Intrinsic value of Teledyne Technologies - TDY

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$127.43

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$127.43

 
Intrinsic value

$90.32

 
Up/down potential

-29%

 
Rating

sell

 
Value-price divergence* premium content

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

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

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 4.5

 

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
  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
  2,150
  2,193
  2,243
  2,301
  2,366
  2,438
  2,516
  2,602
  2,695
  2,795
  2,902
  3,017
  3,139
  3,269
  3,408
  3,555
  3,711
  3,876
  4,050
  4,234
  4,429
  4,634
  4,851
  5,079
  5,319
  5,573
  5,839
  6,120
  6,415
  6,726
  7,053
Variable operating expenses, $m
 
  1,776
  1,814
  1,858
  1,907
  1,961
  2,020
  2,085
  2,155
  2,231
  2,312
  2,279
  2,371
  2,470
  2,575
  2,686
  2,803
  2,928
  3,060
  3,199
  3,346
  3,501
  3,665
  3,837
  4,019
  4,210
  4,411
  4,623
  4,846
  5,081
  5,328
Fixed operating expenses, $m
 
  161
  165
  169
  173
  178
  182
  187
  191
  196
  201
  206
  211
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
Total operating expenses, $m
  1,896
  1,937
  1,979
  2,027
  2,080
  2,139
  2,202
  2,272
  2,346
  2,427
  2,513
  2,485
  2,582
  2,686
  2,797
  2,913
  3,036
  3,167
  3,305
  3,450
  3,603
  3,765
  3,935
  4,114
  4,303
  4,501
  4,709
  4,929
  5,159
  5,402
  5,657
Operating income, $m
  254
  256
  264
  274
  286
  299
  314
  330
  348
  368
  389
  532
  556
  583
  612
  642
  674
  709
  746
  784
  826
  870
  916
  965
  1,017
  1,072
  1,130
  1,191
  1,255
  1,323
  1,395
EBITDA, $m
  341
  404
  413
  424
  437
  451
  467
  484
  503
  524
  547
  572
  598
  626
  657
  689
  724
  760
  799
  841
  884
  931
  980
  1,032
  1,087
  1,145
  1,207
  1,272
  1,340
  1,413
  1,489
Interest expense (income), $m
  24
  18
  19
  20
  21
  22
  23
  25
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  72
  76
  81
  85
  91
  96
  102
Earnings before tax, $m
  241
  238
  245
  254
  265
  277
  290
  305
  322
  340
  359
  500
  523
  547
  573
  601
  631
  662
  696
  732
  770
  810
  852
  898
  945
  996
  1,049
  1,105
  1,165
  1,227
  1,294
Tax expense, $m
  50
  64
  66
  69
  72
  75
  78
  82
  87
  92
  97
  135
  141
  148
  155
  162
  170
  179
  188
  198
  208
  219
  230
  242
  255
  269
  283
  298
  314
  331
  349
Net income, $m
  191
  174
  179
  186
  193
  202
  212
  223
  235
  248
  262
  365
  381
  399
  418
  439
  460
  483
  508
  534
  562
  591
  622
  655
  690
  727
  766
  807
  850
  896
  944

