Intrinsic value of Tempur Sealy International - TPX

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$44.78

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$44.78

 
Intrinsic value

$11.98

 
Up/down potential

-73%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of TPX 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 2.4

 

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, %
  -0.76
  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
  3,127
  3,190
  3,263
  3,347
  3,441
  3,545
  3,660
  3,784
  3,919
  4,065
  4,221
  4,387
  4,566
  4,755
  4,957
  5,170
  5,397
  5,637
  5,890
  6,158
  6,441
  6,740
  7,055
  7,387
  7,737
  8,105
  8,493
  8,901
  9,330
  9,782
  10,257
Variable operating expenses, $m
 
  2,876
  2,940
  3,014
  3,096
  3,188
  3,289
  3,398
  3,517
  3,645
  3,782
  3,856
  4,013
  4,179
  4,356
  4,544
  4,743
  4,954
  5,177
  5,413
  5,661
  5,924
  6,200
  6,492
  6,799
  7,123
  7,464
  7,823
  8,200
  8,597
  9,015
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
  2,759
  2,876
  2,940
  3,014
  3,096
  3,188
  3,289
  3,398
  3,517
  3,645
  3,782
  3,856
  4,013
  4,179
  4,356
  4,544
  4,743
  4,954
  5,177
  5,413
  5,661
  5,924
  6,200
  6,492
  6,799
  7,123
  7,464
  7,823
  8,200
  8,597
  9,015
Operating income, $m
  368
  314
  323
  333
  344
  357
  371
  386
  402
  420
  439
  531
  553
  576
  600
  626
  654
  683
  713
  746
  780
  816
  854
  895
  937
  982
  1,029
  1,078
  1,130
  1,185
  1,242
EBITDA, $m
  441
  431
  441
  452
  465
  479
  495
  511
  530
  549
  570
  593
  617
  643
  670
  699
  729
  762
  796
  832
  871
  911
  953
  998
  1,046
  1,095
  1,148
  1,203
  1,261
  1,322
  1,386
Interest expense (income), $m
  77
  84
  73
  76
  79
  82
  86
  90
  94
  99
  104
  109
  115
  121
  128
  135
  142
  150
  159
  167
  177
  187
  197
  208
  220
  232
  245
  258
  273
  288
  303
Earnings before tax, $m
  283
  230
  250
  257
  266
  275
  285
  296
  308
  321
  335
  422
  438
  455
  473
  491
  511
  533
  555
  578
  603
  630
  657
  687
  717
  750
  784
  820
  858
  897
  939
Tax expense, $m
  86
  62
  67
  69
  72
  74
  77
  80
  83
  87
  91
  114
  118
  123
  128
  133
  138
  144
  150
  156
  163
  170
  177
  185
  194
  202
  212
  221
  232
  242
  254
Net income, $m
  202
  168
  182
  188
  194
  201
  208
  216
  225
  235
  245
  308
  320
  332
  345
  359
  373
  389
  405
  422
  440
  460
  480
  501
  524
  547
  572
  598
  626
  655
  686

