Intrinsic value of Teledyne Technologies - TDY

Previous Close

$160.76

  Intrinsic Value

$249.41

stock screener

  Rating & Target

str. buy

+55%

  Value-price divergence*

+150%

Previous close

$160.76

 
Intrinsic value

$249.41

 
Up/down potential

+55%

 
Rating

str. buy

 
Value-price divergence*

+150%

*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 5.7

 

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
  24.30
  22.37
  20.63
  19.07
  17.66
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
Revenue, $m
  2,150
  2,672
  3,270
  3,945
  4,697
  5,527
  6,433
  7,415
  8,470
  9,597
  10,795
  12,061
  13,394
  14,794
  16,260
  17,790
  19,387
  21,050
  22,780
  24,578
  26,448
  28,391
  30,410
  32,509
  34,690
  36,959
  39,319
  41,775
  44,333
  46,997
  49,774
Variable operating expenses, $m
 
  2,138
  2,590
  3,100
  3,668
  4,295
  4,979
  5,721
  6,518
  7,370
  8,274
  9,111
  10,119
  11,176
  12,284
  13,440
  14,646
  15,902
  17,209
  18,568
  19,981
  21,449
  22,974
  24,559
  26,207
  27,921
  29,704
  31,560
  33,492
  35,505
  37,603
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
  2,299
  2,755
  3,269
  3,841
  4,473
  5,161
  5,908
  6,709
  7,566
  8,475
  9,317
  10,330
  11,392
  12,506
  13,667
  14,879
  16,141
  17,454
  18,819
  20,238
  21,713
  23,244
  24,836
  26,491
  28,212
  30,002
  31,866
  33,805
  35,826
  37,932
Operating income, $m
  254
  373
  515
  676
  856
  1,055
  1,272
  1,507
  1,761
  2,031
  2,319
  2,743
  3,064
  3,401
  3,754
  4,123
  4,508
  4,908
  5,326
  5,759
  6,210
  6,679
  7,166
  7,672
  8,199
  8,747
  9,316
  9,910
  10,527
  11,171
  11,842
EBITDA, $m
  341
  528
  678
  848
  1,038
  1,247
  1,476
  1,725
  1,992
  2,278
  2,582
  2,903
  3,242
  3,597
  3,970
  4,359
  4,765
  5,187
  5,627
  6,085
  6,561
  7,055
  7,569
  8,103
  8,659
  9,236
  9,837
  10,463
  11,115
  11,794
  12,502
Interest expense (income), $m
  24
  18
  28
  39
  51
  65
  80
  96
  114
  133
  154
  176
  199
  223
  249
  276
  303
  333
  363
  394
  427
  461
  497
  534
  572
  612
  653
  696
  741
  788
  836
Earnings before tax, $m
  241
  355
  488
  638
  805
  990
  1,192
  1,411
  1,646
  1,898
  2,165
  2,567
  2,865
  3,178
  3,505
  3,847
  4,204
  4,576
  4,963
  5,365
  5,783
  6,218
  6,669
  7,139
  7,627
  8,135
  8,663
  9,214
  9,787
  10,384
  11,006
Tax expense, $m
  50
  96
  132
  172
  217
  267
  322
  381
  445
  512
  585
  693
  774
  858
  946
  1,039
  1,135
  1,235
  1,340
  1,449
  1,561
  1,679
  1,801
  1,927
  2,059
  2,196
  2,339
  2,488
  2,642
  2,804
  2,972
Net income, $m
  191
  259
  356
  465
  588
  723
  870
  1,030
  1,202
  1,385
  1,581
  1,874
  2,092
  2,320
  2,559
  2,809
  3,069
  3,340
  3,623
  3,916
  4,222
  4,539
  4,869
  5,211
  5,568
  5,939
  6,324
  6,726
  7,144
  7,580
  8,034

