Intrinsic value of TravelCenters of America - TA

Previous Close

$4.36

  Intrinsic Value

$2.75

stock screener

  Rating & Target

sell

-37%

Previous close

$4.36

 
Intrinsic value

$2.75

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of TA 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 0001), $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 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.70
  20.93
  19.34
  17.90
  16.61
  15.45
  14.41
  13.47
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.93
  5.83
Revenue, $m
  7,425
  8,979
  10,716
  12,634
  14,733
  17,010
  19,460
  22,081
  24,867
  27,816
  30,923
  34,187
  37,605
  41,177
  44,904
  48,785
  52,825
  57,025
  61,391
  65,929
  70,644
  75,544
  80,638
  85,935
  91,445
  97,179
  103,150
  109,369
  115,851
  122,609
Variable operating expenses, $m
  7,393
  8,937
  10,663
  12,570
  14,656
  16,918
  19,354
  21,958
  24,728
  27,658
  30,734
  33,978
  37,375
  40,925
  44,629
  48,487
  52,501
  56,676
  61,016
  65,525
  70,212
  75,082
  80,145
  85,409
  90,886
  96,585
  102,519
  108,700
  115,142
  121,859
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
  7,393
  8,937
  10,663
  12,570
  14,656
  16,918
  19,354
  21,958
  24,728
  27,658
  30,734
  33,978
  37,375
  40,925
  44,629
  48,487
  52,501
  56,676
  61,016
  65,525
  70,212
  75,082
  80,145
  85,409
  90,886
  96,585
  102,519
  108,700
  115,142
  121,859
Operating income, $m
  33
  42
  53
  64
  77
  91
  106
  122
  139
  157
  189
  209
  230
  252
  275
  299
  323
  349
  376
  403
  432
  462
  493
  526
  560
  595
  631
  669
  709
  750
EBITDA, $m
  195
  236
  281
  331
  386
  446
  510
  579
  652
  730
  811
  897
  986
  1,080
  1,178
  1,280
  1,386
  1,496
  1,610
  1,729
  1,853
  1,981
  2,115
  2,254
  2,399
  2,549
  2,706
  2,869
  3,039
  3,216
Interest expense (income), $m
  30
  30
  53
  78
  106
  138
  172
  209
  249
  292
  338
  386
  437
  490
  546
  605
  666
  729
  795
  864
  936
  1,010
  1,087
  1,167
  1,250
  1,337
  1,427
  1,521
  1,619
  1,721
  1,827
Earnings before tax, $m
  3
  -10
  -25
  -42
  -60
  -81
  -103
  -127
  -153
  -181
  -197
  -228
  -260
  -294
  -330
  -367
  -406
  -446
  -488
  -532
  -578
  -625
  -674
  -725
  -778
  -833
  -890
  -950
  -1,012
  -1,076
Tax expense, $m
  1
  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
  2
  -10
  -25
  -42
  -60
  -81
  -103
  -127
  -153
  -181
  -197
  -228
  -260
  -294
  -330
  -367
  -406
  -446
  -488
  -532
  -578
  -625
  -674
  -725
  -778
  -833
  -890
  -950
  -1,012
  -1,076

