Intrinsic value of Twin Disc - TWIN

Previous Close

$23.14

  Intrinsic Value

$2.59

stock screener

  Rating & Target

str. sell

-89%

Previous close

$23.14

 
Intrinsic value

$2.59

 
Up/down potential

-89%

 
Rating

str. sell

We calculate the intrinsic value of TWIN 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 2017), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.20
  25.60
  23.54
  21.69
  20.02
  18.52
  17.16
  15.95
  14.85
  13.87
  12.98
  12.18
  11.46
  10.82
  10.24
  9.71
  9.24
  8.82
  8.44
  8.09
  7.78
  7.50
  7.25
  7.03
  6.83
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
Revenue, $m
  168
  211
  261
  317
  381
  451
  529
  613
  704
  802
  906
  1,016
  1,132
  1,255
  1,383
  1,518
  1,658
  1,804
  1,957
  2,115
  2,279
  2,450
  2,628
  2,813
  3,005
  3,205
  3,412
  3,628
  3,853
  4,087
  4,331
Variable operating expenses, $m
 
  242
  299
  364
  437
  518
  607
  703
  808
  920
  1,039
  1,166
  1,299
  1,440
  1,587
  1,741
  1,902
  2,070
  2,245
  2,426
  2,615
  2,811
  3,015
  3,227
  3,447
  3,676
  3,915
  4,162
  4,420
  4,689
  4,969
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
  177
  242
  299
  364
  437
  518
  607
  703
  808
  920
  1,039
  1,166
  1,299
  1,440
  1,587
  1,741
  1,902
  2,070
  2,245
  2,426
  2,615
  2,811
  3,015
  3,227
  3,447
  3,676
  3,915
  4,162
  4,420
  4,689
  4,969
Operating income, $m
  -9
  -31
  -39
  -47
  -56
  -67
  -78
  -91
  -104
  -118
  -134
  -150
  -167
  -185
  -204
  -223
  -244
  -266
  -288
  -311
  -336
  -361
  -387
  -414
  -442
  -472
  -502
  -534
  -567
  -602
  -638
EBITDA, $m
  -2
  -23
  -28
  -34
  -41
  -49
  -57
  -66
  -76
  -87
  -98
  -110
  -123
  -136
  -150
  -164
  -180
  -196
  -212
  -229
  -247
  -266
  -285
  -305
  -326
  -347
  -370
  -393
  -417
  -443
  -469
Interest expense (income), $m
  0
  0
  1
  2
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  25
  27
  30
  33
  36
  39
  42
  45
  49
  52
  56
  60
  64
  68
  72
Earnings before tax, $m
  -10
  -32
  -40
  -49
  -59
  -71
  -84
  -97
  -112
  -128
  -145
  -163
  -182
  -203
  -224
  -246
  -269
  -293
  -318
  -344
  -371
  -400
  -429
  -459
  -491
  -524
  -558
  -594
  -631
  -669
  -710
Tax expense, $m
  -4
  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
  -6
  -32
  -40
  -49
  -59
  -71
  -84
  -97
  -112
  -128
  -145
  -163
  -182
  -203
  -224
  -246
  -269
  -293
  -318
  -344
  -371
  -400
  -429
  -459
  -491
  -524
  -558
  -594
  -631
  -669
  -710

