Intrinsic value of Tech Data - TECD

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$94.66

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$94.66

 
Intrinsic value

$230.17

 
Up/down potential

+143%

 
Rating

str. buy

 
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 TECD 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 3.6

 

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, %
  -0.55
  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
  26,235
  26,760
  27,375
  28,079
  28,869
  29,744
  30,704
  31,750
  32,882
  34,101
  35,410
  36,810
  38,304
  39,895
  41,585
  43,379
  45,280
  47,292
  49,420
  51,669
  54,043
  56,548
  59,189
  61,974
  64,908
  67,998
  71,252
  74,676
  78,280
  82,071
  86,058
Variable operating expenses, $m
 
  8,295
  8,485
  8,703
  8,947
  9,218
  9,515
  9,838
  10,188
  10,565
  10,970
  11,383
  11,845
  12,337
  12,860
  13,415
  14,002
  14,625
  15,283
  15,978
  16,712
  17,487
  18,304
  19,165
  20,072
  21,028
  22,034
  23,093
  24,207
  25,380
  26,613
Fixed operating expenses, $m
 
  18,701
  19,169
  19,648
  20,139
  20,643
  21,159
  21,688
  22,230
  22,786
  23,355
  23,939
  24,537
  25,151
  25,780
  26,424
  27,085
  27,762
  28,456
  29,167
  29,897
  30,644
  31,410
  32,195
  33,000
  33,825
  34,671
  35,538
  36,426
  37,337
  38,270
Total operating expenses, $m
  25,942
  26,996
  27,654
  28,351
  29,086
  29,861
  30,674
  31,526
  32,418
  33,351
  34,325
  35,322
  36,382
  37,488
  38,640
  39,839
  41,087
  42,387
  43,739
  45,145
  46,609
  48,131
  49,714
  51,360
  53,072
  54,853
  56,705
  58,631
  60,633
  62,717
  64,883
Operating income, $m
  293
  -237
  -279
  -272
  -218
  -117
  31
  224
  464
  750
  1,085
  1,488
  1,921
  2,407
  2,946
  3,540
  4,193
  4,906
  5,681
  6,523
  7,434
  8,417
  9,476
  10,614
  11,836
  13,145
  14,547
  16,045
  17,646
  19,354
  21,175
EBITDA, $m
  293
  -195
  -237
  -230
  -175
  -73
  75
  269
  510
  797
  1,133
  1,517
  1,952
  2,438
  2,979
  3,575
  4,229
  4,943
  5,721
  6,565
  7,477
  8,462
  9,523
  10,663
  11,887
  13,199
  14,604
  16,105
  17,709
  19,420
  21,244
Interest expense (income), $m
  -22
  35
  33
  37
  42
  47
  53
  60
  67
  75
  84
  93
  103
  113
  124
  136
  148
  162
  176
  191
  206
  223
  240
  259
  278
  298
  320
  343
  367
  392
  418
Earnings before tax, $m
  257
  -271
  -311
  -309
  -260
  -164
  -23
  164
  396
  675
  1,001
  1,395
  1,819
  2,294
  2,821
  3,404
  4,044
  4,744
  5,506
  6,333
  7,228
  8,194
  9,235
  10,355
  11,558
  12,847
  14,227
  15,703
  17,280
  18,963
  20,757
Tax expense, $m
  62
  0
  0
  0
  0
  0
  0
  44
  107
  182
  270
  377
  491
  619
  762
  919
  1,092
  1,281
  1,487
  1,710
  1,951
  2,212
  2,494
  2,796
  3,121
  3,469
  3,841
  4,240
  4,665
  5,120
  5,604
Net income, $m
  195
  -271
  -311
  -309
  -260
  -164
  -23
  120
  289
  493
  731
  1,018
  1,328
  1,674
  2,060
  2,485
  2,952
  3,463
  4,019
  4,623
  5,276
  5,982
  6,742
  7,559
  8,437
  9,378
  10,386
  11,463
  12,614
  13,843
  15,153

