Intrinsic value of Teekay - TK

Previous Close

$8.92

  Intrinsic Value

$9.66

stock screener

  Rating & Target

hold

+8%

  Value-price divergence*

-34%

Previous close

$8.92

 
Intrinsic value

$9.66

 
Up/down potential

+8%

 
Rating

hold

 
Value-price divergence*

-34%

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

We calculate the intrinsic value of TK 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 0.8

 

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, %
  -4.94
  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
  2,329
  2,376
  2,430
  2,493
  2,563
  2,640
  2,726
  2,819
  2,919
  3,027
  3,143
  3,268
  3,400
  3,542
  3,692
  3,851
  4,020
  4,198
  4,387
  4,587
  4,798
  5,020
  5,255
  5,502
  5,762
  6,036
  6,325
  6,629
  6,949
  7,286
  7,640
Variable operating expenses, $m
 
  1,769
  1,810
  1,856
  1,908
  1,965
  2,028
  2,096
  2,170
  2,250
  2,336
  2,410
  2,507
  2,612
  2,722
  2,840
  2,964
  3,096
  3,235
  3,382
  3,538
  3,702
  3,875
  4,057
  4,249
  4,451
  4,664
  4,888
  5,124
  5,373
  5,634
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
  1,944
  1,769
  1,810
  1,856
  1,908
  1,965
  2,028
  2,096
  2,170
  2,250
  2,336
  2,410
  2,507
  2,612
  2,722
  2,840
  2,964
  3,096
  3,235
  3,382
  3,538
  3,702
  3,875
  4,057
  4,249
  4,451
  4,664
  4,888
  5,124
  5,373
  5,634
Operating income, $m
  384
  606
  620
  637
  655
  676
  698
  722
  749
  777
  808
  858
  893
  930
  969
  1,011
  1,056
  1,102
  1,152
  1,205
  1,260
  1,318
  1,380
  1,445
  1,513
  1,585
  1,661
  1,741
  1,825
  1,913
  2,006
EBITDA, $m
  956
  1,195
  1,223
  1,254
  1,289
  1,328
  1,371
  1,418
  1,469
  1,523
  1,581
  1,644
  1,711
  1,782
  1,857
  1,937
  2,022
  2,112
  2,207
  2,308
  2,414
  2,525
  2,643
  2,768
  2,899
  3,037
  3,182
  3,335
  3,496
  3,665
  3,843
Interest expense (income), $m
  341
  328
  320
  332
  346
  362
  380
  399
  421
  443
  468
  494
  523
  553
  585
  619
  655
  694
  734
  777
  823
  871
  921
  975
  1,031
  1,090
  1,153
  1,218
  1,287
  1,360
  1,437
Earnings before tax, $m
  111
  279
  301
  305
  309
  313
  318
  323
  328
  334
  340
  364
  370
  377
  384
  392
  400
  409
  418
  427
  437
  447
  458
  470
  482
  495
  508
  523
  537
  553
  569
Tax expense, $m
  24
  75
  81
  82
  83
  85
  86
  87
  89
  90
  92
  98
  100
  102
  104
  106
  108
  110
  113
  115
  118
  121
  124
  127
  130
  134
  137
  141
  145
  149
  154
Net income, $m
  -123
  203
  219
  222
  225
  229
  232
  236
  240
  244
  248
  265
  270
  275
  281
  286
  292
  298
  305
  312
  319
  327
  335
  343
  352
  361
  371
  381
  392
  404
  416

