Intrinsic value of Textainer Group Holdings - TGH

Previous Close

$16.65

  Intrinsic Value

$4.88

stock screener

  Rating & Target

str. sell

-71%

Previous close

$16.65

 
Intrinsic value

$4.88

 
Up/down potential

-71%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as TGH.

We calculate the intrinsic value of TGH 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, %
  -8.46
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  498
  523
  549
  576
  605
  636
  667
  701
  736
  773
  811
  852
  894
  939
  986
  1,035
  1,087
  1,141
  1,198
  1,258
  1,321
  1,387
  1,457
  1,530
  1,606
  1,686
  1,771
  1,859
  1,952
  2,050
  2,152
Variable operating expenses, $m
 
  319
  335
  352
  369
  388
  407
  427
  449
  471
  495
  520
  546
  573
  601
  632
  663
  696
  731
  768
  806
  846
  889
  933
  980
  1,029
  1,080
  1,134
  1,191
  1,250
  1,313
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
  470
  319
  335
  352
  369
  388
  407
  427
  449
  471
  495
  520
  546
  573
  601
  632
  663
  696
  731
  768
  806
  846
  889
  933
  980
  1,029
  1,080
  1,134
  1,191
  1,250
  1,313
Operating income, $m
  28
  204
  214
  225
  236
  248
  260
  273
  287
  301
  316
  332
  349
  366
  385
  404
  424
  445
  467
  491
  515
  541
  568
  597
  626
  658
  691
  725
  761
  799
  839
EBITDA, $m
  269
  456
  479
  503
  528
  555
  582
  612
  642
  674
  708
  743
  780
  820
  860
  904
  949
  996
  1,046
  1,098
  1,153
  1,211
  1,271
  1,335
  1,402
  1,472
  1,545
  1,623
  1,704
  1,789
  1,878
Interest expense (income), $m
  84
  101
  106
  112
  118
  124
  130
  137
  144
  152
  159
  168
  176
  185
  195
  205
  215
  226
  238
  250
  263
  276
  290
  305
  320
  336
  354
  371
  390
  410
  431
Earnings before tax, $m
  -59
  103
  108
  113
  118
  124
  130
  136
  143
  150
  157
  164
  172
  181
  190
  199
  209
  219
  230
  241
  253
  265
  278
  292
  306
  321
  337
  354
  371
  389
  409
Tax expense, $m
  -3
  28
  29
  30
  32
  33
  35
  37
  39
  40
  42
  44
  47
  49
  51
  54
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  91
  95
  100
  105
  110
Net income, $m
  -51
  75
  79
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  138
  145
  152
  160
  168
  176
  184
  194
  203
  213
  223
  234
  246
  258
  271
  284
  298

