Intrinsic value of Trinseo - TSE

Previous Close

$79.45

  Intrinsic Value

$70.95

stock screener

  Rating & Target

hold

-11%

Previous close

$79.45

 
Intrinsic value

$70.95

 
Up/down potential

-11%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  3,717
  4,360
  5,061
  5,818
  6,631
  7,497
  8,416
  9,387
  10,409
  11,481
  12,602
  13,772
  14,993
  16,263
  17,585
  18,959
  20,387
  21,871
  23,413
  25,016
  26,682
  28,415
  30,219
  32,096
  34,050
  36,087
  38,210
  40,424
  42,734
  45,146
  47,665
Variable operating expenses, $m
 
  4,024
  4,670
  5,368
  6,118
  6,917
  7,765
  8,660
  9,602
  10,591
  11,625
  12,701
  13,826
  14,998
  16,217
  17,484
  18,801
  20,170
  21,592
  23,070
  24,607
  26,205
  27,868
  29,599
  31,402
  33,280
  35,238
  37,280
  39,410
  41,635
  43,958
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
  4,024
  4,670
  5,368
  6,118
  6,917
  7,765
  8,660
  9,602
  10,591
  11,625
  12,701
  13,826
  14,998
  16,217
  17,484
  18,801
  20,170
  21,592
  23,070
  24,607
  26,205
  27,868
  29,599
  31,402
  33,280
  35,238
  37,280
  39,410
  41,635
  43,958
Operating income, $m
  491
  336
  391
  450
  513
  580
  652
  727
  807
  890
  977
  1,071
  1,166
  1,265
  1,368
  1,475
  1,586
  1,701
  1,821
  1,946
  2,075
  2,210
  2,350
  2,496
  2,648
  2,807
  2,972
  3,144
  3,324
  3,511
  3,707
EBITDA, $m
  587
  448
  519
  597
  681
  770
  864
  964
  1,068
  1,178
  1,294
  1,414
  1,539
  1,669
  1,805
  1,946
  2,093
  2,245
  2,403
  2,568
  2,739
  2,917
  3,102
  3,294
  3,495
  3,704
  3,922
  4,149
  4,386
  4,634
  4,893
Interest expense (income), $m
  69
  68
  74
  93
  114
  137
  161
  187
  214
  242
  272
  303
  335
  369
  405
  441
  479
  519
  560
  603
  648
  694
  742
  792
  844
  899
  955
  1,014
  1,076
  1,140
  1,207
Earnings before tax, $m
  405
  268
  317
  356
  398
  443
  491
  541
  593
  648
  706
  768
  831
  896
  963
  1,033
  1,106
  1,182
  1,261
  1,343
  1,428
  1,516
  1,608
  1,704
  1,804
  1,908
  2,017
  2,130
  2,248
  2,372
  2,501
Tax expense, $m
  87
  72
  86
  96
  108
  120
  132
  146
  160
  175
  191
  207
  224
  242
  260
  279
  299
  319
  340
  363
  385
  409
  434
  460
  487
  515
  545
  575
  607
  640
  675
Net income, $m
  318
  195
  231
  260
  291
  324
  358
  395
  433
  473
  515
  561
  606
  654
  703
  754
  808
  863
  920
  980
  1,042
  1,107
  1,174
  1,244
  1,317
  1,393
  1,472
  1,555
  1,641
  1,731
  1,826

