Intrinsic value of TerraForm Power - TERP

Previous Close

$13.24

  Intrinsic Value

$2.07

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

-133%

Previous close

$13.24

 
Intrinsic value

$2.07

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

-133%

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

We calculate the intrinsic value of TERP 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 2015), $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 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  270.08
  9.20
  8.78
  8.40
  8.06
  7.76
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.34
  5.30
  5.27
  5.24
  5.22
  5.20
Revenue, $m
  470
  513
  558
  605
  654
  705
  757
  812
  869
  928
  990
  1,054
  1,120
  1,190
  1,262
  1,337
  1,416
  1,497
  1,583
  1,672
  1,765
  1,862
  1,964
  2,070
  2,181
  2,298
  2,420
  2,547
  2,681
  2,821
  2,967
Variable operating expenses, $m
 
  456
  495
  536
  579
  624
  670
  718
  768
  820
  874
  924
  983
  1,043
  1,107
  1,173
  1,242
  1,313
  1,388
  1,466
  1,548
  1,633
  1,722
  1,816
  1,913
  2,015
  2,122
  2,234
  2,351
  2,474
  2,602
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
  480
  456
  495
  536
  579
  624
  670
  718
  768
  820
  874
  924
  983
  1,043
  1,107
  1,173
  1,242
  1,313
  1,388
  1,466
  1,548
  1,633
  1,722
  1,816
  1,913
  2,015
  2,122
  2,234
  2,351
  2,474
  2,602
Operating income, $m
  -11
  57
  63
  69
  75
  81
  88
  94
  101
  109
  116
  130
  138
  146
  155
  164
  174
  184
  195
  205
  217
  229
  241
  254
  268
  282
  297
  313
  329
  347
  365
EBITDA, $m
  155
  247
  268
  291
  314
  339
  364
  390
  418
  446
  476
  507
  539
  572
  607
  643
  680
  720
  761
  804
  848
  895
  944
  995
  1,049
  1,105
  1,163
  1,224
  1,289
  1,356
  1,426
Interest expense (income), $m
  114
  163
  183
  207
  232
  258
  285
  313
  342
  372
  404
  436
  470
  506
  542
  581
  621
  662
  706
  751
  798
  848
  899
  953
  1,010
  1,069
  1,130
  1,195
  1,263
  1,334
  1,408
Earnings before tax, $m
  -221
  -105
  -120
  -139
  -158
  -177
  -198
  -219
  -241
  -264
  -288
  -307
  -333
  -359
  -387
  -416
  -447
  -478
  -511
  -546
  -581
  -619
  -658
  -699
  -742
  -786
  -833
  -882
  -933
  -987
  -1,043
Tax expense, $m
  -13
  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
Net income, $m
  -78
  -105
  -120
  -139
  -158
  -177
  -198
  -219
  -241
  -264
  -288
  -307
  -333
  -359
  -387
  -416
  -447
  -478
  -511
  -546
  -581
  -619
  -658
  -699
  -742
  -786
  -833
  -882
  -933
  -987
  -1,043

