Intrinsic value of Teletech Holdings - TTEC

Previous Close

$30.65

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$30.65

 
Intrinsic value

$19.99

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of TTEC 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 1.4

 

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, %
  -0.93
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  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
Revenue, $m
  1,275
  1,301
  1,330
  1,365
  1,403
  1,446
  1,492
  1,543
  1,598
  1,657
  1,721
  1,789
  1,862
  1,939
  2,021
  2,108
  2,201
  2,298
  2,402
  2,511
  2,626
  2,748
  2,877
  3,012
  3,154
  3,305
  3,463
  3,629
  3,804
  3,989
  4,182
Variable operating expenses, $m
 
  1,209
  1,237
  1,268
  1,303
  1,343
  1,386
  1,432
  1,483
  1,537
  1,596
  1,645
  1,712
  1,783
  1,859
  1,939
  2,024
  2,114
  2,209
  2,310
  2,416
  2,528
  2,646
  2,770
  2,901
  3,040
  3,185
  3,338
  3,499
  3,669
  3,847
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
  1,223
  1,209
  1,237
  1,268
  1,303
  1,343
  1,386
  1,432
  1,483
  1,537
  1,596
  1,645
  1,712
  1,783
  1,859
  1,939
  2,024
  2,114
  2,209
  2,310
  2,416
  2,528
  2,646
  2,770
  2,901
  3,040
  3,185
  3,338
  3,499
  3,669
  3,847
Operating income, $m
  53
  91
  94
  96
  100
  103
  107
  111
  115
  120
  125
  143
  149
  155
  162
  169
  176
  184
  193
  201
  211
  220
  231
  242
  253
  265
  278
  291
  305
  320
  335
EBITDA, $m
  122
  145
  148
  152
  157
  161
  167
  172
  178
  185
  192
  200
  208
  216
  226
  235
  246
  256
  268
  280
  293
  307
  321
  336
  352
  369
  386
  405
  425
  445
  467
Interest expense (income), $m
  7
  10
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  37
  39
  41
  44
  47
  49
  52
  55
Earnings before tax, $m
  50
  82
  84
  86
  88
  91
  94
  98
  101
  105
  109
  126
  131
  136
  141
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  224
  234
  244
  256
  267
  280
Tax expense, $m
  13
  22
  23
  23
  24
  25
  25
  26
  27
  28
  29
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  58
  60
  63
  66
  69
  72
  76
Net income, $m
  34
  60
  61
  63
  65
  67
  69
  71
  74
  77
  80
  92
  96
  99
  103
  107
  112
  116
  121
  126
  132
  137
  143
  150
  156
  163
  171
  178
  187
  195
  204

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  57
  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
  846
  805
  823
  844
  868
  895
  923
  955
  989
  1,026
  1,065
  1,107
  1,152
  1,200
  1,251
  1,305
  1,362
  1,422
  1,486
  1,554
  1,625
  1,701
  1,780
  1,864
  1,952
  2,045
  2,143
  2,246
  2,354
  2,468
  2,588
Adjusted assets (=assets-cash), $m
  789
  805
  823
  844
  868
  895
  923
  955
  989
  1,026
  1,065
  1,107
  1,152
  1,200
  1,251
  1,305
  1,362
  1,422
  1,486
  1,554
  1,625
  1,701
  1,780
  1,864
  1,952
  2,045
  2,143
  2,246
  2,354
  2,468
  2,588
Revenue / Adjusted assets
  1.616
  1.616
  1.616
  1.617
  1.616
  1.616
  1.616
  1.616
  1.616
  1.615
  1.616
  1.616
  1.616
  1.616
  1.616
  1.615
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
  1.616
Average production assets, $m
  201
  204
  209
  214
  220
  227
  234
  242
  251
  260
  270
  281
  292
  304
  317
  331
  345
  361
  377
  394
  412
  431
  452
  473
  495
  519
  544
  570
  597
  626
  657
Working capital, $m
  254
  202
  206
  212
  217
  224
  231
  239
  248
  257
  267
  277
  289
  301
  313
  327
  341
  356
  372
  389
  407
  426
  446
  467
  489
  512
  537
  563
  590
  618
  648
Total debt, $m
  217
  227
  238
  251
  266
  282
  300
  320
  341
  364
  388
  415
  443
  472
  504
  537
  573
  611
  650
  693
  737
  784
  833
  885
  940
  998
  1,059
  1,123
  1,190
  1,261
  1,336
Total liabilities, $m
  491
  501
  512
  525
  540
  556
  574
  594
  615
  638
  662
  689
  717
  746
  778
  811
  847
  885
  924
  967
  1,011
  1,058
  1,107
  1,159
  1,214
  1,272
  1,333
  1,397
  1,464
  1,535
  1,610
Total equity, $m
  355
  304
  311
  319
  328
  338
  349
  361
  374
  388
  403
  418
  435
  454
  473
  493
  515
  538
  562
  587
  614
  643
  673
  705
  738
  773
  810
  849
  890
  933
  978
Total liabilities and equity, $m
  846
  805
  823
  844
  868
  894
  923
  955
  989
  1,026
  1,065
  1,107
  1,152
  1,200
  1,251
  1,304
  1,362
  1,423
  1,486
  1,554
  1,625
  1,701
  1,780
  1,864
  1,952
  2,045
  2,143
  2,246
  2,354
  2,468
  2,588
Debt-to-equity ratio
  0.611
  0.740
  0.770
  0.790
  0.810
  0.840
  0.860
  0.890
  0.910
  0.940
  0.960
  0.990
  1.020
  1.040
  1.070
  1.090
  1.110
  1.140
  1.160
  1.180
  1.200
  1.220
  1.240
  1.260
  1.270
  1.290
  1.310
  1.320
  1.340
  1.350
  1.370
Adjusted equity ratio
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378
  0.378

