Intrinsic value of Tetra Technologies - TTI

Previous Close

$3.71

  Intrinsic Value

$0.49

stock screener

  Rating & Target

str. sell

-87%

Previous close

$3.71

 
Intrinsic value

$0.49

 
Up/down potential

-87%

 
Rating

str. sell

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
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  695
  821
  960
  1,111
  1,273
  1,447
  1,632
  1,828
  2,035
  2,253
  2,481
  2,719
  2,967
  3,226
  3,496
  3,776
  4,068
  4,371
  4,685
  5,012
  5,352
  5,706
  6,074
  6,456
  6,855
  7,270
  7,702
  8,153
  8,623
  9,114
  9,626
Variable operating expenses, $m
 
  774
  904
  1,046
  1,199
  1,362
  1,537
  1,721
  1,916
  2,121
  2,335
  2,558
  2,792
  3,036
  3,290
  3,553
  3,828
  4,113
  4,409
  4,717
  5,037
  5,369
  5,715
  6,075
  6,450
  6,841
  7,248
  7,672
  8,114
  8,576
  9,058
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
  995
  1,131
  1,279
  1,437
  1,606
  1,787
  1,978
  2,179
  2,391
  2,611
  2,841
  3,082
  3,334
  3,595
  3,866
  4,149
  4,442
  4,746
  5,062
  5,391
  5,732
  6,087
  6,456
  6,841
  7,241
  7,658
  8,093
  8,545
  9,018
  9,511
Operating income, $m
  -171
  -174
  -171
  -168
  -164
  -160
  -155
  -150
  -144
  -138
  -131
  -123
  -115
  -107
  -99
  -90
  -81
  -71
  -60
  -50
  -38
  -26
  -13
  0
  14
  29
  44
  60
  78
  96
  115
EBITDA, $m
  -41
  -27
  0
  30
  63
  98
  136
  176
  218
  263
  310
  360
  412
  466
  522
  581
  642
  705
  772
  841
  912
  987
  1,065
  1,146
  1,231
  1,319
  1,412
  1,508
  1,609
  1,714
  1,824
Interest expense (income), $m
  55
  50
  64
  79
  96
  114
  133
  153
  175
  198
  222
  247
  274
  301
  330
  360
  391
  423
  456
  491
  527
  565
  604
  645
  687
  731
  777
  825
  874
  926
  981
Earnings before tax, $m
  -237
  -223
  -235
  -247
  -260
  -273
  -288
  -303
  -319
  -336
  -353
  -370
  -389
  -408
  -429
  -450
  -471
  -494
  -517
  -541
  -565
  -591
  -617
  -645
  -673
  -702
  -733
  -764
  -797
  -831
  -866
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
  -223
  -235
  -247
  -260
  -273
  -288
  -303
  -319
  -336
  -353
  -370
  -389
  -408
  -429
  -450
  -471
  -494
  -517
  -541
  -565
  -591
  -617
  -645
  -673
  -702
  -733
  -764
  -797
  -831
  -866

