Intrinsic value of Teledyne Technologies - TDY

Previous Close

$135.97

  Intrinsic Value

$113.11

stock screener

  Rating & Target

hold

-17%

  Value-price divergence*

-83%

Previous close

$135.97

 
Intrinsic value

$113.11

 
Up/down potential

-17%

 
Rating

hold

 
Value-price divergence*

-83%

*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 4.7

 

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
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  2,150
  2,292
  2,439
  2,593
  2,753
  2,920
  3,093
  3,274
  3,463
  3,660
  3,865
  4,080
  4,305
  4,540
  4,785
  5,042
  5,310
  5,592
  5,886
  6,195
  6,518
  6,856
  7,211
  7,583
  7,973
  8,382
  8,810
  9,260
  9,732
  10,226
  10,746
Variable operating expenses, $m
 
  1,851
  1,962
  2,078
  2,199
  2,325
  2,456
  2,593
  2,735
  2,884
  3,040
  3,083
  3,252
  3,429
  3,615
  3,809
  4,012
  4,224
  4,447
  4,680
  4,924
  5,180
  5,448
  5,729
  6,023
  6,332
  6,656
  6,996
  7,352
  7,726
  8,118
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
  2,012
  2,127
  2,247
  2,372
  2,503
  2,638
  2,780
  2,926
  3,080
  3,241
  3,289
  3,463
  3,645
  3,837
  4,036
  4,245
  4,463
  4,692
  4,931
  5,181
  5,444
  5,718
  6,006
  6,307
  6,623
  6,954
  7,302
  7,665
  8,047
  8,447
Operating income, $m
  254
  280
  312
  346
  381
  417
  455
  495
  536
  579
  625
  792
  842
  894
  948
  1,005
  1,066
  1,128
  1,195
  1,264
  1,337
  1,413
  1,493
  1,577
  1,666
  1,759
  1,856
  1,959
  2,066
  2,179
  2,298
EBITDA, $m
  341
  430
  464
  499
  536
  575
  615
  657
  701
  747
  795
  846
  899
  954
  1,012
  1,072
  1,136
  1,203
  1,273
  1,346
  1,423
  1,504
  1,589
  1,678
  1,771
  1,870
  1,973
  2,081
  2,195
  2,315
  2,441
Interest expense (income), $m
  24
  18
  21
  23
  26
  29
  32
  35
  39
  42
  46
  49
  53
  57
  62
  66
  71
  76
  81
  86
  92
  98
  104
  110
  117
  124
  132
  140
  148
  156
  165
Earnings before tax, $m
  241
  262
  291
  322
  354
  388
  423
  459
  497
  537
  579
  742
  788
  836
  887
  939
  995
  1,053
  1,114
  1,178
  1,245
  1,315
  1,389
  1,467
  1,548
  1,634
  1,724
  1,819
  1,918
  2,023
  2,133
Tax expense, $m
  50
  71
  79
  87
  96
  105
  114
  124
  134
  145
  156
  200
  213
  226
  239
  254
  269
  284
  301
  318
  336
  355
  375
  396
  418
  441
  466
  491
  518
  546
  576
Net income, $m
  191
  191
  213
  235
  259
  283
  309
  335
  363
  392
  423
  542
  575
  610
  647
  686
  726
  768
  813
  860
  909
  960
  1,014
  1,071
  1,130
  1,193
  1,259
  1,328
  1,400
  1,477
  1,557

