Intrinsic value of Tenneco - TEN

Previous Close

$33.51

  Intrinsic Value

$152.86

stock screener

  Rating & Target

str. buy

+356%

Previous close

$33.51

 
Intrinsic value

$152.86

 
Up/down potential

+356%

 
Rating

str. buy

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 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 1.7

 

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, %
  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
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
Revenue, $m
  10,155
  11,074
  12,031
  13,028
  14,064
  15,141
  16,260
  17,423
  18,631
  19,888
  21,194
  22,553
  23,967
  25,440
  26,974
  28,572
  30,239
  31,978
  33,793
  35,688
  37,668
  39,737
  41,900
  44,162
  46,528
  49,005
  51,598
  54,313
  57,156
  60,135
Variable operating expenses, $m
  9,535
  10,397
  11,295
  12,230
  13,202
  14,213
  15,263
  16,354
  17,488
  18,666
  19,885
  21,160
  22,487
  23,869
  25,308
  26,808
  28,371
  30,003
  31,706
  33,484
  35,341
  37,282
  39,312
  41,434
  43,654
  45,978
  48,411
  50,958
  53,626
  56,421
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
  9,535
  10,397
  11,295
  12,230
  13,202
  14,213
  15,263
  16,354
  17,488
  18,666
  19,885
  21,160
  22,487
  23,869
  25,308
  26,808
  28,371
  30,003
  31,706
  33,484
  35,341
  37,282
  39,312
  41,434
  43,654
  45,978
  48,411
  50,958
  53,626
  56,421
Operating income, $m
  620
  677
  736
  798
  862
  928
  997
  1,069
  1,144
  1,221
  1,309
  1,393
  1,480
  1,571
  1,666
  1,765
  1,868
  1,975
  2,087
  2,204
  2,327
  2,454
  2,588
  2,728
  2,874
  3,027
  3,187
  3,355
  3,530
  3,714
EBITDA, $m
  865
  943
  1,025
  1,110
  1,198
  1,290
  1,385
  1,484
  1,587
  1,694
  1,806
  1,921
  2,042
  2,167
  2,298
  2,434
  2,576
  2,724
  2,879
  3,040
  3,209
  3,385
  3,570
  3,762
  3,964
  4,175
  4,396
  4,627
  4,869
  5,123
Interest expense (income), $m
  76
  78
  99
  121
  144
  168
  193
  219
  246
  274
  304
  334
  366
  398
  432
  468
  505
  544
  584
  626
  670
  715
  763
  813
  865
  920
  977
  1,037
  1,099
  1,165
  1,234
Earnings before tax, $m
  542
  578
  615
  653
  693
  735
  778
  823
  869
  918
  975
  1,027
  1,082
  1,139
  1,198
  1,260
  1,324
  1,391
  1,461
  1,535
  1,611
  1,691
  1,775
  1,862
  1,954
  2,050
  2,150
  2,255
  2,365
  2,481
Tax expense, $m
  146
  156
  166
  176
  187
  198
  210
  222
  235
  248
  263
  277
  292
  307
  323
  340
  358
  376
  395
  414
  435
  457
  479
  503
  528
  553
  581
  609
  639
  670
Net income, $m
  396
  422
  449
  477
  506
  536
  568
  601
  635
  670
  712
  750
  790
  831
  875
  920
  967
  1,016
  1,067
  1,120
  1,176
  1,235
  1,296
  1,360
  1,426
  1,496
  1,570
  1,646
  1,727
  1,811

