Intrinsic value of Trinity Industries - TRN

Previous Close

$28.53

  Intrinsic Value

$35.82

stock screener

  Rating & Target

buy

+26%

  Value-price divergence*

-86%

Previous close

$28.53

 
Intrinsic value

$35.82

 
Up/down potential

+26%

 
Rating

buy

 
Value-price divergence*

-86%

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

We calculate the intrinsic value of TRN 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 4.2

 

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, %
  -28.23
  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
  4,588
  4,680
  4,787
  4,910
  5,049
  5,202
  5,370
  5,552
  5,750
  5,964
  6,193
  6,437
  6,699
  6,977
  7,272
  7,586
  7,919
  8,270
  8,643
  9,036
  9,451
  9,889
  10,351
  10,838
  11,351
  11,892
  12,461
  13,059
  13,690
  14,353
  15,050
Variable operating expenses, $m
 
  2,872
  2,936
  3,010
  3,092
  3,184
  3,284
  3,393
  3,512
  3,639
  3,776
  3,847
  4,003
  4,169
  4,346
  4,533
  4,732
  4,942
  5,165
  5,400
  5,648
  5,909
  6,185
  6,476
  6,783
  7,106
  7,446
  7,804
  8,180
  8,577
  8,993
Fixed operating expenses, $m
 
  1,082
  1,109
  1,137
  1,166
  1,195
  1,225
  1,255
  1,287
  1,319
  1,352
  1,386
  1,420
  1,456
  1,492
  1,529
  1,568
  1,607
  1,647
  1,688
  1,730
  1,774
  1,818
  1,863
  1,910
  1,958
  2,007
  2,057
  2,108
  2,161
  2,215
Total operating expenses, $m
  3,846
  3,954
  4,045
  4,147
  4,258
  4,379
  4,509
  4,648
  4,799
  4,958
  5,128
  5,233
  5,423
  5,625
  5,838
  6,062
  6,300
  6,549
  6,812
  7,088
  7,378
  7,683
  8,003
  8,339
  8,693
  9,064
  9,453
  9,861
  10,288
  10,738
  11,208
Operating income, $m
  742
  725
  742
  764
  791
  823
  861
  904
  952
  1,006
  1,065
  1,205
  1,276
  1,352
  1,435
  1,524
  1,619
  1,722
  1,831
  1,948
  2,073
  2,206
  2,348
  2,498
  2,658
  2,828
  3,008
  3,199
  3,401
  3,615
  3,842
EBITDA, $m
  1,025
  1,055
  1,077
  1,106
  1,140
  1,181
  1,228
  1,281
  1,340
  1,405
  1,477
  1,555
  1,639
  1,731
  1,830
  1,936
  2,049
  2,171
  2,301
  2,439
  2,586
  2,743
  2,910
  3,087
  3,275
  3,474
  3,685
  3,908
  4,144
  4,395
  4,659
Interest expense (income), $m
  151
  147
  152
  158
  164
  172
  180
  189
  199
  210
  222
  234
  247
  262
  277
  293
  310
  328
  347
  367
  389
  411
  435
  460
  487
  515
  544
  575
  608
  642
  678
Earnings before tax, $m
  567
  579
  590
  606
  626
  651
  681
  715
  753
  796
  843
  971
  1,028
  1,090
  1,158
  1,231
  1,309
  1,394
  1,484
  1,581
  1,684
  1,795
  1,912
  2,038
  2,171
  2,313
  2,464
  2,623
  2,793
  2,973
  3,163
Tax expense, $m
  202
  156
  159
  164
  169
  176
  184
  193
  203
  215
  228
  262
  278
  294
  313
  332
  353
  376
  401
  427
  455
  485
  516
  550
  586
  624
  665
  708
  754
  803
  854
Net income, $m
  344
  422
  431
  442
  457
  476
  497
  522
  550
  581
  616
  709
  751
  796
  845
  898
  956
  1,017
  1,083
  1,154
  1,229
  1,310
  1,396
  1,488
  1,585
  1,688
  1,798
  1,915
  2,039
  2,170
  2,309

