08-10-2018: Stanley Black & Decker, Inc. (SWK): Acquiring Too Much to Absorb?

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Recommendation

Stanley Black & Decker, Inc.

Stanley Black & Decker Inc. (SWK) has been gobbling up competitive tool makers right and left. Some were smaller, but one, Black & Decker, was almost the same size when the boards of each company decided to merge in 2010. The ticker symbol alone suggests which of the two companies was really the "survivor" although they retain some of their separate identities. But not just Black and Decker, Stanley also acquired big names like DeWalt and Sears Craftsman. It has a large amount of business overseas and acquired overseas competitors like Swedish company Niscayah Group AB (for $1.2 billion in cash) and CRD-Evans International.

This huge company has gobbled up so many competitors that it wound up with quite a bit of debt and a negative tangible asset value. Mergers resulted in elimination of redundant operations and cost savings, but we think some of the troubled companies SWK acquired retained their troubles to the extent that they provided a drag on Stanley earnings. Earnings growth has been substantial but stock share price has been outpacing it.

The Zenith Index is acceptable but very marginal. Researchers are somewhat positive but marginally so. However, both Market Grader and Standard & Poor's are positive on business prospects. Analysts are a bit optimistic. One big problem for this corporation is the amount of overseas business it does which is threatened by the incredibly ignorant policies of the Republican Party and the U.S. President starting trade wars all over the world. The CEO of Stanley Black & Decker has spent a great deal of time preparing contingency plans for tariff wars.

The industry group as a whole is moderately strong. We feel the relative quality of Stanley versus Black & Decker products favors Stanley, and wonder if the merger will be a drag on the Stanley Tool Works brand name. Stanley has been around for a very long time, to the extent that the tearing down of its original factory became a major historical site issue in Connecticut. Stanley prides itself on community involvement, but on that issue, the plant was ultimately destroyed.

Institutions have been net sellers but Dimensional Fund Advisors is among major shareholders (also selling) and its presence we regard as a good sign.

Some of our technical indicators see the stock as going into a recovery mode after a pullback. This begins to look like a channeling stock in the bottom of a recent trading range. At the same time, there appear to be enough reservations to suggest it might make a good covered option write position to stay within a certain range for the foreseeable future. Argus, among others, sees it that way.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Stanley Black & Decker, Inc. (SWK)                        Exchange: NYSE
1000 Stanley Drive
New Britain, CT 06053            Sector: Industrials
United States                    Industry: Tools & Accessories

Stanley Black & Decker, Inc. provides tools and storage, engineered
fastening and infrastructure, and security solutions worldwide. The
company's Tools & Storage segment offers professional products,
including corded and cordless electric power tools and equipment,
drills, impact wrenches and drivers, grinders, saws, routers, and
sanders, as well as pneumatic tools and fasteners, including nail guns,
nails, staplers and staples, and concrete and masonry anchors; and
consumer products, such as lawn and garden products comprising hedge and
string trimmers, lawn mowers, and edgers and related accessories, as
well as home products, such as hand-held vacuums, paint tools, and
cleaning appliances. It also offers hand tools, including planes,
hammers, demolition tools, clamps, vises, knives, chisels, and
industrial and automotive tools, as well as measuring, leveling, and
layout tools; power tool accessories; and storage products. The
company's Industrial segment sells engineered fastening products and
systems, which include blind rivets and tools, blind inserts and tools,
drawn arc weld studs and systems, engineered plastic and mechanical
fasteners, self-piercing riveting systems, precision nut running
systems, micro fasteners, and high-strength structural fasteners; sells
and rents custom pipe handling, joint welding, and coating equipment;
provides pipeline inspection services; and sells hydraulic tools and
accessories. Its Security segment provides alarm and fire alarm
monitoring, video surveillance, systems integration, and system
maintenance solutions; sells healthcare solutions, which include asset
tracking, wander and fall management, and emergency call products, as
well as infant, pediatric, and patient protection products; and sells
automatic doors. The company was formerly known as The Stanley Works and
changed its name to Stanley Black & Decker, Inc. in March 2010. The
company was founded in 1843 and is headquartered in New Britain,
Connecticut.

