Intrinsic value of TriNet Group - TNET

Previous Close

$41.66

  Intrinsic Value

$17.87

stock screener

  Rating & Target

str. sell

-57%

Previous close

$41.66

 
Intrinsic value

$17.87

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of TNET 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  15.08
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  3,060
  3,256
  3,460
  3,672
  3,893
  4,123
  4,364
  4,614
  4,876
  5,149
  5,434
  5,733
  6,044
  6,371
  6,712
  7,069
  7,443
  7,834
  8,244
  8,674
  9,124
  9,595
  10,090
  10,608
  11,152
  11,722
  12,320
  12,947
  13,605
  14,295
  15,019
Variable operating expenses, $m
 
  2,880
  3,058
  3,244
  3,437
  3,639
  3,849
  4,069
  4,298
  4,537
  4,787
  5,019
  5,292
  5,578
  5,877
  6,189
  6,517
  6,859
  7,218
  7,594
  7,988
  8,401
  8,834
  9,288
  9,764
  10,263
  10,787
  11,336
  11,912
  12,516
  13,150
Fixed operating expenses, $m
 
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  337
  346
  355
  363
  372
  382
  391
  401
  411
  421
  432
  443
  454
  465
  477
  489
Total operating expenses, $m
  2,936
  3,119
  3,303
  3,495
  3,694
  3,903
  4,119
  4,346
  4,582
  4,828
  5,085
  5,325
  5,605
  5,899
  6,206
  6,526
  6,863
  7,214
  7,581
  7,966
  8,370
  8,792
  9,235
  9,699
  10,185
  10,695
  11,230
  11,790
  12,377
  12,993
  13,639
Operating income, $m
  124
  137
  157
  177
  198
  221
  244
  268
  294
  321
  349
  408
  439
  472
  506
  542
  580
  620
  663
  707
  754
  803
  855
  909
  966
  1,027
  1,090
  1,157
  1,228
  1,302
  1,380
EBITDA, $m
  163
  174
  194
  215
  237
  259
  283
  308
  335
  362
  391
  421
  453
  487
  522
  559
  598
  639
  682
  728
  775
  826
  879
  934
  993
  1,055
  1,120
  1,188
  1,260
  1,336
  1,416
Interest expense (income), $m
  15
  15
  8
  12
  16
  21
  25
  30
  35
  40
  45
  51
  57
  63
  69
  76
  83
  90
  98
  106
  115
  123
  133
  142
  153
  163
  175
  186
  199
  212
  225
Earnings before tax, $m
  104
  123
  149
  165
  182
  200
  219
  239
  259
  281
  304
  357
  382
  409
  437
  466
  497
  530
  564
  601
  639
  679
  722
  767
  814
  863
  916
  971
  1,029
  1,090
  1,155
Tax expense, $m
  43
  33
  40
  45
  49
  54
  59
  64
  70
  76
  82
  96
  103
  110
  118
  126
  134
  143
  152
  162
  173
  183
  195
  207
  220
  233
  247
  262
  278
  294
  312
Net income, $m
  61
  90
  109
  121
  133
  146
  160
  174
  189
  205
  222
  260
  279
  298
  319
  340
  363
  387
  412
  439
  466
  496
  527
  560
  594
  630
  669
  709
  751
  796
  843

