Intrinsic value of Tractor Supply - TSCO

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$51.81

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of TSCO 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 6.7

 

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, %
  8.88
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  6,780
  7,383
  8,012
  8,665
  9,345
  10,051
  10,785
  11,548
  12,341
  13,165
  14,023
  14,914
  15,843
  16,809
  17,816
  18,866
  19,961
  21,103
  22,296
  23,541
  24,842
  26,202
  27,624
  29,111
  30,667
  32,296
  34,001
  35,787
  37,658
  39,617
  41,671
Variable operating expenses, $m
 
  6,607
  7,168
  7,752
  8,359
  8,990
  9,646
  10,327
  11,035
  11,771
  12,537
  13,321
  14,150
  15,013
  15,913
  16,850
  17,828
  18,848
  19,913
  21,025
  22,187
  23,402
  24,672
  26,000
  27,390
  28,845
  30,368
  31,963
  33,634
  35,384
  37,218
Fixed operating expenses, $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
Total operating expenses, $m
  6,086
  6,607
  7,168
  7,752
  8,359
  8,990
  9,646
  10,327
  11,035
  11,771
  12,537
  13,321
  14,150
  15,013
  15,913
  16,850
  17,828
  18,848
  19,913
  21,025
  22,187
  23,402
  24,672
  26,000
  27,390
  28,845
  30,368
  31,963
  33,634
  35,384
  37,218
Operating income, $m
  694
  776
  844
  913
  986
  1,061
  1,140
  1,221
  1,306
  1,394
  1,486
  1,594
  1,693
  1,796
  1,904
  2,016
  2,133
  2,255
  2,382
  2,516
  2,655
  2,800
  2,952
  3,111
  3,277
  3,451
  3,633
  3,824
  4,024
  4,233
  4,453
EBITDA, $m
  837
  887
  963
  1,041
  1,123
  1,208
  1,296
  1,388
  1,483
  1,582
  1,685
  1,792
  1,904
  2,020
  2,141
  2,267
  2,398
  2,536
  2,679
  2,829
  2,985
  3,148
  3,319
  3,498
  3,685
  3,881
  4,086
  4,300
  4,525
  4,760
  5,007
Interest expense (income), $m
  6
  10
  14
  18
  22
  26
  31
  35
  40
  45
  50
  55
  61
  67
  73
  79
  86
  93
  100
  107
  115
  123
  132
  140
  150
  159
  170
  180
  191
  203
  215
Earnings before tax, $m
  688
  766
  830
  896
  964
  1,035
  1,109
  1,186
  1,266
  1,349
  1,436
  1,538
  1,632
  1,729
  1,831
  1,937
  2,047
  2,163
  2,283
  2,408
  2,540
  2,677
  2,820
  2,970
  3,127
  3,292
  3,464
  3,644
  3,833
  4,030
  4,237
Tax expense, $m
  251
  207
  224
  242
  260
  280
  300
  320
  342
  364
  388
  415
  441
  467
  494
  523
  553
  584
  616
  650
  686
  723
  761
  802
  844
  889
  935
  984
  1,035
  1,088
  1,144
Net income, $m
  437
  559
  606
  654
  704
  756
  810
  866
  924
  985
  1,048
  1,123
  1,191
  1,262
  1,337
  1,414
  1,495
  1,579
  1,666
  1,758
  1,854
  1,954
  2,059
  2,168
  2,283
  2,403
  2,528
  2,660
  2,798
  2,942
  3,093

