Intrinsic value of TFI International Inc. - TFII

Previous Close

$32.15

  Intrinsic Value

$64.72

stock screener

  Rating & Target

str. buy

+101%

  Value-price divergence*

0%

Previous close

$32.15

 
Intrinsic value

$64.72

 
Up/down potential

+101%

 
Rating

str. buy

 
Value-price divergence*

0%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TFII stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.12
  26.00
  23.90
  22.01
  20.31
  18.78
  17.40
  16.16
  15.04
  14.04
  13.14
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
Revenue, $m
  4,025
  5,072
  6,284
  7,667
  9,224
  10,956
  12,862
  14,940
  17,188
  19,601
  22,176
  24,909
  27,796
  30,834
  34,022
  37,357
  40,840
  44,471
  48,253
  52,186
  56,276
  60,526
  64,943
  69,534
  74,304
  79,264
  84,423
  89,789
  95,375
  101,192
  107,253
Variable operating expenses, $m
 
  4,682
  5,764
  6,999
  8,390
  9,936
  11,639
  13,495
  15,502
  17,657
  19,956
  22,243
  24,821
  27,534
  30,381
  33,359
  36,470
  39,712
  43,089
  46,601
  50,254
  54,049
  57,994
  62,093
  66,353
  70,782
  75,388
  80,181
  85,169
  90,363
  95,775
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,767
  4,682
  5,764
  6,999
  8,390
  9,936
  11,639
  13,495
  15,502
  17,657
  19,956
  22,243
  24,821
  27,534
  30,381
  33,359
  36,470
  39,712
  43,089
  46,601
  50,254
  54,049
  57,994
  62,093
  66,353
  70,782
  75,388
  80,181
  85,169
  90,363
  95,775
Operating income, $m
  258
  390
  519
  667
  834
  1,019
  1,223
  1,446
  1,686
  1,945
  2,220
  2,666
  2,974
  3,300
  3,641
  3,998
  4,370
  4,759
  5,164
  5,585
  6,022
  6,477
  6,950
  7,441
  7,952
  8,482
  9,034
  9,609
  10,206
  10,829
  11,477
EBITDA, $m
  451
  675
  837
  1,021
  1,228
  1,459
  1,713
  1,989
  2,289
  2,610
  2,953
  3,317
  3,701
  4,106
  4,530
  4,974
  5,438
  5,922
  6,425
  6,949
  7,493
  8,059
  8,648
  9,259
  9,894
  10,555
  11,241
  11,956
  12,700
  13,474
  14,281
Interest expense (income), $m
  43
  55
  79
  106
  137
  172
  211
  254
  300
  351
  405
  463
  524
  589
  657
  728
  803
  881
  963
  1,048
  1,136
  1,227
  1,323
  1,422
  1,525
  1,632
  1,743
  1,859
  1,979
  2,105
  2,235
Earnings before tax, $m
  203
  334
  441
  561
  697
  847
  1,013
  1,192
  1,386
  1,594
  1,815
  2,203
  2,451
  2,711
  2,984
  3,269
  3,567
  3,878
  4,201
  4,537
  4,886
  5,250
  5,627
  6,019
  6,427
  6,850
  7,291
  7,750
  8,227
  8,724
  9,242
Tax expense, $m
  46
  90
  119
  152
  188
  229
  273
  322
  374
  430
  490
  595
  662
  732
  806
  883
  963
  1,047
  1,134
  1,225
  1,319
  1,417
  1,519
  1,625
  1,735
  1,850
  1,969
  2,092
  2,221
  2,356
  2,495
Net income, $m
  640
  244
  322
  410
  509
  619
  739
  870
  1,012
  1,164
  1,325
  1,608
  1,789
  1,979
  2,178
  2,387
  2,604
  2,831
  3,067
  3,312
  3,567
  3,832
  4,108
  4,394
  4,691
  5,001
  5,322
  5,657
  6,006
  6,369
  6,747

