Intrinsic value of Tenneco - TEN

Previous Close

$56.76

  Intrinsic Value

$126.18

stock screener

  Rating & Target

str. buy

+122%

Previous close

$56.76

 
Intrinsic value

$126.18

 
Up/down potential

+122%

 
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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Tenneco (TEN) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  8,599
  9,330
  10,090
  10,881
  11,703
  12,556
  13,444
  14,366
  15,325
  16,322
  17,359
  18,439
  19,564
  20,735
  21,956
  23,230
  24,559
  25,946
  27,395
  28,909
  30,491
  32,145
  33,875
  35,686
  37,581
  39,565
  41,642
  43,819
  46,099
  48,488
  50,993
Variable operating expenses, $m
 
  8,751
  9,464
  10,205
  10,975
  11,775
  12,607
  13,471
  14,370
  15,305
  16,277
  17,284
  18,338
  19,436
  20,581
  21,774
  23,020
  24,320
  25,678
  27,097
  28,580
  30,131
  31,753
  33,450
  35,226
  37,086
  39,033
  41,073
  43,210
  45,450
  47,797
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
  8,751
  9,464
  10,205
  10,975
  11,775
  12,607
  13,471
  14,370
  15,305
  16,277
  17,284
  18,338
  19,436
  20,581
  21,774
  23,020
  24,320
  25,678
  27,097
  28,580
  30,131
  31,753
  33,450
  35,226
  37,086
  39,033
  41,073
  43,210
  45,450
  47,797
Operating income, $m
  514
  579
  627
  676
  728
  781
  837
  895
  955
  1,017
  1,082
  1,155
  1,226
  1,299
  1,376
  1,456
  1,539
  1,626
  1,717
  1,811
  1,911
  2,014
  2,123
  2,236
  2,355
  2,479
  2,609
  2,746
  2,889
  3,038
  3,195
EBITDA, $m
  726
  806
  871
  940
  1,011
  1,084
  1,161
  1,241
  1,323
  1,409
  1,499
  1,592
  1,689
  1,791
  1,896
  2,006
  2,121
  2,241
  2,366
  2,496
  2,633
  2,776
  2,925
  3,082
  3,245
  3,417
  3,596
  3,784
  3,981
  4,187
  4,403
Interest expense (income), $m
  76
  76
  89
  108
  128
  148
  169
  191
  214
  238
  262
  288
  314
  342
  371
  401
  433
  466
  500
  536
  573
  612
  653
  696
  740
  787
  836
  888
  941
  998
  1,057
Earnings before tax, $m
  424
  503
  537
  568
  600
  633
  668
  703
  741
  780
  820
  868
  911
  957
  1,005
  1,054
  1,106
  1,160
  1,217
  1,276
  1,338
  1,402
  1,470
  1,540
  1,615
  1,692
  1,773
  1,858
  1,947
  2,041
  2,139
Tax expense, $m
  0
  136
  145
  153
  162
  171
  180
  190
  200
  210
  221
  234
  246
  258
  271
  285
  299
  313
  329
  344
  361
  379
  397
  416
  436
  457
  479
  502
  526
  551
  577
Net income, $m
  356
  367
  392
  415
  438
  462
  487
  514
  541
  569
  599
  633
  665
  699
  733
  770
  807
  847
  888
  931
  976
  1,024
  1,073
  1,125
  1,179
  1,235
  1,294
  1,357
  1,422
  1,490
  1,561

