Intrinsic value of TriMas - TRS

Previous Close

$28.10

  Intrinsic Value

$3.51

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-101%

Previous close

$28.10

 
Intrinsic value

$3.51

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-101%

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

We calculate the intrinsic value of TRS 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 1.3

 

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, %
  -8.10
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  794
  833
  874
  917
  962
  1,009
  1,059
  1,112
  1,167
  1,225
  1,285
  1,349
  1,416
  1,487
  1,561
  1,638
  1,720
  1,805
  1,895
  1,990
  2,089
  2,193
  2,303
  2,418
  2,538
  2,665
  2,798
  2,938
  3,085
  3,239
  3,400
Variable operating expenses, $m
 
  379
  396
  414
  433
  453
  474
  495
  518
  543
  568
  563
  591
  620
  651
  684
  718
  753
  791
  830
  872
  915
  961
  1,009
  1,059
  1,112
  1,168
  1,226
  1,287
  1,352
  1,419
Fixed operating expenses, $m
 
  499
  512
  524
  538
  551
  565
  579
  593
  608
  623
  639
  655
  671
  688
  705
  723
  741
  760
  779
  798
  818
  838
  859
  881
  903
  925
  949
  972
  997
  1,022
Total operating expenses, $m
  838
  878
  908
  938
  971
  1,004
  1,039
  1,074
  1,111
  1,151
  1,191
  1,202
  1,246
  1,291
  1,339
  1,389
  1,441
  1,494
  1,551
  1,609
  1,670
  1,733
  1,799
  1,868
  1,940
  2,015
  2,093
  2,175
  2,259
  2,349
  2,441
Operating income, $m
  -44
  -45
  -34
  -22
  -9
  6
  21
  37
  55
  74
  94
  147
  170
  195
  221
  249
  279
  311
  345
  381
  419
  460
  503
  549
  598
  650
  705
  763
  825
  890
  960
EBITDA, $m
  0
  12
  24
  38
  52
  68
  85
  103
  122
  143
  165
  188
  213
  240
  269
  299
  332
  366
  403
  442
  483
  527
  574
  623
  676
  731
  790
  853
  919
  989
  1,064
Interest expense (income), $m
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  39
  41
  43
  46
  48
  51
  54
  57
  60
  64
  67
  71
Earnings before tax, $m
  -58
  -58
  -48
  -36
  -24
  -11
  3
  18
  35
  52
  71
  123
  144
  167
  192
  218
  246
  276
  308
  342
  378
  417
  458
  501
  547
  596
  648
  703
  762
  823
  889
Tax expense, $m
  -18
  0
  0
  0
  0
  0
  1
  5
  9
  14
  19
  33
  39
  45
  52
  59
  67
  75
  83
  92
  102
  113
  124
  135
  148
  161
  175
  190
  206
  222
  240
Net income, $m
  -40
  -58
  -48
  -36
  -24
  -11
  2
  13
  25
  38
  52
  90
  105
  122
  140
  159
  180
  202
  225
  250
  276
  304
  334
  366
  399
  435
  473
  513
  556
  601
  649

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  21
  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
  1,052
  1,082
  1,135
  1,191
  1,249
  1,311
  1,376
  1,444
  1,515
  1,590
  1,669
  1,752
  1,839
  1,931
  2,027
  2,128
  2,234
  2,345
  2,462
  2,584
  2,713
  2,849
  2,991
  3,140
  3,297
  3,461
  3,634
  3,815
  4,006
  4,206
  4,416
Adjusted assets (=assets-cash), $m
  1,031
  1,082
  1,135
  1,191
  1,249
  1,311
  1,376
  1,444
  1,515
  1,590
  1,669
  1,752
  1,839
  1,931
  2,027
  2,128
  2,234
  2,345
  2,462
  2,584
  2,713
  2,849
  2,991
  3,140
  3,297
  3,461
  3,634
  3,815
  4,006
  4,206
  4,416
Revenue / Adjusted assets
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Average production assets, $m
  424
  445
  467
  490
  514
  539
  566
  594
  623
  654
  686
  720
  756
  794
  833
  875
  918
  964
  1,012
  1,063
  1,116
  1,171
  1,230
  1,291
  1,355
  1,423
  1,494
  1,569
  1,647
  1,729
  1,816
Working capital, $m
  176
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  287
  302
  317
  332
  349
  366
  385
  404
  424
  445
  467
  490
  515
  541
  568
  596
  626
  657
  690
  724
Total debt, $m
  375
  388
  415
  445
  475
  507
  541
  577
  614
  653
  694
  738
  783
  831
  881
  934
  989
  1,047
  1,108
  1,172
  1,239
  1,310
  1,384
  1,462
  1,544
  1,630
  1,720
  1,815
  1,914
  2,019
  2,128
Total liabilities, $m
  552
  565
  592
  622
  652
  684
  718
  754
  791
  830
  871
  915
  960
  1,008
  1,058
  1,111
  1,166
  1,224
  1,285
  1,349
  1,416
  1,487
  1,561
  1,639
  1,721
  1,807
  1,897
  1,992
  2,091
  2,196
  2,305
Total equity, $m
  500
  517
  542
  569
  597
  627
  658
  690
  724
  760
  798
  838
  879
  923
  969
  1,017
  1,068
  1,121
  1,177
  1,235
  1,297
  1,362
  1,430
  1,501
  1,576
  1,654
  1,737
  1,824
  1,915
  2,011
  2,111
Total liabilities and equity, $m
  1,052
  1,082
  1,134
  1,191
  1,249
  1,311
  1,376
  1,444
  1,515
  1,590
  1,669
  1,753
  1,839
  1,931
  2,027
  2,128
  2,234
  2,345
  2,462
  2,584
  2,713
  2,849
  2,991
  3,140
  3,297
  3,461
  3,634
  3,816
  4,006
  4,207
  4,416
Debt-to-equity ratio
  0.750
  0.750
  0.770
  0.780
  0.800
  0.810
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.010
Adjusted equity ratio
  0.465
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478
  0.478

