Intrinsic value of Goodyear Tire&Rubber - GT

Previous Close

$31.41

  Intrinsic Value

$23.61

stock screener

  Rating & Target

sell

-25%

Previous close

$31.41

 
Intrinsic value

$23.61

 
Up/down potential

-25%

 
Rating

sell

We calculate the intrinsic value of GT 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 7.9

 

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, %
  -7.81
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  15,158
  15,461
  15,817
  16,223
  16,680
  17,185
  17,740
  18,344
  18,998
  19,703
  20,459
  21,268
  22,131
  23,050
  24,027
  25,063
  26,162
  27,324
  28,554
  29,853
  31,225
  32,672
  34,198
  35,807
  37,502
  39,288
  41,168
  43,146
  45,228
  47,419
  49,722
Variable operating expenses, $m
 
  14,486
  14,818
  15,197
  15,623
  16,095
  16,613
  17,177
  17,788
  18,446
  19,151
  19,853
  20,659
  21,517
  22,428
  23,396
  24,421
  25,506
  26,654
  27,867
  29,147
  30,498
  31,923
  33,425
  35,007
  36,674
  38,429
  40,276
  42,219
  44,264
  46,414
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
  13,638
  14,486
  14,818
  15,197
  15,623
  16,095
  16,613
  17,177
  17,788
  18,446
  19,151
  19,853
  20,659
  21,517
  22,428
  23,396
  24,421
  25,506
  26,654
  27,867
  29,147
  30,498
  31,923
  33,425
  35,007
  36,674
  38,429
  40,276
  42,219
  44,264
  46,414
Operating income, $m
  1,520
  975
  999
  1,026
  1,056
  1,090
  1,127
  1,167
  1,210
  1,257
  1,308
  1,415
  1,472
  1,534
  1,598
  1,667
  1,741
  1,818
  1,900
  1,986
  2,077
  2,174
  2,275
  2,382
  2,495
  2,614
  2,739
  2,870
  3,009
  3,155
  3,308
EBITDA, $m
  2,247
  1,716
  1,755
  1,801
  1,851
  1,907
  1,969
  2,036
  2,109
  2,187
  2,271
  2,360
  2,456
  2,558
  2,667
  2,782
  2,904
  3,033
  3,169
  3,313
  3,465
  3,626
  3,796
  3,974
  4,162
  4,360
  4,569
  4,789
  5,020
  5,263
  5,518
Interest expense (income), $m
  351
  302
  316
  333
  352
  373
  397
  423
  452
  482
  515
  551
  589
  630
  673
  719
  768
  819
  874
  932
  993
  1,057
  1,125
  1,197
  1,273
  1,353
  1,436
  1,525
  1,618
  1,716
  1,819
Earnings before tax, $m
  1,207
  673
  683
  693
  704
  717
  730
  744
  759
  775
  792
  864
  883
  904
  926
  949
  973
  999
  1,026
  1,054
  1,085
  1,116
  1,150
  1,185
  1,222
  1,261
  1,302
  1,346
  1,391
  1,439
  1,489
Tax expense, $m
  -77
  182
  184
  187
  190
  193
  197
  201
  205
  209
  214
  233
  238
  244
  250
  256
  263
  270
  277
  285
  293
  301
  310
  320
  330
  341
  352
  363
  376
  389
  402
Net income, $m
  1,264
  491
  498
  506
  514
  523
  533
  543
  554
  566
  578
  631
  645
  660
  676
  692
  710
  729
  749
  770
  792
  815
  839
  865
  892
  921
  951
  982
  1,015
  1,050
  1,087