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  34
  60
  61
  63
  65
  67
  69
  71
  74
  77
  80
  92
  96
  99
  103
  107
  112
  116
  121
  126
  132
  137
  143
  150
  156
  163
  171
  178
  187
  195
  204
Depreciation, amort., depletion, $m
  69
  54
  55
  56
  57
  58
  60
  61
  63
  65
  67
  56
  58
  61
  63
  66
  69
  72
  75
  79
  82
  86
  90
  95
  99
  104
  109
  114
  119
  125
  131
Funds from operations, $m
  70
  114
  116
  119
  122
  125
  129
  133
  137
  142
  147
  148
  154
  160
  167
  173
  181
  188
  196
  205
  214
  224
  234
  244
  255
  267
  279
  292
  306
  321
  336
Change in working capital, $m
  -38
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
  29
  30
Cash from operations, $m
  108
  91
  111
  113
  116
  118
  121
  125
  128
  132
  137
  138
  143
  148
  154
  160
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  279
  292
  306
Maintenance CAPEX, $m
  0
  -40
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -95
  -99
  -104
  -109
  -114
  -119
  -125
New CAPEX, $m
  -51
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
Cash from investing activities, $m
  -100
  -44
  -46
  -47
  -49
  -51
  -52
  -55
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -117
  -123
  -129
  -135
  -141
  -148
  -155
Free cash flow, $m
  8
  47
  66
  66
  67
  68
  69
  70
  71
  73
  75
  73
  75
  78
  80
  83
  86
  89
  92
  95
  99
  103
  107
  112
  116
  121
  126
  132
  138
  144
  150
Issuance/(repayment) of debt, $m
  105
  10
  12
  13
  15
  16
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
Issuance/(repurchase) of shares, $m
  -74
  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  
  20
  10
  12
  13
  15
  16
  18
  20
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  75
Total cash flow (excl. dividends), $m
  13
  57
  77
  79
  82
  84
  87
  89
  93
  96
  99
  99
  103
  107
  112
  116
  121
  126
  132
  138
  144
  150
  157
  164
  171
  179
  187
  196
  205
  214
  225
Retained Cash Flow (-), $m
  79
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Prev. year cash balance distribution, $m
 
  57
  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
 
  108
  70
  71
  73
  74
  76
  78
  80
  82
  84
  83
  86
  89
  92
  96
  100
  103
  108
  112
  117
  121
  127
  132
  138
  144
  150
  157
  164
  171
  179
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
 
  103
  64
  62
  60
  57
  55
  52
  50
  47
  44
  40
  37
  34
  31
  28
  25
  23
  20
  17
  15
  13
  11
  9
  7
  6
  4
  3
  3
  2
  1
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