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -40
  -58
  -48
  -36
  -24
  -11
  2
  13
  25
  38
  52
  90
  105
  122
  140
  159
  180
  202
  225
  250
  276
  304
  334
  366
  399
  435
  473
  513
  556
  601
  649
Depreciation, amort., depletion, $m
  44
  57
  58
  59
  61
  62
  64
  65
  67
  69
  71
  41
  43
  45
  48
  50
  52
  55
  58
  61
  64
  67
  70
  74
  77
  81
  85
  90
  94
  99
  104
Funds from operations, $m
  79
  -1
  11
  23
  37
  51
  66
  79
  92
  107
  123
  131
  149
  168
  188
  209
  232
  257
  283
  310
  340
  371
  404
  439
  477
  516
  558
  603
  650
  700
  753
Change in working capital, $m
  -1
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  28
  30
  31
  33
  34
Cash from operations, $m
  80
  -9
  2
  14
  27
  41
  56
  68
  81
  95
  110
  117
  134
  153
  172
  193
  215
  239
  264
  290
  319
  349
  381
  415
  451
  489
  530
  573
  619
  667
  718
Maintenance CAPEX, $m
  0
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
New CAPEX, $m
  -31
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -38
  -39
  -41
  -44
  -46
  -48
  -50
  -53
  -56
  -58
  -61
  -64
  -68
  -71
  -75
  -78
  -82
  -86
Cash from investing activities, $m
  -31
  -45
  -47
  -50
  -52
  -54
  -58
  -60
  -63
  -67
  -69
  -73
  -77
  -81
  -84
  -89
  -94
  -98
  -103
  -108
  -114
  -120
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
Free cash flow, $m
  49
  -54
  -45
  -36
  -25
  -13
  -2
  7
  17
  28
  40
  44
  57
  72
  87
  104
  121
  140
  161
  182
  205
  230
  256
  283
  313
  344
  378
  413
  451
  491
  533
Issuance/(repayment) of debt, $m
  -45
  27
  28
  29
  31
  32
  34
  36
  37
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  99
  104
  110
Issuance/(repurchase) of shares, $m
  0
  82
  73
  63
  52
  40
  29
  19
  9
  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  
  -48
  109
  101
  92
  83
  72
  63
  55
  46
  39
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  99
  104
  110
Total cash flow (excl. dividends), $m
  1
  54
  55
  57
  58
  59
  61
  62
  64
  67
  81
  87
  103
  120
  137
  156
  177
  198
  222
  246
  272
  300
  330
  361
  395
  430
  468
  508
  550
  595
  643
Retained Cash Flow (-), $m
  47
  -82
  -73
  -63
  -52
  -40
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
Prev. year cash balance distribution, $m
 
  7
  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
 
  -21
  -18
  -6
  6
  19
  30
  29
  29
  32
  43
  48
  61
  76
  91
  108
  126
  145
  166
  187
  211
  235
  262
  290
  320
  352
  385
  421
  459
  500
  542
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -19
  -15
  -5
  4
  12
  18
  16
  14
  13
  15
  15
  16
  16
  16
  15
  14
  13
  11
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  93.9
  89.0
  85.1
  82.2
  80.1
  78.7
  77.8
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4

TriMas Corporation is a designer, manufacturer and distributor of engineered products for commercial, industrial and consumer markets. The Company operates through four segments: Packaging, Aerospace, Energy and Engineered Components. The Packaging segment is a designer, manufacturer and distributor of engineered closure and dispensing systems for a range of end markets, including steel and plastic industrial, and consumer packaging applications. The Aerospace segment is a designer and manufacturer of a range of products for use in the aerospace industry. The Energy segment is a manufacturer and distributor of metallic and non-metallic gaskets, bolts, industrial fasteners and specialty products for the petroleum refining, petrochemical, oil field and industrial markets. The Engineered Components segment is a designer, manufacturer and distributor of high-pressure and acetylene cylinders for the transportation, storage and dispensing of compressed gases.