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,126
  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
  7,932
  5,922
  6,058
  6,213
  6,388
  6,582
  6,794
  7,026
  7,276
  7,546
  7,836
  8,146
  8,476
  8,828
  9,202
  9,599
  10,020
  10,465
  10,936
  11,434
  11,959
  12,513
  13,098
  13,714
  14,363
  15,047
  15,767
  16,525
  17,322
  18,161
  19,044
Adjusted assets (=assets-cash), $m
  5,806
  5,922
  6,058
  6,213
  6,388
  6,582
  6,794
  7,026
  7,276
  7,546
  7,836
  8,146
  8,476
  8,828
  9,202
  9,599
  10,020
  10,465
  10,936
  11,434
  11,959
  12,513
  13,098
  13,714
  14,363
  15,047
  15,767
  16,525
  17,322
  18,161
  19,044
Revenue / Adjusted assets
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
  4.519
Average production assets, $m
  215
  214
  219
  225
  231
  238
  246
  254
  263
  273
  283
  294
  306
  319
  333
  347
  362
  378
  395
  413
  432
  452
  474
  496
  519
  544
  570
  597
  626
  657
  688
Working capital, $m
  2,701
  963
  986
  1,011
  1,039
  1,071
  1,105
  1,143
  1,184
  1,228
  1,275
  1,325
  1,379
  1,436
  1,497
  1,562
  1,630
  1,703
  1,779
  1,860
  1,946
  2,036
  2,131
  2,231
  2,337
  2,448
  2,565
  2,688
  2,818
  2,955
  3,098
Total debt, $m
  1,363
  930
  1,053
  1,193
  1,350
  1,525
  1,716
  1,924
  2,150
  2,393
  2,653
  2,932
  3,230
  3,546
  3,883
  4,240
  4,619
  5,020
  5,443
  5,891
  6,364
  6,863
  7,389
  7,944
  8,528
  9,143
  9,791
  10,473
  11,191
  11,946
  12,740
Total liabilities, $m
  5,762
  5,329
  5,452
  5,592
  5,749
  5,924
  6,115
  6,323
  6,549
  6,792
  7,052
  7,331
  7,629
  7,945
  8,282
  8,639
  9,018
  9,419
  9,842
  10,290
  10,763
  11,262
  11,788
  12,343
  12,927
  13,542
  14,190
  14,872
  15,590
  16,345
  17,139
Total equity, $m
  2,170
  592
  606
  621
  639
  658
  679
  703
  728
  755
  784
  815
  848
  883
  920
  960
  1,002
  1,047
  1,094
  1,143
  1,196
  1,251
  1,310
  1,371
  1,436
  1,505
  1,577
  1,652
  1,732
  1,816
  1,904
Total liabilities and equity, $m
  7,932
  5,921
  6,058
  6,213
  6,388
  6,582
  6,794
  7,026
  7,277
  7,547
  7,836
  8,146
  8,477
  8,828
  9,202
  9,599
  10,020
  10,466
  10,936
  11,433
  11,959
  12,513
  13,098
  13,714
  14,363
  15,047
  15,767
  16,524
  17,322
  18,161
  19,043
Debt-to-equity ratio
  0.628
  1.570
  1.740
  1.920
  2.110
  2.320
  2.530
  2.740
  2.950
  3.170
  3.390
  3.600
  3.810
  4.020
  4.220
  4.420
  4.610
  4.800
  4.980
  5.150
  5.320
  5.480
  5.640
  5.790
  5.940
  6.080
  6.210
  6.340
  6.460
  6.580
  6.690
Adjusted equity ratio
  0.008
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  195
  -271
  -311
  -309
  -260
  -164