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  627
  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
  8,217
  8,849
  9,626
  10,435
  11,276
  12,150
  13,059
  14,004
  14,985
  16,005
  17,066
  18,169
  19,317
  20,512
  21,757
  23,054
  24,406
  25,816
  27,288
  28,824
  30,429
  32,106
  33,858
  35,691
  37,609
  39,615
  41,716
  43,915
  46,217
  48,630
  51,158
Adjusted assets (=assets-cash), $m
  7,590
  8,849
  9,626
  10,435
  11,276
  12,150
  13,059
  14,004
  14,985
  16,005
  17,066
  18,169
  19,317
  20,512
  21,757
  23,054
  24,406
  25,816
  27,288
  28,824
  30,429
  32,106
  33,858
  35,691
  37,609
  39,615
  41,716
  43,915
  46,217
  48,630
  51,158
Revenue / Adjusted assets
  0.062
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
  0.058
Average production assets, $m
  5,045
  5,509
  5,993
  6,496
  7,020
  7,565
  8,130
  8,718
  9,329
  9,965
  10,625
  11,312
  12,026
  12,770
  13,545
  14,353
  15,194
  16,072
  16,989
  17,945
  18,944
  19,988
  21,079
  22,220
  23,414
  24,663
  25,971
  27,340
  28,774
  30,276
  31,849
Working capital, $m
  -1,296
  126
  137
  148
  160
  173
  186
  199
  213
  227
  243
  258
  274
  291
  309
  328
  347
  367
  388
  410
  432
  456
  481
  507
  534
  563
  593
  624
  657
  691
  727
Total debt, $m
  4,563
  5,097
  5,761
  6,453
  7,172
  7,920
  8,697
  9,504
  10,343
  11,216
  12,123
  13,066
  14,047
  15,069
  16,133
  17,242
  18,398
  19,604
  20,862
  22,176
  23,548
  24,981
  26,480
  28,047
  29,687
  31,402
  33,198
  35,078
  37,047
  39,110
  41,271
Total liabilities, $m
  7,033
  7,566
  8,230
  8,922
  9,641
  10,389
  11,166
  11,973
  12,812
  13,685
  14,592
  15,535
  16,516
  17,538
  18,602
  19,711
  20,867
  22,073
  23,331
  24,645
  26,017
  27,450
  28,949
  30,516
  32,156
  33,871
  35,667
  37,547
  39,516
  41,579
  43,740
Total equity, $m
  1,185
  1,283
  1,396
  1,513
  1,635
  1,762
  1,894
  2,031
  2,173
  2,321
  2,475
  2,635
  2,801
  2,974
  3,155
  3,343
  3,539
  3,743
  3,957
  4,179
  4,412
  4,655
  4,909
  5,175
  5,453
  5,744
  6,049
  6,368
  6,702
  7,051
  7,418
Total liabilities and equity, $m
  8,218
  8,849
  9,626
  10,435
  11,276
  12,151
  13,060
  14,004
  14,985
  16,006
  17,067
  18,170
  19,317
  20,512
  21,757
  23,054
  24,406
  25,816
  27,288
  28,824
  30,429
  32,105
  33,858
  35,691
  37,609
  39,615
  41,716
  43,915
  46,218
  48,630
  51,158
Debt-to-equity ratio
  3.851
  3.970
  4.130
  4.260
  4.390
  4.500
  4.590
  4.680
  4.760
  4.830
  4.900
  4.960
  5.020
  5.070
  5.110
  5.160
  5.200
  5.240
  5.270
  5.310
  5.340
  5.370
  5.390
  5.420
  5.440
  5.470
  5.490
  5.510
  5.530
  5.550
  5.560
Adjusted equity ratio
  0.074
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145
  0.145

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -78
  -105
  -120
  -139
  -158
  -177
  -198
  -219
  -241
  -264
  -288
  -307
  -333
  -359
  -387
  -416
  -447
  -478
  -511
  -546
  -581
  -619
  -658
  -699
  -742
  -786
  -833
  -882
  -933
  -987
  -1,043
Depreciation, amort., depletion, $m
  166
  189
  205
  222
  240
  258
  277
  296
  317
  338
  360
  377
  401
  426
  452
  478
  506
  536
  566
  598
  631
  666
  703
  741
  780
  822
  866
  911
  959
  1,009
  1,062
Funds from operations, $m
  162
  84
  85
  84
  82
  81
  79
  77
  76
  74
  72
  70
  68
  66
  64
  62
  60
  57
  55
  53
  50
  47
  45
  42
  39
  36
  33
  29
  26
  22
  18
Change in working capital, $m
  38
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
Cash from operations, $m
  124
  73
  74
  72
  70
  68
  66
  64
  62
  59
  57
  55
  52
  49
  46
  44
  41
  37
  34
  31
  27
  24
  20
  16
  12
  7
  3
  -2
  -7
  -12
  -18
Maintenance CAPEX, $m
  0
  -168
  -184
  -200
  -217
  -234
  -252
  -271
  -291
  -311
  -332
  -354
  -377
  -401
  -426
  -452
  -478
  -506
  -536
  -566
  -598
  -631
  -666
  -703
  -741
  -780
  -822
  -866
  -911
  -959
  -1,009
New CAPEX, $m
  -618
  -464
  -484
  -504
  -524
  -544
  -566
  -588
  -611
  -635
  -660
  -687
  -715
  -744
  -775
  -807
  -842
  -878
  -916
  -957
  -999
  -1,044
  -1,091
  -1,141
  -1,194
  -1,249
  -1,308
  -1,369
  -1,434
  -1,502
  -1,574
Cash from investing activities, $m
  -3,172
  -632
  -668
  -704
  -741
  -778
  -818
  -859
  -902
  -946
  -992
  -1,041
  -1,092
  -1,145
  -1,201
  -1,259
  -1,320
  -1,384
  -1,452
  -1,523
  -1,597
  -1,675
  -1,757
  -1,844
  -1,935
  -2,029
  -2,130
  -2,235
  -2,345
  -2,461
  -2,583
Free cash flow, $m
  -3,048
  -559
  -593
  -631
  -670
  -710
  -752
  -795
  -840
  -887
  -936
  -987
  -1,040
  -1,096
  -1,154
  -1,215
  -1,280
  -1,347
  -1,418
  -1,492
  -1,570
  -1,652
  -1,738
  -1,828
  -1,923
  -2,022
  -2,127
  -2,237
  -2,352
  -2,473
  -2,600
Issuance/(repayment) of debt, $m
  2,231
  578
  664
  691
  719
  748
  777
  808
  839
  872
  907
  943
  981
  1,022
  1,064
  1,109
  1,156
  1,206
  1,258
  1,314
  1,372
  1,434
  1,499
  1,567
  1,639
  1,716
  1,796
  1,880
  1,969
  2,063
  2,161
Issuance/(repurchase) of shares, $m
  922
  203
  233
  256
  279
  304
  329
  356
  383
  412
  441
  467
  499
  533
  568
  604
  643
  683
  725
  768
  814
  862
  912
  965
  1,020
  1,077
  1,138
  1,201
  1,267
  1,337
  1,410
Cash from financing (excl. dividends), $m  
  3,298
  781
  897
  947
  998
  1,052
  1,106
  1,164
  1,222
  1,284
  1,348
  1,410
  1,480
  1,555
  1,632
  1,713
  1,799
  1,889
  1,983
  2,082
  2,186
  2,296
  2,411
  2,532
  2,659
  2,793
  2,934
  3,081
  3,236
  3,400
  3,571
Total cash flow (excl. dividends), $m
  247
  223
  304
  316
  329
  341
  355
  368
  382
  397
  413
  424
  441
  459
  478
  498
  519
  541
  565
  590
  616
  644
  673
  704
  736
  770
  806
  844
  884
  926
  971
Retained Cash Flow (-), $m
  -714
  -203
  -233
  -256
  -279
  -304
  -329
  -356
  -383
  -412
  -441
  -467
  -499
  -533
  -568
  -604
  -643
  -683
  -725
  -768
  -814
  -862
  -912
  -965
  -1,020
  -1,077
  -1,138
  -1,201
  -1,267
  -1,337
  -1,410
Prev. year cash balance distribution, $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 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
 