Last Trade: 145.00                           52-Week Range: 176.62 - 130.56
Employees: 57,765                            Avg.Volume:   1,340,371 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 2; Shareholder Rights: 10; Compensation: 4.
         (A lower number means less governance risk.)

EPS:  6.65    Dividend Amount: $ 2.64          Yield:  1.82%
             Ex-Dividend Date: Sep 5, 2018     Payout Ratio:  37.89

Key Statistics:

    Trailing P/E:  21.81              Forward P/E (est.):  15.45
                                           Target Price: 177.36

Qrtly Stock Price Growth (yoy):   2.87%               Beta:   1.29
Qrtly S&P Index   Growth (yoy):  10.90%        Short Ratio:   1.75%
    Qrtly Revenue Growth (yoy):  15.17%         Shares Out:  153010000
   Qrtly Earnings Growth (yoy):   5.80%

          Book Value:  48.59                    Debt/Equity:  60.40%
    Price/Book Value:   2.99        Operating Profit Margin:  12.31%
         Price/Sales:   1.65                  Profit Margin:   7.57%
         Market Cap:  22,200,000,000       Return on Equity:  12.81%
    Enterprise Value:  26,750,000,000      Return on Assets:   5.24%

    Operating Cash Flow:  1,430,000,000
         Free Cash Flow:    594,210,000

Annual Income Statement (All numbers in thousands):
  Period Ending                             12/30/2017  12/31/2016  1/2/2016

  Total Revenue                             12,747,200  11,406,900  11,171,800
  Cost of Revenue                            7,922,400   7,139,700   7,099,800
  Gross Profit                               4,824,800   4,267,200   4,072,000

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          2,942,400   2,602,000   2,459,100
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                     289,700     175,800     213,100
  Total Operating Expenses                  11,154,500   9,939,400   9,799,300

Operating Income or Loss                     1,592,700   1,467,500   1,372,500

Income from Continuing Operations:
  Total Other Income/Expenses Net              -66,600    -241,400    -221,700
  Earnings Before Interest & Taxes           1,592,700              1,467,500  E
arnings Before Interest & Taxes           1,372,500
  Interest Expense                            -182,500    -194,500    -180,400
  Income Before Taxes                        1,526,100   1,226,100   1,150,800
  Income Tax Expense                           300,500     261,200     248,600
  Minority Interest                              2,800       6,600      47,600


Net Income from Continuing Op.s              1,225,600     964,900     902,200

Non-recurring Events:
  Discontinued Operations                            0           0     -20,100
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                 1,226,000     965,300     883,700
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares            1,226,000     965,300     883,700



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/30/2017    12/31/2016    1/2/2016

  Net Income                             1,225,600       964,900       902,200

Operating Activities:
  Depreciation                             460,700       408,000       414,000
  Adjustments to Net Income                 -7,000       117,400       124,700
  Changes in Accounts Recv'bls                   0       -69,400       -41,300
  Changes in Liabilities                         0       150,500        -2,000
  Changes in Investories                         0       -23,900       -54,700
  Changes in other Oper'g Acts            -261,100       -62,700      -142,100

Total Cash Flow f Operations             1,418,600     1,485,200             0

Investing Activities:
  Capital Exenditures                     -442,400      -347,000      -311,400
  Investments                                    0             0             0
  Other Cash Flows fr Investing            -23,300        87,700        94,900

Total Cash Flows from Investing         -2,309,900      -284,000             0

Financing Activities:
  Dividends Paid                          -362,900      -330,900      -319,900
  Sale of Purchase of Stock                 90,800       407,000       135,300
  Net Borrowings                           -76,700         1,900       -14,900
  Other Cash Flows fr Financing             47,000      -137,000        94,900

Total Cash Flows from Financing            397,000      -433,100             0

  Effect of Exchange Rate Chg                    0             0             0

Change in Cash & Cash Equiv.              -132,900             0             0



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/30/2017    12/31/2016    1/2/2016
1
Current Assets:
  Cash & Cash Equivalents                   637,500     1,131,800       465,400
  Short Term Investments                          0             0             0
  Net Receivables                         1,635,900     1,302,800     1,331,800
  Inventory                               2,018,400     1,478,000     1,526,400
  Other Current Assets                      274,300       682,700       151,200
  Total Current Assets                    4,566,100     4,595,300     3,474,800

