Intrinsic value of Titan Machinery - TITN

Previous Close

$15.89

  Intrinsic Value

$3.70

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

-73%

Previous close

$15.89

 
Intrinsic value

$3.70

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

-73%

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

We calculate the intrinsic value of TITN 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 2017), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -11.33
  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
  1,213
  1,237
  1,266
  1,298
  1,335
  1,375
  1,420
  1,468
  1,520
  1,577
  1,637
  1,702
  1,771
  1,845
  1,923
  2,006
  2,094
  2,187
  2,285
  2,389
  2,499
  2,615
  2,737
  2,865
  3,001
  3,144
  3,294
  3,453
  3,619
  3,795
  3,979
Variable operating expenses, $m
 
  1,257
  1,286
  1,319
  1,356
  1,397
  1,442
  1,491
  1,545
  1,602
  1,663
  1,729
  1,799
  1,874
  1,953
  2,038
  2,127
  2,222
  2,322
  2,427
  2,539
  2,656
  2,780
  2,911
  3,049
  3,194
  3,347
  3,508
  3,677
  3,855
  4,043
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
  1,215
  1,257
  1,286
  1,319
  1,356
  1,397
  1,442
  1,491
  1,545
  1,602
  1,663
  1,729
  1,799
  1,874
  1,953
  2,038
  2,127
  2,222
  2,322
  2,427
  2,539
  2,656
  2,780
  2,911
  3,049
  3,194
  3,347
  3,508
  3,677
  3,855
  4,043
Operating income, $m
  -2
  -20
  -20
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
EBITDA, $m
  25
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Interest expense (income), $m
  21
  13
  14
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  35
  37
  38
  40
  43
  45
  47
  50
Earnings before tax, $m
  -23
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
Tax expense, $m
  -8
  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
Net income, $m
  -14
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  53
  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
  771
  733
  749
  769
  790
  814
  841
  869
  900
  934
  969
  1,008
  1,049
  1,092
  1,138
  1,187
  1,240
  1,295
  1,353
  1,414
  1,479
  1,548
  1,620
  1,697
  1,777
  1,861
  1,950
  2,044
  2,143
  2,247
  2,356
Adjusted assets (=assets-cash), $m
  718
  733
  749
  769
  790
  814
  841
  869
  900
  934
  969
  1,008
  1,049
  1,092
  1,138
  1,187
  1,240
  1,295
  1,353
  1,414
  1,479
  1,548
  1,620
  1,697
  1,777
  1,861
  1,950
  2,044
  2,143
  2,247
  2,356
Revenue / Adjusted assets
  1.689
  1.688
  1.690
  1.688
  1.690
  1.689
  1.688
  1.689
  1.689
  1.688
  1.689
  1.688
  1.688
  1.690
  1.690
  1.690
  1.689
  1.689
  1.689
  1.690
  1.690
  1.689
  1.690
  1.688
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
  1.689
Average production assets, $m
  175
  178
  182
  187
  192
  198
  204
  211
  219
  227
  236
  245
  255
  266
  277
  289
  301
  315
  329
  344
  360
  376
  394
  413
  432
  453
  474
  497
  521
  546
  573
Working capital, $m
  299
  490
  501
  514
  529
  545
  562
  581
  602
  624
  648
  674
  701
  730
  761
  794
  829
  866
  905
  946
  989
  1,035
  1,084
  1,135
  1,188
  1,245
  1,305
  1,367
  1,433
  1,503
  1,576
Total debt, $m
  361
  316
  325
  336
  348
  361
  376
  392
  409
  427
  447
  468
  491
  515
  541
  568
  596
  627
  659
  693
  729
  767
  807
  849
  894
  940
  990
  1,041
  1,096
  1,153
  1,214
Total liabilities, $m
  450
  405
  414
  425
  437
  450
  465
  481
  498
  516
  536
  557
  580
  604
  630
  657
  685
  716
  748
  782
  818
  856
  896
  938
  983
  1,029
  1,079
  1,130
  1,185
  1,242
  1,303
Total equity, $m
  321
  327
  335
  344
  353
  364
  376
  389
  402
  417
  433
  450
  469
  488
  509
  531
  554
  579
  605
  632
  661
  692
  724
  758
  794
  832
  872
  914
  958
  1,004
  1,053
Total liabilities and equity, $m
  771
  732
  749
  769
  790
  814
  841
  870
  900
  933
  969
  1,007
  1,049
  1,092
  1,139
  1,188
  1,239
  1,295
  1,353
  1,414
  1,479
  1,548
  1,620
  1,696
  1,777
  1,861
  1,951
  2,044
  2,143
  2,246
  2,356
Debt-to-equity ratio
  1.125
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.010
  1.020
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
  1.100
  1.110
  1.110
  1.120
  1.130
  1.130
  1.140
  1.140
  1.140
  1.150
  1.150
Adjusted equity ratio
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -14
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
Depreciation, amort., depletion, $m
  27
  18
  18
  19
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
  57
Funds from operations, $m
  265
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -53
  -56
Change in working capital, $m
  124
  10
  11
  13
  14
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  63
  66
  69
  73
Cash from operations, $m
  141
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
Maintenance CAPEX, $m
  0
  -17
  -18
  -18
  -19
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
New CAPEX, $m
  -12
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
Cash from investing activities, $m
  -9
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -82
Free cash flow, $m
  132
  -46
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -172
  -181
  -190
  -200
  -210
Issuance/(repayment) of debt, $m
  -166
  8
  9
  11
  12
  13
  15
  16
  17
  18
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
Issuance/(repurchase) of shares, $m
  0
  39
  41
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  115
  120
  127
  133
  140
  147
  154
  162
Cash from financing (excl. dividends), $m  
  -168
  47
  50
  54
  57
  61
  65
  68
  72
  76
  81
  85
  90
  94
  100
  104
  110
  115
  122
  128
  135
  142
  149
  157
  164
  174
  182
  192
  202
  211
  222
Total cash flow (excl. dividends), $m
  -36
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  11
  11
  12
  12
Retained Cash Flow (-), $m
  17
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -127
  -133
  -140
  -147
  -154
  -162
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
 