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,132
  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
  16,511
  15,681
  16,041
  16,454
  16,916
  17,429
  17,992
  18,605
  19,268
  19,983
  20,749
  21,570
  22,445
  23,377
  24,368
  25,419
  26,533
  27,712
  28,959
  30,277
  31,668
  33,136
  34,684
  36,316
  38,035
  39,846
  41,752
  43,759
  45,870
  48,092
  50,428
Adjusted assets (=assets-cash), $m
  15,379
  15,681
  16,041
  16,454
  16,916
  17,429
  17,992
  18,605
  19,268
  19,983
  20,749
  21,570
  22,445
  23,377
  24,368
  25,419
  26,533
  27,712
  28,959
  30,277
  31,668
  33,136
  34,684
  36,316
  38,035
  39,846
  41,752
  43,759
  45,870
  48,092
  50,428
Revenue / Adjusted assets
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
  0.986
Average production assets, $m
  6,808
  6,942
  7,102
  7,284
  7,489
  7,716
  7,965
  8,237
  8,530
  8,847
  9,186
  9,549
  9,937
  10,350
  10,788
  11,253
  11,747
  12,269
  12,821
  13,404
  14,020
  14,670
  15,355
  16,077
  16,839
  17,640
  18,484
  19,373
  20,307
  21,291
  22,325
Working capital, $m
  901
  464
  475
  487
  500
  516
  532
  550
  570
  591
  614
  638
  664
  692
  721
  752
  785
  820
  857
  896
  937
  980
  1,026
  1,074
  1,125
  1,179
  1,235
  1,294
  1,357
  1,423
  1,492
Total debt, $m
  5,479
  5,016
  5,281
  5,585
  5,926
  6,303
  6,717
  7,168
  7,656
  8,182
  8,747
  9,350
  9,995
  10,681
  11,410
  12,184
  13,003
  13,871
  14,789
  15,759
  16,783
  17,863
  19,002
  20,203
  21,469
  22,801
  24,205
  25,681
  27,236
  28,871
  30,590
Total liabilities, $m
  12,004
  11,541
  11,806
  12,110
  12,451
  12,828
  13,242
  13,693
  14,181
  14,707
  15,272
  15,875
  16,520
  17,206
  17,935
  18,709
  19,528
  20,396
  21,314
  22,284
  23,308
  24,388
  25,527
  26,728
  27,994
  29,326
  30,730
  32,206
  33,761
  35,396
  37,115
Total equity, $m
  4,507
  4,140
  4,235
  4,344
  4,466
  4,601
  4,750
  4,912
  5,087
  5,275
  5,478
  5,694
  5,926
  6,172
  6,433
  6,711
  7,005
  7,316
  7,645
  7,993
  8,360
  8,748
  9,157
  9,587
  10,041
  10,519
  11,023
  11,552
  12,110
  12,696
  13,313
Total liabilities and equity, $m
  16,511
  15,681
  16,041
  16,454
  16,917
  17,429
  17,992
  18,605
  19,268
  19,982
  20,750
  21,569
  22,446
  23,378
  24,368
  25,420
  26,533
  27,712
  28,959
  30,277
  31,668
  33,136
  34,684
  36,315
  38,035
  39,845
  41,753
  43,758
  45,871
  48,092
  50,428
Debt-to-equity ratio
  1.216
  1.210
  1.250
  1.290
  1.330
  1.370
  1.410
  1.460
  1.510
  1.550
  1.600
  1.640
  1.690
  1.730
  1.770
  1.820
  1.860
  1.900
  1.930
  1.970
  2.010
  2.040
  2.080
  2.110
  2.140
  2.170
  2.200
  2.220
  2.250
  2.270
  2.300
Adjusted equity ratio
  0.235
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264
  0.264

