Required format: The first page of your homework submission must have the problem number, intrinsic value, closing price mentioned above, and over or under valued. There should not be anything else on your first page. Do not put these instructions, your name, my name, the course name, the section number, or the semester on the first page. The remaining pages should contain your work. You should submit only one file.

Get the Value Line July 13 PDF reports for Valmont, Ingersoll Rand, 3M, and Griffon. Also get the closing prices for these stocks on Friday, October 5. Use this material to answer the following questions.

1. Find Valmonts intrinsic value. Based on its closing price on October 5th, is it over or under valued?

2. Using the work we did in class as a guide, use the Combined Dividends and Earnings Model to find Ingersoll Rands intrinsic value. Is it over or under valued?

3. Use the Non-zero Growth Model to find 3Ms intrinsic value. Is it over or under valued?

4. Using the work we did in class as a guide, use the Combined Dividends and Earnings Model to find Griffons intrinsic value. Is it over or under valued?

VALMONT INDS.NYSE-VMI R E 151.15:ho 19.5G '151.15 19.5G m)Hos 1.0672 1.0% mill 21) RELA 1.06 1.0% 19C73 178E6 1755 2561530295 33042 31231 2618 21 27402 3020 Sales(Sni 342% 322% 340% | 315% 352% 351% |334% | 510% |1% | 281% 25.0% 25.0% hoone Tax Rate | and marutaang poles. toers nd s ct res tr te igug and picatons Employs acut 10890 T Rove Price owns 120% of meal ootrg servees Too-the company leads the "Old n charized inigaton equipment for apricutu enhancing foed prod Soers &deoctors 30% 44/18 pon chaman & CEO bgers C Bay Incorporated DE. Ar One Vaimont Plaza Omaha, Nt nahural water resources Lastly Valmont 68154. Teleghone: 402-963-9000 Intenet www.almont.con Valmont remains on track to deliver North American Irrigation demand Ca QUARTERLY SALESFull net works that, in tandem with North about by recent tariffs implemented by th rAmerican lighting sales and safety product federal government, has led to subdued VMI's Irigation and tinue to support advances for the business 2015 | 129 120 .53 d133 | 1.71| tional markets, while the latter benefited Neutrally ranked Valmont stock con. Asia/Pacific regions specifically Broader worthwhile price recovery potential ue driving growth for Engineered Support some 10% in value However, we think the Structures and Coatings in the near term, company is in a good position to benefit the Irrigation segment (more below). In communications markets, and we look for crease about 4.5% this year, including the rising steel costs and uncertainty sur- for Valmont's top line to n price hikes in that arena to partially offset divestiture of the underperforming media rounding other facets of the business July 13, 2 A 75 45 35 ERTENTE VALMONT INDS.NYSE-VMI R E 151.15:ho 19.5G '151.15 19.5G m)Hos 1.0672 1.0% mill 21) RELA 1.06 1.0% 19C73 178E6 1755 2561530295 33042 31231 2618 21 27402 3020 Sales(Sni 342% 322% 340% | 315% 352% 351% |334% | 510% |1% | 281% 25.0% 25.0% hoone Tax Rate | and marutaang poles. toers nd s ct res tr te igug and picatons Employs acut 10890 T Rove Price owns 120% of meal ootrg servees Too-the company leads the "Old n charized inigaton equipment for apricutu enhancing foed prod Soers &deoctors 30% 44/18 pon chaman & CEO bgers C Bay Incorporated DE. Ar One Vaimont Plaza Omaha, Nt nahural water resources Lastly Valmont 68154. Teleghone: 402-963-9000 Intenet www.almont.con Valmont remains on track to deliver North American Irrigation demand Ca QUARTERLY SALESFull net works that, in tandem with North about by recent tariffs implemented by th rAmerican lighting sales and safety product federal government, has led to subdued VMI's Irigation and tinue to support advances for the business 2015 | 129 120 .53 d133 | 1.71| tional markets, while the latter benefited Neutrally ranked Valmont stock con. Asia/Pacific regions specifically Broader worthwhile price recovery potential ue driving growth for Engineered Support some 10% in value However, we think the Structures and Coatings in the near term, company is in a good position to benefit the Irrigation segment (more below). In communications markets, and we look for crease about 4.5% this year, including the rising steel costs and uncertainty sur- for Valmont's top line to n price hikes in that arena to partially offset divestiture of the underperforming media rounding other facets of the business July 13, 2 A 75 45 35 ERTENTE