Intrinsic value of TransDigm Group - TDG

Previous Close

$272.60

  Intrinsic Value

$122.65

stock screener

  Rating & Target

str. sell

-55%

Previous close

$272.60

 
Intrinsic value

$122.65

 
Up/down potential

-55%

 
Rating

str. sell

We calculate the intrinsic value of TDG 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 14.1

 

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, %
  17.14
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  3,171
  3,609
  4,075
  4,569
  5,091
  5,639
  6,214
  6,815
  7,443
  8,097
  8,778
  9,486
  10,222
  10,988
  11,783
  12,609
  13,468
  14,361
  15,290
  16,256
  17,262
  18,310
  19,402
  20,540
  21,727
  22,966
  24,260
  25,611
  27,022
  28,498
  30,041
Variable operating expenses, $m
 
  2,029
  2,218
  2,418
  2,629
  2,851
  3,084
  3,327
  3,582
  3,846
  4,122
  3,841
  4,139
  4,449
  4,771
  5,106
  5,453
  5,815
  6,191
  6,582
  6,990
  7,414
  7,856
  8,317
  8,798
  9,299
  9,823
  10,370
  10,942
  11,539
  12,164
Fixed operating expenses, $m
 
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  108
  111
Total operating expenses, $m
  1,904
  2,083
  2,274
  2,475
  2,688
  2,911
  3,145
  3,390
  3,647
  3,912
  4,190
  3,911
  4,210
  4,522
  4,846
  5,183
  5,532
  5,896
  6,274
  6,667
  7,077
  7,503
  7,947
  8,411
  8,894
  9,397
  9,924
  10,473
  11,048
  11,647
  12,275
Operating income, $m
  1,268
  1,525
  1,801
  2,094
  2,403
  2,728
  3,069
  3,425
  3,797
  4,184
  4,588
  5,576
  6,012
  6,466
  6,937
  7,427
  7,936
  8,466
  9,016
  9,589
  10,186
  10,807
  11,455
  12,130
  12,834
  13,569
  14,336
  15,137
  15,975
  16,850
  17,766
EBITDA, $m
  1,389
  2,162
  2,447
  2,749
  3,068
  3,403
  3,755
  4,122
  4,506
  4,906
  5,323
  5,756
  6,206
  6,674
  7,161
  7,666
  8,192
  8,738
  9,307
  9,898
  10,514
  11,155
  11,823
  12,520
  13,247
  14,005
  14,797
  15,624
  16,488
  17,392
  18,337
Interest expense (income), $m
  449
  477
  393
  451
  512
  577
  645
  717
  792
  870
  951
  1,036
  1,124
  1,216
  1,311
  1,410
  1,513
  1,620
  1,731
  1,847
  1,967
  2,092
  2,223
  2,359
  2,500
  2,648
  2,803
  2,964
  3,132
  3,307
  3,491
Earnings before tax, $m
  768
  1,048
  1,409
  1,643
  1,891
  2,151
  2,423
  2,708
  3,005
  3,314
  3,637
  4,539
  4,888
  5,250
  5,626
  6,017
  6,423
  6,845
  7,285
  7,742
  8,219
  8,715
  9,232
  9,771
  10,333
  10,921
  11,534
  12,174
  12,843
  13,543
  14,275
Tax expense, $m
  182
  283
  380
  444
  511
  581
  654
  731
  811
  895
  982
  1,226
  1,320
  1,417
  1,519
  1,624
  1,734
  1,848
  1,967
  2,090
  2,219
  2,353
  2,493
  2,638
  2,790
  2,949
  3,114
  3,287
  3,468
  3,657
  3,854
Net income, $m
  586
  765
  1,028
  1,200
  1,380
  1,570
  1,769
  1,977
  2,194
  2,420
  2,655
  3,314
  3,568
  3,832
  4,107
  4,392
  4,689
  4,997
  5,318
  5,652
  6,000
  6,362
  6,739
  7,133
  7,543
  7,972
  8,419
  8,887
  9,376
  9,886
  10,421

