Intrinsic value of Trinseo - TSE

Previous Close

$59.70

  Intrinsic Value

$208.28

stock screener

  Rating & Target

str. buy

+249%

  Value-price divergence*

+109%

Previous close

$59.70

 
Intrinsic value

$208.28

 
Up/down potential

+249%

 
Rating

str. buy

 
Value-price divergence*

+109%

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

We calculate the intrinsic value of TSE 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 2.6

 

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, %
  -6.42
  23.50
  21.65
  19.99
  18.49
  17.14
  15.92
  14.83
  13.85
  12.96
  12.17
  11.45
  10.81
  10.22
  9.70
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
Revenue, $m
  3,717
  4,590
  5,584
  6,700
  7,939
  9,300
  10,780
  12,379
  14,094
  15,921
  17,858
  19,903
  22,053
  24,308
  26,667
  29,129
  31,695
  34,366
  37,145
  40,033
  43,035
  46,155
  49,397
  52,767
  56,270
  59,914
  63,706
  67,653
  71,763
  76,046
  80,511
Variable operating expenses, $m
 
  4,236
  5,153
  6,182
  7,324
  8,579
  9,945
  11,419
  13,000
  14,685
  16,472
  18,355
  20,338
  22,418
  24,593
  26,863
  29,230
  31,693
  34,255
  36,919
  39,688
  42,565
  45,555
  48,663
  51,894
  55,254
  58,751
  62,391
  66,181
  70,131
  74,249
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
  3,226
  4,236
  5,153
  6,182
  7,324
  8,579
  9,945
  11,419
  13,000
  14,685
  16,472
  18,355
  20,338
  22,418
  24,593
  26,863
  29,230
  31,693
  34,255
  36,919
  39,688
  42,565
  45,555
  48,663
  51,894
  55,254
  58,751
  62,391
  66,181
  70,131
  74,249
Operating income, $m
  491
  354
  431
  518
  615
  720
  836
  960
  1,093
  1,235
  1,386
  1,548
  1,715
  1,891
  2,074
  2,266
  2,465
  2,673
  2,889
  3,114
  3,347
  3,590
  3,842
  4,104
  4,377
  4,660
  4,955
  5,262
  5,582
  5,915
  6,262
EBITDA, $m
  587
  442
  537
  644
  764
  894
  1,037
  1,191
  1,356
  1,531
  1,718
  1,914
  2,121
  2,338
  2,565
  2,802
  3,048
  3,305
  3,573
  3,850
  4,139
  4,439
  4,751
  5,075
  5,412
  5,763
  6,127
  6,507
  6,902
  7,314
  7,744
Interest expense (income), $m
  69
  68
  96
  127
  161
  200
  242
  288
  338
  391
  448
  508
  572
  639
  709
  782
  859
  939
  1,022
  1,108
  1,198
  1,292
  1,389
  1,490
  1,594
  1,703
  1,817
  1,935
  2,058
  2,185
  2,319
Earnings before tax, $m
  405
  286
  336
  392
  453
  521
  593
  672
  755
  844
  938
  1,040
  1,143
  1,252
  1,365
  1,483
  1,606
  1,734
  1,867
  2,005
  2,149
  2,298
  2,453
  2,615
  2,782
  2,957
  3,138
  3,327
  3,524
  3,729
  3,943
Tax expense, $m
  87
  77
  91
  106
  122
  141
  160
  181
  204
  228
  253
  281
  309
  338
  369
  400
  434
  468
  504
  541
  580
  621
  662
  706
  751
  798
  847
  898
  952
  1,007
  1,065
Net income, $m
  318
  209
  245
  286
  331
  380
  433
  490
  551
  616
  685
  759
  835
  914
  996
  1,083
  1,172
  1,266
  1,363
  1,464
  1,569
  1,678
  1,791
  1,909
  2,031
  2,158
  2,291
  2,429
  2,573
  2,722
  2,879

