Intrinsic value of Travelport Worldwide - TVPT

Previous Close

$14.50

  Intrinsic Value

$4.24

stock screener

  Rating & Target

str. sell

-71%

  Value-price divergence*

+31%

Previous close

$14.50

 
Intrinsic value

$4.24

 
Up/down potential

-71%

 
Rating

str. sell

 
Value-price divergence*

+31%

*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 1.8

 

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
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  2,351
  2,513
  2,682
  2,857
  3,040
  3,230
  3,427
  3,633
  3,848
  4,072
  4,305
  4,549
  4,804
  5,070
  5,348
  5,638
  5,942
  6,260
  6,593
  6,942
  7,306
  7,689
  8,089
  8,509
  8,948
  9,409
  9,893
  10,399
  10,931
  11,488
  12,073
Variable operating expenses, $m
 
  2,290
  2,436
  2,588
  2,747
  2,911
  3,083
  3,262
  3,448
  3,643
  3,845
  3,949
  4,170
  4,401
  4,642
  4,894
  5,158
  5,434
  5,723
  6,026
  6,342
  6,674
  7,022
  7,386
  7,768
  8,168
  8,587
  9,027
  9,489
  9,973
  10,480
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
  2,290
  2,436
  2,588
  2,747
  2,911
  3,083
  3,262
  3,448
  3,643
  3,845
  3,949
  4,170
  4,401
  4,642
  4,894
  5,158
  5,434
  5,723
  6,026
  6,342
  6,674
  7,022
  7,386
  7,768
  8,168
  8,587
  9,027
  9,489
  9,973
  10,480
Operating income, $m
  196
  224
  246
  269
  293
  318
  344
  371
  400
  429
  460
  600
  634
  669
  706
  744
  784
  826
  870
  916
  964
  1,014
  1,067
  1,123
  1,181
  1,241
  1,305
  1,372
  1,442
  1,516
  1,593
EBITDA, $m
  476
  469
  500
  533
  567
  602
  639
  678
  718
  760
  803
  849
  896
  946
  998
  1,052
  1,108
  1,168
  1,230
  1,295
  1,363
  1,434
  1,509
  1,587
  1,669
  1,755
  1,845
  1,940
  2,039
  2,143
  2,252
Interest expense (income), $m
  136
  134
  107
  117
  128
  139
  151
  163
  176
  189
  203
  218
  233
  249
  265
  282
  300
  319
  339
  359
  381
  403
  427
  452
  478
  505
  533
  563
  594
  627
  662
Earnings before tax, $m
  45
  90
  139
  152
  165
  179
  193
  208
  224
  240
  257
  382
  401
  420
  441
  462
  484
  507
  531
  557
  583
  611
  640
  671
  703
  737
  772
  809
  848
  889
  931
Tax expense, $m
  30
  24
  38
  41
  45
  48
  52
  56
  60
  65
  69
  103
  108
  113
  119
  125
  131
  137
  143
  150
  158
  165
  173
  181
  190
  199
  208
  218
  229
  240
  251
Net income, $m
  17
  66
  101
  111
  120
  130
  141
  152
  163
  175
  187
  279
  293
  307
  322
  337
  353
  370
  388
  406
  426
  446
  468
  490
  513
  538
  564
  591
  619
  649
  680

