Intrinsic value of Tenneco - TEN

Previous Close

$43.37

  Intrinsic Value

$160.33

stock screener

  Rating & Target

str. buy

+270%

Previous close

$43.37

 
Intrinsic value

$160.33

 
Up/down potential

+270%

 
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 2017), $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 2.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  10,007
  10,768
  11,560
  12,382
  13,237
  14,125
  15,049
  16,010
  17,011
  18,052
  19,137
  20,268
  21,448
  22,678
  23,963
  25,304
  26,705
  28,169
  29,700
  31,302
  32,977
  34,731
  36,567
  38,489
  40,502
  42,612
  44,822
  47,139
  49,567
  52,113
Variable operating expenses, $m
  9,396
  10,110
  10,853
  11,624
  12,426
  13,260
  14,127
  15,028
  15,967
  16,944
  17,955
  19,016
  20,123
  21,278
  22,483
  23,741
  25,056
  26,430
  27,866
  29,368
  30,940
  32,586
  34,308
  36,112
  38,001
  39,980
  42,054
  44,227
  46,506
  48,895
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
  9,396
  10,110
  10,853
  11,624
  12,426
  13,260
  14,127
  15,028
  15,967
  16,944
  17,955
  19,016
  20,123
  21,278
  22,483
  23,741
  25,056
  26,430
  27,866
  29,368
  30,940
  32,586
  34,308
  36,112
  38,001
  39,980
  42,054
  44,227
  46,506
  48,895
Operating income, $m
  611
  658
  707
  758
  810
  865
  922
  982
  1,044
  1,108
  1,182
  1,252
  1,325
  1,401
  1,480
  1,563
  1,649
  1,740
  1,834
  1,933
  2,037
  2,145
  2,259
  2,377
  2,502
  2,632
  2,768
  2,912
  3,062
  3,219
EBITDA, $m
  786
  846
  908
  973
  1,040
  1,110
  1,182
  1,258
  1,336
  1,418
  1,504
  1,592
  1,685
  1,782
  1,883
  1,988
  2,098
  2,213
  2,333
  2,459
  2,591
  2,729
  2,873
  3,024
  3,182
  3,348
  3,521
  3,703
  3,894
  4,094
Interest expense (income), $m
  76
  78
  95
  114
  133
  153
  173
  195
  217
  240
  265
  290
  316
  343
  372
  401
  432
  465
  499
  534
  571
  609
  650
  692
  737
  783
  832
  882
  936
  992
  1,050
Earnings before tax, $m
  533
  563
  593
  625
  658
  692
  728
  765
  803
  843
  892
  936
  982
  1,029
  1,079
  1,131
  1,185
  1,241
  1,301
  1,363
  1,427
  1,495
  1,566
  1,641
  1,719
  1,800
  1,886
  1,976
  2,070
  2,168
Tax expense, $m
  144
  152
  160
  169
  178
  187
  196
  206
  217
  228
  241
  253
  265
  278
  291
  305
  320
  335
  351
  368
  385
  404
  423
  443
  464
  486
  509
  533
  559
  585
Net income, $m
  389
  411
  433
  456
  480
  505
  531
  558
  586
  616
  651
  683
  717
  751
  787
  825
  865
  906
  949
  995
  1,042
  1,092
  1,143
  1,198
  1,255
  1,314
  1,377
  1,442
  1,511
  1,583

