Intrinsic value of Transalta - TAC

Previous Close

$6.20

  Intrinsic Value

$1.98

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

-84%

Previous close

$6.20

 
Intrinsic value

$1.98

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

-84%

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

We calculate the intrinsic value of TAC 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 1.8

 

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, %
  5.72
  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
  1,774
  1,809
  1,851
  1,899
  1,952
  2,011
  2,076
  2,147
  2,223
  2,306
  2,394
  2,489
  2,590
  2,698
  2,812
  2,933
  3,062
  3,198
  3,342
  3,494
  3,654
  3,824
  4,002
  4,191
  4,389
  4,598
  4,818
  5,050
  5,293
  5,550
  5,819
Variable operating expenses, $m
 
  1,691
  1,729
  1,773
  1,822
  1,876
  1,935
  2,000
  2,070
  2,146
  2,227
  2,279
  2,372
  2,470
  2,575
  2,686
  2,804
  2,928
  3,060
  3,199
  3,346
  3,501
  3,665
  3,837
  4,019
  4,210
  4,412
  4,624
  4,847
  5,082
  5,328
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
  1,420
  1,691
  1,729
  1,773
  1,822
  1,876
  1,935
  2,000
  2,070
  2,146
  2,227
  2,279
  2,372
  2,470
  2,575
  2,686
  2,804
  2,928
  3,060
  3,199
  3,346
  3,501
  3,665
  3,837
  4,019
  4,210
  4,412
  4,624
  4,847
  5,082
  5,328
Operating income, $m
  354
  118
  122
  126
  130
  135
  141
  147
  153
  160
  168
  210
  218
  228
  237
  247
  258
  270
  282
  295
  308
  322
  338
  353
  370
  388
  406
  426
  446
  468
  491
EBITDA, $m
  845
  281
  287
  295
  303
  312
  322
  333
  345
  358
  371
  386
  402
  418
  436
  455
  475
  496
  518
  542
  567
  593
  621
  650
  681
  713
  747
  783
  821
  861
  903
Interest expense (income), $m
  174
  157
  163
  170
  177
  186
  195
  205
  216
  228
  241
  255
  270
  286
  303
  321
  340
  361
  382
  405
  429
  454
  481
  509
  539
  570
  603
  638
  674
  713
  753
Earnings before tax, $m
  232
  -39
  -41
  -44
  -47
  -50
  -54
  -58
  -63
  -68
  -74
  -45
  -52
  -59
  -66
  -74
  -82
  -91
  -100
  -110
  -121
  -132
  -143
  -156
  -169
  -182
  -197
  -212
  -228
  -245
  -263
Tax expense, $m
  28
  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
  125
  -39
  -41
  -44
  -47
  -50
  -54
  -58
  -63
  -68
  -74
  -45
  -52
  -59
  -66
  -74
  -82
  -91
  -100
  -110
  -121
  -132
  -143
  -156
  -169
  -182
  -197
  -212
  -228
  -245
  -263