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,587
  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
  10,726
  10,399
  11,743
  13,167
  14,670
  16,251
  17,908
  19,641
  21,449
  23,334
  25,297
  27,338
  29,459
  31,665
  33,956
  36,338
  38,813
  41,386
  44,063
  46,848
  49,748
  52,767
  55,914
  59,194
  62,615
  66,185
  69,913
  73,806
  77,874
  82,126
  86,573
Adjusted assets (=assets-cash), $m
  9,139
  10,399
  11,743
  13,167
  14,670
  16,251
  17,908
  19,641
  21,449
  23,334
  25,297
  27,338
  29,459
  31,665
  33,956
  36,338
  38,813
  41,386
  44,063
  46,848
  49,748
  52,767
  55,914
  59,194
  62,615
  66,185
  69,913
  73,806
  77,874
  82,126
  86,573
Revenue / Adjusted assets
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
  0.347
Average production assets, $m
  1,808
  2,057
  2,323
  2,604
  2,902
  3,214
  3,542
  3,885
  4,242
  4,615
  5,003
  5,407
  5,827
  6,263
  6,716
  7,187
  7,677
  8,186
  8,715
  9,266
  9,840
  10,437
  11,059
  11,708
  12,385
  13,091
  13,828
  14,598
  15,403
  16,244
  17,123
Working capital, $m
  2,178
  960
  1,084
  1,215
  1,354
  1,500
  1,653
  1,813
  1,980
  2,154
  2,335
  2,523
  2,719
  2,923
  3,134
  3,354
  3,583
  3,820
  4,067
  4,324
  4,592
  4,871
  5,161
  5,464
  5,780
  6,109
  6,453
  6,812
  7,188
  7,580
  7,991
Total debt, $m
  10,196
  8,178
  9,388
  10,669
  12,022
  13,445
  14,936
  16,496
  18,123
  19,820
  21,586
  23,423
  25,333
  27,317
  29,380
  31,523
  33,751
  36,067
  38,476
  40,982
  43,592
  46,309
  49,141
  52,093
  55,173
  58,386
  61,741
  65,244
  68,906
  72,733
  76,735
Total liabilities, $m
  11,378
  9,359
  10,569
  11,850
  13,203
  14,626
  16,117
  17,677
  19,304
  21,001
  22,767
  24,604
  26,514
  28,498
  30,561
  32,704
  34,932
  37,248
  39,657
  42,163
  44,773
  47,490
  50,322
  53,274
  56,354
  59,567
  62,922
  66,425
  70,087
  73,914
  77,916
Total equity, $m
  -651
  1,040
  1,174
  1,317
  1,467
  1,625
  1,791
  1,964
  2,145
  2,333
  2,530
  2,734
  2,946
  3,166
  3,396
  3,634
  3,881
  4,139
  4,406
  4,685
  4,975
  5,277
  5,591
  5,919
  6,262
  6,619
  6,991
  7,381
  7,787
  8,213
  8,657
Total liabilities and equity, $m
  10,727
  10,399
  11,743
  13,167
  14,670
  16,251
  17,908
  19,641
  21,449
  23,334
  25,297
  27,338
  29,460
  31,664
  33,957
  36,338
  38,813
  41,387
  44,063
  46,848
  49,748
  52,767
  55,913
  59,193
  62,616
  66,186
  69,913
  73,806
  77,874
  82,127
  86,573
Debt-to-equity ratio
  -15.662
  7.860
  7.990
  8.100
  8.190
  8.270
  8.340
  8.400
  8.450
  8.490
  8.530
  8.570
  8.600
  8.630
  8.650
  8.670
  8.700
  8.710
  8.730
  8.750
  8.760
  8.780
  8.790
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
  8.860
  8.860
Adjusted equity ratio
  -0.223
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  586
  765
  1,028
  1,200
  1,380
  1,570
  1,769
  1,977
  2,194
  2,420
  2,655
  3,314
  3,568
  3,832
  4,107
  4,392
  4,689
  4,997
  5,318
  5,652
  6,000
  6,362
  6,739
  7,133
  7,543
  7,972
  8,419
  8,887
  9,376
  9,886
  10,421
Depreciation, amort., depletion, $m
