Intrinsic value of Transalta - TAC

Previous Close

$5.28

  Intrinsic Value

$3.47

stock screener

  Rating & Target

sell

-34%

Previous close

$5.28

 
Intrinsic value

$3.47

 
Up/down potential

-34%

 
Rating

sell

We calculate the intrinsic value of TAC 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 1.5

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,848
  1,891
  1,940
  1,994
  2,055
  2,121
  2,193
  2,271
  2,356
  2,446
  2,543
  2,646
  2,756
  2,873
  2,997
  3,128
  3,267
  3,414
  3,569
  3,733
  3,906
  4,089
  4,281
  4,484
  4,697
  4,922
  5,158
  5,407
  5,669
  5,945
Variable operating expenses, $m
  1,479
  1,512
  1,549
  1,591
  1,637
  1,688
  1,743
  1,803
  1,867
  1,937
  1,946
  2,025
  2,109
  2,198
  2,293
  2,393
  2,500
  2,612
  2,731
  2,856
  2,989
  3,128
  3,276
  3,431
  3,594
  3,766
  3,947
  4,137
  4,338
  4,549
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
  1,479
  1,512
  1,549
  1,591
  1,637
  1,688
  1,743
  1,803
  1,867
  1,937
  1,946
  2,025
  2,109
  2,198
  2,293
  2,393
  2,500
  2,612
  2,731
  2,856
  2,989
  3,128
  3,276
  3,431
  3,594
  3,766
  3,947
  4,137
  4,338
  4,549
Operating income, $m
  369
  379
  391
  403
  418
  433
  450
  468
  488
  509
  597
  621
  647
  675
  704
  735
  767
  802
  838
  877
  917
  960
  1,005
  1,053
  1,103
  1,156
  1,211
  1,270
  1,331
  1,396
EBITDA, $m
  973
  995
  1,021
  1,049
  1,081
  1,116
  1,154
  1,195
  1,240
  1,287
  1,338
  1,392
  1,450
  1,512
  1,577
  1,646
  1,719
  1,796
  1,878
  1,964
  2,055
  2,151
  2,253
  2,359
  2,472
  2,590
  2,714
  2,845
  2,983
  3,128
Interest expense (income), $m
  174
  183
  190
  198
  207
  218
  229
  242
  256
  271
  287
  304
  322
  342
  363
  385
  409
  434
  460
  488
  518
  549
  582
  617
  653
  692
  732
  775
  820
  868
  918
Earnings before tax, $m
  186
  189
  192
  196
  200
  204
  208
  213
  218
  223
  293
  299
  305
  312
  319
  326
  334
  342
  350
  359
  368
  378
  389
  400
  411
  423
  436
  450
  464
  479
Tax expense, $m
  50
  51
  52
  53
  54
  55
  56
  57
  59
  60
  79
  81
  82
  84
  86
  88
  90
  92
  95
  97
  99
  102
  105
  108
  111
  114
  118
  121
  125
  129
Net income, $m
  136
  138
  140
  143
  146
  149
  152
  155
  159
  163
  214
  218
  223
  228
  233
  238
  243
  249
  256
  262
  269
  276
  284
  292
  300
  309
  318
  328
  338
  349

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
  8,252
  8,442
  8,659
  8,903
  9,172
  9,469
  9,791
  10,140
  10,516
  10,920
  11,352
  11,812
  12,303
  12,824
  13,377
  13,964
  14,584
  15,240
  15,934
  16,666
  17,438
  18,253
  19,112
  20,017
  20,969
  21,973
  23,029
  24,140
  25,309
  26,539
Adjusted assets (=assets-cash), $m
  8,252
  8,442
  8,659
  8,903
  9,172
  9,469
  9,791
  10,140
  10,516
  10,920
  11,352
  11,812
  12,303
  12,824
  13,377
  13,964
  14,584
  15,240
  15,934
  16,666
  17,438
  18,253
  19,112
  20,017
  20,969
  21,973
  23,029
  24,140
  25,309
  26,539
Revenue / Adjusted assets
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
Average production assets, $m
  5,547
  5,675
  5,821
  5,985
  6,166
  6,365
  6,582
  6,816
  7,069
  7,341
  7,631
  7,940
  8,270
  8,621
  8,993
  9,387
  9,804
  10,245
  10,711
  11,203
  11,722
  12,270
  12,847
  13,456
  14,096
  14,771
  15,481
  16,228
  17,013
  17,840
Working capital, $m
  -78
  -79
  -81
  -84
  -86
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -217
  -227
  -238
  -250
Total debt, $m
  3,017
  3,146
  3,293
  3,458
  3,640
  3,841
  4,059
  4,295
  4,550
  4,823
  5,115
  5,427
  5,759
  6,112
  6,487
  6,884
  7,304
  7,748
  8,218
  8,713
  9,236
  9,788
  10,369
  10,982
  11,627
  12,306
  13,021
  13,773
  14,565
  15,397
Total liabilities, $m
  5,587
  5,715
  5,862
  6,027
  6,210
  6,410
  6,629
  6,865
  7,119
  7,393
  7,685
  7,997
  8,329
  8,682
  9,056
  9,453
  9,873
  10,318
  10,787
  11,283
  11,806
  12,357
  12,939
  13,551
  14,196
  14,876
  15,590
  16,343
  17,134
  17,967
Total equity, $m
  2,665
  2,727
  2,797
  2,876
  2,963
  3,058
  3,163
  3,275
  3,397
  3,527
  3,667
  3,815
  3,974
  4,142
  4,321
  4,510
  4,711
  4,923
  5,147
  5,383
  5,633
  5,896
  6,173
  6,465
  6,773
  7,097
  7,438
  7,797
  8,175
  8,572
Total liabilities and equity, $m
  8,252
  8,442
  8,659
  8,903
  9,173
  9,468
  9,792
  10,140
  10,516
  10,920
  11,352
  11,812
  12,303
  12,824
  13,377
  13,963
  14,584
  15,241
  15,934
  16,666
  17,439
  18,253
  19,112
  20,016
  20,969
  21,973
  23,028
  24,140
  25,309
  26,539
Debt-to-equity ratio
  1.130
  1.150
  1.180
  1.200
  1.230
  1.260
  1.280
  1.310
  1.340
  1.370
  1.400
  1.420
  1.450
  1.480
  1.500
  1.530
  1.550
  1.570
  1.600
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.730
  1.750
  1.770
  1.780
  1.800
Adjusted equity ratio
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323
  0.323