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
  5,225
  5,623
  6,036
  6,466
  6,912
  7,376
  7,858
  8,360
  8,883
  9,427
  9,993
  10,584
  11,200
  11,842
  12,513
  13,213
  13,945
  14,710
  15,509
  16,346
  17,221
  18,136
  19,095
  20,099
  21,150
  22,252
  23,406
  24,616
  25,884
  27,213
Adjusted assets (=assets-cash), $m
  5,225
  5,623
  6,036
  6,466
  6,912
  7,376
  7,858
  8,360
  8,883
  9,427
  9,993
  10,584
  11,200
  11,842
  12,513
  13,213
  13,945
  14,710
  15,509
  16,346
  17,221
  18,136
  19,095
  20,099
  21,150
  22,252
  23,406
  24,616
  25,884
  27,213
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
  1,681
  1,809
  1,942
  2,080
  2,224
  2,373
  2,528
  2,690
  2,858
  3,033
  3,215
  3,405
  3,603
  3,810
  4,026
  4,251
  4,486
  4,732
  4,990
  5,259
  5,540
  5,835
  6,143
  6,466
  6,804
  7,159
  7,530
  7,919
  8,327
  8,755
Working capital, $m
  -901
  -969
  -1,040
  -1,114
  -1,191
  -1,271
  -1,354
  -1,441
  -1,531
  -1,625
  -1,722
  -1,824
  -1,930
  -2,041
  -2,157
  -2,277
  -2,403
  -2,535
  -2,673
  -2,817
  -2,968
  -3,126
  -3,291
  -3,464
  -3,645
  -3,835
  -4,034
  -4,243
  -4,461
  -4,690
Total debt, $m
  1,768
  2,108
  2,462
  2,830
  3,212
  3,609
  4,022
  4,452
  4,899
  5,364
  5,849
  6,355
  6,882
  7,432
  8,006
  8,606
  9,232
  9,887
  10,571
  11,287
  12,036
  12,820
  13,640
  14,499
  15,399
  16,342
  17,330
  18,366
  19,452
  20,590
Total liabilities, $m
  4,473
  4,813
  5,167
  5,535
  5,917
  6,314
  6,727
  7,157
  7,604
  8,069
  8,554
  9,060
  9,587
  10,137
  10,711
  11,311
  11,937
  12,592
  13,276
  13,992
  14,741
  15,525
  16,345
  17,204
  18,104
  19,047
  20,035
  21,071
  22,157
  23,295
Total equity, $m
  752
  810
  869
  931
  995
  1,062
  1,132
  1,204
  1,279
  1,357
  1,439
  1,524
  1,613
  1,705
  1,802
  1,903
  2,008
  2,118
  2,233
  2,354
  2,480
  2,612
  2,750
  2,894
  3,046
  3,204
  3,370
  3,545
  3,727
  3,919
Total liabilities and equity, $m
  5,225
  5,623
  6,036
  6,466
  6,912
  7,376
  7,859
  8,361
  8,883
  9,426
  9,993
  10,584
  11,200
  11,842
  12,513
  13,214
  13,945
  14,710
  15,509
  16,346
  17,221
  18,137
  19,095
  20,098
  21,150
  22,251
  23,405
  24,616
  25,884
  27,214
Debt-to-equity ratio
  2.350
  2.600
  2.830
  3.040
  3.230
  3.400
  3.550
  3.700
  3.830
  3.950
  4.060
  4.170
  4.270
  4.360
  4.440
  4.520
  4.600
  4.670
  4.730
  4.800
  4.850
  4.910
  4.960
  5.010
  5.060
  5.100
  5.140
  5.180
  5.220
  5.250
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
  389
  411
  433
  456
  480
  505
  531
  558
  586
  616
  651
  683
  717
  751
  787
  825
  865
  906
  949
  995
  1,042
  1,092
  1,143
  1,198
  1,255
  1,314
  1,377
  1,442
  1,511
  1,583
Depreciation, amort., depletion, $m
  175
  188
  201
  215
  229
  244
  260
  276
  293
  310
  322
  341
  360
  381
  403
  425
  449
  473
  499
  526
  554
  583
  614
  647
  680
  716
  753
  792
  833
  876
Funds from operations, $m
  564
  599
  634
  671
  710
  749
  791
  834
  879
  926
  973
  1,024
  1,077
  1,132
  1,190
  1,250
  1,314
  1,379
  1,448
  1,521
  1,596
  1,675
  1,758
  1,844
  1,935
  2,030
  2,130
  2,234
  2,344
  2,458
Change in working capital, $m
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -229
Cash from operations, $m
  630
  667
  705
  745
  786
  829
  874
  921
  969
  1,020
  1,071
  1,126
  1,183
  1,243
  1,306
  1,371
  1,440
  1,511
  1,586
  1,665
  1,747
  1,833
  1,923
  2,017
  2,116
  2,220
  2,329
  2,443
  2,562
  2,688
Maintenance CAPEX, $m
  -156
  -168
  -181
  -194
  -208
  -222
  -237
  -253
  -269
  -286
  -303
  -322
  -341
  -360
  -381
  -403
  -425
  -449
  -473
  -499