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
  3,324
  4,068
  4,907
  5,842
  6,874
  8,002
  9,222
  10,535
  11,937
  13,426
  15,001
  16,660
  18,401
  20,223
  22,127
  24,113
  26,181
  28,333
  30,570
  32,896
  35,312
  37,824
  40,434
  43,147
  45,969
  48,904
  51,959
  55,140
  58,454
  61,908
Adjusted assets (=assets-cash), $m
  2,675
  3,324
  4,068
  4,907
  5,842
  6,874
  8,002
  9,222
  10,535
  11,937
  13,426
  15,001
  16,660
  18,401
  20,223
  22,127
  24,113
  26,181
  28,333
  30,570
  32,896
  35,312
  37,824
  40,434
  43,147
  45,969
  48,904
  51,959
  55,140
  58,454
  61,908
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
  708
  867
  1,045
  1,245
  1,465
  1,705
  1,965
  2,245
  2,543
  2,861
  3,196
  3,549
  3,920
  4,309
  4,714
  5,138
  5,578
  6,037
  6,513
  7,009
  7,524
  8,059
  8,615
  9,193
  9,794
  10,419
  11,070
  11,748
  12,454
  13,190
Working capital, $m
  344
  430
  527
  635
  756
  890
  1,036
  1,194
  1,364
  1,545
  1,738
  1,942
  2,156
  2,382
  2,618
  2,864
  3,121
  3,389
  3,668
  3,957
  4,258
  4,571
  4,896
  5,234
  5,585
  5,950
  6,330
  6,726
  7,138
  7,567
  8,014
Total debt, $m
  618
  791
  1,102
  1,454
  1,846
  2,278
  2,751
  3,262
  3,812
  4,400
  5,024
  5,683
  6,378
  7,108
  7,872
  8,669
  9,501
  10,368
  11,269
  12,207
  13,181
  14,194
  15,246
  16,340
  17,477
  18,659
  19,889
  21,169
  22,502
  23,890
  25,338
Total liabilities, $m
  1,220
  1,393
  1,704
  2,056
  2,448
  2,880
  3,353
  3,864
  4,414
  5,002
  5,626
  6,285
  6,980
  7,710
  8,474
  9,271
  10,103
  10,970
  11,871
  12,809
  13,783
  14,796
  15,848
  16,942
  18,079
  19,261
  20,491
  21,771
  23,104
  24,492
  25,940
Total equity, $m
  1,554
  1,931
  2,363
  2,851
  3,394
  3,994
  4,649
  5,358
  6,121
  6,935
  7,801
  8,716
  9,679
  10,691
  11,750
  12,856
  14,010
  15,211
  16,461
  17,761
  19,112
  20,516
  21,976
  23,492
  25,068
  26,708
  28,413
  30,188
  32,036
  33,962
  35,969
Total liabilities and equity, $m
  2,774
  3,324
  4,067
  4,907
  5,842
  6,874
  8,002
  9,222
  10,535
  11,937
  13,427
  15,001
  16,659
  18,401
  20,224
  22,127
  24,113
  26,181
  28,332
  30,570
  32,895
  35,312
  37,824
  40,434
  43,147
  45,969
  48,904
  51,959
  55,140
  58,454
  61,909
Debt-to-equity ratio
  0.398
  0.410
  0.470
  0.510
  0.540
  0.570
  0.590
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
  0.680
  0.680
  0.690
  0.690
  0.690
  0.690
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
  0.700
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
  259
  356
  465
  588
  723
  870
  1,030
  1,202
  1,385
  1,581
  1,874
  2,092
  2,320
  2,559
  2,809
  3,069
  3,340
  3,623
  3,916
  4,222
  4,539
  4,869
  5,211
  5,568
  5,939
  6,324
  6,726
  7,144
  7,580
  8,034
Depreciation, amort., depletion, $m
  87
  155
  163
  172
  182
  193
  205
  218
  232
  247
  262
  160
  177
  196
  215
  236
  257
  279
  302
  326
  350
  376
  403
  431
  460
  490
  521
  554
  587
  623
  660
Funds from operations, $m
  365
  414
  519
  637
  769
  915
  1,075
  1,248
  1,433
  1,632
  1,843
  2,034
  2,269
  2,516
  2,774
  3,044
  3,326
  3,619
  3,925
  4,242
  4,572
  4,915
  5,272
  5,642
  6,027
  6,428
  6,845
  7,279
  7,732
  8,203
  8,694
Change in working capital, $m
  48
  84
  96
  109
  121
  134
  146
  158
  170
  181
  193
  204
  215
  225
  236
  246
  257
  268
  279
  290
  301
  313
  325
  338
  351
  365
  380
  395
  412
  429
  447
Cash from operations, $m
  317
  330
  422
  529
  648
  782
  929
  1,090
  1,264
  1,451
  1,650
  1,830
  2,054