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  66
  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
  2,703
  2,689
  2,751
  2,822
  2,901
  2,989
  3,086
  3,191
  3,305
  3,427
  3,559
  3,699
  3,850
  4,009
  4,179
  4,360
  4,551
  4,753
  4,967
  5,193
  5,431
  5,683
  5,948
  6,228
  6,523
  6,834
  7,161
  7,505
  7,867
  8,248
  8,649
Adjusted assets (=assets-cash), $m
  2,637
  2,689
  2,751
  2,822
  2,901
  2,989
  3,086
  3,191
  3,305
  3,427
  3,559
  3,699
  3,850
  4,009
  4,179
  4,360
  4,551
  4,753
  4,967
  5,193
  5,431
  5,683
  5,948
  6,228
  6,523
  6,834
  7,161
  7,505
  7,867
  8,248
  8,649
Revenue / Adjusted assets
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
  1.186
Average production assets, $m
  1,079
  1,100
  1,126
  1,155
  1,187
  1,223
  1,263
  1,306
  1,352
  1,402
  1,456
  1,514
  1,575
  1,641
  1,710
  1,784
  1,862
  1,945
  2,032
  2,125
  2,222
  2,325
  2,434
  2,548
  2,669
  2,796
  2,930
  3,071
  3,219
  3,375
  3,539
Working capital, $m
  126
  134
  137
  141
  145
  149
  154
  159
  165
  171
  177
  184
  192
  200
  208
  217
  227
  237
  247
  259
  271
  283
  296
  310
  325
  340
  357
  374
  392
  411
  431
Total debt, $m
  1,888
  1,590
  1,646
  1,710
  1,781
  1,860
  1,947
  2,042
  2,144
  2,254
  2,373
  2,499
  2,635
  2,778
  2,931
  3,094
  3,266
  3,448
  3,640
  3,843
  4,058
  4,285
  4,524
  4,776
  5,041
  5,320
  5,615
  5,924
  6,250
  6,593
  6,954
Total liabilities, $m
  2,718
  2,420
  2,476
  2,540
  2,611
  2,690
  2,777
  2,872
  2,974
  3,084
  3,203
  3,329
  3,465
  3,608
  3,761
  3,924
  4,096
  4,278
  4,470
  4,673
  4,888
  5,115
  5,354
  5,606
  5,871
  6,150
  6,445
  6,754
  7,080
  7,423
  7,784
Total equity, $m
  -15
  269
  275
  282
  290
  299
  309
  319
  330
  343
  356
  370
  385
  401
  418
  436
  455
  475
  497
  519
  543
  568
  595
  623
  652
  683
  716
  750
  787
  825
  865
Total liabilities and equity, $m
  2,703
  2,689
  2,751
  2,822
  2,901
  2,989
  3,086
  3,191
  3,304
  3,427
  3,559
  3,699
  3,850
  4,009
  4,179
  4,360
  4,551
  4,753
  4,967
  5,192
  5,431
  5,683
  5,949
  6,229
  6,523
  6,833
  7,161
  7,504
  7,867
  8,248
  8,649
Debt-to-equity ratio
  -125.867
  5.910
  5.980
  6.060
  6.140
  6.220
  6.310
  6.400
  6.490
  6.580
  6.670
  6.760
  6.840
  6.930
  7.010
  7.100
  7.180
  7.250
  7.330
  7.400
  7.470
  7.540
  7.600
  7.670
  7.730
  7.790
  7.840
  7.890
  7.940
  7.990
  8.040
Adjusted equity ratio
  -0.031
  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
  202
  168
  182
  188
  194
  201
  208
  216
  225
  235
  245
  308
  320
  332
  345
  359
  373
  389
  405
  422
  440
  460
  480
  501
  524
  547
  572
  598
  626
  655
  686
Depreciation, amort., depletion, $m
  73
  117
  118
  119
  121
  122
  124
  125
  127
  129
  131
  62
  64
  67
  70
  73
  76
  79
  83
  86
  90
  95
  99
  104
  108
  114
  119
  125
  131
  137
  144
Funds from operations, $m
  30
  285
  300
  307
  315
  323
  332
  342
  352
  364
  376
  370
  384
  399
  414
  431
  449
  468
  488
  509
  531
  554
  579
  605
  632
  661
  691
  723
  757
  792
  829
Change in working capital, $m
  -136
  3
  3
  4
  4
  4
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  166
  304
  297
  304
  311
  319
  327
  337
  347
  358
  370
  363
  376
  391
  406
  422
  439
  458
  477
  497
  519
  542
  566
  591
  618
  646
  675
  706
  739
  773
  809
Maintenance CAPEX, $m
  0
  -44
  -45
  -46
  -47
  -48
  -50
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -108
  -114
  -119
  -125
  -131
  -137
New CAPEX, $m
  -62
  -21
  -25
  -29
  -32
  -36
  -39
  -43
  -47
  -50
  -54
  -58
  -61
  -65
  -70
  -74
  -78
  -83
  -88
  -92
  -98
  -103
  -109
  -115
  -121
  -127
  -134
  -141
  -148
  -156
  -164
Cash from investing activities, $m
  -62
  -65
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -123
  -129
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -193
  -204
  -214
  -225
  -235
  -248
  -260
  -273
  -287
  -301
Free cash flow, $m
  104
  239
  227
  229
  231
  234
  238
  242
  247
  253
  259
  246
  253
  261
  270
  279
  289
  299
  310
  322
  335
  348
  362
  377
  393
  410
  428
  446
  466
  487
  508
Issuance/(repayment) of debt, $m
  342
  -232
  56
  64
  71
  79
  87
  95
  102
  110
  118
  127
  135
  144
  153
  162
  172
  182
  192
  203
  215
  227
  239
  252
  265
  279
  294
  310
  326
  343
  361
Issuance/(repurchase) of shares, $m
  -519
  276
  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  
  -185
  44
  56
  64
  71
  79
  87
  95
  102
  110
  118
  127
  135
  144
  153
  162
  172
  182
  192
  203
  215
  227
  239
  252
  265
  279
  294
  310
  326
  343
  361
Total cash flow (excl. dividends), $m
  -88
  8
  283
  293
  303
  313
  325
  337
  350
  363
  377
  373
  388
  405
  423
  441
  461
  481
  503
  526
  550
  575
  601
  629
  659
  689
  722
  756
  792
  829
  869
Retained Cash Flow (-), $m
  305
  -284
  -6
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
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
 
  0
  277
  285
  295
  305
  315
  326
  338
  351
  364
  359
  373
  389
  406
  423
  442
  461
  482
  503
  526
  550
  575
  601
  629
  658
  689
  722
  756
  791
  829
Discount rate, %
 