  Long-Term Investments                           0             0         1,400
  Property, Plant & Equipt                1,742,500     1,451,200     1,450,200
  Goodwill                                        0     6,694,000     7,084,300
  Intangible Assets                      12,283,500     2,299,500     2,541,500
  Accumulated Amortization                        0             0             0
  Other Assets                              487,800       401,700       388,300
  Deferred LT Asset Charges                       0             0             0

Total Assets                             19,079,900    15,634,900    15,127,800

Current Liabilities:
  Accounts Payable                        2,021,000     1,640,400     1,533,100
  Current Portion LT Debt                 3,831,700     3,874,700     3,848,500
  Other Current Liabilities                       0       407,200       570,600
  Total Current Liabilities               5,852,700     5,922,300      5,952,200

  Long Term Debt                          2,021,000     1,640,400     1,533,100
  Other Liabilities                       3,831,700     3,874,700     3,848,500
  Deferred LT Liab. Charges                       0       407,200       570,600
  Minority Interest                           2,800         6,600        47,600
  Negative Goodwill                           2,800         6,600        47,600

Total Liabilities                        12,273,700    12,382,700    12,465,800

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                            8,297,100       442,300       442,300
  Retained Earnings                               0     5,127,300     4,491,700
  Treasury Stock                                  0    -3,977,000    -3,544,100
  Capital Surplus                                 0     4,774,400     4,421,700
  Other Stockhohlder Equity                       0    -1,947,100    -1,729,100
  Total Stockholder Equity                8,297,100     6,367,000     5,811,600

Net Tangible Assets                      -3,986,400    -2,626,500    -3,814,200



Stanley Black & Decker, Inc. (SWK)          [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            1.2838          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  3.0000          Forward P/E Ratio < 28?    1.8123
Price/Sales Ratio < 2.3?   1.3939          Inventory/Sales < 5%?      0.3158
Sales < $1 Billion?        0.0784          Operating Margin < 7.5%?   0.6093

Balance Sheet Tests:
Debt/Equity < 0.40?        0.6623          Long-Term Debt Service:    2.3940
LTD Being Reduced?         3.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         0.3901          Working Capital >= 1.5?    1.9483
Leverage Ratio < 20%?      0.3212          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.1809
Share Equity Increase:     2.3987          Market Cap.< 1.5 Billion?  0.0676
                                           Intangibles < 3% Assets?   0.0466
Income Tests:
Profit Margin < 7.5%?      1.0093          EPS Annual Growth > 10%?   0.0787
Dividend Yield > 2.0%?     1.0989          EPS 3-yr Growth > 15?      0.1081
Enterprise Value/Revenue   1.7417          EPS Growth Consistent?     2.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.9607
EPS Qrtly Growth > 10%?    0.0172          Gross Pft/Cur. LTD > 1?    1.2592
                                           Borrowing Int. Rate < 6%? -0.9347
Stock Performance Tests:
Volatility > 25%?          1.0431          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               1.0320          % Held by Institut. < 50?  0.5872
50 Da MA > 200 Da MA?     -0.2187          % Held by Institut. > 30?  2.8383
52-Wk Change vs. S&P 500:  0.1892          Short Ratio > 5?           0.3500
Price/Book Value < 3?      1.0053          Short % of Float > 20?     0.0710
Return on Assets > 17%?    0.3082          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  2.4066          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  2.6017
                                           Cash Flow / Assets > 10%?  2.1622

SWK    Stanley Black & Decker, Inc.        Overall Zenith Index:      1.2374


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Financial Statements

STANLEY BLACK & DECKER INC  (SWK)           INCOME STATEMENT

Fiscal year ends in December.                        2013-12         2014-12         2015-12         2016-12         2017-12             TTM           

Revenue                                       11,001,199,616  11,338,600,448  11,171,800,064  11,406,900,224  12,747,200,512  13,457,099,776
Cost of revenue                                7,068,299,776   7,235,899,904   7,099,800,064   7,139,700,224   7,969,200,128   8,505,600,000
Gross profit                                   3,932,900,096   4,102,700,032   4,072,000,000   4,267,200,000   4,777,999,872   4,951,499,776


