Intrinsic value of Tetra Tech - TTEK

Previous Close

$50.25

  Intrinsic Value

$89.05

stock screener

  Rating & Target

str. buy

+77%

Previous close

$50.25

 
Intrinsic value

$89.05

 
Up/down potential

+77%

 
Rating

str. buy

We calculate the intrinsic value of TTEK 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, %
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  2,034
  2,144
  2,259
  2,379
  2,505
  2,637
  2,775
  2,919
  3,071
  3,230
  3,396
  3,571
  3,754
  3,946
  4,147
  4,358
  4,580
  4,812
  5,056
  5,312
  5,580
  5,862
  6,158
  6,468
  6,794
  7,135
  7,494
  7,871
  8,266
  8,681
  9,117
Variable operating expenses, $m
 
  1,182
  1,241
  1,303
  1,368
  1,436
  1,507
  1,582
  1,660
  1,743
  1,829
  1,845
  1,939
  2,038
  2,142
  2,251
  2,366
  2,486
  2,612
  2,744
  2,883
  3,028
  3,181
  3,341
  3,509
  3,686
  3,871
  4,066
  4,270
  4,485
  4,710
Fixed operating expenses, $m
 
  764
  783
  802
  822
  843
  864
  886
  908
  930
  954
  978
  1,002
  1,027
  1,053
  1,079
  1,106
  1,134
  1,162
  1,191
  1,221
  1,251
  1,283
  1,315
  1,348
  1,381
  1,416
  1,451
  1,487
  1,525
  1,563
Total operating expenses, $m
  1,851
  1,946
  2,024
  2,105
  2,190
  2,279
  2,371
  2,468
  2,568
  2,673
  2,783
  2,823
  2,941
  3,065
  3,195
  3,330
  3,472
  3,620
  3,774
  3,935
  4,104
  4,279
  4,464
  4,656
  4,857
  5,067
  5,287
  5,517
  5,757
  6,010
  6,273
Operating income, $m
  183
  199
  235
  274
  314
  358
  403
  452
  503
  557
  614
  749
  813
  881
  952
  1,028
  1,108
  1,193
  1,282
  1,377
  1,477
  1,583
  1,694
  1,812
  1,937
  2,068
  2,207
  2,354
  2,509
  2,672
  2,845
EBITDA, $m
  229
  279
  315
  354
  395
  439
  485
  534
  585
  640
  697
  758
  823
  891
  963
  1,040
  1,121
  1,206
  1,296
  1,391
  1,492
  1,599
  1,711
  1,830
  1,955
  2,088
  2,228
  2,375
  2,531
  2,696
  2,870
Interest expense (income), $m
  12
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  44
  47
  50
  54
  58
  62
  66
  71
  75
  80
  85
  91
  96
  102
  108
  115
  122
Earnings before tax, $m
  172
  187
  221
  258
  297
  338
  381
  427
  476
  528
  582
  714
  775
  840
  909
  981
  1,058
  1,139
  1,224
  1,315
  1,411
  1,512
  1,619
  1,732
  1,852
  1,978
  2,111
  2,252
  2,400
  2,557
  2,723
Tax expense, $m
  54
  50
  60
  70
  80
  91
  103
  115
  129
  143
  157
  193
  209
  227
  245
  265
  286
  307
  331
  355
  381
  408
  437
  468
  500
  534
  570
  608
  648
  691
  735
Net income, $m
  118
  136
  162
  188
  217
  247
  278
  312
  348
  385
  425
  521
  566
  613
  663
  716
  772
  831
  894
  960
  1,030
  1,104
  1,182
  1,264
  1,352
  1,444
  1,541
  1,644
  1,752
  1,867
  1,988

