Intrinsic value of Trex - TREX

Previous Close

$72.02

  Intrinsic Value

$87.91

stock screener

  Rating & Target

buy

+22%

  Value-price divergence*

+98%

Previous close

$72.02

 
Intrinsic value

$87.91

 
Up/down potential

+22%

 
Rating

buy

 
Value-price divergence*

+98%

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

We calculate the intrinsic value of TREX 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 2.1

 

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, %
  8.84
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  480
  527
  576
  627
  681
  736
  794
  854
  916
  981
  1,048
  1,118
  1,191
  1,266
  1,345
  1,427
  1,513
  1,602
  1,695
  1,792
  1,893
  1,999
  2,109
  2,224
  2,345
  2,471
  2,603
  2,742
  2,886
  3,038
  3,197
Variable operating expenses, $m
 
  176
  192
  209
  227
  245
  264
  284
  305
  327
  349
  372
  397
  422
  448
  475
  504
  533
  564
  597
  630
  666
  702
  741
  781
  823
  867
  913
  961
  1,012
  1,065
Fixed operating expenses, $m
 
  227
  232
  238
  244
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  380
  390
  400
  410
  420
  430
  441
  452
  464
Total operating expenses, $m
  376
  403
  424
  447
  471
  495
  520
  547
  574
  603
  632
  662
  694
  727
  760
  795
  832
  869
  909
  950
  992
  1,037
  1,082
  1,131
  1,181
  1,233
  1,287
  1,343
  1,402
  1,464
  1,529
Operating income, $m
  104
  125
  152
  180
  210
  241
  273
  307
  342
  378
  416
  456
  497
  540
  585
  632
  681
  732
  786
  842
  900
  962
  1,026
  1,094
  1,164
  1,239
  1,317
  1,398
  1,484
  1,574
  1,669
EBITDA, $m
  119
  137
  166
  195
  226
  258
  292
  327
  363
  401
  441
  482
  525
  570
  617
  665
  716
  770
  826
  884
  945
  1,009
  1,076
  1,146
  1,220
  1,297
  1,378
  1,463
  1,552
  1,645
  1,744
Interest expense (income), $m
  1
  0
  2
  5
  8
  10
  13
  16
  19
  23
  26
  29
  33
  37
  41
  45
  49
  54
  58
  63
  68
  73
  79
  85
  91
  97
  103
  110
  117
  125
  133
Earnings before tax, $m
  103
  125
  150
  175
  202
  231
  260
  290
  322
  356
  390
  426
  464
  503
  544
  587
  632
  679
  727
  779
  832
  889
  947
  1,009
  1,074
  1,142
  1,213
  1,288
  1,367
  1,449
  1,536
Tax expense, $m
  35
  34
  40
  47
  55
  62
  70
  78
  87
  96
  105
  115
  125
  136
  147
  158
  171
  183
  196
  210
  225
  240
  256
  272
  290
  308
  328
  348
  369
  391
  415
Net income, $m
  68
  91
  109
  128
  148
  168
  190
  212
  235
  260
  285
  311
  339
  367
  397
  429
  461
  495
  531
  568
  608
  649
  692
  737
  784
  834
  886
  940
  998
  1,058
  1,121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  19
  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
  221
  222
  242
  264
  286
  310
  334
  359
  386
  413
  441
  471
  501
  533
  566
  601
  637
  674
  713
  754
  797
  841
  888
  936
  987
  1,040
  1,096
  1,154
  1,215
  1,279
  1,345
Adjusted assets (=assets-cash), $m
  202
  222
  242
  264
  286
  310
  334
  359
  386
  413
  441
  471
  501
  533
  566
  601
  637
  674
  713
  754
  797
  841
  888
  936
  987
  1,040
  1,096
  1,154
  1,215
  1,279
  1,345
Revenue / Adjusted assets
  2.376
  2.374
  2.380
  2.375
  2.381
  2.374
  2.377
  2.379
  2.373
  2.375
  2.376
  2.374
  2.377
  2.375
  2.376
  2.374
  2.375
  2.377
  2.377
  2.377
  2.375
  2.377
  2.375
  2.376
  2.376
  2.376
  2.375
  2.376
  2.375
  2.375
  2.377
Average production assets, $m
  113
  124
  135
  147
  160
  173
  187
  201
  215
  230
  246
  263
  280
  298
  316
  335
  355
  376
  398
  421
  445
  470
  496
  523
  551
  581
  612
  644
  678
  714
  751
Working capital, $m
  55
  40
  43
  47
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  101
  107
  113
  120
  127
  134
  142
  150
  158
  167
  176
  185
  195
  206
  216
  228
  240
Total debt, $m
  0
  9
  18
  27
  36
  47
  57
  68
  79
  91
  103
  116
  129
  143
  157
  172
  187
  204
  220
  238
  256
  276
  296
  317
  338
  361
  385
  410
  437
  464
  493
Total liabilities, $m
  87
  96
  105
  114
  123
  134
  144
  155
  166
  178
  190
  203
  216
  230
  244
  259
  274
  291
  307
  325
  343
  363
  383
  404
  425
  448
  472
  497
  524
  551
  580
Total equity, $m
  134
  126
  138
  150
  163
  176
  190
  204
  219
  235
  251
  268
  285
  303
  322
  342
  362
  384
  406
  429
  453
  479
  505
  533
  562
  592
  623
  657
  691
  728
  766
Total liabilities and equity, $m
  221
  222
  243
  264
  286
  310
  334
  359
  385
  413
  441
  471
  501
  533
  566
  601
  636
  675
  713
  754
  796
  842
  888
  937
  987
  1,040
  1,095
  1,154
  1,215
  1,279
  1,346
Debt-to-equity ratio
  0.000
  0.070
  0.130
  0.180
  0.220
  0.260
  0.300
  0.330
  0.360
  0.390
  0.410
  0.430
  0.450
  0.470
  0.490
  0.500
  0.520
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
Adjusted equity ratio
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569
  0.569

