Intrinsic value of Teekay Offshore Partners - TOO

Previous Close

$2.45

  Intrinsic Value

$2.11

stock screener

  Rating & Target

hold

-14%

  Value-price divergence*

+785%

Previous close

$2.45

 
Intrinsic value

$2.11

 
Up/down potential

-14%

 
Rating

hold

 
Value-price divergence*

+785%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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
  157
  161
  166
  172
  179
  187
  195
  203
  213
  223
  234
  246
  259
  272
  287
  302
  318
  335
  353
  372
  392
  413
  435
  459
  484
  510
  537
  566
  597
  629
Earnings before tax, $m
  53
  60
  60
  61
  64
  68
  74
  81
  90
  100
  112
  139
  154
  171
  189
  210
  232
  256
  283
  311
  342
  375
  411
  449
  490
  534
  581
  631
  685
  742
  803
Tax expense, $m
  9
  16
  16
  17
  17
  18
  20
  22
  24
  27
  30
  37
  42
  46
  51
  57
  63
  69
  76
  84
  92
  101
  111
  121
  132
  144
  157
  170
  185
  200
  217
Net income, $m
  33
  44
  44
  45
  47
  50
  54
  59
  66
  73
  82
  101
  112
  125
  138
  153
  169
  187
  206
  227
  250
  274
  300
  328
  358
  390
  424
  461
  500
  542
  586

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  324
  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
  5,491
  5,617
  5,761
  5,924
  6,103
  6,300
  6,515
  6,747
  6,997
  7,266
  7,553
  7,860
  8,186
  8,533
  8,901
  9,291
  9,704
  10,141
  10,602
  11,089
  11,603
  12,145
  12,717
  13,319
  13,953
  14,620
  15,323
  16,062
  16,840
  17,658
Adjusted assets (=assets-cash), $m
  5,395
  5,491
  5,617
  5,761
  5,924
  6,103
  6,300
  6,515
  6,747
  6,997
  7,266
  7,553
  7,860
  8,186
  8,533
  8,901
  9,291
  9,704
  10,141
  10,602
  11,089
  11,603
  12,145
  12,717
  13,319
  13,953
  14,620
  15,323
  16,062
  16,840
  17,658
Revenue / Adjusted assets
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
  0.214
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
  -118
  -120
  -123
  -127
  -131
  -135
  -139
  -144
  -150
  -155
  -162
  -168
  -175
  -183
  -190
  -199
  -208
  -217
  -227
  -237
  -248
  -260
  -272
  -285
  -299
  -313
  -328
  -344
  -360
  -378
Total debt, $m
  3,183
  2,933
  3,027
  3,135
  3,257
  3,391
  3,539
  3,700
  3,874
  4,061
  4,262
  4,477
  4,707
  4,951
  5,211
  5,487
  5,779
  6,088
  6,415
  6,761
  7,126
  7,511
  7,917
  8,345
  8,796
  9,270
  9,770
  10,297
  10,851
  11,433
  12,046
Total liabilities, $m
  4,363
  4,113
  4,207
  4,315
  4,437
  4,571
  4,719
  4,880
  5,054
  5,241
  5,442
  5,657
  5,887
  6,131
  6,391
  6,667
  6,959
  7,268
  7,595
  7,941
  8,306
  8,691
  9,097
  9,525
  9,976
  10,450
  10,950
  11,477
  12,031
  12,613
  13,226
Total equity, $m
  1,356
  1,378
  1,410
  1,446
  1,487
  1,532
  1,581
  1,635
  1,693
  1,756
  1,824
  1,896
  1,973
  2,055
  2,142
  2,234
  2,332
  2,436
  2,545
  2,661
  2,783
  2,912
  3,048
  3,192
  3,343
  3,502
  3,670
  3,846
  4,032
  4,227
  4,432
Total liabilities and equity, $m
  5,719
  5,491
  5,617
  5,761
  5,924
  6,103
  6,300
  6,515
  6,747
  6,997
  7,266
  7,553
  7,860
  8,186
  8,533
  8,901
  9,291
  9,704
  10,140
  10,602
  11,089
  11,603
  12,145
  12,717
  13,319
  13,952
  14,620
  15,323
  16,063
  16,840
  17,658
Debt-to-equity ratio
  2.347
  2.130
  2.150
  2.170
  2.190
  2.210
  2.240
  2.260
  2.290
  2.310
  2.340
  2.360
  2.390
  2.410
  2.430
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.580
  2.600
  2.610
  2.630
  2.650
  2.660
  2.680
  2.690
  2.700
  2.720
Adjusted equity ratio
  0.191
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251
  0.251