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  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
  2,095
  2,034
  2,161
  2,293
  2,432
  2,575
  2,726
  2,882
  3,046
  3,216
  3,394
  3,581
  3,775
  3,979
  4,192
  4,415
  4,649
  4,893
  5,149
  5,418
  5,699
  5,993
  6,302
  6,626
  6,966
  7,322
  7,695
  8,087
  8,498
  8,929
  9,381
Adjusted assets (=assets-cash), $m
  1,911
  2,034
  2,161
  2,293
  2,432
  2,575
  2,726
  2,882
  3,046
  3,216
  3,394
  3,581
  3,775
  3,979
  4,192
  4,415
  4,649
  4,893
  5,149
  5,418
  5,699
  5,993
  6,302
  6,626
  6,966
  7,322
  7,695
  8,087
  8,498
  8,929
  9,381
Revenue / Adjusted assets
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
Average production assets, $m
  69
  72
  76
  81
  86
  91
  96
  102
  107
  113
  120
  126
  133
  140
  148
  156
  164
  172
  181
  191
  201
  211
  222
  233
  245
  258
  271
  285
  299
  314
  330
Working capital, $m
  156
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
Total debt, $m
  459
  229
  344
  463
  587
  717
  852
  993
  1,140
  1,294
  1,454
  1,622
  1,797
  1,980
  2,172
  2,373
  2,583
  2,803
  3,033
  3,275
  3,528
  3,793
  4,071
  4,362
  4,668
  4,989
  5,325
  5,677
  6,047
  6,435
  6,842
Total liabilities, $m
  2,061
  1,830
  1,945
  2,064
  2,188
  2,318
  2,453
  2,594
  2,741
  2,895
  3,055
  3,223
  3,398
  3,581
  3,773
  3,974
  4,184
  4,404
  4,634
  4,876
  5,129
  5,394
  5,672
  5,963
  6,269
  6,590
  6,926
  7,278
  7,648
  8,036
  8,443
Total equity, $m
  35
  203
  216
  229
  243
  258
  273
  288
  305
  322
  339
  358
  378
  398
  419
  442
  465
  489
  515
  542
  570
  599
  630
  663
  697
  732
  770
  809
  850
  893
  938
Total liabilities and equity, $m
  2,096
  2,033
  2,161
  2,293
  2,431
  2,576
  2,726
  2,882
  3,046
  3,217
  3,394
  3,581
  3,776
  3,979
  4,192
  4,416
  4,649
  4,893
  5,149
  5,418
  5,699
  5,993
  6,302
  6,626
  6,966
  7,322
  7,696
  8,087
  8,498
  8,929
  9,381
Debt-to-equity ratio
  13.114
  1.130
  1.590
  2.020
  2.420
  2.780
  3.130
  3.450
  3.740
  4.020
  4.280
  4.530
  4.760
  4.980
  5.180
  5.370
  5.560
  5.730
  5.890
  6.040
  6.190
  6.330
  6.460
  6.580
  6.700
  6.810
  6.920
  7.020
  7.120
  7.210
  7.290
Adjusted equity ratio
  -0.078
  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
  61
  90
  109
  121
  133
  146
  160
  174
  189
  205
  222
  260
  279
  298
  319
  340
  363
  387
  412
  439
  466
  496
  527
  560
  594
  630
  669
  709
  751
  796
  843
Depreciation, amort., depletion, $m
  39
  37
  37
  38
  38
  39
  39
  40
  41
  41
  42
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  33
  34
  36
Funds from operations, $m
  167
  126
  146
  158
  171
  185
  199
  214
  230
  246
  264
  274
  293
  314
  335
  357
  381
  406
  432
  459
  488
  519
  551
  585
  621
  658
  698
  740
  784
  830
  879
Change in working capital, $m
  22
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  145
  126
  145
  158
  171
  184
  198
  213
  229
  246
  263
  273
  292
  313
  334
  356
  380
  404
  431
  458
  487
  517
  550
  583
  619
  657
  696
  738
  782
  828
  877
Maintenance CAPEX, $m
  0
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
New CAPEX, $m
  -40
  -3
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
Cash from investing activities, $m
  -27
  -10
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -20
  -21
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -40
  -41
  -43
  -45
  -48
  -50
Free cash flow, $m
  118
  115
  133
  145
  157
  170
  183
  197
  212
  228
  244
  254
  272
  291
  311
  332
  355
  378
  403
  429
  456
  485
  516
  548
  582
  617
  655
  695
  736
  780
  827
Issuance/(repayment) of debt, $m
  -37
  -193
  115
  119
  124
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  230
  241
  253
  265
  278
  291
  306
  320
  336
  353
  370
  388
  407
Issuance/(repurchase) of shares, $m
  -62
  226
  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  
  -99
  33
  115
  119
  124
  130
  135
  141
  147
  154
  160
  168
  175
  183
  192
  201
  210
  220
  230
  241
  253
  265
  278
  291
  306
  320
  336
  353
  370
  388
  407
Total cash flow (excl. dividends), $m
  18
  148
  248
  264
  281
  299
  318
  338
  359
  381
  405
  421
  447
  474
  503
  533
  565
  598
  633
  670
  709
  750
  794
  839
  887
  938
  991
  1,047
  1,106
  1,168
  1,234
Retained Cash Flow (-), $m
  -27
  -315
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  147
  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
 
  -20
  235
  251
  267
  285
  303
  323
  343
  364
  387
  403
  428
  454
  482
  511
  541
  574
  608
  643
  681
  721
  763
  807
  853
  902
  954
  1,008
  1,065
  1,125
  1,189
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  -19
  205
  203
  199
  194
  187
  178
  169
  158
  146
  131
  119
  106
  93
  81
  69
  58
  48
  39
  31
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

TriNet Group, Inc. is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company's HR solutions include services, such as multi-state payroll processing and tax administration, employee benefits programs, including health insurance and retirement plans, workers' compensation insurance and claims management, employment and benefit law compliance, and other services. The Company provides an HR technology platform with online and mobile tools that allow its clients and their worksite employees (WSEs) to store, view and manage their HR-related information and conduct a range of HR-related transactions anytime and anywhere. The Company's HR products and solutions include capabilities, such as technology platform, HR expertise, benefits and compliance. The Company's clients are distributed across a range of industries, including technology, life sciences, financial services, property management, retail, manufacturing and hospitality.