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  136
  138
  140
  143
  146
  149
  152
  155
  159
  163
  214
  218
  223
  228
  233
  238
  243
  249
  256
  262
  269
  276
  284
  292
  300
  309
  318
  328
  338
  349
Depreciation, amort., depletion, $m
  604
  616
  630
  646
  664
  683
  704
  727
  751
  778
  741
  771
  803
  837
  873
  911
  952
  995
  1,040
  1,088
  1,138
  1,191
  1,247
  1,306
  1,369
  1,434
  1,503
  1,575
  1,652
  1,732
Funds from operations, $m
  739
  754
  771
  789
  809
  832
  856
  882
  910
  940
  955
  989
  1,026
  1,065
  1,106
  1,149
  1,195
  1,244
  1,295
  1,350
  1,407
  1,467
  1,531
  1,598
  1,669
  1,743
  1,821
  1,904
  1,990
  2,081
Change in working capital, $m
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
Cash from operations, $m
  741
  756
  773
  791
  812
  834
  859
  885
  914
  944
  959
  994
  1,030
  1,069
  1,111
  1,155
  1,201
  1,250
  1,302
  1,357
  1,414
  1,475
  1,539
  1,607
  1,678
  1,753
  1,831
  1,914
  2,001
  2,093
Maintenance CAPEX, $m
  -528
  -539
  -551
  -565
  -581
  -599
  -618
  -639
  -662
  -686
  -713
  -741
  -771
  -803
  -837
  -873
  -911
  -952
  -995
  -1,040
  -1,088
  -1,138
  -1,191
  -1,247
  -1,306
  -1,369
  -1,434
  -1,503
  -1,575
  -1,652
New CAPEX, $m
  -110
  -128
  -146
  -164
  -181
  -199
  -217
  -235
  -253
  -271
  -290
  -310
  -330
  -350
  -372
  -394
  -417
  -441
  -466
  -492
  -519
  -548
  -577
  -608
  -641
  -674
  -710
  -747
  -786
  -827
Cash from investing activities, $m
  -638
  -667
  -697
  -729
  -762
  -798
  -835
  -874
  -915
  -957
  -1,003
  -1,051
  -1,101
  -1,153
  -1,209
  -1,267
  -1,328
  -1,393
  -1,461
  -1,532
  -1,607
  -1,686
  -1,768
  -1,855
  -1,947
  -2,043
  -2,144
  -2,250
  -2,361
  -2,479
Free cash flow, $m
  103
  90
  76
  62
  49
  37
  24
  12
  -1
  -14
  -44
  -57
  -70
  -84
  -98
  -112
  -127
  -143
  -159
  -175
  -193
  -211
  -229
  -249
  -269
  -290
  -313
  -336
  -360
  -385
Issuance/(repayment) of debt, $m
  105
  128
  147
  165
  183
  200
  218
  236
  255
  273
  292
  312
  332
  353
  375
  397
  420
  444
  469
  496
  523
  552
  581
  613
  645
  679
  715
  752
  791
  833
Issuance/(repurchase) of shares, $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
  8
  15
  23
  31
  39
  48
Cash from financing (excl. dividends), $m  
  105
  128
  147
  165
  183
  200
  218
  236
  255
  273
  292
  312
  332
  353
  375
  397
  420
  444
  469
  496
  523
  552
  581
  613
  653
  694
  738
  783
  830
  881
Total cash flow (excl. dividends), $m
  208
  218
  223
  227
  232
  237
  243
  248
  254
  260
  248
  255
  262
  269
  277
  284
  293
  301
  311
  320
  330
  341
  352
  364
  384
  404
  425
  447
  471
  495
Retained Cash Flow (-), $m
  -53
  -61
  -70
  -79
  -87
  -96
  -104
  -113
  -121
  -130
  -139
  -149
  -158
  -168
  -179
  -189
  -200
  -212
  -224
  -236
  -250
  -263
  -277
  -292
  -308
  -324
  -341
  -359
  -378
  -397
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
  155
  157
  153
  149
  145
  142
  138
  135
  132
  129
  109
  106
  103
  101
  98
  95
  92
  90
  87
  84
  81
  78
  75
  72
  76
  80
  84
  88
  93
  98
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  143
  133
  118
  104
  91
  78
  67
  57
  48
  40
  28
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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
  99.8
  99.5
  99.1
  98.5
  97.8
  97.0

