Intrinsic value of Tenneco - TEN

Previous Close

$51.90

  Intrinsic Value

$118.31

stock screener

  Rating & Target

str. buy

+128%

  Value-price divergence*

+21%

Previous close

$51.90

 
Intrinsic value

$118.31

 
Up/down potential

+128%

 
Rating

str. buy

 
Value-price divergence*

+21%

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

We calculate the intrinsic value of TEN 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 2.8

 

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, %
  4.75
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
Revenue, $m
  8,599
  9,227
  9,879
  10,557
  11,262
  11,995
  12,758
  13,551
  14,378
  15,239
  16,137
  17,073
  18,050
  19,070
  20,135
  21,248
  22,411
  23,627
  24,899
  26,230
  27,623
  29,081
  30,608
  32,208
  33,884
  35,640
  37,481
  39,411
  41,434
  43,556
  45,781
Variable operating expenses, $m
 
  8,645
  9,256
  9,891
  10,551
  11,237
  11,951
  12,694
  13,468
  14,275
  15,115
  15,986
  16,901
  17,856
  18,853
  19,895
  20,984
  22,123
  23,314
  24,560
  25,864
  27,230
  28,660
  30,157
  31,727
  33,371
  35,095
  36,902
  38,796
  40,783
  42,866
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
  8,070
  8,645
  9,256
  9,891
  10,551
  11,237
  11,951
  12,694
  13,468
  14,275
  15,115
  15,986
  16,901
  17,856
  18,853
  19,895
  20,984
  22,123
  23,314
  24,560
  25,864
  27,230
  28,660
  30,157
  31,727
  33,371
  35,095
  36,902
  38,796
  40,783
  42,866
Operating income, $m
  529
  582
  623
  666
  711
  758
  806
  857
  910
  964
  1,022
  1,087
  1,149
  1,214
  1,282
  1,353
  1,427
  1,504
  1,585
  1,670
  1,759
  1,851
  1,949
  2,050
  2,157
  2,269
  2,386
  2,509
  2,638
  2,773
  2,915
EBITDA, $m
  741
  729
  781
  835
  890
  948
  1,009
  1,071
  1,137
  1,205
  1,276
  1,350
  1,427
  1,508
  1,592
  1,680
  1,772
  1,868
  1,969
  2,074
  2,184
  2,299
  2,420
  2,546
  2,679
  2,818
  2,963
  3,116
  3,276
  3,444
  3,620
Interest expense (income), $m
  76
  76
  92
  109
  126
  143
  162
  181
  201
  222
  243
  266
  290
  314
  340
  367
  395
  424
  454
  486
  520
  555
  592
  630
  670
  712
  757
  803
  851
  902
  956
Earnings before tax, $m
  436
  505
  531
  558
  586
  614
  645
  676
  709
  743
  778
  821
  860
  900
  942
  986
  1,032
  1,080
  1,131
  1,183
  1,239
  1,296
  1,357
  1,420
  1,487
  1,557
  1,630
  1,706
  1,786
  1,871
  1,959
Tax expense, $m
  3
  136
  143
  151
  158
  166
  174
  183
  191
  201
  210
  222
  232
  243
  254
  266
  279
  292
  305
  320
  334
  350
  366
  384
  401
  420
  440
  461
  482
  505
  529
Net income, $m
  363
  369
  388
  407
  427
  449
  471
  493
  517
  542
  568
  599
  627
  657
  688
  720
  753
  789
  825
  864
  904
  946
  991
  1,037
  1,085
  1,136
  1,190
  1,245
  1,304
  1,365
  1,430

