Intrinsic value of Teekay Offshore Partners - TOO

Previous Close

$2.60

  Intrinsic Value

$1.99

stock screener

  Rating & Target

sell

-23%

Previous close

$2.60

 
Intrinsic value

$1.99

 
Up/down potential

-23%

 
Rating

sell

We calculate the intrinsic value of TOO 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 0.4

 

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, %
  -6.27
  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
  1,152
  1,175
  1,202
  1,233
  1,268
  1,306
  1,348
  1,394
  1,444
  1,497
  1,555
  1,616
  1,682
  1,752
  1,826
  1,905
  1,988
  2,077
  2,170
  2,269
  2,373
  2,483
  2,599
  2,721
  2,850
  2,986
  3,129
  3,279
  3,437
  3,604
  3,779
Variable operating expenses, $m
 
  366
  374
  384
  394
  406
  418
  432
  447
  463
  481
  486
  506
  527
  549
  573
  598
  625
  653
  682
  714
  747
  782
  819
  857
  898
  941
  986
  1,034
  1,084
  1,137
Fixed operating expenses, $m
 
  591
  606
  621
  637
  653
  669
  686
  703
  721
  739
  757
  776
  795
  815
  836
  857
  878
  900
  922
  945
  969
  993
  1,018
  1,044
  1,070
  1,096
  1,124
  1,152
  1,181
  1,210
Total operating expenses, $m
  922
  957
  980
  1,005
  1,031
  1,059
  1,087
  1,118
  1,150
  1,184
  1,220
  1,243
  1,282
  1,322
  1,364
  1,409
  1,455
  1,503
  1,553
  1,604
  1,659
  1,716
  1,775
  1,837
  1,901
  1,968
  2,037
  2,110
  2,186
  2,265
  2,347
Operating income, $m
  231
  217
  221
  228
  237
  247
  261
  276
  294
  313
  336
  373
  400
  429
  461
  496
  534
  574
  617
  664
  714
  767
  824
  885
  949
  1,018
  1,091
  1,169
  1,251
  1,339
  1,432
EBITDA, $m
  531
  528
  539
  553
  571
  591
  615
  642
  672
  706
  743
  783
  826
  873
  924
  979
  1,038
  1,100
  1,167
  1,239
  1,315
  1,396
  1,483
  1,574
  1,672
  1,775
  1,884
  2,000
  2,123
  2,252
  2,390
Interest expense (income), $m
  181
  163
  167
  172
  178
  185
  193
  201
  210
  220
  230
  242
  254
  267
  281
  295
  311
  327
  345
  363
  383
  403
  425
  448
  472
  497
  524
  552
  582
  613
  646
Earnings before tax, $m
  53
  55
  55
  56
  58
  62
  68
  75
  84
  94
  105
  131
  146
  163
  181
  201
  223
  247
  273
  301
  331
  364
  399
  437
  477
  521
  567
  617
  670
  726
  786
Tax expense, $m
  9
  15
  15
  15
  16
  17
  18
  20
  23
  25
  28
  35
  39
  44
  49
  54
  60
  67
  74
  81
  89
  98
  108
  118
  129
  141
  153
  167
  181
  196
  212
Net income, $m
  33
  40
  40
  41
  43
  46
  50
  55
  61
  68
  77
  96
  107
  119
  132
  147
  163
  180
  199
  220
  242
  266
  291
  319
  349
  380
  414
  450
  489
  530
  574

