Intrinsic value of Transalta - TAC

Previous Close

$6.35

  Intrinsic Value

$2.02

stock screener

  Rating & Target

str. sell

-68%

  Value-price divergence*

-62%

Previous close

$6.35

 
Intrinsic value

$2.02

 
Up/down potential

-68%

 
Rating

str. sell

 
Value-price divergence*

-62%

*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
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  1,774
  1,813
  1,858
  1,909
  1,965
  2,027
  2,095
  2,169
  2,248
  2,334
  2,425
  2,522
  2,626
  2,737
  2,854
  2,979
  3,111
  3,250
  3,397
  3,553
  3,717
  3,890
  4,073
  4,265
  4,468
  4,681
  4,906
  5,142
  5,391
  5,653
  5,928
Variable operating expenses, $m
 
  1,694
  1,736
  1,782
  1,834
  1,891
  1,953
  2,020
  2,093
  2,171
  2,255
  2,310
  2,405
  2,506
  2,614
  2,728
  2,848
  2,976
  3,111
  3,253
  3,404
  3,562
  3,729
  3,906
  4,091
  4,287
  4,492
  4,709
  4,936
  5,176
  5,428
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
  1,694
  1,736
  1,782
  1,834
  1,891
  1,953
  2,020
  2,093
  2,171
  2,255
  2,310
  2,405
  2,506
  2,614
  2,728
  2,848
  2,976
  3,111
  3,253
  3,404
  3,562
  3,729
  3,906
  4,091
  4,287
  4,492
  4,709
  4,936
  5,176
  5,428
Operating income, $m
  354
  119
  122
  127
  131
  137
  142
  149
  155
  162
  170
  213
  221
  231
  241
  251
  262
  274
  287
  300
  313
  328
  343
  360
  377
  395
  414
  434
  455
  477
  500
EBITDA, $m
  845
  410
  420
  431
  444
  458
  473
  490
  508
  527
  548
  570
  593
  618
  645
  673
  703
  734
  768
  803
  840
  879
  920
  964
  1,009
  1,058
  1,108
  1,162
  1,218
  1,277
  1,339
Interest expense (income), $m
  174
  157
  164
  171
  179
  188
  197
  208
  220
  232
  246
  260
  276
  292
  309
  328
  348
  368
  390
  414
  438
  464
  491
  520
  551
  583
  616
  652
  689
  728
  770
Earnings before tax, $m
  232
  -38
  -41
  -44
  -47
  -51
  -55
  -60
  -64
  -70
  -76
  -47
  -54
  -61
  -69
  -77
  -85
  -94
  -104
  -114
  -125
  -136
  -148
  -161
  -174
  -188
  -203
  -218
  -234
  -252
  -270
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
  -38
  -41
  -44
  -47
  -51
  -55
  -60
  -64
  -70
  -76
  -47
  -54
  -61
  -69
  -77
  -85
  -94
  -104
  -114
  -125
  -136
  -148
  -161
  -174
  -188
  -203
  -218
  -234
  -252
  -270