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
  2,728
  2,790
  2,862
  2,943
  3,032
  3,130
  3,236
  3,352
  3,476
  3,609
  3,752
  3,904
  4,066
  4,239
  4,422
  4,615
  4,820
  5,037
  5,267
  5,509
  5,764
  6,033
  6,317
  6,616
  6,931
  7,263
  7,612
  7,979
  8,365
  8,772
Adjusted assets (=assets-cash), $m
  2,675
  2,728
  2,790
  2,862
  2,943
  3,032
  3,130
  3,236
  3,352
  3,476
  3,609
  3,752
  3,904
  4,066
  4,239
  4,422
  4,615
  4,820
  5,037
  5,267
  5,509
  5,764
  6,033
  6,317
  6,616
  6,931
  7,263
  7,612
  7,979
  8,365
  8,772
Revenue / Adjusted assets
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
  0.804
Average production assets, $m
  570
  581
  595
  610
  627
  646
  667
  690
  714
  741
  769
  799
  832
  866
  903
  942
  983
  1,027
  1,073
  1,122
  1,174
  1,228
  1,285
  1,346
  1,410
  1,477
  1,547
  1,622
  1,700
  1,782
  1,869
Working capital, $m
  344
  353
  361
  370
  381
  392
  405
  419
  434
  450
  467
  486
  505
  526
  549
  572
  597
  624
  652
  682
  713
  746
  781
  818
  856
  897
  940
  985
  1,033
  1,083
  1,135
Total debt, $m
  618
  541
  567
  597
  631
  668
  709
  754
  802
  854
  910
  970
  1,034
  1,102
  1,174
  1,251
  1,332
  1,418
  1,509
  1,605
  1,706
  1,813
  1,926
  2,045
  2,170
  2,302
  2,441
  2,587
  2,741
  2,903
  3,073
Total liabilities, $m
  1,220
  1,143
  1,169
  1,199
  1,233
  1,270
  1,311
  1,356
  1,404
  1,456
  1,512
  1,572
  1,636
  1,704
  1,776
  1,853
  1,934
  2,020
  2,111
  2,207
  2,308
  2,415
  2,528
  2,647
  2,772
  2,904
  3,043
  3,189
  3,343
  3,505
  3,675
Total equity, $m
  1,554
  1,585
  1,621
  1,663
  1,710
  1,761
  1,818
  1,880
  1,947
  2,020
  2,097
  2,180
  2,268
  2,363
  2,463
  2,569
  2,682
  2,801
  2,927
  3,060
  3,200
  3,349
  3,505
  3,670
  3,844
  4,027
  4,220
  4,422
  4,636
  4,860
  5,096
Total liabilities and equity, $m
  2,774
  2,728
  2,790
  2,862
  2,943
  3,031
  3,129
  3,236
  3,351
  3,476
  3,609
  3,752
  3,904
  4,067
  4,239
  4,422
  4,616
  4,821
  5,038
  5,267
  5,508
  5,764
  6,033
  6,317
  6,616
  6,931
  7,263
  7,611
  7,979
  8,365
  8,771
Debt-to-equity ratio
  0.398
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.430
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.600
Adjusted equity ratio
  0.544
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  191
  174
  179
  186
  193
  202
  212
  223
  235
  248
  262
  365
  381
  399
  418
  439
  460
  483
  508
  534
  562
  591
  622
  655
  690
  727
  766
  807
  850
  896
  944
Depreciation, amort., depletion, $m
  87
  148
  149
  150
  151
  152
  153
  154
  155
  156
  158
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
Funds from operations, $m
  365
  322
  328
  336
  344
  354
  365
  377
  390
  405
  420
  405
  423
  443
  463
  486
  509
  535
  562
  590
  620
  653
  687
  722
  760
  801
  843
  888
  935
  985
  1,038
Change in working capital, $m
  48
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
Cash from operations, $m
  317
  321
  320
  326
  334
  342
  352
  363
  375
  388
  403
  386
  403
  422
  441
  462
  484
  508
  534
  561
  589
  620
  652
  686
  722
  760
  800
  843
  888
  935
  985
Maintenance CAPEX, $m
  0
  -28
  -29
  -30
  -30
  -31
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
New CAPEX, $m
  -88
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -32
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
Cash from investing activities, $m
  -151
  -40
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -77
  -80
  -84
  -88
  -93
  -97
  -103
  -108
  -113
  -118
  -124
  -131
  -137
  -145
  -151
  -159
  -167
  -176
Free cash flow, $m
  166
  280
  278
  281
  286
  292
  299
  307
  316
  326
  337
  318
  331
  345
  361
  378
  396
  415
  436
  458
  481
  506
  533
  561
  591
  622
  656
  691
  728
  768
  810
Issuance/(repayment) of debt, $m
  -163
  22
  26
  30
  34
  37
  41
  45
  48
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  170
Issuance/(repurchase) of shares, $m
  36
  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  
  -145
  22
  26
  30
  34
  37
  41
  45
  48
  52
  56
  60
  64
  68
  72
  77
  81
  86
  91
  96
  101
  107
  113
  119
  125
  132
  139
  146
  154
  162
  170
Total cash flow (excl. dividends), $m
  14
  302
  304
  311
  320
  329
  340
  352
  364
  378
  393
  377
  395
  413
  433
  455
  477
  501
  527
  554
  583
  613
  646
  680
  716
  754
  795
  837
  882
  930
  980
Retained Cash Flow (-), $m
  -210
  -31
  -36
  -42
  -47
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -88
  -94
  -100
  -106
  -113
  -119
  -126
  -133
  -141
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -213
  -225
  -236
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
 
