Intrinsic value of Trimble - TRMB

Previous Close

$41.12

  Intrinsic Value

$17.76

stock screener

  Rating & Target

str. sell

-57%

Previous close

$41.12

 
Intrinsic value

$17.76

 
Up/down potential

-57%

 
Rating

str. sell

We calculate the intrinsic value of TRMB 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 10.4

 

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, %
  3.14
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  2,362
  2,435
  2,515
  2,602
  2,696
  2,798
  2,906
  3,022
  3,146
  3,277
  3,417
  3,565
  3,722
  3,888
  4,064
  4,250
  4,445
  4,652
  4,870
  5,100
  5,341
  5,596
  5,864
  6,147
  6,444
  6,756
  7,085
  7,430
  7,793
  8,175
  8,577
Variable operating expenses, $m
 
  1,516
  1,559
  1,605
  1,656
  1,710
  1,768
  1,831
  1,897
  1,968
  2,043
  1,915
  1,999
  2,088
  2,183
  2,282
  2,387
  2,498
  2,615
  2,739
  2,869
  3,005
  3,149
  3,301
  3,460
  3,628
  3,805
  3,990
  4,185
  4,390
  4,606
Fixed operating expenses, $m
 
  741
  760
  779
  798
  818
  838
  859
  881
  903
  926
  949
  972
  997
  1,022
  1,047
  1,073
  1,100
  1,128
  1,156
  1,185
  1,214
  1,245
  1,276
  1,308
  1,340
  1,374
  1,408
  1,443
  1,480
  1,517
Total operating expenses, $m
  2,181
  2,257
  2,319
  2,384
  2,454
  2,528
  2,606
  2,690
  2,778
  2,871
  2,969
  2,864
  2,971
  3,085
  3,205
  3,329
  3,460
  3,598
  3,743
  3,895
  4,054
  4,219
  4,394
  4,577
  4,768
  4,968
  5,179
  5,398
  5,628
  5,870
  6,123
Operating income, $m
  181
  179
  197
  218
  243
  269
  299
  332
  368
  407
  449
  702
  751
  804
  860
  920
  985
  1,054
  1,127
  1,205
  1,288
  1,377
  1,470
  1,570
  1,676
  1,787
  1,906
  2,032
  2,165
  2,305
  2,454
EBITDA, $m
  369
  427
  447
  470
  496
  524
  556
  591
  629
  670
  714
  762
  814
  869
  929
  992
  1,060
  1,132
  1,209
  1,291
  1,378
  1,471
  1,569
  1,674
  1,784
  1,902
  2,026
  2,157
  2,296
  2,443
  2,599
Interest expense (income), $m
  27
  20
  21
  23
  25
  27
  29
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  68
  72
  77
  82
  87
  93
  99
  105
  112
  119
  126
  133
  141
Earnings before tax, $m
  177
  159
  176
  196
  218
  243
  271
  301
  334
  371
  410
  660
  706
  755
  808
  865
  926
  990
  1,059
  1,133
  1,211
  1,295
  1,383
  1,477
  1,577
  1,682
  1,794
  1,913
  2,039
  2,172
  2,313
Tax expense, $m
  45
  43
  48
  53
  59
  66
  73
  81
  90
  100
  111
  178
  191
  204
  218
  234
  250
  267
  286
  306
  327
  350
  373
  399
  426
  454
  484
  517
  550
  586
  624
Net income, $m
  132
  116
  128
  143
  159
  177
  197
  220
  244
  271
  299
  482
  516
  552
  590
  632
  676
  723
  773
  827
  884
  945
  1,010
  1,078
  1,151
  1,228
  1,310
  1,397
  1,488
  1,586
  1,688