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  568
  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
  12,815
  13,053
  13,353
  13,696
  14,081
  14,508
  14,977
  15,487
  16,039
  16,634
  17,272
  17,955
  18,684
  19,459
  20,284
  21,159
  22,086
  23,068
  24,106
  25,203
  26,361
  27,582
  28,871
  30,229
  31,660
  33,168
  34,755
  36,425
  38,183
  40,032
  41,977
Adjusted assets (=assets-cash), $m
  12,247
  13,053
  13,353
  13,696
  14,081
  14,508
  14,977
  15,487
  16,039
  16,634
  17,272
  17,955
  18,684
  19,459
  20,284
  21,159
  22,086
  23,068
  24,106
  25,203
  26,361
  27,582
  28,871
  30,229
  31,660
  33,168
  34,755
  36,425
  38,183
  40,032
  41,977
Revenue / Adjusted assets
  0.190
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
  0.182
Average production assets, $m
  9,354
  9,540
  9,760
  10,011
  10,292
  10,604
  10,947
  11,319
  11,723
  12,158
  12,624
  13,123
  13,656
  14,223
  14,826
  15,465
  16,143
  16,861
  17,619
  18,421
  19,267
  20,160
  21,102
  22,095
  23,141
  24,243
  25,402
  26,623
  27,908
  29,260
  30,681
Working capital, $m
  -365
  109
  112
  115
  118
  121
  125
  130
  134
  139
  145
  150
  156
  163
  170
  177
  185
  193
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  320
  335
  351
Total debt, $m
  7,121
  6,952
  7,223
  7,531
  7,878
  8,262
  8,684
  9,143
  9,640
  10,175
  10,750
  11,364
  12,020
  12,718
  13,461
  14,248
  15,083
  15,966
  16,900
  17,887
  18,929
  20,029
  21,189
  22,411
  23,699
  25,056
  26,484
  27,987
  29,569
  31,234
  32,984
Total liabilities, $m
  11,915
  11,747
  12,018
  12,326
  12,673
  13,057
  13,479
  13,938
  14,435
  14,970
  15,545
  16,159
  16,815
  17,513
  18,256
  19,043
  19,878
  20,761
  21,695
  22,682
  23,724
  24,824
  25,984
  27,206
  28,494
  29,851
  31,279
  32,782
  34,364
  36,029
  37,779
Total equity, $m
  899
  1,305
  1,335
  1,370
  1,408
  1,451
  1,498
  1,549
  1,604
  1,663
  1,727
  1,795
  1,868
  1,946
  2,028
  2,116
  2,209
  2,307
  2,411
  2,520
  2,636
  2,758
  2,887
  3,023
  3,166
  3,317
  3,475
  3,642
  3,818
  4,003
  4,198
Total liabilities and equity, $m
  12,814
  13,052
  13,353
  13,696
  14,081
  14,508
  14,977
  15,487
  16,039
  16,633
  17,272
  17,954
  18,683
  19,459
  20,284
  21,159
  22,087
  23,068
  24,106
  25,202
  26,360
  27,582
  28,871
  30,229
  31,660
  33,168
  34,754
  36,424
  38,182
  40,032
  41,977
Debt-to-equity ratio
  7.921
  5.330
  5.410
  5.500
  5.590
  5.690
  5.800
  5.900
  6.010
  6.120
  6.220
  6.330
  6.430
  6.540
  6.640
  6.730
  6.830
  6.920
  7.010
  7.100
  7.180
  7.260
  7.340
  7.410
  7.490
  7.550
  7.620
  7.680
  7.740
  7.800
  7.860
Adjusted equity ratio
  0.027
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -123
  203
  219
  222
  225
  229
  232
  236
  240
  244
  248
  265
  270
  275
  281
  286
  292
  298
  305
  312
  319
  327
  335
  343
  352
  361
  371
  381
  392
  404
  416
Depreciation, amort., depletion, $m
  572
  589
  602
  617
  634
  653
  673
  696
  720
  746
  774
  786
  818
  852
  888
  926
  967
  1,010
  1,055
  1,103
  1,154
  1,207
  1,264
  1,323
  1,386
  1,452
  1,521
  1,594
  1,671
  1,752
  1,837
Funds from operations, $m
  637
  792
  822
  840
  859
  881
  905
  931
  959
  989
  1,022
  1,051
  1,088
  1,127
  1,168
  1,212
  1,259
  1,308
  1,360
  1,415
  1,473
  1,534
  1,598
  1,666
  1,738
  1,813
  1,892
  1,976
  2,063
  2,156
  2,253
Change in working capital, $m
  17
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
Cash from operations, $m
  620
  790
  819
  837
  856
  878
  901
  927
  955
  984
  1,016
  1,046
  1,082
  1,120
  1,161
  1,205
  1,251
  1,300
  1,351
  1,406
  1,463
  1,524
  1,588
  1,655
  1,726
  1,800
  1,879
  1,962
  2,049
  2,140
  2,237
Maintenance CAPEX, $m
  0
  -560
  -571
  -584
  -599
  -616
  -635
  -655
  -678
  -702
  -728
  -756
  -786
  -818
  -852
  -888
  -926
  -967
  -1,010
  -1,055
  -1,103
  -1,154
  -1,207
  -1,264
  -1,323
  -1,386
  -1,452
  -1,521
  -1,594
  -1,671
  -1,752
New CAPEX, $m
  -648
  -187
  -219
  -251
  -282
  -312
  -342
  -373
  -404
  -435
  -467
  -499
  -533
  -567
  -603
  -640
  -678
  -717
  -759
  -802
  -846
  -893
  -942
  -993
  -1,046
  -1,102
  -1,160
  -1,221
  -1,285
  -1,352
  -1,422
Cash from investing activities, $m
  -175
  -747
  -790
  -835
  -881
  -928
  -977
  -1,028
  -1,082
  -1,137
  -1,195
  -1,255
  -1,319
  -1,385
  -1,455
  -1,528
  -1,604
  -1,684
  -1,769
  -1,857
  -1,949
  -2,047
  -2,149
  -2,257
  -2,369
  -2,488
  -2,612
  -2,742
  -2,879
  -3,023
  -3,174
Free cash flow, $m
  445
  43
  28
  1
  -25
  -51
  -76
  -101
  -127
  -152
  -178
  -210
  -237
  -264
  -293
  -322
  -353
  -384
  -417
  -451
  -486
  -523
  -562
  -602
  -643
  -687
  -733
  -780
  -830
  -882
  -937
Issuance/(repayment) of debt, $m
  -786
  -169
  270
  309
  347
  384
  422
  459
  497
  535
  575
  615
  656
  698
  742
  787
  835
  883
  934
  987
  1,042
  1,100
  1,160
  1,222
  1,288
  1,357
  1,428
  1,503
  1,582
  1,664
  1,751
Issuance/(repurchase) of shares, $m
  433
  203
  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  
  -538
  34
  270
  309
  347
  384
  422
  459
  497
  535
  575
  615
  656
  698
  742
  787
  835
  883
  934
  987
  1,042
  1,100
  1,160
  1,222
  1,288
  1,357
  1,428
  1,503
  1,582
  1,664
  1,751
Total cash flow (excl. dividends), $m
  -93
  78
  299
  310
  322
  334
  346
  358
  370
  383
  396
  405
  419
  434
  449
  465
  482
  499
  517
  536
  556
  577
  598
  621
  645
  670
  696
  723
  752
  782
  813
Retained Cash Flow (-), $m
  20
  -406
  -30
  -34
  -39
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -167
  -176
  -185
  -195
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
 