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  563
  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
  9,125
  8,731
  8,932
  9,161
  9,419
  9,705
  10,018
  10,359
  10,728
  11,126
  11,553
  12,010
  12,497
  13,016
  13,568
  14,153
  14,773
  15,430
  16,124
  16,858
  17,633
  18,450
  19,312
  20,220
  21,178
  22,186
  23,247
  24,365
  25,540
  26,777
  28,078
Adjusted assets (=assets-cash), $m
  8,562
  8,731
  8,932
  9,161
  9,419
  9,705
  10,018
  10,359
  10,728
  11,126
  11,553
  12,010
  12,497
  13,016
  13,568
  14,153
  14,773
  15,430
  16,124
  16,858
  17,633
  18,450
  19,312
  20,220
  21,178
  22,186
  23,247
  24,365
  25,540
  26,777
  28,078
Revenue / Adjusted assets
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
  0.536
Average production assets, $m
  5,658
  5,770
  5,903
  6,055
  6,225
  6,414
  6,621
  6,846
  7,090
  7,353
  7,635
  7,937
  8,259
  8,602
  8,967
  9,354
  9,764
  10,198
  10,656
  11,141
  11,653
  12,193
  12,763
  13,363
  13,996
  14,662
  15,364
  16,102
  16,879
  17,697
  18,557
Working capital, $m
  0
  -468
  -479
  -491
  -505
  -520
  -537
  -555
  -575
  -596
  -619
  -644
  -670
  -698
  -727
  -759
  -792
  -827
  -864
  -904
  -945
  -989
  -1,035
  -1,084
  -1,135
  -1,189
  -1,246
  -1,306
  -1,369
  -1,435
  -1,505
Total debt, $m
  3,057
  3,159
  3,281
  3,421
  3,578
  3,751
  3,942
  4,149
  4,374
  4,616
  4,875
  5,153
  5,449
  5,765
  6,100
  6,456
  6,833
  7,232
  7,655
  8,101
  8,572
  9,068
  9,593
  10,145
  10,727
  11,340
  11,985
  12,665
  13,379
  14,132
  14,923
Total liabilities, $m
  5,207
  5,308
  5,430
  5,570
  5,727
  5,900
  6,091
  6,298
  6,523
  6,765
  7,024
  7,302
  7,598
  7,914
  8,249
  8,605
  8,982
  9,381
  9,804
  10,250
  10,721
  11,217
  11,742
  12,294
  12,876
  13,489
  14,134
  14,814
  15,528
  16,281
  17,072
Total equity, $m
  3,919
  3,423
  3,501
  3,591
  3,692
  3,804
  3,927
  4,061
  4,205
  4,361
  4,529
  4,708
  4,899
  5,102
  5,319
  5,548
  5,791
  6,049
  6,321
  6,608
  6,912
  7,232
  7,570
  7,926
  8,302
  8,697
  9,113
  9,551
  10,012
  10,497
  11,007
Total liabilities and equity, $m
  9,126
  8,731
  8,931
  9,161
  9,419
  9,704
  10,018
  10,359
  10,728
  11,126
  11,553
  12,010
  12,497
  13,016
  13,568
  14,153
  14,773
  15,430
  16,125
  16,858
  17,633
  18,449
  19,312
  20,220
  21,178
  22,186
  23,247
  24,365
  25,540
  26,778
  28,079
Debt-to-equity ratio
  0.780
  0.920
  0.940
  0.950
  0.970
  0.990
  1.000
  1.020
  1.040
  1.060
  1.080
  1.090
  1.110
  1.130
  1.150
  1.160
  1.180
  1.200
  1.210
  1.230
  1.240
  1.250
  1.270
  1.280
  1.290
  1.300
  1.320
  1.330
  1.340
  1.350
  1.360
Adjusted equity ratio
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392
  0.392

