Intrinsic value of Travelport Worldwide - TVPT

Previous Close

$15.72

  Intrinsic Value

$2.33

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-14%

Previous close

$15.72

 
Intrinsic value

$2.33

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-14%

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

We calculate the intrinsic value of TVPT 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 2.0

 

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, %
  5.85
  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
  2,351
  2,398
  2,453
  2,516
  2,587
  2,665
  2,751
  2,845
  2,947
  3,056
  3,173
  3,299
  3,433
  3,575
  3,727
  3,887
  4,058
  4,238
  4,429
  4,630
  4,843
  5,067
  5,304
  5,554
  5,817
  6,094
  6,385
  6,692
  7,015
  7,355
  7,712
Variable operating expenses, $m
 
  2,190
  2,238
  2,292
  2,354
  2,422
  2,496
  2,578
  2,666
  2,761
  2,863
  2,863
  2,980
  3,103
  3,235
  3,374
  3,522
  3,679
  3,844
  4,019
  4,204
  4,399
  4,604
  4,821
  5,049
  5,290
  5,543
  5,809
  6,089
  6,384
  6,694
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
  2,155
  2,190
  2,238
  2,292
  2,354
  2,422
  2,496
  2,578
  2,666
  2,761
  2,863
  2,863
  2,980
  3,103
  3,235
  3,374
  3,522
  3,679
  3,844
  4,019
  4,204
  4,399
  4,604
  4,821
  5,049
  5,290
  5,543
  5,809
  6,089
  6,384
  6,694
Operating income, $m
  196
  208
  216
  224
  233
  244
  255
  267
  281
  295
  311
  435
  453
  472
  492
  513
  535
  559
  584
  611
  639
  669
  700
  733
  767
  804
  842
  883
  926
  970
  1,017
EBITDA, $m
  476
  472
  483
  496
  509
  525
  542
  560
  580
  602
  625
  650
  676
  704
  734
  766
  799
  835
  872
  912
  954
  998
  1,045
  1,094
  1,146
  1,200
  1,257
  1,318
  1,381
  1,448
  1,519
Interest expense (income), $m
  136
  130
  93
  96
  99
  104
  108
  113
  119
  125
  131
  138
  145
  153
  162
  171
  180
  190
  201
  212
  224
  236
  249
  263
  278
  293
  310
  327
  345
  364
  384
Earnings before tax, $m
  45
  78
  123
  128
  134
  140
  147
  154
  162
  170
  179
  297
  307
  318
  330
  342
  355
  369
  384
  399
  415
  432
  450
  469
  489
  511
  533
  556
  581
  607
  634
Tax expense, $m
  30
  21
  33
  35
  36
  38
  40
  42
  44
  46
  48
  80
  83
  86
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
  171
Net income, $m
  17
  57
  90
  94
  98
  102
  107
  112
  118
  124
  131
  217
  224
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  343
  357
  373
  389
  406
  424
  443
  463