TransAlta Corporation (TransAlta) is a non-regulated electricity generation and energy marketing company with an aggregate net ownership interest of approximately 8,720 megawatts of generating capacity. The Company is engaged in the production and sale of electric energy. It focuses on generating and marketing electricity in Canada, the United States and Western Australia through its diversified portfolio of facilities fuelled by coal, natural gas, diesel, hydro, wind and solar. TransAlta is organized into eight business segments: Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, Hydro, Energy Marketing and Corporate. The Canadian Coal, U.S. Coal, Canadian Gas, Australian Gas, Wind and Solar, and Hydro segments are responsible for constructing, operating and maintaining its electrical generation. All the segments are supported by a Corporate segment, which includes the Corporation's central financial, legal, administrative, and investing functions.

FINANCIAL RATIOS  of  Transalta (TAC)

Valuation Ratios
P/E Ratio 12.2
Price to Sales 0.9
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow 5.6
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -24.5%
Cap. Spend. - 3 Yr. Gr. Rate -9%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 106%
Total Debt to Equity 124.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.4%
Ret/ On Assets - 3 Yr. Avg. 1.2%
Return On Total Capital 2.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.8%
Return On Equity 4.9%
Return On Equity - 3 Yr. Avg. -2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 50.6%
EBITDA Margin - 3 Yr. Avg. 39.2%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 3.8%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. -1.8%
Effective Tax Rate 12.1%
Eff/ Tax Rate - 3 Yr. Avg. 19.1%
Payout Ratio 65.6%

TAC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TAC stock intrinsic value calculation we used $1812.25451689 million for the last fiscal year's total revenue generated by Transalta. The default revenue input number comes from 0001 income statement of Transalta. 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 TAC stock valuation model: a) initial revenue growth rate of 2% 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 8.1%, whose default value for TAC is calculated based on our internal credit rating of Transalta, 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 Transalta.
    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 TAC stock the variable cost ratio is equal to 80.1%.

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 TAC 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 6.3% for Transalta.

Corporate tax rate of 27% is the nominal tax rate for Transalta. 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 TAC 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 TAC are equal to 300.1%.

Life of production assets of 10.3 years is the average useful life of capital assets used in Transalta 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 TAC is equal to -4.2%. 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 - $2612.72584446 million for Transalta - 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 287.9 million for Transalta 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 Transalta at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ TransAlta: 3Q Earnings Snapshot   [Oct-31-18 08:49AM  Associated Press]
▶ TransAlta Declares Dividends   [Oct-10-18 08:16PM  CNW Group]
▶ TransAlta: 2Q Earnings Snapshot   [Aug-03-18 10:56AM  Associated Press]
▶ TransAlta Declares Dividends   [Jul-19-18 03:49PM  PR Newswire]
▶ TransAlta Declares Dividends   [03:49PM  CNW Group]
▶ TransAlta Announces Retirement of Sundance Unit 2   [Jul-18-18 05:12PM  PR Newswire]
▶ TransAlta: 1Q Earnings Snapshot   [May-08-18 10:04AM  Associated Press]
▶ Is It The Right Time To Buy TransAlta Corporation (TSE:TA)?   [May-02-18 02:02PM  Simply Wall St.]
▶ TransAlta Declares Dividends   [Apr-19-18 05:02PM  CNW Group]
▶ TransAlta Corporation to Host Earnings Call   [Mar-02-18 09:00AM  ACCESSWIRE]
▶ TransAlta reports 4Q loss   [05:01AM  Associated Press]
▶ TransAlta Declares Dividends   [12:44PM  PR Newswire]
▶ TransAlta Comments on Provincial Carbon Credit Regime   [Dec-08-17 08:00AM  PR Newswire]
▶ TransAlta reports 3Q loss   [Oct-31-17 05:38PM  Associated Press]
▶ TransAlta Declares Dividends   [Oct-30-17 08:16PM  CNW Group]
▶ The Oldest Newest Natural Gas Play: Part 2   [Sep-26-17 11:32AM  GuruFocus.com]
▶ TransAlta reports 2Q loss   [Aug-10-17 08:08PM  Associated Press]
▶ TransAlta Declares Dividends   [Jul-18-17 05:09PM  CNW Group]
▶ Here's How Green Sausages Get Made In The Swamp It Isn't Very Pretty   [Jun-13-17 06:28PM  Investor's Business Daily]
▶ ETFs with exposure to TransAlta Corp. : May 15, 2017   [May-15-17 04:43PM  Capital Cube]

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