Intrinsic value of MTS Systems - MTSC

Previous Close

$49.45

  Intrinsic Value

$56.06

stock screener

  Rating & Target

hold

+13%

Previous close

$49.45

 
Intrinsic value

$56.06

 
Up/down potential

+13%

 
Rating

hold

We calculate the intrinsic value of MTSC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.23
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
Revenue, $m
  788
  955
  1,142
  1,349
  1,576
  1,822
  2,087
  2,372
  2,674
  2,994
  3,332
  3,686
  4,058
  4,447
  4,852
  5,275
  5,714
  6,172
  6,647
  7,141
  7,654
  8,188
  8,742
  9,319
  9,918
  10,543
  11,192
  11,869
  12,574
  13,310
  14,077
Variable operating expenses, $m
 
  857
  1,018
  1,196
  1,391
  1,602
  1,830
  2,074
  2,334
  2,609
  2,899
  3,167
  3,486
  3,820
  4,168
  4,531
  4,909
  5,302
  5,710
  6,134
  6,575
  7,034
  7,510
  8,005
  8,520
  9,056
  9,615
  10,196
  10,802
  11,434
  12,092
Fixed operating expenses, $m
 
  19
  20
  20
  21
  21
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  30
  31
  32
  33
  34
  34
  35
  36
  37
  38
  39
  40
Total operating expenses, $m
  733
  876
  1,038
  1,216
  1,412
  1,623
  1,852
  2,097
  2,357
  2,633
  2,923
  3,192
  3,512
  3,846
  4,195
  4,559
  4,937
  5,331
  5,740
  6,164
  6,606
  7,066
  7,543
  8,039
  8,554
  9,091
  9,651
  10,233
  10,840
  11,473
  12,132
Operating income, $m
  55
  78
  104
  133
  164
  198
  235
  275
  317
  361
  408
  495
  546
  601
  657
  716
  777
  841
  907
  976
  1,048
  1,122
  1,200
  1,280
  1,364
  1,451
  1,541
  1,636
  1,734
  1,837
  1,944
EBITDA, $m
  91
  137
  167
  200
  237
  277
  319
  365
  414
  466
  521
  578
  638
  701
  767
  835
  906
  981
  1,058
  1,138
  1,221
  1,307
  1,397
  1,491
  1,588
  1,689
  1,795
  1,904
  2,019
  2,138
  2,263
Interest expense (income), $m
  30
  27
  37
  48
  61
  74
  89
  105
  122
  140
  159
  179
  200
  222
  245
  269
  294
  321
  348
  376
  406
  436
  468
  501
  535
  571
  608
  647
  687
  729
  773
Earnings before tax, $m
  23
  51
  67
  84
  103
  124
  146
  170
  195
  222
  250
  316
  347
  379
  412
  447
  483
  520
  559
  600
  642
  686
  732
  779
  828
  880
  933
  989
  1,047
  1,108
  1,171
Tax expense, $m
  -2
  14
  18
  23
  28
  34
  40
  46
  53
  60
  67
  85
  94
  102
  111
  121
  130
  140
  151
  162
  173
  185
  198
  210
  224
  238
  252
  267
  283
  299
  316
Net income, $m
  25
  37
  49
  62
  76
  91
  107
  124
  142
  162
  182
  231
  253
  276
  301
  326
  352
  380
  408
  438
  469
  501
  534
  569
  605
  642
  681
  722
  764
  809
  855

