Intrinsic value of TerraForm Global Cl A - GLBL

Previous Close

$4.90

  Intrinsic Value

$0.98

stock screener

  Rating & Target

str. sell

-80%

  Value-price divergence*

-137%

Previous close

$4.90

 
Intrinsic value

$0.98

 
Up/down potential

-80%

 
Rating

str. sell

 
Value-price divergence*

-137%

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

We calculate the intrinsic value of GLBL 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 0.9

 

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, %
  72.58
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  0
  241
  269
  299
  330
  363
  397
  433
  470
  509
  549
  591
  634
  679
  726
  775
  826
  878
  933
  990
  1,050
  1,112
  1,177
  1,244
  1,315
  1,388
  1,465
  1,546
  1,630
  1,717
  1,809
Variable operating expenses, $m
 
  685
  766
  850
  940
  1,033
  1,130
  1,232
  1,337
  1,447
  1,562
  1,681
  1,804
  1,933
  2,066
  2,205
  2,349
  2,500
  2,656
  2,818
  2,988
  3,165
  3,349
  3,541
  3,742
  3,951
  4,170
  4,399
  4,638
  4,888
  5,149
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
  180
  685
  766
  850
  940
  1,033
  1,130
  1,232
  1,337
  1,447
  1,562
  1,681
  1,804
  1,933
  2,066
  2,205
  2,349
  2,500
  2,656
  2,818
  2,988
  3,165
  3,349
  3,541
  3,742
  3,951
  4,170
  4,399
  4,638
  4,888
  5,149
Operating income, $m
  34
  -444
  -497
  -552
  -609
  -670
  -733
  -799
  -867
  -939
  -1,013
  -1,090
  -1,170
  -1,254
  -1,340
  -1,430
  -1,524
  -1,621
  -1,723
  -1,828
  -1,938
  -2,053
  -2,172
  -2,297
  -2,427
  -2,563
  -2,705
  -2,853
  -3,008
  -3,170
  -3,340
EBITDA, $m
  89
  -383
  -428
  -475
  -525
  -577
  -631
  -688
  -747
  -808
  -872
  -939
  -1,008
  -1,079
  -1,154
  -1,231
  -1,312
  -1,396
  -1,483
  -1,574
  -1,669
  -1,767
  -1,870
  -1,977
  -2,089
  -2,206
  -2,329
  -2,456
  -2,590
  -2,729
  -2,876
Interest expense (income), $m
  131
  84
  104
  126
  148
  171
  196
  221
  248
  276
  304
  334
  366
  398
  432
  467
  503
  541
  580
  621
  664
  709
  755
  803
  854
  906
  961
  1,019
  1,079
  1,141
  1,207
Earnings before tax, $m
  -70
  -529
  -601
  -677
  -757
  -841
  -929
  -1,020
  -1,115
  -1,214
  -1,317
  -1,425
  -1,536
  -1,652
  -1,772
  -1,897
  -2,027
  -2,162
  -2,303
  -2,450
  -2,602
  -2,761
  -2,927
  -3,100
  -3,281
  -3,469
  -3,666
  -3,872
  -4,087
  -4,312
  -4,547
Tax expense, $m
  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
  0
  0
  0
  0
  0
Net income, $m
  -53
  -529
  -601
  -677
  -757
  -841
  -929
  -1,020
  -1,115
  -1,214
  -1,317
  -1,425
  -1,536
  -1,652
  -1,772
  -1,897
  -2,027
  -2,162
  -2,303
  -2,450
  -2,602
  -2,761
  -2,927
  -3,100
  -3,281
  -3,469
  -3,666
  -3,872
  -4,087
  -4,312
  -4,547

