Total Liabilities $176,157,000
Shares Outstanding (Diluted Average) 18,822,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $5.60
Sep2017 $4.21
Sep2016 $4.05
Sep2015 $3.73
Sep2014 $3.82
Sep2013 $3.41
Sep2012 $2.86
Sep2011 $2.93
Sep2010 $2.59
Sep2009 $2.21
Sep2008 $1.47
Sep2007 $1.69
Sep2006 $1.57
Sep2005 $1.40
Sep2004 $1.24
Sep2003 $1.10
Sep2002 $1.00
Sep2001 $0.68
Sep2000 $0.55
Sep1999 $0.75
Sep1998 $0.63

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.55
Sep2017 $3.97
Sep2016 $3.75
Sep2015 $3.52
Sep2014 $3.32
Sep2013 $2.98
Sep2012 $2.65
Sep2011 $2.42
Sep2010 $2.08
Sep2009 $1.77
Sep2008 $1.52
Sep2007 $1.50
Sep2006 $1.36
Sep2005 $1.20
Sep2004 $1.03
Sep2003 $0.89
Sep2002 $0.77

Recommended Reading:

Other ModernGraham posts about the company

J&J Snack Foods Corp Valuation – Initial Coverage $JJSF

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B&G Foods Inc Valuation – July 2018 $BGS
Tyson Foods Inc Valuation – June 2018 $TSN
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Hormel Foods Corp Valuation – June 2018 $HRL
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Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Snap-on Inc Valuation – May 2018 $SNA

Company Profile (excerpt from Reuters): Snap-on Incorporated, incorporated on April 7, 1930, is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. The Company’s segments include the Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. The Commercial & Industrial Group consists of business operations serving a range of industrial and commercial customers around the world, including customers in the aerospace, natural resources, government, power generation, transportation and technical education market segments, primarily through direct and distributor channels. The Snap-on Tools Group consists of business operations primarily serving vehicle service and repair technicians through the Company’s mobile tool distribution channel. The Repair Systems & Information Group consists of business operations serving other professional vehicle repair customers, primarily owners and managers of independent repair shops and original equipment manufacturer (OEM) dealership service and repair shops, through direct and distributor channels. Financial Services consists of the business operations of Snap-on Credit LLC (SOC), the Company’s financial services business in the United States, and the Company’s other financial services subsidiaries in those international markets where it has franchise operations.

SNA Chart

SNA data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of SNA – May 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $8,592,853,133 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.28 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 193.44% Pass
6. Moderate PEmg Ratio PEmg < 20 15.51 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.82 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.28 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.78 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $9.69
MG Growth Estimate 9.88%
MG Value $273.95
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $140.52
MG Value based on 0% Growth $82.38
Market Implied Growth Rate 3.51%
Current Price $150.33
% of Intrinsic Value 54.88%

Snap-on Incorporated qualifies for both the Defensive Investor and the Enterprising Investor. In fact, the company meets all of the requirements of both investor types, a rare accomplishment indicative of the company’s strong financial position. . The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $5.84 in 2014 to an estimated $9.69 for 2018. This level of demonstrated earnings growth outpaces the market’s implied estimate of 3.51% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Snap-on Incorporated revealed the company was trading above its Graham Number of $114.95. The company pays a dividend of $2.95 per share, for a yield of 2% Its PEmg (price over earnings per share – ModernGraham) was 15.51, which was below the industry average of 28.03, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-1.13.

Snap-on Incorporated performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$1.13
Graham Number $114.95
PEmg 15.51
Current Ratio 2.28
PB Ratio 2.82
Current Dividend $2.95
Dividend Yield 1.96%
Number of Consecutive Years of Dividend Growth 8

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $2,168,400,000
Total Current Liabilities $951,600,000
Long-Term Debt $946,300,000
Total Assets $5,317,600,000
Intangible Assets $1,193,100,000
Total Liabilities $2,233,700,000
Shares Outstanding (Diluted Average) 57,765,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $11.27
Dec2017 $9.52
Dec2016 $9.20
Dec2015 $8.10
Dec2014 $7.14
Dec2013 $5.93
Dec2012 $5.20
Dec2011 $4.71
Dec2010 $3.19
Dec2009 $2.32
Dec2008 $4.07
Dec2007 $3.09
Dec2006 $1.69
Dec2005 $1.59
Dec2004 $1.40
Dec2003 $1.35
Dec2002 $1.81
Dec2001 $0.33
Dec2000 $2.53
Dec1999 $2.16
Dec1998 -$0.08