  -329
  269
  276
  283
  291
  299
  307
  315
  324
  332
  337
  346
  356
  367
  378
  389
  401
  413
  426
  440
  454
  469
  485
  502
  519
  537
  556
  576
  597
  619
Discount rate, %
 
  12.30
  12.92
  13.56
  14.24
  14.95
  15.70
  16.48
  17.31
  18.17
  19.08
  20.04
  21.04
  22.09
  23.19
  24.35
  25.57
  26.85
  28.19
  29.60
  31.08
  32.64
  34.27
  35.98
  37.78
  39.67
  41.65
  43.73
  45.92
  48.22
  50.63
PV of cash for distribution, $m
 
  -293
  211
  188
  166
  145
  125
  105
  88
  72
  58
  45
  35
  27
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8
  78.8

Teekay Corporation primarily provides crude oil and gas marine transportation services in Bermuda and internationally. The company operates through Offshore Logistics, Offshore Production, Liquefied Gas Carriers, and Conventional Tankers segments. It operates shuttle tankers, floating storage and off-take units, HiLoad DP units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects. The company also operates floating production, storage, and offloading units, as well as other vessels used to service its FPSO contracts; liquefied natural gas (LNG) and liquefied petroleum gas carriers; and conventional crude oil and product tankers. As of April 01, 2016, its fleet comprised approximately 220 liquefied gas, offshore, and conventional tanker assets. The company serves energy and utility companies, oil traders, oil and LNG consumers, petroleum product producers, government agencies, and various other entities that depend upon marine transportation. Teekay Corporation was founded in 1973 and is based in Hamilton, Bermuda.

