Intrinsic value of Teledyne Technologies - TDY

Previous Close

$232.95

  Intrinsic Value

$172.69

stock screener

  Rating & Target

sell

-26%

Previous close

$232.95

 
Intrinsic value

$172.69

 
Up/down potential

-26%

 
Rating

sell

We calculate the intrinsic value of TDY 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -6.44
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.31
  7.98
  7.69
  7.42
  7.17
  6.96
  6.76
  6.59
  6.43
  6.28
  6.16
  6.04
  5.94
  5.84
  5.76
Revenue, $m
  2,150
  3,153
  3,768
  4,448
  5,192
  6,000
  6,871
  7,802
  8,793
  9,842
  10,948
  12,110
  13,328
  14,600
  15,928
  17,311
  18,750
  20,247
  21,803
  23,420
  25,100
  26,846
  28,662
  30,549
  32,513
  34,556
  36,683
  38,899
  41,208
  43,615
  46,127
Variable operating expenses, $m
 
  2,540
  2,993
  3,493
  4,041
  4,636
  5,278
  5,963
  6,693
  7,466
  8,280
  8,918
  9,815
  10,752
  11,730
  12,748
  13,808
  14,910
  16,056
  17,247
  18,485
  19,771
  21,108
  22,498
  23,943
  25,448
  27,015
  28,646
  30,347
  32,120
  33,970
Fixed operating expenses, $m
 
  139
  142
  145
  148
  152
  155
  158
  162
  165
  169
  173
  177
  180
  184
  188
  193
  197
  201
  206
  210
  215
  220
  224
  229
  234
  239
  245
  250
  256
  261
Total operating expenses, $m
  1,896
  2,679
  3,135
  3,638
  4,189
  4,788
  5,433
  6,121
  6,855
  7,631
  8,449
  9,091
  9,992
  10,932
  11,914
  12,936
  14,001
  15,107
  16,257
  17,453
  18,695
  19,986
  21,328
  22,722
  24,172
  25,682
  27,254
  28,891
  30,597
  32,376
  34,231
Operating income, $m
  254
  475
  633
  810
  1,003
  1,212
  1,438
  1,680
  1,938
  2,211
  2,499
  3,019
  3,336
  3,668
  4,013
  4,374
  4,749
  5,139
  5,545
  5,967
  6,405
  6,861
  7,335
  7,827
  8,340
  8,873
  9,429
  10,008
  10,611
  11,240
  11,896
EBITDA, $m
  341
  958
  1,168
  1,402
  1,657
  1,935
  2,234
  2,555
  2,896
  3,257
  3,638
  4,039
  4,458
  4,897
  5,355
  5,831
  6,328
  6,844
  7,381
  7,939
  8,519
  9,121
  9,748
  10,400
  11,077
  11,783
  12,518
  13,283
  14,080
  14,912
  15,780
Interest expense (income), $m
  24
  58
  80
  104
  131
  160
  192
  226
  263
  302
  343
  387
  433
  481
  531
  583
  637
  694
  753
  814
  878
  944
  1,013
  1,085
  1,159
  1,236
  1,317
  1,401
  1,488
  1,579
  1,674
Earnings before tax, $m
  241
  417
  554
  706
  872
  1,052
  1,247
  1,454
  1,675
  1,909
  2,156
  2,632
  2,904
  3,187
  3,483
  3,791
  4,112
  4,445
  4,792
  5,152
  5,527
  5,917
  6,321
  6,743
  7,181
  7,637
  8,112
  8,607
  9,123
  9,661
  10,222
Tax expense, $m
  50
  112
  150
  191
  235
  284
  337
  393
  452
  515
  582
  711
  784
  861
  940
  1,024
  1,110
  1,200
  1,294
  1,391
  1,492
  1,597
  1,707
  1,820
  1,939
  2,062
  2,190
  2,324
  2,463
  2,608
  2,760
Net income, $m
  191
  304
  404
  515
  636
  768
  910
  1,062
  1,223
  1,394
  1,574
  1,922
  2,120
  2,327
  2,542
  2,767
  3,002
  3,245
  3,498
  3,761
  4,035
  4,319
  4,615
  4,922
  5,242
  5,575
  5,922
  6,283
  6,660
  7,052
  7,462