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  109
  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
  1,190
  1,310
  1,567
  1,851
  2,162
  2,499
  2,863
  3,253
  3,668
  4,107
  4,570
  5,057
  5,567
  6,100
  6,656
  7,235
  7,839
  8,466
  9,118
  9,795
  10,500
  11,231
  11,992
  12,783
  13,606
  14,462
  15,353
  16,281
  17,249
  18,257
  19,309
Adjusted assets (=assets-cash), $m
  1,081
  1,310
  1,567
  1,851
  2,162
  2,499
  2,863
  3,253
  3,668
  4,107
  4,570
  5,057
  5,567
  6,100
  6,656
  7,235
  7,839
  8,466
  9,118
  9,795
  10,500
  11,231
  11,992
  12,783
  13,606
  14,462
  15,353
  16,281
  17,249
  18,257
  19,309
Revenue / Adjusted assets
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
  0.729
Average production assets, $m
  362
  438
  524
  619
  723
  836
  958
  1,089
  1,227
  1,374
  1,529
  1,692
  1,863
  2,041
  2,227
  2,421
  2,623
  2,833
  3,051
  3,278
  3,513
  3,758
  4,013
  4,277
  4,553
  4,839
  5,137
  5,448
  5,772
  6,109
  6,461
Working capital, $m
  210
  170
  203
  240
  280
  324
  372
  422
  476
  533
  593
  656
  722
  792
  864
  939
  1,017
  1,099
  1,183
  1,271
  1,362
  1,457
  1,556
  1,659
  1,765
  1,877
  1,992
  2,113
  2,238
  2,369
  2,506
Total debt, $m
  458
  572
  743
  933
  1,141
  1,367
  1,610
  1,870
  2,147
  2,441
  2,750
  3,075
  3,416
  3,772
  4,143
  4,530
  4,933
  5,352
  5,788
  6,240
  6,711
  7,199
  7,708
  8,236
  8,785
  9,357
  9,953
  10,573
  11,219
  11,893
  12,596
Total liabilities, $m
  761
  875
  1,046
  1,236
  1,444
  1,670
  1,913
  2,173
  2,450
  2,744
  3,053
  3,378
  3,719
  4,075
  4,446
  4,833
  5,236
  5,655
  6,091
  6,543
  7,014
  7,502
  8,011
  8,539
  9,088
  9,660
  10,256
  10,876
  11,522
  12,196
  12,899
Total equity, $m
  429
  435
  520
  614
  718
  830
  951
  1,080
  1,218
  1,364
  1,517
  1,679
  1,848
  2,025
  2,210
  2,402
  2,602
  2,811
  3,027
  3,252
  3,486
  3,729
  3,981
  4,244
  4,517
  4,801
  5,097
  5,405
  5,727
  6,061
  6,411
Total liabilities and equity, $m
  1,190
  1,310
  1,566
  1,850
  2,162
  2,500
  2,864
  3,253
  3,668
  4,108
  4,570
  5,057
  5,567
  6,100
  6,656
  7,235
  7,838
  8,466
  9,118
  9,795
  10,500
  11,231
  11,992
  12,783
  13,605
  14,461
  15,353
  16,281
  17,249
  18,257
  19,310
Debt-to-equity ratio
  1.068
  1.320
  1.430
  1.520
  1.590
  1.650
  1.690
  1.730
  1.760
  1.790
  1.810
  1.830
  1.850
  1.860
  1.870
  1.890
  1.900
  1.900
  1.910
  1.920
  1.930
  1.930
  1.940
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.960
  1.960
Adjusted equity ratio
  0.296
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332
  0.332

