Intrinsic value of Terex - TEX

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$34.77

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of TEX 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 3.7

 

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, %
  -32.10
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,443
  4,532
  4,636
  4,755
  4,889
  5,037
  5,200
  5,377
  5,569
  5,775
  5,997
  6,234
  6,487
  6,756
  7,043
  7,346
  7,668
  8,009
  8,369
  8,750
  9,152
  9,577
  10,024
  10,496
  10,992
  11,516
  12,067
  12,647
  13,257
  13,899
  14,574
Variable operating expenses, $m
 
  3,448
  3,527
  3,617
  3,718
  3,830
  3,953
  4,086
  4,231
  4,387
  4,554
  4,708
  4,899
  5,102
  5,318
  5,548
  5,791
  6,048
  6,320
  6,608
  6,911
  7,232
  7,570
  7,926
  8,301
  8,696
  9,112
  9,550
  10,011
  10,496
  11,006
Fixed operating expenses, $m
 
  1,273
  1,305
  1,337
  1,371
  1,405
  1,440
  1,476
  1,513
  1,551
  1,590
  1,630
  1,670
  1,712
  1,755
  1,799
  1,844
  1,890
  1,937
  1,986
  2,035
  2,086
  2,138
  2,192
  2,246
  2,303
  2,360
  2,419
  2,480
  2,542
  2,605
Total operating expenses, $m
  4,591
  4,721
  4,832
  4,954
  5,089
  5,235
  5,393
  5,562
  5,744
  5,938
  6,144
  6,338
  6,569
  6,814
  7,073
  7,347
  7,635
  7,938
  8,257
  8,594
  8,946
  9,318
  9,708
  10,118
  10,547
  10,999
  11,472
  11,969
  12,491
  13,038
  13,611
Operating income, $m
  -148
  -189
  -196
  -199
  -200
  -198
  -193
  -186
  -176
  -163
  -148
  -103
  -82
  -58
  -31
  0
  34
  71
  112
  157
  206
  259
  316
  378
  445
  517
  594
  677
  766
  862
  963
EBITDA, $m
  -51
  -114
  -119
  -121
  -120
  -117
  -110
  -101
  -89
  -74
  -56
  -35
  -11
  16
  47
  80
  118
  159
  204
  253
  306
  364
  426
  493
  565
  643
  726
  816
  911
  1,014
  1,123
Interest expense (income), $m
  96
  55
  57
  60
  63
  67
  71
  75
  80
  86
  91
  97
  104
  111
  118
  126
  135
  144
  153
  163
  173
  185
  196
  209
  222
  235
  250
  265
  281
  298
  316
Earnings before tax, $m
  -271
  -244
  -253
  -259
  -263
  -265
  -264
  -261
  -256
  -249
  -239
  -201
  -186
  -169
  -149
  -126
  -101
  -72
  -41
  -6
  32
  74
  120
  170
  223
  282
  345
  412
  485
  564
  648
Tax expense, $m
  -78
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  9
  20
  32
  46
  60
  76
  93
  111
  131
  152
  175
Net income, $m
  -176
  -244
  -253
  -259
  -263
  -265
  -264
  -261
  -256
  -249
  -239
  -201
  -186
  -169
  -149
  -126
  -101
  -72
  -41
  -6
  24
  54
  88
  124
  163
  206
  252
  301
  354
  411
  473