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
  8,058
  8,258
  8,483
  8,734
  9,011
  9,312
  9,639
  9,992
  10,371
  10,777
  11,211
  11,673
  12,164
  12,686
  13,239
  13,825
  14,444
  15,099
  15,790
  16,520
  17,290
  18,101
  18,957
  19,857
  20,806
  21,804
  22,855
  23,961
  25,124
  26,347
Adjusted assets (=assets-cash), $m
  7,871
  8,058
  8,258
  8,483
  8,734
  9,011
  9,312
  9,639
  9,992
  10,371
  10,777
  11,211
  11,673
  12,164
  12,686
  13,239
  13,825
  14,444
  15,099
  15,790
  16,520
  17,290
  18,101
  18,957
  19,857
  20,806
  21,804
  22,855
  23,961
  25,124
  26,347
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
  1,284
  1,315
  1,351
  1,391
  1,435
  1,483
  1,536
  1,592
  1,652
  1,717
  1,786
  1,860
  1,938
  2,021
  2,109
  2,202
  2,301
  2,405
  2,515
  2,632
  2,754
  2,884
  3,020
  3,163
  3,314
  3,473
  3,641
  3,817
  4,002
  4,197
Working capital, $m
  249
  464
  476
  489
  503
  519
  536
  555
  576
  597
  621
  646
  672
  701
  731
  763
  796
  832
  870
  910
  952
  996
  1,043
  1,092
  1,144
  1,198
  1,256
  1,316
  1,380
  1,447
  1,518
Total debt, $m
  3,228
  3,087
  3,221
  3,372
  3,540
  3,725
  3,927
  4,146
  4,383
  4,637
  4,909
  5,199
  5,509
  5,838
  6,188
  6,558
  6,950
  7,366
  7,804
  8,268
  8,757
  9,272
  9,816
  10,389
  10,992
  11,628
  12,297
  13,001
  13,742
  14,521
  15,340
Total liabilities, $m
  5,540
  5,399
  5,533
  5,684
  5,852
  6,037
  6,239
  6,458
  6,695
  6,949
  7,221
  7,511
  7,821
  8,150
  8,500
  8,870
  9,262
  9,678
  10,116
  10,580
  11,069
  11,584
  12,128
  12,701
  13,304
  13,940
  14,609
  15,313
  16,054
  16,833
  17,652
Total equity, $m
  2,599
  2,659
  2,725
  2,800
  2,882
  2,973
  3,073
  3,181
  3,297
  3,423
  3,557
  3,700
  3,852
  4,014
  4,186
  4,369
  4,562
  4,767
  4,983
  5,211
  5,452
  5,706
  5,973
  6,256
  6,553
  6,866
  7,195
  7,542
  7,907
  8,291
  8,694
Total liabilities and equity, $m
  8,139
  8,058
  8,258
  8,484
  8,734
  9,010
  9,312
  9,639
  9,992
  10,372
  10,778
  11,211
  11,673
  12,164
  12,686
  13,239
  13,824
  14,445
  15,099
  15,791
  16,521
  17,290
  18,101
  18,957
  19,857
  20,806
  21,804
  22,855
  23,961
  25,124
  26,346
Debt-to-equity ratio
  1.242
  1.160
  1.180
  1.200
  1.230
  1.250
  1.280
  1.300
  1.330
  1.350
  1.380
  1.410
  1.430
  1.450
  1.480
  1.500
  1.520
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.660
  1.680
  1.690
  1.710
  1.720
  1.740
  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
  -38
  -41
  -44
  -47
  -51
  -55
  -60
  -64
  -70
  -76
  -47
  -54
  -61
  -69
  -77
  -85
  -94
  -104
  -114
  -125
  -136
  -148
  -161
  -174
  -188
  -203
  -218
  -234
  -252
  -270
Depreciation, amort., depletion, $m
  491
  291
  297
  305
  313
  321
  331
  341
  353
  365
  378
  357
  372
  388
  404
  422
  440
  460
  481
  503
  526
  551
  577
  604
  633
  663
  695
  728
  763
  800
  839
Funds from operations, $m
  605
  253
  256
  261
  265
  270
  276
  282
  288
  295
  302
  310
  318
  326
  335
  345
  355
  366
  377
  389
  402
  415
  429
  443
  459
  475
  492
  510
  529
  549
  570
Change in working capital, $m
  54
  10
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  70
Cash from operations, $m
  551
  243
  245
  248
  251
  255
  259
  263
  268
  273
  279
  285
  291
  298
  305
  313
  321
  330
  339
  349
  360
  371
  382
  394
  407
  420
  435
  450
  465
  482
  499
Maintenance CAPEX, $m
  0
  -251
  -257
  -263
  -270
  -278
  -287
  -297
  -307
  -318
  -330
  -343
  -357
  -372
  -388
  -404
  -422
  -440
  -460
  -481
  -503
  -526
  -551
  -577
  -604
  -633
  -663
  -695
  -728
  -763
  -800
New CAPEX, $m
  -281
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
Cash from investing activities, $m
  -242
  -279
  -289
  -299
  -310
  -322
  -335
  -349
  -363
  -378
  -395
  -412
  -431
  -450
  -471
  -492
  -515
  -539
  -564
  -591
  -619
  -649
  -680
  -713
  -747
  -784
  -822
  -862
  -904
  -948
  -995
Free cash flow, $m
  309
  -36
  -44
  -51
  -59
  -68
  -77
  -86
  -95
  -106
  -116
  -128
  -140
  -152
  -165
  -179
  -194
  -209
  -225
  -242
  -260
  -278
  -298
  -319
  -340
  -363
  -387
  -412
  -439
  -467
  -496
Issuance/(repayment) of debt, $m
  -43
  127
  134
  151
  168
  185
  202
  219
  236
  254
  272
  291
  310
  329
  349
  371
  392
  415
  439
  463
  489
  516
  544
  573
  604
  636
  669
  704
  741
  779
  819
Issuance/(repurchase) of shares, $m
  0
  98
  107
  118
  130
  142
  155
  167
  181
  195
  210
  191
  207
  223
  241
  259
  279
  299
  320
  342
  366
  390
  416
  443
  471
  501
  532
  565
  599
  635
  673
Cash from financing (excl. dividends), $m  
  -39
  225
  241
  269
  298
  327
  357
  386
  417
  449
  482
  482
  517
  552
  590
  630
  671
  714
  759
  805
  855
  906
  960
  1,016
  1,075
  1,137
  1,201
  1,269
  1,340
  1,414
  1,492
Total cash flow (excl. dividends), $m
  268
  189
  197
  218
  239
  259
  280
  301
  322
  343
  365
  353
  377
  400
  425
  451
  477
  505
  534
  564
  595
  627
  661
  697
  734
  773
  814
  856
  901
  948
  997
Retained Cash Flow (-), $m
  -111
  -98
  -107
  -118
  -130
  -142
  -155
  -167
  -181
  -195
  -210
  -191
  -207
  -223
  -241
  -259
  -279
  -299
  -320
  -342
  -366
  -390
  -416
  -443
  -471
  -501
  -532
  -565
  -599
  -635
  -673
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
 
