Intrinsic value of Team - TISI

Previous Close

$13.50

  Intrinsic Value

$13.28

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

+89%

Previous close

$13.50

 
Intrinsic value

$13.28

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

+89%

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

We calculate the intrinsic value of TISI 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 0.4

 

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, %
  109.27
  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
  1,197
  1,221
  1,249
  1,281
  1,317
  1,357
  1,401
  1,449
  1,500
  1,556
  1,616
  1,679
  1,748
  1,820
  1,897
  1,979
  2,066
  2,158
  2,255
  2,357
  2,466
  2,580
  2,701
  2,828
  2,961
  3,102
  3,251
  3,407
  3,572
  3,745
  3,926
Variable operating expenses, $m
 
  1,180
  1,206
  1,236
  1,270
  1,308
  1,349
  1,393
  1,442
  1,494
  1,550
  1,574
  1,638
  1,706
  1,778
  1,855
  1,936
  2,022
  2,113
  2,210
  2,311
  2,418
  2,531
  2,650
  2,776
  2,908
  3,047
  3,193
  3,348
  3,510
  3,680
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
  1,200
  1,180
  1,206
  1,236
  1,270
  1,308
  1,349
  1,393
  1,442
  1,494
  1,550
  1,574
  1,638
  1,706
  1,778
  1,855
  1,936
  2,022
  2,113
  2,210
  2,311
  2,418
  2,531
  2,650
  2,776
  2,908
  3,047
  3,193
  3,348
  3,510
  3,680
Operating income, $m
  -3
  41
  43
  45
  47
  50
  52
  55
  59
  62
  66
  105
  110
  114
  119
  124
  130
  135
  141
  148
  155
  162
  169
  177
  186
  195
  204
  214
  224
  235
  246
EBITDA, $m
  46
  101
  104
  106
  109
  113
  116
  120
  125
  129
  134
  140
  145
  151
  158
  164
  172
  179
  187
  196
  205
  214
  224
  235
  246
  258
  270
  283
  297
  311
  326
Interest expense (income), $m
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
Earnings before tax, $m
  -16
  29
  30
  32
  33
  35
  37
  40
  42
  45
  47
  86
  89
  93
  96
  100
  104
  108
  113
  118
  123
  128
  133
  139
  146
  152
  159
  166
  174
  182
  190
Tax expense, $m
  -3
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  23
  24
  25
  26
  27
  28
  29
  30
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
Net income, $m
  -13
  21
  22
  23
  24
  26
  27
  29
  31
  33
  35
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  121
  127
  133
  139

