Intrinsic value of TEGNA - TGNA

Previous Close

$13.06

  Intrinsic Value

$35.27

stock screener

  Rating & Target

str. buy

+170%

  Value-price divergence*

+18%

Previous close

$13.06

 
Intrinsic value

$35.27

 
Up/down potential

+170%

 
Rating

str. buy

 
Value-price divergence*

+18%

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

We calculate the intrinsic value of TGNA 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 2.8

 

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, %
  9.51
  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
  3,341
  3,408
  3,486
  3,576
  3,676
  3,788
  3,910
  4,043
  4,187
  4,343
  4,509
  4,688
  4,878
  5,081
  5,296
  5,524
  5,766
  6,023
  6,294
  6,580
  6,882
  7,201
  7,538
  7,892
  8,266
  8,659
  9,074
  9,510
  9,969
  10,452
  10,959
Variable operating expenses, $m
 
  2,381
  2,426
  2,478
  2,536
  2,601
  2,672
  2,749
  2,832
  2,922
  3,019
  2,715
  2,826
  2,943
  3,068
  3,200
  3,340
  3,489
  3,646
  3,811
  3,986
  4,171
  4,366
  4,572
  4,788
  5,016
  5,256
  5,509
  5,774
  6,054
  6,348
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
  2,369
  2,381
  2,426
  2,478
  2,536
  2,601
  2,672
  2,749
  2,832
  2,922
  3,019
  2,715
  2,826
  2,943
  3,068
  3,200
  3,340
  3,489
  3,646
  3,811
  3,986
  4,171
  4,366
  4,572
  4,788
  5,016
  5,256
  5,509
  5,774
  6,054
  6,348
Operating income, $m
  972
  1,027
  1,060
  1,098
  1,140
  1,187
  1,238
  1,294
  1,355
  1,420
  1,491
  1,972
  2,052
  2,138
  2,228
  2,324
  2,426
  2,534
  2,648
  2,769
  2,896
  3,030
  3,172
  3,321
  3,478
  3,644
  3,818
  4,001
  4,194
  4,398
  4,611
EBITDA, $m
  1,177
  1,553
  1,588
  1,629
  1,675
  1,726
  1,781
  1,842
  1,908
  1,979
  2,054
  2,136
  2,222
  2,315
  2,413
  2,517
  2,627
  2,744
  2,867
  2,998
  3,136
  3,281
  3,434
  3,596
  3,766
  3,945
  4,134
  4,333
  4,542
  4,762
  4,993
Interest expense (income), $m
  225
  222
  229
  237
  246
  257
  268
  281
  295
  309
  325
  343
  361
  381
  402
  424
  447
  472
  499
  527
  556
  587
  620
  655
  692
  730
  771
  814
  859
  906
  956
Earnings before tax, $m
  712
  805
  831
  861
  894
  930
  970
  1,014
  1,061
  1,111
  1,165
  1,630
  1,691
  1,757
  1,827
  1,901
  1,979
  2,062
  2,149
  2,242
  2,339
  2,443
  2,551
  2,666
  2,786
  2,913
  3,047
  3,188
  3,336
  3,492
  3,656
Tax expense, $m
  217
  217
  224
  232
  241
  251
  262
  274
  286
  300
  315
  440
  457
  474
  493
  513
  534
  557
  580
  605
  632
  659
  689
  720
  752
  787
  823
  861
  901
  943
  987
Net income, $m
  437
  587
  607
  628
  652
  679
  708
  740
  774
  811
  851
  1,190
  1,235
  1,283
  1,333
  1,387
  1,445
  1,505
  1,569
  1,637
  1,708
  1,783
  1,862
  1,946
  2,034
  2,127
  2,224
  2,327
  2,435
  2,549
  2,669

