Intrinsic value of Trex - TREX

Previous Close

$81.01

  Intrinsic Value

$74.25

stock screener

  Rating & Target

hold

-8%

  Value-price divergence*

+115%

Previous close

$81.01

 
Intrinsic value

$74.25

 
Up/down potential

-8%

 
Rating

hold

 
Value-price divergence*

+115%

*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 2.4

 

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, %
  8.84
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  480
  519
  560
  603
  647
  693
  741
  790
  842
  896
  952
  1,010
  1,070
  1,134
  1,199
  1,268
  1,340
  1,415
  1,493
  1,575
  1,661
  1,750
  1,844
  1,942
  2,044
  2,152
  2,264
  2,382
  2,506
  2,635
  2,771
Variable operating expenses, $m
 
  173
  187
  201
  215
  231
  247
  263
  280
  298
  317
  336
  356
  377
  399
  422
  446
  471
  497
  524
  553
  583
  614
  647
  681
  717
  754
  793
  834
  878
  923
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
  400
  419
  439
  459
  481
  503
  526
  549
  574
  600
  626
  653
  682
  711
  742
  774
  807
  842
  877
  915
  954
  994
  1,037
  1,081
  1,127
  1,174
  1,223
  1,275
  1,330
  1,387
Operating income, $m
  104
  120
  142
  164
  188
  212
  238
  264
  292
  321
  352
  384
  417
  451
  488
  526
  566
  607
  651
  697
  745
  796
  849
  905
  964
  1,025
  1,090
  1,158
  1,230
  1,305
  1,385
EBITDA, $m
  119
  136
  159
  183
  208
  234
  261
  289
  319
  349
  382
  415
  450
  487
  525
  566
  608
  652
  698
  747
  798
  851
  907
  966
  1,028
  1,093
  1,161
  1,233
  1,309
  1,388
  1,471
Interest expense (income), $m
  1
  0
  2
  4
  6
  9
  11
  14
  16
  19
  22
  24
  28
  31
  34
  37
  41
  45
  49
  53
  57
  61
  66
  71
  76
  81
  87
  93
  99
  105
  112
Earnings before tax, $m
  103
  120
  139
  160
  181
  203
  227
  251
  276
  303
  330
  359
  389
  421
  454
  488
  525
  563
  603
  645
  689
  735
  783
  834
  888
  944
  1,004
  1,066
  1,131
  1,200
  1,273
Tax expense, $m
  35
  32
  38
  43
  49
  55
  61
  68
  75
  82
  89
  97
  105
  114
  123
  132
  142
  152
  163
  174
  186
  198
  212
  225
  240
  255
  271
  288
  305
  324
  344
Net income, $m
  68
  88
  102
  117
  132
  149
  165
  183
  202
  221
  241
  262
  284
  307
  331
  357
  383
  411
  440
  471
  503
  536
  572
  609
  648
  689
  733
  778
  826
  876
  929