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,985
  2,401
  2,865
  3,378
  3,939
  4,548
  5,203
  5,904
  6,649
  7,437
  8,268
  9,141
  10,055
  11,010
  12,006
  13,044
  14,124
  15,247
  16,415
  17,628
  18,889
  20,199
  21,561
  22,977
  24,451
  25,984
  27,580
  29,243
  30,976
  32,783
Adjusted assets (=assets-cash), $m
  1,985
  2,401
  2,865
  3,378
  3,939
  4,548
  5,203
  5,904
  6,649
  7,437
  8,268
  9,141
  10,055
  11,010
  12,006
  13,044
  14,124
  15,247
  16,415
  17,628
  18,889
  20,199
  21,561
  22,977
  24,451
  25,984
  27,580
  29,243
  30,976
  32,783
Revenue / Adjusted assets
  3.741
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
  3.740
Average production assets, $m
  1,359
  1,643
  1,961
  2,312
  2,696
  3,113
  3,561
  4,041
  4,551
  5,090
  5,659
  6,256
  6,882
  7,535
  8,217
  8,928
  9,667
  10,436
  11,235
  12,065
  12,928
  13,825
  14,757
  15,726
  16,734
  17,784
  18,876
  20,015
  21,201
  22,437
Working capital, $m
  45
  54
  64
  76
  88
  102
  117
  132
  149
  167
  186
  205
  226
  247
  269
  293
  317
  342
  368
  396
  424
  453
  484
  516
  549
  583
  619
  656
  695
  736
Total debt, $m
  559
  830
  1,132
  1,466
  1,831
  2,227
  2,654
  3,110
  3,595
  4,108
  4,649
  5,217
  5,812
  6,434
  7,083
  7,758
  8,461
  9,193
  9,953
  10,742
  11,563
  12,416
  13,303
  14,225
  15,184
  16,182
  17,221
  18,304
  19,432
  20,608
Total liabilities, $m
  1,292
  1,563
  1,865
  2,199
  2,565
  2,961
  3,387
  3,843
  4,328
  4,842
  5,383
  5,951
  6,546
  7,168
  7,816
  8,492
  9,195
  9,926
  10,686
  11,476
  12,297
  13,150
  14,036
  14,958
  15,917
  16,915
  17,955
  19,037
  20,165
  21,342
Total equity, $m
  693
  838
  1,000
  1,179
  1,375
  1,587
  1,816
  2,060
  2,320
  2,596
  2,886
  3,190
  3,509
  3,842
  4,190
  4,552
  4,929
  5,321
  5,729
  6,152
  6,592
  7,049
  7,525
  8,019
  8,533
  9,068
  9,625
  10,206
  10,811
  11,441
Total liabilities and equity, $m
  1,985
  2,401
  2,865
  3,378
  3,940
  4,548
  5,203
  5,903
  6,648
  7,438
  8,269
  9,141
  10,055
  11,010
  12,006
  13,044
  14,124
  15,247
  16,415
  17,628
  18,889
  20,199
  21,561
  22,977
  24,450
  25,983
  27,580
  29,243
  30,976
  32,783
Debt-to-equity ratio
  0.810
  0.990
  1.130
  1.240
  1.330
  1.400
  1.460
  1.510
  1.550
  1.580
  1.610
  1.640
  1.660
  1.670
  1.690
  1.700
  1.720
  1.730
  1.740
  1.750
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
Adjusted equity ratio
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2
  -10
  -25
  -42
  -60
  -81
  -103
  -127
  -153
  -181
  -197
  -228
  -260
  -294
  -330
  -367
  -406
  -446
  -488
  -532
  -578
  -625
  -674
  -725
  -778
  -833
  -890
  -950
  -1,012
  -1,076
Depreciation, amort., depletion, $m
  162
  193
  228
  267
  309
  355
  404
  457
  513
  572
  622
  687
  756
  828
  903
  981
  1,062
  1,147
  1,235
  1,326
  1,421
  1,519
  1,622
  1,728
  1,839
  1,954
  2,074
  2,199
  2,330
  2,466
Funds from operations, $m
  164
  183
  203
  225
  249
  274
  301
  330
  360
  392
  425
  460
  496
  534
  573
  614
  656
  700
  746
  794
  843
  895
  948
  1,004
  1,061
  1,122
  1,184
  1,250
  1,318
  1,389
