Intrinsic value of Teradyne - TER

Previous Close

$47.42

  Intrinsic Value

$45.02

stock screener

  Rating & Target

hold

-5%

Previous close

$47.42

 
Intrinsic value

$45.02

 
Up/down potential

-5%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  1,753
  2,151
  2,601
  3,104
  3,660
  4,268
  4,927
  5,637
  6,396
  7,203
  8,058
  8,958
  9,903
  10,893
  11,928
  13,007
  14,132
  15,302
  16,519
  17,784
  19,098
  20,464
  21,883
  23,359
  24,893
  26,489
  28,151
  29,880
  31,682
  33,559
  35,517
Variable operating expenses, $m
 
  1,828
  2,205
  2,628
  3,094
  3,604
  4,158
  4,753
  5,391
  6,068
  6,785
  7,518
  8,311
  9,143
  10,011
  10,917
  11,861
  12,843
  13,864
  14,925
  16,029
  17,175
  18,366
  19,605
  20,892
  22,232
  23,626
  25,078
  26,590
  28,165
  29,809
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
  1,828
  2,205
  2,628
  3,094
  3,604
  4,158
  4,753
  5,391
  6,068
  6,785
  7,518
  8,311
  9,143
  10,011
  10,917
  11,861
  12,843
  13,864
  14,925
  16,029
  17,175
  18,366
  19,605
  20,892
  22,232
  23,626
  25,078
  26,590
  28,165
  29,809
Operating income, $m
  -60
  323
  396
  477
  566
  664
  770
  884
  1,006
  1,135
  1,273
  1,440
  1,592
  1,751
  1,917
  2,091
  2,271
  2,459
  2,655
  2,858
  3,069
  3,289
  3,517
  3,754
  4,001
  4,257
  4,524
  4,802
  5,092
  5,394
  5,708
EBITDA, $m
  60
  426
  515
  615
  725
  846
  976
  1,117
  1,267
  1,427
  1,597
  1,775
  1,962
  2,158
  2,363
  2,577
  2,800
  3,032
  3,273
  3,524
  3,784
  4,055
  4,336
  4,628
  4,932
  5,249
  5,578
  5,921
  6,278
  6,650
  7,037
Interest expense (income), $m
  0
  12
  20
  28
  38
  48
  59
  71
  85
  99
  114
  130
  147
  164
  183
  202
  222
  243
  265
  287
  311
  335
  361
  387
  415
  443
  473
  504
  536
  570
  605
Earnings before tax, $m
  -55
  311
  376
  448
  528
  616
  710
  812
  921
  1,037
  1,159
  1,310
  1,445
  1,587
  1,735
  1,889
  2,049
  2,216
  2,390
  2,571
  2,759
  2,954
  3,156
  3,367
  3,586
  3,814
  4,051
  4,298
  4,556
  4,824
  5,104
Tax expense, $m
  -12
  84
  102
  121
  143
  166
  192
  219
  249
  280
  313
  354
  390
  428
  468
  510
  553
  598
  645
  694
  745
  797
  852
  909
  968
  1,030
  1,094
  1,161
  1,230
  1,302
  1,378
Net income, $m
  -43
  227
  274
  327
  386
  450
  519
  593
  672
  757
  846
  956
  1,055
  1,158
  1,266
  1,379
  1,496
  1,618
  1,745
  1,877
  2,014
  2,156
  2,304
  2,458
  2,618
  2,784
  2,958
  3,138
  3,326
  3,521
  3,726

