Intrinsic value of Trinseo - TSE

Previous Close

$72.00

  Intrinsic Value

$74.76

stock screener

  Rating & Target

hold

+4%

Previous close

$72.00

 
Intrinsic value

$74.76

 
Up/down potential

+4%

 
Rating

hold

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 3.2

 

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, %
  -6.42
  18.00
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
Revenue, $m
  3,717
  4,386
  5,119
  5,913
  6,770
  7,685
  8,660
  9,691
  10,778
  11,920
  13,116
  14,367
  15,671
  17,030
  18,444
  19,915
  21,444
  23,033
  24,684
  26,399
  28,183
  30,038
  31,967
  33,974
  36,065
  38,242
  40,511
  42,877
  45,345
  47,920
  50,610
Variable operating expenses, $m
 
  4,048
  4,723
  5,456
  6,246
  7,091
  7,989
  8,940
  9,943
  10,996
  12,099
  13,249
  14,452
  15,706
  17,010
  18,366
  19,776
  21,241
  22,764
  24,346
  25,991
  27,701
  29,480
  31,332
  33,259
  35,267
  37,360
  39,542
  41,818
  44,193
  46,673
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
  4,048
  4,723
  5,456
  6,246
  7,091
  7,989
  8,940
  9,943
  10,996
  12,099
  13,249
  14,452
  15,706
  17,010
  18,366
  19,776
  21,241
  22,764
  24,346
  25,991
  27,701
  29,480
  31,332
  33,259
  35,267
  37,360
  39,542
  41,818
  44,193
  46,673
Operating income, $m
  491
  338
  395
  457
  524
  595
  671
  751
  835
  924
  1,017
  1,117
  1,219
  1,325
  1,435
  1,549
  1,668
  1,791
  1,920
  2,053
  2,192
  2,336
  2,486
  2,643
  2,805
  2,974
  3,151
  3,335
  3,527
  3,727
  3,936
EBITDA, $m
  587
  450
  525
  607
  695
  789
  889
  995
  1,106
  1,224
  1,346
  1,475
  1,609
  1,748
  1,893
  2,044
  2,201
  2,364
  2,534
  2,710
  2,893
  3,083
  3,281
  3,487
  3,702
  3,925
  4,158
  4,401
  4,654
  4,919
  5,195
Interest expense (income), $m
  69
  68
  75
  95
  117
  141
  166
  193
  222
  252
  284
  317
  352
  388
  426
  465
  506
  548
  593
  638
  686
  736
  787
  841
  896
  954
  1,015
  1,078
  1,144
  1,212
  1,284
Earnings before tax, $m
  405
  270
  321
  362
  407
  454
  504
  558
  613
  672
  733
  800
  867
  937
  1,009
  1,084
  1,162
  1,243
  1,327
  1,415
  1,506
  1,601
  1,699
  1,802
  1,909
  2,020
  2,136
  2,257
  2,383
  2,515
  2,653
Tax expense, $m
  87
  73
  87
  98
  110
  123
  136
  151
  166
  181
  198
  216
  234
  253
  272
  293
  314
  336
  358
  382
  407
  432
  459
  487
  515
  545
  577
  609
  643
  679
  716
Net income, $m
  318
  197
  234
  264
  297
  331
  368
  407
  448
  491
  535
  584
  633
  684
  736
  791
  848
  907
  969
  1,033
  1,099
  1,169
  1,241
  1,315
  1,393
  1,475
  1,559
  1,648
  1,740
  1,836
  1,936