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  99
  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
  2,774
  4,658
  5,566
  6,570
  7,670
  8,863
  10,149
  11,525
  12,988
  14,538
  16,172
  17,888
  19,686
  21,566
  23,527
  25,570
  27,696
  29,907
  32,205
  34,593
  37,076
  39,655
  42,336
  45,124
  48,024
  51,042
  54,185
  57,457
  60,868
  64,424
  68,134
Adjusted assets (=assets-cash), $m
  2,675
  4,658
  5,566
  6,570
  7,670
  8,863
  10,149
  11,525
  12,988
  14,538
  16,172
  17,888
  19,686
  21,566
  23,527
  25,570
  27,696
  29,907
  32,205
  34,593
  37,076
  39,655
  42,336
  45,124
  48,024
  51,042
  54,185
  57,457
  60,868
  64,424
  68,134
Revenue / Adjusted assets
  0.804
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
  0.677
Average production assets, $m
  570
  2,655
  3,173
  3,745
  4,372
  5,052
  5,785
  6,569
  7,404
  8,287
  9,218
  10,197
  11,222
  12,293
  13,411
  14,576
  15,787
  17,048
  18,358
  19,719
  21,134
  22,605
  24,133
  25,722
  27,376
  29,096
  30,887
  32,753
  34,697
  36,724
  38,839
Working capital, $m
  344
  252
  301
  356
  415
  480
  550
  624
  703
  787
  876
  969
  1,066
  1,168
  1,274
  1,385
  1,500
  1,620
  1,744
  1,874
  2,008
  2,148
  2,293
  2,444
  2,601
  2,764
  2,935
  3,112
  3,297
  3,489
  3,690
Total debt, $m
  618
  1,475
  1,923
  2,419
  2,962
  3,552
  4,187
  4,867
  5,590
  6,355
  7,162
  8,010
  8,899
  9,827
  10,796
  11,805
  12,855
  13,947
  15,083
  16,263
  17,489
  18,763
  20,088
  21,465
  22,898
  24,388
  25,941
  27,557
  29,242
  30,999
  32,832
Total liabilities, $m
  1,220
  2,301
  2,750
  3,246
  3,789
  4,378
  5,014
  5,693
  6,416
  7,182
  7,989
  8,837
  9,725
  10,654
  11,622
  12,631
  13,682
  14,774
  15,909
  17,089
  18,315
  19,590
  20,914
  22,291
  23,724
  25,215
  26,767
  28,384
  30,069
  31,826
  33,658
Total equity, $m
  1,554
  2,357
  2,816
  3,324
  3,881
  4,485
  5,135
  5,832
  6,572
  7,356
  8,183
  9,051
  9,961
  10,912
  11,905
  12,938
  14,014
  15,133
  16,296
  17,504
  18,760
  20,065
  21,422
  22,833
  24,300
  25,827
  27,417
  29,073
  30,799
  32,599
  34,476
Total liabilities and equity, $m
  2,774
  4,658
  5,566
  6,570
  7,670
  8,863
  10,149
  11,525
  12,988
  14,538
  16,172
  17,888
  19,686
  21,566
  23,527
  25,569
  27,696
  29,907
  32,205
  34,593
  37,075
  39,655
  42,336
  45,124
  48,024
  51,042
  54,184
  57,457
  60,868
  64,425
  68,134
Debt-to-equity ratio
  0.398
  0.630
  0.680
  0.730
  0.760
  0.790
  0.820
  0.830
  0.850
  0.860
  0.880
  0.880
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
Adjusted equity ratio
  0.544
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  191
  304
  404
  515
  636
  768
  910
  1,062
  1,223
  1,394
  1,574
  1,922
  2,120
  2,327
  2,542
  2,767
  3,002
  3,245
  3,498
  3,761
  4,035
  4,319
  4,615
  4,922
  5,242
  5,575
  5,922
  6,283
  6,660
  7,052
  7,462
Depreciation, amort., depletion, $m
  87
  483
  535
  592
  655
  723
  796
  875
  958
  1,046
  1,139
  1,020
  1,122
  1,229
  1,341
  1,458
  1,579