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  54
  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
  2,675
  2,854
  3,097
  3,350
  3,612
  3,885
  4,169
  4,464
  4,770
  5,089
  5,420
  5,765
  6,124
  6,498
  6,887
  7,293
  7,716
  8,157
  8,618
  9,100
  9,603
  10,128
  10,678
  11,253
  11,854
  12,484
  13,143
  13,833
  14,556
  15,314
  16,108
Adjusted assets (=assets-cash), $m
  2,621
  2,854
  3,097
  3,350
  3,612
  3,885
  4,169
  4,464
  4,770
  5,089
  5,420
  5,765
  6,124
  6,498
  6,887
  7,293
  7,716
  8,157
  8,618
  9,100
  9,603
  10,128
  10,678
  11,253
  11,854
  12,484
  13,143
  13,833
  14,556
  15,314
  16,108
Revenue / Adjusted assets
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
  2.587
Average production assets, $m
  905
  982
  1,066
  1,153
  1,243
  1,337
  1,434
  1,536
  1,641
  1,751
  1,865
  1,984
  2,107
  2,236
  2,370
  2,509
  2,655
  2,807
  2,965
  3,131
  3,304
  3,485
  3,674
  3,872
  4,079
  4,295
  4,522
  4,760
  5,008
  5,269
  5,542
Working capital, $m
  741
  760
  825
  893
  963
  1,035
  1,111
  1,189
  1,271
  1,356
  1,444
  1,536
  1,632
  1,731
  1,835
  1,943
  2,056
  2,174
  2,296
  2,425
  2,559
  2,699
  2,845
  2,998
  3,159
  3,326
  3,502
  3,686
  3,879
  4,081
  4,292
Total debt, $m
  301
  398
  510
  627
  748
  874
  1,005
  1,141
  1,283
  1,430
  1,583
  1,742
  1,908
  2,081
  2,261
  2,448
  2,644
  2,848
  3,061
  3,283
  3,515
  3,758
  4,012
  4,278
  4,556
  4,847
  5,151
  5,470
  5,804
  6,154
  6,521
Total liabilities, $m
  1,222
  1,319
  1,431
  1,548
  1,669
  1,795
  1,926
  2,062
  2,204
  2,351
  2,504
  2,663
  2,829
  3,002
  3,182
  3,369
  3,565
  3,769
  3,982
  4,204
  4,436
  4,679
  4,933
  5,199
  5,477
  5,768
  6,072
  6,391
  6,725
  7,075
  7,442
Total equity, $m
  1,453
  1,535
  1,666
  1,802
  1,943
  2,090
  2,243
  2,402
  2,566
  2,738
  2,916
  3,102
  3,295
  3,496
  3,705
  3,923
  4,151
  4,389
  4,637
  4,896
  5,166
  5,449
  5,745
  6,054
  6,378
  6,716
  7,071
  7,442
  7,831
  8,239
  8,666
Total liabilities and equity, $m
  2,675
  2,854
  3,097
  3,350
  3,612
  3,885
  4,169
  4,464
  4,770
  5,089
  5,420
  5,765
  6,124
  6,498
  6,887
  7,292
  7,716
  8,158
  8,619
  9,100
  9,602
  10,128
  10,678
  11,253
  11,855
  12,484
  13,143
  13,833
  14,556
  15,314
  16,108
Debt-to-equity ratio
  0.207
  0.260
  0.310
  0.350
  0.380
  0.420
  0.450
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.610
  0.620
  0.640
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.750
Adjusted equity ratio
  0.534
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  437
  559
  606
  654
  704
  756
  810
  866
  924
  985
  1,048
  1,123
  1,191
  1,262
  1,337
  1,414
  1,495
  1,579
  1,666
  1,758
  1,854
  1,954
  2,059
  2,168
  2,283
  2,403
  2,528
  2,660
  2,798
  2,942
  3,093
Depreciation, amort., depletion, $m
  143
  111
  119
  128
  137
  146
  156
  166
  177
  188
  199
  198
  211
  224
  237
  251
  265
  281
  297
  313
  330
  348
  367
  387
  408
  430
  452
  476
  501
  527
  554
Funds from operations, $m
  676
  670
  725
  782
  841
  902
  966
  1,032
  1,101
  1,173
  1,247
  1,321
  1,402
  1,486
  1,574
  1,665
  1,760
  1,859
  1,963
  2,071
  2,184
  2,303
  2,426
  2,556
  2,691
  2,832
  2,981
  3,136
  3,299
  3,469
  3,648
Change in working capital, $m
  37
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
Cash from operations, $m
  639
  608
  660
  714
  771
  829
  890
  954
  1,019
  1,088
  1,159
  1,229
  1,306
  1,386
  1,470
  1,557
  1,647
  1,742
  1,840
  1,943
  2,050
  2,163
  2,280
  2,402
  2,531
  2,665
  2,805
  2,952
  3,106
  3,267
  3,436
Maintenance CAPEX, $m
  0
  -91
  -98
  -107
  -115
  -124
  -134
  -143
  -154
  -164
  -175
  -187
  -198
  -211
  -224
  -237
  -251
  -265
  -281
  -297
  -313
  -330
  -348
  -367
  -387
  -408
  -430
  -452
  -476
  -501
  -527
New CAPEX, $m
  -226
  -77
  -84
  -87
  -90
  -94
  -98
  -101
  -105
  -110
  -114
  -119
  -123
  -129
  -134
  -140
  -146
  -152
  -159
  -166
  -173
  -181
  -189
  -198
  -207
  -217
  -227
  -238
  -249
  -261
  -273
Cash from investing activities, $m
  -369
  -168
  -182
  -194
  -205
  -218
  -232
  -244
  -259
  -274
  -289
  -306
  -321
  -340
  -358
  -377
  -397
  -417
  -440
  -463
  -486
  -511
  -537
  -565
  -594
  -625
  -657
  -690
  -725
  -762
  -800
Free cash flow, $m
  270
  441
  478
  521
  565
  611
  659
  709
  760
  814
  870
  924
  985
  1,047
  1,112
  1,180
  1,251
  1,324
  1,401
  1,481
  1,564
  1,651
  1,742
  1,837
  1,936
  2,040
  2,149
  2,262
  2,381
  2,506
  2,636
Issuance/(repayment) of debt, $m
  124
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  159
  166
  173
  180
  187
  196
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
Issuance/(repurchase) of shares, $m
  -291
  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  
  -158
  108
  112
  117
  121
  126
  131
  136
  142
  147
  153
  159
  166
  173
  180
  187
  196
  204
  213
  222
  232
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
Total cash flow (excl. dividends), $m
  112
  548
  590
  638
  686
  737
  790
  845
  902
  961
  1,023
  1,084
  1,150
  1,220
  1,292
  1,368
  1,446
  1,528
  1,614
  1,703
  1,797
  1,894
  1,996
  2,103
  2,214
  2,331
  2,453
  2,581
  2,715
  2,856
  3,003
Retained Cash Flow (-), $m
  -60
  -125
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -228
  -238
  -248
  -259
  -271
  -283
  -296
  -309
  -324
  -339
  -355
  -371
  -389
  -408
  -427
Prev. year cash balance distribution, $m
 