FINANCIAL RATIOS  of  TriMas (TRS)

Valuation Ratios
P/E Ratio -32
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 16
Price to Free Cash Flow 26.1
Growth Rates
Sales Growth Rate -8.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.9%
Cap. Spend. - 3 Yr. Gr. Rate -4.5%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 72.2%
Total Debt to Equity 75%
Interest Coverage -4
Management Effectiveness
Return On Assets -2.9%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -4.3%
Ret/ On T. Cap. - 3 Yr. Avg. -0.3%
Return On Equity -7.6%
Return On Equity - 3 Yr. Avg. -0.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 26.4%
Gross Margin - 3 Yr. Avg. 26.8%
EBITDA Margin -0.3%
EBITDA Margin - 3 Yr. Avg. 5.8%
Operating Margin -5.5%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -7.3%
Pre-Tax Margin - 3 Yr. Avg. -0.7%
Net Profit Margin -5%
Net Profit Margin - 3 Yr. Avg. -0.4%
Effective Tax Rate 31%
Eff/ Tax Rate - 3 Yr. Avg. 10.7%
Payout Ratio 0%

TRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRS stock intrinsic value calculation we used $794 million for the last fiscal year's total revenue generated by TriMas. The default revenue input number comes from 2016 income statement of TriMas. 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 TRS stock valuation model: a) initial revenue growth rate of 4.9% 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 7%, whose default value for TRS is calculated based on our internal credit rating of TriMas, 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 TriMas.
    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 TRS stock the variable cost ratio is equal to 45.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $487 million in the base year in the intrinsic value calculation for TRS 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 3.5% for TriMas.

Corporate tax rate of 27% is the nominal tax rate for TriMas. 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 TRS 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 TRS are equal to 53.4%.

Life of production assets of 17.5 years is the average useful life of capital assets used in TriMas 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 TRS is equal to 21.3%. 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 - $500 million for TriMas - 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 45.607 million for TriMas 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 TriMas at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ What You Must Know About TriMas Corporations (TRS) Risks   [Oct-03-17 03:46PM  Simply Wall St.]
▶ TriMas Announces Closing of Debt Refinancing   [Sep-20-17 12:00PM  GlobeNewswire]
▶ TriMas Announces Launch of Debt Offering   [06:24AM  GlobeNewswire]
▶ TriMas Announces Headquarters Relocation   [Aug-25-17 11:30AM  GlobeNewswire]
▶ TriMas beats Street 2Q forecasts   [Jul-27-17 04:13PM  Associated Press]
▶ TriMas Reports Second Quarter 2017 Results   [08:00AM  GlobeNewswire]
▶ ETFs with exposure to TriMas Corp. : July 25, 2017   [Jul-25-17 01:44PM  Capital Cube]
▶ TriMas Corp. Value Analysis (NASDAQ:TRS) : July 14, 2017   [Jul-14-17 06:27PM  Capital Cube]
▶ ETFs with exposure to TriMas Corp. : July 12, 2017   [Jul-12-17 03:02PM  Capital Cube]
▶ ETFs with exposure to TriMas Corp. : June 15, 2017   [Jun-15-17 03:33PM  Capital Cube]
▶ ETFs with exposure to TriMas Corp. : May 1, 2017   [May-01-17 04:31PM  Capital Cube]
▶ TriMas Corp. Value Analysis (NASDAQ:TRS) : April 27, 2017   [Apr-27-17 05:18PM  Capital Cube]
▶ TriMas beats 1Q profit forecasts   [08:22AM  Associated Press]
▶ TriMas to Present at Annual ROTH Conference   [Mar-08-17 10:00AM  GlobeNewswire]
▶ TriMas reports 4Q loss   [08:39AM  Associated Press]
▶ TriMas Corp (TRS): Are Hedge Funds Right About This Stock?   [Dec-09-16 11:30AM  at Insider Monkey]
▶ TriMas Appoints New President Of Its Aerospace Group   [Dec-06-16 08:00AM  GlobeNewswire]
▶ TriMas Reports Third Quarter 2016 Results   [08:00AM  GlobeNewswire]
▶ TriMas Announces Plans For Further Facility Consolidation   [Sep-28-16 10:00AM  GlobeNewswire]
Financial statements of TRS
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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