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  149
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,294
  4,358
  4,575
  4,804
  5,044
  5,297
  5,561
  5,839
  6,131
  6,438
  6,760
  7,098
  7,453
  7,825
  8,217
  8,628
  9,059
  9,512
  9,987
  10,487
  11,011
  11,562
  12,140
  12,747
  13,384
  14,053
  14,756
  15,494
  16,269
  17,082
  17,936
Adjusted assets (=assets-cash), $m
  4,145
  4,358
  4,575
  4,804
  5,044
  5,297
  5,561
  5,839
  6,131
  6,438
  6,760
  7,098
  7,453
  7,825
  8,217
  8,628
  9,059
  9,512
  9,987
  10,487
  11,011
  11,562
  12,140
  12,747
  13,384
  14,053
  14,756
  15,494
  16,269
  17,082
  17,936
Revenue / Adjusted assets
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
  0.120
Average production assets, $m
  3,726
  3,912
  4,108
  4,313
  4,529
  4,755
  4,993
  5,243
  5,505
  5,780
  6,069
  6,373
  6,691
  7,026
  7,377
  7,746
  8,133
  8,540
  8,967
  9,416
  9,886
  10,381
  10,900
  11,445
  12,017
  12,618
  13,249
  13,911
  14,607
  15,337
  16,104
Working capital, $m
  58
  120
  126
  132
  139
  146
  153
  160
  168
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  288
  303
  318
  334
  350
  368
  386
  405
  426
  447
  469
  493
Total debt, $m
  3,038
  3,042
  3,201
  3,367
  3,542
  3,726
  3,919
  4,121
  4,334
  4,557
  4,791
  5,037
  5,296
  5,567
  5,852
  6,151
  6,465
  6,795
  7,141
  7,504
  7,886
  8,287
  8,708
  9,150
  9,614
  10,101
  10,612
  11,150
  11,713
  12,306
  12,927
Total liabilities, $m
  3,168
  3,172
  3,331
  3,497
  3,672
  3,856
  4,049
  4,251
  4,464
  4,687
  4,921
  5,167
  5,426
  5,697
  5,982
  6,281
  6,595
  6,925
  7,271
  7,634
  8,016
  8,417
  8,838
  9,280
  9,744
  10,231
  10,742
  11,280
  11,843
  12,436
  13,057
Total equity, $m
  1,126
  1,185
  1,245
  1,307
  1,372
  1,441
  1,513
  1,588
  1,668
  1,751
  1,839
  1,931
  2,027
  2,129
  2,235
  2,347
  2,464
  2,587
  2,717
  2,852
  2,995
  3,145
  3,302
  3,467
  3,640
  3,823
  4,014
  4,214
  4,425
  4,646
  4,879
Total liabilities and equity, $m
  4,294
  4,357
  4,576
  4,804
  5,044
  5,297
  5,562
  5,839
  6,132
  6,438
  6,760
  7,098
  7,453
  7,826
  8,217
  8,628
  9,059
  9,512
  9,988
  10,486
  11,011
  11,562
  12,140
  12,747
  13,384
  14,054
  14,756
  15,494
  16,268
  17,082
  17,936
Debt-to-equity ratio
  2.698
  2.570
  2.570
  2.580
  2.580
  2.590
  2.590
  2.590
  2.600
  2.600
  2.610
  2.610
  2.610
  2.620
  2.620
  2.620
  2.620
  2.630
  2.630
  2.630
  2.630
  2.640
  2.640
  2.640
  2.640
  2.640
  2.640
  2.650
  2.650
  2.650
  2.650
Adjusted equity ratio
  0.236
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -51
  75
  79
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
  138
  145
  152
  160
  168
  176
  184
  194
  203
  213
  223
  234
  246
  258
  271
  284
  298
Depreciation, amort., depletion, $m
  241
  252
  265
  278
  292
  307
  322
  338
  355
  373
  392
  411
  432
  453
  476
  500
  525
  551
  579
  607
  638
  670
  703
  738
  775
  814
  855
  897
  942
  989
  1,039
Funds from operations, $m
  275
  327
  344
  361
  378
  397
  417
  438
  459
  482
  506
  531
  558
  585
  614
  645
  677
  711
  746
  783
  822
  863
  906
  951
  999
  1,049
  1,101
  1,156
  1,213
  1,274
  1,337
Change in working capital, $m
  -11
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  286
  322
  338
  354
  372
  390
  410
  430
  451
  474
  497
  522
  548
  575
  604
  634
  665
  698
  733
  770
  808
  848
  890
  935
  981
  1,030
  1,081
  1,135
  1,192
  1,251
  1,314
Maintenance CAPEX, $m
  0
  -240
  -252
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -392
  -411
  -432
  -453
  -476
  -500
  -525
  -551
  -579
  -607
  -638
  -670
  -703
  -738
  -775
  -814
  -855
  -897
  -942
  -989
New CAPEX, $m
  -506
  -186
  -196
  -205
  -216
  -226
  -238
  -250
  -262
  -275
  -289
  -303
  -319
  -335
  -351
  -369
  -387
  -407
  -427
  -448
  -471
  -494
  -519
  -545
  -572
  -601
  -631
  -662
  -696
  -730
  -767
Cash from investing activities, $m
  -289
  -426
  -448
  -470
  -494
  -518
  -545
  -572
  -600
  -630
  -662
  -695
  -730
  -767
  -804
  -845
  -887
  -932
  -978
  -1,027
  -1,078
  -1,132
  -1,189
  -1,248
  -1,310
  -1,376
  -1,445
  -1,517
  -1,593
  -1,672
  -1,756
Free cash flow, $m
  -3
  -105
  -110
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -222
  -233
  -245
  -257
  -270
  -284
  -298
  -314
  -329
  -346
  -363
  -382
  -401
  -421
  -442
Issuance/(repayment) of debt, $m
  31
  153
  159
  167
  175
  184
  193
  202
  213
  223
  234
  246
  258
  271
  285
  299
  314
  330
  346
  364
  382
  401
  421
  442
  464
  487
  512
  537
  564
  592
  622
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  0
  153
  159
  167
  175
  184
  193
  202
  213
  223
  234
  246
  258
  271
  285
  299
  314
  330
  346
  364
  382
  401
  421
  442
  464
  487
  512
  537
  564
  592
  622
Total cash flow (excl. dividends), $m
  -3
  48
  48
  50
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
  135
  141
  148
  155
  163
  171
  179
Retained Cash Flow (-), $m
  76
  -59
  -59
  -62
  -65
  -69
  -72
  -76
  -79
  -83
  -88
  -92
  -97
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -143
  -150
  -157
  -165
  -173
  -182
  -191
  -201
  -211
  -221
  -232
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
 
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  -10
  -9
  -8
  -8
  -7
  -7
  -6
  -5
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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

Textainer Group Holdings Limited is a holding company. The Company is involved in the purchase, ownership, management, leasing and disposal of a fleet of intermodal containers. The Company operates in three segments: Container Ownership, which owns containers; Container Management, which manages containers on behalf of affiliated and unaffiliated container investors, and provides acquisition, management and disposal services, and total managed containers, and Container Resale, which sells containers from its fleet when they reach the end of their useful lives in marine service, and also purchases and leases or resells containers from shipping line customers, container traders and other sellers of containers. The Company is a lessor of intermodal containers based on fleet size. The Company is also a seller of used containers. The Company's subsidiaries include Textainer Equipment Management Limited (TEML) and Textainer Limited (TL).