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  465
  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
  2,409
  2,785
  3,389
  4,066
  4,817
  5,643
  6,542
  7,512
  8,552
  9,661
  10,836
  12,077
  13,382
  14,750
  16,181
  17,675
  19,232
  20,853
  22,539
  24,292
  26,114
  28,007
  29,974
  32,019
  34,145
  36,356
  38,656
  41,051
  43,545
  46,144
  48,854
Adjusted assets (=assets-cash), $m
  1,944
  2,785
  3,389
  4,066
  4,817
  5,643
  6,542
  7,512
  8,552
  9,661
  10,836
  12,077
  13,382
  14,750
  16,181
  17,675
  19,232
  20,853
  22,539
  24,292
  26,114
  28,007
  29,974
  32,019
  34,145
  36,356
  38,656
  41,051
  43,545
  46,144
  48,854
Revenue / Adjusted assets
  1.912
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
  1.648
Average production assets, $m
  684
  845
  1,028
  1,233
  1,461
  1,711
  1,984
  2,278
  2,593
  2,929
  3,286
  3,662
  4,058
  4,473
  4,907
  5,360
  5,832
  6,323
  6,835
  7,366
  7,919
  8,493
  9,089
  9,709
  10,354
  11,024
  11,722
  12,448
  13,204
  13,992
  14,814
Working capital, $m
  891
  532
  648
  777
  921
  1,079
  1,251
  1,436
  1,635
  1,847
  2,072
  2,309
  2,558
  2,820
  3,093
  3,379
  3,677
  3,986
  4,309
  4,644
  4,992
  5,354
  5,730
  6,121
  6,527
  6,950
  7,390
  7,848
  8,325
  8,821
  9,339
Total debt, $m
  1,165
  1,622
  2,146
  2,734
  3,387
  4,105
  4,886
  5,729
  6,633
  7,596
  8,618
  9,696
  10,830
  12,019
  13,263
  14,561
  15,914
  17,322
  18,788
  20,311
  21,894
  23,539
  25,248
  27,025
  28,873
  30,794
  32,793
  34,875
  37,042
  39,300
  41,655
Total liabilities, $m
  1,964
  2,421
  2,945
  3,533
  4,186
  4,904
  5,685
  6,528
  7,432
  8,395
  9,417
  10,495
  11,629
  12,818
  14,062
  15,360
  16,713
  18,121
  19,587
  21,110
  22,693
  24,338
  26,047
  27,824
  29,672
  31,593
  33,592
  35,674
  37,841
  40,099
  42,454
Total equity, $m
  445
  365
  444
  533
  631
  739
  857
  984
  1,120
  1,266
  1,420
  1,582
  1,753
  1,932
  2,120
  2,315
  2,519
  2,732
  2,953
  3,182
  3,421
  3,669
  3,927
  4,194
  4,473
  4,763
  5,064
  5,378
  5,704
  6,045
  6,400
Total liabilities and equity, $m
  2,409
  2,786
  3,389
  4,066
  4,817
  5,643
  6,542
  7,512
  8,552
  9,661
  10,837
  12,077
  13,382
  14,750
  16,182
  17,675
  19,232
  20,853
  22,540
  24,292
  26,114
  28,007
  29,974
  32,018
  34,145
  36,356
  38,656
  41,052
  43,545
  46,144
  48,854
Debt-to-equity ratio
  2.618
  4.440
  4.830
  5.130
  5.370
  5.550
  5.700
  5.820
  5.920
  6.000
  6.070
  6.130
  6.180
  6.220
  6.260
  6.290
  6.320
  6.340
  6.360
  6.380
  6.400
  6.420
  6.430
  6.440
  6.450
  6.470
  6.480
  6.490
  6.490
  6.500
  6.510
Adjusted equity ratio
  -0.010
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131
  0.131

