Intrinsic value of TravelCenters of America - TA

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$6.10

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$6.10

 
Intrinsic value

$38.85

 
Up/down potential

+537%

 
Rating

str. buy

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

We calculate the intrinsic value of TA 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 0.2

 

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, %
  -5.81
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  5,511
  5,809
  6,120
  6,446
  6,787
  7,144
  7,518
  7,910
  8,321
  8,751
  9,202
  9,675
  10,171
  10,691
  11,236
  11,808
  12,409
  13,038
  13,699
  14,392
  15,119
  15,883
  16,684
  17,525
  18,407
  19,333
  20,305
  21,326
  22,397
  23,522
  24,702
Variable operating expenses, $m
 
  5,059
  5,329
  5,613
  5,909
  6,220
  6,545
  6,886
  7,243
  7,617
  8,009
  8,411
  8,842
  9,295
  9,769
  10,266
  10,788
  11,335
  11,910
  12,512
  13,145
  13,808
  14,505
  15,236
  16,003
  16,808
  17,653
  18,540
  19,472
  20,449
  21,476
Fixed operating expenses, $m
 
  729
  747
  766
  785
  804
  825
  845
  866
  888
  910
  933
  956
  980
  1,005
  1,030
  1,055
  1,082
  1,109
  1,137
  1,165
  1,194
  1,224
  1,255
  1,286
  1,318
  1,351
  1,385
  1,420
  1,455
  1,491
Total operating expenses, $m
  5,492
  5,788
  6,076
  6,379
  6,694
  7,024
  7,370
  7,731
  8,109
  8,505
  8,919
  9,344
  9,798
  10,275
  10,774
  11,296
  11,843
  12,417
  13,019
  13,649
  14,310
  15,002
  15,729
  16,491
  17,289
  18,126
  19,004
  19,925
  20,892
  21,904
  22,967
Operating income, $m
  20
  21
  43
  67
  93
  120
  149
  179
  212
  246
  283
  331
  372
  416
  463
  513
  565
  621
  680
  743
  810
  880
  955
  1,034
  1,118
  1,207
  1,301
  1,401
  1,506
  1,617
  1,735
EBITDA, $m
  112
  121
  148
  177
  208
  240
  275
  312
  351
  392
  436
  482
  531
  583
  639
  697
  759
  825
  895
  968
  1,046
  1,129
  1,216
  1,308
  1,406
  1,509
  1,619
  1,734
  1,856
  1,985
  2,121
Interest expense (income), $m
  30
  30
  35
  41
  46
  52
  59
  65
  72
  80
  87
  95
  104
  112
  122
  131
  141
  152
  163
  175
  187
  200
  213
  228
  242
  258
  274
  292
  310
  329
  349
Earnings before tax, $m
  -4
  -9
  8
  27
  46
  67
  90
  114
  139
  167
  196
  236
  269
  304
  341
  381
  424
  469
  517
  568
  623
  680
  742
  807
  876
  949
  1,027
  1,109
  1,196
  1,289
  1,387
Tax expense, $m
  -2
  0
  2
  7
  13
  18
  24
  31
  38
  45
  53
  64
  73
  82
  92
  103
  114
  127
  140
  153
  168
  184
  200
  218
  236
  256
  277
  299
  323
  348
  374
Net income, $m
  -2
  -9
  6
  19
  34
  49
  65
  83
  102
  122
  143
  172
  196
  222
  249
  278
  309
  342
  378
  415
  455
  497
  541
  589
  639
  693
  749
  810
  873
  941
  1,012