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  227
  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
  5,719
  5,595
  5,724
  5,871
  6,036
  6,219
  6,420
  6,639
  6,876
  7,131
  7,404
  7,697
  8,009
  8,342
  8,695
  9,070
  9,468
  9,889
  10,334
  10,804
  11,300
  11,824
  12,376
  12,959
  13,572
  14,218
  14,899
  15,615
  16,368
  17,161
  17,995
Adjusted assets (=assets-cash), $m
  5,492
  5,595
  5,724
  5,871
  6,036
  6,219
  6,420
  6,639
  6,876
  7,131
  7,404
  7,697
  8,009
  8,342
  8,695
  9,070
  9,468
  9,889
  10,334
  10,804
  11,300
  11,824
  12,376
  12,959
  13,572
  14,218
  14,899
  15,615
  16,368
  17,161
  17,995
Revenue / Adjusted assets
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
  0.210
Average production assets, $m
  4,730
  4,825
  4,936
  5,063
  5,205
  5,363
  5,536
  5,724
  5,928
  6,148
  6,384
  6,637
  6,906
  7,193
  7,498
  7,821
  8,164
  8,527
  8,910
  9,316
  9,744
  10,195
  10,672
  11,174
  11,703
  12,260
  12,846
  13,464
  14,114
  14,797
  15,516
Working capital, $m
  -398
  -39
  -40
  -41
  -42
  -43
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -103
  -108
  -113
  -119
  -125
Total debt, $m
  3,183
  3,033
  3,130
  3,241
  3,365
  3,503
  3,654
  3,819
  3,997
  4,189
  4,395
  4,616
  4,851
  5,101
  5,368
  5,650
  5,949
  6,266
  6,601
  6,955
  7,329
  7,724
  8,139
  8,578
  9,040
  9,526
  10,039
  10,578
  11,145
  11,742
  12,370
Total liabilities, $m
  4,363
  4,213
  4,310
  4,421
  4,545
  4,683
  4,834
  4,999
  5,177
  5,369
  5,575
  5,796
  6,031
  6,281
  6,548
  6,830
  7,129
  7,446
  7,781
  8,135
  8,509
  8,904
  9,319
  9,758
  10,220
  10,706
  11,219
  11,758
  12,325
  12,922
  13,550
Total equity, $m
  1,356
  1,382
  1,414
  1,450
  1,491
  1,536
  1,586
  1,640
  1,698
  1,761
  1,829
  1,901
  1,978
  2,060
  2,148
  2,240
  2,339
  2,443
  2,552
  2,669
  2,791
  2,921
  3,057
  3,201
  3,352
  3,512
  3,680
  3,857
  4,043
  4,239
  4,445
Total liabilities and equity, $m
  5,719
  5,595
  5,724
  5,871
  6,036
  6,219
  6,420
  6,639
  6,875
  7,130
  7,404
  7,697
  8,009
  8,341
  8,696
  9,070
  9,468
  9,889
  10,333
  10,804
  11,300
  11,825
  12,376
  12,959
  13,572
  14,218
  14,899
  15,615
  16,368
  17,161
  17,995
Debt-to-equity ratio
  2.347
  2.190
  2.210
  2.230
  2.260
  2.280
  2.300
  2.330
  2.350
  2.380
  2.400
  2.430
  2.450
  2.480
  2.500
  2.520
  2.540
  2.570
  2.590
  2.610
  2.630
  2.640
  2.660
  2.680
  2.700
  2.710
  2.730
  2.740
  2.760
  2.770
  2.780
Adjusted equity ratio
  0.206
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247
  0.247