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  25
  37
  49
  62
  76
  91
  107
  124
  142
  162
  182
  231
  253
  276
  301
  326
  352
  380
  408
  438
  469
  501
  534
  569
  605
  642
  681
  722
  764
  809
  855
Depreciation, amort., depletion, $m
  36
  59
  63
  68
  73
  78
  84
  91
  97
  105
  112
  83
  92
  101
  110
  119
  129
  140
  150
  161
  173
  185
  198
  211
  224
  238
  253
  268
  284
  301
  318
Funds from operations, $m
  71
  96
  112
  129
  148
  169
  191
  215
  240
  267
  295
  314
  345
  377
  410
  445
  482
  519
  559
  599
  642
  686
  732
  779
  829
  881
  934
  990
  1,049
  1,110
  1,173
Change in working capital, $m
  -1
  30
  33
  37
  40
  44
  47
  51
  54
  57
  60
  63
  66
  69
  72
  75
  78
  81
  85
  88
  91
  95
  99
  103
  107
  111
  116
  120
  126
  131
  137
Cash from operations, $m
  72
  66
  78
  92
  108
  125
  144
  164
  186
  210
  234
  251
  279
  308
  338
  370
  403
  438
  474
  512
  550
  591
  633
  677
  722
  769
  819
  870
  923
  979
  1,037
Maintenance CAPEX, $m
  0
  -18
  -22
  -26
  -31
  -36
  -41
  -47
  -54
  -60
  -68
  -75
  -83
  -92
  -101
  -110
  -119
  -129
  -140
  -150
  -161
  -173
  -185
  -198
  -211
  -224
  -238
  -253
  -268
  -284
  -301
New CAPEX, $m
  -18
  -77
  -86
  -95
  -104
  -113
  -122
  -130
  -139
  -147
  -155
  -163
  -171
  -178
  -186
  -194
  -202
  -210
  -218
  -227
  -236
  -245
  -255
  -265
  -275
  -286
  -298
  -311
  -324
  -338
  -352
Cash from investing activities, $m
  -19
  -95
  -108
  -121
  -135
  -149
  -163
  -177
  -193
  -207
  -223
  -238
  -254
  -270
  -287
  -304
  -321
  -339
  -358
  -377
  -397
  -418
  -440
  -463
  -486
  -510
  -536
  -564
  -592
  -622
  -653
Free cash flow, $m
  53
  -29
  -29
  -29
  -27
  -24
  -19
  -13
  -6
  2
  12
  13
  25
  38
  52
  67
  82
  99
  116
  134
  153
  173
  193
  214
  236
  259
  282
  306
  331
  357
  384
Issuance/(repayment) of debt, $m
  -13
  153
  171
  190
  208
  226
  243
  260
  277
  293
  309
  325
  341
  356
  372
  387
  403
  419
  436
  453
  470
  489
  508
  528
  550
  572
  595
  620
  646
  674
  703
Issuance/(repurchase) of shares, $m
  4
  39
  36
  33
  28
  22
  14
  5
  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  
  -10
  192
  207
  223
  236
  248
  257
  265
  277
  293
  309
  325
  341
  356
  372
  387
  403
  419
  436
  453
  470
  489
  508
  528
  550
  572
  595
  620
  646
  674
  703
Total cash flow (excl. dividends), $m
  44
  163
  179
  194
  209
  224
  238
  252
  271
  296
  321
  338
  365
  394
  423
  454
  485
  518
  552
  587
  624
  662
  701
  743
  786
  831
  877
  926
  977
  1,031
  1,087
Retained Cash Flow (-), $m
  -24
  -76
  -85
  -94
  -103
  -112
  -121
  -129
  -138
  -146
  -154
  -162
  -169
  -177
  -185
  -192
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -296
  -308
  -321
  -335
  -349
Prev. year cash balance distribution, $m
 
  70
  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
 
  157
  93
  99
  105
  111
  117
  123
  133
  150
  167
  176
  196
  217
  238
  261
  285
  310
  335
  362
  390
  419
  449
  480
  513
  546
  582
  618
  656
  696
  737
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  147
  81
  79
  77
  74
  70
  65
  62
  61
  59
  53
  50
  46
  41
  36
  31
  27
  22
  18
  14
  11
  8
  6
  5
  3
  2
  1
  1
  1
  0
Current shareholders' claim on cash, %
  100
  95.0
  91.3
  88.6
  86.7
  85.4
  84.7
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5
  84.5

MTS Systems Corporation is a supplier of test systems and position sensors. The Company operates through two segments: Test and Sensors. The Test segment provides testing solutions, including hardware, software and services to ground vehicles, materials and structures markets. The Sensors segment provides position sensors for a range of industrial and mobile hydraulic applications. The Sensors segment products are used by industrial machinery and mobile equipment manufacturers to automate the operation of their products for safety and end-user productivity. The Sensors segment manufactures products utilizing magnetostriction technology. Its technology, Temposonics, offers non-contact position sensing. Its Temposonics sensors provide position feedback for motion control systems. It also provides various service offerings, including calibration, maintenance, training and consulting. The Company has its manufacturing facilities in North America, Europe and Asia.