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  268
  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
  8,139
  8,042
  8,227
  8,439
  8,676
  8,939
  9,228
  9,542
  9,882
  10,248
  10,642
  11,063
  11,512
  11,990
  12,498
  13,037
  13,608
  14,213
  14,852
  15,528
  16,242
  16,994
  17,788
  18,625
  19,507
  20,436
  21,413
  22,442
  23,525
  24,665
  25,863
Adjusted assets (=assets-cash), $m
  7,871
  8,042
  8,227
  8,439
  8,676
  8,939
  9,228
  9,542
  9,882
  10,248
  10,642
  11,063
  11,512
  11,990
  12,498
  13,037
  13,608
  14,213
  14,852
  15,528
  16,242
  16,994
  17,788
  18,625
  19,507
  20,436
  21,413
  22,442
  23,525
  24,665
  25,863
Revenue / Adjusted assets
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
  0.225
Average production assets, $m
  1,256
  1,281
  1,311
  1,344
  1,382
  1,424
  1,470
  1,520
  1,574
  1,633
  1,695
  1,762
  1,834
  1,910
  1,991
  2,077
  2,168
  2,264
  2,366
  2,474
  2,587
  2,707
  2,834
  2,967
  3,107
  3,255
  3,411
  3,575
  3,748
  3,929
  4,120
Working capital, $m
  249
  463
  474
  486
  500
  515
  532
  550
  569
  590
  613
  637
  663
  691
  720
  751
  784
  819
  855
  894
  936
  979
  1,025
  1,073
  1,124
  1,177
  1,233
  1,293
  1,355
  1,421
  1,490
Total debt, $m
  3,228
  3,076
  3,200
  3,342
  3,501
  3,677
  3,870
  4,081
  4,309
  4,554
  4,818
  5,100
  5,401
  5,721
  6,061
  6,423
  6,805
  7,211
  7,639
  8,092
  8,570
  9,074
  9,606
  10,167
  10,758
  11,380
  12,035
  12,724
  13,450
  14,213
  15,016
Total liabilities, $m
  5,540
  5,388
  5,512
  5,654
  5,813
  5,989
  6,182
  6,393
  6,621
  6,866
  7,130
  7,412
  7,713
  8,033
  8,373
  8,735
  9,117
  9,523
  9,951
  10,404
  10,882
  11,386
  11,918
  12,479
  13,070
  13,692
  14,347
  15,036
  15,762
  16,525
  17,328
Total equity, $m
  2,599
  2,654
  2,715
  2,785
  2,863
  2,950
  3,045
  3,149
  3,261
  3,382
  3,512
  3,651
  3,799
  3,957
  4,124
  4,302
  4,491
  4,690
  4,901
  5,124
  5,360
  5,608
  5,870
  6,146
  6,437
  6,744
  7,066
  7,406
  7,763
  8,139
  8,535
Total liabilities and equity, $m
  8,139
  8,042
  8,227
  8,439
  8,676
  8,939
  9,227
  9,542
  9,882
  10,248
  10,642
  11,063
  11,512
  11,990
  12,497
  13,037
  13,608
  14,213
  14,852
  15,528
  16,242
  16,994
  17,788
  18,625
  19,507
  20,436
  21,413
  22,442
  23,525
  24,664
  25,863
Debt-to-equity ratio
  1.242
  1.160
  1.180
  1.200
  1.220
  1.250
  1.270
  1.300
  1.320
  1.350
  1.370
  1.400
  1.420
  1.450
  1.470
  1.490
  1.520
  1.540
  1.560
  1.580
  1.600
  1.620
  1.640
  1.650
  1.670
  1.690
  1.700
  1.720
  1.730
  1.750
  1.760
Adjusted equity ratio
  0.296
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  125
  -39
  -41
  -44
  -47
  -50
  -54
  -58
  -63
  -68
  -74
  -45
  -52
  -59
  -66
  -74
  -82
  -91
  -100
  -110
  -121
  -132
  -143
  -156
  -169
  -182
  -197
  -212
  -228
  -245
  -263
Depreciation, amort., depletion, $m
  491
  162
  165
  169
  173
  177
  181
  186
  192
  198
  204
  176
  183
  191
  199
  208
  217
  226
  237
  247
  259
  271
  283
  297
  311
  326
  341
  358
  375
  393
  412
Funds from operations, $m
  605
  124
  124
  125
  126
  126
  127
  128
  129
  129
  130
  131
  132
  132
  133
  134
  135
  135
  136
  137
  138
  139
  140
  141
  142
  143
  144
  146
  147
  148
  149
Change in working capital, $m
  54
  9
  11
  12
  14
  15
  17
  18
  20
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
Cash from operations, $m
  551
  115
  113
  113
  112
  111
  111
  110
  109
  108
  107
  107
  106
  105
  104
  103
  102
  101
  99
  98
  97
  96
  94
  93
  91
  90
  88
  86
  84
  82
  80
Maintenance CAPEX, $m
  0
  -126
  -128
  -131
  -134
  -138
  -142
  -147
  -152
  -157
  -163
  -170
  -176
  -183
  -191
  -199
  -208
  -217
  -226
  -237
  -247
  -259
  -271
  -283
  -297
  -311
  -326
  -341
  -358
  -375
  -393
New CAPEX, $m
  -281
  -25
  -29
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -181
  -191
Cash from investing activities, $m
  -242
  -151
  -157
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -226
  -237
  -248
  -259
  -272
  -285
  -299
  -313
  -328
  -345
  -361
  -379
  -397
  -416
  -437
  -459
  -482
  -505
  -531
  -556
  -584
Free cash flow, $m
  309
  -36
  -44
  -52
  -60
  -69
  -78
  -87
  -97
  -108
  -118
  -130
  -142
  -155
  -168
  -182
  -197
  -213
  -229
  -246
  -264
  -283
  -303
  -324
  -346
  -369
  -393
  -419
  -446
  -474
  -503
Issuance/(repayment) of debt, $m
  -43
  116
  124
  142
  159
  176
  193
  211
  228
  246
  264
  282
  301
  320
  340
  361
  383
  405
  428
  453
  478
  504
  532
  561
  591
  622
  655
  690
  726
  763
  803
Issuance/(repurchase) of shares, $m
  0
  93
  102
  114
  125
  137
  149
  162
  175
  189
  204
  184
  200
  216
  234
  252
  271
  291
  311
  333
  356
  380
  405
  432
  460
  489
  519
  552
  585
  621
  658
Cash from financing (excl. dividends), $m  
  -39
  209
  226
  256
  284
  313
  342
  373
  403
  435
  468
  466
  501
  536
  574
  613
  654
  696
  739
  786
  834
  884
  937
  993
  1,051
  1,111
  1,174
  1,242
  1,311
  1,384
  1,461
Total cash flow (excl. dividends), $m
  268
  174
  182
  203
  224
  244
  265
  285
  306
  327
  349
  336
  359
  382
  406
  431
  456
  483
  511
  540
  570
  602
  634
  669
  705
  742
  781
  822
  865
  910
  958
Retained Cash Flow (-), $m
  -111
  -93
  -102
  -114
  -125
  -137
  -149
  -162
  -175
  -189
  -204
  -184
  -200
  -216
  -234
  -252
  -271
  -291
  -311
  -333
  -356
  -380
  -405
  -432
  -460
  -489
  -519
  -552
  -585
  -621
  -658
Prev. year cash balance distribution, $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 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
 
