Intrinsic value of Textron - TXT

Previous Close

$54.84

  Intrinsic Value

$48.46

stock screener

  Rating & Target

hold

-12%

Previous close

$54.84

 
Intrinsic value

$48.46

 
Up/down potential

-12%

 
Rating

hold

We calculate the intrinsic value of TXT 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 14.5

 

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, %
  2.72
  2.70
  2.93
  3.14
  3.32
  3.49
  3.64
  3.78
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
Revenue, $m
  13,788
  14,160
  14,575
  15,032
  15,532
  16,074
  16,660
  17,289
  17,963
  18,683
  19,451
  20,268
  21,135
  22,054
  23,028
  24,058
  25,147
  26,298
  27,512
  28,792
  30,142
  31,565
  33,064
  34,642
  36,304
  38,052
  39,892
  41,827
  43,863
  46,003
  48,253
Variable operating expenses, $m
 
  12,951
  13,324
  13,736
  14,185
  14,673
  15,200
  15,766
  16,372
  17,020
  17,711
  18,234
  19,015
  19,842
  20,718
  21,645
  22,624
  23,659
  24,751
  25,904
  27,118
  28,398
  29,747
  31,167
  32,662
  34,235
  35,890
  37,631
  39,462
  41,388
  43,412
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
  12,738
  12,951
  13,324
  13,736
  14,185
  14,673
  15,200
  15,766
  16,372
  17,020
  17,711
  18,234
  19,015
  19,842
  20,718
  21,645
  22,624
  23,659
  24,751
  25,904
  27,118
  28,398
  29,747
  31,167
  32,662
  34,235
  35,890
  37,631
  39,462
  41,388
  43,412
Operating income, $m
  1,050
  1,209
  1,251
  1,297
  1,347
  1,401
  1,460
  1,523
  1,591
  1,663
  1,740
  2,033
  2,120
  2,213
  2,310
  2,414
  2,523
  2,638
  2,760
  2,889
  3,024
  3,167
  3,317
  3,475
  3,642
  3,818
  4,002
  4,196
  4,401
  4,615
  4,841
EBITDA, $m
  1,499
  1,704
  1,754
  1,809
  1,869
  1,934
  2,005
  2,080
  2,161
  2,248
  2,340
  2,439
  2,543
  2,654
  2,771
  2,895
  3,026
  3,164
  3,310
  3,464
  3,627
  3,798
  3,978
  4,168
  4,368
  4,579
  4,800
  5,033
  5,278
  5,535
  5,806
Interest expense (income), $m
  164
  149
  159
  171
  184
  198
  214
  231
  249
  268
  289
  311
  334
  359
  386
  413
  443
  474
  507
  542
  579
  618
  658
  701
  747
  794
  844
  897
  953
  1,011
  1,072
Earnings before tax, $m
  876
  1,061
  1,092
  1,126
  1,163
  1,203
  1,246
  1,292
  1,342
  1,395
  1,451
  1,723
  1,786
  1,853
  1,925
  2,000
  2,080
  2,164
  2,253
  2,347
  2,445
  2,549
  2,659
  2,774
  2,896
  3,023
  3,158
  3,299
  3,448
  3,604
  3,769
Tax expense, $m
  33
  286
  295
  304
  314
  325
  336
  349
  362
  377
  392
  465
  482
  500
  520
  540
  562
  584
  608
  634
  660
  688
  718
  749
  782
  816
  853
  891
  931
  973
  1,018
Net income, $m
  962
  774
  797
  822
  849
  878
  910
  943
  980
  1,018
  1,059
  1,257
  1,304
  1,353
  1,405
  1,460
  1,518
  1,580
  1,645
  1,713
  1,785
  1,861
  1,941
  2,025
  2,114
  2,207
  2,305
  2,408
  2,517
  2,631
  2,751

