Intrinsic value of Tutor Perini - TPC

Previous Close

$27.75

  Intrinsic Value

$14.52

stock screener

  Rating & Target

sell

-48%

Previous close

$27.75

 
Intrinsic value

$14.52

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of TPC 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 1.4

 

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, %
  1.08
  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
  4,973
  5,072
  5,189
  5,322
  5,472
  5,638
  5,820
  6,018
  6,233
  6,464
  6,712
  6,978
  7,261
  7,562
  7,883
  8,223
  8,583
  8,965
  9,368
  9,794
  10,244
  10,719
  11,220
  11,748
  12,304
  12,889
  13,506
  14,155
  14,838
  15,557
  16,313
Variable operating expenses, $m
 
  4,965
  5,078
  5,207
  5,351
  5,512
  5,688
  5,880
  6,087
  6,311
  6,551
  6,749
  7,023
  7,314
  7,624
  7,953
  8,302
  8,671
  9,061
  9,473
  9,908
  10,368
  10,852
  11,363
  11,901
  12,467
  13,064
  13,692
  14,352
  15,047
  15,778
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
  4,771
  4,965
  5,078
  5,207
  5,351
  5,512
  5,688
  5,880
  6,087
  6,311
  6,551
  6,749
  7,023
  7,314
  7,624
  7,953
  8,302
  8,671
  9,061
  9,473
  9,908
  10,368
  10,852
  11,363
  11,901
  12,467
  13,064
  13,692
  14,352
  15,047
  15,778
Operating income, $m
  202
  108
  112
  116
  121
  126
  132
  139
  146
  153
  161
  229
  238
  248
  258
  269
  281
  294
  307
  321
  336
  351
  368
  385
  403
  422
  443
  464
  486
  510
  534
EBITDA, $m
  270
  201
  206
  211
  217
  224
  231
  239
  247
  256
  266
  277
  288
  300
  313
  326
  340
  356
  372
  388
  406
  425
  445
  466
  488
  511
  536
  561
  588
  617
  647
Interest expense (income), $m
  47
  40
  43
  47
  50
  55
  60
  65
  71
  77
  84
  91
  98
  107
  115
  125
  134
  145
  156
  168
  180
  193
  207
  221
  236
  253
  269
  287
  306
  326
  347
Earnings before tax, $m
  149
  67
  68
  69
  70
  71
  73
  74
  75
  76
  78
  138
  139
  141
  143
  145
  147
  149
  151
  153
  156
  158
  161
  164
  167
  170
  173
  176
  180
  184
  188
Tax expense, $m
  53
  18
  18
  19
  19
  19
  20
  20
  20
  21
  21
  37
  38
  38
  39
  39
  40
  40
  41
  41
  42
  43
  43
  44
  45
  46
  47
  48
  49
  50
  51
Net income, $m
  96
  49
  50
  51
  51
  52
  53
  54
  55
  56
  57
  101
  102
  103
  104
  106
  107
  109
  110
  112
  114
  116
  117
  120
  122
  124
  126
  129
  131
  134
  137

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  146
  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
  4,039
  3,972
  4,064
  4,168
  4,285
  4,415
  4,558
  4,713
  4,881
  5,062
  5,256
  5,464
  5,686
  5,922
  6,173
  6,439
  6,721
  7,020
  7,336
  7,670
  8,022
  8,394
  8,786
  9,199
  9,635
  10,094
  10,576
  11,085
  11,620
  12,182
  12,774
Adjusted assets (=assets-cash), $m
  3,893
  3,972
  4,064
  4,168
  4,285
  4,415
  4,558
  4,713
  4,881
  5,062
  5,256
  5,464
  5,686
  5,922
  6,173
  6,439
  6,721
  7,020
  7,336
  7,670
  8,022
  8,394
  8,786
  9,199
  9,635
  10,094
  10,576
  11,085
  11,620
  12,182
  12,774
Revenue / Adjusted assets
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
  1.277
Average production assets, $m
  596
  609
  623
  639
  657
  677
  698
  722
  748
  776
  805
  837
  871
  907
  946
  987
  1,030
  1,076
  1,124
  1,175
  1,229
  1,286
  1,346
  1,410
  1,476
  1,547
  1,621
  1,699
  1,781
  1,867
  1,958
Working capital, $m
  1,319
  1,283
  1,313
  1,347
  1,384
  1,426
  1,472
  1,523
  1,577
  1,635
  1,698
  1,765
  1,837
  1,913
  1,994
  2,080
  2,172
  2,268
  2,370
  2,478
  2,592
  2,712
  2,839
  2,972
  3,113
  3,261
  3,417
  3,581
  3,754
  3,936
  4,127
Total debt, $m
  760
  721
  777
  841
  914
  994
  1,082
  1,177
  1,281
  1,392
  1,512
  1,640
  1,776
  1,922
  2,076
  2,240
  2,414
  2,598
  2,793
  2,998
  3,216
  3,445
  3,686
  3,941
  4,209
  4,492
  4,789
  5,102
  5,432
  5,778
  6,143
Total liabilities, $m
  2,486
  2,447
  2,503
  2,567
  2,640
  2,720
  2,808
  2,903
  3,007
  3,118
  3,238
  3,366
  3,502
  3,648
  3,802
  3,966
  4,140
  4,324
  4,519
  4,724
  4,942
  5,171
  5,412
  5,667
  5,935
  6,218
  6,515
  6,828
  7,158
  7,504
  7,869
Total equity, $m
  1,553
  1,525
  1,560
  1,600
  1,646
  1,695
  1,750
  1,810
  1,874
  1,944
  2,018
  2,098
  2,183
  2,274
  2,370
  2,473
  2,581
  2,696
  2,817
  2,945
  3,080
  3,223
  3,374
  3,533
  3,700
  3,876
  4,061
  4,257
  4,462
  4,678
  4,905
Total liabilities and equity, $m
  4,039
  3,972
  4,063
  4,167
  4,286
  4,415
  4,558
  4,713
  4,881
  5,062
  5,256
  5,464
  5,685
  5,922
  6,172
  6,439
  6,721
  7,020
  7,336
  7,669
  8,022
  8,394
  8,786
  9,200
  9,635
  10,094
  10,576
  11,085
  11,620
  12,182
  12,774
Debt-to-equity ratio
  0.489
  0.470
  0.500
  0.530
  0.560
  0.590
  0.620
  0.650
  0.680
  0.720
  0.750
  0.780
  0.810
  0.850
  0.880
  0.910
  0.940
  0.960
  0.990
  1.020
  1.040
  1.070
  1.090
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.250
Adjusted equity ratio
  0.361
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384
  0.384