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  61
  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
  1,660
  1,685
  1,775
  1,870
  1,969
  2,073
  2,181
  2,295
  2,414
  2,539
  2,670
  2,807
  2,951
  3,102
  3,260
  3,426
  3,600
  3,782
  3,974
  4,175
  4,386
  4,608
  4,840
  5,084
  5,340
  5,609
  5,891
  6,187
  6,498
  6,824
  7,166
Adjusted assets (=assets-cash), $m
  1,599
  1,685
  1,775
  1,870
  1,969
  2,073
  2,181
  2,295
  2,414
  2,539
  2,670
  2,807
  2,951
  3,102
  3,260
  3,426
  3,600
  3,782
  3,974
  4,175
  4,386
  4,608
  4,840
  5,084
  5,340
  5,609
  5,891
  6,187
  6,498
  6,824
  7,166
Revenue / Adjusted assets
  3.447
  3.447
  3.448
  3.447
  3.447
  3.446
  3.447
  3.447
  3.447
  3.447
  3.446
  3.447
  3.447
  3.446
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
  3.447
Average production assets, $m
  613
  645
  679
  715
  753
  793
  835
  878
  924
  971
  1,021
  1,074
  1,129
  1,187
  1,247
  1,311
  1,377
  1,447
  1,521
  1,598
  1,678
  1,763
  1,852
  1,945
  2,043
  2,146
  2,254
  2,367
  2,486
  2,611
  2,742
Working capital, $m
  72
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  49
Total debt, $m
  340
  400
  462
  528
  596
  668
  743
  822
  905
  991
  1,082
  1,177
  1,277
  1,381
  1,491
  1,606
  1,727
  1,853
  1,986
  2,125
  2,272
  2,425
  2,586
  2,755
  2,933
  3,119
  3,314
  3,519
  3,735
  3,961
  4,198
Total liabilities, $m
  1,108
  1,168
  1,230
  1,296
  1,364
  1,436
  1,511
  1,590
  1,673
  1,759
  1,850
  1,945
  2,045
  2,149
  2,259
  2,374
  2,495
  2,621
  2,754
  2,893
  3,040
  3,193
  3,354
  3,523
  3,701
  3,887
  4,082
  4,287
  4,503
  4,729
  4,966
Total equity, $m
  552
  517
  545
  574
  604
  636
  670
  704
  741
  779
  820
  862
  906
  952
  1,001
  1,052
  1,105
  1,161
  1,220
  1,282
  1,347
  1,415
  1,486
  1,561
  1,639
  1,722
  1,808
  1,899
  1,995
  2,095
  2,200
Total liabilities and equity, $m
  1,660
  1,685
  1,775
  1,870
  1,968
  2,072
  2,181
  2,294
  2,414
  2,538
  2,670
  2,807
  2,951
  3,101
  3,260
  3,426
  3,600
  3,782
  3,974
  4,175
  4,387
  4,608
  4,840
  5,084
  5,340
  5,609
  5,890
  6,186
  6,498
  6,824
  7,166
Debt-to-equity ratio
  0.616
  0.770
  0.850
  0.920
  0.990
  1.050
  1.110
  1.170
  1.220
  1.270
  1.320
  1.370
  1.410
  1.450
  1.490
  1.530
  1.560
  1.600
  1.630
  1.660
  1.690
  1.710
  1.740
  1.770
  1.790
  1.810
  1.830
  1.850
  1.870
  1.890
  1.910
Adjusted equity ratio
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307
  0.307

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -2
  -9
  6
  19
  34
  49
  65
  83
  102
  122
  143
  172
  196
  222
  249
  278
  309
  342
  378
  415
  455
  497
  541
  589
  639
  693
  749
  810
  873
  941
  1,012
Depreciation, amort., depletion, $m
  92
  100
  105
  110
  115
  121
  126
  133
  139
  146
  153
  151
  159
  167
  176
  185
  194
  204
  214
  225
  236
  248
  261
  274
  288
  302
  317
  333
  350
  368
  386
Funds from operations, $m
  141
  91
  111
  129
  149
  170
  192
  216
  241
  267
  296
  323
  355
  389
  425
  463
  503
  546
  592
  640
  691
  745
  802
  863
  927
  995
  1,067
  1,143
  1,223
  1,308
  1,398
Change in working capital, $m
  30
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  111
  597
  110
  128
  148
  169
  191
  215
  240
  266
  295
  322
  354
  388
  424
  462
  502
  545
  590
  639
  690
  743
  801
  861
  925
  993
  1,065
  1,141
  1,221
  1,306
  1,396
Maintenance CAPEX, $m
  0
  -86
  -91
  -96
  -101
  -106
  -112
  -118
  -124
  -130
  -137
  -144
  -151
  -159
  -167
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -302
  -317
  -333
  -350
  -368
New CAPEX, $m
  -330
  -32
  -35
  -36
  -38
  -40
  -42
  -43
  -46
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
Cash from investing activities, $m
  -220
  -118
  -126
  -132
  -139
  -146
  -154
  -161
  -170
  -178
  -187
  -196
  -206
  -217
  -228
  -240
  -252
  -264
  -277
  -291
  -306
  -321
  -337
  -354
  -372
  -391
  -410
  -430
  -452
  -475
  -499
Free cash flow, $m
  -109
  479
  -15
  -3
  9
  23
  38
  54
  71
  89
  108
  126
  148
  171
  196
  223
  251
  281
  313
  347
  384
  422
  463
  507
  553
  603
  655
  710
  769
  831
  897
Issuance/(repayment) of debt, $m
  0
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
Issuance/(repurchase) of shares, $m
  -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
Cash from financing (excl. dividends), $m  
  -1
  60
  63
  66
  69
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
Total cash flow (excl. dividends), $m
  -111
  539
  47
  62
  78
  95
  113
  133
  153
  175
  198
  221
  248
  276
  306
  338
  372
  408
  446
  487
  530
  576
  624
  676
  731
  789
  850
  915
  984
  1,057
  1,135
Retained Cash Flow (-), $m
  -3
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -87
  -91
  -95
  -100
  -105
Prev. year cash balance distribution, $m
 
