Intrinsic value of Tenneco - TEN

Previous Close

$57.51

  Intrinsic Value

$97.74

stock screener

  Rating & Target

str. buy

+70%

Previous close

$57.51

 
Intrinsic value

$97.74

 
Up/down potential

+70%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of TEN 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 3.1

 

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, %
  5.11
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  8,599
  9,003
  9,429
  9,878
  10,350
  10,847
  11,370
  11,920
  12,499
  13,108
  13,748
  14,421
  15,129
  15,873
  16,654
  17,475
  18,338
  19,245
  20,198
  21,198
  22,250
  23,354
  24,514
  25,733
  27,012
  28,357
  29,768
  31,251
  32,808
  34,443
  36,161
Variable operating expenses, $m
 
  8,445
  8,844
  9,264
  9,707
  10,173
  10,663
  11,179
  11,722
  12,292
  12,893
  13,518
  14,181
  14,878
  15,610
  16,380
  17,189
  18,039
  18,932
  19,870
  20,856
  21,891
  22,978
  24,120
  25,320
  26,580
  27,903
  29,293
  30,752
  32,285
  33,895
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
  8,085
  8,445
  8,844
  9,264
  9,707
  10,173
  10,663
  11,179
  11,722
  12,292
  12,893
  13,518
  14,181
  14,878
  15,610
  16,380
  17,189
  18,039
  18,932
  19,870
  20,856
  21,891
  22,978
  24,120
  25,320
  26,580
  27,903
  29,293
  30,752
  32,285
  33,895
Operating income, $m
  514
  558
  585
  613
  643
  674
  707
  741
  778
  816
  856
  904
  948
  995
  1,044
  1,095
  1,149
  1,206
  1,266
  1,328
  1,394
  1,463
  1,536
  1,612
  1,693
  1,777
  1,865
  1,958
  2,056
  2,158
  2,266
EBITDA, $m
  726
  777
  814
  853
  894
  937
  982
  1,029
  1,079
  1,132
  1,187
  1,245
  1,306
  1,371
  1,438
  1,509
  1,584
  1,662
  1,744
  1,831
  1,921
  2,017
  2,117
  2,222
  2,333
  2,449
  2,571
  2,699
  2,833
  2,974
  3,123
Interest expense (income), $m
  76
  76
  81
  92
  103
  115
  127
  140
  153
  168
  183
  199
  215
  233
  251
  270
  291
  312
  334
  358
  383
  409
  436
  464
  495
  526
  559
  594
  631
  669
  710
Earnings before tax, $m
  424
  482
  504
  521
  540
  559
  580
  601
  624
  648
  673
  705
  733
  762
  793
  825
  858
  894
  931
  970
  1,012
  1,055
  1,100
  1,148
  1,198
  1,251
  1,306
  1,364
  1,425
  1,489
  1,556
Tax expense, $m
  0
  130
  136
  141
  146
  151
  157
  162
  169
  175
  182
  190
  198
  206
  214
  223
  232
  241
  251
  262
  273
  285
  297
  310
  323
  338
  353
  368
  385
  402
  420
Net income, $m
  356
  352
  368
  381
  394
  408
  423
  439
  456
  473
  491
  515
  535
  556
  579
  602
  627
  653
  680
  708
  738
  770
  803
  838
  875
  913
  953
  996
  1,040
  1,087
  1,136