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  140
  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
  2,834
  2,747
  2,810
  2,882
  2,963
  3,053
  3,152
  3,259
  3,375
  3,500
  3,635
  3,779
  3,932
  4,095
  4,269
  4,453
  4,648
  4,855
  5,073
  5,304
  5,547
  5,805
  6,076
  6,362
  6,663
  6,980
  7,314
  7,665
  8,035
  8,425
  8,834
Adjusted assets (=assets-cash), $m
  2,694
  2,747
  2,810
  2,882
  2,963
  3,053
  3,152
  3,259
  3,375
  3,500
  3,635
  3,779
  3,932
  4,095
  4,269
  4,453
  4,648
  4,855
  5,073
  5,304
  5,547
  5,805
  6,076
  6,362
  6,663
  6,980
  7,314
  7,665
  8,035
  8,425
  8,834
Revenue / Adjusted assets
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
  0.873
Average production assets, $m
  1,283
  1,309
  1,339
  1,374
  1,413
  1,455
  1,502
  1,553
  1,609
  1,669
  1,733
  1,801
  1,874
  1,952
  2,035
  2,122
  2,215
  2,314
  2,418
  2,528
  2,644
  2,767
  2,896
  3,032
  3,176
  3,327
  3,486
  3,654
  3,830
  4,016
  4,211
Working capital, $m
  -159
  -240
  -245
  -252
  -259
  -267
  -275
  -285
  -295
  -306
  -317
  -330
  -343
  -358
  -373
  -389
  -406
  -424
  -443
  -463
  -484
  -507
  -530
  -555
  -582
  -609
  -639
  -669
  -701
  -735
  -771
Total debt, $m
  2,345
  1,623
  1,680
  1,745
  1,818
  1,899
  1,988
  2,084
  2,189
  2,301
  2,422
  2,552
  2,690
  2,837
  2,993
  3,159
  3,334
  3,520
  3,717
  3,924
  4,144
  4,375
  4,619
  4,876
  5,148
  5,433
  5,734
  6,050
  6,383
  6,733
  7,101
Total liabilities, $m
  3,194
  2,472
  2,529
  2,594
  2,667
  2,748
  2,837
  2,933
  3,038
  3,150
  3,271
  3,401
  3,539
  3,686
  3,842
  4,008
  4,183
  4,369
  4,566
  4,773
  4,993
  5,224
  5,468
  5,725
  5,997
  6,282
  6,583
  6,899
  7,232
  7,582
  7,950
Total equity, $m
  -360
  275
  281
  288
  296
  305
  315
  326
  338
  350
  363
  378
  393
  410
  427
  445
  465
  485
  507
  530
  555
  580
  608
  636
  666
  698
  731
  767
  804
  842
  883
Total liabilities and equity, $m
  2,834
  2,747
  2,810
  2,882
  2,963
  3,053
  3,152
  3,259
  3,376
  3,500
  3,634
  3,779
  3,932
  4,096
  4,269
  4,453
  4,648
  4,854
  5,073
  5,303
  5,548
  5,804
  6,076
  6,361
  6,663
  6,980
  7,314
  7,666
  8,036
  8,424
  8,833
Debt-to-equity ratio
  -6.514
  5.910
  5.980
  6.050
  6.130
  6.220
  6.310
  6.390
  6.480
  6.570
  6.660
  6.750
  6.840
  6.930
  7.010
  7.090
  7.170
  7.250
  7.330
  7.400
  7.470
  7.540
  7.600
  7.670
  7.730
  7.780
  7.840
  7.890
  7.940
  7.990
  8.040
Adjusted equity ratio
  -0.186
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  57
  90
  94
  98
  102
  107
  112
  118
  124
  131
  217
  224
  232
  241
  250
  259
  269
  280
  291
  303
  316
  329
  343
  357
  373
  389
  406
  424
  443
  463
Depreciation, amort., depletion, $m
  280
  264
  267
  272
  276
  281
  287
  293
  300
  307
  314
  214
  223
  232
  242
  253
  264
  275
  288
  301
  315
  329
  345
  361
  378
  396
  415
  435
  456
  478
  501
Funds from operations, $m
  297
  321
  357
  365
  374
  383
  394
  405
  418
  431
  445
  431
  448
  465
  483
  503
  523
  545
  568
  592
  618
  645
  674
  704
  735
  769
  804
  841
  880
  921
  964
Change in working capital, $m
  -2
  -5
  -6
  -6
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -36
Cash from operations, $m
  299
  326
  363
  371
  381
  391
  403
  415
  428
  442
  457
  444
  461
  479
  498
  519
  540
  563
  587
  612
  639
  667
  697
  729
  762
  796
  833
  872
  912
  955
  1,000
Maintenance CAPEX, $m
  0
  -153
  -156
  -159
  -164
  -168
  -173
  -179
  -185
  -192
  -199
  -206
  -214
  -223
  -232
  -242
  -253
  -264
  -275
  -288
  -301
  -315
  -329
  -345
  -361
  -378
  -396
  -415
  -435
  -456
  -478
New CAPEX, $m
  -107
  -27
  -30
  -34
  -39
  -43
  -47
  -51
  -55
  -60
  -64
  -69
  -73
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -123
  -129
  -136
  -144
  -151
  -159
  -168
  -176
  -185
  -195
Cash from investing activities, $m
  -122
  -180
  -186
  -193
  -203
  -211
  -220
  -230
  -240
  -252
  -263
  -275
  -287
  -301
  -315
  -330
  -346
  -362
  -379
  -398
  -417
  -438
  -458
  -481
  -505
  -529
  -555
  -583
  -611
  -641
  -673
Free cash flow, $m
  177
  146
  177
  178
  179
  180
  182
  185
  188
  191
  194
  169
  173
  178
  183
  189
  194
  201
  207
  215
  222
  230
  239
  248
  257
  267
  278
  289
  301
  313
  326
Issuance/(repayment) of debt, $m
  -136
  -658
  57
  65
  73
  81
  89
  97
  105
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  301
  316
  333
  350
  368
Issuance/(repurchase) of shares, $m
  0
  653
  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  
  -154
  -5
  57
  65
  73
  81
  89
  97
  105
  113
  121
  129
  138
  147
  156
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  301
  316
  333
  350
  368
Total cash flow (excl. dividends), $m
  22
  142
  234
  243
  252
  261
  271
  281
  292
  303
  315
  298
  311
  325
  339
  354
  370
  387
  404
  422
  441
  462
  483
  505
  528
  553
  578
  605
  634
  664
  695
Retained Cash Flow (-), $m
  3
  -711
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
Prev. year cash balance distribution, $m
 
