Intrinsic value of Telephone&Data Systems - TDS

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$28.46

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of TDS 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 3.0

 

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, %
  -1.39
  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
  5,104
  5,206
  5,326
  5,463
  5,616
  5,787
  5,973
  6,177
  6,397
  6,634
  6,889
  7,161
  7,452
  7,761
  8,090
  8,439
  8,809
  9,201
  9,615
  10,052
  10,514
  11,001
  11,515
  12,057
  12,628
  13,229
  13,862
  14,528
  15,229
  15,967
  16,743
Variable operating expenses, $m
 
  4,804
  4,912
  5,037
  5,176
  5,331
  5,500
  5,685
  5,885
  6,101
  6,332
  6,502
  6,766
  7,047
  7,346
  7,663
  7,999
  8,354
  8,730
  9,127
  9,547
  9,989
  10,456
  10,948
  11,466
  12,012
  12,587
  13,191
  13,828
  14,498
  15,202
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
  5,044
  4,804
  4,912
  5,037
  5,176
  5,331
  5,500
  5,685
  5,885
  6,101
  6,332
  6,502
  6,766
  7,047
  7,346
  7,663
  7,999
  8,354
  8,730
  9,127
  9,547
  9,989
  10,456
  10,948
  11,466
  12,012
  12,587
  13,191
  13,828
  14,498
  15,202
Operating income, $m
  60
  402
  413
  426
  440
  456
  473
  492
  512
  534
  557
  659
  686
  714
  744
  776
  811
  847
  885
  925
  967
  1,012
  1,059
  1,109
  1,162
  1,217
  1,275
  1,337
  1,401
  1,469
  1,540
EBITDA, $m
  910
  1,249
  1,278
  1,311
  1,348
  1,388
  1,433
  1,482
  1,535
  1,592
  1,653
  1,718
  1,788
  1,862
  1,941
  2,025
  2,114
  2,208
  2,307
  2,412
  2,523
  2,640
  2,763
  2,893
  3,030
  3,174
  3,326
  3,486
  3,654
  3,831
  4,017
Interest expense (income), $m
  168
  168
  175
  184
  194
  205
  217
  230
  245
  261
  278
  296
  315
  336
  358
  382
  407
  433
  461
  491
  522
  555
  590
  627
  666
  706
  749
  795
  842
  892
  945
Earnings before tax, $m
  92
  235
  238
  242
  246
  251
  256
  261
  267
  273
  280
  363
  370
  378
  386
  395
  404
  413
  423
  434
  445
  457
  469
  483
  496
  511
  526
  542
  559
  577
  595
Tax expense, $m
  40
  63
  64
  65
  67
  68
  69
  71
  72
  74
  76
  98
  100
  102
  104
  107
  109
  112
  114
  117
  120
  123
  127
  130
  134
  138
  142
  146
  151
  156
  161
Net income, $m
  43
  171
  174
  177
  180
  183
  187
  191
  195
  199
  204
  265
  270
  276
  282
  288
  295
  302
  309
  317
  325
  334
  343
  352
  362
  373
  384
  396
  408
  421
  434