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  347
  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
  4,342
  4,400
  4,711
  5,034
  5,370
  5,720
  6,084
  6,462
  6,857
  7,267
  7,695
  8,142
  8,608
  9,094
  9,602
  10,132
  10,687
  11,267
  11,874
  12,508
  13,172
  13,868
  14,596
  15,359
  16,158
  16,996
  17,874
  18,794
  19,759
  20,771
  21,832
Adjusted assets (=assets-cash), $m
  3,995
  4,400
  4,711
  5,034
  5,370
  5,720
  6,084
  6,462
  6,857
  7,267
  7,695
  8,142
  8,608
  9,094
  9,602
  10,132
  10,687
  11,267
  11,874
  12,508
  13,172
  13,868
  14,596
  15,359
  16,158
  16,996
  17,874
  18,794
  19,759
  20,771
  21,832
Revenue / Adjusted assets
  2.152
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
  2.097
Average production assets, $m
  1,321
  1,421
  1,521
  1,626
  1,734
  1,847
  1,965
  2,087
  2,214
  2,347
  2,485
  2,629
  2,780
  2,937
  3,101
  3,272
  3,451
  3,639
  3,834
  4,039
  4,254
  4,478
  4,714
  4,960
  5,218
  5,489
  5,772
  6,069
  6,381
  6,708
  7,050
Working capital, $m
  632
  406
  435
  465
  496
  528
  561
  596
  633
  671
  710
  751
  794
  839
  886
  935
  986
  1,040
  1,096
  1,154
  1,215
  1,280
  1,347
  1,417
  1,491
  1,568
  1,649
  1,734
  1,823
  1,916
  2,014
Total debt, $m
  1,384
  1,564
  1,842
  2,131
  2,431
  2,744
  3,069
  3,407
  3,760
  4,127
  4,510
  4,909
  5,325
  5,760
  6,214
  6,688
  7,184
  7,703
  8,245
  8,812
  9,406
  10,028
  10,679
  11,361
  12,076
  12,824
  13,609
  14,432
  15,294
  16,199
  17,147
Total liabilities, $m
  3,754
  3,934
  4,212
  4,501
  4,801
  5,114
  5,439
  5,777
  6,130
  6,497
  6,880
  7,279
  7,695
  8,130
  8,584
  9,058
  9,554
  10,073
  10,615
  11,182
  11,776
  12,398
  13,049
  13,731
  14,446
  15,194
  15,979
  16,802
  17,664
  18,569
  19,517
Total equity, $m
  588
  466
  499
  534
  569
  606
  645
  685
  727
  770
  816
  863
  912
  964
  1,018
  1,074
  1,133
  1,194
  1,259
  1,326
  1,396
  1,470
  1,547
  1,628
  1,713
  1,802
  1,895
  1,992
  2,094
  2,202
  2,314
Total liabilities and equity, $m
  4,342
  4,400
  4,711
  5,035
  5,370
  5,720
  6,084
  6,462
  6,857
  7,267
  7,696
  8,142
  8,607
  9,094
  9,602
  10,132
  10,687
  11,267
  11,874
  12,508
  13,172
  13,868
  14,596
  15,359
  16,159
  16,996
  17,874
  18,794
  19,758
  20,771
  21,831
Debt-to-equity ratio
  2.354
  3.350
  3.690
  3.990
  4.270
  4.530
  4.760
  4.970
  5.170
  5.360
  5.530
  5.690
  5.840
  5.980
  6.110
  6.230
  6.340
  6.450
  6.550
  6.650
  6.740
  6.820
  6.900
  6.980
  7.050
  7.120
  7.180
  7.240
  7.300
  7.360
  7.410
Adjusted equity ratio
  0.060
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  363
  369
  388
  407
  427
  449
  471
  493
  517
  542
  568
  599
  627
  657
  688
  720
  753
  789
  825
  864
  904
  946
  991
  1,037
  1,085
  1,136
  1,190
  1,245
  1,304
  1,365
  1,430
Depreciation, amort., depletion, $m
  212
  148
  158
  168
  179
  190
  202
  214
  227
  240
  254
  263
  278
  294
  310
  327
  345
  364
  383
  404
  425
  448
  471
  496
  522
  549
  577
  607
  638
  671
  705
Funds from operations, $m
  394
  517
  545
  575
  607
  639
  673
  708
  744
  783
  822
  862
  905
  951
  998
  1,047
  1,099
  1,152
  1,209
  1,268
  1,330
  1,394
  1,462
  1,533
  1,607
  1,685
  1,767
  1,852
  1,942
  2,036
  2,135
Change in working capital, $m
  -95
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  98
Cash from operations, $m
  489
  489
  517
  546
  576
  607
  639
  673
  708
  745
  783
  821
  862
  906
  951
  998
  1,047
  1,099
  1,153
  1,209
  1,268
  1,330
  1,395
  1,462
  1,533
  1,608
  1,686
  1,767
  1,853
  1,943
  2,037
Maintenance CAPEX, $m
  0
  -132
  -142
  -152
  -163
  -173
  -185
  -196
  -209
  -221
  -235
  -249
  -263
  -278
  -294
  -310
  -327
  -345
  -364
  -383
  -404
  -425
  -448
  -471
  -496
  -522
  -549
  -577
  -607
  -638
  -671
New CAPEX, $m
  -345
  -100
  -100
  -104
  -109
  -113
  -117
  -122
  -127
  -133
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -215
  -225
  -235
  -246
  -258
  -270
  -283
  -297
  -312
  -327
  -343
Cash from investing activities, $m
  -340
  -232
  -242
  -256
  -272
  -286
  -302
  -318
  -336
  -354
  -373
  -393
  -413
  -435
  -458
  -481
  -506
  -532
  -560
  -588
  -619
  -650
  -683
  -717
  -754
  -792
  -832
  -874
  -919
  -965
  -1,014
Free cash flow, $m
  149
  257
  274
  289
  304
  320
  337
  354
  372
  391
  410
  428
  449
  471
  493
  517
  541
  567
  593
  621
  650
  680
  712
  745
  779
  816
  853
  893
  935
  978
  1,024
Issuance/(repayment) of debt, $m
  190
  270
  278
  289
  300
  313
  325
  338
  352
  367
  383
  399
  416
  435
  454
  474
  496
  518
  542
  567
  594
  622
  651
  682
  715
  749
  785
  823
  863
  904
  949
Issuance/(repurchase) of shares, $m
  -207
  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  
  -91
  270
  278
  289
  300
  313
  325
  338
  352
  367
  383
  399
  416
  435
  454
  474
  496
  518
  542
  567
  594
  622
  651
  682
  715
  749
  785
  823
  863
  904
  949
Total cash flow (excl. dividends), $m
  60
  526
  552
  578
  605
  633
  662
  693
  724
  758
  793
  827
  866
  905
  947
  991
  1,037
  1,085
  1,135
  1,188
  1,244
  1,302
  1,363
  1,427
  1,494
  1,564
  1,638
  1,716
  1,797
  1,883
  1,972
Retained Cash Flow (-), $m
  -155
  -30
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
  -112
Prev. year cash balance distribution, $m
 
