Intrinsic value of Trex - TREX

Previous Close

$114.24

  Intrinsic Value

$454.12

stock screener

  Rating & Target

str. buy

+298%

Previous close

$114.24

 
Intrinsic value

$454.12

 
Up/down potential

+298%

 
Rating

str. buy

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  32.10
  29.39
  26.95
  24.76
  22.78
  21.00
  19.40
  17.96
  16.67
  15.50
  14.45
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
Revenue, $m
  480
  634
  820
  1,042
  1,299
  1,595
  1,930
  2,305
  2,719
  3,172
  3,664
  4,193
  4,760
  5,362
  5,999
  6,671
  7,377
  8,116
  8,889
  9,695
  10,534
  11,408
  12,317
  13,262
  14,243
  15,263
  16,323
  17,425
  18,571
  19,763
  21,003
Variable operating expenses, $m
 
  211
  273
  347
  433
  531
  643
  768
  905
  1,056
  1,220
  1,396
  1,585
  1,785
  1,998
  2,221
  2,457
  2,703
  2,960
  3,228
  3,508
  3,799
  4,102
  4,416
  4,743
  5,083
  5,436
  5,803
  6,184
  6,581
  6,994
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
  438
  505
  585
  677
  781
  899
  1,031
  1,174
  1,332
  1,503
  1,686
  1,882
  2,090
  2,310
  2,541
  2,785
  3,039
  3,305
  3,581
  3,870
  4,170
  4,482
  4,806
  5,143
  5,493
  5,856
  6,233
  6,625
  7,033
  7,458
Operating income, $m
  104
  196
  315
  457
  623
  814
  1,031
  1,275
  1,544
  1,840
  2,161
  2,507
  2,877
  3,272
  3,689
  4,130
  4,592
  5,077
  5,584
  6,113
  6,664
  7,238
  7,835
  8,455
  9,100
  9,771
  10,468
  11,192
  11,946
  12,730
  13,546
EBITDA, $m
  119
  216
  341
  489
  663
  864
  1,092
  1,347
  1,630
  1,939
  2,276
  2,638
  3,027
  3,440
  3,877
  4,339
  4,823
  5,332
  5,863
  6,417
  6,994
  7,596
  8,221
  8,871
  9,547
  10,249
  10,979
  11,738
  12,528
  13,349
  14,204
Interest expense (income), $m
  1
  0
  8
  18
  29
  43
  58
  75
  95
  116
  140
  165
  193
  222
  253
  286
  321
  358
  396
  436
  478
  522
  567
  614
  663
  714
  767
  822
  879
  939
  1,000
Earnings before tax, $m
  103
  196
  307
  439
  594
  772
  973
  1,199
  1,450
  1,724
  2,021
  2,342
  2,685
  3,050
  3,436
  3,843
  4,271
  4,719
  5,188
  5,677
  6,186
  6,716
  7,268
  7,841
  8,437
  9,057
  9,701
  10,370
  11,067
  11,791
  12,545
Tax expense, $m
  35
  53
  83
  119
  160
  208
  263
  324
  391
  465
  546
  632
  725
  823
  928
  1,038
  1,153
  1,274
  1,401
  1,533
  1,670
  1,813
  1,962
  2,117
  2,278
  2,445
  2,619
  2,800
  2,988
  3,184
  3,387
Net income, $m
  68
  143
  224
  320
  433
  563
  711
  876
  1,058
  1,258
  1,475
  1,709
  1,960
  2,226
  2,508
  2,806
  3,118
  3,445
  3,787
  4,144
  4,516
  4,903
  5,306
  5,724
  6,159
  6,611
  7,082
  7,570
  8,079
  8,608
  9,158