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  900
  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
  9,446
  8,720
  8,921
  9,150
  9,408
  9,693
  10,006
  10,347
  10,715
  11,113
  11,539
  11,996
  12,482
  13,001
  13,552
  14,136
  14,756
  15,411
  16,105
  16,838
  17,611
  18,428
  19,289
  20,196
  21,152
  22,159
  23,219
  24,335
  25,510
  26,745
  28,044
Adjusted assets (=assets-cash), $m
  8,546
  8,720
  8,921
  9,150
  9,408
  9,693
  10,006
  10,347
  10,715
  11,113
  11,539
  11,996
  12,482
  13,001
  13,552
  14,136
  14,756
  15,411
  16,105
  16,838
  17,611
  18,428
  19,289
  20,196
  21,152
  22,159
  23,219
  24,335
  25,510
  26,745
  28,044
Revenue / Adjusted assets
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
  0.597
Average production assets, $m
  5,813
  5,930
  6,066
  6,222
  6,397
  6,591
  6,804
  7,035
  7,286
  7,557
  7,847
  8,157
  8,488
  8,840
  9,215
  9,612
  10,034
  10,480
  10,951
  11,449
  11,975
  12,530
  13,116
  13,733
  14,383
  15,068
  15,789
  16,548
  17,346
  18,186
  19,070
Working capital, $m
  1,172
  292
  298
  306
  315
  324
  335
  346
  358
  372
  386
  401
  417
  435
  453
  473
  493
  515
  538
  563
  589
  616
  645
  675
  707
  741
  776
  814
  853
  894
  938
Total debt, $m
  2,445
  2,542
  2,666
  2,808
  2,967
  3,144
  3,338
  3,549
  3,777
  4,023
  4,287
  4,569
  4,871
  5,191
  5,532
  5,894
  6,278
  6,684
  7,113
  7,567
  8,045
  8,551
  9,084
  9,645
  10,237
  10,860
  11,517
  12,208
  12,934
  13,699
  14,504
Total liabilities, $m
  5,301
  5,398
  5,522
  5,664
  5,823
  6,000
  6,194
  6,405
  6,633
  6,879
  7,143
  7,425
  7,727
  8,047
  8,388
  8,750
  9,134
  9,540
  9,969
  10,423
  10,901
  11,407
  11,940
  12,501
  13,093
  13,716
  14,373
  15,064
  15,790
  16,555
  17,360
Total equity, $m
  4,145
  3,322
  3,399
  3,486
  3,584
  3,693
  3,812
  3,942
  4,083
  4,234
  4,396
  4,570
  4,756
  4,953
  5,163
  5,386
  5,622
  5,872
  6,136
  6,415
  6,710
  7,021
  7,349
  7,695
  8,059
  8,443
  8,847
  9,272
  9,719
  10,190
  10,685
Total liabilities and equity, $m
  9,446
  8,720
  8,921
  9,150
  9,407
  9,693
  10,006
  10,347
  10,716
  11,113
  11,539
  11,995
  12,483
  13,000
  13,551
  14,136
  14,756
  15,412
  16,105
  16,838
  17,611
  18,428
  19,289
  20,196
  21,152
  22,159
  23,220
  24,336
  25,509
  26,745
  28,045
Debt-to-equity ratio
  0.590
  0.770
  0.780
  0.810
  0.830
  0.850
  0.880
  0.900
  0.930
  0.950
  0.980
  1.000
  1.020
  1.050
  1.070
  1.090
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.250
  1.270
  1.290
  1.300
  1.320
  1.330
  1.340
  1.360
Adjusted equity ratio
  0.380
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381
  0.381