  152
  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
 
  648
  519
  544
  569
  596
  624
  652
  683
  714
  747
  780
  816
  854
  893
  935
  978
  1,024
  1,071
  1,121
  1,173
  1,228
  1,286
  1,346
  1,409
  1,476
  1,545
  1,618
  1,695
  1,775
  1,860
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  613
  462
  453
  441
  426
  409
  390
  368
  345
  320
  294
  267
  241
  214
  188
  163
  139
  117
  97
  80
  64
  50
  39
  29
  22
  16
  11
  8
  5
  3
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

Tenneco Inc. designs, manufactures, and distributes clean air and ride performance products and systems for light vehicle, commercial truck, off-highway, and other vehicle applications worldwide. The company offers various vehicle emission control products and systems, including catalytic converters and diesel oxidation catalysts, diesel particulate filters, burner systems, lean nitrogen oxide (NOx) traps, hydrocarbon vaporizers and injectors, selective catalytic reduction (SCR)systems, SCR-coated diesel particulate filters (SDPF) systems, urea dosing systems, four-way catalysts, alternative NOx reduction technologies, mufflers and resonators, fabricated exhaust manifolds, pipes, hydroformed assemblies, elastomeric hangers and isolators, and after treatment control units. It also provides ride performance products and systems, such as shock absorbers; struts; vibration control components; kinetic suspension technology systems, dual-mode suspension solutions, semi-active and active suspension systems, and kinetic H2/CVSA continuously variable semi active suspension systems; and other ride performance products comprising load assist products, springs, steering stabilizers, adjustable suspension systems, suspension kits, and modular assemblies. The company sells its products to original equipment vehicle designers and manufacturers, repair and replacement markets, and aftermarket under the Monroe, Kinetic, Fric-Rot, Gas-Matic, Sensa-Trac, OESpectrum, Quick-Strut, Walker, Fonos, XNOx, Mega-Flow, Quiet-Flow, Tru-Fit, DynoMax, Thrush, Rancho, Clevite Elastomers, and Axios brand names. The company was formerly known as Tenneco Automotive Inc. and changed its name to Tenneco Inc. in 2005. Tenneco Inc. was founded in 1987 and is headquartered in Lake Forest, Illinois.

