Intrinsic value of TransUnion - TRU

Previous Close

$50.56

  Intrinsic Value

$33.30

stock screener

  Rating & Target

sell

-34%

  Value-price divergence*

+9%

Previous close

$50.56

 
Intrinsic value

$33.30

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence*

+9%

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

We calculate the intrinsic value of TRU 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 9.2

 

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, %
  13.14
  11.50
  10.85
  10.27
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.20
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
Revenue, $m
  1,705
  1,901
  2,107
  2,324
  2,550
  2,786
  3,032
  3,289
  3,556
  3,833
  4,121
  4,420
  4,732
  5,055
  5,391
  5,741
  6,105
  6,484
  6,878
  7,289
  7,718
  8,164
  8,631
  9,118
  9,626
  10,157
  10,712
  11,293
  11,900
  12,536
  13,201
Variable operating expenses, $m
 
  992
  1,076
  1,164
  1,256
  1,353
  1,453
  1,558
  1,666
  1,779
  1,897
  1,801
  1,928
  2,060
  2,197
  2,339
  2,488
  2,642
  2,803
  2,970
  3,145
  3,327
  3,517
  3,715
  3,922
  4,139
  4,365
  4,602
  4,849
  5,108
  5,379
Fixed operating expenses, $m
 
  535
  548
  562
  576
  591
  605
  620
  636
  652
  668
  685
  702
  720
  738
  756
  775
  794
  814
  834
  855
  877
  899
  921
  944
  968
  992
  1,017
  1,042
  1,068
  1,095
Total operating expenses, $m
  1,422
  1,527
  1,624
  1,726
  1,832
  1,944
  2,058
  2,178
  2,302
  2,431
  2,565
  2,486
  2,630
  2,780
  2,935
  3,095
  3,263
  3,436
  3,617
  3,804
  4,000
  4,204
  4,416
  4,636
  4,866
  5,107
  5,357
  5,619
  5,891
  6,176
  6,474
Operating income, $m
  283
  374
  483
  597
  717
  843
  974
  1,111
  1,253
  1,402
  1,556
  1,934
  2,101
  2,276
  2,457
  2,646
  2,842
  3,047
  3,261
  3,484
  3,717
  3,961
  4,215
  4,481
  4,759
  5,050
  5,355
  5,674
  6,009
  6,359
  6,727
EBITDA, $m
  548
  735
  859
  990
  1,127
  1,270
  1,420
  1,576
  1,739
  1,908
  2,084
  2,268
  2,458
  2,657
  2,864
  3,079
  3,303
  3,537
  3,780
  4,034
  4,300
  4,577
  4,866
  5,169
  5,486
  5,817
  6,164
  6,527
  6,907
  7,305
  7,723
Interest expense (income), $m
  88
  88
  103
  119
  135
  152
  170
  188
  208
  228
  249
  270
  293
  316
  340
  366
  392
  419
  448
  478
  508
  541
  574
  609
  646
  684
  724
  766
  809
  855
  903
Earnings before tax, $m
  205
  286
  379
  478
  582
  691
  804
  922
  1,046
  1,174
  1,308
  1,664
  1,809
  1,959
  2,116
  2,280
  2,450
  2,628
  2,813
  3,007
  3,209
  3,420
  3,641
  3,872
  4,113
  4,366
  4,631
  4,909
  5,199
  5,504
  5,824
Tax expense, $m
  74
  77
  102
  129
  157
  186
  217
  249
  282
  317
  353
  449
  488
  529
  571
  616
  662
  710
  760
  812
  866
  923
  983
  1,045
  1,111
  1,179
  1,250
  1,325
  1,404
  1,486
  1,572
Net income, $m
  121
  208
  277
  349
  425
  504
  587
  673
  763
  857
  954
  1,215
  1,320
  1,430
  1,545
  1,664
  1,789
  1,918
  2,054
  2,195
  2,343
  2,497
  2,658
  2,826
  3,003
  3,187
  3,381
  3,583
  3,796
  4,018
  4,251