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
  267
  345
  438
  547
  671
  812
  970
  1,144
  1,335
  1,542
  1,765
  2,003
  2,257
  2,525
  2,808
  3,105
  3,416
  3,741
  4,080
  4,434
  4,801
  5,184
  5,581
  5,995
  6,424
  6,870
  7,334
  7,816
  8,318
  8,840
Adjusted assets (=assets-cash), $m
  202
  267
  345
  438
  547
  671
  812
  970
  1,144
  1,335
  1,542
  1,765
  2,003
  2,257
  2,525
  2,808
  3,105
  3,416
  3,741
  4,080
  4,434
  4,801
  5,184
  5,581
  5,995
  6,424
  6,870
  7,334
  7,816
  8,318
  8,840
Revenue / Adjusted assets
  2.376
  2.375
  2.377
  2.379
  2.375
  2.377
  2.377
  2.376
  2.377
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
  2.376
Average production assets, $m
  113
  149
  193
  245
  305
  375
  454
  542
  639
  745
  861
  985
  1,118
  1,260
  1,410
  1,568
  1,734
  1,907
  2,089
  2,278
  2,476
  2,681
  2,894
  3,116
  3,347
  3,587
  3,836
  4,095
  4,364
  4,644
  4,936
Working capital, $m
  55
  48
  62
  78
  97
  120
  145
  173
  204
  238
  275
  314
  357
  402
  450
  500
  553
  609
  667
  727
  790
  856
  924
  995
  1,068
  1,145
  1,224
  1,307
  1,393
  1,482
  1,575
Total debt, $m
  0
  28
  62
  102
  149
  202
  263
  331
  406
  488
  578
  674
  776
  886
  1,001
  1,123
  1,251
  1,385
  1,525
  1,672
  1,824
  1,982
  2,147
  2,319
  2,497
  2,682
  2,874
  3,074
  3,282
  3,498
  3,723
Total liabilities, $m
  87
  115
  149
  189
  236
  289
  350
  418
  493
  575
  665
  761
  863
  973
  1,088
  1,210
  1,338
  1,472
  1,612
  1,759
  1,911
  2,069
  2,234
  2,406
  2,584
  2,769
  2,961
  3,161
  3,369
  3,585
  3,810
Total equity, $m
  134
  152
  196
  249
  311
  382
  462
  552
  651
  760
  877
  1,004
  1,140
  1,284
  1,437
  1,598
  1,767
  1,944
  2,129
  2,322
  2,523
  2,732
  2,950
  3,176
  3,411
  3,655
  3,909
  4,173
  4,447
  4,733
  5,030
Total liabilities and equity, $m
  221
  267
  345
  438
  547
  671
  812
  970
  1,144
  1,335
  1,542
  1,765
  2,003
  2,257
  2,525
  2,808
  3,105
  3,416
  3,741
  4,081
  4,434
  4,801
  5,184
  5,582
  5,995
  6,424
  6,870
  7,334
  7,816
  8,318
  8,840
Debt-to-equity ratio
  0.000
  0.180
  0.310
  0.410
  0.480
  0.530
  0.570
  0.600
  0.620
  0.640
  0.660
  0.670
  0.680
  0.690
  0.700
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.730
  0.730
  0.730
  0.740
  0.740
  0.740
  0.740
  0.740
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
  143
  224
  320
  433
  563
  711
  876
  1,058
  1,258
  1,475
  1,709
  1,960
  2,226
  2,508
  2,806
  3,118
  3,445
  3,787
  4,144
  4,516
  4,903
  5,306
  5,724
  6,159
  6,611
  7,082
  7,570
  8,079
  8,608
  9,158
Depreciation, amort., depletion, $m
  15
  20
  26
  33
  41
  50
  60
  72
  85
  99
  115
  131
  149
  168
  188
  209
  231
  254
  279
  304
  330
  357
  386
  416
  446
  478
  511
  546
  582
  619
  658
Funds from operations, $m
  78
  163
  250
  353
  474
  613
  771
  948
  1,143
  1,358
  1,590
  1,841
  2,109
  2,394
  2,696
  3,015
  3,349
  3,699
  4,066
  4,448
  4,846
  5,260
  5,692
  6,140
  6,606
  7,090
  7,593
  8,116
  8,660
  9,227
  9,816
Change in working capital, $m
  -7
  12
  14
  17
  19
  22
  25
  28
  31
  34
  37
  40
  42
  45
  48
  50
  53
  55
  58
  60
  63
  66
  68
  71
  74
  77
  80
  83
  86
  89
  93
Cash from operations, $m
  85
  152
  236
  337
  455
  591
  746
  920
  1,112
  1,324
  1,553
  1,801
  2,067
  2,349
  2,648
  2,964
  3,296
  3,644
  4,008
  4,387
  4,783
  5,195
  5,623
  6,069
  6,532
  7,013
  7,513
  8,034
  8,575
  9,137
  9,723
Maintenance CAPEX, $m
  0
  -15
  -20
  -26
  -33
  -41
  -50
  -60
  -72
  -85
  -99
  -115
  -131
  -149
  -168
  -188
  -209
  -231
  -254
  -279
  -304
  -330
  -357
  -386
  -416
  -446
  -478
  -511
  -546
  -582
  -619
New CAPEX, $m
  -15
  -36
  -44
  -52
  -61
  -70
  -79
  -88
  -97
  -106
  -116
  -124
  -133
  -142
  -150
  -158
  -166
  -174
  -182
  -189
  -197
  -205
  -214
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -291
Cash from investing activities, $m
  -10
  -51
  -64
  -78
  -94
  -111
  -129
  -148
  -169
  -191
  -215
  -239
  -264
  -291
  -318
  -346
  -375
  -405
  -436
  -468
  -501
  -535
  -571
  -608
  -647
  -686
  -727
  -770
  -815
  -862
  -910
Free cash flow, $m
  75
  101
  172
  259
  361
  481
  617
  771
  943
  1,132
  1,338
  1,562
  1,802
  2,058
  2,331
  2,618
  2,921
  3,239
  3,572
  3,920
  4,282
  4,660
  5,052
  5,461
  5,886
  6,327
  6,786
  7,263
  7,759
  8,275
  8,812
Issuance/(repayment) of debt, $m
  -7
  28
  34
  40
  47
  54
  61
  68
  75
  82
  89
  96
  103
  109
  116
  122
  128
  134
  140
  146
  152
  159
  165
  171
  178
  185
  192
  200
  208
  216
  225
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
  28
  34
  40
  47
  54
  61
  68
  75
  82
  89
  96
  103
  109
  116
  122
  128
  134
  140
  146
  152
  159
  165
  171
  178
  185
  192
  200
  208
  216
  225
Total cash flow (excl. dividends), $m
  13
  129
  206
  299
  408
  534
  678
  839
  1,018
  1,214
  1,428
  1,658
  1,905
  2,168
  2,446
  2,740
  3,049
  3,373
  3,712
  4,066
  4,434
  4,818
  5,217
  5,632
  6,064
  6,512
  6,978
  7,463
  7,967
  8,492
  9,037
Retained Cash Flow (-), $m
  -18
  -37
  -45
  -53
  -62
  -71
  -80
  -90
  -99
  -109
  -118
  -127
  -136
  -144
  -153
  -161
  -169
  -177
  -185
  -193
  -201
  -209
  -218
  -226
  -235
  -244
  -254
  -264
  -274
  -285
  -297
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
 