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  91
  109
  128
  148
  168
  190
  212
  235
  260
  285
  311
  339
  367
  397
  429
  461
  495
  531
  568
  608
  649
  692
  737
  784
  834
  886
  940
  998
  1,058
  1,121
Depreciation, amort., depletion, $m
  15
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
Funds from operations, $m
  78
  104
  123
  143
  164
  186
  208
  232
  257
  283
  309
  337
  367
  397
  429
  462
  497
  533
  571
  611
  652
  696
  741
  789
  839
  892
  947
  1,005
  1,065
  1,129
  1,196
Change in working capital, $m
  -7
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
Cash from operations, $m
  85
  100
  119
  139
  160
  181
  204
  228
  252
  278
  304
  332
  361
  391
  423
  456
  490
  526
  564
  603
  645
  688
  733
  780
  830
  882
  937
  994
  1,055
  1,118
  1,184
Maintenance CAPEX, $m
  0
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -68
  -71
New CAPEX, $m
  -15
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
Cash from investing activities, $m
  -10
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -80
  -85
  -89
  -93
  -98
  -104
  -108
Free cash flow, $m
  75
  78
  95
  113
  132
  152
  173
  195
  217
  241
  266
  291
  318
  346
  375
  405
  437
  470
  504
  541
  579
  618
  660
  704
  749
  797
  848
  901
  956
  1,014
  1,076
Issuance/(repayment) of debt, $m
  -7
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Issuance/(repurchase) of shares, $m
  -55
  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  
  -62
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
Total cash flow (excl. dividends), $m
  13
  87
  104
  123
  142
  162
  184
  206
  229
  253
  278
  304
  331
  359
  389
  420
  452
  486
  521
  558
  597
  638
  680
  725
  771
  820
  872
  926
  982
  1,042
  1,105
Retained Cash Flow (-), $m
  -18
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
Prev. year cash balance distribution, $m
 
  19
  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
 
  94
  92
  110
  129
  149
  170
  191
  214
  237
  262
  287
  314
  341
  370
  400
  432
  465
  499
  535
  573
  612
  654
  697
  742
  790
  840
  893
  948
  1,006
  1,067
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
 
  90
  85
  96
  107
  116
  123
  129
  134
  136
  137
  136
  134
  130
  124
  118
  110
  101
  92
  82
  73
  63
  54
  46
  38
  31
  25
  19
  15
  11
  8
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

Trex Company, Inc. manufactures and distributes wood/plastic composite products, and related accessories primarily for the residential and commercial decking, and railing applications in the United States. It offers Trex Transcend, Trex Enhance, and Trex Select protective shells for protection against fading, staining, mold, and scratching; and Trex Hideaway, a hidden fastening system for grooved boards. The company also provides railing products, such as Trex Transcend Railing for use with Trex decking products and other decking materials; Trex Select Railing for consumers, who desire a simple clean finished look for their decks; and Trex Signature aluminum railing for contemporary look. In addition, it offers Trex Transcend Porch Flooring and Railing System, an integrated system of porch components and accessories; and Trex Seclusions fencing product, which includes structural posts, bottom and top rails, pickets, and decorative post caps. Further, the company provides steel deck framing systems under the Trex Elevations name; Trex DeckLighting, a line of energy-efficient LED dimmable deck lighting for use on posts, floors, and steps; and Trex LandscapeLighting products. Additionally, it acts as a licensor in various licensing agreements with third parties to manufacture and sell products under Trex name, including Trex Outdoor Furniture; Trex RainEscape, an above joist deck drainage system; Trex CustomCurve that allows contractors to heat and bend Trex products; Trex Pergolas, a cellular PVC trim product; Diablo Trex Blade, a saw blade for wood-plastic composite decking; Trex SpiralStairs and structural steel posts; and Trex Outdoor Kitchens, Cabinetry, and Storage. The company sells its products through wholesale distributors, retail lumber dealers, and Home Depot and Lowe’s stores. Trex Company, Inc. was founded in 1996 and is headquartered in Winchester, Virginia.