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
  1,943
  2,350
  2,804
  3,306
  3,855
  4,451
  5,092
  5,778
  6,507
  7,279
  8,092
  8,946
  9,840
  10,775
  11,750
  12,766
  13,823
  14,922
  16,065
  17,252
  18,486
  19,768
  21,101
  22,487
  23,929
  25,430
  26,992
  28,619
  30,315
  32,084
Adjusted assets (=assets-cash), $m
  1,583
  1,943
  2,350
  2,804
  3,306
  3,855
  4,451
  5,092
  5,778
  6,507
  7,279
  8,092
  8,946
  9,840
  10,775
  11,750
  12,766
  13,823
  14,922
  16,065
  17,252
  18,486
  19,768
  21,101
  22,487
  23,929
  25,430
  26,992
  28,619
  30,315
  32,084
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
  531
  642
  767
  904
  1,054
  1,217
  1,392
  1,580
  1,779
  1,990
  2,213
  2,446
  2,691
  2,946
  3,213
  3,491
  3,780
  4,080
  4,393
  4,717
  5,055
  5,405
  5,770
  6,149
  6,543
  6,953
  7,380
  7,825
  8,289
  8,773
Working capital, $m
  1,251
  88
  107
  127
  150
  175
  202
  231
  262
  295
  330
  367
  406
  447
  489
  533
  579
  627
  677
  729
  783
  839
  897
  958
  1,021
  1,086
  1,154
  1,225
  1,299
  1,376
  1,456
Total debt, $m
  353
  564
  804
  1,072
  1,367
  1,691
  2,042
  2,419
  2,823
  3,253
  3,707
  4,186
  4,689
  5,216
  5,767
  6,341
  6,939
  7,562
  8,209
  8,882
  9,581
  10,308
  11,063
  11,849
  12,665
  13,514
  14,398
  15,318
  16,277
  17,276
  18,317
Total liabilities, $m
  934
  1,144
  1,384
  1,652
  1,947
  2,271
  2,622
  2,999
  3,403
  3,833
  4,287
  4,766
  5,269
  5,796
  6,347
  6,921
  7,519
  8,142
  8,789
  9,462
  10,161
  10,888
  11,643
  12,429
  13,245
  14,094
  14,978
  15,898
  16,857
  17,856
  18,897
Total equity, $m
  1,829
  799
  966
  1,152
  1,359
  1,585
  1,829
  2,093
  2,375
  2,674
  2,992
  3,326
  3,677
  4,044
  4,429
  4,829
  5,247
  5,681
  6,133
  6,603
  7,091
  7,598
  8,125
  8,673
  9,242
  9,835
  10,452
  11,094
  11,763
  12,460
  13,186
Total liabilities and equity, $m
  2,763
  1,943
  2,350
  2,804
  3,306
  3,856
  4,451
  5,092
  5,778
  6,507
  7,279
  8,092
  8,946
  9,840
  10,776
  11,750
  12,766
  13,823
  14,922
  16,065
  17,252
  18,486
  19,768
  21,102
  22,487
  23,929
  25,430
  26,992
  28,620
  30,316
  32,083
Debt-to-equity ratio
  0.193
  0.710
  0.830
  0.930
  1.010
  1.070
  1.120
  1.160
  1.190
  1.220
  1.240
  1.260
  1.280
  1.290
  1.300
  1.310
  1.320
  1.330
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.370
  1.380
  1.380
  1.380
  1.390
  1.390
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
  227
  274
  327
  386
  450
  519
  593
  672
  757
  846
  956
  1,055
  1,158
  1,266
  1,379
  1,496
  1,618
  1,745
  1,877
  2,014
  2,156
  2,304
  2,458
  2,618
  2,784
  2,958
  3,138
  3,326
  3,521
  3,726
Depreciation, amort., depletion, $m
  120
  103
  120
  138
  159
  182
  207
  233
  262
  292
  324
  335
  371
  408
  446
  487
  529
  573
  618
  666
  715
  766
  819
  874
  932
  991
  1,054
  1,118
  1,186
  1,256
  1,329
Funds from operations, $m
  487
  330
  394
  466
  545
  632
  725
  826
  934
  1,049
  1,170
  1,291
  1,426
  1,566
  1,713
  1,866
  2,025
  2,191
  2,363
  2,542
  2,728
  2,922
  3,123
  3,332
  3,550
  3,776
  4,011
  4,256
  4,511
  4,777
  5,055
Change in working capital, $m
  41
  16
  18
  21
  23
  25
  27
  29
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
Cash from operations, $m
  446
  314
  376
  445
  522
  607
  698
  797
  903
  1,016
  1,135
  1,255
  1,387
  1,525
  1,670
  1,821
  1,979
  2,143
  2,313
  2,490
  2,675
  2,866
  3,065
  3,272
  3,487
  3,710
  3,943
  4,185
  4,437
  4,700
  4,975
Maintenance CAPEX, $m
  0
  -66
  -80
  -97
  -116
  -137
  -160
  -184
  -211
  -239
  -270
  -302
  -335
  -371
  -408
  -446
  -487
  -529
  -573
  -618
  -666
  -715
  -766
  -819
  -874
  -932
  -991
  -1,054
  -1,118
  -1,186
  -1,256
New CAPEX, $m
  -85
  -98
  -111
  -124
  -137
  -150
  -163
  -175
  -187
  -199
  -211
  -222
  -234
  -245
  -256
  -267
  -278
  -289
  -301
  -312
  -325
  -337
  -351
  -364
  -379
  -394
  -410
  -427
  -445
  -464
  -484
Cash from investing activities, $m
  -640
  -164
  -191
  -221
  -253
  -287
  -323
  -359
  -398
  -438
  -481
  -524
  -569
  -616
  -664
  -713
  -765
  -818
  -874
  -930
  -991
  -1,052
  -1,117
  -1,183
  -1,253
  -1,326
  -1,401
  -1,481
  -1,563
  -1,650
  -1,740
Free cash flow, $m
  -194
  150
  184
  224
  269
  319
  376
  437
  504
  577
  654
  731
  818
  910
  1,007
  1,108
  1,214
  1,325
  1,440
  1,560
  1,684
  1,814
  1,948
  2,088
  2,233
  2,384
  2,541
  2,704
  2,874
  3,051
  3,235
Issuance/(repayment) of debt, $m
  451
  211
  240
  268
  296
  324
  351
  378
  404
  429
  454
  479
  503
  527
  551
  574
  598
  623
  647
  673
  699
  727
  755
  785
  816
  849
  884
  920
  959
  999
  1,042
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
  211
  240
  268
  296
  324
  351
  378
  404
  429
  454
  479
  503
  527
  551
  574
  598
  623
  647
  673
  699
  727
  755
  785
  816
  849
  884
  920
  959
  999
  1,042
Total cash flow (excl. dividends), $m
  92
  362
  424
  491
  564
  643
  727
  815
  908
  1,006
  1,109
  1,210
  1,321
  1,437
  1,557
  1,683
  1,813
  1,947
  2,087
  2,233
  2,384
  2,541
  2,704
  2,873
  3,050
  3,234
  3,425
  3,625
  3,833
  4,050
  4,277
Retained Cash Flow (-), $m
  137
  -149
  -167
  -187
  -206
  -226
  -245
  -264
  -282
  -300
  -317
  -334
  -351
  -368
  -384
  -401
  -417
  -434
  -452
  -470
  -488
  -507
  -527
  -548
  -570
  -593
  -617
  -642
  -669
  -697
  -727
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
 