FINANCIAL RATIOS  of  MTS Systems (MTSC)

Valuation Ratios
P/E Ratio 35.1
Price to Sales 1.1
Price to Book 2
Price to Tangible Book
Price to Cash Flow 12.2
Price to Free Cash Flow 16.3
Growth Rates
Sales Growth Rate 21.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.3%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 97.7%
Total Debt to Equity 106.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 2.8%
Ret/ On T. Cap. - 3 Yr. Avg. 7.5%
Return On Equity 6%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.3%
Gross Margin - 3 Yr. Avg. 37.6%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 11.6%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. 5.1%
Effective Tax Rate -8.7%
Eff/ Tax Rate - 3 Yr. Avg. 11.9%
Payout Ratio 80%

MTSC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTSC stock intrinsic value calculation we used $788 million for the last fiscal year's total revenue generated by MTS Systems. The default revenue input number comes from 2017 income statement of MTS Systems. 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 MTSC stock valuation model: a) initial revenue growth rate of 21.2% 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 7.1%, whose default value for MTSC is calculated based on our internal credit rating of MTS Systems, 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 MTS Systems.
    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 MTSC stock the variable cost ratio is equal to 90.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $19 million in the base year in the intrinsic value calculation for MTSC 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 6.5% for MTS Systems.

Corporate tax rate of 27% is the nominal tax rate for MTS Systems. 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 MTSC 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 MTSC are equal to 45.9%.

Life of production assets of 20.3 years is the average useful life of capital assets used in MTS Systems 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 MTSC is equal to 17.8%. 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 - $429 million for MTS Systems - 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 17.843 million for MTS Systems 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 MTS Systems at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ MTS Announces Declaration of Quarterly Cash Dividend   [Feb-12-18 04:05PM  PR Newswire]
▶ Top Tech Dividend Yielding Stocks To Profit From   [Feb-08-18 04:02PM  Simply Wall St.]
▶ MTS Systems Corporation to Host Earnings Call   [Feb-06-18 07:45AM  ACCESSWIRE]
▶ MTS tops Street 1Q forecasts   [Feb-05-18 05:10PM  Associated Press]
▶ Top Rated NasdaqGS Tech Dividend Stocks   [Jan-06-18 04:02PM  Simply Wall St.]
▶ MTS Systems Corporation to Host Earnings Call   [Nov-28-17 08:00AM  ACCESSWIRE]
▶ MTS beats Street 4Q forecasts   [Nov-27-17 04:25PM  Associated Press]
▶ When Should You Buy MTS Systems Corporation (MTSC)?   [Nov-26-17 08:01PM  Simply Wall St.]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Nov-14-17 04:05PM  PR Newswire]
▶ MTS Systems to Present at Intellisight 2017 Conference   [Aug-09-17 04:05PM  PR Newswire]
▶ MTS beats 3Q profit forecasts   [Aug-07-17 11:59PM  Associated Press]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Jul-31-17 04:05PM  PR Newswire]
▶ ETFs with exposure to MTS Systems Corp. : July 24, 2017   [Jul-24-17 05:27PM  Capital Cube]
▶ ETFs with exposure to MTS Systems Corp. : July 14, 2017   [Jul-14-17 03:43PM  Capital Cube]
▶ MTS Announces Declaration of Quarterly Cash Dividend   [Jun-07-17 04:05PM  PR Newswire]
▶ ETFs with exposure to MTS Systems Corp. : May 25, 2017   [May-25-17 12:44PM  Capital Cube]
▶ MTS beats Street 2Q forecasts   [May-08-17 04:32PM  Associated Press]
▶ MTS Systems CEO Jeffrey Graves pay up $1M, new CFO announced   [Apr-25-17 12:40PM  American City Business Journals]
▶ MTS Systems Announces Chief Financial Officer Transition   [Apr-24-17 04:05PM  PR Newswire]
▶ Should You Get Rid of MTS Systems (MTSC) Now?   [Apr-18-17 08:38AM  Zacks]
▶ ETFs with exposure to MTS Systems Corp. : April 17, 2017   [Apr-17-17 01:00PM  Capital Cube]
Financial statements of MTSC
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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