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
  2,280
  2,647
  3,043
  3,468
  3,921
  4,402
  4,910
  5,444
  6,005
  6,591
  7,203
  7,841
  8,506
  9,197
  9,916
  10,663
  11,439
  12,245
  13,084
  13,955
  14,862
  15,805
  16,786
  17,809
  18,874
  19,984
  21,142
  22,351
  23,612
  24,929
Adjusted assets (=assets-cash), $m
  1,944
  2,280
  2,647
  3,043
  3,468
  3,921
  4,402
  4,910
  5,444
  6,005
  6,591
  7,203
  7,841
  8,506
  9,197
  9,916
  10,663
  11,439
  12,245
  13,084
  13,955
  14,862
  15,805
  16,786
  17,809
  18,874
  19,984
  21,142
  22,351
  23,612
  24,929
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
  802
  931
  1,070
  1,220
  1,379
  1,549
  1,727
  1,915
  2,112
  2,319
  2,534
  2,759
  2,992
  3,236
  3,488
  3,751
  4,024
  4,308
  4,603
  4,910
  5,228
  5,560
  5,906
  6,265
  6,640
  7,031
  7,438
  7,863
  8,307
  8,770
Working capital, $m
  891
  506
  587
  675
  769
  870
  976
  1,089
  1,207
  1,332
  1,462
  1,598
  1,739
  1,887
  2,040
  2,199
  2,365
  2,537
  2,716
  2,902
  3,095
  3,296
  3,505
  3,723
  3,950
  4,186
  4,432
  4,689
  4,957
  5,237
  5,529
Total debt, $m
  1,165
  1,253
  1,583
  1,940
  2,322
  2,730
  3,163
  3,620
  4,101
  4,605
  5,133
  5,684
  6,258
  6,856
  7,478
  8,125
  8,797
  9,496
  10,222
  10,976
  11,761
  12,576
  13,425
  14,309
  15,229
  16,187
  17,187
  18,229
  19,316
  20,452
  21,637
Total liabilities, $m
  1,964
  2,052
  2,382
  2,739
  3,121
  3,529
  3,962
  4,419
  4,900
  5,404
  5,932
  6,483
  7,057
  7,655
  8,277
  8,924
  9,596
  10,295
  11,021
  11,775
  12,560
  13,375
  14,224
  15,108
  16,028
  16,986
  17,986
  19,028
  20,115
  21,251
  22,436
Total equity, $m
  445
  228
  265
  304
  347
  392
  440
  491
  544
  600
  659
  720
  784
  851
  920
  992
  1,066
  1,144
  1,225
  1,308
  1,396
  1,486
  1,580
  1,679
  1,781
  1,887
  1,998
  2,114
  2,235
  2,361
  2,493
Total liabilities and equity, $m
  2,409
  2,280
  2,647
  3,043
  3,468
  3,921
  4,402
  4,910
  5,444
  6,004
  6,591
  7,203
  7,841
  8,506
  9,197
  9,916
  10,662
  11,439
  12,246
  13,083
  13,956
  14,861
  15,804
  16,787
  17,809
  18,873
  19,984
  21,142
  22,350
  23,612
  24,929
Debt-to-equity ratio
  2.618
  5.500
  5.980
  6.370
  6.700
  6.960
  7.180
  7.370
  7.530
  7.670
  7.790
  7.890
  7.980
  8.060
  8.130
  8.190
  8.250
  8.300
  8.350
  8.390
  8.430
  8.460
  8.490
  8.520
  8.550
  8.580
  8.600
  8.620
  8.640
  8.660
  8.680
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
  195
  231
  260
  291
  324
  358
  395
  433
  473
  515
  561
  606
  654
  703
  754
  808
  863
  920
  980
  1,042
  1,107
  1,174
  1,244
  1,317
  1,393
  1,472
  1,555
  1,641
  1,731
  1,826
Depreciation, amort., depletion, $m
  96
  111
  129
  148
  168
  189
  212
  236
  262
  288
  316
  342
  373
  404
  437
  471
  507
  544
  582
  622
  663
  707
  751
  798
  847
  897
  950
  1,005
  1,063
  1,123
  1,185
Funds from operations, $m
  334
  307
  360
  408
  459
  513
  570
  631
  695
  762
  831
  903
  979
  1,058
  1,140
  1,226
  1,315
  1,407
  1,503
  1,602
  1,706
  1,813
  1,926
  2,042
  2,164
  2,290
  2,422
  2,560
  2,704
  2,854
  3,011
Change in working capital, $m
  -70
  75
  81
  88
  94
  101
  107
  113
  119
  124
  130
  136
  142
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  218
  227
  236
  246
  257
  268
  280
  292
Cash from operations, $m
  404
  232
  279
  320
  364
  412
  464
  518
  576
  637
  701
  768
  838
  911
  987
  1,066
  1,149
  1,235
  1,324
  1,416
  1,512
  1,612
  1,716
  1,824
  1,937
  2,054
  2,176
  2,303
  2,436
  2,574
  2,719
Maintenance CAPEX, $m
  0
  -92
  -108
  -126
  -145
  -165
  -186
  -209
  -233
  -259
  -285
  -313
  -342
  -373
  -404
  -437
  -471
  -507
  -544
  -582
  -622
  -663
  -707
  -751
  -798
  -847
  -897
  -950
  -1,005
  -1,063
  -1,123
New CAPEX, $m
  -124
  -118
  -129
  -139
  -150
  -159
  -169
  -179
  -188
  -197
  -206
  -215
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -332
  -345
  -360
  -375
  -391
  -407
  -425
  -444
  -463
Cash from investing activities, $m
  -117
  -210
  -237
  -265
  -295
  -324
  -355
  -388
  -421
  -456
  -491
  -528
  -567
  -607
  -647
  -690
  -734
  -780
  -828
  -877
  -929
  -982
  -1,039
  -1,096
  -1,158
  -1,222
  -1,288
  -1,357
  -1,430
  -1,507
  -1,586
Free cash flow, $m
  287
  22
  41
  55
  70
  88
  108
  130
  155
  181
  210
  239
  271
  304
  340
  376
  415
  455
  496
  539
  584
  630
  678
  728
  779
  833
  888
  946
  1,006
  1,068
  1,133
Issuance/(repayment) of debt, $m
  -5
  93
  330
  356
  382
  408
  433
  457
  481
  504
  528
  551
  574
  598
  622
  647
  672
  699
  726
  754
  784
  816
  849
  884
  920
  959
  999
  1,042
  1,087
  1,135
  1,186
Issuance/(repurchase) of shares, $m
  -215
  48
  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
  141
  330
  356
  382
  408
  433
  457
  481
  504
  528
  551
  574
  598
  622
  647
  672
  699
  726
  754
  784
  816
  849
  884
  920
  959
  999
  1,042
  1,087
  1,135
  1,186
Total cash flow (excl. dividends), $m
  61
  162
  371
  411
  453
  496
  541
  587
  636
  686
  737
  790
  845
  902
  962
  1,023
  1,087
  1,153
  1,222
  1,294
  1,368
  1,446
  1,527
  1,611
  1,699
  1,791
  1,888
  1,988
  2,093
  2,203
  2,318
Retained Cash Flow (-), $m
  -56
  -243
  -37
  -40
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
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
 