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $9.69
Dec2017 $8.59
Dec2016 $7.79
Dec2015 $6.80
Dec2014 $5.84
Dec2013 $4.89
Dec2012 $4.21
Dec2011 $3.63
Dec2010 $3.02
Dec2009 $2.81
Dec2008 $2.82
Dec2007 $2.08
Dec2006 $1.57
Dec2005 $1.44
Dec2004 $1.40
Dec2003 $1.48
Dec2002 $1.48

Recommended Reading:

Other ModernGraham posts about the company

5 Best Stocks for Value Investors This Week – 2/18/17
Snap-on Inc Valuation – February 2017 $SNA
21 Best Undervalued Stocks of the Week – 8/27/16
Snap-on Incorporated Valuation – August 2016 $SNA
15 Best Stocks For Value Investors This Week – 2/13/16

Other ModernGraham posts about related companies

W.W. Grainger Inc Valuation – May 2018 $GWW
Allegion PLC Valuation – May 2018 $ALLE
Xylem Inc Valuation – May 2018 $XYL
Arconic Inc Valuation – April 2018 $ARNC
Rockwell Automation Inc Valuation – April 2018 $ROK
Roper Technologies Inc Valuation – April 2018 $ROP
Eaton Corp PLC Valuation – March 2018 $ETN
Fastenal Co Valuation – March 2018 $FAST
Deere & Co Valuation – March 2018 $DE
A.O. Smith Corp Valuation – March 2018 $AOS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Dr Pepper Snapple Group Inc Valuation – May 2018 $DPS

Company Profile (excerpt from Reuters): Dr Pepper Snapple Group, Inc., incorporated on October 24, 2007, is an integrated brand owner, manufacturer and distributor of non-alcoholic beverages in the United States, Mexico and Canada. The Company offers a diverse portfolio of flavored (non-cola) carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, water and mixers. The Company’s segments include Beverage Concentrates, Packaged Beverages and Latin America Beverages. The Company’s brand portfolio includes CSD brands, such as Dr Pepper, Canada Dry, Penafiel, Squirt, 7UP, Crush, A&W, Sunkist soda and Schweppes, and NCB brands, such as Snapple, Hawaiian Punch, Mott’s and Clamato. As of December 31, 2016, the Company operated 23 manufacturing facilities across the United States and Mexico. The Company also sells its products to distributors in Europe and Asia.

DPS Chart

DPS data by YCharts

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of DPS – May 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $21,545,204,739 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.77 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 116.67% Pass
6. Moderate PEmg Ratio PEmg < 20 24.56 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 8.72 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.77 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -10.94 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

 

Stage 2: Determination of Intrinsic Value

EPSmg $4.88
MG Growth Estimate 8.61%
MG Value $125.54
Opinion Fairly Valued
MG Grade D+
MG Value based on 3% Growth $70.79
MG Value based on 0% Growth $41.50
Market Implied Growth Rate 8.03%
Current Price $119.92
% of Intrinsic Value 95.52%

Dr Pepper Snapple Group Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $3.1 in 2014 to an estimated $4.88 for 2018. This level of demonstrated earnings growth supports the market’s implied estimate of 8.03% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Dr Pepper Snapple Group Inc. revealed the company was trading above its Graham Number of $38.81. The company pays a dividend of $2.32 per share, for a yield of 1.9% Its PEmg (price over earnings per share – ModernGraham) was 24.56, which was below the industry average of 31.56, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-35.66.

Dr Pepper Snapple Group Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$35.66
Graham Number $38.81
PEmg 24.56
Current Ratio 0.77
PB Ratio 8.72
Current Dividend $2.32
Dividend Yield 1.93%
Number of Consecutive Years of Dividend Growth 9

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 3/1/2018
Total Current Assets $1,246,000,000
Total Current Liabilities $1,624,000,000
Long-Term Debt $4,135,000,000
Total Assets $10,179,000,000
Intangible Assets $7,348,000,000
Total Liabilities $7,693,000,000
Shares Outstanding (Diluted Average) 180,800,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.91
Dec2017 $5.89
Dec2016 $4.54
Dec2015 $3.97
Dec2014 $3.56
Dec2013 $3.05
Dec2012 $2.96
Dec2011 $2.74
Dec2010 $2.17
Dec2009 $2.17
Dec2008 -$1.23
Dec2007 $1.79
Dec2006 $2.01

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.88
Dec2017 $4.65
Dec2016 $3.89
Dec2015 $3.46
Dec2014 $3.10
Dec2013 $2.79
Dec2012 $2.36
Dec2011 $1.88
Dec2010 $1.43
Dec2009 $1.02
Dec2008 $0.47
Dec2007 $1.13
Dec2006 $0.67