  111
  161
  246
  347
  464
  598
  749
  919
  1,106
  1,310
  1,531
  1,769
  2,023
  2,294
  2,579
  2,880
  3,196
  3,527
  3,873
  4,233
  4,609
  5,000
  5,406
  5,829
  6,268
  6,725
  7,199
  7,693
  8,206
  8,740
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
 
  106
  148
  214
  285
  359
  434
  506
  574
  635
  687
  727
  755
  769
  770
  757
  732
  695
  650
  596
  538
  477
  415
  354
  297
  244
  196
  155
  119
  90
  66
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. is a manufacturer of wood-alternative decking and railing products. The Company's products are marketed under the brand name Trex and are manufactured in the United States. It offers a set of outdoor living products in the decking, railing, porch, fencing, trim, steel deck framing and outdoor lighting categories. Its decking products include Trex Transcend, Trex Enhance and Trex Select. The Company's railing products include Trex Transcend Railing, Trex Select Railing and Trex Signature aluminum railing. It offers Trex Transcend Porch Flooring and Railing System, which is an integrated system of porch components and accessories. The Company offers Trex Seclusions fencing product, which consists of structural posts, bottom rail, pickets, top rail and decorative post caps. It offers a triple-coated steel deck framing system called Trex Elevations. The Company also offers outdoor lighting systems, such as Trex DeckLighting and Trex Landscape Lighting.

FINANCIAL RATIOS  of  Trex (TREX)

Valuation Ratios
P/E Ratio 49.4
Price to Sales 7
Price to Book 25.1
Price to Tangible Book
Price to Cash Flow 39.5
Price to Free Cash Flow 48
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 32.1% 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 7.5 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 29.708 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 $3.4 billion.

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COMPANY NEWS

▶ Trex Introduces Trex(R) Signature(TM) Rod Rail   [Jan-09-18 08:05AM  Marketwired]
▶ SC Railing Renamed Trex Commercial Products   [Dec-11-17 10:00AM  Marketwired]
▶ 10 Best of the Best Stocks to Buy for 2018   [Dec-08-17 02:09PM  InvestorPlace]
▶ Trex Investor Day Presentation Available on Company Website   [Dec-07-17 08:30AM  Business Wire]
▶ Trex Makes Outdoor Living Dreams Come True   [Nov-30-17 09:04AM  Marketwired]
▶ ETFs with exposure to Trex Co., Inc. : November 9, 2017   [Nov-09-17 01:17PM  Capital Cube]
▶ Can Trex Stock Keep Going After Last Week's 16% Pop?   [Nov-05-17 11:00AM  Motley Fool]
▶ Trex Company Inc. Is Building Something Big   [Nov-02-17 06:02AM  Motley Fool]
▶ Trex Receives Composite Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Stocks To Watch: Trex Sees Relative Strength Rating Jump To 96   [03:00AM  Investor's Business Daily]
▶ What Happened in the Stock Market Today   [04:59PM  Motley Fool]
▶ Trex beats Street 3Q forecasts   [Oct-30-17 04:09PM  Associated Press]
▶ 3 Forces Could Drive These Housing Stocks Higher   [Oct-03-17 06:00AM  Investopedia]
▶ Jeld-Wen Holding Shows Rising Price Performance With Jump To 81 RS Rating   [Sep-27-17 03:00AM  Investor's Business Daily]
▶ Boise Cascade Shows Market Leadership With Jump To 91 RS Rating   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ 3 Innovative Stocks for September   [Sep-24-17 11:00AM  Motley Fool]
▶ Trex CEO on what's driving the company's growth   [Sep-13-17 04:57PM  Yahoo Finance Video]
▶ Feel Fantastic Recycling Your Plastic   [Sep-12-17 09:04AM  Marketwired]
▶ Trex Shows Market Leadership With Jump To 83 RS Rating   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ 3 Stocks for Warren Buffett Fans   [Aug-03-17 01:00PM  Motley Fool]
▶ Trex beats 2Q profit forecasts   [Jul-31-17 09:07PM  Associated Press]
▶ 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]
Financial statements 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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