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  40
  40
  41
  43
  46
  50
  55
  61
  68
  77
  96
  107
  119
  132
  147
  163
  180
  199
  220
  242
  266
  291
  319
  349
  380
  414
  450
  489
  530
  574
Depreciation, amort., depletion, $m
  300
  311
  318
  325
  334
  344
  355
  366
  379
  392
  407
  410
  426
  444
  463
  483
  504
  526
  550
  575
  601
  629
  659
  690
  722
  757
  793
  831
  871
  913
  958
Funds from operations, $m
  402
  351
  357
  366
  377
  389
  404
  421
  440
  461
  484
  506
  533
  563
  595
  629
  667
  706
  749
  795
  843
  895
  950
  1,009
  1,071
  1,137
  1,207
  1,281
  1,360
  1,443
  1,532
Change in working capital, $m
  48
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
Cash from operations, $m
  354
  351
  358
  367
  378
  391
  406
  423
  442
  463
  486
  508
  535
  565
  597
  632
  669
  709
  752
  798
  847
  899
  954
  1,013
  1,075
  1,141
  1,212
  1,286
  1,365
  1,449
  1,537
Maintenance CAPEX, $m
  0
  -292
  -298
  -305
  -313
  -321
  -331
  -342
  -353
  -366
  -380
  -394
  -410
  -426
  -444
  -463
  -483
  -504
  -526
  -550
  -575
  -601
  -629
  -659
  -690
  -722
  -757
  -793
  -831
  -871
  -913
New CAPEX, $m
  -295
  -95
  -111
  -127
  -142
  -158
  -173
  -189
  -204
  -220
  -236
  -252
  -269
  -287
  -305
  -323
  -343
  -363
  -384
  -405
  -428
  -452
  -476
  -502
  -529
  -557
  -587
  -617
  -650
  -684
  -719
Cash from investing activities, $m
  -280
  -387
  -409
  -432
  -455
  -479
  -504
  -531
  -557
  -586
  -616
  -646
  -679
  -713
  -749
  -786
  -826
  -867
  -910
  -955
  -1,003
  -1,053
  -1,105
  -1,161
  -1,219
  -1,279
  -1,344
  -1,410
  -1,481
  -1,555
  -1,632
Free cash flow, $m
  74
  -35
  -51
  -64
  -77
  -88
  -99
  -108
  -116
  -123
  -130
  -139
  -144
  -148
  -151
  -154
  -156
  -157
  -158
  -157
  -156
  -154
  -152
  -148
  -144
  -138
  -132
  -124
  -116
  -106
  -95
Issuance/(repayment) of debt, $m
  -175
  77
  97
  111
  124
  138
  151
  165
  178
  192
  206
  220
  235
  250
  266
  282
  299
  317
  335
  354
  374
  394
  416
  438
  462
  487
  512
  539
  567
  597
  628
Issuance/(repurchase) of shares, $m
  229
  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 from financing (excl. dividends), $m  
  -26
  77
  97
  111
  124
  138
  151
  165
  178
  192
  206
  220
  235
  250
  266
  282
  299
  317
  335
  354
  374
  394
  416
  438
  462
  487
  512
  539
  567
  597
  628
Total cash flow (excl. dividends), $m
  48
  42
  46
  46
  47
  49
  53
  57
  62
  69
  76
  81
  91
  102
  115
  128
  143
  159
  177
  197
  217
  240
  264
  290
  318
  348
  381
  415
  452
  491
  533
Retained Cash Flow (-), $m
  -189
  -26
  -32
  -36
  -41
  -45
  -50
  -54
  -58
  -63
  -68
  -72
  -77
  -82
  -87
  -93
  -98
  -104
  -110
  -116
  -123
  -129
  -136
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
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
 
  16
  15
  10
  7
  4
  3
  3
  4
  6
  9
  9
  14
  20
  27
  36
  45
  56
  67
  80
  95
  111
  128
  147
  167
  189
  213
  238
  266
  295
  327
Discount rate, %
 
  10.30
  10.82
  11.36
  11.92
  12.52
  13.15
  13.80
  14.49
  15.22
  15.98
  16.78
  17.62
  18.50
  19.42
  20.39
  21.41
  22.48
  23.61
  24.79
  26.03
  27.33
  28.70
  30.13
  31.64
  33.22
  34.88
  36.62
  38.45
  40.38
  42.40
PV of cash for distribution, $m
 
  15
  12
  7
  4
  2
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

Teekay Offshore Partners L.P. is a provider of marine transportation, oil production, storage, long-distance towing and offshore installation and maintenance and safety services to the offshore oil industry in North Sea, Brazil and the East Coast of Canada. The Company operates shuttle tankers; towage vessels; floating, production, storage and off-loading (FPSO) units; floating storage and off-take (FSO) units; units for maintenance and safety (UMS); long-distance towing and offshore installation vessels, and conventional crude oil tankers. Its segments include shuttle tanker segment, FPSO segment, FSO segment, conventional tanker segment, towage segment and UMS segment. Its fleet consists of over 30 shuttle tankers, such as over three chartered-in vessels and a HiLoad Dynamic Positioning unit, over six FPSO units, approximately seven FSO units, over six long-distance towing and offshore installation vessels, a UMS and over two conventional oil tankers.

