Intrinsic value of Toro - TTC

Previous Close

$63.07

  Intrinsic Value

$44.40

stock screener

  Rating & Target

sell

-30%

Previous close

$63.07

 
Intrinsic value

$44.40

 
Up/down potential

-30%

 
Rating

sell

We calculate the intrinsic value of TTC 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.72
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  2,505
  2,618
  2,737
  2,863
  2,995
  3,135
  3,283
  3,438
  3,602
  3,774
  3,956
  4,146
  4,347
  4,558
  4,781
  5,014
  5,260
  5,518
  5,789
  6,074
  6,374
  6,689
  7,019
  7,367
  7,732
  8,116
  8,518
  8,942
  9,386
  9,853
  10,343
Variable operating expenses, $m
 
  2,177
  2,275
  2,379
  2,488
  2,603
  2,725
  2,853
  2,988
  3,130
  3,279
  3,416
  3,581
  3,755
  3,938
  4,131
  4,333
  4,546
  4,769
  5,004
  5,251
  5,510
  5,783
  6,069
  6,370
  6,686
  7,018
  7,366
  7,732
  8,117
  8,521
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  2,150
  2,247
  2,346
  2,452
  2,563
  2,680
  2,804
  2,934
  3,071
  3,215
  3,366
  3,505
  3,672
  3,849
  4,034
  4,229
  4,434
  4,649
  4,875
  5,113
  5,362
  5,624
  5,900
  6,189
  6,493
  6,812
  7,147
  7,498
  7,868
  8,256
  8,664
Operating income, $m
  355
  371
  390
  411
  432
  455
  479
  504
  531
  560
  589
  641
  674
  709
  746
  785
  826
  869
  914
  961
  1,012
  1,064
  1,120
  1,178
  1,239
  1,304
  1,372
  1,443
  1,518
  1,597
  1,680
EBITDA, $m
  420
  434
  455
  478
  502
  527
  553
  581
  611
  642
  674
  709
  746
  784
  824
  867
  912
  959
  1,008
  1,061
  1,116
  1,174
  1,234
  1,298
  1,366
  1,436
  1,511
  1,589
  1,671
  1,758
  1,849
Interest expense (income), $m
  19
  17
  19
  22
  24
  26
  29
  32
  35
  38
  41
  45
  48
  52
  56
  60
  65
  70
  74
  80
  85
  91
  97
  103
  110
  117
  124
  132
  140
  148
  157
Earnings before tax, $m
  353
  354
  371
  389
  408
  428
  450
  472
  496
  522
  548
  597
  626
  657
  690
  724
  761
  799
  839
  882
  926
  973
  1,023
  1,075
  1,130
  1,187
  1,248
  1,311
  1,378
  1,449
  1,523
Tax expense, $m
  85
  96
  100
  105
  110
  116
  121
  128
  134
  141
  148
  161
  169
  177
  186
  196
  205
  216
  227
  238
  250
  263
  276
  290
  305
  321
  337
  354
  372
  391
  411
Net income, $m
  268
  258
  271
  284
  298
  313
  328
  345
  362
  381
  400
  435
  457
  480
  504
  529
  555
  583
  613
  644
  676
  711
  747
  785
  825
  867
  911
  957
  1,006
  1,058
  1,112

