Intrinsic value of TrueBlue - TBI

Previous Close

$26.80

  Intrinsic Value

$27.29

stock screener

  Rating & Target

hold

+2%

  Value-price divergence*

-46%

Previous close

$26.80

 
Intrinsic value

$27.29

 
Up/down potential

+2%

 
Rating

hold

 
Value-price divergence*

-46%

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

We calculate the intrinsic value of TBI 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 2017), $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 1.1

 

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, %
  2.04
  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
  2,751
  2,806
  2,871
  2,944
  3,027
  3,119
  3,220
  3,329
  3,448
  3,576
  3,713
  3,860
  4,017
  4,183
  4,361
  4,549
  4,748
  4,959
  5,182
  5,418
  5,667
  5,930
  6,207
  6,499
  6,806
  7,130
  7,471
  7,831
  8,208
  8,606
  9,024
Variable operating expenses, $m
 
  2,705
  2,766
  2,837
  2,916
  3,004
  3,100
  3,205
  3,318
  3,440
  3,572
  3,689
  3,839
  3,999
  4,168
  4,348
  4,538
  4,740
  4,953
  5,179
  5,417
  5,668
  5,933
  6,212
  6,506
  6,816
  7,142
  7,485
  7,846
  8,226
  8,626
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
  2,768
  2,705
  2,766
  2,837
  2,916
  3,004
  3,100
  3,205
  3,318
  3,440
  3,572
  3,689
  3,839
  3,999
  4,168
  4,348
  4,538
  4,740
  4,953
  5,179
  5,417
  5,668
  5,933
  6,212
  6,506
  6,816
  7,142
  7,485
  7,846
  8,226
  8,626
Operating income, $m
  -17
  101
  104
  108
  111
  115
  120
  125
  130
  135
  142
  170
  177
  185
  192
  201
  210
  219
  229
  239
  250
  262
  274
  287
  300
  315
  330
  346
  362
  380
  398
EBITDA, $m
  30
  144
  148
  151
  156
  160
  166
  171
  177
  184
  191
  199
  207
  215
  224
  234
  244
  255
  267
  279
  292
  305
  319
  334
  350
  367
  384
  403
  422
  443
  464
Interest expense (income), $m
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  34
  36
  38
  41
  44
  47
  50
Earnings before tax, $m
  -20
  97
  99
  102
  105
  108
  112
  116
  121
  125
  130
  158
  164
  170
  177
  184
  191
  199
  207
  216
  225
  235
  245
  255
  267
  279
  291
  305
  318
  333
  348
Tax expense, $m
  -5
  26
  27
  28
  28
  29
  30
  31
  33
  34
  35
  43
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
Net income, $m
  -15
  71
  72
  74
  77
  79
  82
  85
  88
  91
  95
  116
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  203
  213
  222
  232
  243
  254