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  8,543
  8,627
  8,826
  9,053
  9,307
  9,589
  9,899
  10,236
  10,601
  10,994
  11,416
  11,868
  12,349
  12,862
  13,407
  13,985
  14,598
  15,247
  15,933
  16,658
  17,423
  18,231
  19,083
  19,981
  20,926
  21,923
  22,972
  24,076
  25,238
  26,460
  27,745
Adjusted assets (=assets-cash), $m
  8,466
  8,627
  8,826
  9,053
  9,307
  9,589
  9,899
  10,236
  10,601
  10,994
  11,416
  11,868
  12,349
  12,862
  13,407
  13,985
  14,598
  15,247
  15,933
  16,658
  17,423
  18,231
  19,083
  19,981
  20,926
  21,923
  22,972
  24,076
  25,238
  26,460
  27,745
Revenue / Adjusted assets
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
  0.395
Average production assets, $m
  3,493
  3,561
  3,643
  3,737
  3,842
  3,958
  4,086
  4,225
  4,376
  4,538
  4,712
  4,899
  5,097
  5,309
  5,534
  5,773
  6,026
  6,294
  6,577
  6,876
  7,192
  7,525
  7,877
  8,247
  8,638
  9,049
  9,482
  9,938
  10,417
  10,922
  11,453
Working capital, $m
  172
  99
  101
  104
  107
  110
  113
  117
  121
  126
  131
  136
  141
  147
  154
  160
  167
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  276
  289
  303
  318
Total debt, $m
  4,043
  4,164
  4,311
  4,479
  4,668
  4,877
  5,106
  5,356
  5,626
  5,918
  6,230
  6,565
  6,922
  7,302
  7,706
  8,134
  8,588
  9,069
  9,577
  10,115
  10,682
  11,280
  11,911
  12,577
  13,278
  14,016
  14,793
  15,611
  16,472
  17,378
  18,330
Total liabilities, $m
  6,271
  6,393
  6,540
  6,708
  6,897
  7,106
  7,335
  7,585
  7,855
  8,147
  8,459
  8,794
  9,151
  9,531
  9,935
  10,363
  10,817
  11,298
  11,806
  12,344
  12,911
  13,509
  14,140
  14,806
  15,507
  16,245
  17,022
  17,840
  18,701
  19,607
  20,559
Total equity, $m
  2,271
  2,234
  2,286
  2,345
  2,411
  2,484
  2,564
  2,651
  2,746
  2,848
  2,957
  3,074
  3,198
  3,331
  3,472
  3,622
  3,781
  3,949
  4,127
  4,314
  4,513
  4,722
  4,942
  5,175
  5,420
  5,678
  5,950
  6,236
  6,537
  6,853
  7,186
Total liabilities and equity, $m
  8,542
  8,627
  8,826
  9,053
  9,308
  9,590
  9,899
  10,236
  10,601
  10,995
  11,416
  11,868
  12,349
  12,862
  13,407
  13,985
  14,598
  15,247
  15,933
  16,658
  17,424
  18,231
  19,082
  19,981
  20,927
  21,923
  22,972
  24,076
  25,238
  26,460
  27,745
Debt-to-equity ratio
  1.780
  1.860
  1.890
  1.910
  1.940
  1.960
  1.990
  2.020
  2.050
  2.080
  2.110
  2.140
  2.160
  2.190
  2.220
  2.250
  2.270
  2.300
  2.320
  2.340
  2.370
  2.390
  2.410
  2.430
  2.450
  2.470
  2.490
  2.500
  2.520
  2.540
  2.550
Adjusted equity ratio
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259
  0.259