  80
  80
  90
  99
  107
  116
  123
  131
  138
  145
  152
  159
  165
  172
  179
  186
  193
  200
  207
  214
  221
  229
  237
  245
  253
  262
  271
  280
  290
  300
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  74
  68
  69
  68
  66
  63
  59
  54
  49
  43
  38
  32
  27
  22
  18
  15
  11
  9
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.1
  90.2
  85.1
  79.9
  74.8
  69.8
  64.8
  60.1
  55.5
  51.1
  47.5
  44.1
  40.7
  37.6
  34.6
  31.7
  29.0
  26.5
  24.2
  22.0
  20.0
  18.1
  16.4
  14.8
  13.3
  12.0
  10.8
  9.7
  8.7
  7.8

TransAlta Corporation operates as non-regulated electricity generation and energy marketing company in Canada, the United States, and Western Australia. The company operates through Canadian Coal, U.S. Coal, Gas, Wind and Solar, Hydro, and Energy Marketing segments. It engages in generating and marketing electricity through various generation facilities. The company has an aggregate net ownership interest of approximately 8,184 megawatts of generating capacity TransAlta Corporation was founded in 1909 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  Transalta (TAC)

Valuation Ratios
P/E Ratio 14.3
Price to Sales 1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.2
Price to Free Cash Flow 6.6
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.5%
Cap. Spend. - 3 Yr. Gr. Rate -9%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 106%
Total Debt to Equity 124.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 50.6%
EBITDA Margin - 3 Yr. Avg. 46.1%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 10.7%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 12.1%
Eff/ Tax Rate - 3 Yr. Avg. 20.8%
Payout Ratio 65.6%

TAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAC stock intrinsic value calculation we used $1774 million for the last fiscal year's total revenue generated by Transalta. The default revenue input number comes from 2016 income statement of Transalta. 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 TAC 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 8.3%, whose default value for TAC is calculated based on our internal credit rating of Transalta, 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 Transalta.
    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 TAC stock the variable cost ratio is equal to 93.5%.

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 TAC 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 5.3% for Transalta.

Corporate tax rate of 27% is the nominal tax rate for Transalta. 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 TAC 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 TAC are equal to 70.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Transalta 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 TAC is equal to 25.6%. 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 - $2599 million for Transalta - 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 284.906 million for Transalta 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 Transalta at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ TransAlta reports 2Q loss   [Aug-10-17 08:08PM  Associated Press]
▶ TransAlta Declares Dividends   [Jul-18-17 05:09PM  CNW Group]
▶ Here's How Green Sausages Get Made In The Swamp It Isn't Very Pretty   [Jun-13-17 06:28PM  Investor's Business Daily]
▶ ETFs with exposure to TransAlta Corp. : May 15, 2017   [May-15-17 04:43PM  Capital Cube]
▶ TransAlta posts 1Q profit   [May-05-17 06:33PM  Associated Press]
▶ Canadian Oil Patch Shrugs Off Trumps Trade War Threat   [Apr-30-17 04:00PM  Oilprice.com]
▶ TransAlta Declares Dividends   [07:24PM  PR Newswire]
▶ TransAlta Declares Dividends   [07:24PM  CNW Group]
▶ TransAlta posts 4Q profit   [Mar-03-17 08:14AM  Associated Press]
▶ Should TransAlta (TAC) Be On Your Radar Now?   [Dec-28-16 08:53AM  Zacks]
▶ TransAlta Corporation Announces 2017 Outlook   [Dec-19-16 05:01PM  Marketwired]
▶ Hedge Funds Arent Crazy About Cvent Inc (CVT) Anymore   [Dec-03-16 07:38PM  at Insider Monkey]
▶ TransAlta Declares Dividends   [Oct-17-16 03:45PM  Marketwired]
▶ TransAlta Declares Dividends   [Jul-19-16 06:34PM  Marketwired]
▶ TransAlta Declares Dividends   [Apr-21-16 06:08PM  Marketwired]
▶ TransAlta Announces Listing of Series B Preferred Shares   [Mar-31-16 07:51AM  Marketwired]
Stock chart of TAC Financial statements of TAC
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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