Intrinsic value of Texas Pacific Land Trust Sub Share Ctf - TPL

Previous Close

$410.24

  Intrinsic Value

$2,443

stock screener

  Rating & Target

str. buy

+496%

Previous close

$410.24

 
Intrinsic value

$2,443

 
Up/down potential

+496%

 
Rating

str. buy

We calculate the intrinsic value of TPL 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 3.2

 

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, %
  -24.05
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  60
  96
  148
  222
  322
  454
  624
  838
  1,100
  1,416
  1,788
  2,221
  2,715
  3,272
  3,893
  4,578
  5,325
  6,134
  7,003
  7,932
  8,918
  9,960
  11,057
  12,209
  13,415
  14,674
  15,987
  17,354
  18,777
  20,256
  21,794
Variable operating expenses, $m
 
  5
  7
  11
  16
  23
  31
  42
  55
  71
  89
  111
  136
  164
  195
  229
  266
  307
  350
  397
  446
  498
  553
  610
  671
  734
  799
  868
  939
  1,013
  1,090
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
  5
  5
  7
  11
  16
  23
  31
  42
  55
  71
  89
  111
  136
  164
  195
  229
  266
  307
  350
  397
  446
  498
  553
  610
  671
  734
  799
  868
  939
  1,013
  1,090
Operating income, $m
  55
  91
  141
  211
  306
  431
  593
  796
  1,045
  1,345
  1,699
  2,109
  2,579
  3,109
  3,699
  4,349
  5,059
  5,827
  6,653
  7,535
  8,472
  9,462
  10,504
  11,599
  12,744
  13,940
  15,188
  16,487
  17,838
  19,244
  20,704
EBITDA, $m
  55
  91
  141
  211
  306
  432
  594
  797
  1,047
  1,347
  1,702
  2,113
  2,584
  3,114
  3,705
  4,357
  5,068
  5,838
  6,665
  7,549
  8,487
  9,479
  10,523
  11,619
  12,767
  13,965
  15,215
  16,516
  17,870
  19,278
  20,741
Interest expense (income), $m
  0
  0
  0
  1
  1
  2
  3
  4
  5
  7
  9
  12
  15
  18
  22
  26
  31
  36
  41
  47
  54
  60
  67
  75
  83
  91
  100
  109
  118
  128
  138
Earnings before tax, $m
  55
  91
  141
  210
  305
  430
  590
  792
  1,040
  1,338
  1,690
  2,098
  2,564
  3,091
  3,677
  4,323
  5,028
  5,792
  6,612
  7,488
  8,418
  9,402
  10,437
  11,524
  12,661
  13,849
  15,088
  16,378
  17,720
  19,116
  20,567
Tax expense, $m
  18
  25
  38
  57
  82
  116
  159
  214
  281
  361
  456
  566
  692
  834
  993
  1,167
  1,358
  1,564
  1,785
  2,022
  2,273
  2,538
  2,818
  3,111
  3,418
  3,739
  4,074
  4,422
  4,784
  5,161
  5,553
Net income, $m
  37
  67
  103
  153
  222
  314
  431
  578
  759
  977
  1,233
  1,531
  1,872
  2,256
  2,684
  3,156
  3,671
  4,228
  4,827
  5,466
  6,145
  6,863
  7,619
  8,412
  9,243
  10,110
  11,014
  11,956
  12,936
  13,955
  15,014