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,041
  5,087
  6,302
  7,690
  9,251
  10,989
  12,901
  14,985
  17,240
  19,660
  22,243
  24,984
  27,879
  30,927
  34,124
  37,470
  40,963
  44,605
  48,398
  52,343
  56,445
  60,708
  65,139
  69,743
  74,528
  79,503
  84,677
  90,059
  95,662
  101,497
  107,575
Adjusted assets (=assets-cash), $m
  4,037
  5,087
  6,302
  7,690
  9,251
  10,989
  12,901
  14,985
  17,240
  19,660
  22,243
  24,984
  27,879
  30,927
  34,124
  37,470
  40,963
  44,605
  48,398
  52,343
  56,445
  60,708
  65,139
  69,743
  74,528
  79,503
  84,677
  90,059
  95,662
  101,497
  107,575
Revenue / Adjusted assets
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
  0.997
Average production assets, $m
  1,611
  2,029
  2,513
  3,067
  3,689
  4,382
  5,145
  5,976
  6,875
  7,841
  8,870
  9,963
  11,118
  12,334
  13,609
  14,943
  16,336
  17,789
  19,301
  20,874
  22,510
  24,211
  25,977
  27,813
  29,722
  31,706
  33,769
  35,916
  38,150
  40,477
  42,901
Working capital, $m
  57
  117
  145
  176
  212
  252
  296
  344
  395
  451
  510
  573
  639
  709
  782
  859
  939
  1,023
  1,110
  1,200
  1,294
  1,392
  1,494
  1,599
  1,709
  1,823
  1,942
  2,065
  2,194
  2,327
  2,467
Total debt, $m
  1,585
  2,253
  3,030
  3,917
  4,915
  6,025
  7,247
  8,579
  10,019
  11,566
  13,216
  14,968
  16,818
  18,765
  20,808
  22,946
  25,178
  27,506
  29,929
  32,450
  35,071
  37,796
  40,627
  43,569
  46,626
  49,805
  53,111
  56,551
  60,131
  63,859
  67,744
Total liabilities, $m
  2,582
  3,250
  4,027
  4,914
  5,912
  7,022
  8,244
  9,576
  11,016
  12,563
  14,213
  15,965
  17,815
  19,762
  21,805
  23,943
  26,175
  28,503
  30,926
  33,447
  36,068
  38,793
  41,624
  44,566
  47,623
  50,802
  54,108
  57,548
  61,128
  64,856
  68,741
Total equity, $m
  1,459
  1,836
  2,275
  2,776
  3,340
  3,967
  4,657
  5,410
  6,224
  7,097
  8,030
  9,019
  10,064
  11,165
  12,319
  13,527
  14,788
  16,102
  17,472
  18,896
  20,377
  21,916
  23,515
  25,177
  26,905
  28,701
  30,568
  32,511
  34,534
  36,640
  38,835
Total liabilities and equity, $m
  4,041
  5,086
  6,302
  7,690
  9,252
  10,989
  12,901
  14,986
  17,240
  19,660
  22,243
  24,984
  27,879
  30,927
  34,124
  37,470
  40,963
  44,605
  48,398
  52,343
  56,445
  60,709
  65,139
  69,743
  74,528
  79,503
  84,676
  90,059
  95,662
  101,496
  107,576
Debt-to-equity ratio
  1.086
  1.230
  1.330
  1.410
  1.470
  1.520
  1.560
  1.590
  1.610
  1.630
  1.650
  1.660
  1.670
  1.680
  1.690
  1.700
  1.700
  1.710
  1.710
  1.720
  1.720
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
  1.740
  1.740
  1.740
  1.740
Adjusted equity ratio
  0.360
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  640
  244
  322
  410
  509
  619
  739
  870
  1,012
  1,164
  1,325
  1,608
  1,789
  1,979
  2,178
  2,387
  2,604
  2,831
  3,067
  3,312
  3,567
  3,832
  4,108
  4,394
  4,691
  5,001
  5,322
  5,657
  6,006
  6,369
  6,747
Depreciation, amort., depletion, $m
  193
  286
  317
  353
  394
  439
  489
  544
  602
  665
  733
  651
  727
  806
  889
  977
  1,068
  1,163
  1,262
  1,364
  1,471
  1,582
  1,698
  1,818
  1,943
  2,072
  2,207
  2,347
  2,493
  2,646
  2,804
Funds from operations, $m
  231
  530
  639
  763
  903
  1,058
  1,228
  1,414
  1,614
  1,829
  2,058
  2,259
  2,516
  2,785
  3,068
  3,363
  3,672
  3,993
  4,328
  4,676