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  344
  422
  431
  442
  457
  476
  497
  522
  550
  581
  616
  709
  751
  796
  845
  898
  956
  1,017
  1,083
  1,154
  1,229
  1,310
  1,396
  1,488
  1,585
  1,688
  1,798
  1,915
  2,039
  2,170
  2,309
Depreciation, amort., depletion, $m
  283
  330
  335
  342
  350
  358
  367
  377
  388
  399
  412
  350
  364
  379
  395
  412
  430
  449
  469
  491
  513
  537
  562
  589
  617
  646
  677
  709
  744
  780
  817
Funds from operations, $m
  1,163
  752
  766
  785
  807
  833
  864
  899
  937
  980
  1,027
  1,059
  1,114
  1,175
  1,240
  1,310
  1,386
  1,466
  1,553
  1,645
  1,743
  1,847
  1,958
  2,076
  2,201
  2,334
  2,475
  2,624
  2,782
  2,950
  3,127
Change in working capital, $m
  73
  -9
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
Cash from operations, $m
  1,090
  761
  777
  797
  821
  849
  881
  917
  957
  1,002
  1,050
  1,083
  1,141
  1,203
  1,270
  1,342
  1,419
  1,502
  1,590
  1,684
  1,784
  1,891
  2,004
  2,125
  2,253
  2,388
  2,532
  2,684
  2,845
  3,016
  3,196
Maintenance CAPEX, $m
  0
  -249
  -254
  -260
  -267
  -274
  -283
  -292
  -302
  -312
  -324
  -336
  -350
  -364
  -379
  -395
  -412
  -430
  -449
  -469
  -491
  -513
  -537
  -562
  -589
  -617
  -646
  -677
  -709
  -744
  -780
New CAPEX, $m
  -933
  -113
  -133
  -152
  -170
  -189
  -207
  -225
  -244
  -263
  -282
  -302
  -322
  -343
  -365
  -387
  -410
  -434
  -459
  -485
  -512
  -540
  -570
  -600
  -633
  -666
  -702
  -738
  -777
  -817
  -860
Cash from investing activities, $m
  -1,023
  -362
  -387
  -412
  -437
  -463
  -490
  -517
  -546
  -575
  -606
  -638
  -672
  -707
  -744
  -782
  -822
  -864
  -908
  -954
  -1,003
  -1,053
  -1,107
  -1,162
  -1,222
  -1,283
  -1,348
  -1,415
  -1,486
  -1,561
  -1,640
Free cash flow, $m
  67
  399
  390
  385
  384
  386
  391
  400
  412
  426
  444
  445
  469
  496
  526
  560
  597
  638
  682
  730
  782
  838
  898
  962
  1,031
  1,106
  1,185
  1,269
  1,359
  1,455
  1,557
Issuance/(repayment) of debt, $m
  -163
  102
  122
  140
  157
  174
  190
  207
  225
  242
  260
  278
  296
  316
  335
  356
  377
  399
  422
  446
  471
  497
  524
  552
  582
  613
  645
  679
  715
  752
  791
Issuance/(repurchase) of shares, $m
  -35
  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  
  -223
  102
  122
  140
  157
  174
  190
  207
  225
  242
  260
  278
  296
  316
  335
  356
  377
  399
  422
  446
  471
  497
  524
  552
  582
  613
  645
  679
  715
  752
  791
Total cash flow (excl. dividends), $m
  -156
  502
  512
  525
  540
  559
  582
  607
  636
  668
  704
  722
  765
  811
  862
  916
  974
  1,037
  1,104
  1,176
  1,253
  1,334
  1,422
  1,515
  1,613
  1,718
  1,830
  1,948
  2,074
  2,207
  2,348
Retained Cash Flow (-), $m
  -265
  -67
  -79
  -90
  -101
  -112
  -123
  -134
  -145
  -156
  -167
  -179
  -191
  -203
  -216
  -229
  -243
  -257
  -272
  -288
  -304
  -320
  -338
  -356
  -375
  -395
  -416
  -438
  -461
  -485
  -510
Prev. year cash balance distribution, $m
 
  563
  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
 
  998
  433
  435
  439
  448
  459
  474
  491
  512
  536
  543
  574
  608
  645
  686
  731
  779
  832
  888
  949
  1,014
  1,084
  1,159
  1,238
  1,323
  1,414
  1,510
  1,613
  1,722
  1,838
Discount rate, %
 
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
 
  945
  387
  363
  342
  322
  303
  285
  268
  250
  233
  208
  192
  175
  158
  142
  126
  110
  95
  80
  67
  55
  45
  35
  27
  21
  15
  11
  8
  5
  4
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