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  437
  587
  607
  628
  652
  679
  708
  740
  774
  811
  851
  1,190
  1,235
  1,283
  1,333
  1,387
  1,445
  1,505
  1,569
  1,637
  1,708
  1,783
  1,862
  1,946
  2,034
  2,127
  2,224
  2,327
  2,435
  2,549
  2,669
Depreciation, amort., depletion, $m
  205
  526
  528
  531
  535
  539
  543
  548
  553
  558
  564
  163
  170
  177
  184
  192
  201
  210
  219
  229
  240
  251
  263
  275
  288
  302
  316
  331
  347
  364
  382
Funds from operations, $m
  587
  1,113
  1,135
  1,160
  1,187
  1,218
  1,251
  1,288
  1,327
  1,369
  1,414
  1,353
  1,405
  1,460
  1,518
  1,580
  1,645
  1,715
  1,788
  1,866
  1,948
  2,034
  2,125
  2,221
  2,322
  2,428
  2,540
  2,658
  2,782
  2,913
  3,050
Change in working capital, $m
  -96
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
Cash from operations, $m
  683
  1,111
  1,133
  1,157
  1,184
  1,215
  1,248
  1,284
  1,323
  1,365
  1,410
  1,348
  1,399
  1,454
  1,512
  1,573
  1,638
  1,707
  1,780
  1,857
  1,939
  2,025
  2,115
  2,211
  2,311
  2,417
  2,528
  2,646
  2,769
  2,899
  3,036
Maintenance CAPEX, $m
  0
  -116
  -119
  -121
  -125
  -128
  -132
  -136
  -141
  -146
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -201
  -210
  -219
  -229
  -240
  -251
  -263
  -275
  -288
  -302
  -316
  -331
  -347
  -364
New CAPEX, $m
  -95
  -68
  -82
  -94
  -105
  -116
  -128
  -139
  -151
  -162
  -174
  -186
  -199
  -212
  -225
  -239
  -253
  -268
  -283
  -299
  -316
  -333
  -352
  -371
  -390
  -411
  -433
  -456
  -480
  -505
  -531
Cash from investing activities, $m
  -273
  -184
  -201
  -215
  -230
  -244
  -260
  -275
  -292
  -308
  -325
  -343
  -362
  -382
  -402
  -423
  -445
  -469
  -493
  -518
  -545
  -573
  -603
  -634
  -665
  -699
  -735
  -772
  -811
  -852
  -895
Free cash flow, $m
  410
  926
  932
  942
  955
  970
  988
  1,008
  1,031
  1,056
  1,084
  1,004
  1,037
  1,072
  1,110
  1,150
  1,193
  1,239
  1,287
  1,339
  1,394
  1,452
  1,513
  1,577
  1,646
  1,718
  1,794
  1,874
  1,958
  2,047
  2,141
Issuance/(repayment) of debt, $m
  -138
  122
  147
  168
  189
  209
  229
  250
  270
  291
  313
  334
  357
  380
  404
  429
  454
  481
  508
  537
  567
  598
  631
  665
  701
  738
  777
  818
  861
  906
  953
Issuance/(repurchase) of shares, $m
  -182
  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  
  -340
  122
  147
  168
  189
  209
  229
  250
  270
  291
  313
  334
  357
  380
  404
  429
  454
  481
  508
  537
  567
  598
  631
  665
  701
  738
  777
  818
  861
  906
  953
Total cash flow (excl. dividends), $m
  70
  1,048
  1,079
  1,110
  1,143
  1,179
  1,217
  1,258
  1,302
  1,348
  1,397
  1,339
  1,394
  1,452
  1,514
  1,579
  1,647
  1,719
  1,796
  1,876
  1,961
  2,050
  2,144
  2,243
  2,347
  2,456
  2,571
  2,692
  2,819
  2,953
  3,093
Retained Cash Flow (-), $m
  -79
  -39
  -51
  -59
  -66
  -73
  -80
  -87
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -198
  -209
  -221
  -233
  -245
  -258
  -272
  -286
  -301
  -317
  -333
Prev. year cash balance distribution, $m
 
  76
  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
 
  1,085
  1,028
  1,051
  1,077
  1,106
  1,137
  1,171
  1,207
  1,246
  1,288
  1,222
  1,269
  1,319
  1,372
  1,429
  1,488
  1,551
  1,618
  1,688
  1,763
  1,841
  1,923
  2,010
  2,102
  2,198
  2,299
  2,406
  2,518
  2,636
  2,760
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  993
  855
  787
  719
  651
  584
  519
  456
  396
  339
  263
  220
  181
  146
  116
  90
  69
  52
  38
  27
  19
  13
  8
  5
  3
  2
  1
  1
  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

TEGNA Inc. engages in media and digital businesses in the United States. The company operates in two segments, Media and Digital. It operates 46 television stations that produce local programming, such as news, sports, and entertainment. The company also operates Cars.com, an online destination for automotive consumers that offers information about car shopping, selling, and servicing; CareerBuilder, which provides human capital solutions, such as employment data and labor market analysis software, talent management software, and other advertising and recruitment solutions; G/O Digital that provides digital marketing services for local businesses; and Cofactor, a digital marketing company that enable brands to deliver content. In addition, it offers advertising and marketing solutions. The company serves approximately 90 million customers through its broadcast and digital media platforms. The company was formerly known as Gannett Co., Inc. and changed its name to TEGNA Inc. in June 2015. TEGNA Inc. was founded in 1906 and is headquartered in McLean, Virginia.

