Intrinsic value of TerraForm Global Cl A - GLBL

Previous Close

$5.00

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$5.00

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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 2015), $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
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  217.95
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  0
  198
  307
  458
  665
  938
  1,290
  1,732
  2,274
  2,926
  3,696
  4,589
  5,611
  6,763
  8,046
  9,461
  11,005
  12,677
  14,474
  16,392
  18,430
  20,584
  22,852
  25,232
  27,724
  30,326
  33,040
  35,866
  38,806
  41,863
  45,041
Variable operating expenses, $m
 
  122
  188
  281
  408
  575
  791
  1,062
  1,394
  1,794
  2,265
  2,813
  3,439
  4,145
  4,932
  5,800
  6,746
  7,771
  8,872
  10,049
  11,298
  12,618
  14,008
  15,467
  16,995
  18,590
  20,253
  21,986
  23,788
  25,662
  27,610
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
  350
  122
  188
  281
  408
  575
  791
  1,062
  1,394
  1,794
  2,265
  2,813
  3,439
  4,145
  4,932
  5,800
  6,746
  7,771
  8,872
  10,049
  11,298
  12,618
  14,008
  15,467
  16,995
  18,590
  20,253
  21,986
  23,788
  25,662
  27,610
Operating income, $m
  -226
  77
  119
  177
  257
  363
  499
  670
  880
  1,132
  1,430
  1,776
  2,171
  2,617
  3,114
  3,661
  4,259
  4,906
  5,601
  6,344
  7,132
  7,966
  8,844
  9,765
  10,729
  11,736
  12,786
  13,880
  15,018
  16,201
  17,431
EBITDA, $m
  -197
  123
  190
  285
  413
  582
  801
  1,075
  1,411
  1,816
  2,294
  2,848
  3,482
  4,197
  4,994
  5,872
  6,831
  7,868
  8,983
  10,174
  11,439
  12,775
  14,183
  15,660
  17,207
  18,822
  20,506
  22,260
  24,085
  25,983
  27,955
Interest expense (income), $m
  74
  78
  151
  265
  425
  643
  931
  1,302
  1,767
  2,339
  3,026
  3,838
  4,780
  5,857
  7,071
  8,425
  9,916
  11,544
  13,307
  15,201
  17,224
  19,372
  21,643
  24,034
  26,543
  29,170
  31,914
  34,775
  37,754
  40,854
  44,078
Earnings before tax, $m
  -366
  -1
  -32
  -87
  -167
  -280
  -432
  -632
  -887
  -1,206
  -1,596
  -2,062
  -2,608
  -3,240
  -3,957
  -4,763
  -5,657
  -6,638
  -7,706
  -8,857
  -10,091
  -11,406
  -12,799
  -14,269
  -15,814
  -17,434
  -19,127
  -20,895
  -22,736
  -24,653
  -26,647
Tax expense, $m
  5
  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
  -252
  -1
  -32
  -87
  -167
  -280
  -432
  -632
  -887
  -1,206
  -1,596
  -2,062
  -2,608
  -3,240
  -3,957
  -4,763
  -5,657
  -6,638
  -7,706
  -8,857
  -10,091
  -11,406
  -12,799
  -14,269
  -15,814
  -17,434
  -19,127
  -20,895
  -22,736
  -24,653
  -26,647