  -526
  -554
  -583
  -614
  -647
  -680
  -716
  -753
  -792
  -833
New CAPEX, $m
  -122
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -281
  -295
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
Cash from investing activities, $m
  -278
  -296
  -314
  -332
  -352
  -371
  -392
  -414
  -437
  -461
  -485
  -512
  -539
  -567
  -597
  -628
  -660
  -695
  -730
  -768
  -807
  -849
  -891
  -937
  -985
  -1,034
  -1,087
  -1,142
  -1,200
  -1,261
Free cash flow, $m
  353
  371
  392
  413
  435
  458
  482
  506
  532
  559
  585
  614
  644
  676
  709
  743
  779
  817
  856
  897
  939
  984
  1,031
  1,080
  1,131
  1,185
  1,241
  1,300
  1,362
  1,427
Issuance/(repayment) of debt, $m
  327
  340
  354
  368
  382
  397
  413
  430
  447
  466
  485
  506
  527
  550
  574
  600
  626
  655
  684
  716
  749
  784
  821
  859
  900
  943
  988
  1,036
  1,086
  1,138
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  
  327
  340
  354
  368
  382
  397
  413
  430
  447
  466
  485
  506
  527
  550
  574
  600
  626
  655
  684
  716
  749
  784
  821
  859
  900
  943
  988
  1,036
  1,086
  1,138
Total cash flow (excl. dividends), $m
  680
  712
  745
  780
  817
  855
  895
  936
  979
  1,025
  1,070
  1,120
  1,172
  1,226
  1,283
  1,343
  1,405
  1,471
  1,540
  1,612
  1,688
  1,768
  1,852
  1,939
  2,031
  2,128
  2,230
  2,336
  2,448
  2,565
Retained Cash Flow (-), $m
  -56
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -166
  -174
  -183
  -191
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
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
  63
  66
  69
  73
  77
  81
  85
  90
  94
  99
Cash available for distribution, $m
  623
  654
  686
  719
  753
  788
  825
  864
  904
  946
  988
  1,035
  1,083
  1,133
  1,186
  1,242
  1,300
  1,361
  1,425
  1,492
  1,562
  1,636
  1,714
  1,795
  1,880
  1,969
  2,063
  2,162
  2,265
  2,374
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  593
  589
  582
  571
  557
  540
  519
  496
  470
  442
  411
  379
  347
  313
  280
  248
  216
  186
  158
  132
  109
  88
  70
  55
  42
  31
  23
  16
  11
  8
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 6.6
Price to Sales 0.3
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 4.8
Price to Free Cash Flow 16.3
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 2017 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 7.9% 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 5.1%, 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 0.2%.

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 16.8%.

Life of production assets of 10 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 -9%. 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 53 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 $2.3 billion.

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COMPANY NEWS

▶ 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]
▶ Tenneco's Technology Drives Growth   [Apr-02-18 07:00AM  Morningstar]
▶ Tenneco Announces Gregg Sherrill Retirement   [Mar-02-18 05:00PM  Business Wire]
▶ Dr. Ben Patel Elected to Lincoln Electric Board   [Feb-22-18 04:30PM  GlobeNewswire]
▶ First Pacific Advisors' Top 5 Buys of the 4th Quarter   [Feb-12-18 05:53PM  GuruFocus.com]
▶ Tenneco Reports Fourth Quarter and Full-Year 2017 Results   [Feb-09-18 08:00AM  Business Wire]
▶ Tenneco Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ Tenneco Announces Quarterly Dividend   [Feb-07-18 05:34PM  Business Wire]
▶ Tenneco Provides Revenue Growth Outlook   [Jan-17-18 07:00AM  Business Wire]
▶ Two Stocks for the Automotive Industry Enthusiast   [Nov-29-17 12:11PM  GuruFocus.com]
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