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  429
  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
  5,007
  4,667
  4,775
  4,897
  5,035
  5,188
  5,355
  5,538
  5,735
  5,948
  6,176
  6,420
  6,681
  6,958
  7,253
  7,566
  7,897
  8,248
  8,619
  9,012
  9,426
  9,863
  10,323
  10,809
  11,321
  11,860
  12,427
  13,024
  13,653
  14,314
  15,010
Adjusted assets (=assets-cash), $m
  4,578
  4,667
  4,775
  4,897
  5,035
  5,188
  5,355
  5,538
  5,735
  5,948
  6,176
  6,420
  6,681
  6,958
  7,253
  7,566
  7,897
  8,248
  8,619
  9,012
  9,426
  9,863
  10,323
  10,809
  11,321
  11,860
  12,427
  13,024
  13,653
  14,314
  15,010
Revenue / Adjusted assets
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
  0.971
Average production assets, $m
  359
  367
  376
  385
  396
  408
  421
  436
  451
  468
  486
  505
  525
  547
  570
  595
  621
  649
  678
  709
  741
  776
  812
  850
  890
  933
  977
  1,024
  1,074
  1,126
  1,181
Working capital, $m
  1,294
  897
  918
  942
  968
  997
  1,030
  1,065
  1,103
  1,143
  1,187
  1,234
  1,284
  1,338
  1,394
  1,455
  1,518
  1,586
  1,657
  1,733
  1,812
  1,896
  1,985
  2,078
  2,176
  2,280
  2,389
  2,504
  2,625
  2,752
  2,886
Total debt, $m
  1,576
  1,629
  1,711
  1,805
  1,911
  2,028
  2,156
  2,296
  2,447
  2,610
  2,785
  2,972
  3,171
  3,384
  3,610
  3,849
  4,103
  4,372
  4,657
  4,957
  5,274
  5,609
  5,962
  6,334
  6,726
  7,139
  7,573
  8,031
  8,512
  9,019
  9,551
Total liabilities, $m
  3,522
  3,575
  3,657
  3,751
  3,857
  3,974
  4,102
  4,242
  4,393
  4,556
  4,731
  4,918
  5,117
  5,330
  5,556
  5,795
  6,049
  6,318
  6,603
  6,903
  7,220
  7,555
  7,908
  8,280
  8,672
  9,085
  9,519
  9,977
  10,458
  10,965
  11,497
Total equity, $m
  1,485
  1,092
  1,117
  1,146
  1,178
  1,214
  1,253
  1,296
  1,342
  1,392
  1,445
  1,502
  1,563
  1,628
  1,697
  1,770
  1,848
  1,930
  2,017
  2,109
  2,206
  2,308
  2,416
  2,529
  2,649
  2,775
  2,908
  3,048
  3,195
  3,349
  3,512
Total liabilities and equity, $m
  5,007
  4,667
  4,774
  4,897
  5,035
  5,188
  5,355
  5,538
  5,735
  5,948
  6,176
  6,420
  6,680
  6,958
  7,253
  7,565
  7,897
  8,248
  8,620
  9,012
  9,426
  9,863
  10,324
  10,809
  11,321
  11,860
  12,427
  13,025
  13,653
  14,314
  15,009
Debt-to-equity ratio
  1.061
  1.490
  1.530
  1.580
  1.620
  1.670
  1.720
  1.770
  1.820
  1.880
  1.930
  1.980
  2.030
  2.080
  2.130
  2.170
  2.220
  2.270
  2.310
  2.350
  2.390
  2.430
  2.470
  2.500
  2.540
  2.570
  2.600
  2.630
  2.660
  2.690
  2.720
Adjusted equity ratio
  0.231
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234
  0.234

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -176
  -244
  -253
  -259
  -263
  -265
  -264
  -261
  -256
  -249
  -239
  -201
  -186
  -169
  -149
  -126
  -101
  -72
  -41
  -6
  24
  54
  88
  124
  163
  206
  252
  301
  354
  411
  473
Depreciation, amort., depletion, $m
  97
  76
  77
  78
  80
  81
  83
  85
  87
  89
  92
  68
  71
  74
  77
  80
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
  160
Funds from operations, $m
  615
  -168
  -176
  -181
  -184
  -184
  -181
  -176
  -169
  -159
  -147
  -132
  -115
  -95
  -72
  -46
  -17
  15
  51
  90
  124
  159
  197
  239
  283
  332
  384
  439
  499
  564
  632
Change in working capital, $m
  248
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  47
  50
  53
  57
  60
  64
  67
  71
  75
  80
  84
  89
  93
  98
  104
  109
  115
  121
  127
  134
Cash from operations, $m
  367
  -222
  -197
  -205
  -210
  -213
  -213
  -211
  -207
  -200
  -191
  -179
  -165
  -148
  -129
  -106
  -81
  -52
  -21
  14
  44
  75
  109
  145
  185
  228
  275
  325
  379
  436
  499
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -152
New CAPEX, $m
  -73
  -8
  -8
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
Cash from investing activities, $m
  -12
  -57
  -58
  -61
  -63
  -66
  -68
  -71
  -75
  -78
  -81
  -85
  -88
  -93
  -97
  -102
  -106
  -112
  -117
  -123
  -129
  -134
  -141
  -148
  -155
  -162
  -171
  -179
  -187
  -197
  -207
Free cash flow, $m
  355
  -279
  -255
  -265
  -273
  -278
  -282
  -283
  -282
  -278
  -272
  -264
  -254
  -241
  -226
  -208
  -187
  -164
  -137
  -108
  -84
  -60
  -32
  -3
  30
  65
  104
  146
  191
  239
  292
Issuance/(repayment) of debt, $m
  -189
  67
  82
  94
  106
  117
  128
  140
  151
  163
  175
  187
  200
  213
  226
  240
  254
  269
  284
  300
  317
  335
  353
  372
  392
  413
  435
  458
  481
  506
  533
Issuance/(repurchase) of shares, $m
  -83
  0
  198
  200
  200
  197
  193
  186
  176
  165
  151
  134
  115
  93
  69
  41
  11
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -270
  67
  280
  294
  306
  314
  321
  326
  327
  328
  326
  321
  315
  306
  295
  281
  265
  269
  284
  300
  317
  335
  353
  372
  392
  413
  435
  458
  481
  506
  533
Total cash flow (excl. dividends), $m
  65
  -212
  -172
  -171
  -167
  -162
  -153
  -143
  -130
  -115
  -97
  -77
  -54
  -29
  0
  32
  67
  105
  147
  192
  233
  275
  321
  369
  422
  478
  538
  603
  672
  746
  825
Retained Cash Flow (-), $m
  392
  -22
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
Prev. year cash balance distribution, $m
 