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  681
  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
  2,448
  1,990
  2,223
  2,470
  2,728
  2,999
  3,282
  3,577
  3,884
  4,203
  4,535
  4,881
  5,240
  5,613
  6,000
  6,403
  6,822
  7,258
  7,712
  8,185
  8,677
  9,190
  9,724
  10,283
  10,865
  11,473
  12,109
  12,773
  13,467
  14,193
  14,953
Adjusted assets (=assets-cash), $m
  1,767
  1,990
  2,223
  2,470
  2,728
  2,999
  3,282
  3,577
  3,884
  4,203
  4,535
  4,881
  5,240
  5,613
  6,000
  6,403
  6,822
  7,258
  7,712
  8,185
  8,677
  9,190
  9,724
  10,283
  10,865
  11,473
  12,109
  12,773
  13,467
  14,193
  14,953
Revenue / Adjusted assets
  0.000
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
Average production assets, $m
  1,357
  1,527
  1,706
  1,895
  2,093
  2,301
  2,518
  2,744
  2,980
  3,225
  3,480
  3,745
  4,020
  4,306
  4,604
  4,913
  5,235
  5,569
  5,917
  6,280
  6,657
  7,051
  7,461
  7,889
  8,336
  8,803
  9,291
  9,800
  10,333
  10,890
  11,473
Working capital, $m
  425
  80
  89
  99
  110
  120
  132
  144
  156
  169
  182
  196
  210
  225
  241
  257
  274
  292
  310
  329
  349
  369
  391
  413
  436
  461
  486
  513
  541
  570
  601
Total debt, $m
  1,086
  941
  1,131
  1,331
  1,542
  1,762
  1,992
  2,232
  2,482
  2,742
  3,013
  3,294
  3,586
  3,890
  4,205
  4,533
  4,874
  5,229
  5,599
  5,983
  6,384
  6,801
  7,237
  7,691
  8,165
  8,660
  9,177
  9,718
  10,283
  10,874
  11,493
Total liabilities, $m
  1,765
  1,620
  1,810
  2,010
  2,221
  2,441
  2,671
  2,911
  3,161
  3,421
  3,692
  3,973
  4,265
  4,569
  4,884
  5,212
  5,553
  5,908
  6,278
  6,662
  7,063
  7,480
  7,916
  8,370
  8,844
  9,339
  9,856
  10,397
  10,962
  11,553
  12,172
Total equity, $m
  683
  370
  414
  459
  507
  558
  610
  665
  722
  782
  844
  908
  975
  1,044
  1,116
  1,191
  1,269
  1,350
  1,434
  1,522
  1,614
  1,709
  1,809
  1,913
  2,021
  2,134
  2,252
  2,376
  2,505
  2,640
  2,781
Total liabilities and equity, $m
  2,448
  1,990
  2,224
  2,469
  2,728
  2,999
  3,281
  3,576
  3,883
  4,203
  4,536
  4,881
  5,240
  5,613
  6,000
  6,403
  6,822
  7,258
  7,712
  8,184
  8,677
  9,189
  9,725
  10,283
  10,865
  11,473
  12,108
  12,773
  13,467
  14,193
  14,953
Debt-to-equity ratio
  1.590
  2.540
  2.730
  2.900
  3.040
  3.160
  3.260
  3.360
  3.440
  3.510
  3.570
  3.630
  3.680
  3.730
  3.770
  3.810
  3.840
  3.870
  3.900
  3.930
  3.960
  3.980
  4.000
  4.020
  4.040
  4.060
  4.070
  4.090
  4.110
  4.120
  4.130
Adjusted equity ratio
  0.001
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186
  0.186

