Intrinsic value of Teekay - TK

Previous Close

$8.74

  Intrinsic Value

$11.06

stock screener

  Rating & Target

buy

+27%

Previous close

$8.74

 
Intrinsic value

$11.06

 
Up/down potential

+27%

 
Rating

buy

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
  301
  297
  309
  323
  338
  355
  373
  394
  415
  439
  464
  491
  520
  551
  584
  619
  655
  694
  735
  779
  825
  873
  924
  978
  1,035
  1,095
  1,158
  1,224
  1,294
  1,367
Earnings before tax, $m
  111
  305
  323
  328
  333
  338
  343
  349
  355
  362
  369
  394
  401
  410
  418
  427
  437
  447
  458
  469
  481
  493
  507
  520
  535
  550
  566
  583
  601
  620
  639
Tax expense, $m
  24
  82
  87
  89
  90
  91
  93
  94
  96
  98
  100
  106
  108
  111
  113
  115
  118
  121
  124
  127
  130
  133
  137
  141
  144
  149
  153
  157
  162
  167
  173
Net income, $m
  -123
  222
  236
  239
  243
  247
  251
  255
  259
  264
  269
  287
  293
  299
  305
  312
  319
  326
  334
  342
  351
  360
  370
  380
  390
  402
  413
  426
  439
  452
  467

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
  12,503
  12,791
  13,119
  13,488
  13,897
  14,346
  14,835
  15,363
  15,933
  16,545
  17,199
  17,897
  18,640
  19,430
  20,268
  21,156
  22,097
  23,091
  24,141
  25,251
  26,421
  27,655
  28,956
  30,327
  31,771
  33,291
  34,891
  36,575
  38,346
  40,209
Adjusted assets (=assets-cash), $m
  12,247
  12,503
  12,791
  13,119
  13,488
  13,897
  14,346
  14,835
  15,363
  15,933
  16,545
  17,199
  17,897
  18,640
  19,430
  20,268
  21,156
  22,097
  23,091
  24,141
  25,251
  26,421
  27,655
  28,956
  30,327
  31,771
  33,291
  34,891
  36,575
  38,346
  40,209
Revenue / Adjusted assets
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
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
  6,458
  6,717
  7,012
  7,345
  7,713
  8,116
  8,556
  9,032
  9,545
  10,095
  10,684
  11,312
  11,981
  12,692
  13,446
  14,246
  15,092
  15,987
  16,932
  17,931
  18,984
  20,095
  21,266
  22,500
  23,799
  25,167
  26,607
  28,122
  29,717
  31,393
Total liabilities, $m
  11,915
  11,253
  11,512
  11,807
  12,140
  12,508
  12,911
  13,351
  13,827
  14,340
  14,890
  15,479
  16,107
  16,776
  17,487
  18,241
  19,041
  19,887
  20,782
  21,727
  22,726
  23,779
  24,890
  26,061
  27,295
  28,594
  29,962
  31,402
  32,917
  34,512
  36,188
Total equity, $m
  899
  1,250
  1,279
  1,312
  1,349
  1,390
  1,435
  1,483
  1,536
  1,593
  1,654
  1,720
  1,790
  1,864
  1,943
  2,027
  2,116
  2,210
  2,309
  2,414
  2,525
  2,642
  2,766
  2,896
  3,033
  3,177
  3,329
  3,489
  3,657
  3,835
  4,021
Total liabilities and equity, $m
  12,814
  12,503
  12,791
  13,119
  13,489
  13,898
  14,346
  14,834
  15,363
  15,933
  16,544
  17,199
  17,897
  18,640
  19,430
  20,268
  21,157
  22,097
  23,091
  24,141
  25,251
  26,421
  27,656
  28,957
  30,328
  31,771
  33,291
  34,891
  36,574
  38,347
  40,209
Debt-to-equity ratio
  7.921
  5.160
  5.250
  5.350
  5.450
  5.550
  5.660
  5.770
  5.880
  5.990
  6.100
  6.210
  6.320
  6.430
  6.530
  6.630
  6.730
  6.830
  6.920
  7.010
  7.100
  7.190
  7.270
  7.340
  7.420
  7.490
  7.560
  7.630
  7.690
  7.750
  7.810
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
  222
  236
  239
  243
  247
  251
  255
  259
  264
  269
  287
  293
  299
  305
  312
  319
  326
  334
  342
  351
  360
  370
  380
  390
  402
  413
  426
  439
  452
  467
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
  811
  838
  857
  877
  899
  924
  950
  979
  1,010
  1,043
  1,073
  1,111
  1,151
  1,193
  1,238
  1,286
  1,336
  1,389
  1,446
  1,505
  1,567
  1,633
  1,703
  1,776
  1,853
  1,934
  2,020
  2,110
  2,204
  2,304
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
  809
  836
  854
  874
  896
  920
  946
  974
  1,005
  1,037
  1,068
  1,105
  1,144
  1,186
  1,231
  1,278
  1,328
  1,381
  1,436
  1,495
  1,557
  1,623
  1,692
  1,764
  1,841
  1,921
  2,006
  2,095
  2,189
  2,288
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
  62
  45
  18
  -7
  -33
  -57
  -82
  -107
  -132
  -157
  -188
  -214
  -241
  -268
  -297
  -326
  -356
  -388
  -420
  -454
  -490
  -526
  -565
  -605
  -647
  -690
  -736
  -784
  -834
  -886
Issuance/(repayment) of debt, $m
  -786
  -95
  259
  296
  332
  368
  404
  440
  476
  513
  550
  589
  628
  669
  711
  754
  799
  846
  895
  946
  998
  1,053
  1,111
  1,171
  1,234
  1,299
  1,368
  1,440
  1,515
  1,594
  1,677
Issuance/(repurchase) of shares, $m
  433
  129
  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
  259
  296
  332
  368
  404
  440
  476
  513
  550
  589
  628
  669
  711
  754
  799
  846
  895
  946
  998
  1,053
  1,111
  1,171
  1,234
  1,299
  1,368
  1,440
  1,515
  1,594
  1,677
Total cash flow (excl. dividends), $m
  -93
  96
  304
  314
  325
  335
  346
  358
  369
  381
  393
  401
  414
  428
  443
  458
  474
  490
  507
  525
  544
  564
  584
  606
  629
  653
  678
  704
  731
  760
  791
Retained Cash Flow (-), $m
  20
  -351
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
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
 