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  922
  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
  2,687
  2,834
  4,379
  6,549
  9,502
  13,406
  18,430
  24,738
  32,483
  41,798
  52,794
  65,558
  80,151
  96,609
  114,946
  135,156
  157,218
  181,102
  206,769
  234,177
  263,284
  294,053
  326,452
  360,456
  396,050
  433,228
  471,995
  512,368
  554,373
  598,048
  643,444
Adjusted assets (=assets-cash), $m
  1,765
  2,834
  4,379
  6,549
  9,502
  13,406
  18,430
  24,738
  32,483
  41,798
  52,794
  65,558
  80,151
  96,609
  114,946
  135,156
  157,218
  181,102
  206,769
  234,177
  263,284
  294,053
  326,452
  360,456
  396,050
  433,228
  471,995
  512,368
  554,373
  598,048
  643,444
Revenue / Adjusted assets
  0.000
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
Average production assets, $m
  832
  1,330
  2,056
  3,074
  4,460
  6,293
  8,651
  11,613
  15,248
  19,621
  24,783
  30,774
  37,624
  45,350
  53,958
  63,445
  73,801
  85,013
  97,062
  109,927
  123,591
  138,035
  153,243
  169,205
  185,914
  203,366
  221,564
  240,516
  260,234
  280,736
  302,045
Working capital, $m
  709
  99
  153
  229
  333
  469
  645
  866
  1,137
  1,463
  1,848
  2,295
  2,805
  3,381
  4,023
  4,730
  5,503
  6,339
  7,237
  8,196
  9,215
  10,292
  11,426
  12,616
  13,862
  15,163
  16,520
  17,933
  19,403
  20,932
  22,521
Total debt, $m
  1,272
  1,838
  3,228
  5,181
  7,839
  11,352
  15,874
  21,551
  28,522
  36,905
  46,802
  58,289
  71,423
  86,235
  102,738
  120,927
  140,784
  162,279
  185,379
  210,046
  236,243
  263,935
  293,094
  323,698
  355,732
  389,192
  424,082
  460,418
  498,222
  537,531
  578,386
Total liabilities, $m
  1,985
  2,551
  3,941
  5,894
  8,552
  12,065
  16,587
  22,264
  29,235
  37,618
  47,515
  59,002
  72,136
  86,948
  103,451
  121,640
  141,497
  162,992
  186,092
  210,759
  236,956
  264,648
  293,807
  324,411
  356,445
  389,905
  424,795
  461,131
  498,935
  538,244
  579,099
Total equity, $m
  702
  283
  438
  655
  950
  1,341
  1,843
  2,474
  3,248
  4,180
  5,279
  6,556
  8,015
  9,661
  11,495
  13,516
  15,722
  18,110
  20,677
  23,418
  26,328
  29,405
  32,645
  36,046
  39,605
  43,323
  47,199
  51,237
  55,437
  59,805
  64,344
Total liabilities and equity, $m
  2,687
  2,834
  4,379
  6,549
  9,502
  13,406
  18,430
  24,738
  32,483
  41,798
  52,794
  65,558
  80,151
  96,609
  114,946
  135,156
  157,219
  181,102
  206,769
  234,177
  263,284
  294,053
  326,452
  360,457
  396,050
  433,228
  471,994
  512,368
  554,372
  598,049
  643,443
Debt-to-equity ratio
  1.812
  6.480
  7.370
  7.910
  8.250
  8.470
  8.610
  8.710
  8.780
  8.830
  8.860
  8.890
  8.910
  8.930
  8.940
  8.950
  8.950
  8.960
  8.970
  8.970
  8.970
  8.980
  8.980
  8.980
  8.980
  8.980
  8.980
  8.990
  8.990
  8.990
  8.990
Adjusted equity ratio
  -0.125
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -252
  -1
  -32
  -87
  -167
  -280
  -432
  -632
  -887
  -1,206
  -1,596
  -2,062
  -2,608
  -3,240
  -3,957
  -4,763
  -5,657
  -6,638
  -7,706
  -8,857
  -10,091
  -11,406
  -12,799
  -14,269
  -15,814
  -17,434
  -19,127
  -20,895
  -22,736
  -24,653
  -26,647
Depreciation, amort., depletion, $m
  29
  46
  72
  107
  155
  219
  301
  405
  531
  684
  864
  1,072
  1,311
  1,580
  1,880
  2,211
  2,571
  2,962
  3,382
  3,830
  4,306
  4,810
  5,339
  5,896