  2,291
  2,538
  2,798
  3,069
  3,352
  3,646
  3,952
  4,271
  4,602
  4,946
  5,304
  5,676
  6,063
  6,465
  6,884
  7,320
  7,774
  8,247
Maintenance CAPEX, $m
  0
  -28
  -35
  -43
  -52
  -62
  -73
  -85
  -98
  -112
  -127
  -143
  -160
  -177
  -196
  -215
  -236
  -257
  -279
  -302
  -326
  -350
  -376
  -403
  -431
  -460
  -490
  -521
  -554
  -587
  -623
New CAPEX, $m
  -88
  -139
  -158
  -179
  -199
  -220
  -240
  -260
  -280
  -299
  -317
  -336
  -353
  -371
  -388
  -406
  -423
  -441
  -458
  -477
  -495
  -515
  -535
  -556
  -578
  -601
  -625
  -651
  -678
  -706
  -736
Cash from investing activities, $m
  -151
  -167
  -193
  -222
  -251
  -282
  -313
  -345
  -378
  -411
  -444
  -479
  -513
  -548
  -584
  -621
  -659
  -698
  -737
  -779
  -821
  -865
  -911
  -959
  -1,009
  -1,061
  -1,115
  -1,172
  -1,232
  -1,293
  -1,359
Free cash flow, $m
  166
  163
  229
  306
  397
  500
  615
  744
  886
  1,040
  1,206
  1,352
  1,541
  1,742
  1,954
  2,177
  2,410
  2,654
  2,909
  3,174
  3,450
  3,737
  4,035
  4,345
  4,667
  5,002
  5,350
  5,712
  6,089
  6,480
  6,888
Issuance/(repayment) of debt, $m
  -163
  272
  312
  352
  392
  432
  472
  512
  550
  587
  624
  660
  695
  730
  764
  798
  832
  866
  902
  937
  974
  1,013
  1,052
  1,094
  1,137
  1,182
  1,230
  1,280
  1,333
  1,389
  1,447
Issuance/(repurchase) of shares, $m
  36
  118
  76
  22
  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
  390
  388
  374
  392
  432
  472
  512
  550
  587
  624
  660
  695
  730
  764
  798
  832
  866
  902
  937
  974
  1,013
  1,052
  1,094
  1,137
  1,182
  1,230
  1,280
  1,333
  1,389
  1,447
Total cash flow (excl. dividends), $m
  14
  552
  616
  680
  789
  932
  1,088
  1,256
  1,436
  1,627
  1,830
  2,011
  2,236
  2,472
  2,718
  2,975
  3,242
  3,521
  3,810
  4,111
  4,424
  4,749
  5,087
  5,439
  5,804
  6,184
  6,580
  6,992
  7,421
  7,869
  8,335
Retained Cash Flow (-), $m
  -210
  -377
  -432
  -488
  -544
  -600
  -655
  -709
  -763
  -815
  -865
  -915
  -964
  -1,012
  -1,059
  -1,106
  -1,154
  -1,202
  -1,250
  -1,300
  -1,351
  -1,404
  -1,459
  -1,516
  -1,576
  -1,639
  -1,705
  -1,775
  -1,848
  -1,925
  -2,007
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
 
  175
  184
  193
  245
  332
  433
  546
  673
  813
  965
  1,097
  1,273
  1,460
  1,659
  1,868
  2,089
  2,319
  2,560
  2,811
  3,073
  3,345
  3,628
  3,922
  4,228
  4,545
  4,875
  5,217
  5,573
  5,943
  6,329
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
 
  168
  168
  166
  199
  253
  307
  359
  408
  450
  484
  495
  513
  520
  518
  505
  484
  456
  421
  382
  341
  298
  256
  215
  177
  143
  113
  87
  66
  49
  35
Current shareholders' claim on cash, %
  100
  98.0
  96.9
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7
  96.7

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 29.6
Price to Sales 2.6
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow 24.6
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 24.3% 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 35.304 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 $5.7 billion.

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COMPANY NEWS

▶ Teledyne to Hold Investor Meetings   [Aug-28-17 04:15PM  Business Wire]
▶ Teledyne to Present at the Jefferies Industrials Conference   [Aug-07-17 08:00AM  Business Wire]
▶ Teledyne posts 2Q profit   [Aug-03-17 08:52AM  Associated Press]
▶ 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]
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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