Intrinsic value of Teradyne - TER

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$31.19

  Intrinsic Value

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  Value-price divergence*

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$31.19

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

We calculate the intrinsic value of TER 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 6.2

 

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, %
  6.89
  19.50
  18.05
  16.75
  15.57
  14.51
  13.56
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
Revenue, $m
  1,753
  2,095
  2,473
  2,887
  3,337
  3,821
  4,339
  4,890
  5,474
  6,089
  6,736
  7,413
  8,121
  8,860
  9,629
  10,430
  11,263
  12,129
  13,029
  13,964
  14,935
  15,946
  16,996
  18,088
  19,225
  20,409
  21,642
  22,927
  24,266
  25,664
  27,122
Variable operating expenses, $m
 
  1,780
  2,098
  2,445
  2,823
  3,229
  3,664
  4,127
  4,617
  5,133
  5,676
  6,222
  6,816
  7,436
  8,082
  8,754
  9,453
  10,180
  10,935
  11,720
  12,535
  13,383
  14,264
  15,181
  16,135
  17,129
  18,163
  19,242
  20,366
  21,539
  22,763
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
  1,813
  1,780
  2,098
  2,445
  2,823
  3,229
  3,664
  4,127
  4,617
  5,133
  5,676
  6,222
  6,816
  7,436
  8,082
  8,754
  9,453
  10,180
  10,935
  11,720
  12,535
  13,383
  14,264
  15,181
  16,135
  17,129
  18,163
  19,242
  20,366
  21,539
  22,763
Operating income, $m
  -60
  314
  375
  442
  514
  592
  675
  764
  857
  956
  1,060
  1,191
  1,305
  1,424
  1,548
  1,676
  1,810
  1,949
  2,094
  2,244
  2,400
  2,563
  2,732
  2,907
  3,090
  3,280
  3,478
  3,685
  3,900
  4,125
  4,359
EBITDA, $m
  60
  403
  476
  556
  642
  736
  835
  942
  1,054
  1,172
  1,297
  1,427
  1,564
  1,706
  1,854
  2,008
  2,169
  2,335
  2,509
  2,689
  2,876
  3,070
  3,272
  3,483
  3,702
  3,929
  4,167
  4,414
  4,672
  4,941
  5,222
Interest expense (income), $m
  0
  12
  19
  26
  33
  42
  51
  61
  71
  82
  93
  105
  118
  131
  145
  159
  174
  189
  206
  222
  240
  258
  277
  296
  317
  338
  360
  383
  407
  432
  458
Earnings before tax, $m
  -55
  302
  356
  416
  480
  550
  624
  703
  787
  875
  967
  1,086
  1,188
  1,293
  1,403
  1,517
  1,636
  1,760
  1,888
  2,022
  2,161
  2,305
  2,455
  2,611
  2,773
  2,942
  3,119
  3,302
  3,493
  3,693
  3,901
Tax expense, $m
  -12
  82
  96
  112
  130
  148
  169
  190
  212
  236
  261
  293
  321
  349
  379
  410
  442
  475
  510
  546
  583
  622
  663
  705
  749
  794
  842
  892
  943
  997
  1,053
Net income, $m
  -43
  220
  260
  304
  351
  401
  456
  513
  574
  639
  706
  793
  867
  944
  1,024
  1,108
  1,195
  1,285
  1,379
  1,476
  1,577
  1,683
  1,792
  1,906
  2,025
  2,148
  2,277
  2,411
  2,550
  2,696
  2,848