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  215
  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
  4,781
  5,097
  5,650
  6,230
  6,836
  7,470
  8,130
  8,817
  9,532
  10,276
  11,048
  11,851
  12,685
  13,552
  14,454
  15,391
  16,367
  17,382
  18,440
  19,542
  20,691
  21,889
  23,139
  24,444
  25,807
  27,231
  28,719
  30,276
  31,904
  33,608
  35,391
Adjusted assets (=assets-cash), $m
  4,566
  5,097
  5,650
  6,230
  6,836
  7,470
  8,130
  8,817
  9,532
  10,276
  11,048
  11,851
  12,685
  13,552
  14,454
  15,391
  16,367
  17,382
  18,440
  19,542
  20,691
  21,889
  23,139
  24,444
  25,807
  27,231
  28,719
  30,276
  31,904
  33,608
  35,391
Revenue / Adjusted assets
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
  0.373
Average production assets, $m
  1,956
  2,181
  2,417
  2,665
  2,925
  3,196
  3,478
  3,772
  4,078
  4,396
  4,727
  5,070
  5,427
  5,798
  6,184
  6,585
  7,002
  7,437
  7,889
  8,361
  8,852
  9,365
  9,899
  10,458
  11,041
  11,650
  12,287
  12,953
  13,650
  14,379
  15,142
Working capital, $m
  177
  13
  15
  16
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  57
  60
  64
  67
  71
  75
  79
  83
  88
  92
Total debt, $m
  2,376
  2,719
  3,127
  3,555
  4,003
  4,471
  4,958
  5,465
  5,993
  6,541
  7,111
  7,704
  8,320
  8,960
  9,625
  10,317
  11,037
  11,786
  12,567
  13,380
  14,228
  15,112
  16,034
  16,997
  18,003
  19,054
  20,153
  21,302
  22,503
  23,761
  25,077
Total liabilities, $m
  3,418
  3,761
  4,169
  4,597
  5,045
  5,513
  6,000
  6,507
  7,035
  7,583
  8,153
  8,746
  9,362
  10,002
  10,667
  11,359
  12,079
  12,828
  13,609
  14,422
  15,270
  16,154
  17,076
  18,039
  19,045
  20,096
  21,195
  22,344
  23,545
  24,803
  26,119
Total equity, $m
  1,363
  1,335
  1,480
  1,632
  1,791
  1,957
  2,130
  2,310
  2,497
  2,692
  2,895
  3,105
  3,323
  3,551
  3,787
  4,033
  4,288
  4,554
  4,831
  5,120
  5,421
  5,735
  6,062
  6,404
  6,761
  7,134
  7,525
  7,932
  8,359
  8,805
  9,273
Total liabilities and equity, $m
  4,781
  5,096
  5,649
  6,229
  6,836
  7,470
  8,130
  8,817
  9,532
  10,275
  11,048
  11,851
  12,685
  13,553
  14,454
  15,392
  16,367
  17,382
  18,440
  19,542
  20,691
  21,889
  23,138
  24,443
  25,806
  27,230
  28,720
  30,276
  31,904
  33,608
  35,392
Debt-to-equity ratio
  1.743
  2.040
  2.110
  2.180
  2.240
  2.280
  2.330
  2.370
  2.400
  2.430
  2.460
  2.480
  2.500
  2.520
  2.540
  2.560
  2.570
  2.590
  2.600
  2.610
  2.620
  2.640
  2.640
  2.650
  2.660
  2.670
  2.680
  2.690
  2.690
  2.700
  2.700
Adjusted equity ratio
  0.251
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262
  0.262