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  49
  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
  62
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,518
  1,719
  1,932
  2,158
  2,396
  2,646
  2,907
  3,180
  3,464
  3,760
  4,069
  4,389
  4,722
Adjusted assets (=assets-cash), $m
  13
  21
  32
  48
  70
  98
  135
  182
  238
  307
  387
  481
  588
  709
  844
  992
  1,154
  1,329
  1,518
  1,719
  1,932
  2,158
  2,396
  2,646
  2,907
  3,180
  3,464
  3,760
  4,069
  4,389
  4,722
Revenue / Adjusted assets
  4.615
  4.571
  4.625
  4.625
  4.600
  4.633
  4.622
  4.604
  4.622
  4.612
  4.620
  4.617
  4.617
  4.615
  4.613
  4.615
  4.614
  4.616
  4.613
  4.614
  4.616
  4.615
  4.615
  4.614
  4.615
  4.614
  4.615
  4.615
  4.615
  4.615
  4.615
Average production assets, $m
  1
  2
  3
  4
  5
  8
  11
  14
  19
  24
  30
  38
  46
  56
  66
  78
  91
  104
  119
  135
  152
  169
  188
  208
  228
  249
  272
  295
  319
  344
  370
Working capital, $m
  0
  -78
  -121
  -181
  -263
  -371
  -510
  -685
  -899
  -1,157
  -1,461
  -1,814
  -2,218
  -2,673
  -3,181
  -3,740
  -4,351
  -5,012
  -5,722
  -6,480
  -7,286
  -8,137
  -9,034
  -9,975
  -10,960
  -11,989
  -13,061
  -14,179
  -15,341
  -16,550
  -17,806
Total debt, $m
  0
  5
  15
  29
  49
  75
  108
  149
  201
  262
  335
  419
  515
  624
  745
  879
  1,024
  1,182
  1,352
  1,533
  1,725
  1,928
  2,142
  2,367
  2,602
  2,848
  3,104
  3,370
  3,648
  3,936
  4,236
Total liabilities, $m
  15
  19
  29
  43
  63
  89
  122
  163
  215
  276
  349
  433
  529
  638
  759
  893
  1,038
  1,196
  1,366
  1,547
  1,739
  1,942
  2,156
  2,381
  2,616
  2,862
  3,118
  3,384
  3,662
  3,950
  4,250
Total equity, $m
  48
  2
  3
  5
  7
  10
  14
  18
  24
  31
  39
  48
  59
  71
  84
  99
  115
  133
  152
  172
  193
  216
  240
  265
  291
  318
  346
  376
  407
  439
  472
Total liabilities and equity, $m
  63
  21
  32
  48
  70
  99
  136
  181
  239
  307
  388
  481
  588
  709
  843
  992
  1,153
  1,329
  1,518
  1,719
  1,932
  2,158
  2,396
  2,646
  2,907
  3,180
  3,464
  3,760
  4,069
  4,389
  4,722
Debt-to-equity ratio
  0.000
  2.270
  4.640
  6.090
  6.990
  7.580
  7.960
  8.230
  8.410
  8.540
  8.640
  8.710
  8.760
  8.800
  8.830
  8.860
  8.880
  8.890
  8.910
  8.920
  8.930
  8.940
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
Adjusted equity ratio
  -0.077
  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
  37
  67
  103
  153
  222
  314
  431
  578
  759
  977
  1,233
  1,531
  1,872
  2,256
  2,684
  3,156
  3,671
  4,228
  4,827
  5,466
  6,145
  6,863
  7,619
  8,412
  9,243
  10,110
  11,014
  11,956
  12,936
  13,955
  15,014
Depreciation, amort., depletion, $m
  0
  0
  0
  0
  1
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  34
  37
Funds from operations, $m
  49
  67
  103
  154
  223
  314
  432
  580
  761
  979
  1,236
  1,535
  1,877
  2,262
  2,691
  3,163
  3,680
  4,238
  4,839
  5,480
  6,160
  6,880
  7,638
  8,433
  9,265
  10,135
  11,041
  11,985
  12,968
  13,989
  15,051
Change in working capital, $m
  8
  -29
  -43
  -60
  -82
  -108
  -139
  -175
  -214
  -258
  -304
  -353
  -404
  -455
  -507
  -559
  -611
  -661
  -710
  -758
  -805
  -851
  -897
  -941
  -985
  -1,029
  -1,073
  -1,117
  -1,162
  -1,209
  -1,256
Cash from operations, $m
  41
  96
  146
  214
  305
  422
  571
  754
  975
  1,237
  1,541
  1,888
  2,280
  2,717
  3,198
  3,723
  4,290
  4,899
  5,549
  6,238
  6,966
  7,731
  8,534
  9,374
  10,250
  11,164
  12,114
  13,103
  14,130
  15,198
  16,307
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -34
New CAPEX, $m
  -1
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -1
  -1
  -1
  -1
  -2
  -3
  -4
  -5
  -5
  -7
  -8
  -10
  -12
  -14
  -17
  -19
  -21
  -23
  -25
  -28
  -30
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -60
Free cash flow, $m
  40
  95
  145
  212
  303
  420
  567
  750
  969
  1,230
  1,532
  1,878
  2,268
  2,703
  3,182
  3,704
  4,270
  4,876
  5,524
  6,210
  6,936
  7,699
  8,499
  9,336
  10,209
  11,119
  12,067
  13,052
  14,076
  15,141
  16,246
Issuance/(repayment) of debt, $m
  0
  5
  10
  14
  20
  26
  33
  42
  51
  62
  73
  84
  96
  109
  121
  133
  146
  158
  170
  181
  192
  203
  214
  225
  235
  246
  256
  267
  277
  288
  300
Issuance/(repurchase) of shares, $m
  -33
  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  
  -33
  5
  10
  14
  20
  26
  33
  42
  51
  62
  73
  84
  96
  109
  121
  133
  146
  158
  170
  181
  192
  203
  214
  225
  235
  246
  256
  267
  277
  288
  300
Total cash flow (excl. dividends), $m
  7
  100
  155
  227
  322
  445
  601
  791
  1,021
  1,291
  1,605
  1,962
  2,365
  2,812
  3,303
  3,838
  4,415
  5,034
  5,693
  6,391
  7,128
  7,902
  8,713
  9,560
  10,444
  11,365
  12,323
  13,319
  14,354
  15,429
  16,546
Retained Cash Flow (-), $m
  -2
  -3
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
Prev. year cash balance distribution, $m
 