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -53
  -529
  -601
  -677
  -757
  -841
  -929
  -1,020
  -1,115
  -1,214
  -1,317
  -1,425
  -1,536
  -1,652
  -1,772
  -1,897
  -2,027
  -2,162
  -2,303
  -2,450
  -2,602
  -2,761
  -2,927
  -3,100
  -3,281
  -3,469
  -3,666
  -3,872
  -4,087
  -4,312
  -4,547
Depreciation, amort., depletion, $m
  55
  62
  69
  77
  85
  93
  102
  111
  121
  131
  141
  152
  163
  174
  186
  199
  212
  225
  240
  254
  270
  285
  302
  319
  338
  356
  376
  397
  418
  441
  464
Funds from operations, $m
  -27
  -467
  -532
  -600
  -672
  -748
  -827
  -909
  -995
  -1,084
  -1,177
  -1,273
  -1,373
  -1,477
  -1,586
  -1,698
  -1,815
  -1,937
  -2,064
  -2,195
  -2,333
  -2,476
  -2,625
  -2,781
  -2,943
  -3,113
  -3,290
  -3,475
  -3,668
  -3,871
  -4,083
Change in working capital, $m
  -13
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
Cash from operations, $m
  -14
  -476
  -541
  -610
  -683
  -759
  -838
  -921
  -1,007
  -1,097
  -1,190
  -1,287
  -1,388
  -1,492
  -1,601
  -1,714
  -1,832
  -1,954
  -2,082
  -2,214
  -2,352
  -2,496
  -2,646
  -2,803
  -2,966
  -3,137
  -3,315
  -3,502
  -3,696
  -3,900
  -4,113
Maintenance CAPEX, $m
  0
  -55
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -121
  -131
  -141
  -152
  -163
  -174
  -186
  -199
  -212
  -225
  -240
  -254
  -270
  -285
  -302
  -319
  -338
  -356
  -376
  -397
  -418
  -441
New CAPEX, $m
  -77
  -170
  -179
  -189
  -198
  -208
  -217
  -226
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -322
  -334
  -348
  -362
  -378
  -394
  -410
  -428
  -447
  -467
  -488
  -510
  -533
  -557
  -583
Cash from investing activities, $m
  -37
  -225
  -241
  -258
  -275
  -293
  -310
  -328
  -347
  -366
  -386
  -406
  -427
  -449
  -471
  -495
  -521
  -546
  -573
  -602
  -632
  -664
  -695
  -730
  -766
  -805
  -844
  -886
  -930
  -975
  -1,024
Free cash flow, $m
  -51
  -700
  -783
  -868
  -958
  -1,051
  -1,148
  -1,249
  -1,354
  -1,462
  -1,575
  -1,693
  -1,815
  -1,941
  -2,073
  -2,210
  -2,352
  -2,501
  -2,655
  -2,816
  -2,984
  -3,159
  -3,342
  -3,533
  -3,733
  -3,941
  -4,159
  -4,387
  -4,626
  -4,876
  -5,137
Issuance/(repayment) of debt, $m
  -206
  182
  190
  200
  210
  220
  230
  240
  250
  260
  270
  281
  292
  304
  316
  328
  341
  355
  369
  385
  401
  418
  435
  454
  474
  495
  517
  541
  565
  591
  618
Issuance/(repurchase) of shares, $m
  0
  570
  645
  723
  805
  891
  981
  1,075
  1,172
  1,274
  1,379
  1,489
  1,603
  1,721
  1,844
  1,972
  2,105
  2,243
  2,387
  2,537
  2,694
  2,857
  3,027
  3,204
  3,389
  3,582
  3,784
  3,995
  4,216
  4,447
  4,688
Cash from financing (excl. dividends), $m  
  -155
  752
  835
  923
  1,015
  1,111
  1,211
  1,315
  1,422
  1,534
  1,649
  1,770
  1,895
  2,025
  2,160
  2,300
  2,446
  2,598
  2,756
  2,922
  3,095
  3,275
  3,462
  3,658
  3,863
  4,077
  4,301
  4,536
  4,781
  5,038
  5,306
Total cash flow (excl. dividends), $m
  -210
  51
  52
  55
  58
  61
  63
  66
  69
  71
  74
  77
  80
  83
  87
  90
  94
  97
  101
  106
  110
  115
  120
  125
  130
  136
  142
  149
  155
  162
  170
Retained Cash Flow (-), $m
  18
  -570
  -645
  -723
  -805
  -891
  -981
  -1,075
  -1,172
  -1,274
  -1,379
  -1,489
  -1,603
  -1,721
  -1,844
  -1,972
  -2,105
  -2,243
  -2,387
  -2,537
  -2,694
  -2,857
  -3,027
  -3,204
  -3,389
  -3,582
  -3,784
  -3,995
  -4,216
  -4,447
  -4,688
Prev. year cash balance distribution, $m
 
  354
  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
 
  -165
  -592
  -668
  -747
  -831
  -918
  -1,009
  -1,104
  -1,202
  -1,305
  -1,412
  -1,523
  -1,638
  -1,757
  -1,882
  -2,011
  -2,146
  -2,286
  -2,432
  -2,584
  -2,742
  -2,907
  -3,079
  -3,259
  -3,446
  -3,642
  -3,847
  -4,061
  -4,284
  -4,519
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  -153
  -510
  -528
  -538
  -540
  -534
  -520
  -500
  -473
  -440
  -404
  -364
  -323
  -282
  -242
  -204
  -168
  -136
  -108
  -84
  -64
  -47
  -34
  -24
  -16
  -11
  -7
  -4
  -3
  -2
Current shareholders' claim on cash, %
  100
  41.9
  17.5
  7.3
  3.0
  1.3
  0.5
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

TerraForm Global, Inc. is a holding company. The Company is a diversified renewable energy company that owns contracted solar and wind power plants. The Company operates through two segments: Solar Energy and Wind Energy. The segments include the Company's entire portfolio of power plants. The Company's portfolio consisted of solar and wind power plants located in Brazil, China, India, Malaysia, South Africa, Thailand and Uruguay with an aggregate net capacity of 916.4 megawatts (MW) as of October 31, 2016. The Company's solar and wind power plants include Salvador, Bahia, Dunhuang, Honiton, NSM 24, Focal, NSM Suryalabh, NSM Sitara, NSM L'Volta, Millenium, Brakes, Raj 5, ESP Urja, Azure, Hanumanhatti, Gadag, Bhakrani, Silverstar Pavilion, Fortune 11, Corporate Season, Boshof, Witkop, Soutpan and PP Solar.