  121
  636
  645
  655
  665
  675
  686
  697
  709
  722
  735
  180
  194
  209
  224
  240
  256
  273
  291
  309
  328
  348
  369
  390
  413
  436
  461
  487
  513
  541
  571
Funds from operations, $m
  558
  1,401
  1,674
  1,854
  2,045
  2,245
  2,455
  2,674
  2,903
  3,141
  3,389
  3,494
  3,762
  4,041
  4,331
  4,632
  4,945
  5,270
  5,609
  5,961
  6,328
  6,710
  7,108
  7,523
  7,956
  8,408
  8,880
  9,374
  9,889
  10,428
  10,991
Change in working capital, $m
  -111
  116
  124
  131
  139
  146
  153
  160
  167
  174
  181
  188
  196
  204
  212
  220
  228
  238
  247
  257
  268
  279
  290
  303
  316
  330
  344
  359
  375
  393
  410
Cash from operations, $m
  669
  1,285
  1,550
  1,723
  1,906
  2,099
  2,302
  2,514
  2,736
  2,967
  3,208
  3,306
  3,566
  3,837
  4,119
  4,412
  4,716
  5,033
  5,362
  5,704
  6,060
  6,431
  6,817
  7,220
  7,640
  8,079
  8,536
  9,014
  9,513
  10,035
  10,581
Maintenance CAPEX, $m
  0
  -60
  -69
  -77
  -87
  -97
  -107
  -118
  -129
  -141
  -154
  -167
  -180
  -194
  -209
  -224
  -240
  -256
  -273
  -291
  -309
  -328
  -348
  -369
  -390
  -413
  -436
  -461
  -487
  -513
  -541
New CAPEX, $m
  -44
  -249
  -266
  -282
  -297
  -313
  -328
  -343
  -358
  -373
  -388
  -404
  -420
  -436
  -453
  -471
  -490
  -509
  -529
  -551
  -573
  -597
  -622
  -649
  -677
  -706
  -737
  -770
  -805
  -841
  -880
Cash from investing activities, $m
  -1,443
  -309
  -335
  -359
  -384
  -410
  -435
  -461
  -487
  -514
  -542
  -571
  -600
  -630
  -662
  -695
  -730
  -765
  -802
  -842
  -882
  -925
  -970
  -1,018
  -1,067
  -1,119
  -1,173
  -1,231
  -1,292
  -1,354
  -1,421
Free cash flow, $m
  -774
  975
  1,215
  1,364
  1,522
  1,690
  1,867
  2,053
  2,249
  2,453
  2,666
  2,735
  2,966
  3,207
  3,457
  3,717
  3,987
  4,268
  4,559
  4,862
  5,178
  5,506
  5,847
  6,203
  6,573
  6,960
  7,363
  7,783
  8,222
  8,681
  9,160
Issuance/(repayment) of debt, $m
  1,831
  -1,765
  1,209
  1,282
  1,353
  1,422
  1,491
  1,560
  1,628
  1,696
  1,766
  1,837
  1,910
  1,985
  2,062
  2,143
  2,228
  2,316
  2,409
  2,507
  2,609
  2,718
  2,832
  2,952
  3,079
  3,213
  3,355
  3,504
  3,661
  3,827
  4,002
Issuance/(repurchase) of shares, $m
  -178
  2,260
  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  
  1,650
  495
  1,209
  1,282
  1,353
  1,422
  1,491
  1,560
  1,628
  1,696
  1,766
  1,837
  1,910
  1,985
  2,062
  2,143
  2,228
  2,316
  2,409
  2,507
  2,609
  2,718
  2,832
  2,952
  3,079
  3,213
  3,355
  3,504
  3,661
  3,827
  4,002
Total cash flow (excl. dividends), $m
  876
  1,471
  2,425
  2,646
  2,875
  3,112
  3,358
  3,613
  3,877
  4,150
  4,432
  4,572
  4,876
  5,192
  5,520
  5,860
  6,215
  6,584
  6,968
  7,369
  7,787
  8,223
  8,679
  9,155
  9,653
  10,173
  10,717
  11,287
  11,883
  12,508
  13,162
Retained Cash Flow (-), $m
  -387
  -3,025
  -134
  -142
  -150
  -158
  -166
  -173
  -181
  -188
  -196
  -204
  -212
  -221
  -229
  -238
  -248
  -257
  -268
  -279
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -389
  -407
  -425
  -445
Prev. year cash balance distribution, $m
 
