Intrinsic value of Team - TISI

Previous Close

$24.55

  Intrinsic Value

$11.49

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-69%

Previous close

$24.55

 
Intrinsic value

$11.49

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-69%

*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 0.7

 

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, %
  109.27
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
Revenue, $m
  1,197
  1,368
  1,551
  1,745
  1,951
  2,168
  2,395
  2,633
  2,882
  3,142
  3,412
  3,693
  3,985
  4,289
  4,605
  4,934
  5,275
  5,629
  5,998
  6,382
  6,781
  7,197
  7,630
  8,081
  8,552
  9,043
  9,555
  10,091
  10,650
  11,234
  11,845
Variable operating expenses, $m
 
  1,318
  1,489
  1,672
  1,864
  2,067
  2,280
  2,504
  2,737
  2,980
  3,233
  3,461
  3,735
  4,020
  4,316
  4,624
  4,944
  5,276
  5,622
  5,981
  6,356
  6,745
  7,151
  7,574
  8,015
  8,476
  8,956
  9,457
  9,981
  10,529
  11,102
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
  1,318
  1,489
  1,672
  1,864
  2,067
  2,280
  2,504
  2,737
  2,980
  3,233
  3,461
  3,735
  4,020
  4,316
  4,624
  4,944
  5,276
  5,622
  5,981
  6,356
  6,745
  7,151
  7,574
  8,015
  8,476
  8,956
  9,457
  9,981
  10,529
  11,102
Operating income, $m
  -3
  50
  62
  74
  87
  100
  115
  130
  145
  162
  178
  232
  250
  269
  289
  310
  331
  353
  376
  400
  425
  452
  479
  507
  537
  567
  600
  633
  668
  705
  743
EBITDA, $m
  46
  114
  129
  145
  162
  180
  199
  219
  239
  261
  283
  307
  331
  356
  383
  410
  438
  468
  498
  530
  563
  598
  634
  671
  710
  751
  794
  838
  885
  933
  984
Interest expense (income), $m
  12
  12
  15
  18
  22
  25
  29
  33
  37
  41
  46
  50
  55
  60
  65
  71
  77
  82
  89
  95
  101
  108
  116
  123
  131
  139
  147
  156
  165
  175
  185
Earnings before tax, $m
  -16
  38
  47
  56
  65
  75
  86
  97
  108
  120
  133
  181
  195
  209
  224
  239
  254
  271
  288
  306
  324
  343
  363
  384
  406
  429
  452
  477
  503
  530
  558
Tax expense, $m
  -3
  10
  13
  15
  18
  20
  23
  26
  29
  32
  36
  49
  53
  56
  60
  64
  69
  73
  78
  82
  87
  93
  98
  104
  110
  116
  122
  129
  136
  143
  151
Net income, $m
  -13
  28
  34
  41
  48
  55
  63
  71
  79
  88
  97
  132
  142
  153
  163
  174
  186
  198
  210
  223
  237
  251
  265
  280
  296
  313
  330
  348
  367
  387
  407

