Intrinsic value of Tennant - TNC

Previous Close

$62.25

  Intrinsic Value

$36.10

stock screener

  Rating & Target

sell

-42%

Previous close

$62.25

 
Intrinsic value

$36.10

 
Up/down potential

-42%

 
Rating

sell

We calculate the intrinsic value of TNC 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 1.1

 

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, %
  -0.37
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  809
  1,010
  1,242
  1,504
  1,798
  2,122
  2,478
  2,864
  3,279
  3,724
  4,198
  4,699
  5,227
  5,782
  6,364
  6,972
  7,606
  8,267
  8,955
  9,670
  10,413
  11,186
  11,989
  12,823
  13,690
  14,592
  15,530
  16,506
  17,523
  18,581
  19,684
Variable operating expenses, $m
 
  943
  1,159
  1,403
  1,676
  1,979
  2,310
  2,669
  3,057
  3,471
  3,912
  4,376
  4,869
  5,386
  5,927
  6,494
  7,084
  7,700
  8,340
  9,006
  9,699
  10,418
  11,166
  11,943
  12,751
  13,591
  14,465
  15,374
  16,321
  17,307
  18,334
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
  740
  943
  1,159
  1,403
  1,676
  1,979
  2,310
  2,669
  3,057
  3,471
  3,912
  4,376
  4,869
  5,386
  5,927
  6,494
  7,084
  7,700
  8,340
  9,006
  9,699
  10,418
  11,166
  11,943
  12,751
  13,591
  14,465
  15,374
  16,321
  17,307
  18,334
Operating income, $m
  69
  67
  83
  101
  121
  143
  168
  194
  223
  253
  286
  322
  359
  397
  437
  478
  522
  567
  614
  663
  714
  767
  822
  880
  939
  1,001
  1,065
  1,132
  1,202
  1,275
  1,350
EBITDA, $m
  87
  89
  109
  132
  157
  186
  217
  251
  287
  326
  368
  412
  458
  507
  558
  611
  666
  724
  785
  847
  912
  980
  1,050
  1,123
  1,199
  1,278
  1,361
  1,446
  1,535
  1,628
  1,725
Interest expense (income), $m
  1
  1
  3
  5
  7
  9
  12
  15
  18
  21
  25
  29
  33
  37
  42
  46
  51
  56
  62
  67
  73
  79
  85
  92
  99
  106
  113
  121
  129
  137
  146
Earnings before tax, $m
  66
  66
  80
  96
  114
  134
  156
  180
  205
  232
  261
  294
  326
  360
  395
  432
  471
  511
  552
  596
  641
  688
  737
  788
  840
  895
  952
  1,011
  1,073
  1,138
  1,205
Tax expense, $m
  19
  18
  22
  26
  31
  36
  42
  48
  55
  63
  70
  79
  88
  97
  107
  117
  127
  138
  149
  161
  173
  186
  199
  213
  227
  242
  257
  273
  290
  307
  325
Net income, $m
  47
  48
  59
  70
  84
  98
  114
  131
  150
  169
  191
  214
  238
  262
  288
  315
  343
  373
  403
  435
  468
  502
  538
  575
  613
  653
  695
  738
  783
  830
  879