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
  219
  236
  254
  272
  292
  312
  333
  354
  377
  400
  425
  450
  477
  505
  534
  564
  595
  628
  663
  699
  737
  776
  817
  860
  906
  953
  1,003
  1,055
  1,109
  1,166
Adjusted assets (=assets-cash), $m
  202
  219
  236
  254
  272
  292
  312
  333
  354
  377
  400
  425
  450
  477
  505
  534
  564
  595
  628
  663
  699
  737
  776
  817
  860
  906
  953
  1,003
  1,055
  1,109
  1,166
Revenue / Adjusted assets
  2.376
  2.370
  2.373
  2.374
  2.379
  2.373
  2.375
  2.372
  2.379
  2.377
  2.380
  2.376
  2.378
  2.377
  2.374
  2.375
  2.376
  2.378
  2.377
  2.376
  2.376
  2.374
  2.376
  2.377
  2.377
  2.375
  2.376
  2.375
  2.375
  2.376
  2.377
Average production assets, $m
  113
  122
  132
  142
  152
  163
  174
  186
  198
  210
  224
  237
  252
  266
  282
  298
  315
  333
  351
  370
  390
  411
  433
  456
  480
  506
  532
  560
  589
  619
  651
Working capital, $m
  55
  39
  42
  45
  49
  52
  56
  59
  63
  67
  71
  76
  80
  85
  90
  95
  100
  106
  112
  118
  125
  131
  138
  146
  153
  161
  170
  179
  188
  198
  208
Total debt, $m
  0
  7
  15
  22
  30
  39
  47
  56
  66
  75
  86
  96
  107
  119
  131
  143
  156
  170
  184
  199
  214
  230
  247
  265
  284
  303
  324
  345
  368
  391
  416
Total liabilities, $m
  87
  94
  102
  109
  117
  126
  134
  143
  153
  162
  173
  183
  194
  206
  218
  230
  243
  257
  271
  286
  301
  317
  334
  352
  371
  390
  411
  432
  455
  478
  503
Total equity, $m
  134
  124
  134
  144
  155
  166
  177
  189
  202
  214
  228
  242
  256
  271
  287
  304
  321
  339
  358
  377
  398
  419
  442
  465
  490
  515
  542
  570
  600
  631
  664
Total liabilities and equity, $m
  221
  218
  236
  253
  272
  292
  311
  332
  355
  376
  401
  425
  450
  477
  505
  534
  564
  596
  629
  663
  699
  736
  776
  817
  861
  905
  953
  1,002
  1,055
  1,109
  1,167
Debt-to-equity ratio
  0.000
  0.060
  0.110
  0.150
  0.200
  0.230
  0.270
  0.300
  0.330
  0.350
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.600
  0.610
  0.620
  0.630
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
  88
  102
  117
  132
  149
  165
  183
  202
  221
  241
  262
  284
  307
  331
  357
  383
  411
  440
  471
  503
  536
  572
  609
  648
  689
  733
  778
  826
  876
  929
Depreciation, amort., depletion, $m
  15
  16
  18
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
  79
  83
  87
Funds from operations, $m
  78
  104
  119
  136
  153
  170
  189
  208
  228
  249
  271
  294
  318
  343
  369
  396
  425
  455
  487
  520
  555
  591
  630
  670
  712
  757
  804
  853
  904
  959
  1,016
Change in working capital, $m
  -7
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
Cash from operations, $m
  85
  101
  116
  132
  149
  167
  185
  204
  224
  245
  267
  289
  313
  338
  364
  391
  420
  450
  481
  514
  548
  585
  623
  663
  705
  749
  795
  844
  895
  949
  1,006
Maintenance CAPEX, $m
  0
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
New CAPEX, $m
  -15
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
Cash from investing activities, $m
  -10
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -99
  -104
  -109
  -115
Free cash flow, $m
  75
  77
  90
  105
  120
  136
  152
  169
  187
  206
  225
  246
  267
  290
  313
  337
  363
  390
  418
  448
  479
  511
  546
  582
  620
  659
  701
  745
  791
  840
  891
Issuance/(repayment) of debt, $m
  -7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
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
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  25
Total cash flow (excl. dividends), $m
  13
  84
  98
  113
  128
  144
  161
  178
  197
  216
  236
  256
  278
  301
  325
  350
  376
  404
  432
  463
  494
  528
  563
  600
  638
  679
  722
  767
  814
  864
  916
Retained Cash Flow (-), $m
  -18
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
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
  88
  102
  117
  133
  149
  166
  184
  203
  222
  242
  264
  286
  309
  333
  359
  386
  414
  443
  474
  506
  540
  576
  614
  653
  695
  738
  784
  833
  883
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
  81
  89
  97
  103
  108
  112
  115
  117
  117
  115
  113
  109
  104
  98
  91
  84
  76
  68
  60
  52
  45
  38
  31
  25
  20
  16
  12
  9
  7
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 35
Price to Sales 5
Price to Book 17.8
Price to Tangible Book
Price to Cash Flow 28
Price to Free Cash Flow 34
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 8.2% 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 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 29.843 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 $2.4 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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