Operating expenses
Sales, General and administrative              2,700,900,096   2,575,000,064   2,459,099,904   2,601,999,872   2,977,900,032   3,125,100,032
Restructuring, merger and acquisition            176,100,000      18,800,000      47,600,000      49,000,000      51,500,000      64,000,000
Other operating expenses                        -162,400,000       2,100,000     -20,300,000     -27,100,000     -37,100,000     -52,700,000
Total operating expenses                       2,714,599,936   2,595,899,904   2,486,400,000   2,623,899,904   2,992,300,032   3,136,399,872

Operating income                               1,218,300,032   1,506,800,000   1,585,600,000   1,643,299,968   1,785,699,968   1,815,100,032
Interest Expense                                 160,400,000     177,200,000     180,400,000     194,500,000     222,600,000     247,500,000
Other income (expense)                          -471,300,000    -244,800,000    -254,400,000    -222,700,000     -37,000,000    -327,000,000
Income before taxes                              586,600,000   1,084,800,000   1,150,800,000   1,226,099,968   1,526,099,968   1,240,600,064
Provision for income taxes                        69,300,000     227,100,000     248,600,000     261,200,000     300,500,000     222,800,000
Net income from continuing operations            517,300,000     857,699,968     902,200,000     964,899,968   1,225,600,000   1,017,800,000
Net income from discontinuing ops                -28,000,000     -96,300,000     -20,100,000               0               0               0
Other                                              1,000,000        -500,000       1,600,000         400,000         400,000       1,100,000
Net income                                       490,300,000     760,899,968     883,699,968     965,299,968   1,226,000,000   1,018,899,968
Net income available to common shareholders      490,300,000     760,899,968     883,699,968     965,299,968   1,226,000,000   1,018,899,968

Earnings per share
Basic                                                   3.16            4.87            5.96            6.61            8.19            6.79 
Diluted                                                 3.09            4.76            5.79            6.51            8.04            6.65 

Weighted average shares outstanding
Basic                                            155,236,992     156,090,000     148,234,000     146,040,992     149,628,992     150,003,008
Diluted                                          158,776,000     159,736,992     152,706,000     148,207,008     152,448,992     153,080,000

____________________________________________________________________________________________________________________________________________


STANLEY BLACK & DECKER INC  (SWK)           BALANCE SHEET

Fiscal year ends in December.                        2013-12         2014-12         2015-12         2016-12         2017-12             

Assets

Current assets

Cash

Total cash                                       496,200,000     496,600,000     465,400,000   1,131,800,064     637,500,032
Receivables                                    1,562,400,000   1,320,999,936   1,274,099,968   1,240,199,936   1,550,400,000
Inventories                                    1,485,200,000   1,562,700,032   1,526,400,000   1,478,000,000   2,018,400,000
Prepaid expenses                                 171,000,000     180,500,000     177,400,000     193,200,000     234,600,000
Other current assets                             253,900,000     388,000,000     218,800,000     745,299,968     125,200,000
Total current assets                           3,968,699,904   3,948,800,000   3,662,099,968   4,788,499,968   4,566,099,968

Non-current assets

Property, plant and equipment
Gross property, plant and equipment            3,035,300,096   3,080,699,904   3,166,799,872   3,160,199,936   3,659,500,032
Accumulated Depreciation                      -1,550,000,000  -1,626,599,936  -1,716,600,064  -1,708,999,936  -1,916,999,936
Net property, plant and equipment              1,485,299,968   1,454,099,968   1,450,200,064   1,451,200,000   1,742,499,968

Goodwill                                       7,565,300,224   7,275,500,032   7,084,299,776   6,694,000,128   8,776,099,840
Intangible assets                              3,067,599,872   2,751,699,968   2,541,499,904   2,299,500,032   3,507,399,936
Other long-term assets                           448,200,000     419,000,000     434,200,000     401,700,000     487,800,000
Total non-current assets                      12,566,400,000  11,900,300,288  11,510,200,320  10,846,400,512  14,513,800,192