  415
  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
 
  181
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  23
  60
  101
  136
  173
  213
  256
  302
  352
  406
  463
  525
  591
  662
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  3
  4
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  93.2
  87.0
  81.3
  76.2
  71.6
  67.6
  64.1
  61.1
  58.6
  56.5
  54.8
  53.5
  52.6
  52.1
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0
  52.0

Terex Corporation manufactures and sells lifting and material processing products worldwide. The company operates through three segments: Aerial Work Platforms (AWP), Cranes, and Materials Processing (MP). The AWP segment designs, manufactures, services, and markets aerial work platform equipment, telehandlers, and light towers, as well as related components and replacement parts under the Terex and Genie brand names. The Cranes segment designs, manufactures, services, refurbishes, and markets mobile telescopic, tower, lattice boom crawler, lattice boom truck, utility equipment, and truck-mounted cranes, as well as related components and replacement parts under the Terex and Demag brand names. The MP segment designs, manufactures, and markets crushers, washing systems, screens, apron feeders, material handlers, wood processing, biomass and recycling equipment, concrete mixer trucks, concrete pavers, and related components and replacement parts under the Terex, Powerscreen, Fuchs, and CBI brand names, as well as the Terex name in conjunction with certain historic brand names. The company also provides financing solutions to assist customers in the rental, leasing, and acquisition of its products. It serves the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, and quarrying and mining industries. Terex Corporation was founded in 1925 and is based in Westport, Connecticut.

FINANCIAL RATIOS  of  Terex (TEX)

Valuation Ratios
P/E Ratio -20.7
Price to Sales 0.8
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 12.4
Growth Rates
Sales Growth Rate -32.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.5%
Financial Strength
Quick Ratio 31
Current Ratio 0.5
LT Debt to Equity 105.2%
Total Debt to Equity 106.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -2%
Ret/ On Assets - 3 Yr. Avg. 2.7%
Return On Total Capital -5.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity -10.5%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 19%
EBITDA Margin -1.8%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin -3.3%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin -6.1%
Pre-Tax Margin - 3 Yr. Avg. 0.5%
Net Profit Margin -4%
Net Profit Margin - 3 Yr. Avg. 0.9%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 25.6%
Payout Ratio -17%

TEX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEX stock intrinsic value calculation we used $4443 million for the last fiscal year's total revenue generated by Terex. The default revenue input number comes from 2016 income statement of Terex. 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 TEX stock valuation model: a) initial revenue growth rate of 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 7.8%, whose default value for TEX is calculated based on our internal credit rating of Terex, 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 Terex.
    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 TEX stock the variable cost ratio is equal to 76.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1242 million in the base year in the intrinsic value calculation for TEX 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 Terex.

Corporate tax rate of 27% is the nominal tax rate for Terex. 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 TEX 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 TEX are equal to 8.1%.

Life of production assets of 7.4 years is the average useful life of capital assets used in Terex 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 TEX is equal to 19.8%. 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 - $1485 million for Terex - 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 106.507 million for Terex 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 Terex at the current share price and the inputted number of shares is $3.7 billion.


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COMPANY NEWS

▶ 3 Growth Stocks for Enterprising Investors   [Jun-18-17 01:15PM  Motley Fool]
▶ Terex Corporation Authorizes New Share Repurchase Program   [May-30-17 09:13AM  Business Wire]
▶ 3 Top Construction Machinery Stocks to Buy in 2017   [May-23-17 06:06PM  Motley Fool]
▶ Terex Announces Quarterly Dividend   [May-12-17 01:46PM  Business Wire]
▶ ETFs with exposure to Terex Corp. : May 11, 2017   [May-11-17 05:37PM  Capital Cube]
▶ Terex reports 1Q loss   [May-02-17 06:30PM  Associated Press]
▶ Terex Announces First Quarter 2017 Results   [04:50PM  Business Wire]
▶ Dow's Caterpillar Breaks Out Into Buy Zone, Steamrolls Earnings Estimates   [Apr-25-17 04:02PM  Investor's Business Daily]
▶ Terex Names John D. Sheehan, Chief Financial Officer   [Feb-13-17 12:20PM  Business Wire]
▶ Caterpillar: Worst. Cycle. Ever.   [Feb-01-17 12:27PM  at Barrons.com]
▶ Make America's Airports Great Again   [Dec-20-16 02:07PM  at Forbes]
▶ Four Stocks Moving Higher   [Dec-14-16 11:58AM  at Forbes]
▶ 4 stocks to watch   [Dec-07-16 03:26PM  at MarketWatch]
▶ Terex Corporation (TEX): Are Hedge Funds Right About This Stock?   [Nov-28-16 06:17AM  at Insider Monkey]
▶ [$$] Donald Trump's Plans Fire Up Builders   [Nov-09-16 06:25PM  at The Wall Street Journal]
▶ Terex Corporation to Host Analyst Meeting   [Nov-02-16 08:34AM  Business Wire]
Stock chart of TEX Financial statements of TEX Annual reports of TEX
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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