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  121
  208
  277
  349
  425
  504
  587
  673
  763
  857
  954
  1,215
  1,320
  1,430
  1,545
  1,664
  1,789
  1,918
  2,054
  2,195
  2,343
  2,497
  2,658
  2,826
  3,003
  3,187
  3,381
  3,583
  3,796
  4,018
  4,251
Depreciation, amort., depletion, $m
  265
  361
  376
  393
  410
  428
  446
  466
  486
  507
  528
  334
  357
  381
  407
  433
  461
  489
  519
  550
  582
  616
  651
  688
  726
  766
  808
  852
  898
  946
  996
Funds from operations, $m
  376
  569
  653
  742
  835
  932
  1,033
  1,139
  1,249
  1,364
  1,483
  1,548
  1,677
  1,812
  1,952
  2,097
  2,249
  2,408
  2,573
  2,745
  2,925
  3,113
  3,309
  3,514
  3,729
  3,954
  4,189
  4,435
  4,694
  4,964
  5,248
Change in working capital, $m
  -14
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
Cash from operations, $m
  390
  568
  652
  740
  833
  930
  1,031
  1,137
  1,247
  1,362
  1,481
  1,546
  1,675
  1,810
  1,949
  2,095
  2,247
  2,405
  2,570
  2,742
  2,922
  3,110
  3,306
  3,511
  3,726
  3,950
  4,185
  4,431
  4,689
  4,960
  5,243
Maintenance CAPEX, $m
  0
  -129
  -143
  -159
  -175
  -192
  -210
  -229
  -248
  -268
  -289
  -311
  -334
  -357
  -381
  -407
  -433
  -461
  -489
  -519
  -550
  -582
  -616
  -651
  -688
  -726
  -766
  -808
  -852
  -898
  -946
New CAPEX, $m
  -124
  -225
  -237
  -248
  -260
  -271
  -282
  -294
  -306
  -318
  -331
  -343
  -357
  -371
  -386
  -401
  -417
  -434
  -452
  -471
  -491
  -513
  -535
  -558
  -583
  -609
  -637
  -666
  -697
  -729
  -763
Cash from investing activities, $m
  -496
  -354
  -380
  -407
  -435
  -463
  -492
  -523
  -554
  -586
  -620
  -654
  -691
  -728
  -767
  -808
  -850
  -895
  -941
  -990
  -1,041
  -1,095
  -1,151
  -1,209
  -1,271
  -1,335
  -1,403
  -1,474
  -1,549
  -1,627
  -1,709
Free cash flow, $m
  -106
  215
  272
  333
  398
  467
  539
  614
  693
  775
  861
  892
  985
  1,082
  1,182
  1,287
  1,396
  1,510
  1,628
  1,752
  1,880
  2,015
  2,155
  2,301
  2,454
  2,614
  2,782
  2,957
  3,141
  3,333
  3,534
Issuance/(repayment) of debt, $m
  156
  393
  408
  428
  448
  467
  487
  507
  528
  549
  570
  592
  616
  640
  665
  692
  720
  749
  780
  813
  848
  884
  923
  963
  1,006
  1,051
  1,099
  1,149
  1,202
  1,257
  1,316
Issuance/(repurchase) of shares, $m
  5
  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  
  154
  393
  408
  428
  448
  467
  487
  507
  528
  549
  570
  592
  616
  640
  665
  692
  720
  749
  780
  813
  848
  884
  923
  963
  1,006
  1,051
  1,099
  1,149
  1,202
  1,257
  1,316
Total cash flow (excl. dividends), $m
  49
  608
  680
  761
  846
  934
  1,026
  1,121
  1,221
  1,324
  1,431
  1,484
  1,600
  1,721
  1,848
  1,979
  2,116
  2,259
  2,409
  2,565
  2,728
  2,899
  3,077
  3,264
  3,460
  3,665
  3,880
  4,106
  4,342
  4,590
  4,850
Retained Cash Flow (-), $m
  -132
  -137
  -145
  -152
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -236
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -427
  -446
  -467
Prev. year cash balance distribution, $m
 
  165
  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
 
  636
  535
  609
  687
  768
  853
  941
  1,033
  1,129
  1,229
  1,274
  1,382
  1,494
  1,611
  1,733
  1,861
  1,993
  2,132
  2,276
  2,427
  2,585
  2,750
  2,923
  3,103
  3,292
  3,490
  3,698
  3,916
  4,144
  4,383
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  584
  448
  462
  466
  462
  450
  431
  406
  376
  342
  292
  257
  222
  188
  156
  127
  101
  78
  59
  44
  32
  22
  15
  10
  6
  4
  2
  1
  1
  0
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

TransUnion is a risk and information solutions provider to businesses and consumers. The Company provides consumer reports, risk scores, analytical services and decision capabilities to businesses. The Company operates through three segments: U.S. Information Services (USIS), International and Consumer Interactive. The USIS segment provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. The International segment provides services similar to its USIS segment to businesses in select regions outside the United States. The Consumer Interactive segment offers solutions that help consumers manage their personal finances and take precautions against identity theft. Businesses uses its solutions for their process workflows to assess consumer ability to pay for services, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud.