FINANCIAL RATIOS  of  Teekay (TK)

Valuation Ratios
P/E Ratio -6.2
Price to Sales 0.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 1.2
Price to Free Cash Flow -27.4
Growth Rates
Sales Growth Rate -4.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.9%
Cap. Spend. - 3 Yr. Gr. Rate -3%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 676.5%
Total Debt to Equity 792.1%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.1%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity -13.5%
Return On Equity - 3 Yr. Avg. -3.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 52.2%
Gross Margin - 3 Yr. Avg. 52.3%
EBITDA Margin 44%
EBITDA Margin - 3 Yr. Avg. 46%
Operating Margin 16.5%
Oper. Margin - 3 Yr. Avg. 21.2%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 9.1%
Net Profit Margin -5.3%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate 21.6%
Eff/ Tax Rate - 3 Yr. Avg. 8.3%
Payout Ratio -13.8%

TK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TK stock intrinsic value calculation we used $2329 million for the last fiscal year's total revenue generated by Teekay. The default revenue input number comes from 2016 income statement of Teekay. 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 TK 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 12.3%, whose default value for TK is calculated based on our internal credit rating of Teekay, 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 Teekay.
    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 TK stock the variable cost ratio is equal to 74.5%.

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 TK 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 4.6% for Teekay.

Corporate tax rate of 27% is the nominal tax rate for Teekay. 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 TK 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 TK are equal to 401.6%.

Life of production assets of 16.7 years is the average useful life of capital assets used in Teekay 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 TK is equal to 4.6%. 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 - $899 million for Teekay - 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 84.526 million for Teekay 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 Teekay at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
TNP Tsakos Energy 4.39 4.17  hold
TOO Teekay Offshor 2.46 2.11  hold
GLNG Golar LNG 20.38 4.59  str.sell
NAT Nordic America 4.99 3.82  sell
GNRT Gener8 Maritim 4.33 4.18  sell
HMLP Hoegh LNG Part 18.20 120.96  str.buy
TGP Teekay LNG Par 16.85 5.37  str.sell

COMPANY NEWS

▶ ETFs with exposure to Teekay Corp. : August 7, 2017   [Aug-07-17 04:59PM  Capital Cube]
▶ Teekay reports 2Q loss   [Aug-03-17 11:15AM  Associated Press]
▶ Teekay Was the NYSEs Biggest Gainer Last Week   [08:26AM  Market Realist]
▶ Teekay Corporation Declares Dividend   [Jul-07-17 06:59AM  Marketwired]
▶ ETFs with exposure to Teekay Corp. : July 3, 2017   [Jul-03-17 03:54PM  Capital Cube]
▶ Why Teekay Corporation Took Off -- and Rose 10% Today   [Jun-22-17 05:36PM  Motley Fool]
▶ Teekay reports 1Q loss   [05:00AM  Associated Press]
▶ Teekay Corp. Value Analysis (NYSE:TK) : April 12, 2017   [Apr-12-17 01:31PM  Capital Cube]
▶ Top 7 VLCC Tanker Companies In The World   [08:45AM  Insider Monkey]
▶ Teekay Corporation Declares Dividend   [Apr-03-17 04:05PM  Marketwired]
▶ Teekay reports 4Q loss   [Feb-23-17 08:55AM  Associated Press]
▶ Stocks Surging Into Major Resistance   [Jan-23-17 01:00PM  at Investopedia]
▶ These Dividend Stocks Could Double in 2017   [Jan-22-17 11:10AM  at Motley Fool]
▶ MLP Outperformers and Underperformers of the Week   [Jan-20-17 04:56PM  at Barrons.com]
▶ Teekay Corporation Declares Dividend   [Jan-03-17 06:12PM  Marketwired]
▶ Is Teekay Corporation (TK) A Bad Investment Now?   [Dec-09-16 04:00PM  at Insider Monkey]
▶ Teekay Corporation Declares Dividend   [Oct-03-16 04:05PM  Marketwired]
▶ Teekay Corporation Declares Dividend   [Jul-01-16 06:58AM  Marketwired]
Stock chart of TK Financial statements of TK
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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