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  -35
  -33
  -31
  -29
  -27
  -25
  -23
  -20
  -18
  -16
  -14
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  89.7
  80.3
  71.6
  63.7
  56.6
  50.2
  44.4
  39.2
  34.6
  30.5
  26.8
  23.6
  20.7
  18.1
  15.9
  13.9
  12.2
  10.6
  9.3
  8.1
  7.1
  6.2
  5.4
  4.7
  4.1
  3.5
  3.1
  2.7
  2.3
  2.0

Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment stores in the United States and Europe. It operates through three segments: Agriculture, Construction, and International. The company sells new and used equipment comprising agricultural and construction equipment manufactured under the CNH family of brands, as well as equipment from various other manufacturers. Its agricultural equipment include application equipment and sprayers, combines and attachments, hay and forage equipment, planting and seeding equipment, precision farming technology, tillage equipment, and tractors for farming, and home and garden applications. The company’s construction equipment comprise compact track loaders, compaction equipment, cranes, crawler dozers, excavators, forklifts, loader/backhoes, loader/tool carriers, motor graders, skid steer loaders, telehandlers, and wheel loaders for commercial and residential construction, road and highway construction, and mining applications. Titan Machinery Inc. also sells maintenance and replacement parts of equipment that it sells, as well as for other types of equipment. In addition, it provides repair and maintenance services consisting of warranty repairs, on-site repair services, and scheduling off-season maintenance services, as well as notifies customers of periodic service requirements; provides training programs to customers; and sells extended warranty services. Further, the company rents equipment; and provides ancillary equipment support services. As of April 13, 2016, it operated a network of 91 North American dealerships in North Dakota, South Dakota, Iowa, Minnesota, Montana, Nebraska, Wyoming, Wisconsin, Colorado, Arizona, and New Mexico, including 1 outlet store; and 17 European dealerships in Romania, Bulgaria, Serbia, and Ukraine. Titan Machinery Inc. was founded in 1980 and headquartered in West Fargo, North Dakota.

FINANCIAL RATIOS  of  Titan Machinery (TITN)

Valuation Ratios
P/E Ratio -24.8
Price to Sales 0.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 2.5
Price to Free Cash Flow 2.7
Growth Rates
Sales Growth Rate -11.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 39.6%
Total Debt to Equity 112.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -0%
Ret/ On Assets - 3 Yr. Avg. -0.7%
Return On Total Capital -1.7%
Ret/ On T. Cap. - 3 Yr. Avg. -2.6%
Return On Equity -4.2%
Return On Equity - 3 Yr. Avg. -7.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 17.6%
Gross Margin - 3 Yr. Avg. 16.3%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 1.1%
Operating Margin -0.2%
Oper. Margin - 3 Yr. Avg. -0.6%
Pre-Tax Margin -1.9%
Pre-Tax Margin - 3 Yr. Avg. -2.7%
Net Profit Margin -1.2%
Net Profit Margin - 3 Yr. Avg. -1.9%
Effective Tax Rate 34.8%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 0%

TITN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TITN stock intrinsic value calculation we used $1213 million for the last fiscal year's total revenue generated by Titan Machinery. The default revenue input number comes from 2017 income statement of Titan Machinery. 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 TITN 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 8.8%, whose default value for TITN is calculated based on our internal credit rating of Titan Machinery, 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 Titan Machinery.
    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 TITN stock the variable cost ratio is equal to 101.6%.

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 TITN 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 4.3% for Titan Machinery.

Corporate tax rate of 27% is the nominal tax rate for Titan Machinery. 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 TITN 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 TITN are equal to 14.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Titan Machinery 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 TITN is equal to 39.6%. 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 - $321 million for Titan Machinery - 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 21.666 million for Titan Machinery 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 Titan Machinery at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Top Ranked Momentum Stocks to Buy for July 14th   [Jul-14-17 09:11AM  Zacks]
▶ Titan Machinery reports 1Q loss   [May-25-17 07:20AM  Associated Press]
▶ ETFs with exposure to Titan Machinery, Inc. : May 8, 2017   [May-08-17 05:20PM  Capital Cube]
▶ Titan Machinery's Q4 Loss Was Worse Than Expected   [Apr-03-17 09:38AM  at Investopedia]
▶ Titan Machinery reports 4Q loss   [07:06AM  Associated Press]
▶ Titan Machinery Elects Two New Board Members   [02:35PM  GlobeNewswire]
▶ Hedge Funds Are Buying Abraxas Petroleum Corp. (AXAS)   [Dec-14-16 06:03AM  at Insider Monkey]
▶ 5 Hated Stocks You Should Love This Earnings Season   [Apr-12-16 11:15AM  at TheStreet]
▶ 5 Stocks Under $10 Set to Soar   [Feb-18-16 07:06AM  at TheStreet]
Financial statements of TITN
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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