Total assets                                  16,535,100,416  15,849,100,288  15,172,299,776  15,634,899,968  19,079,899,136 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                  402,600,000       7,500,000       7,600,000      12,100,000     988,700,032
Accounts payable                               1,575,900,032   1,579,200,000   1,533,100,032   1,640,400,000   2,020,999,936
Taxes payable                                     87,800,000     139,200,000     157,600,000     117,600,000     142,100,000
Accrued liabilities                              838,000,000     754,800,000     677,000,000     696,600,000     839,299,968
Deferred revenues                                 79,700,000      84,400,000      89,200,000      81,900,000      98,900,000
Other current liabilities                        237,000,000     266,900,000     338,100,000     258,900,000     271,800,000
Total current liabilities                      3,220,999,936   2,832,000,000   2,802,599,936   2,807,500,032   4,361,800,192

Non-current liabilities
Long-term debt                                 3,799,399,936   3,839,800,064   3,836,600,064   3,815,300,096   2,843,000,064
Deferred taxes liabilities                       914,400,000     992,700,032     825,900,032     735,400,000     434,200,000
Pensions and other benefits                      744,200,000     749,900,032     669,400,000     644,300,032     629,900,032
Minority interest                                 81,300,000      82,800,000      47,600,000       6,600,000       2,800,000
Other long-term liabilities                      975,600,000     922,800,000   1,178,599,936   1,258,800,000   2,511,099,904
Total non-current liabilities                  6,514,899,968   6,588,000,256   6,558,099,968   6,460,400,128   6,421,000,192

Total liabilities                              9,735,900,160   9,420,000,256   9,360,700,416   9,267,900,416  10,782,799,872 

Stockholders' equity

Preferred stock                                            0               0               0               0     750,000,000
Common stock                                     389,100,000     398,700,000     407,400,000     416,400,000     423,500,000
Additional paid-in capital                     4,878,600,192   4,727,099,904   4,421,700,096   4,774,400,000   4,643,200,000
Retained earnings                              3,484,900,096   3,926,299,904   4,491,700,224   5,127,300,096   5,990,400,000
Treasury stock                                -1,454,400,000  -1,352,800,000  -1,815,000,064  -2,029,900,032  -1,924,099,968
Accumulated other comprehensive income          -499,000,000  -1,270,200,064  -1,694,200,064  -1,921,200,000  -1,585,900,032
Total stockholders' equity                     6,799,200,256   6,429,100,032   5,811,599,872   6,367,000,064   8,297,099,776
Total liabilities and stockholders' equity    16,535,100,416  15,849,100,288  15,172,299,776  15,634,899,968  19,079,899,136

____________________________________________________________________________________________________________________________________________


STANLEY BLACK & DECKER INC  (SWK)           Statement of CASH FLOW

Fiscal year ends in December. USD.                   2013-12         2014-12         2015-12         2016-12         2017-12             TTM           

Cash Flows From Operating Activities
Net income                                       490,300,000     760,899,968     883,699,968     965,299,968   1,226,000,000   1,018,200,000
Depreciation & amortization                      441,300,000     449,800,000     414,000,000     408,000,000     460,700,000     494,700,000
Amortization of debt discount/premium and is      10,300,000      -1,100,000               0               0      43,200,000               0
Investment/asset impairment charges               40,900,000      63,100,000       9,800,000      10,700,000               0               0
Deferred income taxes                           -135,700,000      42,400,000      -1,300,000     -25,700,000    -103,000,000               0
Stock based compensation                          66,400,000      57,100,000      67,900,000      81,200,000      78,700,000               0
Change in working capital                        -69,500,000    -111,800,000    -240,100,000      -5,500,000     -61,700,000    -146,100,000
Accounts receivable                               11,300,000      81,600,000     -41,300,000     -69,400,000    -200,600,000               0
Inventory                                       -101,900,000    -175,900,000     -54,700,000     -23,900,000    -303,000,000               0
Accounts payable                                 105,000,000      71,700,000      -9,700,000     159,700,000     240,400,000               0
Accrued liabilities                             -156,000,000      59,700,000     -59,000,000     -28,100,000     120,100,000               0
Other working capital                             72,100,000    -148,900,000     -75,400,000     -43,800,000      81,400,000    -146,100,000
Other non-cash items                              24,000,000      35,500,000      48,300,000      51,200,000    -225,300,000      62,700,000
Net cash provided by operating activities        868,000,000   1,295,900,032   1,182,300,032   1,485,200,000   1,418,599,936   1,429,500,032