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  96
  49
  50
  51
  51
  52
  53
  54
  55
  56
  57
  101
  102
  103
  104
  106
  107
  109
  110
  112
  114
  116
  117
  120
  122
  124
  126
  129
  131
  134
  137
Depreciation, amort., depletion, $m
  68
  93
  94
  95
  96
  97
  99
  100
  101
  103
  105
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  74
  77
  81
  85
  89
  93
  98
  102
  107
  113
Funds from operations, $m
  51
  143
  144
  146
  148
  150
  152
  154
  156
  159
  162
  149
  152
  155
  159
  162
  166
  170
  175
  179
  184
  189
  195
  201
  207
  213
  219
  226
  234
  241
  250
Change in working capital, $m
  -62
  25
  30
  34
  38
  42
  46
  50
  54
  58
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
Cash from operations, $m
  113
  117
  115
  112
  110
  108
  106
  104
  102
  100
  99
  82
  80
  79
  78
  76
  75
  74
  73
  72
  70
  69
  68
  67
  66
  65
  63
  62
  61
  60
  58
Maintenance CAPEX, $m
  0
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -42
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -102
  -107
New CAPEX, $m
  -16
  -13
  -14
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
Cash from investing activities, $m
  -19
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -140
  -148
  -155
  -163
  -171
  -180
  -188
  -198
Free cash flow, $m
  94
  70
  66
  60
  55
  50
  45
  40
  35
  30
  25
  4
  -2
  -7
  -13
  -19
  -25
  -31
  -37
  -44
  -51
  -58
  -66
  -74
  -82
  -91
  -99
  -109
  -119
  -129
  -140
Issuance/(repayment) of debt, $m
  -9
  47
  56
  64
  72
  80
  88
  96
  103
  112
  120
  128
  137
  145
  155
  164
  174
  184
  195
  206
  217
  229
  242
  255
  268
  283
  297
  313
  329
  347
  365
Issuance/(repurchase) of shares, $m
  -1
  0
  0
  0
  0
  0
  2
  6
  10
  14
  18
  0
  0
  0
  0
  0
  1
  6
  11
  16
  22
  27
  33
  39
  46
  52
  59
  66
  74
  82
  90
Cash from financing (excl. dividends), $m  
  -24
  47
  56
  64
  72
  80
  90
  102
  113
  126
  138
  128
  137
  145
  155
  164
  175
  190
  206
  222
  239
  256
  275
  294
  314
  335
  356
  379
  403
  429
  455
Total cash flow (excl. dividends), $m
  71
  117
  122
  125
  127
  130
  134
  141
  148
  155
  162
  132
  135
  138
  142
  145
  150
  159
  168
  178
  188
  198
  209
  220
  232
  244
  257
  271
  285
  300
  315
Retained Cash Flow (-), $m
  -133
  -32
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -167
  -176
  -185
  -195
  -205
  -216
  -227
Prev. year cash balance distribution, $m
 
  60
  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
 
  145
  87
  84
  82
  80
  80
  82
  83
  85
  87
  52
  50
  47
  45
  43
  42
  44
  47
  50
  52
  55
  58
  61
  65
  68
  72
  75
  79
  84
  88
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  137
  77
  70
  63
  57
  52
  48
  45
  41
  37
  19
  16
  13
  11
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.5
  98.9
  98.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  97.1
  96.8
  96.4
  95.7
  95.0
  94.0
  93.0
  91.8
  90.4
  89.0
  87.5
  86.0
  84.3
  82.6
  80.9

Tutor Perini Corporation is a construction company offering general contracting, construction management and design-build services to private customers and public agencies across the world. The Company operates through three segments: Civil, Building and Specialty Contractors. Its Civil segment specializes in public works construction and the repair, replacement and reconstruction of infrastructure across various geographic regions of the United States. Its Building segment provides services to various specialized building markets for private and public works customers, including the hospitality and gaming, transportation, healthcare, corporate and municipal offices, sports and entertainment, education, correctional facilities, biotech, pharmaceutical and industrial markets. Its Specialty Contractors segment specializes in electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), fire protection systems, and pneumatically placed concrete.