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  347
  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
  4,346
  4,188
  4,386
  4,594
  4,814
  5,045
  5,288
  5,544
  5,814
  6,097
  6,395
  6,708
  7,037
  7,383
  7,746
  8,128
  8,529
  8,951
  9,394
  9,860
  10,349
  10,862
  11,402
  11,969
  12,564
  13,189
  13,846
  14,535
  15,260
  16,020
  16,819
Adjusted assets (=assets-cash), $m
  3,999
  4,188
  4,386
  4,594
  4,814
  5,045
  5,288
  5,544
  5,814
  6,097
  6,395
  6,708
  7,037
  7,383
  7,746
  8,128
  8,529
  8,951
  9,394
  9,860
  10,349
  10,862
  11,402
  11,969
  12,564
  13,189
  13,846
  14,535
  15,260
  16,020
  16,819
Revenue / Adjusted assets
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
  2.150
Average production assets, $m
  1,321
  1,386
  1,452
  1,521
  1,594
  1,670
  1,751
  1,836
  1,925
  2,019
  2,117
  2,221
  2,330
  2,444
  2,565
  2,691
  2,824
  2,964
  3,110
  3,265
  3,426
  3,597
  3,775
  3,963
  4,160
  4,367
  4,584
  4,813
  5,052
  5,304
  5,569
Working capital, $m
  629
  387
  405
  425
  445
  466
  489
  513
  537
  564
  591
  620
  651
  683
  716
  751
  789
  828
  868
  912
  957
  1,004
  1,054
  1,107
  1,162
  1,219
  1,280
  1,344
  1,411
  1,481
  1,555
Total debt, $m
  1,384
  1,380
  1,558
  1,746
  1,943
  2,152
  2,371
  2,601
  2,843
  3,098
  3,366
  3,648
  3,944
  4,255
  4,582
  4,926
  5,287
  5,667
  6,066
  6,485
  6,925
  7,387
  7,873
  8,383
  8,919
  9,481
  10,072
  10,693
  11,345
  12,029
  12,748
Total liabilities, $m
  3,773
  3,769
  3,947
  4,135
  4,332
  4,541
  4,760
  4,990
  5,232
  5,487
  5,755
  6,037
  6,333
  6,644
  6,971
  7,315
  7,676
  8,056
  8,455
  8,874
  9,314
  9,776
  10,262
  10,772
  11,308
  11,870
  12,461
  13,082
  13,734
  14,418
  15,137
Total equity, $m
  573
  419
  439
  459
  481
  505
  529
  554
  581
  610
  639
  671
  704
  738
  775
  813
  853
  895
  939
  986
  1,035
  1,086
  1,140
  1,197
  1,256
  1,319
  1,385
  1,454
  1,526
  1,602
  1,682
Total liabilities and equity, $m
  4,346
  4,188
  4,386
  4,594
  4,813
  5,046
  5,289
  5,544
  5,813
  6,097
  6,394
  6,708
  7,037
  7,382
  7,746
  8,128
  8,529
  8,951
  9,394
  9,860
  10,349
  10,862
  11,402
  11,969
  12,564
  13,189
  13,846
  14,536
  15,260
  16,020
  16,819
Debt-to-equity ratio
  2.415
  3.290
  3.550
  3.800
  4.040
  4.260
  4.480
  4.690
  4.890
  5.080
  5.260
  5.440
  5.600
  5.760
  5.920
  6.060
  6.200
  6.330
  6.460
  6.580
  6.690
  6.800
  6.900
  7.000
  7.100
  7.190
  7.270
  7.360
  7.430
  7.510
  7.580
Adjusted equity ratio
  0.057
  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