FINANCIAL RATIOS  of  Teekay Offshore Partners (TOO)

Valuation Ratios
P/E Ratio 11.6
Price to Sales 0.3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow 6.5
Growth Rates
Sales Growth Rate -6.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55.6%
Cap. Spend. - 3 Yr. Gr. Rate -8.3%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 191.4%
Total Debt to Equity 234.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 4.3%
Return On Total Capital 0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 54.9%
Gross Margin - 3 Yr. Avg. 54.4%
EBITDA Margin 46.4%
EBITDA Margin - 3 Yr. Avg. 41.5%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 22.7%
Pre-Tax Margin 4.6%
Pre-Tax Margin - 3 Yr. Avg. 4.3%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 17%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 239.4%

TOO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOO stock intrinsic value calculation we used $1152 million for the last fiscal year's total revenue generated by Teekay Offshore Partners. The default revenue input number comes from 2016 income statement of Teekay Offshore Partners. 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 TOO 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 10.3%, whose default value for TOO is calculated based on our internal credit rating of Teekay Offshore Partners, 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 Offshore Partners.
    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 TOO stock the variable cost ratio is equal to 31.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $577 million in the base year in the intrinsic value calculation for TOO 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 5.5% for Teekay Offshore Partners.

Corporate tax rate of 27% is the nominal tax rate for Teekay Offshore Partners. 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 TOO 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 TOO are equal to 410.6%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Teekay Offshore Partners 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 TOO is equal to -3.3%. 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 - $1356 million for Teekay Offshore Partners - 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 153.857 million for Teekay Offshore Partners 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 Offshore Partners at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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HMLP Hoegh LNG Part 19.40 100.85  str.buy
KNOP Knot Offshore 23.80 4.31  str.sell
PBR Petroleo Brasi 10.21 3.04  str.sell
SFL Ship Finance I 14.65 2.79  str.sell

COMPANY NEWS

▶ Teekay Corporation Declares Dividend   [04:05PM  GlobeNewswire]
▶ Magellan Midstream Partners Was Upgraded Last Week   [Sep-26-17 10:22AM  Market Realist]
▶ Teekay Offshore Partners Upgrade Last Week   [Sep-18-17 02:36PM  Market Realist]
▶ Another Weak Auction, This Time for 30-Year Treasuries   [Sep-13-17 01:57PM  Barrons.com]
▶ Top MLP Gainers in Week Ended September 8   [Sep-12-17 08:10AM  Market Realist]
▶ Top MLPs Losers Last Week, Ended September 1   [Sep-05-17 12:01PM  Market Realist]
▶ These MLPs Increased Distribution in 3Q17   [Aug-11-17 04:19PM  Market Realist]
▶ A Look into Last Weeks Major Midstream Ratings Updates   [Aug-02-17 09:10AM  Market Realist]
▶ Why these MLPs Rose More than 5% Last Week   [Aug-01-17 03:07PM  Market Realist]
▶ Teekay Was the NYSEs Biggest Gainer Last Week   [08:26AM  Market Realist]
▶ Top Ranked Value Stocks to Buy for June 27th   [Jun-27-17 11:20AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 26th   [Jun-26-17 09:38AM  Zacks]
▶ Why Teekay Offshores Performance Has Slumped   [09:09AM  Market Realist]
▶ Oil Flat As OPEC Sees Market Balancing At Slower Pace   [Jun-13-17 03:00PM  Oilprice.com]
▶ Teekay Offshore Partners Announces New Board Member   [Jun-07-17 07:22PM  Marketwired]
▶ Smaller MLPs May Outperform in 2017   [Mar-02-17 10:28AM  Barrons.com]
▶ Smaller MLPs May Outperform in 2017   [10:28AM  at Barrons.com]
▶ Teekay Offshore Partners Declares Distribution   [Jan-03-17 06:59PM  Marketwired]
▶ Is Teekay Offshore Partners L.P. (TOO) A Good Stock To Buy?   [Dec-11-16 05:26AM  at Insider Monkey]
▶ Alerian Index Series September 2016 Index Review   [Sep-09-16 08:30AM  PR Newswire]
▶ The 10 Highest Energy Stock Dividends   [Aug-16-16 01:10PM  at Motley Fool]
Financial statements of TOO
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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