Intrinsic value of TE Connectivity - TEL

Previous Close

$95.04

  Intrinsic Value

$77.26

stock screener

  Rating & Target

hold

-19%

Previous close

$95.04

 
Intrinsic value

$77.26

 
Up/down potential

-19%

 
Rating

hold

We calculate the intrinsic value of TEL 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 2016), $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 33.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.04
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  12,238
  13,205
  14,210
  15,254
  16,339
  17,467
  18,639
  19,859
  21,127
  22,447
  23,822
  25,254
  26,746
  28,303
  29,926
  31,621
  33,391
  35,240
  37,172
  39,193
  41,306
  43,517
  45,831
  48,253
  50,790
  53,447
  56,231
  59,148
  62,205
  65,409
  68,769
Variable operating expenses, $m
 
  11,273
  12,089
  12,937
  13,819
  14,735
  15,687
  16,677
  17,707
  18,779
  19,895
  20,509
  21,721
  22,985
  24,304
  25,680
  27,118
  28,619
  30,189
  31,829
  33,546
  35,341
  37,220
  39,188
  41,248
  43,406
  45,666
  48,035
  50,518
  53,120
  55,849
Fixed operating expenses, $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
Total operating expenses, $m
  10,336
  11,273
  12,089
  12,937
  13,819
  14,735
  15,687
  16,677
  17,707
  18,779
  19,895
  20,509
  21,721
  22,985
  24,304
  25,680
  27,118
  28,619
  30,189
  31,829
  33,546
  35,341
  37,220
  39,188
  41,248
  43,406
  45,666
  48,035
  50,518
  53,120
  55,849
Operating income, $m
  1,902
  1,932
  2,120
  2,317
  2,521
  2,732
  2,953
  3,182
  3,420
  3,668
  3,926
  4,745
  5,025
  5,317
  5,622
  5,941
  6,273
  6,621
  6,984
  7,363
  7,760
  8,176
  8,611
  9,066
  9,542
  10,041
  10,564
  11,112
  11,687
  12,289
  12,920
EBITDA, $m
  2,487
  2,724
  2,931
  3,147
  3,370
  3,603
  3,845
  4,096
  4,358
  4,630
  4,914
  5,209
  5,517
  5,838
  6,173
  6,523
  6,888
  7,269
  7,668
  8,085
  8,521
  8,977
  9,454
  9,954
  10,477
  11,025
  11,599
  12,201
  12,832
  13,493
  14,186
Interest expense (income), $m
  117
  131
  155
  180
  206
  233
  262
  291
  322
  354
  387
  421
  457
  495
  534
  575
  617
  662
  708
  757
  807
  860
  916
  974
  1,035
  1,099
  1,165
  1,235
  1,308
  1,385
  1,466
Earnings before tax, $m
  1,162
  1,801
  1,966
  2,137
  2,314
  2,499
  2,691
  2,891
  3,098
  3,314
  3,540
  4,323
  4,568
  4,823
  5,089
  5,366
  5,656
  5,959
  6,276
  6,607
  6,953
  7,315
  7,695
  8,092
  8,507
  8,943
  9,399
  9,877
  10,378
  10,904
  11,454
Tax expense, $m
  -779
  486
  531
  577
  625
  675
  727
  780
  837
  895
  956
  1,167
  1,233
  1,302
  1,374
  1,449
  1,527
  1,609
  1,694
  1,784
  1,877
  1,975
  2,078
  2,185
  2,297
  2,415
  2,538
  2,667
  2,802
  2,944
  3,093
Net income, $m
  2,009
  1,315
  1,435
  1,560
  1,689
  1,824
  1,964
  2,110
  2,262
  2,420
  2,584
  3,156
  3,334
  3,521
  3,715
  3,917
  4,129
  4,350
  4,581
  4,823
  5,076
  5,340
  5,617
  5,907
  6,210
  6,528
  6,861
  7,210
  7,576
  7,960
  8,362