Recommended Reading:

Other ModernGraham posts about the company

Dr Pepper Snapple Group Inc Valuation – January 2017 $DPS
Dr Pepper Snapple Group Inc Analysis – September 2015 Update $DPS
23 Companies to Research This Week – 9/13/14
Dr Pepper Snapple Group Inc. Annual Stock Valuation – 2014 $DPS

Other ModernGraham posts about related companies

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Conagra Brands Inc Valuation – May 2018 $CAG
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Monster Beverage Corp Valuation – April 2018 $MNST
Campbell Soup Co Valuation – March 2018 $CPB
Kellogg Company Valuation – March 2018 $K
Hershey Co Valuation – March 2018 $HSY
PepsiCo Inc Valuation – March 2018 $PEP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Snap-on Inc Valuation – February 2017 $SNA

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Snap-on Inc (SNA) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world. Its Snap-on Tools Group segment consists of business operations serving vehicle service and repair technicians. Its Repair Systems & Information Group segment consists of business operations serving other professional vehicle repair customers around the world. Financial Services segment consists of the business operations of Snap-on Credit LLC (SOC), which has the Company’s financial services business in the United States, and Snap-on’s other financial services subsidiaries in those international markets where Snap-on has franchise operations.

SNA Chart

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ModernGraham Valuation of SNA – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $10,062,990,138 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.90 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 181.84% Pass
6. Moderate PEmg Ratio PEmg < 20 19.90 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.90 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.90 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.79 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $8.65
MG Growth Estimate 11.57%
MG Value $273.84
Opinion Undervalued
MG Grade B-
MG Value based on 3% Growth $125.48
MG Value based on 0% Growth $73.56
Market Implied Growth Rate 5.70%
Current Price $172.21
% of Intrinsic Value 62.89%

Snap-on Incorporated is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PB ratio. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $4.89 in 2013 to an estimated $8.65 for 2017. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.7% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Snap-on Incorporated revealed the company was trading above its Graham Number of $99.22. The company pays a dividend of $2.54 per share, for a yield of 1.5% Its PEmg (price over earnings per share – ModernGraham) was 19.9, which was below the industry average of 22.25, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-3.74.

Snap-on Incorporated performs fairly well in the ModernGraham grading system, scoring a B-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$3.74
Graham Number $99.22
PEmg 19.90
Current Ratio 1.90
PB Ratio 3.90
Current Dividend $2.54
Dividend Yield 1.47%
Number of Consecutive Years of Dividend Growth 8

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $1,884,000,000
Total Current Liabilities $989,500,000
Long-Term Debt $708,800,000
Total Assets $4,723,200,000
Intangible Assets $1,080,100,000
Total Liabilities $2,106,000,000
Shares Outstanding (Diluted Average) 59,300,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $9.70
Dec2016 $9.20
Dec2015 $8.10
Dec2014 $7.14
Dec2013 $5.93
Dec2012 $5.20
Dec2011 $4.71
Dec2010 $3.19
Dec2009 $2.32
Dec2008 $4.07
Dec2007 $3.09
Dec2006 $1.69
Dec2005 $1.59
Dec2004 $1.40
Dec2003 $1.35
Dec2002 $1.81
Dec2001 $0.33
Dec2000 $2.53
Dec1999 $2.16
Dec1998 -$0.08
Dec1997 $2.44

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $8.65
Dec2016 $7.79
Dec2015 $6.80
Dec2014 $5.84
Dec2013 $4.89
Dec2012 $4.21
Dec2011 $3.63
Dec2010 $3.02
Dec2009 $2.81
Dec2008 $2.82
Dec2007 $2.08
Dec2006 $1.57
Dec2005 $1.44
Dec2004 $1.40
Dec2003 $1.48
Dec2002 $1.48
Dec2001 $1.37

Recommended Reading:

Other ModernGraham posts about the company

15 Best Stocks For Value Investors This Week – 2/13/16
Snap-on Inc Valuation – February 2016 $SNA
12 Best Stocks For Value Investors This Week – 11/7/15
Snap-on Inc. Valuation – November 2015 Update $SNA
The Best Companies of the Machinery Industry – August 2015

