Intrinsic value of Allison Transmission Holdings - ALSN

Previous Close

$38.95

  Intrinsic Value

$65.47

stock screener

  Rating & Target

str. buy

+68%

Previous close

$38.95

 
Intrinsic value

$65.47

 
Up/down potential

+68%

 
Rating

str. buy

We calculate the intrinsic value of ALSN 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 5.8

 

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, %
  -7.35
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  1,840
  2,247
  2,705
  3,215
  3,776
  4,389
  5,051
  5,763
  6,522
  7,328
  8,180
  9,077
  10,018
  11,003
  12,031
  13,103
  14,220
  15,381
  16,589
  17,844
  19,148
  20,504
  21,913
  23,377
  24,901
  26,485
  28,135
  29,852
  31,642
  33,507
  35,452
Variable operating expenses, $m
 
  1,718
  2,029
  2,375
  2,756
  3,172
  3,621
  4,104
  4,619
  5,166
  5,744
  6,159
  6,797
  7,465
  8,163
  8,891
  9,648
  10,436
  11,256
  12,107
  12,992
  13,912
  14,868
  15,862
  16,895
  17,971
  19,090
  20,255
  21,469
  22,735
  24,055
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
  1,390
  1,718
  2,029
  2,375
  2,756
  3,172
  3,621
  4,104
  4,619
  5,166
  5,744
  6,159
  6,797
  7,465
  8,163
  8,891
  9,648
  10,436
  11,256
  12,107
  12,992
  13,912
  14,868
  15,862
  16,895
  17,971
  19,090
  20,255
  21,469
  22,735
  24,055
Operating income, $m
  451
  528
  675
  839
  1,020
  1,217
  1,430
  1,659
  1,903
  2,162
  2,436
  2,918
  3,221
  3,537
  3,868
  4,213
  4,571
  4,945
  5,333
  5,737
  6,156
  6,592
  7,045
  7,516
  8,005
  8,515
  9,045
  9,597
  10,172
  10,772
  11,397
EBITDA, $m
  627
  825
  993
  1,180
  1,386
  1,611
  1,854
  2,115
  2,394
  2,690
  3,003
  3,332
  3,677
  4,039
  4,416
  4,810
  5,219
  5,646
  6,089
  6,550
  7,029
  7,526
  8,043
  8,581
  9,140
  9,722
  10,327
  10,958
  11,614
  12,299
  13,013
Interest expense (income), $m
  78
  75
  99
  127
  157
  190
  227
  266
  309
  354
  402
  453
  506
  562
  621
  682
  746
  812
  881
  953
  1,028
  1,106
  1,186
  1,270
  1,357
  1,448
  1,542
  1,641
  1,743
  1,849
  1,960
Earnings before tax, $m
  341
  453
  576
  713
  863
  1,026
  1,203
  1,392
  1,594
  1,808
  2,034
  2,465
  2,715
  2,975
  3,247
  3,531
  3,826
  4,133
  4,452
  4,783
  5,128
  5,486
  5,858
  6,245
  6,648
  7,067
  7,503
  7,957
  8,430
  8,923
  9,437
Tax expense, $m
  126
  122
  156
  192
  233
  277
  325
  376
  430
  488
  549
  666
  733
  803
  877
  953
  1,033
  1,116
  1,202
  1,292
  1,385
  1,481
  1,582
  1,686
  1,795
  1,908
  2,026
  2,148
  2,276
  2,409
  2,548
Net income, $m
  215
  331
  420
  520
  630
  749
  878
  1,016
  1,164
  1,320
  1,485
  1,800
  1,982
  2,172
  2,370
  2,577
  2,793
  3,017
  3,250
  3,492
  3,743
  4,005
  4,277
  4,559
  4,853
  5,159
  5,477
  5,808
  6,154
  6,514
  6,889