  19
  71
  60
  49
  37
  25
  12
  -1
  -14
  -29
  -43
  -58
  -74
  -90
  -107
  -124
  -141
  -160
  -178
  -198
  -218
  -239
  -261
  -283
  -307
  -331
  -357
  -383
  -410
  -439
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  17
  56
  42
  30
  19
  11
  5
  0
  -3
  -5
  -6
  -7
  -6
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.9
  80.3
  71.7
  64.0
  57.0
  50.8
  45.3
  40.3
  35.8
  31.9
  28.4
  25.2
  22.4
  19.9
  17.7
  15.7
  14.0
  12.4
  11.0
  9.8
  8.7
  7.7
  6.8
  6.0
  5.3
  4.7
  4.2
  3.7
  3.3
  2.9

TerraForm Power, Inc. owns and operates solar and wind generation assets serving utility, commercial, and residential customers. As of October 31, 2016, its portfolio consisted of solar and wind projects located in the United States, Canada, the United Kingdom, and Chile with an aggregate nameplate capacity of 2,986.9 megawatts. The company was formerly known as SunEdison Yieldco, Inc. and changed its name to TerraForm Power, Inc. in May 2014. The company was founded in 2014 and is headquartered in Bethesda, Maryland. TerraForm Power, Inc. is a subsidiary of SunEdison Holdings Corp.

FINANCIAL RATIOS  of  TerraForm Power (TERP)

Valuation Ratios
P/E Ratio -23.8
Price to Sales 3.9
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow -3.8
Growth Rates
Sales Growth Rate 270.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44.9%
Cap. Spend. - 3 Yr. Gr. Rate 214.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 213.1%
Total Debt to Equity 385.1%
Interest Coverage -1
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 1.4%
Return On Total Capital -2%
Ret/ On T. Cap. - 3 Yr. Avg. -1.8%
Return On Equity -9.4%
Return On Equity - 3 Yr. Avg. -12.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 80.6%
Gross Margin - 3 Yr. Avg. 85.1%
EBITDA Margin 12.6%
EBITDA Margin - 3 Yr. Avg. 35.2%
Operating Margin -2.1%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin -47%
Pre-Tax Margin - 3 Yr. Avg. -42%
Net Profit Margin -16.6%
Net Profit Margin - 3 Yr. Avg. -18.8%
Effective Tax Rate 5.9%
Eff/ Tax Rate - 3 Yr. Avg. 3.9%
Payout Ratio -114.1%

TERP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TERP stock intrinsic value calculation we used $470 million for the last fiscal year's total revenue generated by TerraForm Power. The default revenue input number comes from 2015 income statement of TerraForm Power. 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 TERP stock valuation model: a) initial revenue growth rate of 9.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 11.6%, whose default value for TERP is calculated based on our internal credit rating of TerraForm Power, 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 TerraForm Power.
    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 TERP stock the variable cost ratio is equal to 88.9%.