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  211
  245
  302
  368
  442
  523
  613
  711
  817
  930
  1,051
  1,179
  1,314
  1,456
  1,605
  1,761
  1,924
  2,093
  2,270
  2,453
  2,644
  2,843
  3,049
  3,263
  3,486
  3,718
  3,958
  4,209
  4,470
  4,742
  5,025
Adjusted assets (=assets-cash), $m
  195
  245
  302
  368
  442
  523
  613
  711
  817
  930
  1,051
  1,179
  1,314
  1,456
  1,605
  1,761
  1,924
  2,093
  2,270
  2,453
  2,644
  2,843
  3,049
  3,263
  3,486
  3,718
  3,958
  4,209
  4,470
  4,742
  5,025
Revenue / Adjusted assets
  0.862
  0.861
  0.864
  0.861
  0.862
  0.862
  0.863
  0.862
  0.862
  0.862
  0.862
  0.862
  0.861
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
  0.862
Average production assets, $m
  52
  65
  80
  97
  117
  139
  162
  188
  216
  246
  278
  312
  348
  385
  425
  466
  509
  554
  601
  649
  700
  752
  807
  864
  923
  984
  1,048
  1,114
  1,183
  1,255
  1,330
Working capital, $m
  84
  85
  106
  128
  154
  183
  214
  248
  285
  325
  367
  411
  459
  508
  560
  615
  672
  731
  792
  857
  923
  992
  1,064
  1,139
  1,217
  1,298
  1,382
  1,469
  1,561
  1,655
  1,754
Total debt, $m
  6
  28
  54
  84
  117
  154
  195
  239
  286
  337
  392
  450
  511
  575
  642
  712
  786
  862
  942
  1,024
  1,111
  1,200
  1,293
  1,390
  1,490
  1,595
  1,703
  1,816
  1,934
  2,056
  2,184
Total liabilities, $m
  88
  110
  136
  166
  199
  236
  277
  321
  368
  419
  474
  532
  593
  657
  724
  794
  868
  944
  1,024
  1,106
  1,193
  1,282
  1,375
  1,472
  1,572
  1,677
  1,785
  1,898
  2,016
  2,138
  2,266
Total equity, $m
  123
  134
  166
  202
  242
  287
  337
  390
  448
  511
  577
  647
  721
  799
  881
  967
  1,056
  1,149
  1,246
  1,347
  1,452
  1,561
  1,674
  1,792
  1,914
  2,041
  2,173
  2,311
  2,454
  2,603
  2,759
Total liabilities and equity, $m
  211
  244
  302
  368
  441
  523
  614
  711
  816
  930
  1,051
  1,179
  1,314
  1,456
  1,605
  1,761
  1,924
  2,093
  2,270
  2,453
  2,645
  2,843
  3,049
  3,264
  3,486
  3,718
  3,958
  4,209
  4,470
  4,741
  5,025
Debt-to-equity ratio
  0.049
  0.210
  0.330
  0.420
  0.480
  0.540
  0.580
  0.610
  0.640
  0.660
  0.680
  0.690
  0.710
  0.720
  0.730
  0.740
  0.740
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549
  0.549