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  58
  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
  470
  514
  632
  766
  915
  1,081
  1,262
  1,458
  1,670
  1,896
  2,137
  2,392
  2,661
  2,944
  3,240
  3,550
  3,873
  4,209
  4,559
  4,923
  5,302
  5,695
  6,104
  6,529
  6,971
  7,430
  7,907
  8,404
  8,922
  9,461
  10,023
Adjusted assets (=assets-cash), $m
  412
  514
  632
  766
  915
  1,081
  1,262
  1,458
  1,670
  1,896
  2,137
  2,392
  2,661
  2,944
  3,240
  3,550
  3,873
  4,209
  4,559
  4,923
  5,302
  5,695
  6,104
  6,529
  6,971
  7,430
  7,907
  8,404
  8,922
  9,461
  10,023
Revenue / Adjusted assets
  1.964
  1.965
  1.965
  1.963
  1.965
  1.963
  1.964
  1.964
  1.963
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
  1.964
Average production assets, $m
  110
  136
  168
  203
  243
  287
  334
  387
  443
  503
  567
  634
  706
  781
  859
  941
  1,027
  1,116
  1,209
  1,305
  1,406
  1,510
  1,618
  1,731
  1,848
  1,970
  2,097
  2,228
  2,366
  2,508
  2,657
Working capital, $m
  165
  137
  169
  205
  244
  289
  337
  389
  446
  507
  571
  639
  711
  786
  865
  948
  1,034
  1,124
  1,218
  1,315
  1,416
  1,521
  1,630
  1,744
  1,862
  1,985
  2,112
  2,245
  2,383
  2,527
  2,677
Total debt, $m
  36
  80
  133
  194
  262
  338
  420
  510
  606
  710
  820
  936
  1,059
  1,188
  1,323
  1,464
  1,611
  1,764
  1,924
  2,090
  2,263
  2,442
  2,628
  2,822
  3,024
  3,233
  3,451
  3,677
  3,913
  4,159
  4,415
Total liabilities, $m
  191
  235
  288
  349
  417
  493
  575
  665
  761
  865
  975
  1,091
  1,214
  1,343
  1,478
  1,619
  1,766
  1,919
  2,079
  2,245
  2,418
  2,597
  2,783
  2,977
  3,179
  3,388
  3,606
  3,832
  4,068
  4,314
  4,570
Total equity, $m
  279
  280
  344
  417
  498
  588
  686
  793
  908
  1,032
  1,163
  1,301
  1,448
  1,602
  1,763
  1,931
  2,107
  2,290
  2,480
  2,678
  2,884
  3,098
  3,321
  3,552
  3,792
  4,042
  4,302
  4,572
  4,854
  5,147
  5,452
Total liabilities and equity, $m
  470
  515
  632
  766
  915
  1,081
  1,261
  1,458
  1,669
  1,897
  2,138
  2,392
  2,662
  2,945
  3,241
  3,550
  3,873
  4,209
  4,559
  4,923
  5,302
  5,695
  6,104
  6,529
  6,971
  7,430
  7,908
  8,404
  8,922
  9,461
  10,022
Debt-to-equity ratio
  0.129
  0.280
  0.390
  0.470
  0.530
  0.570
  0.610
  0.640
  0.670
  0.690
  0.700
  0.720
  0.730
  0.740
  0.750
  0.760
  0.760
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
Adjusted equity ratio
  0.536
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544
  0.544