Other ModernGraham posts about related companies

SPX Corporation Valuation – Initial Coverage $SPXC
KLX Inc Valuation – Initial Coverage $KLXI
AGCO Corporation Valuation – February 2017 $AGCO
PACCAR Inc Valuation – February 2017 $PCAR
Kaman Corporation Valuation – Initial Coverage $KAMN
John Bean Technologies Corp Valuation – Initial Coverage $JBT
W. W. Grainger Inc Valuation – January 2017 $GWW
Allegion PLC Valuation – January 2017 $ALLE
Xylem Inc Valuation – January 2017 $XYL
Clarcor Inc Valuation – Initial Coverage $CLC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Dr Pepper Snapple Group Inc Valuation – January 2017 $DPS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – January 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Dr Pepper Snapple Group Inc (DPS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Dr Pepper Snapple Group, Inc. is an owner, manufacturer and distributor of non-alcoholic beverages in the United States, Canada and Mexico. The Company’s products consist of flavored (non-cola) carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, water and mixers. The Company operates under three segments: Beverage Concentrates, Packaged Beverages and Latin America Beverages. Its brands include Dr Pepper, Canada Dry, Crush, Schweppes, Sunkist soda, 7UP, A&W, Sun Drop, RC Cola, Squirt, Diet Rite, Vernors and the concentrate form of Hawaiian Punch. Its Beverage Concentrates brands are sold by its bottlers, including its own Packaged Beverages segment, through retail channels, including supermarkets, fountains, merchandisers, club stores, convenience stores, gas stations, small groceries, drug chains and dollar stores. It distributes finished beverages and manufactures beverage concentrates and fountain syrups.

DPS Chart

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ModernGraham Valuation of DPS – January 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

 

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $16,430,380,426 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.08 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 346.52% Pass
6. Moderate PEmg Ratio PEmg < 20 22.92 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 7.85 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.08 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 24.84 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

 

EPSmg $3.93
MG Growth Estimate 9.98%
MG Value $111.79
Opinion Fairly Valued
MG Grade C-
MG Value based on 3% Growth $56.96
MG Value based on 0% Growth $33.39
Market Implied Growth Rate 7.21%
Current Price $90.03
% of Intrinsic Value 80.53%

Dr Pepper Snapple Group Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $2.36 in 2012 to an estimated $3.93 for 2016. This level of demonstrated earnings growth supports the market’s implied estimate of 7.21% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Dr Pepper Snapple Group Inc. revealed the company was trading above its Graham Number of $34.85. The company pays a dividend of $2.07 per share, for a yield of 2.3%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 22.92, which was below the industry average of 24.74, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-26.61.

Dr Pepper Snapple Group Inc. receives an average overall rating in the ModernGraham grading system, scoring a C-.

 

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$26.61
Graham Number $34.85
PEmg 22.92
Current Ratio 1.08
PB Ratio 7.85
Current Dividend $2.07
Dividend Yield 2.30%
Number of Consecutive Years of Dividend Growth 8

 

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Useful Links: 

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

 Most Recent Balance Sheet Figures

Balance Sheet Information 9/1/2016
Total Current Assets $1,602,000,000
Total Current Liabilities $1,483,000,000
Long-Term Debt $2,956,000,000
Total Assets $8,673,000,000
Intangible Assets $5,651,000,000
Total Liabilities $6,544,000,000
Shares Outstanding (Diluted Average) 185,700,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.66
Dec2015 $3.97
Dec2014 $3.56
Dec2013 $3.05
Dec2012 $2.96
Dec2011 $2.74
Dec2010 $2.17
Dec2009 $2.17
Dec2008 -$1.23
Dec2007 $1.79
Dec2006 $2.01

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.93
Dec2015 $3.46
Dec2014 $3.10
Dec2013 $2.79
Dec2012 $2.36
Dec2011 $1.88
Dec2010 $1.43
Dec2009 $1.02
Dec2008 $0.47
Dec2007 $1.13
Dec2006 $0.67

Recommended Reading:

Other ModernGraham posts about the company

Dr Pepper Snapple Group Inc Analysis – September 2015 Update $DPS
23 Companies to Research This Week – 9/13/14
Dr Pepper Snapple Group Inc. Annual Stock Valuation – 2014 $DPS

Other ModernGraham posts about related companies

Sysco Corporation Valuation – January 2017 $SYY
General Mills Inc Valuation – January 2017 $GIS
Coca-Cola European Partners PLC Valuation – January 2017 $CCE
Archer Daniels Midland Company Valuation – January 2017 $ADM
McCormick & Company Valuation – January 2017 $MKC
Conagra Brands Inc Valuation – December 2016 $CAG
Seneca Foods Corp Valuation – Initial Coverage $SENEA
Ingredion Inc Valuation – Initial Coverage $INGR
Saputo Inc Valuation – Initial Coverage $SAP
Best Stocks to Invest In: the Food Processing Industry – August 2016

