Intrinsic value of Tetra Tech - TTEK

Previous Close

$44.15

  Intrinsic Value

$100.44

stock screener

  Rating & Target

str. buy

+128%

  Value-price divergence*

-16%

Previous close

$44.15

 
Intrinsic value

$100.44

 
Up/down potential

+128%

 
Rating

str. buy

 
Value-price divergence*

-16%

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

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

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 2.5

 

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, %
  12.22
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  1,929
  2,164
  2,413
  2,674
  2,948
  3,235
  3,534
  3,846
  4,171
  4,509
  4,860
  5,225
  5,604
  5,998
  6,408
  6,834
  7,277
  7,738
  8,218
  8,717
  9,238
  9,781
  10,347
  10,938
  11,554
  12,199
  12,871
  13,575
  14,311
  15,080
  15,885
Variable operating expenses, $m
 
  1,660
  1,842
  2,034
  2,235
  2,446
  2,665
  2,894
  3,132
  3,380
  3,638
  3,834
  4,112
  4,401
  4,702
  5,015
  5,340
  5,678
  6,030
  6,397
  6,779
  7,177
  7,592
  8,026
  8,478
  8,951
  9,445
  9,961
  10,501
  11,065
  11,656
Fixed operating expenses, $m
 
  321
  329
  337
  345
  354
  363
  372
  381
  391
  401
  411
  421
  431
  442
  453
  465
  476
  488
  500
  513
  526
  539
  552
  566
  580
  595
  610
  625
  641
  657
Total operating expenses, $m
  1,793
  1,981
  2,171
  2,371
  2,580
  2,800
  3,028
  3,266
  3,513
  3,771
  4,039
  4,245
  4,533
  4,832
  5,144
  5,468
  5,805
  6,154
  6,518
  6,897
  7,292
  7,703
  8,131
  8,578
  9,044
  9,531
  10,040
  10,571
  11,126
  11,706
  12,313
Operating income, $m
  136
  184
  242
  303
  368
  435
  506
  580
  657
  738
  821
  980
  1,071
  1,165
  1,264
  1,366
  1,473
  1,584
  1,700
  1,820
  1,947
  2,078
  2,216
  2,360
  2,510
  2,667
  2,832
  3,004
  3,185
  3,374
  3,572
EBITDA, $m
  182
  263
  322
  384
  450
  518
  590
  665
  743
  825
  910
  998
  1,090
  1,186
  1,286
  1,390
  1,498
  1,610
  1,728
  1,851
  1,978
  2,112
  2,251
  2,397
  2,550
  2,709
  2,876
  3,051
  3,234
  3,426
  3,627
Interest expense (income), $m
  13
  16
  21
  27
  33
  39
  46
  52
  60
  67
  75
  83
  91
  100
  109
  118
  128
  138
  148
  159
  170
  182
  195
  208
  221
  235
  250
  265
  281
  298
  315
Earnings before tax, $m
  124
  168
  220
  276
  335
  396
  460
  528
  598
  671
  747
  898
  980
  1,066
  1,155
  1,248
  1,345
  1,446
  1,551
  1,661
  1,776
  1,896
  2,021
  2,152
  2,289
  2,432
  2,582
  2,739
  2,904
  3,076
  3,257
Tax expense, $m
  40
  45
  60
  75
  90
  107
  124
  142
  161
  181
  202
  242
  265
  288
  312
  337
  363
  390
  419
  449
  480
  512
  546
  581
  618
  657
  697
  740
  784
  831
  879
Net income, $m
  84
  122
  161
  202
  244
  289
  336
  385
  436
  490
  545
  655
  715
  778
  843
  911
  982
  1,056
  1,133
  1,213
  1,297
  1,384
  1,475
  1,571
  1,671
  1,775
  1,885
  2,000
  2,120
  2,246
  2,378

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  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
  1,801
  1,840
  2,052
  2,274
  2,507
  2,751
  3,005
  3,271
  3,547
  3,834
  4,133
  4,443
  4,765
  5,101
  5,449
  5,811
  6,188
  6,580
  6,988
  7,413
  7,856
  8,317
  8,798
  9,301
  9,825
  10,373
  10,945
  11,543
  12,169
  12,823
  13,508
Adjusted assets (=assets-cash), $m
  1,641
  1,840
  2,052
  2,274
  2,507
  2,751
  3,005
  3,271
  3,547
  3,834
  4,133
  4,443
  4,765
  5,101
  5,449
  5,811
  6,188
  6,580
  6,988
  7,413
  7,856
  8,317
  8,798
  9,301
  9,825
  10,373
  10,945
  11,543
  12,169
  12,823
  13,508
Revenue / Adjusted assets
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
  1.176
Average production assets, $m
  111
  126
  140
  155
  171
  188
  205
  223
  242
  262
  282
  303
  325
  348
  372
  396
  422
  449
  477
  506
  536
  567
  600
  634
  670
  708
  747
  787
  830
  875
  921
Working capital, $m
  454
  348
  388
  431
  475
  521
  569
  619
  672
  726
  782
  841
  902
  966
  1,032
  1,100
  1,172
  1,246
  1,323
  1,404
  1,487
  1,575
  1,666
  1,761
  1,860
  1,964
  2,072
  2,186
  2,304
  2,428
  2,558
Total debt, $m
  347
  442
  560
  684
  814
  950
  1,092
  1,240
  1,394
  1,554
  1,721
  1,894
  2,074
  2,261
  2,456
  2,658
  2,868
  3,087
  3,314
  3,551
  3,798
  4,056
  4,325
  4,605
  4,897
  5,203
  5,522
  5,856
  6,205
  6,570
  6,952
Total liabilities, $m
  932
  1,027
  1,145
  1,269
  1,399
  1,535
  1,677
  1,825
  1,979
  2,139
  2,306
  2,479
  2,659
  2,846
  3,041
  3,243
  3,453
  3,672
  3,899
  4,136
  4,383
  4,641
  4,910
  5,190
  5,482
  5,788
  6,107
  6,441
  6,790
  7,155
  7,537
Total equity, $m
  869
  813
  907
  1,005
  1,108
  1,216
  1,328
  1,446
  1,568
  1,695
  1,827
  1,964
  2,106
  2,254
  2,408
  2,569
  2,735
  2,908
  3,089
  3,276
  3,472
  3,676
  3,889
  4,111
  4,343
  4,585
  4,838
  5,102
  5,379
  5,668
  5,970
Total liabilities and equity, $m
  1,801
  1,840
  2,052
  2,274
  2,507
  2,751
  3,005
  3,271
  3,547
  3,834
  4,133
  4,443
  4,765
  5,100
  5,449
  5,812
  6,188
  6,580
  6,988
  7,412
  7,855
  8,317
  8,799
  9,301
  9,825
  10,373
  10,945
  11,543
  12,169
  12,823
  13,507
Debt-to-equity ratio
  0.399
  0.540
  0.620
  0.680
  0.730
  0.780
  0.820
  0.860
  0.890
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.130
  1.140
  1.150
  1.150
  1.160
  1.160
Adjusted equity ratio
  0.432
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442
  0.442