FINANCIAL RATIOS  of  Tutor Perini (TPC)

Valuation Ratios
P/E Ratio 14.2
Price to Sales 0.3
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 14.1
Growth Rates
Sales Growth Rate 1.1%
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 -17.6%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 43.4%
Total Debt to Equity 48.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.8%
Return On Equity 6.5%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 9.2%
Gross Margin - 3 Yr. Avg. 9.2%
EBITDA Margin 5.3%
EBITDA Margin - 3 Yr. Avg. 5%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 3.9%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 39%
Payout Ratio 0%

TPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TPC stock intrinsic value calculation we used $4973 million for the last fiscal year's total revenue generated by Tutor Perini. The default revenue input number comes from 2016 income statement of Tutor Perini. 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 TPC 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 5.8%, whose default value for TPC is calculated based on our internal credit rating of Tutor Perini, 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 Tutor Perini.
    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 TPC stock the variable cost ratio is equal to 97.9%.

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 TPC 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 6% for Tutor Perini.

Corporate tax rate of 27% is the nominal tax rate for Tutor Perini. 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 TPC 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 TPC are equal to 12%.

Life of production assets of 17.4 years is the average useful life of capital assets used in Tutor Perini 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 TPC is equal to 25.3%. 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 - $1553 million for Tutor Perini - 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 49.821 million for Tutor Perini 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 Tutor Perini at the current share price and the inputted number of shares is $1.4 billion.

RELATED COMPANIES Price Int.Val. Rating
FLR Fluor 42.58 78.35  str.buy
EME EMCOR Group 69.55 84.58  buy
GVA Granite Constr 57.53 105.53  str.buy
ACM AECOM 35.16 41.33  hold
PRIM Primoris Servi 27.79 36.43  buy

COMPANY NEWS

▶ DSW: As Good a Time as Any to Head for the Exits?   [Aug-22-17 11:51AM  Barrons.com]
▶ Tutor Perini beats 2Q profit forecasts   [12:14AM  Associated Press]
▶ Tutor Perini Reports Second Quarter Results   [Aug-07-17 04:05PM  Business Wire]
▶ Tutor Perini Appoints Leonard Rejcek to Lead Building Group   [Jun-12-17 04:22PM  Business Wire]
▶ ETFs with exposure to Tutor Perini Corp. : May 23, 2017   [May-23-17 01:08PM  Capital Cube]
▶ George Washington Bridge Bus Station Set to Open   [May-12-17 12:18AM  The Wall Street Journal]
▶ ETFs with exposure to Tutor Perini Corp. : May 8, 2017   [May-08-17 05:21PM  Capital Cube]
▶ Tutor Perini misses 1Q profit forecasts   [May-03-17 07:29PM  Associated Press]
▶ Tutor Perini Reports First Quarter Results   [04:15PM  Business Wire]
▶ Tutor Perini Announces Senior Notes Offering   [07:59AM  Business Wire]
▶ [$$] Scores of Builders Raise Their Hands to Design Trump Border Wall   [Mar-30-17 12:35AM  The Wall Street Journal]
▶ [$$] Scores of Builders Raise Their Hands for Trump Border Wall   [Mar-29-17 01:08PM  at The Wall Street Journal]
▶ Tutor Perini meets 4Q profit forecasts   [Feb-23-17 05:59PM  Associated Press]
▶ WDF Awarded Three Contracts Valued at $104 Million   [Feb-02-17 06:00AM  Business Wire]
▶ Tutor Perini set to receive $1.4 billion LA County MTA contract   [Jan-17-17 05:20PM  at bizjournals.com]
▶ Tutor Perini Price Target Hiked 10%: What You Need to Know   [Dec-29-16 01:12PM  at Motley Fool]
▶ Infrastructure Stocks Overheated on Trump's Trillion-Dollar Plan   [Dec-01-16 02:52PM  at The Wall Street Journal]
▶ [$$] Numbers Don't Add Up for Trump's Trillion-Dollar Building Plan   [Nov-30-16 11:24PM  at The Wall Street Journal]
▶ [$$] In Stock-Market Rally, Small Beats Large   [12:04AM  at The Wall Street Journal]
▶ Why Tutor Perini Got Schooled Today   [Nov-16-16 09:21PM  at Motley Fool]
Financial statements of TPC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.