FINANCIAL RATIOS  of  Trex (TREX)

Valuation Ratios
P/E Ratio 31.1
Price to Sales 4.4
Price to Book 15.8
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 30.2
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -34.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 104
Management Effectiveness
Return On Assets 31.7%
Ret/ On Assets - 3 Yr. Avg. 25.9%
Return On Total Capital 52.9%
Ret/ On T. Cap. - 3 Yr. Avg. 43.9%
Return On Equity 54.4%
Return On Equity - 3 Yr. Avg. 44.8%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 36.6%
EBITDA Margin 24.8%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 18.9%
Pre-Tax Margin 21.5%
Pre-Tax Margin - 3 Yr. Avg. 18.7%
Net Profit Margin 14.2%
Net Profit Margin - 3 Yr. Avg. 11.9%
Effective Tax Rate 34%
Eff/ Tax Rate - 3 Yr. Avg. 36.3%
Payout Ratio 0%

TREX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TREX stock intrinsic value calculation we used $480 million for the last fiscal year's total revenue generated by Trex. The default revenue input number comes from 2016 income statement of Trex. 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 TREX stock valuation model: a) initial revenue growth rate of 9.8% 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 TREX is calculated based on our internal credit rating of Trex, 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 Trex.
    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 TREX stock the variable cost ratio is equal to 33.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $221 million in the base year in the intrinsic value calculation for TREX 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 28.6% for Trex.

Corporate tax rate of 27% is the nominal tax rate for Trex. 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 TREX 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 TREX are equal to 23.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Trex 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 TREX is equal to 7.5%. 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 - $134 million for Trex - 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 29.332 million for Trex 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 Trex at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Trex Co., Inc. : July 13, 2017   [Jul-13-17 04:46PM  Capital Cube]
▶ ETFs with exposure to Trex Co., Inc. : June 26, 2017   [Jun-26-17 05:04PM  Capital Cube]
▶ Trex Co., Inc. Value Analysis (NYSE:TREX) : June 19, 2017   [Jun-19-17 05:13PM  Capital Cube]
▶ ETFs with exposure to Trex Co., Inc. : June 15, 2017   [Jun-15-17 03:31PM  Capital Cube]
▶ Love High Growth? Here Are 3 Stocks to Consider   [Jun-10-17 03:00PM  Motley Fool]
▶ 3 Growth Stocks for Conservative Investors   [Jun-06-17 09:14AM  Motley Fool]
▶ 1 Wall Street Pro Warms Up to Trex Stock   [Jun-01-17 02:14PM  Motley Fool]
▶ 3 Growth Stocks for Sharp Investors   [May-30-17 06:55PM  Motley Fool]
▶ Trex beats Street 1Q forecasts   [May-04-17 07:44PM  Associated Press]
▶ Trex Brings Modern Luxury to Lake House Competition   [May-03-17 02:10PM  Marketwired]
▶ Trex Signature(R) Railing Named Among "Hot 50" Products   [Apr-25-17 09:04AM  Marketwired]
▶ 3 Great Stocks for Your IRA   [Apr-24-17 04:22PM  Motley Fool]
▶ 3 Top Stocks for Your IRA   [Mar-30-17 07:45AM  Motley Fool]
▶ Trex Honored With 'Best of Houzz' Design Award   [Mar-17-17 09:04AM  Marketwired]
▶ Love Growth? Then You'll Love These 3 Stocks   [Feb-18-17 12:07PM  at Motley Fool]
▶ Trex Makes It Easy to Plan and Build Dream Decks   [Jan-11-17 08:30AM  Marketwired]
▶ Trex Introduces Signature(R) Railing   [08:00AM  Marketwired]
▶ Top Housing Stocks to Buy in 2017   [Dec-17-16 10:06AM  at Motley Fool]
▶ Hedge Funds Are Buying Trex Company Inc (TREX)   [Dec-12-16 02:51AM  at Insider Monkey]
▶ Trex Makes a Coastal Dream Come True   [Dec-09-16 09:04AM  Marketwired]
▶ 3 Growth Stocks That Could Double   [Dec-08-16 10:45AM  at Motley Fool]
▶ Trex(R) Reigns Supreme at National Deck Competition   [Nov-30-16 09:04AM  Marketwired]
▶ Trex Stock May Be Too Hot for Its Own Good   [Nov-22-16 11:06AM  at Motley Fool]
▶ Can Trex Keep Going After Last Week's 20% Pop?   [Nov-13-16 10:00AM  at Motley Fool]
▶ Trex Featured in New Winchester Cancer Center Garden   [Oct-20-16 09:04AM  Marketwired]
▶ Conscious Capitalism Fan? Then You'll Love These 3 Stocks   [Oct-14-16 12:11PM  at Motley Fool]
▶ Trex Makes It Easy to Plan and Build Your Dream Deck   [Oct-07-16 09:04AM  Marketwired]
▶ 3 Stocks to Capitalize on Millennial Tastes   [Sep-20-16 09:33AM  at Motley Fool]
Stock chart of TREX Financial statements of TREX Annual reports of TREX
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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