XMFYoda (98.43) Submitted: 5/10/2008 5:00:15 PM : Start Price: $63.49 WAT Score: +8.32

I figure Waters is a mature company. They’ve manage to reach market leader status in two markets and then lose it in one of the two. They carry debt like a mature company. Only thing is they aren’t returning cash to shareholders like a mature company. It seems they need their war chest to fight for market share.
I did something of a discounted cash flow analysis on Waters, assigning a quarter of their cash from operations after taxes and debt service, or $64 million a year, to benefit shareholders. I let that grow indefinitely at the extremely strong rate of 8%. For details, check my blog: http://caps.fool.com/Blogs/ViewPost.aspx?bpid=52408&t=01005387446805807618
The per share value I came up with is $21.