Intrinsic value of TriNet Group - TNET

Previous Close

$43.56

  Intrinsic Value

$19.99

stock screener

  Rating & Target

str. sell

-54%

Previous close

$43.56

 
Intrinsic value

$19.99

 
Up/down potential

-54%

 
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

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 3.0

 

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
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  3,060
  3,286
  3,522
  3,766
  4,021
  4,285
  4,560
  4,846
  5,144
  5,454
  5,778
  6,115
  6,467
  6,834
  7,217
  7,618
  8,036
  8,474
  8,931
  9,410
  9,911
  10,436
  10,985
  11,560
  12,163
  12,794
  13,456
  14,149
  14,877
  15,639
  16,439
Variable operating expenses, $m
 
  2,906
  3,112
  3,327
  3,549
  3,781
  4,021
  4,272
  4,533
  4,804
  5,088
  5,354
  5,662
  5,983
  6,319
  6,670
  7,036
  7,419
  7,820
  8,239
  8,678
  9,137
  9,618
  10,121
  10,649
  11,202
  11,781
  12,389
  13,025
  13,693
  14,393
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
  3,145
  3,357
  3,578
  3,806
  4,045
  4,291
  4,549
  4,817
  5,095
  5,386
  5,660
  5,975
  6,304
  6,648
  7,007
  7,382
  7,774
  8,183
  8,611
  9,060
  9,528
  10,019
  10,532
  11,070
  11,634
  12,224
  12,843
  13,490
  14,170
  14,882
Operating income, $m
  124
  141
  165
  189
  214
  241
  268
  297
  327
  359
  392
  455
  491
  529
  569
  611
  654
  700
  748
  799
  852
  907
  966
  1,027
  1,092
  1,160
  1,232
  1,307
  1,386
  1,469
  1,557
EBITDA, $m
  163
  178
  202
  227
  253
  280
  308
  338
  369
  401
  435
  470
  507
  546
  586
  629
  673
  720
  769
  821
  875
  932
  992
  1,055
  1,121
  1,191
  1,264
  1,341
  1,422
  1,507
  1,596
Interest expense (income), $m
  15
  15
  9
  13
  18
  23
  28
  34
  39
  45
  51
  58
  64
  71
  78
  86
  94
  102
  111
  120
  129
  139
  149
  160
  171
  183
  196
  209
  222
  237
  252
Earnings before tax, $m
  104
  126
  156
  176
  196
  218
  240
  264
  288
  314
  341
  398
  427
  458
  490
  525
  560
  598
  637
  679
  722
  768
  817
  867
  921
  977
  1,036
  1,098
  1,164
  1,233
  1,305
Tax expense, $m
  43
  34
  42
  47
  53
  59
  65
  71
  78
  85
  92
  107
  115
  124
  132
  142
  151
  161
  172
  183
  195
  207
  220
  234
  249
  264
  280
  297
  314
  333
  352
Net income, $m
  61
  92
  114
  128
  143
  159
  175
  192
  210
  229
  249
  290
  312
  334
  358
  383
  409
  436
  465
  496
  527
  561
  596
  633
  672
  713
  756
  802
  850
  900
  953