  49
  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
 
  146
  154
  225
  320
  443
  597
  787
  1,015
  1,284
  1,597
  1,953
  2,354
  2,800
  3,290
  3,823
  4,399
  5,017
  5,674
  6,371
  7,107
  7,879
  8,689
  9,535
  10,418
  11,338
  12,294
  13,289
  14,323
  15,397
  16,513
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  140
  141
  196
  263
  343
  433
  531
  634
  738
  837
  927
  1,005
  1,064
  1,104
  1,122
  1,118
  1,092
  1,045
  981
  903
  815
  721
  625
  531
  441
  359
  285
  222
  168
  124
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

Texas Pacific Land Trust (the Trust) is engaged in managing land, including royalty interests, for the benefit of its owners. The Company operates through managing the land segment, which includes sales and leases of such land, and the retention of oil and gas royalties. The Trust derives revenue from all avenues of managing the land, such as oil and gas royalties, grazing leases, easements, sundry and specialty leases, and land sales. The Trust has a perpetual oil and gas royalty interest in 459,200 acres. As of December 31, 2016, the Trust owned the surface estate in approximately 887,553 acres of land, consisting of numerous separate tracts, located in 18 counties in the western part of Texas. As of December 31, 2016, the Trust also owned a 1/128 nonparticipating perpetual oil and gas royalty interest under 85,414 acres of land and a 1/16 nonparticipating perpetual oil and gas royalty interest under 373,777 acres of land in the western part of Texas.

FINANCIAL RATIOS  of  Texas Pacific Land Trust Sub Share Ctf (TPL)

Valuation Ratios
P/E Ratio 87.9
Price to Sales 54.2
Price to Book 67.8
Price to Tangible Book
Price to Cash Flow 79.3
Price to Free Cash Flow 81.3
Growth Rates
Sales Growth Rate -24.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 66.1%
Ret/ On Assets - 3 Yr. Avg. 104.6%
Return On Total Capital 78.7%
Ret/ On T. Cap. - 3 Yr. Avg. 123.8%
Return On Equity 78.7%
Return On Equity - 3 Yr. Avg. 123.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 100%
Gross Margin - 3 Yr. Avg. 66.7%
EBITDA Margin 91.7%
EBITDA Margin - 3 Yr. Avg. 93.1%
Operating Margin 91.7%
Oper. Margin - 3 Yr. Avg. 93.1%
Pre-Tax Margin 91.7%
Pre-Tax Margin - 3 Yr. Avg. 93.1%
Net Profit Margin 61.7%
Net Profit Margin - 3 Yr. Avg. 62.9%
Effective Tax Rate 32.7%
Eff/ Tax Rate - 3 Yr. Avg. 32.5%
Payout Ratio 8.1%

TPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TPL stock intrinsic value calculation we used $60 million for the last fiscal year's total revenue generated by Texas Pacific Land Trust Sub Share Ctf. The default revenue input number comes from 2016 income statement of Texas Pacific Land Trust Sub Share Ctf. 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 TPL stock valuation model: a) initial revenue growth rate of 60% 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 4.3%, whose default value for TPL is calculated based on our internal credit rating of Texas Pacific Land Trust Sub Share Ctf, 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 Texas Pacific Land Trust Sub Share Ctf.
    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 TPL stock the variable cost ratio is equal to 5%.

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 TPL 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 Texas Pacific Land Trust Sub Share Ctf.

Corporate tax rate of 27% is the nominal tax rate for Texas Pacific Land Trust Sub Share Ctf. 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 TPL 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 TPL are equal to 1.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Texas Pacific Land Trust Sub Share Ctf 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 TPL is equal to -81.7%. 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 - $48 million for Texas Pacific Land Trust Sub Share Ctf - 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 7.849 million for Texas Pacific Land Trust Sub Share Ctf 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 Texas Pacific Land Trust Sub Share Ctf at the current share price and the inputted number of shares is $3.2 billion.

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COMPANY NEWS

▶ Texas Pacific posts 2Q profit   [Jul-31-17 09:44PM  Associated Press]
▶ Texas Pacific posts 1Q profit   [Apr-27-17 06:38PM  Associated Press]
▶ 14 Dividend Stocks Rewarding Shareholders With A Raise   [Feb-27-17 11:49AM  Insider Monkey]
▶ Texas Pacific Land Trust Announces Annual Dividend   [Feb-21-17 04:19PM  Business Wire]
▶ Texas Pacific posts 4Q profit   [04:48PM  Associated Press]
▶ Is Texas Pacific Land Trust (TPL) A Good Stock To Buy?   [Dec-20-16 04:38PM  Insider Monkey]
▶ Texas Pacific Land Trust Announces Annual Dividend   [Feb-25-16 11:19AM  Business Wire]
▶ 10-Q for Texas Pacific Land Trust   [Aug-09  08:13PM  at Company Spotlight]
▶ 10-Q for Texas Pacific Land Trust   [May-08  08:09PM  at Company Spotlight]
▶ 10-K for Texas Pacific Land Trust   [Mar-01  07:09PM  at Company Spotlight]
▶ Texas Pacific Land Trust Announces Annual Dividend   [Feb-25  02:36PM  Business Wire]
▶ 10-Q for Texas Pacific Land Trust   [Nov-08  07:07PM  Company Spotlight]
Financial statements of TPL
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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