  43
  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
 
  466
  460
  502
  545
  590
  637
  686
  737
  790
  845
  898
  957
  1,019
  1,083
  1,149
  1,219
  1,291
  1,366
  1,444
  1,526
  1,611
  1,700
  1,793
  1,891
  1,992
  2,099
  2,210
  2,326
  2,448
  2,576
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
 
  446
  421
  436
  449
  458
  463
  464
  461
  454
  443
  427
  409
  387
  364
  337
  310
  281
  252
  222
  194
  167
  141
  118
  96
  78
  61
  47
  36
  27
  19
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

Tractor Supply Company operates rural lifestyle retail stores in the United States. The company offers a selection of merchandise, including equine, livestock, pet, and small animal products necessary for their health, care, growth, and containment; hardware, truck, towing, and tool products; seasonal products, such as heating products, lawn and garden items, power equipment, gifts, and toys; work/recreational clothing and footwear; and maintenance products for agricultural and rural use. As of December 31, 2016, it operated 1,595 Tractor Supply stores in 49 states; and 143 Petsense stores in 26 states. The company operates its retail stores under the Tractor Supply Company, Del’s Feed & Farm Supply, and Petsense names. It also operates an e-commerce Website, TractorSupply.com. The company sells its products to recreational farmers, ranchers, and others, as well as tradesmen and small businesses. Tractor Supply Company was founded in 1938 and is headquartered in Brentwood, Tennessee.

FINANCIAL RATIOS  of  Tractor Supply (TSCO)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 1
Price to Book 4.7
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 16.4
Growth Rates
Sales Growth Rate 8.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.6%
Cap. Spend. - 3 Yr. Gr. Rate 0.7%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 20%
Total Debt to Equity 20.7%
Interest Coverage 116
Management Effectiveness
Return On Assets 17.5%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 26.4%
Ret/ On T. Cap. - 3 Yr. Avg. 28.1%
Return On Equity 30.7%
Return On Equity - 3 Yr. Avg. 30.1%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 34.3%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 12.4%
Operating Margin 10.2%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 10.3%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 6.5%
Effective Tax Rate 36.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 27.9%

TSCO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSCO stock intrinsic value calculation we used $6780 million for the last fiscal year's total revenue generated by Tractor Supply. The default revenue input number comes from 2016 income statement of Tractor Supply. 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 TSCO stock valuation model: a) initial revenue growth rate of 8.9% 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 4.3%, whose default value for TSCO is calculated based on our internal credit rating of Tractor Supply, 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 Tractor Supply.
    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 TSCO stock the variable cost ratio is equal to 89.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TSCO 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 Tractor Supply.

Corporate tax rate of 27% is the nominal tax rate for Tractor Supply. 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 TSCO 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 TSCO are equal to 13.3%.

Life of production assets of 10 years is the average useful life of capital assets used in Tractor Supply 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 TSCO is equal to 10.3%. 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 - $1453 million for Tractor Supply - 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 130.006 million for Tractor Supply 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 Tractor Supply at the current share price and the inputted number of shares is $6.7 billion.


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COMPANY NEWS

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▶ Tractor Supply matches Street 1Q forecasts   [04:06PM  Associated Press]
▶ Tractor Supply Hosting Semi-Annual 4-H Fundraiser   [Apr-24-17 01:30PM  Marketwired]
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▶ David Rolfe Comments on Tractor Supply   [Apr-14-17 04:56PM  GuruFocus.com]
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▶ After-hours buzz: TSCO, AFSI & UAL   [Apr-11-17 05:48PM  CNBC]
▶ SFO, Tesco Seal Deferred-Prosecution Agreement   [Apr-10-17 01:33PM  The Wall Street Journal]
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▶ David Rolfe Invests in Tractor Supply, Fastenal   [Feb-17-17 12:05PM  GuruFocus.com]
▶ Tractor Supply Hosting FFA Fundraiser Nationwide   [Feb-15-17 03:48PM  Marketwired]
▶ Tractor Supply to Webcast Investment Community Meeting   [Feb-07-17 08:00AM  Marketwired]
Stock chart of TSCO Financial statements of TSCO Annual reports of TSCO
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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