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  84
  122
  161
  202
  244
  289
  336
  385
  436
  490
  545
  655
  715
  778
  843
  911
  982
  1,056
  1,133
  1,213
  1,297
  1,384
  1,475
  1,571
  1,671
  1,775
  1,885
  2,000
  2,120
  2,246
  2,378
Depreciation, amort., depletion, $m
  46
  79
  80
  81
  82
  83
  84
  85
  86
  87
  89
  18
  19
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
Funds from operations, $m
  122
  202
  241
  283
  326
  372
  420
  470
  523
  577
  634
  673
  735
  799
  865
  935
  1,007
  1,082
  1,161
  1,243
  1,328
  1,418
  1,511
  1,609
  1,711
  1,818
  1,929
  2,046
  2,169
  2,298
  2,432
Change in working capital, $m
  -20
  38
  40
  42
  44
  46
  48
  50
  52
  54
  57
  59
  61
  63
  66
  69
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  118
  124
  130
Cash from operations, $m
  142
  164
  201
  241
  282
  326
  372
  420
  470
  523
  577
  615
  674
  735
  799
  866
  936
  1,008
  1,084
  1,162
  1,245
  1,330
  1,420
  1,514
  1,611
  1,714
  1,821
  1,933
  2,051
  2,174
  2,303
Maintenance CAPEX, $m
  0
  -7
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
New CAPEX, $m
  -12
  -15
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
Cash from investing activities, $m
  -94
  -22
  -21
  -23
  -25
  -27
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -57
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
Free cash flow, $m
  48
  143
  179
  217
  257
  299
  343
  390
  438
  489
  541
  577
  634
  693
  755
  819
  886
  956
  1,029
  1,105
  1,184
  1,267
  1,353
  1,444
  1,538
  1,637
  1,740
  1,848
  1,961
  2,080
  2,204
Issuance/(repayment) of debt, $m
  81
  111
  118
  124
  130
  136
  142
  148
  154
  160
  167
  173
  180
  187
  194
  202
  210
  219
  228
  237
  247
  258
  269
  280
  293
  306
  319
  334
  349
  365
  382
Issuance/(repurchase) of shares, $m
  -82
  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  
  -5
  111
  118
  124
  130
  136
  142
  148
  154
  160
  167
  173
  180
  187
  194
  202
  210
  219
  228
  237
  247
  258
  269
  280
  293
  306
  319
  334
  349
  365
  382
Total cash flow (excl. dividends), $m
  45
  254
  297
  341
  387
  435
  485
  538
  592
  649
  708
  750
  814
  880
  949
  1,021
  1,097
  1,175
  1,257
  1,342
  1,431
  1,525
  1,622
  1,724
  1,831
  1,942
  2,059
  2,182
  2,310
  2,445
  2,586
Retained Cash Flow (-), $m
  -13
  -88
  -93
  -98
  -103
  -108
  -112
  -117
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -160
  -167
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -242
  -253
  -264
  -276
  -289
  -303
Prev. year cash balance distribution, $m
 
  144
  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
 
  309
  204
  243
  284
  328
  373
  421
  470
  522
  576
  613
  671
  732
  795
  861
  930
  1,002
  1,076
  1,154
  1,236
  1,321
  1,409
  1,502
  1,599
  1,700
  1,806
  1,917
  2,034
  2,156
  2,284
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
 
  296
  186
  211
  234
  254
  271
  284
  294
  300
  302
  291
  286
  278
  267
  253
  236
  218
  198
  178
  157
  137
  117
  98
  81
  66
  53
  41
  31
  24
  17
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 30
Price to Sales 1.3
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 17.7
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 12.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate -15.6%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 38.1%
Total Debt to Equity 39.9%
Interest Coverage 11
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 17.1%
Gross Margin - 3 Yr. Avg. 16.9%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 9.4%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 6.8%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 6.3%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 32.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.9%
Payout Ratio 23.8%

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 $1929 million for the last fiscal year's total revenue generated by Tetra Tech. The default revenue input number comes from 2016 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 12.2% 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 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 77.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $313 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 4.8% 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 5.8%.

Life of production assets of 16.8 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 16.1%. 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 - $869 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 56.72 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 $2.5 billion.

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COMPANY NEWS

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▶ 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]
▶ Are Hedge Funds On To Something With Tetra Tech, Inc. (TTEK)?   [Dec-02-16 02:14PM  at Insider Monkey]
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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