  76
  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
 
  -493
  227
  235
  244
  252
  261
  271
  281
  291
  302
  284
  296
  309
  322
  336
  351
  366
  382
  399
  417
  436
  456
  476
  498
  521
  545
  570
  597
  625
  654
Discount rate, %
 
  14.10
  14.81
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
  50.13
  52.64
  55.27
  58.04
PV of cash for distribution, $m
 
  -432
  173
  153
  133
  114
  97
  81
  66
  53
  42
  29
  22
  16
  12
  8
  6
  4
  2
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Travelport Worldwide Limited provides a travel commerce platform, which offers distribution, technology, payment, mobile and other solutions for the travel and tourism industry. The Company connects travel providers, such as airlines and hotel chains with online and offline travel agencies and other travel buyers in its business-to-business (B2B) travel commerce platform (its Travel Commerce Platform). It also provides a range of digital and mobile services that allow airlines, hotels, corporate travel management companies and travel agencies to engage with their customers through mobile services, including applications, corporate booking tools, mobile Web and mobile messaging. Travel Commerce Platform connects travel providers and travel buyers, as well as travel agencies, travel management companies (TMCs) and corporations. As of December 31, 2016, it provided air distribution services to approximately 400 airlines globally, including approximately 125 low cost carriers (LCCs).

FINANCIAL RATIOS  of  Travelport Worldwide (TVPT)

Valuation Ratios
P/E Ratio 114.7
Price to Sales 0.8
Price to Book -5.4
Price to Tangible Book
Price to Cash Flow 6.5
Price to Free Cash Flow 10.2
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.9%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity -633.6%
Total Debt to Equity -651.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.2%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 0.8%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity -4.7%
Return On Equity - 3 Yr. Avg. -6.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.2%
Gross Margin - 3 Yr. Avg. 39.1%
EBITDA Margin 19.6%
EBITDA Margin - 3 Yr. Avg. 25.4%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 6.5%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 0.7%
Net Profit Margin - 3 Yr. Avg. 1.8%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 50.9%
Payout Ratio 217.6%

TVPT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TVPT stock intrinsic value calculation we used $2351 million for the last fiscal year's total revenue generated by Travelport Worldwide. The default revenue input number comes from 2016 income statement of Travelport Worldwide. 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 TVPT 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 14.1%, whose default value for TVPT is calculated based on our internal credit rating of Travelport Worldwide, 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 Travelport Worldwide.
    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 TVPT stock the variable cost ratio is equal to 91.4%.

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 TVPT 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 5.7% for Travelport Worldwide.

Corporate tax rate of 27% is the nominal tax rate for Travelport Worldwide. 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 TVPT 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 TVPT are equal to 54.6%.

Life of production assets of 8.4 years is the average useful life of capital assets used in Travelport Worldwide 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 TVPT is equal to -10%. 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 - $-360 million for Travelport Worldwide - 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 125 million for Travelport Worldwide 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 Travelport Worldwide at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ MakeMyTrip to Use the Travelport Platform   [Aug-23-17 03:30AM  PR Newswire]
▶ Travelport Worldwide Delivers Another Solid Quarter   [Aug-04-17 08:01PM  Motley Fool]
▶ Travelport beats 2Q profit forecasts   [Aug-03-17 07:17AM  Associated Press]
▶ Travelport Worldwide Starts 2017 Strong   [May-09-17 02:12PM  Motley Fool]
▶ Travelport tops Street 1Q forecasts   [08:29AM  Associated Press]
▶ Travelport's Investments Support a Narrow Moat   [Feb-27-17 07:00AM  Morningstar]
▶ Travelport Worldwide Looks to the Horizon   [08:00AM  Motley Fool]
▶ Travelport reports 4Q loss   [07:13AM  Associated Press]
▶ Global travel company will close KC office, eliminate 124 jobs   [Feb-15-17 02:35PM  at bizjournals.com]
▶ Global travel company will close KC office, eliminate 124 jobs   [02:35PM  American City Business Journals]
▶ Avis Budget Group and Travelport Extend Relationship   [Feb-13-17 10:00AM  GlobeNewswire]
▶ Should You Follow the Smart Money Back Into Seadrill Ltd (SDRL)?   [Dec-02-16 02:06PM  at Insider Monkey]
▶ Is bluebird bio Inc (BLUE) A Good Stock To Buy?   [Nov-27-16 06:41PM  at Insider Monkey]
▶ Travelport Announces Secondary Offering of Common Shares   [Sep-15-16 04:33PM  PR Newswire]
▶ Travelport Expands its European Partnership With Expedia   [Aug-01-16 03:30AM  PR Newswire]
Financial statements of TVPT
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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