(in Thousands of USD) 11/30/2020 11/30/2021 11/30/2022 11/30/2023 11/30/2024
Calculating Projected FCF
Marginal tax rate 39% 39% 39% 39% 39%
Reported income tax expense 621,757 582,680 537,749 494,011 450,433 Taxes reported but not paid 31,716 19,533 18,368 18,521 18,784 Actual taxes paid 590,041 563,146 519,381 475,491 431,649 Plus tax saved due to net interest expenses 42,437 28,917 18,964 9,942 2,927 Minus tax paid on non-operating income 4,598 4,827 5,031 5,243 5,463 Tax on operating income 627,880 587,237 533,313 480,189 429,113 Net operating profit after taxes (NOPAT) 1,080,918 984,706 895,914 811,805 731,242 NOPAT adjusted for extraordinary income 1,080,918 984,706 895,914 811,805 731,242 Operating current assets 1,140,169 1,207,234 1,268,040 1,330,402 1,394,840 Operating current liabilities 562,025 590,051 615,064 640,909 667,828 Net operating working capital 578,144 617,184 652,976 689,493 727,012 Operating long term capital 3,767,964 3,995,748 4,202,758 4,414,829 4,633,702 Operating capital (adjusted for any special asset impairment of accounting changes) 4,346,108 4,612,931 4,855,734 5,104,322 5,360,714 Investment in operating capital 641,130 266,823 242,802 248,588 256,392 Free cash flow (including extraordinary income) 439,788 717,883 653,111 563,217 474,850 Calculating Projected ROIC
ROIC (NOPAT/ Beginning capital) 29.17% 22.66% 19.42% 16.72% 14.33%
Projected Growth Rates
Growth in Sales 20.00% 4.99% 4.24% 4.20% 4.20%
Growth in operating capital 17.30% 6.14% 5.26% 5.12% 5.02%
Calculating Value
WACC 10.34% 10.34% 10.34% 10.34% 10.34%
Assumed long-term return on invested capital Horizon value
Value of operations 3,227,755 2,843,468 2,484,236 2,177,771 1,927,999 Value of operations adjusted for half-year convention 3,390,452 2,986,795 2,609,456 2,287,543 2,025,181 Value of investments 133,344 139,993 145,928 319,786 714,690 Total value of firm 3,523,796 3,126,789 2,755,384 2,607,328 2,739,872 Value of all debt, preferred stock, and other nonoperating liabilities 1,789,722 1,166,553 603,202 297,735 308,429
Value of equity 1,734,075 1,960,236 2,152,182 2,309,593 2,431,443
Number of shares 51,241 51,241 51,241 51,241 51,241
Estimated price per share, end of fiscal year $ 33.84 $ 38.26 $ 42.00 $ 45.07 $ 47.45
Company: H.B. Fuller
Analyst: Kevin
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2019 2018 2017 2016 2015 --- --- --- --- --- --- Net Sales 100.00% 100.00% 100.00% 100.00% 100.00% Less: Cost of Goods Sold 72.15% 72.48% 73.84% 70.89% 72.74% --- --- --- --- --- Gross Profit 27.85% 27.52% 26.16% 29.11% 27.26%
Other Operating Revenue 0.00% 0.00% 0.00% 0.00% 0.00% Less: Operating Expenses 20.05% 19.14% 20.69% 19.46% 19.08% --- --- --- --- --- Operating Income 7.80% 8.38% 5.47% 9.65% 8.18%
Less: Interest Expense 3.57% 3.65% 1.90% 1.31% 1.20% (no capitalized interest)
Other Income (Expenses) 1.73% 0.43% -1.03% -0.36% -0.12% Unusual or Infreq. Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.01% -0.22% Equity in Earnings of Assoc.;
Profit (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% --- --- --- --- --- Income before Taxes 5.97% 5.15% 2.55% 7.99% 6.64%