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
  1,521
  1,778
  2,057
  2,358
  2,680
  3,023
  3,386
  3,769
  4,172
  4,594
  5,035
  5,495
  5,975
  6,474
  6,993
  7,533
  8,094
  8,677
  9,282
  9,912
  10,567
  11,248
  11,956
  12,694
  13,462
  14,263
  15,098
  15,968
  16,877
  17,826
Adjusted assets (=assets-cash), $m
  1,286
  1,521
  1,778
  2,057
  2,358
  2,680
  3,023
  3,386
  3,769
  4,172
  4,594
  5,035
  5,495
  5,975
  6,474
  6,993
  7,533
  8,094
  8,677
  9,282
  9,912
  10,567
  11,248
  11,956
  12,694
  13,462
  14,263
  15,098
  15,968
  16,877
  17,826
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
  1,269
  1,483
  1,716
  1,967
  2,236
  2,522
  2,825
  3,145
  3,481
  3,833
  4,201
  4,585
  4,985
  5,401
  5,834
  6,285
  6,753
  7,239
  7,744
  8,270
  8,816
  9,384
  9,975
  10,591
  11,232
  11,900
  12,596
  13,323
  14,081
  14,872
Working capital, $m
  159
  153
  179
  207
  237
  269
  304
  340
  379
  419
  461
  506
  552
  600
  650
  702
  757
  813
  871
  932
  996
  1,061
  1,130
  1,201
  1,275
  1,352
  1,433
  1,516
  1,604
  1,695
  1,790
Total debt, $m
  701
  898
  1,114
  1,349
  1,602
  1,873
  2,161
  2,467
  2,789
  3,127
  3,482
  3,853
  4,240
  4,644
  5,064
  5,500
  5,954
  6,426
  6,916
  7,425
  7,955
  8,506
  9,078
  9,674
  10,295
  10,941
  11,614
  12,316
  13,049
  13,813
  14,611
Total liabilities, $m
  1,082
  1,279
  1,495
  1,730
  1,983
  2,254
  2,542
  2,848
  3,170
  3,508
  3,863
  4,234
  4,621
  5,025
  5,445
  5,881
  6,335
  6,807
  7,297
  7,806
  8,336
  8,887
  9,459
  10,055
  10,676
  11,322
  11,995
  12,697
  13,430
  14,194
  14,992
Total equity, $m
  234
  242
  283
  327
  375
  426
  481
  538
  599
  663
  730
  801
  874
  950
  1,029
  1,112
  1,198
  1,287
  1,380
  1,476
  1,576
  1,680
  1,788
  1,901
  2,018
  2,140
  2,268
  2,401
  2,539
  2,683
  2,834
Total liabilities and equity, $m
  1,316
  1,521
  1,778
  2,057
  2,358
  2,680
  3,023
  3,386
  3,769
  4,171
  4,593
  5,035
  5,495
  5,975
  6,474
  6,993
  7,533
  8,094
  8,677
  9,282
  9,912
  10,567
  11,247
  11,956
  12,694
  13,462
  14,263
  15,098
  15,969
  16,877
  17,826
Debt-to-equity ratio
  2.996
  3.710
  3.940
  4.120
  4.270
  4.400
  4.500
  4.580
  4.650
  4.710
  4.770
  4.810
  4.850
  4.890
  4.920
  4.950
  4.970
  4.990
  5.010
  5.030
  5.050
  5.060
  5.080
  5.090
  5.100
  5.110
  5.120
  5.130
  5.140
  5.150
  5.150
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
  -223
  -235
  -247
  -260
  -273
  -288
  -303
  -319
  -336
  -353
  -370
  -389
  -408
  -429
  -450
  -471
  -494
  -517
  -541
  -565
  -591
  -617
  -645
  -673
  -702
  -733
  -764
  -797
  -831
  -866
Depreciation, amort., depletion, $m
  130
  147
  171
  198
  227
  258
  291
  325
  362
  401
  441
  483
  527
  573
  621
  671
  722
  776
  832
  890
  951
  1,013
  1,079
  1,147
  1,217
  1,291
  1,368
  1,448
  1,531
  1,618
  1,709
Funds from operations, $m
  63
  -77
  -64
  -49
  -33
  -16
  3
  22
  43
  65
  88
  113
  138
  165
  192
  221
  251
  283
  315
  350
  385
  422
  461
  502
  544
  589
  635
  684
  734
  788
  844
Change in working capital, $m
  9
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
Cash from operations, $m
  54
  -100
  -89
  -77
  -63
  -48
  -32
  -14
  5
  25
  46
  68
  92
  116
  142
  169
  197
  226
  257
  289
  322
  357
  393
  431
  470
  511
  555
  600
  647
  697
  748
Maintenance CAPEX, $m
  0
  -123
  -146
  -171
  -197
  -226
  -257
  -290
  -325
  -361
  -400
  -441
  -483
  -527
  -573
  -621
  -671
  -722
  -776
  -832
  -890
  -951
  -1,013
  -1,079
  -1,147
  -1,217
  -1,291
  -1,368
  -1,448
  -1,531
  -1,618
New CAPEX, $m
  -21
  -196
  -214
  -233
  -251
  -269
  -286
  -303
  -320
  -336
  -352
  -368
  -384
  -400
  -416
  -433
  -450
  -468
  -486
  -505
  -525
  -546
  -568
  -591
  -615
  -641
  -668
  -696
  -726
  -758
  -792
Cash from investing activities, $m
  -14
  -319
  -360
  -404
  -448
  -495
  -543
  -593
  -645
  -697
  -752
  -809
  -867
  -927
  -989
  -1,054
  -1,121
  -1,190
  -1,262
  -1,337
  -1,415
  -1,497
  -1,581
  -1,670
  -1,762
  -1,858
  -1,959
  -2,064
  -2,174
  -2,289
  -2,410
Free cash flow, $m
  40
  -419
  -449
  -480
  -511
  -543
  -575
  -607
  -640
  -673
  -706
  -740
  -775
  -811
  -847
  -885
  -924
  -964
  -1,006
  -1,049
  -1,093
  -1,140
  -1,189
  -1,239
  -1,292
  -1,347
  -1,404
  -1,465
  -1,527
  -1,593
  -1,662
Issuance/(repayment) of debt, $m
  -164
  197
  216
  235
  253
  271
  288
  305
  322
  339
  355
  371
  387
  403
  420
  437
  454
  472
  490
  509
  530
  551
  573
  596
  620
  646
  673
  702
  732
  764
  798
Issuance/(repurchase) of shares, $m
  168
  261
  276
  291
  308
  325
  342
  361
  380
  400
  420
  440
  462
  485
  508
  532
  557
  583
  609
  637
  665
  695
  726
  757
  790
  825
  860
  897
  935
  975
  1,017
Cash from financing (excl. dividends), $m  
  -31
  458
  492
  526
  561
  596
  630
  666
  702
  739
  775
  811
  849
  888
  928
  969
  1,011
  1,055
  1,099
  1,146
  1,195
  1,246
  1,299
  1,353
  1,410
  1,471
  1,533
  1,599
  1,667
  1,739
  1,815
Total cash flow (excl. dividends), $m
  7
  39
  42
  46
  49
  53
  56
  59
  62
  66
  69
  71
  74
  77
  80
  84
  87
  90
  94
  98
  101
  106
  110
  114
  119
  124
  129
  135
  140
  146
  153
Retained Cash Flow (-), $m
  7
  -261
  -276
  -291
  -308
  -325
  -342
  -361
  -380
  -400
  -420
  -440
  -462
  -485
  -508
  -532
  -557
  -583
  -609
  -637
  -665
  -695
  -726
  -757
  -790
  -825
  -860
  -897
  -935
  -975
  -1,017
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
 