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  33
  44
  44
  45
  47
  50
  54
  59
  66
  73
  82
  101
  112
  125
  138
  153
  169
  187
  206
  227
  250
  274
  300
  328
  358
  390
  424
  461
  500
  542
  586
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
  355
  361
  370
  381
  394
  409
  426
  445
  466
  489
  511
  539
  569
  601
  636
  673
  713
  756
  802
  851
  903
  959
  1,018
  1,080
  1,147
  1,217
  1,292
  1,371
  1,455
  1,544
Change in working capital, $m
  48
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
Cash from operations, $m
  354
  357
  364
  373
  384
  398
  413
  430
  450
  471
  495
  517
  545
  576
  608
  644
  682
  722
  766
  812
  861
  914
  970
  1,030
  1,093
  1,160
  1,232
  1,307
  1,387
  1,472
  1,562
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
  -30
  -45
  -58
  -70
  -81
  -91
  -100
  -108
  -115
  -121
  -129
  -134
  -138
  -140
  -143
  -144
  -145
  -144
  -143
  -142
  -139
  -135
  -131
  -126
  -119
  -112
  -103
  -94
  -83
  -71
Issuance/(repayment) of debt, $m
  -175
  74
  95
  108
  121
  135
  148
  161
  174
  187
  201
  215
  230
  244
  260
  276
  292
  309
  327
  346
  365
  385
  406
  428
  451
  475
  500
  526
  554
  583
  613
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
  74
  95
  108
  121
  135
  148
  161
  174
  187
  201
  215
  230
  244
  260
  276
  292
  309
  327
  346
  365
  385
  406
  428
  451
  475
  500
  526
  554
  583
  613
Total cash flow (excl. dividends), $m
  48
  44
  50
  50
  51
  53
  56
  61
  66
  73
  80
  86
  96
  107
  119
  133
  148
  165
  183
  202
  223
  246
  271
  297
  325
  356
  388
  423
  460
  500
  542
Retained Cash Flow (-), $m
  -189
  -22
  -32
  -36
  -41
  -45
  -49
  -54
  -58
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -176
  -186
  -195
  -205
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
 
  22
  18
  14
  10
  8
  7
  7
  8
  10
  13
  14
  19
  25
  32
  41
  50
  61
  73
  86
  101
  117
  135
  154
  174
  197
  221
  247
  275
  305
  337
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  20
  15
  10
  7
  4
  3
  3
  3
  3
  3
  3
  3
  3
  3
  3
  2
  2
  2
  1
  1
  1
  1
  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. provides marine transportation, oil production, storage, long-distance towing, offshore installation and maintenance, and safety services to the offshore oil industry in the North Sea and Brazil. The company operates through six segments: Shuttle Tanker; Floating Production, Storage and OffLoading (FPSO); Floating Storage and Off-Take (FSO); Conventional Tanker; Towage; and Units for Maintenance and Safety (UMS). As of December 31, 2015, it owned interests in 33 shuttle tankers, which included 3 chartered-in vessels and 1 hiload dynamic positioning unit; 6 FPSO units; 7 FSO units; 6 long-distance towing and offshore installation vessels; 1 UMS; and 2 conventional oil tankers. Teekay Offshore GP L.L.C. serves as the general partner of Teekay Offshore Partners L.P. Teekay Offshore Partners L.P. was founded in 2006 and is headquartered in Hamilton, Bermuda. Teekay Offshore Partners L.P. is a subsidiary of Teekay Corporation.

FINANCIAL RATIOS  of  Teekay Offshore Partners (TOO)

Valuation Ratios
P/E Ratio 11
Price to Sales 0.3
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1
Price to Free Cash Flow 6.1
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 1
Current Ratio 0
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 10.1%, 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 -10%. 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 145.735 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.

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COMPANY NEWS

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▶ 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]
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Stock chart of TOO 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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