Change in working capital, $m
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  41
Cash from operations, $m
  156
  174
  193
  213
  236
  260
  286
  314
  343
  374
  406
  440
  475
  512
  551
  591
  632
  675
  720
  766
  815
  865
  917
  972
  1,028
  1,087
  1,149
  1,213
  1,279
  1,349
Maintenance CAPEX, $m
  -121
  -149
  -181
  -215
  -254
  -296
  -342
  -391
  -444
  -500
  -559
  -622
  -687
  -756
  -828
  -903
  -981
  -1,062
  -1,147
  -1,235
  -1,326
  -1,421
  -1,519
  -1,622
  -1,728
  -1,839
  -1,954
  -2,074
  -2,199
  -2,330
New CAPEX, $m
  -254
  -284
  -318
  -351
  -384
  -417
  -448
  -480
  -510
  -540
  -569
  -597
  -626
  -654
  -682
  -710
  -739
  -769
  -799
  -830
  -863
  -897
  -932
  -969
  -1,008
  -1,049
  -1,093
  -1,138
  -1,186
  -1,237
Cash from investing activities, $m
  -375
  -433
  -499
  -566
  -638
  -713
  -790
  -871
  -954
  -1,040
  -1,128
  -1,219
  -1,313
  -1,410
  -1,510
  -1,613
  -1,720
  -1,831
  -1,946
  -2,065
  -2,189
  -2,318
  -2,451
  -2,591
  -2,736
  -2,888
  -3,047
  -3,212
  -3,385
  -3,567
Free cash flow, $m
  -219
  -260
  -306
  -353
  -402
  -453
  -504
  -557
  -611
  -666
  -722
  -779
  -838
  -898
  -959
  -1,023
  -1,088
  -1,156
  -1,226
  -1,298
  -1,374
  -1,452
  -1,534
  -1,619
  -1,708
  -1,801
  -1,898
  -2,000
  -2,106
  -2,218
Issuance/(repayment) of debt, $m
  239
  271
  302
  334
  365
  396
  427
  456
  485
  513
  541
  568
  595
  622
  649
  676
  703
  731
  760
  790
  821
  853
  887
  922
  959
  998
  1,039
  1,083
  1,128
  1,176
Issuance/(repurchase) of shares, $m
  126
  155
  187
  221
  256
  293
  332
  372
  413
  456
  487
  532
  579
  628
  678
  729
  783
  838
  896
  956
  1,018
  1,082
  1,149
  1,219
  1,292
  1,368
  1,447
  1,530
  1,616
  1,707
Cash from financing (excl. dividends), $m  
  365
  426
  489
  555
  621
  689
  759
  828
  898
  969
  1,028
  1,100
  1,174
  1,250
  1,327
  1,405
  1,486
  1,569
  1,656
  1,746
  1,839
  1,935
  2,036
  2,141
  2,251
  2,366
  2,486
  2,613
  2,744
  2,883
Total cash flow (excl. dividends), $m
  146
  166
  184
  202
  220
  237
  254
  271
  287
  303
  306
  321
  337
  352
  367
  382
  398
  414
  430
  447
  464
  483
  502
  522
  543
  565
  588
  613
  638
  666
Retained Cash Flow (-), $m
  -128
  -155
  -187
  -221
  -256
  -293
  -332
  -372
  -413
  -456
  -487
  -532
  -579
  -628
  -678
  -729
  -783
  -838
  -896
  -956
  -1,018
  -1,082
  -1,149
  -1,219
  -1,292
  -1,368
  -1,447
  -1,530
  -1,616
  -1,707
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
  18
  10
  -3
  -19
  -37
  -56
  -78
  -101
  -126
  -152
  -181
  -211
  -243
  -276
  -311
  -347
  -385
  -425
  -466
  -509
  -553
  -599
  -647
  -697
  -749
  -803
  -859
  -917
  -978
  -1,041
Discount rate, %
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
  17
  9
  -3
  -14
  -25
  -34
  -42
  -48
  -52
  -55
  -56
  -55
  -53
  -50
  -46
  -41
  -35
  -30
  -25
  -20
  -16
  -13
  -9
  -7
  -5
  -3
  -2
  -1
  -1
  -1
Current shareholders' claim on cash, %
  75.8
  57.4
  43.5
  33.1
  25.3
  19.4
  14.9
  11.5
  9.0
  7.0
  5.5
  4.4
  3.5
  2.8
  2.2
  1.8
  1.4
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1