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
  5,303
  5,783
  6,283
  6,803
  7,344
  7,906
  8,491
  9,098
  9,729
  10,385
  11,067
  11,777
  12,516
  13,285
  14,086
  14,920
  15,791
  16,699
  17,646
  18,636
  19,670
  20,750
  21,880
  23,061
  24,297
  25,590
  26,944
  28,362
  29,847
  31,402
Adjusted assets (=assets-cash), $m
  5,303
  5,783
  6,283
  6,803
  7,344
  7,906
  8,491
  9,098
  9,729
  10,385
  11,067
  11,777
  12,516
  13,285
  14,086
  14,920
  15,791
  16,699
  17,646
  18,636
  19,670
  20,750
  21,880
  23,061
  24,297
  25,590
  26,944
  28,362
  29,847
  31,402
Revenue / Adjusted assets
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
  1.915
Average production assets, $m
  1,665
  1,816
  1,973
  2,137
  2,306
  2,483
  2,667
  2,857
  3,056
  3,262
  3,476
  3,699
  3,931
  4,172
  4,424
  4,686
  4,959
  5,244
  5,542
  5,853
  6,178
  6,517
  6,872
  7,243
  7,631
  8,037
  8,462
  8,907
  9,374
  9,862
Working capital, $m
  325
  354
  385
  417
  450
  484
  520
  558
  596
  636
  678
  722
  767
  814
  863
  914
  968
  1,023
  1,081
  1,142
  1,205
  1,272
  1,341
  1,413
  1,489
  1,568
  1,651
  1,738
  1,829
  1,924
Total debt, $m
  1,834
  2,245
  2,673
  3,118
  3,581
  4,063
  4,563
  5,083
  5,623
  6,185
  6,769
  7,376
  8,008
  8,667
  9,352
  10,067
  10,812
  11,589
  12,400
  13,247
  14,132
  15,057
  16,024
  17,035
  18,093
  19,200
  20,359
  21,573
  22,844
  24,175
Total liabilities, $m
  4,539
  4,950
  5,378
  5,823
  6,286
  6,768
  7,268
  7,788
  8,328
  8,890
  9,474
  10,081
  10,713
  11,372
  12,057
  12,772
  13,517
  14,294
  15,105
  15,952
  16,837
  17,762
  18,729
  19,740
  20,798
  21,905
  23,064
  24,278
  25,549
  26,880
Total equity, $m
  764
  833
  905
  980
  1,058
  1,139
  1,223
  1,310
  1,401
  1,495
  1,594
  1,696
  1,802
  1,913
  2,028
  2,149
  2,274
  2,405
  2,541
  2,684
  2,832
  2,988
  3,151
  3,321
  3,499
  3,685
  3,880
  4,084
  4,298
  4,522
Total liabilities and equity, $m
  5,303
  5,783
  6,283
  6,803
  7,344
  7,907
  8,491
  9,098
  9,729
  10,385
  11,068
  11,777
  12,515
  13,285
  14,085
  14,921
  15,791
  16,699
  17,646
  18,636
  19,669
  20,750
  21,880
  23,061
  24,297
  25,590
  26,944
  28,362
  29,847
  31,402
Debt-to-equity ratio
  2.400
  2.700
  2.950
  3.180
  3.390
  3.570
  3.730
  3.880
  4.010
  4.140
  4.250
  4.350
  4.440
  4.530
  4.610
  4.690
  4.750
  4.820
  4.880
  4.940
  4.990
  5.040
  5.090
  5.130
  5.170
  5.210
  5.250
  5.280
  5.320
  5.350
Adjusted equity ratio
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144
  0.144

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  396
  422
  449
  477
  506
  536
  568
  601
  635
  670
  712
  750
  790
  831
  875
  920
  967
  1,016
  1,067
  1,120
  1,176
  1,235
  1,296
  1,360
  1,426
  1,496
  1,570
  1,646
  1,727
  1,811
Depreciation, amort., depletion, $m
  245
  267
  289
  312
  337
  362
  388
  415
  444
  473
  497
  528
  562
  596
  632
  669
  708
  749
  792
  836
  883
  931
  982
  1,035
  1,090
  1,148
  1,209
  1,272
  1,339
  1,409
Funds from operations, $m
  641
  688
  738
  789
  843
  898
  956
  1,016
  1,078
  1,143
  1,208
  1,278
  1,351
  1,427
  1,507
  1,589
  1,675
  1,765
  1,859
  1,956
  2,059
  2,166
  2,277
  2,394
  2,516
  2,644
  2,778
  2,919
  3,066
  3,220
Change in working capital, $m
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
Cash from operations, $m
  613
  659
  707
  757
  809
  864
  920
  979
  1,039
  1,103
  1,167
  1,235
  1,306
  1,380
  1,457
  1,538
  1,622
  1,709
  1,800
  1,896
  1,995
  2,099
  2,208
  2,322
  2,441
  2,565
  2,696
  2,832
  2,975
  3,124
Maintenance CAPEX, $m
  -218
  -238
  -259
  -282
  -305
  -329
  -355
  -381
  -408
  -437
  -466
  -497
  -528
  -562
  -596
  -632
  -669
  -708
  -749
  -792
  -836
  -883
  -931
  -982
  -1,035
  -1,090
  -1,148
  -1,209
  -1,272
  -1,339
New CAPEX, $m
  -143
  -151
  -157
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -252
  -262
  -273
  -285
  -298
  -311
  -325
  -339
  -355
  -371
  -388
  -406
  -425
  -445
  -466
  -489
Cash from investing activities, $m
  -361
  -389
  -416
  -445
  -475
  -506
  -539
  -572
  -606
  -643
  -680
  -720
  -760
  -803
  -848
  -894
  -942
  -993
  -1,047
  -1,103
  -1,161
  -1,222
  -1,286
  -1,353
  -1,423
  -1,496
  -1,573
  -1,654
  -1,738
  -1,828
Free cash flow, $m
  253
  270
  291
  312
  334
  358
  382
  407
  433
  460
  486
  516
  546
  577
  610
  644
  679
  716
  754
  793
  835
  878
  922
  969
  1,018
  1,069
  1,122
  1,178
  1,236
  1,297
Issuance/(repayment) of debt, $m
  393
  411
  428
  445
  463
  481
  500
  520
  540
  562
  584
  607
  632
  658
  686
  715
  745
  777
  811
  847
  885
  925
  967
  1,011
  1,058
  1,107
  1,159
  1,214
  1,271
  1,332
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
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  393
  411
  428
  445
  463
  481
  500
  520
  540
  562
  584
  607
  632
  658
  686
  715
  745
  777
  811
  847
  885
  925
  967
  1,011
  1,058
  1,107
  1,159
  1,214
  1,271
  1,332
Total cash flow (excl. dividends), $m
  646
  681
  719
  757
  797
  839
  882
  927
  973
  1,022
  1,070
  1,123
  1,178
  1,235
  1,296
  1,358
  1,424
  1,493
  1,565
  1,640
  1,719
  1,802
  1,889
  1,980
  2,076
  2,176
  2,281
  2,391
  2,507
  2,628
Retained Cash Flow (-), $m
  -68
  -69
  -72
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -136
  -143
  -149
  -156
  -163
  -170
  -178
  -186
  -195
  -204
  -214
  -224
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
  578
  612
  647
  682
  720
  758
  798
  839
  882
  927
  972
  1,021
  1,072
  1,125
  1,180
  1,238
  1,299
  1,362
  1,428
  1,498
  1,571
  1,647
  1,727
  1,810
  1,898
  1,990
  2,086
  2,187
  2,293
  2,404
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  549
  548
  544
  535
  524
  508
  489
  467
  442
  415
  385
  354
  322
  289
  257
  226
  195
  167
  140
  116
  94
  75
  59
  46
  34
  25
  18
  13
  9
  6
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
  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 5.1
Price to Sales 0.2
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 3.7
Price to Free Cash Flow 12.6
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 $9274 million for the last fiscal year's total revenue generated by Tenneco. The default revenue input number comes from 0001 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 9.5% 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 5.4%, 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 93.9%.