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  35
  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
  1,130
  1,117
  1,143
  1,172
  1,205
  1,242
  1,282
  1,325
  1,373
  1,424
  1,478
  1,537
  1,599
  1,665
  1,736
  1,811
  1,890
  1,974
  2,063
  2,157
  2,256
  2,361
  2,471
  2,587
  2,709
  2,838
  2,974
  3,117
  3,268
  3,426
  3,592
Adjusted assets (=assets-cash), $m
  1,095
  1,117
  1,143
  1,172
  1,205
  1,242
  1,282
  1,325
  1,373
  1,424
  1,478
  1,537
  1,599
  1,665
  1,736
  1,811
  1,890
  1,974
  2,063
  2,157
  2,256
  2,361
  2,471
  2,587
  2,709
  2,838
  2,974
  3,117
  3,268
  3,426
  3,592
Revenue / Adjusted assets
  2.512
  2.512
  2.512
  2.512
  2.512
  2.511
  2.512
  2.512
  2.511
  2.511
  2.512
  2.511
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
  2.512
Average production assets, $m
  201
  205
  210
  215
  221
  228
  235
  243
  252
  261
  271
  282
  293
  305
  318
  332
  347
  362
  378
  396
  414
  433
  453
  474
  497
  521
  545
  572
  599
  628
  659
Working capital, $m
  177
  146
  149
  153
  157
  162
  167
  173
  179
  186
  193
  201
  209
  218
  227
  237
  247
  258
  269
  282
  295
  308
  323
  338
  354
  371
  389
  407
  427
  448
  469
Total debt, $m
  135
  148
  162
  178
  196
  217
  239
  263
  289
  317
  347
  380
  414
  451
  490
  531
  575
  622
  671
  723
  778
  835
  896
  961
  1,028
  1,100
  1,175
  1,254
  1,337
  1,425
  1,517
Total liabilities, $m
  605
  618
  632
  648
  666
  687
  709
  733
  759
  787
  817
  850
  884
  921
  960
  1,001
  1,045
  1,092
  1,141
  1,193
  1,248
  1,305
  1,366
  1,431
  1,498
  1,570
  1,645
  1,724
  1,807
  1,895
  1,987
Total equity, $m
  525
  499
  511
  524
  539
  555
  573
  592
  614
  636
  661
  687
  715
  744
  776
  809
  845
  882
  922
  964
  1,008
  1,055
  1,104
  1,156
  1,211
  1,269
  1,330
  1,393
  1,461
  1,531
  1,606
Total liabilities and equity, $m
  1,130
  1,117
  1,143
  1,172
  1,205
  1,242
  1,282
  1,325
  1,373
  1,423
  1,478
  1,537
  1,599
  1,665
  1,736
  1,810
  1,890
  1,974
  2,063
  2,157
  2,256
  2,360
  2,470
  2,587
  2,709
  2,839
  2,975
  3,117
  3,268
  3,426
  3,593
Debt-to-equity ratio
  0.257
  0.300
  0.320
  0.340
  0.360
  0.390
  0.420
  0.440
  0.470
  0.500
  0.530
  0.550
  0.580
  0.610
  0.630
  0.660
  0.680
  0.700
  0.730
  0.750
  0.770
  0.790
  0.810
  0.830
  0.850
  0.870
  0.880
  0.900
  0.920
  0.930
  0.940
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -15
  71
  72
  74
  77
  79
  82
  85
  88
  91
  95
  116
  120
  124
  129
  134
  139
  145
  151
  157
  164
  171
  179
  187
  195
  203
  213
  222
  232
  243
  254
Depreciation, amort., depletion, $m
  47
  43
  43
  44
  44
  45
  46
  47
  48
  49
  50
  28
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
Funds from operations, $m
  389
  114
  116
  118
  121
  124
  128
  132
  136
  140
  145
  144
  149
  155
  161
  167
  174
  181
  189
  197
  206
  214
  224
  234
  244
  256
  267
  279
  292
  306
  320
Change in working capital, $m
  127
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  262
  111
  112
  114
  117
  120
  123
  126
  129
  133
  138
  136
  141
  146
  152
  157
  164
  170
  177
  185
  193
  201
  210
  219
  228
  239
  249
  261
  273
  285
  299
Maintenance CAPEX, $m
  0
  -20
  -20
  -21
  -21
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
New CAPEX, $m
  -29
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
Cash from investing activities, $m
  -143
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -34
  -36
  -38
  -39
  -41
  -44
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -74
  -77
  -81
  -85
  -89
  -94
Free cash flow, $m
  119
  86
  87
  88
  89
  91
  92
  94
  96
  99
  101
  98
  101
  105
  108
  112
  116
  120
  125
  130
  135
  140
  146
  152
  159
  165
  173
  180
  188
  196
  205
Issuance/(repayment) of debt, $m
  -2
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
Issuance/(repurchase) of shares, $m
  -4
  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  
  -115
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
Total cash flow (excl. dividends), $m
  5
  99
  101
  104
  108
  111
  115
  118
  123
  127
  132
  131
  136
  141
  147
  153
  160
  167
  174
  182
  190
  198
  207
  216
  226
  237
  248
  259
  271
  284
  297
Retained Cash Flow (-), $m
  11
  -9
  -11
  -13
  -15
  -16
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -33
  -35
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
Prev. year cash balance distribution, $m
 
  35
  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
 
  125
  90
  91
  93
  95
  97
  99
  101
  104
  107
  104
  108
  112
  116
  120
  124
  129
  134
  140
  145
  151
  158
  164
  172
  179
  187
  195
  204
  213
  223
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  120
  82
  79
  76
  73
  70
  67
  63
  60
  56
  50
  46
  42
  39
  35
  32
  28
  25
  22
  18
  16
  13
  11
  9
  7
  5
  4
  3
  2
  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

TrueBlue, Inc. provides staffing, recruitment process outsourcing, and managed services in the United States, Canada, and Puerto Rico. It operates through two segments, Staffing Services and Managed Services. The company offers a range of blue-collar staffing services, including on-demand general labor under the Labor Ready brand; skilled manufacturing and logistics labor under the Spartan Staffing brand; and skilled trades for commercial, industrial, and energy construction industries, as well as for building and plant maintenance industries under the CLP Resources brand name. It also provides skilled mechanics and technicians for the aviation and transportation industries under the PlaneTechs brand name; temporary and dedicated drivers for the transportation and distribution industries under the Centerline Drivers brand name; and recruitment and on-premise management of a facility's contingent industrial workforce under the Staff Management On-premise Staffing brand name. In addition, the company offers outsourced recruitment of permanent employees on behalf of clients under the PeopleScout and hrX brand name; and manages multiple third party staffing vendors on behalf of clients under the Staff Management brand name. It serves small and medium-sized businesses, as well as customers in the construction, energy, manufacturing, warehousing, distribution, waste, wholesale, retail, transportation, aviation, hospitality, and other industries. The company was formerly known as Labor Ready, Inc. and changed its name to TrueBlue, Inc. in December 2007. TrueBlue, Inc. was founded in 1985 and is headquartered in Tacoma, Washington.

