Intrinsic value of Tetra Technologies - TTI

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$3.29

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$3.29

 
Intrinsic value

$0.50

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of TTI 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 0.4

 

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, %
  -38.50
  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
  695
  709
  725
  744
  765
  788
  813
  841
  871
  903
  938
  975
  1,015
  1,057
  1,102
  1,149
  1,200
  1,253
  1,309
  1,369
  1,432
  1,498
  1,568
  1,642
  1,719
  1,801
  1,888
  1,978
  2,074
  2,174
  2,280
Variable operating expenses, $m
 
  668
  683
  701
  720
  742
  766
  792
  820
  851
  883
  918
  955
  994
  1,037
  1,081
  1,129
  1,179
  1,232
  1,288
  1,347
  1,410
  1,475
  1,545
  1,618
  1,695
  1,776
  1,862
  1,951
  2,046
  2,145
Fixed operating expenses, $m
 
  221
  227
  233
  238
  244
  250
  257
  263
  270
  276
  283
  290
  298
  305
  313
  321
  329
  337
  345
  354
  363
  372
  381
  391
  400
  410
  421
  431
  442
  453
Total operating expenses, $m
  866
  889
  910
  934
  958
  986
  1,016
  1,049
  1,083
  1,121
  1,159
  1,201
  1,245
  1,292
  1,342
  1,394
  1,450
  1,508
  1,569
  1,633
  1,701
  1,773
  1,847
  1,926
  2,009
  2,095
  2,186
  2,283
  2,382
  2,488
  2,598
Operating income, $m
  -171
  -180
  -185
  -189
  -194
  -199
  -203
  -208
  -212
  -217
  -222
  -226
  -231
  -235
  -240
  -245
  -250
  -255
  -260
  -265
  -269
  -274
  -279
  -284
  -289
  -294
  -299
  -304
  -309
  -314
  -319
EBITDA, $m
  -41
  -54
  -55
  -57
  -57
  -58
  -58
  -58
  -57
  -56
  -55
  -53
  -50
  -48
  -45
  -41
  -37
  -32
  -27
  -21
  -15
  -8
  -1
  7
  16
  26
  36
  47
  59
  72
  86
Interest expense (income), $m
  55
  50
  51
  53
  55
  58
  60
  63
  66
  69
  73
  77
  81
  85
  90
  95
  100
  106
  111
  118
  124
  131
  139
  146
  154
  163
  172
  182
  192
  202
  213
Earnings before tax, $m
  -237
  -230
  -236
  -243
  -249
  -256
  -263
  -271
  -278
  -286
  -295
  -303
  -311
  -321
  -330
  -340
  -350
  -360
  -371
  -382
  -394
  -406
  -418
  -431
  -444
  -457
  -471
  -486
  -501
  -516
  -532
Tax expense, $m
  2
  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
Net income, $m
  -161
  -230
  -236
  -243
  -249
  -256
  -263
  -271
  -278
  -286
  -295
  -303
  -311
  -321
  -330
  -340
  -350
  -360
  -371
  -382
  -394
  -406
  -418
  -431
  -444
  -457
  -471
  -486
  -501
  -516
  -532

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  30
  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
  1,316
  1,313
  1,343
  1,377
  1,416
  1,459
  1,506
  1,558
  1,613
  1,673
  1,737
  1,806
  1,879
  1,957
  2,040
  2,128
  2,221
  2,320
  2,424
  2,535
  2,651
  2,774
  2,904
  3,040
  3,184
  3,336
  3,495
  3,663
  3,840
  4,026
  4,222
Adjusted assets (=assets-cash), $m
  1,286
  1,313
  1,343
  1,377
  1,416
  1,459
  1,506
  1,558
  1,613
  1,673
  1,737
  1,806
  1,879
  1,957
  2,040
  2,128
  2,221
  2,320
  2,424
  2,535
  2,651
  2,774
  2,904
  3,040
  3,184
  3,336
  3,495
  3,663
  3,840
  4,026
  4,222
Revenue / Adjusted assets
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
  0.540
Average production assets, $m
  1,074
  1,095
  1,120
  1,149
  1,182
  1,217
  1,257
  1,299
  1,346
  1,396
  1,449
  1,507
  1,568
  1,633
  1,702
  1,775
  1,853
  1,936
  2,023
  2,115
  2,212
  2,314
  2,423
  2,537
  2,657
  2,783
  2,916
  3,056
  3,204
  3,359
  3,522
Working capital, $m
  159
  132
  135
  138
  142
  147
  151
  156
  162
  168
  174
  181
  189
  197
  205
  214
  223
  233
  244
  255
  266
  279
  292
  305
  320
  335
  351
  368
  386
  404
  424
Total debt, $m
  701
  723
  748
  777
  810
  846
  886
  929
  976
  1,026
  1,080
  1,138
  1,199
  1,265
  1,335
  1,409
  1,487
  1,570
  1,658
  1,751
  1,849
  1,952
  2,061
  2,176
  2,297
  2,424
  2,559
  2,700
  2,849
  3,005
  3,170
Total liabilities, $m
  1,082
  1,104
  1,129
  1,158
  1,191
  1,227
  1,267
  1,310
  1,357
  1,407
  1,461
  1,519
  1,580
  1,646
  1,716
  1,790
  1,868
  1,951
  2,039
  2,132
  2,230
  2,333
  2,442
  2,557
  2,678
  2,805
  2,940
  3,081
  3,230
  3,386
  3,551
Total equity, $m
  234
  209
  214
  219
  225
  232
  239
  248
  256
  266
  276
  287
  299
  311
  324
  338
  353
  369
  385
  403
  422
  441
  462
  483
  506
  530
  556
  582
  611
  640
  671
Total liabilities and equity, $m
  1,316
  1,313
  1,343
  1,377
  1,416
  1,459
  1,506
  1,558
  1,613
  1,673
  1,737
  1,806
  1,879
  1,957
  2,040
  2,128
  2,221
  2,320
  2,424
  2,535
  2,652
  2,774
  2,904
  3,040
  3,184
  3,335
  3,496
  3,663
  3,841
  4,026
  4,222
Debt-to-equity ratio
  2.996
  3.460
  3.510
  3.550
  3.600
  3.650
  3.700
  3.750
  3.800
  3.860
  3.910
  3.960
  4.010
  4.060
  4.110
  4.160
  4.210
  4.260
  4.300
  4.340
  4.390
  4.430
  4.460
  4.500
  4.540
  4.570
  4.600
  4.640
  4.670
  4.690
  4.720
Adjusted equity ratio
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159
  0.159