  1,392
  256
  305
  358
  417
  482
  552
  627
  707
  792
  875
  970
  1,069
  1,173
  1,282
  1,395
  1,513
  1,636
  1,763
  1,896
  2,034
  2,177
  2,325
  2,480
  2,641
  2,808
  2,983
  3,164
  3,353
  3,550
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
 
  1,335
  235
  265
  295
  323
  350
  373
  392
  406
  415
  416
  414
  407
  394
  376
  355
  329
  301
  271
  241
  210
  181
  152
  126
  103
  82
  64
  49
  37
  27
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. supplies automation equipment for test and industrial applications. The Company designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in the consumer electronics, wireless, automotive, industrial, communications, and aerospace and defense industries. Its segments include Semiconductor Test, which includes operations related to the design, manufacturing and marketing of semiconductor test products and services; System Test, which includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace instrumentation test, storage test and circuit-board test; Wireless Test, which includes operations related to the design, manufacturing and marketing of wireless test products and services, and Industrial Automation, which includes operations related to the design, manufacturing and marketing of collaborative robots.

FINANCIAL RATIOS  of  Teradyne (TER)

Valuation Ratios
P/E Ratio -219.7
Price to Sales 5.4
Price to Book 5.2
Price to Tangible Book
Price to Cash Flow 21.2
Price to Free Cash Flow 26.2
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 22.7% 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 24.7%.