  1,705
  1,836
  1,972
  2,113
  2,260
  2,413
  2,572
  2,738
  2,910
  3,089
  3,275
  3,470
  3,672
  3,884
Funds from operations, $m
  365
  787
  939
  1,107
  1,291
  1,491
  1,706
  1,936
  2,181
  2,440
  2,713
  2,941
  3,242
  3,556
  3,884
  4,225
  4,580
  4,950
  5,334
  5,733
  6,148
  6,580
  7,028
  7,494
  7,980
  8,484
  9,010
  9,558
  10,129
  10,725
  11,346
Change in working capital, $m
  48
  44
  49
  54
  60
  65
  70
  75
  79
  84
  88
  93
  97
  102
  106
  111
  115
  120
  124
  129
  134
  140
  145
  151
  157
  163
  170
  177
  185
  193
  201
Cash from operations, $m
  317
  743
  890
  1,053
  1,232
  1,426
  1,636
  1,862
  2,102
  2,356
  2,625
  2,848
  3,144
  3,454
  3,777
  4,114
  4,465
  4,830
  5,210
  5,604
  6,014
  6,440
  6,883
  7,343
  7,822
  8,321
  8,840
  9,381
  9,944
  10,532
  11,145
Maintenance CAPEX, $m
  0
  -219
  -266
  -317
  -375
  -437
  -505
  -579
  -657
  -740
  -829
  -922
  -1,020
  -1,122
  -1,229
  -1,341
  -1,458
  -1,579
  -1,705
  -1,836
  -1,972
  -2,113
  -2,260
  -2,413
  -2,572
  -2,738
  -2,910
  -3,089
  -3,275
  -3,470
  -3,672
New CAPEX, $m
  -88
  -462
  -517
  -572
  -627
  -680
  -733
  -784
  -834
  -883
  -931
  -978
  -1,025
  -1,071
  -1,118
  -1,164
  -1,212
  -1,260
  -1,310
  -1,362
  -1,415
  -1,470
  -1,528
  -1,589
  -1,653
  -1,720
  -1,791
  -1,866
  -1,944
  -2,027
  -2,115
Cash from investing activities, $m
  -151
  -681
  -783
  -889
  -1,002
  -1,117
  -1,238
  -1,363
  -1,491
  -1,623
  -1,760
  -1,900
  -2,045
  -2,193
  -2,347
  -2,505
  -2,670
  -2,839
  -3,015
  -3,198
  -3,387
  -3,583
  -3,788
  -4,002
  -4,225
  -4,458
  -4,701
  -4,955
  -5,219
  -5,497
  -5,787
Free cash flow, $m
  166
  62
  107
  163
  230
  309
  398
  499
  610
  732
  865
  948
  1,100
  1,261
  1,430
  1,609
  1,796
  1,991
  2,195
  2,407
  2,627
  2,856
  3,094
  3,341
  3,597
  3,863
  4,139
  4,427
  4,725
  5,035
  5,358
Issuance/(repayment) of debt, $m
  -163
  402
  448
  496
  543
  590
  635
  680
  723
  765
  807
  848
  888
  928
  969
  1,009
  1,050
  1,092
  1,135
  1,180
  1,226
  1,274
  1,325
  1,377
  1,433
  1,491
  1,552
  1,617
  1,685
  1,757
  1,833
Issuance/(repurchase) of shares, $m
  36
  106
  55
  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  
  -145
  508
  503
  496
  543
  590
  635
  680
  723
  765
  807
  848
  888
  928
  969
  1,009
  1,050
  1,092
  1,135
  1,180
  1,226
  1,274
  1,325
  1,377
  1,433
  1,491
  1,552
  1,617
  1,685
  1,757
  1,833
Total cash flow (excl. dividends), $m
  14
  570
  611
  659
  774
  898
  1,033
  1,179
  1,333
  1,498
  1,672
  1,796
  1,988
  2,189
  2,399
  2,618
  2,846
  3,083
  3,330
  3,587
  3,853
  4,130
  4,418
  4,718
  5,030
  5,354
  5,692
  6,043
  6,410
  6,792
  7,191
Retained Cash Flow (-), $m
  -210
  -410
  -459
  -508
  -556
  -604
  -651
  -696
  -741
  -784
  -827
  -869
  -910
  -951
  -992
  -1,034
  -1,076
  -1,119
  -1,163
  -1,209
  -1,256
  -1,305
  -1,357
  -1,411
  -1,467
  -1,527
  -1,590
  -1,656
  -1,726
  -1,799
  -1,877
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
 