  -192
  -234
  -246
  -258
  -272
  -286
  -302
  -317
  -334
  -351
  -369
  -388
  -407
  -428
  -448
  -470
  -492
  -515
  -539
  -564
  -589
  -616
  -643
  -671
  -701
  -731
  -762
  -795
  -829
  -864
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
 
  -172
  -186
  -172
  -157
  -141
  -126
  -111
  -96
  -81
  -68
  -56
  -45
  -35
  -27
  -21
  -15
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  58.9
  36.4
  23.3
  15.4
  10.5
  7.3
  5.2
  3.7
  2.7
  2.0
  1.5
  1.2
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

TETRA Technologies, Inc. is an oil and gas services company. The Company focuses on completion fluids and associated products and services, water management, production well testing, offshore rig cooling, compression services and equipment, and offshore services, such as decommissioning and diving. It is composed of five segments organized into 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. Its Production Testing division provides frac flowback services, production well testing services, offshore rig cooling and other associated services in various oil and gas producing regions. The Compression division provides compression services and equipment for natural gas and oil production, gathering, transportation, processing and storage. The Offshore division consists of two operating segments: Offshore Services and Maritech.

FINANCIAL RATIOS  of  Tetra Technologies (TTI)

Valuation Ratios
P/E Ratio -2.6
Price to Sales 0.6
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 12.9
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 18.2% 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 115.897 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

▶ How Schlumberger Reacted to Crude Oil Prices Last Week   [Nov-13-17 04:30PM  Market Realist]
▶ Tetra Technologies beats 3Q profit forecasts   [07:17AM  Associated Press]
▶ Stocks With Rising Relative Strength: Tetra Technologies   [Nov-03-17 03:00AM  Investor's Business Daily]
▶ Tetra Technologies Sees RS Rating Improve To 74   [Oct-25-17 03:00AM  Investor's Business Daily]
▶ Tetra Technologies Getting Closer To Key Technical Measure   [Oct-04-17 03:00AM  Investor's Business Daily]
▶ Oilfield Services Gainers: TTI, IO, FTK, TESO, and NR   [Sep-15-17 03:34PM  Market Realist]
▶ Tetra Technologies reports 2Q loss   [Aug-09-17 12:32PM  Associated Press]
▶ CSI Compressco LP Announces Second Quarter 2017 Results   [Aug-08-17 07:00AM  PR Newswire]
▶ 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]
Financial statements 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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