* Source: www.smartmoney.com R f : 4.42% Market Risk Premium: 4.00% (P/E) 5 : 15.35 Growth Adjustment Factor: 0.50 Gardner Denver IDEX Nordson Pentair Roper GDI IEX NDSN PNR ROP E 0 : $3.04 $2.39 $2.78 $2.23 $1.98 D 0 : $0.00 $0.48 $0.65 $0.52 $0.27 Analysts' g: 10.50% 14.40% 12.00% 15.00% 16.00% g: 5.25% 7.20% 6.00% 7.50% 8.00% b: 0.54 0.96 0.81 0.98 1.15 P 0 : $51.01 $42.16 $43.86 $36.90 $39.07 Value Estimate (present value of expected dividends and price in 5 years) V 0 : $43.82 $37.25 $42.58 $35.46 $30.31 Apparent Misvaluation misval: 16.41% 13.18% 3.00% 4.06% 28.92% Rank: 4 3 1 2 5 Implied Growth Rates g*: 8.50% 9.95% 6.53% 8.33% 13.80% Appropriate Discount Rate (from CAPM) R: 6.58% 8.26% 7.66% 8.34% 9.02% Forecasted Dividends D 1 : $0.00 $0.51 $0.69 $0.56 $0.29 D 2 : $0.00 $0.55 $0.73 $0.60 $0.31 D 3 : $0.00 $0.59 $0.77 $0.65 $0.34 D 4 : $0.00 $0.63 $0.82 $0.69 $0.37 D 5 : $0.00 $0.68 $0.87 $0.75 $0.40 Forecasted Earnings E 5 : $3.93 $3.38 $3.72 $3.20 $2.91
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* Source: www.smartmoney.com
R f : 4.42%
Market Risk Premium: 4.00%
(P/E)5: 15.35
Growth Adjustment Factor: 0.50
Gardner Denver IDEX Nordson Pentair Roper
GDI IEX NDSN PNR ROP
E0: $3.04 $2.39 $2.78 $2.23 $1.98
D0: $0.00 $0.48 $0.65 $0.52 $0.27
Analysts' g: 10.50% 14.40% 12.00% 15.00% 16.00%
g: 5.25% 7.20% 6.00% 7.50% 8.00%
b: 0.54 0.96 0.81 0.98 1.15
P0: $51.01 $42.16 $43.86 $36.90 $39.07
Value Estimate (present value of expected dividends and price in 5 years)
V0: $43.82 $37.25 $42.58 $35.46 $30.31
Apparent Misvaluation
misval: 16.41% 13.18% 3.00% 4.06% 28.92%
Rank: 4 3 1 2 5
Implied Growth Rates
g*: 8.50% 9.95% 6.53% 8.33% 13.80%
Appropriate Discount Rate (from CAPM)
R: 6.58% 8.26% 7.66% 8.34% 9.02%
Forecasted Dividends
D1: $0.00 $0.51 $0.69 $0.56 $0.29
D2: $0.00 $0.55 $0.73 $0.60 $0.31
D3: $0.00 $0.59 $0.77 $0.65 $0.34D4: $0.00 $0.63 $0.82 $0.69 $0.37
D5: $0.00 $0.68 $0.87 $0.75 $0.40
Forecasted Earnings
E5: $3.93 $3.38 $3.72 $3.20 $2.91
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Forecasted Price in 5 Years
P5: $60.26 $51.93 $57.10 $49.14 $44.65
Forecasted Dividends Using Implied Growth Rate
D1: $0.00 $0.53 $0.69 $0.56 $0.31
D2: $0.00 $0.58 $0.74 $0.61 $0.35
D3: $0.00 $0.58 $0.74 $0.61 $0.35
D4: $0.00 $0.58 $0.74 $0.61 $0.35
D5: $0.00 $0.95 $1.34 $1.03 $0.48
Forecasted Earnings Using Implied Growth Rate
E5: $4.57 $3.84 $3.81 $3.33 $3.78
Forecasted Price in 5 Years Based on Implied Growth Rate
P5: $70.15 $58.94 $58.54 $51.06 $57.99
Value Estimate
V0*: $51.01 $42.13 $43.82 $36.87 $39.06
Apparent Misvaluation
misval: 0.00% 0.07% 0.09% 0.09% 0.03%
g misval using g: 13.11%
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* Source: www.smartmoney.com
R f : 4.42%
Market Risk Premium: 4.00%
(P/S)5: 1.79
Growth Adjustment Factor: 0.50
Gardner Denver IDEX Nordson Pentair Roper
GDI IEX NDSN PNR ROP
S0: $52.58 $19.30 $22.97 $27.83 $15.35
D0: $0.00 $0.48 $0.65 $0.52 $0.27
Analysts' g: 10.50% 14.40% 12.00% 15.00% 16.00%
g: 5.25% 7.20% 6.00% 7.50% 8.00%