  6,478
  7,086
  7,720
  8,380
  9,067
  9,782
  10,524
Funds from operations, $m
  132
  45
  40
  20
  -12
  -60
  -130
  -227
  -356
  -523
  -733
  -989
  -1,297
  -1,659
  -2,077
  -2,553
  -3,085
  -3,676
  -4,324
  -5,027
  -5,785
  -6,596
  -7,460
  -8,373
  -9,336
  -10,348
  -11,407
  -12,514
  -13,669
  -14,871
  -16,122
Change in working capital, $m
  122
  37
  54
  76
  103
  137
  176
  221
  271
  326
  385
  447
  511
  576
  642
  707
  772
  836
  898
  959
  1,019
  1,077
  1,134
  1,190
  1,246
  1,301
  1,357
  1,413
  1,470
  1,529
  1,589
Cash from operations, $m
  10
  453
  -15
  -56
  -115
  -197
  -306
  -448
  -627
  -849
  -1,117
  -1,436
  -1,808
  -2,235
  -2,719
  -3,260
  -3,858
  -4,512
  -5,222
  -5,986
  -6,804
  -7,673
  -8,594
  -9,563
  -10,582
  -11,649
  -12,764
  -13,927
  -15,139
  -16,400
  -17,711
Maintenance CAPEX, $m
  0
  -29
  -46
  -72
  -107
  -155
  -219
  -301
  -405
  -531
  -684
  -864
  -1,072
  -1,311
  -1,580
  -1,880
  -2,211
  -2,571
  -2,962
  -3,382
  -3,830
  -4,306
  -4,810
  -5,339
  -5,896
  -6,478
  -7,086
  -7,720
  -8,380
  -9,067
  -9,782
New CAPEX, $m
  -94
  -499
  -725
  -1,019
  -1,386
  -1,833
  -2,358
  -2,961
  -3,636
  -4,373
  -5,162
  -5,992
  -6,850
  -7,726
  -8,608
  -9,487
  -10,357
  -11,212
  -12,048
  -12,866
  -13,664
  -14,444
  -15,209
  -15,962
  -16,708
  -17,452
  -18,198
  -18,952
  -19,718
  -20,502
  -21,309
Cash from investing activities, $m
  -752
  -528
  -771
  -1,091
  -1,493
  -1,988
  -2,577
  -3,262
  -4,041
  -4,904
  -5,846
  -6,856
  -7,922
  -9,037
  -10,188
  -11,367
  -12,568
  -13,783
  -15,010
  -16,248
  -17,494
  -18,750
  -20,019
  -21,301
  -22,604
  -23,930
  -25,284
  -26,672
  -28,098
  -29,569
  -31,091
Free cash flow, $m
  -742
  -75
  -786
  -1,146
  -1,609
  -2,185
  -2,884
  -3,710
  -4,667
  -5,753
  -6,963
  -8,291
  -9,731
  -11,272
  -12,907
  -14,627
  -16,425
  -18,295
  -20,232
  -22,234
  -24,298
  -26,423
  -28,612
  -30,865
  -33,186
  -35,579
  -38,048
  -40,599
  -43,237
  -45,970
  -48,802
Issuance/(repayment) of debt, $m
  353
  886
  1,390
  1,953
  2,658
  3,514
  4,522
  5,678
  6,970
  8,383
  9,897
  11,488
  13,134
  14,812
  16,503
  18,189
  19,857
  21,496
  23,100
  24,667
  26,197
  27,692
  29,159
  30,604
  32,034
  33,460
  34,890
  36,335
  37,805
  39,308
  40,856
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  308
  1,012
  1,808
  2,693
  3,662
  4,711
  5,837
  7,035
  8,301
  9,633
  11,029
  12,486
Cash from financing (excl. dividends), $m  
  1,557
  886
  1,390
  1,953
  2,658
  3,514
  4,522
  5,678
  6,970
  8,383
  9,897
  11,488
  13,134
  14,812
  16,503
  18,189
  19,857
  21,496
  23,100
  24,975
  27,209
  29,500
  31,852
  34,266
  36,745
  39,297
  41,925
  44,636
  47,438
  50,337
  53,342
Total cash flow (excl. dividends), $m
  792
  811
  604
  807
  1,049
  1,329
  1,638
  1,967
  2,303
  2,631
  2,934
  3,196
  3,403
  3,540
  3,596
  3,562
  3,431
  3,200
  2,868
  2,433
  1,899
  1,269
  547
  -261
  -1,152
  -2,119
  -3,158
  -4,264
  -5,433
  -6,661
  -7,947
Retained Cash Flow (-), $m
  -653
  -183
  -154
  -217
  -295
  -390
  -502
  -631
  -774
  -931
  -1,100
  -1,276
  -1,459
  -1,646
  -1,834
  -2,021
  -2,206
  -2,388
  -2,567
  -2,741
  -2,911
  -3,077
  -3,240
  -3,400
  -3,559
  -3,718
  -3,877
  -4,037
  -4,201
  -4,368
  -4,540
Prev. year cash balance distribution, $m
 