  272
  268
  270
  273
  278
  283
  290
  297
  306
  316
  294
  306
  319
  333
  348
  365
  382
  401
  421
  442
  465
  489
  515
  542
  571
  602
  634
  669
  705
  744
Discount rate, %
 
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
 
  260
  243
  232
  222
  211
  201
  191
  180
  169
  159
  133
  123
  114
  104
  94
  85
  75
  66
  57
  49
  41
  34
  28
  23
  18
  14
  11
  8
  6
  4
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

Teledyne Technologies Incorporated provides instrumentation, digital imaging, aerospace and defense electronics, and engineered systems in the United States, Canada, the United Kingdom, and internationally. The company’s Instrumentation segment offers monitoring and control instruments for marine, environmental, industrial, and other applications, as well as electronic test and measurement equipment; and power and communications connectivity devices for distributed instrumentation systems and sensor networks deployed in mission critical and harsh environments. Its Digital Imaging segment provides image sensors and digital cameras for use in industrial, scientific, medical, and photogrammetry applications; and hardware and software for image processing in industrial and medical applications, as well as manufacturing services for micro electro-mechanical systems. This segment also offers light detection and ranging systems; focal plane arrays, sensors, and subsystems; and image processing algorithms and infrared camera systems. The company’s Aerospace and Defense Electronics segment provides electronic components and subsystems, and communications products, including defense electronics; harsh environment interconnects; data acquisition and communications equipment for aircraft; components and subsystems for wireless and satellite communications; and general aviation batteries. Its Engineered Systems segment offers systems engineering and integration, advanced technology development, and manufacturing solutions for defense, space, environmental, and energy applications; and designs and manufactures hydrogen/oxygen gas generators, thermoelectric and electrochemical energy solutions, and small turbine engines. The company markets and sells its products and services through sales forces, third-party distributors, and commissioned sales representatives. Teledyne Technologies Incorporated was founded in 1960 and is headquartered in Thousand Oaks, California.

FINANCIAL RATIOS  of  Teledyne Technologies (TDY)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 2.1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 19.5
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 $2150 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 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 4.6%, 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 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $157 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 3.5% 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%.

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 26.5%.

Life of production assets of 20 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 16.1%. 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 - $1554 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 35.031 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 $4.5 billion.


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COMPANY NEWS

▶ Teledyne Completes Acquisition of e2v   [07:00AM  Business Wire]
▶ Buy Pullbacks on These Defense Stocks   [Mar-15-17 01:10PM  Investopedia]
▶ Teledyne posts 4Q profit   [07:16AM  AP]
▶ Teledyne to Present at the Needham Growth Conference   [Jan-09-17 02:01PM  Business Wire]
▶ Is Teledyne Technologies Incorporated (TDY) A Good Stock To Buy?   [Dec-14-16 07:08PM  at Insider Monkey]
▶ Teledyne to Acquire e2v   [03:01AM  Business Wire]
▶ Teledyne Acquires Hanson Research Corporation   [Dec-06-16 09:00AM  Business Wire]
▶ Is Cabelas Inc (CAB) Going to Burn These Hedge Funds?   [Nov-25-16 07:24AM  at Insider Monkey]
▶ Teledyne to Present at the Jefferies Industrials Conference   [Aug-08-16 04:05PM  Business Wire]
▶ Teledyne posts 2Q profit   [07:41AM  AP]
▶ Teledyne Completes Divestiture of Teledyne PCT   [Jul-08-16 01:24PM  Business Wire]
Stock chart of TDY 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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