Intrinsic value of Teletech Holdings - TTEC

Previous Close

$38.85

  Intrinsic Value

$35.08

stock screener

  Rating & Target

hold

-10%

  Value-price divergence*

+21%

Previous close

$38.85

 
Intrinsic value

$35.08

 
Up/down potential

-10%

 
Rating

hold

 
Value-price divergence*

+21%

*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 1.8

 

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
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
Revenue, $m
  1,275
  1,475
  1,691
  1,922
  2,168
  2,429
  2,704
  2,993
  3,295
  3,612
  3,942
  4,286
  4,645
  5,017
  5,405
  5,807
  6,225
  6,660
  7,112
  7,582
  8,070
  8,579
  9,108
  9,660
  10,234
  10,833
  11,458
  12,110
  12,791
  13,502
  14,246
Variable operating expenses, $m
 
  1,370
  1,568
  1,781
  2,007
  2,247
  2,500
  2,766
  3,044
  3,335
  3,639
  3,943
  4,272
  4,615
  4,971
  5,341
  5,726
  6,126
  6,542
  6,974
  7,423
  7,891
  8,378
  8,885
  9,414
  9,965
  10,539
  11,139
  11,765
  12,420
  13,103
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
  1,370
  1,568
  1,781
  2,007
  2,247
  2,500
  2,766
  3,044
  3,335
  3,639
  3,943
  4,272
  4,615
  4,971
  5,341
  5,726
  6,126
  6,542
  6,974
  7,423
  7,891
  8,378
  8,885
  9,414
  9,965
  10,539
  11,139
  11,765
  12,420
  13,103
Operating income, $m
  53
  105
  123
  141
  161
  182
  204
  227
  251
  277
  303
  344
  372
  402
  433
  466
  499
  534
  570
  608
  647
  688
  730
  775
  821
  869
  919
  971
  1,026
  1,083
  1,142
EBITDA, $m
  122
  165
  189
  214
  242
  271
  302
  334
  368
  403
  440
  478
  518
  560
  603
  648
  695
  743
  794
  846
  901
  957
  1,016
  1,078
  1,142
  1,209
  1,279
  1,351
  1,427
  1,507
  1,590
Interest expense (income), $m
  7
  10
  13
  17
  20
  25
  29
  34
  39
  44
  49
  55
  61
  67
  73
  79
  86
  93
  101
  108
  116
  125
  133
  142
  152
  161
  171
  182
  193
  205
  217
Earnings before tax, $m
  50
  96
  110
  125
  140
  157
  175
  193
  213
  233
  254
  289
  312
  336
  361
  386
  413
  441
  470
  500
  531
  563
  597
  632
  669
  708
  747
  789
  833
  878
  926
Tax expense, $m
  13
  26
  30
  34
  38
  42
  47
  52
  57
  63
  69
  78
  84
  91
  97
  104
  111
  119
  127
  135
  143
  152
  161
  171
  181
  191
  202
  213
  225
  237
  250
Net income, $m
  34
  70
  80
  91
  102
  115
  128
  141
  155
  170
  185
  211
  228
  245
  263
  282
  301
  322
  343
  365
  388
  411
  436
  462
  489
  516
  546
  576
  608
  641
  676