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  647
  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
  17,608
  18,289
  19,681
  21,127
  22,630
  24,192
  25,816
  27,505
  29,262
  31,090
  32,994
  34,977
  37,045
  39,200
  41,449
  43,797
  46,248
  48,809
  51,485
  54,284
  57,211
  60,273
  63,478
  66,833
  70,346
  74,026
  77,882
  81,922
  86,156
  90,595
  95,248
Adjusted assets (=assets-cash), $m
  16,961
  18,289
  19,681
  21,127
  22,630
  24,192
  25,816
  27,505
  29,262
  31,090
  32,994
  34,977
  37,045
  39,200
  41,449
  43,797
  46,248
  48,809
  51,485
  54,284
  57,211
  60,273
  63,478
  66,833
  70,346
  74,026
  77,882
  81,922
  86,156
  90,595
  95,248
Revenue / Adjusted assets
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
  0.722
Average production assets, $m
  3,243
  3,499
  3,766
  4,042
  4,330
  4,629
  4,939
  5,263
  5,599
  5,948
  6,313
  6,692
  7,088
  7,500
  7,930
  8,380
  8,849
  9,339
  9,851
  10,386
  10,946
  11,532
  12,145
  12,787
  13,459
  14,163
  14,901
  15,674
  16,484
  17,333
  18,224
Working capital, $m
  1,709
  1,505
  1,620
  1,739
  1,863
  1,991
  2,125
  2,264
  2,408
  2,559
  2,716
  2,879
  3,049
  3,226
  3,412
  3,605
  3,807
  4,017
  4,238
  4,468
  4,709
  4,961
  5,225
  5,501
  5,790
  6,093
  6,410
  6,743
  7,091
  7,457
  7,840
Total debt, $m
  4,070
  4,421
  5,142
  5,891
  6,670
  7,479
  8,320
  9,195
  10,105
  11,052
  12,038
  13,065
  14,136
  15,253
  16,418
  17,634
  18,903
  20,230
  21,616
  23,066
  24,582
  26,168
  27,828
  29,566
  31,386
  33,293
  35,290
  37,383
  39,576
  41,875
  44,286
Total liabilities, $m
  9,123
  9,474
  10,195
  10,944
  11,723
  12,532
  13,373
  14,248
  15,158
  16,105
  17,091
  18,118
  19,189
  20,306
  21,471
  22,687
  23,956
  25,283
  26,669
  28,119
  29,635
  31,221
  32,881
  34,619
  36,439
  38,346
  40,343
  42,436
  44,629
  46,928
  49,339
Total equity, $m
  8,485
  8,815
  9,486
  10,183
  10,908
  11,661
  12,444
  13,257
  14,104
  14,985
  15,903
  16,859
  17,855
  18,895
  19,979
  21,110
  22,292
  23,526
  24,816
  26,165
  27,576
  29,052
  30,596
  32,213
  33,907
  35,681
  37,539
  39,486
  41,527
  43,667
  45,910
Total liabilities and equity, $m
  17,608
  18,289
  19,681
  21,127
  22,631
  24,193
  25,817
  27,505
  29,262
  31,090
  32,994
  34,977
  37,044
  39,201
  41,450
  43,797
  46,248
  48,809
  51,485
  54,284
  57,211
  60,273
  63,477
  66,832
  70,346
  74,027
  77,882
  81,922
  86,156
  90,595
  95,249
Debt-to-equity ratio
  0.480
  0.500
  0.540
  0.580
  0.610
  0.640
  0.670
  0.690
  0.720
  0.740
  0.760
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
Adjusted equity ratio
  0.462
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,009
  1,315
  1,435
  1,560
  1,689
  1,824
  1,964
  2,110
  2,262
  2,420
  2,584
  3,156
  3,334
  3,521
  3,715
  3,917
  4,129
  4,350
  4,581
  4,823
  5,076
  5,340
  5,617
  5,907
  6,210
  6,528
  6,861
  7,210
  7,576
  7,960
  8,362
Depreciation, amort., depletion, $m
  585
  792
  811
  830
  850
  871
  892
  915