  5,038
  5,415
  5,806
  6,212
  6,634
  7,073
  7,530
  8,005
  8,499
  9,014
  9,551
Change in working capital, $m
  -105
  24
  28
  32
  36
  40
  44
  48
  52
  56
  59
  63
  66
  70
  73
  77
  80
  84
  87
  90
  94
  98
  102
  106
  110
  114
  119
  123
  128
  134
  139
Cash from operations, $m
  336
  506
  611
  731
  867
  1,018
  1,185
  1,366
  1,563
  1,774
  1,999
  2,197
  2,449
  2,715
  2,994
  3,287
  3,592
  3,910
  4,241
  4,586
  4,944
  5,317
  5,704
  6,106
  6,524
  6,959
  7,411
  7,881
  8,371
  8,880
  9,411
Maintenance CAPEX, $m
  0
  -105
  -133
  -164
  -200
  -241
  -286
  -336
  -391
  -449
  -512
  -580
  -651
  -727
  -806
  -889
  -977
  -1,068
  -1,163
  -1,262
  -1,364
  -1,471
  -1,582
  -1,698
  -1,818
  -1,943
  -2,072
  -2,207
  -2,347
  -2,493
  -2,646
New CAPEX, $m
  -112
  -418
  -485
  -553
  -623
  -693
  -763
  -831
  -899
  -965
  -1,030
  -1,093
  -1,155
  -1,215
  -1,275
  -1,334
  -1,393
  -1,452
  -1,512
  -1,573
  -1,636
  -1,700
  -1,767
  -1,836
  -1,908
  -1,984
  -2,063
  -2,147
  -2,234
  -2,327
  -2,424
Cash from investing activities, $m
  -95
  -523
  -618
  -717
  -823
  -934
  -1,049
  -1,167
  -1,290
  -1,414
  -1,542
  -1,673
  -1,806
  -1,942
  -2,081
  -2,223
  -2,370
  -2,520
  -2,675
  -2,835
  -3,000
  -3,171
  -3,349
  -3,534
  -3,726
  -3,927
  -4,135
  -4,354
  -4,581
  -4,820
  -5,070
Free cash flow, $m
  241
  -18
  -6
  14
  44
  84
  136
  198
  273
  359
  456
  524
  643
  773
  913
  1,063
  1,222
  1,390
  1,566
  1,751
  1,944
  2,145
  2,355
  2,572
  2,798
  3,032
  3,275
  3,527
  3,789
  4,060
  4,342
Issuance/(repayment) of debt, $m
  -26
  672
  777
  886
  998
  1,110
  1,222
  1,332
  1,441
  1,547
  1,650
  1,751
  1,850
  1,947
  2,043
  2,138
  2,232
  2,327
  2,423
  2,521
  2,621
  2,724
  2,831
  2,942
  3,058
  3,179
  3,306
  3,440
  3,580
  3,728
  3,884
Issuance/(repurchase) of shares, $m
  -145
  133
  117
  91
  55
  9
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -174
  805
  894
  977
  1,053
  1,119
  1,222
  1,332
  1,441
  1,547
  1,650
  1,751
  1,850
  1,947
  2,043
  2,138
  2,232
  2,327
  2,423
  2,521
  2,621
  2,724
  2,831
  2,942
  3,058
  3,179
  3,306
  3,440
  3,580
  3,728
  3,884
Total cash flow (excl. dividends), $m
  68
  788
  888
  991
  1,097
  1,203
  1,357
  1,531
  1,713
  1,906
  2,107
  2,275
  2,494
  2,721
  2,956
  3,201
  3,454
  3,717
  3,989
  4,272
  4,565
  4,870
  5,186
  5,514
  5,856
  6,211
  6,581
  6,967
  7,369
  7,788
  8,226
Retained Cash Flow (-), $m
  -432
  -377
  -439
  -501
  -564
  -627
  -690
  -753
  -814
  -874
  -932
  -989
  -1,045
  -1,100
  -1,154
  -1,208
  -1,261
  -1,315
  -1,369
  -1,424
  -1,481
  -1,539
  -1,599
  -1,662
  -1,727
  -1,796
  -1,868
  -1,943
  -2,023
  -2,106
  -2,194
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  411
  449
  491
  533
  576
  667
  778
  900
  1,032
  1,174
  1,286
  1,448
  1,620
  1,802
  1,993
  2,193
  2,402
  2,620
  2,848
  3,084
  3,331
  3,586
  3,852
  4,128
  4,415
  4,714
  5,024
  5,346
  5,682
  6,032
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  382
  386
  387
  382
  372
  386
  398
  403
  401
  391
  362
  340
  313
  283
  250
  216
  182
  151
  122
  96
  74
  55
  40
  29
  20
  13
  8
  5
  3
  2
Current shareholders' claim on cash, %
  100
  95.6
  92.6
  90.8
  89.9
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8
  89.8