FINANCIAL RATIOS  of  TrueBlue (TBI)

Valuation Ratios
P/E Ratio -75.3
Price to Sales 0.4
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 4.3
Price to Free Cash Flow 4.9
Growth Rates
Sales Growth Rate 2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 61.1%
Cap. Spend. - 3 Yr. Gr. Rate 17.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 25.7%
Total Debt to Equity 25.7%
Interest Coverage -4
Management Effectiveness
Return On Assets -1%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital -2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity -2.8%
Return On Equity - 3 Yr. Avg. 8.9%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 24.7%
Gross Margin - 3 Yr. Avg. 24.3%
EBITDA Margin 1.1%
EBITDA Margin - 3 Yr. Avg. 3.9%
Operating Margin -0.6%
Oper. Margin - 3 Yr. Avg. 2.3%
Pre-Tax Margin -0.7%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin -0.5%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 25%
Eff/ Tax Rate - 3 Yr. Avg. 23.5%
Payout Ratio 0%

TBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TBI stock intrinsic value calculation we used $2751 million for the last fiscal year's total revenue generated by TrueBlue. The default revenue input number comes from 2017 income statement of TrueBlue. 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 TBI 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 4.3%, whose default value for TBI is calculated based on our internal credit rating of TrueBlue, 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 TrueBlue.
    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 TBI stock the variable cost ratio is equal to 96.4%.

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 TBI 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 3.5% for TrueBlue.

Corporate tax rate of 27% is the nominal tax rate for TrueBlue. 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 TBI 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 TBI are equal to 7.3%.

Life of production assets of 10 years is the average useful life of capital assets used in TrueBlue 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 TBI is equal to 5.2%. 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 - $525 million for TrueBlue - 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 42.481 million for TrueBlue 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 TrueBlue at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ TrueBlue to Announce Second Quarter 2017 Results   [Jul-12-17 04:52PM  Business Wire]
▶ TrueBlue, Inc. Value Analysis (NYSE:TBI) : June 15, 2017   [Jun-15-17 04:34PM  Capital Cube]
▶ TrueBlue Reports Executive Changes   [Jun-13-17 04:10PM  Business Wire]
▶ ETFs with exposure to TrueBlue, Inc. : May 22, 2017   [May-22-17 02:14PM  Capital Cube]
▶ TrueBlue beats 1Q profit forecasts   [May-01-17 04:54PM  Associated Press]
▶ Top Ranked Value Stocks to Buy for April 19th   [Apr-19-17 07:52AM  Zacks]
▶ TrueBlue to Announce First Quarter 2017 Results   [Apr-13-17 01:00PM  Business Wire]
▶ TrueBlue beats 4Q profit forecasts   [Feb-09-17 02:50PM  Associated Press]
▶ TrueBlue Reports Fourth Quarter 2016 Results   [04:05PM  Business Wire]
▶ Should You Avoid Trueblue Inc (TBI)?   [Dec-12-16 09:18AM  at Insider Monkey]
▶ TrueBlue to Announce 2016 Third Quarter Results   [Oct-07-16 06:25PM  Business Wire]
▶ Earnings, Other News Have These 5 Stocks In Motion Today   [Jul-21-16 01:46PM  at Insider Monkey]
▶ TrueBlue Reports 2016 Second Quarter Results   [04:05PM  Business Wire]
▶ TrueBlue to Announce 2016 Second Quarter Results   [Jul-08-16 03:57PM  Business Wire]
▶ Kim Harris Jones Appointed to TrueBlue Board of Directors   [May-11-16 07:45PM  Business Wire]
▶ Amazon Stock: Analyzing 5 Key Suppliers (AMZN)   [May-06-16 01:34PM  at Investopedia]
▶ The 52-Week Low Club for Thursday   [Apr-21-16 04:04PM  at 24/7 Wall St.]
▶ Blame Amazon for TrueBlues stock plunge   [03:25PM  at MarketWatch]
▶ Why Are Traders Selling Off These 5 Stocks Today?   [12:41PM  at Insider Monkey]
▶ TrueBlue to Announce 2016 First Quarter Results   [Apr-14-16 09:57PM  Business Wire]
Stock chart of TBI Financial statements of TBI Annual reports of TBI
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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