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

J&J Snack Foods Corp Valuation – Initial Coverage $JJSF

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – January 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how J&J Snack Foods Corp (JJSF) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): J & J Snack Foods Corp. is a manufacturer, marketer and distributor of a range of snack foods and beverages for the food service and retail supermarket industries. The Company operates in three business segments: Food Service, Retail Supermarkets and Frozen Beverages. Its portfolio of products includes soft pretzels, frozen beverages, frozen juice treats and desserts, stuffed sandwiches, burritos, churros, fruit pies, funnel cakes, cookies and bakery goods, and other snack foods and drinks. Its principal snack food products are soft pretzels marketed primarily under brand names SUPERPRETZEL and BAVARIAN BAKERY; frozen juice treats and desserts marketed primarily under LUIGI’S, WHOLE FRUIT, ICEE, PHILLY SWIRL and MINUTE MAID brand names; churros marketed primarily under the TIO PEPE’S, CALIFORNIA CHURROS and OREO brand names, and bakery products sold primarily under the READI-BAKE, COUNTRY HOME, MARY B’S and DADDY RAY’S brand names, as well as for private label and contract packing.

JJSF Chart

JJSF data by YCharts

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
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Downloadable PDF version of this valuation:

ModernGraham Valuation of JJSF – January 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $2,431,057,862 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 3.63 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 92.66% Pass
6. Moderate PEmg Ratio PEmg < 20 32.68 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.81 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 3.63 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.00 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $4.00
MG Growth Estimate 5.13%
MG Value $74.95
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $57.94
MG Value based on 0% Growth $33.97
Market Implied Growth Rate 12.09%
Current Price $130.60
% of Intrinsic Value 174.26%

J & J Snack Foods Corp is suitable for the Enterprising Investor but not the more conservative Defensive Investor. The Defensive Investor is concerned with the high PEmg and PB ratios. The Enterprising Investor has no initial concerns. As a result, all Enterprising Investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.98 in 2013 to an estimated $4 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 12.09% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into J & J Snack Foods Corp revealed the company was trading above its Graham Number of $57.73. The company pays a dividend of $1.59 per share, for a yield of 1.2% Its PEmg (price over earnings per share – ModernGraham) was 32.68, which was above the industry average of 24.74. Finally, the company was trading above its Net Current Asset Value (NCAV) of $11.33.

J & J Snack Foods Corp receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) $11.33
Graham Number $57.73
PEmg 32.68
Current Ratio 3.63
PB Ratio 3.81
Current Dividend $1.59
Dividend Yield 1.22%
Number of Consecutive Years of Dividend Growth 13

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $362,851,000
Total Current Liabilities $99,995,000
Long-Term Debt $0
Total Assets $794,173,000
Intangible Assets $127,153,000
Total Liabilities $149,990,000
Shares Outstanding (Diluted Average) 18,787,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $4.30
Sep2016 $4.05
Sep2015 $3.73
Sep2014 $3.82
Sep2013 $3.41
Sep2012 $2.86
Sep2011 $2.93
Sep2010 $2.59
Sep2009 $2.21
Sep2008 $1.47
Sep2007 $1.69
Sep2006 $1.57
Sep2005 $1.40
Sep2004 $1.24
Sep2003 $1.10
Sep2002 $1.00
Sep2001 $0.68
Sep2000 $0.55
Sep1999 $0.75
Sep1998 $0.63
Sep1997 $0.46

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.00
Sep2016 $3.75
Sep2015 $3.52
Sep2014 $3.32
Sep2013 $2.98
Sep2012 $2.65
Sep2011 $2.42
Sep2010 $2.08
Sep2009 $1.77
Sep2008 $1.52
Sep2007 $1.50
Sep2006 $1.36
Sep2005 $1.20
Sep2004 $1.03
Sep2003 $0.89
Sep2002 $0.77
Sep2001 $0.64

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

General Mills Inc Valuation – January 2017 $GIS
Coca-Cola European Partners PLC Valuation – January 2017 $CCE
Archer Daniels Midland Company Valuation – January 2017 $ADM
McCormick & Company Valuation – January 2017 $MKC
Conagra Brands Inc Valuation – December 2016 $CAG
Seneca Foods Corp Valuation – Initial Coverage $SENEA
Ingredion Inc Valuation – Initial Coverage $INGR
Saputo Inc Valuation – Initial Coverage $SAP
Best Stocks to Invest In: the Food Processing Industry – August 2016
B&G Foods Inc Valuation – August 2016 $BGS

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Snap-on Incorporated Valuation – August 2016 $SNA

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – July 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Snap-on Inc (SNA) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Snap-On Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. Its Commercial & Industrial Group segment consists of business operations serving a range of industrial and commercial customers across the world. Its Snap-on Tools Group segment consists of business operations serving vehicle service and repair technicians. Its Repair Systems & Information Group segment consists of business operations serving other professional vehicle repair customers around the world. Financial Services segment consists of the business operations of Snap-on Credit LLC (SOC), which has the Company’s financial services business in the United States, and Snap-on’s other financial services subsidiaries in those international markets where Snap-on has franchise operations.