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -161
  -230
  -236
  -243
  -249
  -256
  -263
  -271
  -278
  -286
  -295
  -303
  -311
  -321
  -330
  -340
  -350
  -360
  -371
  -382
  -394
  -406
  -418
  -431
  -444
  -457
  -471
  -486
  -501
  -516
  -532
Depreciation, amort., depletion, $m
  130
  127
  129
  133
  137
  141
  145
  150
  155
  161
  167
  173
  180
  188
  196
  204
  213
  222
  232
  243
  254
  266
  278
  292
  305
  320
  335
  351
  368
  386
  405
Funds from operations, $m
  63
  -103
  -107
  -110
  -113
  -115
  -118
  -121
  -123
  -125
  -127
  -129
  -131
  -133
  -134
  -136
  -137
  -138
  -139
  -139
  -140
  -140
  -139
  -139
  -138
  -137
  -136
  -134
  -132
  -130
  -127
Change in working capital, $m
  9
  3
  3
  3
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
Cash from operations, $m
  54
  -167
  -110
  -113
  -117
  -120
  -123
  -126
  -129
  -131
  -134
  -136
  -139
  -141
  -143
  -145
  -146
  -148
  -149
  -150
  -151
  -152
  -152
  -153
  -153
  -153
  -152
  -151
  -150
  -149
  -147
Maintenance CAPEX, $m
  0
  -123
  -126
  -129
  -132
  -136
  -140
  -144
  -149
  -155
  -160
  -167
  -173
  -180
  -188
  -196
  -204
  -213
  -222
  -232
  -243
  -254
  -266
  -278
  -292
  -305
  -320
  -335
  -351
  -368
  -386
New CAPEX, $m
  -21
  -22
  -25
  -29
  -32
  -36
  -39
  -43
  -46
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
Cash from investing activities, $m
  -14
  -145
  -151
  -158
  -164
  -172
  -179
  -187
  -195
  -205
  -214
  -224
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -357
  -374
  -392
  -412
  -431
  -453
  -475
  -498
  -523
  -549
Free cash flow, $m
  40
  -312
  -261
  -271
  -281
  -291
  -302
  -313
  -324
  -336
  -348
  -360
  -373
  -386
  -400
  -414
  -428
  -443
  -459
  -475
  -491
  -509
  -527
  -545
  -564
  -584
  -605
  -627
  -649
  -672
  -696
Issuance/(repayment) of debt, $m
  -164
  22
  25
  29
  33
  36
  40
  43
  47
  50
  54
  58
  62
  66
  70
  74
  78
  83
  88
  93
  98
  103
  109
  115
  121
  127
  134
  141
  149
  156
  165
Issuance/(repurchase) of shares, $m
  168
  264
  240
  247
  255
  262
  270
  278
  286
  295
  304
  313
  323
  333
  343
  354
  365
  376
  387
  400
  412
  425
  438
  452
  466
  481
  496
  512
  528
  545
  563
Cash from financing (excl. dividends), $m  
  -31
  286
  265
  276
  288
  298
  310
  321
  333
  345
  358
  371
  385
  399
  413
  428
  443
  459
  475
  493
  510
  528
  547
  567
  587
  608
  630
  653
  677
  701
  728
Total cash flow (excl. dividends), $m
  7
  -290
  -235
  -242
  -248
  -255
  -262
  -270
  -278
  -286
  -294
  -302
  -311
  -320
  -330
  -340
  -350
  -360
  -371
  -382
  -394
  -405
  -418
  -430
  -443
  -457
  -471
  -485
  -500
  -516
  -531
Retained Cash Flow (-), $m
  7
  -5
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
Prev. year cash balance distribution, $m
 
