Intrinsic value of Travelport Worldwide - TVPT

Previous Close

$13.76

  Intrinsic Value

$2.79

stock screener

  Rating & Target

str. sell

-80%

Previous close

$13.76

 
Intrinsic value

$2.79

 
Up/down potential

-80%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  2,351
  2,431
  2,517
  2,611
  2,711
  2,818
  2,932
  3,054
  3,183
  3,320
  3,466
  3,620
  3,783
  3,955
  4,136
  4,328
  4,530
  4,743
  4,968
  5,204
  5,453
  5,715
  5,991
  6,281
  6,586
  6,907
  7,244
  7,599
  7,972
  8,364
  8,776
Variable operating expenses, $m
 
  2,218
  2,293
  2,374
  2,461
  2,554
  2,653
  2,759
  2,871
  2,990
  3,117
  3,142
  3,284
  3,433
  3,591
  3,757
  3,932
  4,117
  4,312
  4,518
  4,734
  4,961
  5,200
  5,452
  5,717
  5,996
  6,289
  6,597
  6,920
  7,260
  7,618
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
  2,218
  2,293
  2,374
  2,461
  2,554
  2,653
  2,759
  2,871
  2,990
  3,117
  3,142
  3,284
  3,433
  3,591
  3,757
  3,932
  4,117
  4,312
  4,518
  4,734
  4,961
  5,200
  5,452
  5,717
  5,996
  6,289
  6,597
  6,920
  7,260
  7,618
Operating income, $m
  196
  213
  224
  236
  250
  264
  279
  295
  312
  330
  349
  478
  499
  522
  546
  571
  598
  626
  655
  687
  719
  754
  790
  829
  869
  911
  956
  1,003
  1,052
  1,104
  1,158
EBITDA, $m
  476
  479
  496
  514
  534
  555
  577
  601
  627
  654
  683
  713
  745
  779
  815
  852
  892
  934
  978
  1,025
  1,074
  1,126
  1,180
  1,237
  1,297
  1,360
  1,427
  1,497
  1,570
  1,647
  1,728
Interest expense (income), $m
  136
  130
  94
  100
  105
  111
  117
  124
  131
  139
  147
  155
  164
  174
  184
  195
  206
  218
  230
  244
  257
  272
  287
  304
  321
  339
  357
  377
  398
  420
  443
Earnings before tax, $m
  45
  83
  130
  137
  145
  153
  162
  171
  181
  191
  203
  322
  335
  348
  362
  376
  392
  408
  425
  443
  462
  482
  503
  525
  548
  573
  598
  625
  654
  683
  715
Tax expense, $m
  30
  22
  35
  37
  39
  41
  44
  46
  49
  52
  55
  87
  90
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  148
  155
  162
  169
  176
  185
  193
Net income, $m
  17
  60
  95
  100
  106
  112
  118
  125
  132
  140
  148
  235
  244
  254
  264
  275
  286
  298
  310
  323
  337
  352
  367
  383
  400
  418
  437
  456
  477
  499
  522