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  327
  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
  3,674
  3,449
  3,563
  3,686
  3,819
  3,963
  4,116
  4,281
  4,456
  4,642
  4,840
  5,050
  5,272
  5,508
  5,757
  6,019
  6,297
  6,589
  6,898
  7,223
  7,566
  7,927
  8,307
  8,706
  9,127
  9,569
  10,035
  10,524
  11,039
  11,580
  12,148
Adjusted assets (=assets-cash), $m
  3,347
  3,449
  3,563
  3,686
  3,819
  3,963
  4,116
  4,281
  4,456
  4,642
  4,840
  5,050
  5,272
  5,508
  5,757
  6,019
  6,297
  6,589
  6,898
  7,223
  7,566
  7,927
  8,307
  8,706
  9,127
  9,569
  10,035
  10,524
  11,039
  11,580
  12,148
Revenue / Adjusted assets
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
  0.706
Average production assets, $m
  562
  580
  599
  619
  642
  666
  692
  719
  749
  780
  813
  849
  886
  925
  967
  1,011
  1,058
  1,107
  1,159
  1,214
  1,271
  1,332
  1,396
  1,463
  1,534
  1,608
  1,686
  1,768
  1,855
  1,946
  2,041
Working capital, $m
  291
  97
  101
  104
  108
  112
  116
  121
  126
  131
  137
  143
  149
  156
  163
  170
  178
  186
  195
  204
  214
  224
  235
  246
  258
  270
  283
  297
  312
  327
  343
Total debt, $m
  620
  528
  570
  616
  665
  718
  775
  836
  901
  970
  1,043
  1,121
  1,203
  1,290
  1,382
  1,479
  1,582
  1,690
  1,804
  1,925
  2,051
  2,185
  2,325
  2,473
  2,629
  2,793
  2,965
  3,146
  3,336
  3,537
  3,747
Total liabilities, $m
  1,368
  1,276
  1,318
  1,364
  1,413
  1,466
  1,523
  1,584
  1,649
  1,718
  1,791
  1,869
  1,951
  2,038
  2,130
  2,227
  2,330
  2,438
  2,552
  2,673
  2,799
  2,933
  3,073
  3,221
  3,377
  3,541
  3,713
  3,894
  4,084
  4,285
  4,495
Total equity, $m
  2,306
  2,173
  2,245
  2,322
  2,406
  2,497
  2,593
  2,697
  2,807
  2,925
  3,049
  3,182
  3,322
  3,470
  3,627
  3,792
  3,967
  4,151
  4,346
  4,551
  4,766
  4,994
  5,233
  5,485
  5,750
  6,029
  6,322
  6,630
  6,954
  7,295
  7,654
Total liabilities and equity, $m
  3,674
  3,449
  3,563
  3,686
  3,819
  3,963
  4,116
  4,281
  4,456
  4,643
  4,840
  5,051
  5,273
  5,508
  5,757
  6,019
  6,297
  6,589
  6,898
  7,224
  7,565
  7,927
  8,306
  8,706
  9,127
  9,570
  10,035
  10,524
  11,038
  11,580
  12,149
Debt-to-equity ratio
  0.269
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.370
  0.380
  0.390
  0.400
  0.410
  0.420
  0.420
  0.430
  0.440
  0.440
  0.450
  0.460
  0.460
  0.470
  0.470
  0.480
  0.480
  0.490
Adjusted equity ratio
  0.591
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630
  0.630

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  132
  116
  128
  143
  159
  177
  197
  220
  244
  271
  299
  482
  516
  552
  590
  632
  676
  723
  773
  827
  884
  945
  1,010
  1,078
  1,151
  1,228
  1,310
  1,397
  1,488
  1,586
  1,688
Depreciation, amort., depletion, $m
  188
  249
  250
  252
  253
  255
  257
  259
  261
  263
  265
  60
  63
  66
  69
  72
  75
  79
  82
  86
  90
  94
  99
  104
  109
  114
  120
  125
  132
  138
  145
Funds from operations, $m
  447
  365
  379
  395
  412
  432
  454
  479
  505
  534
  565
  542
  578
  617
  659
  703
  751
  802
  856
  913
  974
  1,039
  1,109
  1,182
  1,260
  1,342
  1,429
  1,522
  1,620
  1,724
  1,833
Change in working capital, $m
  40
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
Cash from operations, $m
  407
  362
  376
  391
  409
  428
  450
  474
  500
  528
  559
  536
  572
  610
  652
  696
  743
  793
  847
  904
  965
  1,029
  1,098
  1,171
  1,248
  1,330
  1,416
  1,508
  1,605
  1,708
  1,817
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -120
  -125
  -132
  -138
New CAPEX, $m
  -26
  -18
  -19
  -21
  -22
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -40
  -42
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -96
Cash from investing activities, $m
  -144
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -103
  -108
  -113
  -119
  -124
  -131
  -137
  -144
  -151
  -158
  -166
  -175
  -183
  -192
  -202
  -211
  -223
  -234
Free cash flow, $m
  263
  304
  315
  328
  342
  359
  377
  397
  420
  444
  471
  443
  475
  508
  544
  583
  625
  669
  717
  767
  821
  878
  940
  1,004
  1,073
  1,147
  1,224
  1,306
  1,394
  1,486
  1,584
Issuance/(repayment) of debt, $m
  -110
  38
  42
  46
  49
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
Issuance/(repurchase) of shares, $m
  -52
  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  
  -156
  38
  42
  46
  49
  53
  57
  61
  65
  69
  73
  78
  82
  87
  92
  97
  103
  108
  114
  120
  127
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
Total cash flow (excl. dividends), $m
  100
  342
  357
  374
  392
  412
  434
  458
  484
  513
  544
  521
  557
  595
  636
  680
  727
  777
  831
  887
  948
  1,012
  1,080
  1,152
  1,229
  1,310
  1,396
  1,487
  1,584
  1,686
  1,794
Retained Cash Flow (-), $m
  -86
  -64
  -71
  -78
  -84
  -90
  -97
  -103
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -184
  -194
  -205
  -216
  -227
  -239
  -252
  -265
  -279
  -293
  -308
  -324
  -341
  -358
Prev. year cash balance distribution, $m
 