Life of production assets of 6.6 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 199.427 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 $9.5 billion.

RELATED COMPANIES Price Int.Val. Rating
XCRA Xcerra 10.05 348.18  str.buy
INTT inTEST 9.10 583.06  str.buy
AEHR Aehr Test Syst 2.82 8.17  str.buy
KEYS Keysight Techn 46.33 61.48  buy
COHU Cohu 24.76 7.74  str.sell
RTEC Rudolph Techno 28.00 11.25  str.sell

COMPANY NEWS

▶ Options traders betting big on Teradyne   [Jan-16-18 01:22PM  CNBC Videos]
▶ Teradyne Just Within Buy Range As Quarterly Report Nears   [03:00AM  Investor's Business Daily]
▶ Stocks To Watch Ahead Of Earnings: Teradyne   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Why You Should Own Cypress Semi in 2018   [Jan-06-18 02:00PM  TheStreet.com]
▶ ETFs with exposure to Teradyne, Inc. : December 27, 2017   [Dec-27-17 11:54AM  Capital Cube]
▶ ETFs with exposure to Teradyne, Inc. : December 12, 2017   [Dec-12-17 02:16PM  Capital Cube]
▶ TerrAscend Announces Q3 2017 Financials   [Nov-30-17 08:00AM  CNW Group]
▶ Deutsche Bank: The Teradyne Rally Is Ending   [Nov-21-17 11:32AM  Benzinga]
▶ IIROC Trade Resumption - TER   [Nov-16-17 08:49AM  PR Newswire]
▶ IIROC Trade Resumption - TER   [08:49AM  CNW Group]
▶ IIROC Trading Halt - TER   [01:06PM  PR Newswire]
▶ IIROC Trading Halt - TER   [01:06PM  CNW Group]
▶ Teradyne Declares Quarterly Cash Dividend   [Nov-14-17 04:05PM  GlobeNewswire]
▶ Teradyne Scores Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Teradyne, Inc. to Host Earnings Call   [07:50AM  ACCESSWIRE]
▶ Chip-Gear Maker Teradyne Trounces Third-Quarter Views, Guides Up   [Oct-25-17 05:34PM  Investor's Business Daily]
▶ Teradyne beats Street 3Q forecasts   [05:13PM  Associated Press]
▶ Teradyne Reports Third Quarter 2017 Results   [05:02PM  Business Wire]
▶ Teradyne to Announce Third Quarter 2017 Results   [Oct-13-17 11:35AM  Business Wire]
▶ 3 Chip Equipment Makers In Buy Range, Touching New Highs   [Oct-03-17 04:02PM  Investor's Business Daily]
▶ Red Hat, Other Leading Stocks, Rev JPMorgan Mid Cap Growth Fund's Performance   [Sep-29-17 09:46AM  Investor's Business Daily]
▶ ETFs with exposure to Teradyne, Inc. : September 18, 2017   [Sep-18-17 06:51PM  Capital Cube]
▶ Robots, cruises & clouds in the trader blitz   [Sep-15-17 01:55PM  CNBC Videos]
▶ ETFs with exposure to Teradyne, Inc. : September 7, 2017   [Sep-07-17 01:59PM  Capital Cube]
▶ These 4 Chip Stocks Just Carved This 'Super Growth' Pattern; S&P 500 Futures   [Aug-28-17 06:59AM  Investor's Business Daily]
▶ Teradyne Declares Quarterly Cash Dividend   [Aug-24-17 06:28PM  Business Wire]
▶ Options say Vulcan Materials & Teradyne may break out   [Aug-14-17 01:39PM  CNBC Videos]
▶ Teradyne, Inc. Value Analysis (NYSE:TER) : July 31, 2017   [Jul-31-17 07:45PM  Capital Cube]
▶ Teradyne tops Street 2Q forecasts   [Jul-26-17 10:56PM  Associated Press]
▶ Teradyne tops Street 2Q forecasts   [05:55PM  Associated Press]
▶ Teradyne to Announce Second Quarter 2017 Results   [Jul-14-17 11:14AM  Business Wire]
▶ IIROC Trade Resumption - TER   [Jul-11-17 08:48AM  CNW Group]
Financial statements 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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