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
  2,785
  2,884
  2,991
  3,105
  3,228
  3,359
  3,498
  3,646
  3,803
  3,970
  4,146
  4,333
  4,530
  4,738
  4,958
  5,189
  5,433
  5,690
  5,961
  6,246
  6,547
  6,862
  7,195
  7,544
  7,912
  8,298
  8,705
  9,132
  9,581
  10,053
Adjusted assets (=assets-cash), $m
  2,694
  2,785
  2,884
  2,991
  3,105
  3,228
  3,359
  3,498
  3,646
  3,803
  3,970
  4,146
  4,333
  4,530
  4,738
  4,958
  5,189
  5,433
  5,690
  5,961
  6,246
  6,547
  6,862
  7,195
  7,544
  7,912
  8,298
  8,705
  9,132
  9,581
  10,053
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
  1,327
  1,375
  1,425
  1,480
  1,539
  1,601
  1,667
  1,738
  1,813
  1,892
  1,976
  2,065
  2,159
  2,258
  2,363
  2,473
  2,590
  2,712
  2,841
  2,977
  3,120
  3,271
  3,429
  3,596
  3,771
  3,955
  4,149
  4,353
  4,567
  4,792
Working capital, $m
  -159
  -243
  -252
  -261
  -271
  -282
  -293
  -305
  -318
  -332
  -347
  -362
  -378
  -395
  -414
  -433
  -453
  -474
  -497
  -520
  -545
  -572
  -599
  -628
  -659
  -691
  -724
  -760
  -797
  -836
  -878
Total debt, $m
  2,345
  1,657
  1,746
  1,842
  1,946
  2,056
  2,174
  2,299
  2,433
  2,574
  2,724
  2,883
  3,051
  3,228
  3,415
  3,613
  3,821
  4,041
  4,272
  4,516
  4,773
  5,043
  5,327
  5,626
  5,941
  6,272
  6,620
  6,985
  7,370
  7,774
  8,198
Total liabilities, $m
  3,194
  2,506
  2,595
  2,691
  2,795
  2,905
  3,023
  3,148
  3,282
  3,423
  3,573
  3,732
  3,900
  4,077
  4,264
  4,462
  4,670
  4,890
  5,121
  5,365
  5,622
  5,892
  6,176
  6,475
  6,790
  7,121
  7,469
  7,834
  8,219
  8,623
  9,047
Total equity, $m
  -360
  278
  288
  299
  311
  323
  336
  350
  365
  380
  397
  415
  433
  453
  474
  496
  519
  543
  569
  596
  625
  655
  686
  719
  754
  791
  830
  870
  913
  958
  1,005
Total liabilities and equity, $m
  2,834
  2,784
  2,883
  2,990
  3,106
  3,228
  3,359
  3,498
  3,647
  3,803
  3,970
  4,147
  4,333
  4,530
  4,738
  4,958
  5,189
  5,433
  5,690
  5,961
  6,247
  6,547
  6,862
  7,194
  7,544
  7,912
  8,299
  8,704
  9,132
  9,581
  10,052
Debt-to-equity ratio
  -6.514
  5.950
  6.060
  6.160
  6.270
  6.370
  6.470
  6.570
  6.670
  6.770
  6.860
  6.950
  7.040
  7.130
  7.210
  7.290
  7.360
  7.440
  7.510
  7.580
  7.640
  7.700
  7.760
  7.820
  7.870
  7.930
  7.980
  8.020
  8.070
  8.110
  8.160
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
  60
  95
  100
  106
  112
  118
  125
  132
  140
  148
  235
  244
  254
  264
  275
  286
  298
  310
  323
  337
  352
  367
  383
  400
  418
  437
  456
  477
  499
  522
Depreciation, amort., depletion, $m
  280
  266
  272
  278
  284
  291
  299
  306
  315
  324
  333
  235
  246
  257
  269
  281
  294
  308
  323
  338
  354
  371
  389
  408
  428
  449
  471
  494
  518
  544
  570
Funds from operations, $m
  297
  326
  366
  378
  390
  403
  417
  431
  447
  464
  481
  471
  490
  511
  533
  556
  580
  606
  633
  662
  692
  723
  757
  792
  828
  867
  908
  950
  995
  1,043
  1,092
Change in working capital, $m
  -2
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
Cash from operations, $m
  299
  334
  375
  387
  400
  413
  428
  444
  460
  477
  496
  486
  507
  528
  551
  575
  601
  627
  656
  685
  717
  750
  784
  821
  859
  899
  941
  986
  1,033
  1,082
  1,133
Maintenance CAPEX, $m
  0
  -153
  -158
  -164
  -170
  -176
  -183
  -191
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
  -449
  -471
  -494
  -518
  -544
New CAPEX, $m
  -107
  -45
  -47
  -51
  -55
  -58
  -62
  -66
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -194
  -204
  -214
  -225
Cash from investing activities, $m
  -122
  -198
  -205
  -215
  -225
  -234
  -245
  -257
  -269
  -282
  -295
  -309
  -324
  -340
  -356
  -374
  -391
  -410
  -431
  -452
  -474
  -497
  -522
  -547
  -575
  -603
  -633
  -665
  -698
  -732
  -769
Free cash flow, $m
  177
  137
  170
  172
  175
  179
  182
  186
  191
  195
  200
  177
  182
  188
  195
  202
  209
  217
  225
  233
  242
  252
  262
  273
  284
  296
  308
  321
  335
  350
  365
Issuance/(repayment) of debt, $m
  -136
  -624
  89
  96
  103
  110
  118
  125
  133
  141
  150
  159
  168
  177
  187
  198
  208
  220
  231
  244
  257
  270
  284
  299
  315
  331
  348
  366
  384
  404
  425
Issuance/(repurchase) of shares, $m
  0
  654
  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
  30
  89
  96
  103
  110
  118
  125
  133
  141
  150
  159
  168
  177
  187
  198
  208
  220
  231
  244
  257
  270
  284
  299
  315
  331
  348
  366
  384
  404
  425
Total cash flow (excl. dividends), $m
  22
  167
  259
  269
  279
  289
  300
  312
  324
  337
  350
  335
  350
  366
  382
  399
  417
  436
  456
  477
  499
  522
  546
  572
  599
  627
  656
  687
  720
  754
  789
Retained Cash Flow (-), $m
  3
  -714
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
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
 
  -471
  249
  258
  267
  277
  287
  298
  309
  321
  334
  318
  332
  346
  361
  377
  394
  412
  431
  450
  471
  492
  515
  539
  564
  590
  617
  646
  677
  709
  742
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
 
  -413
  189
  167
  146
  126
  106
  89
  73
  58
  46
  33
  25
  18
  13
  9
  6
  4
  3
  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 100.4
Price to Sales 0.7
Price to Book -4.7
Price to Tangible Book
Price to Cash Flow 5.7
Price to Free Cash Flow 8.9
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 3.4% 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 126.243 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 $1.7 billion.

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COMPANY NEWS

▶ Travelport Worldwide Ends the Year on a High Note   [Feb-21-18 03:34PM  Motley Fool]
▶ Travelport beats 4Q profit forecasts   [05:49AM  Associated Press]
▶ Travelport Worldwide Set to Join S&P SmallCap 600   [Jan-11-18 06:12PM  PR Newswire]
▶ Travelport Falls Short After Investing for the Future   [Nov-03-17 05:45PM  Motley Fool]
▶ Travelport misses 3Q profit forecasts   [Nov-02-17 08:20AM  Associated Press]
▶ 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]
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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