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  48
  59
  70
  84
  98
  114
  131
  150
  169
  191
  214
  238
  262
  288
  315
  343
  373
  403
  435
  468
  502
  538
  575
  613
  653
  695
  738
  783
  830
  879
Depreciation, amort., depletion, $m
  18
  21
  26
  31
  36
  42
  49
  57
  64
  73
  82
  89
  99
  110
  121
  133
  145
  157
  170
  184
  198
  213
  228
  244
  260
  277
  295
  314
  333
  353
  374
Funds from operations, $m
  48
  70
  84
  101
  120
  140
  163
  188
  214
  242
  272
  304
  337
  372
  409
  448
  488
  530
  574
  619
  666
  715
  766
  819
  874
  931
  990
  1,052
  1,117
  1,184
  1,254
Change in working capital, $m
  -10
  27
  31
  36
  40
  44
  48
  52
  57
  61
  64
  68
  72
  75
  79
  83
  86
  90
  94
  97
  101
  105
  109
  113
  118
  123
  128
  133
  138
  144
  150
Cash from operations, $m
  58
  42
  53
  65
  80
  96
  115
  135
  158
  182
  208
  236
  265
  297
  330
  365
  402
  440
  480
  522
  565
  610
  657
  705
  756
  808
  863
  919
  978
  1,040
  1,104
Maintenance CAPEX, $m
  0
  -15
  -19
  -24
  -29
  -34
  -40
  -47
  -54
  -62
  -71
  -80
  -89
  -99
  -110
  -121
  -133
  -145
  -157
  -170
  -184
  -198
  -213
  -228
  -244
  -260
  -277
  -295
  -314
  -333
  -353
New CAPEX, $m
  -27
  -27
  -31
  -35
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -71
  -75
  -79
  -82
  -86
  -89
  -93
  -97
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -132
  -137
  -143
  -149
Cash from investing activities, $m
  -40
  -42
  -50
  -59
  -69
  -78
  -88
  -99
  -110
  -122
  -135
  -148
  -160
  -174
  -189
  -203
  -219
  -234
  -250
  -267
  -284
  -302
  -321
  -341
  -361
  -382
  -404
  -427
  -451
  -476
  -502
Free cash flow, $m
  18
  0
  2
  6
  12
  18
  26
  36
  47
  59
  73
  88
  105
  123
  142
  162
  184
  206
  230
  255
  281
  308
  336
  365
  395
  426
  459
  492
  527
  564
  601
Issuance/(repayment) of debt, $m
  12
  47
  54
  61
  68
  75
  83
  90
  97
  103
  110
  116
  123
  129
  135
  141
  147
  153
  160
  166
  173
  179
  186
  194
  201
  209
  218
  227
  236
  246
  256
Issuance/(repurchase) of shares, $m
  -7
  8
  5
  2
  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  
  4
  55
  59
  63
  68
  75
  83
  90
  97
  103
  110
  116
  123
  129
  135
  141
  147
  153
  160
  166
  173
  179
  186
  194
  201
  209
  218
  227
  236
  246
  256
Total cash flow (excl. dividends), $m
  21
  54
  62
  70
  80
  94
  109
  126
  144
  163
  183
  204
  227
  252
  277
  303
  331
  360
  390
  421
  453
  487
  522
  558
  596
  636
  676
  719
  763
  810
  858
Retained Cash Flow (-), $m
  -27
  -56
  -64
  -73
  -81
  -90
  -98
  -107
  -115
  -123
  -131
  -139
  -146
  -154
  -161
  -168
  -176
  -183
  -190
  -198
  -206
  -214
  -222
  -231
  -240
  -250
  -260
  -270
  -282
  -293
  -306
Prev. year cash balance distribution, $m
 
  55
  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
 
  53
  -2
  -3
  -1
  4
  11
  19
  28
  40
  52
  66
  81
  98
  116
  135
  155
  177
  199
  223
  247
  273
  300
  327
  356
  386
  417
  449
  482
  516
  552
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  51
  -2
  -3
  -1
  3
  8
  13
  18
  23
  27
  31
  35
  37
  39
  40
  39
  38
  37
  34
  31
  28
  25
  21
  18
  15
  12
  10
  7
  6
  4
Current shareholders' claim on cash, %
  100
  99.1
  98.7
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5
  98.5

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company's segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions. Its products are used in various types of environments, including retail establishments, distribution centers, factories and warehouses, public venues such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, parking lots and streets. The Company markets and sells its products under various brands: Tennant, Nobles, Green Machines, Alfa Uma Empresa Tennant, IRIS, Orbio IPC, IPC Foma, IPC Eagle, IPC Gansow, ICA, Vaclensa, Portotecnica, Sirio and Soteco, Ready System, Euromop, and Pulex.