SNA Chart

SNA data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
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Downloadable PDF version of this valuation:

ModernGraham Valuation of SNA – August 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $8,979,872,318 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.17 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 155.70% Pass
6. Moderate PEmg Ratio PEmg < 20 19.92 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.54 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.17 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.72 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SNA value chart August 2016

EPSmg $7.73
MG Growth Estimate 12.54%
MG Value $259.39
Opinion Undervalued
MG Grade B
MG Value based on 3% Growth $112.02
MG Value based on 0% Growth $65.67
Market Implied Growth Rate 5.71%
Current Price $153.92
% of Intrinsic Value 59.34%

Snap-on Incorporated qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $4.21 in 2012 to an estimated $7.73 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 5.71% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value above the price.

At the time of valuation, further research into Snap-on Incorporated revealed the company was trading above its Graham Number of $94.91. The company pays a dividend of $2.36 per share, for a yield of 1.5% Its PEmg (price over earnings per share – ModernGraham) was 19.92, which was below the industry average of 20.76, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-1.16.

Snap-on Incorporated performs fairly well in the ModernGraham grading system, scoring a B.

Stage 3: Information for Further Research

SNA charts August 2016

Net Current Asset Value (NCAV) -$1.16
Graham Number $94.91
PEmg 19.92
Current Ratio 2.17
PB Ratio 3.54
Current Dividend $2.36
Dividend Yield 1.53%
Number of Consecutive Years of Dividend Growth 7

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2016
Total Current Assets $1,852,400,000
Total Current Liabilities $853,100,000
Long-Term Debt $715,200,000
Total Assets $4,505,100,000
Intangible Assets $977,400,000
Total Liabilities $1,921,500,000
Shares Outstanding (Diluted Average) 59,400,000

Earnings Per Share History

Next Fiscal Year Estimate $9.00
Dec2015 $8.10
Dec2014 $7.14
Dec2013 $5.93
Dec2012 $5.20
Dec2011 $4.71
Dec2010 $3.19
Dec2009 $2.32
Dec2008 $4.07
Dec2007 $3.09
Dec2006 $1.69
Dec2005 $1.59
Dec2004 $1.40
Dec2003 $1.35
Dec2002 $1.81
Dec2001 $0.33
Dec2000 $2.53
Dec1999 $2.16
Dec1998 -$0.08
Dec1997 $2.44
Dec1996 $2.13

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $7.73
Dec2015 $6.80
Dec2014 $5.84
Dec2013 $4.89
Dec2012 $4.21
Dec2011 $3.63
Dec2010 $3.02
Dec2009 $2.81
Dec2008 $2.82
Dec2007 $2.08
Dec2006 $1.57
Dec2005 $1.44
Dec2004 $1.40
Dec2003 $1.48
Dec2002 $1.48
Dec2001 $1.37
Dec2000 $1.87

Recommended Reading:

Other ModernGraham posts about the company

15 Best Stocks For Value Investors This Week – 2/13/16
Snap-on Inc Valuation – February 2016 $SNA
12 Best Stocks For Value Investors This Week – 11/7/15
Snap-on Inc. Valuation – November 2015 Update $SNA
The Best Companies of the Machinery Industry – August 2015

Other ModernGraham posts about related companies

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W.W. Grainger Inc Valuation – August 2016 $GWW
Allegion PLC Valuation – August 2016 $ALLE
Xylem Inc Valuation – August 2016 $XYL
Rockwell Automation Inc Valuation – July 2016 $ROK
Roper Technologies Inc Valuation – July 2016 $ROP
Eaton Corp Valuation – July 2016 $ETN
Parker-Hannifin Corp Valuation – July 2016 $PH
Dover Corporation Valuation – July 2016 $DOV

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Snap-on Inc Valuation – February 2016 $SNA

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Companies Benjamin Graham Would Invest In Today – February 2016.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Snap-on Inc (SNA) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Snap-on Incorporated (Snap-on) is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, Government and military, mining, natural resources, power generation and technical education. The Company’s business segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. It offers its products under the brand names: Snap-on, ATI, BAHCO, Blackhawk, Blue-Point, Cartec, CDI, Challenger, Fish and Hook, Hofmann, Irimo, John Bean, Lindstrom, Mitchell1, Nexiq, Pro-Cut, Sandflex, ShopKey, Sioux, Sun and Williams.