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,264
  491
  498
  506
  514
  523
  533
  543
  554
  566
  578
  631
  645
  660
  676
  692
  710
  729
  749
  770
  792
  815
  839
  865
  892
  921
  951
  982
  1,015
  1,050
  1,087
Depreciation, amort., depletion, $m
  727
  741
  757
  775
  795
  817
  842
  869
  898
  929
  963
  945
  984
  1,025
  1,068
  1,114
  1,163
  1,215
  1,269
  1,327
  1,388
  1,452
  1,520
  1,592
  1,667
  1,747
  1,830
  1,918
  2,011
  2,108
  2,210
Funds from operations, $m
  1,176
  1,232
  1,255
  1,281
  1,309
  1,341
  1,375
  1,412
  1,452
  1,495
  1,541
  1,576
  1,629
  1,685
  1,744
  1,807
  1,873
  1,944
  2,018
  2,097
  2,180
  2,267
  2,360
  2,457
  2,559
  2,667
  2,781
  2,900
  3,026
  3,158
  3,298
Change in working capital, $m
  -328
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  56
  59
  62
  66
  69
Cash from operations, $m
  1,504
  1,223
  1,244
  1,268
  1,295
  1,325
  1,358
  1,394
  1,432
  1,474
  1,519
  1,552
  1,603
  1,657
  1,715
  1,776
  1,840
  1,909
  1,981
  2,058
  2,139
  2,224
  2,314
  2,409
  2,509
  2,614
  2,724
  2,841
  2,964
  3,093
  3,228
Maintenance CAPEX, $m
  0
  -674
  -687
  -703
  -721
  -741
  -764
  -789
  -816
  -845
  -876
  -910
  -945
  -984
  -1,025
  -1,068
  -1,114
  -1,163
  -1,215
  -1,269
  -1,327
  -1,388
  -1,452
  -1,520
  -1,592
  -1,667
  -1,747
  -1,830
  -1,918
  -2,011
  -2,108
New CAPEX, $m
  -996
  -134
  -160
  -183
  -205
  -227
  -249
  -271
  -294
  -316
  -340
  -363
  -388
  -413
  -439
  -465
  -493
  -522
  -552
  -583
  -616
  -650
  -685
  -722
  -761
  -802
  -844
  -888
  -935
  -983
  -1,034
Cash from investing activities, $m
  -973
  -808
  -847
  -886
  -926
  -968
  -1,013
  -1,060
  -1,110
  -1,161
  -1,216
  -1,273
  -1,333
  -1,397
  -1,464
  -1,533
  -1,607
  -1,685
  -1,767
  -1,852
  -1,943
  -2,038
  -2,137
  -2,242
  -2,353
  -2,469
  -2,591
  -2,718
  -2,853
  -2,994
  -3,142
Free cash flow, $m
  531
  415
  397
  383
  369
  357
  345
  334
  323
  313
  303
  279
  270
  260
  251
  242
  233
  224
  215
  205
  196
  186
  176
  166
  156
  145
  134
  123
  111
  99
  86
Issuance/(repayment) of debt, $m
  -256
  218
  265
  303
  341
  377
  414
  451
  488
  526
  564
  604
  644
  686
  729
  774
  820
  868
  918
  970
  1,024
  1,080
  1,139
  1,201
  1,265
  1,333
  1,403
  1,477
  1,554
  1,635
  1,720
Issuance/(repurchase) of shares, $m
  -487
  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  
  -778
  218
  265
  303
  341
  377
  414
  451
  488
  526
  564
  604
  644
  686
  729
  774
  820
  868
  918
  970
  1,024
  1,080
  1,139
  1,201
  1,265
  1,333
  1,403
  1,477
  1,554
  1,635
  1,720
Total cash flow (excl. dividends), $m
  -262
  633
  663
  686
  710
  734
  759
  785
  811
  839
  868
  883
  914
  946
  980
  1,016
  1,053
  1,092
  1,132
  1,175
  1,220
  1,266
  1,315
  1,367
  1,421
  1,478
  1,537
  1,599
  1,665
  1,734
  1,806
Retained Cash Flow (-), $m
  -587
  -84
  -95
  -109
  -122
  -135
  -149
  -162
  -175
  -189
  -202
  -217
  -231
  -246
  -262
  -278
  -294
  -311
  -329
  -348
  -367
  -388
  -409
  -431
  -454
  -478
  -503
  -530
  -557
  -586
  -617
Prev. year cash balance distribution, $m
 
  451
  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
 
  1,000
  568
  577
  588
  599
  611
  623
  636
  650
  665
  666
  683
  700
  719
  738
  759
  780
  803
  827
  852
  879
  907
  936
  967
  1,000
  1,034
  1,070
  1,107
  1,147
  1,189
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  943
  502
  476
  449
  421
  392
  363
  333
  303
  273
  239
  211
  185
  160
  137
  116
  96
  79
  64
  51
  40
  30
  23
  17
  12
  8
  6
  4
  3
  2
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

The Goodyear Tire & Rubber Company is a manufacturer of tires. The Company operates through three segments. The Americas segment develops, manufactures, distributes and sells tires and related products and services in North, Central and South America, and sells tires to various export markets. The Americas segment manufactures and sells tires for automobiles, trucks, buses, earthmoving, mining and industrial equipment, aircraft and for various other applications. The Europe, the Middle East and Africa (EMEA) segment develops, manufactures, distributes and sells tires for automobiles, trucks, buses, aircraft, motorcycles, and earthmoving, mining and industrial equipment throughout EMEA under the Goodyear, Dunlop, Debica, Sava and Fulda brands. The Asia Pacific segment develops, manufactures, distributes and sells tires for automobiles, trucks, aircraft, farm, and earthmoving, mining and industrial equipment throughout the Asia Pacific region, and sells tires to various export markets.