FINANCIAL RATIOS  of  TEGNA (TGNA)

Valuation Ratios
P/E Ratio 6.4
Price to Sales 0.8
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 4.8
Growth Rates
Sales Growth Rate 9.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 77
Current Ratio 0
LT Debt to Equity 178%
Total Debt to Equity 178%
Interest Coverage 4
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 19.6%
Return On Equity - 3 Yr. Avg. 24.1%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 68.9%
Gross Margin - 3 Yr. Avg. 67.4%
EBITDA Margin 34.2%
EBITDA Margin - 3 Yr. Avg. 43%
Operating Margin 29.1%
Oper. Margin - 3 Yr. Avg. 28.6%
Pre-Tax Margin 21.3%
Pre-Tax Margin - 3 Yr. Avg. 26.5%
Net Profit Margin 13.1%
Net Profit Margin - 3 Yr. Avg. 22.9%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 28.9%
Payout Ratio 27.9%

TGNA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGNA stock intrinsic value calculation we used $3341 million for the last fiscal year's total revenue generated by TEGNA. The default revenue input number comes from 2016 income statement of TEGNA. 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 TGNA 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 9.2%, whose default value for TGNA is calculated based on our internal credit rating of TEGNA, 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 TEGNA.
    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 TGNA stock the variable cost ratio is equal to 70.1%.

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 TGNA 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 5.5% for TEGNA.

Corporate tax rate of 27% is the nominal tax rate for TEGNA. 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 TGNA 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 TGNA are equal to 104.5%.

Life of production assets of 36.5 years is the average useful life of capital assets used in TEGNA 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 TGNA is equal to 2.9%. 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 - $2271 million for TEGNA - 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 214.15 million for TEGNA 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 TEGNA at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Tegna turns to Mashable for new hire to lead its digital rebrand   [Aug-11-17 04:00PM  American City Business Journals]
▶ TEGNA Hires Adam Ostrow as Chief Digital Officer   [Aug-10-17 01:33PM  Business Wire]
▶ Top Losers in the Consumer Sector on July 31August 4   [Aug-09-17 11:06AM  Market Realist]
▶ TEGNA, Inc. Value Analysis (NYSE:TGNA) : August 5, 2017   [Aug-04-17 09:34PM  Capital Cube]
▶ I Add Two Bargains to My Portfolio   [Aug-01-17 01:10PM  Kiplinger]
▶ TEGNA Completes Sale of CareerBuilder   [Jul-31-17 04:12PM  Business Wire]
▶ TEGNA Announces Quarterly Dividend   [Jul-25-17 05:30PM  Business Wire]
▶ Gracia Martore Joins Omnicom's Board of Directors   [Jul-18-17 09:00AM  PR Newswire]
▶ New Strong Sell Stocks for June 23rd   [Jun-23-17 11:13AM  Zacks]
▶ TEGNA Wins Nine National Edward R. Murrow Awards   [Jun-20-17 12:14PM  Business Wire]
▶ McClatchy selling most of its stake in CareerBuilder   [Jun-19-17 08:10PM  American City Business Journals]
▶ ETFs with exposure to TEGNA, Inc. : June 6, 2017   [Jun-06-17 11:49AM  Capital Cube]
▶ Ex-Denver TV exec, CU grad is now CEO of one of biggest U.S. media companies   [Jun-02-17 10:37AM  American City Business Journals]
▶ Tegna completes its Cars.com spinoff   [Jun-01-17 04:21PM  American City Business Journals]
▶ Why Shares of TEGNA Inc. Are Moving Today   [11:58AM  Motley Fool]
▶ TEGNA Announces Quarterly Dividend   [May-30-17 03:29PM  Business Wire]
▶ Betting on New S&P 500 Stocks Ain't What It Used to Be   [11:23AM  The Wall Street Journal]
▶ The Biggest Loser: Tegna Slumps 6.4%   [May-16-17 04:23PM  Barrons.com]
▶ Tegna meets 1Q profit forecasts   [08:53AM  Associated Press]
▶ Tegna, Cars.com confirm split; Gracia Martore announces retirement   [08:19AM  American City Business Journals]
▶ TEGNA Board of Directors Approves Spin-Off of Cars.com   [May-03-17 06:30PM  Business Wire]
▶ Media giant to produce nationwide live TV show in Denver   [05:58PM  American City Business Journals]
▶ TEGNA Wins 82 Regional Edward R. Murrow Awards   [Apr-25-17 03:54PM  Business Wire]
▶ TEGNA Names Jeff Newman Chief Human Resources Officer   [Apr-12-17 11:25AM  Business Wire]
Stock chart of TGNA Financial statements of TGNA
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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