FINANCIAL RATIOS  of  TerraForm Global Cl A (GLBL)

Valuation Ratios
P/E Ratio -16.1
Price to Sales 4
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow -61
Price to Free Cash Flow -9.4
Growth Rates
Sales Growth Rate 72.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.2%
Cap. Spend. - 3 Yr. Gr. Rate 5.1%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 111.1%
Total Debt to Equity 159%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.7%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital -2.8%
Ret/ On T. Cap. - 3 Yr. Avg. -7.9%
Return On Equity -7.7%
Return On Equity - 3 Yr. Avg. -27.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 54.2%
EBITDA Margin - 3 Yr. Avg. -29%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. -43.4%
Pre-Tax Margin -32.7%
Pre-Tax Margin - 3 Yr. Avg. -111.3%
Net Profit Margin -24.8%
Net Profit Margin - 3 Yr. Avg. -80%
Effective Tax Rate -12.9%
Eff/ Tax Rate - 3 Yr. Avg. -27.1%
Payout Ratio -58.5%

GLBL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GLBL stock intrinsic value calculation we used $214 million for the last fiscal year's total revenue generated by TerraForm Global Cl A. The default revenue input number comes from 2016 income statement of TerraForm Global Cl A. 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 GLBL stock valuation model: a) initial revenue growth rate of 12.5% 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 7.4%, whose default value for GLBL is calculated based on our internal credit rating of TerraForm Global Cl A, 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 TerraForm Global Cl A.
    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 GLBL stock the variable cost ratio is equal to 284.6%.

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 GLBL 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 11.1% for TerraForm Global Cl A.

Corporate tax rate of 27% is the nominal tax rate for TerraForm Global Cl A. 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 GLBL 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 GLBL are equal to 634.1%.

Life of production assets of 24.7 years is the average useful life of capital assets used in TerraForm Global Cl A 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 GLBL is equal to 33.2%. 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 - $683 million for TerraForm Global Cl A - 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 174.315 million for TerraForm Global Cl A 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 TerraForm Global Cl A at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
ORA Ormat Technolo 64.86 38.66  sell
TERP TerraForm Powe 13.58 2.21  str.sell
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AES AES 11.13 1.17  str.sell

COMPANY NEWS

▶ Brookfield Renewable Closes TerraForm Power Transaction   [Oct-16-17 07:15PM  GlobeNewswire]
▶ [$$] Corrigan's Take: SunEdison Settlement Exempts Whistleblower Lawsuits   [Jun-29-17 04:25PM  The Wall Street Journal]
▶ New Strong Sell Stocks for June 20th   [Jun-20-17 10:31AM  Zacks]
▶ TerraForm Global Announces Receipt of Nasdaq Letter   [May-16-17 08:30AM  GlobeNewswire]
▶ Why TerraForm Global Inc Stock Jumped 10% in March   [Apr-11-17 07:48AM  Motley Fool]
▶ [$$] SunEdison Asks for $640 Million in New Financing   [Apr-06-17 03:25PM  The Wall Street Journal]
▶ [$$] SunEdison Settles with TerraForm Power, TerraForm Global   [Mar-13-17 07:19AM  The Wall Street Journal]
▶ Brookfield to take control of SunEdison yieldcos   [08:30AM  at bizjournals.com]
▶ [$$] Brookfield to Buy TerraForm Global   [08:02AM  at The Wall Street Journal]
▶ Brookfield to Acquire TerraForm Global   [06:55AM  GlobeNewswire]
▶ TerraForm Power wins $86 million in Canada project financing   [Mar-03-17 08:45AM  at bizjournals.com]
▶ [$$] Brickley's Take: SunEdison Creditors Brace for Crucial Week on Plan   [Mar-02-17 12:01PM  at The Wall Street Journal]
▶ Better Buy: TerraForm Global, Inc. vs. Trina Solar   [Jan-25-17 08:58AM  at Motley Fool]
▶ Why TerraForm Global Inc.'s Shares Popped 11% Today   [Jan-23-17 02:17PM  at Motley Fool]
▶ Will 2017 Be TerraForm Global's Worst Year Yet?   [Jan-12-17 08:24AM  at Motley Fool]
▶ TerraForm Global's Biggest Failures in 2016   [Dec-30-16 01:54PM  at Motley Fool]
▶ [$$] SunEdison Has Settlement Offer From TerraForm Power   [03:14PM  at The Wall Street Journal]
▶ Don't Buy the Hype: TerraForm Global Is a Dud   [11:07AM  at Motley Fool]
▶ [$$] SunEdison Considers $42.5 Million Sale of Wind Projects   [Dec-19-16 03:00PM  at The Wall Street Journal]
▶ Terraform Global Is Underappreciated and Undervalued   [Dec-17-16 08:21AM  at Motley Fool]
▶ [$$] Randles's Take: SunEdison Creditors Eye TerraForm Lawsuit   [Dec-16-16 12:05PM  at The Wall Street Journal]
Financial statements of GLBL
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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