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -365,600,000    -291,000,000    -311,400,000    -347,000,000    -442,400,000    -473,500,000
Acquisitions, net                               -840,400,000      -7,100,000     -17,600,000     -35,300,000  -1,844,199,936    -668,099,968
Purchases of investments                                   0     -61,400,000               0               0     -23,300,000               0
Sales/Maturities of investments                    3,600,000               0     137,700,000     104,700,000               0               0
Other investing activities                         4,000,000     -22,700,000     -13,700,000      -6,400,000      20,800,000    -218,900,000
Net cash used for investing activities        -1,198,400,000    -382,200,000    -205,000,000    -284,000,000  -2,289,100,032  -1,360,499,968

Cash Flows From Financing Activities
Debt issued                                      683,900,032               0               0               0               0               0
Debt repayment                                  -302,200,000     -46,600,000     -16,100,000               0               0               0
Preferred stock issued                                     0               0     632,499,968               0     726,000,000               0
Preferred stock repaid                                     0               0    -632,499,968               0               0               0
Common stock issued                              154,600,000      71,300,000     163,500,000     418,500,000      90,800,000      80,500,000
Common stock repurchased                        -370,400,000     -28,200,000    -649,800,000    -521,500,000     -28,700,000    -225,800,000
Dividend paid                                   -312,700,000    -321,300,000    -319,900,000    -330,900,000    -362,900,000    -378,800,000
Other financing activities                       302,300,000    -441,400,000     -53,300,000         800,000    -130,000,000     384,900,000
Net cash provided by (used for) financing        155,500,000    -766,200,000    -875,600,000    -433,100,000     295,200,000    -139,200,000

Effect of exchange rate changes                  -44,900,000    -147,100,000    -132,900,000    -101,700,000      81,000,000     -38,100,000
Net change in cash                              -219,800,000         400,000     -31,200,000     666,400,000    -494,300,000    -108,300,000
Cash at beginning of period                      716,000,000     496,200,000     496,600,000     465,400,000   1,131,800,064     539,500,032
Cash at end of period                            496,200,000     496,600,000     465,400,000   1,131,800,064     637,500,032     431,200,000

Free Cash Flow
Operating cash flow                              868,000,000   1,295,900,032   1,182,300,032   1,485,200,000   1,418,599,936   1,429,500,032
Capital expenditure                             -365,600,000    -291,000,000    -311,400,000    -347,000,000    -442,400,000    -473,500,000
Free cash flow                                   502,400,000   1,004,899,968     870,899,968   1,138,200,064     976,200,000     956,000,000
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (SWK)     Stanley Black & Decker Inc.

                               2013    2014    2015    2016    2017

          Annual Earnings:     3.06    4.76    5.79    6.51    8.04
Average Price During Year:    80.16   85.86  100.57  112.10  139.13

                P/E Ratio:    26.20   18.04   17.37   17.22   17.30

 Average 5-Year P/E Ratio  =  19.23
             Current Price =  143.24

Previous 5 Quarter Earnings:   1.82    1.80    1.83    1.11    1.93

           Current Annualized (Last Four Quarters) Earnings =   4.87
                                                           ________
                                 Average PE / Current PE =     0.65
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Fair Value Estimator

Fair Value Estimate:

Fair ValueFair Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for STANLEY BLACK & DECKER INC.:
Symbol? SWK
Total Months Available:  25
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 170.90  136.33    176.62  147.46    158.47  130.56

RANGE   = 176.62  TO  130.56            Close = 145.09
CHANNEL = 158.47  TO  147.46           Degree =   2
Volatility =   7.59%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant


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Point & Figure Chart

P & F Chart


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Wall Street Analyzer







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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

2 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison + 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow - 1
Average to Current P/E - 1
Ratios + 1
Market Grader + 1
Intrinsic Value DCF - 1
Fair Value Estimator - 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's + 1
MACD Histogram Divergence + 1
Val Idea - 1
Stock Consultant + 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart - 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total + 3
Place 210 shares of Stanley Black & Decker Inc.(SWK) on the Active List.