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
  4,339
  4,693
  5,061
  5,443
  5,840
  6,253
  6,682
  7,128
  7,592
  8,074
  8,576
  9,099
  9,644
  10,212
  10,805
  11,423
  12,068
  12,742
  13,446
  14,182
  14,951
  15,756
  16,598
  17,479
  18,402
  19,369
  20,381
  21,441
  22,553
  23,717
Adjusted assets (=assets-cash), $m
  3,999
  4,339
  4,693
  5,061
  5,443
  5,840
  6,253
  6,682
  7,128
  7,592
  8,074
  8,576
  9,099
  9,644
  10,212
  10,805
  11,423
  12,068
  12,742
  13,446
  14,182
  14,951
  15,756
  16,598
  17,479
  18,402
  19,369
  20,381
  21,441
  22,553
  23,717
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
  1,437
  1,554
  1,676
  1,802
  1,934
  2,070
  2,212
  2,360
  2,514
  2,673
  2,840
  3,013
  3,193
  3,381
  3,577
  3,782
  3,996
  4,219
  4,452
  4,696
  4,950
  5,217
  5,496
  5,787
  6,093
  6,413
  6,748
  7,099
  7,467
  7,853
Working capital, $m
  629
  401
  434
  468
  503
  540
  578
  618
  659
  702
  746
  793
  841
  892
  944
  999
  1,056
  1,116
  1,178
  1,243
  1,311
  1,382
  1,457
  1,534
  1,616
  1,701
  1,791
  1,884
  1,982
  2,085
  2,193
Total debt, $m
  1,384
  1,517
  1,835
  2,166
  2,510
  2,867
  3,239
  3,625
  4,026
  4,443
  4,878
  5,330
  5,800
  6,291
  6,802
  7,335
  7,891
  8,472
  9,079
  9,712
  10,375
  11,067
  11,791
  12,549
  13,343
  14,173
  15,043
  15,954
  16,908
  17,908
  18,957
Total liabilities, $m
  3,773
  3,906
  4,224
  4,555
  4,899
  5,256
  5,628
  6,014
  6,415
  6,832
  7,267
  7,719
  8,189
  8,680
  9,191
  9,724
  10,280
  10,861
  11,468
  12,101
  12,764
  13,456
  14,180
  14,938
  15,732
  16,562
  17,432
  18,343
  19,297
  20,297
  21,346
Total equity, $m
  573
  434
  469
  506
  544
  584
  625
  668
  713
  759
  807
  858
  910
  964
  1,021
  1,080
  1,142
  1,207
  1,274
  1,345
  1,418
  1,495
  1,576
  1,660
  1,748
  1,840
  1,937
  2,038
  2,144
  2,255
  2,372
Total liabilities and equity, $m
  4,346
  4,340
  4,693
  5,061
  5,443
  5,840
  6,253
  6,682
  7,128
  7,591
  8,074
  8,577
  9,099
  9,644
  10,212
  10,804
  11,422
  12,068
  12,742
  13,446
  14,182
  14,951
  15,756
  16,598
  17,480
  18,402
  19,369
  20,381
  21,441
  22,552
  23,718
Debt-to-equity ratio
  2.415
  3.490
  3.910
  4.280
  4.610
  4.910
  5.180
  5.420
  5.650
  5.850
  6.040
  6.210
  6.370
  6.520
  6.660
  6.790
  6.910
  7.020
  7.130
  7.220
  7.320
  7.400
  7.480
  7.560
  7.630
  7.700
  7.770
  7.830
  7.890
  7.940
  7.990
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
  367
  392
  415
  438
  462
  487
  514
  541
  569
  599
  633
  665
  699
  733
  770
  807
  847
  888
  931
  976
  1,024
  1,073
  1,125
  1,179
  1,235
  1,294
  1,357
  1,422
  1,490
  1,561
Depreciation, amort., depletion, $m
  212
  227
  245
  263
  283
  303
  324
  346
  369
  392
  417
  437
  464
  491
  520
  550
  582
  615
  649
  685
  722
  762
  803
  845
  890
  937
  987
  1,038
  1,092
  1,149
  1,208
Funds from operations, $m
  404
  594
  637
  678
  721
  765
  812
  860
  910
  961
  1,016
  1,070
  1,129
  1,190
  1,254
  1,320
  1,389
  1,462
  1,537
  1,616
  1,699
  1,785
  1,876
  1,970
  2,069
  2,173
  2,281
  2,395
  2,514
  2,639
  2,769
Change in working capital, $m
  -85
  31
  33
  34
  35
  37
  38
  40
  41
  43
  45
  46
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
Cash from operations, $m
  489
  562
  604
  644
  686
  729
  773
  820
  868
  919
  971
  1,024
  1,081
  1,140
  1,201
  1,265
  1,332
  1,402
  1,475
  1,551
  1,631
  1,714
  1,801
  1,892
  1,987
  2,087
  2,192
  2,301
  2,416
  2,536
  2,662
Maintenance CAPEX, $m
  0
  -203
  -221
  -239
  -258
  -277
  -297
  -319
  -340
  -363
  -387
  -411
  -437
  -464
  -491
  -520
  -550
  -582
  -615
  -649
  -685
  -722
  -762
  -803
  -845
  -890
  -937
  -987
  -1,038
  -1,092
  -1,149
New CAPEX, $m
  -345
  -116
  -117
  -122
  -127
  -131
  -137
  -142
  -148
  -154
  -160
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
  -266
  -279
  -292
  -306
  -320
  -335
  -351
  -368
  -386
Cash from investing activities, $m
  -340
  -319
  -338
  -361
  -385
  -408
  -434
  -461
  -488
  -517
  -547
  -577
  -610
  -644
  -679
  -716
  -755
  -796
  -838
  -882
  -929
  -977
  -1,028
  -1,082
  -1,137
  -1,196
  -1,257
  -1,322
  -1,389
  -1,460
  -1,535
Free cash flow, $m
  149
  243
  266
  283
  301
  320
  339
  359
  380
  402
  424
  446
  470
  496
  522
  549
  577
  607
  637
  669
  702
  737
  773
  811
  850
  891
  934
  979
  1,026
  1,076
  1,127
Issuance/(repayment) of debt, $m
  190
  223
  318
  331
  344
  357
  371
  386
  401
  417
  434
  452
  471
  490
  511
  533
  556
  581
  606
  634
  662
  692
  724
  758
  793
  830
  870
  911
  954
  1,000
  1,048
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
  223
  318
  331
  344
  357
  371
  386
  401
  417
  434
  452
  471
  490
  511
  533
  556
  581
  606
  634
  662
  692
  724
  758
  793
  830
  870
  911
  954
  1,000
  1,048
Total cash flow (excl. dividends), $m
  60
  465
  584
  614
  645
  677
  711
  745
  782
  819
  859
  898
  941
  986
  1,033
  1,082
  1,133
  1,187
  1,244
  1,303
  1,365
  1,429
  1,497
  1,569
  1,643
  1,722
  1,804
  1,890
  1,981
  2,076
  2,176
Retained Cash Flow (-), $m
  -148
  -118
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -67
  -70
  -74
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
  -116
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
 
  604
  549
  577
  607
  638
  669
  703
  737
  773
  810
  848
  889
  932
  976
  1,023
  1,072
  1,123
  1,176
  1,232
  1,291
  1,352
  1,417
  1,484
  1,555
  1,630
  1,707
  1,789
  1,875
  1,965
  2,059
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
 
  571
  488
  479
  468
  454
  436
  416
  393
  369
  342
  314
  286
  257
  228
  200
  173
  148
  124
  103
  84
  67
  53
  40
  30
  22
  16
  11
  8
  5
  3
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 8.6
Price to Sales 0.4
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 6.3
Price to Free Cash Flow 21.4
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 8.5% 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 5.8%, 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 52.272 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 $3.0 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
Financial statements of TEN
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