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
  2,851
  3,034
  3,225
  3,424
  3,631
  3,847
  4,072
  4,307
  4,552
  4,808
  5,075
  5,354
  5,646
  5,951
  6,271
  6,605
  6,955
  7,321
  7,705
  8,107
  8,528
  8,969
  9,432
  9,917
  10,425
  10,958
  11,518
  12,104
  12,720
  13,365
Adjusted assets (=assets-cash), $m
  2,675
  2,851
  3,034
  3,225
  3,424
  3,631
  3,847
  4,072
  4,307
  4,552
  4,808
  5,075
  5,354
  5,646
  5,951
  6,271
  6,605
  6,955
  7,321
  7,705
  8,107
  8,528
  8,969
  9,432
  9,917
  10,425
  10,958
  11,518
  12,104
  12,720
  13,365
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
  607
  646
  687
  730
  774
  820
  868
  918
  970
  1,024
  1,081
  1,141
  1,203
  1,268
  1,336
  1,407
  1,482
  1,560
  1,642
  1,727
  1,817
  1,911
  2,010
  2,113
  2,221
  2,335
  2,454
  2,579
  2,710
  2,848
Working capital, $m
  344
  369
  393
  417
  443
  470
  498
  527
  558
  589
  622
  657
  693
  731
  770
  812
  855
  900
  948
  997
  1,049
  1,104
  1,161
  1,221
  1,284
  1,349
  1,418
  1,491
  1,567
  1,646
  1,730
Total debt, $m
  618
  592
  669
  749
  833
  920
  1,010
  1,104
  1,203
  1,305
  1,412
  1,524
  1,641
  1,764
  1,892
  2,025
  2,165
  2,312
  2,466
  2,626
  2,795
  2,971
  3,156
  3,350
  3,553
  3,766
  3,990
  4,224
  4,470
  4,727
  4,998
Total liabilities, $m
  1,220
  1,194
  1,271
  1,351
  1,435
  1,522
  1,612
  1,706
  1,805
  1,907
  2,014
  2,126
  2,243
  2,366
  2,494
  2,627
  2,767
  2,914
  3,068
  3,228
  3,397
  3,573
  3,758
  3,952
  4,155
  4,368
  4,592
  4,826
  5,072
  5,329
  5,600
Total equity, $m
  1,554
  1,656
  1,763
  1,874
  1,989
  2,110
  2,235
  2,366
  2,502
  2,645
  2,793
  2,949
  3,111
  3,280
  3,458
  3,643
  3,837
  4,041
  4,254
  4,476
  4,710
  4,955
  5,211
  5,480
  5,762
  6,057
  6,367
  6,692
  7,033
  7,390
  7,765
Total liabilities and equity, $m
  2,774
  2,850
  3,034
  3,225
  3,424
  3,632
  3,847
  4,072
  4,307
  4,552
  4,807
  5,075
  5,354
  5,646
  5,952
  6,270
  6,604
  6,955
  7,322
  7,704
  8,107
  8,528
  8,969
  9,432
  9,917
  10,425
  10,959
  11,518
  12,105
  12,719
  13,365
Debt-to-equity ratio
  0.398
  0.360
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.610
  0.620
  0.620
  0.630
  0.630
  0.640
  0.640
  0.640
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
  191
  213
  235
  259
  283
  309
  335
  363
  392
  423
  542
  575
  610
  647
  686
  726
  768
  813
  860
  909
  960
  1,014
  1,071
  1,130
  1,193
  1,259
  1,328
  1,400
  1,477
  1,557
Depreciation, amort., depletion, $m
  87
  150
  152
  154
  156
  158
  160
  163
  165
  168
  171
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  91
  96
  100
  106
  111
  117
  123
  129
  136
  142
Funds from operations, $m
  365
  341
  364
  389
  414
  441
  469
  498
  528
  560
  593
  596
  632
  671
  711
  752
  796
  843
  891
  942
  995
  1,051
  1,110
  1,171
  1,236
  1,304
  1,375
  1,451
  1,529
  1,612
  1,699
Change in working capital, $m
  48
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  80
  84
Cash from operations, $m
  317
  318
  341
  364
  389
  414
  441
  469
  498
  528
  560
  561
  596
  633
  671
  711
  753
  797
  843
  892
  943
  996
  1,052
  1,111
  1,173
  1,238
  1,306
  1,378
  1,453
  1,533
  1,616
Maintenance CAPEX, $m
  0
  -28
  -30
  -32
  -34
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -100
  -106
  -111
  -117
  -123
  -129
  -136
New CAPEX, $m
  -88
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -114
  -119
  -125
  -131
  -138
Cash from investing activities, $m
  -151
  -66
  -69
  -73
  -76
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -195
  -203
  -214
  -225
  -236
  -248
  -260
  -274
Free cash flow, $m
  166
  252
  271
  291
  312
  334
  356
  380
  405
  430
  457
  453
  483
  514
  546
  580
  615
  652
  691
  732
  775
  820
  868
  917
  969
  1,024
  1,082
  1,142
  1,206
  1,273
  1,343
Issuance/(repayment) of debt, $m
  -163
  73
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
  223
  234
  246
  258
  270
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
  73
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  117
  122
  128
  134
  140
  147
  153
  161
  168
  176
  185
  194
  203
  213
  223
  234
  246
  258
  270
Total cash flow (excl. dividends), $m
  14
  325
  348
  371
  395
  421
  447
  474
  503
  533
  565
  565
  600
  636
  674
  714
  755
  799
  845
  893
  944
  997
  1,053
  1,111
  1,173
  1,237
  1,305
  1,377
  1,452
  1,530
  1,613
Retained Cash Flow (-), $m
  -210
  -102
  -107
  -111
  -116
  -120
  -125
  -131
  -136
  -142
  -149
  -155
  -162
  -170
  -177
  -186
  -194
  -203
  -213
  -223
  -233
  -245
  -256
  -269
  -282
  -295
  -310
  -325
  -341
  -358
  -375
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
 
  223
  242
  260
  280
  300
  321
  344
  367
  391
  416
  410
  437
  466
  496
  528
  561
  596
  632
  670
  710
  752
  796
  842
  891
  942
  995
  1,052
  1,111
  1,173
  1,238
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
 
  213
  220
  224
  227
  229
  228
  226
  222
  216
  209
  185
  176
  166
  155
  143
  130
  117
  104
  91
  79
  67
  56
  46
  37
  30
  23
  18
  13
  10
  7
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 25
Price to Sales 2.2
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 15.1
Price to Free Cash Flow 20.8
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 6.6% 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 34.309 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 $4.7 billion.

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COMPANY NEWS

▶ Teledyne Completes Acquisition of Scientific Systems   [Jul-20-17 01:57PM  Business Wire]
▶ Ashland elects two new members to board of directors   [Jul-19-17 04:02PM  GlobeNewswire]
▶ Teledyne to acquire Scientific Systems   [Jul-13-17 04:10PM  American City Business Journals]
▶ Teledyne to Acquire Scientific Systems, Inc.   [09:00AM  Business Wire]
▶ Henry Singleton: A Man Even Buffett Envied   [Jun-30-17 12:43PM  GuruFocus.com]
▶ Teledyne posts 1Q profit   [May-04-17 09:21AM  Associated Press]
▶ 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]
Stock chart of TDY Financial statements of TDY Annual reports 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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