  197
  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
 
  475
  286
  296
  308
  321
  337
  355
  374
  396
  419
  389
  417
  447
  480
  515
  552
  593
  636
  683
  732
  785
  841
  901
  964
  1,031
  1,103
  1,179
  1,260
  1,345
  1,436
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
 
  456
  262
  257
  253
  249
  245
  240
  234
  227
  220
  185
  178
  170
  161
  151
  140
  129
  117
  105
  93
  81
  70
  59
  49
  40
  32
  25
  19
  15
  11
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

Trimble Inc., formerly Trimble Navigation Limited, is engaged in providing technology solutions that enable professionals and field mobile workers to transform their work processes. The Company’s solutions are used across a range of industries, including agriculture, architecture, civil engineering, survey and land administration, construction, geospatial, government, natural resources, transportation and utilities. The Company's business segments include Building and Infrastructure, Geospatial, Resource and utilities and Transportation. The Buildings and Infrastructure segment serves customers working in architecture, engineering, construction and operations and maintenance. The Geospatial segment primarily serves customers working in surveying, engineering, government and land management. The Resources and Utilities segment serves customers working in agriculture, forestry, and utilities. The Transportation segment serves customers working in transportation.

FINANCIAL RATIOS  of  Trimble (TRMB)

Valuation Ratios
P/E Ratio 78.3
Price to Sales 4.4
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 27.1
Growth Rates
Sales Growth Rate 3.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -40.9%
Cap. Spend. - 3 Yr. Gr. Rate -18.2%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 21.2%
Total Debt to Equity 26.9%
Interest Coverage 8
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 4.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 52.4%
Gross Margin - 3 Yr. Avg. 52.9%
EBITDA Margin 16.6%
EBITDA Margin - 3 Yr. Avg. 17.6%
Operating Margin 7.7%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 8.4%
Net Profit Margin 5.6%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 25.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.8%
Payout Ratio 0%

TRMB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRMB stock intrinsic value calculation we used $2362 million for the last fiscal year's total revenue generated by Trimble. The default revenue input number comes from 2016 income statement of Trimble. 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 TRMB stock valuation model: a) initial revenue growth rate of 3.1% 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 TRMB is calculated based on our internal credit rating of Trimble, 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 Trimble.
    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 TRMB stock the variable cost ratio is equal to 62.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $723 million in the base year in the intrinsic value calculation for TRMB 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% for Trimble.

Corporate tax rate of 27% is the nominal tax rate for Trimble. 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 TRMB 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 TRMB are equal to 23.8%.

Life of production assets of 14.1 years is the average useful life of capital assets used in Trimble 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 TRMB is equal to 4%. 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 - $2306 million for Trimble - 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 253.161 million for Trimble 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 Trimble at the current share price and the inputted number of shares is $10.4 billion.

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COMPANY NEWS

▶ Trimble Third Quarter 2017 Earnings Call and Web Cast   [Oct-12-17 06:30AM  PR Newswire]
▶ ETFs with exposure to Trimble, Inc. : October 4, 2017   [Oct-04-17 11:02AM  Capital Cube]
▶ Trimble says 10-4 to buying a Colorado truck-tracking startup   [Sep-21-17 11:00AM  American City Business Journals]
▶ ETFs with exposure to Trimble, Inc. : September 6, 2017   [Sep-05-17 10:10PM  Capital Cube]
▶ Trimble tops Street 2Q forecasts   [Aug-02-17 05:41PM  Associated Press]
▶ ETFs with exposure to Trimble, Inc. : July 25, 2017   [Jul-25-17 01:42PM  Capital Cube]
▶ Trimble Second Quarter 2017 Earnings Call and Web Cast   [Jul-19-17 06:30AM  PR Newswire]
▶ ETFs with exposure to Trimble, Inc. : July 14, 2017   [Jul-14-17 05:12PM  Capital Cube]
▶ ETFs with exposure to Trimble, Inc. : June 5, 2017   [Jun-05-17 02:51PM  Capital Cube]
▶ ETFs with exposure to Trimble, Inc. : May 26, 2017   [May-26-17 01:28PM  Capital Cube]
▶ Trimble beats Street 1Q forecasts   [Apr-27-17 05:01PM  Associated Press]
▶ Trimble First Quarter 2017 Earnings Call and Web Cast   [Apr-13-17 04:05PM  PR Newswire]
▶ Trimble Announces New Reporting Segments   [04:05PM  PR Newswire]
▶ The Next Generation of Sefaira Architecture   [Mar-07-17 11:01AM  Marketwired]
Financial statements of TRMB
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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