  379
  335
  371
  410
  451
  493
  537
  582
  630
  679
  729
  781
  836
  893
  951
  1,012
  1,076
  1,141
  1,210
  1,281
  1,355
  1,432
  1,513
  1,597
  1,685
  1,777
  1,872
  1,972
  2,077
  2,186
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
 
  362
  304
  319
  332
  341
  347
  350
  349
  344
  336
  324
  309
  292
  272
  250
  228
  204
  181
  158
  136
  115
  96
  78
  63
  49
  38
  29
  21
  15
  11
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 11.1
Price to Sales 0.9
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 12.6
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 17.3% 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 44.215 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 $3.5 billion.

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COMPANY NEWS

▶ Stocks Showing Improved Relative Strength: Trinseo   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ Trinseo Shows Improved Relative Price Performance; Still Shy Of Benchmark   [Jan-08-18 03:00AM  Investor's Business Daily]
▶ Trinseo to Share Plastics Expertise at CES 2018   [Dec-18-17 02:47PM  Business Wire]
▶ Trinseo Announces Quarterly Dividend   [Nov-29-17 01:06PM  Business Wire]
▶ Is There Now An Opportunity In Trinseo SA (TSE)?   [Nov-17-17 11:04AM  Simply Wall St.]
▶ 5 Excellent GARP Picks Based on PEG Ratio   [Nov-03-17 09:29AM  Zacks]
▶ Trinseo SA to Host Earnings Call   [08:20AM  ACCESSWIRE]
▶ Stocks With Rising Relative Strength: Trinseo   [03:00AM  Investor's Business Daily]
▶ Trinseo posts 3Q profit   [Nov-02-17 06:52PM  Associated Press]
▶ Trinseo Earns Relative Strength Rating Upgrade   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ 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]
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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