  18
  22
  26
  31
  36
  42
  48
  55
  62
  69
  77
  85
  93
  102
  111
  121
  131
  142
  153
  164
  176
  188
  201
  214
  228
  242
  257
  272
  288
  305
Cash available for distribution, $m
 
  160
  151
  151
  217
  294
  383
  482
  593
  714
  845
  927
  1,078
  1,238
  1,407
  1,584
  1,770
  1,964
  2,167
  2,378
  2,597
  2,825
  3,062
  3,307
  3,562
  3,827
  4,102
  4,387
  4,684
  4,993
  5,314
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  152
  135
  127
  170
  213
  255
  293
  327
  353
  373
  361
  367
  364
  353
  336
  313
  286
  256
  224
  192
  162
  133
  107
  84
  65
  48
  35
  25
  17
  12
Current shareholders' claim on cash, %
  100
  98.7
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2
  98.2

Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company's segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment. Digital Imaging segment includes sensors, cameras and systems, within the visible, infrared, ultraviolet and X-ray spectra. Aerospace and Defense Electronics segment provides electronic components and subsystems and communications products, including defense electronics. Engineered Systems segment provides systems engineering and integration and technology development, as well as manufacturing solutions.

FINANCIAL RATIOS  of  Teledyne Technologies (TDY)

Valuation Ratios
P/E Ratio 42.8
Price to Sales 3.8
Price to Book 5.3
Price to Tangible Book
Price to Cash Flow 25.8
Price to Free Cash Flow 35.7
Growth Rates
Sales Growth Rate -6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.2%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 33.2%
Total Debt to Equity 39.8%
Interest Coverage 11
Management Effectiveness
Return On Assets 7.6%
Ret/ On Assets - 3 Yr. Avg. 7.9%
Return On Total Capital 8.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 38.7%
Gross Margin - 3 Yr. Avg. 38.1%
EBITDA Margin 16.4%
EBITDA Margin - 3 Yr. Avg. 16.3%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 12.1%
Pre-Tax Margin 11.2%
Pre-Tax Margin - 3 Yr. Avg. 11.4%
Net Profit Margin 8.9%
Net Profit Margin - 3 Yr. Avg. 8.8%
Effective Tax Rate 20.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 0%

TDY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TDY stock intrinsic value calculation we used $2604 million for the last fiscal year's total revenue generated by Teledyne Technologies. The default revenue input number comes from 2017 income statement of Teledyne Technologies. 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 TDY stock valuation model: a) initial revenue growth rate of 21.1% 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 5.5%, whose default value for TDY is calculated based on our internal credit rating of Teledyne Technologies, 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 Teledyne Technologies.
    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 TDY stock the variable cost ratio is equal to 82%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $136 million in the base year in the intrinsic value calculation for TDY 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 5.4% for Teledyne Technologies.

Corporate tax rate of 27% is the nominal tax rate for Teledyne Technologies. 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 TDY stock is equal to 0.7%.

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 TDY are equal to 84.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Teledyne Technologies 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 TDY is equal to 8%. 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 - $1947 million for Teledyne Technologies - 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 35 million for Teledyne Technologies 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 Teledyne Technologies at the current share price and the inputted number of shares is $8.2 billion.

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COMPANY NEWS

▶ New Strong Buy Stocks for August 8th   [Aug-08-18 11:22AM  Zacks]
▶ Teledyne: 2Q Earnings Snapshot   [Aug-02-18 10:10AM  Associated Press]
▶ Teledyne Soon to Begin Space-Based Imaging   [Jul-02-18 08:00AM  Business Wire]
▶ Teledyne Awarded $79.6 Million Missile Defense Contract   [Jun-18-18 07:00AM  Business Wire]
▶ Teledyne: 1Q Earnings Snapshot   [May-03-18 07:50AM  Associated Press]
▶ COO Al Pichelli Assumes Title of Teledynes President   [Apr-25-18 06:55AM  Business Wire]
▶ Teledyne Marine Receives Spotlight on New Technology Award   [Apr-02-18 07:00AM  Business Wire]
▶ Teledyne Expands CMOS X-Ray Detector Manufacturing Capacity   [Mar-01-18 07:00AM  Business Wire]
▶ Teledyne Awarded $45.7 Million Missile Defense Contract   [Feb-16-18 07:00AM  Business Wire]
▶ Teledyne posts 4Q profit   [Feb-01-18 08:11AM  Associated Press]
▶ Teledyne Technologies Trading Near Top Of Buy Zone Ahead Of Earnings   [Jan-17-18 03:00AM  Investor's Business Daily]
▶ Teledyne to Present at the Needham Growth Conference   [Jan-12-18 05:28PM  Business Wire]
▶ Trump slams British PM, Senate debates tax bill   [Nov-30-17 09:16AM  Yahoo Finance]
▶ Tech tanks, financials surge, bitcoin speeds past $11,000   [Nov-29-17 11:34AM  Yahoo Finance]
▶ Stocks crawl to record highs, bitcoin nears $10,000   [Nov-28-17 11:31AM  Yahoo Finance]
▶ Stocks inch higher on Cyber Monday retail blitz   [Nov-27-17 11:22AM  Yahoo Finance]
▶ Stocks take a turkey nap ahead of Thanksgiving holiday   [Nov-22-17 10:25AM  Yahoo Finance]
▶ Stocks climb as investors prep for Santa Claus rally   [Nov-21-17 11:24AM  Yahoo Finance]
▶ Stocks crawling higher, bitcoin surges over $8,200   [Nov-20-17 11:29AM  Yahoo Finance]
▶ Stocks struggle to hold gains as tax bill hits a snag   [Nov-08-17 11:34AM  Yahoo Finance]
▶ Stocks retreat from record highs, Bitcoin goes mainstream   [Nov-07-17 11:29AM  Yahoo Finance]
▶ Teledyne to Participate in Upcoming Investor Conferences   [Nov-03-17 05:48PM  Business Wire]
▶ Teledyne posts 3Q profit   [Nov-02-17 07:35AM  Associated Press]
Financial statements of TDY
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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