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

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[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SNA- February 2016

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $8,320,821,369 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.83 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 150.32% Pass
6. Moderate PEmg Ratio PEmg < 20 18.22 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.37 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.83 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.70 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SNA value Chart February 2016

EPSmg $7.56
MG Growth Estimate 11.93%
MG Value $244.52
Opinion Undervalued
MG Value based on 3% Growth $109.55
MG Value based on 0% Growth $64.22
Market Implied Growth Rate 4.86%
Current Price $137.69
% of Intrinsic Value 56.31%

Snap-on Incorporated qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the high PB ratio. The Enterprising Investor has no initial concerns. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Undervalued after growing its EPSmg (normalized earnings) from $4.21 in 2012 to an estimated $7.56 for 2016. This level of demonstrated earnings growth outpaces the market’s implied estimate of 4.86% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

Stage 3: Information for Further Research

SNA Charts February 2016

Net Current Asset Value (NCAV) -$2.97
Graham Number $89.09
PEmg 18.22
Current Ratio 2.83
PB Ratio 3.37
Dividend Yield 1.60%
Number of Consecutive Years of Dividend Growth 7

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information Dec2015
Total Current Assets $1,898,700,000
Total Current Liabilities $670,500,000
Long-Term Debt $861,700,000
Total Assets $4,486,900,000
Intangible Assets $985,100,000
Total Liabilities $2,074,200,000
Shares Outstanding (Diluted Average) 59,100,000

Earnings Per Share History

Next Fiscal Year Estimate $8.49
Dec2015 $8.10
Dec2014 $7.14
Dec2013 $5.93
Dec2012 $5.20
Dec2011 $4.71
Dec2010 $3.19
Dec2009 $2.32
Dec2008 $4.07
Dec2007 $3.09
Dec2006 $1.69
Dec2005 $1.59
Dec2004 $1.40
Dec2003 $1.35
Dec2002 $1.81
Dec2001 $0.33
Dec2000 $2.53
Dec1999 $2.16
Dec1998 -$0.08
Dec1997 $2.44
Dec1996 $2.13

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $7.56
Dec2015 $6.80
Dec2014 $5.84
Dec2013 $4.89
Dec2012 $4.21
Dec2011 $3.63
Dec2010 $3.02
Dec2009 $2.81
Dec2008 $2.82
Dec2007 $2.08
Dec2006 $1.57
Dec2005 $1.44
Dec2004 $1.40
Dec2003 $1.48
Dec2002 $1.48
Dec2001 $1.37
Dec2000 $1.87

Recommended Reading:

Other ModernGraham posts about the company

The Best Companies of the Machinery Industry – August 2015
The 20 Best Stocks For Value Investors This Week – 8/15/15
Snap-on Inc. Analysis – August 2015 Update $SNA
21 Companies in the Spotlight This Week – 5/9/15
Snap-on Inc. Quarterly Valuation – May 2015 $SNA

Other ModernGraham posts about related companies

AGCO Corporation Valuation – February 2016 $AGCO
Joy Global Inc Valuation – February 2016 $JOY
Allegion PLC Valuation – February 2016 Update $ALLE
Rockwell Automation Inc Valuation – February 2016 Update $ROK
Parker Hannifin Corp Valuation – January 2016 Update $PH
Stanley Black & Decker Inc Valuation – January 2016 Update $SWK
Paccar Inc Valuation – January 2016 Update $PCAR
Xylem Inc Valuation – January 2016 Update $XYL
Xylem Inc Valuation – January 2016 Update $XYL
Roper Technologies Inc Valuation – January 2016 Update $ROP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Snap-on Inc. Valuation – November 2015 Update $SNA

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Most Undervalued Companies for the Defensive Investor – October 2015.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Snap-on Inc. (SNA) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Snap-on Incorporated (Snap-on) is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. The Company’s products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, Government and military, mining, natural resources, power generation and technical education. The Company’s business segments include Commercial & Industrial Group, the Snap-on Tools Group, the Repair Systems & Information Group and Financial Services. It offers its products under the brand names: Snap-on, ATI, BAHCO, Blackhawk, Blue-Point, Cartec, CDI, Challenger, Fish and Hook, Hofmann, Irimo, John Bean, Lindstrom, Mitchell1, Nexiq, Pro-Cut, Sandflex, ShopKey, Sioux, Sun and Williams.

[level-free]

To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Here is a free sample valuation pdf, and here is a post detailing what can be found within each individual company’s valuation.