FINANCIAL RATIOS  of  Goodyear Tire&Rubber (GT)

Valuation Ratios
P/E Ratio 6.3
Price to Sales 0.5
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.3%
Cap. Spend. - 3 Yr. Gr. Rate -3.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 106.5%
Total Debt to Equity 121.6%
Interest Coverage 4
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 11.9%
Return On Total Capital 12.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.5%
Return On Equity 30%
Return On Equity - 3 Yr. Avg. 44.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 27.6%
Gross Margin - 3 Yr. Avg. 25.7%
EBITDA Margin 15.1%
EBITDA Margin - 3 Yr. Avg. 12%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 8.3%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate -6.4%
Eff/ Tax Rate - 3 Yr. Avg. -78.4%
Payout Ratio 6.5%

GT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GT stock intrinsic value calculation we used $15158 million for the last fiscal year's total revenue generated by Goodyear Tire&Rubber. The default revenue input number comes from 2016 income statement of Goodyear Tire&Rubber. 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 GT stock valuation model: a) initial revenue growth rate of 2% 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 6%, whose default value for GT is calculated based on our internal credit rating of Goodyear Tire&Rubber, 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 Goodyear Tire&Rubber.
    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 GT stock the variable cost ratio is equal to 93.7%.

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 GT 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 6.3% for Goodyear Tire&Rubber.

Corporate tax rate of 27% is the nominal tax rate for Goodyear Tire&Rubber. 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 GT 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 GT are equal to 44.9%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Goodyear Tire&Rubber 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 GT is equal to 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 - $4507 million for Goodyear Tire&Rubber - 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 251.621 million for Goodyear Tire&Rubber 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 Goodyear Tire&Rubber at the current share price and the inputted number of shares is $7.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CTB Cooper Tire&Ru 34.65 66.28  str.buy

COMPANY NEWS

▶ 10 Energizer Bunny Stocks   [Dec-11-17 12:10PM  Forbes]
▶ IIROC Trading Halt - GT   [Nov-21-17 12:02PM  CNW Group]
▶ Goodyear and NASCAR Extend Historic Relationship   [Nov-18-17 10:12AM  PR Newswire]
▶ Goodyear tops Street 3Q forecasts   [08:27AM  Associated Press]
▶ Goodyear's New Blimp Wingfoot Two Arrives in Los Angeles   [Oct-26-17 01:00PM  PR Newswire]
▶ Top Ranked Value Stocks to Buy for October 20th   [Oct-20-17 09:25AM  Zacks]
▶ 2 Sneaky Dividend Stocks for Savvy Investors   [Oct-19-17 08:33AM  Motley Fool]
▶ Goodyear's new airship to sail over 10 states headed to base   [Oct-09-17 02:00PM  Associated Press]
▶ Goodyear Blimp Wingfoot Two Goes West   [Oct-08-17 09:00AM  PR Newswire]
▶ 5 Ways Tax Reform May Boost Stocks   [Oct-05-17 05:45AM  Investopedia]
▶ Boeing Certifies Goodyear Flight Radial Tire for 777X   [Sep-27-17 08:45AM  PR Newswire]
▶ Top Gainers in the Consumer Sector: September 1115, 2017   [Sep-18-17 12:59PM  Market Realist]
▶ [$$] Bribery: Doing deals with due diligence   [12:06AM  Financial Times]
▶ Former P&G executive named president of Goodyear Tire   [06:15AM  American City Business Journals]
▶ Goodyear Announces New Senior Leadership Roles   [Sep-07-17 10:15AM  PR Newswire]
▶ Goodyear Expands Innovation Network to Silicon Valley   [Sep-01-17 10:20AM  PR Newswire]
Financial statements of GT
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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