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
  913
  1,046
  1,189
  1,342
  1,503
  1,673
  1,852
  2,039
  2,235
  2,439
  2,652
  2,874
  3,105
  3,344
  3,594
  3,852
  4,121
  4,401
  4,692
  4,994
  5,309
  5,636
  5,978
  6,333
  6,704
  7,091
  7,494
  7,915
  8,355
  8,815
Adjusted assets (=assets-cash), $m
  789
  913
  1,046
  1,189
  1,342
  1,503
  1,673
  1,852
  2,039
  2,235
  2,439
  2,652
  2,874
  3,105
  3,344
  3,594
  3,852
  4,121
  4,401
  4,692
  4,994
  5,309
  5,636
  5,978
  6,333
  6,704
  7,091
  7,494
  7,915
  8,355
  8,815
Revenue / Adjusted assets
  1.616
  1.616
  1.617
  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
  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
  232
  265
  302
  340
  381
  424
  470
  517
  567
  619
  673
  729
  788
  849
  912
  977
  1,046
  1,117
  1,190
  1,267
  1,347
  1,430
  1,517
  1,607
  1,701
  1,799
  1,901
  2,008
  2,120
  2,237
Working capital, $m
  254
  229
  262
  298
  336
  376
  419
  464
  511
  560
  611
  664
  720
  778
  838
  900
  965
  1,032
  1,102
  1,175
  1,251
  1,330
  1,412
  1,497
  1,586
  1,679
  1,776
  1,877
  1,983
  2,093
  2,208
Total debt, $m
  217
  294
  377
  466
  561
  661
  767
  878
  994
  1,116
  1,243
  1,376
  1,514
  1,657
  1,806
  1,961
  2,122
  2,289
  2,463
  2,644
  2,832
  3,028
  3,232
  3,444
  3,665
  3,896
  4,136
  4,387
  4,649
  4,923
  5,209
Total liabilities, $m
  491
  568
  651
  740
  835
  935
  1,041
  1,152
  1,268
  1,390
  1,517
  1,650
  1,788
  1,931
  2,080
  2,235
  2,396
  2,563
  2,737
  2,918
  3,106
  3,302
  3,506
  3,718
  3,939
  4,170
  4,410
  4,661
  4,923
  5,197
  5,483
Total equity, $m
  355
  345
  396
  450
  507
  568
  632
  700
  771
  845
  922
  1,003
  1,086
  1,174
  1,264
  1,358
  1,456
  1,558
  1,664
  1,773
  1,888
  2,007
  2,131
  2,260
  2,394
  2,534
  2,680
  2,833
  2,992
  3,158
  3,332
Total liabilities and equity, $m
  846
  913
  1,047
  1,190
  1,342
  1,503
  1,673
  1,852
  2,039
  2,235
  2,439
  2,653
  2,874
  3,105
  3,344
  3,593
  3,852
  4,121
  4,401
  4,691
  4,994
  5,309
  5,637
  5,978
  6,333
  6,704
  7,090
  7,494
  7,915
  8,355
  8,815
Debt-to-equity ratio
  0.611
  0.850
  0.950
  1.040
  1.110
  1.160
  1.210
  1.250
  1.290
  1.320
  1.350
  1.370
  1.390
  1.410
  1.430
  1.440
  1.460
  1.470
  1.480
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
  1.540
  1.540
  1.550
  1.550
  1.560
  1.560
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
  70
  80
  91
  102
  115
  128
  141
  155
  170
  185
  211
  228
  245
  263
  282
  301
  322
  343
  365
  388
  411
  436
  462
  489
  516
  546
  576
  608
  641
  676
Depreciation, amort., depletion, $m
  69
  59
  66
  73
  81
  89
  98
  107
  116
  126
  137
  135
  146
  158
  170
  182
  195
  209
  223
  238
  253
  269
  286
  303
  321
  340
  360
  380
  402
  424
  447
Funds from operations, $m
  70
  129
  146
  164
  184
  204
  225
  248
  272
  296
  322
  346
  374
  403
  433
  464
  497
  531
  566
  603
  641
  681
  722
  765
  810
  857
  905
  956
  1,010
  1,065
  1,123
Change in working capital, $m
  -38
  31
  33
  36
  38
  40
  43
  45
  47
  49
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  110
  115
Cash from operations, $m
  108
  98
  113
  128
  145
  164
  183
  203
  225
  247
  271
  292
  318
  345
  373
  402
  432
  463
  496
  530
  565
  602
  640
  680
  721
  764
  809
  855
  904
  955
  1,008
Maintenance CAPEX, $m
  0
  -40
  -46
  -53
  -60
  -68
  -76
  -85
  -94
  -103
  -113
  -124
  -135
  -146
  -158
  -170
  -182
  -195
  -209
  -223
  -238
  -253
  -269
  -286
  -303
  -321
  -340
  -360
  -380
  -402
  -424
New CAPEX, $m
  -51
  -31
  -34
  -36
  -39
  -41
  -43
  -45
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -107
  -112
  -117
Cash from investing activities, $m
  -100
  -71
  -80
  -89
  -99
  -109
  -119
  -130
  -142
  -153
  -165
  -178
  -191
  -204
  -219
  -233
  -248
  -263
  -280
  -297
  -315
  -333
  -352
  -373
  -393
  -415
  -438
  -462
  -487
  -514
  -541
Free cash flow, $m
  8
  27
  33
  39
  46
  55
  63
  73
  83
  94
  106
  114
  127
  141
  154
  169
  184
  200
  216
  233
  250
  269
  287
  307
  327
  348
  370
  393
  417
  442
  467
Issuance/(repayment) of debt, $m
  105
  77
  83
  89
  95
  100
  106
  111
  117
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  212
  221
  231
  241
  251
  262
  274
  286
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
  77
  83
  89
  95
  100
  106
  111
  117
  122
  127
  132
  138
  143
  149
  155
  161
  167
  174
  181
  188
  196
  204
  212
  221
  231
  241
  251
  262
  274
  286
Total cash flow (excl. dividends), $m
  13
  104
  116
  128
  141
  155
  169
  184
  200
  216
  233
  247
  265
  284
  304
  324
  345
  367
  390
  414
  439
  464
  491
  519
  548
  579
  611
  644
  679
  715
  753
Retained Cash Flow (-), $m
  79
  -47
  -50
  -54
  -58
  -61
  -64
  -68
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -114
  -119
  -124
  -129
  -134
  -140
  -146
  -153
  -159
  -166
  -174
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
 