Less:Taxes Related to Operations 1.71% -0.21% 0.39% 2.41% 2.68% --- --- --- --- --- N.I. before Min. Ern. 4.26% 5.36% 2.15% 5.59% 3.96%
Minority Share of Earnings (Loss) 0.26% 0.27% 0.37% 0.34% 0.26% --- --- --- --- --- N.I. before Nonrecurring Items 4.52% 5.63% 2.53% 5.93% 4.22%
Oper. of Discontinued Segment;
Income (Loss) 0.00% 0.00% 0.00% 0.00% -0.06% Disposal of Discont. Segment;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% Extraordinary Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% Cum. Effect of Acct Change;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% --- --- --- --- --- Net Income (Loss) 4.52% 5.63% 2.53% 5.93% 4.16% ========================================= ========== ========== ========== ========== ========== BALANCE SHEET 2019 2018 2017 2016 2015 --- --- --- --- --- --- ASSETS Current Assets: Cash 2.81% 3.61% 4.46% 6.91% 5.84% Marketable Securities 0.00% 0.00% 0.00% 0.00% 0.00% Gross Receivables 12.64% 11.97% 11.13% 17.66% 18.44% Less: Allowance for Bad Debts 0.27% 0.34% 0.27% 0.60% 0.58% Net Trade Receivables 12.37% 11.63% 10.86% 17.06% 17.86% Inventories 8.46% 8.52% 8.24% 12.02% 12.17% Prepaid Expenses 0.00% 0.00% 0.00% 0.00% 0.00% Other Current Assets 2.28% 2.29% 2.69% 3.42% 3.36% --- --- --- --- --- Total Current Assets 25.93% 26.05% 26.26% 39.41% 39.22% Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 14.44% 14.30% 14.08% 22.58% 22.94% Construction in Progress 1.36% 0.95% 1.29% 2.46% 2.17% Intangible Assets 52.22% 53.01% 53.63% 27.77% 27.77% Investments 0.00% 0.00% 0.00% 0.00% 0.00% Other Nonoperating Assets 0.00% 0.00% 0.00% 0.00% 0.00% Other Operating Assets 6.06% 5.69% 4.75% 7.78% 7.89% --- --- --- --- --- Total Long-Term Assets 74.07% 73.95% 73.74% 60.59% 60.78% Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 7.50% 6.55% 6.16% 7.92% 8.71% Short Term Loans 0.39% 0.35% 0.72% 1.81% 1.51% Current Maturity of L.t. Debt 1.63% 2.18% 0.49% 3.90% 1.10% Other Current Liabilities 4.08% 3.99% 4.21% 5.41% 5.80% --- --- --- --- --- Total Current Liabilities 13.60% 13.08% 11.58% 19.04% 17.11% Long-Term Liabilities: Long-term Debt 47.63% 51.29% 55.01% 28.57% 32.79% Reserves 0.00% 0.00% 0.00% 0.00% 0.00% Deferred Liabilities 0.00% 0.00% 0.00% 0.00% 0.00% Minority Interest 0.00% 0.00% 0.00% 0.00% 0.00% Redeemable Preferred 0.00% 0.00% 0.00% 0.00% 0.00% Other Long-term Liabilities 8.09% 8.03% 9.47% 6.59% 7.13% --- --- --- --- --- Total Long-term Liabilities 55.72% 59.33% 64.48% 35.17% 39.92% Total Liabilities 69.32% 72.40% 76.06% 54.21% 57.03% Shareholders' Equity:
Preferred Equity 0.00% 0.00% 0.00% 0.00% 0.00% Common Equity-incl. Ret. Ern. 30.68% 27.60% 23.94% 45.59% 42.76% --- --- --- --- --- Total Equity 30.68% 27.60% 23.94% 45.59% 42.76% Total Liabilities and Equity 100.00% 100.00% 100.00% 99.79% 99.79% ========================================= =========== =========== =========== =========== ===========
Company: Ferro Corp
Analyst: Kevin
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2019 2018 2017 2016 2015 --- --- --- --- --- --- Net Sales 100.00% 100.00% 100.00% 100.00% 100.00% Less: Cost of Goods Sold 69.68% 71.72% 70.20% 69.33% 71.95% --- --- --- --- --- Gross Profit 30.32% 28.28% 29.80% 30.67% 28.05%