  356
  352
  368
  381
  394
  408
  423
  439
  456
  473
  491
  515
  535
  556
  579
  602
  627
  653
  680
  708
  738
  770
  803
  838
  875
  913
  953
  996
  1,040
  1,087
  1,136
Depreciation, amort., depletion, $m
  212
  219
  229
  240
  251
  263
  275
  288
  302
  316
  331
  342
  358
  376
  395
  414
  434
  456
  479
  502
  527
  553
  581
  610
  640
  672
  705
  740
  777
  816
  857
Funds from operations, $m
  404
  571
  597
  620
  645
  671
  698
  727
  757
  789
  823
  856
  893
  932
  973
  1,016
  1,061
  1,109
  1,158
  1,211
  1,266
  1,323
  1,384
  1,448
  1,515
  1,585
  1,659
  1,736
  1,818
  1,903
  1,993
Change in working capital, $m
  -85
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  74
Cash from operations, $m
  489
  554
  579
  601
  625
  650
  676
  703
  733
  763
  795
  827
  863
  900
  940
  981
  1,024
  1,070
  1,117
  1,168
  1,220
  1,276
  1,334
  1,395
  1,460
  1,527
  1,598
  1,672
  1,751
  1,833
  1,919
Maintenance CAPEX, $m
  0
  -203
  -213
  -223
  -234
  -245
  -257
  -269
  -282
  -296
  -311
  -326
  -342
  -358
  -376
  -395
  -414
  -434
  -456
  -479
  -502
  -527
  -553
  -581
  -610
  -640
  -672
  -705
  -740
  -777
  -816
New CAPEX, $m
  -345
  -66
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -228
  -240
  -252
  -264
Cash from investing activities, $m
  -340
  -269
  -279
  -292
  -307
  -322
  -338
  -354
  -371
  -390
  -410
  -430
  -451
  -473
  -496
  -521
  -547
  -574
  -603
  -633
  -664
  -697
  -732
  -769
  -807
  -847
  -889
  -933
  -980
  -1,029
  -1,080
Free cash flow, $m
  149
  284
  300
  309
  318
  328
  338
  349
  361
  373
  386
  398
  412
  427
  443
  460
  477
  495
  515
  535
  556
  579
  602
  627
  653
  680
  709
  739
  770
  804
  838
Issuance/(repayment) of debt, $m
  190
  86
  178
  188
  198
  208
  219
  230
  242
  255
  268
  282
  296
  311
  327
  344
  361
  380
  399
  419
  440
  462
  486
  510
  536
  563
  591
  621
  652
  685
  719
Issuance/(repurchase) of shares, $m
  -207
  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  
  -91
  86
  178
  188
  198
  208
  219
  230
  242
  255
  268
  282
  296
  311
  327
  344
  361
  380
  399
  419
  440
  462
  486
  510
  536
  563
  591
  621
  652
  685
  719
Total cash flow (excl. dividends), $m
  60
  370
  478
  496
  516
  536
  557
  580
  603
  628
  654
  680
  708
  739
  770
  803
  838
  875
  914
  954
  996
  1,041
  1,088
  1,137
  1,189
  1,243
  1,300
  1,359
  1,422
  1,488
  1,557
Retained Cash Flow (-), $m
  -148
  -103
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -80
Prev. year cash balance distribution, $m
 