FINANCIAL RATIOS  of  Tenneco (TEN)

Valuation Ratios
P/E Ratio 7.8
Price to Sales 0.3
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 5.8
Price to Free Cash Flow 19.5
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 220.1%
Total Debt to Equity 235.4%
Interest Coverage 7
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 20.1%
Ret/ On T. Cap. - 3 Yr. Avg. 16.5%
Return On Equity 71.1%
Return On Equity - 3 Yr. Avg. 57.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 17.8%
Gross Margin - 3 Yr. Avg. 17.4%
EBITDA Margin 8.4%
EBITDA Margin - 3 Yr. Avg. 8.5%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 6.1%
Pre-Tax Margin 5.1%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 4.2%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 0.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.1%
Payout Ratio 0%

TEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEN stock intrinsic value calculation we used $8599 million for the last fiscal year's total revenue generated by Tenneco. The default revenue input number comes from 2016 income statement of Tenneco. 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 TEN stock valuation model: a) initial revenue growth rate of 7.3% 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 5.7%, whose default value for TEN is calculated based on our internal credit rating of Tenneco, 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 Tenneco.
    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 TEN stock the variable cost ratio is equal to 93.7%.

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 TEN 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 5.9% for Tenneco.

Corporate tax rate of 27% is the nominal tax rate for Tenneco. 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 TEN 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 TEN are equal to 15.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Tenneco 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 TEN is equal to 4.4%. 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 - $588 million for Tenneco - 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 53.08 million for Tenneco 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 Tenneco at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Tenneco, Inc. Value Analysis (NYSE:TEN) : August 14, 2017   [Aug-14-17 06:17PM  Capital Cube]
▶ Tenaris Announces 2017 Second Quarter Results   [Aug-02-17 04:31PM  Marketwired]
▶ Tenneco reports 2Q loss   [Jul-28-17 08:25PM  Associated Press]
▶ Tenneco Reports Second Quarter 2017 Results   [06:00AM  Business Wire]
▶ Tenneco Announces Quarterly Dividend   [Jul-12-17 04:50PM  Business Wire]
▶ ETFs with exposure to Tenneco, Inc. : July 4, 2017   [Jul-04-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Tenneco, Inc. : June 22, 2017   [Jun-22-17 04:30PM  Capital Cube]
▶ Tenneco Named to Forbes Best Employers List   [Jun-13-17 07:00AM  Business Wire]
▶ Tenneco Announces Results of 2017 Annual Meeting   [May-17-17 04:30PM  Business Wire]
▶ Tenneco Amends and Restates Its Senior Credit Facility   [May-15-17 06:45AM  Business Wire]
▶ Tenneco, Inc. Value Analysis (NYSE:TEN) : May 1, 2017   [May-01-17 05:24PM  Capital Cube]
▶ Tenaris Files 2016 Form 20-F   [05:13PM  Marketwired]
▶ Tenneco tops Street 1Q forecasts   [08:14AM  Associated Press]
▶ Tenneco Reports First Quarter 2017 Results   [08:00AM  Business Wire]
▶ Ten Network's Bad Year   [Apr-30-17 06:49PM  Bloomberg Video]
▶ Tenaris Announces 2017 First Quarter Results   [Apr-26-17 09:11PM  Marketwired]
▶ Tenneco Receives Supplier Award from Toyota   [Apr-11-17 06:30AM  Business Wire]
▶ Tenneco to Webcast Presentation at the 2017 Investor Day   [Mar-20-17 01:48PM  Business Wire]
▶ Tenneco Announces Clean Air Leadership Change   [Mar-14-17 08:00AM  Business Wire]
▶ CEO: Tenneco's Growth to Remain Steady (TEN)   [Jan-16-17 10:32AM  at Investopedia]
▶ Tenneco Producing Clean Air Tech for Daimler (TEN)   [Jan-12-17 02:57PM  at Investopedia]
▶ Tenneco Provides Revenue Growth Outlook   [06:30AM  Business Wire]
▶ Best Investing Ideas For 2017   [Dec-28-16 11:02AM  at Forbes]
▶ Tenneco Appoints New Chief Technology Officer   [Dec-20-16 04:54PM  Business Wire]
Stock chart of TEN Financial statements of TEN
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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