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
  2,053
  2,200
  2,352
  2,511
  2,676
  2,848
  3,027
  3,213
  3,407
  3,609
  3,819
  4,039
  4,268
  4,508
  4,758
  5,020
  5,293
  5,579
  5,878
  6,191
  6,518
  6,861
  7,220
  7,597
  7,991
  8,405
  8,838
  9,292
  9,768
  10,268
Adjusted assets (=assets-cash), $m
  1,911
  2,053
  2,200
  2,352
  2,511
  2,676
  2,848
  3,027
  3,213
  3,407
  3,609
  3,819
  4,039
  4,268
  4,508
  4,758
  5,020
  5,293
  5,579
  5,878
  6,191
  6,518
  6,861
  7,220
  7,597
  7,991
  8,405
  8,838
  9,292
  9,768
  10,268
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
  77
  83
  88
  94
  100
  107
  113
  120
  127
  135
  142
  150
  159
  168
  177
  186
  196
  207
  218
  230
  242
  254
  268
  281
  296
  311
  327
  344
  362
Working capital, $m
  156
  10
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  45
  47
  49
Total debt, $m
  459
  246
  379
  516
  659
  808
  962
  1,123
  1,291
  1,465
  1,647
  1,836
  2,034
  2,241
  2,456
  2,681
  2,917
  3,163
  3,420
  3,689
  3,971
  4,265
  4,574
  4,897
  5,236
  5,591
  5,963
  6,353
  6,762
  7,191
  7,640
Total liabilities, $m
  2,061
  1,847
  1,980
  2,117
  2,260
  2,409
  2,563
  2,724
  2,892
  3,066
  3,248
  3,437
  3,635
  3,842
  4,057
  4,282
  4,518
  4,764
  5,021
  5,290
  5,572
  5,866
  6,175
  6,498
  6,837
  7,192
  7,564
  7,954
  8,363
  8,792
  9,241
Total equity, $m
  35
  205
  220
  235
  251
  268
  285
  303
  321
  341
  361
  382
  404
  427
  451
  476
  502
  529
  558
  588
  619
  652
  686
  722
  760
  799
  840
  884
  929
  977
  1,027
Total liabilities and equity, $m
  2,096
  2,052
  2,200
  2,352
  2,511
  2,677
  2,848
  3,027
  3,213
  3,407
  3,609
  3,819
  4,039
  4,269
  4,508
  4,758
  5,020
  5,293
  5,579
  5,878
  6,191
  6,518
  6,861
  7,220
  7,597
  7,991
  8,404
  8,838
  9,292
  9,769
  10,268
Debt-to-equity ratio
  13.114
  1.200
  1.720
  2.190
  2.620
  3.020
  3.380
  3.710
  4.020
  4.300
  4.560
  4.810
  5.040
  5.250
  5.450
  5.640
  5.810
  5.980
  6.130
  6.280
  6.410
  6.540
  6.670
  6.780
  6.890
  7.000
  7.100
  7.190
  7.280
  7.360
  7.440
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
  92
  114
  128
  143
  159
  175
  192
  210
  229
  249
  290
  312
  334
  358
  383
  409
  436
  465
  496
  527
  561
  596
  633
  672
  713
  756
  802
  850
  900
  953
Depreciation, amort., depletion, $m
  39
  37
  37
  38
  39
  39
  40
  40
  41
  42
  43
  15
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  32
  34
  36
  37
  39
Funds from operations, $m
  167
  129
  151
  166
  182
  198
  215
  233
  251
  271
  291
  305
  327
  351
  375
  401
  428
  457
  487
  518
  551
  586
  622
  661
  701
  744
  788
  836
  885
  937
  992
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
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  145
  128
  150
  165
  181
  197
  214
  232
  251
  270
  290
  304
  326
  350
  374
  400
  427
  455
  485
  517
  550
  584
  621
  659
  699
  742
  786
  833
  883
  935
  990
Maintenance CAPEX, $m
  0
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
  -37
New CAPEX, $m
  -40
  -4
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Cash from investing activities, $m
  -27
  -11
  -13
  -13
  -15
  -16
  -16
  -17
  -19
  -19
  -20
  -21
  -23
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
  -47
  -50
  -53
  -55
Free cash flow, $m
  118
  117
  137
  152
  166
  182
  198
  215
  232
  251
  270
  283
  304
  326
  349
  374
  400
  427
  455
  485
  516
  549
  584
  620
  659
  699
  741
  786
  833
  883
  935
Issuance/(repayment) of debt, $m
  -37
  -176
  132
  137
  143
  149
  155
  161
  167
  174
  182
  190
  198
  206
  216
  225
  235
  246
  257
  269
  282
  295
  309
  323
  339
  355
  372
  390
  409
  429
  450
Issuance/(repurchase) of shares, $m
  -62
  225
  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
  49
  132
  137
  143
  149
  155
  161
  167
  174
  182
  190
  198
  206
  216
  225
  235
  246
  257
  269
  282
  295
  309
  323
  339
  355
  372
  390
  409
  429
  450
Total cash flow (excl. dividends), $m
  18
  167
  270
  289
  309
  330
  353
  376
  400
  425
  452
  472
  502
  532
  565
  599
  635
  673
  712
  754
  798
  844
  892
  943
  997
  1,054
  1,113
  1,176
  1,242
  1,311
  1,384
Retained Cash Flow (-), $m
  -27
  -317
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
  -50
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
 
  -4
  255
  274
  293
  314
  335
  358
  381
  406
  432
  451
  480
  510
  541
  574
  609
  645
  684
  724
  766
  811
  858
  908
  960
  1,014
  1,072
  1,133
  1,196
  1,264
  1,334
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
 
  -3
  223
  222
  219
  213
  206
  198
  187
  176
  163
  147
  133
  119
  105
  91
  78
  65
  54
  44
  35
  27
  21
  16
  11
  8
  6
  4
  3
  2
  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 49.3
Price to Sales 1
Price to Book 85.9
Price to Tangible Book
Price to Cash Flow 20.7
Price to Free Cash Flow 28.6
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 7.4% 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 69.381 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 $3.0 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]
▶ TriNet Insights Presents: ACA Over Drinks in Miami   [Oct-27-16 09:00AM  Marketwired]
▶ TriNet Insights Presents: ACA Over Lunch in Orlando   [Oct-26-16 09:00AM  Marketwired]
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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