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  171
  174
  177
  180
  183
  187
  191
  195
  199
  204
  265
  270
  276
  282
  288
  295
  302
  309
  317
  325
  334
  343
  352
  362
  373
  384
  396
  408
  421
  434
Depreciation, amort., depletion, $m
  850
  847
  864
  885
  907
  933
  960
  990
  1,023
  1,058
  1,096
  1,059
  1,102
  1,148
  1,197
  1,248
  1,303
  1,361
  1,422
  1,487
  1,555
  1,627
  1,703
  1,783
  1,868
  1,957
  2,050
  2,149
  2,253
  2,362
  2,477
Funds from operations, $m
  537
  1,018
  1,038
  1,061
  1,087
  1,116
  1,147
  1,181
  1,218
  1,257
  1,300
  1,324
  1,373
  1,424
  1,479
  1,537
  1,598
  1,663
  1,731
  1,804
  1,880
  1,961
  2,046
  2,136
  2,230
  2,330
  2,434
  2,545
  2,661
  2,783
  2,911
Change in working capital, $m
  -245
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
Cash from operations, $m
  782
  926
  1,031
  1,054
  1,079
  1,106
  1,137
  1,170
  1,206
  1,244
  1,286
  1,309
  1,356
  1,407
  1,460
  1,517
  1,577
  1,641
  1,708
  1,779
  1,854
  1,934
  2,017
  2,105
  2,198
  2,296
  2,399
  2,507
  2,621
  2,741
  2,868
Maintenance CAPEX, $m
  0
  -755
  -770
  -788
  -808
  -831
  -856
  -884
  -914
  -946
  -981
  -1,019
  -1,059
  -1,102
  -1,148
  -1,197
  -1,248
  -1,303
  -1,361
  -1,422
  -1,487
  -1,555
  -1,627
  -1,703
  -1,783
  -1,868
  -1,957
  -2,050
  -2,149
  -2,253
  -2,362
New CAPEX, $m
  -636
  -117
  -136
  -156
  -175
  -194
  -213
  -232
  -251
  -270
  -290
  -310
  -331
  -352
  -375
  -398
  -421
  -446
  -472
  -498
  -526
  -555
  -585
  -617
  -650
  -685
  -721
  -759
  -799
  -840
  -884
Cash from investing activities, $m
  -808
  -872
  -906
  -944
  -983
  -1,025
  -1,069
  -1,116
  -1,165
  -1,216
  -1,271
  -1,329
  -1,390
  -1,454
  -1,523
  -1,595
  -1,669
  -1,749
  -1,833
  -1,920
  -2,013
  -2,110
  -2,212
  -2,320
  -2,433
  -2,553
  -2,678
  -2,809
  -2,948
  -3,093
  -3,246
Free cash flow, $m
  -26
  55
  125
  110
  96
  82
  68
  54
  41
  28
  14
  -20
  -34
  -48
  -62
  -77
  -92
  -108
  -124
  -141
  -159
  -177
  -195
  -215
  -235
  -257
  -279
  -302
  -326
  -351
  -378
Issuance/(repayment) of debt, $m
  -10
  109
  124
  142
  159
  177
  194
  211
  228
  246
  264
  282
  301
  321
  341
  362
  383
  406
  429
  454
  479
  505
  533
  562
  592
  623
  656
  691
  727
  765
  804
Issuance/(repurchase) of shares, $m
  7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  8
  17
  26
  36
  47
  57
  69
Cash from financing (excl. dividends), $m  
  6
  109
  124
  142
  159
  177
  194
  211
  228
  246
  264
  282
  301
  321
  341
  362
  383
  406
  429
  454
  479
  505
  533
  562
  600
  640
  682
  727
  774
  822
  873
Total cash flow (excl. dividends), $m
  -20
  163
  249
  252
  255
  258
  262
  265
  269
  274
  278
  262
  267
  273
  279
  285
  291
  298
  305
  312
  320
  329
  337
  347
  356
  367
  378
  389
  401
  413
  427
Retained Cash Flow (-), $m
  -19
  -65
  -76
  -87
  -98
  -109
  -119
  -130
  -141
  -151
  -162
  -174
  -185
  -197
  -210
  -223
  -236
  -250
  -264
  -279
  -295
  -311
  -328
  -346
  -364
  -384
  -404
  -425
  -447
  -471
  -495
Prev. year cash balance distribution, $m
 
  888
  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
 
  986
  173
  165
  157
  149
  142
  136
  129
  122
  116
  88
  82
  75
  69
  62
  55
  48
  41
  33
  26
  18
  9
  1
  0
  0
  0
  0
  0
  0
  0
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
 
  945
  158
  143
  129
  116
  103
  92
  81
  70
  61
  42
  35
  29
  23
  18
  14
  10
  7
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.6
  99.1
  98.6
  97.9
  97.1
  96.2

Telephone and Data Systems, Inc., a telecommunications company, provides wireless, wireline, cable, and hosted and managed services in the United States. The company offers cellular services, such as postpaid national plans and prepaid service plans with voice, messaging, and data usage options; shared data plans that include unlimited voice and unlimited messaging; and business rate plans. It also offers wireless devices comprising handsets, tablets, mobile hotspots, home phones, and routers; and including accessories, including wireless basics, such as cases, screen protectors, chargers, and memory cards, as well as an assortment of consumer electronics comprising headphones, speakers, and hands-free devices. In addition, the company provides wireline and cable broadband services; digital television (TV) and digital satellite TV video services; voice services comprising local and long-distance telephone, voice over Internet protocol, find me follow me, collaboration, instant messaging, and other services; and network access services. Further, it offers information technology (IT) services, including colocation, cloud and hosting solutions, managed services, application management services; sells IT hardware, as well as provides related maintenance and professional services; and engages in planning, engineering, procurement, sale, installation, and management of IT-infrastructure solutions. Additionally, the company operates retail stores and kiosks. The company serves approximately 5.0 million wireless customers and 1.2 million wireline and cable connections. Telephone and Data Systems, Inc. sells its products through retail sales, direct sales, third-party retailers, and independent agents, as well as through Website and telesales. The company was founded in 1968 and is headquartered in Chicago, Illinois.