FINANCIAL RATIOS  of  Textainer Group Holdings (TGH)

Valuation Ratios
P/E Ratio -18.5
Price to Sales 1.9
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow -4.3
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -5.1%
Cap. Spend. - 3 Yr. Gr. Rate -7.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 251.6%
Total Debt to Equity 269.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.7%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital -1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity -4.4%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 84.3%
Gross Margin - 3 Yr. Avg. 86.7%
EBITDA Margin 53.4%
EBITDA Margin - 3 Yr. Avg. 67.5%
Operating Margin 5.6%
Oper. Margin - 3 Yr. Avg. 31%
Pre-Tax Margin -11.8%
Pre-Tax Margin - 3 Yr. Avg. 14%
Net Profit Margin -10.2%
Net Profit Margin - 3 Yr. Avg. 14.5%
Effective Tax Rate 5.1%
Eff/ Tax Rate - 3 Yr. Avg. 0.3%
Payout Ratio -56.9%

TGH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGH stock intrinsic value calculation we used $498 million for the last fiscal year's total revenue generated by Textainer Group Holdings. The default revenue input number comes from 2016 income statement of Textainer Group Holdings. 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 TGH stock valuation model: a) initial revenue growth rate of 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 10.8%, whose default value for TGH is calculated based on our internal credit rating of Textainer Group Holdings, 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 Textainer Group Holdings.
    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 TGH stock the variable cost ratio is equal to 61%.

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 TGH 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 Textainer Group Holdings.

Corporate tax rate of 27% is the nominal tax rate for Textainer Group Holdings. 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 TGH 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 TGH are equal to 748.2%.

Life of production assets of 15.5 years is the average useful life of capital assets used in Textainer Group Holdings 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 TGH is equal to 22.9%. 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 - $1126 million for Textainer Group Holdings - 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 57.674 million for Textainer Group Holdings 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 Textainer Group Holdings at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Why Triton International Ltds Stock Is Plunging Today   [Feb-15-18 04:39PM  Motley Fool]
▶ Textainer beats 4Q profit forecasts   [09:19AM  Associated Press]
▶ Ride These 4 Momentum Stocks for Exciting Returns   [Feb-05-18 12:20PM  InvestorPlace]
▶ Better Stock: Textainer (TGH) vs. Teekay (TK)   [Dec-29-17 11:05AM  Motley Fool]
▶ A Global Shipping Niche Seizes New Highs, Despite Hanjin, Trump   [Dec-08-17 08:00AM  Investor's Business Daily]
▶ Textainer beats 3Q profit forecasts   [09:08AM  Associated Press]
▶ Is Textainer Group Holdings Limited a Buy?   [Nov-08-17 08:08AM  Motley Fool]
▶ Is Textainer Group Holdings Limited (TGH) Undervalued?   [Sep-21-17 03:57PM  Simply Wall St.]
▶ Why I (Still) Love Textainer Group Holdings Limited   [Sep-11-17 01:35PM  Motley Fool]
▶ 3 Bargain Stocks You Can Buy Today   [Aug-21-17 09:03PM  Motley Fool]
▶ 3 Stocks That Doubled So Far in 2017   [Aug-14-17 09:03PM  Motley Fool]
▶ Textainer reports 2Q loss   [02:08PM  Associated Press]
▶ 3 Stocks That Could Double Your Money   [Jun-02-17 08:13AM  Motley Fool]
▶ Textainer reports 1Q loss   [09:26AM  Associated Press]
▶ 3 Top Industrial Stocks' Earnings to Watch This Week   [Apr-30-17 08:07AM  Motley Fool]
▶ Textainer Announces Early Repayment of Debt   [Apr-18-17 04:02PM  Business Wire]
▶ 3 All-or-Nothing Stocks We're Closely Watching   [Mar-15-17 03:42PM  Motley Fool]
▶ Three Small Caps to Buy on the Pullback   [Mar-09-17 10:28AM  Investopedia]
▶ Three Small Caps to Buy on the Pullback   [10:28AM  at Investopedia]
▶ Textainer reports 4Q loss   [09:16AM  Associated Press]
Financial statements of TGH
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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