b: 0.54 0.96 0.81 0.98 1.15
P0: $51.01 $42.16 $43.86 $36.90 $39.07
Value Estimate (present value of expected dividends and price in 5 years)
V0: $88.22 $35.15 $41.07 $50.36 $27.48
Apparent Misvaluation
misval: -42.18% 19.93% 6.79% -26.73% 42.19%
Rank: 1 4 3 2 5
Implied Growth Rates
g*: -5.67% 11.30% 7.36% 0.74% 16.13%
Appropriate Discount Rate (from CAPM)
R: 6.58% 8.26% 7.66% 8.34% 9.02%
Forecasted Dividends
D1: $0.00 $0.51 $0.69 $0.56 $0.29
D2: $0.00 $0.55 $0.73 $0.60 $0.31
D3: $0.00 $0.59 $0.77 $0.65 $0.34D4: $0.00 $0.63 $0.82 $0.69 $0.37
D5: $0.00 $0.68 $0.87 $0.75 $0.40
Forecasted Sales
S5: $67.91 $27.32 $30.74 $39.95 $22.55
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Forecasted Price in 5 Years
P5: $121.32 $48.81 $54.92 $71.38 $40.29
Forecasted Dividends Using Implied Growth Rate
D1: $0.00 $0.53 $0.70 $0.52 $0.31
D2: $0.00 $0.59 $0.75 $0.53 $0.36
D3: $0.00 $0.59 $0.75 $0.53 $0.36
D4: $0.00 $0.59 $0.75 $0.53 $0.36
D5: $0.00 $0.97 $1.36 $0.89 $0.50
Forecasted Sales Using Implied Growth Rate
S5: $39.27 $32.97 $32.76 $28.88 $32.42
Forecasted Price in 5 Years Based on Implied Growth Rate
P5: $70.15 $58.90 $58.52 $51.60 $57.93
Value Estimate
V0*: $51.01 $42.16 $43.86 $36.90 $39.07
Apparent Misvaluation
misval: 0.00% 0.00% 0.00% 0.00% 0.00%
g misval using g: 0.00%
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* Source: www.smartmoney.com
R f : 4.42%
Market Risk Premium: 4.00%
(P/FCF)5: 19.80
Growth Adjustment Factor: 0.50
Gardner Denver IDEX Nordson Pentair Roper
GDI IEX NDSN PNR ROP
FCF0: $2.17 $2.28 $2.83 $2.09 $1.75
D0: $0.00 $0.48 $0.65 $0.52 $0.27
Analysts' g: 10.50% 14.40% 12.00% 15.00% 16.00%
g: 5.25% 7.20% 6.00% 7.50% 8.00%
b: 0.54 0.96 0.81 0.98 1.15
P0: $51.01 $42.16 $43.86 $36.90 $39.07
Value Estimate (present value of expected dividends and price in 5 years)
V0: $40.36 $45.32 $54.96 $42.35 $34.38
Apparent Misvaluation
misval: 26.39% -6.97% -20.20% -12.87% 13.65%
Rank: 5 3 1 2 4
Implied Growth Rates
g*: 10.30% 6.79% 2.51% 5.88% 11.66%
Appropriate Discount Rate (from CAPM)
R: 6.58% 8.26% 7.66% 8.34% 9.02%
Forecasted Dividends
D1: $0.00 $0.51 $0.69 $0.56 $0.29
D2: $0.00 $0.55 $0.73 $0.60 $0.31
D3: $0.00 $0.59 $0.77 $0.65 $0.34D4: $0.00 $0.63 $0.82 $0.69 $0.37
D5: $0.00 $0.68 $0.87 $0.75 $0.40
Forecasted Free Cash Flow
FCF5: $2.80 $3.23 $3.79 $3.00 $2.57
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Forecasted Price in 5 Years
P5: $55.50 $63.92 $75.00 $59.42 $50.92
Forecasted Dividends Using Implied Growth Rate
D1: $0.00 $0.51 $0.67 $0.55 $0.30
D2: $0.00 $0.55 $0.68 $0.58 $0.34
D3: $0.00 $0.55 $0.68 $0.58 $0.34
D4: $0.00 $0.55 $0.68 $0.58 $0.34
D5: $0.00 $0.89 $1.24 $0.99 $0.46
Forecasted Free Cash Flow Using Implied Growth Rate
FCF5: $3.54 $3.17 $3.20 $2.78 $3.04
Forecasted Price in 5 Years Based on Implied Growth Rate
P5: $70.15 $62.70 $63.44 $55.08 $60.17
Value Estimate
V0*: $51.01 $44.53 $46.98 $39.45 $40.43
Apparent Misvaluation
misval: 0.00% -5.33% -6.65% -6.46% -3.36%
g misval using g: 0.00%
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