FINANCIAL RATIOS  of  Telephone&Data Systems (TDS)

Valuation Ratios
P/E Ratio 77.4
Price to Sales 0.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 4.3
Price to Free Cash Flow 22.8
Growth Rates
Sales Growth Rate -1.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.6%
Cap. Spend. - 3 Yr. Gr. Rate -6.4%
Financial Strength
Quick Ratio 75
Current Ratio 0
LT Debt to Equity 58.7%
Total Debt to Equity 59%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.5%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 0.6%
Return On Equity 1%
Return On Equity - 3 Yr. Avg. 1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 52.4%
Gross Margin - 3 Yr. Avg. 51.9%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 21.6%
Operating Margin 1.2%
Oper. Margin - 3 Yr. Avg. 1.7%
Pre-Tax Margin 1.8%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 43.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.8%
Payout Ratio 151.2%

TDS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TDS stock intrinsic value calculation we used $5104 million for the last fiscal year's total revenue generated by Telephone&Data Systems. The default revenue input number comes from 2016 income statement of Telephone&Data Systems. 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 TDS 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 TDS is calculated based on our internal credit rating of Telephone&Data Systems, 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 Telephone&Data Systems.
    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 TDS stock the variable cost ratio is equal to 92.3%.

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 TDS 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 6.9% for Telephone&Data Systems.

Corporate tax rate of 27% is the nominal tax rate for Telephone&Data Systems. 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 TDS 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 TDS are equal to 113.9%.

Life of production assets of 7.7 years is the average useful life of capital assets used in Telephone&Data Systems 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 TDS is equal to 5.6%. 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 - $4145 million for Telephone&Data Systems - 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 104.483 million for Telephone&Data Systems 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 Telephone&Data Systems at the current share price and the inputted number of shares is $3.0 billion.


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COMPANY NEWS

▶ TDS names Anita Kroll as vice president and controller   [Jun-28-17 03:50PM  PR Newswire]
▶ TDS announces leadership transition at TDS Telecom   [May-30-17 01:00PM  PR Newswire]
▶ TDS announces second quarter 2017 dividend   [May-26-17 10:24AM  PR Newswire]
▶ TDS posts 1Q profit   [May-05-17 08:00AM  Associated Press]
▶ TDS reports first quarter 2017 results   [07:48AM  PR Newswire]
▶ TDS and U.S. Cellular to Present at Citi Conference   [Dec-23-16 08:30AM  PR Newswire]
▶ Is Telephone & Data Systems, Inc. (TDS) a Good Stock to Buy?   [Dec-13-16 11:32AM  at Insider Monkey]
▶ Do Hedge Funds Love John Wiley & Sons Inc (JW.A)?   [Dec-09-16 12:38PM  at Insider Monkey]
▶ Hedge Funds Are Crazy About Colfax Corp (CFX)   [Nov-26-16 05:37PM  at Insider Monkey]
▶ TDS announces fourth quarter 2016 dividend   [Nov-22-16 10:41AM  PR Newswire]
▶ TDS reports third quarter 2016 results   [07:59AM  PR Newswire]
▶ OneNeck IT Solutions named CRN Triple Crown Award winner   [Oct-11-16 10:11AM  GlobeNewswire]
▶ OneNeck(R) IT Solutions to speak at AXUG Summit   [Oct-10-16 12:01PM  GlobeNewswire]
Stock chart of TDS Financial statements of TDS Annual reports of TDS
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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