  938
  962
  988
  465
  492
  521
  551
  582
  614
  649
  684
  721
  760
  801
  843
  888
  935
  984
  1,035
  1,088
  1,145
  1,204
  1,266
Funds from operations, $m
  539
  2,107
  2,246
  2,390
  2,539
  2,695
  2,857
  3,025
  3,200
  3,382
  3,571
  3,621
  3,827
  4,041
  4,265
  4,499
  4,744
  4,999
  5,265
  5,544
  5,836
  6,141
  6,461
  6,795
  7,145
  7,512
  7,896
  8,299
  8,721
  9,163
  9,627
Change in working capital, $m
  -1,383
  110
  115
  119
  124
  129
  134
  139
  145
  150
  157
  163
  170
  177
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  317
  333
  349
  365
  383
Cash from operations, $m
  1,922
  1,997
  2,131
  2,271
  2,416
  2,566
  2,723
  2,886
  3,055
  3,231
  3,415
  3,457
  3,656
  3,864
  4,080
  4,306
  4,542
  4,788
  5,045
  5,314
  5,595
  5,889
  6,197
  6,519
  6,856
  7,209
  7,579
  7,966
  8,372
  8,798
  9,244
Maintenance CAPEX, $m
  0
  -225
  -243
  -261
  -281
  -301
  -321
  -343
  -365
  -389
  -413
  -438
  -465
  -492
  -521
  -551
  -582
  -614
  -649
  -684
  -721
  -760
  -801
  -843
  -888
  -935
  -984
  -1,035
  -1,088
  -1,145
  -1,204
New CAPEX, $m
  -628
  -256
  -266
  -277
  -288
  -299
  -311
  -323
  -336
  -350
  -364
  -379
  -396
  -412
  -430
  -449
  -469
  -490
  -512
  -535
  -560
  -586
  -613
  -642
  -672
  -704
  -738
  -773
  -810
  -849
  -890
Cash from investing activities, $m
  -1,581
  -481
  -509
  -538
  -569
  -600
  -632
  -666
  -701
  -739
  -777
  -817
  -861
  -904
  -951
  -1,000
  -1,051
  -1,104
  -1,161
  -1,219
  -1,281
  -1,346
  -1,414
  -1,485
  -1,560
  -1,639
  -1,722
  -1,808
  -1,898
  -1,994
  -2,094
Free cash flow, $m
  341
  1,515
  1,622
  1,732
  1,847
  1,967
  2,091
  2,220
  2,354
  2,493
  2,637
  2,640
  2,796
  2,959
  3,129
  3,306
  3,491
  3,683
  3,884
  4,094
  4,314
  4,543
  4,783
  5,033
  5,296
  5,570
  5,858
  6,159
  6,474
  6,804
  7,150
Issuance/(repayment) of debt, $m
  181
  682
  721
  749
  779
  809
  841
  875
  910
  947
  986
  1,027
  1,071
  1,117
  1,165
  1,216
  1,270
  1,327
  1,386
  1,450
  1,516
  1,586
  1,660
  1,738
  1,820
  1,906
  1,997
  2,093
  2,193
  2,299
  2,411
Issuance/(repurchase) of shares, $m
  -2,697
  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  
  -2,521
  682
  721
  749
  779
  809
  841
  875
  910
  947
  986
  1,027
  1,071
  1,117
  1,165
  1,216
  1,270
  1,327
  1,386
  1,450
  1,516
  1,586
  1,660
  1,738
  1,820
  1,906
  1,997
  2,093
  2,193
  2,299
  2,411
Total cash flow (excl. dividends), $m
  -2,173
  2,197
  2,343
  2,482
  2,626
  2,776
  2,932
  3,094
  3,264
  3,440
  3,624
  3,667
  3,867
  4,076
  4,294
  4,522
  4,761
  5,010
  5,271
  5,544
  5,830
  6,129
  6,443
  6,771
  7,116
  7,476
  7,855
  8,251
  8,667
  9,103
  9,561
Retained Cash Flow (-), $m
  1,100
  -646
  -671
  -697
  -724
  -753
  -783
  -814
  -847
  -881
  -918
  -956
  -996
  -1,039
  -1,084
  -1,131
  -1,182
  -1,234
  -1,290
  -1,349
  -1,411
  -1,476
  -1,545
  -1,617
  -1,693
  -1,774
  -1,858
  -1,947
  -2,041
  -2,139
  -2,243
Prev. year cash balance distribution, $m
 