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  310
  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
  1,494
  1,237
  1,293
  1,353
  1,416
  1,482
  1,551
  1,625
  1,702
  1,784
  1,869
  1,960
  2,054
  2,154
  2,259
  2,370
  2,486
  2,608
  2,736
  2,871
  3,012
  3,161
  3,317
  3,482
  3,654
  3,835
  4,026
  4,226
  4,436
  4,656
  4,888
Adjusted assets (=assets-cash), $m
  1,184
  1,237
  1,293
  1,353
  1,416
  1,482
  1,551
  1,625
  1,702
  1,784
  1,869
  1,960
  2,054
  2,154
  2,259
  2,370
  2,486
  2,608
  2,736
  2,871
  3,012
  3,161
  3,317
  3,482
  3,654
  3,835
  4,026
  4,226
  4,436
  4,656
  4,888
Revenue / Adjusted assets
  2.116
  2.116
  2.117
  2.116
  2.115
  2.115
  2.117
  2.116
  2.116
  2.115
  2.117
  2.115
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
  2.116
Average production assets, $m
  335
  351
  367
  384
  401
  420
  440
  461
  483
  506
  530
  556
  583
  611
  641
  672
  705
  739
  776
  814
  854
  896
  941
  987
  1,036
  1,087
  1,141
  1,198
  1,258
  1,320
  1,386
Working capital, $m
  338
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  154
  162
  170
  179
  187
  197
  206
  217
  228
Total debt, $m
  332
  344
  385
  428
  473
  520
  570
  623
  679
  737
  799
  864
  932
  1,004
  1,079
  1,159
  1,242
  1,330
  1,422
  1,519
  1,621
  1,728
  1,840
  1,958
  2,082
  2,213
  2,349
  2,493
  2,644
  2,803
  2,970
Total liabilities, $m
  877
  889
  930
  973
  1,018
  1,065
  1,115
  1,168
  1,224
  1,282
  1,344
  1,409
  1,477
  1,549
  1,624
  1,704
  1,787
  1,875
  1,967
  2,064
  2,166
  2,273
  2,385
  2,503
  2,627
  2,758
  2,894
  3,038
  3,189
  3,348
  3,515
Total equity, $m
  617
  348
  363
  380
  398
  416
  436
  457
  478
  501
  525
  551
  577
  605
  635
  666
  698
  733
  769
  807
  846
  888
  932
  978
  1,027
  1,078
  1,131
  1,187
  1,246
  1,308
  1,374
Total liabilities and equity, $m
  1,494
  1,237
  1,293
  1,353
  1,416
  1,481
  1,551
  1,625
  1,702
  1,783
  1,869
  1,960
  2,054
  2,154
  2,259
  2,370
  2,485
  2,608
  2,736
  2,871
  3,012
  3,161
  3,317
  3,481
  3,654
  3,836
  4,025
  4,225
  4,435
  4,656
  4,889
Debt-to-equity ratio
  0.538
  0.990
  1.060
  1.130
  1.190
  1.250
  1.310
  1.370
  1.420
  1.470
  1.520
  1.570
  1.610
  1.660
  1.700
  1.740
  1.780
  1.810
  1.850
  1.880
  1.910
  1.950
  1.970
  2.000
  2.030
  2.050
  2.080
  2.100
  2.120
  2.140
  2.160
Adjusted equity ratio
  0.259
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281
  0.281

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  268
  258
  271
  284
  298
  313
  328
  345
  362
  381
  400
  435
  457
  480
  504
  529
  555
  583
  613
  644
  676
  711
  747
  785
  825
  867
  911
  957
  1,006
  1,058
  1,112
Depreciation, amort., depletion, $m
  65
  63
  65
  67
  69
  72
  74
  77
  79
  82
  85
  68
  71
  74
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  133
  139
  146
  153
  161
  169
Funds from operations, $m
  384
  322
  336
  351
  367
  385
  403
  422
  442
  463
  485
  503
  528
  554
  582
  611
  641
  674
  707
  743
  780
  820
  861
  905
  951
  999
  1,050
  1,103
  1,160
  1,219
  1,281
Change in working capital, $m
  23
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Cash from operations, $m
  361
  319
  333
  349
  365
  381
  399
  418
  438
  459
  481
  499
  524
  550
  577
  606
  636
  668
  701
  737
  774
  813
  854
  897
  943
  991
  1,041
  1,094
  1,150
  1,208
  1,270
Maintenance CAPEX, $m
  0
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -74
  -78
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -153
  -161
New CAPEX, $m
  -58
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
Cash from investing activities, $m
  -84
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -99
  -104
  -109
  -115
  -121
  -126
  -133
  -139
  -146
  -153
  -162
  -169
  -177
  -187
  -196
  -206
  -216
  -227
Free cash flow, $m
  277
  262
  275
  287
  300
  314
  328
  344
  360
  377
  395
  409
  429
  450
  473
  496
  521
  547
  575
  604
  634
  667
  701
  736
  774
  813
  855
  898
  944
  992
  1,043
Issuance/(repayment) of debt, $m
  -19
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -169
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  144
  151
  159
  167
Total cash flow (excl. dividends), $m
  113
  301
  315
  330
  345
  361
  378
  397
  416
  436
  457
  474
  497
  522
  548
  576
  605
  635
  667
  701
  736
  774
  813
  854
  898
  943
  991
  1,042
  1,095
  1,151
  1,210
Retained Cash Flow (-), $m
  -67
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -59
  -62
  -65
Prev. year cash balance distribution, $m
 
  284
  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
 
  570
  299
  313
  327
  343
  359
  376
  394
  413
  433
  448
  471
  494
  519
  545
  572
  601
  631
  663
  697
  732
  769
  808
  849
  892
  938
  986
  1,036
  1,089
  1,145
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
 
  547
  274
  272
  270
  266
  260
  254
  246
  237
  227
  213
  201
  188
  174
  160
  145
  131
  116
  102
  89
  76
  64
  53
  43
  35
  27
  21
  16
  12
  9
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

The Toro Company (Toro) is engaged in the designing, manufacturing, and marketing of professional turf maintenance equipment and services, turf irrigation systems, landscaping equipment and lighting products, snow and ice management products, agricultural micro-irrigation systems, rental and specialty construction equipment, and residential yard and snow thrower products. The Company operates through three segments: Professional, Residential and Distribution. Under the Professional segment, Toro designs professional turf, landscape and lighting, rental and specialty construction, snow and ice management, and agricultural products. The Residential segment provides products, such as riding products, home solutions products and snow thrower products. It manufactures and markets various walk power mower models. The Distribution segment consists of Company-owned domestic distributorship. Its brands include Toro, Exmark, BOSS, Irritrol, Hayter, Pope, Unique Lighting Systems and Lawn-Boy.