  13.40
  14.07
  14.77
  15.51
  16.29
  17.10
  17.96
  18.86
  19.80
  20.79
  21.83
  22.92
  24.06
  25.27
  26.53
  27.86
  29.25
  30.71
  32.25
  33.86
  35.55
  37.33
  39.20
  41.16
  43.22
  45.38
  47.65
  50.03
  52.53
  55.16
PV of cash for distribution, $m
 
  0
  213
  189
  166
  143
  122
  103
  85
  69
  55
  41
  31
  24
  17
  12
  9
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

Tempur Sealy International, Inc., together with its subsidiaries, develops, manufactures, markets, and distributes bedding products worldwide. It operates through two segments, North America and International. The company provides mattresses, foundations, and adjustable foundations, as well as other products comprising pillows, mattress covers, sheets, cushions, and various comfort products. It offers its products under the TEMPUR, Tempur-Pedic, Sealy, Sealy Posturepedic, and Stearns & Foster brand names. The company sells its products through furniture and bedding retailers, department stores, specialty retailers, and warehouse clubs; e-commerce platforms, company-owned stores, and call centers; and other third party distributors, and hospitality and healthcare customers. It is also involved in licensing its Sealy, and Stearns & Foster brands, technology, and trademarks to other manufacturers. Tempur Sealy International, Inc. was founded in 1989 and is headquartered in Lexington, Kentucky.

FINANCIAL RATIOS  of  Tempur Sealy International (TPX)

Valuation Ratios
P/E Ratio 12.1
Price to Sales 0.8
Price to Book -162.4
Price to Tangible Book
Price to Cash Flow 14.7
Price to Free Cash Flow 23.4
Growth Rates
Sales Growth Rate -0.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.1%
Cap. Spend. - 3 Yr. Gr. Rate 9.2%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -12120%
Total Debt to Equity -12586.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 9.5%
Ret/ On Assets - 3 Yr. Avg. 6.4%
Return On Total Capital 11.2%
Ret/ On T. Cap. - 3 Yr. Avg. 7.1%
Return On Equity 146.9%
Return On Equity - 3 Yr. Avg. 81.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 41.9%
Gross Margin - 3 Yr. Avg. 40%
EBITDA Margin 13.8%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 11.8%
Oper. Margin - 3 Yr. Avg. 10%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7.1%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 4.2%
Effective Tax Rate 30.4%
Eff/ Tax Rate - 3 Yr. Avg. 43.3%
Payout Ratio 0%

TPX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TPX stock intrinsic value calculation we used $3127 million for the last fiscal year's total revenue generated by Tempur Sealy International. The default revenue input number comes from 2016 income statement of Tempur Sealy International. 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 TPX 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 13.4%, whose default value for TPX is calculated based on our internal credit rating of Tempur Sealy International, 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 Tempur Sealy International.
    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 TPX stock the variable cost ratio is equal to 90.2%.

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 TPX 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 4.6% for Tempur Sealy International.

Corporate tax rate of 27% is the nominal tax rate for Tempur Sealy International. 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 TPX 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 TPX are equal to 34.5%.

Life of production assets of 24.6 years is the average useful life of capital assets used in Tempur Sealy International 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 TPX is equal to 4.2%. 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 - $-15 million for Tempur Sealy International - 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 54.025 million for Tempur Sealy International 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 Tempur Sealy International at the current share price and the inputted number of shares is $2.4 billion.


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COMPANY NEWS

▶ Tempur Sealy to Present at Financial Conference   [Mar-01-17 07:00AM  PR Newswire]
▶ Tempur Sealy Stock Up on Strong Q4 Report   [Feb-16-17 03:52PM  at Investopedia]
▶ Its Easy to Sell Mattresses. Right?   [11:46AM  at Bloomberg]
▶ [$$] Mattress Maker Tempur Sealy Swings to Profit   [10:32AM  at The Wall Street Journal]
▶ [$$] Tempur Sealy Adopts Shareholder Rights Plan   [11:02AM  at The Wall Street Journal]
▶ Select Comfort Has a Lot to Prove on Wednesday   [Feb-06-17 03:23PM  at Motley Fool]
▶ Signet Jewelers, BT Group Reach 3-Year Low Prices   [Feb-04-17 01:34AM  Gurufocus]
▶ [$$] Davis's Take: Mattress Sellers Get a Wake-Up Call   [Feb-02-17 07:30AM  at The Wall Street Journal]
▶ Major company cancels contracts with Mattress Firm   [Feb-01-17 09:25AM  at bizjournals.com]
▶ [$$] Tempur Sealys Mattress Nightmare Is Real   [12:34AM  at The Wall Street Journal]
▶ [$$] Tempur Sealy Shares Drop After Mattress Firm Contracts Terminated   [Jan-30-17 06:41PM  at The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:38PM  at Motley Fool]
▶ [$$] Tempur Sealy's Mattress Nightmare Is Real   [04:59PM  at The Wall Street Journal]
Stock chart of TPX Financial statements of TPX
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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