Trinity Industries, Inc. provides various products and services to the energy, chemical, agriculture, transportation, and construction sectors in the United States and internationally. Its Rail Group segment offers railcars, including autorack, box, covered hopper, gondola, intermodal, tank, and open hopper cars; and tank cars, as well as railcar maintenance services. This segment serves railroads, leasing companies, and industrial shippers of various products. The company’s Railcar Leasing and Management Services Group segment leases tank and freight railcars to industrial shippers and railroads; and provides management, maintenance, and administrative services. As of December 31, 2016, this segment had a fleet of 85,110 owned or leased railcars. Its Construction Products Group segment offers highway products, such as guardrail, crash cushions, and other barriers; aggregates, including expanded shale and clay, crushed stone, sand and gravel, asphalt rock, and other products, as well as other steel products for infrastructure-related projects; and trench shields and shoring products for the construction industry. This segment offers aggregates to concrete producers; commercial, residential, and highway contractors; manufacturers of masonry products; and state and local municipalities. The company’s Energy Equipment Group segment manufactures structural wind towers; utility steel structures for electricity transmission and distribution; storage and distribution containers; cryogenic tanks; and tank heads for pressure and non-pressure vessels. Its Inland Barge Group segment provides deck barges, and open or covered hopper barges to transport grain, coal, and aggregates; and tank barges to transport chemicals and various petroleum products, as well as fiberglass reinforced lift covers for grain barges. Trinity Industries, Inc. was founded in 1933 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  Trinity Industries (TRN)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow 27.6
Growth Rates
Sales Growth Rate -28.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.4%
Cap. Spend. - 3 Yr. Gr. Rate 5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 78%
Total Debt to Equity 78%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.4%
Return On Equity 9.1%
Return On Equity - 3 Yr. Avg. 19.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 24.7%
Gross Margin - 3 Yr. Avg. 25.7%
EBITDA Margin 21.8%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 19.7%
Pre-Tax Margin 12.4%
Pre-Tax Margin - 3 Yr. Avg. 16.4%
Net Profit Margin 7.5%
Net Profit Margin - 3 Yr. Avg. 10.3%
Effective Tax Rate 35.6%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 19.5%

TRN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRN stock intrinsic value calculation we used $4588 million for the last fiscal year's total revenue generated by Trinity Industries. The default revenue input number comes from 2016 income statement of Trinity Industries. 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 TRN 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 5.6%, whose default value for TRN is calculated based on our internal credit rating of Trinity Industries, 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 Trinity Industries.
    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 TRN stock the variable cost ratio is equal to 61.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1056 million in the base year in the intrinsic value calculation for TRN 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 4.8% for Trinity Industries.

Corporate tax rate of 27% is the nominal tax rate for Trinity Industries. 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 TRN 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 TRN are equal to 123.3%.

Life of production assets of 22.7 years is the average useful life of capital assets used in Trinity Industries 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 TRN is equal to -10%. 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 - $3919 million for Trinity Industries - 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 147.541 million for Trinity Industries 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 Trinity Industries at the current share price and the inputted number of shares is $4.2 billion.

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COMPANY NEWS

▶ Why General Electrics Transportation Revenue Fell in 2Q17   [Jul-27-17 10:37AM  Market Realist]
▶ Trinity Industries tops 2Q profit forecasts   [Jul-25-17 10:59PM  Associated Press]
▶ Trinity Shows Improved Technical Strength, But Fundamentals Lag   [May-24-17 11:58AM  Investor's Business Daily]
▶ Trinity Industries tops 1Q profit forecasts   [Apr-25-17 05:24PM  Associated Press]
▶ Santoli on markets: Kind of a stalemate today   [Apr-04-17 04:01PM  CNBC Videos]
▶ Trinity Industries, Inc. Declares Quarterly Dividend   [Mar-08-17 06:45PM  Business Wire]
▶ Don't Be Fooled by Cyclical Stocks   [Feb-22-17 05:53PM  Zacks]
▶ Stocks Open Lower; Deere Falls; Kraft Heinz Climbs   [09:46AM  Investor's Business Daily]
▶ Trinity Industries beats 4Q profit forecasts   [Feb-16-17 05:24PM  Associated Press]
▶ The 10 Best Contrarian Stocks to Buy in the New Year   [Jan-05-17 11:00AM  at Kiplinger]
▶ Trinity Industries, Inc. Declares Quarterly Dividend   [Dec-08-16 04:57PM  Business Wire]
▶ Jeff Ubben Added to 6 Stakes in 3rd Quarter   [Nov-16-16 10:06AM  Gurufocus]
▶ Trinity Industries, Inc. Declares Quarterly Dividend   [Sep-08-16 04:15PM  Business Wire]
Stock chart of TRN Financial statements of TRN
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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