FINANCIAL RATIOS  of  Toro (TTC)

Valuation Ratios
P/E Ratio 20.2
Price to Sales 2.2
Price to Book 8.8
Price to Tangible Book
Price to Cash Flow 15
Price to Free Cash Flow 17.8
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.7%
Cap. Spend. - 3 Yr. Gr. Rate -4%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 49.6%
Total Debt to Equity 53.8%
Interest Coverage 20
Management Effectiveness
Return On Assets 19.6%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 29%
Ret/ On T. Cap. - 3 Yr. Avg. 26.8%
Return On Equity 45.9%
Return On Equity - 3 Yr. Avg. 46%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 36.8%
Gross Margin - 3 Yr. Avg. 36.1%
EBITDA Margin 17.4%
EBITDA Margin - 3 Yr. Avg. 16.8%
Operating Margin 14.2%
Oper. Margin - 3 Yr. Avg. 13.6%
Pre-Tax Margin 14.1%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 10.7%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 24.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 28.4%

TTC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTC stock intrinsic value calculation we used $2505 million for the last fiscal year's total revenue generated by Toro. The default revenue input number comes from 2017 income statement of Toro. 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 TTC stock valuation model: a) initial revenue growth rate of 4.5% 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 4.3%, whose default value for TTC is calculated based on our internal credit rating of Toro, 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 Toro.
    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 TTC stock the variable cost ratio is equal to 83.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 million in the base year in the intrinsic value calculation for TTC 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 5.6% for Toro.

Corporate tax rate of 27% is the nominal tax rate for Toro. 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 TTC 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 TTC are equal to 13.4%.

Life of production assets of 8.2 years is the average useful life of capital assets used in Toro 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 TTC is equal to 2.2%. 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 - $617 million for Toro - 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 106.853 million for Toro 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 Toro at the current share price and the inputted number of shares is $6.7 billion.

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COMPANY NEWS

▶ 7 GARP Stocks That Should Feature in Your Portfolio   [Jan-22-18 02:10PM  InvestorPlace]
▶ Free Research Report as The Toros Revenue Grew 4.3%   [Jan-08-18 07:30AM  ACCESSWIRE]
▶ ETFs with exposure to The Toro Co. : December 29, 2017   [Dec-29-17 12:35PM  Capital Cube]
▶ Toro tops 4Q profit forecasts   [08:45AM  Associated Press]
▶ The Toro Company to Announce Fiscal 2017 Full Year Results   [Nov-30-17 08:30AM  Business Wire]
▶ ETFs with exposure to The Toro Co. : November 1, 2017   [Nov-01-17 12:50PM  Capital Cube]
▶ IIROC Trade Resumption - TTC   [Oct-20-17 09:09AM  PR Newswire]
▶ IIROC Trading Halt - TTC   [08:01AM  CNW Group]
▶ The Toro Company Declares Regular Quarterly Cash Dividend   [Sep-19-17 04:45PM  Business Wire]
▶ ETFs with exposure to The Toro Co. : September 14, 2017   [Sep-13-17 09:17PM  Capital Cube]
▶ Toro CEO Richard Olson named company chairman   [Sep-06-17 01:10PM  American City Business Journals]
▶ The Toro Co. Value Analysis (NYSE:TTC) : August 29, 2017   [Aug-28-17 09:44PM  Capital Cube]
▶ Toro beats 3Q profit forecasts   [Aug-24-17 09:58PM  Associated Press]
▶ ETFs with exposure to The Toro Co. : June 12, 2017   [Jun-12-17 02:31PM  Capital Cube]
▶ Toro beats Street 2Q forecasts   [08:36AM  Associated Press]
▶ The Toro Company Declares Regular Quarterly Cash Dividend   [May-16-17 04:30PM  Business Wire]
▶ The Toro Co. Value Analysis (NYSE:TTC) : April 19, 2017   [Apr-19-17 03:22PM  Capital Cube]
▶ Cramer Remix: Why I'm standing alone on Coca-Cola   [Apr-07-17 07:19PM  CNBC Videos]
▶ The Toro Company Declares Regular Quarterly Cash Dividend   [Mar-21-17 02:00PM  Business Wire]
▶ Toro tops Street 1Q forecasts   [08:39AM  Associated Press]
Financial statements of TTC
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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