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,179
  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
  2,762
  1,892
  2,234
  2,608
  3,014
  3,452
  3,920
  4,418
  4,945
  5,501
  6,085
  6,697
  7,336
  8,004
  8,699
  9,422
  10,175
  10,957
  11,769
  12,614
  13,492
  14,404
  15,353
  16,340
  17,367
  18,436
  19,550
  20,711
  21,921
  23,183
  24,501
Adjusted assets (=assets-cash), $m
  1,583
  1,892
  2,234
  2,608
  3,014
  3,452
  3,920
  4,418
  4,945
  5,501
  6,085
  6,697
  7,336
  8,004
  8,699
  9,422
  10,175
  10,957
  11,769
  12,614
  13,492
  14,404
  15,353
  16,340
  17,367
  18,436
  19,550
  20,711
  21,921
  23,183
  24,501
Revenue / Adjusted assets
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
Average production assets, $m
  434
  367
  433
  505
  584
  669
  759
  856
  958
  1,066
  1,179
  1,297
  1,421
  1,550
  1,685
  1,825
  1,971
  2,123
  2,280
  2,444
  2,614
  2,790
  2,974
  3,165
  3,364
  3,572
  3,787
  4,012
  4,247
  4,491
  4,746
Working capital, $m
  1,251
  86
  101
  118
  137
  157
  178
  201
  224
  250
  276
  304
  333
  363
  395
  428
  462
  497
  534
  573
  612
  654
  697
  742
  788
  837
  887
  940
  995
  1,052
  1,112
Total debt, $m
  353
  535
  736
  956
  1,195
  1,453
  1,729
  2,022
  2,333
  2,660
  3,004
  3,364
  3,741
  4,134
  4,544
  4,970
  5,413
  5,873
  6,352
  6,850
  7,367
  7,904
  8,463
  9,044
  9,649
  10,279
  10,935
  11,618
  12,331
  13,075
  13,851
Total liabilities, $m
  934
  1,115
  1,316
  1,536
  1,775
  2,033
  2,309
  2,602
  2,913
  3,240
  3,584
  3,944
  4,321
  4,714
  5,124
  5,550
  5,993
  6,453
  6,932
  7,430
  7,947
  8,484
  9,043
  9,624
  10,229
  10,859
  11,515
  12,198
  12,911
  13,655
  14,431
Total equity, $m
  1,829
  778
  918
  1,072
  1,239
  1,419
  1,611
  1,816
  2,032
  2,261
  2,501
  2,752
  3,015
  3,289
  3,575
  3,873
  4,182
  4,503
  4,837
  5,184
  5,545
  5,920
  6,310
  6,716
  7,138
  7,577
  8,035
  8,512
  9,009
  9,528
  10,070
Total liabilities and equity, $m
  2,763
  1,893
  2,234
  2,608
  3,014
  3,452
  3,920
  4,418
  4,945
  5,501
  6,085
  6,696
  7,336
  8,003
  8,699
  9,423
  10,175
  10,956
  11,769
  12,614
  13,492
  14,404
  15,353
  16,340
  17,367
  18,436
  19,550
  20,710
  21,920
  23,183
  24,501
Debt-to-equity ratio
  0.193
  0.690
  0.800
  0.890
  0.960
  1.020
  1.070
  1.110
  1.150
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.360
  1.370
  1.370
  1.380
Adjusted equity ratio
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411
  0.411