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
  2,294
  2,677
  3,093
  3,541
  4,020
  4,529
  5,068
  5,637
  6,234
  6,860
  7,514
  8,196
  8,907
  9,647
  10,416
  11,215
  12,046
  12,910
  13,807
  14,740
  15,710
  16,719
  17,769
  18,862
  20,001
  21,188
  22,425
  23,716
  25,063
  26,469
Adjusted assets (=assets-cash), $m
  1,944
  2,294
  2,677
  3,093
  3,541
  4,020
  4,529
  5,068
  5,637
  6,234
  6,860
  7,514
  8,196
  8,907
  9,647
  10,416
  11,215
  12,046
  12,910
  13,807
  14,740
  15,710
  16,719
  17,769
  18,862
  20,001
  21,188
  22,425
  23,716
  25,063
  26,469
Revenue / Adjusted assets
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
  1.912
Average production assets, $m
  684
  807
  942
  1,088
  1,246
  1,414
  1,593
  1,783
  1,983
  2,193
  2,413
  2,643
  2,883
  3,134
  3,394
  3,664
  3,946
  4,238
  4,542
  4,858
  5,186
  5,527
  5,882
  6,251
  6,636
  7,036
  7,454
  7,889
  8,343
  8,817
  9,312
Working capital, $m
  891
  509
  594
  686
  785
  892
  1,005
  1,124
  1,250
  1,383
  1,522
  1,667
  1,818
  1,975
  2,140
  2,310
  2,487
  2,672
  2,863
  3,062
  3,269
  3,484
  3,708
  3,941
  4,183
  4,436
  4,699
  4,974
  5,260
  5,559
  5,871
Total debt, $m
  1,165
  1,266
  1,610
  1,985
  2,387
  2,819
  3,277
  3,763
  4,274
  4,812
  5,375
  5,964
  6,578
  7,217
  7,883
  8,575
  9,295
  10,043
  10,820
  11,628
  12,467
  13,340
  14,248
  15,193
  16,177
  17,202
  18,270
  19,383
  20,545
  21,758
  23,024
Total liabilities, $m
  1,964
  2,065
  2,409
  2,784
  3,186
  3,618
  4,076
  4,562
  5,073
  5,611
  6,174
  6,763
  7,377
  8,016
  8,682
  9,374
  10,094
  10,842
  11,619
  12,427
  13,266
  14,139
  15,047
  15,992
  16,976
  18,001
  19,069
  20,182
  21,344
  22,557
  23,823
Total equity, $m
  445
  229
  268
  309
  354
  402
  453
  507
  564
  623
  686
  751
  820
  891
  965
  1,042
  1,122
  1,205
  1,291
  1,381
  1,474
  1,571
  1,672
  1,777
  1,886
  2,000
  2,119
  2,242
  2,372
  2,506
  2,647
Total liabilities and equity, $m
  2,409
  2,294
  2,677
  3,093
  3,540
  4,020
  4,529
  5,069
  5,637
  6,234
  6,860
  7,514
  8,197
  8,907
  9,647
  10,416
  11,216
  12,047
  12,910
  13,808
  14,740
  15,710
  16,719
  17,769
  18,862
  20,001
  21,188
  22,424
  23,716
  25,063
  26,470
Debt-to-equity ratio
  2.618
  5.520
  6.020
  6.420
  6.740
  7.010
  7.240
  7.420
  7.580
  7.720
  7.840
  7.940
  8.030
  8.100
  8.170
  8.230
  8.290
  8.340
  8.380
  8.420
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
  8.680
  8.700
Adjusted equity ratio
  -0.010
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  318
  197
  234
  264
  297
  331
  368
  407
  448
  491
  535
  584
  633
  684
  736
  791
  848
  907
  969
  1,033
  1,099
  1,169
  1,241
  1,315
  1,393
  1,475
  1,559
  1,648
  1,740
  1,836
  1,936
Depreciation, amort., depletion, $m
  96
  112
  130
  150
  171
  194
  218
  244
  271
  299
  329
  357
  390
  423
  459
  495
  533
  573
  614
  656
  701
  747
  795
  845
  897
  951
  1,007
  1,066
  1,127
  1,192
  1,258
Funds from operations, $m
  334
  309
  364
  414
  468
  525
  586
  651
  719
  790
  864
  941
  1,023
  1,107
  1,195
  1,286
  1,381
  1,480
  1,583
  1,689
  1,800
  1,915
  2,035
  2,160
  2,290
  2,425
  2,567
  2,714
  2,867
  3,028
  3,195
Change in working capital, $m
  -70
  78
  85
  92
  99
  106
  113
  120
  126
  132
  139
  145
  151
  158
  164
  171
  177
  184
  192
  199
  207
  215
  224
  233
  242
  253
  263
  274
  286
  299
  312
Cash from operations, $m
  404
  231
  279
  322
  369
  419
  473
  531
  593
  657
  726
  796
  871
  949
  1,031
  1,116
  1,204
  1,296
  1,391
  1,490
  1,593
  1,700
  1,812
  1,927
  2,048
  2,173
  2,303
  2,439
  2,581
  2,729
  2,883
Maintenance CAPEX, $m
  0
  -92
  -109
  -127
  -147
  -168
  -191
  -215
  -241
  -268
  -296
  -326
  -357
  -390
  -423
  -459
  -495
  -533
  -573
  -614
  -656
  -701
  -747
  -795
  -845
  -897
  -951
  -1,007
  -1,066
  -1,127
  -1,192
New CAPEX, $m
  -124
  -123
  -135
  -146
  -158
  -169
  -179
  -190
  -200
  -210
  -220
  -230
  -240
  -250
  -260
  -271
  -281
  -292
  -304
  -316
  -328
  -341
  -355
  -369
  -385
  -401
  -417
  -435
  -454
  -474
  -495
Cash from investing activities, $m
  -117
  -215
  -244
  -273
  -305
  -337
  -370
  -405
  -441
  -478
  -516
  -556
  -597
  -640
  -683
  -730
  -776
  -825
  -877
  -930
  -984
  -1,042
  -1,102
  -1,164
  -1,230
  -1,298
  -1,368
  -1,442
  -1,520
  -1,601
  -1,687
Free cash flow, $m
  287
  16
  35
  48
  64
  82
  103
  126
  152
  179
  209
  240
  274
  310
  347
  387
  428
  470
  515
  561
  609
  658
  710
  763
  818
  876
  935
  997
  1,061
  1,127
  1,197
Issuance/(repayment) of debt, $m
  -5
  106
  345
  374
  403
  431
  459
  485
  512
  538
  563
  589
  614
  640
  666
  692
  720
  748
  777
  808
  840
  873
  908
  945
  984
  1,025
  1,068
  1,114
  1,162
  1,212
  1,266
Issuance/(repurchase) of shares, $m
  -215
  47
  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
  153
  345
  374
  403
  431
  459
  485
  512
  538
  563
  589
  614
  640
  666
  692
  720
  748
  777
  808
  840
  873
  908
  945
  984
  1,025
  1,068
  1,114
  1,162
  1,212
  1,266
Total cash flow (excl. dividends), $m
  61
  169
  380
  423
  467
  513
  562
  612
  663
  717
  772
  829
  888
  949
  1,013
  1,079
  1,147
  1,218
  1,292
  1,369
  1,448
  1,531
  1,618
  1,708
  1,802
  1,900
  2,003
  2,110
  2,222
  2,340
  2,462
Retained Cash Flow (-), $m
  -56
  -244
  -38
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
Prev. year cash balance distribution, $m
 