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
  3,028
  3,231
  3,442
  3,662
  3,891
  4,129
  4,377
  4,636
  4,906
  5,187
  5,481
  5,788
  6,108
  6,443
  6,793
  7,159
  7,542
  7,943
  8,363
  8,803
  9,263
  9,746
  10,251
  10,781
  11,337
  11,919
  12,529
  13,170
  13,841
  14,546
Adjusted assets (=assets-cash), $m
  2,694
  3,028
  3,231
  3,442
  3,662
  3,891
  4,129
  4,377
  4,636
  4,906
  5,187
  5,481
  5,788
  6,108
  6,443
  6,793
  7,159
  7,542
  7,943
  8,363
  8,803
  9,263
  9,746
  10,251
  10,781
  11,337
  11,919
  12,529
  13,170
  13,841
  14,546
Revenue / Adjusted assets
  0.873
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
Average production assets, $m
  1,283
  1,372
  1,464
  1,560
  1,660
  1,763
  1,871
  1,984
  2,101
  2,223
  2,351
  2,484
  2,623
  2,768
  2,920
  3,078
  3,244
  3,418
  3,600
  3,790
  3,989
  4,198
  4,417
  4,646
  4,886
  5,138
  5,401
  5,678
  5,968
  6,273
  6,592
Working capital, $m
  -159
  -251
  -268
  -286
  -304
  -323
  -343
  -363
  -385
  -407
  -431
  -455
  -480
  -507
  -535
  -564
  -594
  -626
  -659
  -694
  -731
  -769
  -809
  -851
  -895
  -941
  -989
  -1,040
  -1,093
  -1,149
  -1,207
Total debt, $m
  2,345
  1,876
  2,059
  2,249
  2,447
  2,653
  2,867
  3,091
  3,323
  3,566
  3,819
  4,084
  4,360
  4,648
  4,950
  5,265
  5,594
  5,939
  6,300
  6,678
  7,074
  7,488
  7,922
  8,377
  8,854
  9,354
  9,878
  10,428
  11,004
  11,608
  12,242
Total liabilities, $m
  3,194
  2,725
  2,908
  3,098
  3,296
  3,502
  3,716
  3,940
  4,172
  4,415
  4,668
  4,933
  5,209
  5,497
  5,799
  6,114
  6,443
  6,788
  7,149
  7,527
  7,923
  8,337
  8,771
  9,226
  9,703
  10,203
  10,727
  11,277
  11,853
  12,457
  13,091
Total equity, $m
  -360
  303
  323
  344
  366
  389
  413
  438
  464
  491
  519
  548
  579
  611
  644
  679
  716
  754
  794
  836
  880
  926
  975
  1,025
  1,078
  1,134
  1,192
  1,253
  1,317
  1,384
  1,455
Total liabilities and equity, $m
  2,834
  3,028
  3,231
  3,442
  3,662
  3,891
  4,129
  4,378
  4,636
  4,906
  5,187
  5,481
  5,788
  6,108
  6,443
  6,793
  7,159
  7,542
  7,943
  8,363
  8,803
  9,263
  9,746
  10,251
  10,781
  11,337
  11,919
  12,530
  13,170
  13,841
  14,546
Debt-to-equity ratio
  -6.514
  6.200
  6.370
  6.530
  6.680
  6.820
  6.940
  7.060
  7.170
  7.270
  7.360
  7.450
  7.530
  7.610
  7.680
  7.750
  7.810
  7.870
  7.930
  7.980
  8.040
  8.080
  8.130
  8.170
  8.210
  8.250
  8.290
  8.320
  8.360
  8.390
  8.420
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
  66
  101
  111
  120
  130
  141
  152
  163
  175
  187
  279
  293
  307
  322
  337
  353
  370
  388
  406
  426
  446
  468
  490
  513
  538
  564
  591
  619
  649
  680
Depreciation, amort., depletion, $m
  280
  245
  254
  264
  274
  284
  295
  306
  318
  330
  343
  248
  262
  277
  292
  308
  324
  342
  360
  379
  399
  420
  442
  465
  489
  514
  540
  568
  597
  627
  659
Funds from operations, $m
  297
  311
  356
  375
  394
  415
  436
  458
  481
  505
  531
  528
  555
  584
  614
  645
  678
  712
  748
  785
  825
  866
  909
  954
  1,002
  1,052
  1,104
  1,158
  1,216
  1,276
  1,339
Change in working capital, $m
  -2
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
Cash from operations, $m
  299
  327
  373
  392
  413
  434
  456
  479
  503
  528
  554
  552
  580
  610
  641
  674
  708
  744
  781
  820
  861
  904
  949
  996
  1,046
  1,098
  1,152
  1,209
  1,269
  1,332
  1,397
Maintenance CAPEX, $m
  0
  -128
  -137
  -146
  -156
  -166
  -176
  -187
  -198
  -210
  -222
  -235
  -248
  -262
  -277
  -292
  -308
  -324
  -342
  -360
  -379
  -399
  -420
  -442
  -465
  -489
  -514
  -540
  -568
  -597
  -627
New CAPEX, $m
  -107
  -90
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -128
  -133
  -139
  -145
  -152
  -159
  -166
  -174
  -182
  -190
  -199
  -209
  -219
  -229
  -240
  -252
  -264
  -277
  -290
  -304
  -319
Cash from investing activities, $m
  -122
  -218
  -229
  -242
  -256
  -270
  -284
  -299
  -315
  -332
  -350
  -368
  -387
  -407
  -429
  -451
  -474
  -498
  -524
  -550
  -578
  -608
  -639
  -671
  -705
  -741
  -778
  -817
  -858
  -901
  -946
Free cash flow, $m
  177
  109
  143
  150
  157
  164
  171
  179
  187
  195
  204
  184
  193
  203
  213
  223
  234
  246
  258
  270
  283
  297
  311
  326
  341
  357
  374
  392
  411
  430
  451
Issuance/(repayment) of debt, $m
  -136
  -469
  183
  190
  198
  206
  214
  223
  233
  243
  253
  264
  276
  288
  301
  315
  330
  345
  361
  378
  396
  414
  434
  455
  477
  500
  524
  550
  576
  604
  634
Issuance/(repurchase) of shares, $m
  0
  597
  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
  128
  183
  190
  198
  206
  214
  223
  233
  243
  253
  264
  276
  288
  301
  315
  330
  345
  361
  378
  396
  414
  434
  455
  477
  500
  524
  550
  576
  604
  634
Total cash flow (excl. dividends), $m
  22
  237
  326
  340
  355
  370
  386
  403
  420
  438
  457
  448
  469
  491
  514
  538
  564
  591
  619
  648
  679
  711
  745
  781
  818
  857
  898
  942
  987
  1,035
  1,085
Retained Cash Flow (-), $m
  3
  -663
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
Prev. year cash balance 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
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
 