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  46
  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
  1,147
  1,123
  1,149
  1,179
  1,212
  1,248
  1,289
  1,333
  1,380
  1,431
  1,486
  1,545
  1,608
  1,675
  1,746
  1,821
  1,901
  1,985
  2,074
  2,169
  2,268
  2,374
  2,484
  2,601
  2,724
  2,854
  2,991
  3,134
  3,286
  3,445
  3,612
Adjusted assets (=assets-cash), $m
  1,101
  1,123
  1,149
  1,179
  1,212
  1,248
  1,289
  1,333
  1,380
  1,431
  1,486
  1,545
  1,608
  1,675
  1,746
  1,821
  1,901
  1,985
  2,074
  2,169
  2,268
  2,374
  2,484
  2,601
  2,724
  2,854
  2,991
  3,134
  3,286
  3,445
  3,612
Revenue / Adjusted assets
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.086
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
  1.087
Average production assets, $m
  302
  308
  315
  323
  332
  342
  353
  365
  378
  392
  407
  423
  440
  459
  478
  499
  521
  544
  568
  594
  621
  650
  681
  713
  746
  782
  819
  859
  900
  944
  989
Working capital, $m
  253
  233
  239
  245
  252
  259
  268
  277
  287
  297
  309
  321
  334
  348
  362
  378
  395
  412
  431
  450
  471
  493
  516
  540
  566
  593
  621
  651
  682
  715
  750
Total debt, $m
  369
  359
  373
  389
  406
  426
  447
  471
  496
  524
  553
  585
  618
  654
  692
  732
  775
  820
  868
  918
  972
  1,028
  1,087
  1,150
  1,216
  1,285
  1,358
  1,435
  1,516
  1,601
  1,691
Total liabilities, $m
  612
  601
  615
  631
  648
  668
  689
  713
  738
  766
  795
  827
  860
  896
  934
  974
  1,017
  1,062
  1,110
  1,160
  1,214
  1,270
  1,329
  1,392
  1,458
  1,527
  1,600
  1,677
  1,758
  1,843
  1,933
Total equity, $m
  536
  522
  534
  548
  563
  581
  599
  620
  642
  666
  691
  718
  748
  779
  812
  847
  884
  923
  965
  1,008
  1,055
  1,104
  1,155
  1,210
  1,267
  1,327
  1,391
  1,458
  1,528
  1,602
  1,680
Total liabilities and equity, $m
  1,148
  1,123
  1,149
  1,179
  1,211
  1,249
  1,288
  1,333
  1,380
  1,432
  1,486
  1,545
  1,608
  1,675
  1,746
  1,821
  1,901
  1,985
  2,075
  2,168
  2,269
  2,374
  2,484
  2,602
  2,725
  2,854
  2,991
  3,135
  3,286
  3,445
  3,613
Debt-to-equity ratio
  0.688
  0.690
  0.700
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.980
  0.990
  1.000
  1.010
Adjusted equity ratio
  0.445
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -13
  21
  22
  23
  24
  26
  27
  29
  31
  33
  35
  63
  65
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  121
  127
  133
  139
Depreciation, amort., depletion, $m
  49
  60
  61
  62
  62
  63
  64
  65
  66
  67
  68
  34
  36
  37
  39
  40
  42
  44
  46
  48
  50
  52
  55
  57
  60
  63
  66
  69
  73
  76
  80
Funds from operations, $m
  111
  81
  83
  85
  87
  89
  91
  94
  97
  100
  103
  97
  101
  105
  109
  113
  118
  123
  128
  134
  140
  146
  152
  159
  166
  174
  182
  191
  200
  209
  219
Change in working capital, $m
  31
  5
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
Cash from operations, $m
  80
  77
  78
  79
  80
  81
  83
  85
  87
  89
  92
  85
  88
  91
  94
  98
  101
  105
  110
  114
  119
  124
  129
  135
  141
  147
  154
  161
  168
  176
  184
Maintenance CAPEX, $m
  0
  -24
  -25
  -25
  -26
  -27
  -28
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -73
  -76
New CAPEX, $m
  -46
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -46
Cash from investing activities, $m
  -71
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -60
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -87
  -91
  -96
  -100
  -105
  -110
  -117
  -122
Free cash flow, $m
  9
  46
  46
  45
  45
  45
  44
  44
  44
  45
  45
  36
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  48
  50
  51
  53
  55
  57
  60
  62
Issuance/(repayment) of debt, $m
  -4
  12
  14
  16
  18
  20
  22
  23
  25
  27
  29
  31
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
Issuance/(repurchase) of shares, $m
  4
  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  
  -6
  12
  14
  16
  18
  20
  22
  23
  25
  27
  29
  31
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
Total cash flow (excl. dividends), $m
  1
  58
  60
  61
  63
  64
  66
  68
  70
  72
  74
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  126
  132
  138
  145
  152
Retained Cash Flow (-), $m
  -198
  -10
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -70
  -74
  -78
Prev. year cash balance distribution, $m
 
  24
  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
 
  72
  48
  47
  47
  47
  47
  47
  48
  48
  49
  40
  41
  42
  43
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  61
  63
  65
  68
  71
  74
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  67
  41
  38
  34
  31
  28
  25
  22
  19
  17
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  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

Team, Inc. is a provider of specialty industrial services, including inspection and assessment, required in maintaining high temperature and high pressure piping systems and vessels. The Company conducts its operations through three segments: Inspection and Heat Treating Services (IHT) Group, Mechanical Services (MS) Group and Quest Integrity (Quest Integrity) Group. The IHT Group offers inspection services and heat treating services. The MS Group offers both on-stream services and turnaround/project related services, such as leak repair services, fugitive emissions control services, hot tapping services, field machining services and technical bolting services, valve repair services, heat exchanger and maintenance services, isolation and test plug services, valve insertion services and project services. The Quest Integrity Group offers integrity management solutions to the energy industry in the form of quantitative inspection and engineering assessment services and products.