  91
  90
  100
  109
  117
  126
  133
  141
  148
  156
  163
  170
  177
  184
  191
  199
  206
  214
  221
  229
  237
  246
  254
  263
  272
  282
  292
  302
  312
  323
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
 
  84
  76
  77
  75
  73
  69
  64
  58
  52
  46
  40
  35
  29
  24
  20
  16
  12
  9
  7
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.9
  89.7
  84.5
  79.2
  74.0
  68.9
  63.9
  59.1
  54.5
  50.1
  46.6
  43.1
  39.8
  36.7
  33.7
  30.9
  28.2
  25.8
  23.5
  21.3
  19.4
  17.5
  15.8
  14.3
  12.9
  11.6
  10.4
  9.4
  8.4
  7.5

TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar. TransAlta is organized into eight business segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, Hydro, Energy Marketing and Corporate. The Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, and Hydro segments are responsible for constructing, operating and maintaining its electrical generation. All the segments are supported by a Corporate segment, which includes the Corporation's central financial, legal, administrative, and investing functions.

FINANCIAL RATIOS  of  Transalta (TAC)

Valuation Ratios
P/E Ratio 14.6
Price to Sales 1
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow 6.8
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 0.3
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. 1.2%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 50.6%
EBITDA Margin - 3 Yr. Avg. 39.2%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. -1.8%
Effective Tax Rate 12.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
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 2.2% 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 3.3 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 285.714 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.

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COMPANY NEWS

▶ The Oldest Newest Natural Gas Play: Part 2   [Sep-26-17 11:32AM  GuruFocus.com]
▶ 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]
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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