  257
  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
 
  524
  458
  475
  494
  513
  533
  554
  576
  600
  624
  649
  676
  704
  734
  765
  798
  833
  869
  907
  947
  990
  1,034
  1,080
  1,129
  1,180
  1,234
  1,290
  1,350
  1,412
  1,477
Discount rate, %
 
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
 
  496
  407
  395
  381
  365
  347
  328
  308
  286
  264
  240
  217
  194
  172
  150
  129
  110
  92
  76
  61
  49
  38
  29
  22
  16
  12
  8
  6
  4
  2
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

Tenneco Inc. is a producer of clean air and ride performance products and systems for light vehicle, commercial truck, off-highway and other vehicle applications. The Company designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world. The Company operates through six segments: North America Clean Air; North America Ride Performance; Europe, South America and India Clean Air; Europe, South America and India Ride Performance; Asia Pacific Clean Air, and Asia Pacific Ride Performance. The Company serves both original equipment (OE) vehicle designers and manufacturers and the repair and replacement markets, or aftermarket, globally through brands, including Monroe, Rancho, Clevite Elastomers, Axios, Kinetic and Fric-Rot ride performance products and Walker, XNOx, Fonos, DynoMax and Thrush clean air products.

FINANCIAL RATIOS  of  Tenneco (TEN)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 0.4
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 6.4
Price to Free Cash Flow 21.7
Growth Rates
Sales Growth Rate 5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 225.8%
Total Debt to Equity 241.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 8.3%
Return On Total Capital 19.8%
Ret/ On T. Cap. - 3 Yr. Avg. 16.3%
Return On Equity 71.3%
Return On Equity - 3 Yr. Avg. 57.3%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 17.4%
Gross Margin - 3 Yr. Avg. 17.1%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 8.4%
Operating Margin 6%
Oper. Margin - 3 Yr. Avg. 6%
Pre-Tax Margin 4.9%
Pre-Tax Margin - 3 Yr. Avg. 5%
Net Profit Margin 4.1%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 22%
Payout Ratio 0%

TEN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TEN stock intrinsic value calculation we used $8599 million for the last fiscal year's total revenue generated by Tenneco. The default revenue input number comes from 2016 income statement of Tenneco. 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 TEN stock valuation model: a) initial revenue growth rate of 4.7% 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 5.8%, whose default value for TEN is calculated based on our internal credit rating of Tenneco, 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 Tenneco.
    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 TEN stock the variable cost ratio is equal to 93.8%.

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 TEN 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 5.9% for Tenneco.

Corporate tax rate of 27% is the nominal tax rate for Tenneco. 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 TEN 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 TEN are equal to 15.4%.

Life of production assets of 6.5 years is the average useful life of capital assets used in Tenneco 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 TEN is equal to 4.3%. 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 - $573 million for Tenneco - 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 53.273 million for Tenneco 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 Tenneco at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ Two Stocks for the Automotive Industry Enthusiast   [Nov-29-17 12:11PM  GuruFocus.com]
▶ Tenneco tops Street 3Q forecasts   [Oct-27-17 08:12AM  Associated Press]
▶ Tenneco Reports Third Quarter 2017 Results   [08:00AM  Business Wire]
▶ Tenneco Inc. to Host Earnings Call   [07:10AM  ACCESSWIRE]
▶ Tenneco Announces Quarterly Dividend   [Oct-11-17 04:43PM  Business Wire]
▶ CBS Agrees to Buy Ten Network, Beats Out Murdoch Bid   [Aug-27-17 08:52PM  Bloomberg Video]
▶ Tenneco, Inc. Value Analysis (NYSE:TEN) : August 14, 2017   [Aug-14-17 06:17PM  Capital Cube]
▶ Tenaris Announces 2017 Second Quarter Results   [Aug-02-17 04:31PM  Marketwired]
▶ Tenneco reports 2Q loss   [Jul-28-17 08:25PM  Associated Press]
▶ Tenneco Reports Second Quarter 2017 Results   [06:00AM  Business Wire]
▶ Tenneco Announces Quarterly Dividend   [Jul-12-17 04:50PM  Business Wire]
▶ ETFs with exposure to Tenneco, Inc. : July 4, 2017   [Jul-04-17 03:33PM  Capital Cube]
▶ ETFs with exposure to Tenneco, Inc. : June 22, 2017   [Jun-22-17 04:30PM  Capital Cube]
▶ Tenneco Named to Forbes Best Employers List   [Jun-13-17 07:00AM  Business Wire]
▶ Tenneco Announces Results of 2017 Annual Meeting   [May-17-17 04:30PM  Business Wire]
▶ Tenneco Amends and Restates Its Senior Credit Facility   [May-15-17 06:45AM  Business Wire]
▶ Tenneco, Inc. Value Analysis (NYSE:TEN) : May 1, 2017   [May-01-17 05:24PM  Capital Cube]
▶ Tenaris Files 2016 Form 20-F   [05:13PM  Marketwired]
▶ Tenneco tops Street 1Q forecasts   [08:14AM  Associated Press]
▶ Tenneco Reports First Quarter 2017 Results   [08:00AM  Business Wire]
▶ Ten Network's Bad Year   [Apr-30-17 06:49PM  Bloomberg Video]
▶ Tenaris Announces 2017 First Quarter Results   [Apr-26-17 09:11PM  Marketwired]
▶ Tenneco Receives Supplier Award from Toyota   [Apr-11-17 06:30AM  Business Wire]
Financial statements of TEN
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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