  61
  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
 
  574
  19
  33
  48
  63
  80
  98
  117
  137
  158
  179
  203
  229
  257
  287
  318
  352
  387
  425
  465
  508
  553
  601
  652
  706
  764
  824
  889
  957
  1,029
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
 
  541
  17
  27
  36
  44
  51
  57
  61
  64
  65
  64
  63
  61
  57
  53
  49
  43
  38
  33
  28
  23
  18
  15
  11
  8
  6
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

TravelCenters of America LLC operates and franchises travel center and convenience store locations primarily along the United States interstate highway system. The company operates through two segments, Travel Centers and Convenience Stores. It offers diesel fuel and gasoline, and diesel exhaust fluid; and operates full service restaurants under the Iron Skillet and Country Pride brands, as well as quick service restaurants under Arby's, Burger King, Dunkin' Donuts, Pizza Hut, Popeye's Chicken & Biscuits, Starbuck's Coffee, Subway, and Taco Bell brand names. The company also operates truck repair and maintenance facilities that offer oil changes, wheel alignments, and tire repair services; and diagnostics and repair of air conditioning, brakes, and electrical systems. In addition, it provides RoadSquad, a roadside truck service program; RoadSquad Connect, a centralized call center; and RoadSquad OnSite, a service program for truck and trailer repair services, as well as operates travel and convenience stores that offer packaged food and snack items, beverages, non-prescription drug and beauty supplies, batteries, automobile accessories, tobacco products, and music and video products. Further, the company offers driver services, including information center; Reserve-It parking program; a banking desk; Wi-Fi Internet access; a laundry area; private showers; exercise facilities; and a theater or big screen television room. It serves trucking fleets and their drivers, independent truck drivers, and highway and local motorists. As of December 31, 2015, the company operated 176 owned and franchised travel centers under the TravelCenters of America brand; and 76 owned and franchised travel centers under the Petro Stopping Centers brand in 43 states of the United States and Canada, as well as 204 convenience stores under the Minit Mart brand. TravelCenters of America LLC was founded in 1992 and is based in Westlake, Ohio.

FINANCIAL RATIOS  of  TravelCenters of America (TA)

Valuation Ratios
P/E Ratio -120.5
Price to Sales 0
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow -1.1
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.9%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 61.6%
Total Debt to Equity 61.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity -0.4%
Return On Equity - 3 Yr. Avg. 5.8%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin 0.3%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin -0%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 41.6%
Payout Ratio 0%

TA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TA stock intrinsic value calculation we used $5511 million for the last fiscal year's total revenue generated by TravelCenters of America. The default revenue input number comes from 2016 income statement of TravelCenters of America. 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 TA stock valuation model: a) initial revenue growth rate of 5.4% 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 TA is calculated based on our internal credit rating of TravelCenters of America, 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 TravelCenters of America.
    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 TA stock the variable cost ratio is equal to 87.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $711 million in the base year in the intrinsic value calculation for TA 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 8.8% for TravelCenters of America.

Corporate tax rate of 27% is the nominal tax rate for TravelCenters of America. 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 TA 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 TA are equal to 11.1%.

Life of production assets of 7.1 years is the average useful life of capital assets used in TravelCenters of America 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 TA is equal to 0.2%. 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 - $552 million for TravelCenters of America - 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 39.848 million for TravelCenters of America 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 TravelCenters of America at the current share price and the inputted number of shares is $0.2 billion.


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COMPANY NEWS

▶ Grand Opening: TA Hebron Opens Bob Evans Restaurant   [Apr-03-17 09:19AM  Business Wire]
▶ TravelCenters of America Announces 2017 Citizen Drivers   [Mar-24-17 02:00PM  Business Wire]
▶ 3 Stocks That Are Ridiculously Cheap Right Now   [Mar-20-17 04:22PM  Motley Fool]
▶ TravelCenters of America Jumps on Non-Sale News   [Jun-16-16 09:35AM  at Investopedia]
▶ Heres Why These Five Stocks Are on the Move Today   [08:35AM  at Insider Monkey]
▶ Why TravelCenters of America Stock Jumped Today   [Jun-15-16 03:46PM  at Motley Fool]
Stock chart of TA Financial statements of TA
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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