  -425
  306
  319
  333
  347
  362
  378
  394
  411
  429
  419
  438
  459
  481
  503
  527
  552
  578
  606
  635
  665
  697
  730
  765
  802
  840
  881
  923
  968
  1,015
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
 
  -373
  232
  207
  182
  157
  134
  112
  93
  75
  59
  43
  33
  24
  18
  13
  9
  6
  4
  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, together with its subsidiaries, provides travel commerce platform that offers distribution, technology, payment, and other solutions for the travel and tourism industry in the United States, the United Kingdom, and internationally. It facilitates travel commerce by connecting the airlines and hotel chains with online and offline travel agencies and other travel buyers through its proprietary business to business travel commerce platform. The company also provides distribution and merchandising solutions for hotel, car rental, rail, cruise-line, and tour operators; virtual account number payment solutions that automatically generate unique MasterCard numbers that are used to process payments; advertising solutions; and other platform services, such as subscription, processing, and business intelligence data services, as well as marketing-oriented analytical tools. In addition, it provides critical hosting solutions to airlines comprising pricing, shopping, ticketing, ground handling, and other solutions; and application development services. The company serves travel providers, buyers, agencies, and management companies; corporations; and other travel data users. Travelport Worldwide Limited was incorporated in 2006 and is headquartered in Langley, the United Kingdom.

FINANCIAL RATIOS  of  Travelport Worldwide (TVPT)

Valuation Ratios
P/E Ratio 105.8
Price to Sales 0.8
Price to Book -5
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 9.4
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 6.9% 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 10 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 121.815 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 $1.8 billion.

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COMPANY NEWS

▶ 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]
▶ Nebula Capital Managements Biggest Q1 Moves   [May-06-16 01:46PM  at Insider Monkey]
Stock chart of TVPT 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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