[/level-free]
[level-mg-stocks-screens-subscriber]

Downloadable PDF version of this valuation:

ModernGraham Valuation of SNA – November 2015

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $9,795,921,726 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 2.49 Pass
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 137.63% Pass
6. Moderate PEmg Ratio PEmg < 20 24.99 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.22 Fail
Score
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 2.49 Pass
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 0.74 Pass
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

SNA value Chart November 2015

EPSmg $6.75
MG Growth Estimate 12.87%
MG Value $231.14
Opinion Undervalued
MG Value based on 3% Growth $97.88
MG Value based on 0% Growth $57.38
Market Implied Growth Rate 8.24%
Current Price $168.68
% of Intrinsic Value 72.98%

Snap-on Inc. qualifies for the Enterprising Investor but not the more conservative Defensive Investor.  The Defensive Investor is concerned with the high PEmg and PB ratios.  The Enterprising Investor has no initial concerns.  As a result, all Enterprising Investors following the ModernGraham approach based on Benjamin Graham’s methods should feel comfortable proceeding with further research into the company.

As for a valuation, the company appears to be undervalued after growing its EPSmg (normalized earnings) from $3.63 in 2011 to an estimated $6.75 for 2015.  This level of demonstrated earnings growth outpaces the market’s implied estimate of 8.24% annual earnings growth over the next 7-10 years.  As a result, the ModernGraham valuation model, based on Benjamin Graham’s formula, returns an estimate of intrinsic value above the price.

The next part of the analysis is up to individual investors, and requires discussion of the company’s prospects.  What do you think?  What value would you put on Snap-on Inc. (SNA)?  Where do you see the company going in the future?  Is there a company you like better?  Leave a comment on our Facebook page or mention @ModernGraham on Twitter to discuss.

Stage 3: Information for Further Research

SNA Charts November 2015

Net Current Asset Value (NCAV) -$3.00
Graham Number $85.34
PEmg 24.99
Current Ratio 2.49
PB Ratio 4.22
Dividend Yield 1.26%
Number of Consecutive Years of Dividend Growth 6

 

[/level-mg-stocks-screens-subscriber]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Total Current Assets $1,952,900,000
Total Current Liabilities $785,500,000
Long-Term Debt $864,100,000
Total Assets $4,491,400,000
Intangible Assets $994,100,000
Total Liabilities $2,130,400,000
Shares Outstanding (Diluted Average) 59,100,000

Earnings Per Share History

Next Fiscal Year Estimate $7.96
Dec14 $7.14
Dec13 $5.93
Dec12 $5.20
Dec11 $4.71
Dec10 $3.19
Dec09 $2.32
Dec08 $4.07
Dec07 $3.09
Dec06 $1.69
Dec05 $1.59
Dec04 $1.40
Dec03 $1.35
Dec02 $1.81
Dec01 $0.33
Dec00 $2.53
Dec99 $2.16
Dec98 -$0.08
Dec97 $2.44
Dec96 $2.13
Dec95 $1.84

Earnings Per Share – ModernGraham History

Next Fiscal Year Estimate $6.75
Dec14 $5.84
Dec13 $4.89
Dec12 $4.21
Dec11 $3.63
Dec10 $3.02
Dec09 $2.81
Dec08 $2.82
Dec07 $2.08
Dec06 $1.57
Dec05 $1.44
Dec04 $1.40
Dec03 $1.48
Dec02 $1.48
Dec01 $1.37
Dec00 $1.87
Dec99 $1.59

Recommended Reading:

Other ModernGraham posts about the company

The Best Companies of the Machinery Industry – August 2015
The 20 Best Stocks For Value Investors This Week – 8/15/15
Snap-on Inc. Analysis – August 2015 Update $SNA
21 Companies in the Spotlight This Week – 5/9/15
Snap-on Inc. Quarterly Valuation – May 2015 $SNA

Other ModernGraham posts about related companies

Joy Global Inc. Valuation – November 2015 Update $JOY
Rockwell Automation Inc. Valuation – October 2015 Update $ROK
Paccar Inc. Analysis – October 2015 Update $PCAR
W.W. Grainger Inc. Analysis – October 2015 Update $GWW
My Personal Holdings: Deere & Company – October 2015 Update $DE
Allegion PLC Analysis – September 2015 Update $ALLE
Parker Hannifin Corporation Analysis – September 2015 Update $PH
Roper Technologies Inc. Analysis – September 2015 Update $ROP
My Personal Holdings: Dover Corporation – September 2015 Update $DOV
Xylem Inc. Analysis – August 2015 Update $XYL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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