FINANCIAL RATIOS  of  TriNet Group (TNET)

Valuation Ratios
P/E Ratio 47.1
Price to Sales 0.9
Price to Book 82.2
Price to Tangible Book
Price to Cash Flow 19.8
Price to Free Cash Flow 27.4
Growth Rates
Sales Growth Rate 15.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 110.5%
Cap. Spend. - 3 Yr. Gr. Rate 29.5%
Financial Strength
Quick Ratio 5
Current Ratio 0.7
LT Debt to Equity 1205.7%
Total Debt to Equity 1311.4%
Interest Coverage 8
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 12.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.2%
Return On Equity 283.7%
Return On Equity - 3 Yr. Avg. -27.5%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 14.9%
Gross Margin - 3 Yr. Avg. 15.6%
EBITDA Margin 5.2%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 41.3%
Eff/ Tax Rate - 3 Yr. Avg. 46.5%
Payout Ratio 0%

TNET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TNET stock intrinsic value calculation we used $3060 million for the last fiscal year's total revenue generated by TriNet Group. The default revenue input number comes from 2016 income statement of TriNet Group. 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 TNET stock valuation model: a) initial revenue growth rate of 6.4% 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 6.6%, whose default value for TNET is calculated based on our internal credit rating of TriNet Group, 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 TriNet Group.
    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 TNET stock the variable cost ratio is equal to 88.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $233 million in the base year in the intrinsic value calculation for TNET 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 TriNet Group.

Corporate tax rate of 27% is the nominal tax rate for TriNet Group. 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 TNET 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 TNET are equal to 2.2%.

Life of production assets of 9.2 years is the average useful life of capital assets used in TriNet Group 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 TNET is equal to 0.3%. 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 - $35 million for TriNet Group - 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 69.463 million for TriNet Group 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 TriNet Group at the current share price and the inputted number of shares is $2.9 billion.

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COMPANY NEWS

▶ 7 Tech Stocks to Buy That Sport Amazon-Like Growth   [Nov-10-17 12:51PM  InvestorPlace]
▶ Trinet Shows Market Leadership With Jump To 84 RS Rating   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ TriNet Announces Third Quarter 2017 Results   [Nov-02-17 04:18PM  PR Newswire]
▶ Stocks To Watch Ahead Of Earnings: Trinet   [03:00AM  Investor's Business Daily]
▶ Barrett Boston Joins TriNet as Chief Revenue Officer   [Oct-24-17 04:05PM  Marketwired]
▶ TriNet Presents: Juggle the Struggle in Denver   [Sep-15-17 09:00AM  Marketwired]
▶ TriNet Presents: Juggle the Struggle in Boston   [Sep-14-17 09:00AM  Marketwired]
▶ Does TriNet Group Incs (TNET) PE Ratio Warrant A Buy?   [Sep-11-17 10:39AM  Simply Wall St.]
▶ Stocks Generating Improved Relative Strength: Automatic Data Processng   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ TriNet Presents: Juggle the Struggle in Los Angeles   [Aug-10-17 09:00AM  Marketwired]
▶ TriNet Presents: Juggle the Struggle in Palo Alto   [Aug-04-17 09:00AM  Marketwired]
▶ TriNet Presents: Juggle the Struggle in New York City   [Aug-03-17 09:00AM  Marketwired]
▶ ETFs with exposure to TriNet Group, Inc. : August 1, 2017   [Aug-01-17 05:23PM  Capital Cube]
▶ TriNet Announces Second Quarter 2017 Results   [Jul-31-17 04:15PM  PR Newswire]
▶ ETFs with exposure to TriNet Group, Inc. : July 11, 2017   [Jul-11-17 03:06PM  Capital Cube]
▶ ETFs with exposure to TriNet Group, Inc. : May 9, 2017   [May-09-17 05:07PM  Capital Cube]
▶ Why TriNet Group Inc.'s Shares Popped 16% Today   [May-03-17 01:32PM  Motley Fool]
▶ TriNet Announces First Quarter 2017 Results   [May-02-17 04:15PM  PR Newswire]
▶ TriNet Hosts the HR Room at Access During NY TechDay   [Apr-14-17 09:00AM  Marketwired]
▶ ETFs with exposure to TriNet Group, Inc. : April 5, 2017   [Apr-05-17 05:35PM  Capital Cube]
▶ Third Avenue Management's Top 5 Stock Buys of Q4   [Feb-21-17 05:00PM  GuruFocus.com]
Financial statements of TNET
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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