  -255
  275
  281
  288
  295
  301
  309
  316
  324
  332
  336
  345
  354
  364
  374
  385
  396
  408
  420
  433
  447
  461
  476
  492
  508
  526
  544
  563
  583
  604
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
 
  -227
  216
  192
  169
  147
  126
  106
  88
  72
  58
  45
  35
  26
  20
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4
  85.4

Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector. It is also involved in the conventional tanker business. Teekay provides a set of marine services to the oil and gas companies. The Company has four lines of business: offshore logistics (shuttle tankers, the HiLoad DP unit, floating storage and off-take (FSO) units, units for maintenance and safety (UMS), and long-distance towing and offshore installation vessels), offshore production (floating production, storage and offloading (FPSO) units), liquefied gas carriers and conventional tankers.

FINANCIAL RATIOS  of  Teekay (TK)

Valuation Ratios
P/E Ratio -6.1
Price to Sales 0.3
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 1.2
Price to Free Cash Flow -26.9
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 86.15 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 3.90 4.16  hold
TOO Teekay Offshor 2.35 1.99  sell
GLNG Golar LNG 26.46 4.61  str.sell
NAT Nordic America 2.65 3.28  sell
GNRT Gener8 Maritim 4.31 4.33  hold
HMLP Hoegh LNG Part 17.70 100.85  str.buy
TGP Teekay LNG Par 18.75 4.93  str.sell

COMPANY NEWS

▶ ETFs with exposure to Teekay Corp. : November 15, 2017   [Nov-15-17 12:37PM  Capital Cube]
▶ Why Teekay Corporation Stock Took Off Today   [Nov-09-17 05:58PM  Motley Fool]
▶ Teekay reports 3Q loss   [05:02AM  Associated Press]
▶ ETFs with exposure to Teekay Corp. : October 25, 2017   [Oct-25-17 10:14AM  Capital Cube]
▶ Tinka Announces Listing on the Lima Stock Exchange   [Oct-24-17 08:15AM  CNW Group]
▶ ETFs with exposure to Teekay Corp. : October 10, 2017   [Oct-10-17 11:51AM  Capital Cube]
▶ Teekay LNG Partners Declares Distribution   [Oct-03-17 04:05PM  GlobeNewswire]
▶ Teekay Corporation Declares Dividend   [04:05PM  GlobeNewswire]
▶ ETFs with exposure to Teekay Corp. : September 27, 2017   [Sep-27-17 10:41AM  Capital Cube]
▶ Teekay Corporation Announces Changes to Board of Directors   [Sep-13-17 06:55AM  GlobeNewswire]
▶ 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]
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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