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 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 5.4% 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 16.4%.

Life of production assets of 7 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 3.2%. 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 - $696 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 51.421 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 $1.7 billion.

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COMPANY NEWS

▶ Exclusive: New details in Tennecos major Kettering investment   [Oct-26-18 01:41PM  American City Business Journals]
▶ [$$] Tenneco 3Q Revenue Hits Record But Profit Declines   [09:57AM  The Wall Street Journal]
▶ Tenneco Reports Third Quarter 2018 Results   [08:00AM  Business Wire]
▶ G.research 42nd Annual Automotive Aftermarket Symposium   [Oct-18-18 07:30AM  Business Wire]
▶ FPA Capital Fund Trims SM Energy Position, Exits Tenneco   [Oct-15-18 03:50PM  GuruFocus.com]
▶ Tenneco Announces Quarterly Dividend   [Oct-10-18 04:45PM  Business Wire]
▶ G.research 42nd Annual Automotive Aftermarket Symposium   [Oct-03-18 07:30AM  Business Wire]
▶ After-hours buzz: SFIX, PZZA & more   [Oct-01-18 05:09PM  CNBC]
▶ Tenneco Reports Second Quarter 2018 Results   [07:30AM  Business Wire]
▶ Tenneco Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Tenneco Announces Quarterly Dividend   [Jul-20-18 05:01PM  Business Wire]
▶ Tenneco to Withdraw Chicago Stock Exchange Listing   [Jun-29-18 04:45PM  Business Wire]
▶ Why Fundamental Investors Love Tenneco Inc (NYSE:TEN)   [Jun-21-18 11:50AM  Simply Wall St.]
▶ Estimating The Intrinsic Value Of Tenneco Inc (NYSE:TEN)   [Jun-20-18 08:21PM  Simply Wall St.]
▶ May Top Undervalued Transport Stocks   [May-24-18 09:02AM  Simply Wall St.]
▶ Should You Buy Tenneco Inc (NYSE:TEN)?   [May-21-18 04:59PM  Simply Wall St.]
▶ Tenneco Names Jason Hollar Chief Financial Officer   [May-18-18 08:53AM  Business Wire]
▶ Tenneco to Webcast Annual Stockholders Meeting May 16, 2018   [May-15-18 06:19PM  Business Wire]
▶ An Auto Supplier Pair Trade: Tenneco And Adient   [May-09-18 09:35AM  Benzinga]
▶ Company News for Apr 30, 2018   [10:17AM  Zacks]
▶ Tenneco Announces Reporting Segment Changes   [Apr-27-18 07:45AM  Business Wire]
▶ Tenneco Reports First Quarter 2018 Results   [07:30AM  Business Wire]
▶ Tenneco Inc. to Host Earnings Call   [06:30AM  ACCESSWIRE]
▶ [$$] Carl Icahn to Sell Federal-Mogul for $2.44 Billion   [12:04AM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [Apr-10-18 05:09PM  Motley Fool]
▶ Icahn Gets a Lift From Federal-Mogul Sale   [12:06PM  Barrons.com]
▶ [$$] Carl Icahn to Sell Federal-Mogul for $2.44 Billion   [10:35AM  The Wall Street Journal]
▶ How Did Carl Icahn Get Rich?   [10:27AM  Investopedia]
▶ Tenneco to buy Federal-Mogul for $5.4 bln   [10:21AM  Reuters Videos]

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