Other Operating Revenue 0.00% 0.00% 0.00% 0.00% 0.00% Less: Operating Expenses 20.87% 17.28% 18.51% 21.10% 20.17% --- --- --- --- --- Operating Income 9.46% 11.00% 11.28% 9.56% 7.88%
Less: Interest Expense 2.06% 2.03% 1.92% 1.83% 1.38% (no capitalized interest)
Other Income (Expenses) -1.15% -0.99% 0.12% 0.23% 0.10% Unusual or Infreq. Item;
Gain (Loss) -1.98% -1.33% -1.29% -2.52% -1.32% Equity in Earnings of Assoc.;
Profit (Loss) 0.00% -0.20% -0.28% 0.00% 0.00% --- --- --- --- --- Income before Taxes 4.27% 6.45% 7.91% 5.45% 5.29%
Less:Taxes Related to Operations 0.80% 1.43% 3.78% 1.56% -4.19% --- --- --- --- --- N.I. before Min. Ern. 3.48% 5.02% 4.14% 3.89% 9.48%
Minority Share of Earnings (Loss) -2.75% 0.00% 0.00% -5.63% -3.42% --- --- --- --- --- N.I. before Nonrecurring Items 0.73% 5.02% 4.14% -1.74% 6.06%
Oper. of Discontinued Segment;
Income (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% Disposal of Discont. Segment;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% Extraordinary Item;
Gain (Loss) 0.00% 0.00% 0.00% 0.00% 0.00% Cum. Effect of Acct Change;
Gain (Loss) -0.14% -0.05% -0.05% -0.08% 0.09% --- --- --- --- --- Net Income (Loss) 0.59% 4.97% 4.08% -1.82% 6.16% ========================================= ========== ========== ========== ========== ========== BALANCE SHEET 2019 2018 2017 2016 2015 --- --- --- --- --- --- ASSETS Current Assets: Cash 5.24% 5.75% 3.78% 3.55% 4.76% Marketable Securities 0.00% 0.00% 0.00% 0.00% 0.00% Gross Receivables 7.50% 17.24% 21.53% 20.23% 19.57% Less: Allowance for Bad Debts 0.10% 0.30% 0.46% 0.00% 0.64% Net Trade Receivables 7.40% 16.93% 21.07% 20.23% 18.93% Inventories 14.42% 19.70% 19.27% 17.90% 15.09% Prepaid Expenses 0.00% 0.00% 0.00% 0.00% 0.99% Other Current Assets 21.07% 6.35% 4.97% 3.65% 5.39% --- --- --- --- --- Total Current Assets 48.14% 48.73% 49.09% 45.34% 45.15% Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 16.35% 21.04% 19.13% 20.41% 21.25% Construction in Progress 0.00% 0.00% 0.00% 0.00% 0.00% Intangible Assets 16.35% 22.15% 22.77% 22.29% 20.59% Investments 0.00% 0.00% 0.00% 0.00% 0.00% Other Nonoperating Assets 12.59% 2.37% 2.60% 3.67% 5.87% Other Operating Assets 6.56% 5.71% 6.42% 8.29% 7.13% --- --- --- --- --- Total Long-Term Assets 51.86% 51.27% 50.91% 54.66% 54.85% Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 7.57% 14.16% 12.59% 9.94% 9.82% Short Term Loans 4.02% 4.30% 4.17% 5.08% 4.46% Current Maturity of L.t. Debt 0.47% 0.57% 1.49% 1.35% 0.61% Other Current Liabilities 8.75% 2.21% 2.87% 2.79% 2.92% --- --- --- --- --- Total Current Liabilities 20.81% 21.23% 21.12% 19.16% 17.81% Long-Term Liabilities: Long-term Debt 43.54% 44.75% 43.19% 43.40% 38.04% Reserves 0.00% 0.00% 0.00% 0.00% 0.00% Deferred Liabilities 0.00% 0.00% 0.00% 0.00% 0.00% Minority Interest 0.00% 0.00% 0.00% 0.00% 0.00% Redeemable Preferred 0.00% 0.00% 0.00% 0.00% 0.00% Other Long-term Liabilities 15.47% 12.73% 14.49% 17.57% 17.69% --- --- --- --- --- Total Long-term Liabilities 59.01% 57.48% 57.68% 60.97% 55.73% Total Liabilities 79.82% 78.71% 78.80% 80.13% 73.54% Shareholders' Equity:
Preferred Equity 0.00% 0.00% 0.00% 0.00% 0.00% Common Equity-incl. Ret. Ern. 20.18% 21.29% 21.20% 19.87% 26.46% --- --- --- --- --- Total Equity 20.18% 21.29% 21.20% 19.87% 26.46% Total Liabilities and Equity 100.00% 100.00% 100.00% 100.00% 100.00% ========================================= =========== =========== =========== =========== ===========
Company: H.B. Fuller
Analyst: Kevin
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2019 2018 2017 2016 2015 --- --- Net Sales 139.03% 145.95% 110.67% 100.53% 100.00% Less: Cost of Goods Sold 137.90% 145.43% 112.36% 97.97% 100.00%
--- Gross Profit 142.05% 147.33% 106.18% 107.35% 100.00%
Other Operating Revenue #N/A #N/A #N/A #N/A #N/A Less: Operating Expenses 146.12% 146.43% 119.99% 102.54% 100.00%
--- Operating Income 132.56% 149.43% 73.99% 118.58% 100.00%
Less: Interest Expense 412.80% 443.60% 174.66% 109.34% 100.00% (no capitalized interest)
Other Income (Expenses) -2033.31% -525.68% 963.08% 306.25% 100.00% Unusual or Infreq. Item;
Gain (Loss) 0.00% 0.00% 0.00% -3.61% 100.00% Equity in Earnings of Assoc.;
Profit (Loss) #N/A #N/A #N/A #N/A #N/A
--- Income before Taxes 124.93% 113.29% 42.43% 121.02% 100.00%
Less:Taxes Related to Operations 88.46% -11.38% 16.27% 90.30% 100.00% --- N.I. before Min. Ern. 149.62% 197.70% 60.14% 141.82% 100.00%
Minority Share of Earnings (Loss) 134.74% 148.01% 157.18% 130.04% 100.00% --- N.I. before Nonrecurring Items 148.69% 194.60% 66.20% 141.09% 100.00%
Oper. of Discontinued Segment;
Income (Loss) 0.00% 0.00% 0.00% 0.00% 100.00% Disposal of Discont. Segment;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Cum. Effect of Acct Change;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
--- Net Income (Loss) 150.92% 197.52% 67.19% 143.20% 100.00% ========================================= =========== =========== =========== =========== =========== BALANCE SHEET 2019 2018 2017 2016 2015 --- --- ASSETS Current Assets: Cash 94.15% 126.54% 163.13% 119.37% 100.00% Marketable Securities #N/A #N/A #N/A #N/A #N/A Gross Receivables 133.79% 132.71% 128.88% 96.51% 100.00% Less: Allowance for Bad Debts 89.82% 118.10% 98.12% 103.51% 100.00% Net Trade Receivables 135.23% 133.18% 129.89% 96.28% 100.00% Inventories 135.72% 143.08% 144.67% 99.56% 100.00% Prepaid Expenses #N/A #N/A #N/A #N/A #N/A Other Current Assets 132.10% 139.29% 170.93% 102.63% 100.00%
--- Total Current Assets 129.00% 135.79% 142.94% 101.27% 100.00% Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 122.83% 127.39% 131.00% 99.19% 100.00% Construction in Progress 122.56% 89.53% 127.23% 114.03% 100.00% Intangible Assets 366.93% 390.22% 412.29% 100.78% 100.00%
Investments #N/A #N/A #N/A #N/A #N/A
Other Nonoperating Assets #N/A #N/A #N/A #N/A #N/A Other Operating Assets 149.77% 147.49% 128.45% 99.36% 100.00%
--- Total Long-Term Assets 237.86% 248.75% 259.08% 100.47% 100.00% Total Assets 195.16% 204.44% 213.52% 100.78% 100.00% LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 168.03% 153.70% 150.94% 91.62% 100.00% Short Term Loans 51.15% 48.02% 102.31% 121.38% 100.00% Current Maturity of L.t. Debt 288.89% 405.44% 95.62% 356.35% 100.00% Other Current Liabilities 137.29% 140.83% 154.95% 94.06% 100.00% --- Total Current Liabilities 155.11% 156.25% 144.46% 112.11% 100.00% Long-Term Liabilities:
Long-term Debt 283.51% 319.82% 358.26% 87.83% 100.00%
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities #N/A #N/A #N/A #N/A #N/A Minority Interest #N/A #N/A #N/A #N/A #N/A Redeemable Preferred #N/A #N/A #N/A #N/A #N/A Other Long-term Liabilities 221.44% 230.40% 283.51% 93.22% 100.00%
--- Total Long-term Liabilities 272.42% 303.85% 344.91% 88.80% 100.00% Total Liabilities 237.22% 259.55% 284.76% 95.79% 100.00% Shareholders' Equity:
Preferred Equity #N/A #N/A #N/A #N/A #N/A Common Equity-incl. Ret. Ern. 140.02% 131.93% 119.55% 107.44% 100.00%
--- Total Equity 140.02% 131.93% 119.55% 107.44% 100.00% Total Liabilities and Equity 195.57% 204.87% 213.96% 100.78% 100.00% ========================================= =========== =========== =========== =========== ===========
Company: Ferro Corp
Analyst: Kevin
Most Recent Year Available: 2019
Years Available for:
Income Statement (1-5) 5 Balance Sheet (1-5) 5 ========================================= =========== =========== =========== =========== =========== INCOME STATEMENT 2019 2018 2017 2016 2015 --- --- Net Sales 94.70% 149.94% 129.89% 106.51% 100.00% Less: Cost of Goods Sold 91.71% 149.48% 126.74% 102.64% 100.00%
--- Gross Profit 102.37% 151.13% 137.97% 116.42% 100.00%
Other Operating Revenue #N/A #N/A #N/A #N/A #N/A Less: Operating Expenses 97.96% 128.43% 119.23% 111.44% 100.00%
--- Operating Income 113.62% 209.21% 185.91% 129.17% 100.00%
Less: Interest Expense 141.74% 220.93% 181.44% 141.33% 100.00% (no capitalized interest)
Other Income (Expenses) -1118.51% -1523.85% 154.77% 253.82% 100.00% Unusual or Infreq. Item;
Gain (Loss) 142.20% 151.82% 126.95% 203.63% 100.00% Equity in Earnings of Assoc.;
Profit (Loss) #N/A #N/A #N/A #N/A #N/A
--- Income before Taxes 76.50% 182.83% 194.30% 109.79% 100.00%
Less:Taxes Related to Operations -18.00% -51.10% -116.96% -39.62% 100.00% --- N.I. before Min. Ern. 34.71% 79.38% 56.65% 43.71% 100.00%
Minority Share of Earnings (Loss) 76.07% 0.00% 0.00% 175.27% 100.00% --- N.I. before Nonrecurring Items 11.37% 124.15% 88.60% -30.50% 100.00%
Oper. of Discontinued Segment;
Income (Loss) #N/A #N/A #N/A #N/A #N/A Disposal of Discont. Segment;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Extraordinary Item;
Gain (Loss) #N/A #N/A #N/A #N/A #N/A
Cum. Effect of Acct Change;
Gain (Loss) -138.25% -85.64% -71.69% -93.37% 100.00% --- Net Income (Loss) 9.12% 120.99% 86.19% -31.45% 100.00% ========================================= =========== =========== =========== =========== =========== BALANCE SHEET 2019 2018 2017 2016 2015 --- --- ASSETS Current Assets: Cash 164.79% 178.66% 108.86% 78.08% 100.00% Marketable Securities #N/A #N/A #N/A #N/A #N/A Gross Receivables 57.38% 130.29% 151.09% 108.31% 100.00% Less: Allowance for Bad Debts 22.56% 70.71% 100.48% 0.00% 100.00% Net Trade Receivables 58.54% 132.29% 152.79% 111.95% 100.00% Inventories 143.15% 193.12% 175.37% 124.34% 100.00% Prepaid Expenses 0.00% 0.00% 0.00% 0.00% 100.00% Other Current Assets 585.69% 174.40% 126.65% 71.06% 100.00% --- Total Current Assets 159.62% 159.64% 149.24% 105.19% 100.00% Long-Term Assets:
Net Tangible (Fixed) Assets (other than
construction in progress) 115.20% 146.43% 123.54% 100.61% 100.00% Construction in Progress #N/A #N/A #N/A #N/A #N/A Intangible Assets 118.92% 159.10% 151.80% 113.41% 100.00%
Investments #N/A #N/A #N/A #N/A #N/A
Other Nonoperating Assets 321.11% 59.67% 60.77% 65.50% 100.00% Other Operating Assets 137.78% 118.43% 123.62% 121.82% 100.00% --- Total Long-Term Assets 141.57% 138.26% 127.44% 104.42% 100.00% Total Assets 149.72% 147.91% 137.28% 104.77% 100.00% LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable 115.33% 213.14% 175.87% 106.04% 100.00% Short Term Loans 134.93% 142.68% 128.33% 119.28% 100.00% Current Maturity of L.t. Debt 116.88% 137.79% 337.58% 232.47% 100.00% Other Current Liabilities 448.95% 111.89% 134.87% 100.33% 100.00% --- Total Current Liabilities 174.93% 176.34% 162.76% 112.74% 100.00% Long-Term Liabilities:
Long-term Debt 171.39% 174.02% 155.86% 119.54% 100.00%
Reserves #N/A #N/A #N/A #N/A #N/A
Deferred Liabilities #N/A #N/A #N/A #N/A #N/A Minority Interest #N/A #N/A #N/A #N/A #N/A Redeemable Preferred #N/A #N/A #N/A #N/A #N/A Other Long-term Liabilities 130.95% 106.42% 112.50% 104.06% 100.00%
--- Total Long-term Liabilities 158.55% 152.57% 142.10% 114.63% 100.00% Total Liabilities 162.52% 158.32% 147.11% 114.17% 100.00% Shareholders' Equity:
Preferred Equity #N/A #N/A #N/A #N/A #N/A Common Equity-incl. Ret. Ern. 114.16% 118.99% 109.99% 78.65% 100.00%
--- Total Equity 114.16% 118.99% 109.99% 78.65% 100.00% Total Liabilities and Equity 149.72% 147.91% 137.28% 104.77% 100.00% ========================================= =========== =========== =========== =========== ===========
REFERENCES
(n.d.). Retrieved April 10, 2020, from https://www.mergentonline.com/compsearch.asp
(n.d.). Retrieved April 10, 2020, from http://pages.stern.nyu.edu/~adamodar/
American Society of Appraisers. “Cost of Capital Professional: Business Valuation Resources.” Cost of Capital Professional | Business Valuation Resources, 2019, www.bvresources.com/products/cost-of-capital-professional.
Annual Reports. (n.d.). Retrieved April 10, 2020, from https://investors.hbfuller.com/annual-
reports
EDGAR: Company Filings. (n.d.). Retrieved April 10, 2020, from
https://www.sec.gov/edgar/searchedgar/companysearch.html
H. B. Fuller Company (FUL) Stock Price, Quote, History & News. (2020, April 11).
Retrieved April 10, 2020, from https://finance.yahoo.com/quote/FUL/
News. (n.d.). Retrieved April 10, 2020, from https://www.hbfuller.com/en/north-
america/news-and-events/press-releases/first-quarter-fiscal-year-2020-results
Ratings, Interest Coverage Ratios and Default Spread. (n.d.). Retrieved April 13, 2020, from
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htm
Sutton, S., & Sutton, S. (n.d.). Latest News. Retrieved April 10, 2020, from
https://www.adhesivesmag.com/
UNITED STATES DEPARTMENT OF LABOR. (n.d.). Retrieved April 10, 2020, from