TeleTech Holdings, Inc. provides customer engagement management solutions in the United States, the Philippines, Latin America, Europe, the Middle East, Africa, the Asia Pacific, and Canada. It operates through four segments: Customer Management Services, Customer Growth Services, Customer Technology Services, and Customer Strategy Services. The Customer Management Services segment offers customer experience delivery solutions, which integrate technology with customer experience professionals to optimize the customer experience across various channels and stages of the customer lifecycle from an onshore, offshore, or work-from-home environment. The Customer Growth Services segment provides technology-enabled sales and marketing solutions, including sales advisory, search engine optimization, digital demand generation, and lead qualification services, as well as acquisition sales, growth, and retention services. The Customer Technology Services segment offers operational and design consulting, systems integration, and cloud and on premise managed services, as well as designs, delivers, and maintains multichannel customer engagement platforms. The Customer Strategy Services segment provides the customer experience strategy, customer intelligence analytics, system and operational process optimization, and culture development and knowledge management services. The company serves automotive, communication, financial services, government, healthcare, logistics, media and entertainment, retail, technology, travel, and transportation industries. TeleTech Holdings, Inc. was founded in 1982 and is headquartered in Englewood, Colorado.

FINANCIAL RATIOS  of  Teletech Holdings (TTEC)

Valuation Ratios
P/E Ratio 41.6
Price to Sales 1.1
Price to Book 4
Price to Tangible Book
Price to Cash Flow 13.1
Price to Free Cash Flow 24.8
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.9%
Cap. Spend. - 3 Yr. Gr. Rate 0.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 61.1%
Total Debt to Equity 61.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.1%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 12.7%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 26.2%
Gross Margin - 3 Yr. Avg. 27.6%
EBITDA Margin 9.9%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. 24.1%
Payout Ratio 52.9%

TTEC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTEC stock intrinsic value calculation we used $1275 million for the last fiscal year's total revenue generated by Teletech Holdings. The default revenue input number comes from 2016 income statement of Teletech Holdings. 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 TTEC stock valuation model: a) initial revenue growth rate of 2% 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 TTEC is calculated based on our internal credit rating of Teletech Holdings, 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 Teletech Holdings.
    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 TTEC stock the variable cost ratio is equal to 93%.

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 TTEC 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 4.4% for Teletech Holdings.

Corporate tax rate of 27% is the nominal tax rate for Teletech Holdings. 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 TTEC 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 TTEC are equal to 15.7%.

Life of production assets of 4.7 years is the average useful life of capital assets used in Teletech Holdings 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 TTEC is equal to 15.5%. 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 - $355 million for Teletech Holdings - 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 46.284 million for Teletech Holdings 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 Teletech Holdings at the current share price and the inputted number of shares is $1.4 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
XRX Xerox 6.92 10.60  buy
IBM International 160.38 171.52  hold
CVG Convergys 22.01 29.81  buy
SYKE Sykes Enterpri 29.22 53.11  str.buy
SNX SYNNEX 106.71 160.07  buy
ACN Accenture Cl A 119.23 139.07  hold
FIVN Five9 17.63 26.19  str.buy
SRT Startek 9.34 3.37  str.sell
T AT&T 39.93 38.49  hold

COMPANY NEWS

▶ Give Customers Facts, Not Confusion   [Mar-21-17 07:00AM  PR Newswire]
▶ Love Your Customers and Improve the Brand Experience   [Feb-07-17 05:00PM  PR Newswire]
▶ Should You Buy Chesapeake Lodging Trust (CHSP)?   [Dec-13-16 02:27AM  at Insider Monkey]
▶ How to Wow Customers in 2017 and Beyond   [Dec-08-16 03:51PM  PR Newswire]
▶ 25 Cool Customer Experience Companies   [09:15AM  PR Newswire]
▶ Celebrating Awesome Customer Experience Brands   [Nov-10-16 04:34PM  PR Newswire]
▶ A Customer Service Story: Getting to Happily Ever After   [Oct-19-16 04:15PM  PR Newswire]
▶ TeleTech Wins 2016 Outstanding Website WebAward   [Sep-19-16 09:15AM  PR Newswire]
▶ Bulgarian-Based Sofica Group Rebrands as TeleTech   [Sep-01-16 08:05AM  PR Newswire]
▶ Retailers: Here's How to Make Your Holiday Sales Sparkle   [Aug-11-16 04:15PM  PR Newswire]
▶ 2016 Healthiest Employers: TeleTech   [Aug-05-16 11:51AM  at bizjournals.com]
▶ It's Time: Business Wakes Up to Omnichannel   [Jul-21-16 09:15AM  PR Newswire]
▶ Sales Chat: THE Customer Engagement Channel of Choice   [Jun-30-16 09:15AM  PR Newswire]
Stock chart of TTEC Financial statements of TTEC
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.