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  190
  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
  1,903
  1,806
  1,903
  2,004
  2,110
  2,221
  2,338
  2,459
  2,587
  2,721
  2,861
  3,008
  3,162
  3,324
  3,494
  3,672
  3,858
  4,054
  4,259
  4,475
  4,701
  4,938
  5,188
  5,449
  5,723
  6,011
  6,314
  6,631
  6,964
  7,314
  7,681
Adjusted assets (=assets-cash), $m
  1,713
  1,806
  1,903
  2,004
  2,110
  2,221
  2,338
  2,459
  2,587
  2,721
  2,861
  3,008
  3,162
  3,324
  3,494
  3,672
  3,858
  4,054
  4,259
  4,475
  4,701
  4,938
  5,188
  5,449
  5,723
  6,011
  6,314
  6,631
  6,964
  7,314
  7,681
Revenue / Adjusted assets
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
  1.187
Average production assets, $m
  100
  105
  111
  117
  123
  129
  136
  143
  150
  158
  166
  175
  184
  193
  203
  214
  224
  236
  248
  260
  273
  287
  302
  317
  333
  350
  367
  386
  405
  425
  447
Working capital, $m
  504
  347
  366
  385
  406
  427
  450
  473
  497
  523
  550
  578
  608
  639
  672
  706
  742
  780
  819
  861
  904
  950
  998
  1,048
  1,101
  1,156
  1,214
  1,275
  1,339
  1,406
  1,477
Total debt, $m
  357
  393
  448
  504
  564
  626
  691
  759
  831
  906
  984
  1,067
  1,153
  1,244
  1,339
  1,438
  1,543
  1,652
  1,767
  1,888
  2,015
  2,148
  2,287
  2,433
  2,587
  2,748
  2,918
  3,095
  3,282
  3,478
  3,683
Total liabilities, $m
  974
  1,011
  1,066
  1,122
  1,182
  1,244
  1,309
  1,377
  1,449
  1,524
  1,602
  1,685
  1,771
  1,862
  1,957
  2,056
  2,161
  2,270
  2,385
  2,506
  2,633
  2,766
  2,905
  3,051
  3,205
  3,366
  3,536
  3,713
  3,900
  4,096
  4,301
Total equity, $m
  928
  795
  837
  882
  929
  977
  1,029
  1,082
  1,138
  1,197
  1,259
  1,324
  1,391
  1,463
  1,537
  1,616
  1,698
  1,784
  1,874
  1,969
  2,069
  2,173
  2,283
  2,398
  2,518
  2,645
  2,778
  2,918
  3,064
  3,218
  3,380
Total liabilities and equity, $m
  1,902
  1,806
  1,903
  2,004
  2,111
  2,221
  2,338
  2,459
  2,587
  2,721
  2,861
  3,009
  3,162
  3,325
  3,494
  3,672
  3,859
  4,054
  4,259
  4,475
  4,702
  4,939
  5,188
  5,449
  5,723
  6,011
  6,314
  6,631
  6,964
  7,314
  7,681
Debt-to-equity ratio
  0.385
  0.500
  0.530
  0.570
  0.610
  0.640
  0.670
  0.700
  0.730
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.940
  0.960
  0.970
  0.990
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.090
Adjusted equity ratio
  0.431
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  118
  136
  162
  188
  217
  247
  278
  312
  348
  385
  425
  521
  566
  613
  663
  716
  772
  831
  894
  960
  1,030
  1,104
  1,182
  1,264
  1,352
  1,444
  1,541
  1,644
  1,752
  1,867
  1,988
Depreciation, amort., depletion, $m
  46
  80
  80
  81
  81
  81
  82
  82
  82
  83
  83
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  18
  19
  20
  21
  23
  24
  25
Funds from operations, $m
  114
  216
  242
  269
  298
  328
  360
  394
  430
  468
  509
  531
  576
  624
  675
  728
  785
  844
  908
  974
  1,045
  1,120
  1,199
  1,282
  1,370
  1,463
  1,561
  1,665
  1,775
  1,891
  2,013
Change in working capital, $m
  -24
  18
  19
  19
  20
  21
  22
  23
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  39
  41
  43
  46
  48
  50
  53
  55
  58
  61
  64
  67
  71
Cash from operations, $m
  138
  198
  223
  249
  277
  307
  338
  371
  406
  442
  482
  503
  547
  593
  642
  694
  749
  807
  868
  933
  1,002
  1,074
  1,151
  1,232
  1,317
  1,408
  1,503
  1,604
  1,711
  1,823
  1,942
Maintenance CAPEX, $m
  0
  -6
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -23
  -24
New CAPEX, $m
  -10
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
Cash from investing activities, $m
  -17
  -11
  -12
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -21
  -23
  -23
  -25
  -27
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -38
  -40
  -43
  -45
Free cash flow, $m
  121
  188
  212
  237
  265
  293
  324
  356
  390
  426
  465
  485
  528
  573
  621
  672
  726
  783
  843
  907
  974
  1,045
  1,120
  1,200
  1,284
  1,373
  1,466
  1,565
  1,670
  1,780
  1,897
Issuance/(repayment) of debt, $m
  10
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  104
  110
  115
  121
  127
  133
  139
  146
  154
  161
  169
  178
  187
  196
  206
Issuance/(repurchase) of shares, $m
  -81
  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  
  -73
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  86
  91
  95
  100
  104
  110
  115
  121
  127
  133
  139
  146
  154
  161
  169
  178
  187
  196
  206
Total cash flow (excl. dividends), $m
  52
  240
  266
  294
  324
  356
  389
  424
  462
  501
  543
  567
  614
  664
  716
  772
  830
  893
  958
  1,027
  1,101
  1,178
  1,260
  1,346
  1,437
  1,534
  1,636
  1,743
  1,857
  1,976
  2,103
Retained Cash Flow (-), $m
  -59
  -41
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -95
  -100
  -104
  -110
  -115
  -121
  -127
  -133
  -140
  -147
  -154
  -162
Prev. year cash balance distribution, $m
 