  -23
  120
  289
  493
  731
  1,018
  1,328
  1,674
  2,060
  2,485
  2,952
  3,463
  4,019
  4,623
  5,276
  5,982
  6,742
  7,559
  8,437
  9,378
  10,386
  11,463
  12,614
  13,843
  15,153
Depreciation, amort., depletion, $m
  0
  41
  42
  42
  43
  44
  44
  45
  46
  47
  48
  29
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
Funds from operations, $m
  657
  -230
  -270
  -267
  -217
  -120
  22
  165
  335
  540
  779
  1,048
  1,358
  1,706
  2,093
  2,520
  2,989
  3,501
  4,059
  4,664
  5,319
  6,027
  6,789
  7,609
  8,489
  9,432
  10,443
  11,523
  12,677
  13,908
  15,222
Change in working capital, $m
  0
  19
  22
  25
  28
  32
  35
  38
  41
  44
  47
  50
  54
  57
  61
  65
  68
  72
  77
  81
  85
  90
  95
  100
  106
  111
  117
  123
  130
  136
  144
Cash from operations, $m
  657
  -259
  -292
  -292
  -245
  -152
  -13
  127
  295
  496
  732
  997
  1,304
  1,649
  2,032
  2,455
  2,920
  3,428
  3,982
  4,583
  5,234
  5,937
  6,694
  7,509
  8,383
  9,321
  10,325
  11,399
  12,547
  13,772
  15,078
Maintenance CAPEX, $m
  0
  -22
  -21
  -22
  -22
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
  -66
New CAPEX, $m
  -39
  1
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
Cash from investing activities, $m
  -42
  -21
  -26
  -28
  -28
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -44
  -46
  -47
  -50
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -84
  -89
  -93
  -98
Free cash flow, $m
  615
  -279
  -318
  -320
  -274
  -182
  -44
  94
  260
  460
  694
  958
  1,263
  1,606
  1,987
  2,408
  2,870
  3,376
  3,927
  4,526
  5,174
  5,873
  6,628
  7,439
  8,310
  9,244
  10,245
  11,315
  12,458
  13,679
  14,980
Issuance/(repayment) of debt, $m
  1,002
  -60
  123
  140
  157
  174
  191
  208
  225
  243
  261
  279
  298
  317
  337
  357
  379
  401
  424
  448
  473
  499
  526
  555
  584
  615
  648
  682
  718
  755
  794
Issuance/(repurchase) of shares, $m
  1
  0
  209
  195
  134
  27
  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  
  977
  -60
  332
  335
  291
  201
  191
  208
  225
  243
  261
  279
  298
  317
  337
  357
  379
  401
  424
  448
  473
  499
  526
  555
  584
  615
  648
  682
  718
  755
  794
Total cash flow (excl. dividends), $m
  1,594
  -339
  -196
  -179
  -116
  -8
  147
  303
  486
  703
  955
  1,237
  1,561
  1,922
  2,323
  2,765
  3,249
  3,777
  4,351
  4,974
  5,646
  6,372
  7,154
  7,994
  8,895
  9,860
  10,893
  11,997
  13,176
  14,434
  15,775
Retained Cash Flow (-), $m
  -164
  -175
  -14
  -16
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -62
  -65
  -68
  -72
  -76
  -80
  -84
  -88
Prev. year cash balance distribution, $m
 