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,298
  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
  15,358
  14,435
  14,857
  15,324
  15,833
  16,386
  16,982
  17,624
  18,311
  19,045
  19,828
  20,660
  21,544
  22,481
  23,474
  24,524
  25,634
  26,807
  28,044
  29,350
  30,726
  32,176
  33,704
  35,313
  37,007
  38,789
  40,665
  42,638
  44,712
  46,894
  49,188
Adjusted assets (=assets-cash), $m
  14,060
  14,435
  14,857
  15,324
  15,833
  16,386
  16,982
  17,624
  18,311
  19,045
  19,828
  20,660
  21,544
  22,481
  23,474
  24,524
  25,634
  26,807
  28,044
  29,350
  30,726
  32,176
  33,704
  35,313
  37,007
  38,789
  40,665
  42,638
  44,712
  46,894
  49,188
Revenue / Adjusted assets
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
  0.981
Average production assets, $m
  3,312
  3,398
  3,498
  3,608
  3,728
  3,858
  3,998
  4,149
  4,311
  4,484
  4,668
  4,864
  5,072
  5,293
  5,527
  5,774
  6,035
  6,311
  6,603
  6,910
  7,234
  7,576
  7,935
  8,314
  8,713
  9,133
  9,574
  10,039
  10,527
  11,041
  11,581
Working capital, $m
  4,256
  3,413
  3,513
  3,623
  3,743
  3,874
  4,015
  4,167
  4,329
  4,503
  4,688
  4,885
  5,094
  5,315
  5,550
  5,798
  6,061
  6,338
  6,630
  6,939
  7,264
  7,607
  7,968
  8,349
  8,749
  9,171
  9,614
  10,080
  10,571
  11,087
  11,629
Total debt, $m
  3,900
  3,787
  4,071
  4,383
  4,724
  5,094
  5,494
  5,924
  6,384
  6,876
  7,401
  7,958
  8,551
  9,179
  9,844
  10,547
  11,291
  12,077
  12,906
  13,780
  14,702
  15,674
  16,698
  17,776
  18,911
  20,105
  21,361
  22,683
  24,073
  25,535
  27,072
Total liabilities, $m
  9,784
  9,671
  9,955
  10,267
  10,608
  10,978
  11,378
  11,808
  12,268
  12,760
  13,285
  13,842
  14,435
  15,063
  15,728
  16,431
  17,175
  17,961
  18,790
  19,664
  20,586
  21,558
  22,582
  23,660
  24,795
  25,989
  27,245
  28,567
  29,957
  31,419
  32,956
Total equity, $m
  5,574
  4,763
  4,903
  5,057
  5,225
  5,407
  5,604
  5,816
  6,043
  6,285
  6,543
  6,818
  7,110
  7,419
  7,746
  8,093
  8,459
  8,846
  9,255
  9,685
  10,140
  10,618
  11,122
  11,653
  12,212
  12,800
  13,419
  14,070
  14,755
  15,475
  16,232
Total liabilities and equity, $m
  15,358
  14,434
  14,858
  15,324
  15,833
  16,385
  16,982
  17,624
  18,311
  19,045
  19,828
  20,660
  21,545
  22,482
  23,474
  24,524
  25,634
  26,807
  28,045
  29,349
  30,726
  32,176
  33,704
  35,313
  37,007
  38,789
  40,664
  42,637
  44,712
  46,894
  49,188
Debt-to-equity ratio
  0.700
  0.800
  0.830
  0.870
  0.900
  0.940
  0.980
  1.020
  1.060
  1.090
  1.130
  1.170
  1.200
  1.240
  1.270
  1.300
  1.330
  1.370
  1.390
  1.420
  1.450
  1.480
  1.500
  1.530
  1.550
  1.570
  1.590
  1.610
  1.630
  1.650
  1.670
Adjusted equity ratio
  0.304
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330
  0.330