TFI International Inc., formerly TransForce Inc., is engaged in transportation and logistics services across the United States, Canada and Mexico. The Company's segments include Package and Courier, Less-Than-Truckload, Truckload and Logistics. The Package and Courier segment consists of pickup, transport and delivery of items across North America. The Less-Than-Truckload segment offers pickup, consolidation, transport and delivery of smaller loads. The Truckload segment consists of full loads carried directly from the customer to the destination using a closed van or specialized equipment to meet customer's specific need. The Truckload segment also includes expedited transportation, flatbed, container and dedicated services. The Logistics segment offers logistics services. The Company has approximately 400 terminals. It also has approximately 100 terminals in the United States and over 10 terminals in Mexico. It offers services to retail, energy, and metals and mining industries.

FINANCIAL RATIOS  of  TFI International Inc. (TFII)

Valuation Ratios
P/E Ratio 4.6
Price to Sales 0.7
Price to Book 2
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 13.1
Growth Rates
Sales Growth Rate -0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.1%
Cap. Spend. - 3 Yr. Gr. Rate 7.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 105.8%
Total Debt to Equity 108.6%
Interest Coverage 6
Management Effectiveness
Return On Assets 18.1%
Ret/ On Assets - 3 Yr. Avg. 10.1%
Return On Total Capital 22.4%
Ret/ On T. Cap. - 3 Yr. Avg. 11.5%
Return On Equity 51.5%
Return On Equity - 3 Yr. Avg. 27.1%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 41.6%
Gross Margin - 3 Yr. Avg. 40.6%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin 6.4%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 5%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 15.9%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 22.7%
Eff/ Tax Rate - 3 Yr. Avg. 26.3%
Payout Ratio 10%

TFII stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TFII stock intrinsic value calculation we used $4025 million for the last fiscal year's total revenue generated by TFI International Inc.. The default revenue input number comes from 2016 income statement of TFI International Inc.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TFII stock valuation model: a) initial revenue growth rate of 26% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.5%, whose default value for TFII is calculated based on our internal credit rating of TFI International Inc., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of TFI International Inc..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TFII stock the variable cost ratio is equal to 93.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TFII stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for TFI International Inc..

Corporate tax rate of 27% is the nominal tax rate for TFI International Inc.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TFII stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TFII are equal to 40%.

Life of production assets of 15.3 years is the average useful life of capital assets used in TFI International Inc. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TFII is equal to 2.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1459 million for TFI International Inc. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90.09 million for TFI International Inc. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of TFI International Inc. at the current share price and the inputted number of shares is $2.9 billion.

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Financial statements of TFII
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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