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  318
  209
  245
  286
  331
  380
  433
  490
  551
  616
  685
  759
  835
  914
  996
  1,083
  1,172
  1,266
  1,363
  1,464
  1,569
  1,678
  1,791
  1,909
  2,031
  2,158
  2,291
  2,429
  2,573
  2,722
  2,879
Depreciation, amort., depletion, $m
  96
  87
  106
  126
  149
  174
  201
  231
  262
  296
  331
  366
  406
  447
  491
  536
  583
  632
  683
  737
  792
  849
  909
  971
  1,035
  1,102
  1,172
  1,245
  1,320
  1,399
  1,481
Funds from operations, $m
  334
  296
  351
  412
  480
  554
  634
  721
  814
  912
  1,016
  1,125
  1,240
  1,361
  1,487
  1,619
  1,756
  1,898
  2,046
  2,201
  2,361
  2,527
  2,700
  2,880
  3,066
  3,261
  3,463
  3,674
  3,893
  4,122
  4,360
Change in working capital, $m
  -70
  101
  115
  129
  144
  158
  172
  185
  199
  212
  225
  237
  249
  262
  274
  286
  298
  310
  322
  335
  348
  362
  376
  391
  406
  423
  440
  458
  477
  497
  518
Cash from operations, $m
  404
  195
  235
  283
  336
  396
  463
  536
  615
  700
  791
  888
  991
  1,099
  1,214
  1,333
  1,458
  1,588
  1,724
  1,865
  2,012
  2,165
  2,324
  2,489
  2,660
  2,838
  3,023
  3,216
  3,416
  3,625
  3,842
Maintenance CAPEX, $m
  0
  -68
  -84
  -103
  -123
  -146
  -171
  -198
  -228
  -259
  -293
  -329
  -366
  -406
  -447
  -491
  -536
  -583
  -632
  -683
  -737
  -792
  -849
  -909
  -971
  -1,035
  -1,102
  -1,172
  -1,245
  -1,320
  -1,399
New CAPEX, $m
  -124
  -161
  -183
  -205
  -228
  -250
  -272
  -294
  -315
  -336
  -356
  -376
  -396
  -415
  -434
  -453
  -472
  -492
  -511
  -532
  -552
  -574
  -597
  -620
  -645
  -670
  -698
  -726
  -756
  -788
  -822
Cash from investing activities, $m
  -117
  -229
  -267
  -308
  -351
  -396
  -443
  -492
  -543
  -595
  -649
  -705
  -762
  -821
  -881
  -944
  -1,008
  -1,075
  -1,143
  -1,215
  -1,289
  -1,366
  -1,446
  -1,529
  -1,616
  -1,705
  -1,800
  -1,898
  -2,001
  -2,108
  -2,221
Free cash flow, $m
  287
  -34
  -32
  -25
  -15
  0
  19
  43
  72
  105
  142
  183
  229
  279
  332
  389
  450
  514
  581
  650
  723
  799
  878
  960
  1,044
  1,132
  1,223
  1,317
  1,415
  1,516
  1,621
Issuance/(repayment) of debt, $m
  -5
  462
  524
  588
  653
  717
  781
  843
  904
  963
  1,021
  1,078
  1,134
  1,189
  1,244
  1,298
  1,353
  1,409
  1,465
  1,523
  1,583
  1,645
  1,710
  1,777
  1,847
  1,921
  1,999
  2,081
  2,167
  2,258
  2,354
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  -221
  462
  524
  588
  653
  717
  781
  843
  904
  963
  1,021
  1,078
  1,134
  1,189
  1,244
  1,298
  1,353
  1,409
  1,465
  1,523
  1,583
  1,645
  1,710
  1,777
  1,847
  1,921
  1,999
  2,081
  2,167
  2,258
  2,354
Total cash flow (excl. dividends), $m
  61
  427
  492
  563
  638
  717
  800
  886
  976
  1,068
  1,164
  1,261
  1,363
  1,468
  1,576
  1,688
  1,803
  1,922
  2,046
  2,174
  2,306
  2,444
  2,588
  2,737
  2,892
  3,054
  3,222
  3,399
  3,583
  3,775
  3,976
Retained Cash Flow (-), $m
  -56
  -69
  -79
  -89
  -98
  -108
  -118
  -127
  -136
  -145
  -154
  -163
  -171
  -179
  -187
  -196
  -204
  -212
  -221
  -230
  -239
  -248
  -258
  -268
  -278
  -290
  -301
  -314
  -327
  -340
  -355
Prev. year cash balance distribution, $m
 
  149
  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
 
  507
  413
  474
  540
  609
  682
  759
  839
  923
  1,010
  1,099
  1,192
  1,289
  1,388
  1,492
  1,599
  1,710
  1,825
  1,944
  2,068
  2,196
  2,330
  2,469
  2,613
  2,764
  2,921
  3,085
  3,256
  3,434
  3,621
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  484
  375
  408
  437
  461
  481
  495
  503
  504
  499
  488
  471
  449
  423
  393
  360
  325
  289
  254
  219
  186
  155
  128
  103
  81
  63
  48
  35
  25
  18
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