  316
  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
 
  1,867
  1,672
  1,784
  1,901
  2,023
  2,149
  2,280
  2,417
  2,559
  2,706
  2,711
  2,871
  3,037
  3,210
  3,391
  3,579
  3,776
  3,981
  4,195
  4,419
  4,653
  4,898
  5,154
  5,422
  5,703
  5,996
  6,304
  6,626
  6,964
  7,318
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
 
  1,790
  1,531
  1,553
  1,566
  1,568
  1,560
  1,541
  1,511
  1,470
  1,419
  1,287
  1,225
  1,155
  1,078
  995
  910
  822
  733
  646
  562
  481
  406
  338
  276
  222
  175
  135
  103
  76
  55
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

TE Connectivity Ltd. is a technology company. The Company designs and manufactures connectivity and sensors solutions. It operates through three segments: Transportation Solutions, Industrial Solutions and Communications Solutions. The Transportation Solutions segment offers connectivity and sensor technologies. Its products are used in the automotive, commercial transportation and sensors markets. It sells primary products, including terminals and connector systems and components, sensors, relays, application tooling, and wire and heat shrink tubing. The Industrial Solutions segment is a supplier of products that connect and distribute power, data and signals. The Industrial Solutions segment offers products, such as terminals and connector systems and components; heat shrink tubing; relays, and wire and cable. The Communications Solutions segment is a supplier of electronic components for the data and devices and appliances markets.

FINANCIAL RATIOS  of  TE Connectivity (TEL)

Valuation Ratios
P/E Ratio 16.8
Price to Sales 2.8
Price to Book 4
Price to Tangible Book
Price to Cash Flow 17.6
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.7%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 44.1%
Total Debt to Equity 48%
Interest Coverage 11
Management Effectiveness
Return On Assets 11.5%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 15.4%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 22.2%
Return On Equity - 3 Yr. Avg. 22.9%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 33%
Gross Margin - 3 Yr. Avg. 33.2%
EBITDA Margin 15.2%
EBITDA Margin - 3 Yr. Avg. 18.2%
Operating Margin 15.5%
Oper. Margin - 3 Yr. Avg. 15%
Pre-Tax Margin 9.5%
Pre-Tax Margin - 3 Yr. Avg. 12.4%
Net Profit Margin 16.4%
Net Profit Margin - 3 Yr. Avg. 17%
Effective Tax Rate -67%
Eff/ Tax Rate - 3 Yr. Avg. -12.4%
Payout Ratio 25.3%

TEL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEL stock intrinsic value calculation we used $12238 million for the last fiscal year's total revenue generated by TE Connectivity. The default revenue input number comes from 2016 income statement of TE Connectivity. 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 TEL stock valuation model: a) initial revenue growth rate of 7.9% 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 TEL is calculated based on our internal credit rating of TE Connectivity, 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 TE Connectivity.
    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 TEL stock the variable cost ratio is equal to 85.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TEL 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 TE Connectivity.

Corporate tax rate of 27% is the nominal tax rate for TE Connectivity. 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 TEL 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 TEL are equal to 26.5%.

Life of production assets of 14.4 years is the average useful life of capital assets used in TE Connectivity 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 TEL is equal to 11.4%. 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 - $8485 million for TE Connectivity - 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 353.34 million for TE Connectivity 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 TE Connectivity at the current share price and the inputted number of shares is $33.6 billion.

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COMPANY NEWS

▶ TE Connectivity tops Street 4Q forecasts   [06:29AM  Associated Press]
▶ Top Analyst Reports for Facebook, FedEx & Intel   [Sep-26-17 05:04PM  Zacks]
▶ Stocks With Rising Relative Strength: TE Connectivity   [03:00AM  Investor's Business Daily]
▶ Stocks Feel the Pressure and Plunge   [Aug-18-17 09:15AM  Zacks]
▶ 10 Stakes Pioneer Investments Keeps Buying   [Aug-17-17 03:36PM  GuruFocus.com]
▶ TE Connectivity Debuts ChipConnect Cable Assemblies   [Aug-03-17 08:03AM  PR Newswire]
▶ TE Connectivity tops Street 3Q forecasts   [Jul-26-17 09:31PM  Associated Press]
▶ The Largest Insider Trades of the Week   [Jul-07-17 12:46PM  GuruFocus.com]
▶ Credit Suisse's Top 10 China A-Share Picks   [Jun-21-17 01:03AM  Barrons.com]
▶ ETFs with exposure to TE Connectivity Ltd. : May 11, 2017   [May-11-17 05:36PM  Capital Cube]
▶ ETFs with exposure to TE Connectivity Ltd. : May 1, 2017   [May-01-17 04:29PM  Capital Cube]
Financial statements of TEL
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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