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -43
  220
  260
  304
  351
  401
  456
  513
  574
  639
  706
  793
  867
  944
  1,024
  1,108
  1,195
  1,285
  1,379
  1,476
  1,577
  1,683
  1,792
  1,906
  2,025
  2,148
  2,277
  2,411
  2,550
  2,696
  2,848
Depreciation, amort., depletion, $m
  120
  89
  101
  114
  128
  144
  160
  178
  196
  216
  237
  236
  258
  282
  306
  332
  358
  386
  415
  444
  475
  507
  541
  576
  612
  649
  689
  729
  772
  817
  863
Funds from operations, $m
  487
  309
  361
  418
  479
  545
  616
  691
  771
  855
  943
  1,029
  1,125
  1,226
  1,331
  1,440
  1,553
  1,671
  1,793
  1,920
  2,053
  2,190
  2,333
  2,482
  2,636
  2,797
  2,965
  3,140
  3,322
  3,513
  3,711
Change in working capital, $m
  41
  14
  16
  17
  18
  20
  21
  23
  24
  25
  27
  28
  29
  30
  32
  33
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  60
Cash from operations, $m
  446
  89
  346
  401
  461
  525
  595
  669
  747
  829
  916
  1,001
  1,096
  1,196
  1,299
  1,407
  1,519
  1,635
  1,756
  1,882
  2,013
  2,149
  2,290
  2,437
  2,590
  2,749
  2,915
  3,087
  3,267
  3,455
  3,651
Maintenance CAPEX, $m
  0
  -56
  -67
  -79
  -92
  -106
  -122
  -138
  -156
  -174
  -194
  -214
  -236
  -258
  -282
  -306
  -332
  -358
  -386
  -415
  -444
  -475
  -507
  -541
  -576
  -612
  -649
  -689
  -729
  -772
  -817
New CAPEX, $m
  -85
  -60
  -66
  -72
  -79
  -85
  -91
  -96
  -102
  -108
  -113
  -119
  -124
  -129
  -135
  -140
  -146
  -152
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -234
  -245
  -255
Cash from investing activities, $m
  -640
  -116
  -133
  -151
  -171
  -191
  -213
  -234
  -258
  -282
  -307
  -333
  -360
  -387
  -417
  -446
  -478
  -510
  -543
  -579
  -614
  -652
  -691
  -732
  -775
  -819
  -865
  -914
  -963
  -1,017
  -1,072
Free cash flow, $m
  -194
  -27
  213
  250
  290
  335
  383
  434
  489
  548
  609
  668
  736
  808
  882
  960
  1,041
  1,125
  1,213
  1,304
  1,398
  1,497
  1,599
  1,705
  1,815
  1,930
  2,049
  2,174
  2,303
  2,439
  2,579
Issuance/(repayment) of debt, $m
  451
  182
  201
  220
  239
  258
  276
  293
  311
  327
  344
  360
  377
  393
  409
  426
  443
  461
  479
  497
  517
  537
  559
  581
  605
  630
  656
  684
  713
  744
  776
Issuance/(repurchase) of shares, $m
  -58
  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  
  287
  182
  201
  220
  239
  258
  276
  293
  311
  327
  344
  360
  377
  393
  409
  426
  443
  461
  479
  497
  517
  537
  559
  581
  605
  630
  656
  684
  713
  744
  776
Total cash flow (excl. dividends), $m
  92
  155
  414
  470
  529
  592
  658
  727
  800
  875
  953
  1,029
  1,113
  1,201
  1,292
  1,386
  1,484
  1,586
  1,692
  1,801
  1,915
  2,034
  2,157
  2,286
  2,420
  2,560
  2,705
  2,857
  3,016
  3,182
  3,355
Retained Cash Flow (-), $m
  137
  -128
  -140
  -154
  -167
  -180
  -192
  -205
  -217
  -228
  -240
  -251
  -263
  -274
  -286
  -297
  -309
  -321
  -334
  -347
  -361
  -375
  -390
  -406
  -422
  -439
  -458
  -477
  -497
  -519
  -541
Prev. year cash balance distribution, $m
 
  1,179
  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
 
  1,206
  274
  316
  363
  412
  466
  523
  583
  646
  713
  777
  850
  927
  1,006
  1,089
  1,175
  1,265
  1,358
  1,454
  1,555
  1,659
  1,768
  1,880
  1,998
  2,120
  2,248
  2,380
  2,519
  2,663
  2,814
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
 
  1,156
  251
  275
  299
  320
  338
  353
  364
  371
  374
  369
  363
  352
  338
  320
  299
  275
  250
  224
  198
  172
  147
  123
  102
  82
  66
  51
  39
  29
  21
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

Teradyne, Inc. designs, develops, manufactures, and sells automatic test equipment worldwide. Its Semiconductor Test segment designs, manufactures, sells, and supports semiconductor test products and services for wafer level and device package testing in automotive, industrial, communications, consumer, computer and electronic game applications, and others. This segment offers FLEX test platform systems; Magnum platform that tests memory devices, such as flash memory and dynamic random access memory; J750 test system to address the highest volume semiconductor devices; and ETS platform for use by semiconductor manufacturers, and assembly and test subcontractors in the low pin count analog/mixed signal discrete markets. It serves integrated device manufacturers (IDMs) that integrate the fabrication of silicon wafers into their business; fabless companies, which outsource the manufacturing of silicon wafers; foundries; and outsourced semiconductor assembly and test providers. The company’s Wireless Test segment designs, develops, and supports wireless test equipment for developing and manufacturing wireless devices, including smart phones, tablets, notebooks, laptops, personal computer peripherals, and other Wi-Fi, Bluetooth, and cellular enabled devices. This segment offers IQxstream solution for testing GSM, EDGE, CDMA2000, TD-SCDMA, WCDMA, HSPA+, LTE-FDD, TD_LTE, and LTE-A technologies for calibration and verification of smartphones, tablets, small cell wireless gateways, and embedded cellular modules; test equipment for connectivity testing; IQfact chipset software; and modular wireless test instruments. The company’s System Test segment offers defense/aerospace test instrumentation and systems; storage test systems; and circuit-board test and inspection systems. Its Industrial Automation segment provides collaborative robots for manufacturing and light industrial customers. The company was founded in 1960 and is headquartered in North Reading, Massachusetts.