Trinseo S.A., a materials company, manufactures and markets synthetic rubber, latex, and plastic products in Europe, the Middle East, North America, Latin America, and the Asia Pacific. The company operates through two segments, Performance Materials, and Basic Plastics and Feedstocks. The Performance Materials segment offers styrene-butadiene latex and styrene-acrylate latex; solution styrene butadiene rubber, lithium polybutadiene rubber, emulsion styrene butadiene rubber, nickel polybutadiene rubber, and neodymium polybutadiene rubber; and engineered compound and blend products for the automotive and consumer essential markets. The Basic Plastics and Feedstocks segment provides polycarbonate, polystyrene, acrylonitrile-butadiene-styrene, and styrene-acrylonitrile. The company’s products are used in tires and other products for automotive applications, carpet and artificial turf backing, coated paper and packaging board, food packaging, appliances, medical devices, consumer electronics and construction applications, and others. Trinseo S.A. is headquartered in Berwyn, Pennsylvania. Trinseo S.A. is a subsidiary of Bain Capital Everest Manager Holding SCA.

FINANCIAL RATIOS  of  Trinseo (TSE)

Valuation Ratios
P/E Ratio 8.3
Price to Sales 0.7
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 9.4
Growth Rates
Sales Growth Rate -6.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 10.9%
Financial Strength
Quick Ratio 93
Current Ratio 0
LT Debt to Equity 260.7%
Total Debt to Equity 261.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 15.9%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 20%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 76.3%
Return On Equity - 3 Yr. Avg. 31.3%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 15.8%
Gross Margin - 3 Yr. Avg. 11.1%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 13.2%
Oper. Margin - 3 Yr. Avg. 7.7%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 21.5%
Eff/ Tax Rate - 3 Yr. Avg. 5.4%
Payout Ratio 8.5%

TSE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TSE stock intrinsic value calculation we used $3717 million for the last fiscal year's total revenue generated by Trinseo. The default revenue input number comes from 2016 income statement of Trinseo. 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 TSE stock valuation model: a) initial revenue growth rate of 23.5% 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 4.7%, whose default value for TSE is calculated based on our internal credit rating of Trinseo, 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 Trinseo.
    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 TSE stock the variable cost ratio is equal to 92.3%.

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 TSE 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 5.9% for Trinseo.

Corporate tax rate of 27% is the nominal tax rate for Trinseo. 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 TSE 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 TSE are equal to 18.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Trinseo 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 TSE is equal to 11.6%. 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 - $445 million for Trinseo - 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 44.15 million for Trinseo 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 Trinseo at the current share price and the inputted number of shares is $2.6 billion.

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COMPANY NEWS

▶ Trinseo SA Value Analysis (NYSE:TSE) : August 17, 2017   [Aug-16-17 10:58PM  Capital Cube]
▶ Trinseo misses 2Q profit forecasts   [Aug-02-17 06:03PM  Associated Press]
▶ 3 Consumer Goods Stocks   [Jul-03-17 03:44PM  GuruFocus.com]
▶ Trinseo SA Value Analysis (NYSE:TSE) : June 19, 2017   [Jun-19-17 05:14PM  Capital Cube]
▶ ETFs with exposure to Trinseo SA : May 8, 2017   [May-08-17 05:23PM  Capital Cube]
▶ Trinseo beats 1Q profit forecasts   [May-02-17 06:25PM  Associated Press]
▶ Trinseo to Present at Wells Fargo Industrial Conference   [Apr-25-17 11:07AM  Business Wire]
▶ 3 Growth Stocks That Could Soar More Than Shopify   [Apr-01-17 11:30AM  Motley Fool]
▶ Trinseo Achieves Record EH&S Performance in 2016   [Jan-17-17 08:30AM  Business Wire]
▶ Trinseo S.A. (TSE) Hedge Funds Are Snapping Up   [Nov-29-16 03:40AM  at Insider Monkey]
▶ Trinseo Announces 2016 Investor Day Webcast   [Nov-09-16 01:00PM  Business Wire]
Stock chart of TSE Financial statements of TSE
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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