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 TERP 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 3.6% for TerraForm Power.

Corporate tax rate of 27% is the nominal tax rate for TerraForm Power. 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 TERP 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 TERP are equal to 1073.4%.

Life of production assets of 30.6 years is the average useful life of capital assets used in TerraForm Power 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 TERP is equal to 24.5%. 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 - $1185 million for TerraForm Power - 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 136.684 million for TerraForm Power 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 TerraForm Power at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ 3 Solar Stocks for Heading Into the Third Quarter   [Aug-01-17 06:10PM  Motley Fool]
▶ 2 Reasons TerraForm Power Inc Stock Could Rise   [Jul-26-17 08:16AM  Motley Fool]
▶ TerraForm Power Inc. in 3 Charts   [Jul-07-17 08:28AM  Motley Fool]
▶ [$$] Corrigan's Take: SunEdison Settlement Exempts Whistleblower Lawsuits   [Jun-29-17 04:25PM  The Wall Street Journal]
▶ [$$] Former SunEdison Executives Fight to Keep Whistleblower Suits Alive   [Jun-23-17 10:14AM  The Wall Street Journal]
▶ TerraForm Power Inc.'s Worst Move of 2017 So Far   [Jun-20-17 08:11AM  Motley Fool]
▶ [$$] SunEdison Delays Chapter 11 Voting Material Hearing   [May-31-17 03:28PM  The Wall Street Journal]
▶ [$$] SunEdison's TerraForm Stake Ignites Creditor Duel   [May-19-17 06:08PM  The Wall Street Journal]
▶ TerraForm Power Announces Receipt of Nasdaq Letter   [May-16-17 08:30AM  GlobeNewswire]
▶ 3 Things You Didn't Know About TerraForm Power, Inc.   [May-04-17 09:03AM  Motley Fool]
▶ [$$] Corrigan's Take: SunEdison Outlines $300 Million Rights Offering   [Apr-28-17 04:13PM  The Wall Street Journal]
▶ [$$] SunEdison Wins Court Approval for $640 Million in New Financing   [Apr-25-17 07:02PM  The Wall Street Journal]
▶ [$$] SunEdison Asks for $640 Million in New Financing   [Apr-06-17 03:25PM  The Wall Street Journal]
▶ [$$] SunEdison Files Plan to Repay Billions in Debt   [Mar-29-17 04:30PM  The Wall Street Journal]
▶ The Best Investing Ideas in Solar   [Mar-25-17 09:03AM  Motley Fool]
▶ [$$] SunEdison Allots $16 Million From Settlement to Junior Creditors   [Mar-24-17 01:50PM  The Wall Street Journal]
▶ Why TerraForm Power May Not Be the Best Yieldco Today   [Mar-16-17 12:13PM  Motley Fool]
▶ [$$] SunEdison Settles with TerraForm Power, TerraForm Global   [Mar-13-17 07:19AM  The Wall Street Journal]
▶ This Week in Solar   [Mar-11-17 11:01AM  Motley Fool]
▶ Your Gut Feeling is Right: 8Point3 Energy Partners is a Buy   [Mar-10-17 11:19AM  at Motley Fool]
▶ Brookfield to take control of SunEdison yieldcos   [08:30AM  at bizjournals.com]
▶ What You Need to Know About the TerraForm Yieldco Buyouts   [Mar-07-17 04:07PM  at Motley Fool]
▶ [$$] SunEdison Turns Eye Toward Bankruptcy Exit   [02:59PM  at The Wall Street Journal]
▶ [$$] Brookfield to Buy TerraForm Global   [08:02AM  at The Wall Street Journal]
▶ TerraForm Power wins $86 million in Canada project financing   [Mar-03-17 08:45AM  at bizjournals.com]
▶ [$$] Former SunEdison Executives File Whistleblower Lawsuits   [Feb-24-17 09:53PM  at The Wall Street Journal]
▶ [$$] Former SunEdison Executives File Whistleblower Lawsuits   [04:11PM  at The Wall Street Journal]
▶ Einhorn's Greenlight Ends Bet on SunEdison's TerraForms   [Feb-14-17 06:01PM  at Bloomberg]
▶ Why TerraForm Global Inc.'s Shares Popped 11% Today   [Jan-23-17 02:17PM  at Motley Fool]
▶ TerraForm Power Might Still Be Overvalued   [Jan-11-17 02:57PM  at Motley Fool]
▶ TerraForm Power suitor outlines buyout proposals   [09:10AM  at bizjournals.com]
Stock chart of TERP Financial statements of TERP
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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