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  205
  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
  4,219
  4,905
  5,906
  7,019
  8,245
  9,582
  11,029
  12,582
  14,240
  16,001
  17,861
  19,819
  21,873
  24,023
  26,268
  28,609
  31,047
  33,583
  36,220
  38,961
  41,809
  44,768
  47,845
  51,042
  54,368
  57,828
  61,429
  65,180
  69,087
  73,159
  77,407
Adjusted assets (=assets-cash), $m
  4,014
  4,905
  5,906
  7,019
  8,245
  9,582
  11,029
  12,582
  14,240
  16,001
  17,861
  19,819
  21,873
  24,023
  26,268
  28,609
  31,047
  33,583
  36,220
  38,961
  41,809
  44,768
  47,845
  51,042
  54,368
  57,828
  61,429
  65,180
  69,087
  73,159
  77,407
Revenue / Adjusted assets
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
Average production assets, $m
  1,761
  2,150
  2,588
  3,076
  3,614
  4,200
  4,834
  5,515
  6,242
  7,013
  7,828
  8,687
  9,587
  10,529
  11,514
  12,540
  13,608
  14,720
  15,876
  17,077
  18,325
  19,622
  20,971
  22,372
  23,830
  25,346
  26,925
  28,569
  30,281
  32,066
  33,928
Working capital, $m
  206
  16
  19
  23
  26
  31
  35
  40
  46
  51
  57
  64
  70
  77
  84
  92
  100
  108
  116
  125
  134
  144
  153
  164
  174
  185
  197
  209
  221
  235
  248
Total debt, $m
  2,159
  2,841
  3,620
  4,488
  5,443
  6,484
  7,611
  8,822
  10,113
  11,484
  12,933
  14,459
  16,059
  17,734
  19,483
  21,307
  23,206
  25,181
  27,236
  29,370
  31,589
  33,895
  36,291
  38,782
  41,373
  44,068
  46,874
  49,795
  52,839
  56,011
  59,320
Total liabilities, $m
  3,138
  3,821
  4,600
  5,468
  6,423
  7,464
  8,591
  9,802
  11,093
  12,464
  13,913
  15,439
  17,039
  18,714
  20,463
  22,287
  24,186
  26,161
  28,216
  30,350
  32,569
  34,875
  37,271
  39,762
  42,353
  45,048
  47,854
  50,775
  53,819
  56,991
  60,300
Total equity, $m
  1,080
  1,084
  1,305
  1,551
  1,822
  2,118
  2,437
  2,781
  3,147
  3,536
  3,947
  4,380
  4,834
  5,309
  5,805
  6,323
  6,861
  7,422
  8,005
  8,610
  9,240
  9,894
  10,574
  11,280
  12,015
  12,780
  13,576
  14,405
  15,268
  16,168
  17,107
Total liabilities and equity, $m
  4,218
  4,905
  5,905
  7,019
  8,245
  9,582
  11,028
  12,583
  14,240
  16,000
  17,860
  19,819
  21,873
  24,023
  26,268
  28,610
  31,047
  33,583
  36,221
  38,960
  41,809
  44,769
  47,845
  51,042
  54,368
  57,828
  61,430
  65,180
  69,087
  73,159
  77,407
Debt-to-equity ratio
  1.999
  2.620
  2.770
  2.890
  2.990
  3.060
  3.120
  3.170
  3.210
  3.250
  3.280
  3.300
  3.320
  3.340
  3.360
  3.370
  3.380
  3.390
  3.400
  3.410
  3.420
  3.430
  3.430
  3.440
  3.440
  3.450
  3.450
  3.460
  3.460
  3.460
  3.470
Adjusted equity ratio
  0.218
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  215
  331
  420
  520
  630
  749
  878
  1,016
  1,164
  1,320
  1,485
  1,800
  1,982
  2,172
  2,370
  2,577
  2,793
  3,017
  3,250
  3,492
  3,743
  4,005
  4,277
  4,559
  4,853
  5,159
  5,477
  5,808
  6,154
  6,514
  6,889
Depreciation, amort., depletion, $m
  176
  296
  317