FINANCIAL RATIOS  of  TransUnion (TRU)

Valuation Ratios
P/E Ratio 76.6
Price to Sales 5.4
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 34.8
Growth Rates
Sales Growth Rate 13.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.1%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 170.7%
Total Debt to Equity 174.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.8%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 9.3%
Return On Equity - 3 Yr. Avg. 2.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 66%
Gross Margin - 3 Yr. Avg. 64.2%
EBITDA Margin 32.7%
EBITDA Margin - 3 Yr. Avg. 31.9%
Operating Margin 16.6%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 12%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 36.1%
Eff/ Tax Rate - 3 Yr. Avg. -6.5%
Payout Ratio 0%

TRU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRU stock intrinsic value calculation we used $1705 million for the last fiscal year's total revenue generated by TransUnion. The default revenue input number comes from 2016 income statement of TransUnion. 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 TRU stock valuation model: a) initial revenue growth rate of 11.5% 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 8.8%, whose default value for TRU is calculated based on our internal credit rating of TransUnion, 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 TransUnion.
    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 TRU stock the variable cost ratio is equal to 53.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $522 million in the base year in the intrinsic value calculation for TRU 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 3.8% for TransUnion.

Corporate tax rate of 27% is the nominal tax rate for TransUnion. 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 TRU 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 TRU are equal to 114.7%.

Life of production assets of 15.2 years is the average useful life of capital assets used in TransUnion 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 TRU is equal to 0.7%. 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 - $1363 million for TransUnion - 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 181.51 million for TransUnion 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 TransUnion at the current share price and the inputted number of shares is $9.2 billion.

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COMPANY NEWS

▶ Not-so-golden years? Shielding seniors from financial fraud   [Oct-19-17 04:10PM  Associated Press]
▶ Dont Count Equifax Inc. Stock Out Just Yet   [Oct-18-17 12:01PM  InvestorPlace]
▶ The Latest: Credit firms skip hearing on data breach   [Sep-28-17 06:04PM  Associated Press]
▶ Heres what the Deloitte hackers stole   [Sep-26-17 01:30PM  Yahoo Finance Video]
▶ Equifax CEO out after massive data breach   [01:21PM  Yahoo Finance Video]
▶ TransUnion Hong Kong Debunks Common Credit Card Myths   [Sep-24-17 09:00PM  PR Newswire]
▶ Equifax Is Sure to Rise Again After the Crisis   [Sep-20-17 12:53PM  InvestorPlace]
▶ Equifax: Thoughts After the Casualty   [Sep-18-17 04:32PM  GuruFocus.com]
▶ S&P 500 tops 2,500 mark as tech and bank stocks climb   [Sep-15-17 05:02PM  Associated Press]
▶ Equifax's troubles deepen amid new disclosure about breach   [Sep-14-17 10:30PM  Associated Press]
▶ Why you have over 70 different credit scores   [01:45PM  Yahoo Finance]
▶ Equifax: But Think About the Public Good!   [10:42AM  Barrons.com]
▶ Equifax CEO to testify before House panel on hack   [Sep-13-17 05:18PM  Reuters]
▶ [$$] TransUnion Ramps Up Response to Handle Equifax Data-Breach Fallout   [Sep-12-17 04:03PM  The Wall Street Journal]
▶ Equifax Breach: How to Freeze Your Credit   [Sep-11-17 12:04PM  InvestorPlace]
▶ Correction: Equifax-Cyberattack story   [Sep-08-17 06:15PM  Associated Press]
▶ US stocks waver again as energy companies fall   [05:05PM  Associated Press]
▶ US stocks waver again as energy companies fall   [04:39PM  Associated Press]
▶ The Equifax Hack: What We Know   [09:05AM  Benzinga]
▶ Equifax breach exposes 143 million people to identity theft   [Sep-07-17 10:54PM  Associated Press]
▶ Millennials like buying cars after all   [Aug-30-17 09:42AM  CNBC]
▶ Start of a New Trend? Pullback in Subprime Loans Observed   [Aug-16-17 06:00AM  GlobeNewswire]
▶ TransUnion tops Street 2Q forecasts   [Jul-25-17 09:56PM  Associated Press]
▶ Chipotle, IBM Divide Analysts; 2 IBD 50 Stocks Targeted   [Jul-19-17 04:34PM  Investor's Business Daily]
▶ Report Card: The State of Generation Zs Finances   [Jun-28-17 09:00AM  GlobeNewswire]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-17-17 01:33PM  Investor's Business Daily]
▶ Why your credit cards shouldn't retire when you do   [Jun-08-17 10:17AM  Associated Press]
▶ TransUnion and Equifax Launch Multi-Bureau Lock   [Jun-07-17 08:00AM  GlobeNewswire]
Financial statements of TRU
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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