TravelCenters of America LLC (TravelCenters) operates and franchises travel centers and convenience store and restaurant locations. The Company's segments include travel centers, convenience stores, and corporate and other. The Company offers a range of products and services, including diesel fuel and gasoline, as well as nonfuel products and services, such as truck repair and maintenance services, full service restaurants, quick service restaurants (QSRs), travel/convenience stores and various customer amenities. Its customers include trucking fleets and their drivers, independent truck drivers, highway and local motorists, and casual diners. As of December 31, 2016, the Company's business included 255 travel centers in 43 states in the United States primarily along the United States interstate highway system, and the province of Ontario, Canada. As of December 31, 2016, the Company's business included 233 convenience stores in 11 states in the United States.

FINANCIAL RATIOS  of  TravelCenters of America (TA)

Valuation Ratios
P/E Ratio -86.2
Price to Sales 0
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate -5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.9%
Cap. Spend. - 3 Yr. Gr. Rate 15%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 61.6%
Total Debt to Equity 61.6%
Interest Coverage 1
Management Effectiveness
Return On Assets 0.8%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -0.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity -0.4%
Return On Equity - 3 Yr. Avg. 5.8%
Asset Turnover 3.4
Profitability Ratios
Gross Margin 26.8%
Gross Margin - 3 Yr. Avg. 22.5%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 2.3%
Operating Margin 0.3%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin -0.1%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin -0%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 41.6%
Payout Ratio 0%

TA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TA stock intrinsic value calculation we used $6051.593 million for the last fiscal year's total revenue generated by TravelCenters of America. The default revenue input number comes from 0001 income statement of TravelCenters of America. 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 TA stock valuation model: a) initial revenue growth rate of 22.7% 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 6.9%, whose default value for TA is calculated based on our internal credit rating of TravelCenters of America, 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 TravelCenters of America.
    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 TA stock the variable cost ratio is equal to 99.6%.

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 TA 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 9.4% for TravelCenters of America.

Corporate tax rate of 27% is the nominal tax rate for TravelCenters of America. 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 TA 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 TA are equal to 18.3%.

Life of production assets of 9.1 years is the average useful life of capital assets used in TravelCenters of America 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 TA is equal to 0.6%. 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 - $565.048 million for TravelCenters of America - 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 39.771 million for TravelCenters of America 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 TravelCenters of America at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ TravelCenters: 3Q Earnings Snapshot   [07:27AM  Associated Press]
▶ TravelCenters of America Launches First TA Express Units   [Sep-10-18 10:05AM  Business Wire]
▶ TravelCenters: 2Q Earnings Snapshot   [07:26AM  Associated Press]
▶ Minit Mart Launches GoGo Rewards   [12:08PM  Business Wire]
▶ TravelCenters of America Announces 2018 Citizen Drivers   [May-09-18 10:46AM  Business Wire]
▶ TravelCenters of America LLC to Host Earnings Call   [May-07-18 07:30AM  ACCESSWIRE]
▶ TravelCenters: 1Q Earnings Snapshot   [07:19AM  Associated Press]
▶ TravelCenters reports 4Q loss   [08:35AM  Associated Press]
▶ Quaker Steak & Lube® Express Opens at TA in Gary, Indiana   [Jan-10-18 04:48PM  Business Wire]
▶ How Financially Strong Is TravelCenters of America LLC (TA)?   [Dec-06-17 01:41PM  Simply Wall St.]
▶ TravelCenters of America LLC to Host Earnings Call   [Nov-07-17 08:00AM  ACCESSWIRE]
▶ TravelCenters posts 3Q profit   [07:19AM  Associated Press]
▶ TravelCenters of America Has Done It Again!   [Oct-30-17 02:18PM  Business Wire]
▶ QUAKER STEAK & LUBE introduces NEW DOUBLE-TAKE MEALS   [Oct-13-17 12:04PM  Business Wire]

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