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
  1,259
  1,427
  1,606
  1,795
  1,994
  2,203
  2,423
  2,651
  2,890
  3,139
  3,397
  3,666
  3,946
  4,237
  4,539
  4,853
  5,179
  5,518
  5,871
  6,238
  6,621
  7,019
  7,434
  7,867
  8,319
  8,791
  9,283
  9,797
  10,335
  10,897
Adjusted assets (=assets-cash), $m
  1,101
  1,259
  1,427
  1,606
  1,795
  1,994
  2,203
  2,423
  2,651
  2,890
  3,139
  3,397
  3,666
  3,946
  4,237
  4,539
  4,853
  5,179
  5,518
  5,871
  6,238
  6,621
  7,019
  7,434
  7,867
  8,319
  8,791
  9,283
  9,797
  10,335
  10,897
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
  1.087
  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
  1.087
Average production assets, $m
  302
  345
  391
  440
  492
  546
  604
  664
  726
  792
  860
  931
  1,004
  1,081
  1,161
  1,243
  1,329
  1,419
  1,512
  1,608
  1,709
  1,814
  1,923
  2,036
  2,155
  2,279
  2,408
  2,543
  2,684
  2,831
  2,985
Working capital, $m
  253
  261
  296
  333
  373
  414
  457
  503
  550
  600
  652
  705
  761
  819
  880
  942
  1,007
  1,075
  1,146
  1,219
  1,295
  1,375
  1,457
  1,544
  1,633
  1,727
  1,825
  1,927
  2,034
  2,146
  2,262
Total debt, $m
  369
  431
  521
  617
  718
  825
  937
  1,054
  1,176
  1,304
  1,437
  1,576
  1,720
  1,869
  2,025
  2,186
  2,354
  2,529
  2,710
  2,899
  3,095
  3,300
  3,513
  3,735
  3,967
  4,209
  4,461
  4,724
  5,000
  5,287
  5,588
Total liabilities, $m
  612
  673
  763
  859
  960
  1,067
  1,179
  1,296
  1,418
  1,546
  1,679
  1,818
  1,962
  2,111
  2,267
  2,428
  2,596
  2,771
  2,952
  3,141
  3,337
  3,542
  3,755
  3,977
  4,209
  4,451
  4,703
  4,966
  5,242
  5,529
  5,830
Total equity, $m
  536
  585
  664
  747
  835
  927
  1,025
  1,126
  1,233
  1,344
  1,460
  1,580
  1,705
  1,835
  1,970
  2,110
  2,256
  2,408
  2,566
  2,730
  2,901
  3,079
  3,264
  3,457
  3,658
  3,868
  4,088
  4,317
  4,556
  4,806
  5,067
Total liabilities and equity, $m
  1,148
  1,258
  1,427
  1,606
  1,795
  1,994
  2,204
  2,422
  2,651
  2,890
  3,139
  3,398
  3,667
  3,946
  4,237
  4,538
  4,852
  5,179
  5,518
  5,871
  6,238
  6,621
  7,019
  7,434
  7,867
  8,319
  8,791
  9,283
  9,798
  10,335
  10,897
Debt-to-equity ratio
  0.688
  0.740
  0.790
  0.830
  0.860
  0.890
  0.910
  0.940
  0.950
  0.970
  0.980
  1.000
  1.010
  1.020
  1.030
  1.040
  1.040
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
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
  28
  34
  41
  48
  55
  63
  71
  79
  88
  97
  132
  142
  153
  163
  174
  186
  198
  210
  223
  237
  251
  265
  280
  296
  313
  330
  348
  367
  387
  407
Depreciation, amort., depletion, $m
  49
  63
  67
  71
  75
  80
  84
  89
  94
  99
  105
  75
  81
  87
  94
  100
  107
  114
  122
  130
  138
  146
  155
  164
  174
  184
  194
  205
  216
  228
  241
Funds from operations, $m
  111
  91
  101
  112
  123
  135
  147
  160
  173
  187
  202
  207
  223
  240
  257
  274
  293
  312
  332
  353
  374
  397
  420
  445
  470
  497
  524
  553
  583
  615
  648
Change in working capital, $m
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  70
  73
  76
  79
  83
  86
  90
  94
  98
  102
  107
  112
  117
Cash from operations, $m
  80
  59
  66
  75
  84
  93
  103
  114
  126
  138
  150
  154
  167
  182
  196
  212
  228
  244
  262
  279
  298
  317
  337
  358
  380
  403
  426
  451
  477
  503
  531
Maintenance CAPEX, $m
  0
  -24
  -28
  -32
  -35
  -40
  -44
  -49
  -54
  -59
  -64
  -69
  -75
  -81
  -87
  -94
  -100
  -107
  -114
  -122
  -130
  -138
  -146
  -155
  -164
  -174
  -184
  -194
  -205
  -216
  -228
New CAPEX, $m
  -46
  -43
  -46
  -49
  -52
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
Cash from investing activities, $m
  -71
  -67
  -74
  -81
  -87
  -95
  -101
  -109
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -186
  -196
  -207
  -219
  -231
  -243
  -255
  -269
  -283
  -298
  -313
  -329
  -346
  -363
  -382
Free cash flow, $m
  9
  -9
  -8
  -6
  -4
  -1
  2
  6
  10
  14
  18
  14
  19
  24
  30
  35
  42
  48
  54
  61
  68
  75
  82
  90
  97
  105
  113
  122
  131
  140
  149
Issuance/(repayment) of debt, $m
  -4
  84
  90
  96
  101
  107
  112
  117
  122
  128
  133
  138
  144
  150
  155
  162
  168
  175
  182
  189
  197
  205
  213
  222
  232
  242
  252
  263
  275
  288
  301
Issuance/(repurchase) of shares, $m
  4
  45
  44
  43
  40
  38
  35
  31
  27
  23
  19
  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
  129
  134
  139
  141
  145
  147
  148
  149
  151
  152
  138
  144
  150
  155
  162
  168
  175
  182
  189
  197
  205
  213
  222
  232
  242
  252
  263
  275
  288
  301
Total cash flow (excl. dividends), $m
  1
  121
  127
  132
  138
  143
  149
  154
  159
  165
  170
  152
  163
  174
  185
  197
  209
  222
  236
  250
  264
  279
  295
  312
  329
  347
  366
  385
  406
  427
  450
Retained Cash Flow (-), $m
  -198
  -73
  -78
  -83
  -88
  -93
  -97
  -102
  -106
  -111
  -116
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -261
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
  49
  50
  51
  51
  52
  53
  54
  54
  32
  38
  44
  50
  57
  64
  71
  78
  86
  93
  102
  110
  119
  128
  137
  146
  156
  167
  177
  189
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
  42
  39
  36
  33
  30
  27
  24
  22
  19
  9
  9
  9
  8
  8
  7
  6
  5
  4
  3
  3
  2
  1
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.8
  88.8
  84.7
  81.4
  78.7
  76.6
  74.9
  73.6
  72.5
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8
  71.8

Team, Inc. provides specialty industrial services in the United States, Canada, Europe, and internationally. The company operates through three segments: Inspection and Heat Treating Services (IHT); Mechanical Services (MS); and Quest Integrity. The IHT segment offers non-destructive evaluation and testing, radiographic and ultrasonic testing, magnetic particle and liquid penetrant inspection, positive material identification, electromagnetic and eddy current testing, and alternating current field measurement services. It also provides long-range guided ultrasonic, phased array ultrasonic testing, tank inspection and management programs, rope access, mechanical integrity, and field heat treating services. The MS segment offers on-stream and turnaround/project related services, such as leak repair, fugitive emissions control, hot tapping, field machining and technical bolting, valve repair, heat exchanger and maintenance, isolation and test plug, valve insertion, and project services. The Quest Integrity segment provides furnace tube inspection system, in-line inspection services, pipeline integrity management services, and engineering assessment services. The company serves petrochemical, refining, power, pipeline, steel, pulp, and paper industries; and municipalities, shipbuilding, original equipment manufacturers, distributors, and engineering and construction firms. Team, Inc. was founded in 1973 and is headquartered in Sugar Land, Texas.

FINANCIAL RATIOS  of  Team (TISI)

Valuation Ratios
P/E Ratio -56.2
Price to Sales 0.6
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow 21.5
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 14.3% 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 29.197 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 $0.7 billion.

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COMPANY NEWS

▶ 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]
Stock chart of TISI Financial statements of TISI Annual reports 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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