  460
  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
 
  384
  342
  381
  422
  466
  511
  558
  606
  657
  710
  763
  820
  878
  939
  1,002
  1,067
  1,135
  1,206
  1,279
  1,355
  1,434
  1,517
  1,603
  1,693
  1,787
  1,884
  1,987
  2,093
  2,205
  2,322
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
 
  367
  310
  327
  342
  353
  360
  364
  363
  359
  351
  339
  324
  306
  286
  264
  240
  216
  191
  167
  144
  122
  101
  83
  67
  52
  41
  31
  23
  16
  12
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Trinseo S.A. is a materials company engaged in the manufacture and marketing of synthetic rubber, latex and plastics. The Company's segments include Latex Binders, Synthetic Rubber, Performance Plastics, Basic Plastics, Feedstocks and Americas Styrenics. The Latex Binders segment produces styrene-butadiene latex (SB latex) and other latex polymers and binders. The Synthetic Rubber segment produces synthetic rubber products used in tires, impact modifiers and technical rubber products. The Performance Plastics segment produces compounds and blends and specialized acrylonitrile-butadiene-styrene (ABS) grades. The Basic Plastics segment produces styrenic polymers, including polystyrene, basic ABS, and styrene-acrylonitrile (SAN) products, as well as polycarbonate (PC). The Feedstocks segment includes its production and procurement of styrene monomer outside of North America. The Americas Styrenics segment consists of the operations of its joint venture, Americas Styrenics LLC.

FINANCIAL RATIOS  of  Trinseo (TSE)

Valuation Ratios
P/E Ratio 10
Price to Sales 0.9
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 11.4
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 18% 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 7.4 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 43.75 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 $3.2 billion.

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COMPANY NEWS

▶ 5 Great GARP Stocks Based on Low PEG Ratio   [Oct-19-17 08:34AM  Zacks]
▶ Trinseo (TSE) in Focus: Stock Moves 5.6% Higher   [Oct-16-17 08:59AM  Zacks]
▶ Company News For Oct 13, 2017   [Oct-13-17 10:15AM  Zacks]
▶ ETFs with exposure to Trinseo SA : October 10, 2017   [Oct-10-17 11:52AM  Capital Cube]
▶ ETFs with exposure to Trinseo SA : September 28, 2017   [Sep-28-17 10:20AM  Capital Cube]
▶ Trinseo Announces Quarterly Dividend   [Sep-21-17 05:40PM  Business Wire]
▶ Stocks With Rising Relative Strength: Trinseo   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ 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]
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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