  174
  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
 
  374
  223
  250
  277
  307
  338
  371
  405
  442
  481
  503
  546
  593
  642
  694
  748
  806
  868
  933
  1,001
  1,074
  1,150
  1,231
  1,317
  1,407
  1,503
  1,603
  1,710
  1,822
  1,941
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
 
  358
  204
  217
  228
  238
  245
  250
  253
  254
  252
  239
  233
  225
  215
  204
  190
  175
  160
  144
  127
  111
  95
  81
  67
  55
  44
  34
  26
  20
  15
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

Tetra Tech, Inc. is a provider of consulting, engineering, program management, construction management, and technical services. The Company's segments include Water, Environment and Infrastructure (WEI), Resource Management and Energy (RME), and Remediation and Construction Management (RCM). The WEI segment provides consulting and engineering services. The RME segment provides consulting and engineering services across the world for a range of resource management and energy needs. The Company includes wind-down of its non-core construction activities in the RCM segment. Its solutions span the entire life cycle of consulting and engineering projects and include applied science, research and technology, engineering, design, construction management, operations and maintenance, and information technology. It provides its services to a diverse base of international, the United States commercial, the United Sates federal clients.

FINANCIAL RATIOS  of  Tetra Tech (TTEK)

Valuation Ratios
P/E Ratio 23.8
Price to Sales 1.4
Price to Book 3
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 21.9
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.7%
Cap. Spend. - 3 Yr. Gr. Rate -12%
Financial Strength
Quick Ratio 12
Current Ratio 0
LT Debt to Equity 36.7%
Total Debt to Equity 38.5%
Interest Coverage 15
Management Effectiveness
Return On Assets 6.8%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 9.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 13.1%
Return On Equity - 3 Yr. Avg. 9%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 17.4%
Gross Margin - 3 Yr. Avg. 17.6%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 9.5%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 8.5%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 5.8%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 31.4%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 18.6%

TTEK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTEK stock intrinsic value calculation we used $2034 million for the last fiscal year's total revenue generated by Tetra Tech. The default revenue input number comes from 2017 income statement of Tetra Tech. 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 TTEK stock valuation model: a) initial revenue growth rate of 5.4% 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 TTEK is calculated based on our internal credit rating of Tetra Tech, 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 Tetra Tech.
    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 TTEK stock the variable cost ratio is equal to 55.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $745 million in the base year in the intrinsic value calculation for TTEK 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 3.5% for Tetra Tech.

Corporate tax rate of 27% is the nominal tax rate for Tetra Tech. 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 TTEK 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 TTEK are equal to 4.9%.

Life of production assets of 18 years is the average useful life of capital assets used in Tetra Tech 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 TTEK is equal to 16.2%. 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 - $928 million for Tetra Tech - 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 56.075 million for Tetra Tech 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 Tetra Tech at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Trumps halfhearted infrastructure plan   [Feb-12-18 11:04AM  Yahoo Finance Video]
▶ Tetra tops Street 1Q forecasts   [Jan-31-18 06:13PM  Associated Press]
▶ ETFs with exposure to Tetra Tech, Inc. : December 8, 2017   [Dec-08-17 01:34PM  Capital Cube]
▶ Tetra Tech Reports Fourth Quarter and Fiscal 2017 Results   [Nov-08-17 04:30PM  Business Wire]
▶ ETFs with exposure to Tetra Tech, Inc. : November 1, 2017   [Nov-01-17 12:50PM  Capital Cube]
▶ New Strong Sell Stocks for September 7th   [Sep-07-17 10:02AM  Zacks]
▶ New Strong Sell Stocks for August 30th   [Aug-30-17 08:17AM  Zacks]
▶ This Is Why Trump's Speech in Arizona Was Over the Top   [Aug-23-17 03:30PM  TheStreet.com]
▶ Tetra misses Street 3Q forecasts   [05:06AM  Associated Press]
▶ Tetra Tech Reports Third Quarter 2017 Results   [Aug-02-17 04:30PM  Business Wire]
▶ Tetra Tech wins $150 million U.S. Army Corps of Engineers contract   [Jul-19-17 05:20PM  American City Business Journals]
▶ ETFs with exposure to Tetra Tech, Inc. : June 30, 2017   [Jun-30-17 03:29PM  Capital Cube]
▶ ETFs with exposure to Tetra Tech, Inc. : June 20, 2017   [Jun-20-17 03:21PM  Capital Cube]
▶ This Breakout Stock Shows One Man's Garbage Is Another Man's Gain   [Jun-13-17 11:20AM  Investor's Business Daily]
▶ Tetra tops Street 2Q forecasts   [05:03AM  Associated Press]
▶ Tetra Tech Reports Second Quarter 2017 Results   [May-03-17 04:15PM  Business Wire]
▶ [$$] How to Invest in Water: 5 Picks   [Mar-18-17 01:21AM  at Barrons.com]
Financial statements of TTEK
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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