  114
  65
  74
  84
  94
  105
  117
  129
  142
  156
  166
  181
  197
  213
  230
  247
  265
  284
  304
  324
  345
  367
  390
  414
  439
  465
  492
  520
  549
  580
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
 
  109
  60
  64
  69
  73
  76
  79
  81
  82
  82
  79
  77
  75
  71
  67
  63
  58
  52
  47
  41
  36
  30
  26
  21
  17
  14
  11
  8
  6
  4
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. (TeleTech) is a customer service provider that delivers consulting, technology, growth and customer care solutions on a global scale. The Company operates through four segments: Customer Management Services (CMS), Customer Growth Services (CGS), Customer Technology Services (CTS) and Customer Strategy Services (CSS). The CMS segment designs and manages clients' front-to-back office processes to deliver just-in-time, personalized, multi-channel interactions. The CGS segment offers integrated sales and marketing solutions to help its clients in the business-to-consumer or business-to-business markets. The CTS segment includes operational and system design consulting, customer experience technology product, implementation and integration consulting services, and management of clients cloud and on premise solutions. The CSS segment provides professional services in customer experience strategy, and system and operational process optimization.

FINANCIAL RATIOS  of  Teletech Holdings (TTEC)

Valuation Ratios
P/E Ratio 52.7
Price to Sales 1.4
Price to Book 5
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 31.4
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 15.7% 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 45.211 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 $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
IBM International 144.82 172.25  hold
SREV ServiceSource 3.58 0.34  str.sell
CVG Convergys 24.62 28.79  buy
SYKE Sykes Enterpri 26.97 34.81  buy
VRNT Verint Systems 40.15 64.50  str.buy
SNX SYNNEX 116.15 108.77  hold
ACN Accenture Cl A 135.35 137.30  hold

COMPANY NEWS

▶ TeleTech tops Street 2Q forecasts   [Aug-07-17 07:25PM  Associated Press]
▶ Rising Star 2017 Award Recognition Goes to TeleTech   [Jun-30-17 07:45AM  PR Newswire]
▶ Colorado call-center company to close North Carolina location, lay off 171 workers   [Jun-20-17 05:10PM  American City Business Journals]
▶ Call-center company laying off 171 workers in Charlotte   [03:02PM  American City Business Journals]
▶ Five Strong Buys Bucking Market Trends   [May-18-17 07:18PM  Zacks]
▶ Which Comes First: The Brand or the Customer Experience?   [May-17-17 08:59AM  PR Newswire]
▶ How Does Automation Impact the Customer Experience?   [May-16-17 08:59AM  PR Newswire]
▶ TeleTech beats Street 1Q forecasts   [May-09-17 07:34PM  Associated Press]
▶ 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]
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.