  341
  366
  394
  424
  457
  491
  528
  567
  414
  457
  501
  548
  597
  648
  701
  756
  813
  873
  934
  999
  1,065
  1,135
  1,207
  1,282
  1,360
  1,442
  1,527
  1,616
Funds from operations, $m
  656
  627
  738
  861
  996
  1,143
  1,302
  1,473
  1,655
  1,848
  2,052
  2,213
  2,438
  2,673
  2,919
  3,174
  3,441
  3,718
  4,006
  4,305
  4,616
  4,939
  5,275
  5,624
  5,988
  6,366
  6,759
  7,169
  7,596
  8,041
  8,505
Change in working capital, $m
  65
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
Cash from operations, $m
  591
  624
  735
  857
  992
  1,139
  1,298
  1,468
  1,650
  1,842
  2,046
  2,207
  2,432
  2,666
  2,911
  3,167
  3,433
  3,710
  3,997
  4,296
  4,607
  4,930
  5,265
  5,614
  5,977
  6,355
  6,748
  7,157
  7,583
  8,028
  8,491
Maintenance CAPEX, $m
  0
  -84
  -102
  -123
  -146
  -172
  -200
  -230
  -263
  -297
  -334
  -373
  -414
  -457
  -501
  -548
  -597
  -648
  -701
  -756
  -813
  -873
  -934
  -999
  -1,065
  -1,135
  -1,207
  -1,282
  -1,360
  -1,442
  -1,527
New CAPEX, $m
  -72
  -390
  -438
  -488
  -537
  -586
  -634
  -681
  -727
  -772
  -815
  -858
  -900
  -942
  -984
  -1,026
  -1,068
  -1,112
  -1,156
  -1,201
  -1,248
  -1,297
  -1,348
  -1,402
  -1,458
  -1,517
  -1,578
  -1,644
  -1,713
  -1,785
  -1,862
Cash from investing activities, $m
  -71
  -474
  -540
  -611
  -683
  -758
  -834
  -911
  -990
  -1,069
  -1,149
  -1,231
  -1,314
  -1,399
  -1,485
  -1,574
  -1,665
  -1,760
  -1,857
  -1,957
  -2,061
  -2,170
  -2,282
  -2,401
  -2,523
  -2,652
  -2,785
  -2,926
  -3,073
  -3,227
  -3,389
Free cash flow, $m
  520
  151
  194
  246
  308
  381
  464
  557
  660
  773
  896
  976
  1,117
  1,267
  1,426
  1,593
  1,767
  1,950
  2,141
  2,339
  2,545
  2,760
  2,983
  3,214
  3,454
  3,703
  3,962
  4,231
  4,510
  4,801
  5,103
Issuance/(repayment) of debt, $m
  -215
  694
  779
  867
  955
  1,042
  1,127
  1,210
  1,292
  1,371
  1,449
  1,525
  1,600
  1,675
  1,749
  1,824
  1,899
  1,976
  2,054
  2,135
  2,219
  2,306
  2,396
  2,491
  2,591
  2,695
  2,805
  2,921
  3,044
  3,173
  3,309
Issuance/(repurchase) of shares, $m
  -233
  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 from financing (excl. dividends), $m  
  -464
  694
  779
  867
  955
  1,042
  1,127
  1,210
  1,292
  1,371
  1,449
  1,525
  1,600
  1,675
  1,749
  1,824
  1,899
  1,976
  2,054
  2,135
  2,219
  2,306
  2,396
  2,491
  2,591
  2,695
  2,805
  2,921
  3,044
  3,173
  3,309
Total cash flow (excl. dividends), $m
  54
  845
  973
  1,113
  1,263
  1,422
  1,591
  1,767
  1,952
  2,145
  2,345
  2,501
  2,718
  2,942
  3,175
  3,416
  3,666
  3,926
  4,195
  4,474
  4,764
  5,066
  5,379
  5,705
  6,045
  6,399
  6,767
  7,152
  7,554
  7,973
  8,411
Retained Cash Flow (-), $m
  109
  -197
  -221
  -246
  -271
  -296
  -320
  -343
  -366
  -389
  -411
  -433
  -454
  -475
  -496
  -517
  -539
  -560
  -583
  -606
  -629
  -654
  -680
  -707
  -735
  -765
  -796
  -829
  -863
  -900
  -939
Prev. year cash balance distribution, $m
 