  602
  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
 
  1,230
  450
  590
  754
  938
  1,136
  1,336
  1,529
  1,699
  1,834
  1,920
  1,944
  1,894
  1,762
  1,541
  1,225
  812
  301
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  1,149
  390
  472
  552
  624
  680
  713
  721
  701
  654
  585
  500
  406
  311
  220
  139
  72
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  98.8
  95.4
  90.4
  84.1
  77.1
  69.7
  62.2
  55.0
  48.1
  41.7
  35.9
  30.7

TerraForm Global, Inc. owns and operates renewable energy power plants. As of October 31, 2016, its 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. The company also generates electricity through hydro-electric projects. It serves utility, commercial, industrial, and governmental customers. The company was founded in 2014 and is headquartered in Bethesda, Maryland. TerraForm Global, Inc. is a subsidiary of SunEdison, Inc.

FINANCIAL RATIOS  of  TerraForm Global Cl A (GLBL)

Valuation Ratios
P/E Ratio -3.5
Price to Sales 7.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 88
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate 217.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0.2
LT Debt to Equity 135.6%
Total Debt to Equity 181.2%
Interest Coverage -4
Management Effectiveness
Return On Assets -10.5%
Ret/ On Assets - 3 Yr. Avg. -0.6%
Return On Total Capital -19.8%
Ret/ On T. Cap. - 3 Yr. Avg. -7.6%
Return On Equity -67.1%
Return On Equity - 3 Yr. Avg. -27.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -212.1%
EBITDA Margin - 3 Yr. Avg. -32.5%
Operating Margin -182.3%
Oper. Margin - 3 Yr. Avg. -32.8%
Pre-Tax Margin -295.2%
Pre-Tax Margin - 3 Yr. Avg. -107%
Net Profit Margin -203.2%
Net Profit Margin - 3 Yr. Avg. -75%
Effective Tax Rate -1.4%
Eff/ Tax Rate - 3 Yr. Avg. -6%
Payout Ratio -7.9%

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 $124 million for the last fiscal year's total revenue generated by TerraForm Global Cl A. The default revenue input number comes from 2015 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 60% 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%, 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 61.3%.

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 8.2% 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 670.6%.

Life of production assets of 28.7 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 50%. 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 - $702 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 172.588 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
ORA Ormat Technolo 59.64 prem.  prem.
TERP TerraForm Powe 12.05 prem.  prem.
PEGI Pattern Energy 24.80 prem.  prem.
AES AES 11.57 prem.  prem.

COMPANY NEWS

▶ 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]
▶ [$$] Randles's Take: SunEdison Creditors Eye TerraForm Lawsuit   [Dec-16-16 12:05PM  at The Wall Street Journal]
▶ Is TerraForm Global Inc (GLBL) A Good Stock To Buy?   [Dec-05-16 04:49AM  at Insider Monkey]
▶ Better Buy: TerraForm Power Inc vs. TerraForm Global Inc   [Dec-01-16 11:18AM  at Motley Fool]
▶ [$$] SunEdison Warns Lawsuit Threats Jeopardize TerraForm Sales   [Nov-30-16 02:38PM  at The Wall Street Journal]
▶ TerraForm Global Posts Investor Presentation   [08:30AM  GlobeNewswire]
▶ Don't Expect Windfall From TerraForm Power Sale   [Nov-21-16 01:46PM  at Motley Fool]
▶ [$$] SunEdison Still Weighing Options on TerraForm Deals   [Nov-17-16 01:18PM  at The Wall Street Journal]
Stock chart of GLBL Financial statements of GLBL Annual reports 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.