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  962
  774
  797
  822
  849
  878
  910
  943
  980
  1,018
  1,059
  1,257
  1,304
  1,353
  1,405
  1,460
  1,518
  1,580
  1,645
  1,713
  1,785
  1,861
  1,941
  2,025
  2,114
  2,207
  2,305
  2,408
  2,517
  2,631
  2,751
Depreciation, amort., depletion, $m
  449
  495
  503
  512
  522
  533
  544
  557
  571
  585
  600
  405
  423
  441
  461
  481
  503
  526
  550
  576
  603
  631
  661
  693
  726
  761
  798
  837
  877
  920
  965
Funds from operations, $m
  554
  1,269
  1,300
  1,334
  1,371
  1,411
  1,454
  1,501
  1,550
  1,603
  1,660
  1,663
  1,727
  1,794
  1,866
  1,941
  2,021
  2,106
  2,195
  2,289
  2,388
  2,492
  2,602
  2,718
  2,840
  2,968
  3,103
  3,245
  3,394
  3,551
  3,716
Change in working capital, $m
  -458
  90
  100
  110
  120
  131
  141
  152
  162
  174
  185
  197
  209
  222
  235
  248
  262
  277
  293
  309
  325
  343
  361
  380
  400
  421
  443
  466
  491
  516
  542
Cash from operations, $m
  1,012
  1,179
  1,200
  1,224
  1,250
  1,280
  1,313
  1,349
  1,388
  1,430
  1,475
  1,466
  1,518
  1,573
  1,631
  1,693
  1,759
  1,829
  1,902
  1,980
  2,062
  2,149
  2,241
  2,338
  2,439
  2,547
  2,660
  2,779
  2,904
  3,035
  3,174
Maintenance CAPEX, $m
  0
  -276
  -283
  -292
  -301
  -311
  -321
  -333
  -346
  -359
  -374
  -389
  -405
  -423
  -441
  -461
  -481
  -503
  -526
  -550
  -576
  -603
  -631
  -661
  -693
  -726
  -761
  -798
  -837
  -877
  -920
New CAPEX, $m
  -446
  -87
  -100
  -110
  -120
  -130
  -140
  -151
  -162
  -173
  -184
  -196
  -208
  -221
  -234
  -247
  -261
  -276
  -291
  -307
  -324
  -341
  -360
  -379
  -399
  -420
  -442
  -464
  -489
  -514
  -540
Cash from investing activities, $m
  -523
  -363
  -383
  -402
  -421
  -441
  -461
  -484
  -508
  -532
  -558
  -585
  -613
  -644
  -675
  -708
  -742
  -779
  -817
  -857
  -900
  -944
  -991
  -1,040
  -1,092
  -1,146
  -1,203
  -1,262
  -1,326
  -1,391
  -1,460
Free cash flow, $m
  489
  816
  817
  822
  830
  839
  851
  865
  880
  898
  917
  881
  904
  929
  956
  985
  1,016
  1,050
  1,085
  1,123
  1,163
  1,205
  1,250
  1,298
  1,348
  1,401
  1,457
  1,516
  1,579
  1,644
  1,714
Issuance/(repayment) of debt, $m
  68
  250
  283
  312
  341
  370
  400
  430
  460
  492
  524
  558
  592
  628
  665
  704
  744
  786
  829
  875
  922
  972
  1,024
  1,078
  1,135
  1,194
  1,257
  1,322
  1,390
  1,462
  1,537
Issuance/(repurchase) of shares, $m
  -205
  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 from financing (excl. dividends), $m  
  -146
  250
  283
  312
  341
  370
  400
  430
  460
  492
  524
  558
  592
  628
  665
  704
  744
  786
  829
  875
  922
  972
  1,024
  1,078
  1,135
  1,194
  1,257
  1,322
  1,390
  1,462
  1,537
Total cash flow (excl. dividends), $m
  315
  1,066
  1,100
  1,135
  1,171
  1,210
  1,251
  1,294
  1,341
  1,390
  1,441
  1,439
  1,496
  1,557
  1,621
  1,689
  1,760
  1,835
  1,914
  1,997
  2,085
  2,177
  2,274
  2,375
  2,483
  2,595
  2,714
  2,838
  2,969
  3,106
  3,251
Retained Cash Flow (-), $m
  -610
  -124
  -140
  -154
  -168
  -182
  -197
  -212
  -227
  -242
  -258
  -275
  -292
  -309
  -328
  -347
  -366
  -387
  -408
  -431
  -454
  -479
  -504
  -531
  -559
  -588
  -619
  -651
  -685
  -720
  -757
Prev. year cash balance distribution, $m
 
  935
  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
 
  1,877
  961
  981
  1,003
  1,027
  1,054
  1,083
  1,114
  1,147
  1,183
  1,164
  1,205
  1,248
  1,294
  1,342
  1,394
  1,448
  1,506
  1,566
  1,631
  1,698
  1,769
  1,845
  1,924
  2,007
  2,095
  2,187
  2,284
  2,386
  2,494
Discount rate, %
 
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
 
  1,796
  876
  848
  819
  787
  754
  719
  682
  643
  602
  535
  495
  454
  414
  373
  333
  294
  257
  222
  189
  159
  132
  107
  86
  68
  52
  40
  30
  21
  15
Current shareholders' claim on cash, %
  100
  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
  100.0

Textron Inc. is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services across the world. The Company operates through five segments: Textron Aviation, Bell, Textron Systems, Industrial and Finance. The Textron Aviation segment is engaged in general aviation. The Bell segment supplies military helicopters and support to the United States Government and to military customers outside the United States. The Textron Systems segment is a supplier to the defense, aerospace and general aviation markets. The Industrial segment designs and manufactures a range of products within three product lines: fuel systems and functional components, specialized vehicles and equipment, and tools and test equipment. The Finance segment is a commercial finance business that consists of Textron Financial Corporation (TFC) and its subsidiaries.