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -6
  -32
  -40
  -49
  -59
  -71
  -84
  -97
  -112
  -128
  -145
  -163
  -182
  -203
  -224
  -246
  -269
  -293
  -318
  -344
  -371
  -400
  -429
  -459
  -491
  -524
  -558
  -594
  -631
  -669
  -710
Depreciation, amort., depletion, $m
  7
  8
  10
  13
  15
  18
  21
  24
  28
  31
  35
  39
  44
  49
  54
  59
  64
  70
  76
  82
  89
  95
  102
  109
  117
  125
  133
  141
  150
  159
  168
Funds from operations, $m
  5
  -23
  -29
  -36
  -44
  -53
  -63
  -73
  -85
  -97
  -110
  -124
  -138
  -154
  -170
  -187
  -205
  -223
  -242
  -262
  -283
  -304
  -327
  -350
  -374
  -399
  -426
  -453
  -481
  -511
  -541
Change in working capital, $m
  2
  17
  20
  23
  26
  29
  31
  34
  37
  40
  42
  45
  47
  50
  52
  54
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  84
  87
  91
  95
  99
Cash from operations, $m
  3
  -40
  -49
  -59
  -70
  -82
  -94
  -107
  -122
  -136
  -152
  -168
  -186
  -203
  -222
  -241
  -261
  -282
  -304
  -326
  -349
  -374
  -399
  -425
  -452
  -480
  -510
  -540
  -572
  -605
  -640
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -27
  -31
  -35
  -39
  -44
  -49
  -54
  -59
  -64
  -70
  -76
  -82
  -89
  -95
  -102
  -109
  -117
  -125
  -133
  -141
  -150
  -159
New CAPEX, $m
  -3
  -13
  -15
  -17
  -19
  -22
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
Cash from investing activities, $m
  -3
  -20
  -23
  -27
  -31
  -37
  -42
  -47
  -52
  -57
  -63
  -69
  -75
  -82
  -88
  -95
  -102
  -109
  -117
  -125
  -133
  -142
  -150
  -159
  -168
  -178
  -189
  -199
  -210
  -222
  -234
Free cash flow, $m
  0
  -60
  -73
  -87
  -102
  -118
  -135
  -154
  -173
  -194
  -215
  -238
  -261
  -285
  -310
  -336
  -363
  -392
  -421
  -451
  -482
  -515
  -549
  -584
  -620
  -658
  -698
  -739
  -782
  -827
  -874
Issuance/(repayment) of debt, $m
  -2
  22
  26
  30
  33
  37
  41
  44
  48
  51
  54
  58
  61
  64
  67
  70
  73
  76
  80
  83
  86
  89
  93
  97
  100
  104
  109
  113
  118
  123
  128
Issuance/(repurchase) of shares, $m
  0
  59
  71
  85
  100
  116
  133
  151
  170
  191
  212
  234
  257
  281
  306
  331
  358
  386
  415
  445
  476
  509
  542
  577
  613
  651
  690
  731
  774
  819
  865
Cash from financing (excl. dividends), $m  
  -2
  81
  97
  115
  133
  153
  174
  195
  218
  242
  266
  292
  318
  345
  373
  401
  431
  462
  495
  528
  562
  598
  635
  674
  713
  755
  799
  844
  892
  942
  993
Total cash flow (excl. dividends), $m
  -2
  21
  24
  28
  31
  35
  38
  41
  45
  48
  51
  54
  57
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  90
  93
  97
  101
  105
  110
  114
  119
Retained Cash Flow (-), $m
  -7
  -59
  -71
  -85
  -100
  -116
  -133
  -151
  -170
  -191
  -212
  -234
  -257
  -281
  -306
  -331
  -358
  -386
  -415
  -445
  -476
  -509
  -542
  -577
  -613
  -651
  -690
  -731
  -774
  -819
  -865
Prev. year cash balance distribution, $m
 
  16
  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
 
  -22
  -47
  -57
  -69
  -81
  -95
  -110
  -126
  -143
  -161
  -180
  -200
  -221
  -243
  -266
  -290
  -315
  -341
  -368
  -396
  -425
  -456
  -487
  -520
  -554
  -589
  -626
  -665
  -705
  -746
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -21
  -43
  -50
  -56
  -63
  -69
  -74
  -79
  -82
  -84
  -85
  -85
  -84
  -82
  -78
  -74
  -69
  -63
  -57
  -50
  -44
  -38
  -32
  -26
  -22
  -17
  -13
  -10
  -8
  -6
Current shareholders' claim on cash, %
  100
  79.8
  64.2
  52.0
  42.4
  34.7
  28.7
  23.8
  19.8
  16.6
  13.9
  11.7
  9.9
  8.4
  7.2
  6.1
  5.2
  4.5
  3.8
  3.3
  2.8
  2.4
  2.1
  1.8
  1.6
  1.4
  1.2
  1.0
  0.9
  0.8
  0.7

Twin Disc, Incorporated designs, manufactures and sells marine and heavy duty off-highway power transmission equipment. The Company operates through two segments: manufacturing and distribution. Its products include marine transmissions, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. Its industrial products include clutches and pump drives sold to the agriculture, recycling, construction, and oil and gas markets. Its land-based transmission products include applications for oilfield and natural gas, military, and airport rescue and firefighting. Its marine and propulsion systems include marine transmission, controls, surface drives, propellers and boat management systems for the commercial, pleasure craft and patrol boat markets. Its other products include non-Company manufactured product sold through Company-owned distribution entities.