  1,753
  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
 
  1,239
  0
  0
  0
  0
  126
  279
  461
  676
  926
  1,206
  1,528
  1,887
  2,286
  2,725
  3,207
  3,732
  4,304
  4,924
  5,594
  6,317
  7,095
  7,932
  8,830
  9,792
  10,821
  11,921
  13,096
  14,350
  15,686
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,188
  0
  0
  0
  0
  91
  189
  288
  388
  485
  573
  652
  718
  767
  800
  815
  812
  793
  758
  711
  653
  589
  520
  450
  381
  316
  256
  203
  157
  118
Current shareholders' claim on cash, %
  100
  100.0
  82.5
  69.2
  61.3
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8
  59.8

Tech Data Corporation engages in the wholesale distribution of technology products. It distributes and markets broadline products, such as notebooks, tablets, desktop systems, printers, supplies, and components; and data center products, including servers, proprietary servers, networking, and storage products. The company also offers software products, such as virtualization, cloud, security, desktop application, operating system, and utilities software; mobility products consisting of mobile phones and accessories; and consumer electronics comprising TV's, digital displays, consumer audio-visual devices, and network-attached consumer devices. In addition, it offers a range of customer services, such as training and technical support, customized shipping documents, product configuration/integration, and access to flexible financing programs; and a suite of electronic commerce tools. The company serves value-added resellers, direct marketers, retailers, and corporate resellers. Tech Data Corporation sells its products to customers in approximately 100 countries in North America, South America, Europe, the Middle East, and Africa. The company was founded in 1974 and is headquartered in Clearwater, Florida.

FINANCIAL RATIOS  of  Tech Data (TECD)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 0.1
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow 5.4
Growth Rates
Sales Growth Rate -0.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 45.6%
Total Debt to Equity 62.8%
Interest Coverage -11
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 6.6%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 10.5%
Asset Turnover 3.7
Profitability Ratios
Gross Margin 5%
Gross Margin - 3 Yr. Avg. 5%
EBITDA Margin 0.9%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 1.1%
Oper. Margin - 3 Yr. Avg. 1.2%
Pre-Tax Margin 1%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 27.1%
Payout Ratio 0%

TECD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TECD stock intrinsic value calculation we used $26235 million for the last fiscal year's total revenue generated by Tech Data. The default revenue input number comes from 2017 income statement of Tech Data. 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 TECD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TECD is calculated based on our internal credit rating of Tech Data, 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 Tech Data.
    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 TECD stock the variable cost ratio is equal to 31%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $18245 million in the base year in the intrinsic value calculation for TECD 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 Tech Data.

Corporate tax rate of 27% is the nominal tax rate for Tech Data. 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 TECD 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 TECD are equal to 0.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Tech Data 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 TECD is equal to 3.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2170 million for Tech Data - 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 38.275 million for Tech Data 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 Tech Data at the current share price and the inputted number of shares is $3.6 billion.


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COMPANY NEWS

▶ Tech Data Adds Microsoft Azure to its Cloud Marketplace   [May-23-17 08:00AM  Business Wire]
▶ Tech Data: Pullbacks Have Been Opportunities   [May-08-17 10:54AM  TheStreet.com]
▶ Tech Data Offers Cisco Security Incident Response Service   [May-03-17 08:00AM  Business Wire]
▶ Top Ranked Value Stocks to Buy for April 28th   [Apr-28-17 10:42AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 25th   [Apr-25-17 10:22AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 24th   [Apr-24-17 06:51AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 20th   [Apr-20-17 11:27AM  Zacks]
▶ Heres the businesswoman who will replace the longtime former CEO on Tech Datas board   [Apr-19-17 02:46PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for April 18th   [Apr-18-17 12:01PM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 13th   [Apr-13-17 11:57AM  Zacks]
▶ Top Ranked Value Stocks to Buy for April 11th   [Apr-11-17 12:10PM  Zacks]
▶ Telesoft names local tech leader as new CEO   [Apr-09-17 09:25PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for April 7th   [Apr-07-17 09:35AM  Zacks]
▶ ETFs with exposure to Tech Data Corp. : April 5, 2017   [Apr-05-17 05:33PM  Capital Cube]
▶ Tech Data Adds Key Service Providers to its Cloud Portfolio   [Apr-04-17 11:00AM  Business Wire]
▶ Top Ranked Value Stocks to Buy for April 3rd   [Apr-03-17 10:05AM  Zacks]
▶ Tech Data CEO poised to take on chairmans role   [Mar-29-17 05:18PM  at bizjournals.com]
▶ Tech Data Announces Chairmanship Transition   [04:15PM  GlobeNewswire]
Stock chart of TECD Financial statements of TECD Annual reports of TECD
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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