FINANCIAL RATIOS  of  Teradyne (TER)

Valuation Ratios
P/E Ratio -144.5
Price to Sales 3.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13.9
Price to Free Cash Flow 17.2
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.6%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 19.3%
Total Debt to Equity 19.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital -2.1%
Ret/ On T. Cap. - 3 Yr. Avg. 4%
Return On Equity -2.3%
Return On Equity - 3 Yr. Avg. 4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 54.8%
Gross Margin - 3 Yr. Avg. 54.7%
EBITDA Margin 3.7%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin -3.4%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin -3.1%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin -2.5%
Net Profit Margin - 3 Yr. Avg. 5%
Effective Tax Rate 21.8%
Eff/ Tax Rate - 3 Yr. Avg. 18.4%
Payout Ratio -114%

TER stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TER stock intrinsic value calculation we used $1753 million for the last fiscal year's total revenue generated by Teradyne. The default revenue input number comes from 2016 income statement of Teradyne. 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 TER stock valuation model: a) initial revenue growth rate of 19.5% 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 TER is calculated based on our internal credit rating of Teradyne, 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 Teradyne.
    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 TER stock the variable cost ratio is equal to 85.2%.

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 TER 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 Teradyne.

Corporate tax rate of 27% is the nominal tax rate for Teradyne. 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 TER 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 TER are equal to 17.5%.

Life of production assets of 5.5 years is the average useful life of capital assets used in Teradyne 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 TER is equal to 4.1%. 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 - $1829 million for Teradyne - 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 198.142 million for Teradyne 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 Teradyne at the current share price and the inputted number of shares is $6.2 billion.


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COMPANY NEWS

▶ iQ100 up over twenty percent   [Jun-23-17 02:57PM  CNBC Videos]
▶ Marilyn Matz Elected to Teradynes Board of Directors   [Jun-19-17 09:04AM  Business Wire]
▶ ETFs with exposure to Teradyne, Inc. : June 15, 2017   [Jun-15-17 03:26PM  Capital Cube]
▶ ETFs with exposure to Teradyne, Inc. : May 30, 2017   [May-30-17 12:46PM  Capital Cube]
▶ Teradyne Declares Quarterly Cash Dividend   [May-09-17 03:20PM  Business Wire]
▶ Teradyne shares up 11% after earnings beat   [Apr-26-17 05:29PM  MarketWatch]
▶ Teradyne tops Street 1Q forecasts   [05:18PM  Associated Press]
▶ Teradyne to Announce First Quarter 2017 Results   [Apr-13-17 12:40PM  Business Wire]
▶ ETFs with exposure to Teradyne, Inc. : April 7, 2017   [Apr-07-17 05:35PM  Capital Cube]
▶ Citigroup, Wells Fargo Upgraded; Tenet A Buy; Teradyne PT Hiked   [Apr-05-17 04:20PM  Investor's Business Daily]
▶ Teradyne CEO on man vs. machine   [Apr-03-17 02:33PM  CNBC Videos]
▶ ETFs with exposure to Teradyne, Inc. : March 27, 2017   [Mar-27-17 04:07PM  Capital Cube]
▶ As Chip Gear Makers Hit New Highs, Analyst Sees A Pullback   [Mar-14-17 04:05PM  Investor's Business Daily]
▶ Top Ranked Growth Stocks to Buy for March 3rd   [Mar-03-17 09:35AM  Zacks]
▶ Is DCT Industrial Trust Inc (DCT) A Good Stock To Buy?   [Dec-19-16 11:31PM  at Insider Monkey]
Stock chart of TER Financial statements of TER Annual reports of TER
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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