  193
  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
 
  841
  752
  867
  992
  1,127
  1,271
  1,424
  1,585
  1,756
  1,934
  2,069
  2,264
  2,467
  2,679
  2,899
  3,128
  3,365
  3,612
  3,868
  4,135
  4,411
  4,699
  4,998
  5,310
  5,634
  5,972
  6,323
  6,690
  7,073
  7,472
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  777
  636
  667
  688
  697
  695
  680
  655
  620
  576
  513
  460
  405
  350
  296
  245
  198
  157
  122
  92
  68
  48
  34
  23
  15
  10
  6
  3
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Allison Transmission Holdings, Inc. and its subsidiaries design and manufacture commercial and defense fully-automatic transmissions. The Company manufactures fully-automatic transmissions for medium- and heavy-duty commercial vehicles, and medium-and heavy-tactical United States defense vehicles. The Company's transmissions are used in a range of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and hybrid-transit), motorhomes, off-highway vehicles and equipment (energy, mining and construction) and defense vehicles (wheeled and tracked). The Company's transmissions are sold under the Allison Transmission brand name and remanufactured transmissions are sold under the ReTran brand name. The Company has developed over 100 different models that were used in more than 2,500 different vehicle configurations and were compatible with over 500 combinations of engines, as of December 31, 2016.

FINANCIAL RATIOS  of  Allison Transmission Holdings (ALSN)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 3.5
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 12.3
Growth Rates
Sales Growth Rate -7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate -2.8%
Financial Strength
Quick Ratio 17
Current Ratio 0.1
LT Debt to Equity 198.8%
Total Debt to Equity 199.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 6.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 6.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 19%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 47%
Gross Margin - 3 Yr. Avg. 46.6%
EBITDA Margin 32.3%
EBITDA Margin - 3 Yr. Avg. 31.3%
Operating Margin 24.5%
Oper. Margin - 3 Yr. Avg. 23.3%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 11.7%
Net Profit Margin - 3 Yr. Avg. 10.5%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 47%

ALSN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALSN stock intrinsic value calculation we used $1840 million for the last fiscal year's total revenue generated by Allison Transmission Holdings. The default revenue input number comes from 2016 income statement of Allison Transmission Holdings. 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 ALSN stock valuation model: a) initial revenue growth rate of 22.1% 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 8.3%, whose default value for ALSN is calculated based on our internal credit rating of Allison Transmission Holdings, 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 Allison Transmission Holdings.
    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 ALSN stock the variable cost ratio is equal to 78.4%.

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 ALSN 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 Allison Transmission Holdings.

Corporate tax rate of 27% is the nominal tax rate for Allison Transmission Holdings. 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 ALSN 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 ALSN are equal to 95.7%.

Life of production assets of 21 years is the average useful life of capital assets used in Allison Transmission Holdings 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 ALSN is equal to 0.7%. 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 - $1080 million for Allison Transmission Holdings - 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 148.748 million for Allison Transmission Holdings 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 Allison Transmission Holdings at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Allison Transmission beats Street 3Q forecasts   [Oct-30-17 04:29PM  Associated Press]
▶ Allison Transmission declares quarterly dividend   [Aug-10-17 04:01PM  PR Newswire]
▶ Allison Transmission tops Street 2Q forecasts   [Jul-31-17 09:13PM  Associated Press]
▶ New Strong Buy Stocks for July 10th   [Jul-10-17 09:07AM  Zacks]
Financial statements of ALSN
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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