FINANCIAL RATIOS  of  Twin Disc (TWIN)

Valuation Ratios
P/E Ratio -44.4
Price to Sales 1.6
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 88.9
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate 1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate -15.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 4.9%
Total Debt to Equity 4.9%
Interest Coverage 0
Management Effectiveness
Return On Assets -2.8%
Ret/ On Assets - 3 Yr. Avg. -1.3%
Return On Total Capital -4.7%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity -5%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 28.6%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin -1.8%
EBITDA Margin - 3 Yr. Avg. -0.4%
Operating Margin -5.4%
Oper. Margin - 3 Yr. Avg. -4.8%
Pre-Tax Margin -6%
Pre-Tax Margin - 3 Yr. Avg. -5%
Net Profit Margin -3.6%
Net Profit Margin - 3 Yr. Avg. -2.4%
Effective Tax Rate 40%
Eff/ Tax Rate - 3 Yr. Avg. 39.8%
Payout Ratio 0%

TWIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TWIN stock intrinsic value calculation we used $168 million for the last fiscal year's total revenue generated by Twin Disc. The default revenue input number comes from 2017 income statement of Twin Disc. 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 TWIN stock valuation model: a) initial revenue growth rate of 25.6% 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 4.3%, whose default value for TWIN is calculated based on our internal credit rating of Twin Disc, 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 Twin Disc.
    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 TWIN stock the variable cost ratio is equal to 114.9%.

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 TWIN 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 3.5% for Twin Disc.

Corporate tax rate of 27% is the nominal tax rate for Twin Disc. 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 TWIN 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 TWIN are equal to 30.7%.

Life of production assets of 7.9 years is the average useful life of capital assets used in Twin Disc 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 TWIN is equal to 40.5%. 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 - $123 million for Twin Disc - 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 11.573 million for Twin Disc 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 Twin Disc at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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MPX Marine Product 15.19 9.41  sell
MBUU Malibu Boats C 31.96 46.23  buy
MCFT MCBC Holdings 22.94 22.44  hold
ALSN Allison Transm 39.53 65.47  str.buy

COMPANY NEWS

▶ Twin Disc (TWIN) Jumps: Stock Rises 6.9%   [Oct-17-17 08:54AM  Zacks]
▶ ETFs with exposure to Twin Disc, Inc. : October 16, 2017   [Oct-16-17 10:01AM  Capital Cube]
▶ ETFs with exposure to Twin Disc, Inc. : October 4, 2017   [Oct-04-17 11:02AM  Capital Cube]
▶ Twin Disc posts 4Q profit   [Aug-04-17 08:28PM  Associated Press]
▶ Twin Disc, Inc. Joins Russell 3000® Index   [Jun-26-17 08:00AM  GlobeNewswire]
▶ ETFs with exposure to Twin Disc, Inc. : May 15, 2017   [May-15-17 04:48PM  Capital Cube]
▶ Twin Disc reports 3Q loss   [08:18AM  Associated Press]
▶ ETFs with exposure to Twin Disc, Inc. : April 7, 2017   [Apr-07-17 05:39PM  Capital Cube]
▶ Twin Disc reports 2Q loss   [08:14AM  Associated Press]
▶ Is Madrigal Pharmaceuticals Inc (MDGL) A Good Stock to Buy?   [Dec-15-16 06:49PM  Insider Monkey]
▶ ETFs with exposure to Twin Disc, Inc. : December 13, 2016   [Dec-13-16 01:36PM  Capital Cube]
▶ 13D Filing: GAMCO Investors Trims Stake in Twin Disc Inc (TWIN)   [Feb-12-16 11:06AM  at Insider Monkey]
▶ Twin Disc swings to loss, suspends dividends   [12:23PM  at bizjournals.com]
Financial statements of TWIN
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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