FINANCIAL RATIOS  of  Team (TISI)

Valuation Ratios
P/E Ratio -30.9
Price to Sales 0.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate 109.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 76.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 64.7%
Total Debt to Equity 68.8%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.3%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital -1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity -3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 28.8%
EBITDA Margin 3.8%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin -0.3%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin -1.3%
Pre-Tax Margin - 3 Yr. Avg. 2.8%
Net Profit Margin -1.1%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 28.1%
Payout Ratio 0%

TISI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TISI stock intrinsic value calculation we used $1197 million for the last fiscal year's total revenue generated by Team. The default revenue input number comes from 2016 income statement of Team. 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 TISI 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 7.2%, whose default value for TISI is calculated based on our internal credit rating of Team, 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 Team.
    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 TISI stock the variable cost ratio is equal to 96.7%.

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 TISI 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 Team.

Corporate tax rate of 27% is the nominal tax rate for Team. 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 TISI 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 TISI are equal to 25.2%.

Life of production assets of 12.4 years is the average useful life of capital assets used in Team 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 TISI is equal to 19.1%. 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 - $536 million for Team - 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 29.067 million for Team 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 Team at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Team Inc. CEO steps down following activist investor letter   [Sep-18-17 09:55AM  American City Business Journals]
▶ Team, Inc. Announces Leadership Changes   [08:00AM  GlobeNewswire]
▶ Team, Inc. Statement Regarding Engine Capital Letter   [Sep-12-17 11:49AM  GlobeNewswire]
▶ ETFs with exposure to Team, Inc. : August 21, 2017   [Aug-21-17 05:14PM  Capital Cube]
▶ Team reports 2Q loss   [Aug-07-17 07:47PM  Associated Press]
▶ Team Lost the Most in the Week Ending July 28   [Aug-01-17 10:06AM  Market Realist]
▶ 5 Stocks to Avoid at all Costs   [Jul-27-17 03:30PM  Zacks]
▶ Why Team, Inc. Stock Just Crashed 28.5%   [Jul-25-17 01:38PM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:44AM  Briefing.com]
▶ Quest Integrity Announces New Strategic Alliance   [Jul-12-17 07:10AM  PR Newswire]
▶ ETFs with exposure to Team, Inc. : June 15, 2017   [Jun-15-17 03:29PM  Capital Cube]
▶ ETFs with exposure to Team, Inc. : May 26, 2017   [May-26-17 01:28PM  Capital Cube]
▶ ETFs with exposure to Team, Inc. : May 16, 2017   [May-16-17 01:01PM  Capital Cube]
▶ Team reports 1Q loss   [May-09-17 07:18PM  Associated Press]
▶ Team, Inc. Value Analysis (NYSE:TISI) : April 28, 2017   [Apr-28-17 05:18PM  Capital Cube]
▶ ETFs with exposure to Team, Inc. : April 10, 2017   [Apr-10-17 01:58PM  Capital Cube]
▶ ETFs with exposure to Team, Inc. : March 27, 2017   [Mar-27-17 04:08PM  Capital Cube]
▶ Team reports 4Q loss   [Mar-07-17 05:48PM  Associated Press]
▶ Team, Inc. Value Analysis (NYSE:TISI) : January 11, 2017   [Jan-11-17 11:43AM  Capital Cube]
▶ Should You Buy Team, Inc. (TISI)?   [Dec-12-16 05:38PM  at Insider Monkey]
▶ The Prudent Speculator's Undervalued Favorites   [Aug-31-16 05:41PM  at Forbes]
▶ New Dropbox Productivity Features Released Today   [Jun-22-16 09:00AM  at Forbes]
Financial statements of TISI
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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