  1,334
  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
 
  -220
  2,290
  2,503
  2,725
  2,954
  3,193
  3,440
  3,696
  3,961
  4,236
  4,368
  4,664
  4,971
  5,290
  5,622
  5,967
  6,326
  6,701
  7,091
  7,497
  7,921
  8,364
  8,827
  9,311
  9,816
  10,345
  10,898
  11,477
  12,083
  12,717
Discount rate, %
 
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.06
  25.27
  26.53
  27.86
  29.25
  30.71
  32.25
  33.86
  35.55
  37.33
  39.20
  41.16
  43.22
  45.38
  47.65
  50.03
  52.53
  55.16
PV of cash for distribution, $m
 
  -194
  1,760
  1,656
  1,530
  1,389
  1,238
  1,083
  928
  779
  641
  498
  392
  301
  226
  165
  117
  81
  54
  35
  22
  13
  8
  4
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

TransDigm Group Incorporated is a designer, producer and supplier of engineered aircraft components for use on commercial and military aircraft in service. The Company operates through three segments: Power & Control, Airframe and Non-aviation. The Power & Control segment includes operations that primarily develop, produce and market systems and components that provide power to or control power of the aircraft utilizing electronic, fluid, power and mechanical motion control technologies. The Airframe segment includes operations that primarily develop and market systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies. The Non-aviation segment includes operations that primarily develop, produce and market products for non-aviation markets. Its product offerings include mechanical/electro-mechanical actuators and controls, engineered latching and locking devices, and seat belts and safety restraints.

FINANCIAL RATIOS  of  TransDigm Group (TDG)

Valuation Ratios
P/E Ratio 24.8
Price to Sales 4.6
Price to Book -22.3
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 23.3
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity -1527.3%
Total Debt to Equity -1566.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 9.2%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity -69.4%
Return On Equity - 3 Yr. Avg. -45.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 55.5%
Gross Margin - 3 Yr. Avg. 54.6%
EBITDA Margin 42.2%
EBITDA Margin - 3 Yr. Avg. 40.1%
Operating Margin 40%
Oper. Margin - 3 Yr. Avg. 39.6%
Pre-Tax Margin 24.2%
Pre-Tax Margin - 3 Yr. Avg. 22.2%
Net Profit Margin 18.5%
Net Profit Margin - 3 Yr. Avg. 16%
Effective Tax Rate 23.7%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 0.5%

TDG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TDG stock intrinsic value calculation we used $3171 million for the last fiscal year's total revenue generated by TransDigm Group. The default revenue input number comes from 2016 income statement of TransDigm Group. 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 TDG stock valuation model: a) initial revenue growth rate of 13.8% 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 13.4%, whose default value for TDG is calculated based on our internal credit rating of TransDigm Group, 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 TransDigm Group.
    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 TDG stock the variable cost ratio is equal to 58.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $53 million in the base year in the intrinsic value calculation for TDG 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 4.8% for TransDigm Group.

Corporate tax rate of 27% is the nominal tax rate for TransDigm Group. 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 TDG 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 TDG are equal to 57%.

Life of production assets of 57.8 years is the average useful life of capital assets used in TransDigm Group 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 TDG is equal to 26.6%. 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 - $-651 million for TransDigm Group - 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 51.899 million for TransDigm Group 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 TransDigm Group at the current share price and the inputted number of shares is $14.1 billion.

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COMPANY NEWS

▶ Stocks Generating Improved Relative Strength: Transdigm   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ 4 Top Aerospace Stocks to Consider Buying Now   [Nov-29-17 08:46PM  Motley Fool]
▶ The Biggest Loser: TransDigm Crash Lands on Sales Miss   [Nov-09-17 05:23PM  Barrons.com]
▶ TransDigm tops 4Q profit forecasts   [07:43AM  Associated Press]
▶ Transdigm Gets Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ TransDigm Group Incorporated Announces New Board Members   [Oct-11-17 04:20PM  PR Newswire]
▶ Stocks Showing Improved Relative Strength: Transdigm   [03:00AM  Investor's Business Daily]
▶ 5 Industrial Companies Gurus Are Buying   [03:51PM  GuruFocus.com]
Financial statements of TDG
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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