  30
  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
 
  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
Discount rate, %
 
  11.50
  12.08
  12.68
  13.31
  13.98
  14.68
  15.41
  16.18
  16.99
  17.84
  18.73
  19.67
  20.65
  21.68
  22.77
  23.91
  25.10
  26.36
  27.68
  29.06
  30.51
  32.04
  33.64
  35.32
  37.09
  38.94
  40.89
  42.93
  45.08
  47.34
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  55.2
  32.1
  18.6
  10.8
  6.2
  3.6
  2.1
  1.2
  0.7
  0.4
  0.2
  0.1
  0.1
  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
  0.0
  0.0

TETRA Technologies, Inc., together with its subsidiaries, operates as a diversified oil and gas services company. It operates through four divisions: Fluids, Production Testing, Compression, and Offshore. The Fluids division manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. This segment also markets liquid and dry calcium chloride products; and provides water management services for oil and gas operators. The Production Testing division provides frac flowback, production well testing, offshore rig cooling, and other associated services in oil and gas producing regions in the United States, Mexico, and Canada, as well as in various basins in South America, Africa, Europe, the Middle East, and Australia. The Compression division provides compression services and equipment for natural gas and oil production, gathering, transportation, processing, and storage operating in onshore producing regions of the United States, as well as in Mexico, Canada, and Argentina. The Offshore division offers downhole and subsea services, such as well plugging, and abandonment and workover services; decommissioning and construction services through heavy lift barges and various cutting technologies; and conventional and saturation diving services. TETRA Technologies, Inc. was founded in 1981 and is headquartered in The Woodlands, Texas.

FINANCIAL RATIOS  of  Tetra Technologies (TTI)

Valuation Ratios
P/E Ratio -2.3
Price to Sales 0.5
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 7
Price to Free Cash Flow 11.5
Growth Rates
Sales Growth Rate -38.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -82.6%
Cap. Spend. - 3 Yr. Gr. Rate -27%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 299.6%
Total Debt to Equity 299.6%
Interest Coverage -3
Management Effectiveness
Return On Assets -7.2%
Ret/ On Assets - 3 Yr. Avg. -6.4%
Return On Total Capital -15.9%
Ret/ On T. Cap. - 3 Yr. Avg. -13.8%
Return On Equity -67.8%
Return On Equity - 3 Yr. Avg. -48.6%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 10.1%
Gross Margin - 3 Yr. Avg. 14.3%
EBITDA Margin -7.5%
EBITDA Margin - 3 Yr. Avg. -2.6%
Operating Margin -24.6%
Oper. Margin - 3 Yr. Avg. -16%
Pre-Tax Margin -34.1%
Pre-Tax Margin - 3 Yr. Avg. -22.2%
Net Profit Margin -23.2%
Net Profit Margin - 3 Yr. Avg. -16.7%
Effective Tax Rate -0.8%
Eff/ Tax Rate - 3 Yr. Avg. -3.5%
Payout Ratio 0%

TTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TTI stock intrinsic value calculation we used $695 million for the last fiscal year's total revenue generated by Tetra Technologies. The default revenue input number comes from 2016 income statement of Tetra Technologies. 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 TTI 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 11.5%, whose default value for TTI is calculated based on our internal credit rating of Tetra Technologies, 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 Technologies.
    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 TTI stock the variable cost ratio is equal to 94.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $216 million in the base year in the intrinsic value calculation for TTI 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 7.1% for Tetra Technologies.

Corporate tax rate of 27% is the nominal tax rate for Tetra Technologies. 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 TTI 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 TTI are equal to 154.5%.

Life of production assets of 8.7 years is the average useful life of capital assets used in Tetra Technologies 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 TTI is equal to 18.6%. 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 - $234 million for Tetra Technologies - 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 113.598 million for Tetra Technologies 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 Technologies at the current share price and the inputted number of shares is $0.4 billion.


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COMPANY NEWS

▶ Why TETRA Technologies Stock Jumped 18.5% Today   [May-10-17 01:42PM  Motley Fool]
▶ Tetra Technologies reports 1Q loss   [07:38AM  Associated Press]
▶ CSI Compressco LP Announces First Quarter 2017 Results   [May-09-17 07:20AM  PR Newswire]
▶ Tetra Technologies reports 4Q loss   [07:37AM  Associated Press]
▶ How TETRA Technologies, Inc. (TTI) Stacks Up Against Its Peers   [Dec-08-16 02:14PM  at Insider Monkey]
▶ CSI Compressco LP Announces Third Quarter 2016 Results   [Nov-04-16 07:30AM  PR Newswire]
▶ Wall Streets 15 favorite energy stocks as oil prices rebound   [Oct-23-16 03:31PM  at MarketWatch]
▶ CSI Compressco LP Announces Second Quarter 2016 Results   [Aug-05-16 07:30AM  PR Newswire]
Stock chart of TTI Financial statements of TTI Annual reports of TTI
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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