FINANCIAL RATIOS  of  Tennant (TNC)

Valuation Ratios
P/E Ratio 23.4
Price to Sales 1.4
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 35.5
Growth Rates
Sales Growth Rate -0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 8%
Cap. Spend. - 3 Yr. Gr. Rate 12.5%
Financial Strength
Quick Ratio 19
Current Ratio 0
LT Debt to Equity 11.8%
Total Debt to Equity 12.9%
Interest Coverage 67
Management Effectiveness
Return On Assets 10.6%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 15.9%
Ret/ On T. Cap. - 3 Yr. Avg. 14.6%
Return On Equity 17.7%
Return On Equity - 3 Yr. Avg. 16.1%
Asset Turnover 1.8
Profitability Ratios
Gross Margin 43.5%
Gross Margin - 3 Yr. Avg. 43.1%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 10%
Operating Margin 8.5%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 8.2%
Pre-Tax Margin - 3 Yr. Avg. 7.6%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 28.8%
Eff/ Tax Rate - 3 Yr. Avg. 30.6%
Payout Ratio 29.8%

TNC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNC stock intrinsic value calculation we used $809 million for the last fiscal year's total revenue generated by Tennant. The default revenue input number comes from 2016 income statement of Tennant. 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 TNC stock valuation model: a) initial revenue growth rate of 24.9% 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 4.3%, whose default value for TNC is calculated based on our internal credit rating of Tennant, 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 Tennant.
    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 TNC stock the variable cost ratio is equal to 93.4%.

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 TNC 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 Tennant.

Corporate tax rate of 27% is the nominal tax rate for Tennant. 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 TNC 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 TNC are equal to 13.5%.

Life of production assets of 7.1 years is the average useful life of capital assets used in Tennant 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 TNC is equal to 13.6%. 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 - $279 million for Tennant - 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 17.829 million for Tennant 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 Tennant at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Tennant Co. : November 16, 2017   [Nov-16-17 12:06PM  Capital Cube]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Nov-09-17 05:00PM  Business Wire]
▶ Tennant Co. Value Analysis (NYSE:TNC) : November 6, 2017   [Nov-06-17 01:21PM  Capital Cube]
▶ Tennant Company Lowers Its Profit Outlook   [Nov-02-17 06:23PM  Motley Fool]
▶ Tennant posts 3Q profit   [09:03AM  Associated Press]
▶ ETFs with exposure to Tennant Co. : October 25, 2017   [Oct-25-17 10:14AM  Capital Cube]
▶ Tennant Company to Webcast Third Quarter Conference Call   [Oct-19-17 08:45AM  Business Wire]
▶ ETFs with exposure to Tennant Co. : October 6, 2017   [Oct-06-17 11:08AM  Capital Cube]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Aug-17-17 05:00PM  Business Wire]
▶ Tennant Co. Value Analysis (NYSE:TNC) : August 17, 2017   [Aug-16-17 10:54PM  Capital Cube]
▶ Tennant reports 2Q loss   [12:30AM  Associated Press]
▶ Company Profile for Tennant Company   [Jul-19-17 09:16AM  Business Wire]
▶ Company Profile for Tennant Company   [Jul-18-17 04:34PM  Business Wire]
▶ ETFs with exposure to Tennant Co. : July 12, 2017   [Jul-12-17 03:01PM  Capital Cube]
▶ ETFs with exposure to Tennant Co. : June 19, 2017   [Jun-19-17 04:12PM  Capital Cube]
▶ Mairs & Power Comments on Tennant Company   [May-22-17 12:51PM  GuruFocus.com]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Apr-26-17 05:00PM  Business Wire]
▶ Tennant Co. Value Analysis (NYSE:TNC) : April 24, 2017   [Apr-24-17 03:54PM  Capital Cube]
▶ Tennant reports 1Q loss   [08:58AM  Associated Press]
▶ Tennant Company Announces Pricing of Senior Notes Offering   [Apr-13-17 09:00AM  Business Wire]
▶ Tennant Company to Webcast First Quarter Conference Call   [Apr-11-17 09:00AM  Business Wire]
▶ Company Profile for Tennant Company   [10:40AM  Business Wire]
▶ Tennant Company Completes Acquisition of IPC Group   [Apr-06-17 07:00PM  Business Wire]
▶ Tennant Company Declares Regular Quarterly Cash Dividend   [Feb-15-17 05:00PM  Business Wire]
▶ Tennant Company to Webcast Fourth Quarter Conference Call   [Feb-09-17 08:45AM  Business Wire]
Financial statements of TNC
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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