FINANCIAL RATIOS  of  Textron (TXT)

Valuation Ratios
P/E Ratio 15.4
Price to Sales 1.1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 14.6
Price to Free Cash Flow 26.2
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 6.2%
Cap. Spend. - 3 Yr. Gr. Rate 0.1%
Financial Strength
Quick Ratio 4
Current Ratio 0.1
LT Debt to Equity 63.5%
Total Debt to Equity 70%
Interest Coverage 6
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 10.5%
Ret/ On T. Cap. - 3 Yr. Avg. 8.4%
Return On Equity 18.3%
Return On Equity - 3 Yr. Avg. 15.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 18%
Gross Margin - 3 Yr. Avg. 18%
EBITDA Margin 10.8%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 7.6%
Oper. Margin - 3 Yr. Avg. 7.9%
Pre-Tax Margin 6.4%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 3.8%
Eff/ Tax Rate - 3 Yr. Avg. 20.3%
Payout Ratio 2.3%

TXT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TXT stock intrinsic value calculation we used $13788 million for the last fiscal year's total revenue generated by Textron. The default revenue input number comes from 2016 income statement of Textron. 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 TXT stock valuation model: a) initial revenue growth rate of 2.7% 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 4.5%, whose default value for TXT is calculated based on our internal credit rating of Textron, 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 Textron.
    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 TXT stock the variable cost ratio is equal to 91.5%.

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 TXT 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 4.2% for Textron.

Corporate tax rate of 27% is the nominal tax rate for Textron. 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 TXT 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 TXT are equal to 24%.

Life of production assets of 12 years is the average useful life of capital assets used in Textron 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 TXT is equal to 24.1%. 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 - $5574 million for Textron - 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 264.793 million for Textron 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 Textron at the current share price and the inputted number of shares is $14.5 billion.

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COMPANY NEWS

▶ North Korea's missile has more advanced tech   [Nov-30-17 11:42AM  Yahoo Finance Video]
▶ FedEx to purchase up to 100 planes   [Nov-28-17 10:35AM  American City Business Journals]
▶ New Strong Sell Stocks for November 21st   [Nov-21-17 09:31AM  Zacks]
▶ Textron pays back $500M EXIM loan early   [Nov-20-17 03:00PM  American City Business Journals]
▶ ETFs with exposure to Textron, Inc. : November 15, 2017   [Nov-15-17 12:39PM  Capital Cube]
▶ Textron Declares Quarterly Dividend   [Oct-25-17 11:20AM  Business Wire]
▶ Textron beats 3Q profit forecasts   [07:02AM  Associated Press]
▶ Textron Aviation pledges $250,000 for Exploration Place aviation exhibit   [Oct-06-17 12:35PM  American City Business Journals]
▶ [$$] Business-Jet Market Ready to Fly High Again   [Sep-30-17 12:27AM  Barrons.com]
▶ Air Force Readies These 2 Turboprops For War As It Eyes Massive Order   [Sep-27-17 04:08PM  Investor's Business Daily]
▶ Air Force Eyes Light-Attack Plane But This Is 'Job One'   [08:32AM  Investor's Business Daily]
▶ 5 Industrial Companies Gurus Are Buying   [Sep-18-17 03:51PM  GuruFocus.com]
▶ IBD Rating Upgrades: Textron Flashes Improved Technical Strength   [Sep-12-17 03:00AM  Investor's Business Daily]
▶ Why GoPro Inc (GPRO) Stock Isnt Dead Yet   [Sep-07-17 09:21AM  InvestorPlace]
▶ Textron, Inc. Value Analysis (NYSE:TXT) : August 29, 2017   [Aug-28-17 09:46PM  Capital Cube]
▶ Mattel trading at 2009 lows   [Aug-23-17 01:45PM  CNBC Videos]
▶ ETFs with exposure to Textron, Inc. : August 22, 2017   [Aug-22-17 04:17PM  Capital Cube]
▶ How to Invest in Military Stocks   [Aug-16-17 09:16AM  Motley Fool]
▶ 18 Things You Didn't Know About Polaris Industries Inc.   [Aug-12-17 07:19AM  Motley Fool]
▶ ETFs with exposure to Textron, Inc. : August 11, 2017   [Aug-11-17 07:01PM  Capital Cube]
▶ 6 Aerospace and Defense Companies Gurus Are Buying   [Aug-07-17 03:27PM  GuruFocus.com]
▶ [$$] The Air Capital of the World Has a Problem: Too Few Aviation Workers   [Aug-03-17 12:46AM  The Wall Street Journal]
▶ [$$] 'Air Capital of the World' Has a Problem: Too Few Aviation Workers   [Aug-02-17 09:20AM  The Wall Street Journal]
▶ Textron Declares Quarterly Dividend   [Jul-25-17 04:20PM  Business Wire]
▶ Textron tops Street 2Q forecasts   [Jul-19-17 09:02PM  Associated Press]
▶ Fewer turboprop deliveries drag down Textron's 2Q revenue   [01:40PM  American City Business Journals]
Financial statements of TXT
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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